Document:

Exhibit 10.1

 

CorpHousing Group Inc.

 

2022 Long-Term Incentive Equity Plan

 

Section 1. Purpose;
Definitions.

 

1.1. Purpose. The
purpose of the CorpHousing Group Inc. 2022 Long-Term Incentive Equity Plan (“Plan”) is to enable CorpHousing Group Inc. (the
 “Company”) to offer to its employees, officers, directors and consultants whose past, present and/or potential future contributions
to the Company and its Subsidiaries have been, are or will be important to the success of the Company, an opportunity to acquire a proprietary
interest in the Company. The various types of long-term incentive awards that may be provided under the Plan
will enable the Company to respond to changes in compensation practices, tax laws, accounting regulations and the size and diversity of
its businesses.

 

1.2. Definitions. For
purposes of the Plan, the following terms shall be defined as set forth below:

 

(a) “Agreement” means
the agreement between the Company and the Holder, or such other document as may be determined by the Committee, setting forth the terms
and conditions of an award under the Plan.

 

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

 

(c) “Cause” means (a) the
meaning of such term as set forth in the applicable Service Agreement or (b) if no Service Agreement exists, (i) the commission of, or
plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance
or material fiduciary breach with respect to the Company or an affiliate; (ii) conduct that results in or is reasonably likely to result
in harm to the reputation or business of the Company or any of its affiliates; (iii) gross negligence or willful misconduct with respect
to the Company or an affiliate; or (iv) material violation of state or federal securities laws.

 

(d) 
 “Change of Control” means (a) a transaction or series of related transactions in which a person or entity, or a group of
related persons or entities (other than any shareholders or any affiliates thereof), acquires shares representing more than fifty
percent (50%) of the outstanding voting power of the Company, (b) a merger or consolidation in which the Company is a constituent
party or a subsidiary of the Company is a constituent party and the Company issues shares of its Common Stock pursuant to such
merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the shares of Common
Stock outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for
shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of
the capital stock of (i) the surviving or resulting corporation or (ii) if the surviving or resulting corporation is a wholly owned
subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or
resulting corporation, or (c) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series
of related transactions, by the Company or any Subsidiary of all or substantially all the assets of the Company and its Subsidiaries
taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more Subsidiaries if all or substantially
all of the assets of the Company and its Subsidiaries taken as a whole are held by such Subsidiary or Subsidiaries, except where
such sale, lease, transfer, exclusive license or other disposition is to a wholly-owned Subsidiary.

 

     

     

    

 

(e) “Code” means the Internal
Revenue Code of 1986, as amended from time to time.

 

(f)  “Committee” means
the committee of the Board designated to administer the Plan as provided in Section 2.1. If no Committee is so designated, then all references
in this Plan to “Committee” shall mean the Board.

 

(g)  “Common Stock”
means the Common Stock of the Company, par value $0.00001 per share.

 

(h)  “Company” means
CorpHousing Group Inc., a corporation organized under the laws of the State of Delaware.

 

(i)  “Disability” means
physical or mental impairment as determined under procedures established by the Committee for purposes of the Plan.

 

(j)  “Effective Date”
means the date determined pursuant to Section 11.1.

 

(k)  “Fair Market Value,”
unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, means, as of any given date: (i)
if the Common Stock is listed on a national securities exchange or any other trading or quotation system,
the last sale price of the Common Stock in the principal trading market for the Common Stock on such date, as reported by such exchange
or trading or quotation system; (ii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) above, such
price as the Committee shall determine, in good faith.

 

(l)  “Holder” means
a person who has received an award under the Plan.

 

(m) “Incentive Stock Option”
means any Stock Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the
Code.

 

(n)  “Non-qualified Stock
Option” means any Stock Option that is not an Incentive Stock Option.

 

(o) “Normal Retirement”
means retirement from active employment with the Company or any Subsidiary on or after such age which may be designated by the Committee
as “retirement age” for any particular Holder. If no age is designated, it shall be 65.

 

(p)  “Other Stock-Based Award”
means an award under Section 9 that is valued in whole or in part by reference to, or is otherwise based upon, Common Stock.

 

(q)  “Parent” means
any present or future “parent corporation” of the Company, as such term is defined in Section 424(e) of the Code.

 

(r)  “Plan” means the
Corphousing Inc. 2022 Long-Term Incentive Equity Plan, as hereinafter amended from time to time.

 

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(s)  “Repurchase Value”
shall mean the Fair Market Value if the award to be settled under Section 2.2(e) or repurchased under Section 5.2(k) or 9.2 is comprised
of shares of Common Stock and the difference between Fair Market Value and the Exercise Price (if lower than Fair Market Value) if the
award is a Stock Option or Stock Appreciation Right; in each case, multiplied by the number of shares subject to the award.

 

(t)  “Restricted Stock”
means Common Stock received under an award made pursuant to Section 7 that is subject to restrictions under Section 7.

 

(u)  “SAR Value” means
the excess of the Fair Market Value (on the exercise date) over (a) the exercise price that the participant would have otherwise had to
pay to exercise the related Stock Option or (b) if a Stock Appreciation Right is granted unrelated to a Stock Option, the Fair Market
Value of a share of Common Stock on the date of grant of the Stock Appreciation Right, in either case, multiplied by the number of shares
for which the Stock Appreciation Right is exercised.

 

(v)  “Service Agreement”
means the employment agreement or other service agreement with the Company by which a Holder is bound.

 

(w) “Stock Appreciation Right”
means the right to receive from the Company, without a cash payment to the Company, a number of shares of Common Stock equal to the SAR
Value divided by the Fair Market Value (on the exercise date).

 

(x)  “Stock Option”
or “Option” means any option to purchase shares of Common Stock which is granted pursuant to the Plan.

 

(y)  “Subsidiary” means
any present or future “subsidiary corporation” of the Company, as such term is defined in Section 424(f) of the Code.

 

(z)  “Vest” means to
become exercisable or to otherwise obtain ownership rights in an award.

 

Section 2. Administration.

 

2.1. Committee Membership. 
The Plan shall be administered by the Board or a Committee. Committee members shall serve for such term as the Board may in each case
determine and shall be subject to removal at any time by the Board.

 

2.2. Powers of Committee. The
Committee shall have full authority to award, pursuant to the terms of the Plan: (i) Stock Options, (ii) Stock Appreciation Rights, (iii)
Restricted Stock, and/or (iv) Other Stock-Based Awards. For purposes of illustration and not of limitation, the Committee shall have the
authority (subject to the express provisions of this Plan):

 

(a) to select the officers, employees,
directors and consultants of the Company or any Subsidiary to whom Stock Options, Stock Appreciation Rights, Restricted Stock and/or Other
Stock-Based Awards may from time to time be awarded hereunder;

 

(b) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder (including, but not
limited to, number of shares, share exercise price or types of consideration paid upon exercise of such options, such as other
securities of the Company or other property, any restrictions or limitations, and any vesting, exchange, surrender, cancellation,
acceleration, termination, exercise or forfeiture provisions, as the Committee shall determine);

 

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(c) to determine any specified performance
goals or such other factors or criteria which need to be attained for the vesting of an award granted hereunder;

 

(d) to determine the terms and conditions
under which awards granted hereunder are to operate on a tandem basis and/or in conjunction with or apart from other equity awarded under
this Plan and cash and non-cash awards made by the Company or any Subsidiary outside of this Plan; and

 

(e) to make payments and distributions
with respect to awards (i.e., to “settle” awards) through cash payments in an amount equal to the Repurchase Value.

 

The Committee may not modify or amend any outstanding
Option or Stock Appreciation Right to reduce the exercise price of such Option or Stock Appreciation Right, as applicable, below the exercise
price as of the date of grant of such Option or Stock Appreciation Right. In addition, no Option or Stock Appreciation Right may be granted
in exchange for the cancellation or surrender of an Option or Stock Appreciation Right or other award having a higher exercise price.

 

Notwithstanding anything to the contrary, the Committee
shall not grant to any one Holder in any one calendar year awards for more than 10% of the total number of Shares (as defined below) issued
and issuable under this Plan.

 

2.3. Interpretation of Plan.

 

(a) Committee Authority. Subject
to Section 10, the Committee shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing
the Plan as it shall from time to time deem advisable to interpret the terms and provisions of the Plan and any award issued under the
Plan (and to determine the form and substance of all agreements relating thereto), and to otherwise supervise
the administration of the Plan. Subject to Section 10, all decisions made by the Committee pursuant to the provisions of the Plan shall
be made in the Committee’s sole discretion and shall be final and binding upon all persons, including the Company, its Subsidiaries
and Holders.

 

(b) Incentive Stock Options. Anything
in the Plan to the contrary notwithstanding, no term or provision of the Plan relating to Incentive Stock Options (including but not limited
to Stock Appreciation rights granted in conjunction with an Incentive Stock Option) or any Agreement providing for Incentive Stock Options
shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify
the Plan under Section 422 of the Code or, without the consent of the Holder(s) affected, to disqualify any
Incentive Stock Option under such Section 422.

