Document:

Exhibit 10.11

 

Amendment
to Employment Agreement

 

This
Amendment to Employment Agreement (this “Amendment”), made and entered into as of July 31, 2020, by
and between Lordstown Motors Corp., a Delaware corporation (“Company”) and Thomas V. Canepa (“Executive”).

 

WHEREAS, Company and
Executive are parties to that certain Employment Agreement, dated October 1, 2019 (the “Employment Agreement”);

 

WHEREAS, Company is
pursuing a business combination with DiamondPeak Holdings Corp., a Delaware corporation, pursuant to which the Company will consummate
a merger with an affiliate of DiamondPeak Holdings Corp. (the “Business Combination”); and

 

WHEREAS, in connection
with the Business Combination, Company and Executive desire to amend the Employment Agreement as described herein.

 

NOW, THEREFORE, in
consideration of the premises and of the covenants and agreements hereinafter contained, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:

 

1.             Capitalized Terms. All capitalized terms used herein and not defined herein shall have the meanings ascribed to such
terms in the Employment Agreement.

 

2.             Amendments to Employment Agreement. On the day immediately preceding the date of the consummation of the Business
Combination, and contingent upon, the consummation of the Business Combination, each of Sections 3(e) and 3(f) of the Employment
Agreement will terminate and be of no further force or effect.

 

3.             Cashless Exercise of Options. Company shall allow Executive to deliver the purchase price payable for the exercise
of any options held by Executive either (a) by delivering an irrevocable direction to a securities broker to sell the stock underlying
the options and to deliver all or part of the proceeds to Company in payment of the purchase price, or (b) through means of a net
share settlement, as determined by the Company in its discretion.

 

4.             Executive Acknowledgments. Executive acknowledges and agrees that the Business Combination is not, and shall not
be considered, a “Change in Control” of the Company under the Employment Agreement nor a “Change in Control”
of the Company under the Lordstown Motors Corp. 2019 Incentive Compensation Plan. Executive and Company further acknowledge and
agree that commencing on the date on which the Company enters into a definitive agreement regarding the Business Combination and
until the earlier of (i) consummation of the Business Combination or (ii) the termination of the Business Combination without consummation,
Executive shall not be entitled to receive or be issued any Stock Options pursuant to Section 3(e) of the Employment Agreement
or deferred cash bonus awards pursuant to Section 3(f) of the Employment Agreement.

 

    	 	 	 

     

    

 

5.              Effect of Amendment. Except as expressly amended hereby, the Employment Agreement shall be and remain in full force
and effect. On and after the date of this Amendment, each reference in the Employment Agreement to “this Agreement,”
 “hereunder,” “hereof,” or words of like import referring to the Employment Agreement, shall mean and refer
to the Employment Agreement as amended hereby. If the Business Combination is not consummated, the amendments to the Employment
Agreement in Section 2 hereof shall have no force or effect.

 

6.              Governing Law. This Amendment shall be governed by the internal laws of the State of Ohio applicable to agreements
made and wholly to be performed in such state without regard to conflicts of law provisions of any jurisdiction.

 

7.              Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original,
and all of which together shall constitute one instrument.

 

[Signature Page Follows]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the parties have duly
executed this Amendment as of the date first set forth above.

 

	 	LORDSTOWN MOTORS CORP.
	 	 	 
	 	By:	/s/ Stephen S. Burns
	 	Name: 	Stephen S. Burns
	 	Title:	Chief Executive Officer
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/ Thomas V. Canepa
	 	Name:	Thomas V. Canepa

 

    	 	 	 

     

    

 

Employment
Agreement

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”), made and entered into as of October 1, 2019 (the “Effective Date”), is
by and between Lordstown Motors Corp., a Delaware corporation (“Company”), and Thomas V. Canepa (“Executive”).
Certain capitalized terms shall have the meaning given to them in Section 7 below.

 

WHEREAS, Company desires
to employ Executive, and Executive desires to be employed by Company; and

 

WHEREAS, Company considers
Executive a “key executive” and agrees to provide Executive the significant consideration described in this Agreement
as and for Company’s retention of Executive.

 

WHEREAS, Company and
Executive desire to enter into this Agreement as of the Effective Date and this Agreement shall supersede all prior employment
terms and conditions, whether or not in writing.

 

NOW, THEREFORE, in
consideration of the premises and of the covenants and agreements hereinafter contained, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:

 

1.              Employment Period. Subject to the terms and conditions of this Agreement, Company hereby agrees to employ Executive
as the General Counsel (“GC”) of Company during the Employment Period, and Executive hereby agrees to be employed by
Company and provide services for and on behalf of Company during the Employment Period subject to and in accordance with this Agreement.
The period from the date of this Agreement until the Termination Date shall be referred to as the “Employment Period.”

 

2.              Duties. Executive agrees that, during the Employment Period, Executive will serve Company diligently and in good
faith and will, subject to the exceptions below, devote his full business time, energies and talents to serving as the General
Counsel of Company, subject to and at the direction of Company’s Chief Executive Officer (the “CEO”) and Company’s
board of directors (the “Board of Directors”). Executive shall: (a) have such duties and responsibilities commensurate
with his position as General Counsel and Secretary and as may be reasonably assigned to Executive from time to time by the CEO
or the Board of Directors, including the duties set forth on Exhibit A hereto; (b) perform all lawful duties assigned
to Executive in good faith, subject to the reasonable direction of the CEO and the Board of Directors; and (c) act in accordance
with written Company policies as may be in effect from time to time. Notwithstanding the foregoing, during the Employment Period
Executive may devote reasonable time to activities other than those required under this Agreement, including activities of a charitable,
educational, religious or similar nature (including professional associations); provided such activities do not inhibit, prohibit,
interfere with or breach any of Executive’s duties under this Agreement or common law, or otherwise conflict in any material
way with the Company Business.  Notwithstanding the foregoing Executive shall be authorized
to continue to perform services as owner and principal of Thomas V. Canepa P.C., an Illinois Professional Corporation, including,
but not limited to legal services, including real estate, business, and transactional matters and other related client matters.

 

    	 	 	 

     

    

 

3.            Compensation and Benefits. Subject to the terms and conditions of this Agreement, Company shall pay Executive, and
Executive agrees to accept from Company, as compensation in full for his services to be performed hereunder and for the faithful
performance and observance of all of his obligations to Company hereunder, the following annual salary and other compensation during
the Employment Period:

 

(a)     Base Salary. Company shall pay to Executive a base salary in the amount of $250,000 per annum (the “Annual
Base Salary”), payable in equal periodic installments less all customary payroll deductions (with such annual salary
for any part of a month to be paid on a pro-rated basis), in accordance with customary policies and normal payroll practices of
Company.

 

(b)     Benefits. During the Employment Period, Executive and Executive’s dependents, as the case may be, shall be
eligible to participate in all executive plans and programs as in effect from time to time thereof generally available to other
executives of Company and subject to the terms and conditions thereof, including a 401(k) Plan, medical and dental, and disability
benefits. Notwithstanding the foregoing, Company shall be permitted to amend, add to or eliminate the benefit plans at any time
and at Company’s sole discretion.

 

(c)     Vacation.
Executive shall be entitled to vacation time consistent with Company’s established programs and policies as may be in effect
during the Employment Period; provided that Executive shall be entitled to four (4) weeks of vacation per year (which, if not used
in a fiscal year, will not be carried to the next fiscal year).

 

(d)     Expense
Reimbursement. Executive shall be reimbursed by Company, on terms and conditions that are substantially similar to those that
apply to other similarly situated executives of Company, for reasonable out-of-pocket expenses for entertainment, travel, meals,
lodging and similar items which are actually incurred by Executive in connection with the Company Business, provided that Executive
complies with the policies, practices and procedures of Company for incurring expenses and submitting expense reports, receipts,
or similar documentation of any such expenses.

 

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(e)     Key
Employee Stock Options. As consideration for Executive joining Company at its initial formation, in addition to any other equity
incentive plan or stock option plans, Executive shall be entitled to the issuance of options (the “Initial Stock Options”)
to acquire one percent (1%) of Company’s outstanding common stock computed on a fully diluted basis as of the date of the
closing of Company’s initial private capital offering, in accordance with the terms set forth in a Stock Option Agreement
between Company and Executive. Upon the closing of any subsequent private capital offering that occurs prior to the Additional
Issue Date (as defined herein) and, in any event, at least once during each calendar quarter that concludes prior to the Additional
Issue Date (each, a “Subsequent Issuance Date”), Executive shall be awarded options to acquire an additional number
of shares of Company’s common stock equal to the excess, if any, of (i) one percent (1%) of Company’s outstanding common
stock computed on a fully diluted basis as of such Subsequent Issuance Date, over (ii) the number of common shares subject to any
options issued by Company to Executive prior to such Subsequent Issuance Date, at a strike price equal to the fair market value
of one share of Company common stock as of such Subsequent Issuance Date (all of such options issued prior to the Additional Issue
Date, the “Initial Stock Options”). Upon the earlier to occur of: (i) the date of the closing of the private capital
offering being handled by Company advisor Brown Gibbons Lang & Company for Company’s contemplated acquisition of the
General Motors Lordstown plant; and (ii) September 18, 2021 (the “Additional Issue Date”), Executive shall be awarded
options to acquire an additional number of shares of Company’s common stock equal to the excess, if any, of (i) one percent
(1%) of Company’s outstanding common stock computed on a fully diluted basis as of the Additional Issue Date, over (ii) the
number of common shares subject to the Initial Stock Options (the “Additional Stock Options” and together with the
Initial Stock Option, the “Stock Options”), at a strike price equal to the fair market value of one share of Company
common stock as of the Additional Issue Date. Upon exercise of any of the vested Stock Options Executive may make any available
tax elections at Executive’s discretion, including Section 83(b) elections, to offset or limit any tax liabilities imposed
against Executive related to the exercise of any Stock Options.

