Document:

Exhibit
10.1

 

Amendment
No. 1 

to
the  

Stoneridge,
Inc. 

2018
Amended and Restated 

Directors’
Restricted Shares Plan

 

	1.	The
second paragraph of Section 1, Purpose of Plan, is deleted in its entirety and replaced with the following:

 

The number
of shares authorized for issuance under the Plan shall be increased by 100,000 Common Shares, without par value, of the Company
bringing the total shares authorized for issuance under the Plan to 950,000.

 

	2.	Section
17, Effective Date, is deleted in its entirety and replaced with the following:

 

		17.	Effective
Date.

 

The Plan was
made effective upon its approval by the Company’s shareholders on May 15, 2018. The Plan, as amended by Amendment No. 1, shall
become effective on the day it is approved by the Company’s shareholders. The 2018 Amended and Restated Directors’ Restricted
Shares Plan, as approved by the Company’s shareholders on May 15, 2018, shall remain in full force and effect and shall only
be superseded by the Plan as amended by Amendment No. 1 when, and if, the Company’s shareholders approve Amendment No. 1 to the
Plan.

 

 

 

Stoneridge,
Inc. 

2018
Amended and Restated 

Directors’
Restricted Shares Plan

 

1. Purpose
of Plan.

 

The purpose
of this 2018 Amended and Restated Directors’ Restricted Shares Plan (the “Plan”) of Stoneridge, Inc., an Ohio corporation
(the “Company”), is to advance the interests of the Company and its shareholders by providing Eligible Directors (as defined
in Section 3, below) with (a) an opportunity to participate in the Company’s future prosperity and growth, and (b) an incentive
to increase the value of the Company based on the Company’s performance, development, and financial success. These objectives will
be promoted by granting to Eligible Directors restricted Common Shares, without par value, of the Company (the “Restricted Shares”).

 

The Plan amends
and restates the Company’s prior Amended Directors’ Restricted Shares Plan, as amended, and increases by 150,000 Common Shares,
without par value, of the Company (from 700,000 to 850,000 shares) the number of shares authorized for issuance under the Plan.

 

2. Administration
of Plan.

 

The Plan will
be administered by the Board of Directors (the “Board”). The Board shall have the power and authority to: (a) approve the
grant of Restricted Shares to Eligible Directors (such Eligible Directors, “Participants”); (b) approve the terms and conditions,
not inconsistent with the terms hereof, of any grant of Restricted Shares, including without limitation time and performance restrictions,
and approve the form of Restricted Shares Grant Agreement (as defined in Section 5, below); (c) adopt, alter, and repeal such administrative
rules, guidelines, and practices governing the Plan as it shall, from time to time, deem advisable; (d) interpret the terms and provisions
of the Plan and any agreements relating thereto; and (e) take any other actions the Board considers appropriate in connection with,
and otherwise supervise the administration of the Plan, all in a manner consistent with the other provisions of the Plan.

 

3. Participants
in Plan.

 

The persons
eligible to receive Restricted Shares under the Plan shall be those directors of the Company who are not employees or officers (except
for the non-executive Chairman of the Board) of the Company or any subsidiary of the Company (any such person, an “Eligible Director”).

 

4. Shares
Subject to Plan.

 

The maximum
aggregate number of Common Shares that may be issued under the Plan as Restricted Shares shall be 850,000 Common Shares, without par
value. Restricted Shares forfeited pursuant to Section 7 shall again be available for grant under the Plan. However, Restricted Shares
retained or sold by the Company to satisfy withholding requirements pursuant to Section 8 shall not again be available for grants under
the Plan. The shares that may be issued under the Plan may be authorized but unissued shares or issued shares reacquired by the Company
and held as Treasury Shares. In the event of a reorganization, recapitalization, share split, share dividend, combination of shares,
merger, consolidation, distribution of assets, or any other change in the corporate structure or shares of the Company, the Company will
make such adjustments as it deems appropriate in the number and kind of Common Shares reserved for issuance under the Plan. In the event
of any merger, consolidation or other reorganization in which the Company is not the surviving or continuing corporation, all Restricted
Shares that were granted hereunder and that are outstanding on the date of such event shall immediately vest and no longer be subject
to forfeiture on the date of such event.

 

    	 	1	 

     

    

 

5. Grant,
Issuance of Restricted Shares.

 

The Restricted
Shares issued by the Company in connection with the Restricted Share grants made under the Plan shall be authorized by the Board and
shall be made in accordance with, and subject to the terms of a written agreement (the “Restricted Shares Grant Agreement”)
in the form approved by the Board from time to time. To be effective, any such Restricted Shares Grant Agreement, shall be signed by
an officer of the Company authorized by the Board, and signed by the Participant, set forth the terms and other conditions to which the
award of Restricted Shares is subject, if any, the period of time that the Restricted Shares are subject to forfeiture, if any, and state
that such Restricted Shares are subject to all the terms and conditions of the Plan and such other terms and conditions, not inconsistent
with the Plan, as the Board may approve. The date on which the Board approves the granting of the Restricted Shares shall be deemed to
be the date on which the Restricted Shares are granted for all purposes, unless the Board otherwise specifies in its approval.

 

The Board
may, in its sole discretion, provide in the Restricted Shares Grant Agreement that the forfeiture period with respect to the Restricted
Shares may lapse upon a Participant’s death or disability or upon a Change in Control (as defined in Section 12, below) of the
Company. In addition, the Board may, in its sole discretion, provide in the Restricted Shares Grant Agreement that any vesting condition
of continued service as a member of the Board of Directors shall not apply to a Participant who fails to satisfy that condition solely
because after the date of the Restricted Shares Grant Agreement that Participant was not nominated by the Board of Directors for election
to the Board of Directors at the next annual meeting of shareholders. Any Restricted Shares issued under the Plan, so long as subject
to forfeiture (a) shall not be sold, transferred, assigned, pledged, hypothecated, anticipated, alienated, encumbered or charged, whether
voluntarily, involuntarily or by operation of law (collectively, “Transferred”) and (b) shall be forfeited to the Company
in the event a Participant to whom such Restricted Shares are awarded voluntarily ceases to be a director during the period of time,
if any, specified by the Board. Restricted Shares awarded under the Plan will be issued in the name of the Participant and held by the
Company (or the Company’s agent) during such period of time that the Restricted Shares are subject to forfeiture. At the time the
award is made the Participant may be asked to execute one or more blank stock powers and deliver the same to the Company so that any
shares which are forfeited may be cancelled.

 

6. Annual
Limitation on Restricted Share Grants to Eligible Directors.

 

In any calendar
year, no grant to any one Eligible Director may exceed 10,000 Restricted Shares.

 

7. Termination
of Status as an Eligible Director.

 

Except as
may be provided in the Restricted Shares Grant Agreement as permitted under Section 5, if a Participant’s status as an Eligible
Director terminates for any reason (including death, disability (as defined by the Board from time to time, in its sole discretion),
resignation, refusal to stand for reelection or failure to be elected) then unless otherwise determined by the Board, to the extent any
grant of Restricted Shares held by such Participant is not vested (i.e., no longer subject to forfeiture) as of the date of such termination,
such Restricted Shares shall automatically be forfeited on such date.

 

8. Withholding
Tax.

 

The Company,
at its option, shall have the right to require the Participant to pay the Company the amount of any taxes which the Company is required
to withhold with respect to such Restricted Shares or, in lieu of such payment, to retain or sell without notice a number of such Restricted
Shares sufficient to cover the amount required to be so withheld. The Company, at its option, shall have the right to deduct from all
dividends paid with respect to Restricted Shares the amount of any taxes which the Company is required to withhold with respect to such
dividend payments. The obligations of the Company under the Plan shall be conditional on such payment or other arrangements acceptable
to the Company.

 

    	 	2	 

     

    

 

9. Securities
Law Restrictions.

 

No right under
the Plan shall be exercisable and no Restricted Shares shall be delivered under the Plan except in compliance with all applicable federal
and state securities laws and regulations. The Company shall not be required to deliver any Restricted Shares or other securities under
the Plan prior to such registration or other qualification of such shares under any state or federal law, rule, or regulation as the
Board shall determine to be necessary or advisable, in its sole discretion.

