Document:

Exhibit 10.12

 

 

Jonathan
New

1615
West Ave #205

Miami
Beach, FL 33139

Email:
jon.new@enerfund.com

 

Re:
Offer of Employment

 

Dear
Jon:

 

This
letter, dated October 19, 2020, but effective as of January 3, 2020 (this “Offer of Employment”), is confirming the
offer extended to you prior to the start date referenced below with respect to your full-time “at will” employment
as CFO at Motorsport Gaming US LLC (the “Company”). Your start date is January 3, 2020. You will report directly to
Dmitry Kozko as the Company’s CEO. You will work out of the Miami office of the Company.

 

You
were required (and you satisfied such requirements) to provide compliance with the Employment Eligibility Verification law (1-9),
and to present acceptable documents evidencing your identity and employment eligibility the first day of your employment.

 

A.
TERM OF EMPLOYMENT /CONDITIONAL NATURE OF OFFER

 

The
term of your employment is indefinite and at will. The Company maintains a strict employment at will policy, and your employment
with the Company may be terminated at any time in the sole business discretion of the Company. This Offer of Employment does not
create a contract of employment as to terms other than compensation for services actually provided and other terms expressly provided
for in this Offer of Employment. If the Company terminates, your employment with the Company without Cause (as defined below)
and you are not otherwise employed by any of the Company’s affiliates nor providing consulting services to the Company or
any of its affiliates, then you will be entitled to a continuation of payment of unpaid base salary from the effective date of
such termination to the expiration of three (3) months after the date of such termination, payable on a regular basis in accordance
with the Company’s normal payroll procedures and policies, and subject to applicable payroll deductions (the “Severance”).
Your right to receive, and the Company’s obligation to pay and provide, any of the payments of Severance shall be subject
to: (1) your compliance with, and observance of, all of your obligations under this Offer of Employment that continue beyond such
termination and (2) your execution, delivery and non-revocation of, and performance under, a release in favor of the Company and
its affiliates in the form acceptable to the Company within forty-five (45) days of the termination of your employment.

 

“Cause”
means any of the following acts or omissions: (a) the refusal or failure, for more than five (5) days from the date of notice
by the Company to you, by you to perform any duties required of you by this Offer of Employment or lawful instructions of the
Manager of the Company (prior to the establishment of the board of directors of the Company (the “Board”)) or the
Board (after the establishment of the Board)); (b) the commission by you of any fraud, misappropriation or misconduct that causes
demonstrable material injury to the Company or any of its affiliates or subsidiaries; (c) your conduct which constitutes the breach
of any statutory or common law duty of loyalty to the Company; (d) any material breach by you of any provisions of this Offer
of Employment; (e) any illegal act by you that affects the business of the Company; conviction of, or a plea of guilty or nolo
contendere to, a misdemeanor involving moral turpitude, dishonesty, fraud, deceit, theft, unethical business conduct or conduct
that impairs the reputation of the Company or any of its subsidiaries or affiliates, or a felony (or the equivalent thereof in
a jurisdiction other than the United States); (f)your failure to comply in any material respect with this Offer of Employment
or any other written agreement between you, on the one hand, and the Company or any of its subsidiaries, on the other, if such
failure causes demonstrable material injury to the Company or any of its subsidiaries; or (f) gross negligence, malfeasance, dishonesty
or willful misconduct in connection with your duties (either by an act of commission or omission).

 

    	Motorsport Games
T +1 305 507 8799
E info@motorsportgames.com
W www.motorsportgames.com
	1

     

    

 

 

B.
COMPENSATION

 

The
Company will provide you:

 

1. A starting annual salary of $240,000 per year, paid in bi-monthly instalments on the Company’s standard payday.

  

2. A quarterly discretional performance-based bonus of $15,000.

  

3. Company paid time-off, including holidays, thirty (30) vacation days and seven (7) sick days. The cash value (pro-rated, based on your base salary) of your accrued vacation and sick days that are not used by you in any calendar year will be payable to you promptly after the end of the calendar year in which such unused vacation and sick days accrued.

  

4. Company available employee health benefits as provided by the Company’s Professional Employment Organization (currently ADP) which include medical and non-medical (dental, vision, life, and disability) insurance plans and the Company 401k plan (contribution matching to be implemented in the future).

  

5. You will also be eligible (provided you continue to be employed by Company after each of the MSG IPO Fundraising (as defined below) and MSG Private Fundraising As defined below) to receive a cash bonus in the following amounts and subject to the following terms: 

 

	 	(a)	$150,000
    gross cash bonus (subject to the applicable payroll tax, social security and other subject to applicable withholding and deductions)
    if Company consummates and closes the initial public offering of its securities (“MSG IPO Fundraising”); and 
	 	 	 
	 	(b)
    	$150,000
    gross cash bonus (subject to the applicable payroll tax, social security and other subject to applicable withholding and deductions)
    if Company consummates and closes its private offering of its securities (“MSG Private Fundraising”).

