Document:

Exhibit 10.4 

 

Execution Version

 

SPONSOR AGREEMENT

 

This
SPONSOR AGREEMENT (this “Agreement”), dated as of June 13, 2021, is made by and among Seven Oaks Sponsor LLC, a
Delaware limited liability company (“Seven Oaks Sponsor”), Jones & Associates, Inc., a Delaware corporation
(including any affiliates, “Jones Sponsor” and, together with Seven Oaks Sponsor, “Sponsors”),
Seven Oaks Acquisition Corp., a Delaware corporation (“Acquiror”), Giddy Inc., a Delaware corporation (the
 “Company”) and JonesTrading Institutional Services LLC (solely for purposes of Section 5)
(“JonesTrading”). Sponsors, Acquiror and the Company shall be referred to herein from time to time collectively
as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Merger Agreement.

 

WHEREAS,
as of the date hereof, Seven Oaks Sponsor is a holder of record and the “beneficial owner” (within the meaning of Rule
13d-3 under the Exchange Act) of 5,304,375 shares of Acquiror Common Stock and 5,587,500 Acquiror Warrants (the “Seven Oaks Sponsor
Warrants”), all of which are Private Placement Warrants (the “Seven Oaks Sponsor Private Placement Warrants”);

 

WHEREAS,
as of the date hereof, Jones Sponsor is a holder of record and the “beneficial owner” (within the meaning of Rule 13d-3
under the Exchange Act) of 1,164,375 shares of Acquiror Common Stock;

 

WHEREAS, Acquiror, the Company
and certain other Persons party thereto entered into the Agreement and Plan of Merger, dated as of the date hereof (as it may be amended,
restated or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”); and

 

WHEREAS, the Merger Agreement
contemplates that the Parties will enter into this Agreement concurrently therewith, pursuant to which, among other things, each Sponsor
will (a) vote in favor of approval of the Merger Agreement and the transactions contemplated thereby and (b) agree to waive any adjustment
to the conversion ratio set forth in the Acquiror Organizational Documents with respect to the Acquiror Class B Common Stock related to
the issuance of Acquiror Class A Common Stock pursuant to the PIPE Investment.

 

NOW, THEREFORE, the Parties
hereby agree as follows:

 

1.            
Binding Effect of Merger Agreement. Each Sponsor hereby acknowledges that it has read the Merger Agreement and this Agreement
and has had the opportunity to consult with its tax and legal advisors. Each Sponsor shall be bound by and comply with Sections 8.03 (Exclusivity)
and 8.05 (Confidentiality; Publicity) of the Merger Agreement (and any relevant definitions contained in any such Sections) as
if such Sponsor was an original signatory to the Merger Agreement with respect to such provisions.

 

2.            
Registration Rights Agreement. At the Closing, each Sponsor and the Director Holders (as defined therein) shall deliver
to the Company a duly executed copy of that certain Amended and Restated Registration Rights Agreement, by and among the Company, Sponsors,
certain of the Company’s stockholders or their respective Affiliates, as applicable, the Director Holders and the Investor Stockholders
(as defined therein), in substantially the form attached as Exhibit C to the Merger Agreement.

 

     

     

    

 

3.            
Agreement to Vote. Each Sponsor hereby agrees that from the date hereof until the earlier of (a) the Closing, and (b) the
valid termination of the Merger Agreement in accordance with Section 10 thereof or the termination of this Agreement, (i) to vote (or
cause to be voted) or execute and deliver a written consent (or cause a written consent to be executed and delivered) at any meeting of
the shareholders of Acquiror, however called, or at any adjournment thereof, or in any other circumstance in which the vote, consent or
other approval of the shareholders of Acquiror is sought (and appear at any such meeting, in person or by proxy, or otherwise cause all
of such holder’s Subject Acquiror Equity Securities to be counted as present thereat for purposes of establishing a quorum), all
of such Sponsor’s Acquiror Class B Common Stock (together with any other Equity Securities of Acquiror that such Sponsor holds of
record or beneficially as of the date of this Agreement or acquires record or beneficial ownership of after the date hereof, collectively,
the “Subject Acquiror Equity Securities”) (A) in favor of the Acquiror Stockholder Matters, (B) against any merger
agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation
or winding up of or by Acquiror (other than the Merger Agreement and the Transactions), (C) against any proposal in opposition to approval
of the Merger Agreement or in competition with or inconsistent with the Merger Agreement or the Transactions, (D) against any change in
the business of Acquiror or the Acquiror Board (other than in connection with the Required Transaction Proposals), and (E) against any
proposal, action or agreement that would (1) impede, frustrate, prevent or nullify any provision of this Agreement, the Merger Agreement
or the Transactions, (2) result in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement
of any Acquiror Party under the Merger Agreement, (3) result in any of the conditions set forth in Article 9 of the Merger Agreement not
being fulfilled or (4) change in any manner the dividend policy or capitalization of, including the voting rights of any class of capital
stock of, Acquiror, (ii) not to redeem, elect to redeem or tender or submit any of its Subject Acquiror Equity Securities for redemption
in connection with the Merger Agreement or the Transactions, (iii) not to commit or agree to take any action inconsistent with the foregoing,
(iv) to comply with, and fully perform all of its obligations, covenants and agreements set forth in, that certain Letter Agreement, dated
as of December 17, 2020, by and among Acquiror, its officers, its directors and Sponsors (the “Voting Letter Agreement”),
including the obligations of such Sponsor pursuant to Section 1 therein not to redeem any shares of Acquiror Common Stock owned by such
Sponsor in connection with the Transactions, (v) not to modify or amend any Contract between or among such Sponsor and any Affiliate of
such Sponsor (other than Acquiror or any of its Subsidiaries), on the one hand, and Acquiror or any of Acquiror’s Subsidiaries,
on the other hand, related to the Transactions, including, for the avoidance of doubt, the Voting Letter Agreement, and (vi) to comply
with the transfer restrictions set forth in the Voting Letter Agreement irrespective of any release or waiver thereof, as if such transfer
restrictions remain in effect until the valid termination of the Merger Agreement in accordance with Section 10 thereof or the termination
of this Agreement (regardless of any earlier termination of such transfer restrictions set forth in the Voting Letter Agreement).

 

4.            
Vesting.

 

(a)          
Each Sponsor agrees that, as of immediately prior to (but subject to) the Closing, thirty percent (30%) of the shares (the “Unvested
Shares”) of Acquiror Class B Common Stock and the shares of Acquiror Class A Common Stock and Acquiror Common Stock issuable
upon conversion of such Acquiror Class B Common Stock in connection with the Closing held by each Sponsor (and its Affiliates and Permitted
Transferees (as such terms are defined in the Amended and Restated Registration Rights Agreement, dated as of the Closing Date, by and
between the Company, Sponsor and the other parties thereto)) as of immediately prior to the Closing (the “Sponsor Shares”)
shall be unvested and shall be subject to the vesting and forfeiture provisions set forth in this Section 4.

