Document:

Exhibit 10.2

    

     

    

    EXECUTION VERSION

     

    TRA TERMINATION AGREEMENT

     

    This TRA Termination Agreement (this “Agreement”), is entered into as of July 12, 2020, by and among Health Plan Intermediaries, LLC (“HPI”), Health Plan Intermediaries Sub, LLC (“HPI

        Sub” and, together with HPI, the “Series B Members” and each individually, a “Series B Member”), Benefytt Technologies, Inc. (the “Company”), and Health Plan Intermediaries Holdings, LLC (“Holdings”). The parties to
      this Agreement are referred to herein as the “Parties” or, each individually, as a “Party.” Any capitalized terms used but not defined herein shall have the meanings set forth in the Agreement and Plan of Merger (the “Merger
        Agreement”), dated as of the date hereof, by and among the Company, Daylight Beta Parent Corp., a Delaware corporation (“Parent”), and Daylight Beta Corp., a Delaware corporation and a direct wholly owned Subsidiary of Parent, as the
      Merger Agreement is in effect on the date hereof.

     

    RECITALS

     

    WHEREAS, as of the date hereof, the Series B Members hold such number of the Series B Membership Interests of Holdings (the “Series B Units”) as are set forth next to such Series B Member’s
      name on Exhibit A attached hereto and which collectively represent all outstanding Series B Units;

     

    WHEREAS, the Company, Holdings and the Series B Members are party to that certain Tax Receivable Agreement, dated as of February 13, 2013 (as it may be amended from time to time, the “Tax
        Receivable Agreement”), pursuant to which the Company is obligated to make certain payments to the Series B Members based on the reduction of the Company’s liability for U.S. federal, state and local income taxes arising from adjustments to the
      Company’s basis in its assets and imputed interest;

     

    WHEREAS, pursuant to the Merger Agreement, on the terms and subject to the conditions set forth therein, Merger Sub will be merged with and into the Company (the “Merger”), with the Company
      surviving that Merger as a subsidiary of Parent;

     

    WHEREAS, at the effective time of the Merger (the “Merger Effective Time”), but conditioned upon the occurrence thereof, the Parties desire and intend to definitively agree to the amount of
      the “Early Termination Payment” (as defined in the Tax Receivable Agreement) that will become payable pursuant to the Tax Receivable Agreement in connection with the Merger and for the Tax Receivable Agreement to be terminated by the parties thereto.

     

    NOW, THEREFORE, in consideration of the foregoing and of the representations, warranties, covenants and agreements contained in this Agreement, the Parties, intending to be legally bound, agree as
      follows:

     

    
      
        

    

    
    1.          Termination of Tax Receivable Agreement. Notwithstanding anything to the contrary in the Tax Receivable Agreement, effective immediately
      prior to the Merger Effective Time (but subject to the consummation of the Merger), without the requirement for any further action by any of the Parties, the Tax Receivable Agreement is hereby irrevocably terminated and shall be of no further force
      or effect, and all liabilities and obligations of the Series B Members, the Company, the Surviving Corporation and their respective Affiliates relating thereto shall be irrevocably and unconditionally cancelled, extinguished and waived, other than
      the right of the Series B Members hereunder to receive an aggregate amount in cash equal to $40,014,495 (the “Termination Payment”) from or on behalf of the Company to be paid to each Series B Member in an amount equal to (x) the amount of the
      Termination Payment multiplied by (y) such Series B Member’s percentage ownership of the Series B Units as set forth next to such Series B Member’s name on Exhibit A.  The Series B Members and the
      Company acknowledge and agree that (i) the amount of the Termination Payment was mutually calculated in good faith among them based on the definition of “Early Termination Payment” in the Tax Receivable Agreement, (ii) no party hereto has made any
      representations or warranties with respect to the calculation of the amount of the Termination Payment and (iii) no party shall have any right or liability with respect to such calculation or any deviations of the amount of the Termination Payment
      from the actual amount of the “Early Termination Payment” calculated in accordance with the Tax Receivable Agreement.

     

    2.            Releases.

     

    (a)          IN CONSIDERATION OF THE MUTUAL AGREEMENTS CONTAINED HEREIN, EFFECTIVE AS OF SUCH SERIES B MEMBER’S RECEIPT OF ITS PORTION OF THE TERMINATION
      PAYMENT, EACH OF THE SERIES B MEMBERS, ON BEHALF OF ITSELF AND ITS AFFILIATES (EXCLUDING FOR THIS PURPOSE THE COMPANY AND ITS SUBSIDIARIES) AND SUBSIDIARIES AND ITS AND THEIR RESPECTIVE RELEASING REPRESENTATIVES (AS DEFINED BELOW), FULLY, FINALLY AND
      FOREVER UNCONDITIONALLY AND IRREVOCABLY RELEASES, DISCHARGES AND WAIVES ANY AND ALL ACTIONS, CAUSES OF ACTION, CLAIMS, SUITS, PROCEEDINGS, COSTS OF SUIT, COUNTERCLAIMS, DEBTS, DEMANDS, JUDGMENTS, LIABILITIES, OBLIGATIONS AND ACTIONS FOR LEGAL FEES,
      WHETHER AT LAW, IN TORT, IN EQUITY OR UNDER ANY OTHER THEORY, KNOWN OR UNKNOWN, FORESEEABLE OR UNFORESEEABLE, ASSERTED OR UNASSERTED, MATURED OR UNMATURED, ACCRUED, EXISTING OR NOT, OF WHATEVER KIND OR NATURE, IN ANY JURISDICTION, INCLUDING IN
      ARBITRATION PROCEEDINGS OR ANY OTHER FORUM, WHICH HAVE ARISEN OR MAY ARISE AT ANY TIME IN THE FUTURE UNDER THE TAX RECEIVABLE AGREEMENT AGAINST THE COMPANY, THE SURVIVING CORPORATION, HOLDINGS OR THEIR RESPECTIVE SUBSIDIARIES AND RELEASING
      REPRESENTATIVES.  The term “Releasing Representatives” means the Affiliates, agents, assigns, attorneys, directors, employees, officers, owners, parents, partners, representatives, members, shareholders, heirs, auditors, consultants,
      predecessors, divisions, managers, trustees and advisors (including past, present and future of any and all of the foregoing) of any Party or Person.

     

    (b)         IN CONSIDERATION OF THE MUTUAL AGREEMENTS CONTAINED HEREIN, EFFECTIVE AS OF THE MERGER EFFECTIVE TIME, EACH OF THE COMPANY, THE MANAGING MEMBER,
      THE SURVIVING CORPORATION AND HOLDINGS,  ON BEHALF OF ITSELF AND ITS RESPECTIVE AFFILIATES  AND THEIR RESPECTIVE RELEASING REPRESENTATIVES (AS DEFINED BELOW), FULLY, FINALLY AND FOREVER UNCONDITIONALLY AND IRREVOCABLY RELEASES, DISCHARGES AND WAIVES
      ANY AND ALL ACTIONS, CAUSES OF ACTION, CLAIMS, SUITS, PROCEEDINGS, COSTS OF SUIT, COUNTERCLAIMS, DEBTS, DEMANDS, JUDGMENTS, LIABILITIES, OBLIGATIONS AND ACTIONS FOR LEGAL FEES, WHETHER AT LAW, IN TORT, IN EQUITY OR UNDER ANY OTHER THEORY, KNOWN OR
      UNKNOWN, FORESEEABLE OR UNFORESEEABLE, ASSERTED OR UNASSERTED, MATURED OR UNMATURED, ACCRUED, EXISTING OR NOT, OF WHATEVER KIND OR NATURE, IN ANY JURISDICTION, INCLUDING IN ARBITRATION PROCEEDINGS OR ANY OTHER FORUM, WHICH HAVE ARISEN OR MAY ARISE AT
      ANY TIME IN THE FUTURE UNDER THE TAX RECEIVABLE AGREEMENT AGAINST THE SERIES B MEMBERS AND THEIR RESPECTIVE AFFILIATES, INCLUDING WITHOUT LIMITATION ANY RIGHT TO RECOUP OR OFFSET ANY AMOUNTS WITH RESPECT TO AMOUNTS PREVIOUSLY ALLOCATED OR DISTRIBUTED
      PURSUANT TO THE  HOLDINGS LLC AGREEMENT OR TAX RECEIVABLE AGREEMENT

