Document:

Exhibit 10.13

 

AMENDMENT NO. 1

TO 

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

This Amendment
No. 1 to the Amended and Restated Employment Agreement (this “Amendment”) is effective as of November 16, 2022, by
and between Renters Warehouse, LLC, a Minnesota limited liability company (the “Company”), and Kevin Ortner (“Executive”).
All capitalized terms used in this Amendment and not otherwise defined shall have the meanings assigned to them in the Agreement (as defined
below).

 

RECITALS:

 

The Company and Executive entered
into that certain Amended and Restated Employment Agreement (the “Agreement”), dated effective as of September 15,
2016. The Company and Executive desire to amend the Agreement pursuant to the terms and conditions hereof.

 

NOW, THEREFORE, in consideration
of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and Executive, intending to be legally bound, agree as follows:

 

		1.	Amendment to Compensation. Beginning January 1, 2023,
the Company shall pay, and Executive shall be entitled to receive from Company, an Annual Salary of $400,000, less all taxes and withholdings
required by law. Such salary shall be paid in accordance with the standard payroll practices of the Company, which at its sole discretion
may be amended from time to time.

 

		a.	Salary Increase Upon Reaching Incentive Targets: Executive’s Annual
Salary shall increase to $450,000 if and when the Company has achieved, for any consecutive twelve (12) month period, both:

 

		(i)	$75 million Gross Revenue; and

 

		(ii)	$5 million in EBITDA.

 

		b.	In all cases, Executive’s compensation will be reviewed and subject to adjustment,
at least annually, by the Compensation Committee.

 

		2.	No Other Changes; Entire Agreement. Except as amended
hereby, the Agreement shall remain in full force and effect. In the event of a conflict between the provisions of this Amendment and
the Agreement, the terms of this Amendment shall govern. This Amendment and the Agreement constitute the sole agreement containing the
subject matter hereof.

 

		3.	Miscellaneous. This Amendment shall be construed and
enforced in accordance with the laws of the State of Minnesota. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and assigns. The descriptive headings for the several sections of this Amendment
are inserted for convenience only and not to confine or limit any of the terms or provisions hereof. Electronic signatures (e.g., “.pdf”,
“DocuSign”, etc.) and photocopies shall be deemed originals.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Amendment No. 1 effective as of the date set forth above.

 

	THE COMPANY:	 	EXECUTIVE:
	 	 	 
	Renters  Warehouse, LLC
	 	 
	 	 	 
	Signed: 	/s/ Christopher A. Laurence	 	/s/ Kevin Ortner
	By:	Christopher A. Laurence	 	Kevin Ortner
	Its:	CEOExhibit 10.14

 

AMENDMENT NO. 2

 TO

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Amendment No.2  to the
Executive Employment Agreement (this “Amendment”) is effective as of November 28, 2022, by and between Renters Warehouse,
LLC, a Minnesota limited liability company (the “Company”), and Nolan Jacobson (“Executive”). All
capitalized terms used in this Amendment and not otherwise defined shall have the meanings assigned to them in the Agreement (as defined
below).

 

RECITALS:

 

The Company and Executive entered into that certain Executive Employment
Agreement (the “Agreement”), dated effective as of February 2, 2018, as amended by that amendment to that Agreement,
dated effective as of July 12, 2022 (the “Amendment”).  The Company and Executive desire to amend the Agreement pursuant
to the terms and conditions hereof.

 

NOW, THEREFORE,
in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and Executive, intending to be legally bound, agree as follows:

 

		1.	Amendment to Compensation. Beginning January 1, 2023,
the Company shall pay, and Executive shall be entitled to receive from Company, an Annual Salary of $300,000, less all taxes and withholdings
required by law. Such salary shall be paid in accordance with the standard payroll practices of the Company, which at its sole discretion
may be amended from time to time.

 

		a.	Salary Increase Upon Reaching Incentive Targets: Executive’s Annual Salary
shall increase to $350,000 if and when the Company has achieved, for any consecutive twelve (12) month period, both:

 

		(i)	$75 million Gross Revenue; and

 

		(ii)	$5 million in EBITDA.

 

		b.	In calculating the Gross Revenue and EBITDA, the Compensation Committee shall use
the financial statements prepared by accountants regularly servicing the books and records of the registered public accounting firm, Appreciate
Holdings Inc., and such amounts shall be determined in accordance with GAAP. In residential units under management, the Company will also
include residential units for which the Company has subcontracted a portion of the responsibility for management thereof to a franchisee
but will not include residential units where the franchisees have direct contracts with customers.