 

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(b)          
Seventy percent (70%) of the Sponsor Shares owned by the Sponsors (and their respective Affiliates and Permitted Transferees) as
of the Closing shall be fully-vested (and shall not be subject to forfeiture) at the Closing.

 

(c)          Performance Vesting Shares. The Unvested Shares owned by the Sponsors (and their respective Affiliates and Permitted Transferees)
at Closing will be subject to the following vesting thresholds:

 

(i)             
50% of the Unvested Shares owned by the Sponsors (or their respective Affiliates and Permitted Transferees) shall vest (and shall
not be subject to forfeiture) upon the occurrence of Triggering Event I (the “$12 Sponsor Shares”). If Triggering Event
I does not occur on or prior to the fifth (5th) anniversary of the Closing Date, the Sponsor Shares that were eligible to vest
pursuant to this Section 4(c)(i) shall not vest, and shall be forfeited as provided in Section 4(c)(iii).

 

(ii)            
50% of the Unvested Shares owned by the Sponsors (or their respective Affiliates and Permitted Transferees) shall vest (and shall
not be subject to forfeiture) upon the occurrence of Triggering Event II (the “$14 Sponsor Shares”). If Triggering
Event II does not occur on or prior to the fifth (5th) anniversary of the Closing Date, the Sponsor Shares that were eligible
to vest pursuant to this Section 4(c)(ii) shall not vest, and shall be forfeited as provided in Section 4(c)(iii).

 

(iii)           
Any unvested Sponsor Shares that are forfeited pursuant to Section 4(c)(i) through Section 4(c)(ii) shall be deemed
transferred by the forfeiting holder to the Acquiror and shall be cancelled by Acquiror and cease to exist.

 

(iv)           
Notwithstanding anything in this Agreement to the contrary, 100% of the $12 Sponsor Shares and $14 Sponsor Shares shall vest (and
shall not be subject to forfeiture) upon a Company Sale consummated at a Company Sale Price that is equal to or greater than the redemption
price payable to the Acquiror’s stockholders.

 

(d)          
In the event that there is a Company Sale after the Closing but on or prior to the fifth (5th) anniversary of the Closing
Date that will result in the holders of Acquiror Common Stock receiving a Company Sale Price in excess of the applicable price per share
attributable to any Triggering Event, then immediately prior to the consummation of the Company Sale, any such Triggering Event that has
not previously occurred shall be and the related vesting conditions shall also be deemed to have occurred and the holders of such Sponsor
Shares shall be eligible to participate in such Company Sale. For avoidance of doubt, assuming no prior Triggering Events have occurred,
to the extent the consideration in a Company Sale is cash: (i) if the Company Sale Price for acquisition of the Acquiror Common Stock
is greater than $12.00 per share of Acquiror Common Stock but is equal to or less than $14.00 per share of Acquiror Common Stock, the
$12 Sponsor Shares shall be deemed to have fully vested (and the $14 Sponsor Shares shall be deemed forfeited and shall be cancelled by
Acquiror) and (ii) if the Company Sale Price for acquisition of the Acquiror Common Stock is greater than $14.00 per share of Acquiror
Common Stock, the $12 Sponsor Shares and the $14 Sponsor Shares shall be deemed to have fully vested; provided, however,
that if the Company Sale Price for acquisition of the Acquiror Common Stock is equal to or less than $12.00 per share of Acquiror Common
Stock, then neither the $12 Sponsor Shares nor the $14 Sponsor Shares shall be deemed to have vested and all such $12 Sponsor Shares and
the $14 Sponsor Shares shall be deemed forfeited and shall be cancelled by Acquiror. Notwithstanding anything to the contrary herein,
(x) in the event of any merger, sale, consolidation, recapitalization, equity transfer, restructuring, reorganization or other similar
business transaction that does not constitute a Company Sale, any remaining unvested Sponsor Shares shall not be forfeited, shall remain
outstanding, and shall remain subject to the remaining applicable vesting triggering events set forth above in Section 4(c), and
(y) to the extent the consideration in a Company Sale is publicly traded equity securities of the surviving company or one of its Affiliates,
any remaining unvested Sponsor Shares (not otherwise vested pursuant to Section 4(c)) that are converted into such consideration
shall remain subject to the remaining applicable vesting triggering events set forth herein.

 

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(e)          
Subject to the limitations contemplated herein, the Sponsors shall each have all of the rights of a stockholder of the Acquiror
with respect to the Sponsor Shares, including the right to receive dividends and/or distributions made to the holders of Acquiror Common
Stock and to voting rights generally granted to holders of Acquiror Common Stock; provided, however, that the unvested Sponsor
Shares shall not entitle the holder thereof to consideration in connection with any sale or other transaction (other than pursuant to
Section 4(d)) and may not otherwise be offered, sold, transferred, redeemed, assigned, pledged, hypothecated, encumbered or otherwise
disposed of (whether by operation of law or otherwise) by the Sponsors (other than to a Permitted Transferee), as the case may be, or
be subject to execution, attachment or similar process, and shall bear a customary legend with respect to such transfer restrictions.
Any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of such unvested Sponsor Shares shall be
null and void. Upon the vesting of any Sponsor Shares in accordance with the terms herein, the Company shall promptly cause the removal
of any such legend upon request by the holder thereof.

 

(f)           
If, and as often as, there are any changes in the Acquiror or the Sponsor Shares by way of stock split, stock dividend, combination
or reclassification, or through merger, consolidation, reorganization, recapitalization or business combination, or by any other means,
equitable adjustment shall be made to the provisions of this Agreement as may be required so that the rights, privileges, duties and obligations
hereunder shall continue with respect to Acquiror, Acquiror’s successor or the surviving entity of such transaction and the Acquiror
Warrants, each as so changed. The Sponsors will promptly inform the Company of any elections made by each Sponsor under Section 83(b)
of the Code in connection with the Closing with respect to Sponsor Shares held by Sponsor.

 

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(g)         
Notwithstanding the provisions of Section 4(e), each Sponsor or their respective Permitted Transferees may transfer unvested
Sponsor Shares to any Permitted Transferee.

 

(h)          
For purposes of this Section 4:

 

(i)             
“Company Sale” means (which, for the avoidance of doubt, shall not include the Transactions): (x) any transaction
or series of related transactions that results in any Person or “group” (within the meaning of Section 13(d)(3) of the Exchange
Act) acquiring Equity Securities that represent more than 50% of the total voting power of the then outstanding voting securities of Acquiror
(or the equity interests of the surviving Person outstanding immediately after such transaction or transactions) or (y) a sale or disposition
of all or substantially all of the assets of Acquiror and its Subsidiaries on a consolidated basis, in each case other than a transaction
or series of related transactions which results in at least 50% of the combined voting power of the then outstanding voting securities
of Acquiror (or any successor to Acquiror) immediately following the closing of such transaction (or series of related transactions) being
beneficially owned, directly or indirectly, by individuals and entities (or Affiliates of such individuals and entities) who were the
beneficial owners, respectively, of Equity Securities representing more than 50% of the total voting power of the then outstanding voting
securities of Acquiror immediately prior to such transaction (or series of related transactions).

