Document:

Exhibit 10.7

 

BRIGHT HEALTH MANAGEMENT INC.

SEVERANCE BENEFITS PLAN

(Updated effective June 1, 2021)

AND

SUMMARY PLAN DESCRIPTION

 

		SECTION 1.	ESTABLISHMENT AND PURPOSE

 

1.1             
Introduction. Bright Health Management Inc. hereby establishes this Severance Benefits Plan (the “Plan”),
effective as of January 1, 2021.

 

1.2             
Purpose. The purpose of this Plan is to provide certain employees of the Company or an adopting Affiliate with financial
assistance by providing post-termination severance payments if their employment with the Company is terminated under circumstances that
render the employee eligible for severance. The benefits provided under this Plan are intended to replace and supersede all other severance,
employment agreements, offer letters and/or severance type benefit plans or agreements, formal and informal, of the Company.

 

		SECTION 2.	DEFINITIONS

 

For purposes of the Plan, unless the context otherwise
requires, the following terms have the meanings set out below:

 

2.1             
“Administrator” means the person or persons specified in Section 5.1.

 

2.2             
“Affiliate” means any corporation, including a subsidiary of the Company, or other entity that is treated as
a single employer with the Company under Sections 414(b) or 414(c) of the Code.

 

2.3             
“Base Pay” means all regular straight time earnings, exclusive of payments for overtime, shift premiums, incentive
compensation and payments, bonuses, commissions, or other compensation, as in effect immediately prior to the Participant’s termination;
provided, however, that any reductions in Base Pay following the date of the Change in Control will not be taken into account when
determining Base Pay hereunder.

 

2.4             
“Board” means the Board of Directors of the Company, as constituted from time to time.

 

2.5              “Cause”
means, exclusively for the purpose of this Plan, that in the Company’s exclusive judgment, (i) conduct or statements that
violate the Company’s employee and member relations standards, including those which require that Company employees treat each
other with dignity and respect, (ii) violation of the Company’s standards, policies, or individual directives, regarding the
prohibition of unlawful discrimination, harassment or retaliation, (iii) unsatisfactory attendance, conduct, or performance,
(iv) violation of the Company’s standards of conduct, (v) violation of any Company or regulatory standard regarding protection
of confidential information, and trade secrets, (vi) refusal to satisfactorily perform the duties, responsibilities and obligations
of an employee’s position, (vii) dishonesty or other breach of an employee’s duty of loyalty affecting the Company or
any customer, vendor or other Company employee, (viii) use of alcohol or prohibited substances in a manner that adversely affects
the employee’s performance of the employee’s duties, responsibilities, and obligations as a Company employee, (ix) the
employee’s conviction of any crime which has a nexus with the employee’s position, (x) commission of any other
willful or intentional act the Company believes may injure the reputation, business or business relationships of the Company and/or
the employee, (xi) the existence of any court order or settlement agreement prohibiting the employee’s continued employment
with the Company, (xii) insubordination, (xiii) violation of any statutory or regulatory standard applicable to the Company, or
violation of any Company policy or procedure, which adversely affects the Company’s legal rights.

 

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2.6             
“Change in Control” means the occurrence of any of the following:

 

(a)              
the sale, lease, exchange or other transfer, directly or indirectly, of substantially all of the assets of the Company or
an exclusive license granted by the Company of substantially all of its intellectual property (in one transaction or in a series of related
transactions) to a person or entity that is not controlled by the Company;

 

(b)              
approval by the stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company;

 

(c)              
any person becomes after the effective date of the Plan, other than as the result of the sale by the Company of its securities
in a financing completed primarily for capital raising purposes, the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s outstanding securities ordinarily
having the right to vote at elections of directors; or

 

(d)              
a merger or consolidation to which the Company is a party if the stockholders of the Company immediately prior to effective
date of such merger or consolidation have “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) immediately
following the effective date of such merger or consolidation of securities of the surviving corporation representing 50% or less of the
combined voting power of the surviving corporation’s then outstanding securities ordinarily having the right to vote at elections
of directors.

 

Notwithstanding the
foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change
in the effective control of the Company, or a change in the ownership of a substantial portion of the Company's assets under Section 409A
of the Code.

 

2.7             
“Code” means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations or authoritative guidance
promulgated thereunder, and any successor thereto.

 

2.8             
“Committee” means the compensation committee of the Board.

 

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2.9             
 “Company” means Bright Health Management Inc. and each Affiliate that adopts
this Plan.

 

2.10         
“Completed Year of Service” means the completion of twelve (12) months of employment based on the Participant’s
date of employment with the Company. A Participant must complete a full twelve (12) months of employment to receive credit for a Completed
Year of Service.

 

2.11         
“Employee” means an individual is classified as an employee of the Company or an Affiliate that has adopted
the Plan.

 

2.12         
“Excluded Employee” has the meaning provided in Section 3.2.

 

2.13         
“Good Reason” means, without the express written consent of the Participant:

 

(a)              
the assignment to the Participant of any duties that results in a material diminution in such Participant’s position,
authority or responsibilities or any other substantial adverse change in such position, authority or responsibilities, that results in
a reduction of the Participant’s grade level, excluding an isolated, insubstantial and inadvertent action not taken in bad faith
and which is remedied by the Company as set forth below;

 

(b)              
the material diminution in the Participant’s total compensation (including Base Salary and incentive pay), other than
(A) an insubstantial and inadvertent failure remedied by the Company as set forth below, or (B) a reduction in compensation
which is applied to all similarly situated employees of the Company in the same dollar amount or percentage; or

 

(c)              
the Company’s requiring the Participant to be based or to perform services at any office or location that is in excess
of 50 miles from the principal location of the Participant’s work, except for travel reasonably required in the performance of the
Participant’s responsibilities.

 

Before a termination by the Participant
will constitute termination for Good Reason, (i) the Participant must give the Company written notice of the termination within sixty
(60) calendar days of the initial occurrence of the event that constitutes Good Reason, (ii) the Company is provided an opportunity to
remedy the event or events constituting Good Reason within thirty (30) days after receipt of the notice from the Participant, (iii) the
Company fails to cure the event or events constituting Good Reason, and (iv) the Participant terminates employment within sixty (60) days
of the end of the Company’s cure period. 

 

2.14         
“Participant” means an Employee who satisfies the eligibility requirements of Section 3.

 

2.15         
“Release” means the Release of Claims described in Section 4.6.

 

2.16         
“Severance Period” has the meaning provided under Section 4.1(a).

 

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		SECTION 3.	ELIGIBILITY AND
PARTICIPATION

 

3.1             
Eligibility. An Employee is eligible for benefits under this Plan if the Employee:

 

(a)              
Is regularly scheduled to work at least thirty (30) hours per week;

 

(b)              
Has completed ninety (90) days of active employment with the Company (or adopting Affiliate);

 

(c)              
Is not an Excluded Employee, as described in section 3.2, with respect to all or a portion
of the benefits provided under this Plan;

 

(d)              
Performs all transition and other matters required of the Participant by the Company prior to the date of the Participant’s
involuntary termination;

 

(e)
              Has executed an Employee Confidentiality,
Assignment of Inventions and Non-Competition Agreement (for Employees at grade level 19 through 24) or an Employee Confidentiality and
Assignment of Inventions Agreement (for Employees at grade level 10 through 18);

 

(f)               
Executes, returns and does not revoke the Severance Agreement and Release required under Section 4.6.

 

3.2             
Excluded Employee. An Employee is an Excluded Employee if such Employee is:

 

(a)              
Not employed by the Company (or any adopting Affiliate) at the time of termination;

 

(b)              
Covered by a subsequent written employment agreement that the Company entered into in lieu of providing any benefits under
this Plan;

 

(c)              
Offered continued employment with the Company or an Affiliate in a comparable or better position in the same general location;

 

(d)              
Offered and refuses to accept employment in a comparable or better position in the same general location with an organization
that acquires the business or assets of the business in which he or she is employed;

 

(e)              
Reassigned to or accepts another position with the Company or an Affiliate;

 

(f)               
Classified by the Company or an Affiliate as a leased, contingent, temporary, contract or part-time employee of the Company
or an Affiliate; and

 

(g)              
Identified by the Company as in a class or position that is not eligible to participate in this Plan, provided such exclusion
is reflected in a writing that is communicated to such Employee(s).

