Document:

Exhibit 10.33

 

EXECUTION VERSION

 

C  O  N  F  I  D  E  N  T  I  A  L

SEPARATION AND GENERAL RELEASE AGREEMENT

 

This SEPARATION AND
GENERAL RELEASE AGREEMENT (“Agreement”) is made and entered into by and between CarLotz, Inc. (the “Company”)
and Aaron S. Montgomery (“Executive”). Executive and the Company shall be referred to in this Agreement as the “Parties”
or, each separately, a “Party.” This Agreement is dated as of October 21, 2019.

 

WHEREAS, Executive
has been employed by the Company pursuant to an employment agreement, most recently the Amended and Restated Executive Employment
Agreement, dated September 18, 2017 (“Employment Agreement”);

 

WHEREAS, Executive
has proposed to voluntarily terminate his employment pursuant to Section 5(f) of the Employment Agreement; and

 

WHEREAS, Executive
wishes to provide transitional services to the Company for a four-month period following the Separation Date (as defined below),
and the Company is willing to pay an agreed upon fee for those services.

 

THEREFORE, for good
and valuable mutual consideration, the receipt of which is hereby acknowledged, and fully intending to be legally bound hereby,
Executive and the Company agree as follows:

 

1.           Separation
Date. Executive’s voluntary separation from employment shall be effective at the close of business on August 31,
2019 (the “Separation Date”). As of the Separation Date, except as set forth in Section 3 of this Agreement,
Executive will relinquish and resign from all titles and positions of any nature that Executive holds or has ever held with the
Company, its affiliates and subsidiaries, or any other entity with respect to which the Company has requested Executive to perform
services, to the extent he ever held such titles and positions.

 

2.           Valuable
Consideration. a. If Executive signs this Agreement, and provided that Executive does not breach this Agreement, the Company
shall provide the following benefits to Executive:

 

i.          The
Company shall provide Executive with continued healthcare coverage consistent with pre-separation elections, subject to the Executive
electing continued coverage under COBRA and paying the same employee share that Executive paid pre-separation, until the earlier
of (i) September 1, 2020 or (ii) the date the Executive becomes eligible for coverage under a plan offering benefits
that are substantially similar, on the whole, to those provided by the Company’s healthcare plans, whether through a new employer
or coverage under a spouse’s plan (“Severance Payment”).

 

ii.         The
Company shall pay Executive the Consulting Fee for the Consulting Services to be provided by Executive, as specified and defined
in Sections 14 through 17 hereof.

 

b. The Company will allow
Executive to retain his 2015 options, vest the remaining 25% effective November 1, 2019 and extend the exercise period
to August 31, 2022, the expiration date in the CarLotz, Inc. 2011 Stock Incentive Plan Share Option Agreement dated
November 1, 2015 (“Option Agreement”); provided further that if, at a later date, the 2015 options are
extended for active Company employees past their expiration date of August 31, 2022, the same extension shall apply to
Executive’s options under the Option Agreement.

 

     

     

    

 

3.           Personal
Guarantee of Floor Plan. Executive has provided a personal guarantee (the “Guarantee”) of the floor plan under
the Automotive Finance Corporation Demand Promissory Note and Security Agreement entered into by the Company on January 22,
2016 (the “Floor Plan Debt”). The Company will exercise commercially reasonable efforts to secure replacement financing
for the Floor Plan Debt that terminates the Guarantee. Under no circumstances will the Company expand or increase the Aggregate
Advance Limit, extend the term, or reduce the security or Collateral provided under the Floor Plan Debt, without terminating,
in full, the Guarantee (capitalized terms used in this paragraph are defined as set forth in the Floor Plan Debt). Until the Guarantee
is terminated in full, (i) the Company shall promptly forward to Executive copies of all notices provided by either party
under the Floor Plan Debt; (ii) the Company will provide Executive with monthly statements of the balances under the Floor
Plan Debt and (iii) the Executive will retain his seat on the Company’s Board of Directors (the “Board”)
as contemplated by the Company’s Amended and Restated Shareholders Agreement, as amended from time to time (the “Shareholders
Agreement”).

 

4.           Return
of Company Property. Executive shall immediately return all Company property in his possession (e.g., computer, cellular phone,
vehicle) except the Microsoft Surface laptops currently used by the Executive.