 

(f)      Deferred
Cash Award. Executive shall be entitled to participate in any deferred cash bonus plan established by Company to reflect the
increase in the fair market value of Company’s common stock between the date of the issuance of the Initial Stock Options
and the Additional Issuance Date, subject to such terms and conditions as Company may establish.

 

(g)     Equity
Compensation. The period during which Executive may exercise any rights ("Exercise Period") under any outstanding
stock options (or any other equity award, including, without limitation, stock appreciation rights and restricted stock units)
granted to Executive under any equity incentive plan adopted by the Board of Directors (the "Company Plans") shall continue
as set forth in the Stock Option Agreement granting such rights; provided, however, such Exercise Period shall terminate immediately
in the event Executive is terminated for Cause or for breach of the non-competition or non-solicitation provisions of this Agreement.
Further, except as otherwise expressly set forth herein, in the event Executive’s employment is terminated for any reason,
then the vesting of all outstanding stock options (or any other equity award, including, without limitation, stock appreciation
rights and restricted stock units) shall cease. Subject to the foregoing, the time within which to exercise any stock options upon
termination of Executive’s employment shall be set forth in the applicable Stock Option Agreement.

 

4.            Term and Termination.

 

(a)     Term.
The term of Executive’s employment hereunder shall commence on the Effective Date and continue until terminated. The effective
date of any termination hereunder shall be referred to as the “Termination Date”.

 

(b)     Termination.
Executive’s employment hereunder may be terminated on the following terms and conditions:

 

(i)      by
Company for Cause, effective upon written notice from Company to Executive, following the expiration, without cure, of any applicable
cure period;

 

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(ii)     by
Company for any reason other than for Cause, effective 30 days following written notice from Company to Executive;

 

(iii)    by
Executive, effective six (6) months following written notice from Executive to Company; or

 

(iv)    by
Change of Control as defined herein.

 

(c)     Death/Disability.
This Agreement and Executive’s employment hereunder shall terminate immediately and automatically by reason of Executive’s
death or Disability. In the event Executive's employment with Company terminates, for any reason whatsoever, including death or
Disability, Executive shall be entitled to the benefits described in Section 4(h).

 

(d)     Severance
Payment.

 

(i)      In
the event of a Termination Upon Change of Control, Executive shall be entitled to receive an amount equal to twelve (12) months
of Executive's Annual Base Salary which shall be paid according to the following schedule (subject to Section 4(d)(iv)): (a) a
lump sum payment equal to one-half of such amount shall be payable within ten (10) days of following the Termination Date, and
(b) one-fourth of the balance of such amount shall be payable within ten (10) days of each of the three-month, six-month, nine-month
and twelve month anniversaries of the Termination Date (and in each case no interest shall accrue on such amount); provided, however,
that if Section 409 A of the Internal Revenue Code of 1986, as amended (the “Code”) would otherwise apply to such cash
severance payment, it instead shall be paid at such time as permitted by Section 409A of the Code. In addition to the foregoing
severance payment, in the event of Executive's Termination Upon Change of Control, Executive shall be entitled to receive, within
ten (10) days following the Termination Upon Change of Control, a lump sum payment equal to one hundred percent (100%) of (a) any
actual bonus amount earned with respect to a previous year to the extent that all the conditions for payment of such bonus have
been satisfied (excluding any requirement to be in employment with Company as of a given date which is after the Termination Date)
and any such bonus was earned but is unpaid on the Termination Date; and (b) the target bonus then in effect for Executive for
the year in which such termination occurs, such payment to be prorated to reflect the full number of months Executive remained
in the employ of Company; provided, however, that if Section 409 A of the Code would otherwise apply to such cash payment, it instead
shall be paid at such time as permitted by Section 409A of the Code. To illustrate, if Executive's target bonus at 100% equals
$120,000 for the calendar year and Executive is terminated on October 15th, then the foregoing payment shall equal $100,000 (i.e.,
ten (10) months' prorated bonus at one hundred percent (100%) with October counting as a full month worked).

 

(ii)     If
Company terminates Executive's employment other than for Cause, Executive shall be entitled to receive an amount equal to six (6)
months of Executive's Annual Base Salary which shall be paid according to the following schedule (subject to Section 4(d)(iv)):
one-sixth (1/6th) of such amount shall be payable each month during the (6) month period following such termination in accordance
with Company’s regular payroll schedule; provided, however, that if Section 409A of the Code would otherwise apply
to such cash severance payment, it instead shall be paid at such time as permitted by Section 409A of the Code.

 

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(iii)    Notwithstanding
anything in this Agreement to the contrary, payments to be made upon a termination of employment under this Agreement will be made
upon a “separation from service” within the meaning of Section 409A of the Code.

 

(iv)    Executive
shall forfeit all rights to payment of severance pursuant to this Section 4(d) or otherwise unless he signs and delivers a general
release and separation agreement, in form and substance reasonably acceptable to Company within 60 days after Executive’s
termination of employment. Notwithstanding anything to the contrary contained herein, no severance payment will be due and payable
until Executive executes and delivers such general release and separation agreement and it is not subject to revocation, if applicable.

 

(e)     Equity
Compensation Acceleration. Upon a Termination Upon Change of Control, the vesting and exercisability of all then outstanding
stock options (or any other equity award, including, without limitation, stock appreciation rights and restricted stock units)
granted to Executive under any Company Plans shall be accelerated as to 100% of the shares subject to any such equity awards granted
to Executive.

 

(f)      COBRA.
If Executive timely elects coverage under the Consolidated Budget Reconciliation Act of 1985, as amended ("COBRA"), Company
shall continue to provide to Executive, at Company's expense, Company's health-related executive insurance coverage for Executive
only as in effect immediately prior to the Termination Upon Change of Control for a period of twelve (12) months following such
Termination Upon Change of Control. The date of the "qualifying event" for Executive and any dependents shall be the
Termination Date.

 

(g)     Indemnification.
In the event of a Termination Upon Change of Control, (a) Company shall continue to indemnify Executive against all claims related
to actions arising prior to the termination of Executive's employment to the fullest extent permitted by law, and (b) if Executive
was covered by Company's directors' and officers' insurance policy, or an equivalent thereto (the "D&O Insurance Policy"),
immediately prior to the Change of Control, Company or its successor shall continue to provide coverage under a D&O Insurance
Policy for not less than twenty-four (24) months following the Termination Upon Change of Control on substantially the same terms
of the D&O Insurance Policy in effect immediately prior to the Change of Control.

 

(h)     Rights
and Payments Upon Termination. In connection with Executive’s termination from Company, regardless of the reason, Executive
shall be entitled to the Minimum Payments, in addition to any payments or benefits to which Executive may be entitled under the
express terms of any executive benefit plan or as required by law. Any payments to be made to Executive pursuant to this Section 4
shall be made in accordance with Company's customary policies and normal payroll practices.

 

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5.            Restrictive Covenants.

 

(a)     Confidential Information. Executive recognizes and acknowledges that he may receive certain confidential and proprietary
information and trade secrets of Company, its Affiliates and Subsidiaries, including (i) internal business information (including,
information relating to strategic plans and practices, business, accounting, financial or marketing plans, practices or programs,
training practices and programs, salaries, bonuses, incentive plans and other compensation and benefits information and accounting
and business methods); (ii) identities of, individual requirements of, specific contractual arrangements with, and information
about, Company, its Affiliates and Subsidiaries and their respective confidential information; (iii) industry research compiled
by, or on behalf of Company and its Affiliates and Subsidiaries, including, without limitation, identities of potential target
companies, management teams, and transaction sources identified by, or on behalf of, Company and its Affiliates and Subsidiaries;
(iv) compilations of data and analyses, processes, methods, track and performance records, data and data bases relating thereto;
and (v) computer software documentation, data and data bases and updates of any of the foregoing; (collectively, “Confidential
Information”). Executive will not, during or after the term of this Agreement, whether through an Affiliate or otherwise,
take commercial or proprietary advantage of or profit from any Confidential Information or disclose Confidential Information to
any Person for any reason or purpose whatsoever, except (i) to authorized representatives and employees of Company or its
Affiliates and Subsidiaries and as otherwise may be proper in the course of performing Executive’s obligations under this
Agreement or (ii) as is required to be disclosed by order of a court of competent jurisdiction, administrative body or governmental
body, or by subpoena, summons or legal process, or by law, rule or regulation; provided that, unless otherwise prohibited by law,
rule or regulation, Executive shall provide to the Board of Directors prompt notice of any such disclosure. For purposes of this
Section 5(a), Confidential Information does not include any information that is or becomes generally known to the other participants
in the industry in which Company and its Subsidiaries operate other than as a result of any breach of nondisclosure by any Person.
The limitations in this Section 5(a) are in addition to, and not in lieu of, any other restrictions that Executive may be bound
by (whether by contract or otherwise), including Company’s Proprietary Information and Inventions Agreement.

