Document:

Exhibit 10.1

  

		SpaceX
                                            [REDACTED] Launch Services

                                                                                Terms and Conditions

 

 

[REDACTED]
LAUNCH SERVICES FOR BLUEWALKER 3 - TERMS AND CONDITIONS

 

	A.	Agreement.
    Your [REDACTED] Launch Services Agreement (Agreement) with us is effective as of the latest signature date below (Effective
    Date). The Agreement consists of, expressly incorporates by reference, and is subject to the following documents in this order of
    precedence:

 

	 	1.	FAA
    Cross-Waiver (as required by 14 CFR § 440.17);
	 	 	 
	 	2.	SpaceX
    Policies comprising SpaceX’s Risk Management Policy (where your and our respective rights and obligations regarding liability,
    indemnity and insurance are contained) and Disclaimer of Warranties, are found in the SpaceX Policies attached hereto;
	 	 	 
	 	3.	These
    Terms and Conditions; and
	 	 	 
	 	4.	Statement
    of Work (SOW) and [REDACTED] Payload User’s Guide further defining our [REDACTED] Launch Services,
    your required inputs and obligations, and capitalized terms used in this Agreement.

 

	B.	Launch
    Services. You, the Customer, shall purchase, and we, SpaceX, shall furnish you, the [REDACTED] Launch Services for the
    Payload provided by you as defined in the SOW. Additional services may be provided as detailed and priced in the SOW, subject to
    the terms of this Agreement.
	 	 
	C.	Price,
    Payment and Taxes. The price for the Launch Services shall be [REDACTED] U.S. dollars (Price), paid in the following installment
    payments to the SpaceX Account: [REDACTED]. Any mass beyond that allowed in the SOW that is requested by Customer or measured
    after L-9 shall be priced at [REDACTED] per [REDACTED]. Customer shall pay for any mass beyond that allowed in the
    SOW based upon the final as-measured mass, with payment due prior to arrival of the spacecraft at the Launch Site (if no fueling
    will occur at the Launch Site) or within 5 days after fueling at the Launch Site. For any late payments, the payor will pay late
    fees of 10% per year applied on a daily basis until receipt in full. You shall pay all taxes on your Payload, and we shall pay all
    taxes on the Launch Services.
	 	 
	D.	Schedule.
    The Launch Date shall occur between March 1, 2022 and April 30, 2022 (Launch Period) and shall be determined as defined in the
    [REDACTED] Payload User’s Guide. If your Payload will not be ready to launch on the first day of the Launch Period,
    we shall have the right to launch any Co-Payload(s) as scheduled without your Payload. If your Payload will not be ready to launch
    by the Launch Date, and no Re-booked Mission is mutually agreed upon, SpaceX shall retain the entire Price plus any payments made
    or owed for non-standard or mission unique services and hardware already provided to you (Additional Payments), with no further obligation
    or liability to you.
	 	 
	E.	Re-Booking.
    You may submit a request in writing to SpaceX to be re-booked on a subsequent SpaceX mission (Re-booked Mission) using the Form of
    Rebooking Agreement in Appendix B. SpaceX shall use reasonable efforts to accept your request, and any Launch Period for the Re-booked
    Mission shall be determined by SpaceX. You are limited to one re-booking per Payload. SpaceX’s re-booking program is outlined
    in Appendix A.
	 	 
	F.	Termination,
    Suspension. Either of us may terminate this Agreement for a Material Breach by the other, so long as notice and time to cure
    of 15 days for nonpayment, or 90 days for other breaches, are provided and have lapsed. Additionally, if you fail to make a payment
    on time and to cure within 15 days of notice, SpaceX may suspend work until payment is received or terminate this contract for your
    Material Breach. If you terminate for our Material Breach, we shall return to you all payments you made under this Agreement, without
    interest. If we terminate for your Material Breach, we retain all payments made and owed by you as of the date of termination. You
    may terminate this agreement at your convenience at any time, in which case SpaceX will retain the amounts paid and due at the time
    of termination. You may also terminate this Agreement if we have delayed, including our Excusable Delay, for more than 365 calendar
    days, starting from the last date of the Launch Slot as defined in this Agreement, and we shall refund you all payments made under
    this Agreement without interest. Any amounts returned to you or retained by SpaceX under this paragraph are returned or retained
    without further obligation or liability to you. You may not terminate this Agreement if any payments are due and payable to us under
    this Agreement. The late fees, delay fees, readiness failure fees, and termination fees in this Agreement are liquidated damages
    based upon good faith estimates of damages to be incurred by late payment, delay or termination, and do not serve as a penalty.
	 	 
	G.	Compliance
    with Laws; Governing Law and Venue. We both shall comply with all national, federal, state and local licensing requirements,
    laws and regulations, including ITAR, EAR, and all other U.S. Customs and U.S. export/import laws, as applicable to our respective
    businesses and the Launch Services. For purposes of the Registration Convention, you are responsible for registering the Payload,
    and we are responsible for registering the launch vehicle. We shall obtain all Licenses required to carry out the Launch Services,
    and you shall obtain all Licenses required to ship and operate the Payload. The laws of the State of New York, U.S.A shall govern
    this Agreement and both of our respective performances hereunder, without regard to provisions on the conflicts of laws. All actions
    or proceedings arising out of or related to this Agreement shall be litigated exclusively in the Federal courts located in the Southern
    and/or Eastern District of New York. We both hereby irrevocably waive any and all right to trial by jury in any legal proceeding
    arising out of or related to this Agreement. The provisions of the UN Convention on Contracts for the International Sale of Goods
    shall not apply.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 1 of 6

[CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED]

     

    

 

		SpaceX
                                            [REDACTED] Launch Services

                                                                                Terms and Conditions

 

 

	H.	Notices.
    All notices under this Agreement shall be in writing and shall be sent via electronic, express and/or certified mail to the contacts
    identified in the SOW.
	 	 
	I.	Publicity.
    Neither of us shall make any public announcement, release, or other disclosure of information relating to this Agreement and/or
    Launch Service, including the existence of this Agreement, without the agreement of the other, such agreement not to be unreasonably
    withheld, conditioned or delayed. To the extent any information relating to this Agreement and/or Launch Services must be disclosed
    pursuant to law or regulation, including good faith compliance with the rules and regulations of the Securities and Exchange Commission
    and any securities exchange on which the securities of the Disclosing Party or its affiliates is trading, the Disclosing Party shall,
    (1) to the extent legally permissible, give prompt notice to the other Party regarding the applicable law or regulation and the information
    to be disclosed; and (2) seek confidential treatment for the price and any other relevant portions of any such information as reasonably
    determined by SpaceX. The terms of the NDA executed on January 3, 2018 between AST & Science, LLC and SpaceX apply to this Agreement
    and its subject matter. The obligations set forth in this Section I shall not apply to information that is publicly available from
    any governmental agency or that is or otherwise becomes publicly available without breach of this Agreement.
	 	 
	J.	Assignment.
    This Agreement creates no joint venture, partnership or agency between us and may not be assigned except to the successor in
    a sale, acquisition or merger of the assignor, provided that we can lawfully perform the launch services for the successor. This
    Agreement is created solely for the benefit of SpaceX and you, and confers no right or remedies on any third parties.
	 	 
	K.	Survivability.
    If any portion of this Agreement is held invalid, it shall not affect the validity of the remaining Agreement, unless applying
    such remaining portions would frustrate the purpose of this Agreement.

 

 

 

 

 

Both
of us agree that we have read, understood, and agree to, the terms of the Form of FAA Cross-Waiver, the SpaceX Policies, these Terms
and Conditions, the SOW, and the [REDACTED] Payload User’s Guide. The duly authorized officers named below have executed
this Agreement, which supersedes all prior relevant communications, as of the Effective Date.

 

	Space
    Exploration Technologies Corp. (SpaceX)	 	AST
    & Science, LLC (Customer)
	 	 	 
	Address:	1
    Rocket Road, Hawthorne, CA 90250	 	Address:	2901
    Enterprise Lane Midland, TX 79706
	 	 	 	 	 
	By:	/s/
    Tom Ochinero	 	By:	/s/
    Abel Avellan
	 	 	 	 	 
	Name/Title:	Tom
    Ochinero, VP of Commercial Sales 	 	Name/Title:	Abel
    Avellan, CEO
	 	 	 	 	 
	Date:	July
    23, 2021	 	Date:	July
    23, 2021

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 2 of 6

     

    

 

		SpaceX
                                            [REDACTED] Launch Services

                                                                                Terms and Conditions

 

 

APPENDIX
A: RE-BOOKING PROGRAM

 

You
may submit a request in writing to SpaceX to be re-manifested on a Re-booked Mission using the form of Re-booking Agreement in Appendix
B. Based on the date of SpaceX’s approval of this request. which shall not be unreasonably withheld, the payments made toward your
original Agreement shall be applied per the terms outlined in the table below.