 

5.           Representations
and Warranties. Executive acknowledges, represents and warrants that, other than the payments to be made pursuant to Section 2
above, Executive has received payment in full of all of the compensation, benefits and/or payments of any kind due him from the
Company and its affiliates and subsidiaries (or any of them), including all wages, expense reimbursements, bonuses, equity, incentive
pay, payments to benefit plans, and any other payment under any other plan, program, practice, promise, or arrangement of the
Company and its subsidiaries and affiliates. Executive understands and agrees that, except as provided herein, Executive is not
entitled to any additional compensation or benefits from the Company or any of the other Released Parties (as defined below).

 

6.           Release.

 

(a)          In
consideration of the promises contained herein and intending to be legally bound, Executive, for himself, his heirs,
executors, administrators, successors, assigns, and legal and personal representatives, hereby unconditionally and
irrevocably remises, releases, and forever discharges the Company; each of its subsidiaries, investors, and any other
affiliated or related entities; and each of all such entities’ respective current and former officers, consultants,
directors, shareholders, agents, Executives, benefit plans, and attorneys (collectively, the “Company Released
Parties”) from any and all claims, causes of action, liabilities, obligations, controversies, damages, lawsuits, debts,
demands, costs, charges and/or expenses (including attorneys’ fees and costs) of any nature whatsoever, asserted or
unasserted, known or unknown, suspected or unsuspected, that Executive ever had, now has or hereafter may have against the
Company or any of the other Company Released Parties that arose at any time regarding any matter up to and including the date
Executive signs this Agreement. Without in any way limiting the generality of the foregoing, Executive specifically
acknowledges and agrees that the claims released herein include, to the maximum extent permitted by law, (a) all
discrimination, retaliation, whistleblower, and wrongful termination claims; (b) all claims arising under any federal,
state or local statute, ordinance, or regulation, including but not limited to the Americans with Disabilities Act
(“ADA”), the Age Discrimination in Employment Act of 1967 (“ADEA”), Title VII of the Civil Rights Act
of 1964 (“Title VII”), 42 U.S.C. § 2000, et seq., the Civil Rights Act of 1991, the Civil Rights Act of
1866, 42 U.S.C. § 1981, the Employee Retirement Income Security Act (“ERISA”), the Family Medical Leave Act
(“FMLA”); the Virginia Human Rights Act, the Virginians with Disabilities Act, the Virginia Payment of Wage Law,
and any other employee-protective law of any jurisdiction that may apply; (c) all claims arising under any agreement or
contract; (d) all claims arising under any common law, including any claims for breach of any implied or express
contract, wrongful or constructive discharge, defamation, unjust enrichment, or negligent or intentional infliction of
emotional distress; and (e) all claims arising out of or relating in any way to Executive’s employment with the
Company Released Parties, the termination of that employment, Executive’s compensation arrangements, and all
attorneys’ fees and costs. Notwithstanding the foregoing, Executive does not release the Released Parties from any
claims (i) that may arise under this Agreement, (ii) that may arise under the ADEA based on events that take place
after the date on which Executive signed this Agreement; (iii) that cannot be released as a matter of law; or
(iv) of fraud.

 

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(b)          Subject
to Section 12(a) below, Executive agrees to the fullest extent permitted by law that neither he nor any person or entity
on his behalf shall commence, maintain or prosecute any lawsuit, complaint, action or proceeding of any kind against the Company
or any of the other Company Released Parties with respect to any claim or potential claim that is released by Section 6(a) above.

 

(c)          In
consideration of the promises contained herein and intending to be legally bound, the Company, for itself, its successors,
assigns, and legal representatives; each of its subsidiaries, investors, and any other affiliated or related entities; and
each of all such entities’ respective current and former officers, consultants, directors, shareholders, agents,
executives, benefit plans, and attorneys, hereby unconditionally and irrevocably remises, releases, and forever discharges
the Executive and his heirs, executors, administrators, successors, assigns, and legal and personal representatives
(collectively, the “Executive Released Parties”) from any and all claims, causes of action, liabilities,
obligations, controversies, damages, lawsuits, debts, demands, costs, charges and/or expenses (including attorneys’
fees and costs) of any nature whatsoever, asserted or unasserted, known or unknown, suspected or unsuspected, that Company
ever had, now has or hereafter may have against the Executive or any of the other Executive Released Parties that arose at
any time regarding any matter up to and including the date Company signs this Agreement. Without in any way limiting the
generality of the foregoing, Company specifically acknowledges and agrees that the claims released herein include, to the
maximum extent permitted by law, (a) all claims arising under any agreement or contract; (b) all claims arising
under any common law, including any claims for breach of any implied or express contract, defamation, unjust enrichment, or
negligent or intentional infliction of emotional distress; and (c) all claims arising out of or relating in any way to
Executive’s employment with the Company Released Parties, the termination of that employment, Executive’s
compensation arrangements, and all attorneys’ fees and costs. Notwithstanding the foregoing, Company does not release
the Executive Released Parties from any claims (i) that may arise under this Agreement, (ii) that cannot be
released as a matter of law; or (iii) of fraud.