     

    
      2

      
        

    

    3.           Representations and Warranties of the Series B Members. Each Series B Member hereby represents and warrants to each other Party as
      follows:

     

    (a)          Authority; Binding Nature. Such Series B Member has full limited liability company power and authority to execute and deliver this
      Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby to be consummated by such Series B Member. The execution and delivery of this Agreement by such Series B Member, the performance of such Series B
      Member’s obligations hereunder and the consummation by such Series B Member of the transactions contemplated hereby to be consummated by such Series B Member have been duly and validly authorized by all necessary limited liability company action on
      the part of such Series B Member. No other proceedings on the part of such Series B Member are necessary to approve this Agreement by such Series B Member or to consummate the transactions contemplated hereby to be consummated by such Series B
      Member. This Agreement has been duly and validly executed and delivered by such Series B Member and (assuming due authorization, execution and delivery by the other Parties) constitutes a valid and binding obligation of such Series B Member,
      enforceable against such Series B Member in accordance with its terms (except in all cases as such enforceability may be limited by the Bankruptcy and Equity Exception).  The Series B Members party hereto and the Company are the only parties to the
      Tax Receivable Agreement, and no Person other than the Series B Members and the Company have any rights, entitlements or obligations under the Tax Receivable Agreement. The Series B Members collectively hold all right, title and interest to receive
      payments or other economic benefits under or with respect to the Tax Receivable Agreement and neither Series B Member has transferred or assigned or attempted to transfer or assign, directly or indirectly, any such right, title or interest.

     

    (b)          No Conflicts. Neither the execution and delivery of this Agreement by such Series B Member, nor the performance by such Series B Member
      of its obligations under this Agreement, will (i) contravene, conflict with or constitute or result in a breach or violation of any provision of the organizational documents of such Series B Member, (ii) contravene, conflict with, violate or result
      in any violation under any Law applicable to such Series B Member or any of its properties or assets, (iii) result in the creation by such Series B Member of any Lien upon its Class B Shares or Series B Units, or (iv) with or without the lapse of
      time or the giving of notice or both, result in a breach or violation of or constitute a default under, permit any termination, cancellation, or modification (or right of termination, cancellation, or modification) or result in the creation or
      acceleration of any obligations of the Series B Member under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, license, permit, lease, agreement or other Contract or obligation to which such Series B
      Member is a party, or by which such Series B Member or any of its properties or assets may be bound or affected, except for, in the case of this clause (iv), any such breaches, violations, conflicts, losses, defaults, terminations,
      cancellations, modifications or accelerations that would not reasonably be expected to prevent the performance by such Series B Member of its obligations under this Agreement.

     

    
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    (c)         Absence of Litigation. As of the date hereof, there is no suit, action, investigation, claim or proceeding pending or, to such Series B
      Member’s knowledge, threatened against or involving or affecting, such Series B Member, its Class B Shares or Series B Units that would reasonably be expected to impair or interfere with the ability of such Series B Member to perform fully its
      obligations hereunder or to consummate on a timely basis and at the times contemplated hereby the transactions contemplated hereby to be consummated by such Series B Member.

     

    (d)         Brokers. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial advisor’s or
      other similar fee or commission that is payable by the Company, Holdings, the Surviving Corporation or any of their respective Subsidiaries in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of such
      Series B Member (excluding, for the avoidance of doubt, any such broker, investment banker, financial advisor or other Person retained or engaged by the Company).

     

    (e)         No Other Agreements.  Other than (i) this Agreement (ii) that certain Exchange Agreement, dated as of the date hereof, by and among the
      parties thereto and the other parties thereto and (iii) that certain Third Amended and Restated Limited Liability Company Agreement of Holdings, dated as of February 13, 2013, and (b) that certain Exchange Agreement, dated as of February 13, 2013 and
      that certain Registration Rights Agreement, dated as of February 13, 2013 (as it may be amended from time to time, the “Registration Rights Agreement”) (the agreements listed in this clause (iii), collectively, the “Existing Agreements”),

      no Series B Member or any of their respective Affiliates, Subsidiaries or Releasing Representatives are party to any contract or other legally binding agreement with the Company or any of its Subsidiaries.

     

    4.            Representations and Warranties of the Company and Holdings. The Company and Holdings hereby represent and warrant, severally and not
      jointly, to each other Party as follows:

     

    (a)         Authority; Binding Nature. Such Party has full organizational power and authority to execute and deliver this Agreement, to perform its
      obligations hereunder and to consummate the transactions contemplated hereby to be consummated by such Party. The execution and delivery of this Agreement by such Party, the performance of such Party’s obligations hereunder and the consummation by
      such Party of the transactions contemplated hereby to be consummated by such Party have been duly and validly authorized by all necessary action on the part of such Party. No other proceedings on the part of such Party are necessary to approve this
      Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by such Party and (assuming due authorization, execution and delivery by the other Parties) constitutes a valid and
      binding obligation of such Party, enforceable against such Party in accordance with its terms (except in all cases as such enforceability may be limited by the Bankruptcy and Equity Exception).

     

    
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    (b)          No Conflicts. Neither the execution and delivery of this Agreement by such Party, nor the performance by such Party of its obligations
      under this Agreement, will (i) violate any Law applicable to such Party or any of its properties or assets, or (ii) with or without the lapse of time or the giving of notice or both, result in a breach or violation of or constitute a default under,
      permit any termination, cancellation, or modification (or right of termination, cancellation, or modification) of or result in the creation or acceleration of any obligations of the Series B Member under any of the terms, conditions or provisions of
      any note, bond, mortgage, indenture, deed of trust, license, permit, lease, agreement or other Contract or obligation to which such Party is a party, or by which such Party or its respective properties or assets may be bound or affected, except for,
      in the case of this clause (ii), any such breaches, violations, conflicts, losses, defaults, terminations, cancellations, modifications, payments or accelerations that would not reasonably be expected to prevent or interfere with the
      performance by such Party of its obligations under this Agreement.

     

    (c)         Absence of Litigation. As of the date hereof, there is no suit, action, investigation, claim or proceeding pending or, to such Party’s
      knowledge, threatened against or involving or affecting, such Party that would reasonably be expected to impair the ability of such Party to perform fully its obligations hereunder or to consummate on a timely basis the transactions contemplated
      hereby to be consummated by such Party.

     

    5.          Tax Matters.

     

    (a)          No later than five (5) Business Days prior to the Closing Date, each Series B Member shall deliver to the Company a valid IRS Form W-9.

     

    (b)        Each of the Surviving Corporation, Holdings, the Company, the Paying Agent and their respective designees shall be entitled to deduct and withhold
      from the consideration otherwise payable pursuant to this Agreement such amounts as it reasonably determines are required to be deducted and withheld with respect to the making of such payment under the Code or any other applicable state, local or
      foreign Tax Law.  The Parties acknowledge and agree that no such deduction or withholding is required under any Tax Law currently in effect so long as each Series B Member delivers a valid IRS Form W-9 pursuant to Section 5(a).  To the extent
      that amounts are so deducted or withheld and timely remitted to the applicable Governmental Entity, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such
      deduction and withholding was made by the Surviving Corporation, Holdings, the Company, the Paying Agent or the designee of one of the foregoing, as the case may be. As soon as reasonably practicable prior to making any deduction or withholding
      pursuant to this Section 5(b), the Surviving Corporation, Holdings or the Paying Agent, as the case may be, shall provide written notice to the Series B Members of any anticipated deduction or withholding (together with the legal basis
      therefor) and shall reasonably cooperate in good faith to seek to reduce or eliminate any amounts that would otherwise be deducted or withheld.