 

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3.3             
 Involuntary Termination. An Employee is entitled to severance benefits if such Employee is terminated for reasons determined
by the Administrator to be an “involuntary termination” of employment of the Employee by the Company (or an adopting Affiliate)
for reasons beyond the Employee’s control or by the Employee for Good Reason, and is not an excluded termination under Section 3.4.

 

3.4             
Terminations Not Covered. For purposes of this Plan, an Employee’s termination of employment is not an involuntary
termination if such termination is:

 

(a)              
A termination by the Company or Affiliate for Cause;

 

(b)              
A voluntary termination by an Employee other than for Good Reason;

 

(c)              
A termination by the Employee prior to the date specified by the Company (or adopting Affiliate) for the Employee’s
involuntary termination of the Employee’s active employment with the Company or Affiliate;

 

(d)              
A termination on account of the Employee’s death, or disability. For this purpose, “disability” means
a determination of disability by the Company’s long term disability carrier or the Social Security Administration.

 

		SECTION 4.	SEVERANCE BENEFITS

 

4.1             
Severance Pay.

 

(a)              
Severance pay will be paid for the number of weeks (the “Severance Period”) determined under the following
schedule:

 

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	Employee Level	Employee Grade	Severance Pay
	Executive Leadership Team (ELT)	23-24	Seventy-eight (78) weeks of base pay plus an amount equal to 1.5 times the Participant’s target bonus, paid over the Severance Period.
	Senior Vice President (SVP)	20-22	Fifty-two (52) weeks of base pay plus an amount equal to the Participant’s  target bonus, paid over the Severance Period.
	Vice President	19	Twenty-six (26) weeks of base pay plus an amount equal to .5 times the Participant’s target bonus amount, paid over the Severance Period.
	Director and Senior Director	17-18	Four weeks plus one (1) week for each Completed Year of Service, with a minimum of twelve (12) weeks and a maximum of twenty-six (26) weeks
	All other employees	10-16	Four (4) weeks plus one (1) week for each Completed Year of Service, with a maximum of twenty-six (26) weeks

 

(b)              
Severance pay will be paid at regular payroll intervals following the Participant’s last day worked.

 

(c)              
An Employee who does not sign a Release in time for the rescission period to expire within the required 60 day period following
termination of employment is not entitled to receive any severance pay.

 

(d)              
Gross severance payments will be made on a bi-weekly basis, distributed in the course of the Company’s regular payroll,
subject to applicable payroll withholdings and commencing on the pay date following the date that the Participant’s Release becomes
effective following expiration of any applicable rescission periods. Any severance pay that has accrued following termination of employment
and prior to the date the Severance Agreement and Release has become effective will be paid with the first payment of severance pay due
following the date the Severance Agreement and Release becomes effective and any applicable rescission periods have expired.

 

(e)              
Any severance pay remaining unpaid at the death of a Participant who has unpaid severance payments will be paid in a lump
sum to the estate of the Participant as soon as possible following the death, but in no event later than March 15 of the calendar year
following the calendar year in which the Participant died.

 

4.2              COBRA
Subsidy. Participants will be entitled to elect and pay for continued coverage under the Company’s group medical, dental
and/or vision plans pursuant to Code section 4980B (“COBRA”), in accordance with ordinary plan practices. If Participant
was enrolled in the Company’s group medical, dental and/or vision plans at the time of the Participant’s termination of
employment and timely elects continuation coverage under COBRA, the Company will, on a monthly basis, directly pay for the amount of
the COBRA coverage cost for medical plan coverage that is in excess of the cost of coverage payable by an active employee of the
Company for the “benefit subsidy period.” The benefit subsidy period begins immediately following the month active
employee coverage terminates on account of the Participant’s termination of employment, and includes the period of time
determined under the following schedule:

 

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	Employee Level	Employee Grade	Benefit Subsidy Period
	Executive Leadership Team (ELT)	23-24	18 months
	Senior Vice President (SVP)	20-22	Twelve (12) months
	Vice President	19	Six (6) months
	Director and Senior Director	17-18	Each calendar month during the Severance Period, with a minimum of three (3) months and maximum of six (6) months
	All other employees	10-16	Each calendar month during the Severance Period, with a maximum of six (6) months

 

Participants will receive the
necessary enrollment forms and further information about rights and responsibilities, including the requisite premiums and fees, with
respect to the COBRA continuation coverage from the Company’s COBRA administrator shortly after Participant’s date of termination.
In order to receive the subsidized COBRA continuation benefits, the Participant must enroll in the COBRA continuation coverage. Following
the expiration of benefit subsidy period, the Participant may continue the Participant’s COBRA coverage by paying the full COBRA
continuation rates to the extent the Participant remains eligible under COBRA. If the Participant obtains employment and becomes eligible
for medical, dental or visions benefits with another employer during the premium subsidy period, the Participant’s premium subsidy
period for such benefit coverage shall cease as soon as possible following the date Participant becomes eligible for such benefits with
the Participant’s new employer.

 

4.3             
Bonus. If a Participant is at a level of Vice President or higher (Grade 19 – 24), the Participant will be paid a
prorated portion of the bonus, if any, payable in accordance with the terms of the applicable Company bonus plan for the calendar year
in which the Participant’s termination of employment occurs (other than any requirement that Participant remain employed through
the end of the calendar year or at the time of payment), with such proration based on the full calendar months of the Participant’s
employment during such year. The prorated bonus will be based on Company performance impacting bonus eligible employees and will be paid
at the time the Company pays the bonus to other employees, but not later than March 15th of calendar year following the end
of the calendar year in which the Participant’s employment terminated.

 

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4.4             
 Equity. If a Participant is at a level of Vice President or higher (Grade 19 – 24), any outstanding equity
awards subject to time-based vesting will continue vesting during the Severance Period.

 

4.5             
Change in Control. In the event of a termination of employment within twelve (12) months following the occurrence of a Change
in Control, the following provisions will apply:

 

(a)              
The severance pay determined under Section 4.1 will be paid in a single lump sum as soon as practicable, but not later than
sixty (60) days, following the Participant’s termination of employment;

 

(b)              
For a Participant who is at a level of Senior Vice President or greater (Grade 20-24), the bonus payable under Section 4.3
will be equal to 100% of the Participant’s target bonus amount, and will be paid in a lump sum within sixty (60) days following
the Participant’s termination of employment.

 

(c)              
For a Participant who is at a level of Senior Vice President or greater (Grade 20-24), any unvested outstanding equity award
subject to time-based vesting shall vest in full at the time of the Participant’s termination of employment.

 

4.6             
Other Benefits. Other benefits may be provided, at the sole discretion of the Administrator, to a Participant who
is being terminated.

 

4.7             
Severance Agreement; Release of Claims. In order to be entitled to any severance benefits under this Plan, a Participant
must sign a Severance Agreement, and Release of Claims in the form prescribed by the Company, and must not exercise such Participant’s
right, if applicable, to revoke that Severance Agreement or Release of Claims, all within 60 days following the Participant’s termination
of employment. Executing and not subsequently revoking the Severance Agreement and/or Release of Claims is a pre-condition to be entitled
to severance benefits under this Plan. The Severance Agreement and Release of a Participant shall include non-competition, non-solicitation
and non-disparagement provisions for the following periods:

 

	Employee Grade	Non-competition, 

non-solicitation and 

non-disparagement period
	23-24	18 months
	19-22	12 months
	10-18	For the Severance Period defined in Section 4.1 (a)

 

4.8             
Withholding of Taxes.  The Company may withhold from any taxable amounts payable under this Plan all foreign, federal,
state, or other taxes the Company reasonably determines are required pursuant to any law or government regulation or ruling.