 

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(d)          Subject
to Section 12(b) below, Company agrees to the fullest extent permitted by law that neither it nor any person or entity
on its behalf shall commence, maintain or prosecute any lawsuit, complaint, action or proceeding of any kind against the Executive
or any of the other Executive Released Parties with respect to any claim or potential claim that is released by Section 6(c) above.

 

		7.	No
                                         Other Claims or Proceedings.

 

(a)          Executive
warrants, covenants, and represents that, as of the date that he signs this Agreement, neither he nor anyone acting on his behalf
has made or filed any lawsuit, complaint, charge, action or proceeding against any of the Company Released Parties with any federal,
state, or local court, agency or authority, or any other regulatory authority.

 

(b)          The
Company warrants, covenants, and represents that, as of the date that it signs this Agreement, neither it nor anyone acting on
its behalf has made or filed any lawsuit, complaint, charge, action or proceeding against any of the Executive Released Parties
with any federal, state, or local court, agency or authority, or any other regulatory authority.

 

		8.	Non-Disparagement.

 

(a)          Subject
to Section 12(a) below, Executive shall not, at any time in the future, disparage or otherwise make statements, electronic,
oral or written, that would adversely affect the reputation of the Company or any of its officers, directors or Executives, including
to actual or potential customers of the Company, Company vendors or other business partners, the press, or on social media. Notwithstanding
the foregoing, this Section 8(a) shall not prohibit Executive from making truthful statements as required by applicable
law (e.g., in response to a subpoena or where otherwise compelled to testify).

 

(b)          Subject
to Section 12(b) below, the Company agrees that its officers, directors, and executives shall not, at any time in the
future disparage or otherwise make statements, electronic, oral or written, that would adversely affect the reputation of Executive,
including to actual or potential business partners, the press, or on social media. Notwithstanding the foregoing, this Section 8(b) shall
not prohibit the Company’s officers, directors, and executives from making truthful statements as required by applicable law (e.g.,
in response to a subpoena or where otherwise compelled to testify).

 

9.           Confidentiality.
Except as otherwise required by applicable law and subject to Section 12 below, Executive and the Company shall keep the
existence and terms of this Agreement strictly confidential, and each shall not disclose (a) the terms or any information
concerning this Agreement or (b) any non-public documents or information concerning the Company (as to Executive) or Executive
(as to Company), or their respective non-public business practices or activities, to any person or entity, except that each may
disclose the terms of this Agreement to current or future attorneys and tax advisors and trusted advisors, each of whom shall
have first agreed to be bound by this confidentiality provision. Furthermore, the Company may disclose the terms of this Agreement
to the Company’s Board, Chief Executive Officer, and Human Resources personnel, provided that the Company notifies
such persons that the existence and terms of this Agreement are confidential and shall not be disclosed to any person or entity
except as otherwise permitted by this Agreement.

 

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10.          Breach.
Upon the breach of this Agreement by either party, the non-defaulting party shall have the remedies available at law and in equity,
and the prevailing party in any effort to enforce or defend any rights hereunder will be entitled to reasonably incurred legal,
accounting and similar costs. In the event of any breach hereunder, the non-defaulting party shall deliver a notice and a fifteen
(15) day opportunity to cure to the defaulting party.

 

11.          Knowing
and Voluntary Waiver. Executive acknowledges that he has been given at least 21 days to consider whether to sign the Agreement;
that he has carefully reviewed the Agreement before signing it; and that he enters into this Agreement knowingly and voluntarily.
Executive understands and acknowledges that the release and other obligations described in this Agreement are in exchange for
consideration that is in addition to anything to which Executive is already entitled and that, by this Section, the Company has
advised Executive to consult with an attorney of his choosing prior to executing this Agreement. Executive acknowledges that neither
the Company nor any of its Executives, representatives or attorneys have made any representations or promises concerning the terms
or effects of this Agreement other than those contained herein.