     

    
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    6.           Miscellaneous.

     

    (a)        Term. This Agreement shall remain in full force and effect unless and until the Merger Agreement is terminated in accordance with its
      terms. In the event that the Merger Agreement is terminated in accordance with its terms, (i) this Agreement shall automatically and immediately terminate and be of no further force and effect, all without the need for any further action on the part
      of (or notice to) any Party or other Person and (ii) there shall be no liability or obligation hereunder on the part of any Party or any of their respective Affiliates, or any of their respective managers, directors, stockholders, members, partners,
      officers, employees, agents, consultants, accountants, attorneys, investment bankers, financial advisors, representatives, successors or assigns. None of the representations or warranties made by any Party in Section 6 or Section 7
      hereof, as applicable, shall survive the termination of this Agreement.

     

    (b)          Further Actions. Following the date hereof, the Parties shall take all actions and execute and
      deliver to each other and to any third parties (including the Company’s stock transfer agent) all such other documents, certificates and instruments as may be reasonably requested by a Party and reasonably necessary to give effect to the transactions
      contemplated hereby, including delivering all such documents, certificates and instruments and taking all such further actions as shall be necessary in order to cause the Specified Exchange to be effected at the Effective Time.

     

    (c)          Amendments and Waivers. This Agreement may not be amended, supplemented or otherwise modified
      in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each of the Parties. No failure on the part of any Party to exercise any power, right,
      privilege or remedy under this Agreement, and no delay on the part of any Party in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial
      exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. Any agreement on the part of a Party to any such waiver shall be valid only if set forth in
      a written instrument signed on behalf of such Party, but such waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other
      failure.

     

    (d)         Counterparts. This Agreement may be executed in any number of counterparts (including by
      facsimile or by attachment to electronic mail in portable document format (PDF)), each such counterpart being deemed to be an original instrument, and all such counterparts, taken together, shall constitute one and the same agreement, and shall
      become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties hereto.

     

    (e)        Applicable Law; Jurisdiction; Waiver of Jury Trial. This Agreement, and any Action, dispute or other controversy arising out of or
      relating hereto shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without regard to any applicable conflicts or choice of law principles thereof. Each of the Parties hereby irrevocably and unconditionally (1) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware or, if such court lacks subject matter jurisdiction, any federal court located in the State of Delaware in the
      event of any dispute arising out of or related to this Agreement or any of the transactions contemplated hereby, (2) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request
      for leave from any such court, (3) agrees that it will not, and waives any right to, bring any Action relating to or arising out of this Agreement or any of the transactions contemplated hereby in any court other than
      the Court of Chancery of the State of Delaware or, if such court lacks subject matter jurisdiction, any federal court located in the State of Delaware, and (4) waives any objection that it may now or hereafter have to
      the venue of any such Action in the Court of Chancery of the State of Delaware or, if such court lacks subject matter jurisdiction, any federal court located in the State of Delaware or that such Action was brought in an inconvenient forum and agrees
      not to plead or claim the same. Each of the Parties hereby agrees that and consents to service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 9(g) shall be effective service of process for any Action in connection with this Agreement or the transactions contemplated hereby.

     

    
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    (f)          EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
      ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS
      CONTEMPLATED BY THIS AGREEMENT.  NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
      WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH SUCH PARTY HAS BEEN
      INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9(f).

     

    (g)         Notices. Notices, requests, instructions or other documents to be given under this Agreement
      shall be in writing and shall be deemed given, (i) when delivered, if delivered personally to the intended recipient, (ii) when sent by email (without any “bounceback” or other notice of nondelivery) and (iii) one (1) Business Day later, if sent by
      overnight delivery via a national courier service (providing proof of delivery), and in each case, addressed to a Party at the following address for such Party:

     

    (i)           if to either Series B Member, to:

     

    16221 Villarreal de Avila

    Tampa, FL 33613

    Attention: Michael W. Kosloske

    Email: mwkosloske@gmail.com

    

    

    With copies (which shall not constitute notice) to:

     

    Morgan, Lewis & Bockius LLP

    1701 Market Street

    Philadelphia, PA 19103

    Attention:Justin W. Chairman, Esquire

    Email:justin.chairman@morganlewis.com

    

    

    
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    (ii)         if to the Company or Holdings, to:

     

    Benefytt Technologies, Inc.

    3450 Buschwood Park Drive

    Suite 200

    Tampa, Florida 33618

    Attention: Erik Helding

    Email:   heldinge@bfyt.com

    

    

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

    

    

    Weil, Gotshal & Manges LLP

    767 Fifth Avenue

    New York, NY 10153

    Attention:     Michael J. Aiello

    Eoghan P. Keenan

    Fax:               (212) 310-8007

    Email:            michael.aiello@weil.com

    eoghan.keenan@weil.com

    

    

    (h)         Entire Agreement. This Agreement (including the documents and the instruments referred to herein) constitutes the entire agreement among
      the Parties, and supersedes all prior agreements, understandings, representations and warranties, both written and oral among the Parties, with respect to the subject matter hereof.  In the event of any conflict between any provision of this
      Agreement and any provisions of any of the Existing Agreements, the provisions of this Agreement shall control.

     

    (i)          Assignment; Third Party Beneficiaries; Transferees. Neither this Agreement nor any of the rights, interests or obligations hereunder may
      be assigned, directly or indirectly, in whole or in part (whether by operation of Law or otherwise) by any of the Parties without the prior written consent of the other Parties. Any purported assignment in contravention of this Section 9(i)
      shall be null and void ab initio. Subject to the preceding two sentences, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and
      permitted assigns. No assignment by any Party shall relieve such assigning Party of any of its obligations hereunder. This Agreement (including the documents and instruments referred to herein) is not intended to and does not confer upon any Person
      (other than the Parties) any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein.

     

    (j)         Severability. The provisions of this Agreement shall be deemed severable and in the event any
      court of competent jurisdiction or arbitral panel finds any provision hereof to be invalid or unenforceable, such invalidity or enforceability shall not affect the validity or enforceability of the other provisions hereof so long as the economic,
      risk allocation, limitation of liability or legal substance of the transaction contemplated by this Agreement is not affected in any manner materially adverse to any party. Whenever possible, each provision or portion of any provision of this
      Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement, or the application thereof to any Person or circumstance, is held to be invalid,
      illegal or unenforceable in any respect under any applicable Law in any jurisdiction, (i) a suitable and equitable provision negotiated in good faith by the Parties shall be substituted therefor in order to carry out, so far as may be valid and
      enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not, subject to clause (i) above, be affected by
      such invalidity or unenforceability, except as a result of such substitution, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction, in each case,
      so long as the economic, risk allocation, limitation of liability or legal substance of the transaction contemplated by this Agreement is not affected in any manner materially adverse to any party.

     

    
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    (k)        Specific Performance. The Parties acknowledge and agree that irreparable damage would occur, and that the Parties would not have an
      adequate remedy at Law, if any of the obligations, undertakings, covenants or agreements of the Parties were not performed in accordance with their specific terms or if any provision hereof were otherwise breached or threatened to be breached.
      Accordingly, the Parties shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement by the other Parties, and to enforce specifically the terms and provisions of this Agreement without the necessity
      of proving actual harm or damages or posting a bond or other security therefor, this being in addition to any other remedy to which such Party is entitled at law or in equity, and each Party agrees that it will not oppose the granting of an
      injunction, specific performance or other equitable relief on the basis that any other Party has an adequate remedy at law or that any award of specific performance or other equitable remedy is not an appropriate remedy for any reason at law or in
      equity and waives any requirement under any Law to post security or a bond or similar undertaking as a prerequisite to obtaining equitable relief.

     

    [Signature Page Follows]

     

    
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    IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

     

    	 	
            BENEFYTT TECHNOLOGIES, INC.