 

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4.9             
 Payment Recovery (Recoupment). Notwithstanding any other provisions of this Plan, the Company may recover, or “claw
back,” from Participant any amounts previously paid pursuant to the Plan if, following such payment, the Administrator becomes aware
of circumstances existing on the date of payment that could reasonably have been grounds for the Participant’s termination of employment
for Cause or if the Participant violates the terms of the Severance Agreement and/or Release of Claims. In order to exercise its payment
recovery rights under this Section 4.7, the Administrator must provide notice to the Participant with a demand for repayment (i) within
ninety (90) days of the date the Administrator became aware of the circumstances that could reasonably have been grounds for a termination
of employment for Cause, and (ii) within twenty four (24) months following payment of the amount subject to recovery.

 

		SECTION 5.	ADMINISTRATION

 

5.1             
Administrator. The Administrator will be responsible for the general supervision of the Plan. The Administrator will
also be the named fiduciary of the Plan in accordance with Section 402 of the Employee Retirement Income Security Act of 1974 (ERISA)
and therefore will have authority to control and manage the operation and administration of the Plan. The Administrator will perform any
and all acts necessary or appropriate for the proper management and administration of the Plan. The Company’s Chief
People Officer is the Administrator unless the Committee has designated a person or persons other than its Chief People Officer to be
the Administrator. The Committee will be the Administrator if the person or persons so designated cease to be the Administrator.

 

5.2             
Powers of Administrator. The Administrator will have all powers necessary to administer the Plan, including but not limited
to interpreting the terms of the Plan.

 

5.3             
Expenses. The Company will bear all administrative costs of the Plan.

 

5.4             
Delegation. The Administrator may delegate any of its duties under the Plan to such individuals or entities from time to
time as it may designate.

 

5.5             
Source of Information. The Administrator shall utilize the records of the Company with respect to a Participant’s
service with the Company or Affiliates, the Participant’s pay and all other relevant matters and such records shall be conclusive
for purposes of the Plan.

 

5.6             
Reports and Records. The Administrator, and others to whom the Administrator or the Committee
has delegated duties and responsibilities under the Plan, will keep accurate and detailed records of any matters pertaining to administration
of the Plan or compliance with applicable law.

 

5.7              COVID-19
Pandemic Deadline Extensions. In response to the proclamation declaring that the coronavirus disease (COVID-19) constitutes a
National Emergency, federal agencies issued rules extending various deadlines applicable to the Bright Health Management Inc. group
medical, dental and vision plans and the Bright Health Management Inc. Severance Benefits Plan. Under these rules, during the
COVID-19 Outbreak Period, which began on March 1, 2020, and will end 60 days after the National Emergency officially ends or such
other date as the federal agencies later provide, the Outbreak Period is disregarded when calculating (i) the deadline of the Plan
Administrator or its delegate to notify a qualified beneficiary of the right to elect COBRA after a COBRA qualifying event; and (ii)
a Participant’s deadline associated with the following:

 

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(a)              
Electing COBRA;

 

(b)              
Making COBRA premium payments;

 

(c)              
Notifying the Plan Administrator or its delegate of a COBRA qualifying event;

 

(d)              
Notifying the Plan Administrator or its delegate of the Social Security Administration’s determination of disability
of you or another qualified beneficiary;

 

(e)              
Filing an ERISA claim for benefits;

 

(f)               
Filing an appeal of a claim denial.

 

		SECTION 6.	AMENDMENT AND TERMINATION

 

6.1             
Amendment. The Company expressly reserves the right, by action of the Committee,
to make, from time to time, any amendment to this Plan, including any amendment it determines necessary or desirable, with or without
retroactive effect, to comply with the law. Any such amendment shall not adversely affect the right of any Participant who is, or is entitled
to begin, receiving benefits under the Plan at the time such amendment is adopted. Such amendment shall be made in writing.

 

6.2             
Termination. The Company reserves the right to terminate the Plan or any portion of the Plan at any time. In the event of
the dissolution, merger, consolidation, or reorganization of the Company, the Plan shall terminate unless the Plan is continued by a successor
to the Company in accordance with the resolution of such successor’s managing body. Such termination shall not affect any right
to benefits that accrued prior to such termination. Such action shall be taken in writing.

 

		SECTION 7.	CLAIMS PROCEDURES

 

7.1              Initial
Claims. In order to file a claim to receive benefits under the Plan, the Participant or the Participant’s authorized
representative must submit a written claim for benefits to the Administrator within 60 days after the Participant's termination of
employment. Claims should be addressed and sent to Plan’s Administrator at the address indicated in Section 9. If the
Participant's claim is denied, in whole or in part, the Participant will be furnished with written notice of the denial within 90
days after the Administrator's receipt of the Participant's written claim, unless special circumstances require an extension of time
for processing the claim, in which case a period not to exceed 180 days will apply. If such an extension of time is required,
written notice of the extension will be furnished to the Participant before the termination of the initial 90 day period and will
describe the special circumstances requiring the extension, and the date on which a decision is expected to be rendered. Written
notice of the denial of the Participant's claim will contain the following information:

 

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(a)              
the specific reason or reasons for the denial of the Participant's claim;

 

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

 

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

 

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

 

7.2             
Appeal of Denied Claims. If the Participant's claim is denied and he wishes to submit a request for a review of the denied
claim, the Participant or the Participant’s authorized representative must follow the procedures described below:

 

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

 

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

 

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

 

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

 

7.3             
Administrator's Response to Appeal. The Administrator will provide the Participant with written notice of its decision within
60 days after the Administrator's receipt of the Participant's written claim for review. There may be special circumstances which require
an extension of this 60 day period. In any such case, the Administrator will notify the Participant in writing within the 60 day period
and the final decision will be made no later than 120 days after the Administrator's receipt of the Participant's written claim for review.
The Administrator's decision on the Participant's claim for review will be communicated to the Participant in writing and will clearly
state:

 

(a)              
the specific reason or reasons for the denial of the Participant's claim;

 

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

 

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

 

(d)              
a statement describing the Participant's right to a final dispute resolution under Section 7.5.

 

7.4             
Limitations on Legal Actions. A Participant or Employee who fails to complete the appeal procedures of Section VII will
be barred from asserting the Participant’s claim for severance benefits in any judicial or administrative proceeding. No legal action
by be brought more than six (6) months following the Administrator’s final benefit determination.

 

7.5             
Final Dispute Resolution.

 

(a)              
Any and all claims and disputes under the Plan (including but not limited to claims and disputes regarding interpretation,
scope, or validity of the Plan, and any pendant state claims if not otherwise preempted by ERISA) must follow the claims procedures described
above, before a Participant may take action in any other forum regarding a claim for benefits under the Plan. Furthermore, any action
a Participant initiates under the Plan must be brought in accordance with this provision and must be brought within six (6) months of
a final determination on the claim for benefits under these claims procedures, otherwise the Participant’s benefit claim will be
deemed permanently waived and abandoned and the Participant will be precluded from reasserting it.

 

(b)              
In the event of any such further dispute, claim, question, or disagreement arising out of or relating to this Plan, the
Participant shall use Participant’s best efforts and the Company shall use its best efforts to settle such dispute, claim, question,
or disagreement. To this effect, the Participant and the Company shall consult and negotiate with each other, in good faith, and, recognizing
mutual interests, attempt to reach a just and equitable resolution satisfactory to both parties.