 

Section 3. Stock Subject to Plan.

 

3.1. Number of
Shares. Subject to Section 7.1(d), the total number of
shares of Common Stock reserved and available for issuance under the Plan shall be 3,000,000 shares. Shares of Common Stock under
the Plan (“Shares”) may consist, in whole or in part, of authorized and unissued shares or treasury shares. If any
shares of Common Stock that have been granted pursuant to a Stock Option cease to be subject to a Stock Option, or if any shares of
Common Stock that are subject to any Stock Appreciation Right, Restricted Stock award or Other
Stock-Based Award granted hereunder are forfeited, or any such award otherwise terminates without a payment being made to the Holder
in the form of Common Stock, such shares shall again be available for distribution in connection with future grants and awards under
the Plan. Shares of Common Stock that are surrendered by a Holder or withheld by the Company as full or partial payment in
connection with any award under the Plan, as well as any shares of Common Stock surrendered by a Holder or withheld by the Company
or one of its Subsidiaries to satisfy the tax withholding obligations related to any award under the Plan, shall not be available
for subsequent awards under the Plan.

 

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3.2. Adjustment Upon Changes in Capitalization,
Etc. In the event of any common stock dividend payable on shares
of Common Stock, Common Stock split or reverse split, combination or exchange of shares of Common Stock, or other extraordinary or unusual
event which results in a change in the shares of Common Stock of the Company as a whole, the Committee shall determine, in its sole
discretion, whether such change equitably requires an adjustment in the terms of any award in order to prevent dilution or enlargement
of the benefits available under the Plan (including number of shares subject to the award and the exercise price) or the aggregate number
of shares reserved for issuance under the Plan. Any such adjustments will be made by the Committee, whose determination will be
final, binding and conclusive.

 

Section 4. Eligibility.

 

Awards may be made or granted to employees, officers,
directors and consultants who are deemed to have rendered or to be able to render significant services to the Company or its Subsidiaries
and who are deemed to have contributed or to have the potential to contribute to the success of the Company. No Incentive Stock Option
shall be granted to any person who is not an employee of the Company or an employee of a Subsidiary at the
time of grant or so qualified as set forth in the immediately preceding sentence. Notwithstanding the foregoing, an award may also be
made or granted to a person in connection with his hiring or retention, or at any time on or after the date he reaches an agreement (oral
or written) with the Company with respect to such hiring or retention, even though it may be prior to the date the person first performs
services for the Company or its Subsidiaries; provided, however, that no portion of any such award shall vest prior to the date the person
first performs such services and the date of grant shall be deemed to be the date hiring or retention commences.

 

Section 5. Stock Options.

 

5.1. Grant and Exercise. Stock
Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Non-qualified Stock Options. Any Stock Option
granted under the Plan shall contain such terms, not inconsistent with this Plan, or with respect to Incentive Stock Options, not inconsistent
with the Plan and the Code, as the Committee may from time to time approve. The Committee shall have the authority to grant Incentive
Stock Options or Non-qualified Stock Options, or both types of Stock Options which may be granted alone or
in addition to other awards granted under the Plan. To the extent that any Stock Option intended to qualify as an Incentive Stock Option
does not so qualify, it shall constitute a separate Non-qualified Stock Option.

 

5.2. Terms and Conditions. Stock
Options granted under the Plan shall be subject to the following terms and conditions:

 

(a) Option Term. The
term of each Stock Option shall be fixed by the Committee; provided, however, that an Incentive Stock Option may be granted only within
the ten-year period commencing from the Effective Date and may only be exercised within ten years of the date of grant (or five years
in the case of an Incentive Stock Option granted to an optionee who, at the time of grant, owns Common Stock
possessing more than 10% of the total combined voting power of all classes of voting stock of the Company (“10% Shareholder”)).

 

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(b) Exercise Price. The
exercise price per share of Common Stock purchasable under a Stock Option shall be determined by the Committee at the time of grant and
may not be less than 100% of the Fair Market Value on the date of grant (or, if greater, the par value of a share of Common Stock); provided,
however, that the exercise price of an Incentive Stock Option granted to a 10% Shareholder will not be less than 110% of the Fair Market
Value on the date of grant.

 

(c) Exercisability. Stock
Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee. The
Committee intends generally to provide that Stock Options be exercisable only in installments, i.e., that they
vest over time, typically over a four-year period. The Committee may waive such installment exercise provisions at any time at or after
the time of grant in whole or in part, based upon such factors as the Committee determines. Notwithstanding the foregoing, in the case
of an Incentive Stock Option, the aggregate Fair Market Value (on the date of grant of the Option) with respect to which Incentive Stock
Options become exercisable for the first time by a Holder during any calendar year (under all such plans of the Company and its Parent
and Subsidiaries) shall not exceed $100,000.

 

(d) Method of Exercise. Subject
to whatever installment, exercise and waiting period provisions are applicable in a particular case, Stock Options may be exercised in
whole or in part at any time during the term of the Option by giving written notice of exercise to the Company specifying the number of
shares of Common Stock to be purchased. Such notice shall be accompanied by payment in full of the purchase price, which shall be in cash
or, if provided in the Agreement, either in shares of Common Stock (including Restricted Stock and other contingent
awards under this Plan) or partly in cash and partly in such Common Stock, or such other means which the Committee determines are consistent
with the Plan’s purpose and applicable law. Cash payments shall be made by wire transfer, certified or bank check or personal check,
in each case payable to the order of the Company; provided, however, that the Company shall not be required to deliver certificates for
shares of Common Stock with respect to which an Option is exercised until the Company has confirmed the receipt of good and available
funds in payment of the purchase price thereof (except that, in the case of an exercise arrangement approved by the Committee and described
in the last sentence of this paragraph, payment may be made as soon as practicable after the exercise). The
Committee may permit a Holder to elect to pay the Exercise Price upon the exercise of a Stock Option by irrevocably authorizing a third
party to sell shares of Common Stock (or a sufficient portion of the shares) acquired upon exercise of the Stock Option and remit
to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any tax withholding resulting from such
exercise. The Committee may also permit a Holder to pay the Exercise Price upon exercise of a Stock Option pursuant to net exercise procedures
as determined by the Committee.

 

(e) Stock
Payments. Payments in the form of Common Stock shall be
valued at the Fair Market Value on the date of exercise. Such payments shall be made by delivery of stock certificates in negotiable
form that are effective to transfer good and valid title thereto to the Company, free of any liens or encumbrances.

 

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(f) Transferability. Except
as may be set forth in the next sentence of this Section or in the Agreement, no Stock Option shall be transferable by the Holder other
than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Holder’s lifetime,
only by the Holder (or, to the extent of legal incapacity or incompetency, the Holder’s guardian or legal
representative). Notwithstanding the foregoing, a Holder, with the approval of the Committee, may transfer a Non-Qualified Stock Option
(i) (A) by gift, for no consideration, or (B) pursuant to a domestic relations order, in either case, to or for the benefit of the Holder’s
 “Immediate Family” (as defined below), or (ii) to an entity in which the Holder and/or members of Holder’s Immediate
Family own more than fifty percent of the voting interest, subject to such limits as the Committee may establish and the execution of
such documents as the Committee may require, and the transferee shall remain subject to all the terms and conditions applicable to the
Non-Qualified Stock Option prior to such transfer. The term “Immediate Family” shall mean any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law, including adoptive relationships, any person sharing the Holder’s household (other than a tenant
or employee), a trust in which these persons have more than fifty percent beneficial interest, and a foundation in which these
persons (or the Holder) control the management of the assets. The Committee may, in its sole discretion, permit transfer of an Incentive
Stock Option in a manner consistent with applicable tax and securities law upon the Holder’s request.

 

(g) Termination by Reason of
Death. If a Holder’s employment by, or association with,
the Company or a Subsidiary terminates by reason of death, any Stock Option held by such Holder, unless otherwise determined by the Committee
and set forth in the Agreement, shall thereupon automatically terminate, except that the portion of such Stock Option that has vested
on the date of death may thereafter be exercised by the legal representative of the estate or by the legatee
of the Holder under the will of the Holder, for a period of one year (or such other greater or lesser period as the Committee may specify
in the Agreement) from the date of such death or until the expiration of the stated term of such Stock Option, whichever period
is shorter.

 

(h) Termination by Reason of
Disability. If a Holder’s employment by, or association
with, the Company or any Subsidiary terminates by reason of Disability, any Stock Option held by such Holder, unless otherwise determined
by the Committee and set forth in the Agreement, shall thereupon automatically terminate, except that the portion of such Stock Option
that has vested on the date of termination may thereafter be exercised by the Holder for a period of one year (or such other greater
or lesser period as the Committee may specify in the Agreement) from the date of such termination or until the expiration of the stated
term of such Stock Option, whichever period is shorter.