 

(ii)
             “Company Sale Price” means the price per share
for Acquiror Common Stock in a Company Sale. If and to the extent the price paid per share includes any escrows, holdbacks, deferred
purchase price, earnouts or other contingent consideration, the Acquiror Board shall determine the price paid per share of Acquiror Common
Stock in such Company Sale in good faith, including the affirmative vote of the Director appointed by Seven Oaks Sponsor pursuant to
Section 7.05(a)(i) of the Merger Agreement if he or she is then on the Acquiror Board. If and to the extent the price is payable in whole
or in part with consideration other than cash, the price for such non-cash consideration shall be determined as follows: (x) with respect
to any securities: (A) the average of the closing prices of the sales of the securities on all securities exchanges on which the securities
may at the time be listed averaged over a period of 21 days consisting of the day as of which such value is being determined and the
20 consecutive business days prior to such day or (B) if the information in (A) is not practically available, the value of each such
security shall be equal to the fair value thereof as of the date of valuation as determined by an independent, nationally recognized
investment banking firm to be appointed with the mutual approval of Seven Oaks Sponsor and the Acquiror Board on the basis of an orderly
sale to a willing, unaffiliated buyer in an arm’s-length transaction, taking into account all factors determinative of value as
the investment banking firm determines relevant and (y) with respect to any other non-cash assets, the fair value thereof as of the date
of valuation as determined by an independent, nationally recognized investment banking firm to be appointed with the mutual approval
of Seven Oaks Sponsor and the Acquiror Board on the basis of an orderly sale to a willing, unaffiliated buyer in an arm’s-length
transaction, taking into account all factors determinative of value as the investment banking firm determines relevant.

 

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(iii)            
“Earn Out Period” means the date that is five (5) years following the Closing Date.

 

(iv)           
“Triggering Event I” means the date, prior to the expiration of the Earn Out Period, on which the Acquiror Common
Stock’s last sale price on the Nasdaq as reported by Bloomberg is greater than $12.00 per share (as adjusted for stock splits, stock
dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any consecutive thirty (30)-trading
day period commencing after the Closing Date.

 

(v)            
“Triggering Event II” means the date, prior to the expiration of the Earn Out Period, on which the Acquiror
Common Stock’s last sale price on the Nasdaq as reported by Bloomberg is greater than $14.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any consecutive thirty (30)-trading
day period commencing after the Closing Date.

 

(vi)           
If Triggering Event II occurs, then Triggering Event I shall also be deemed to have occurred.

 

5.           
Lockup. Sponsor hereby agrees that, from and after the First Effective Time, Section 7.12 of the Acquiror’s Bylaws
(the form of which is attached as Exhibit B to the Merger Agreement) shall apply to the Sponsor Shares mutatis mutandis as though
the Sponsor Shares are “Lock-up Shares” thereunder. Notwithstanding the foregoing, from and after the First Effective Time,
any waiver, modification, amendment or repeal of Section 7.12 of the Acquiror’s Bylaws shall require the Sponsors’ written
consent, solely in their respective capacities as stockholders of Acquiror; provided that such consent shall not be unreasonably
withheld, conditioned or delayed; provided, further that Sponsor consent shall not be required for the release of stockholders
from the Lock-up (as defined in the Acquiror’s Bylaws) who hold, in the aggregate, less than 1% of Acquiror’s total outstanding
shares, with the Sponsor nevertheless receiving written notice of any such lock-up release prior thereto. All parties hereto acknowledge
that the provisions set forth in this Section 5 shall supersede any conflict terms, including those set forth in the Voting Letter
Agreement. Notwithstanding anything to the contrary set forth in this Agreement, the Sponsor may transfer up to 125,000 shares of Acquiror
Class B Common Stock to parties participating in the PIPE Investment.

 

6.           
Waiver of Anti-dilution Protection. Each Sponsor hereby (a) irrevocably and unconditionally waives, subject to and conditioned
upon, the occurrence of the Closing, to the fullest extent permitted by Law and the Acquiror Organizational Documents and (b) agrees not
to assert or perfect any rights to adjustment or other anti-dilution protections with respect to the rate that the Acquiror Class B Common
Stock held by it converts into Acquiror Class A Common Stock pursuant to Section 4.3(b) of Acquiror’s Certificate of Incorporation
or any other adjustment or anti-dilution protections that arise in connection with the issuance of Acquiror Class A Common Stock pursuant
to the PIPE Investment.

 

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7.            
Additional Covenants of Sponsors.

 

(a)          
No Transfer. In addition to the restrictions on transfer set forth in the Voting Letter Agreement, during the period commencing
on the date hereof and ending on the earlier to occur of (i) the First Effective Time and (ii) such date and time as the Merger
Agreement shall be terminated in accordance with Section 10.01 thereof (the earlier of (i) and (ii), the “Expiration Time”),
each Sponsor, other than as may be required by a Governmental Order or other Law, agrees that it shall not, directly or indirectly (including
through any entity deemed to be an “affiliate” under the Securities Act of 1933, as amended, or the Exchange Act), (i) sell,
offer to sell, contract, or agree to sell, hypothecate, pledge, grant any option to purchase, place a lien on, transfer (including by
operation of law), distribute, encumber or otherwise dispose of any of the Sponsor Shares or Seven Oaks Sponsor Warrants or enter into
any contract, option or other agreement or undertaking to do any of the foregoing (collectively, a “Transfer”), (ii)
engage in any hedging or other transaction which is designed to, or which would (either alone or in connection with one or more events,
developments or events (including the satisfaction or waiver of any conditions precedent)), lead to or result in a sale or disposition
of the Sponsor Shares or Seven Oaks Sponsor Warrants, (iii) directly or indirectly, file (or participate in the filing of) a registration
statement with the SEC (other than the Proxy Statement), or establish or increase a put equivalent position or liquidate or decrease a
call equivalent position, within the meaning of Section 16 of the Exchange Act, with respect to any Sponsor Shares or Seven Oaks Sponsor
Warrants, (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any Sponsor Shares or Seven Oaks Sponsor Warrants, (v) publicly announce any intention to effect any transaction
specified in clause (i), (ii), (iii) or (iv), or (vi) take any action that would have the effect of preventing or materially delaying
the performance of such Sponsor’s obligations hereunder. Notwithstanding the foregoing, this shall not prohibit (A) the exchange
of Private Placement Warrants pursuant to Section 7(c) hereof and (B) a Transfer of Sponsor Shares or Seven Oaks Sponsor Warrants
to any partner, member or Affiliate of such Sponsor, provided that such Transfer shall be permitted only if, prior to or in connection
with such Transfer, the transferee agrees in writing, reasonably satisfactory in form and substance to Acquiror and the Company, to assume
all of the obligations of such Sponsor with respect to such Transferred securities and to be bound by the terms of this Agreement.