          
	 	 
	 	
            By:

          	
            /s/ Gavin Southwell

          
	 	 	
            Name: Gavin Southwell

          
	 	 	
            Title: President and Chief Executive Officer

          

     

    	 	
            HEALTH PLAN INTERMEDIARIES HOLDINGS, LLC

          
	 	 
	 	
            By:

          	
            /s/ Gavin Southwell

          
	 	 	
            Name: Gavin Southwell

          
	 	 	
            Title: Authorized Person

          

     

    

    
      [Signature Page to TRA Termination Agreement]

       

        

    

    
      
        

    

    	 	
            HEALTH PLAN INTERMEDIARIES, LLC

          
	 	 
	 	
            By:

          	
            /s/ Michael Kosloske

          
	 	 	
            Name: Michael Kosloske 

          
	 	 	
            Title: Authorized Person

          

     

    	 	
            HEALTH PLAN INTERMEDIARIES SUB, LLC

          
	 	 
	 	
            By:

          	
            /s/ Michael Kosloske

          
	 	 	
            Name: Michael Kosloske 

          
	 	 	
            Title: Authorized Person

          

     

    

    
      [Signature Page to TRA Termination Agreement]

    

     

    

    
      
        

    

    Exhibit A

     

    	
            
              Series B Member

            

          	 	
            
              Number of

              Series B Membership

              Interests

            

          	 	
            
              Number of

              Class B Shares

            

          	 	
            
              Number of

              Class A Shares

            

          
	
            Health Plan Intermediaries, LLC

          	 	
            680,701 (98.99%)

          	 	
            680,701

          	 	
            531,363

          
	 	 	 	 	 	 	 
	
            Health Plan Intermediaries Sub, LLC

          	 	
            6,966 (1.01%)

          	 	
            6,966

          	 	
            13,000Exhibit 10.10

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”),
effective as of the date set forth on the last page of this Agreement (the “Effective Date”), is made by and
between Hycroft Mining Corporation, a Delaware corporation (the “Company”) and Jeff Stieber (the “Executive”).

 

WHEREAS, the Company currently employs
the Executive as its Vice President, Treasurer, and the Company desires to continue to employ the Executive in such capacity; and

 

WHEREAS, the Company and the Executive
have reached agreement concerning the terms and conditions of his continuing employment and wish to formalize that agreement; and

 

WHEREAS, the Company is contemplating
entering into a transaction with Mudrick Capital Acquisition Corporation, a publicly-traded special purpose acquisition corporation
formed by affiliates of Mudrick Capital (“MUDS”), pursuant to which the Company would sell substantially all of the
assets of its subsidiaries and certain of its assets and/or all of its common stock (a “Sale Transaction”),
and, as a condition thereto, upon consummation of the Sale Transaction this Agreement shall be assigned to and assumed by MUDS.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth in this Agreement, the Company and the Executive agree as follows:

 

1.            
Employment. The Company hereby employs the Executive as Vice President, Treasurer and the Executive hereby
accepts such employment upon the terms and conditions set forth in this Agreement. The Executive will report to the Executive Vice
President and Chief Financial Officer. The Executive’s principal office will be at the principal executive offices of the
Company in Denver, Colorado; provided, however, it is also understood and expected that the Executive may spend time at
the Company’s primary operating mine in Winnemucca, Nevada (the “Hycroft Mine”).

 

2.            
Duties. During the Term, the Executive shall serve as the Vice President, Treasurer of the Company. In
this capacity, the Executive shall have the duties, authorities and responsibilities commensurate with the duties, authorities
and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities
as may reasonably be assigned to the Executive by the Executive Vice President and Chief Financial Officer, the President and Chief
Executive Officer and by the board of directors of the Company (the “Board”) that are not inconsistent with
the Executive’s position as Vice President, Treasurer of the Company. In addition:

 

(a)              
The Executive will devote his full time and best efforts, talents, knowledge and experience to serving as the Company’s
Vice President, Treasurer. The Executive will perform his duties diligently and competently and will act in conformity with Company’s
written and oral policies and within the limits, budgets and business plans set by the Company. The Executive will at all times
during the Term of this Agreement strictly adhere to and obey all of the rules and regulations in effect from time to time relating
to the conduct of executives of the Company. The Executive will not engage in consulting work or any trade or business for his
own account or for or on behalf of any other person, firm or company that, as determined by the Board in its sole discretion, competes,
conflicts or interferes with the performance of his duties hereunder in any material way.

 

    1

     

    

 

(b)              
The Executive agrees to serve without additional compensation as an officer and director of any of the Company’s
subsidiaries and agrees that any amounts, if any, received from such subsidiary may be offset against the amounts due hereunder.

 

3.            
Term. Unless sooner terminated by either party in accordance with the provisions of this Agreement, the term
of employment (the “Term”) will commence on the Effective Date and will continue thereafter until the third
anniversary of the [Effective Date]. Unless otherwise provided in this Agreement or mutually agreed by the Company and the Executive,
all of the terms and conditions of this Agreement will continue in full force and effect throughout the Term and, with respect
to those terms and conditions that apply after the Term, after the Term. Any representation, statement or implication to the contrary
is unauthorized and not valid. After the Term hereof, the Executive shall be deemed to be an “at-will” employee during
the continuation of his employment by the Company. For purposes of this Agreement, expiration of this Agreement will not be considered
a termination other than for Cause (as hereinafter defined) or voluntary termination for Good Reason (as hereinafter defined),
provided that the Executive’s employment is not otherwise terminated prior to such expiration date.

 

4.            
Compensation and Benefits.

 

(a)              
Base Salary. The Company shall pay a base annual salary of US $205,000 (“Base Salary”)
to the Executive payable in accordance with the normal payroll practices of the Company and which shall be subject to applicable
withholdings, deductions and taxes. The Board, or the Compensation Committee thereof, will review the Executive’s performance
and Base Salary annually in February of each year and determine whether to adjust the Executive’s Base Salary on a prospective
basis. The first review will be in February 2020. Such adjusted annual salary then will become the Executive’s “Base
Salary” for all purposes of this Agreement. The Executive’s annual Base Salary will not be reduced below the Base Salary
then in effect, without the Executive’s consent.

 

(b)              
Incentive Compensation. The Executive will be eligible to participate in any annual performance bonus plans
and long-term incentive plans established or maintained by the Company for its senior executive officers, including, but not limited
to, the Annual Incentive Cash Bonus Plan (“Cash Bonus Plan”) or such similar or successor plans as the Company
may establish. The Executive’s target incentive cash bonus under the Cash Bonus Plan shall initially be set at 40% of the
Executive’s Base Salary with initial performance metrics to be based upon successful financing of the Hycroft Mine development
costs, Hycroft Mine operational start up, and other metrics to be determined by the Board. After commencement of mining operations,
the Company anticipates establishing performance metrics under the Cash Bonus Plan, including: (i) gold and gold equivalent production/sales,
(ii) total cash costs of production per gold or gold equivalent ounce, (iii) health and safety, and/or (iv) such other metrics
as are determined from time to time by the Board or Compensation Committee thereof. Any bonus earned by the Executive will be paid
in accordance with the Company’s standard practice, which shall not be later than March 15 of the year following the end
of the calendar year in which the Executive earns and vests in the right to receive the bonus or compensation, unless a written
plan document provides a different payment date.