 

(i) Termination
by Reason of Normal Retirement. Subject to the provisions
of Section 12.3, if such Holder’s employment by, or association with, the Company or any Subsidiary terminates due to Normal
Retirement, any Stock Option held by such Holder, unless otherwise determined by the Committee and set forth in the Agreement, shall
thereupon automatically terminate, except that the portion of such Stock Option that has vested on the date of termination may
thereafter be exercised by the Holder for a period of one year (or such other greater or lesser period as the Committee may specify
in the Agreement) from the date of such termination or until the expiration of the stated term of such
Stock Option, whichever period is shorter.

 

(j) Other Termination. Subject
to the provisions of Section 12.3, if such Holder’s employment by, or association with, the Company or any Subsidiary terminates
for any reason other than death, Disability or Normal Retirement, any Stock Option held by such Holder, unless otherwise determined by
the Committee and set forth in the Agreement, shall thereupon automatically terminate, except that, if the Holder’s employment is
terminated by the Company or a Subsidiary without cause, the portion of such Stock Option that has vested on the
date of termination may thereafter be exercised by the Holder for a period of three months (or such other greater or lesser period
as the Committee may specify in the Agreement) from the date of such termination or until the expiration of
the stated term of such Stock Option, whichever period is shorter.

 

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(k) Buyout and Settlement Provisions. The
Committee may at any time, in its sole discretion, offer to repurchase a Stock Option previously granted, at a purchase price not to exceed
the Repurchase Value, based upon such terms and conditions as the Committee shall establish and communicate to the Holder at the time
that such offer is made.

 

(l) Rights as Shareholder.
A Holder shall have none of the rights of a Shareholder with respect to the shares subject to the Option until such shares shall be transferred
to the Holder upon the exercise of the Option. 

 

Section 6. Stock Appreciation Rights.

 

6.1. Grant and Exercise. 
Subject to the terms and conditions of the Plan, the Committee may grant Stock Appreciation Rights in tandem with an Option or alone and
unrelated to an Option. The Committee may grant Stock Appreciation Rights to participants who have been or are being granted Stock Options
under the Plan as a means of allowing such participants to exercise their Stock Options without the need to
pay the exercise price in cash. In the case of a Non-qualified Stock Option, a Stock Appreciation Right may be granted either at or after
the time of the grant of such Non-qualified Stock Option. In the case of an Incentive Stock Option, a Stock Appreciation Right
may be granted only at the time of the grant of such Incentive Stock Option.

 

6.2. Terms and Conditions. Stock
Appreciation Rights shall be subject to the following terms and conditions:

 

(a) Exercisability. Stock
Appreciation Rights shall be exercisable as shall be determined by the Committee and set forth in the Agreement, subject, for Stock Appreciation
Rights granted in tandem with an Incentive Stock Option, to the limitations, if any, imposed by the Code with respect to related Incentive
Stock Options.

 

(b) Termination. All
or a portion of a Stock Appreciation Right granted in tandem with a Stock Option shall terminate and shall no longer be exercisable upon
the termination or after the exercise of the applicable portion of the related Stock Option.

 

(c) Method
of Exercise.  Stock Appreciation Rights shall be
exercisable upon such terms and conditions as shall be determined by the Committee and set forth in the Agreement and, for Stock
Appreciation Rights granted in tandem with a Stock Option, by surrendering the applicable portion of the related Stock Option. Upon
exercise of all or a portion of a Stock Appreciation Right and, if applicable, surrender of the applicable portion of the related
Stock Option, the Holder shall be entitled to receive a number of shares of Common Stock equal to the SAR Value divided by the Fair
Market Value on the date the Stock Appreciation Right is exercised.

 

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(d) Shares Available Under Plan.
The granting of a Stock Appreciation Right in tandem with a Stock Option shall not affect the number of shares of Common Stock available
for awards under the Plan. The number of shares available for awards under the Plan will, however, be reduced by the number of shares
of Common Stock acquirable upon exercise of the Stock Option to which such Stock Appreciation Right relates.

 

Section 7. Restricted Stock.

 

7.1. Grant. Shares
of Restricted Stock may be awarded either alone or in addition to other awards granted under the Plan. The Committee shall determine the
eligible persons to whom, and the time or times at which, grants of Restricted Stock will be awarded, the number of shares to be awarded,
the price (if any) to be paid by the Holder, the time or times within which such awards may be subject to forfeiture
(“Restriction Period”), the vesting schedule and rights to acceleration thereof and all other terms and conditions of the
awards.

 

7.2. Terms and Conditions. Each
Restricted Stock award shall be subject to the following terms and conditions:

 

(a) Certificates. Restricted
Stock, when issued, will be represented by a stock certificate or certificates registered in the name of the Holder to whom such Restricted
Stock shall have been awarded. During the Restriction Period, certificates representing the Restricted Stock and any securities constituting
Retained Distributions (as defined below) shall bear a legend to the effect that ownership of the Restricted
Stock (and such Retained Distributions) and the enjoyment of all rights appurtenant thereto are subject to the restrictions, terms and
conditions provided in the Plan and the Agreement. Such certificates shall be deposited by the Holder with the Company, together with
stock powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the Company of all or any portion
of the Restricted Stock and any securities constituting Retained Distributions that shall be forfeited or that shall not become vested
in accordance with the Plan and the Agreement.

 

(b) Rights
of Holder. Restricted Stock shall constitute issued and
outstanding shares of Common Stock for all corporate purposes. The Holder will have the right to vote such Restricted Stock and to
exercise all other rights, powers and privileges of a holder of Common Stock with respect to such Restricted Stock, with the
exceptions that (i) the Holder will not be entitled to delivery of the stock certificate or certificates
representing such Restricted Stock until the Restriction Period shall have expired and unless all other vesting requirements with
respect thereto shall have been fulfilled; (ii) the Company will retain custody of the stock certificate or certificates
representing the Restricted Stock during the Restriction Period; (iii) the Company will retain custody of all dividends and
distributions (“Retained Distributions”) made, paid or declared with respect to the Restricted Stock (and such Retained
Distributions will be subject to the same restrictions, terms and conditions as are applicable to the Restricted Stock) until such
time, if ever, as the Restricted Stock with respect to which such Retained Distributions shall have been made, paid or declared
shall have become vested and with respect to which the Restriction Period shall have expired; and (iv) a breach of any of the
restrictions, terms or conditions contained in this Plan or the Agreement or otherwise established by the Committee with respect to
any Restricted Stock or Retained Distributions will cause a forfeiture of such Restricted Stock and any Retained Distributions with
respect thereto.

 

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(c) Vesting; Forfeiture. Upon
the expiration of the Restriction Period with respect to each award of Restricted Stock and the satisfaction of any other applicable restrictions,
terms and conditions (i) all or part of such Restricted Stock shall become vested in accordance with the terms of the Agreement, and (ii)
any Retained Distributions with respect to such Restricted Stock shall become vested to the extent that the
Restricted Stock related thereto shall have become vested. Any such Restricted Stock and Retained Distributions that do not vest shall
be forfeited to the Company and the Holder shall not thereafter have any rights with respect to such Restricted Stock and Retained
Distributions that shall have been so forfeited.

 

Section 8. Other Stock-Based Awards.

 

Other Stock-Based Awards may be awarded, subject
to limitations under applicable law, that are denominated or payable in, valued in whole or in part by reference
to, or otherwise based on or related to, shares of Common Stock, as deemed by the Committee to be consistent with the purposes of the
Plan, including, without limitation, purchase rights, shares of Common Stock awarded which are not subject to any restrictions or conditions,
convertible or exchangeable debentures, or other rights convertible into shares of Common Stock and awards valued by reference to the
value of securities of or the performance of specified Subsidiaries. These other stock-based awards may include performance shares
or options, whose award is tied to specific performance criteria. Other Stock-Based Awards may be awarded either alone or
in addition to or in tandem with any other awards under this Plan or any other plan of the Company. Each other Stock-Based Award shall
be subject to such terms and conditions as may be determined by the Committee.

 

Section 9. Accelerated Vesting and Exercisability.

 

9.1. Approved Transactions. 
The Committee may, in the event of a Change of Control, (i) accelerate the vesting of any and all Stock Options
and other awards granted and outstanding under the Plan, (ii) require a Holder of any award granted under this Plan to relinquish such
award to the Company upon the tender by the Company to Holder of cash in an amount equal to the Repurchase Value of such award, (iii)
cancel any Stock Option in exchange for a substitute option in a manner consistent with the requirements of Treas. Reg. §1.424-1(a)
(notwithstanding the fact that the original Stock Option may never have been intended to satisfy the requirements for treatment as an
Incentive Stock Option) or (iv) cancel any Restricted Stock in exchange for restricted stock of any successor corporation.
For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets.