 

	Date
    if Re-booking Request Approval	 	Re-booking
    cost
	Before
    L-90	 	[REDACTED]
    of the Price
	After
    L-90	 	No
    Re-booking

 

The
Re-booking costs outlined above are due at the time of Re-booking and may be paid through a reduction in the credit to be applied to
the Re-booked Mission. Remaining payments shall be made according to the payment schedule in Section C with the dates adjusted to reflect
the Launch Period of the Re-booked Mission. Any Additional Payments shall be retained by SpaceX and not credited toward the Rebooked
Mission. All credits toward the Re-booked Mission shall be applied only to future SpaceX launch payments and not otherwise refunded to
you. Solely in the event that SpaceX cannot reasonably provide you a re-booking opportunity within 12 months of the last day of the Launch
Period, You may terminate the Agreement and SpaceX shall retain only 50% of the amounts paid and owed at the time of the request plus
any Additional Payments as compensation for work completed and shall refund 50% of the amounts paid and owed at the time of the request
to you without interest. Any amounts retained by SpaceX under this paragraph are retained without further obligation or liability to
you.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 3 of 6

     

    

 

		SpaceX
                                            [REDACTED] Launch Services

                                                                                Terms and Conditions

 

 

APPENDIX
B: FORM OF RE-BOOKING AGREEMENT

 

AST
& Science, LLC submits this request to re-book the BlueWalker 3 Payload on a subsequent SpaceX mission, as outlined in the [REDACTED]
Launch Services Agreement dated ________ (Agreement). By submitting this request, you understand and agree that your Payload will not
be included on the originally scheduled mission and all payments made toward the original Agreement will be applied per the Rebooking
Policy outlined in the Appendix A of the Agreement.

 

Requested
Re-booked Mission (To Be Completed by Customer):

 

Launch
Period:

 

	      	to
	      

 

Orbital
Parameters:

 

	Perigee
    (km): 	 	 
	Apogee
    (km): 	    	 
	Inclination
    (deg) 	 	 
	Crossing
    Time 	 	LTAN
or LTDN (select one)

 

Payload
Modifications Requested: Yes or No (select one)

 

If
yes please specify: _____________________________________________________________

 

Price
and Payment Schedule (To Be Completed By SpaceX):

 

Price
(USD):

 

	Rebooking
    Fee:	 	 
	Launch:
    	 	 
	TOTAL:
    	 	 

 

Payment
Schedule:

 

	Payments
    Already Received: 	 	 
	Signature
    + 5 days: 	 	 
	L-12:
    	 	 
	L-9:
    	 	 
	L-3:
    	 	 
	TOTAL:
    	 	 

 

By
signing below, the Parties agree that this document will amend both the applicable payment dates and prices in section C of the Agreement
and the Launch Period in Section D of the Agreement, to reflect the above changes, and delete section E from the Agreement. All other
terms in the Agreement shall remain the same.

 

	Customer Signature:	 	SpaceX Acceptance:
	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name/Title:	 	 	Name/Title:	 
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 4 of 6

     

    

 

		SpaceX
    Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

 

 

Subject
to the terms and conditions of the Launch Services Agreement (“LSA”) to which this SOW is attached, this SOW, and the accompanying
[REDACTED] Payload User’s Guide, define the services and deliverables to be provided by both Space Exploration Technologies
Corp. (“SpaceX”) and the [REDACTED] Payload Customer (“Customer”) to launch the [REDACTED] Payload.
The Launch Services shall be considered complete upon Launch and the completion of post-Launch activities detailed in this SOW, but not
complete in the event of a Terminated Ignition.

 

	1	PAYLOAD
    AND MISSION INFORMATION

 

	1.1	Payload
    Maximum Mass	[REDACTED]
	1.2	Payload
    Mechanical Interface	[REDACTED]
	1.3	Payload
    Orbit Parameters	[REDACTED]
	1.4	Mission
    design by SpaceX shall meet the requirements of the LSA and SOW. SpaceX may:	Recover
                                            Launch Vehicle hardware

                                            Manifest one or more Co-Payloads

    Deploy
    Co-Payload(s) into the Payload orbit

    Deploy Co-Payload(s) before/after Payload

	1.5	Mission
    Requirements	Documented
    in the Payload to Launch Vehicle Interface Control Document (“ICD”)
	1.6	Applicable
                                            Documents

    (requirements
    shall be complied with)
	ICD
                                            - supersedes this SOW once signed

    AFSPCMAN
    91-710

    [REDACTED]
    Payload User’s Guide

	1.7	Reference
                                            Documents

    (contextual
    or ancillary information)
	SMC-016

    CCAFS/VAFB
    SpaceX Facility User’s Guide

 

	2	CUSTOMER
    REQUIREMENTS, SERVICES, AND DELIVERABLES

 

Any
material failure by Customer to meet its responsibilities, including any non-compliance with the ICD, may result in a Customer delay
requiring rebooking with applicable fees. Customer shall:

 

	2.1	Upon
    request, provide environmental test plans for Payload qualification, acceptance, and analysis.
	2.2	Certify
    Payload is compatible with the Launch Vehicle maximum predicted environments (“MPE”).
	2.3	Provide
    support and information to enable SpaceX to satisfy the requirements of all applicable regulatory/licensing agencies and associated
    statutes.
	2.4	Provide
    to SpaceX the deliverables listed in Table 1.
	2.5	Verify
    compatibility of loads, environments, and deflections between Payload Constituents, if applicable.
	2.6	Provide
    evidence that Payload Constituents will not perform premature deployments.
	2.7	Allow
    SpaceX to perform physical inspection of the Payload during integration, if required.
	2.8	Serve
    as a single point of contact for SpaceX to solicit Launch Range safety inputs for the Payload.
	2.9	Complete
    all stand-alone Launch preparations within seven (7) days of arriving at the Launch Site.
	2.10	Limit
    Launch Site processing team to no more than five (5) persons at any one time.
	2.11	Provide
    SpaceX approved separation system(s) for integrating and deploying spacecraft within the Payload.
	2.12	If
    required, design and build all electrical harnessing between the Payload interface and the Standard Offering Bulkhead as defined
    by SpaceX in the ICD and Wire Harness Build Guides.
	2.13	Be
    able to charge Payload batteries while connected to the Launch Vehicle or guarantee that batteries will remain charged and Launch
    ready for up to forty-five (45) days without an umbilical connection after fairing encapsulation.
	2.14	If
    required, design and build all electrical harnessing necessary to connect the Payload EGSE to the umbilical junction box, or equivalent
    interface, as defined by SpaceX in the ICD and Wire Harness Build Guides.
	2.15	If
    required, support interface compatibility testing between separation device and Launch Vehicle hardware, providing any necessary
    test equipment, including test harnessing, as determined by SpaceX.
	2.16	Complete
    Appendix H in the [REDACTED] Payload User’s Guide defining Payload Constituents no later than 2 weeks after Effective
    Date of LSA.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 5 of 6

     

    

 

		SpaceX
    Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

 

 

	3	SPACEX
    REQUIREMENTS, SERVICES, AND DELIVERABLES

 

Any
delay by SpaceX may result in changes in the scheduling of the Launch Period, Launch Slot, Launch Interval or Launch Date, such changes
not subject to any Customer rebooking fees. SpaceX shall:

 

	3.1	Provide
    Launch Services for the Mission utilizing a SpaceX Launch Vehicle.
	3.2	Verify
    that the Launch Vehicle meets the requirements of the ICD.
	3.3	Provide
    one redundant deployment command channel and one breakwire channel per Standard Offering Bulkhead.
	3.4	Provide
    a Mechanical Interface Ring for each mechanical interface.
	3.5	Provide
    the electrical harnesses up to the Standard Offering Bulkhead for each mechanical interface.
	3.6	If
    required, design and build all electrical harnessing between the Payload interface and the Standard Offering Bulkhead as defined
    by SpaceX in the ICD.
	3.7	If
    required, provide the Payload-side and Launch Vehicle-side bulkhead connectors for the Customer electrical harnessing interface at
    the Standard Offering Bulkhead as defined by SpaceX in the ICD.
	3.8	If
    required, provide Payload EGSE-side and SpaceX ground-side bulkhead connector for Customer’s EGSE harnessing as defined by
    SpaceX in the ICD.
	3.9	Provide
    the Launch Site facilities, equipment, documentation, and procedures to receive Customer’s hardware, validate interfaces to
    Customer’s hardware, integrate the Payload with the Launch Vehicle, and perform a Launch of the Payload.
	3.10	Provide
    overall management and technical direction to perform the tasks delineated in this SOW, including program planning, quality management,
    and schedule management.