 

		12.	Non-Interference.

 

(a)          For
clarity, the Company confirms that nothing in this Agreement - including in the Confidentiality, Non-Disparagement, and
Release sections - is intended to prevent, impede or interfere with Executive’s right, without notice to the Company,
to (a) file a charge or complaint with any governmental agency, including any agency that enforces anti-discrimination,
workplace safety, securities, or other laws; (b) communicate with, cooperate with or provide truthful information to any
governmental agency, or participate in any government investigation; (c) testify truthfully in any court or
administrative proceeding; or (d) receive and retain any monetary award from a government administered whistleblower
award program for providing information directly to a government agency. However, Executive understands that by signing this
Agreement, he has waived his right to recover any money from the Company or any other Released Parties, other than the
Severance Payment.

 

(b)          Nothing
in this Agreement - including the Confidentiality, Non-disparagement and Release sections - is intended to prevent, impede
or interfere with the Company’s right, without notice to the Executive, to (a) communicate with, cooperate with or provide
truthful information to any governmental agency, or participate in any government investigation, or (b) testify truthfully
in any court or administrative proceeding.

 

13.          Cooperation.
In consideration for the Severance Payment, Executive agrees to cooperate with the Company and its affiliates in connection with
(i) information requested by the Company as to matters that he worked on during his employment, and (ii) pending or
future litigation, investigations, proceedings or other matters involving the Company, its affiliates and/or their Executives,
to the extent concerning or relating to any matter falling within Executive’s knowledge or former area of responsibility,
such cooperation to include making himself available for meetings, communications, and other litigation-related events as reasonably
requested by the Company. The Company agrees to use reasonable efforts to schedule the need for Executive’s cooperation
so as to avoid interfering with his personal and other professional obligations. Executive shall be reimbursed for all reasonable
expenses incurred by him in providing such cooperation. The Executive’s obligations under this Section 13 will terminate
on December 31, 2020.

 

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14.          Consulting
Services. From the Separation Date to December 31, 2019, unless extended by mutual written agreement by the Parties or
terminated earlier pursuant to Section 16 (the “Consulting Period”), as may be requested by the Company, Executive
shall provide certain consulting transitional services, at the direction of the Board, which shall include assisting in the orderly
transition of job responsibilities to other or new employees of the Company, on the terms expressly contained herein and on such
other terms to be mutually agreed upon by the Parties (the “Consulting Services”). Executive shall perform the Consulting
Services in a timely, professional and high-quality manner using his best efforts, but otherwise on his schedule and while working
from his desired work location.

 

15.          Consulting
Compensation. During the Consulting Period, the Company shall compensate Executive for being available to provide the Consulting
Services with a monthly fee of Ten Thousand Dollars ($10,000.00), to be paid monthly in arrears (the “Consulting Payment”).
The initial Consulting Payment shall be made within five business days after the Effective Date and shall be with respect to September 2019.
Executive acknowledges and agrees that there is adequate consideration, not already owed by the Company, set forth herein and
paid by the Company for providing the general release of claims in this Agreement. Executive further acknowledges and agrees that
he would not be entitled to such compensation but for his execution of this Agreement. The Company will issue a Form 1099
to Executive in connection with the Consulting Payment.

 

16.          Termination
of Consulting Arrangement. The Consulting Period shall terminate immediately, and prior to the end date set forth above in
Section 14, upon the occurrence of the earlier of (i) Executive’s death or inability due to physical or mental
condition to perform the Consulting Services, (ii) Executive’s material breach of this Agreement or (iii) Executive’s
failure to perform the covenants set out in Section 14 hereof, after notice from the Company and the opportunity to cure
such performance failure within 15 days.

 

17.          Independent
Contractor. Executive agrees and acknowledges that the Consulting Services that he provides will be in the nature of consulting
only, that after the Separation Date his relationship with the Company will be as an independent contractor and not an Executive,
and that after the Separation Date he shall not be entitled to participate in any Executive benefits or benefit or compensation
plans offered by the Company. Executive further agrees and acknowledges that he shall have sole responsibility to pay all of the
taxes associated with the Consulting Payment, including any social security taxes, unemployment insurance, state income taxes,
federal income taxes and all other local, county, state and federal taxes incurred. Executive agrees to indemnify the Released
Parties for any taxes due and owing with respect to the Consulting Payment, as well as any interest, costs, expenses, fees, including
all reasonable attorneys’ fees, penalties, or other payments that may be incurred as a result of an allegation that any
taxes are due and owing, or were not timely paid, with respect to the Consulting Payment.