 

Unless such
shares have been registered under the Securities Act of 1933, as amended (the “1933 Act”), the Restricted Shares Grant Agreement
evidencing the award of Restricted Shares shall contain a representation in form approved by the Board that such Restricted Shares are
not being acquired with a view to resale or distribution and will not be sold or otherwise Transferred by the Participant, except in
compliance with the 1933 Act and the rules and regulations thereunder and any applicable state securities laws. The Board may impose
such other restrictions on the Restricted Shares as it may deem advisable. Share certificates issued in connection with awards of Restricted
Shares under the Plan shall bear such legends and statements as the Board shall deem advisable to assure compliance with federal and
state securities laws and regulations and any other restriction imposed by the Board on such awards.

 

10. Term
of Plan.

 

This Plan
shall continue until terminated by the Board. The Board shall have the unrestricted right to amend, modify, suspend or terminate the
Plan at any time; provided, however, the Board may not modify the terms of any outstanding awards evidenced by executed Restricted Shares
Grant Agreements.

 

11. Shareholders
Rights.

 

Participants
to whom Restricted Shares have been issued under the Plan shall have the rights of shareholders with respect to the Company’s Common
Shares so long as no forfeiture event has occurred, except that the Restricted Shares may not be Transferred during the forfeiture period.

 

12. Change
in Control.

 

		(a)	Accelerated
                                            Vesting.

 

Notwithstanding
any provision of this Plan or any Restricted Shares Grant Agreement to the contrary, if a Change in Control (as defined below) occurs,
then all Restricted Shares theretofore granted and not fully vested shall thereupon become vested (i.e., shall no longer be subject to
forfeiture).

 

		(b)	Definition
                                            of Change in Control.

 

For
purposes of the Plan, a “Change in Control” means the happening of any of the following:

 

(i) When
any “person,” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “1934 Act”),
and as used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 14(d) of the 1934 Act, but excluding
the Company, any subsidiary of the Company, any employee benefit plan sponsored or maintained by the Company or any subsidiary of the
Company (including any trustee of such plan acting as trustee), any person who is a shareholder of the Company on the effective date
of this Plan (an “Existing Shareholder”), and any affiliate of an Existing Shareholder directly or indirectly becomes the
 “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act) of securities of the Company representing 50% or more of
the combined voting power of the Company’s then outstanding securities;

 

(ii) 
When, during any period of 24 consecutive months during the existence of the Plan, the individuals who, at the beginning of such period,
constitute the Board (the “Incumbent Directors”) cease for any reason other than death or disability to constitute at least
a majority of the Board; provided, however, that a director who was not a director at the beginning of such 24-month period shall be
deemed to have satisfied such 24-month requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation
of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors, either actually (because
they were directors at the beginning of such 24-month period) or by prior operation of this Section 12(b)(ii); or

 

(iii) The
occurrence of a transaction not recommended by the Board requiring shareholder approval for the acquisition of the Company by an entity
other than the Company or a subsidiary of the Company through purchase of assets, by merger, or otherwise.

 

Provided,
however, further that a change in control shall not be deemed to be a Change in Control for purposes of this Plan if the Board had approved
such change prior to either (A) the commencement of any of the events described in Section 12(b)(i), (ii), or (iii) of this Plan,
or (B) the commencement by any person other than the Company of a tender offer for Company Common Shares.

 

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13. 
Acceleration of Rights.

 

The Board
shall have the authority, in its discretion, to accelerate the time of vesting of Restricted Shares whenever it may determine that such
action is appropriate by reason of changes in applicable tax or other laws after the award of the Restricted Shares.

 

14. Interpretation,
Amendment or Termination of Plan.

 

The interpretation
by the Board of any provision of the Plan or of any terms contained in any Restricted Shares Grant Agreement executed in connection with
a grant of Restricted Shares under the Plan shall be final and conclusive upon all Participants under the Plan. The Board, without further
action on the part of the shareholders of the Company, may from time to time alter, amend, or suspend the Plan or may at any time terminate
the Plan; provided that no such action shall adversely affect any Participant’s rights with respect to an outstanding issuance
of Restricted Shares then held by such Participant without such Participant’s consent nor (subject to the provisions of Section
4 dealing with adjustments in the number and kind of Common Shares reserved for issuance under the Plan due to reorganizations and other
corporate actions) shall any such action increase the number of Common Shares that may be issued as Restricted Shares without the approval
of the Company’s shareholders. No member of the Board will incur any liability for any action taken or admitted, or any determination
made, in good faith in connection with the Plan.

 

15. Government
Regulations.

 

Notwithstanding
any provision of the Plan or any Restricted Shares Grant Agreement executed pursuant to the Plan, the Company’s obligations under
the Plan and such agreement shall be subject to all applicable laws, rules, and regulations and to such approvals as may be required
by any governmental or regulatory agencies, including without limitation any stock exchange on which the Company’s Common Shares
may then be listed.

 

16. Governing
Law.

 

The Plan shall
be construed and governed by the laws of the State of Ohio.

 

17. Effective
Date.

 

The Plan shall
become effective on the day it is approved by the Company’s shareholders.

 

The current
Amended Directors’ Restricted Shares Plan, as amended (the “Existing Plan”), which was previously approved by the Company’s
shareholders, shall remain in full force and effect and shall only be superseded by the Plan when, and if, the Company’s shareholders
approve the Plan. For the avoidance of doubt, Restricted Shares granted under the Existing Plan prior to the effective date of the Plan
shall continue under the terms of the written agreements under the Existing Plan and vest in the event of a Potential Change in Control,
as set forth in such written agreements and the Existing Plan.

 

18. Severability
Clause.

 

In case any
one or more of the provisions of this Plan shall be held invalid, illegal, or unenforceable in any respect, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the invalid, illegal, or unenforceable
provision shall be deemed null and void; however, to the extent permissible by law, any provision which could be deemed null and void
shall first be construed, interpreted, or revised retroactively to permit this Plan to be construed so as to foster the intent of this
Plan. This Plan and all transactions pursuant to this Plan are intended to comply in all respects with applicable laws and regulations.

 

    	 	4Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This
Executive Employment Agreement (the "Agreement"), made and entered as of May 18, 2022 (the "Effective Date"),
by and between Evolv Technologies Holdings, Inc. ("Company"), and Mark Donohue ("Executive") (each a "Party,"
and collectively the "Parties").

 

WHEREAS,
Company wishes to employ Executive as an employee of Company and the Executive wishes to be employed as an employee of Company on
the terms set forth below;

 

WHEREAS,
Executive represents that he possesses the necessary skills to perform the duties of this position and that he has no obligation to
any other person or entity which would prevent, limit or interfere
with Executive's ability to do so;

 

WHEREAS,
Executive and Company desire to enter into this Agreement to assure the harmonious performance of the affairs of Company.

 

NOW, THEREFORE,
in consideration of the mutual promises, terms, provisions, and conditions contained herein, the Parties agree as follows:

 

1.            Duties.
Subject to the terms and conditions of this Agreement, Company shall employ Executive as its Chief Financial
Officer, reporting to Company's
Chief Executive Officer. Executive accepts such employment upon the terms and conditions set forth herein, and agrees to perform to the
best of Executive's ability the duties normally associated with such position and as determined by Company in its sole
discretion. During Executive's employment, Executive shall devote substantially all
of Executive's business time
and energies to the business and affairs of Company, provided that nothing in this Agreement shall prohibit Executive from engaging
in activities that are not competitive with the business of Company and shall not interfere with the performance of Executive's duties
for Company; in addition, nothing contained in this Section 1 shall prevent or limit Executive's
right to manage his personal investments on his own personal time including, without limitation the right to make passive investments
in the securities of any publicly held entity so long as Executive's
aggregate direct and indirect interest does not exceed two percent (2%) of the issued and outstanding securities of any class of securities
of such publicly held entity.