 

	4	PAYLOAD
    LICENSING AND REGISTRATION

 

Prior
to the arrival of the Payload at the Launch Site, Customer shall:

 

	4.1	Provide
    evidence of insurance for the Payload Customer property, equipment and personnel (with express waivers of subrogation as to SpaceX
    and its Related Third Parties).
	4.2	Provide
    evidence that the cross-waivers have been extended to (i) its Payload manufacturer(s); (ii) Related Third Parties with any ownership
    interest in the Payload; (iii) Customer’s direct customers for the Payload; and (iv) any other Related Third Parties, respective
    contractors, subcontractors and insurers, as requested by SpaceX.
	4.3	Provide
    a letter certifying that Customer has obtained all required Licenses and that all Payload information provided to SpaceX and/or any
    licensing agencies is complete and accurate in addition to copies of all required on-orbit licenses.

 

	5
    	NOTICES

 

All
notices under the Agreement shall be in writing and shall be hand-delivered or sent via electronic, express and/or certified mail to
the contacts specified below All notices, documents, deliverables and other communications between SpaceX and Customer, including by
their respective employees and Related Third Parties shall be in English.

For
correspondence sent to SpaceX, to each of:

 

	SpaceX	SpaceX
	1
    Rocket Road	1
    Rocket Road
	Hawthorne,
    CA 90250	Hawthorne,
    CA 90250
	Attn:
    [REDACTED]	Attn:
    [REDACTED]
	[REDACTED]	[REDACTED]

 

For
correspondence sent to Customer, to each of:

 

AST
& Science, LLC

2901
Enterprise Lane

Midland,
TX 79706

Attn:
[REDACTED]

[REDACTED]

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 6 of 6

     

    

 

		SpaceX
                                            Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

                                                                               

 

TABLE
1: PROGRAM MILESTONES, REVIEWS AND DELIVERABLES

 

	Schedule1	 	Title	 	Purpose	 	SpaceX
    Deliverables	 	Customer
    Deliverables
	N/A	 	Agreement
    Signature	 	Provides
    authority to proceed with work	 	●Signed
                                            Agreement

    ●TAA
    questionnaire or Export Compliance Agreement

    ●Payload
    questionnaire
	 	●Signed Agreement

                                                         ●Point of contact

	Signature

    +
    2weeks
	 	Mission
                                            Integration Kickoff

     

    (not
    a review)
	 	Provides
    the initial project schedule, an introduction to the Range, and analysis templates for Customers to provide inputs to SpaceX.	 	●ICD
                                            template

    ●Launch
    Range introduction and Payload Range Safety requirements

    ●Range
    Safety document templates

    ●Payload
    qualification and acceptance approach templates

    ●Payload
    electrical interface pinout worksheet

    ●Payload
    mass properties and deployment characteristics template

    ●customer
    built wire harness build guides
	 	●Completed
                                            TAA questionnaire or Export Compliance Agreement

    ●Completed
    Payload questionnaire

    ●Payload
    CAD model

    ●Payload
    constituents

	Signature

    +
    2weeks
	 	Mission
                                            Integration Analysis Inputs

     

    (not
    a review)
	 	Payload
                                            analysis inputs are provided to SpaceX to begin the Mission Integration

    Analyses.
	 	 	 	
    ●Payload
                                            inputs to ICD

    ●Updated
    Payload CAD model (if applicable)

    ●Payload
    dynamic model

    ●Payload
    electrical interface pinout

    ●Payload
    mass properties and deployment characteristics

    ●Completed
    Payload environmental test matrix

	L-6
    months	 	Interface
                                            Definitions

     

    (not
    a review)
	 	Payload
                                                         mechanical and electrical interface definitions defined in the ICD and using supporting documentation from SpaceX and
                                                         Customer.
	 	●Payload-to-LV
                                            electrical interface

    ●Payload-to-LV
    mechanical interface

    ●ICD
    Draft
	 	 

	L-6
    months	 	Range
                                            Safety Submissions and Mission planning

     

    (not
    a review)
	 	Initial
    Launch campaign planning including SpaceX delivery of badging, schedule, insurance, and licensing information. Initial Range Safety
    deliverables from Customer.	 	●Launch
    Campaign planning package	 	●[REDACTED]
                                            Range Safety Checklist

                                                         ●Program Introduction

    ●Inputs to Launch Site activity planning

    ●Payload updates to ICD

    ●Separation
    verification

	L-4
    months	 	Mission
                                            Integration Analyses

     

    (not
    a review)
	 	Mission
    integration analysis results are delivered to the Customer and the initial ICD is prepared for signature after milestone completion.	 	●Predicted
                                            orbit injection report

    ●Coupled
    loads analysis results (if required)

    ●Payload
    venting analysis results (if required)

    ●Payload
    separation analysis results (if required)

    ●Payload
    clearance analysis results (if required)

    ●Launch
    integration schedule (preliminary)

    ●Launch
    Campaign Plan (preliminary)

    ●ICD
    Draft (update)
	 	 
	 	 	 	 	 	 	 	 	 
	L-4
    months	 	Range
    Safety Submission

 (not a review)	 	 	 	 	 	●Ground
                                            Operating Pan (GOP)

    ●AFSPCMAN
    91-710 tailoring (if required)

    ●Missile
    System PreLaunch Safety Package (MSPSP)

    ●(if
    required)

    ●Certification
    Data for Hazardous Systems (if required)

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 1 of 2

    	 

    

 

		SpaceX
                                            Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

                                                                               

 	Schedule1	 	Title	 	Purpose	 	SpaceX
    Deliverables	 	Customer
    Deliverables
	L-3
    months	 	Final
                                            Mission Integration Analysis Inputs

     

    (not
    a review)
	 	 	 	 	 	●Payload
mass properties and deployment characteristics (update)

    ●Payload
    VerificationTest/Analysis Reports

	L-2
    months	 	Range
                                            Safety Submission

     

    (not
    a review)
	 	 	 	 	 	●AFSPCMAN91-710Compliance
                                            Letter

    ●GOP
    Hazardous Procedures

	L-2
    months	 	Mission
                                            Integration Analyses Final

     

    (not
    a review)
	 	Final
    mission integration analysis results are delivered to the Customer.	 	●Trajectory
                                            analysis results, including collision avoidance and Monte Carlos

    ●Mission
    analysis updates (if applicable)
	 	 
	L-2
    months	 	Launch
                                            Campaign Readiness Review

     

    Held
    at SpaceX Headquarters or via teleconference
	 	Verifies
    that all people, parts, and paper are ready for the shipment of the Payload to the Launch Site and are ready to begin Launch Site
    activities	 	●Launch
                                            integration schedule (update)

    ●Launch
    Campaign Plan (update)

    ●Launch
    Range readiness information

    ●ICD
    revision for signature

    ●Verification
    of Compliance to ICD requirements
	 	●Verification
of Payload Compliance to ICD requirements

    ●Hourly
    Schedule of daily Launch Site operations

    ●Plan
    for Payload and GSE arrival at the Launch Site

    ●Propellant/Pressurant
    arrival information (if

    ●applicable)

    ●Badging
    Paperwork for All Customers

    ●Licensing inputs for Mission

    ●Payload
insurance and cross-waivers

    ●Launch and In- orbit Insurer Subrogation Waiver (if applicable)

    ●Payload
mass properties - measured (if not fueling at Launch site)

	Payload
    Shipment	 	Payload
                                            Shipment

     

    (not
    a review)
	 	Verifies
    Payload licensing is in place prior to shipment to the Launch Site.	 	 	 	●Payload
                                            Licensing Certification

    ●Copies
    of all required on-orbit Payload licenses

	Payload
    Arrival	 	Payload
                                            Arrival

     

    Held
    at Launch Site
	 	Provides
    important information for working at the Launch Site.	 	●Launch
    Campaign arrival briefing
	 	●Launch
    site awareness training complete

	Payload
                                            Arrival

    to
    Launch
	 	Launch
    Campaign	 	 	 	●Hazardous
                                            operations planning meetings (if required)

    ●Electrical
    checkout results

    ●Daily
    environmental reports

    ●DaiIy
    Launch Campaign schedule
	 	●Payload
    mass properties - measured (if fueling at launch site)

	L-1day	 	Launch
                                            Readiness

     

    (not
    a review)
	 	An
    exchange of Readiness notifications for Launch	 	●Launch
    Vehicle readiness certificate
	 	●Payload
    Launch readiness certificate

	Separation

    +
    TBD2 min
	 	Orbit
                                            Injection report

     

    (not
    a review)
	 	Deliver
    best-estimate state vector, altitude, and attitude rate based on initial data	 	●Orbit
                                            Injection Report (via electronic delivery)
	 	 
	Launch

    +
    2 Weeks
	 	Payload
                                            Status

     

    (not
    a review)
	 	Customer
    delivers status of Payload after separation.	 	 	 	●Payload
    operations status

 

Notes:

 

	1.	Assumes
    the first day of the Launch Period as defined in the LSA until the Launch Date is further defined.
	2.	Depends
    on the trajectory, ground station locations, and other factors that may remain unknown as of Agreement Signature.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 2 of 2

    	 

    

 

		SpaceX Policies

                                                                               

 

SPACEX
POLICIES

 

THE
FOLLOWING TERMS ARE IN ADDITION TO, AND INCORPORATED INTO, SPACEX’S LAUNCH SERVICES AGREEMENT. CAPITALIZED TERMS NOT DEFINED HEREIN
ARE DEFINED IN A CUSTOMER’S STATEMENT OF WORK FOR THAT PARTICULAR LAUNCH.