 

    2

     

    

 

(c)              
Equity Compensation. The Executive will be eligible to participate in any equity-based compensation plans
established or maintained by the Company for its senior executive officers in connection with the anticipated initial public offering
of the common stock, par value $0.001 of the Company (“Common Stock”) and for ongoing annual equity awards. In connection
with the Company’s initial public offering of the Common Stock (“IPO”) or otherwise, the Company shall adopt
and implement a Long-Term Equity Incentive Plan (“Equity Plan”). The Executive shall be entitled to equity awards
initially targeted at 100% of the Executive’s Base Salary, with 50% of such awards initially in the form of performance-based
equity awards with vesting tied to satisfaction of performance-based metrics (the “Performance-Based Equity Awards”)
to be determined by the Board or Compensation Committee thereof at the end of the performance period, and with the remaining 50%
of such awards initially in the form of time-based equity awards with vesting based upon continued employment by the Company (the
 “Time-Based Equity Awards”), with the Time-Based Equity Awards vesting pro rata over a period of three (3) years
based upon continued employment as of each anniversary. The Performance-Based Equity Awards and the Time-Based Equity Awards will
initially be in the form of restricted stock units convertible upon vesting into shares of Common Stock of the Company (or any
successor thereto) subject to the terms and conditions set forth in written equity award agreements, with the number of units to
be awarded to be determined by an enterprise value of $350 million, reflecting the anticipated value of the Sale Transaction. The
foregoing initial equity award agreements shall include additional, non-exclusive vesting terms in the event of a Change in Control
transaction of the Company (as hereinafter defined), other than the Sale Transaction with MUDS which for purposes of this Agreement
shall not constitute a Change in Control, that provide that if the Executive is terminated within 90 days prior to the consummation
of such Change in Control transaction or within 12 months following the consummation of such Change in Control transaction, then
vesting of such equity awards shall accelerate and such equity awards shall be fully vested.

 

(d)              
 [Reserved]

 

(e)              
Benefits. During his employment, the Executive shall be entitled to participate in or benefit from, in accordance
with the eligibility and other provisions thereof, benefit plans and policies such as medical, dental, disability, insurance, retirement
savings plans or other fringe benefit plans or policies as the Company may make available to, or have in effect for, its senior
executive officers. The Company reserves the right to modify, suspend or discontinue any and all of the plans, practices, policies
and programs at any time without recourse by the Executive, so long as the Company takes such action generally with respect to
other similarly situated senior executive officers.

 

(f)               
Vacation and Sick Leave. The Executive will be entitled to vacation and sick leave in accordance with the
Company’s vacation and sick leave policy for senior executive officers, but in no event less than three weeks per calendar
year. Unused vacation will not be carried over to the next calendar year.

 

    3

     

    

 

(g)              
Reimbursement of Business Expenses. The Company agrees to reimburse the Executive for reasonable out-of-pocket
expenses incurred in connection with Company business, including without limitation, travel and accommodations for authorized business
trips, and within standards to be established by the Board, provided receipts, invoices or other supporting documentation satisfactory
to the Company supporting the expenses are presented to the Company.

 

5.            
Payments on Termination of Employment.

 

(a)              
Termination of Employment for any Reason. Upon termination of the Executive’s employment for any reason,
including without limitation, the expiration of this Agreement, the Company will pay or provide the following to the Executive
upon his termination of employment from the Company for any reason:

 

(i)              
Earned but unpaid Base Salary through the date of termination;

 

(ii)            
Any annual incentive bonus, or other form of incentive compensation, for which the performance measurement period
has ended and the Executive has become eligible and earned in accordance with Section 4(b) above, but which is unpaid at
the time of termination;

 

(iii)           
Any amounts payable to the Executive under any of the Company’s executive benefit plans (other than any severance
or termination pay plan) in accordance with the terms of those plans;

 

(iv)           
Unreimbursed business expenses incurred by the Executive on the Company’s behalf; and

 

(v)            
Continued coverage under the Company’s group health plan for the Executive during the COBRA continuation period;
provided that the Executive timely elects COBRA continuation coverage and pays the applicable COBRA rate for such continued
coverage.

 

(b)              
Termination of Employment for Death or Disability. If the Executive’s termination of employment occurs
by reason of death or Disability (as defined below), in addition to the amounts payable and benefits provided under Section
5(a) above, the Company will pay the Executive (or his estate) a pro rata portion of any bonus payable under the Company’s
Cash Bonus Plan and/or Retention Bonus Plan, as the case may be, for the year in which such termination occurs determined based
on the actual bonus attained for the fiscal year in which such termination occurs.

 

For purposes of this Agreement, “Disability” means the Executive’s long-term disability as defined by
and determined under the Company’s long-term disability plan, or if the Executive is not covered by a long-term disability
plan sponsored by the Company the Executive’s inability (as determined by the Board or Compensation Committee thereof in
its discretion) to engage in any substantial gainful activity by reason of any medically-determined physical or mental impairment
that can be expected to result in death or to be of long-continued and indefinite duration.

 

    4

     

    

 

(c)              
Termination by the Company other Than for Cause or Voluntary Termination by the Executive for Good Reason.
If the Company terminates the Executive’s employment other than for Cause, or if the Executive voluntarily terminates his
employment for Good Reason, in addition to the amounts payable under Section 5(a) above and in lieu of the benefit provided
in Section 5(a)(v) above, and subject to the provisions under this Section 5(c), Section 9(a) and Section
9(f), the Company will pay the following amounts and provide the following benefits to the Executive:

 

(i)              
An amount in cash equal to 1.0 multiplied by the Executive’s Base Salary. This amount will be paid in equal installments
during the 12 month period after termination in accordance with the Company’s normal payroll practices, provided, however,
that any installments that would otherwise be payable within the first 60 days following the date of the Executive’s termination
will be paid to the Executive on the 60th day following such termination.

 

(ii)             
Continued coverage under the Company’s medical, dental, life, and disability plans through the 12-month anniversary
of the date that Executive’s employment was terminated, at the same cost to the Executive as in effect on the date of the
Executive’s termination. Any continuation of group health plan benefits is conditioned upon the Executive timely electing
COBRA continuation coverage and timely paying his share of the premium. If the Company determines that the Executive cannot participate
in any benefit plan because he is not actively performing services for the Company, the Company may provide such benefits under
an alternate arrangement, such as through the purchase of an individual insurance policy that provides similar benefits or a lump
sum cash payment equal to the cost that the Company would have paid under the plan(s) for which coverage would have otherwise been
available. Any cash amounts payable under an alternative arrangement will be paid to the Executive on the 60th day after
the date of the Executive’s termination; provided, however, that any alternative arrangement provided through an insurance
policy (e.g., health care and disability insurance) will be paid when the related premiums are due to the insurer.

 

(iii)            
Professional outplacement services from a nationally recognized outplacement firm selected by the Executive provided to
the Executive until the earlier of (A) $10,000 in the aggregate having been paid by the Company to such outplacement firm on behalf
of the Executive, or (B) 12 months after the Executive’s termination date.

 

Notwithstanding anything to the contrary in this Agreement,
any obligation of the Company to provide any payment, coverage or benefit described in this Section 5(c) is conditioned
upon (A) the Executive’s execution and delivery to the Company of a valid General Release Agreement (a “Release”)
in the form prepared by the Company within 25 days of the date of the Executive’s termination and (B) the Executive’s
refraining from revoking the Release as permitted therein. The Executive’s failure to execute the Release within the later
of 45 days of the date of the Executive’s termination or 25 days after receipt by the Executive of the Release, or his revocation
of the Release, will result in forfeiture of any payment, coverage or benefit described in this Section 5(c).

 

    5

     

    

 

(d)              
Good Reason. For purposes of this Agreement, “Good Reason” means the occurrence of any
of the following without the Executive’s consent: (i) a material reduction or a material adverse alteration in the nature
of the Executive’s position, responsibilities or authorities or the assigning of duties to the Executive that are materially
inconsistent with those of the position of a Vice President, Treasurer of a company of comparable size in a comparable industry;
(ii) the Executive’s becoming the holder of a lesser office or title than that previously held; (iii) any material
breach of this Agreement by the Company that causes an adverse change to the terms and conditions of the Executive’s employment;
(iv) the Company requires the Executive to relocate his principal business office to a location not within 75 miles of the
Company’s principal executive office located in Denver, Colorado; (v) any reduction in the Executive’s salary,
other than a reduction in salary generally applicable to executive employees; or (vi) failure of the Company to pay the Executive
any amount otherwise vested and due under this Agreement or under any plan or policy of the Company following written notice by
the Executive to the Company identifying the failure and the basis for such payment and the Company’s failure to cure within
10 days following receipt of such written notice.  In no event will a resignation be deemed to occur for “Good Reason”
unless the Executive provides notice to the Company, and such resignation occurs, within 90 days after the event or condition giving
rise thereto.  Upon receiving notice from the Executive, the Company shall have a period of 30 days during which it may remedy
the event or condition.