 

9.2. Code Section 409A. Notwithstanding
any provisions of this Plan or any award granted hereunder to the contrary, no acceleration shall occur with respect to any award
to the extent such acceleration would cause the Plan or an award granted hereunder to fail to comply with Code Section 409A.

 

Section 10. Amendment and Termination.

 

The Board may at any
time, and from time to time, amend alter, suspend or discontinue any of the provisions of the Plan, but no amendment, alteration,
suspension or discontinuance shall be made that would impair the rights of a Holder under any Agreement
theretofore entered into hereunder, without the Holder’s consent, except as set forth in this Plan.

 

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Section 11. Term of Plan.

 

11.1. Effective Date. The
Effective Date of the Plan shall be the date on which the Plan is adopted by the Board. Awards may be granted under the Plan at any time
after the Effective Date and before the date fixed herein for termination of the Plan; provided, however, that if the Plan is not approved
by the affirmative vote of the holders of a majority of the Common Stock cast at a duly held stockholders’ meeting at which a quorum
is, either in person or by proxy, present and voting within one year from the Effective Date, then (i) no Incentive Stock Options may
be granted hereunder and (ii) all Incentive Stock Options previously granted hereunder shall be automatically converted into Non-qualified
Stock Options.

 

11.2. Termination Date. Unless
terminated by the Board, this Plan shall continue to remain effective until such time as no further awards may be granted and all awards
granted under the Plan are no longer outstanding. Notwithstanding the foregoing, grants of Incentive Stock
Options may be made only during the ten-year period beginning on the Effective Date.

 

Section 12. General Provisions.

 

12.1. Written Agreements. Each
award granted under the Plan shall be confirmed by, and shall be subject to the terms of, the Agreement executed
by the Company and the Holder, or such other document as may be determined by the Committee. The Committee may terminate any award made
under the Plan if the Agreement relating thereto is not executed and returned to the Company within 10 days after the Agreement has been
delivered to the Holder for his or her execution.

 

12.2. Unfunded Status of Plan. The
Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With
respect to any payments not yet made to a Holder by the Company, nothing contained herein shall give any such Holder any rights that are
greater than those of a general creditor of the Company.

 

12.3. Employees.

 

(a) Engaging
in Competition With the Company; Solicitation of Customers and Employees; Disclosure of Confidential Information. If
a Holder’s employment by, or association with, the Company or a Subsidiary is terminated for any reason whatsoever, and within
12 months after the date thereof such Holder either (i) accepts employment with any competitor of, or
otherwise engages in competition with, the Company or any of its Subsidiaries, (ii) solicits any customers or employees of the
Company or any of its Subsidiaries to do business with or render services to the Holder or any business with which the Holder
becomes affiliated or to which the Holder renders services or (iii) uses or discloses to anyone outside the Company any confidential
information or material of the Company or any of its Subsidiaries in violation of the Company’s policies or any agreement
between the Holder and the Company or any of its Subsidiaries, the Committee, in its sole discretion, may require such Holder to
return to the Company the economic value of any award that was realized or obtained by such Holder at any time during the period
beginning on the date that is six months prior to the date such Holder’s employment by, or association with, the Company or
such Subsidiary is terminated; provided, however, that if the Holder is a resident of the State of California, such right must be
exercised by the Company for cash within six months after the date of termination of the Holder’s service to the Company or
within six months after exercise of the applicable Stock Option, whichever is later. In such event, Holder agrees to remit to the
Company, in cash, an amount equal to the difference between the Fair Market Value of the Shares on the date of termination (or the
sales price of such Shares if the Shares were sold during such six month period) and the price the Holder paid the Company for such
Shares.

 

    11 

     

    

 

(b) Termination for Cause. If
a Holder’s employment by, or association with, the Company or a Subsidiary is terminated for cause, the Committee may, in its sole
discretion, require such Holder to return to the Company the economic value of any award that was realized
or obtained by such Holder at any time during the period beginning on that date that is six months prior to the date such Holder’s
employment by, or association with, the Company or such Subsidiary is terminated. In such event, Holder agrees to remit to the Company,
in cash, an amount equal to the difference between the Fair Market Value of the Shares on the date of termination (or the sales price
of such Shares if the Shares were sold during such six month period) and the price the Holder paid the Company for such Shares.

 

(c) No Right of Employment. Nothing
contained in the Plan or in any award hereunder shall be deemed to confer upon any Holder who is an employee of the Company or
any Subsidiary any right to continued employment with the Company or any Subsidiary, nor shall it interfere in any way with the right
of the Company or any Subsidiary to terminate the employment of any Holder who is an employee at any time.

 

12.4. Investment Representations; Company
Policy. The Committee may require each person acquiring shares
of Common Stock pursuant to a Stock Option or other award under the Plan to represent to and agree with the Company in writing that the
Holder is acquiring the shares for investment without a view to distribution thereof. Each person acquiring
shares of Common Stock pursuant to a Stock Option or other award under the Plan shall be required to abide by all policies of the Company
in effect at the time of such acquisition and thereafter with respect to the ownership and trading of the Company’s securities.

 

12.5. Additional Incentive Arrangements. Nothing
contained in the Plan shall prevent the Board from adopting such other or additional incentive arrangements as it may deem
desirable, including, but not limited to, the granting of Stock Options and the awarding of Common Stock and cash otherwise than under
the Plan; and such arrangements may be either generally applicable or applicable only in specific cases.

 

12.6. Withholding Taxes. Not
later than the date as of which an amount must first be included in the gross income of the Holder for Federal income tax purposes with
respect to any Stock Option or other award under the Plan, the Holder shall pay to the Company, or make arrangements
satisfactory to the Committee regarding the payment of, any Federal, state and local taxes of any kind required by law to be withheld
or paid with respect to such amount. If permitted by the Committee, tax withholding or payment obligations may be settled with Common
Stock, including Common Stock that is part of the award that gives rise to the withholding requirement. The obligations of the Company
under the Plan shall be conditioned upon such payment or arrangements and the Company or the Holder’s employer (if not the Company)
shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Holder
from the Company or any Subsidiary.

 

    12 

     

    

 

12.7. Governing Law. The
Plan and all awards made and actions taken thereunder shall be governed by and construed in accordance with
the law of the State of Delaware (without regard to choice of law provisions).

 

12.8. Other Benefit Plans. Any
award granted under the Plan shall not be deemed compensation for purposes of computing benefits under any
retirement plan of the Company or any Subsidiary and shall not affect any benefits under any other benefit plan now or subsequently in
effect under which the availability or amount of benefits is related to the level of compensation (unless required by specific reference
in any such other plan to awards under this Plan).

 

12.9. Non-Transferability. Except
as otherwise expressly provided in the Plan or the Agreement, no right or benefit under the Plan may be alienated,
sold, assigned, hypothecated, pledged, exchanged, transferred, encumbranced or charged, and any attempt to alienate, sell, assign, hypothecate,
pledge, exchange, transfer, encumber or charge the same shall be void.

 

12.10. Applicable Laws. The
obligations of the Company with respect to all Stock Options and awards under the Plan shall be subject to
(i) all applicable laws, rules and regulations and such approvals by any governmental agencies as may be required, including, without
limitation, the Securities Act of 1933, as amended ( “Securities Act”), and (ii) the rules and regulations of any securities
exchange on which the Common Stock may be listed.

 

12.11. Conflicts. If
any of the terms or provisions of the Plan or an Agreement conflict with the requirements of Section 422 of
the Code, then such terms or provisions shall be deemed inoperative to the extent they so conflict with such requirements. Additionally,
if this Plan or any Agreement does not contain any provision required to be included herein under Section 422 of the Code, such provision
shall be deemed to be incorporated herein and therein with the same force and effect as if such provision had been set out at length herein
and therein. If any of the terms or provisions of any Agreement conflict with any terms or provisions of the Plan, then such terms or
provisions shall be deemed inoperative to the extent they so conflict with the requirements of the Plan. Additionally, if any Agreement
does not contain any provision required to be included therein under the Plan, such provision shall be deemed to be incorporated therein
with the same force and effect as if such provision had been set out at length therein.

 

12.12. Certain Awards Deferring or Accelerating
the Receipt of Compensation. To the extent applicable, all awards
granted, and all Agreements entered into, under the Plan are intended to comply with Section 409A of the Code, which was added by the
American Jobs Creation Act of 2004 and relates to deferred compensation under nonqualified deferred compensation
plans. The Committee, in administering the Plan, intends, and the parties entering into any Agreement intend, to restrict provisions of
any awards that may constitute deferred receipt of compensation subject to Code Section 409A requirements to those consistent with this
Section. The Board may amend the Plan to comply with Code Section 409A in the future.