 

(b)     Documents and Property. All records, files, documents and other materials or copies thereof relating to the Company
Business, which Executive shall prepare, receive, or use shall be and remain the sole property of Company, shall not be used by
Executive in any manner that would be adverse to Company’s interests, and, other than in connection with the performance
by Executive of his duties hereunder, shall not be removed from the premises of Company or any Subsidiary without Company’s
prior written consent, and shall be promptly returned to Company upon Executive’s termination of employment hereunder for
any reason whatsoever, together with all copies (including copies or recordings in electronic form), abstracts, notes or reproductions
of any kind made from or about the records, files, documents or other materials.

 

(c)     Non-Competition/Non-Solicitation. During the Employment Period and for a two (2) year period thereafter (the “Restricted
Period”), Executive will not, directly or indirectly, individually or as a shareholder, director, manager, member, officer,
employee, agent, consultant or advisor of any Person: (i) acquire or hold any economic or financial interest in, act as a partner,
member, shareholder, consultant, employee or representative of, render services to, or otherwise operate, engage in or hold an
interest in any Person that engages in, or engages in the management or operation of any Person that engages in any business that
competes with the Company Business; (ii) solicit orders from or seek or propose to do business with any customer or supplier of
the business relating to the Company Business; or (iii) influence or attempt to influence any customer, supplier, employee , contractor,
representative or advisor of the Company Business to curtail, terminate or refrain from maintaining its, his or her relationship
with Company or any of its Subsidiaries.

 

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(d)     Non-Disparagement. During and after Executive’s employment with Company, neither Company nor Executive will
make any adverse or derogatory statements, remarks or comments, oral or written, directly or indirectly, to any individual or entity
about or with reference to or with respect to Executive or Company, or any of its executives, officers, managers, members, directors
or agents. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony
or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

 

(e)     Remedies for Breach of Covenants. Executive acknowledges and expressly agrees that the covenants contained in this
Section 5 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that,
in light of his position with Company and access to Confidential Information during the Employment Period, the restrictions contained
in this Section 5 are reasonable and necessary for the protection of the legitimate business interests of Company, that they
create no undue hardships, that any violation of these restrictions would cause substantial injury to Company and such interests,
and that such restrictions were a material inducement to Company to enter into this Agreement. In the event of any violation or
threatened violation of these restrictions, Company, in addition to and not in limitation of, any other rights, remedies or damages
available to Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive
relief, to prevent or restrain any such violation by Executive and any and all Persons directly or indirectly acting for or with
his, as the case may be.

 

6.            Inventions and Innovations. Executive acknowledges and agrees that he is separately bound by the Proprietary Information
and Invention Agreement with Company. In addition, and notwithstanding anything to the contrary in the Proprietary Information
and Invention Agreement, Executive acknowledges and agrees that all right, title and interest in and to any past, present and future
inventions, business applications, know-how, customer lists, trade secrets, innovations, methods, designs, ideas, improvements,
copyrights, patents, domain names, trademarks, trade dress and other intellectual property which Executive personally develops
or creates in whole or in part at any time and at any place during his employment with Company, and which is, directly or indirectly,
related to or usable in connection with, the business activities of Company (all items set forth above are hereafter collectively
referred to as the “Inventions and Innovations”), shall be and remain forever the sole and exclusive property
of Company, and Executive thus automatically assigns and agrees to assign any such right, title and interest in his possession,
or that he acquires, to Company. In this regard, Executive acknowledges and agrees that any Inventions and Innovations embodying
copyrightable subject matter are “works made for hire,” and Executive automatically assigns and agrees to assign all
right, title and interest to Company in the same if such Inventions and Innovations are not “works made for hire.”
Executive agrees to promptly reveal all information relating to the Inventions and Innovations to Company and cooperate with Company
to execute such documents as may be necessary to establish ownership and protection in Company’s name for the Inventions
and Innovations. Notwithstanding the foregoing, Inventions and Innovations shall not include any publicly available information
or any information that was developed by Executive on his own time with his own tools and/or materials and without the resources
of Company or any Subsidiary thereof.

 

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7.            Definitions. As used throughout this Agreement, all of the terms defined in this Section 7 shall have the
meanings given below.

 

“Affiliate”
shall mean each individual, company, corporation, partnership, limited liability company, joint venture or other business entity,
which is, directly or indirectly, controlled by, controls, or is under common control with, Company, where “control”
means (i) the ownership of a majority of the voting securities or other voting interests or other equity interests of any company,
corporation, partnership, limited liability company, joint venture or other business entity, or (ii) the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such company, corporation, partnership,
limited liability company, joint venture or other business entity.

 

“Agreement”
shall have the meaning set forth in the preamble.

 

“Annual Base
Salary” shall have the meaning set forth in Section 3(a).

 

“Board of Directors”
shall have the meaning set forth in Section 2.

 

“Cause”
shall mean the Board of Directors’ determination in good faith that Executive has:

 

(i)      failed,
disregarded or refused to substantially perform his duties and obligations to Company as required by this Agreement and the Board
of Directors (other than any such failure resulting from his Disability or Executive’s termination of his employment with
Company for any reason);

 

(ii)     breached
a fiduciary responsibility to Company in any material respect;

 

(iii)    commission
of an act of fraud, embezzlement or other misappropriation of funds;

 

(iv)    breached
any confidentiality or proprietary information agreement in any material respect between Executive and Company;

 

(v)     acted
with gross negligence or willful misconduct when undertaking Executive’s duties;

 

(vi)    breached
this Agreement;

 

(vii)   Executive’s
excessive and unreasonable absences from Executive’s duties for any reason (other than authorized leave or leave required
by law or as a result of Executive’s Disability); or

 

(viii)  Executive’s
indictment for, conviction of, or plea of guilty or nolo contendere to, (A) a felony, (B) a misdemeanor (other than
traffic or motor vehicle violations), or (C) any other act, omission or event that, in any such case, has caused or is likely
to cause economic harm to Company or any of its Subsidiaries or the image, reputation and/or goodwill of Company or its Subsidiaries
or that Company in good faith believes is reasonably likely to cause material harm to the image, reputation and/or goodwill of
Company or its Subsidiaries, their respective products, services and/or trade/service marks;

 

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Notwithstanding the foregoing,
prior to Company’s termination of Executive for Cause under clauses (i) or (vi) above, Company shall give Executive written
notice specifying in reasonable detail the existence of any condition and Executive shall have 30 days from the date of Executive’s
receipt of such notice in which to cure the condition giving rise to Cause.

 

“Change of Control”
means:

 

(i)      one
Person (or more than one Person acting as a group) acquires ownership of stock of Company that, together with the stock held by
such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of Company; provided,
that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total
fair market value or total voting power of Company’s stock and acquires additional stock;

 

(ii)     a majority of the members of the Board of Directors are replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the Board of Directors before the date of appointment or election; or

 

(iii)    one
Person (or more than one person acting as a group), acquires (or has acquired during the 12-month period ending on the date of
the most recent acquisition) assets from Company that have a total gross fair market value equal to or more than 50% of the total
gross fair market value of all of the assets of Company immediately before such acquisition(s).

 

A transaction shall not
constitute a Change in Control if: (a) its sole purpose is to change the state of Company’s incorporation; (b) its sole purpose
is to create a holding company that will be owned in substantially the same proportions by the persons who held Company’s
securities immediately before such transaction; or (c) it constitutes Company’s initial public offering of its securities.

 

“Code”
shall have the meaning set forth in Section 4(d).

 

“Company”
shall have the meaning set forth in the preamble.

 

“Company Business”
shall mean the business in which Company is engaged including, but not limited to, developing, designing and manufacturing battery-electric
vehicles under 10,001 GVW, and related products and services.

 

“Confidential
Information” shall have the meaning set forth in Section 5(a).

 

“Disability”
shall mean that Executive is unable to effectively perform the essential functions of his job by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for not less than 90 consecutive
days or 125 non-consecutive days, in either case during any 12-month period (unless a longer period is required under applicable
law, then during such longer period), and in any case as determined in good faith by an independent doctor selected in good faith
by the Board of Directors and mutually acceptable to Executive .

 

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“Effective Date”
shall have the meaning set forth in the preamble.

 

“Executive”
shall have the meaning set forth in the preamble.

 

“Employment
Period” shall have the meaning set forth in Section 1.

 

“Good Reason”
is defined as the occurrence of any of the following: (i) a material breach of this Agreement by Company; or (ii) Executive has
a material reduction in position, status, duties or responsibilities, or is assigned duties materially inconsistent with his position.
If Executive wishes to terminate his employment for Good Reason, he shall first give Company thirty (30) days prior written notice
of the circumstances constituting Good Reason and an opportunity to cure.

