Document:

Exhibit 10.12

 

FiscalNote
Holdings, Inc.

2022 Long-Term Incentive Plan

 

NOTICE OF STOCK OPTION AWARD

 

FiscalNote Holdings, Inc. (“Company”)
has awarded to you (“Participant”) an option to purchase the number of shares of Common Stock set forth below
(the “Option”) under the FiscalNote Holdings, Inc. 2022 Long-Term Incentive Plan (the “Plan”).
Your “Award Agreement” applicable to the Option consists of (a) this Notice of Stock Option Award (this
 “Notice”), and (b) the attached Standard Terms and Conditions for Stock Options (the “Option
Terms and Conditions”). Capitalized terms used but not defined in this Award Agreement will have the same meanings specified
in the Plan.

 

	Name of Participant:	 	 
	 	 	 
	Grant Date:		 
	 	 	 
	  Grant ID:	 	 
	 	 	 
	Number of Shares Subject to Option:	   	 
	 	 	 
	Exercise Price (Per Share):   	 	 
	 	 	 
	Expiration Date:	 	 
	 	 	 
	Type of Grant:	 	 
	 	 	 
	Country at Grant:	 	 
	 	 	 
	Vesting Commencement Date:	   	 
	 	 	 
	Vesting Schedule:	      .	 

 

By accepting (whether electronically or otherwise) the Option, you
acknowledge and agree to the following:

 

		1.	The Option is governed by the terms and conditions of this Award Agreement and the Plan. In the event of a conflict between the terms
of the Plan and this Award Agreement, the terms of the Plan will prevail.

 

		2.	You have received a copy of the Plan, this Award Agreement, the Plan prospectus, and the FiscalNote Holdings, Inc. Insider Trading
Policy (“Trading Policy”), and represent that you have read these documents and are familiar with their terms.
You further agree to accept as binding, conclusive, and final all decisions and interpretations of the Committee regarding any questions
relating to the Option and the Plan.

 

		3.	Vesting of the Option is subject to your Continuous Service as an Employee, Director, or Consultant, which is for an unspecified duration
and may be terminated at any time, with or without Cause, and nothing in this Award Agreement or the Plan changes the nature of that relationship.

 

		4.	If the Option is an incentive stock option (“ISO”), it (plus other outstanding ISOs granted to you) cannot
be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000
is a nonqualified stock option (“Non-ISO”).

 

		5.	The Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding participation
in the Plan. You should consult with your own personal tax, legal, and financial advisors regarding participation in the Plan before
taking any action related to the Plan.

 

		6.	If you do not accept or decline this Option within 90 days of the Grant Date or by such other date that may be communicated
to you by the Company, the Company will accept this Option on your behalf and you will be deemed to have accepted the terms and conditions
of the Option set forth in the Plan and this Award Agreement and you must sign any future agreements related to this Option as and when
requested by the Company or this Option will be forfeited without consideration. If you wish to decline this Option, you should promptly
notify the Company at its principal place of business, Attention: Stock Administration, or by electronic mail to benefits@fiscalnote.com.
If you decline this Option, the Option will be cancelled and no benefits from the Option nor any compensation or benefits in lieu of the
Option will be provided to you.

 

    1 

     

    

 

IN WITNESS WHEREOF, the Company has caused this Notice to be
executed by its duly authorized officer.

 

	 	FISCALNOTE HOLDINGS, INC.
	 	 
	 	Name
	 	Title

 

[Participant Signature page follows on
the reverse side of this Notice]

 

    2 

     

    

 

PARTICIPANT’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing Option and agrees to the
terms and conditions of the Award Agreement and the Plan. The undersigned hereby acknowledges receipt of the attached Standard Terms and
Conditions and that a copy of the Plan is available on the Company’s internal SharePoint website.

 

	 	PARTICIPANT
	 	 
	 	Signature

 

    3 

     

    

 

FiscalNote Holdings, Inc.

2022 Long-Term Incentive Plan

 

STANDARD TERMS AND CONDITIONS FOR 

STOCK OPTIONS

 

1.             Exercise.

 

(a)            The
Participant may generally exercise the vested portion of his or her Option for whole shares of Common Stock at any time during its term
by delivery of payment of the exercise price and applicable withholding taxes and other required documentation to the Company in accordance
with the exercise procedures established by the Committee, which may include an electronic submission. Please review the Plan, which may
restrict or prohibit he Participant’s ability to exercise the Option during certain periods.