 

SPACEX
DISCLAIMER OF WARRANTIES

 

SpaceX
has not made, nor does it make, any representation or warranty, whether written or oral, express or implied, including, but not limited
to, any warranty of design, operation, quality, workmanship, suitability, result, merchantability, or fitness for a particular purpose
with respect to the Launch Vehicle, the Launch Services, or any associated equipment or services. Any implied warranties, including warranties
of merchantability and fitness for a particular purpose, are hereby expressly disclaimed.

 

SPACEX
RISK MANAGEMENT POLICY

 

	1.	Liability
    for Damages. In no event shall either SpaceX or Customer be liable for any indirect, special, incidental, exemplary, punitive
    or consequential damages, for specific performance, for the cost of procurement of substitute products or services, for lost revenues
    or profits, arising out of or related to the Agreement, howsoever caused and regardless of the theory of liability, whether based
    in contract, tort, equity or otherwise, including negligence, product liability, strict liability, or any other theory of liability.
	 	 
	 	To
    the fullest extent permitted by law, SpaceX’s total and cumulative liability arising out of or related to a Launch Services
    Agreement howsoever caused and regardless of the theory of liability, whether based in contract, tort, equity or otherwise, including
    negligence, product liability, strict liability, or any other theory of liability, shall in no event exceed the amounts received
    by SpaceX from Customer for the applicable Launch Services. To the fullest extent permitted by law, Customer’s total and cumulative
    liability arising out of or related to a Launch Services Agreement howsoever caused and regardless of the theory of liability, whether
    based in contract, tort, equity or otherwise, including negligence, product liability, strict liability, or any other theory of liability,
    shall in no event exceed an amount equal to the sum of all amounts received by and due and owing to SpaceX from Customer for the
    Launch Services. Customer shall be exclusively liable for any damage to the Payload and Payload-related equipment including, but
    not limited to, damage from static fires of the Launch Vehicle, other pre-Launch activities, Launch, and on-orbit operations. Except
    as expressly set forth below, Customer shall be responsible for procuring all insurances related to the Payload (with express waivers
    of subrogation as to SpaceX and its related third parties).
	 	 
	 	The
    limitations set forth in this Section shall not apply to (i) the Parties’ indemnification obligations, including such obligations
    in Section 5(c) below, and (ii) breaches of the Parties confidentiality obligations set forth in the NDA.

 

    	 	Space Exploration Technologies Corp. Proprietary and Confidential	1

    	 

    

 

		SpaceX Policies

                                                                               

 

	2.	Insurance.
    SpaceX shall satisfy (at its own expense) third-party launch liability insurance requirements in the amounts required by and
    consistent with applicable United States federal regulations and statutes governing commercial space launches. Such insurance shall
    cover death, bodily injury, property loss and damage to third parties for such launch activities as are prescribed by the Commercial
    Space Launch Act (“CSLA”) and the terms of the launch license issued to SpaceX pursuant thereto (“Launch Activities”).
    Third-party launch liability insurance does not cover any loss or damage to the Payload or any Customer property, equipment, or personnel
    (or the property, equipment, or personnel of Customer’s Related Third Parties). Insurance coverage for the Payload, Customer
    property, equipment, and personnel (and the property, equipment, or personnel of Customer’s Related Third Parties), shall be
    purchased by Customer (or one of its Related Third Parties) prior to the arrival of the Payload at the Launch Site, and shall contain
    an express waiver of subrogation as to SpaceX and its Related Third Parties. Customer shall provide certificates of insurance and
    relevant excerpts from such policies to SpaceX once such insurance is procured.
	 	 
	3.	Excess
    Third-Party Liability for Launch Activities. To the extent not covered by third-party launch liability insurance or eligible
    for coverage by the United States Government pursuant to the CSLA, SpaceX shall be exclusively liable to third parties for any death,
    injury, loss or damage arising out of or related to the Launch Activities caused by SpaceX or its equipment (including the Launch
    Vehicle or parts or components thereof), and Customer shall be exclusively liable to third parties for any death, injury, loss or
    damage arising out of or related to the Launch Activities caused by Customer or its equipment (including the Payload or parts or
    components thereof).
	 	 
	4.	Insurance
    Support. Subject to compliance with applicable law, the Parties shall cooperate with each other’s efforts to obtain and
    maintain, and to file and settle any insurance claims arising out of or related to activities relating to the performance of the
    Agreement. Such cooperation may include preparing a launch industry-standard insurance briefing package, responding to insurers’
    questions, delivering requested information regarding the Launch Vehicle and the Launch Range, conducting insurance briefings and
    facilitating site inspections as required to obtain and maintain such insurance.
	 	 
	5.	Cross-Waivers;
    Indemnification.
	 	 
	a.	Waivers.
    Customer and SpaceX agree not to sue or otherwise bring a claim against the other Party, such Party’s Related Third Parties,
    any Primary or Secondary Payload Customers, the Related Third Parties of any Primary or Secondary Payload Customer, or the U.S. Government
    or its contractors or subcontractors for any injury, death, property loss or damage (including, loss of or damage to the Payload,
    the Primary and Secondary Payload(s), the Launch Vehicle, or other financial loss), sustained by it or its employees, officers, directors
    or agents, arising out of or related to activities relating to the performance of the Agreement, regardless of fault. Such waiver
    shall not apply to claims for payments of the Launch Price, delay fees, late fees or termination fees, or charges for additional
    services under the Agreement.

 

    	 	Space Exploration Technologies Corp. Proprietary and Confidential	2

    	 

    

 

		SpaceX Policies

                                                                               

 

 

 

	b.	Extension
    of Waivers. Customer and SpaceX hereby agree to extend the waiver of claims and release of liability herein to their Related
    Third Parties, respective contractors, subcontractors and insurers, requiring them to waive (in writing) the right to sue or otherwise
    bring a claim against the other Party or that Party’s Related Third Parties, any Primary or Secondary Payload Customers or
    their Related Third Parties, or the U.S. Government or its contractors or subcontractors for any injury, death, property loss or
    damage (including loss of or damage to the Payload, the Primary and Secondary Payload(s), the Launch Vehicle, or other financial
    loss) sustained by them or any of their employees, officers, directors or agents, arising out of or related to activities relating
    to the performance of the Agreement.
	 	 
	c.	Indemnification.
    Customer and SpaceX hereby agree to indemnify and hold harmless the other Party from and against any liability or expense, including
    attorneys’ fees, resulting from (i) any suit or claim by the indemnifying Party’s Related Third Parties for any injury,
    death, property loss or damage (including loss of or damage to the Payload, the Launch Vehicle, or other loss) sustained by it or
    any of its employees, officers, directors or agents, arising out of or related to activities relating to the performance of the applicable
    Launch Services Agreement; and (ii) any suit or claim by a third party arising out of or related to an allegation that: (a) a Party’s
    performance under a Launch Services Agreement; or (b) the design, manufacture or operation of the Launch Vehicle (by SpaceX and its
    Related Third Parties) or Payload (by Customer and its Related Third Parties), or any corresponding support equipment, infringes
    any third party’s intellectual property rights.
	 	 
	d.	Indemnification
    Process. All indemnification obligations in this Agreement are subject to the indemnified Party (i) promptly notifying the indemnifying
    Party in writing of the claim; (ii) allowing the indemnifying Party control of the claim; (iii) not making any admission in relation
    to the claim or agreeing to any settlement without the prior written consent of the indemnifying Party; and (iv) cooperating with
    the indemnifying Party in the defense and any related settlement negotiations.
	 	 