 

“Inventions
and Innovations” shall have the meaning set forth in Section 6.

 

“Minimum Payments”
shall mean, as applicable, the following amounts:

 

(i)       Executive’s
earned but unpaid Annual Base Salary for the period ending on the Termination Date, with such payments to be made in accordance
with Section 3(a);

 

(ii)      Executive’s
accrued but unpaid vacation days for the period ending on the Termination Date; and

 

(iii)     Executive’s
unreimbursed business expenses and all other items earned and owed to Executive through and including, the Termination Date.

 

“Person”
shall mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated association, corporation, limited
liability company, entity or governmental entity (whether federal, state, county, city or otherwise and including any instrumentality,
division, agency or department thereof).

 

“Restricted
Period” shall have the meaning set forth in Section 5(c).

 

“Subsidiary”
shall mean, with respect to any Person, any corporation, partnership, limited liability company, association or business entity
of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (irrespective of whether,
at the time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if
a partnership, limited liability company, association or other business entity, either (A) a majority of partnership or other similar
ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries
of that Person or a combination thereof or (B) that Person is a general partner, managing member, manager or managing director
of such partnership, limited liability company, or other business entity. For purposes hereof and unless otherwise indicated, the
term “Subsidiary” refers to a Subsidiary of Company.

 

    10

     

    

 

“Termination
Date” shall mean the date of termination of Executive’s employment as determined in accordance with Section
3.

 

“Termination
Upon Change of Control” means:

 

(i)       any
termination of the employment of Executive by Company without Cause during the period commencing on or after the date that Company
enters into a definitive agreement that results in a Change of Control (even though still subject to approval by Company's stockholders
and other conditions and contingencies, but provided that the Change of Control actually occurs) and ending on the date which is
twelve (12) months following the Change of Control; or

 

(ii)       any
resignation by Executive for Good Reason where (i) such Good Reason occurs during the period commencing on or after the date that
Company enters into a definitive agreement that results in a Change of Control (even though still subject to approval by Company's
stockholders and other conditions and contingencies, but provided that the Change of Control actually occurs) and ending on the
date which is twelve (12) months following the Change of Control, and (ii) such resignation occurs at or after such Change of Control
and in any event within six (6) months following the occurrence of such Good Reason.

 

(iii)       Notwithstanding
the foregoing, the term "Termination Upon Change of Control" shall not include any termination of the employment of Executive:
(1) by Company for Cause; (2) by Company as a result of the Disability of Executive; (3) as a result of the death of Executive;
or (4) as a result of the voluntary termination of employment by Executive for any reason other than Good Reason.

 

8.                    
Notices. Notices and all other communications under this Agreement shall be in writing and shall be deemed given
if (i) delivered personally, (ii) delivered by a recognized overnight courier service, or (iii) mailed by United States registered
or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to Company to:

 

Lordstown Motors Corp.

2300 Hallock Young Road, S.W.

Lordstown, OH 44481

Attention: Chief Executive Officer

 

If to Executive, to:

 

Thomas V. Canepa

[                                            ]

 

or to such other address as either party
may furnish to the other in writing, except that notices of changes of address shall be effective only upon receipt.

 

    11

     

    

 

9.                    
Applicable Law. All questions concerning the construction, validity and interpretation of this Agreement and the
performance of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Ohio applicable
to agreements made and wholly to be performed in such state without regard to conflicts of law provisions of any jurisdiction.

 

10.                
FORUM SELECTION. ALL ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS
AGREEMENT SHALL BE LITIGATED IN COURTS HAVING SITUS WITHIN TRUMBULL COUNTY, OHIO EXECUTIVE HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION
OF THE STATE AND FEDERAL COURTS LOCATED WITHIN TRUMBULL COUNTY, OHIO. EXECUTIVE HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER
OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST EXECUTIVE BY COMPANY IN ACCORDANCE WITH THIS SECTION.

 

11.                
WAIVER OF JURY TRIAL. EXECUTIVE AND COMPANY HEREBY IRREVOCABLY WAIVE ANY AND
ALL RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS OR EVENTS CONTEMPLATED HEREBY OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO. THE PARTIES HERETO EACH AGREE THAT ANY AND ALL SUCH CLAIMS AND CAUSES OF ACTION TRIED BY A COURT
SHALL BE TRIED WITHOUT A JURY. EACH OF THE PARTIES HERETO FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH LEGAL PROCEEDING
IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED.

 

12.                
Entire Agreement; Severability. This Agreement, together with the Proprietary Information and Inventions Agreement,
the Company Plans and any applicable Stock Option Agreement, constitute the entire agreement between Executive and Company concerning
the subject matter hereof, and supersedes all prior negotiations, undertakings, agreements and arrangements with respect thereto,
whether written or oral. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable,
then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision
of this Agreement and all other provisions shall remain in full force and effect. The various covenants and provisions of this
Agreement are intended to be severable and to constitute independent and distinct binding obligations. Without limiting the generality
of the foregoing, if the scope of any covenant contained in this Agreement is too broad to permit enforcement to its full extent,
such covenant shall be enforced to the maximum extent permitted by law, and Executive hereby agrees that such scope may be judicially
modified accordingly.

 

13.                
Withholding of Taxes. Company may withhold from any amounts or other benefits payable under this Agreement all federal,
state, city or other taxes as may be required pursuant to any law, governmental regulation or ruling.

 

    12

     

    

 

14.                
No Assignment. Executive’s rights to receive payments or benefits under this Agreement shall not be assignable
or transferable whether by pledge, creation of a security interest or otherwise, other than a transfer by will, by the laws of
descent or distribution or to a revocable living trust of Executive. In the event of any attempted assignment or transfer contrary
to this Section 14, Company shall have no liability to pay any amount so attempted to be assigned or transferred. This Agreement
shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

 

15.                
Successors. This Agreement shall be binding upon and inure to the benefit of Company, its successors and assigns
(including any company into or with which Company may merge or consolidate).

 

16.                
Survival. The provisions of Sections 4, 5,
6, 7, 9, 10, 11, 12,
13, and 14 shall survive the termination of this Agreement.

 

17.                
Amendment; Waivers. This Agreement may not be amended or modified except by written agreement signed by Executive
and Company. No waiver of any provision or condition of this Agreement by any party shall be valid unless set forth in a writing
signed by such party. No such waiver shall be deemed to be a waiver of any other or similar provision or condition, or of any future
event, act, breach or default, and no course of dealing shall be implied or arise from any waiver or series of waivers (written
or otherwise) of any right or remedy hereunder.

 

18.                
Joint Participation. The parties hereto participated jointly in the negotiation and preparation of this Agreement,
and each party has had the opportunity to obtain the advice of legal counsel and to review and comment upon the Agreement. Accordingly,
it is agreed that no rule of construction shall apply against any party or in favor of any party. This Agreement shall be construed
as if the parties jointly prepared this Agreement, and any uncertainty or ambiguity shall not be interpreted against one party
and in favor of the other.

 

19.                
No Conflicting Agreement. Executive hereby represents and warrants to Company that he is not subject to any existing
non-competition or other restrictive agreements, clauses or arrangements, written or oral, that in any way prohibit or constrain
in any material respect his acceptance of and/or performance of duties pursuant to this Agreement, or that in any manner circumscribe
the scope of activities or other business that he is entitled to pursue and consummate on behalf of Company.

 

20.                
Construction; Miscellaneous. Whenever used in this Agreement, the singular shall include the plural and vice versa
(where applicable), the use of the masculine, feminine or neuter gender shall be deemed to include the other genders (unless the
context otherwise requires), the words “hereof,” “herein,” “hereto,” “hereby,”
 “hereunder,” and other words of similar import refer to this Agreement as a whole (including exhibits), the words “include,”
 “includes” and “including” means “include, without limitation,” “includes, without limitation”
and “including, without limitation,” respectively. The headings used in this Agreement are for convenience only, shall
not be deemed to constitute a part hereof, and shall not be deemed to limit, characterize or in any way affect the construction
or enforcement of the provisions of this Agreement. This Agreement may be executed in any number of identical counterparts, any
of which may contain the signatures of less than all parties, and all of which together shall constitute a single agreement. All
remedies of any party hereunder are cumulative and not alternative, and are in addition to any other remedies available at law,
in equity or otherwise.

 

[Signature page follows.]

 

    13

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	LORDSTOWN MOTORS CORP.
	 	 