 

(b)            To
the extent permitted by Applicable Law, Participant may pay the Option exercise price as follows:

 

(i)            cash
or check payable to the Company (in U.S. dollars);

 

(ii)           subject
to Company and/or Committee consent at the time of exercise, pursuant to a “cashless exercise” program as further described
in the Plan, if at the time of exercise the Common Stock is publicly traded;

 

(iii)          subject
to Company and/or Committee consent at the time of exercise, pursuant to a “net exercise” program whereby shares of Common
Stock subject to the Option being exercised and having a Fair Market Value equal to the exercise price are withheld from issuance; or

 

(iv)         subject
to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of Common Stock (which may be done
through attestation) , which have a Fair Market Value equal to the exercise price and have been owned by the Participant for at least
six months.

 

2.            Term.
Participant may not exercise the Option before the commencement of its term or after its term expires. The term of the Option commences
on the Date of Grant and expires upon the earliest of the following:

 

(a)            immediately
upon the termination of Participant’s Continuous Service for Cause;

 

(b)            90
days after the termination of Participant’s Continuous Service for any reason other than Cause, Participant becomes Disabled or
dies;

 

(c)            12 months
after the termination of your Continuous Service if Participant becomes Disabled;

 

(d)            12 months
after Participant’s death if Participant dies during Continuous Service;

 

(e)            immediately
upon a Change in Control if the Board has determined that the Option will terminate in connection with a Change in Control;

 

(f)            the
Expiration Date indicated in the Grant Notice; or

 

(g)            the
day before the 10th anniversary of the Date of Grant.

 

To obtain the federal income
tax advantages associated with an ISO, the Code requires that at all times beginning on the date of grant of the Option, and ending on
the day three months before the date of the Option’s exercise, Participant must be an employee of the Company or an Affiliate, except
in the event of Participant’s death or if Participant becomes Disabled.

 

    4 

     

    

 

3.            DIVIDEND
AND VOTING RIGHTS

 

Unless and until such time as Shares are issued in settlement of an
exercised Option, Participant will have no ownership of the Shares allocated to the Option, and will have no rights to vote such Shares
and no rights to dividends nor any payment, payment-in-kind or any equivalent with regard to any cash or other dividends that are declared
and paid on Shares.

 

4.            NON-TRANSFERABILITY
OF OPTION

 

The Option and any interest therein will not be sold, assigned, transferred,
pledged, hypothecated, or otherwise disposed of in any manner other than by will or by the laws of descent or distribution or court order,
and any permitted transferee shall be bound by all of the terms and conditions of the Plan and this Award Agreement. The terms of the
Plan and this Award Agreement will be binding upon the executors, administrators, heirs, successors, and assigns of Participant.

 

5.            TERMINATION

 

The Committee shall have the exclusive discretion to determine when
Participant is no longer actively providing services for purposes of his or her Option (including whether Participant may still be considered
to be providing services while on a leave of absence).

 

(a)            Cause.
In the event that Participant’s Continuous Service is terminated for Cause, as of the date of such termination the entire Option
(whether or not vested) shall immediately be forfeited to the Company, and all rights of Participant to such Option will immediately terminate
without payment of consideration by the Company.

 

(b)            Other.
Unless the Committee determines otherwise, in the event that Participant’s Continuous Service terminates for any reason other than
for Cause, as of the date of such termination the Option shall cease to vest and the portion of the Option that is unvested shall immediately
be forfeited to the Company and all rights of Participant to such portion of the Option that is unvested will immediately terminate without
payment of consideration by the Company.

 

6.            TAXES

 

(a)            Responsibility
for Taxes. By accepting this Option, Participant acknowledges that, regardless of any action taken by the Company or, if different,
any Affiliate that employs Participant (the “Employer”), the ultimate liability for all income tax, social insurance,
payroll tax, fringe benefits tax, payment on account, employment tax, stamp tax or other tax-related items related to the Participant’s
participation in the Plan and legally applicable to the Participant, including any employer liability for which the Participant is liable
(the “Tax-Related Items”) is and remains Participant’s responsibility and may exceed the amount actually
withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (i) make no representations
or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including, but not limited
to, the grant, vesting, or exercise of the Option, the subsequent sale of Shares acquired pursuant to such exercise, and the receipt of
any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option
to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if Participant
is subject to Tax-Related Items in more than one jurisdiction, as applicable, Participant acknowledges that the Company and/or the Employer
may be required to withhold or account for Tax-Related Items in more than one jurisdiction. Participant agrees to pay to the Company or
the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of
Participant’s participation in the Plan that cannot be satisfied by the means described in this Section. The Company may refuse
to issue or deliver the Shares, or the proceeds of the sale of Shares, if Participant fails to comply with Participant’s obligations
in connection with the Tax-Related Items.