 

(b)          
New Securities. In the event that, during the period commencing on the date hereof and ending at the Expiration Time, (i)
any shares of Acquiror Common Stock, Acquiror Warrants, or other equity securities of Acquiror are issued to a Sponsor after the date
of this Agreement pursuant to any stock dividend, stock split, recapitalization, reclassification, combination, or exchange of shares
of Acquiror Common Stock or Acquiror Warrants of, on, or affecting the shares of Acquiror Common Stock or Acquiror Warrants owned by such
Sponsor or otherwise, (ii) a Sponsor purchases or otherwise acquires beneficial ownership of any shares of Acquiror Common Stock, Acquiror
Warrants or other equity securities of Acquiror after the date of this Agreement, or (c) a Sponsor acquires the right to vote or share
in the voting of any shares of Acquiror Common Stock or other equity securities of Acquiror after the date of this Agreement (such shares
of Acquiror Common Stock, Acquiror Warrants, and other equity securities of Acquiror, collectively the “New Securities”),
then such New Securities acquired or purchased by such Sponsor shall be subject to the terms of this Agreement to the same extent as if
they constituted the “Sponsor Shares”, “Seven Oaks Sponsor Warrants” or “Seven Oaks Sponsor Private Placement
Warrants” owned by Seven Oaks Sponsor as of the date hereof.

 

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(c)          
Treatment of Warrants. Prior to the Closing, Seven Oaks Sponsor and the Company shall discuss, in good faith, revisions
to the terms of the Seven Oaks Sponsor Private Placement Warrants such that the Seven Oaks Sponsor Private Placement Warrants are treated
as equity under the rules and guidelines of the SEC at and after the Closing; provided that any such revision of the Seven Oaks
Sponsor Private Placement Warrants shall be acceptable to Seven Oaks Sponsor in its sole discretion; provided further that Seven
Oaks Sponsor hereby agrees to amend the Seven Oaks Sponsor Private Placement Warrants to make them non-transferable (other than permitted
transfers as long as the terms of the warrant do not change upon any such transfer) if such amendment would result in the Seven Oaks Sponsor
Private Placement Warrants being treated as equity under the rules and guidelines of the SEC at and after the Closing. For purposes of
the prior sentence, “non-transferable” shall mean that the Seven Oaks Sponsor Private Placement Warrants may not be sold,
transferred or assigned, and “permitted transfers” shall include transfers to Affiliates or affiliated investment funds.

 

8.            
Representations and Warranties. Each Sponsor represents and warrants to Acquiror and the Company as follows:

 

(a)          
Such Sponsor is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated,
formed, organized or constituted, and the execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated hereby are within such Sponsor’s limited liability company or corporate powers, as applicable, and have been duly authorized
by all necessary limited liability company or corporate actions on the part of such Sponsor, as applicable. This Agreement has been duly
executed and delivered by such Sponsor and, assuming due authorization, execution and delivery by the other Parties, this Agreement constitutes
a legally valid and binding obligation of such Sponsor, enforceable against such Sponsor in accordance with the terms hereof (except as
enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity
affecting the availability of specific performance and other equitable remedies).

 

(b)          
Such Sponsor is the record and beneficial owner (as defined in the Securities Act) of, and has good title to, all of such Sponsor’s
shares of Acquiror Common Stock and Acquiror Warrants, and there exist no Liens or any other limitation or restriction (including any
restriction on the right to vote, sell or otherwise dispose of such shares of Acquiror Common Stock or Acquiror Warrants (other than transfer
restrictions under the Securities Act)) affecting any such shares of Acquiror Common Stock or Acquiror Warrants, other than Liens pursuant
to (i) this Agreement, (ii) the Acquiror Organizational Documents, (iii) the Merger Agreement, (iv) the Voting Letter Agreement or (v)
any applicable securities Laws. Such Sponsor’s shares of Acquiror Common Stock and Acquiror Warrants are the only equity securities
in Acquiror owned of record or beneficially by such Sponsor on the date of this Agreement, and none of such Sponsor’s shares of
Acquiror Common Stock or Acquiror Warrants are subject to any proxy, voting trust or other agreement or arrangement with respect to the
voting of such shares of Acquiror Common Stock or Acquiror Warrants, except as provided hereunder and under the Voting Letter Agreement.
Other than the Acquiror Warrants, such Sponsor does not hold or own any rights to acquire (directly or indirectly) any equity securities
of Acquiror or any equity securities convertible into, or which can be exchanged for, equity securities of Acquiror.

 

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(c)          
The execution and delivery of this Agreement by such Sponsor does not, and the performance by such Sponsor of its obligations hereunder
will not, (i) conflict with or result in a violation of the organizational documents of such Sponsor, or (ii) require any consent or approval
that has not been given or other action that has not been taken by any third party (including under any Contract binding upon such Sponsor
or such Sponsor’s Subject Acquiror Equity Securities), in each case, to the extent such consent, approval or other action would
prevent, enjoin or materially delay the performance by such Sponsor of its obligations under this Agreement.

 

(d)          
There are no Actions pending against such Sponsor or, to such Sponsor’s knowledge, threatened against such Sponsor, before
(or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental Authority, which in any manner challenges
or seeks to prevent, enjoin or materially delay the performance by such Sponsor of its obligations under this Agreement.

 

(e)          
Except as described on Schedule 5.07 to the Merger Agreement, no broker, finder, investment banker or other Person is entitled
to any brokerage fee, finders’ fee, underwriting fee, deferred underwriting fee, commission or other similar payment in connection
with the Transactions based upon arrangements made by such Sponsor, for which Acquiror or any of its Affiliates may become liable.

 

(f)           
Except as set forth in the Acquiror’s final prospectus dated November 24, 2020 filed with the SEC, neither such Sponsor nor,
to the knowledge of such Sponsor, any Person in which such Sponsor has a direct or indirect legal, contractual or beneficial ownership
of 5% or greater is party to, or has any rights with respect to or arising from, any Contract with Acquiror or its Subsidiaries.

 

(g)           Such Sponsor understands and acknowledges that each of Acquiror and each Company Party is entering into the Merger Agreement in
reliance upon such Sponsor’s execution and delivery of this Agreement.

 

9.            
Termination. This Agreement shall automatically terminate, without any notice or other action by any Party, and be void
ab initio upon the earlier of (a) the First Effective Time and (b) the valid termination of the Merger Agreement in accordance
with its terms. Upon termination of this Agreement as provided in the immediately preceding sentence, none of the Parties shall have any
further obligations or liabilities under, or with respect to, this Agreement. Notwithstanding the foregoing or anything to the contrary
in this Agreement, (i) the termination of this Agreement shall not affect any liability on the part of any Party for a Willful Breach
of any covenant or agreement set forth in this Agreement prior to such termination or Fraud, (ii) Sections 4 through 6 shall
survive the termination of this Agreement pursuant to clause (a) of this Section 9, (iii) Sections 9 through 11 shall
each survive the termination of this Agreement, and (iv) Sections 13 through 20 shall each survive the termination of this
Agreement solely to the extent related to any surviving sections. For purposes of this Section 9, (A) “Willful Breach”
means a material breach that is a consequence of an act undertaken or a failure to act by the breaching Party with the actual knowledge
(as opposed to constructive, imputed or implied knowledge) that the taking of such act or such failure to act will constitute or cause
a breach of this Agreement and (B) “Fraud” means an act or omission by a Party, and requires: (I) a false or incorrect
representation or warranty expressly set forth in this Agreement, (II) with actual knowledge (as opposed to constructive, imputed or implied
knowledge) by the Party making such representation or warranty that such representation or warranty expressly set forth in this Agreement
is false or incorrect, (III) an intention to deceive another Party, to induce him, her or it to enter into this Agreement, (IV) another
Party’s justifiable or reasonable reliance upon such false or incorrect representation or warranty expressly set forth in this Agreement
is the cause of such Party entering into this Agreement, and (V) causing such Party to suffer damage by reason of such reliance. For the
avoidance of doubt, “Fraud” does not include any claim for equitable fraud, promissory fraud, unfair dealings fraud or any
torts (including a claim for fraud or alleged fraud) based on negligence or recklessness.