 

		2.	Term of Employment.

 

(a)            Term.
Subject to the terms hereof, Executive's
employment hereunder shall commence on June 1, 2022 (the "Commencement
Date") and shall continue until terminated hereunder by either Party (such term
of employment referred to herein as the "Term").

 

(b)            Termination.
Notwithstanding anything else contained in this Agreement, Executive's
employment hereunder shall terminate upon the earliest to occur of the following:

 

		(i)	Death. Immediately upon Executive's death.

 

		(ii)	Termination by Company.

 

(A)            If
for Cause (as defined below), written notice by Company to Executive under Section 2(c) that Executive's employment is
being terminated for Cause, which termination shall be effective on the date of such notice or such later date as specified in
writing by Company; or

 

     

     

    

 

(B)            If
by Company without Cause, written notice by Company to Executive that Executive's employment is being
terminated, which termination shall be effective immediately after the date of such notice or such later date as specified in writing
by Company.

 

		(iii)	Termination by Executive.

 

(A)            If
for Good Reason (as defined below), written notice by Executive to Company under Section 2(d) that
Executive is terminating Executive's employment for Good Reason and that sets forth the factual basis supporting the alleged Good Reason,
which termination shall be effective thirty (30) days after the date of such notice: provided that if Company has cured the circumstances
giving rise to the Good Reason as described in Section 2(d), then such termination shall not be effective; or

 

(B)            If
without Good Reason, written notice by Executive to Company that Executive
is terminating Executive's employment, which termination shall be effective ninety
(90) days after the date of such notice or such earlier date as determined in the sole discretion of Company.

 

Notwithstanding
anything in this Section 2(6), Company may at any point terminate Executive's employment for Cause prior to the effective date of
any other termination contemplated hereunder.

 

(c)            Definition
of "Cause".
For the purposes of this Agreement, "Cause"
shall mean: (i) conduct constituting fraud, embezzlement, or illegal misconduct
in connection with the performance of Executive's
duties under this Agreement; (ii) Executive's commission of, or
voluntary and freely given confession to, or plea of guilty or nolo contendere to, a crime which constitutes a felony (other than
a traffic violation), an indictment that results in material injury to Company's
property, operation, or reputation, or a misdemeanor involving moral turpitude; (iii) Executive's willful failure to perform his
employment duties or obligations (except resulting from incapacity or illness) as reasonably and lawfully directed by Company that continues
after (A) Company or its duly authorized designee delivers a written notice to Executive describing such willful failure, and (B) Executive
has failed to cure or take substantial steps to cure such willful failure after a reasonable time period as determined by Company or its
duly authorized designee in its, his or her, as the case may be, reasonable discretion (not to be less than 30 days); (iv) willful
misconduct or gross negligence that is materially injurious to the business, reputation or property of Company; (v) alcohol or substance
abuse that materially interferes with the performance by Executive of his duties or obligations; (vi) repeated absence from work
(either in-person or remote) during normal business hours for reasons other than permitted absence; (vii) violation of Executive's
Non-Competition, Non-Solicitation, Non-Disclosure, and Intellectual Property Agreement (as described in Section 5); and (viii) repeated
violation of any of the material policies or practices of Company (including, but not limited to, discrimination or harassment),
or a single serious violation of such policies or practices which Company, in its
discretion, determines is materially injurious to the business or reputation of Company.

 

    	 	2	 

     

    

 

(d)            Definition
of "Good Reason". For the
purposes of this Agreement, "Good Reason"
shall mean: (i) a material diminution in Executive's authority or responsibilities that causes Executive's
position with Company to become of less authority or responsibility than his position immediately prior to such change, (ii) a
material reduction in Executive's then current Base Salary or Target Amount of the Annual Bonus by Ten Percent (10%) or more, or
(iii) a change in the principal location, at Company's request and direction, at which Executive performs his duties for
Company to a new location that is at least fifty (50) miles from the prior location; provided that "Good Reason"
shall not be deemed to have occurred unless: (1) Executive provides Company with written notice that Executive intends to
terminate Executive's employment hereunder for one of the grounds set forth above within thirty (30) days of such ground
occurring, (2) if such ground is capable of being cured, Company has failed to cure such ground within a period of thirty (30)
days from the date of such written notice, and (3) Executive
terminates Executive's employment within seventy-five (75) days from the date that Good Reason first occurs. For purposes of
clarification, the above-listed conditions shall apply separately to each occurrence of Good Reason and failure to adhere to such
conditions in the event of Good Reason shall not disqualify Executive from asserting Good Reason for any subsequent occurrence of
Good Reason.

 

		3.	Compensation.

 

(a)            Base
Salary. While Executive is employed hereunder, Company shall pay Executive a base salary at the annual rate of three hundred seventy-five
thousand dollars ($375,000.00) (the "Base Salary"),
payable in substantially equal periodic installments in accordance with Company's
payroll practices as in effect from time to time. Company shall deduct from each such installment all amounts required to be deducted
or withheld under applicable law or under any employee benefit plan in which Executive participates.

 

(b)            Annual
Bonus. Executive shall be eligible for an annual incentive bonus with respect to each calendar year of employment with Company (the
 "Annual Bonus"). Executive's target Annual Bonus amount shall be Fifty Percent (50%) of Executive's Base Salary (the "Target
Amount"), provided that the Annual Bonus for Executive's first year of employment
shall be pro-rated to reflect the Executive's
hire date. The Annual Bonus amount for any calendar year shall be subject to the Board of Directors (the "Board")
(or the Compensation Committee's) assessment of Executive's
performance, business conditions at Company, and the terms of any applicable annual
bonus plan. The Annual Bonus, if any, shall be paid no later than March 15th of the calendar year following the calendar year to
which such Annual Bonus relates (the "Bonus Payment
Date"). Executive must be employed by Company on the Bonus Payment Date in order to be eligible for such Annual Bonus.

 

(c)            Equity. Subject
to the approval of the Board (or a Committee of the Board), Executive will be granted RSUs with an aggregate grant date fair market
value equal to $3,600,000.00, pursuant to the Company's 2021 Incentive Award Plan (the "Plan") and the Company's standard
form of applicable RSU Agreement for use with the Plan (the "RSU Agreement").
Such award will be granted on the first regularly scheduled grant date after your Start
Date ("Grant Date"). The number ofRSUs granted shall be calculated by dividing $3,600,000 by the closing price for a share
of the Company's
Class A common stock ("Common Stock") on the Grant Date, which number ofRSUs shall be rounded down to the nearest
whole share of Common Stock. The RSUs
will vest over a 3-year period commencing on the Grant Date, with 1/3 of the total number of RSUs vesting on each of the first,
second, and third anniversaries of the Grant Date, subject to
Executive's continuous employment with the Company through each such vesting date. In addition, 2,000 performance-based RSUs will be
granted; these shares will vest based on the achievement of the Company's 2022 bookings goal. At the end of the performance period,
50% of any earned award will vest (January 1, 2023) and 50% will be subject to an additional one-year vesting period
(January 1, 2024), subject to continued employment with the Company. The RSUs will be subject to the terms and conditions of
the Company's stock plan in effect at the time of the grant and the Company's standard form of applicable RSU agreement for use with
the stock plan, which Executive will be required to sign. Any subsequent equity awards shall be governed by the terms of the Plan,
the RSU Agreement, any other applicable equity agreement and the terms of this Agreement. Executive acknowledges and agrees that
Executive has no right to receive any additional RSUs, other equity awards, or any other securities of Company pursuant to this
Agreement.

 

    	 	3	 

     

    

 

(d)            Fringe
Benefits. Executive shall be entitled to participate in all benefit/welfare plans and fringe benefits provided to employees at the
same level as Executive. Executive understands that, except when prohibited by applicable law,
Company's
benefit plans and fringe benefits may be amended by Company from time to time in its sole discretion.