 

12.13. Non-Registered Stock. The
shares of Common Stock to be distributed under this Plan have not been, as of the Effective Date, registered
under the Securities Act, or any applicable state or foreign securities laws and the Company has no obligation to any Holder to register
the Common Stock or to assist the Holder in obtaining an exemption from the various registration requirements, or to list the Common Stock
on a national securities exchange or any other trading or quotation system.

 

    13Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(“Agreement”), dated as of April 1, 2022 (“Effective Date”), is made and entered into by and between CORPHOUSING
GROUP, Inc, a Delaware Corporation (“CHG” or “Company”), having an address of 2125 Key Biscayne Blvd., Suite 253,
Miami, Florida 33137 and Brian Ferdinand (“Executive”), an individual having an address as set forth on the signature page.
This agreement supersedes any other agreement relating to the employment of Executive by the Company that is in effect as of the date
hereof.

 

WHEREAS, the Company desires
to employ Executive, and Executive desires to be employed by the Company, on the terms and conditions herein set forth.

 

IT IS AGREED:

 

1.                 
Employment, Duties and Acceptance.

 

1.1             
General. During the Term (as defined herein), the Company shall employ Executive as Chief Executive Officer and Chairman
of the Board, in which capacity Executive shall have such duties, authority, and responsibilities that are commensurate with the duties,
authorities and responsibilities of persons in similar operations and capacities in similarly sized public companies and companies operating
within the short-term/vacation rental industry generally and as otherwise mutually agreed upon by Executive and the Company.

 

1.2             
Devotion of Substantially All Business Time. Executive accepts such employment and shall use all reasonable efforts to timely
and diligently fulfill Executive’s duties under this Agreement and to promote and protect the interests of the Company and its respective
brands, concepts, products, and services. During the Term, Executive shall devote substantially all of Executive’s business time
to the Company and its interests; provided, however, that Executive shall be entitled to engage in civic, not for profit and advisory
roles and manage personal investments so long as such activities (a) do not materially interfere with Executive’s ability to perform
Executive’s duties diligently and faithfully hereunder, (b) do not violate the noncompete and related provisions hereunder and (c)
would not be reasonably expected to diminish the value of any of CHG’s or its subsidiaries’ brands, reputation, concepts,
products, or services.

 

1.3             
Location and Appearances. Executive shall generally be required to perform Executive’s duties remotely and shall undertake
travel, at the Company’s expense, within or outside the United States as reasonably necessary and appropriate in the provision of
the duties of Executive’s office. All such travel shall be undertaken in a manner consistent with the Company’s travel policies
applicable to senior officers of the Company; provided, however, notwithstanding the Company’s travel policies and
practices, the Company will provide not less than business class travel on all flights to or from locations outside of North America.

 

2.                 
Compensation.

 

2.1              Salary.
During the Term, the Company shall pay to Executive an annualized base salary of $600,000, subject to annual increase as may be
determined by the board of directors of the Company, through the end of the Term (“Base Salary”). The Base Salary shall
be calculated and paid in substantially equal, periodic installments in accordance with the Company’s normal payroll
procedures.

 

     

     

    

 

2.2             
Annual Performance Bonus. For each calendar year during the Term (“Bonus Year”), Executive shall be eligible
to earn an annual performance bonus as recommended by the board of directors of the Company (or a compensation committee thereof) and
approved by the board. Bonus targets and goals shall be determined each calendar year by the board of directors upon recommendation of
the compensation committee. All performance bonuses shall be paid to (or in the case of Executive’s death, Executive’s designated
beneficiary) during the first month of the calendar year following the Bonus Year in which such bonus has been earned at the same time
at which the Company pays bonuses for such Bonus Year to other executives of the Company. Annual bonuses shall be deemed earned on December
31 of the Bonus Plan Year. The first Bonus Year shall be the year ending December 31, 2022.

 

2.3             
[Reserved.]

 

2.4             
Options. The Executive shall be eligible for option grants and other equity-based awards under the Company’s 2021
perfomance equity plan as determined from time to time as recommended by the board of directors of the Company (or a compensation committee
thereof) and approved by the board.

 

2.5             
Executive Benefits. During the Term, Company shall provide Executive (and, to the extent eligible, Executive’s dependents
and beneficiaries) all medical, health, dental, vision, prescription reimbursement, life insurance, welfare, perquisite, and other Executive
benefits plans that are sponsored by the Company for the benefit of its Executives, on terms and conditions set forth in such programs
and plans (as amended from time to time).

 

2.6             
Expenses. During the Term, the Company shall reimburse Executive in accordance with the Company’s reimbursement policies
for all reasonable out-of-pocket expenses incurred by Executive in connection with the performance of Executive’s duties hereunder.
Expenses will be reimbursed within 30-days of Executive properly submitting expense for reimbursement.

 

2.7             
Vacation. During the Term, Executive shall be entitled to three (3) weeks paid vacation per calendar year, such vacation
time to be taken as mutually convenient for Executive and the Company. Except as otherwise provided in Section 4 hereof, Executive shall
not be paid for unused vacation time.

 

3.                 
Term. The term of Executive’s employment hereunder (the “Term”) shall commence as of the Effective Date
and shall continue for three (3) years from the Effective Date. Thereafter, the Term shall be extended automatically for successive one-year
periods, unless CHG or Executive provides the other with written notice of election to not so renew at the end of the then current Term
at least 90 days prior to the end of the then current Term.

 

4.                 
Termination.

 

4.1             
Death. Executive’s employment hereunder shall automatically terminate upon the Executive’s death.

 

    2 

     

    

 

4.2             
 Disability. The Executive’s employment hereunder may be terminated by the Company by reason of the Executive’s
Disability. “Disability” means that Executive is substantially unable to perform or effectively discharge Executive’s
customary duties due to an accident, physical or mental condition, disability, or illness for a period of 90 consecutive days or a period
of any 120 days in any twelve-month period.

 

4.3             
By Company with or without Cause. The Company may terminate Executive’s employment hereunder with or without Cause.
 “Cause” means (a) the continued and willful refusal or failure by Executive to perform a material part of Executive’s
duties hereunder (so long as such duties are lawful, reasonable and consistent with similarly titled Executives at the Company or in the
industry); (b) the conviction of Executive for any crime which constitutes a felony in the jurisdiction involved or any conviction of,
or plea of guilty or nolo contendere to, any crime involving moral turpitude; (c) Executive’s commission of any act of fraud, misappropriation,
or embezzlement, in any case involving the properties, assets or funds of the Company or its subsidiaries, parents, or affiliates; or
(d) Executive’s commission of an act or failure to act that involves willful misconduct, or gross negligence of Executive in connection
with the performance of Executive’s duties to the Company. Notwithstanding the foregoing, “Cause,” for purposes of clause
(a) of this Section 4.3, shall not exist unless (x) within 90 days of first learning of the event(s) purporting to constitute Cause, the
Company delivers written notice to the Executive that specifically identifies such event(s); (y) if curable, the Executive fails to cure
such event within 30 days after the date of such notice; and (z) the Company terminates the Executive’s employment by written notice
within 30 days following the end of such cure period.

 

4.4             
By Executive with or without Good Reason. Executive may terminate Executive’s employment hereunder with or without
Good Reason. “Good Reason” means the occurrence of any of the following circumstances without the Executive’s prior
written consent: (a) a material adverse change in Executive’s title, duties, or responsibilities with the Company that represents
a demotion from Executive’s title, duties, or responsibilities as in effect immediately prior to such change; (b) a material breach
of this Agreement by the Company; (c) a failure by the Company to make any payment to Executive when due, unless the payment is not material
and is being contested by the Company in good faith; (d) any reduction in Base Salary; (e) the Company’s failure to obtain an agreement
from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no succession had taken place, except where such assumption occurs by operation of law; or (f) the relocation
of Executive’s principal office more than 25 miles from New York. Notwithstanding the foregoing, “Good Reason,” for
purposes of clauses (a) and (b) of this Section 4.4, shall not exist unless (x) within 90 days of first learning of the event(s) purporting
to constitute Good Reason, the Executive delivers written notice to Company that specifically identifies such event(s); (y) if curable,
the Company fails to cure any such event within 30 days after the date of such notice; and (z) the Executive terminates Executive’s
employment by written notice within 30 days following the end of such cure period.

 

4.5             
Obligations of the Company upon Termination.

 

(a)               Death
or Disability. In the event that Executive’s employment is terminated by reason of Executive’s death or Disability,
the Company shall pay to Executive (or Executive’s executor, administrator or personal representative, as applicable) (i) the
Base Salary, any earned but unpaid performance bonus, and any accrued but unused vacation, through the date of Executive’s
termination of employment (the “Date of Termination”), (ii) all allowable expenses incurred by Executive, in
accordance with Section 2.3 above, prior to the Date of Termination (the “Expenses”) and (iii) the performance
bonus to which Executive would have been entitled pursuant to, and as calculated in accordance with, Section 2.2 for the year in
which such termination occurs prorated through the date of Executive’s termination of employment (the “Prorated
Performance Bonus”). Such Prorated Performance Bonus, if any, shall be paid to Executive (or in the case of Executive’s
death, Executive’s designated beneficiary) at the same time in which the Company pays bonuses for such calendar year to other
Executives of the Company.