 

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18.          Interpretation
and Governing Law. This Agreement will be governed by and construed according to the laws of the Commonwealth of Virginia,
without reference to the choice or conflict of law principles thereof. The Parties irrevocably hereby submit to the exclusive
jurisdiction and venue of the state and federal courts located within Virginia in any action or proceeding brought with respect
to or in connection with this Agreement.

 

19.          Severability.
If any provision of this Agreement under any circumstances is deemed invalid or unenforceable by a court of competent jurisdiction,
such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect
without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision
or application in any other jurisdiction.

 

20.          Headings/Counterparts.
The section headings used in this Agreement are for convenience only and shall not be deemed to control or affect the meaning
or construction of any of the provisions of this Agreement. This Agreement may be executed in two or more counterparts, and facsimile
or emailed signature pages shall be treated the same as those with original signatures.

 

21.          Entire
Agreement; Amendments.

 

(a)          This
Agreement constitutes the entire agreement between Executive and the Company with respect to the subject matter hereof, and it
supersedes all prior or contemporaneous agreements or understandings; provided, however, that Executive’s September 18, 2017
Amended and Restated Loyalty Agreement (“Loyalty Agreement”) shall remain in full force and effect and he shall remain
bound by any other prior agreements containing post-separation obligations, including as to the non-disclosure and non-use of
confidential information belonging to the Company. Amendments to this Agreement shall not be effective unless they are in writing
signed by Executive and the President of the Company.

 

(b)          Notwithstanding
Section 2 of the Loyalty Agreement, pursuant to the federal Defend Trade Secrets Act of 2016, Executive shall not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is
made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney;
and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Executive’s
attorney in relation to a lawsuit for retaliation against Executive for reporting a suspected violation of law; or (c) is
made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

22.          Post-Separation
Obligations. Executive acknowledges and agrees that he shall continue to be bound by the post-separation restrictions set
forth in Sections 2 (Confidential Information), 6 (Non-Solicitation), and 7 (Covenants Not to Compete) of the Loyalty Agreement,
and that the Company shall continue to have the right to seek equitable relief against Executive pursuant to Section 8 of
the Loyalty Agreement (Specific Enforcement; Remedies Cumulative; Attorney Fees).

 

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23.          Section 409A
of the Code. It is intended that compensation paid and benefits delivered to Executive pursuant to this Agreement shall be
exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (collectively,
 “Section 409A”), and this Agreement should be interpreted and administered in accordance with such intentions.
However, the Company does not warrant to Executive that all amounts paid or benefits delivered to him will be exempt from, or
paid in compliance with, Section 409A. Executive understands and agrees that he bears the entire risk of any adverse federal,
state or local tax consequences and penalty taxes which may result from payment on a basis contrary to the provisions of Section 409A
or comparable provisions of any applicable state or local income tax laws. Executive acknowledges that he has been advised to
seek the advice of a tax advisor with respect to the tax consequences of all payments pursuant to this Agreement, including any
adverse tax consequence under Section 409A and applicable state tax law. In applying Section 409A to amounts paid pursuant
to this Agreement, any right to a series of installment payments under this Agreement shall be treated as a right to a series
of separate payments.

 

24.          Effective
Date.

 

(a)          To
accept the terms of the Agreement, Executive must sign this Agreement no later than November 11, 2019 and deliver it to the
Company c/o Michael Bor.

 

(b)          Executive
may revoke the Agreement during the seven (7) day period immediately following his execution of the Agreement by delivering
written notice of revocation to the Company c/o Michael Bor. Assuming no revocation, the Agreement will become final and binding
on the Parties on the eighth day following Employee’s execution of this Agreement (“Effective Date”).

 

25.          Attorneys’
Fees. The Executive shall be reimbursed for reasonable attorneys’ fees and costs incurred in connection with the negotiation
and drafting of this Agreement, in an amount not to exceed $3,750.00. BY SIGNING THIS AGREEMENT, AARON S. MONTGOMERY ACKNOWLEDGES
THAT HE DOES SO VOLUNTARILY AFTER CAREFULLY READING AND FULLY UNDERSTANDING EACH PROVISION AND ALL OF THE EFFECTS OF THIS AGREEMENT,
WHICH INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS AND RESTRICTS FUTURE LEGAL ACTION AGAINST CARLOTZ, INC. AND OTHER RELEASED
PARTIES.

 

[SIGNATURES PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
and intending to be legally bound hereby, the Parties have executed this Agreement.

 

	AARON S. MONTGOMERY	 	CARLOTZ, INC.
	 	 	 