 

(e)            Paid
Time Off. Executive's
time off is not limited per year but must be scheduled to minimize disruption to Company's operations, pursuant to the terms and conditions
of Company policy and practices as applied to Company senior executives. This policy is subject to change in Company's
sole discretion. Paid time off is not accrued, earned,
vested, or classified as a wage supplement and thus vacation time will not be paid out to Executive upon separation of employment, regardless
of the reason for the separation.

 

(f)            Reimbursement
of Expenses. Company shall reimburse Executive for all ordinary and reasonable out-of-pocket business expenses incurred by Executive
in furtherance of Company's business in accordance with Company's policies with respect thereto as in effect from time to time. Executive
must submit any request for reimbursement no later than ninety (90) days following the date that such business expense is incurred. All
reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the
Internal Revenue Code and the rules and regulations thereunder ("Section 409A") including, where applicable, the requirement
that (i) any reimbursement is for expenses incurred during Executive's lifetime (or during a shorter period of time specified in
this Agreement); (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible
for reimbursement in any other calendar year; (iii) the reimbursement of an eligible expense shall be made no later than the last
day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in kind benefits
is not subject to liquidation or exchange for another benefit.

 

		4.	Termination and Severance Payments.

 

(a)            Payment
of Accrued Obligations. Regardless of the reason for any employment termination hereunder, Company shall pay to Executive: (i) the
portion of Executive's Base Salary that has accrued prior to any termination of Executive's employment with Company and has not yet been
paid; (ii) any Annual Bonus under Section 3(b) for the year preceding the year in which the termination occurred, to the
extent unpaid; and (iii) the amount of any expenses properly incurred by Executive on behalf of Company prior to any such termination
and not yet reimbursed (together, the "Accrued Obligations") promptly following the effective date of termination. In the event
that Executive's employment is terminated for any reason other than as described in Section 4(b) or 4(c) below, Company
shall pay the Accrued Obligations to Executive promptly following the effective date of such termination and shall have no further obligations
to Executive. Executive's
entitlement to any other compensation or benefit under any Company plan or policy shall be governed by and determined in accordance with
the terms of such plan or policy, except as otherwise specified in this Agreement.

 

    	 	4	 

     

    

 

(b)            Standard
Severance. If Executive's employment hereunder is terminated by Company without Cause or by Executive for Good Reason, then, in addition
to the Accrued Obligations, Company shall pay Executive the following:

 

(i)            An
amount equal to Executive's monthly Base Salary for a twelve (12)
month period (the "Severance Period"), with such payments
to be made during the Severance Period in accordance with Company's
normal payroll practices, less all customary and required taxes and employment-related deductions.

 

(ii)            An
amount equal to one hundred percent (100%) of Executive's Target Amount of the Annual Bonus for the year in which the termination occurs,
paid in one lump sum amount within sixty (60) days following Executive's
termination date, less customary and required taxes and employment-related deductions

 

(iii)            Subject
to Executive's proper election to receive benefits under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), Company shall pay to the group health plan provider or the
COBRA provider a monthly payment equal to the monthly employee and employer COBRA premiums to continue Executive's coverage under Company's
group healthcare plan (including coverage for Executive's eligible
dependents, if applicable) until the earliest of (A) the twelve (12) month anniversary of the date of termination; (B) Executive's
eligibility for group health plan benefits under any other employer's
group medical plan; or (C) the cessation of Executive's continuation
rights under COBRA; provided, if Company reasonably determines that it cannot pay such amounts to the group health plan provider
or the COBRA provider (if applicable) without potentially violating
applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then Company shall convert such payments
to payroll payments directly to Executive for the time period specified above. Such
payments, ifto Executive, shall be subject to tax-related deductions and withholdings and paid on Company's
regular payroll dates.

 

(iv)            Notwithstanding
anything to the contrary in the Plan or any stock option agreement executed by Executive pursuant thereto, any stock option then vested
and exercisable as of Executive's termination date may be exercised
within twelve (12) months after Executive's termination
date, but in no event later than the ten (10) year anniversary of the original date of grant or the original expiration date of the
stock option, whichever comes first (unless the Plan requires or authorizes earlier termination, including in connection with a liquidation
or sale of Company). Any unvested portion of any option shall not be exercisable and shall expire and be cancelled on Executive's termination
date.

 

The payments and benefits described
in this Section 4(b) shall be referred to as the "Standard Severance," and are expressly subject to the conditions
described in Section 4(d).

 

(c)            Change
of Control Severance. If a Change of Control (as defined below) occurs and,
within a period of twelve (12) months following the Change of Control, Executive's
employment hereunder is terminated by Company (or its successor) in connection with such Change of
Control without Cause or by Executive for Good Reason, then, in
addition to the Accrued Obligations:

 

(i)            Executive
shall receive the severance payment described in and on the terms set forth in Section 4(b)(i).

 

    	 	5	 

     

    

 

(ii)            Executive
shall receive the severance bonus described in and on the terms set forth in Section 4(b)(ii).

 

(iii)            Executive
shall receive the benefits payments described in and on the terms set forth in Section 4(b)(iii).

 

(iv)            Notwithstanding
anything to the contrary in the Plan or any equity award agreement executed by Executive pursuant thereto, and subject to the terms
and conditions of the Plan and any equity agreements executed by Executive pursuant thereto, Executive automatically shall become
vested in one hundred percent (100%) of outstanding and unvested time-based equity awards granted to Executive by Company. For the
avoidance of doubt, this includes the RSU equity award granted to Executive in section 3(c) of this Agreement. Any termination
or forfeiture of any unvested portion of such time-based equity awards that would otherwise occur on the date of termination in the
absence of this Agreement shall be delayed until the effective date of the separation agreement described in
Section 4(d) and shall only occur if the vesting pursuant to this subsection does not occur due to the absence of such
separation agreement becoming fully effective within the time period set forth
therein. Following such
acceleration, Executive shall not have any right to acquire or vest in any other form of equity under the Plan. In addition, any
stock option may be exercised within twelve (12) months after Executive's termination date, but in no event later than the ten (10) year
anniversary of the original date of grant or the original expiration date of the stock option, whichever comes first (unless the
Plan requires or authorizes earlier termination, including in connection with a liquidation or sale of Company). Acceleration of
vesting of stock options may cause certain stock options currently deemed to be incentive stock options taxable in accordance with
Section 422 of the Internal Revenue Code of 1986, as amended, to be converted into non-qualified stock options which are
taxable upon exercise. Executive acknowledges and agrees that Company does not guarantee or make any representations regarding the
tax consequences of this provision or the tax treatment of any stock options.

 

The
payments and benefits described in this Section 4(c) shall be referred to as the "Change
of Control Severance," and are expressly subject to the conditions described in Section 4(d).
In the event that Executive is eligible for the Change of Control Severance under Section 4(c), except as expressly set forth herein,
Executive shall not be eligible
for the Standard Severance under Section 4(b).

 

For the
purposes of this Section 4(c), a "Change of Control" is
defined as any of the following:

 

(A)            Ownership:
Any "Person" (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended) becomes the "Beneficial Owner"
(as defined in Rule 13d-3 under said Act), directly or indirectly, of
securities of Company representing 50% or more of the total voting power represented by Company's
then outstanding voting securities (excluding for this purpose any such voting securities
held by Company or its Affiliates or any employee benefit plan of Company) pursuant
to a transaction or a series of related transactions which the Board does not approve;
or

 

(B)            Merger/Sale
of Assets: (I) A
merger or consolidation of Company whether or not approved by the Board, other than a merger or consolidation which would result in
the voting securities of Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities
of Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or
consolidation; or (2) the sale, lease, transfer, exclusive license or other disposition by Company of all or substantially all
of Company's assets in a transaction requiring stockholder approval. "Change of Control" shall be interpreted, if
applicable, in a manner, and limited to the extent necessary, so that it shall not cause adverse tax consequences under
Section 409A of the Code.

 

    	 	6	 

     

    

 

		(d)	Severance Payment Conditions.