	 	By:	 /s/ Stephen S. Burns
	 	Name:   Stephen S. Burns
	 	Its:        Chief Executive Officer
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Thomas V. Canepa
	 	Thomas V. Canepa

  

    

     

    

 

EXHIBIT A 

 

Executive's job responsibilities
will comprise managing and overseeing all legal operations and matters of Company, including the subsidiaries, including but not
limited to:

 

(a)              
Manage organization’s legal matters;

 

(b)              
Review and create draft agreements, such as employment and vendor agreements;

 

(c)              
Advise and work with executive, senior management and board of directors on various legal matters such as corporate matters,
strategic and business planning, employment matters, finance and fundraising matters and new and existing legislation;

 

(d)              
Retain and work with outside law firms, attorneys, and consultants to handle specialized legal, operational, regulatory,
finance, and industry matters including acquisitions, partnership, OEM relationships, labor, real estate, intellectual property,
and related matters; and

 

(e)              
Oversee all corporate governance and compliance matters related to Company operations.Exhibit 10.14

 

FIRST AMENDMENT TO LICENSE AGREEMENT

 

This FIRST AMENDMENT
TO LICENSE AGREEMENT (this “First Amendment”) is made and entered into effective as of the 21st day
of July, 2020, by and between ELAPIIE PROPULSION TECHNOLOGIES LTD., a Slovenian limited corporation, with offices located at Teslova
Ulica 30, 1000 Ljubjana, Slovenia (“Licensor” or “Elaphe”), and LORDSTOWN MOTORS CORP, a
Delaware corporation, with offices located at 2300 Hallock-Young Road, S.W., Lordstown Ohio 44481, or its designated Affiliate
(“Licensee” or “LMC”) (collectively, the “Parties,” or each, individually,
a “Party”).

 

RECITALS

 

A.           The
Parties previously entered into that certain License Agreement (the “Original License Agreement”), dated as of March
16, 2020.

 

B.            The
Parties hereby desire to amend the Original License Agreement to clarify certain provisions thereof and otherwise to confirm that
the Original License Agreement remains in full force and effect, except onlyto the extent modified by this First Amendment.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the agreement and undertakings of Licensor and Licensee set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties herein hereby agree as follows:

 

1.            
Amendment to Section 4. Section 4 of the Original License Agreement is hereby amended and restated in its
entirety to read as follows:

 

4.            Improvements.
As between the Parties:

 

(a)            Licensee
will solely own all right, title, and interest in and to any modification of or improvement or enhancement to any Materials made
by Licensee’s employees Or independent contractors (each, a “Licensee Improvement”)

 

(b)            Licensor
Will solely own all right, title, and interest in and to any modification of or improvement or enhancement to any Materials made
by Licensor’s employees or independent contractors (each, a “Licensor Improvement”).

 

(c)            Licensor
and Licensee will jointly own all right, title, and interest in and to any modification of or improvement or enhancement to any
Materials jointly made by Licensor’s and Licensee’s employees or independent contractors (each, a “Joint Improvement”).

 

(d)           All
Licensor Improvements will be included in the Materials for all purposes under this Agreement, including the license granted
under Section 2(a) and the technical assistance obligations under the Support Agreement, without any additional license fee,
royalty or other consideration of any kind. Each Party shall fully cooperate with the other Party and take all further
actions and execute, acknowledge, and deliver all assignments and other documents as the first Party may reasonably request
and at its expense, to evidence and protect such Party’s intellectual property and other proprietary rights in and to
all improvements as set forth in Section 4(a) – (c).

 

     

     

    

 

2.            
References to License Agreement. Any and all references within the Original License Agreement and in the Support
Agreement to this “Agreement” or to the “License Agreement” shall mean the Original License Agreement as
amended by this First Amendment.

 

3.            
Reaffirmation. The parties do hereby ratify and affirm all of the terms and provisions of the Original License
Agreement and such terms, as amended and supplemented by this First Amendment, shall remain in full force and effect.

 

4.            
Counterparts. This First Amendment may be executed in any number of counterparts, each of which will constitute
an original and all of which will constitute one and the same instrument.

 

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.

 

	 	ELAPHE PRODUCTION TECHNOLOGIES LTD.
	 	 
	 	By:	/s/ Gorazd Lampic
	 	Name: Gorazd Lampič
	 	Title: CEO
	 	 
	 	LORDSTOWN MOTORS CORP.
	 	 
	 	By:	/s/ Stephen S. Burns
	 	Name: Stephen S. Burns
	 	Title: Chief Executive Officer

 

    2

     

    

 

License Agreement

 

This License Agreement (this “Agreement”),
effective as of March __, 2020 (the “Effective Date”), is by and between ELAPHE PROPULSION TECHNOLOGIES LTD.,
a Slovenian limited corporation, with offices located at Teslova Ulica 30, 1000 Ljubljana, Slovenia (“Licensor”
or “Elaphe”), and LORDSTOWN MOTORS CORP., a Delaware corporation, with offices located at 2300 Hallock-Young
Road, S.W., Lordstown Ohio 44481, or its designated Affiliate (“Licensee” or “LMC”) (collectively,
the “Parties;” or each, individually, a “Party”).

 

WHEREAS, Licensor owns
certain proprietary technology and information relating to the design and production of electric powertrain “hub” (or
in-wheel) motors and related products and technology; and

 

WHEREAS. Licensee wishes
to obtain, and Licensor is willing to grant to Licensee, a license under Licensor’s proprietary rights in and to such technology
and information on the terms and conditions set out in this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants, terms, and conditions set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which arc hereby acknowledged, the Parties agree as follows:

 

1.             
Definitions. Capitalized terms used but not defined elsewhere in this Agreement have the following meanings:

 

“Affiliate”
of a Party means any entity that, at any time, is more than 50% owned by such Party, owns more than 50% of such Party, or is more
than 50% owned by a third party that owns more than 50% of such Party.

 

“Facility”
means Licensee’s plant located in Lordstown, Ohio, USA, to be used, among other purposes, for the production of Endurance
vehicles incorporating Licensed Products.

 

“Know
How” means Licensor’s confidential know-how relating to electric powertrain “hub” (or in-wheel) motors
and related products and technology, including, without limitation, non-patented inventions, designs, plans and specifications,
owned or acquired by or licensed to Licensor.

 

“License
Fee” means the license fee payable pursuant to Section 5(b) and Exhibit A

 

“Licensed
Product” means the Elaphe Model L-1500* Endurance Motor for LMC’s Endurance or LMC’s substitute model pickup
truck, and any replacement or substitute Elaphe design hub motor products for LMC’s Endurance or LMC’s substitute model
pickup truck.

 

“Licensed
Rights” means Licensor’s proprietary and other rights in and to the. Patent Rights, Know-How, the Production Design,
and Software, now owned or hereafter acquired or owned or licensed to Licensor,

 

    3

     

    

 

“LMC
Trucks” means Licensee’s Endurance model pickup truck, as designed and existing from time-to-time, or Licensees
substitute model pickup truck designed, manufactured, used or sold by Licensee.

 

“Materials”
means all of the following owned or acquired by Licensor relating to, as applicable, the Licensed Product, Patent Rights, Know-How,
Production Design, and Software: all documentation, materials, and other tangible embodiments of any of the foregoing, in any form
or medium (including papers, invention disclosures, laboratory notebooks, notes, drawings, flowcharts, diagrams, descriptions,
manuals, prototypes), relating to manufacturing, production, testing, sourcing, engineering, technology, agreements, inventions,
discoveries, ideas, processes, methods, designs, plans, instructions, specifications, formulas, testing and other protocols, settings,
and procedures, vendor and supply chain contacts and information, and other confidential or proprietary technical, scientific,
engineering, business, or financial information.

 

“Patent
Rights” means all United States and foreign patents and certificates of invention, or similar industrial property rights,
and applications for any of the foregoing, owned or acquired by or licensed to Licensor, including, but not limited to all reissues,
divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, all rights corresponding thereto
throughout the world, and all inventions and improvements described therein.

 

“Production
Design” means Licensor’s information relating to the design, layout and testing of, and the sourcing and selection
of, equipment and other components for the manufacturing of Licensed Products, including but not limited to the assembly line for
the production of Licensed Products.

 

“Software”
means any software owned or acquired by or licensed to Licensor, relating to the Licensed Products, including but not limited to
the manufacture, use, design, and testing of Licensed Products and the manufacture, use, design and testing of Licensed Products
in vehicles.

 

“Support
Agreement” means that certain Facilities and Support Agreement, of even date herewith, by and between the. Parties relating
to project management, engineering support, technical assistance, and consulting services, relating to the planning and development
of a manufacturing line for the Licensed Products at the Facility.

 

“Territory”
means the United States of America, Canada, and Mexico.

 

2.            
License; Most-Favored Nation.

 

(a)           
Grant. Licensor hereby grants to Licensee: (i) a perpetual, non-exclusive, non-revocable, and non-transferable (except
in accordance with Section 13) license, with the right to sublicense in accordance with Section 2(b), to the Licensed Rights and
Materials; (ii) and the right to use such Licensed Rights and Materials to make, have made, use, sell, offer to sell, import the
Licensed Products for LMC Trucks in the Territory, including, but not limited to the right to manufacture, modify, use and sell
(as part of the vehicle or replacement part thereof) Licensed Products produced on Licensee’s manufacturing line, and to
use the Materials in connection with the design, development, manufacture, use, marketing, promotion, distribution, sale, or other
exploitation of the. Licensed Products and LMC Trucks.