 

    9 

     

    

 

10.          
No Recourse. Each Party agrees that (a) this Agreement may only be enforced against, and any action for breach of this Agreement
may only be made against, the Parties, and no claims of any nature whatsoever (whether in tort, contract or otherwise) arising under or
relating to this Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby shall be asserted against
any Company Non-Party Affiliate or any Acquiror Non-Party Affiliate, and (b) none of the Company Non-Party Affiliates or the Acquiror
Non-Party Affiliates shall have any liability arising out of or relating to this Agreement, the negotiation hereof or its subject matter,
or the transactions contemplated hereby, including with respect to any claim (whether in tort, contract or otherwise) for breach of this
Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith, as expressly provided
herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials of any kind
furnished in connection with this Agreement, the negotiation hereof or the transactions contemplated hereby. For the purpose of this Section
10, (i) “Acquiror Non-Party Affiliate” means (A) any officer, director, employee, partner, member, manager, direct
or indirect equityholder or Affiliate of either Acquiror or Sponsors and (B) each of the former, current or future Affiliates, Representatives,
successors or permitted assigns of any of the Persons referred to in the immediately preceding clause (i)(A) (other than, for the
avoidance of doubt, Acquiror) and (ii) “Company Non-Party Affiliate” means (A) any officer, director, employee, partner,
member, manager, direct or indirect equityholder or Affiliate of the Company or any of its Subsidiaries (other than, for the avoidance
of doubt, the Company or any of its Subsidiaries) or any family member of the foregoing Persons and (B) each of the former, current or
future Affiliates, Representatives, successors or permitted assigns of any of the Persons in the immediately preceding clause (ii)(A)
(other than, for the avoidance of doubt, the Company or any of its Subsidiaries).

 

11.          
Fiduciary Duties. Notwithstanding anything in this Agreement to the contrary, (a) each Sponsor makes no agreement or understanding
herein in any capacity other than in such Sponsor’s capacity as a record holder and beneficial owner of the Subject Acquiror Equity
Securities and (b) nothing herein will be construed to limit or affect any action or inaction expressly permitted under the Merger Agreement
by any representative of such Sponsor in such representative’s capacity as a member of the board of directors (or other similar
governing body) of any Acquiror Party or as an officer, employee or fiduciary of any Acquiror Party or an Affiliate of Acquiror, in each
case, acting in such person’s capacity as a director, officer, employee or fiduciary of such Acquiror Party.

 

    10 

     

    

 

12.          
Further Assurances. From time to time, at the Company’s request and without further consideration, each Party shall
execute and deliver such additional documents and take all such further action as may be reasonably necessary or reasonably requested
to effect the actions and consummate the transactions contemplated by this Agreement. Each Sponsor further agrees not to commence or participate
in, and to take all actions necessary to opt out of any class in any class action with respect to, any action or claim, derivative or
otherwise, against Acquiror, Acquiror’s Affiliates, the Company or the Company’s Affiliates or any of their respective successors
and assigns challenging the transactions contemplated by this Agreement or the Merger Agreement.

 

13.          
Third-Party Beneficiaries. This Agreement shall be for the sole benefit of the Parties and their respective successors and
permitted assigns and is not intended, nor shall be construed, to give any Person, other than the Parties and their respective successors
and assigns, any legal or equitable right, benefit or remedy of any nature whatsoever by reason of this Agreement. Nothing in this Agreement,
expressed or implied, is intended to or shall constitute the Parties, partners or participants in a joint venture.

 

14.         
Governing Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement
or the Transactions, shall be governed by, and construed in accordance with, the internal substantive Laws of the State of Delaware applicable
to contracts entered into and to be performed solely within such state, without giving effect to principles or rules of conflict of laws
to the extent such principles or rules would require or permit the application of Laws of another jurisdiction.

 

15.          
Jurisdiction; Waiver of Jury Trial.
Any Action based upon, arising out of or related to this Agreement or the Transactions may be brought in federal and state courts
located in the State of Delaware, and each of the Parties irrevocably submits to the exclusive jurisdiction of each such court in any
such Action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that
all claims in respect of the Action shall be heard and determined only in any such court, and agrees not to bring any Action arising out
of or relating to this Agreement or the Transactions in any other court. Nothing herein contained shall be deemed to affect the right
of any Party to serve process in any manner permitted by Law or to commence legal proceedings or otherwise proceed against any other Party
in any other jurisdiction, in each case, to enforce judgments obtained in any Action brought pursuant to this Section 15. EACH
OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

16.          
Assignment. No Party shall assign this Agreement or any part hereof without the prior written consent of the other Parties.
Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted
successors and assigns. Any attempted assignment in violation of the terms of this Section 16 shall be null and void, ab initio.

 

    11 

     

    

 

17.          
Amendment. This Agreement may be amended or modified in whole or in part, only by a duly authorized agreement in writing
executed by each of the Parties in the same manner as this Agreement and which makes reference to this Agreement.

 

18.          
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement shall remain in full force and effect. The Parties further agree that if any provision contained
herein is, to any extent, held invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions
necessary to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the
extent necessary, shall amend or otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable
with a valid and enforceable provision giving effect to the intent of the Parties.

 

19.          
Notices. All notices and other communications among the Parties shall be in writing and shall be deemed to have been duly
given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified
mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service
or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as follows:

 

If prior to the Closing, to Acquiror or Seven
Oaks Sponsor:

 

Seven Oaks Acquisition Corp.

445 Park Avenue, 17th Floor

New York, NY 10022

Attention: Gary S. Matthews

Telephone: (917) 214-6371

E-mail: gary@sevenoaksacquisition.com

 

with a copy (which shall not constitute notice) to:

Winston & Strawn LLP

200 Park Avenue

New York, NY 10166

Attention: Dominick DeChiara; Jason D. Osborn; David A. Sakowitz

Facsimile: 212-294-4700

Email:
DDeChiara@winston.com; JOsborn@winston.com; DSakowitz@winston.com 

 

If
prior to the Closing, to Jones Sponsor or JonesTrading:

 

Jones & Associates, Inc.

c/o JonesTrading Institutional Services
LLC

555 St. Charles Drive, Suite 200

Thousand Oaks, CA 91360

Attention: Burke Cooke, General Counsel

 

    12 

     

    

 

with a copy (which shall not constitute
notice) to:

Ellenoff Grossman & Schole LLP

145 Avenue of the Americas

New York, NY 10105

Attention: Stuart Neuhauser

E-mail: sneuhauser@egsllp.com 

 

If to the Company or, following the Closing,
Acquiror or Sponsors:

 

Giddy Inc.