 

(i)            Release
Requirement. Company shall not be obligated to pay Executive the Standard Severance or Change of Control Severance (as applicable)
unless and until Executive has executed (without revocation) a timely separation agreement in a standard form that is acceptable to Company,
which shall include mutual releases and which must be signed by Executive and returned to Company no later than sixty (60) days following
Executive's separation from service (the "Review Period"), and which shall include, at a minimum, a complete general release
of claims against Company and its affiliated entities and each of their officers, directors, employees and others associated with Company
and its affiliated entities, and in Company's sole discretion, a one (1) year post-employment non-competition, agreement. If Executive
fails to return such agreement within the Review Period, then Executive's
Standard Severance or Change of Control Severance (as applicable) shall be forfeited. If Executive executes and does not revoke such agreement
within the Review Period, then payment of the Standard Severance or Change of Control Severance (as applicable) shall commence on the
first (1s day following the Review Period.

 

(ii)            Return
of Company Property. Company shall not be obligated to pay Executive the Standard Severance or Change of Control Severance (as applicable)
unless and until Executive has complied with his obligations to return Company information and property under Section 6.

 

(iii)            Non-Disparagement.
Executive shall not make any statements that are professionally or personally disparaging about, or adverse to, the interests of Company,
including, but not limited to, any statements that disparage any services or capabilities of Company. Notwithstanding the foregoing, nothing
in this section shall restrict Executive from making any disclosures mandated by state or federal law,
from participating in an investigation with a state or federal agency if requested by the agency to
do so, or from providing information or documents to a state or federal agency if requested by the agency to do so.

 

(iv)            Impact
of Executive's Breach. The Standard Severance or Change of Control Severance (as applicable) shall cease immediately in the event
that a court of competent jurisdiction enters a final order finding that Executive breached Executive's Non-Competition, Non-Solicitation,
Non-Disclosure, and Intellectual Property Agreement (as described in Section 5).

 

(e)            Amounts
Owed. The payments and benefits set forth in this Section 4 shall be the sole amounts owing to Executive upon termination of
Executive's employment for the reasons set forth above and Executive
shall not be eligible for any other payments or other forms of compensation or benefits. The payments and benefits set forth in Section 4
(as applicable) shall be the sole remedy, if any, available to Executive in the event that Executive brings any claim against Company
relating to the termination of Executive's employment under this Agreement.

 

5.            Prohibited
Competition and Solicitation. As a condition of Executive's employment with Company,
Executive agrees to execute Company's Non-Competition, Non-Solicitation, Non Disclosure, and Intellectual
Property Agreement, attached hereto as Exhibit A.

 

    	 	7	 

     

    

 

6.            Property
and Records. Upon the termination of Executive's employment hereunder for any reason or for no reason, or if Company otherwise
requests, Executive shall: (a) return to Company all Company confidential and proprietary information, and copies thereof (regardless
how such information or copies are maintained), and (b) deliver to Company any property of Company which may be in Executive's possession,
including, but not limited to, tablet-type devices, laptops, cell phones, smart phones, products, files, materials, memoranda, notes,
records, reports or other documents or photocopies of the same, in either hard copy or electronic form.

 

		7.	Code Sections 409A and 280G.

 

(a)            The
benefits set forth in Sections 4(b)-4(c) of this Agreement constitute "non-qualified deferred compensation" subject to
Section 409A. The following conditions apply to the payment of the benefits in Sections 4(b)-4(c): Any termination of Executive's
employment triggering payment of benefits under Sections 4(b)-4(c) must constitute a "separation from service" under Section 409A(a)(2)(A)(i) of
the Code and Treas. Reg. §1.409A-l(h) before distribution of such benefits can c mmence. To the extent that the termination
of Executive's employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas.
Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by Executive to Company
at the time Executive's employment terminates), any benefits payable under Sections 4(b)-4(c) that constitute deferred compensation
under Section 409A shall be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of
the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section shall not cause any forfeiture of benefits
on Executive's part,
but shall only act as a delay until such time as a "separation from
service" occurs. Further, if Executive is a "specified employee" (as that term is used in Section 409A and regulations
and other guidance issued thereunder) on the date his separation from service becomes effective, any benefits payable under Sections 4(b)-4(c) that
constitute non-qualified deferred compensation subject to Section 409A shall be delayed until the earlier of (i) the business
day following the six-month anniversary of the date his separation from service becomes effective, and (ii) the date of Executive's
death, but only to the extent necessary to avoid the adverse tax consequences and penalties under Section 409A. On the earlier of
(i) the business day following the six-month anniversary of the date his separation from service becomes effective, and (ii) Executive's
death, Company shall pay Executive
in a lump sum the aggregate value of the non-qualified deferred compensation that
Company otherwise would have paid Executive prior to that date under Sections 4(b)-4(c). It is
intended that each installment of the payments and benefits provided under Sections 4(b)-4(c) shall be treated as a separate "payment"
for purposes of Section 409A. Neither Company nor Executive
shall have the right to accelerate or defer the delivery of any such payments or
benefits except to the extent specifically permitted or required by Section 409A.

 

(b)            Notwithstanding
any other provision of this Agreement to the contrary, this Agreement shall be interpreted and at all times administered in a manner that
avoids the inclusion of compensation in income under Section 409A, or the payment of increased taxes, excise taxes or other penalties
under Section 409A.

 

(c)            The
Parties intend this Agreement to be in compliance with Section 409A.
Executive acknowledges and agrees that Company does not guarantee the tax treatment or tax consequences associated with any payment or
benefit arising under this Agreement, including but not limited to consequences related to Section 409A.

 

    	 	8	 

     

    

 

(d)            If
any payment or benefit Executive would receive under this Agreement, when combined with any other payment
or benefit Executive receives pursuant to a Change of Control (for purposes of this section, a "Payment")
would: (i) constitute a "parachute
payment" within the meaning of Section 280G the Code; and (ii) but
for this sentence, be subject to the excise tax
imposed by Section 4999 of the Code (the "Excise Tax"),
then such Payment shall be either:
(A) the full amount of such Payment; or (B) such lesser amount (with cash payments being reduced before stock option compensation)
as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account
the applicable federal, state and local employments taxes, income taxes, and the Excise Tax, results in Executive's
receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding
that all or some portion of the Payment may be subject to the Excise Tax.

 

		8.	General.

 

(a)            Notices.
Except as otherwise specifically provided herein, any notice required or permitted by this Agreement shall be in writing and shall be
delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight
courier upon written verification of receipt; (iii) by electronic mail upon verification of receipt; or (iv) by certified or
registered mail, return receipt requested, upon verification of receipt. Notices to Executive shall be sent to the last known address
in Company's records or such other address as Executive may specify in writing. To whom notices to Company shall be sent shall be decided
by the Board at a later date.

 

(b)            Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by the Parties
hereto.

 

(c)            Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written
document executed by the Party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or
shall constitute a waiver or consent with respect to any other tenns or provisions of this Agreement, whether or not similar. Each such
waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute
a continuing waiver or consent.

 

(d)            Assignment.
Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially
all of Company's business or that aspect of Company's business in which Executive
is principally involved. Executive may not assign Executive's rights and obligations under this Agreement without the prior written consent
of Company.

 

(e)            Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by
the law of the Commonwealth of Massachusetts without giving effect to the conflict of law principles thereof. Any legal action or proceeding
with respect to this Agreement shall be brought in the courts of the Commonwealth of Massachusetts or the United States of America for
the District of Massachusetts. By execution and delivery of this Agreement,
each of the parties hereto accepts for itself and in
respect of its property, generally and unconditionally, the exclusive jurisdiction
of the aforesaid courts. ANY ACTION, DEMAND,
CLAIM OR COUNTERCLAIM ARISING UNDER OR RELATING TO THIS AGREEMENT SHALL BE RESOLVED BY A JUDGE ALONE AND EACH OF COMPANY AND EXECUTIVE
WAIVES ANY RIGHT TO A JURY TRIAL THEREOF.

 

    	 	9	 

     

    

 

(f)            Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall
in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

(g)            Entire
Agreement. This Agreement, together with the applicable equity incentive plan, form of stock option agreement, restricted stock option
agreement and/or equity award agreement, and any restrictive covenants agreement referenced herein, embodies the entire agreement and
understanding between the Parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements
and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not
expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this
Agreement.