 

(e)              
Cause. For purposes of this Agreement, “Cause” shall mean that one or more of the following
has occurred: (i) the Executive is convicted of a felony or pleads guilty or nolo contendere to a felony (whether or not
with respect to the Company or any of its affiliates); (ii) a failure of the Executive to substantially perform his responsibilities
and duties to the Company which, to the extent curable, is not remedied within 10 days after the Executive’s receipt of written
notice given by the President and Chief Executive Officer or any member of the Board identifying the failure in reasonable detail
and granting the Executive an opportunity to cure such failure within such 10 day period; (iii) the failure of the Executive to
carry out or comply with any lawful and reasonable directive of the Board (or any committee of the Board), which, to the extent
curable, is not remedied within 10 days after the Executive’s receipt of written notice given by or on behalf of the Company
identifying the failure in reasonable detail and granting the Executive an opportunity to cure such failure within such 10 day
period; (iv) the Executive engages in illegal conduct, any breach of fiduciary duty (if any), any act of material dishonesty or
other misconduct, in each case in this clause (iv), against the Company or any of its affiliates; (v) a material violation or willful
breach by the Executive of any of the policies or procedures of the Company, including, without any limitation, any employee manual,
handbook or code of conduct of the Company which, to the extent curable, is not remedied within 10 days after the Executive’s
receipt of written notice given by or on behalf of the Company identifying the violation or breach in reasonable detail and granting
the Executive an opportunity to cure such violation or breach within such 10 day period; (vi) the Executive fails to meet any material
obligation the Executive may have under any agreement entered into with the Company which, to the extent curable, is not remedied
within 10 days after the Executive’s receipt of written notice given by any member of the Company identifying the failure
in reasonable detail and granting the Executive an opportunity to cure such failure within such 10 day period; (vii) the Executive’s
failure to maintain any applicable license, permit or card required by the federal or state authorities or a political subdivision
or agency thereof (or the suspension, revocation or denial of such license, permit or card); or (viii) the Executive’s breach
of any non-compete, non-solicit, confidentiality or other restrictive covenant to which the Executive may be subject, pursuant
to an employment agreement or otherwise.

 

    6

     

    

 

(f)               
Concurrent Resignation and Removal from Any Boards and Positions. If the Executive’s employment is terminated
for any reason under this Agreement, such termination will constitute his resignation and removal from: (i) if a member, the
Board and/or board of directors of any subsidiary of the Company, or any other board to which he has been appointed or nominated
by or on behalf of the Company; (ii) any position with the Company or any of its subsidiaries, including, but not limited
to, as an officer of the Company or any of its subsidiaries; and (iii) any fiduciary positions with respect to the Company’s
benefit plans.

 

(g)              
Assignment and Assumption. In the event that this Agreement is assigned to and assumed by MUDS in connection
with the Sale Transaction, the Parties expressly agree that such assignment and assumption shall not constitute a termination of
employment for purposes of this Agreement.

 

 

6.            
Change in Control.

 

(a)              
Payments and Benefits upon Termination after a Change in Control. If within 90 days prior to, or one year
after, a Change in Control (as defined below), the Company (or its successor) terminates the Executive’s employment for reasons
other than for Cause, the Executive incurs a Disability or if the Executive voluntarily terminates his employment for Good Reason,
and subject to the provisions of this Section 6(a), Section 9(a) and Section 9(f), the Company will provide
the following payments and benefits to the Executive, in lieu of those payments and benefits provided under Section 5(a)(v)
and Section 5(b) or (c), as applicable, but in addition to the amounts payable under Sections 5(a)(i) through
5(a)(iv) above:

 

(i)             
An amount equal to 1.5 multiplied by the Executive’s Base Salary. This cash payment will be paid to the Executive
on the 60th day following the date of the Executive’s termination; provided, however, that if the
Change in Control does not constitute a “change in control event” pursuant to Treas. Reg. §1.409A-3(i)(5)(i),
then to the extent that the cash payment does not qualify as a short-term deferral under Code Section 409A and Treas. Reg. §1.409A-1(b)(4),
or for the exclusion for separation pay due to an involuntary separation from service to the extent permitted under Code Section
409A and Treas. Reg. §1.409A-1(b)(9)(iii) then the payment shall be made in accordance with the schedule set forth in Section
5(c) (as may be modified in accordance with Section 9(a)).

 

(ii)             
An amount in cash equal to 1.5 multiplied by the sum of the Executive’s Annual Bonus. For this purpose, “Annual
Bonus” means the greater of: (A) the actual bonus paid for the fiscal year immediately preceding such termination; (B) the
actual bonus attained for the fiscal year in which such termination occurs; or (C) the target bonus for the fiscal year in which
such termination occurs prior to the first anniversary of this Agreement. This cash payment will be paid to the Executive in a
lump sum on the 60th day following the date of the Executive’s termination; provided, however, that
if the Change in Control does not constitute a “change in control event” pursuant to Treas. Reg. §1.409A-3(i)(5)(i),
then to the extent that the cash payment does not qualify as a short-term deferral under Code Section 409A and Treas. Reg. §1.409A-1(b)(4),
or for the exclusion for separation pay due to an involuntary separation from service to the extent permitted under Code Section
409A and Treas. Reg. §1.409A-1(b)(9)(iii) then the payment shall be made in accordance with the schedule set forth in Section
5(c) (as may be modified in accordance with Section 9(a)).

 

    7

     

    

 

(iii)           
Continued coverage under the Company’s medical, dental, life, and disability plans through the 18-month anniversary
of the date that Executive’s employment was terminated, at the same cost to the Executive as in effect on the date of the
Change in Control (or, if lower, as in effect at any time thereafter). Any continuation of group health plan benefits is conditioned
upon the Executive timely electing COBRA continuation coverage and timely paying his share of the premium. If the Company determines
that the Executive cannot participate in any benefit plan because he is not actively performing services for the Company, the Company
may provide such benefits under an alternate arrangement, such as through the purchase of an individual insurance policy that provides
similar benefits or a lump sum cash payment equal to the cost that the Company would have paid under the plan(s) for which coverage
would have otherwise been available. Any cash amounts payable under an alternative arrangement will be paid to the Executive on
the 60th day after the date of the Executive’s termination; provided, however, that any alternative arrangement
provided through an insurance policy (e.g., health care and disability insurance) will be paid when the related premiums
are due to the insurer.

 

(iv)           
Professional outplacement services from a nationally recognized outplacement firm selected by the Executive provided
to the Executive until the earlier of (A) $10,000 in the aggregate having been paid by the Company to such outplacement firm on
behalf of the Executive, or (B) 12 months after the Executive’s termination date.

 

Notwithstanding anything to the contrary in this Agreement,
any obligation of the Company to provide any payment, coverage or benefit described in this Section 6(a) is conditioned
upon (A) the Executive’s execution and delivery to the Company of the Release described in Section 5(c) within 45
days of the date of the Executive’s termination and (B) the Executive’s refraining from revoking the Release as permitted
therein. The Executive’s failure to execute the Release within 45 days of the date of the Executive’s termination or
25 days after receipt by the Executive of the Release, or his revocation of the Release, will result in forfeiture of any payment,
coverage or benefit described in this Section 6(a).