 

(b)            Withholding.
Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to
the Company and/or the Employer to satisfy all Tax-Related Items.

 

Withholding for Tax-Related Items will be made in accordance with Section 8
of the Plan and such rules and procedures as may be established by the Committee, and in compliance with the Trading Policy, if applicable.
In the event the Company or the Employer withholds more than the Tax-Related Items using one of the methods described above, Participant
may receive a refund of any over-withheld amount in cash but will have no entitlement to the Shares sold or withheld. If the withholding
obligation is satisfied by withholding in Shares, for tax purposes, Participant will be deemed to have been issued the full number of
vested Shares underlying the Option, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related
Items. No fractional Shares will be withheld or issued pursuant to the exercise of the Option and the Tax-Related Items thereunder.

 

    5 

     

    

 

(c)            If
the Participant’s Option is an ISO, the Participant must notify the Company in writing within fifteen (15) days after the date of
any disposition of the any shares of Common Stock issued upon exercise of the Option within two years after the Grant Date or one year
after exercise of the Option.

 

7.            CODE
SECTION 409A

 

It is intended that the terms of the Option will not result in the
imposition of any tax liability pursuant to Section 409A of the Code, and this Award Agreement shall be construed and interpreted
consistent with that intent. Payments pursuant to this Option are intended to constitute separate payments for purposes of Section 409A
of the Code.

 

8.            GOVERNING
LAW AND VENUE

 

This Award Agreement shall be governed by and construed and interpreted
in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. For purposes of litigating
any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or this Award Agreement, the
parties hereby submit to the exclusive jurisdiction of the State of Delaware and agree that such litigation shall be conducted only in
the courts of Delaware, or the federal courts for the United States for Delaware, and no other courts, where this grant is made and/or
to be performed.

 

9.            ENTIRE
AGREEMENT; ENFORCEMENT OF RIGHTS

 

This Award Agreement, together with the Plan, sets forth the entire
agreement and understanding of the parties relating to the subject matter herein and supersedes all prior discussions, agreements, commitments,
or negotiations between the parties. Except as otherwise permitted by the Plan, no modification of, or amendment to, this Award Agreement,
nor any waiver of any rights under this Award Agreement, will be effective unless in writing and signed by the parties to this Award Agreement
(which may be electronic). The failure by either party to enforce any rights under this Award Agreement will not be construed as a waiver
of any rights of such party.

 

10.            SEVERABILITY

 

If one or more provisions of this Award Agreement are held to be unenforceable
under Applicable Law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually
agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Award Agreement, (b) the
balance of this Award Agreement shall be interpreted as if such provision were so excluded, and (c) the balance of this Award Agreement
shall be enforceable in accordance with its terms.

 

11.            CONSENT
TO ELECTRONIC DELIVERY AND PARTICIPATION

 

By accepting this Option, Participant agrees to participate in the
Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company, and
consents to the electronic delivery of the Award Agreement, the Plan, account statements, Plan prospectuses, and all other documents,
communications, or information related to the Option and current or future participation in the Plan. Electronic delivery may include
the delivery of a link to the Company’s internal SharePoint website or the internet site of a third party involved in administering
the Plan, the delivery of the document via e-mail, or such other delivery determined at the Company’s discretion. Participant may
receive from the Company a paper copy of any documents delivered electronically at no cost if Participant contacts the Company by telephone,
through a postal service, or electronic mail to Stock Administration.

 

    6 

     

    

 

12.            LANGUAGE

 

Participant acknowledges that Participant is proficient in the English
language and, accordingly, understands the provisions of this Award Agreement and the Plan. If Participant has received this Award Agreement,
or any other document related to the Option and/or the Plan translated into a language other than English and if the meaning of the translated
version is different than the English version, the English version will control.

 

13.            IMPOSITION
OF OTHER REQUIREMENTS

 

The Company reserves the right to impose other requirements on Participant’s
participation in the Plan, on the Option, and on any cash payment delivered upon exercise of the Option, to the extent the Company determines
it is necessary or advisable for legal or administrative reasons, and to require Participant to accept any additional agreements or undertakings
that may be necessary to accomplish the foregoing.