 

Further,
for your performance in 2021 (payable, if earned, in early 2022), you will also be eligible for up to $250,000 gross cash bonus
(subject to the applicable payroll tax, social security and other subject to applicable withholding and deductions) available
at Company’s CEO discretion and subject to certain performance criteria to be established by Company’s CEO.

 

C.
EXPENSES

 

Your
approved expenses associated with business travel and other proper business purposes will be reimbursed in accordance with company
expense reimbursement procedures and policies. However, for direct flights longer than 4 hours, you will be entitled to travel
business class.

 

D.
EXEMPT POSITION

 

The
Company’s regular office hours are 9:00am to 6:00pm. Monday through Friday. As a salaried Company professional, consider
this an exempt position, and you will not be entitled to overtime pay. If you have questions about this or any other term of this
Offer of Employment, we urge you to contact an attorney (at your own expense) and to immediately notify the Company in the event
you wish adjustments, if and as are appropriate, to be made.

 

E.
NON-DISCLOSURE COMMITMENT AND ASSIGNMENT OF INTELLECTUAL PROPERTY

 

While
you are employed by the Company or its affiliates and after your employment ends for any reason, you agree to abide by the terms
of the Employee/Consultant Confidentiality, Proprietary Information and Inventions Agreement to be provided to you upon acceptance
of this Offer of Employment.

 

    	Motorsport Games
T +1 305 507 8799
E info@motorsportgames.com
W www.motorsportgames.com
	2

     

    

 

 

F.
PROCESSING OF PERSONAL DATA

 

In
connection with your employment, the Company needs to keep, process and share across international borders information about you
for normal employment purposes, and as a company pursuing digital media activities, we may sometimes need to process your data
to pursue our legitimate business interests. The information we hold and process will be used for our management and administrative
use only. We will keep and use it to enable us to run the business and manage our relationship with you effectively, lawfully
and appropriately, during the recruitment process, whilst you are working for us, at the time when your employment ends and after
you have left. This includes using information to enable us to comply with the employment contract if any, to comply with any
legal requirements, pursue the legitimate interests of the Company and protect our legal position in the event of legal proceedings.
By applying for and entering into employment with us, you hereby grant consent for the Company to process this data for the above-mentioned
purposes, and in accordance with the HR Recruitment and Staff Policies, which have been or will be provided to you. If you do
not provide this data, we may be unable in some circumstances to comply with our obligations and we will tell you about the implications
of that decision.

 

G.
FUTURE INCENTIVE COMPENSATION PLAN

 

The
Company expects to design, and designate you as a participant in, an Incentive Compensation Plan (“ICP”). Once implemented,
the Company is expected to make annual grants to you of restricted stock units or stock options for such number of Class A shares
of the Company (after Company’s conversion into a corporation) that will equal to your then applicable base annual salary
divided by the closing trading price of Class A shares of the Company on the date of each such grant, which will vest in three
equal annual installments from the date of each grant, in each case subject to the terms and pursuant to the Company’s standard
forms under the ICP. Details of the ICP will be shared with those eligible employees at a time to be determined by the Company
in its sole discretion, and the ICP is expected to be in line with industry standards.

 

H.
NO VESTING

 

Any
provisions by the Company for supplementary compensation (i.e. in addition to your regular salary) whether included in this compensation
agreement or made separately hereafter, including, but not limited to, the right to receive any bonus or participate in any ICP
or similar plan are intended to provide you with employee incentive compensation while you are employed at the Company and not
as an independent agency or brokerage type arrangement. Your right to receive any such payment or option grant ends when your
employment with the Company ends for any reason. Any such compensation is earned only upon complete achievement of any goal (to
the dollar) or condition attached to it, and there is no pro-rata earning of any bonus or supplementary compensation. If you are
not employed by the Company on the day all conditions of entitlement to a particular payment have been completely satisfied; you
will not have earned any portion of payment. There is no vesting of the right to bonus or incentive compensation payments either
in total of pro-rata, and you will receive the payment only if you are an employee on the date provided for actual payment. As
extraordinary compensation provisions, goals, time deadlines, definitions and other provisions of incentive bonus and other supplementary
compensation commitments are to be strictly construed.

 

    	Motorsport Games
T +1 305 507 8799
E info@motorsportgames.com
W www.motorsportgames.com
	3

     

    

 

 

I.
NO CONFLICT

 

Applicant
represents and warrants that Applicant is not subject to any agreement, order, judgment or decree of any kind which would prevent
Applicant from entering into this Agreement or performing fully Applicant’s obligations hereunder. Applicant acknowledges
being instructed: (a) that it is the Applicant’s policy not to seek access to or make use of trade secrets or confidential
business information belonging to other persons or organizations, including but not limited to competitors or former employers;
and (b) that Applicant should not, under any circumstances, reveal to the Company or any Affiliate or make use of trade secrets
or confidential business information belonging to any other person or organization. Applicant represents and warrants that Applicant
has not violated and shall not violate such instructions.