	 	 	 	 
	/s/ Aaron S. Montgomery	/ 10/24/19	 	By:	/s/ Michael Bor	/ 10/21/19
	 	/ Date	 	Name:	Michael Bor	/ Date
	 	 	Title:	Chief Executive OfficerExhibit 10.34

 

 

CONSULTING AGREEMENT

 

This Consulting
Agreement (the “Agreement”) is entered into as of October 7, 2020 (the “Effective Date”) by and between
CarLotz, Inc., a Delaware corporation (the “Company”), and Aaron Montgomery, an individual residing in the Commonwealth
of Virginia (the “Contractor”).

 

WHEREAS, the
Company requests that the Contractor consult with and provide project-based services for the Company regarding general strategy.

 

WHEREAS, the
Company and the Contractor desire to enter into this agreement, which defines the respective rights and duties as to the services
to be performed hereunder.

 

NOW, THEREFORE,
in consideration of the mutual terms, conditions and covenants hereinafter set forth, the Company and Contractor agree as follows:

 

1.            Services.
Beginning on the Effective Date and remaining in effect until the one year anniversary of the Effective Date (the “Termination
Date”), the Contractor shall provide the Company with the services, without limitation, listed on Appendix A attached
hereto. The parties may extend the Termination Date in increments mutually agreed to between the parties.

 

2.            Contractor
Representations and Warranties. The Contractor makes the following representations and warranties to the Company, which
representations and warranties shall survive the termination of this Agreement.

 

2.1            That
he is fully authorized and empowered to enter into this Agreement, and that his performance of the obligations under this Agreement
will not violate any agreement between the Contractor and any other person, firm or organization or any law or governmental regulation.

 

2.2            That
he is more than eighteen (18) years of age and not otherwise incapacitated at the time of the Agreement, and by his signature below,
he consents to a background and driving history check to be performed by the Company.

 

2.3            That
he will bear all ordinary expenses incurred in the performance of this Agreement, including but not limited to,
network/internet service fees, and mobile phone fees. Notwithstanding the foregoing, Contractor may continue to use his
Company-issued laptop computer and e-mail during the term of this Agreement, and the Company will reimburse Contractor for
extraordinary out of pocket expenses incurred by Contractor on the Company’s behalf, including, but not limited to
reasonable travel expenses, provided Contractor follows the Company’s reimbursement policies and such expenses do not
exceed $500 without the Company’s prior written consent to increase Contractor’s reimbursement authority
incrementally by $500.

 

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2.4            Contractor
will be the Company’s primary point of contact for the services to be rendered hereunder, but he may subcontract tasks as
he sees fit; provided that Contractor shall be solely responsible for any and all payments made to any such subcontractor(s). Contractor
shall remain liable for all actions of his subcontractor(s).

 

3.            Company
Representations and Warranties. The Company represents and warrants that it is fully authorized and empowered to enter
into this Agreement, and that its performance of the obligations under this Agreement will not violate, in any material respect,
any agreement between the Company and any other person, firm or organization or any law or governmental regulation.

 

4.            Compensation.
The work performed by the Contractor shall be performed for the consideration set forth in Appendix A. The Contractor
shall submit an invoice to the Company on a monthly basis for time incurred hereunder, invoiced in arrears. The Company agrees
to pay all undisputed invoices within thirty (30) days of receipt.

 

		5.	Independent Contractor Status.

 

5.1            The
Contractor shall perform his duties as an independent contractor and not as an employee of the Company. Accordingly, the Contractor
and the Company each acknowledge and agree that the Contractor will not be treated as an employee of the Company for purposes of
the Federal Insurance Contributions Act, the Social Security Act, the Federal Unemployment Tax Act, federal and state income tax
withholding, state unemployment taxes, State Workmen's Compensation Insurance and similar laws covering the employer-employee relationship.
The Contractor further acknowledges that he is responsible for the payment of any state or federal income tax and that he understands
his responsibilities with respect to the payment of these taxes. Nothing in this Agreement shall establish an agency, partnership,
joint venture or employee relationship between the Company, on the one hand, and the Contractor, on the other hand. In addition,
the parties agree that by virtue of the Contractor providing the services under this Agreement, the Contractor shall not be entitled
to any benefits of the Company, including but not limited to life insurance, death benefits, accident or health insurance, qualified
pension or retirement plans or other employee benefits.

 

5.2            The
Contractor shall have no authority to act as agent for, or on behalf of, the Company, or to represent the Company, or bind the
Company in any manner.