	e.	Applicability.
    The obligation to waive claims shall apply to the Parties’ contractors, subcontractors and insurers (at every tier) that
    are involved in activities relating to the performance of the applicable Launch Services Agreement. The waivers shall apply regardless
    of the theory of liability, whether based in contract, tort, equity or otherwise, including negligence, product liability, strict
    liability, or any other theory of liability. Each Party agrees to obtain insurance to the extent it deems such insurance necessary,
    or no insurance if not deemed necessary, to cover death, injury, loss or damage for which it has waived the right to sue or bring
    a claim against the other Party, and each Party agrees to obtain a waiver of subrogation rights from any insurer providing such insurance
    coverage. Nothing in this Section 5(e) shall preclude either Party from suing or otherwise bringing a claim against its own Related
    Third Parties. The Parties agree to memorialize certain of the rights and obligations described in this Section 5(e) in an agreement
    advised or required by the appropriate U.S. regulatory authorities, to include execution of the form of cross-waivers found at this
    site:

 

Please
see the current form United States FAA Cross-Waiver at the following hyperlink:

 

http://www.ecfr.gov/cgi-bin/text-idx?SID=ca4bbb8cb08816a834838a65427aa135&node=pt14.4.440&rgn=div5

 

In
the event this link is ever inactive, the Form of Cross Waiver shall be the most recent Form of Cross-Waiver published in the United
States Code of Federal Regulations.

 

    	 	Space Exploration Technologies Corp. Proprietary and Confidential	3Document

Exhibit 10.1

EXECUTIVE SEVERANCE PAY PLAN
OF
PROG HOLDINGS, INC.

Effective as of July 29, 2021  

SECTION I
Establishment and Purpose of Plan
I.1PROG Holdings, Inc. (the “Company”) hereby establishes the Executive Severance Pay Plan of PROG Holdings, Inc. (the “Plan”), effective as of July 29, 2021 (the “Effective Date”).  The Plan shall continue in effect until terminated by the Company, subject to the provisions of Section X below.
I.2The purposes of the Plan include (i) providing certain executives of the Company and/or any affiliate or subsidiary with severance pay benefits in the event of the termination of their employment, (ii) better enabling the Company and its affiliates and subsidiaries to attract and retain highly qualified executives, (iii) providing executives protection in the event of a change in control of the Company so that the executives are focused on pursuing transaction opportunities that are beneficial to shareholders, and (iv) retaining critical talent in the event of a potential change in control transaction.
SECTION II
Definitions
    The following words and phrases shall have the meanings set forth below where used in the Plan, unless the context clearly indicates otherwise.

II.1“Administrator” means the Company in its capacity as Plan “administrator” and “named fiduciary” within the meaning of ERISA.  The Committee shall act as the Administrator unless and until it delegates such authority and responsibility to one or more officers or a committee.
II.2“Annual Salary” means, with respect to a Participant, the Participant’s annual base salary, exclusive of any bonus pay, commissions, overtime pay or other additional compensation, in effect at the time of his or her Separation from Service.
II.3“Board” means the Board of Directors of the Company.
II.4“Cause” means, unless provided otherwise in an individual agreement between the Executive and his or her Employer, with respect to an Executive:  
(a)the commission by the Executive of an act of fraud, embezzlement, theft or proven dishonesty, or any other illegal act or practice (whether or not resulting in criminal prosecution or conviction); 

(b)the willful engaging by the Executive in misconduct which is deemed by the Committee, in good faith, to be materially injurious to the Company or an affiliate or subsidiary of the Company, monetarily or otherwise; 
(c)the willful and continued failure or habitual neglect by the Executive to perform his or her duties with the Company or an affiliate or subsidiary of the Company substantially in accordance with the operating and personnel policies and procedures of the Company, affiliate or subsidiary generally applicable to all of their employees.  
For purposes of this Plan, no act or failure to act by the Executive shall be deemed to be “willful” unless done or omitted to be done by the Executive not in good faith and without reasonable belief that the Executive’s action or omission was in the best interest of the Company and/or an affiliate or subsidiary of the Company.  "Cause" under either (a), (b) or (c) shall be determined by the Committee in its sole discretion.  
II.5A “Change in Control” means:
(a)    The acquisition (other than from the Company) by any person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (but without regard to any time period specified in Rule 13d-3(d)(1)(i))), of thirty-five percent (35%) or more of the combined voting power of then outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); excluding, however, (1) any acquisition by the Company or (2) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; 
(b)    A majority of the members of the Board is replaced during any twelve (12)-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or
(c)    Consummation by the Company of a reorganization, merger, or consolidation or sale of all or substantially all of the assets of the Company (a “Transaction”); excluding, however, a Transaction pursuant to which all or substantially all of the individuals or entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Transaction will beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors of the corporation resulting from such Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately prior to such Transaction, of the Outstanding Company Voting Securities.
Provided, however, a Change in Control shall not be deemed to occur unless the transaction also constitutes a change in the ownership or effective control of the 
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Company or a change in the ownership of a substantial portion of the assets of the Company, each as defined in Code Section 409A(a)(2)(A)(v) and the regulations promulgated thereunder. 
II.6“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.
II.7“COBRA Charge” means the dollar amount of the Employer’s monthly premium in effect for continued coverage under the Employer’s group health insurance plan in which the Participant participates on the Executive’s Termination Date, pursuant to the requirements of COBRA, less the administrative charge imposed by the Employer for such coverage, less the portion of the premium paid by an active employee for the type of coverage in effect for the Participant under such health plan on the Participant’s Termination Date.  
II.8“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.
II.9“Committee” means the Compensation Committee of the Board.
II.10“Company” means PROG Holdings, Inc., its successors and assigns, or, following a Change in Control, the surviving entity resulting from such event.  
II.11“Employer” means the Company, or any affiliate or subsidiary of the Company that has adopted the Plan as a participating employer with the consent of the Company, as reflected on Exhibit B from time to time.
II.12“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
II.13“Executive” means each executive of an Employer who has a title of President, Senior Vice President or Vice President or a similarly positioned senior officer who is designated by the Chief Executive Officer provided that the Chief Executive Officer does not participate in the Plan (or such other classification determined by the Committee from time to time) unless excluded from participation by the Committee or Section 3.1, and any other key employee of an Employer who is specifically designated on Exhibit A attached hereto as eligible to participate in the Plan by the Committee from time to time.  
II.14“Good Reason” shall mean, without an Executive’s express written consent, the occurrence of any of the following circumstances within the two (2)-year period following the date of a Change in Control of the Company:
(a)A material diminution in the Executive’s annual base salary other than as a result of an across-the-board base salary reduction similarly affecting other Executives;
(b)A material diminution in the Executive’s authority, duties, or responsibilities;
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(c)A material change in the geographic location at which the Executive must perform services for his or her Employer (for this purpose, the relocation of the Executive’s principal office location to a location more than fifty (50) miles from its current location will be deemed to be material); or
(d)A material breach of this Plan by the Company;
provided that any of the events described above shall constitute Good Reason only if (i) Executive provides the Company written notice of the existence of the event or circumstances constituting Good Reason (with sufficient specificity for the Company to respond to such claim) within sixty (60) days of the initial existence of such event or circumstances, (ii) Executive cooperates in good faith with the Company’s efforts to cure such event or circumstance for a period not less than thirty (30) days following Executive’s notice to the Company (the “Cure Period”), (iii) notwithstanding such efforts, the Company or the Employer fails to cure such event or circumstances prior to the end of the Cure Period, and (iv) Executive terminates employment with the Company and all affiliates and subsidiaries of the Company within sixty (60) days after the end of the Cure Period.
II.15“Involuntary Termination” means the termination of an Executive’s employment by his or her Employer without Cause; provided that for purposes of determining eligibility for Severance Pay Benefits under Section 5.1 of the Plan, in no event shall Executive be deemed to have been subject to an Involuntary Termination if he or she is offered employment in a different role or position with the Company, or any affiliate or subsidiary of the Company, which the Committee in its sole discretion determines is a comparable position (taking into account total compensation, benefits and location), and the Executive refuses to accept such new role or position.  
II.16“Participant” means each Executive who is currently entitled to severance pay benefits under the Plan in the event of his or her Separation from Service.
II.17“Plan” means this Executive Severance Pay Plan of PROG Holdings, Inc. and its successors as set forth in this document, as it may be amended from time to time.
II.18“Section 409A” means Section 409A of the Code.
II.19“Separation from Service” means an Executive’s Involuntary Termination or, within two (2) years following the date of a Change in Control, the Executive’s resignation of his or her employment with the Company and all affiliates and subsidiaries of the Company for Good Reason.  
II.20“Severance Pay Benefits” means the aggregate benefits payable to a Participant upon his or her Separation from Service, as determined pursuant to the provisions of Section V or VI below.
II.21“Target Bonus” means (a) with respect to a Participant whose annual target bonus is expressed as a percentage of Annual Salary, the Participant’s target annual bonus under his or her Employer’s annual bonus program in which the Participant is covered at the time of his or 
4