 

(b)              
Definition of Change in Control. For purposes of the Agreement, a “Change in Control” of
the Company will be deemed to occur as of the first day that one or more of the following conditions is satisfied:

 

    8

     

    

 

(i)               
The “beneficial ownership” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) of securities representing more than 50% of the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors (the “Company Voting Securities”)
is accumulated, held or acquired by a “Person” (as defined in Section 3(a)(9) of the Exchange Act, as modified
and used in Sections 13(d) and 14(d) thereof) (other than the Company, any trustee or other fiduciary holding securities under
an employee benefit plan of the Company, holders of capital stock of the Company as of the date hereof or a subsidiary thereof,
any corporation owned, directly or indirectly, by the Company’s stockholders in substantially the same proportions as their
ownership of stock of the Company); provided, however, that any acquisition from the Company or any acquisition pursuant
to a transaction that complies with clauses (A), (B) and (C) of this Section (6)(b)(iii) will not be a Change in
Control under this Section 6(b)(i); provided further, that immediately prior to such accumulation, holding or acquisition,
such Person was not a direct or indirect beneficial owner of 15% or more of the Company Voting Securities as of the date of this
Agreement; or

 

(ii)              
Individuals who, as of the date of the Agreement, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director
subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board will be considered as though such individual were
a member of the Incumbent Board; or

 

(iii)             
Consummation by the Company of a reorganization, merger or consolidation, or sale or other disposition of all or substantially
all of the assets of the Company or the acquisition of assets or stock of another entity (a “Business Combination”),
in each case, unless immediately following such Business Combination: (A) more than 50% of the combined voting
power of then outstanding voting securities entitled to vote generally in the election of directors of (x) the corporation resulting
from such Business Combination (the “Surviving Corporation”), or (y) if applicable, a corporation that as a
result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through
one or more subsidiaries (the “Parent Corporation”), is represented, directly or indirectly by Company Voting
Securities outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such
Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof
is in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Company Voting
Securities; (B) no Person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting
from such Business Combination) beneficially owns, directly or indirectly, 40% or more of the combined voting power of the then
outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the
Surviving Corporation) except to the extent that (x) such ownership of the Company existed prior to the Business Combination or
(y) that immediately prior to such Business Combination, such Person was a direct or indirect beneficial owner of 15% or more of
the Company Voting Securities as of the date of this Agreement, and (C) at least a majority of the members of the board of
directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) were members of the Incumbent
Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination.

 

    9

     

    

 

Notwithstanding anything to the contrary in the foregoing, in
no event will a Change in Control be deemed to have occurred with respect to the Executive (i) in connection with the initial public
offering of the Parent Corporation’s Voting Securities; or (ii) if the Executive is part of a purchasing group that consummates
the Change in Control transaction. The Executive will be deemed “part of a purchasing group” for purposes of
the preceding sentence if the Executive is an equity participant in the purchasing company or group (except (i) passive ownership
of less than two percent of the stock of the purchasing company; or (ii) ownership of equity participation in the purchasing
company or group that is otherwise not significant, as determined prior to the Change in Control by a majority of the nonemployee
continuing Directors; provided that, for purposes of the foregoing, participation as a management investor in such purchasing
company will not be deemed to be within the exceptions provided for in these items (i) and (ii)); and/or (iii) in connection with
the Sale Transaction with MUDS.

 

7.            
Executive Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement. As a condition of the Executive’s
continued employment by the Company and the payment of compensation and receipt of benefits referred to above, the Executive acknowledges
that the Executive has executed an Executive Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement in the form
attached hereto as Exhibit A (the “ENNNI Agreement”), and that the ENNNI Agreement remains in effect
on the date hereof (as amended as set forth below in this Section 7). The Executive acknowledges that the Company would
not continue his employment or provide compensation and/or benefits set forth above if he was not willing to continue to be bound
by the terms of the ENNNI Agreement (as amended as set forth below in this Section 7). The Executive acknowledges that:

 

(a)              
he is, and will continue to be bound by the terms of such ENNNI Agreement (as amended as set forth below in this
Section 7);

 

(b)              
the ENNNI Agreement shall continue in full force and effect after the date hereof, except as provided below:

 

(i)             
“Confidential Information” under such agreement shall mean “all information disclosed to
me or known to me, either directly or indirectly in writing, orally or by drawings or observation of parts or equipment, as a consequence
of or through my employment with the Company, that is not generally known to the public or in the relevant trade or industry, about
the Company's business, products, processes, services, investors and suppliers”; and

 

    10

     

    

 

(ii)            
The sections of the ENNNI Agreement entitled “No Solicitation of Executives”, “No Solicitation
or Acceptance of Business from Customers or Business Partners”, and “Non-Competition”, and the applicable provisions
thereunder, shall each be amended to apply to the term of employment and 12 months following the Executive’s termination
of employment with the Company, so long as the Executive is entitled to receive severance payments pursuant to Section 5(b)
or 5(c) or Sections 6(a) hereof; provided, however, that notwithstanding the foregoing, if the Executive voluntarily
terminates employment without Good Reason prior to the expiration of the Term, then the Executive shall not be entitled to receive
severance payments but sections of the ENNNI Agreement entitled “No Solicitation of Executives”, and the applicable
provisions thereunder, shall continue to apply following such voluntary termination of employment without Good Reason;

 

(c)              
except as otherwise provided in Section 7(b) above, executing this Agreement does not change or alter his
obligations under the ENNNI Agreement;

 

(d)              
the ENNNI Agreement is supported by adequate and sufficient consideration, including but not limited to the Executive’s
continued employment with the Company; and

 

(e)              
the terms of the ENNNI Agreement are incorporated herein by reference.

 

8.            
Indemnification and Insurance. The Company will indemnify the Executive in accordance with the Company’s
Certificate of Incorporation and Bylaws to the fullest extent permitted by law in the event he is made or threatened to be made
a party to any action, suit, or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that
he is or was a director, officer, or employee of the Company and its subsidiaries, or serves any other enterprise as a director,
officer, or employee at the request of the Company.  While employed by the Company or any of its subsidiaries, the Company
will maintain the Executive as an insured party on all directors’ and officers’ insurance maintained by the Company
for the benefit of its directors and officers on at least the same basis as all other covered individuals (and subject to the same
exclusions from coverage) with respect to time periods where the Executive served as an employee of the Company and its subsidiaries.

 

9.            
Compliance with Code Section 409A and Treasury Regulations.

 

(a)              
Payments under Sections 5(c) and 6(a) of this Agreement are intended to qualify as short-term deferrals or
otherwise be exempt from Code Section 409A. However, if the Company reasonably determines that a payment under Section 5(c)
or 6(a) above does not qualify as a short-term deferral under Code Section 409A and Treas. Reg. §1.409A-1(b)(4), or for
the exclusion for separation pay due to an involuntary separation from service to the extent permitted under Code Section 409A
and Treas. Reg. §1.409A-1(b)(9)(iii) and the Executive is a Specified Employee (as defined below) as of the date of termination,
such payment to the Executive may not be made before the date that is six months after the date of his separation from service
or, if earlier, the date of the Executive’s death. Payments to which the Executive would otherwise be entitled during the
first six months following the date of separation will be accumulated and paid on the first day of the seventh month following
the date of termination. For purposes of this Agreement, “Specified Employee” has the meaning given in Code
Section 409A and Treas. Reg. §1.409A-1(c)(i). The Company’s “specified employee identification date” (as
described in Treas. Reg. §1.409A-1(c)(i)(3)) will be December 31 of each year, and the Company’s “specified employee
effective date” (as described in Treas. Reg. §1.409A-1(c)(i)(4)) will be February 1 of each succeeding year.

 

    11

     

    

 

(b)              
This Agreement is intended to comply with, or be exempt from, the requirements of Code Section 409A and the Treasury
Regulations and other administrative guidance issued thereunder and all provisions of this Agreement shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Code Section 409A.

 

(c)              
Each payment or installment under this Agreement shall constitute a separate payment for purposes of Code Section
409A.