 

5.3            The
Contractor shall not be entitled to workers’ compensation, retirement, insurance or other benefits afforded to employees
of the Company.

 

5.4            As
an independent contractor, the Contractor understands and agrees that he is solely responsible for the control and supervision
of the means by which the services are performed.

 

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		6.	Restrictive Covenants.

 

6.1            Confidentiality.
The Contractor shall not, during the time of rendering services to the Company or thereafter, disclose to anyone other than
authorized employees of the Company (or persons designated by such duly authorized employees of the Company) or use for the benefit
of the Contractor or for any entity other than the Company, any Confidential Information. For purposes of this Agreement, Confidential
Information shall mean know-how, trade secrets, client lists, supplier lists, referral source lists, computer software or data
of any sort developed or compiled by the Company, algorithms, source or other computer code, requirements and specifications, procedures,
security practices, regulatory compliance information, personnel matters, drawings, specifications, instructions, methods, processes,
techniques, formulae, costs, profits or margin information, markets, sales, pricing policies, operational methods, plans for future
development, data drawings, samples, processes, products, the financial condition, results of operations, business, properties,
assets, liabilities, or future prospects of the Company.

 

6.2            Non-Solicitation
of Customers. Contractor specifically agrees that during the term of this Agreement and for a period of one (1) year
after the termination hereof, for whatever reason, or for a period of one (1) year from the date of entry by a court of
competent jurisdiction of a final judgment enforcing this covenant in the event of a breach by   Contractor,   whichever   is   later,   Contractor
covenants   and agrees   that Contractor shall
not,   directly   or   indirectly, whether as   proprietor,
stockholder, partner, member, officer, consultant, employee or for the benefit of another, solicit, divert,
reduce or otherwise modify or attempt to solicit, divert, reduce or otherwise modify, the business of the clients, suppliers,
licensors, licensees, franchisees, customers, accounts or business relations, or prospective clients, suppliers, licensors,
licensees, franchisees, customers, accounts or business relations, of the Company’s business.

 

6.3            Non-Solicitation
of Employees. Contractor specifically agrees that during the term of this Agreement and for a period of one (1) year after
the termination hereof, Contractor shall not, directly or indirectly, whether as proprietor, stockholder, partner, member, officer,
consultant, employee or for the benefit of another solicit for employment or hire, assist in the solicitation or hiring, induce
of influence, or attempt to induce or influence, any person who was an employee, agent, independent contractor, services vendor,
partner, officer, or director of the The Company or any of its affiliates, during the one (1) year period preceding the termination
of this Agreement, to terminate his relationship with the Company or any of its affiliates, or to cease providing services to or
on behalf of the Company or any of its affiliates, as the case may be.

 

6.4            Non-Disparagement.
Contractor understands and agrees that, as a condition to entering into this Agreement, Contractor will not make any false,
disparaging, defamatory or derogatory statements in public or in private regarding the Company or any of its directors, officers,
founders, employees, agents, representatives.

 

    3

     

    

 

 

 

6.5            Acknowledgement. Contractor
recognizes the provisions of this Section 6 shall survive the termination of this Agreement. Contractor further
recognizes that the restrictions contained in this Agreement are of mutual benefit to Contractor and the Company, and are
supported by full and adequate consideration, that the restrictions and covenants set forth in this Agreement are reasonable
and necessary for the protection of the Company’s legitimate business interest and that the Company will suffer
irreparable harm in the event of a breach by Contractor of any of the restrictive provisions of this Agreement. Accordingly,
the parties agree that in the event of any breach or attempted breach by Contractor of any of the restrictive provisions of
this Agreement, the Company shall be entitled to institute and prosecute judicial proceedings with respect to such breach,
and to recover such costs, expenses, and reasonable attorneys’ fees as may be incurred by the Company in connection
with such proceedings. The parties further recognize that because a remedy at law for any breach or attempted or threatened
breach by Contractor shall be inadequate, that, in addition to any other relief or damages available, the Company shall be
entitled to enjoin Contractor, without requirement of bond, from engaging in any conduct in violation of this Agreement and
seek any other injunctive or equitable relief as may be appropriate in case of any such breach or attempted breach.

 

		7.	Liability.

 

7.1            Except
as expressly provided in Section 2.3, the Company shall not be responsible for any costs incurred by the Contractor, including,
without limitation, any fees or other payments due to subcontractor(s).