 

(c)              
If the Participant and the Company do not reach a resolution within a period of 30 days, then such unresolved dispute, claim,
question, or disagreement, upon notice by any party to the other, shall be submitted to and finally settled by arbitration in accordance
with the Streamlined or Comprehensive Arbitration Rules and Procedures (the “Rules”) of the Judicial Arbitration and
Mediation Service (“JAMS”) in effect at the time demand for arbitration is made by any such party. The parties shall
mutually agree upon a single arbitrator within 30 days of such demand. In the event that the parties are unable to so agree within such
30-day period, then within the following 30-day period, the parties will request from JAMS a list of qualified arbitrators and will select
an arbitrator in accordance with the Rules. Unless otherwise mutually agreed, the arbitrator shall be a practicing attorney with at least
15 years of experience and at least five years of experience as an arbitrator. Arbitration shall occur in the JAMS office closest to Minneapolis,
Minnesota or such other location as may be mutually agreed by the parties.

 

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(d)              
 All awards made by the arbitrators shall be final and binding, and judgment may be entered based upon such award in any
court of law having competent jurisdiction. Any such award is subject to confirmation, modification, correction, or vacation only as explicitly
provided in Title 9 of the United States Code (the “Federal Arbitration Act”). The parties acknowledge that this Plan
evidences a transaction involving interstate commerce. The Federal Arbitration Act and the Rules shall govern the interpretation, enforcement,
and proceedings pursuant to this provision. Any provisional remedy that would be available from a court of law shall be available from
the arbitrator to the parties to this Plan pending arbitration. Either party may make an application to the arbitrators seeking injunctive
relief to maintain the status quo, or may seek from a court of competent jurisdiction any interim or provisional relief that may be necessary
to protect the rights and property of that party, until such times as the arbitration award is rendered or the controversy otherwise resolved.
To the extent consistent with applicable law, the arbitrator may award fees and costs to the successful party.

 

(e)              
By participating in the Plan, you are agreeing to binding arbitration of any disputes that may arise relating to the Plan
and waiving your right to a jury trial.

 

		SECTION 8.	MISCELLANEOUS

 

8.1             
Applicable Law. The Plan is intended to be construed and all rights and duties are to be governed, in accordance with the
laws of the State of Minnesota, without reference to its choice of law rules and except to the extent such laws are preempted by the laws
of the United States of America.

 

8.2             
Venue. All litigation in any way related to the Plan (including but not limited to any and all claims brought under ERISA,
such as claims for benefits and claims for breach of fiduciary duty) must be brought, as appropriate, in the United States District Court
for the District of Minnesota sitting in Hennepin County, State of Minnesota, or in the state courts located in Hennepin County, State
of Minnesota.

 

8.3             
Alienation. No benefit due at any time under this Plan is to be subject in any manner to alienation, sale, transfer, assignment,
pledge, attachment or encumbrance of any kind.

 

8.4             
No Employment or Other Service Rights. Nothing in the Plan shall confer upon any Participant any right to continue to serve
the Company or an Affiliate or interfere in any way with the right of the Company or any Affiliate to terminate the Participant's employment
or service at any time with or without notice and with or without Cause.

 

8.5             
Successors and Assigns. The Plan will be binding upon and will inure to the benefit of the Company and its successor(s)
and assign(s).

 

8.6             
General Assets; Trust. All amounts provided under the Plan shall be paid from the general assets of the Company and no separate
fund shall be established to secure payment.

 

8.7              Severability.
If any provision of this Plan is declared or determined by any court to be illegal or invalid, and cannot be reformed or modified by
the court to make the provision valid and enforceable, the validity of the remaining parts, terms or provisions shall not be
affected thereby and the illegal or invalid part, term or provision will be deemed not to be a part of this Plan.

 

    13

     

    

 

8.8             
Compliance with Section 409A. The Company intends that the Plan be exempt from the requirements of Section 409A of the Code,
or if not exempt, to comply with the requirements of Section 409A and the Plan shall be construed and operated consistent with and to
give full effect to such intent. Notwithstanding anything in the Plan to the contrary, if a payment under this Plan is considered deferred
compensation subject to Section 409A of the Code and the Participant is a “specified employee” (as such term is defined under
Section 409A of the Code and applicable regulations) as of the date of the Participant’s termination of employment, then no distribution
of such amounts shall be made until the first payroll date of the seventh month following the Participant's termination (or, if earlier,
upon the date of the Participant's death). Any suspended payments to which a specified employee is entitled under the Plan shall be accumulated
and paid in a lump sum payment on the date payment is permitted under the preceding sentence. Any reference in this Plan to a Participant’s
termination of employment shall mean the Participant has also experienced a “separation from service” as defined in under
Section 409A of the Code and applicable regulations. Notwithstanding
anything in the Plan to the contrary, the Company makes no guarantee of any tax result with respect to the payments hereunder, and each
Participant is fully responsible for all individual income and employment taxes owed upon any payment made to the Participant.

 

		SECTION 9.	GENERAL ADMINISTRATIVE INFORMATION

 

	Plan Name:	Bright Health Management Inc. Severance Benefits Plan
	Plan Number:	550
	Plan Sponsor:	
    Bright Health Management Inc.

    219 North 2nd Street, Suite 401

    Minneapolis, MN 55401

    612-238-1321 

	EIN:	47-4991296
	Type of Plan:	Welfare plan providing for severance benefits
	Plan Year:	January 1 to December 31.
	Plan Administrator/Claims Administrator:	The Plan Sponsor noted above.
	Funding:	Benefits and plan expenses are self-funded and paid from general corporate assets.
	Agent for Service of Legal Process:	The Plan Sponsor’s General Counsel, who may be contacted at the address of the Plan Sponsor listed above, is the agent for service of legal process with respect to this Plan. Service of process may also be made on the Plan Administrator.

 

    14

     

    

 

		SECTION 10.	ERISA RIGHTS

 

As a Participant in the Bright
Health Management Inc. Severance Benefits Plan, you are entitled to certain rights and protections under the Employee Retirement Income
Security Act of 1974 (“ERISA”).

 

ERISA imposes duties upon the
people who are responsible for the operation of the Plan. The people who operate your plan, called “fiduciaries” of the Plan,
have a duty to do so prudently and in the interest of you and the other Plan Participants. No one, including your employer or any other
person, may discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. If your
claim for a benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial. You have the right
to have the Administrator review and reconsider your claim.

 

Under ERISA, there are steps
you can take to enforce the above rights. If you have a claim for benefits which is denied or ignored, in whole or in part, you may initiate
arbitration as provided in Section 7.5 Final Dispute Resolution after you have exhausted the claims procedure. If it should happen
that fiduciaries of the Plan misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek
assistance from the United States Department of Labor, or you may initiate arbitration as provided in Section 7.5 Final Dispute Resolution
after you have exhausted the claims procedure. The arbitrator will decide who should pay court costs and legal fees. If you are successful,
the arbitrator may order the person you have sued to pay these costs and fees. If you lose, the arbitrator may order you to pay these
costs and fees (for example, if it is found that your claim is frivolous).

 

If you have any questions about
the Plan, you should contact the Administrator. If you have any questions about this statement or about your rights under ERISA, you should
contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory
or the Office of Outreach, Education and Assistance, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue N.W., Washington, D.C. 20210.

 

The Company reserves the
right to amend, reduce, modify, interpret or discontinue all or part of this Plan.

 

The Administrator’s determinations
regarding coverage, claims, and all other aspects of the Plan are binding. The Administrator has complete discretionary power and authority
with respect to all Plan matters, including eligibility and benefits, factual determinations, and interpretation of Plan provisions. A
Plan benefit is not payable unless the Administrator determines that it is. The Administrator may delegate its authority to Plan service
providers.

 

No clerical error or other
mistake will create a right to Plan benefits. The terms of the Plan may not be amended by oral statements made by the Company, the Administrator,
or any other person. In the event an oral statement conflicts with any terms of the Plan, the Plan terms will control.

 

    15Exhibit 10.12

 

Final Form

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Amended and
Restated Employment Agreement (this “Agreement”),
effective as of December 19, 2019, is between Bright Health Management, Inc., a Delaware corporation (together with its direct and indirect
parents and subsidiaries, the “Company”),
with its principal place of business at 219 North 2nd Street, Suite 401, Minneapolis, MN 55401, and George L. Mikan III, an
individual with his principal residence at 4901 Rolling Green Parkway, Edina, MN 55436 (the “Executive”).