 

14.            INSIDER
TRADING/MARKET ABUSE LAWS

 

Participant may be subject to insider trading restrictions and/or market
abuse laws in applicable jurisdictions, including, but not limited to, the United States, which may affect Participant’s ability
to accept, acquire, sell, or otherwise dispose of Shares, rights to Shares (e.g., Option), or rights linked to the value of Shares under
the Plan during such times as Participant is considered to have “inside information” regarding the Company (as defined by
the laws in the applicable jurisdictions). Any restrictions under these laws or regulations are separate from and in addition to any restrictions
that may be imposed under the Trading Policy. Neither the Company nor any of its Subsidiaries, or Affiliates will be responsible for such
restrictions or liable for the failure on Participant’s part to know and abide by such restrictions. Participant should consult
with his or her own personal legal advisers to ensure compliance with local laws.

 

15.            NO
EMPLOYMENT RIGHT

 

Nothing in the Plan, in the Award Agreement or any other instrument
executed pursuant to the Plan shall confer upon Participant any right to continue in the Company’s employ or service nor limit in
any way the Company’s right to terminate Participant’s Continuous Service at any time for any reason.

 

    7Exhibit 10.13 

 

FINAL

 

FiscalNote
HOLDINGS, Inc.

Severance Plan

  

FiscalNote Holdings, Inc., a Delaware corporation
(“FiscalNote”), maintains this FiscalNote Severance Plan for eligible employees of FiscalNote and its domestic and
international or legal entities (the “Company”), effective as of February 15, 2021, as amended (the “Plan”).
The Plan is intended to offer severance pay and other benefits to eligible employees in the event of certain involuntary terminations
of employment from the Company. The Plan, as a “severance pay arrangement” under Section 3(2)(B)(i) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), is intended to be and shall be administered and maintained
as an unfunded welfare benefit plan under Section 3(1) of ERISA.

 

This document constitutes both the formal plan
document and a summary of the Plan, called a Summary Plan Description (“SPD”), and describes the provisions of the
Plan that are in effect as of the effective date of this Plan and thereafter. We urge you to read this SPD carefully so that you will
understand the Plan as it applies to you and your family. We suggest that you keep this SPD in a safe place for future reference.

 

1.            Eligible
Employees. An employee of the Company becomes eligible to participate in the Plan as of the date the employee is specifically designated
by the Company in writing as a participant in the Plan (a “Participant” or “you”).

 

2.            Eligibility
for Severance Benefits.

 

(a)            A
Participant becomes eligible to receive Severance Pay (as defined in Section 3(a)) and other benefits under the Plan upon an “Involuntary
Termination of Employment” (as defined in Section 2(b)), so long as the Participant—

 

(i)            performs
all transition and other matters required of the Participant by the Company prior to Involuntary Termination of Employment;

 

(ii)            returns
to the Company any property of the Company that has come into the Participant’s possession; and

 

(iii)            returns
(and does not thereafter revoke), within 60 days, a signed, dated original agreement and general release in a form acceptable to the Company,
in its sole and absolute discretion, under which the Participant, among other things, releases and discharges the Company from all claims
and liabilities relating to the Participant’s employment with the Company and the termination of the Participant’s employment,
including without limitation, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the
Family and Medical Leave Act, the Equal Pay Act, ERISA, the Age Discrimination in Employment Act, the Civil Rights Act of 1991, Section 1981
of U.S.C. Title 42, the Sarbanes-Oxley Act of 2002, the Worker Adjustment and Retraining Notification Act of 1988, and the Older Workers
Benefit Protection Act of 1990 (the “Release”).

 

Notwithstanding anything in this Plan to the contrary, you are not
eligible to receive Plan benefits if you are receiving benefits under the FiscalNote Holdings, Inc. Change in Control Severance Plan.

 

     

     

    

 

(b)            “Involuntary
Termination of Employment” means any termination of employment of a Participant initiated by the Company as a result of an elimination
of the Participant’s position either permanently or as a result of a layoff expected to exceed 18 months. If the Participant is
terminated for “Cause” (as defined in Section 2(c)), the Participant is not eligible for Severance Pay or any other benefits
under the Plan.

 

(c)            “Cause”
means any of the following events, as determined by the Company in its sole discretion:

 

(i)            the
Participant’s refusal or willful failure to substantially perform the Participant’s duties for the Company;

 

(ii)            the
Participant’s dishonesty, willful misconduct, misappropriation, breach of fiduciary duty, or fraud with regard to the Company;

 

(iii)            the
Participant’s conviction of, or plea of no contest with respect to, a felony (other than a traffic violation) or any crime involving,
in the sole discretion of the Company, moral turpitude;

 

(iv)            the
Participant’s improper disclosure of proprietary information or trade secrets of the Company or its business;

 

(v)            the
Participant’s falsification of any records or documents of the Company;

 

(vi)            the
Participant’s intentional or gross misconduct that injures the business or reputation of the Company;

 

(vii)            the
Participant’s illegal possession or use of a drug or narcotic on Company property; or

 

(viii)            the
Participant’s failure to improve work performance to an acceptable level after the Participant is previously warned in writing by
the Company about poor performance.