 

    3 

     

    

 

(b)              
Termination by the Company for Cause or By Executive without Good Reason. In the event that Executive’s employment
is terminated by the Company for Cause or by Executive without Good Reason, the Company shall pay to Executive (i) the Base Salary, and
any accrued but unused vacation, through the Date of Termination, and (ii) the Expenses. Executive will forfeit any then unpaid bonus.

 

(c)              
Termination by the Company without Cause or By Executive for Good Reason. In the event that Executive’s employment
is terminated by the Company without Cause or by Executive with Good Reason, the Company shall pay to Executive (or in the case of Executive’s
subsequent death, the legal representative of Executive’s estate or such other person or persons as Executive shall have designated
by written notice to the Company): (i) the Base Salary, any earned but unpaid performance bonus, and any accrued but unused vacation,
through the Date of Termination, (ii) the Expenses, and (iii) the Prorated Performance Bonus (subject to Section 4.5(d) hereof). Such
Prorated Performance Bonus, if any, shall be paid to Executive (or in the case of Executive’s death, Executive’s designated
beneficiary) during the calendar year following the Bonus Plan Year at the same time at which the Company pays bonuses for such Bonus
Plan Year to other Executives of the Company, subject to Section 4.5(d) hereof. In addition, subject to Section 4.5(d) hereof, the Company
shall pay to Executive (or in the case of Executive’s subsequent death, the legal representative of Executive’s estate or
such other person or persons as Executive shall have designated by written notice to the Company) an amount equal to one (1) year of Executive’s
salary, less all applicable taxes and other withholdings (the “Severance Payment”).

 

(d)              
Release. Payment by the Company of the Severance Payment and the Prorated Performance Bonus due to Executive pursuant to
this Section 4.5(c) shall be conditioned upon Executive’s executing a release of claims in the form attached hereto as Exhibit
A (the “Release”) within twenty-one days (or, to the extent required by law, forty-five days) following the Date
of Termination, and not revoking such Release within seven days thereafter.

 

(e)              
Effect on Options and Equity-Awards. The effect on any options or other equity-based awards granted to Executive of any termination
of Executive’s employment hereunder shall be as provided by the stock option or other agreement(s) executed and delivered by the
parties in connection therewith.

 

5.                 
Protection of Confidential Information and Reputation; Noncompetition.

 

5.1             
Acknowledgment. Executive acknowledges that:

 

(a)              
 As a result of Executive’s employment with the Company, Executive has obtained and will obtain secret and confidential information
concerning the business of the Company and its affiliates (referred to collectively in this Section 5 as the “Company”), including,
without limitation, financial information, proprietary rights, trade secrets and “know-how, customers and sources (“Confidential
Information”).

 

    4 

     

    

 

(b)              
The Company will suffer substantial damage which will be difficult to compute if during the period of Executive’s employment
with the Company or thereafter, Executive should enter a business competitive with the Company or divulge Confidential Information.

 

(c)              
The provisions of this Agreement are reasonable and necessary for the protection of the business of the Company and that without
these protections, the Company would not have entered into this Agreement (or the Stock Purchase Agreement) or provided Executive with
access to the Company’s confidential information.

 

5.2             
Confidentiality. Executive agrees that Executive will not at any time, during the Term or thereafter, divulge to any person
or entity any Confidential Information obtained or learned by Executive as a result of Executive’s employment with the Company,
except (a) in the course of performing Executive’s duties hereunder, (b) with the Company’s prior written consent, (c) to
the extent that any such information is in the public domain other than as a result of Executive’s breach of any of Executive’s
obligations hereunder or (d) where required to be disclosed by court order, subpoena or other government process. If Executive shall be
required to make disclosure pursuant to the provisions of clause (d) of the preceding sentence, Executive shall promptly if practicable
and permissible by law, but in no event more than 48 hours after learning of such subpoena, court order, or other government process,
notify, confirmed by mail, the Company and, at the Company’s expense, Executive shall: (i) take all reasonably necessary and lawful
steps requested by the Company to defend against the enforcement of such subpoena, court order or other government process and (ii) permit
the Company to intervene and participate with counsel of its choice in any proceeding relating to the enforcement thereof at the Company’s
expense.

 

5.3             
Documents. Upon termination of Executive’s employment with the Company, Executive will promptly deliver to the Company
all memoranda, notes, records, reports, manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business
of the Company and all property associated therewith, which Executive may then possess or have under Executive’s control; provided,
however, that Executive shall be entitled to retain copies of such documents reasonably necessary to document Executive’s financial
relationship with the Company.

 

5.4             
Non-Disparagement. During and for five (5) years after the Term, Executive shall not publicly or privately disparage the
Company or its brands, concepts, products or services, officers, directors, Executives or affiliates. In addition, Executive shall not
intentionally take any action to harm the reputation of the Company or diminish the value of its brands, concepts, products or services.

 

5.5             
Non-Compete and Non-Solicitation.

 

(a)              
 During such time as Executive is employed by the Company and for a period of twelve months thereafter, Executive shall not directly
or through any affiliate engage in any other business or commercial activity within the short-term/vacation rental industry.

 

    5 

     

    

 

(b)              
Notwithstanding the foregoing, the following in and of themselves shall not be deemed a breach of Section 5.5(a):

 

(i)           Ownership
of less than 5% of the outstanding stock of any publicly traded corporation regardless of its business;

 

(ii)          Personal use by Executive of the name “Corphousing” solely for biographical reference; and

 

(iii)         Passively
investing in private companies, the activities of which, at the time of such investment, would not reasonably be deemed to violate this
Section 5.5 were Executive to be engaged in such activity directly.

 

(c)              
During the Term, and for a period of one year thereafter, Executive shall not, directly or indirectly, for himself or any other
person (i) induce or attempt to induce any Executive to leave the employ of the Company or its successors, assigns, and affiliates or
(ii) in any way knowingly interfere with the relationship between the Company and any Executive, customer, publisher, author, or supplier
of the Company, provided that nothing herein shall prevent general solicitations not specifically directed at a person.

 

5.6             
Acknowledgment. Executive acknowledges and agrees that the noncompetition and non-solicitation obligations provided for
in this Agreement are integral components of the consideration being provided to the Company for its agreement to enter into this Agreement.

 

5.7             
Injunctive Relief. If Executive commits a breach, or threatens to commit a breach, of any of the provisions of Section 5,
the Company shall have the right and remedy to seek to have the provisions of this Agreement specifically enforced by any court having
equity jurisdiction, it being acknowledged and agreed by Executive that the services being rendered hereunder to the Company are of a
special, unique, and extraordinary character and that any such breach or threatened breach will cause irreparable injury to the Company
and that money damages will not provide an adequate remedy to the Company. The rights and remedies enumerated in this Section shall be
in addition to, and not in lieu of, any other rights and remedies available to the Company under law or equity.

 

5.8             
Legal Fees. In connection with any legal action or proceeding arising out of or relating to this Agreement, the prevailing
party in such action or proceeding shall be entitled to be reimbursed by the other party for the reasonable attorneys’ fees and
costs incurred by the prevailing party.

 

5.9             
Modification. If any provision of Section 5 is held to be unenforceable because of the scope, duration, or area of its applicability,
the tribunal making such determination shall have the power to modify such scope, duration, or area, or all of them, and such provision
or provisions shall then be applicable in such modified form.

 

5.10         
 Survival. The provisions of this Section 5 shall survive the termination of this Agreement for any reason.

 

    6 

     

    

 

6.                 
Assignment of Rights: Work Product.

 

6.1             
Work Product. The Executive acknowledges and agrees that all right, title, and interest in and to all writings, works of
authorship, technology, inventions, discoveries, processes, techniques, methods, ideas, concepts, research, proposals, materials, and
all other work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived, or reduced
to practice by the Executive individually or jointly with others during the period of Executive’s employment by the Company and
relate in any way to the business or, products, services, activities, research or development of the Company or result from any work performed
by the Executive for the Company (in each case, regardless of when or where prepared or whose equipment or other resources is used in
preparing the same), all rights and claims related to the foregoing, and all printed, physical and electronic copies, and other tangible
embodiments thereof (collectively, “Work Product”), as well as any and all rights in and to US and foreign (a) patents, patent
disclosures and inventions (whether patentable or not), (b) trademarks, service marks, trade dress, trade names, logos, corporate names,
and domain names, and other similar designations of source or origin, together with the goodwill symbolized by any of the foregoing, (c)
copyrights and copyrightable works (including computer programs), mask works, and rights in data and databases, (d) trade secrets, know-how,
and other confidential information, and (e) all other intellectual property rights, in each case whether registered or unregistered and
including all registrations and applications for, and renewals and extensions of, such rights, all improvements thereto and all similar
or equivalent rights or forms of protection in any part of the world, shall be the sole and exclusive property of the Company.