her Separation from Service, (b) with respect to a Participant whose annual target bonus is expressed as a fixed target value, the Participant’s fixed target value under his or her Employer’s annual bonus program in which the Participant is covered at the time of his or her Separation from Service, and (c) with respect to all other Participants, the average of the Participant’s actual annual bonus payouts for each of the two (2) years prior to the year of the Participant’s Separation from Service.
II.22“Termination Date” means the date of the Participant’s Separation from Service.
II.23“Waiver and Release Agreement” means an agreement prepared by the Company, with terms satisfactory to the Company in its sole discretion, which will include, among other provisions, a legally-binding general waiver of claims against the Company and its affiliates and subsidiaries, a deadline for the Executive’s delivery of the Waiver and Release Agreement to the Company, a deadline for the Executive’s revocation of the Waiver and Release Agreement (if applicable), and affirmative and negative covenants (which may include, but which are not limited to, covenants regarding confidentiality, non-solicitation, non-disparagement and non-competition).  Different forms of the Waiver and Release Agreement may be used from one business unit to another, from one state to another, and from one Executive to another, as determined by the Company in its sole discretion.   
SECTION III
Participation; Contributions; General Provisions
III.1An Executive who has not entered into an individual employment or severance agreement with his or her Employer that provides for severance benefits will become a Participant in the Plan upon his or her Separation from Service.  An Executive who has entered into an individual employment or severance agreement with his or her Employer that provides for severance benefits will not participate in the Plan; the severance benefits, if any, to which such an Executive is entitled from his or her Employer will be determined solely in accordance with the terms of such individual employment or severance agreement.  
III.2If an Executive is rehired by the Company or an affiliate or subsidiary of the Company while receiving benefits under this Plan, any remaining, unpaid Severance Pay Benefits shall be forfeited upon rehire, and no additional benefits shall be paid.
III.3The Employer will pay the entire cost of all benefits provided under the Plan, solely from its general assets.  The Plan is “unfunded,” and no Executive is required to make any contribution to the Plan.
III.4This Plan is not intended to constitute an “employee pension benefit plan” within the meaning of Section 3 of ERISA and the corresponding Department of Labor regulations and other guidance.
5

SECTION IV
Waiver and Release Agreement
A Participant’s entitlement to Severance Pay Benefits is conditioned upon the Participant’s execution and submission to the Administrator of, and failure to revoke, a Waiver and Release Agreement.  The Administrator will present the Waiver and Release Agreement to a Participant at the time of the Participant’s Separation from Service.  Failure to submit the signed Waiver and Release Agreement to the Administrator by the deadline, or revocation of a signed Waiver and Release Agreement, will render the Participant ineligible for Severance Pay Benefits.  In addition, if a Participant breaches the terms of a Waiver and Release Agreement, the Participant shall not be eligible for any further Severance Pay Benefits and may be required to repay any Severance Pay Benefits already paid to the Participant.  
SECTION V
Severance Pay Benefits
A Participant shall be entitled to Severance Pay Benefits in accordance with the terms of either Section 5.1 or 5.2 below.  A Participant’s Severance Pay Benefits may be reduced or subject to forfeiture or recoupment upon the breach of any agreement with the Company or Employer, as determined by the Administrator.
V.1Termination other than in Connection with a Change in Control.  A Participant shall be entitled to the following benefits in the event of his or her Separation from Service if Section 5.2 does not apply to the Participant and if the Participant timely signs, submits to the Company and, if applicable, does not revoke a Waiver and Release Agreement as described in Section 4 above:
(a)Salary Benefits.  The Participant’s Employer shall continue to pay the Participant an amount equal to his or her Annual Salary in effect immediately prior to his or her Termination Date for a period of twelve (12) months following his or her Termination Date, subject to Section 5.3(a).
(b)COBRA Premiums.  The Participant’s Employer will pay the Participant a lump sum payment equal to the monthly COBRA Charge, multiplied by twelve (12) (the number of months during which the Participant is entitled to salary continuation payments), grossed up for the estimated taxes payable on such payment (as determined by the Company). 
(c) Annual Bonus.   In addition to the amounts set forth in Sections 5.1(a) and (b) above, the Participant’s Employer will pay the Participant an amount equal to the Participant’s Target Bonus under the Employer’s annual bonus plan for the fiscal year of the Participant’s Separation from Service, payable in substantially equal installments over a period of twelve (12) months in accordance with Section 5.3(a). Notwithstanding the above, this Section 5.1(c) is not intended to provide the Participant with duplicative benefits and shall not apply to the extent that pursuant to the terms of the annual bonus plan, the Participant has received or is already entitled to receive a payment under or with 
6

respect to such annual bonus plan for the fiscal year of the Participant’s Separation from Service.
V.2Termination in Connection with a Change in Control.  A Participant shall be entitled to the following benefits in the event of his or her Separation from Service within the two (2)-year period following the effective date of a Change in Control if the Participant timely signs, submits to the Company and, if applicable, does not revoke a Waiver and Release Agreement as described in Section 4 above:
(a)Salary Benefits.  A Participant who is employed by the Employer shall be entitled to receive the amount of severance pay based on the Participant’s title as indicated in the chart below.  Any other Participant who is specifically designated by the Committee as eligible to participate in the Plan from time to time shall be entitled to receive the amount of severance pay indicated on Exhibit A.
						
	Title	Amount of Severance Pay
	President	24 months of Annual Salary
+ 24 months of Target Bonus
	Senior Vice President, Vice President and similarly positioned senior officers who are designated by the Chief Executive Officer in accordance with Section 2.13	18 months of Annual Salary
+ 18 months of Target Bonus

(b)COBRA Premiums.  The Participant’s Employer will pay the Participant a lump sum amount equal to the monthly COBRA Charge, multiplied by the number of months during which the Participant is entitled to salary continuation payments as provided in the table in Section 5.2(a) above, grossed up for the estimated taxes payable on such payment (as determined by the Company).
(c)Annual Bonus.  In addition to the amounts set forth in Sections 5.2(a) and (b) above, the Participant’s Employer will pay the Participant a lump sum amount equal to the Participant’s Target Bonus under the Employer’s annual bonus plan for the fiscal year of the Participant’s Separation from Service, prorated based on the number of days completed in the year as of the Termination Date.  Notwithstanding the above, this Section 5.2(c) is not intended to provide the Participant with duplicative benefits and shall not apply to the extent that in connection with the Change in Control or pursuant to the terms of the annual bonus plan, the Participant has received or is already entitled to receive a payment under or with respect to such annual bonus plan for the fiscal year of the Participant’s Separation from Service.   
7

V.3Payment of Severance Pay Benefits
(a)The salary continuation benefits payable to a Participant under Section 5.1(a) or Section 5.2(a) and the annual bonus payable to a Participant under Section 5.1(c) above shall be paid to the Participant in accordance with the Employer’s standard payroll schedule for the payment of base salary to executives, in substantially equal installments over the specified number of months (e.g., twelve (12) months under Section 5.1(a) and Section 5.1(c) or eighteen (18) or twenty-four (24) months under Section 5.2(a)). Payment will begin on the sixtieth (60th) day following the Participant’s Termination Date, with a lump sum catch-up payment made at that time in an amount equal to the aggregate amount of payments that would have been paid through such date had payments commenced on the Participant’s Termination Date.  Notwithstanding the foregoing, to the extent that the salary benefits or annual bonus payable to a Participant under Section 5.1(a), Section 5.2(a) or Section 5.1(c) above are not exempt from Section 409A of the Code, such salary benefits or annual bonus shall be paid to the Participant in the original payment form specified under the Plan, except as otherwise permitted by Section 409A of the Code.
(b)The lump sum payment for COBRA Premiums payable under Section 5.1(b) or Section 5.2(b) and the lump sum payment of bonus payable under Section 5.2(c) will be paid to the Participant in a lump sum in cash on the sixtieth (60th) day following the date of the Participant’s Termination Date.  
(c)The amount of the Severance Pay Benefits payable to a Participant that are exempt from Section 409A may be reduced, in the sole discretion of the Administrator, by any debt of the Participant to the Employer arising out of the employment relationship between the Participant and the Employer.  
(d)The Employer shall deduct from the Severance Pay Benefits to be paid to a Participant or any beneficiary all federal, state and local withholding and other taxes and charges required to be deducted under applicable law.
V.4Restrictive Covenants.  In consideration of the Severance Pay Benefits payable to a Participant under Section 5.1 or Section 5.2 above, the Participant shall be required to agree to certain covenants including, without limitation, covenants regarding maintaining the Employer’s confidential information, refraining from soliciting the Employer’s employees, suppliers, and customers, refraining from competing with the Employer, and refraining from making disparaging remarks, all of which shall be set forth in the Waiver and Release Agreement.  If a Participant violates any of the provisions in the Waiver and Release Agreement, such Participant shall immediately forfeit his right to receive any Severance Pay Benefits, the Employer shall have no further obligation to make any payment of Severance Pay Benefits to such Participant, and such Participant shall be obligated to repay any Severance Pay Benefits already paid pursuant to the Plan.
V.5Section 280G Limitation. Notwithstanding any provision of this Plan to the contrary, if any payment or benefit to be paid or provided hereunder would be a “Parachute 
8