 

		c.	In all cases, Executive’s compensation will be reviewed and subject to adjustment,
at least annually, by the Compensation Committee.

 

		2.	No Other Changes; Entire Agreement. Except as amended
hereby, the Agreement shall remain in full force and effect. In the event of a conflict between the provisions of this Amendment and
the Agreement, the terms of this Amendment shall govern. This Amendment and the Agreement constitute the sole agreement containing the
subject matter hereof.

 

		3.	Miscellaneous. This Amendment shall be construed and
enforced in accordance with the laws of the State of Minnesota. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and assigns. The descriptive headings for the several sections of this Amendment
are inserted for convenience only and not to confine or limit any of the terms or provisions hereof. Electronic signatures (e.g., “.pdf”,
“DocuSign”, etc.) and photocopies shall be deemed originals.

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Amendment No. 1 effective as of the date set forth above.

 

	THE COMPANY:	 	EXECUTIVE:
	 	 	 
	Renters Warehouse, LLC
	 	 
	 	 	 
	Signed: 	/s/ Chris Laurence	 	/s/ Nolan Jacobson
	By:	Chris Laurence	 	Nolan Jacobson
	Its:	CEOExhibit 10.15

 

AMENDMENT NO. 2 

TO

EMPLOYMENT AGREEMENT

 

This Amendment No. 2 to the
Employment Agreement (this “Amendment”) is effective as of November 23, 2022, by and between Renters Warehouse, LLC,
a Minnesota limited liability company (the “Company”), and Todd Jable (“Executive”). All capitalized
terms used in this Amendment and not otherwise defined shall have the meanings assigned to them in the Agreement (as defined below).

 

RECITALS:

 

The Company and Executive entered into that certain Executive Employment
Agreement (the “Agreement”), dated effective as of November 19, 2018, as amended by that amendment to that Agreement,
dated effective as of July 12, 2022 (the “Amendment”).  The Company and Executive desire to amend the Agreement pursuant
to the terms and conditions hereof.

 

NOW, THEREFORE,
in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and Executive, intending to be legally bound, agree as follows:

 

		1.	Amendment to Compensation. Beginning January 1, 2023,
the Company shall pay, and Executive shall be entitled to receive from Company, an Annual Salary of $300,000, less all taxes and withholdings
required by law. Such salary shall be paid in accordance with the standard payroll practices of the Company, which at its sole discretion
may be amended from time to time.

 

		a.	Salary Increase Upon Reaching Incentive Targets: Executive’s
Annual Salary shall increase to $350,000 if and when the Company has achieved, for any consecutive twelve (12) month period, both:

 

		(i)	$75 million Gross Revenue; and

 

		(ii)	$5 million in EBITDA.

 

		b.	In calculating the Gross Revenue and EBITDA, the Compensation Committee shall use
the financial statements prepared by accountants regularly servicing the books and records of the registered public accounting firm, Appreciate
Holdings Inc., and such amounts shall be determined in accordance with GAAP. In residential units under management, the Company will also
include residential units for which the Company has subcontracted a portion of the responsibility for management thereof to a franchisee
but will not include residential units where the franchisees have direct contracts with customers.

 

		c.	In all cases, Executive’s compensation will be reviewed and subject to adjustment,
at least annually, by the Compensation Committee.

 

		2.	No Other Changes; Entire Agreement. Except as amended
hereby, the Agreement shall remain in full force and effect. In the event of a conflict between the provisions of this Amendment and
the Agreement, the terms of this Amendment shall govern. This Amendment and the Agreement constitute the sole agreement containing the
subject matter hereof.

 

		3.	Miscellaneous. This Amendment shall be construed and
enforced in accordance with the laws of the State of Minnesota. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and assigns. The descriptive headings for the several sections of this Amendment
are inserted for convenience only and not to confine or limit any of the terms or provisions hereof. Electronic signatures (e.g., “.pdf’,
“DocuSign”, etc.) and photocopies shall be deemed originals.

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Amendment No. 1 effective as of the date set forth above.

 

	THE COMPANY:	 	EXECUTIVE:
	 	 	 
	Renters Warehouse, LLC
	 	 
	 	 	 
	Signed:	/s/ Chris Laurence	 	/s/ Todd Jable
	By:	Chris Laurence	 	 Todd Jable
	Its:	CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]