 

6.2             Work
Made for Hire; Assignment. The Executive acknowledges that, by reason of being employed by the Company at the relevant times, to
the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is “work made for hire” as
defined in 17 U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that the foregoing does not apply,
the Executive hereby irrevocably assigns to the Company, for no additional consideration, the Executive’s entire right, title,
and interest in and to all Work Product and intellectual property rights therein, including the right to sue, counterclaim, and recover
for all past, present, and future infringement, misappropriation, or dilution thereof, and all rights corresponding thereto throughout
the world.

 

6.3             
Further Assurances. Upon the request of the Company, the Executive shall enter into the Company’s standard form of
Proprietary Invention Assignment Agreement so long as such terms are consistent to the terms found herein. The Executive shall reasonably
cooperate with the Company to apply for, obtain, perfect, transfer to the Company, and maintain and enforce the Work Product and any intellectual
property rights therein, all at the sole cost and expense of Company.

 

    7 

     

    

 

7.                 
Miscellaneous Provisions.

 

7.1              Indemnification.
If Executive is made a party to, is threatened to be made a party to, or otherwise receives any other legal process in, any action,
suit, or proceeding, whether civil, criminal, administrative, or investigative (a “Proceeding”), by reason of the fact
that Executive (a) is or was an officer, director, advisor, or Executive of the Company, or (b) is or was serving at the request of
the Company as a director, officer, member, partner, Executive, or agent of another corporation, partnership, joint venture, trust,
or other enterprise, including service with respect to Executive benefit plans, whether or not the basis of such Proceeding is
Executive’s alleged action in an official capacity, the Company will indemnify and hold Executive harmless to the fullest
extent permitted or authorized by applicable law against, and shall promptly advance upon request, all costs, expenses, liabilities
and losses (including without limitation, attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid
or to be paid in settlement and any cost and fees incurred in enforcing Executive’s rights to indemnification or contribution)
incurred or suffered by Executive in connection therewith; provided, however, that Executive shall reimburse the Company any such
advanced amounts in the event it is finally determined by arbitration pursuant to Section 7.3, below, or a court of competent
jurisdiction as otherwise prescribed by this Agreement, that Executive is not eligible for indemnification under this provision. In
addition, Executive shall be covered by any Company-sponsored liability policy in effect for officers of the Company on terms and
conditions no less favorable to Executive than to senior officers generally. Notwithstanding the foregoing, the Company shall have
no obligations under this Section 7.1 with respect to claim(s) or Proceedings that directly relate to (i) breaches by Executive of
the terms of this Agreement or (ii) Executive’s fraud, willful misconduct, bad faith, gross negligence or violation of law.
Executive shall comply with mandatory requirements of California law as may be required for such indemnification and Executive shall
cause Executive’s counsel to cooperate fully in good faith with the Company and its counsel in connection with the defense of
Executive. The Company shall at all times maintain directors’ and officer’s liability insurance and shall cause
Executive to be included, in Executive’s capacities hereunder, under all liability insurance coverage (or similar insurance
coverage) maintained by the Company, including such directors’ and officers’ liability insurance. Further, the Company
shall continue to cover Executive under its directors’ and officers’ liability insurance after Executive’s
separation from employment to the extent that the Company continues to provide directors’ and officers’ liability
insurance for other directors and officers of the Company and subject to the terms, conditions and limitations of such
directors’ and officers’ liability insurance.

 

7.2             
Notices. All notices provided for in this Agreement shall be in writing, and shall be deemed to have been duly given when
(a) delivered personally to the party to receive the same, or (b) when mailed first class postage prepaid, by certified mail, return receipt
requested, addressed to the party to receive the same at Executive’s or its address set forth below, or such other address as the
party to receive the same shall have specified by written notice given in the manner provided for in this Section 7.2. All notices shall
be deemed to have been given as of the date of personal delivery or mailing thereof to the party at the address indicated in the preamble
of this Agreement, with a copy in any case to:

 

If to the Company:

 

CorpHousing Group
Inc.

At the address provided
in the Recital

Attention: CEO and
CFO

 

If to Executive, at the address provided
in the Recital.

 

    8 

     

    

 

7.3             
 Arbitration. Except as set forth in Section 5.6 above, any disagreement, dispute, controversy or claim arising out of or
relating to this Agreement or the interpretation of this Agreement or any arrangements relating to this Agreement or contemplated in this
Agreement or the breach, termination or invalidity thereof shall be settled by final and binding arbitration administered by JAMS/Endispute
in California in accordance with the then-existing JAMS/Endispute Arbitration Rules and Procedures for Employment Disputes. In the event
of such an arbitration proceeding, Executive and the Company shall select a mutually acceptable neutral arbitrator from among the JAMS/Endispute
panel of arbitrators. In the event Executive and the Company cannot agree on an arbitrator, the Administrator of JAMS/Endispute will appoint
an arbitrator. Neither Executive nor the Company nor the arbitrator shall disclose the existence, content, or results of any arbitration
hereunder without the prior written consent of all parties. Except as provided herein, the Federal Arbitration Act shall govern the interpretation,
enforcement, and all proceedings. The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the state
of California, or federal law, or both, as applicable, and the arbitrator is without jurisdiction to apply any different substantive law.
The arbitrator shall have the authority to entertain a motion to dismiss and/or a motion for summary judgment by any party and shall apply
the standards governing such motions under the Federal Rules of Civil Procedure. The arbitrator shall render an award and a written reasoned
opinion in support thereof within 60 days from the date arbitration commenced. Judgment upon the award may be entered in any court having
jurisdiction thereof.

 

7.4             
Entire Agreement; Waiver. Effective as of the Effective Date, this Agreement sets forth the entire agreement of the parties
relating to the employment of Executive with the Company (or any predecessor thereof) and is intended to supersede all prior negotiations
understandings and agreements. No provisions of this Agreement may be waived or changed except by a writing that is executed by the party
or parties against whom such waiver or change is sought to be enforced. The failure of any party to require performance of any provision
hereof or thereof shall in no manner affect the right at a later time to enforce such provision.

 

7.5             
Governing Law. All questions with respect to the construction of this Agreement, and the rights and obligations of the parties
hereunder, shall be determined in accordance with the law of the State of Florida applicable to agreements made and to be performed entirely
in Florida.

 

7.6             
Binding Effect; Non-assignability. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of the Company. This Agreement shall not be assignable by Executive, but shall inure to the benefit of and be binding upon Executive’s
heirs and legal representatives.

 

7.7             
Severability. Should any provision or this Agreement become legally unenforceable, no other provision of this Agreement
shall be affected, and this Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

    9 

     

    

 

7.8             
Compliance with Section 409A.

 

(a)               This
Agreement and the benefits provided hereunder are intended to comply with, or otherwise be exempt from, the provisions of Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury Regulations and other guidance
promulgated thereunder (collectively, “Section 409A of the Code”), and the provisions of this Agreement shall be
interpreted and construed to be consistent with this intent. Severance payments provided under this Agreement are intended to be
exempt from Section 409A of the Code under the “separation pay” exception or the “short-term deferral”
exception, to the maximum extent applicable. All payments to be made upon a termination of employment may only be made upon
Executive’s “separation from service” under Section 409A of the Code. For purposes of Section 409A of the Code,
Executive’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements,
periodic payments of Base Salary, or otherwise) shall be treated as a right to receive a series of separate payments, and
accordingly, each installment payment hereunder shall at all times be treated as a separate and distinct payment. In no event will
Executive designate, directly or indirectly, the year of payment, subject to Section 409A of the Code.

 

(b)              
Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of Executive’s separation
from service to be a “specified Executive” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement
of any portion of payments or benefits is required in order to avoid a prohibited distribution under Section 409A(a)(2), such portion
of Executive’s payments or benefits to which Executive otherwise would become entitled hereunder shall not be made or paid to Executive
prior to the earlier of (A) the expiration of the six (6)-month period measured from the date of Executive’s separation from
service or (B) the date of Executive’s death. Upon the expiration of the applicable Section 409A(a)(2) deferral period, all payments
deferred pursuant to this Section 7.8(b) shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement
shall be paid as otherwise specified herein. If Executive dies during the six-month period, any delayed payments shall be paid to the
Executive’s estate.