Payment,” within the meaning of Section 280G of the Code, or any successor provision thereto, but for the application of this sentence, then the payments and benefits to be paid or provided hereunder shall be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment or benefit, as so reduced, constitutes a Parachute Payment; provided, however, that the foregoing reduction shall not be made if the total of the unreduced aggregate payments and benefits to be provided to Executive, determined on an after-tax basis (taking into account the excise tax imposed pursuant to Section 4999 of the Code, or any successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income taxes), exceeds by at least ten percent (10%) the total after-tax amount of such aggregate payments and benefits after application of the foregoing reduction.  The determination of whether any reduction in such payments or benefits to be provided hereunder is required pursuant to the preceding sentence shall be made at the expense of the Company, if requested by Executive or the Company, by the Company’s independent accountants.  The fact that Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section shall not of itself limit or otherwise affect any other rights of Executive under this Agreement.  In the event that any payment or benefit intended to be provided hereunder is required to be reduced pursuant to this Section and no such payment or benefit qualifies as a “deferral of compensation” within the meaning of and subject to Section 409A (“Nonqualified Deferred Compensation”), Executive shall be entitled to designate the payments and/or benefits to be so reduced in order to give effect to this Section.  The Company shall provide Executive with all information reasonably requested by Executive to permit Executive to make such designation.  In the event that any payment or benefit intended to be provided hereunder is required to be reduced pursuant to this Section and any such payment or benefit constitutes Nonqualified Deferred Compensation or Executive fails to elect an order in which payments or benefits will be reduced pursuant to this Section, then the reduction shall occur in the following order: (a) reduction of cash payments described in Sections 5.1 or 5.2 (with such reduction being applied to the payments in the reverse order in which they would otherwise be made, that is, later payments shall be reduced before earlier payments); (b) cancellation of acceleration of vesting on any equity awards for which the exercise price exceeds the then fair market value of the underlying equity; and (c) cancellation of acceleration of vesting of equity awards not covered under (c) above. Within any category of payments and benefits (that is, (a), (b) or (c)), a reduction shall occur first with respect to amounts that are not Nonqualified Deferred Compensation within the meaning of Internal Revenue Code Section 409A and then with respect to amounts that are.  In the event that acceleration of vesting of equity awards is to be cancelled, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of such equity awards, that is, later equity awards shall be canceled before earlier equity awards. 
SECTION VI
Special Severance Arrangements
The Administrator may in its sole discretion make exceptions to the severance pay guidelines set forth in this document at any time in its sole discretion.  As a result, it is possible that an Executive will not receive severance benefits in a circumstance otherwise covered by this document; it is possible that the severance benefits of a Participant may be different than the terms set forth in this document; and it is possible that an employee of the Company or its 
9

affiliates or subsidiaries who is not otherwise eligible for severance benefits may be designated as a Participant and awarded severance benefits under this Plan.  
SECTION VII
Death Benefits  
Upon the death of any Participant after his Termination Date and prior to his or her having received all of his or her Severance Pay Benefits, any unpaid amount of the Severance Pay Benefits shall be paid in a single lump sum to the Participant’s spouse, or if the Participant has no surviving spouse at the time such payment is to be made, to the Participant’s estate, within ninety (90) days after the date of the Participant’s death.  
SECTION VIII
Rights and Duties of Participants
VIII.1No Participant or any other person shall have any interest in any fund or in any specific asset or assets of the Employers by reason of any amounts or benefits payable under the Plan.  Any Executive, former Executive, Participant, former Participant, or other individual, person, entity, representative, or group of one or more of the foregoing (collectively, a “Claimant”) under this Plan shall have the status of a general unsecured creditor of the Employer.
VIII.2Every person receiving or claiming payments under the Plan shall be conclusively presumed to be mentally competent until the date on which the Administrator receives a written notice in a form and manner acceptable to the Administrator that such person is incompetent and that a guardian, conservator or other person legally vested with the interest of his or her estate has been appointed.  In the event a guardian or conservator of the estate or any person receiving or claiming payments under the Plan shall be appointed by a court of competent jurisdiction, payments under this Plan may be made to such guardian or conservator provided that the proper proof of appointment and continuing qualification is furnished in a form and manner acceptable to the Administrator.  Any such payments so made shall be a complete discharge of any liability or obligation of the Employer or Administrator regarding such payments.
VIII.3Each person entitled to receive a payment under this Plan, whether a Participant, a duly designated beneficiary, a guardian or otherwise, shall provide the Administrator with such information as it may from time to time deem necessary or in its best interest in administering the Plan.  Any such person shall also furnish the Administrator with such documents, evidence, data or other information as the Administrator may from time to time deem necessary or advisable.
SECTION IX
Administrator
IX.1The Plan shall be administered by the Administrator.  The Administrator may designate a committee or individual to carry out one or more of the Administrator’s responsibilities as Administrator.  Any reference in this document to the “Administrator” shall be deemed to include any such committee or individual.  An Executive who is such an individual or a member of such committee shall not participate in any decision involving an election made by 
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him or relating in any way to his individual rights, duties and obligations as a Participant under the Plan.
IX.2The Administrator shall have absolute and exclusive discretionary authority to decide all questions of eligibility for benefits and to determine the amount of such benefits, to establish rules, forms and procedures for the administration of the Plan, to construe and interpret any and all provisions of the Plan, including but not limited to the discretion to resolve ambiguities, inconsistencies, or omissions conclusively and to decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the operation of this Plan.  As a result, benefits under the Plan will be paid only if the Administrator determines in its discretion that the Participant (or other Claimant) is entitled to them.  All determinations of the Administrator in matters within its jurisdiction, irrespective of their character or nature, including, but not limited to, all questions of equity, construction and interpretation, including resolution of any ambiguity in the Plan, shall be final, binding and conclusive on all parties.  In construing or applying the provisions of the Plan, the Administrator shall have the right to rely upon a written opinion of legal counsel, which may be independent legal counsel or legal counsel regularly employed by the Company, whether or not any question or dispute has arisen as to any distribution from the Plan.  Any interpretation or determination made pursuant to such discretionary authority shall be upheld on judicial review, unless it is shown that the interpretation or determination was arbitrary and capricious or an abuse of discretion.  
IX.3The Administrator shall be responsible for maintaining books and records for the Plan.
SECTION X
Amendment or Termination
The Company hereby reserves the right to (and may, at any time, through action of the Board, the Committee or either entity’s delegate) amend, modify, terminate or discontinue the Plan at any time, provided, however, that no amendment or termination of, or discontinuance of participation in, the Plan will decrease the amount of any Severance Pay Benefits awarded but not yet fully paid to a Participant prior to the date of such amendment or termination without the written consent of the Participant and no such amendment that would have a material adverse effect on an Executive shall be effective until the one (1)-year anniversary of the date such amendment is adopted, unless the Executive provides written consent to such amendment.  In addition, for the two (2)-year period following the date of a Change in Control, the Company may not amend, modify, terminate or discontinue the Plan in any manner that is materially adverse to an Executive, unless the Executive provides written consent to such amendment.
SECTION XI
Not a Contract of Employment
This Plan shall not be deemed to constitute a contract of employment between an Executive and the Employer, nor shall any provision hereof restrict the right of the Employer to 
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discharge an Executive or to restrict the right of an Executive to terminate his or her employment.
SECTION XII
Claims Procedure
XII.1A Claimant may make a claim for benefits under the Plan by filing a written claim with the Administrator.  Determinations of each such claim shall be made as described below; provided, however, that the Claimant and the Administrator may agree to extended periods of time for making determinations beyond those periods described below.  
XII.2The Administrator will notify a Claimant of its decision regarding his claim within a reasonable period of time, but not later than ninety (90) days following the date on which the claim is filed, unless special circumstances require a longer period for processing of the claim and the Claimant is notified in writing of the reasons for an extension of time prior to the end of the initial ninety (90) day period and the date by which the Administrator expects to make the final decision.  In no event will the Administrator be given an extension for processing the claim beyond one hundred eighty (180) days after the date on which the claim is first filed with the Administrator unless otherwise agreed in writing by the Claimant and the Administrator.
XII.3If a claim is denied, the Administrator will notify the Claimant of its decision in writing.  Such notification will be written in a manner calculated to be understood by the Claimant and will contain the following information:  the specific reason(s) for the denial; a specific reference to the Plan provision(s) on which the denial is based; a description of additional information necessary for the Claimant to perfect his claim, if any, and an explanation of why such material is necessary; and an explanation of the Plan’s claim review procedure and the applicable time limits under such procedure and a statement as to the Claimant’s right to bring a civil action under ERISA after all of the Plan’s review procedures have been satisfied.
XII.4The Claimant shall have sixty (60) days following receipt of the notice of denial to file a written request with the Administrator for a review of the denied claim.  The decision by the Administrator with respect to the review must be given within sixty (60) days after receipt of the request, unless special circumstances require an extension and the Claimant is notified in writing of the reasons for an extension of time prior to the end of the initial sixty (60) day period and the date by which the Administrator expects to make the final decision.  In no event will the decision be delayed beyond one hundred twenty (120) days after receipt of the request for review unless otherwise agreed in writing by the Claimant and the Administrator.
XII.5Every Claimant will be provided a reasonable opportunity for a full and fair review of an adverse determination.  A full and fair review means the following:  the Claimant will be given the opportunity to submit written comments, documents, records, etc. with regard to the claim, and the review will take into account all information submitted by the Claimant, regardless of whether it was reviewed as part of the initial determination; and the Claimant will be provided, upon request and free of charge, with copies of all documents and information relevant to the claim for benefits.
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XII.6The Administrator will notify the Claimant of its decision regarding an appeal of a denied claim in writing.  The decision will be written in a manner calculated to be understood by the Claimant, and will include:  the specific reason(s) for the denial and adverse determination; a reference to the specific Plan provisions on which the denial is based; a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all information relevant to the Claimant’s claim for benefits; and a statement regarding the Claimant’s right to bring a civil action under ERISA.
XII.7If the Administrator fails to follow these procedures consistent with the requirements of ERISA with respect to any claim, the Claimant will be deemed to have exhausted all administrative remedies under the Plan and will have the right to bring a civil action under Section 502(a) of ERISA.  This Article XII shall be interpreted such that the claims procedures applicable under the Plan conform to the claims review requirements of Part 5, Title I, of ERISA, and the applicable provisions set forth in Department of Labor Regulation Section 2560.503-1.
XII.8Before filing any claim or action, the Claimant must first fully exhaust all of the Claimant’s actual or potential rights under the claims procedures of Article XII, including such rights as the Administrator may choose to provide in connection with novel claims or issues or in particular situations.  For purposes of the prior sentence, any Claimant that has any claim, issue or matter that implicates in whole or in part – 