 

A.       The
Executive is currently employed by the Company pursuant to that certain Employment Agreement, dated as of January 15, 2019 (as amended,
restated, supplemented or otherwise modified from time to time, the “Existing Agreement”).

 

B.       The
Executive and the Company wish to enter into this Agreement to amend and restate the Existing Agreement to modify the terms of the Executive’s
employment with the Company as set forth herein.

 

C.       The
Executive wishes to receive compensation from the Company for the Executive’s services, including
severance payments in accordance with Section 5 to which the Executive would not otherwise be entitled, and the Company wants reasonable
protection of its confidential business and technical information that has been acquired and is being developed by the Company at substantial
expense.

 

D.       The
Company wishes to obtain reasonable protection against unfair competition from the Executive following termination of employment and to
further protect against unfair use of its confidential business and technical information and the Executive is willing to grant the Company
the benefits of a covenant not-to-compete for these purposes, in exchange for severance payments in accordance with Section 5 to which
the Executive would not otherwise be entitled absent execution of this Agreement.

 

E.       The
Executive acknowledges and agrees that neither the Company’s tendering of this Agreement
nor this Agreement taking effect constitutes Succession Good Reason (as defined in the Existing Agreement).

 

Accordingly, the Company and the Executive, each
intending to be legally bound, agree as follows:

 

1.        Employment.
Subject to all of the terms and conditions of this Agreement, the Company agrees to employ the Executive as President, Chief Financial
Officer and a Member of the Office of the CEO of Bright Health, Inc. and any of its affiliates, as appropriate, and the Executive accepts
such employment; provided, that the Company and the Executive agree that that the Company will appoint the Executive as the Chief Executive
Officer of the Company (“CEO”) no later
than December 16, 2020. Executive will serve as Vice Chair of the Board of Directors of the Company (the “Board”)
while he holds these positions, subject to applicable Delaware law and the Company’s financing
agreements and corporate documents as entered into and amended from time to time. If Executive no longer holds such positions, his position
as a member of the Board will be subject to mutual reevaluation by the Company and Executive.

 

     

     

    

 

2.       Duties.
The Executive will devote substantially all of his business hours to, and, during such time, make the best use of his energy, knowledge
and training in advancing the Company’s interests. The Executive will diligently and conscientiously
perform such duties as are customarily associated with the Executive’s position from time
to time, and such other duties as are agreed upon between the Board and the Executive. The Executive will perform such duties within the
general guidelines to be determined by the Board. The Executive will report to the CEO, who will be responsible for evaluating his job
performance; provided, that following the Executive’s appointment as CEO, the Executive will
report directly to the Board. While the Executive is employed by the Company, the Executive will keep the Company informed of any other
business activities and will promptly stop any activity that might conflict with the Company’s
interests or adversely affect the performance of the Executive’s duties for the Company.
Notwithstanding anything to the contrary herein, the Executive may (i) continue to provide services to the entities set forth on Exhibit
A attached hereto and (ii) provide services to any other corporations or entities with the prior consent of the Board; provided that the
services that the Executive provides to any corporations or entities other than the Company shall not conflict or materially interfere
with the effective discharge of the Executive’s duties for the Company; or be competitive
with any products or services of the Company.

 

3.       Term.
This Agreement will remain in effect for the period beginning on the date hereof and ending as provided in Section 5 hereof (the “Employment
Period”).

 

4.        Compensation.

 

(a)       Salary.
The Company agrees to pay the Executive an annual base salary of $300,000 (the “Base Salary”),
in equal semi-monthly installments, and in arrears, in accordance with the standard payroll practices of the Company. The Board will review
the Base Salary on an annual basis, considering the Executive’s performance, salary benchmarks
for similar companies and the Company’s financial performance, and may increase, but not
decrease the Base Salary; provided, however, that the Board may decrease the Executive’s
Base Salary to the extent decreased in connection with, and proportionally with, across-the-board salary reductions based on the Company’s
financial performance similarly affecting all or substantially all management employees of the Company.

 

(b)       Bonus.
The Executive will be eligible to receive an annual bonus, with the amount of any bonus to be based upon the achievement of certain qualitative
and quantitative objectives approved by the Board. The Executive’s target annual bonus will
be 50% of the Executive’s Base Salary (“Target
Annual Bonus”) for the applicable calendar year; provided that the amount of the bonus, if
any, will be at the discretion of the Board. The bonus will be paid no later than March 15 of the following calendar year. The Board will
review the Target Annual Bonus on an annual basis, considering the Executive’s performance,
target bonus benchmarks for similar companies and the Company’s financial performance, and
may increase, but not decrease the Target Annual Bonus, except to the extent it is decreased in connection with, and proportionally with,
across-the-board reductions based on the Company’s financial performance similarly affecting
all or substantially all of the executive-level employees of the Company.

 

    2

     

    

 

(c)       Reimbursement
of Business Expenses. The Company agrees to reimburse the Executive for all reasonable out-of-pocket business expenses incurred by
the Executive on behalf of the Company, provided that the Executive properly accounts to the Company for all such expenses in accordance
with the rules and regulations of the Internal Revenue Service under the Internal Revenue Code of 1986, as amended (including, when the
context requires, all regulations, rulings and authoritative interpretations issued thereunder) (the “Code”),
and in accordance with the standard policies of the Company relating to reimbursement of business expenses. Without limiting the foregoing,
the Company shall reimburse the Executive up to $100,000.00 annually for the costs of the purchase of a life insurance policy of Executive’s
choosing (plus the amount of any incremental tax liabilities resulting from such reimbursement).

 

(d)       Benefits
and Vacation. The Executive will be entitled to participate in all benefit plans adopted by the Company to the extent that the terms
of such benefit plans permit the Executive to participate. The Executive will be entitled to paid time off and all legal holidays observed
by the Company, in each case, in accordance with the Company’s policies as in effect from
time-to-time.

 

(e)       Equity.
Pursuant to the Company’s 2016 Stock Incentive Plan (the “Plan”),
the Executive has previously received option grants, and subject to approval by the Board, may receive further option grants in the future
(collectively, the “Option Grants”).

 

(i)       Subject
to Sections 4(e)(ii), 5(b) and 5(c), the Option Grant shall vest in accordance with the applicable option grant agreements; provided,
that it is expected that any Option Grants awarded following the date hereof will vest on the following schedule, provided that the Executive
is providing services to the Company on each applicable vesting date: 25% on the first anniversary of the date of grant, and the remaining
75% in equal monthly installments over the next three years.

 

    3

     

    

 