 

(h)            Counterparts.
This Agreement may be executed in two or more counterparts, and by different Parties hereto on separate counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. For all purposes a signature by fax shall
be treated as an original.

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first written
above.

 

	EXECUTIVE	 	EVOLV TECHNOLOGIES HOLDINGS, INC.
	 	 	 
	/s/ Mark Donohue	 	/s/ Peter George
	Signature	 	Name: Peter George
	Address: ###	 	Title: President & Chief Executive Officer

 

     

     

    

 

EXHIBIT A

COVENANTS AGREEMENT

 

NON-DISCLOSURE,
NON-COMPETITION, NON-SOLICITATION AND INVENTIONS ASSIGNMENT AGREEMENT

 

This
Non-Disclosure, Non-Competition Non-Solicitation and Inventions Assignment Agreement (the "Agreemenf') is made by and between
Evolv Technologies Holdings, Inc. (hereinafter the "Company''), and the undersigned employee as of May 18, 2022.

 

For
good and valuable consideration, including, without limitation, your employment by the Company, access to the Company's confidential
information, trade secrets and good will, and, with respect to the non-competition restrictions, the additional consideration set forth
in Section 2(c)(i), you and the Company agree as follows:

 

		1.	Confidentiality.

 

(a)            Definition
of Confidential Information. For purposes of this Agreement, "Confidential Information" means trade secrets and
confidential and proprietary information of the Company, or any information provided to you or the Company under an obligation of confidentiality
to a third party, or any confidential, trade secret, or proprietary information acquired by the Company from others with whom the Company
or any affiliate has a business relationship, whether in written, oral, electronic or other form, including, but not limited to, technical
data and specifications, business and financial information, product and marketing plans, customer and client information, customer and
client lists, customer, client and vendor identities and characteristics, agreements, marketing knowledge and information, sales figures,
pricing information, marketing plans, business plans, strategy forecasts, financial information, budgets, software, projections and procedures,
the confidential evaluation of (and confidential use or non-use by the Company or any affiliate of) technical or business information
in the public domain, Inventions (as defined below), and any other scientific, technical or trade secrets of the Company or of any
third party provided to you or the Company under a condition of confidentiality, provided that Confidential Information shall
not include information that is in the public domain other than through any fault or act by you. 11

 

(b)            Protection
and Non-Disclosure of Confidential Information. You expressly acknowledge and agree that all Confidential Information is and shall
remain the sole property of the Company or the third party to whom the Company owes an obligation of confidentiality and that you shall
hold it in strictest confidence. You shall at all times, both during your employment with the Company and after your termination of employment
for any reason or for no reason, maintain in confidence and shall not, without the prior written consent of the Company, use (except
in the course of performance of your duties for the Company or by court order), disclose, or give to others any Confidential Information.
The terms of this Section 1 are in addition to, and not in lieu of, any statutory or other contractual or legal obligation that
you may have relating to the protection of the Company's Confidential Information. The terms of this Section 1 shall survive indefinitely
any termination of your employment with the Company for any reason or for no reason.

 

(c)            Notice
Pursuant to Defend Trade Secrets Act. Notwithstanding any prov1s1on of this Agreement prohibiting the disclosure of Inventions (as
defined below) or other Confidential Information, you understand that you may not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a Company trade secret that: (i) is made (A) in confidence to a federal, state
or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating
a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. In addition, if you file a lawsuit or other court proceeding against the Company for
retaliating against you for reporting a suspected violation of law, you may disclose the Company trade secret to the attorney representing
you and use the Company trade secret in the court proceeding, if you file any document containing the Company trade secret under seal
and do not disclose the trade secret, except pursuant to court order.

 

 

11            The
term "trade secrets," as used in this Agreement, shall be given its broadest possible interpretation under applicable state
and federal law.

 

 

     

     

    

 

(d)            Return
of Confidential Information. Upon the termination of your employment with the Company for any reason or for no reason, or if the
Company otherwise requests, you shall: (i) return to the Company all tangible Confidential Information and copies thereof (regardless
how such Confidential Information or copies are maintained); and (ii) deliver to the Company any property of the Company which may
be in your possession, including, but not limited to, products, materials, memoranda, notes, records, reports, or other documents or
photocopies of the same.

 

		2.	Prohibited
                                            Competition and Solicitation.

 

(a)            Acknowledgements
and Agreements Regarding Competition. You expressly acknowledge that: (i) there are competitive and proprietary aspects of the
business of the Company; (ii) during your employment with the Company, the Company shall furnish, disclose or make available to
you Confidential Information (as defined in Section 1) and may provide you with unique and specialized training; (iii) such
Confidential Information and training have been developed and shall be developed by the Company through the expenditure of substantial
time, effort and money, and could be used by you to compete with the Company; (iv) if you become employed or affiliated with any
competitor of the Company in violation of your obligations in this Agreement, it is inevitable that you would disclose the Confidential
Information to such competitor and would use such Confidential Information, knowingly or unknowingly, on behalf of such competitor; and
(v) in the course of your employment, you shall be introduced to vendors, suppliers, customers, employees, contractors and others
with important relationships to the Company, and any and all "goodwill" created through such introductions belongs exclusively
to the Company, including, but not limited to, any goodwill created as a result of direct or indirect contacts or relationships between
you and any vendors, suppliers or customers of the Company.

 

		(b)	Definitions.

 

(i)            "Cause."
The term "Cause" shall have the same definition as used in your Employment Agreement with the Company. If your Employment
Agreement does not define "Cause", then "Cause" is defined as: (A) commission of, or plea of guilty or nolo
contendere to, any crime involving dishonesty or moral turpitude or any felony; (B) breach of fiduciary duty, or willful misconduct
or gross negligence in the performance of job duties; (C) any act or omission that results in material harm to the reputation, business
or business relationships of the Company; (D) breach of the terms of this Agreement, or any other agreement with the Company, including
unlawfully taking physical or electronic property of the Company; (E) failure or refusal to comply with any material policy or rule of
the Company; or (F) failure or refusal to perform material job duties or responsibilities to the Company's reasonable satisfaction.

 

(ii)            "Competing."
For the purposes of this Agreement, a business shall be deemed to be "Competing" with the Company if the business performs
or is planning to perform any of the same or similar services, manufacturing, research, or development provided by the Company during
the last two years of your employment by the Company; or is a business in which you could reasonably be expected to use or disclose Confidential
Information.

 

(iii)            "Non-Competition
Period." The term "Non-Competition Period" is defined as the one (1) year period following the termination of
your employment with the Company for Cause, or your resignation for any reason or no reason, provided that, in the event that you breach
a fiduciary duty to the Company or unlawfully take physical or electronic property of the Company then the duration of the Non-Competition
Period shall be increased to two (2) years following the termination of your employment with the Company.

 

©Copyright 2021 Evolv Technologies, Inc. All Rights Reserved.

 

    2 

     

    

 

(iv)            "Non-Solicitation
Period. 11 For the purposes
of this Agreement, the term "Non- Solicitation Period" is defined as the one (1) year period following the termination
of your employment with the Company for any reason or for no reason.

 

(v)            "Restricted
Territory.11 For the
purposes of this Agreement, the term "Restricted Territory" is defined as any regional area or territory in which you performed
services on behalf of the Company or had a material presence or influence in the two years immediately preceding the termination of your
employment with the Company.

 

(c)            Non-Competition.
During the period in which you are employed by the Company and for the Non-Competition Period, you shall not engage in the following
activities either through or on behalf of yourself, a third party or another person/entity, whether directly or indirectly, either as
principal, partner, stockholder, officer, director, member, employee, consultant, agent, representative or in any other capacity: own,
manage, operate or control, or be concerned, connected or employed by, or otherwise associate in any manner with, engage in, or have
a financial interest in, any business which is directly or indirectly Competing with the business of the Company within the Restricted
Territory (each, a "Restricted Activity"). For the avoidance of doubt, this Section 2(c) shall not apply to you
in the event your employment is terminated without Cause or if the Company elects to waive this Section 2(c) in accordance
with Section 2(c)(ii) below.