 

    2

     

    

 

(b)          
Sublicensing. Licensee may grant sublicenses under the license granted in Section 2(a) to (i) its Affiliates without
any further consent or approval of Licensor, provided that Licensee notify in advance Licensor of each such transaction and further
provided that such sub-license is valid only for such time as Sublicensee remains an Affiliate of Licensee, and (ii) to other
parties only upon the prior written consent of Licensor (each such approved party, a “Sublicensee”).

 

(c)           
Licensor’s Reserved Rights. Licensor will not market, advertise, promote, sell, or distribute the Licensed
Products in the Territory without. Licensee’s prior written consent. Licensor reserves the right to manufacture, market,
promote, distribute, and sell in the Territory products using the Materials other than Licensed Products.

 

(d)          
Other Sales of the Licensed Products. If at any time or from time-to-time, Licensor sells, licenses, or distributes
the Licensed Products through other parties, directly or indirectly, into the Territory, Licensor shall immediately notify Licensee
of such activity and offer to sell to Licensee such Licensed Products on identical economic terms or, if applicable, offer the
Licensed Products on the licensing terms available to such other party.

 

(e)           
Licensee shall not use Licensed Rights and Materials for production of the Licensed Products or grant any sublicense if
Licensee is in breach of any material obligation under the Support Agreement.

 

3.           
Materials Transfer. In connection with the performance of the Services (as such term is defined in the Support Agreement),
Licensor shall disclose the Materials to Licensee in such form and media as may be reasonably requested by Licensee. Licensor shall
make available technical personnel and support pursuant to the Support Agreement. For the avoidance of doubt, subject to the license
expressly granted to Licensee under Section 2(a), Licensor retains all right, title and interest in and to the Materials and Software
delivered or otherwise made available to Licensee hereunder. The ownership of tooling, testing equipment, dies, and other tooling
paid for by Licensee shall be owned by Licensee.

 

4.            
Improvements. As between the Parties;

 

(a)          
Licensee will solely own all right, title, and interest in and to any modification of or improvement or enhancement to any
Materials made by Licensee’s employees or independent contractors (each, an “Licensee Improvement”)

 

(b)          
Licensor will solely own all right, title, and interest in and to any modification of or improvement or enhancement to any
Materials made by Licensor’s employees or independent contractors (each, an “Licensor Improvement”).

 

(c)          
Licensor and Licensee will jointly own all right, title, and interest in and to any modification of or improvement or enhancement
to any Materials jointly made by Licenser’s and Licensee’s employees or independent contractors (each, an “Joint
Improvement”).

 

    3

     

    

 

(d)          
All Licensor Improvements will be included in the Materials for all purposes under this Agreement, including the license
granted under Section 2(a) and the technical assistance obligations under the Support Agreement, without any additional license
fee, royalty or other consideration of any kind. Licensee hereby transfers and assigns to Licensor, without additional consideration,
all of its right, title, and interest in and to any Improvement made by any employee or independent contractor of Licensee, whether
solely or jointly with any employee or independent contractor of Licensor or any third party. Licensee shall fully cooperate with
Licensor and take all further actions and execute, acknowledge, and deliver all assignments and other documents as Licensor may
reasonably request and at Licensor’s expense, to evidence and protect Licensor’s intellectual properly and other proprietary
rights in and to all Improvements.

 

5.            
Payments.

 

(a)          
Upfront Payment. Promptly upon execution of this Agreement and the Support Agreement, Licensee shall pay to Licensor
a non-refundable, non-creditable payment of. One Thousand Dollars ($1,000.00). Such Upfront Payment is, separate and apart from
any Purchase Order payment of Licensee to Licensor.

 

(b)           
License Fee. Licensee shall pay to Licensor a License Fee in accordance with the License fee Schedule attached hereto
as Exhibit A. License Fees shall be calculated on a per motor-produced basis, including only those motors suitable for
use, in production, provided that there shall excluded therefrom a reasonable number of motors produced and held by Licensee in
reserve inventory, not to exceed 100 in number in 2020; 240 in 2021; and 500 in 2022, until such motors are removed from reserve
inventory by Licensee for use in production. At the request of Licensee the number of reserve motors may be increased, as may
be approved by Licensor in good faith. Subject to the immediately preceding sentence, the calculation of the License Fee shall
take into account all motors manufactured by Licensee and Sublicensees.

 

(c)          
Payment Terms. Licensee shall pay the License Fee due under Section 5(b) within thirty (30) days after the end of
each calendar quarter in which such payments become due. Licensee shall make all payments due hereunder in US dollars by wire transfer
of immediately available funds to a bank account designated in writing by Licensor, The License fee and any other amounts payable
by Licensee to Licensor, under this Agreement, are exclusive of any and all foreign and domestic taxes, fees or charges, which
if found to be applicable, will be invoiced to Licensee and paid by Licensee within 30 days of such invoice. If any payment is
not received by Licensor on or before the due date for such payment, Licensee shall pay to Licensor interest on the overdue payment
from the due date to the date such payment is received by Licensor at a rate of five percent (5%) per annum, or if lower, the maximum
amount permitted under applicable law.

 

    4

     

    

 

(d)          
License Fee Reports. On or before the due date for all payments to Licensor, Licensee shall submit to Licensor a
report setting forth its License Fee calculation for the applicable calendar quarter in sufficient detail to permit confirmation
of the accuracy of the License Fee payment made, including: (1) the aggregate production of all Licensed Products, including products
of all Sublicensees, on a quarterly and year-to-date basis; (ii) the type and amount of all deductions and offsets allocated
with respect to such production, including without limitation, reserve inventory; and (iii) the applicable License Fee rate.

 

(e)          
Records and Audit.

 

(i)             
Licensee shall keep, in accordance with generally accepted accounting principles as applicable, records in sufficient detail
to verify the completeness and accuracy of any License Fee report submitted under Section 5(d) and the calculation of payments
due to Licensor hereunder. Licensee shall maintain such records for at least three (3) years after the end of the calendar quarter
in which such payments become due.

 

(ii)            
Licensor may at any time within eighteen (18) months after receiving any License Fee report from Licensee, nominate an independent
U.S. certified public accountant (“Auditor”) for the purpose of verifying such License Fee report and payments
made to Licensor. Licensee shall permit without delay the Auditor to have access to Licensee’s records kept in accordance
with Section 5(e) upon reasonable notice to Licensee and during Licensee’s normal business hours. All information and materials
made available to the Auditor in connection with such audit will be deemed to be Licensee’s Confidential Information. Licensor
shall provide to Licensee a copy of the Auditor’s audit report within three (3) days of Licensor’s receipt of the report.
If the report shows Licensee’s payments are deficient, Licensee shall pay Licensor the deficient amount plus interest on
the deficient amount, calculated in accordance with Section 5(c), plus all documented and invoiced out-of-pocket costs of the Auditor
within thirty (30) days after Licensee’s receipt of the audit report. Licensor may not exercise this audit right more than
once for any payment period.

 

6.           
Proprietary Rights.

 

(a)          
Preservation of Licensed Rights.

 

(i)             
Licensee acknowledges that: (A) certain of the Licensed Rights and Materials are Licenser’s Confidential Information
and subject to the confidentiality and non-disclosure obligations under Section 8; and (B) the Licensed Rights derive economic
value, actual or potential, from not being generally known to, and not being readily ascertainable through proper means by, any
other person or entity. Licensor acknowledges that Licensee will derive economic value from the license of the Licensed Rights
and the Materials and has a continuing interest in the protection of such information.

 

    5

     

    

 

(ii)            
Each Party shall use reasonable efforts to preserve the secrecy of the Licensed Rights and the Materials at all times while
this Agreement remains in effect and for a period of five (5) years following termination hereof.

 

(iii)          
Any other information, disclosure and communications between the Parties and their related Affiliates hereunder shall remain
subject to that certain Mutual Non-Disclosure Agreement, executed by the parties on July 2, 2019.

 

(b)          
Enforcement. Each Party shall immediately notify the other Party in writing of any actual or suspected misappropriation
or other unauthorized access, disclosure, or use of any Licensed Rights or Materials in the Territory (“Unauthorized Use”)
and shall provide such other Party with any known details of such Unauthorized Use. Licensor has the first right, in its discretion,
to bring any action or proceeding with respect to such Unauthorized Use and to control its conduct (including any settlement).
If Licensor does not commence an action or proceeding within sixty (60) days after receipt or delivery of notice hereunder concerning
any Unauthorized Use, Licensee may, in its discretion, bring such action or proceeding and control its conduct (including any settlement).
The Parties shall promptly inform each other on the actions or the measures carried out. The Party not controlling any action or
proceeding brought under this Section 6(b) shall provide the other Party with all cooperation and assistance that such other Party
may reasonably request in connection with such action or proceeding. Any damages, profits, and other monetary awards resulting
from any such action or proceeding will be applied first in satisfaction of any unreimbursed expenses and legal fees of both Parties,
with the balance allocated to the Parties as their interests may appear.

 

7.            
Compliance with Laws. Each Party shall comply with all applicable laws and regulations in the Territory in exercising
its rights and performing its obligations under this Agreement. Without limiting the foregoing, each Party shall comply with all
applicable laws and regulations concerning the export or re-export of any Licensed Product and any associated technical data, materials,
or information, including any requirements for obtaining an export license or other governmental approval. The Parties will cooperate
with respect to import-export compliance and to execute such documents related thereto as may be reasonably requested by the other
Party.