(ii)      Notwithstanding
the foregoing or anything in the Plan or this Agreement, upon a Sale of the Company in which the consideration is cash or liquid
securities or the unvested shares subject to the Option Grants are not converted into securities of the acquirer or the
Company’s successor, as the case may be (the “Acquirer”)
on the same terms as shares of Bright Health Inc.’s common stock, if the Executive is
offered employment with the Acquirer on terms no less favorable to the Executive in the aggregate than the terms on which the
Executive is then-employed by the Company, then the unvested shares subject to the Option Grants shall be cancelled in connection
with such Sale of the Company and shall be converted into a contingent right to receive an amount in cash (the “Holdback
Amount”) equal to the proceeds that would otherwise be payable to the Executive in
respect of such unvested shares in connection with such Sale of the Company had such unvested shares become vested immediately prior
to such Sale of the Company and had been exercised and sold at the time of the Sale of the Company. The Holdback Amount shall not be
paid to the Executive at the closing of such Sale of the Company, but rather shall be withheld by the Acquirer at the closing of
such Sale of the Company and paid to the Executive on the earliest to occur of (a) the date that is the 12-month anniversary of the
closing of such Sale of the Company, (b) the date on which the Executive is terminated without Cause (as defined below) and (c) the
date on which the Executive resigns for Sale Good Reason (as defined below), so long as, in the case of this clause (c), such date
is at least six (6) months following the closing of such Sale of the Company; provided, further, that in the event that the
Executive resigns for any reason other than for Sale Good Reason or is terminated for Cause prior to the 12-month anniversary of the
closing of such Sale of the Company, the Executive’s right to receive the Holdback
Amount (or any portion thereof) shall be forfeited without any payment thereof. If the Executive is (y) terminated without Cause in
connection with a Sale of the Company or (z) not offered employment with the Acquirer in connection with a Sale of the Company on
terms no less favorable to the Executive in the aggregate than the terms on which the Executive is then-employed by the Company,
then in either case all unvested shares subject to the Option Grants shall automatically vest in full immediately prior to such Sale
of the Company. For purposes of this Agreement, “Sale Good Reason” means
the Executive’s voluntary termination of employment with the Company or the Acquirer
following the occurrence of any of the following without the Executive’s written
consent: (i) a material reduction or change in job duties, responsibilities or requirements inconsistent with the
Executive’s position, provided that a mere change in title following a Sale of the
Company shall not constitute Sale Good Reason, so long as the Executive is assigned to a position that is substantially equivalent
to the position held prior to the Sale of the Company in terms of job duties, responsibilities and requirements; (ii) a material
reduction in the Executive’s compensation; (iii) the Executive’s
refusal to relocate the principal place for performance of his duties to a location more than fifty (50) miles from the location at
which he performed his duties at the time of the Sale of the Company.

 

5.            Termination.

 

(a)       The
Employment Period and Executive’s employment will continue until the Executive’s
resignation, Disability or death or until terminated by the Company with or without Cause (as defined below). Except as otherwise provided
herein, any termination of Executive’s employment and the Employment Period by the Company
will be effective as specified in a written notice from the Company to the Executive. The Executive’s
employment with the Company will be “at-will.” This
means that either the Executive or the Company may terminate the Executive’s employment at
any time, with or without Cause, with or without notice, and for any reason or no reason.

 

    4

     

    

 

(b)       If
Executive’s employment is terminated by the Company without Cause or terminated by the
Executive for Succession Good Reason (as defined below), (i) the Company will pay the Executive an amount equal to two times the sum
of the (x) annual Base Salary and (y) Target Annual Bonus payment (the “Severance
Amount”) in effect as of the effective date of the termination (the “Termination
Date”), less all applicable withholdings and deductions, provided that the
Executive (1) complies in all material respects with the terms of this Agreement, including without limitation, the terms set forth
in Section 8 and (2) executes (and does not rescind) an agreement (in form and substance satisfactory to the Company and which is
provided to the Executive within 10 days of the Executive’s termination) releasing any and all
claims against the Company and related persons and entities (a “Release
Agreement”) within 45 days of receipt of the Release Agreement. In addition, if the
Executive is terminated without Cause, the number of unvested shares under the Option Grants as of the date of termination which
would have vested over the twelve (12) month period commencing on the date of termination (assuming continued employment throughout
such period) in accordance with the terms of the applicable grant agreements shall automatically vest in full. The payment of the
Severance Amount shall be in substantially equal installments in accordance with the Company’s
payroll practice over twelve (12) months commencing within sixty (60)-days after the Termination Date; provided, however,
that if the sixty (60)-day period begins in one calendar year and ends in a second calendar year, the Severance Amount shall begin
to be paid in the second calendar year by the last day of such sixty (60)-day period; provided, further, that the
initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Termination Date.
The Executive will not be entitled to any other salary, compensation or benefits after termination of the Employment Period, except
as specifically provided for in the Company’s employee benefit plans or as otherwise
expressly required by applicable law.

 

(c)       If
the Employment Period is terminated due to the Executive’s death or Disability, or under
any circumstance other than pursuant to Section 5(b), then the Executive will not be entitled to receive his Base Salary, any Bonus or
any employee benefits or bonuses, for any periods after the Termination Date, except as otherwise specifically provided for in the Company’s
employee benefit plans or as otherwise expressly required by applicable law. In the event that the Employment Period is terminated due
to the Executive’s death, then a number of unvested shares subject to the Option Grants shall
become vested as follows:

 

(i)       If,
at the time of the Executive’s death, fewer than one third (1/3) of the shares subject to
the Option Grants have vested, then such number of shares shall become vested in full automatically such that one third (1/3) of the shares
subject to the Option Grants shall be vested; and

 

(ii)       If,
at the time of the Executive’s death, one third (1/3) or more of the shares subject to the
Option Grants have vested, then the number of unvested shares under the Option Grants as of the date of the Executive’s
death which would have vested over the three (3) month period commencing on the date of the Executive’s
death (assuming continued employment throughout such period) in accordance with the terms of the applicable grant agreements shall automatically
vest in full.

 

    5

     

    

 

(d)       Except
as otherwise expressly provided herein, all of the Executive’s rights to salary,
bonuses, employee benefits and other compensation hereunder which would have accrued or become payable after the termination or
expiration of the Employment Period will cease upon such termination or expiration, other than those expressly required under
applicable law (such as COBRA). However, in connection with any termination of the Employment Agreement, the Executive will be
entitled to receive his Base Salary through the Termination Date, and any accrued but unused vacation under Section 4(d) and
unreimbursed business expenses that are reimbursable in accordance with Section 4(c). The Company may offset any amounts the
Executive owes it against any amounts it owes the Executive hereunder, provided, however, that in no event will any
payment under this Agreement that constitutes “deferred compensation” for
purposes of Code section 409A be subject to offset by any other amount unless otherwise permitted by Code section 409A.

 

(e)       For
purposes of this Agreement, “Cause” means
with respect to the Executive one or more of the following: (i) a material breach of this Agreement by the Executive and the Executive’s
failure to cure such breach within ten (10) business days following written notice by the Company; (ii) a breach of the Executive’s
duty of loyalty to the Company; (iii) the indictment or charging of the Executive of, or the plea by the Executive of nolo contendere
to, a felony or a misdemeanor involving moral turpitude or other willful act or omissions causing material harm to the standing and reputation
of the Company; (iv) the Executive’s repeated failure to perform in any material respect
his duties under this Agreement, and the Executive’s failure to cure such failures within
ten (10) business days following written notice by the Company; (v) theft, embezzlement, or willful misappropriation of funds or property
of the Company by the Executive; (vi) a material violation by the Executive of the Company’s
written employment policies, and the Executive’s failure to cure such violation within ten
(10) business days following written notice by the Company; or (vii) failure to cooperate with a bona fide internal investigation or an
investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction
or willful failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to
fail to cooperate or to produce documents or other materials in connection with such investigation. Notwithstanding the foregoing, the
Executive will not be deemed to have been terminated for Cause unless and until there has been delivered to Executive a written statement,
executed by the Chairman of the Board (after reasonable notice to the Executive and an opportunity for the Executive to be heard by the
Board), stating that in the good faith opinion of the Chairman of the Board the Executive was guilty of conduct constituting “Cause”
as set forth above and specifying the particulars thereof in reasonable detail.

 

(f)       For
purposes of this Agreement, “Disability” means
the Executive’s inability to perform the essential duties, responsibilities and functions
of his position with the Company for a period of ninety (90) consecutive days or for a total of one hundred eighty (180) days during any
12-month period as a result of any mental or physical illness, disability or incapacity even with reasonable accommodations for such illness,
disability or incapacity provided by the Company or if providing such accommodations would be unreasonable, all as determined by the Board
in good faith.

 

    6

     

    

 

(g)       For
purposes of this Agreement, “Succession Good Reason” means
the Executive’s voluntary termination of employment with the Company following December
16, 2020 (or such date which may be modified as mutually agreed by the Company and Executive), if the Executive shall not have been
named CEO on or prior to such date. A resignation will not be considered to have occurred for “Succession
Good Reason” unless the Executive gives the Company written notice of the condition
constituting grounds for “Succession Good Reason” within
30 days after the condition comes into existence, the Company fails to remedy the condition within 30 days after receiving such
written notice and the Executive resigns within 30 days after the end of the cure period.