 

(i)            Garden
Leave. In consideration of your agreement not to compete during the Non- Competition Period as set forth above in Section 2(c),
and so long as you comply with the obligations under Section 2(c), the Company shall pay you an amount equal to fifty percent (50%)
of your highest annualized base salary in the two years immediately preceding the commencement of the Non-Competition Period, to be paid
in accordance with the Company's normal payroll practices. For the purposes of this subsection 2(c)(i), "highest annualized base
salary" shall mean the highest averaged amount of compensation paid to you for any twelve month period during the two year period
immediately preceding commencement of the Non-Competition Period, but shall not include any other form of compensation, including but
not limited to, commissions, bonuses, reimbursement of expenses, travel discounts or other fringe benefits. The Company reserves the
right to apply any severance payments made to you by the Company, or a portion thereof, against the installment payments under this Section 2(c)(i).

 

(ii)            Waiver
of Non-Competition Period. The Company, in its sole discretion, may elect at any time prior to the commencement of the Non-Competition
Period, or on such later date to the extent permitted by applicable law, to waive the restrictions set forth in Section 2(c), which
such waiver shall automatically terminate Company's obligations to compensate you under Section 2(c)(i) above. In such event,
you shall have no further obligation under Section 2(c) above. Such waiver shall be provided in writing by the Company. Such
waiver shall have no effect on your obligations under the remainder of this Agreement, which shall continue in full force and effect
in all respects. You acknowledge and agree that nothing in this Section 2(c)(ii) gives you an election as to compliance with
Section 2(c).

 

(iii)            Remedies
Upon Breach. You acknowledge and agree that if you breach any of your obligations under Section 2(c) of this Agreement
at any time during the Non-Competition Period, then, in addition to any other remedies that the Company may have against you, including
but not limited to injunctive relief, the Company shall immediately cease any and all payments to you pursuant to Section 2(c)(i) and
you shall be obligated to immediately return any and all payments previously made by the Company pursuant to Section 2(c)(i).

 

©Copyright 2021 Evolv Technologies, Inc. All Rights Reserved.

 

    3 

     

    

 

(iv)            Notice
of Subsequent Employment or Engagement. You agree that at any point prior to the commencement of the Non-Competition Period, in the
event that you are considering a post-employment professional opportunity (whether as an employee, consultant, contractor, director,
partner or otherwise), you shall notify Liza Knapp at the Company in writing of such opportunity. You acknowledge and agree that your
acceptance of the payments under Section 2(c)(i) shall be an express representation to the Company that you are in compliance
with this Section 2(c)(iv).

 

(v)             Material
Breach. You acknowledge and agree that a breach of any provision of this Section 2(c) is a material breach of this Agreement.

 

(c)            Solicitation
of Customers. During the period in which you are employed by the Company and for the Non-Solicitation Period, you shall not engage
in the following activities either through or on behalf of yourself, a third party or another person/entity, whether directly or indirectly:
(i) solicit, divert or appropriate, or attempt to solicit, divert or appropriate, the business or patronage of any customer, client,
vendor, supplier, or patron of the Company, or the business or patronage of any prospective customer, client, vendor, supplier, or patron
to which the Company has developed or made a collaboration, joint venture or sales presentation (or similar offering of services); or
(ii) interfere with, or attempt to interfere with, the relations between the Company and any customer, client, vendor, supplier
or patron of the Company.

 

(d)            Solicitation
of Employees and Contractors. During the period in which you are employed by the Company and for the Non-Solicitation Period, you
shall not engage in the following activities either through or on behalf of yourself, a third party or another person/entity, whether
directly or indirectly: (i) solicit, entice or persuade, or attempt to solicit, entice or persuade, any other employees or contractors
of the Company to leave the services of the Company or any such parent, subsidiary or affiliate for any reason; or (ii) employ,
cause to be employed, or solicit the employment or services of any employee or contractor of the Company while any such person is providing
services to the Company or within six (6) months after any such person ceases providing services to the Company.

 

(e)            Tolling.
You acknowledge and agree that the Non-Solicitation Period shall be tolled and shall not run, during any period in which you are in violation
of the terms herein.

 

		3.	Ownership
                                            of Ideas. Copyrights and Patents.

 

(a)            Property
of the Company. All ideas, discoveries, creations, manuscripts and properties, innovations, improvements, know-how, inventions, designs,
developments, apparatus, techniques, methods, laboratory notebooks, formulae, data, protocols, writings, specifications, sound recordings,
and pictorial and graphical representations, (collectively the "Inventions") which
may be used in the business of the Company, whether patentable, copyrightable or not, which you may conceive, reduce to practice or develop
during your employment with the Company, whether alone or in conjunction with another or others, whether during or out of regular business
hours, whether or not on the Company's premises or with the use of its equipment, and whether at the request or upon the suggestion of
the Company or otherwise, shall be and are the sole and exclusive property of the Company, and that you shall not publish any of the
Inventions without the prior written consent of the Company or its designee. You acknowledge and agree that any Inventions conceived
or made by you, alone or with others, within six (6) months following termination of your employment are likely to have been conceived
in significant part while employed by the Company; accordingly, you agree that such Inventions shall be presumed to have been conceived
during your employment by the Company until you have established the contrary by clear and convincing evidence, and that such Inventions
are subject to the terms and conditions of this Section. You also acknowledge that all original works of authorship which are
made by you (solely or jointly with others) within the scope of your employment or which relate to the business of the Company or a Company
affiliate and which are protectable by copyright are "works made for hire" pursuant to the United States Copyright Act (17
U.S.C. § 101). You hereby assign to the Company or its designee all of your right, title and interest in and to all of the foregoing.
You further represent that, to the best of your knowledge and belief, none of the Inventions shall violate or infringe upon any right,
patent, copyright, trademark or right of privacy, or constitute libel or slander against or violate any other rights of any person, firm
or corporation, and that you shall use your best efforts to prevent any such violation.

 

©Copyright 2021 Evolv Technologies, Inc. All Rights Reserved.

 

    4 

     

    

 

(b)            Invention
Disclosure; Cooperation; Power of Attorney. Promptly upon conception of any Invention, you agree to disclose the same to the Company
and the Company shall have full power and authority to file and prosecute patent applications thereon and to procure and maintain patents
thereon. You agree that such Inventions shall remain subject to all provisions of this Agreement, including but not limited to the ownership,
cooperation and licensing provisions described in this Section 3. You acknowledge that your obligation to disclose such information
is ongoing during your employment with the Company, and that after you execute this Agreement, if you determine that any additional Inventions
in which you claim or intend to claim any right, title or interest (including but not limited to patent, copyright and trademark interest)
has been or is likely to be delivered to the Company or incorporated in any company product or system, you shall make immediate written
disclosure of the same to the Company. At any time during or after your employment with the Company, you shall fully cooperate with the
Company and its attorneys and agents in securing and protecting the Company's rights to Inventions, including but not limited to the
preparation and filing of all papers and other documents as may be required to perfect the Company's rights in and to any of such Inventions,
and joining in any proceeding to obtain letters patent, copyrights, trademarks or other legal rights with respect to any such Inventions
in the United States and in any and all other countries, provided that the Company shall bear the expense of such proceedings, and that
any patent or other legal right so issued to you personally shall be assigned by you to the Company or its designee without charge by
you. If the Company is unable, after reasonable effort, to secure your signature on any such papers and/or other documents, you hereby
irrevocably designate and appoint each officer of the Company as your agent and attorney-in-fact to execute any such papers on your behalf,
and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Invention.