451 Broadway

New York, NY 10013

Attn: General Counsel

E-mail: legal@boxed.com

 

with
a copy (which shall not constitute notice) to:

 

Latham & Watkins LLP

885 Third Avenue

New
York, NY 10022

Attn: Justin Hamill, Chad Rolston

Email: justin.hamill@lw.com; chad.rolston@lw.com

 

or to such other address or addresses as the Parties
may from time to time designate in writing. Without limiting the foregoing, any Party may give any notice, request, instruction, demand,
document or other communication hereunder using any other means (including personal delivery, expedited courier, messenger service, ordinary
mail or electronic mail), but no such notice, request, instruction, demand, document or other communication shall be deemed to have been
duly given unless and until it actually is received by the Party for whom it is intended.

 

20.         
Captions; Counterparts. The captions in this Agreement are for convenience only and shall not be considered a part of or
affect the construction or interpretation of any provision of this Agreement. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

21.          
Entire Agreement. This Agreement constitutes the entire agreement among the Parties relating to the subject matter hereof
and supersedes any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties or
any of their respective Subsidiaries relating to the subject matter hereof. No representations, warranties, covenants, understandings,
agreements, oral or otherwise, relating to the subject matter hereof exist between the Parties except as expressly set forth or referenced
herein.

 

[Signature Pages Follow]

 

    13 

     

    

 

IN
WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed on its behalf as of the day and year first
above written.

 

	 	Seven Oaks Sponsor LLC

 

		By:	/s/ Gary S. Matthews

		Name:	Gary
S. Matthews
		Title:	Manager

 

	 	SEVEN OAKS Acquisition Corp.

 

		By:	/s/ Gary S. Matthews

		Name:	Gary
S. Matthews
		Title:	Chief
Executive Officer

 

Signature Page to Sponsor Agreement

 

     

     

    

 

	 	jones & associates, inc.

 

		By:	/s/ Burke Cook

		Name:	Burke
Cook
		Title:	Corporate
Secretary and General Counsel

 

	 	JonesTrading Institutional Services
LLC

 solely for purposes of Section 5

 

		By:	/s/ Burke Cook

		Name:	Burke
Cook
		Title:	Corporate
Secretary and General Counsel

 

Signature Page to Sponsor Agreement

 

     

     

    

 

	 	GIDDY INC.

 

		By:	/s/ Chieh Huang

		Name:	Chieh
Huang
		Title:	Chief
Executive Officer

 

Signature Page to Sponsor AgreementExhibit 10.5

 

Proposed Executive Employment Term Sheet

 

This term sheet summarizes the principal terms
and conditions of the proposed employment agreement between Seven Oaks Acquisition Corp. (the “Company”) and Chieh
Huang (“Executive”) and is subject to the execution and delivery by all parties of mutually satisfactory documentation.
This term sheet constitutes a binding obligation on both parties to cooperate in good faith to draft and agree to an underlying employment
agreement in a form that is commonly used for similar transactions and that reflects the terms set forth herein upon the closing of the
transaction contemplated by that certain Agreement and Plan of Merger by and among the Company, Giddy Inc., and such other parties as
set forth therein (the “Merger Agreement”). For the avoidance of doubt, this term sheet shall be null and void,
and the terms herein shall be of no further effect, if the closing of the transaction contemplated by the Merger Agreement does not occur.

 

	Term	Description
	EMPLOYMENT TERMS
	Employment Opportunity	The Company shall employ Executive in the position of Chief Executive Officer under terms and conditions outlined in an employment agreement (the “Agreement”) effective as of the closing (the “Effective Date”) of the transaction (the “Transaction”) contemplated by the Merger Agreement. In this position, Executive shall report directly to the Company’s Board of Directors (the “Board”) and shall have a seat on the Board.
	Term and Duties	
    The initial term of employment will
    be two (2) years; thereafter, the term of the Agreement shall automatically be extended for additional one (1) year periods unless the
    Company or Executive give written notice to the other party at least ninety (90) days in advance of the expiration of the initial term
    or any subsequent term of the intent not to extend this Agreement.

     

    The employment shall be “at-will.”

     

    This will be a full-time position and
    Executive is expected to devote all time and attention to the fulfillment of the duties hereunder. Executive shall be able to participate
    in charitable, civic, educational, or community affairs as disclosed to and approved in writing by the Company’s board of directors
    (the “Board”) in advance, so long as such activities do not, either individually or in the aggregate, interfere or
    conflict with Executive’s duties hereunder or result in a breach of any restrictive covenant obligation.

     

    This position will be based in
New York, New York and Executive may be required to travel in fulfillment of Executive’s duties and responsibilities hereunder.

	Base Salary	Executive’s base salary shall be at least $400,000 (the “Base Salary”), subject to applicable withholdings. The Base Salary shall be subject to review for increase on an annual basis, and shall not be subject to decrease (except for any across-the-board reduction impacting substantially all executives of the Company of not more than 10%).

 

     

     

    

 

	Annual Bonus	
    Executive shall receive an annual cash
    bonus with a target annual opportunity of 75% of Base Salary, subject to applicable withholdings, with 75% of the bonus based on Company
    performance objectives, which shall be determined by the Board each year based on financial metrics consistent with the annual budget
    approved by the Board (with half of such metrics based on budget gross profit achievement and half based on EBITDA achievement) and 25%
    of the bonus based individual performance objectives, which shall be established by the Executive and approved by the Board (the “Annual
    Bonus”).

     

    The Annual Bonus shall be determined
    on a sliding scale with the minimum Annual Bonus payable at 50% of Base Salary payable if 90% of the overall performance metrics are achieved,
    the target bonus of 75% of Base Salary payable if 100% of the overall performance metrics are achieved, and the maximum Annual Bonus of
    150% of Base Salary payable if 125% of the overall performance metrics are achieved), subject to applicable withholdings. The Annual Bonus
    amount payable will be subject to straight-line interpolation between 90% of the overall performance metrics achieved and 100% of the
    overall performance metrics achieved and between 100% of the overall performance metrics achieved and 125% of the overall performance
    metrics achieved.

     

    The determination of the amount
of the Annual Bonus to be paid and the achievement of the applicable Company and individual performance metrics shall be determined by
the Board in good faith. The Annual Bonus shall be subject to Executive’s continuous employment through the payment date and shall
be payable in the first payroll period following the completion of the Company’s audited financials related to the performance
year, which in no event shall be later than December 31st of the year following the year to which such Annual Bonus relates.