 

(h)       In
the event that Executive: (i) is no longer employed by the Company such that Section 5(b) above applies, (ii) acquires Common Stock through
exercise of the Option Grant (the “Acquired Shares”)
and (iii) the Company has not had any public offering of the Company’s shares, then the Executive
shall have the right to exercise a put option (the “Put Option”)
to have the Company purchase all of Acquired Shares at the most recent price of the Company’s
Common Stock determined by the Board of Directors. The Executive shall make such election to exercise the Put Option within thirty (30)
days after exercise of the Option Grant. The Put Option shall be exercised by a written and dated notice (the “Written
Notice”) to the Company from the Executive demanding that the Company purchase the Acquired
Shares pursuant to the provisions of this Agreement. If the Put Option is exercised, the closing of the purchase and sale of the Acquired
Shares shall occur within sixty (60) business days of the date of the Written Notice. Notwithstanding the foregoing, the Put Option shall
terminate if, in the Company’s reasonable determination, the execution of the Put Option
will significantly negatively impact the Company’s financial standing or ability to pursue
it business (including any impact on capital requirements), or if the execution of the Put Option would be a violation of the terms of
the Company’s then-existing credit facilities.

 

6.       Inventions.

 

(a)       Definition.
 “Inventions,” as used in this Section 6, means any inventions, discoveries, improvements and ideas (whether or not
they are in writing or reduced to practice) or works of authorship (whether or not they can be patented or copyrighted) that the Executive
makes, authors, or conceives (either alone or with others) and that both: (a) result from any work
the Executive performs for the Company; and (b) relate in any way to the Company’s
businesses, products or services, past, present, anticipated or under development. Notwithstanding anything to the contrary herein, the
Executive may continue to provide services to the entities set forth on Exhibit A attached hereto and the provisions of this Section 6
shall not apply to any inventions, discoveries, improvements and ideas or works of authorship that the Executive makes, authors, or conceives
in connection with such services.

 

(b)       Ownership
of Inventions. The Executive agrees that all Inventions made by the Executive during or within six months after the term of this
Agreement will be the Company’s sole and exclusive property. The Executive will assign
(and the Executive hereby assigns) to the Company all of the Executive’s rights to the
Invention, any applications the Executive makes for patents or copyrights in any country, and any patents or copyrights granted to
the Executive in any country. The Executive represents that, except as previously disclosed to the Company in writing, as of the
date of this Agreement, the Executive does not have any rights under, and will not make any claim against the Company with
respect to, any inventions, discoveries, improvements, ideas or works of authorship which would be Inventions if made, conceived,
authored or acquired by the Executive during the term of this Agreement.

 

    7

     

    

 

(c)       Notice
to Executive. The requirements of Section 6(b) do not apply to any Invention (i) for which no equipment, supplies, facility or trade
secret information of the Company was used, (ii) which was developed entirely on the Executive’s
own time, (iii) which does not relate directly to the Company’s businesses or to the Company’s
actual or demonstrably anticipated research or development, and (iv) which does not result from any work the Executive performed for the
Company.

 

(d)       Works
Made for Hire. To the extent that any Invention qualifies as “work made for hire”
as defined in 17 U.S.C. § 101 (1976), as amended, such Invention will constitute “work
made for hire” and, as such, will be the exclusive property of the Company.

 

(e)       Survival.
The obligations of this Section 6 will survive the termination of this Agreement.

 

7.             Confidential
Information.

 

(a)       “Confidential
Information,” as used in this Section 7, means information that is not generally known
and that is proprietary to the Company or that the Company is obligated to treat as proprietary. Any information that the Executive reasonably
considers Confidential Information, or that the Company treats as Confidential Information, will be presumed to be Confidential Information
(whether the Executive or others originated it and regardless of how the Executive obtained it). Except as specifically authorized by
an authorized officer of the Company or by written Company policies, the Executive will not, either during or after the term of this Agreement,
use or disclose Confidential Information to any person who is not an employee of the Company, except as is necessary to perform his or
her duties under this Agreement. The Executive agrees that all Confidential Information will remain the sole property of the Company.
The Executive also agrees to take all reasonable precautions to prevent any unauthorized disclosure of such Confidential Information.

 

(b)       Former
Employer Confidential Information. The Executive agrees that the Executive will not, during the term of this Agreement, improperly
use or disclose any proprietary information or trade secrets of any former employer of the Executive or other person or entity with which
the Executive has an agreement or duty to keep in confidence information acquired by the Executive, if any. The Executive also agrees
that the Executive will not bring onto the Company’s premises any unpublished document or
proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity.

 

    8

     

    

 

(c)       Third
Party Confidential Information. The Executive recognizes that the Company have received and in the future will receive from
third parties their confidential or proprietary information subject to a duty on the Company’s
part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that,
during the term of this Agreement and thereafter, the Executive owes the Company and such third parties a duty to hold all such
confidential or proprietary information in the strictest confidence and not to disclose it to any person or entity or to use it
except as necessary in carrying out the services for the Company consistent with the Company’s
agreement with such third party.

 

(d)       Return
of Materials. Upon termination of this Agreement, the Executive will promptly deliver to the Company all records and any compositions,
articles, devices, apparatus and other items that disclose, describe or embody Confidential Information or any Invention.

 

(e)       Survival.
The obligations of this Section 7 will survive the termination of this Agreement.

 

8.             Competitive
Activities.

 

(a)       Past
Activities. The Executive represents and warrants to the Company that the Executive is not currently subject to a non-competition,
confidentiality or other such agreement with a former employer which prohibits or restricts him from working for the Company or performing
the services contemplated by this Agreement. Further, the Executive represents and warrants to the Company that he has not brought any
proprietary information, customer lists, trade secrets, or any other property with him which belongs to any former employer. The Executive
further agrees and understands that any misrepresentation, including, but not limited to a misrepresentation that he is not subject to
a non-competition or other such agreement with a former employer which prohibits or restricts him from working for the Company, may result
in the termination of employment with the Company, regardless of when the Company discovers such misrepresentation. The Company acknowledges
that the Executive has provided the Company with copies of his (i) Separation and Release Agreement executed July 5, 2011; (ii) Additional
Separation and Release Agreement executed November 18, 2011; Settlement Agreement and Amendment to Separation and Release Agreement dated
March 12, 2014; Amendment to Settlement Agreement and Amended Separation and Release Agreement dated July 13, 2017; and letter from UnitedHealth
Group to Fidelity Investments dated January 2, 2019 stating that “he has met the requirements
of the Settlement Agreement and Amendment to Separation and Release Agreement with UnitedHealth Group dated March 12, 2014.”,
has reviewed such agreements and recognizes Executive’s continuing obligations with respect
to confidential information of third parties.

 

    9

     

    

 

(b)       Non-Compete.
The Executive agrees that, during the term of employment with the Company and for a period of one (1) year after employment with the Company
ends, the Executive will not alone, or in any capacity with another firm:

 

(i)       directly
or indirectly render services to, invest in or lend to any person, firm or corporation conducting business in North America in
connection with the research, development, manufacture, marketing, sale or promotion of any products or services that are
competitive with any products or services of the Company (whether commercially available or under development);

 

(ii)      (A)
disrupt, damage, impair, or interfere with the business of the Company whether by way of interfering with or disrupting the relationship
of the Company with its clients, customers, representatives, vendors or suppliers or (B) directly or indirectly call upon or solicit any
customer or supplier of the Company in violation of Section 8(b)(i) or induce, encourage or influence any customer or supplier to terminate
or otherwise modify adversely to the Company its business relationship with the Company other than as undertaken in the course of the
Executive’s employment with the Company consistent with the terms of this Agreement; or

 

(iii)     employ,
contract, affiliate, or create any relationship with (by soliciting or assisting anyone else in the solicitation of) any of the Company’s
current employees or any other person who had been employed by the Company within the twelve (12) months prior to the Executive’s
departure from the Company, on behalf of the Executive or any other entity, whether or not such entity competes with the Company.