 

8.            
Confidentiality.

 

(a)          
Confidential Information. Each Party acknowledges that in connection with this Agreement it will receive or gain
access to certain non-public, confidential, or proprietary information and materials of the other Party in oral, written, electronic,
or other form or media, whether or not such information and materials are marked, designated, or otherwise identified as “confidential”
(“Confidential Information”).

 

(b)         
Exclusions. Confidential Information does not include Information that: (i) was already known to the receiving
Party without restriction on use or disclosure; (ii) was or becomes generally known by the public other than by breach of
this Agreement; (iii) was received from a third party not under any confidentiality obligation to the other Party; or (iv) is independently
developed without reference to or use of the other Party’s Confidential Information.

 

    6

     

    

 

(c)           
Confidentiality Obligations; Exceptions. Each Party shall maintain the other Party’s Confidential Information
in strict confidence and not disclose it to any other person or entity, except to its employees or independent contractors who
have a need to know such Confidential Information for such Party to exercise its rights or perform its obligations hereunder and
are bound by written nondisclosure agreements. Notwithstanding the foregoing, each Party may disclose the other Party’s Confidential
Information to the limited extent required to comply with applicable law (including any securities law or regulation or the rules
of a securities exchange) or a valid order issued by a court or governmental agency of competent jurisdiction (each, an “Obligated
Disclosure”), provided that the Party making the required disclosure shall first provide the disclosing Party with: (i) prompt
written notice of such requirement so that the disclosing Party may seek, at its sole cost and expense, a protective order or other
remedy; and (ii) reasonable assistance, at the disclosing Party’s sole cost and expense, in opposing such disclosure or seeking
a protective order or other limitations on disclosure. Licensee may disclose Licensor’s Confidential Information to Licensee’s
actual and potential purchasers and financing sources and their respective advisors, consultants, engineers, and other agents or
representatives, provided that such disclosure is also subject to confidentiality limitations. Prior to any disclosure of such
information other than an Obligated Disclosure, Licensee shall notify Licensor of the Confidential Information which it intends
to disclose and shall seek approval from Licensor. Within eight (8) days of receiving such written notice Licensor may decide that
the disclosure of the Confidential information is permitted only on the basis of a written non-disclosure agreement between Licensor
and the other receiving party. Licensor has the right to raise to disclose the Confidential Information if the receiving party
is related to any Restricted Purchaser (as defined in Section 12(b)(iv)). After any Change of Control Transaction relating
to Licensor described in Section 12(b)(iv), the right of Licensor to refuse as set forth in the immediately preceding sentence
shall no longer be in effect.

 

9.           
Representations.

 

(a)           
Mutual Representations. Each Party represents and warrants to the other Party that, as of the Effective Date: (i)
it is duly organized, validly existing, and in good standing under the laws of the state or jurisdiction of its organization; (ii)
it has the full right, power, and authority to enter into this Agreement and to perform its obligations hereunder; (iii) the execution
of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all necessary
corporate action of such Party; and (iv) when executed and delivered by such Party, this Agreement will constitute the legal, valid,
and binding obligation of that Party, enforceable against that Party in accordance with its terms.

 

(b)          
Licensor Representations. Licensor represents and warrants that: (i) Licensor owns the entire right, title,
and interest in and to the Licensed Rights and Materials; (ii) Licensor has the right to grant the license and outer rights hereunder;
(iii) use of the Licensed Rights and Materials permitted under this Agreement Licensed Products and use of Licensed Products
in LMC Trucks does not and will not infringe any United States patents or other intellectual property rights of any other person
or entity; (iv) as of the Effective Date, Licensor does not own any patents or patent applications that would be infringed by use
of the Licensed Rights and Materials permitted under this Agreement; (v) Licensor has riot granted to any third party any
licenses or other rights under the Licensed. Rights and Materials that conflict with rights granted to Licensee under this Agreement;
(vi) the Licensed Rights and Materials constitutes all of the information and intellectual property necessary to allow for production
of the Licensed Products, assuming that Licensee acquires the specified equipment, implements the Production Design, and installs
the Software, all as specified by licensor; (vii) the Licensed Rights and the Materials are sufficient to allow for the production
of Licensed Products that are safe to use, merchantable, and fit for the intended purpose.

 

    7

     

    

 

10.         
Indemnification.

 

(a)           
By Licensor. Licensor shall indemnify, defend, and hold harmless Licensee and its Affiliates, their respective owners
and any lender to any of the foregoing, and each of such parties’ respective officers, directors, employees, and agents,
from and against all losses, damages, liabilities, costs (including reasonable attorneys’ fees) (“Losses”)
resulting from any third-party claim, suit, action, or other proceeding (“Third-Party Claim”) arising out of
Licensor’s breach of any representation, warranty, covenant. or obligation under this Agreement or alleging that the use
of the Materials or other Licensed Right licensed under this Agreement infringes or misappropriates any third party’s intellectual
property rights except to the extent attributable to Licensee’s breach of any representation or warranty under this Agreement
or Licensee’s gross negligence or willful misconduct.

 

(b)         
By Licensee. Licensee shall indemnify, defend, and hold harmless Licensor and its Affiliates, and each of Licensor’s
and its Affiliates’ respective officers, directors, employees, and agents against all. Losses resulting from: (i) any Third-Party
Claim arising out of: (A) Licensee’s breach of any representation, warranty, covenant, or obligation under this Agreement,
or (B) any bodily injury, death of any person, or damage to real or tangible personal property caused by any LMC Truck; in each
case except to the extent attributable to Licensor’s breach of any representation or warranty under this Agreement or Licensor’s
gross negligence or willful misconduct.

 

11.          
Ownership of Properly. All equipment, tooling, testing equipment, dies, and other tooling purchased by Licensee
shall remain the property of Licensee.

 

12.          
Termination.

 

(a)          
Term. This Agreement is effective as of the Effective Date and will continue in effect until terminated in accordance
with Section 12(b).

 

(b)          
Termination.

 

(i)            
Breach. Either Party may terminate this Agreement in its entirety upon notice to the other Party if such other Party
materially breaches this Agreement and has not cured such breach to the reasonable satisfaction of the other Party within one hundred
eighty (180) days after notice of such breach from the non-breaching Party. Any infringement of Licensee’s obligations under
Sections 2(b), 5(d), 5(e) or 6(a) shall be deemed a material breach of this Agreement and therefore Licensor may immediately
terminate the Agreement by delivery of written notice to Licensee.

 

    8

     

    

 

(ii)            
Insolvency. Either Party may terminate this Agreement in its entirety immediately upon notice to the other Party
if such other Party: (a) is dissolved or liquidated or takes any corporate action for such purpose; (b) becomes insolvent
or is generally unable to pay, or fails to pay, its debts as they become due; (c) files or has filed against it a petition
for voluntary or involuntary bankruptcy or otherwise becomes subject, voluntarily or involuntarily, to any proceeding under any
domestic or foreign bankruptcy or insolvency law; (d) makes or seeks to make a general assignment for the benefit of creditors;
or (e) applies for or has a receiver, trustee, custodian, or similar agent appointed by order of any court of competent jurisdiction
to take charge of or sell any material portion of its property or business.

 

(iii)           
By Licensee. Licensee may terminate this Agreement at any time at its sole option, by delivery of written notice
to Licensor.

 

(iv)          
Change of Control. For the avoidance of doubt, this Agreement shall remain binding and in full force and effect on
each Party or its successor in the event of a merger, consolidation, division, stock sale, asset sale, or other sale or other change
of control (any such transaction, a “Change of Control Transaction”) involving such Party provided that the change
of control of Licensee is not any competitor of Licensor identified on Exhibit B or any Person controlling such competitors
(“Restricted Purchasers”), as such list may be updated by Licensor from time to time in good faith. In the event of
such change of control, Licensor may terminate this Agreement at its sole option, without any penalty, by delivery of written notice
to Licensee. Notwithstanding the foregoing, if any Restricted Purchaser acquires Licensor in a Change of Control Transaction, then
this Agreement shall remain binding and in full force and effect on each Party or its successor except that Licensor shall have
not thereafter have the right to terminate this Agreement as a result of a Change of Control Transaction relating to Licensee.

 

(c)          
Effect of Termination.

 

(i)            
Upon any termination of this Agreement by Licensee under Section 12(b)(i) or Section 12(b)(ii):

 

 (A)            
Licensee shall have a commercially reasonable time, but not more than six (6) months from the date of termination, to complete
orders and obtain a suitable replacement product prior to ceasing production of the Licensed Products.

 

    9

     

    

 

 (B)             
Thereafter, Licensee shall have the right to continue to use the Licensed Rights and Materials to the extent incorporated
within Licensee’s production of LMC Trucks (but not for the production of the Licensed Products).

 

(ii)          
Upon any termination of this Agreement by Licensor under Section 12(6)(i), Section 12(b)(ii) or Section 12(b)(iv) or
by Licensee under Section 12(b)(iii):

 

 (A)            
Licensee shall immediately after termination discontinue production of the Licensed Products.