 

(c)            Licensing
and Use of Innovations. With respect to any Inventions, and work of any similar nature (from any source}, whenever created, which
you have not conceived, reduced to practice or developed during the period that you are employed by the Company, but which you provide
to the Company or incorporate in any Company product or system, you hereby grant to the Company a royalty-free, fully paid-up, non-exclusive,
perpetual and irrevocable license throughout the world to use, modify, create derivative works from, disclose, publish, translate, reproduce,
deliver, perform, sell, license, dispose of, and to authorize others so to do, all such Inventions. You shall not include in any Inventions
you deliver to the Company or use on its behalf, without the prior written consent of the Company, any material which is or shall be
patented, copyrighted or trademarked by you or others unless you provide the Company with the written permission of the holder of any
patent, copyright or trademark owner for the Company to use such material in a manner consistent with then-current Company policy.

 

(d)            Prior
Inventions. You have attached hereto, as Exhibit A, a list describing all Inventions, whether patentable or not, which
were created, made, conceived or reduced to practice by you prior to your employment by the Company and which are owned by you, which
relate directly or indirectly to the current or anticipated future business of the Company, and which are not assigned to the Company
hereunder (collectively, "Prior Inventions"); or, if no such list is attached, you represent that there are no such
Prior Inventions. If disclosure of any Prior Invention would cause you to violate any prior confidentiality agreement, you understand
that you will not to list these Prior Inventions in Exhibit A but will only to disclose a cursory name for each invention, a listing
of the party(ies) to whom it belongs and the fact that full disclosure as to the inventions has not been made for that reason.

 

©Copyright 2021 Evolv Technologies, Inc. All Rights Reserved.

 

    5 

     

    

 

4.
            Disclosure
to Future Employers. You shall provide, and the Company, in its discretion, may similarly provide, a copy of this Agreement or
specific covenants herein to any business or enterprise which you may directly or indirectly own, manage, operate, finance, join,
control or in which you may participate in the ownership, management, operation, financing, or control, or with which you may be connected
as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise.

 

5.            Your
Representations and Warranties. You hereby represent and warrant that: (a) you have no commitments,
agreements or legal obligations that are inconsistent with this Agreement or that restrict your ability to be employed by or perform
other services for the Company; and (b) the Company has advised you that at no time should you divulge to or use for the benefit
of the Company any trade secret or confidential or proprietary information of any previous employer or other third party, and that you
have not divulged or used and shall not divulge or use any such information for the benefit of the Company. You expressly acknowledge
and agree that you shall indemnify and hold the Company harmless against loss, damage, liability or expense arising from any claim based
upon circumstances alleged to be inconsistent with the representations and warranties above.

 

6.            
Provisions Necessary and Reasonable; Injunctive Relief.

 

(a)            Reasonableness
of Restrictions. You acknowledge and agree that the provIsIons of Sections 1, 2 and 3 of this Agreement are necessary and reasonable
to protect the Company's Confidential Information, property rights, trade secrets, goodwill and business interests. You further acknowledge
and agree that the types of employment which are prohibited by Section 2 are narrow and reasonable in relation to the skills which
represent your principal salable asset both to the Company and to your other prospective employers, and that the specific but broad temporal
and geographical scope of Section 2 is reasonable and fair in light of the Company's need to market its services and develop and
sell its products in a large geographic area in order to maintain a sufficient customer base, and in light of your material presence
or influence in the Restricted Territory during the last two years of your employment with the Company.

 

(b)            Injunctive
Relief. You hereby expressly acknowledge that any breach or threatened breach of any of the terms of Sections 1, 2 or 3 of this Agreement
shall result in substantial, continuing and irreparable injury to the Company. Therefore, in addition to any other remedy available to
the Company, the Company shall be entitled to injunctive or other equitable relief by a court of appropriate jurisdiction in the event
of any breach or threatened breach of the terms of Sections 1, 2 or 3 of this Agreement, without posting any bond or security, and without
affecting the Company's right to seek and obtain damages or other equitable relief.

 

7.             
General.

 

(a)            Entire
Agreement. This Agreement embodies the entire agreement and understanding between the parties hereto with respect to the subject
matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement,
representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret,
change or restrict, the express terms and provisions of this Agreement. You expressly agree that any change or changes in your job duties,
authority, title, reporting relationship, territory, salary or compensation after the signing of this Agreement shall not affect the
validity or scope of this Agreement.

 

(b)            Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by the parties
hereto.

 

(c)            Assignment.
The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of
the Company's business or that aspect of the Company's business in which you are principally involved. You may not assign your rights
and obligations under this Agreement without the prior written consent of the Company and any such attempted assignment by you without
the prior written consent of the Company shall be void.

 

©Copyright 2021 Evolv Technologies, Inc. All Rights Reserved.

 

    6 

     

    

 

(d)            Governing
Law; Jurisdiction; Venue; Waiver of Jury Trial. This Agreement and the rights and obligations of the parties hereunder shall be construed
in accordance with and governed by the law of the Commonwealth of Massachusetts, without giving effect to conflict of law principles
thereof, and specifically excluding any conflict or choice of law rule or principle that might otherwise refer construction or interpretation
of this Agreement to the substantive law of another jurisdiction. Any legal action or proceeding with respect to this Agreement shall
be brought in Suffolk County Superior Court Business Litigation Session, Boston, Massachusetts. By execution and delivery of this Agreement,
each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction
of the aforesaid court. ANY ACTION, DEMAND, CLAIM OR COUNTERCLAIM ARISING UNDER OR RELATING TO THIS AGREEMENT SHALL BE RESOLVED
BY A JUDGE ALONE AND EACH OF THE COMPANY AND YOU WAIVE ANY RIGHT TO A JURY TRIAL THEREOF.

 

(e)            Severability
and Blue Pencil. The parties intend this Agreement to be enforced as written. However, (i) if any portion or provision of this
Agreement is to any extent declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this
Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or
unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law; and (ii) if any provision, or part thereof, is held to be unenforceable because of the duration
of such provision or the geographic area covered thereby, the court making such determination shall have the power to reduce the duration
and/or geographic area of such provision, and/or to delete specific words and phrases ("blue-penciling"), and
in its reduced or blue penciled form such provision shall then be enforceable and shall be enforced.

 

(f)            Survival
of Acknowledgements and Agreements. Your acknowledgements and agreements set forth in Sections 1, 2 and 3 shall survive the termination
of your employment by the Company for any reason or for no reason, pursuant to the terms and conditions herein.

 

(g)            Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall
in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

(h)            No
Waiver of Rights, Powers and Remedies. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. The election of any remedy
by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies.

 

(i)            Expenses.
Should any party breach this Agreement, in addition to all other remedies available at law or in equity, such party shall pay all of
the other party's costs and expenses resulting therefrom and/or incurred in enforcing this Agreement, including legal fees and expenses.

 

U) Counterparts.
This Agreement may be executed in two or more counterparts, and by different parties hereto on separate counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument.

 

(k)            Acknowledgment;
Opportunity to Review. You hereby acknowledge that you have been provided an opportunity to review the terms and conditions set forth
in this Agreement including the obligations and agreements under Section 2(c), upon the earlier of a formal offer of employment
or ten (10) business days before the commencement of employment, and that you have had the opportunity to consult with counsel of
your own choosing regarding such terms. You further acknowledge that you fully understand the terms of this Agreement and have voluntarily
executed this Agreement, including that your obligations hereunder may limit your right to accept certain future job opportunities that
require you to engage in Restricted Activities.

 

©Copyright 2021 Evolv Technologies, Inc. All Rights Reserved.

 

    7 

     

    

 

If the foregoing accurately
sets forth our agreement, please so indicate by signing and returning to us the enclosed copy of this Agreement.

 

	 	EVOLV TECHNOLOGIES
    HOLDINGS, INC.
	 	 
	 	 
	 	/s/
    Liza Knapp
	 	Liza Knapp
	 	Head of People

 

Accepted and Agreed

 

	 	/s/
    Mark Donohue	 
	 	Signature	 
	 	Mark Donohue	 
	 	Printed Name	 
	 	5/18/22	 

 

Date

 

    8 

     

    

 

EXHIBIT A

PRIOR
INVENTIONS 

 

©Copyright 2021 Evolv Technologies, Inc. All Rights Reserved.

 

    9

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