 

(c)       Exceptions
to Non-Compete. The restrictions contained in Section 8(a) of this Agreement will not prevent the Executive from accepting employment
with a large diversified organization with separate and distinct divisions that do not compete, directly or indirectly, with the Company,
as long as prior to accepting such employment the Company receives a written assurance from the Executive, satisfactory to the Company,
to the effect that the Executive will not render any services to, or have any ability to provide strategic direction or oversight to,
any division or business unit that competes, directly or indirectly, with the Company. During the restrictive period set forth in Section
8(a), the Executive will inform any new employer, prior to accepting employment, of the existence of this Agreement and provide such employer
with a copy of this Agreement. Nothing in this Section 8 will prevent Executive from beneficially owning an entirely passive interest
of less than 1% of the shares of any public company.

 

(d)       Cessation
of Business. Section 8(a) of this Agreement will cease to be applicable to any activity of the Executive from and after such time
as the Company (i) has ceased all business activities for a period of six (6) months or (ii) has made a decision through its Board not
to continue, or has ceased for a period of six (6) months, the business activities with which such activity of the Executive would be
competitive.

 

(e)       No
Additional Compensation. In the event that the Executive’s employment terminates for
any reason, no additional compensation will be paid for this non-competition obligation other than as set forth in this Agreement.

 

 (f)        Survival. The obligations of this Section 8 will survive the termination of this Agreement.

 

    10

     

    

 

9.             Deferred
Compensation.

 

(a)       The
intent of the parties is that payments and benefits under this Agreement are exempt from the requirements of Code section 409A because
they are short term deferrals under Treas. Reg. Sec. 1.409A-1(b)(4) or payments under a separation pay plan within the meaning of Treas.
Reg. Sec. 1.409A-1(b)(9) and this Agreement will be construed and administered in a manner consistent with such intent. To the extent
any payment or benefits are not exempt from the requirements of Code section 409A they will comply in form and operation with Code section
409A and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Agreement will be
interpreted and administered in a manner to be in compliance therewith.

 

(b)       A
termination of employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Code section 409A and, for purposes of any such provision
of this Agreement, references to a “termination,” “termination
of employment,” “resignation” or like
terms will mean “separation from service.” The
parties acknowledge that in determining whether a separation from service has occurred, the rules of Treas. Reg. Sec. 1.409A-1(h)(5),
concerning “dual status” employee directors,
will apply.

 

(c)       Severance
payments are intended to constitute separate payments for purposes of Treas. Reg. Sec. 1.409A-2(b)(2), and to be subject to the distribution
requirements of Code section 409A(a)(2)(A) of the Code, including, without limitation, the requirement of Code section 409A(a)(2)(B)(i)
that payments due on account of a “separation from service” be
delayed until six months after such separation (or, if earlier, upon death) if Executive is a “specified
employee” within the meaning of the aforesaid Section of the Code at the time of such separation.

 

10.           Miscellaneous.

 

(a)       Exit
Interview. Upon termination of employment with the Company, the Executive agrees to participate in an exit interview with representatives
of the Company to discuss the Executive’s continuing obligations under this Agreement.

 

(b)       Conflicts
of Interest. The Executive agrees that he will not, directly or indirectly, transact business with the Company personally, or as an
agent, owner, partner or shareholder of any other entity; provided, however, that any such transaction may be entered into
if approved by the Board.

 

(c)       No
Adequate Remedy. The Executive understands that if the Executive fails to fulfill the Executive’s
obligations under Sections 6, 7 or 8 of this Agreement the damages to the Company would be very difficult to determine. Therefore,
in addition to any other rights or remedies available to the Company at law, in equity, or by statute, the Executive hereby consents
to the specific enforcement of Sections 6, 7 and 8 of this Agreement by the Company through an injunction or restraining
order issued by an appropriate court, without the requirement of posting a bond in connection therewith.

 

    11

     

    

 

(d)       Successors
and Assigns. This Agreement is binding on and inures to the benefit of the Company’s
successors and assigns, (all of which are included in the term the “Company” as it is used in this Agreement); provided,
however, that the Company may assign this Agreement only (i) to its affiliates or (ii) in connection with a merger, consolidation,
assignment, sale or other disposition of substantially all of its assets, stock or business.

 

(e)       Modification.
This Agreement may be modified or amended only by a written statement signed by both the Company and the Executive.

 

(f)       Governing
Law. This Agreement and the legal relations among the parties as to all matters, including, without limitation, matters of validity,
interpretation, construction, performance and remedies, will be governed by and construed exclusively in accordance with the internal
laws of the State of Minnesota (without regard to the conflict of laws principles of any jurisdiction). Any legal proceeding related to
this Agreement will be brought in an appropriate Minnesota court, and both the Company and the Executive hereby consent to the exclusive
jurisdiction of that court for this purpose.

 

(g)       Construction.
Wherever possible, each provision of this Agreement will be interpreted or construed (as applicable) so that it is valid under the applicable
law. If any provision of this Agreement is to any extent invalid under the applicable law, that provision will still be effective to the
extent it remains valid. The remainder of this Agreement also will continue to be valid, and the entire Agreement will continue to be
valid in other jurisdictions. To the extent that the scope, time or geographical limitations contained in Section 8 are deemed or held
by a court of competent jurisdiction to be overbroad and/or unreasonable and therefore unenforceable, such court shall apply such provision
to the extent reasonable and not overbroad by modifying such provision to be limited in scope, time and/or geography to the maximum extent
reasonable and enforceable.

 

(h)         Waivers.
No failure or delay by either the Company or the Executive in exercising any right or remedy under this Agreement will waive any provision
of the Agreement. Nor will any single or partial exercise by either the Company or the Executive of any right or remedy under this Agreement
preclude either of them from otherwise or further exercising these rights or remedies, or any other rights or remedies granted by any
law or any related document.

 

(i)           Captions.
The headings in this Agreement are for convenience only and do not affect this Agreement’s
interpretation.

 

(j)           Entire
Agreement. With the exception of the terms and conditions in the standard documentation with respect to the Option Grants, this
Agreement supersedes all previous and contemporaneous oral negotiations, commitments, writings and understandings between the
parties concerning the matters in this Agreement, including without limitation any policy or personnel manuals of the Company
and the Existing Agreement.

 

    12

     

    

 

(k)         Notices.
All notices and other communications required or permitted under this Agreement will be in writing and will be (i) hand delivered or sent
by registered or certified first class mail, postage prepaid, and will be effective upon delivery if hand delivered, or three (3) days
after mailing if mailed to the address stated at the beginning of this Agreement or (ii) delivered electronically to the email addresses
set forth on the signature pages hereto, and will be effective upon delivery. These addresses and email addresses may be changed at any
time by like notice.

 

(l)           Counterparts.
This Agreement may be executed in several counterparts, each of which will be deemed to be an original, but all of which together will
constitute one and the same instrument. Signature pages may be detached from the counterparts and attached to a single copy of this Agreement
to physically form one document. Execution and delivery of this Agreement by facsimile and/or .pdf transmission by electronic mail will
be legal, valid and binding execution and delivery for all purposes.

 

[Signature Page Follows]

 

    13

     

    

 

The Company and the Executive have duly executed this Agreement
as of the date set forth above.

 

	 	BRIGHT HEALTH MANAGEMENT, INC.
	 	 	 
	 	By:	/s/ Robert J. Sheehy
	 	Name:	Robert J. Sheehy
	 	Title:	CEO
	 	Email:	[redacted]
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/ George L. Mikan III
	 	George L. Mikan III
	 	Email:	[redacted]

 

[Signature Page to Amended and Restated Employment
Agreement]

 

    

     

    

 

EXHIBIT A

 

(List of Shot-Rock Entities)

 

    15

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