 

 (B)            
Thereafter, licensee shall have the right to continue to use the Licensed Rights and Materials to the extent incorporated
within Licensee’s production of LMC Trucks (but not for the production of the Licensed Products).

 

(iii)          
All sublicenses granted by Licensee will automatically terminate in accordance with Subsections (i) and (ii) above unless
Licensor decides at its discretion to continue sublicense under a direct license agreement with Licensee under the Licensed Rights
on terms substantially similar to the terms of this Agreement.

 

(iv)          
Upon Licensee’s completion of use of the Licensed Rights and Materials as set forth above or otherwise immediately
after the termination, each Party shall reasonably promptly return to the other Party all relevant records and materials in such
Party’s possession or control containing Confidential Information of the other Party; provided, however, that, Licensee shall,
at Licensor’s option, either return to Licensor or destroy all Materials in Licensee’s possession, and destroy all
notes, analyses, summaries, and other materials prepared by Licensee relating to the Licensed Rights, and certify in writing to
Licensor the destruction of such Confidential Information and related materials.

 

(v)          
Termination of this Agreement will not relieve the Parties of any obligations accruing before the effective date of such
termination.

 

(vi)         
The Parties’ rights and obligations set forth in this Section 12(c) and Section 5(e) (Records and Audit), Section
6(a) (Preservation of Licensed Rights), Section 8 (Confidentiality), Section 10 (Indemnification), Section 11 (Ownership Of Property),
and Section 14 (Miscellaneous), and any right, obligation, or required performance of the Parties under this Agreement that, by
its express terms or nature and context is intended to survive termination of this Agreement, will survive any such termination,
for a period of five (5) years.

 

(vii)        
The termination of the Support Agreement, except upon full performance thereof, shall be deemed a termination of this Agreement
under Section 12(c)(i) only for reasons for the termination of the Support Agreement attributable to Licensor; for any other reason
the Section 12(c)(ii) applies.

 

    10

     

    

 

(viii)       
The termination of this Agreement shall also be deemed a termination of the Support Agreement.

 

13.         
Assignment. Licensee shall not assign or otherwise transfer any of its rights, or delegate or otherwise transfer
any of its obligations or performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law,
or otherwise, without Licenser’s prior written consent, except that Licensee may make such an assignment, delegation, or
other transfer, in whole or in part, without the Licensor’s consent (a) to an Affiliate; (b) in connection with the transfer
or sale of all or substantially all of the business or assets of Licensee relating to this Agreement; (c) to financing sources
as collateral security for financing; and (d) to any purchaser from or other successor to financing sources in connection with
the exercise of remedies, provided that no such assignment shall be made to any Restricted Purchasers except under the circumstances
described in Section 12(b)(iv). No delegation or other transfer will relieve Licensee of any of its obligations or performance
under this Agreement. This Agreement is binding upon and inures to the benefit of the Parties and their respective permitted successors
and assigns.

 

14.         
Miscellaneous.

 

(a)          
Further Assurances. Each Party shall, upon the reasonable request of the other Party, promptly execute such documents
and take such further actions as may be necessary to give full effect to the terms of this Agreement. Licensor agrees to enter
into a consent to assignment with Licensee’s financing sources containing estoppels, affirmations, notice and cure rights,
and other customary provisions.

 

(b)         
Independent Contractors. The relationship between the Parties is that of independent contractors. Nothing contained
in this Agreement creates any agency, partnership, joint venture, or other form of joint enterprise, employment, or fiduciary relationship
between the parties, and neither Party has authority to contract for or bind the other party in any manner whatsoever.

 

(c)          
No Public Statements. Neither Party may issue or release any announcement, statement, press release, or other publicity
or marketing materials relating to this Agreement or, unless expressly permitted under this Agreement, otherwise use the other
party’s trademarks, service marks, trade names, logos, domain names, or other indicia of source, association, or sponsorship,
in each case, without the other Party’s prior written consent.

 

(d)          
Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder must be in
writing and sent to the respective Party at the addresses indicated below (or at such other address for a Party as may be specified
in a notice given in accordance with this Section):

 

	If to Licensor:	[                                         ]
	 	 
	If to Licensee:	[                                         ]

 

    11

     

    

 

Notices sent
in accordance with this Section will he deemed effective: (a) when received, if delivered by hand (with written confirmation
of receipt); (b) when received, if sent by a nationally recognized overnight courier (receipt requested); or (c) on the
date sent by facsimile or email (in each case, with confirmation of transmission), if sent during normal business hours of the
recipient, and on the next day if sent after normal business hours of the recipient.

 

(e)          
Interpretation. For purposes of this Agreement: (a) the words “include,” “includes,” and
 “including” will be deemed to be followed by the words “without limitation”; (b) the word “or”
is not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto,” and
 “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections
and Schedules refer to the Sections of and Schedules attached to this Agreement; (y) to an agreement, instrument, or other document
means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted
by the provisions thereof; and (z) to a statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. This Agreement will be construed without regard to any presumption or rule
requiring construction or interpretation against the Party drafting an instrument or causing any instrument to he dratted.

 

(f)          
Entire Agreement. This Agreement, together with all Schedules and any other documents incorporated herein by reference,
constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes all
prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.

 

(g)         
No Third-Party Beneficiaries. This Agreement is for the sole benefit of the Parties and their respective successors
and permitted assigns (including financing sources) and nothing herein, expess or implied, is intended to or will confer upon any
other Person any legal or equitable right, benefit, or remedy of any nature whatsoever, under or by reason of this Agreement.

 

(h)          
Amendment; Waiver. No amendment to this Agreement will be effective unless it is in writing and signed by both Parties.
No waiver by any Party of any of the provisions hereof will be effective unless explicitly set forth in writing and signed by the
waiving Party. Except as otherwise set forth in this Agreement, no failure to exercise or delay in exercising, any rights, remedy,
power, or privilege arising from this Agreement will operate or be construed as a waiver thereof; nor will any single or partial
exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power, or privilege.

 

(i)          
Severability. If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction,
such invalidity, illegality, or unenforceability will not affect any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other jurisdiction.

 

    12

     

    

 

(j)           
Governing Law; Submission to Jurisdiction. This Agreement is governed by and construed in accordance with the internal
laws of the State of New York without giving effect to any choice or conflict of law provision or rule that would require or permit
the application of the laws of any other jurisdiction. Subject to the arbitration provision below, any legal suit, action, or proceeding
arising out of or related to this Agreement or the licenses granted hereunder will be instituted exclusively in the federal courts
of the Southern District of New York, United States, and each Party irrevocably submits to the exclusive jurisdiction of such courts
in any such suit, action, or proceeding.

 

(k)          
Arbitration. In the event of any dispute, controversy or claim arising out of, or relating to, or in connection with
this Agreement, including with respect to formation, applicability, breach, termination, validity or enforceability thereof, a
party wishing to commence arbitration shall first serve notice on the proposed respondent that a dispute has arisen and demand
negotiation commence. Notice shall be served by overnight courier at the addresses provided herein. Notwithstanding anything else
herein, any party to such negotiation shall have the right to commence arbitration at any time after the expiration of thirty (30)
days after service of such demand for negotiation.

 

Thereafter,
any dispute, controversy or claim arising out of, or relating to, or in connection with this Agreement, including with respect
to formation applicability, breach, termination, validity or enforceability thereof, shall be finally settled under the Rules of
Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules, or
by mutual agreement of the parties. The seat of the arbitration shall be New York, New York, USA, and it shall be conducted in
the English language.

 

The arbitration
award shall he final and binding on the parties. Judgment upon the award may be entered by any court having jurisdiction therefor
or having jurisdiction over the relevant parties or assets.

 

(l)           
Agent for Service. Licensor undertakes to irrevocably designate, appoint and empower an agent satisfactory to Licensee
no later than forty-five (45) days after signing this agreement and the License Agreement and the Support Agreement, the Agent
for Service as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its
property, service of any and all legal process, summons, notices and documents which may be served in any action or

 

(m)         
Equitable Relief. Each Party acknowledges that a breach by the other Party of this Agreement may cause the non-breaching
Party irreparable harm, for which an award of damages would not be adequate compensation and, in the event of such a breach or
threatened breach, the non-breaching Party will be entitled to seek equitable relief; including in the form of a restraining order,
orders for preliminary or permanent injunction, specific performance, and any other relief that may be available from any court.
These remedies are not exclusive but are in addition to all other remedies available under this Agreement at law or in equity,
subject to any express exclusions or limitations in this Agreement to the contrary.

 

    13

     

    

 

(n)          
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of
which together will be deemed to be one and the same agreement.

 

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.

 

	 	ELAPHE PRODUCTION TECHNOLOGIES LTD.
	 	 
	 	By:	/s/ Gorazd Lampic
	 	Name: Gorazd Lampic
	 	Title: Chief Executive Officer
	 	 
	 	LORDSTOWN MOTORS CORP.
	 	 
	 	By:	/s/ Stephen S. Burns
	 	Name: Stephen S. Burns
	 	Title: Chief Executive Officer

 

    14

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