	Benefits and Vacation	Executive shall be eligible to participate in the Company’s benefit plans and programs and vacation programs that are offered to similarly situated employees from time to time. 
	Severance	Subject to Executive’s timely execution and non-revocation of a general release of claims against the Company which shall not include any more onerous restrictive covenants, if Executive is terminated by the Company without Cause (which shall include, for the avoidance of doubt, a termination resulting from the Company’s delivery of a notice of non-renewal at the end of the initial term or any subsequent term or resigns for Good Reason, Executive shall receive (i) continued payment of the Base Salary for twenty-four (24) months, less applicable taxes and withholdings, payable in equal installments over the twenty-four (24) month period following the termination or resignation date and commencing in the first payroll period following the expiration of the revocation period in the general release, and; (ii) in the event that Executive is eligible for and timely elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), reimbursements for the monthly costs of the COBRA premiums for eighteen (18) months following the date of such termination and commencing in the first payroll period following the expiration of the revocation period in the general release, provided that such reimbursements do not result in a violation of applicable law by, or in the imposition of penalties, fines, or excise taxes to, the Company; (iii) any earned and unpaid Annual Bonus related to the performance year prior to the year in which such termination or resignation occurs payable when annual bonuses are paid to all other employees; and (iv) a payment equal to the Annual Bonus target, pro-rated for the number of days Executive is employed in the year of termination divided by 365 payable when annual bonuses are paid to all other employees ((i) through (iv), the “Severance Payments”).

 

     

     

    

 

	Termination for “Cause”	Termination for “Cause” means (A) Executive’s conviction of or plea of nolo contendere to a felony  or a crime involving moral turpitude; (B) Executive’s commission of fraud, theft, embezzlement, self-dealing, misappropriation or other malfeasance against the business of the Company or its affiliates or subsidiaries (the “Group”); (C) Executive’s material and persistent failure to perform Executive’s lawful duties or responsibilities for the Group (other than by reason of disability); (D) Executive’s refusal to comply with any lawful policy of the Company or reasonable directive of the Board or its designee; (E) Executive’s commission of acts or omissions constituting gross negligence or material misconduct in the performance of any aspect of Executive’s lawful duties or responsibilities which have or may be expected to have an adverse effect on the Group; (F) Executive’s breach of any fiduciary duty owed to the Group; (G) Executive’s violation of any securities laws; (H) Executive’s material violation or breach of any restrictive covenant or any material term of the employment agreement; or (I) Executive’s commission of any act or omission that materially damages or is reasonably likely to materially damage the financial condition or business of the Group or materially damages or is reasonably likely to materially damage the reputation, public image, goodwill, assets or prospects of the Group. Notwithstanding the foregoing, no Cause shall exist unless (1) the Company has provided the Executive written notice detailing the event constituting Cause within 60 days of the Company obtaining knowledge of such event, and, to the extent the event is reasonably susceptible to cure, the Executive does not cure such event within 30 days of the receipt of such notice; and (2) a resolution finding that Cause exists has been approved by a majority of all of the members of the Board. 
	Termination for “Good Reason”	"Good Reason" means the occurrence of any of the following events without Executive's written consent, provided that Executive provides written notice to the Company of such event constituting Good Reason within 60 days of the occurrence and the Company does not cure such event within 30 days of the receipt of such notice from Executive: (i) a material reduction in Executive's Base Salary (except for any across-the-board reduction impacting substantially all executives of the Company of not more than 10%) or material reduction in Executive’s target Annual Bonus opportunity (except for any across-the-board reduction impacting substantially all executives of the Company of not more than 10%), (ii) a material diminution in Executive’s duties, authorities and responsibilities, including the removal of Executive from the Board,; or (iii) a relocation of Executive's principal place of employment by more than fifty (50) miles; provided that, any severance payable to Executive hereunder shall be delayed until Executive completes up to twelve (12) months of transition support, as determined by the Company, following a Change in Control if Executive’s base salary, target annual bonus opportunity, and employee benefits are substantially similar following such Change in Control.

 

     

     

    

 

	Restrictive Covenants	
    Executive would be subject to standard
    non-disclosure and proprietary information covenants during and after the term of employment and a mutual non-disparagement covenant applicable
    during employment (for mutual disparagement, the Company would direct the members of the board from disparaging Executive).

     

    Executive would be subject to
(i) a non-competition provision during employment and for the twenty-four (24) month period thereafter applicable to the business of
Boxed as it is conducted or planned to be conducted as of Executive’s termination or resignation from employment, provided that
such twenty-four (24) month period shall be subject to reduction for any period of transition support that Executive provides at the
request of the Company following a Change in Control, for a maximum reduction of up to twelve (12) months; (ii) a non-solicitation of
employees and consultants provision during employment and for the twenty-four (24) month period thereafter; and (iii) a non-solicitation
of customers, clients, investors, financing sources, vendors, suppliers, etc. provision during employment and for the twenty-four (24)
month period thereafter.

	IRC Section 409A	
    It is the intention of the parties
that Executive’s performance of the services under the employment agreement and payments to Executive under the employment agreement
shall not implicate Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). In the event that Executive’s
performance of the services or any payment due to the Executive under the employment agreement would subject Executive to the additional
tax and interest imposed by Section 409A, or any interest or penalties with respect to such additional tax (such additional tax, together
with any such interest or penalties, are collectively referred to as the “Section 409A Tax”), the Company shall modify the
employment agreement to make it compliant with Section 409A and maintain the value of the payments and benefits under the employment
agreement.

     

    If at the time of the Executive’s
termination of employment, the Executive is a “specified employee,” under Section 409A, any and all amounts payable under
the employment agreement on account of such termination of employment that would (but for this provision) be payable within six (6) months
following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period
or, if earlier, the date of the Executive’s death; except (A) to the extent of amounts that do not constitute a deferral of compensation
within the meaning of Section 409A; (B) benefits which qualify as excepted welfare benefits pursuant to Section 409A-1(a)(5); or (C)
other amounts or benefits that are not subject to the requirements of Section 409A. Each payment made under the employment agreement
shall be treated as a separate payment and the right to a series of installment payments under the employment agreement is to be treated
as a right to a series of separate payments.

 

     

     

    

 

	IRC Section 280G and 4999	Payments under the employment agreement shall be made without regard to whether the deductibility of such payments (or any other payments to or for the benefit of the Executive) would be limited or precluded by Section 280G of the Code, and without regard to whether such payments (or any other payments) would subject the Executive to the federal excise tax levied on certain “excess parachute payments” under Section 4999 of the Code; provided, that if the total of all payments to or for the benefit of the Executive (whether under this Agreement or otherwise), after reduction for all state and federal taxes (including the tax described in Section 4999 of the Code, if applicable) with respect to such payments (“Executive’s total after-tax payments”), would be increased by the limitation or elimination of any payment under this Agreement, amounts payable under this Agreement shall be reduced to the extent, and only to the extent, necessary to maximize the Executive’s total after-tax payments (the “required reduction amount”).  The determination as to whether and to what extent payments under this Agreement are required to be reduced in accordance with the preceding sentence shall be made at the Company’s expense by a nationally recognized accounting firm after considering in good faith all available exemptions, including a fair valuation of reasonable compensation for services rendered by Executive and a fair valuation for any post-employment covenants.
	INCENTIVE EQUITY TERMS
	Long-Term Incentive Plan	
    The Company will establish a long-term
    incentive plan (“LTIP”) for the Executive applicable for three years (the “LTIP Period”) under which
    restricted stock units (RSUs) covering 1,500,000 shares of common stock will be granted subject to the following time-based or performance-based
    vesting conditions:

     

    ·    
    300,000 RSUs shall vest as follows: (i) 1/3 shall vest on the first anniversary of the LTIP effective date, subject to Executive’s
    continuous employment through such date; (ii) an additional 1/3 shall vest on the second anniversary of the LTIP effective date, subject
    to Executive’s continuous employment through such date; and (iii) the last 1/3 shall vest on the third anniversary of the LTIP effective
    date, subject to Executive’s continuous employment through such date (collectively, the “Time-Based RSUs”).