 

(d)            If
the Participant dies before receiving any portion of the Severance Pay under the Plan, any remaining Severance Pay will be paid to the
appointed administrator, executor, or personal representative of the Participant’s estate no later than the last date permitted
under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

 

3.            Severance
Benefits.

 

(a)            If
the Participant satisfies the requirements of the Plan, including but not limited to the Participant’s execution and non-revocation
of the Release, upon an Involuntary Termination of Employment, the Participant will be eligible to receive a severance benefit payable
in cash (“Severance Pay”).

 

    2

     

    

 

(b)            The
amount of Severance Pay is calculated as follows:

 

(i)            Participants
not designated by the Company as executives are entitled to two weeks of Salary (as defined in Section 3(g)) for each full year of
employment with the Company up to five years of employment plus three weeks of Salary for each full year of employment over five years
of employment, up to a maximum of 24 weeks of Salary; or

 

(ii)            Participants
designated by the Company as executives are entitled to the same amount of Severance Pay as calculated for non-executives under Section 3(b)(i)—except
that executives are entitled to a minimum of 12 weeks of Salary.

 

(c)            For
Participants not designated by the Company as executives, Severance Pay is payable in a lump sum, due on the later of (i) the payroll
date following the Termination Date (as defined in Section 3(h)) or (ii) the payroll date coincident with or following the date
that the Participant’s Release becomes irrevocable, subject to the following conditions. Severance Pay may be paid earlier to the
extent required by applicable law. In no event will Severance Pay be paid later than March 15 of the year after the year when the
Termination Date occurs.

 

(d)            For
Participants designated by the Company as executives, Severance Pay may be payable according to Section 3(c). There are two alternatives
to the lump sum payout. First, the Company and the Participant may agree to a separation agreement under which 12 weeks of Salary is payable
according to the Company’s ordinary payroll period for 12 weeks, beginning on the later of (i) the payroll date following the
Termination Date or (ii) the payroll date coincident with or following the date that the Participant’s Release becomes irrevocable,
subject to the following condition. Severance Pay may begin earlier to the extent required by applicable law. If during the 12 weeks of
Severance Pay the Participant is employed by another employer, continuation of the Participant’s Salary terminates immediately,
and no further Severance Pay will be due after the employment date. To the extent that the amount of a Participant’s Severance Pay
exceeds 12 weeks of Salary, the excess amount is payable in a lump sum according to according to Section 3(c). In the alternative,
the Company and the Participant may agree to a separation agreement under which 12 weeks of Salary is payable according to the Company’s
ordinary payroll period for 12 weeks, where Participant remains employed during the 12 weeks but performs no work and the Severance Pay
begins on the payroll date coincident with or following the date that the Participant’s Release becomes irrevocable, subject to
the following condition. Severance Pay may begin earlier to the extent required by applicable law. To the extent that the amount of a
Participant’s Severance Pay exceeds 12 weeks of Salary, the excess amount is payable in a lump sum according to according to Section 3(c)

 

(e)            The
determination of the amount of a Participant’s Severance Pay under the Plan does not include any period of time after the Participant’s
Termination Date, regardless of whether the Participant was receiving compensation from the Company or providing services to the Company
during that time, as an employee, consultant, or in any other capacity.

 

(f)            Regardless
of the amount of a Participant’s Severance Pay under the Plan, such benefit will be reduced by:

 

(i)            the
amount of other severance or termination payments (if any) payable by the Company to the Participant under an employment contract or other
arrangement on account of the Participant’s employment with the Company; and

 

    3

     

    

 

(ii)            any
payments required to be paid by the Company to the Participant under any federal or state law, including without limitation the Worker
Adjustment Retraining Notification Act of 1988, as amended (except unemployment benefits payable in accordance with state law and payment
for accrued but unused vacation).

 

(g)            “Salary”
means a Participant’s final base weekly cash compensation before any salary reduction contributions to any plan or arrangement under
Section 125, 132(f), or 401(k) of the Code, including commissions (where applicable), but excluding overtime, bonuses, awards,
imputed income, or extraordinary payments, paid to the Participant from the Company as of the Termination Date. If the Participant is
paid on a payroll period that exceeds one week, the Participant’s weekly Salary is determined by dividing such payroll period by
the number of full calendar weeks within such payroll period, or such other method as determined by the Company in its sole discretion.