 

(d)              
To the extent that any amount payable upon termination of employment constitutes “nonqualified deferred compensation”
subject to the requirements of Code Section 409A, any reference to such termination shall mean a “separation from service”
(as defined in Treas. Reg. §1.409A-1 (h)).

 

(e)              
With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except
as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year
shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided
that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section
105(b) solely because such arrangement provides for a limit on the amount of expenses that may be reimbursed over some or all of
the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of your taxable year following
the taxable year in which the expenses was incurred.

 

(f)               
In the event that the Company’s independent registered public accounting firm or the Internal Revenue Service
determines that any payment, coverage or benefit due or owing to the Executive pursuant to this Agreement is subject to the additional
tax imposed by Code Section 409A or any successor provision thereof or any interest or penalties, including interest imposed under
Code Section 409(A)(1)(B)(i)(I), incurred by the Executive as a result of the application of such provision, the Company agrees
to cooperate with the Executive to execute any amendment to the provisions hereof reasonably necessary but only (i) to the minimum
extent necessary to avoid application of such tax, and (ii) to the extent that the Company would not, as a result, suffer any adverse
consequences (including, without limitation, accelerating the payment or provision of any benefit described herein).

 

(g)              
Notwithstanding anything in this Section 9 or any other provision of this Agreement, if any payment under
this Agreement gives rise, directly or indirectly, to liability for an additional income tax or penalty under Code Section 409A
(and/or any penalties and/or interest with respect to such additional income tax or penalty), the Executive shall bear the cost
of any and all such taxes, penalties and interest.

 

10.          
[Reserved].

 

    12

     

    

 

11.          
Miscellaneous.

 

(a)              
Assignment; Successors. This Agreement will be binding upon and inure to the benefit of the heirs and representatives
of the Executive and the assigns and successors of the Company, but neither this Agreement nor any rights hereunder will be assignable
or otherwise subject to hypothecation by the Executive (except by will or by operation of the laws of intestate succession) or
by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise) to
all or substantially all of the stock, assets or businesses of the Company and, for the avoidance of doubt, the parties expressly
agree that this Agreement shall be assigned to, and assumed by, MUDS in connection with, and as a condition to, the consummation
of the Sale Transaction and such assignment and assumption shall not constitute a termination of employment for purposes of this
Agreement.

 

(b)              
Governing Law and Forum for Disputes. The laws of the State of Colorado will govern the validity, interpretation,
construction and performance of this Agreement, without regard to the conflict of laws principles thereof. Any action or proceeding
against the parties relating in any way to this Agreement or the Executive’s employment (a “Dispute”)
must be brought and enforced in the courts of the State of Colorado, and the parties irrevocably (i) submit to the jurisdiction
of such courts in respect of any such action or proceeding and (ii) waive any right to a trial by jury of any Dispute.

 

(c)              
Withholding. The Company may withhold from any payment that it is required to make under this Agreement amounts
sufficient to satisfy applicable withholding requirements under any federal, state or local law.

 

(d)              
Modification or Amendment. No provisions of this Agreement may be modified, waived, or discharged except by
a written document signed by a Company officer or director duly authorized by the Board and the Executive.

 

(e)              
Notices. Notices given pursuant to this Agreement will be in writing and will be deemed received when personally
delivered, or on the date of written confirmation of receipt by (i) overnight carrier, (ii) facsimile with confirmation of delivery,
(iii) registered or certified mail, return receipt requested, addressee only, postage prepaid, or (iv) such other method of delivery,
including electronic transmission, that provides a written confirmation of delivery. Notice to the Company will be directed to:

 

Hycroft Mining Corporation

c/o Stephen M. Jones

Executive Vice President and Chief Financial Officer

8181 E. Tufts, Suite 510

Denver, CO 80237

 

with a copy to:

 

Neal, Gerber & Eisenberg, LLP

2 N. LaSalle Street, Suite 1700

Chicago, IL 60602

Attention: David S. Stone, Esq.

email: dstone@nge.com

 

    13

     

    

 

The Company may change the person and/or address to whom the
Executive must give notice under this Section by giving the Executive written notice of such change, in accordance with the procedures
described above. Notices to or with respect to the Executive will be directed to the Executive, or to the Executive’s executors,
personal representatives or distributees, if the Executive is deceased, or the assignees of the Executive, at the Executive’s
home address on the records of the Company, or such other address provided to the Company in accordance with the procedures described
above.

 

(f)               
Severability. If any provisions of this Agreement will be found invalid or unenforceable by a court of competent
jurisdiction, in whole or in part, then it is the parties’ mutual desire that such court modify such provision(s) to the
extent and in the manner necessary to render the same valid and enforceable, and this Agreement will be construed and enforced
to the maximum extent permitted by law, as if such provision(s) had been originally incorporated herein as so modified or restricted,
or as if such provision(s) had not been originally incorporated herein, as the case may be.

 

(g)              
No Waiver. No failure or delay by the Company or the Executive in enforcing or exercising any right or remedy
hereunder will operate as a waiver thereof. No modification, amendment or waiver of this Agreement or consent to any departure
by the Executive from any of the terms or conditions thereof, will be effective unless in writing and signed by the President and
Chief Executive Officer. Any such waiver or consent will be effective only in the specific instance and for the purpose for which
given.

 

(h)              
Successors. This Agreement shall be binding upon, and shall inure to the benefit of, the Executive and his
estate, but the Executive may not assign or pledge this Agreement or any rights arising under it. Without the Executive’s
consent, the Company may assign this Agreement to any affiliate or to a successor to substantially all the business and assets
of the Company.

 

(i)                
Effect on Other Obligations. Payments and benefits herein provided to be paid to the Executive by the Company
will be made without regard to and in addition to any other payments or benefits required to be paid the Executive at any time
hereafter under the terms of any other agreement between the Executive and the Company (it being understood and agreed that the
Executive will not be entitled to severance or termination benefits in addition to those provided herein under any severance or
termination plan of the Company or its subsidiaries). No payments or benefits provided the Executive hereunder will be reduced
by any amount the Executive may earn or receive from employment with another employer or from any other source without violation
of this Agreement. In no event will the Executive be obliged to seek other employment or take any other action by way of mitigation
of the amounts payable to the Executive under any of the provisions of this Agreement.

 

(j)                
Survival. The provisions of this Agreement, including but not limited to Sections 9 and 11 hereof and
the ENNNI Agreement, to the extent consistent with or necessary to carry out the purposes thereof, shall survive termination of
this Agreement or termination of the Executive’s employment with the Company or any successor or assign regardless of the
reason for such termination.

 

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(k)              
Entire Agreement. The Executive acknowledges receipt of this Agreement and agrees that with respect to the
subject matter hereof it, along with the ENNNI Agreement and the Retention Bonus Plan, contains the entire understanding and agreement
with the Company, superseding any previous oral or written communication, representation, understanding or agreement with the Company
or any representative thereof. No term or condition should be construed strictly against any party on the basis that it was drafted
by such party.

 

(l)                
Headings. The headings in this Agreement are for convenience of reference only and will not limit or otherwise
affect the meaning thereof.

 

(m)            
Counterparts.  This Agreement may be executed in any number of counterparts, including by facsimile or
PDF, each of which shall be deemed an original, and all of which shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, each of the parties
hereto has executed this Agreement as of the date set forth below.

 

 

	EXECUTIVE 	 	HYCROFT MINING CORPORATION
	 	 	 	 
	/s/ Jeff
    Stieber	 	 	/s/ Randy Buffington
	Jeff Stieber	 	By:	Randy Buffington
	 	 	Its:	President & CEO
	Date:	March 25, 2019	 	Date: 	
	 	 	 	 
	 	 	 	 

 

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EXHIBIT A

 

FORM OF EMPLOYEE NONDISCLOSURE,
NONCOMPETITION

NONSOLICITATION AND INVENTIONS AGREEMENT

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