     

    ·    
    The remaining RSUs must satisfy the following performance-based vesting conditions to vest:

     

    i.     
    150,000 RSUs will vest if the Gross Profit Target during the LTIP Period is 85% achieved, as determined on a cumulative
    basis;

     

    ii.        An additional 150,000 RSUs will vest if at any time during the LTIP Period the common stock of the Company is trading above
    $12.00 for 20 trading days of any consecutive 30-day trading day period ((i) and (ii) the “Below Target Plan RSUs”);

     

    iii.    
    An additional 175,000 RSUs will vest if the Gross Profit Target during the LTIP Period is 100% achieved, as determined on
    a cumulative basis;

     

    iv.    An additional 175,000 RSUs will vest if at any time during the LTIP Period the common stock of the Company is trading above
$15.00 for 20 trading days of any consecutive 30-day trading day period ((iii) and (iv) the “On Target Plan RSUs”);

     

    v.       An additional 275,000 RSUs will vest if during the last year of the LTIP Period the Gross Profit Target is 115% achieved;
    and

     

    vi.     An additional 275,000 RSUs will vest if at any time during the LTIP Period the common stock of the Company is trading above
    $18.00 for 20 trading days of any consecutive 30-day trading day period ((v) and (vi) the “Upside Plan RSUs”).

     

    The
term “Gross Profit Target” shall be defined by the Board in the initial LTIP per Exhibit A.

 

     

     

    

 

	Termination Without Cause or Resignation for Good Reason	
    In the event that the Executive is
    terminated without Cause or resigns for Good Reason during the LTIP Period, the Executive shall remain eligible to vest in the unvested
    performance-based RSUs as follows:

     

    ·     
    If such termination without Cause or resignation for Good Reason occurs during the first year of the LTIP Period, Executive remains
    eligible to vest in the Below Target Plan RSUs subject to the actual achievement of the performance vesting conditions applicable to such
    RSUs by the end of the LTIP Period.

     

    ·     
    If such termination without Cause or resignation for Good Reason occurs during the second year of the LTIP Period, Executive remains
    eligible to vest in both the Below Target Plan RSUs and the On Target Plan RSUs subject to the actual achievement of the performance vesting
    conditions applicable to such RSUs by the end of the LTIP Period.

     

    ·     
If such termination without Cause or resignation for Good Reason occurs during the third year of the LTIP Period, Executive remains
eligible to vest in the Below Target Plan RSUs, the On Target Plan RSUs, and the Upside Plan RSUs subject to the actual achievement of
the performance vesting conditions applicable to such RSUs by the end of the LTIP Period.

	Change in Control	
    In the event of a Change in Control,
    then subject to the Executive’s continued employment through the Change in Control and for a period of twelve (12) months thereafter,
    Executive shall vest:

     

    ·      
    In the Below Target Plan RSUs if the net sale price upon such Change in Control is at least $12.00 per share;

     

    ·     
    In the Below Target Plan RSUs and the On Target Plan RSUs if the net sale price upon such Change in Control is at least $15.00
    per share; and

     

    ·     
    In the Below Target Plan RSUs, On Target Plan RSUs, and the Upside Plan RSUs, if the net sale price upon such Change in Control
    is at least $18.00 per share.

     

    Any unvested Time-Based RSUs shall
    not accelerate upon a Change in Control and will remain subject to the vesting schedule described above. In the event of a Change in Control,
    if the performance metrics described above are not achieved, the Below Target Plan RSUs, On Target Plan RSUs, and/or Upside Plan RSUs,
    as applicable, shall be forfeited and cancelled.

     

    If Executive’s employment is
    terminated by the Company without Cause or by the Executive for Good Reason within six months prior to a Change in Control or within the
    twelve (12) months following a Change in Control, then Executive shall vest:

     

    ·     
    In all unvested Time-Based RSUs;

     

    ·     
    In the Below Target Plan RSUs if the net sale price upon such Change in Control is at least $12.00 per share;

     

    ·     
    In the Below Target Plan RSUs and the On Target Plan RSUs if the net sale price upon such Change in Control is at least $15.00
    per share; and

     

    ·    
    In the Below Target Plan RSUs, On Target Plan RSUs, and the Upside Plan RSUs, if the net sale price upon such Change in Control
    is at least $18.00 per share.

     

    In the event of a Change in Control,
    if the performance metrics described above are not achieved, the Below Target Plan RSUs, On Target Plan RSUs, and/or Upside Plan RSUs,
    as applicable, shall be forfeited and cancelled.

     

    “Change in Control”
shall have the meaning as defined in the LTIP.

 

[Signature Page Follows]

 

     

     

    

 

Acknowledged and Agreed to as of the 11th day of
June, 2021, by:

 

	/s/
    Chieh Huang	 	June
    11, 2021
	 	 	 
	Chieh Huang	 	Date

 

Seven Oaks Acquisition Corp.

 

	/s/
    Gary Matthews	 	June
    11, 2021
	 	 	 
	By: Gary Matthews	 	Date
	 	 	 
	Title: Chairman
    and CEO	 	 

 

     

     

    

 

EXHIBIT A

 

Gross Profit Target Example

 

	 	 	Street Case	 
	 	 	FY’22F	 	 	FY’23F	 	 	FY’24F	 	 	Cumulative 
 FY’22F - FY’24F	 
	Total GMV	 	$	360	 	 	$	532	 	 	$	745	 	 	$	1,636	 
	YoY Growth % (GMV)	 	 	54	%	 	 	48	%	 	 	40	%	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Revenue	 	$	306	 	 	$	429	 	 	$	580	 	 	$	1,315	 
	YoY Growth % (Net Rev)	 	 	44	%	 	 	40	%	 	 	35	%	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Gross Profit	 	$	49	 	 	$	90	 	 	$	142	 	 	$	281	 
	Gross Margin (Total) %	 	 	16	%	 	 	21	%	 	 	24	%	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Adj EBITDA	 	$	(68	)	 	$	(56	)	 	$	(37	)	 	$	(161	)
	Adj EBITDA Margin %	 	 	(22	)%	 	 	(13	)%	 	 	(6	)%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]