 

(h)            “Termination
Date” means the Participant’s last official work day for which the Participant receives pay for service with the Company
and specifically excludes any period during which a Participant receives Severance Pay.

 

(i)            Severance
Pay is subject to federal and state income and Social Security tax withholdings and any other withholdings mandated by law.

 

(j)            A
Participant with at least five years of employment with the Company who is eligible for Severance Pay may be offered outplacement services.
The Company will notify the Participant in writing if the Participant is eligible for outplacement services. Any outplacement services
will be provided no later than the last day of the second calendar year after the Termination Date. The determination of whether a Participant
is entitled to outplacement services is made by the Company on a case-by-case basis, in its sole discretion. The Participant’s receipt
of Severance Pay does not mean that the Participant is also eligible for outplacement services. There is no cash value placed on any outplacement
services provided.

 

(k)            A
Participant who elected to receive healthcare coverage during active employment will continue to be covered until the end of the month
when the Termination Date occurs, or such earlier date specified under the Company’s group health plan.

 

4.            Plan
Administration.

 

(a)            The
Plan is administered by the Compensation Committee of the Company’s Board of Directors (“Compensation Committee”)
or, solely with respect to Plan administration matters pertaining to employees other than the Company’s “executive officers”
as defined in Rule 3b-7 under the Securities Exchange Act of 1934, as amended, such Company officer(s) designed by the Compensation
Committee for such purpose (the “Plan Administrator”). The Plan Administrator has sole discretion and authority to
interpret and make determinations and decisions with respect to the Plan, including the authority to interpret its provisions and construe
all of its terms, to authorize the payment of benefits, to establish and enforce such rules and regulations as it shall deem proper
for the efficient administration of the Plan, to determine eligibility for benefits under the Plan and to determine the entitlement to
and amount of Severance Pay and other benefits that shall be payable to any person in accordance with the provisions of the Plan. The
decision of the Plan Administrator based on the Plan and documents presented to it shall be final, conclusive and binding on all persons.

 

    4

     

    

 

(b)            The
Plan Administrator may delegate any of its duties under the Plan to such individuals or entities from time to time as it may designate.

 

(c)            The
Plan Administrator is authorized, on behalf of the Plan, to engage accountants, legal counsel and such other personnel as it deems necessary
or advisable to assist it in the performance of its duties under the Plan.

 

(d)            The
Plan Administrator shall utilize the records of the Company with respect to a Participant’s service with the Company, employment
history, weekly Salary, absences, illnesses and all other relevant matters and such records shall be conclusive for all purposes under
the Plan.

 

5.            Claims
Procedures.

 

(a)            Initial
Claims. In order to file a claim to receive benefits under the Plan, the Participant or an authorized representative must submit a
written claim for benefits to the Plan within 60 days after the Participant’s termination of employment. Claims should be addressed
and sent to:

 

FiscalNote Holdings, Inc.

1201 Pennsylvania Ave. NW

6th Floor

Washington, DC 20004

Attn: Director of Total Rewards

 

If the Participant’s claim is denied, in whole or in part, the
Participant will be furnished with written notice of the denial within 90 days after the Plan Administrator’s receipt of the Participant’s
written claim, unless special circumstances require an extension of time for processing the claim, in which case a period not to exceed
180 days will apply. If such an extension of time is required, written notice of the extension will be furnished to the Participant before
the termination of the initial 90 day period and will describe the special circumstances requiring the extension, and the date on which
a decision is expected to be rendered. Written notice of the denial of the Participant’s claim will contain the following information:

 

(i)            the
specific reason or reasons for the denial of the Participant’s claim;

 

(ii)            references
to the specific Plan provisions on which the denial of the Participant’s claim was based;

 

(iii)            a
description of any additional information or material required by the Plan Administrator to reconsider the Participant’s claim (to
the extent applicable) and an explanation of why such material or information is necessary; and

 

(iv)            a
description of the Plan’s review procedure and time limits applicable to such procedures, including a statement of the Participant’s
right to bring a civil action under Section 502(a) of ERISA following a benefit claim denial on review.