    (a)    The interpretation of the Plan, 

    (b)    The interpretation of any term or condition of the Plan, 

    (c)    The interpretation of the Plan (or any of its terms or conditions) in light of applicable law, 

    (d)    Whether the Plan or any term or condition under the Plan has been validly adopted or put into effect, or

    (e)    Any claim, issue or matter deemed similar to any of the foregoing by the Administrator,

(or two or more of these) shall not be considered to have satisfied the exhaustion requirement of this Section 12.8 unless the Claimant first submits the claim, issue or matter to the Administrator to be processed pursuant to the claims procedures of Section 12.1 or to be otherwise considered by the Administrator, and regardless of whether claims, issues or matters that are not listed above are of greater significance or relevance.  The exhaustion requirement of this Section 12.8 shall apply even if the Administrator has not previously defined or established specific claims procedures that directly apply to the submission and consideration of such claim, issue or matter, and in which case the Administrator (upon notice of the claim, issue or matter) shall either promptly establish such claims procedures or shall apply (or act by analogy to) the claims procedures of Section XII that apply to claims for benefits.  Upon review by any court or other 
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tribunal, this exhaustion requirement is intended to be interpreted to require exhaustion in as many circumstances as possible (and any steps necessary to effect this intent should be taken).

XII.9Any claim or action that is filed in court against or with respect to the Plan, Administrator, or Employer must be filed within the applicable time frame that relates to the claim or action, as follows:
(a)Claims or actions for Severance Pay Benefits must be filed within two (2) years of the later of the date the Participant received the Severance Pay Benefits or the date of the Claimant’s Separation from Service. 
(b)For all other claims or actions, the claim or action must be filed within two (2) years of the date when the Claimant knew or should have known of the actions or events that gave rise to the claim or action.
Any claim or action filed after the applicable time frame stated above will be void.  

XII.10Any claim or action in connection with the Plan must be filed in the United States District Court of the District of Utah.
XII.11If a claim for benefits arises during the twenty-four (24)-month period following the date of a Change in Control, the Company shall pay or reimburse Executive for all reasonable costs (including reasonable legal fees) incurred by the Executive to enforce his rights under this Plan if the Executive prevails on at least one material issue with respect to such claims.  
SECTION XIII
Construction and Expense
XIII.1Whenever the context so requires, words in the masculine include the feminine and words in the feminine include the masculine and the definition of any term in the singular may include the plural.
XIII.2All expenses of administering the Plan shall be paid by the Company unless provided herein to the contrary.
XIII.3The Plan shall be construed, administered and governed in all respects under and by the applicable laws of the State of Utah, except to the extent preempted by ERISA.
XIII.4An Executive may not rely upon any oral statement regarding the Plan.
XIII.5This Plan and any properly adopted amendments shall be binding on the parties hereto and their respective heirs, administrators, trustees, successors, and assignees and on all Beneficiaries of the Participant.
XIII.6Service of legal process may be made upon the Administrator at the Company headquarters or upon such other person as may be designated by the Company for this purpose.
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XIII.7The records of the Plan will be maintained on the basis of a year that begins each January 1 and ends the next following December 31.  
XIII.8The Company intends that all benefits provided under this Plan shall either be exempt from or comply with Section 409A.  However, the Administrator shall operate this Plan in accordance with the requirements of Section 409A and the corresponding Department of Treasury guidance with respect to those benefits provided under this Plan that are, in fact, subject to Section 409A.  In order to ensure compliance with Section 409A, the provisions of this Section 13.8 shall govern in all cases over any contrary or conflicting provision in the Plan.
(a)    It is the intent of this Plan to comply with the requirements of Section 409A and the corresponding Department of Treasury guidance with respect to any nonqualified deferred compensation subject to Section 409A, and any ambiguities in the Plan will be interpreted and this Plan will be applied to comply with these requirements with respect to such compensation. 

(b)    To the extent necessary to comply with Section 409A, references in this Plan to “termination of employment” or “terminates employment” (and similar references) shall have the same meaning as “separation from service” under Section 409A(a)(2)(A)(i), and no payment subject to Section 409A that is payable upon a termination of employment shall be paid unless and until the Participant incurs a “separation from service” under Section 409A(a)(2)(A)(i) (a “409A Separation from Service”).  In addition, if the Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) at the time of his or her 409A Separation from Service, any nonqualified deferred compensation subject to Section 409A that would otherwise have been payable on account of, and within the first six (6) months following, the Participant’s 409A Separation from Service, and not by reason of another event under Section 409A(a)(2)(A), will become payable on the first business day after six (6) months following the date of the Participant’s 409A Separation from Service or, if earlier, the date of the Participant’s death.

(c)    Each installment payment of the salary continuation benefits payable pursuant to Section 5.3 and each other payment payable under Section 5.1 or 5.2 above is a separate payment within the meaning of the final regulations under Section 409A.  Each such payment that is made within two and one-half (2-1/2) months following the end of the year that contains the date of the Participant’s Separation from Service is intended to be exempt from Section 409A as a short-term deferral within the meaning of the final regulations under Section 409A; each other payment is intended to be exempt under the two-times compensation exemption of Treasury Reg. § 1.409A-1(b)(9)(iii) up to the limitation on the availability of that exemption specified in the regulation; and each payment that is not exempt from Section 409A shall be subject to delay (if necessary) in accordance with subsection (b) above.  

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IN WITNESS WHEREOF, this Plan has been executed by a duly authorized officer of the Company to be effective as of the Effective Date.
PROG HOLDINGS, INC.

By: /s/ Steven A. Michaels
Name: Steven A. Michaels
Title: President and Chief Executive Officer

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