 

(c)              
All reimbursements to Executive under the terms of this Agreement shall be made following the submission of a reimbursement request
by Executive. To the extent reimbursements and other in-kind benefits provided under this Agreement constitute “nonqualified deferred
compensation” for purposes of Section 409A of the Code, such reimbursements and other in-kind benefits hereunder shall be made or
provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) the reimbursement
of any eligible expense shall be made no later than the end of the calendar year following the calendar year in which the expense is incurred,
(ii) the amount of expenses eligible for reimbursement to Executive under the terms of this Agreement and in-kind benefits payable during
a calendar year shall not affect the expenses eligible for reimbursement or in-kind benefits payable in another calendar year and (iii)
no right to reimbursement or payment of in-kind benefits shall be subject to liquidation or exchange for any other payment or benefit.

 

(d)               To
the extent permitted under Section 409A of the Code, the Company and Executive agree to negotiate in good faith to make amendments
to this Agreement, as the parties mutually agree are necessary or desirable, to comply with or otherwise avoid the imposition of
taxes, penalties or interest under Section 409A of the Code; provided, however, that in no event shall the Company be required to
pay any additional monies or increase payments to Executive under the terms hereof. Neither the Company nor Executive shall have the
right to accelerate or defer the delivery of any such payments or benefits except (i) where payment may be made within a certain
period of time, the timing of payment within such period will be in the sole discretion of Company; and (ii) to the extent
specifically permitted or required by Section 409A of the Code.

 

7.9             
Withholding. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign
taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 

7.10         
Counterparts. This Agreement and any agreement referenced herein may be executed simultaneously in two or more counterparts,
each of which shall be deemed an original but which together shall constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

    10 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement on the date first above written.

 

	 	CORPHOUSING GROUP INC.
	 	 
	 	By: 	/s/ Shanoop Kothari

	 	Name: 	Shanoop Kothari
	 	Its: 	CFO
	 	 
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Brian
    L. Ferdinand
	 	Name: Brian L. Ferdinand

 

[Signature Page to Employment
Agreement]

 

     

     

    

 

EXHIBIT A

 

GENERAL RELEASE

 

For a valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever discharge
the “Releasees” hereunder, consisting of Corphousing Group Inc. (the “Company”), and its subsidiaries,
parents, affiliates, predecessors, successors, heirs, assigns, agents, directors, officers, Executives, shareholders,
representatives, lawyers, insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from
any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements,
promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or
unknown, fixed or contingent (hereinafter called “Claims”), which the undersigned now has or may hereafter have against
the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof.
The Claims released herein include, without limiting any Claims in any way arising out of, based upon, or related to the employment
or termination from employment of the undersigned by the Releasees, or any of them, including, without limitation, any claim for
wages, salary, commissions, bonuses, incentive payments, profit-sharing payments, expense reimbursements, leave, vacation,
separation pay or other benefits; any claim for monetary or equitable relief, including but not limited to attorneys’ fees,
costs, disbursements, back pay, front pay, reinstatement, or expert’s fees; any claim for benefits under any stock option or
other equity-based incentive plan of the Releasees (or any related agreement to which any Releasee is a party); any alleged breach
of any express or implied contract of employment; any alleged torts (whether intentional, negligent, or otherwise); any alleged
legal restrictions on Releasee’s right to terminate the employment of the undersigned; any claims under federal, state, or
local occupational safety and health laws or regulations, all as amended; and any alleged violation of any federal, state or local
statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the
Civil Rights Act of 1866, Section 1981 of U.S. Code Title 42, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Equal
Pay Act, the Americans with Disabilities Act, Sections 503 and 504 of the Rehabilitation Act of 1973, the Worker Adjustment and
Retraining Notification Act, the Immigration Reform and Control Act, the Executive Retirement Income Security Act (including the
Genetic Information Nondiscrimination Act), and the National Labor Relations Act, the Age Discrimination In Employment Act
(including the Older Workers Benefit Protection Act of 1990), the Americans With Disabilities Act, the California Fair Employment
and Housing Act (as amended), Calif. Gov’t Code, §12900 et seq., the California Family Rights Act, California law
regarding Relocations, Terminations and Mass Layoffs and the California Labor Code, all as amended; Sections 1981 through 1988 of
Title 42 of the United States Code, California Business  and Professions Code § 17200 or any other provisions of the
California unfair trade or business practices laws, the California Occupational Safety and Health Act, Divisions 4, 4.5, and 4.7 of
the California Labor Code beginning at § 3200, any provision of the California Constitution, any provision of the California
Labor Code that may lawfully be released, the Florida Civil Rights Act of 1992 (f/k/a Human Rights Act of 1977),
Section 760.01 et. seq., Florida Statutes (FCRA), any claims/actions under the retaliation section of
Florida’s Worker’s Compensation statute (Chapter 440, Florida Statutes), the Florida Public Sector Whistleblower Act
(Fla. Stat. § 112.3187 et. seq.), the Florida Private Sector Whistleblower Act (Fla. Stat.
 § 448.101-.105), including any claim for wrongful and retaliatory termination in violation of Section 448.103,
Florida Statutes, Section 448.08, Florida Statutes, Florida’s Wage Rate Provisions, Section 448.07, Florida
Statutes, the Florida Minimum Wage Law, the Florida Equal Pay Act, Section 725.07, Florida Statutes, or the Florida
Constitution, each as amended, and all other state and local statutes, ordinances, executive orders and regulations governing
employment or prohibiting discrimination or retaliation upon the basis of age, race, sex, national origin, religion, disability or
other unlawful factor.

 

     

     

    

 

Notwithstanding the generality
of the foregoing, the Claims released shall not include (i) any claim or right to vested Executive welfare or retirement benefits, (ii)
the undersigned’s rights under the Stock Option Agreement (as amended from time to time, the “Equity Agreements”),
and any claims the undersigned may have for breach of any of the Equity Agreements; (iii) any claim or right that may not be released
by private agreement, including without limitation, any claim for unemployment insurance benefits, any workers’ compensation claim
and any claim for indemnification under California Labor Code Sections 2800 or 2802, the Company and/or its parents, subsidiaries or
affiliate’s bylaws, articles or insurance policies, (iv) any rights the undersigned may have to be indemnified by the Company or
any of its affiliates by operation of law or pursuant to the organizational agreements of the Company and/or its affiliates; or (v) the
undersigned’s right to any amount owing to the undersigned pursuant to Section 4 of the Employment Agreement dated as of                                                   ,
2022, by and between the undersigned and Corphousing Group Inc.

 

THE UNDERSIGNED ACKNOWLEDGES
THAT EXECUTIVE HAS BEEN ADVISED BY LEGAL COUNSEL AND IS FAMILIAR WITH THE PROVISIONS OF THE LAWS REGARDING RELEASES IN CALIFORNIA AND
THE STATE OF THE UNDERSIGNED’S RESIDENCE. THE UNDERSIGNED, BEING AWARE OF SAID LAWS, HEREBY EXPRESSLY WAIVES ANY RIGHTS EXECUTIVE
MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.

 

IN ACCORDANCE WITH THE OLDER
WORKERS BENEFIT PROTECTION ACT OF 1990, THE UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS:

 

(1)              
EXECUTIVE HAS THE RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE;

 

(2)              
EXECUTIVE HAS TWENTY-ONE (21) DAYS TO CONSIDER THIS RELEASE BEFORE SIGNING IT; AND

 

(3)              
EXECUTIVE HAS SEVEN (7) DAYS AFTER SIGNING THIS RELEASE TO REVOKE IT, AND THIS RELEASE SHALL BECOME EFFECTIVE UPON THE EXPIRATION
OF THAT REVOCATION PERIOD.

 

The undersigned
represents and warrants that there has been no assignment or other transfer of any interest in any Claim which Executive may have
against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any
liability, Claims, demands, damages, costs, expenses and attorneys’ fees incurred by Releasees, or any of them, as the result
of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is the intention of the parties
that this indemnity does not require payment as a condition precedent to recovery by the Releasees against the undersigned under
this indemnity.

 

     

     

    

 

The undersigned agrees that
if Executive hereafter commences any suit arising out of, based upon, or relating to any of the Claims released hereunder or in any manner
asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned agrees to pay to Releasees, and
each of them, in addition to any other damages caused to Releasees thereby, all attorneys’ fees incurred by Releasees in defending
or otherwise responding to said suit or Claim.

 

The undersigned further understands
and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute or be construed as an admission
of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever
to the undersigned.

 

The undersigned acknowledges
that different or additional facts may be discovered in addition to what is now known or believed to be true by Executive with respect
to the matters released in this Release, and the undersigned agrees that this Release shall be and remain in effect in all respects as
a complete and final release of the matters released, notwithstanding any different or additional facts.

 

The undersigned reaffirms Executive’s obligations
under Section 5 of the Employment Agreement. The undersigned acknowledges and
agrees that the amounts that become payable after the date hereof pursuant to Sections 2 and 4 of the Employment Agreement shall be subject
to the undersigned’s continued compliance with Section 5 of the Employment Agreement. 

 

 

IN WITNESS WHEREOF, the undersigned
has executed this Release this                        
 

 

                                                                       .
20             .

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