 

    5

     

    

 

(b)            Appeal
of Denied Claims. If the Participant’s claim is denied and the Participant wishes to submit a request for a review of the denied
claim, the Participant or the Participant’s authorized representative must follow the procedures described below:

 

(i)            Upon
receipt of the denied claim, the Participant (or an authorized representative) may file a request for review of the claim in writing with
the Plan Administrator. This request for review must be filed no later than 60 days after the Participant has received written notification
of the denial.

 

(ii)            The
Participant has the right to submit in writing to the Plan Administrator any comments, documents, records or other information relating
to the claim for benefits.

 

(iii)            The
Participant has the right to be provided with, upon request and free of charge, reasonable access to and copies of all pertinent documents,
records and other information that is relevant to the claim for benefits.

 

(iv)            The
review of the denied claim will take into account all comments, documents, records and other information that the Participant submitted
relating to the claim, without regard to whether such information was submitted or considered in the initial denial of the claim.

 

(c)            Plan
Administrator’s Response to Appeal. The Plan Administrator will provide the Participant with written notice of its decision
within 60 days after the Plan Administrator’s receipt of the Participant’s written claim for review. There may be special
circumstances which require an extension of this 60 day period. In any such case, the Plan Administrator will notify the Participant in
writing within the 60 day period and the final decision will be made no later than 120 days after the Plan Administrator’s receipt
of the Participant’s written claim for review. The Plan Administrator’s decision on the Participant’s claim for review
will be communicated to the Participant in writing and will clearly state:

 

(i)            the
specific reason or reasons for the denial of the Participant’s claim;

 

(ii)            reference
to the specific Plan provisions on which the denial of the Participant’s claim is based;

 

(iii)            a
statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, the Plan
and all documents, records and other information relevant to the claim for benefits; and

 

(iv)            a
statement describing the Participant’s right to bring an action under Section 502(a) of ERISA.

 

6.            Rights
Under ERISA.

 

As an eligible employee under the Plan, you are
entitled to certain rights and protections under ERISA. ERISA provides that eligible employees under the Plan will be entitled to:

 

(a)            Examine
without charge at the Plan Administrator’s office (and at other specified locations) all plan documents and copies of all documents
filed by the Plan Administrator with the U.S. Department of Labor, such as detailed annual reports and plan descriptions.

 

    6

     

    

 

(b)            Obtain
copies of all plan documents and other plan information upon written requests to the Plan Administrator. The Plan Administrator may charge
a reasonable fee for the copies.

 

(c)            In
addition to creating rights for eligible employees, ERISA imposes duties upon the people who are responsible for the operation of the
Plan:

 

(d)            The
people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interests of eligible
employees.

 

(e)            No
one, including an employer or any other person, may fire an eligible employee or otherwise discriminate against an eligible employee in
any way to prevent him or her from obtaining a benefit or exercising his or her rights under ERISA.

 

(f)            If
a claim for plan benefits is denied, a written explanation of the reason for the denial must be provided. An eligible employee has the
right to have the Plan Administrator review and reconsider his or her claim.

 

Under ERISA, there are steps you can take to enforce
the above rights. For instance, if you request materials from the Plan Administrator and you do not receive them within thirty (30) days,
you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and to pay
you up to one-hundred and ten dollars ($110) per day until you receive the materials, unless the materials were not sent because of reasons
beyond the control of the Plan Administrator. If you have a claim for pay or benefits from the Plan that is denied or ignored, you may
file suit in a state or federal court. If it should happen that fiduciaries misuse the Plan’s assets, or if you are discriminated
against for asserting your rights, you may seek assistance from the U.S. Department of Labor or you may file suit in federal court. The
court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay
these costs and fees. If you lose, the court may order you to pay these costs and fees, for instance, if it finds your claim to be frivolous.

 

If you have any questions about the Plan, you should
contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, you should contact the
nearest area office of the Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington,
D.C. You may also obtain certain publications regarding your rights and responsibilities under ERISA by calling the publications hotline
of the Employee Benefits Security Administration.

 

7.            Information
Required by OWBPA. In certain situations, the Older Workers Benefit Protection Act of 1990 entitles you to certain information about
the involuntary termination program. If the law entitles you to this information, you will find attached to the Release an exhibit containing
a description of (a) any class, unit or group of individuals covered by the program, any eligibility factors for such program, and
any time limits applicable to the program; (b) the job titles and ages of individuals selected for termination and the offer of severance
benefits; and (c) the job titles and ages of individuals in the same job classification or organizational unit who are not selected
for termination and the offer of severance benefits.

 

    7

     

    

 

8.            Miscellaneous.

 

(a)            The
Company shall have authority to withhold or cause to have withheld applicable income and payroll taxes from any payments made under the
Plan to the extent required by law.