 

7.2
            The Contractor shall perform the services set out in this
Agreement at his own risk.

 

7.3
            EXCEPT WITH RESPECT TO THE PARTIES’ INDEMNIFICATION OBLIGATIONS, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, OR
CONSEQUENTIAL DAMAGES ARISING FROM OR RELATED TO THIS AGREEMENT, INCLUDING BODILY INJURY, DEATH, LOSS OF REVENUE, OR
PROFITS OR OTHER BENEFITS, AND CLAIMS BY ANY THIRD PARTY, EVEN IF THE PARTIES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES. THE FOREGOING LIMITATION APPLIES TO ALL CAUSES OF ACTION IN THE AGGREGATE, INCLUDING WITHOOUT LIMITATION TO
BREACH OF CONTRACT, BREACH OF WARRANTY, NEGLIGENCE, STRICT LIABILITY, AND OTHER TORTS.

 

		8.	Disclaimer of Warranty.

 

8.1            THE
WARRANTIES CONTAINED HEREIN ARE THE ONLY WARRANTIES MADE BY THE PARTIES HEREUNDER. EACH PARTY MAKES NO OTHER WARRANTY, WHETHER
EXPRESS OR IMPLIED, AND EXPRESSLY EXCLUDES AND DISCLAIMS ALL OTHER WARRANTIES.

 

    4

     

    

 

 

		9.	Indemnification.

 

9.1            The
Contractor agrees to indemnify and hold harmless the Company, its affiliates, and its respective officers, shareholders, directors,
agents and employees from any and all claims, demands, losses, causes of action, damage, lawsuits, judgments, including reasonable
attorneys’ fees and costs of litigation, arising out of, or relating to, the Contractor’s services under this Agreement.

 

9.2            The
Contractor agrees to defend and hold the Company harmless against any and all claims, demands, causes of action, lawsuits, and/or
judgments arising out of, or relating to, the Contractor’s services under this Agreement, unless expressly stated otherwise
by the Company, in writing.

 

9.3            The
Contractor’s indemnification obligations hereunder shall survive the termination of this Agreement.

 

		10.	Duration, Scope and Severability.

 

10.1          This
Agreement shall take effect immediately and shall remain in full force and effect until the Termination Date, unless the Termination
Date is extended by the parties as provided in Section 1 hereof.

 

10.2          Either
party may terminate this Agreement for any reason upon thirty (30) days written notice to the other.

 

10.3          This
Agreement, and any accompanying appendices, duplicates, or copies, constitutes the entire agreement between the Parties with respect
to the subject matter of this Agreement, and supersedes all prior negotiations, agreements, representations, and understandings
of any kind, whether written or oral, between the Parties, preceding the date of this Agreement.

 

10.4          This
Agreement may be amended only by written agreement duly executed by an authorized representative of each party.

 

10.5          If
any provision or provisions of this Agreement shall be held unenforceable for any reason, then such provision shall be modified
to reflect the parties’ intention. All remaining provisions of this Agreement shall remain in full force and effect for the
duration of this Agreement.

 

10.6          No
modifications to this Agreement shall be binding upon the Company without the express, written consent of the Company.

 

10.7          This
Agreement shall not be assigned by either party without the express, written consent of the other party.

 

    5

     

    

 

 

 

		11.	Governing Law and Jurisdiction.

 

11.1          This
Agreement shall be governed in all respects by the laws of the Commonwealth of Virginia without regard to its laws or regulations
relating to conflicts of laws. In all court proceedings brought in connection with this Agreement, the parties hereto irrevocably
consent to non-exclusive personal jurisdiction by, and venue in, the Circuit Court of the County of Henrico, Virginia, and the
United States District Court for the Eastern District of Virginia, Richmond Division (to the extent such court has subject matter
jurisdiction). Each party waives any right to object to such jurisdiction.

 

[SIGNATURES APPEAR ON THE NEXT PAGE]

 

    6

     

    

 

 

 

IN WITNESS WHEREOF, the parties,
intending to be legally bound, have each executed this agreement as of the Effective Date.

 

	 	CARLOTZ, INC.

 

	 	By:	/s/ Michael Bor
	 	 	Name: Michael Bor
	 	 	Title: CEO

 

	 	CONTRACTOR:

 

	 	 	/s/ Aaron Montgomery
	 	Name:	Aaron Montgomery

 

    7

     

    

 

 

 

APPENDIX A

 

Services (see Section 1):

 

		•	Consult with and provide strategic project-based services
for the Company assigned by the Company’s CEO.

 

Compensation (see Section 4):

 

		•	$50/hour for project-based tasks

 

    8

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