 

(b)            The
Plan shall not be deemed to constitute a contract of employment or impose on the Company any obligation to retain any Participant as an
employee, to continue any Participant’s current employment status or to change any employment policies of the Company, nor shall
any provision hereof restrict the right of the Company to discharge any of its employees or restrict the right of any such employee to
terminate the Participant’s employment with the Company.

 

(c)            The
Plan is an unfunded employee welfare benefit plan as defined in Section 3(1) of ERISA. Severance Pay and other benefits provided
for under the Plan shall be paid from the general assets of the Company if and when such Severance Pay and other benefits are owed. No
Participant, employee of the Company or any other person shall have any rights to or interest in any specific assets or accounts of the
Company by reason of the Plan.

 

(d)            It
is intended that the payments and benefits set forth in Section 3 are, to the greatest extent possible, exempt from the application
of Section 409A of the Code (“Section 409A”) and the Plan shall be construed and interpreted accordingly.
But if the Company (or, if applicable, the successor entity thereto) determines that all or a portion of the payments and benefits provided
under the Plan constitute “deferred compensation” under Section 409A and that the Participant is a “specified employee”
of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i), then, solely to the extent necessary
to avoid the adverse personal tax consequences under Section 409A, the timing of the applicable payments shall be delayed until the
first payroll date following the six-month anniversary of the Participant’s “separation from service” (as defined under
Section 409A) and the Company (or the successor entity thereto, as applicable) shall (A) pay to the Participant a lump sum amount
equal to the sum of the payments that the Participant would otherwise have received during such six-month period had no such delay been
imposed and (B) commence paying the balance of the payments in accordance with the applicable payment schedule set forth in the Plan.
For purposes of Section 409A, each installment payment provided under the Plan shall be treated as a separate payment. To the extent
required by Section 409A, any payments to be made to a Participant upon the Participant’s termination of employment shall only
be made upon such Participant’s “separation from service” (as defined under Section 409A). Any payment or benefit
due upon separation from service is payable after the Participant’s Release becomes irrevocable. If a new calendar year begins during
the period when the Participant may sign a Release, payment will be made or begin in the new calendar year, regardless of when the Release
becomes irrevocable. The Company makes no representations that the payments and benefits provided under the Plan comply with Section 409A,
and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred
by the Participant on account of noncompliance with Section 409A.

 

(e)            The
Company reserves the right, in its sole and absolute discretion, to amend, modify or terminate the Plan, in whole or in part, at any time
or for any reason.

 

(f)            Should
any provisions of the Plan be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other
provisions of the Plan unless such determination shall render impossible or impracticable the functioning of the Plan, and in such case,
an appropriate provision or provisions shall be adopted so that the Plan may continue to function properly.

 

    8

     

    

 

(g)            The
rights of a Participant under the Plan are personal. No interest of a Participant under the Plan may be assigned, transferred, seized
by legal process or subjected to the claims of creditors in any way. A Participant’s rights under the Plan are not subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge or encumbrance.

 

(h)            The
Plan shall be construed according to the laws of Delaware, except as preempted by ERISA or other applicable federal law.

 

9.            General
Information.

 

		(a)	Name of Plan:	FiscalNote Severance Plan, a component of the FiscalNote Health and Welfare Plan
	 	 	 	 
		(b)	Plan Number:	501
	 	 	 	 
		(c)	Plan Sponsor:	FiscalNote Holdings, Inc.

1201 Pennsylvania Ave. NW

6th Floor

Washington, DC 20004
	 	 	 	 
		(d)	Plan Sponsor’s EIN:	80-0934908
	 	 	 	 
		(e)	Plan Administrator:	FiscalNote Holdings, Inc.

1201 Pennsylvania Ave. NW

6th Floor

Washington, DC 20004

Attn: Director of Total Rewards

(202) 793-5300
	 	 	 	 
		(f)	Agent for Service:	FiscalNote Holdings, Inc.

1201 Pennsylvania Ave. NW

6th Floor

Washington, DC 20004

Attn: Director of Total Rewards

(202) 793-5300
	 	 	 	 
		(g)	Plan Year:	Calendar Year

 

[SIGNATURE PAGE FOLLOWS]

 

    9

     

    

 

This Severance Plan, as amended, is hereby adopted
as of the date first above written.

 

	 	FISCALNOTE HOLDINGS, INC.
	 	 
	 	By:	/s/ Timothy Hwang
	 	 
	 	Name:	Timothy Hwang
	 	 
	 	Title:	Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]