 

J.
ADDITIONAL ACTIVITIES

 

This
Offer of Employment is conditioned upon your agreement to enter into a Confidentiality, Proprietary Information and Inventions
Agreement, pursuant to which you will agree that during the period of your employment with the Company, you will (a) provide services
to such entity faithfully, diligently and to the best of your ability, devote your entire business time, energy and skill to such
employment and will not, without the Company’s express written consent, engage in any employment or business activity which
is competitive with, or would otherwise conflict with, your employment by the Company, its subsidiaries, affiliates, predecessors
and/or successors; and (b) not directly or indirectly induce or solicit, or aid or assist any person or entity to induce or solicit
(i) any employee or independent contractor or consultant of the Company to leave the employ of or other relationship the Company
and/or (ii) any customers or clients of the Company and/or its affiliates to terminate, curtail or otherwise limit its, his or
her employment by or business relationship with the Company and/or its affiliates.

 

K.
ENTIRE AGREEMENT

 

This
Offer of Employment sets forth the entire understanding of the parties with respect to the subject matter hereof, supersedes all
memoranda or existing agreements, and may be modified only by a written instrument duly executed by each party.

 

L.
CONCLUSION

 

We
are very excited that you are joining us here at the Company and look forward to the valuable contributions you will make. We
expect this to be a mutually rewarding relationship. If this Offer of Employment is acceptable, please sign and return the original
to me.

 

Should
you have any questions or concerns, please feel free to contact CEO directly. I may be reached via e-mail at dk@motorsportgames.com

 

Regards,

 

	MOTORSPORT
    GAMING US LLC	 
	 	 	 
	By:	/s/
    Dmitry Kozko	 
	 	 Dmitry
    Kozko, CEO	 

 

Accepted
by:

 

	/s/
    Jonathan New	 
	JONATHAN
    NEW	 

 

    	Motorsport Games
T +1 305 507 8799
E info@motorsportgames.com
W www.motorsportgames.com
	4Exhibit
10.13.1

 

STATEMENT
OF TERMS AND CONDITIONS OF EMPLOYMENT

 

BETWEEN

 

AUTOSPORT
MEDIA UK LIMITED

 

AND

 

STEPHEN
HOOD

 

DATED:
26 JUNE 2018

 

    	 	 	 

    	 

    

 

Private
& Confidential

 

Stephen
Hood

Field
End

3
Court Meadow

Gillingham
Kent

ME8
6HT

 

26
June 2018

 

Dear
Stephen,

 

We
are delighted to offer you the position of the Head of eSports within Autosport Media UK Limited. Please find enclosed:

 

	●	Two
    copies of your Statement of Terms & Conditions of Employment. Please read, sign and date both copies which serve as acknowledgement
    and acceptance of your job offer and retain one for your reference.
	●	HMRC
    New Starter Checklist (if you have your P45 that will suffice so please bring it with you on your first day)
	●	Personal
    Details Form
	●	Bank
    Details Form

 

Please
complete and return the relevant documents listed above at your earliest convenience.

 

On
your first day please arrive at 1 Eton Street reception at 10:00am and ask for me. Please bring with you proof of right to work
in the UK such as Passport, Full UK Birth Certificate, European ID Card or Work Permit/Visa. Please present this to HR so we can
take a copy.

 

This
offer is open for you to accept until 3 July 2018 at which time it will deemed to be withdrawn. Should you have any questions
prior to starting, please do not hesitate to contact me.

 

On
behalf of Autosport Media UK Limited, I would like to congratulate you on your appointment and look forward to working with you.
I wish you every success and hope you will enjoy a long and happy career with us.

 

Yours
sincerely,

 

	/s/
    Harriet Ellis	 
	 	 
	Harriet
    Ellis	 
	Human
    Resources Manager	 

 

    	 	 	 

    	 

    

 

1.
APPOINTMENT

 

Your
appointment will be as the Head of eSports reporting to the Managing Director of the Entertainment Division. The Company may change
your job title from time to time as it considers reasonable or necessary. Your employment will commence on 2 July 2018 as will
your continuous service with the Company.

 

You
warrant to the Company that you are not entering into this Agreement in breach of any agreement with a third party and that you
will not be restricted or prevented from undertaking or performing your duties by any such agreement. This Agreement replaces
any previous agreement whether verbal or written given to you at any time. You acknowledge that you are not entering into this
Agreement in reliance upon any representation, warranty or undertaking which is not contained in this Agreement.

 

During
your appointment, you will:

 

	 	●	devote
    the whole of your working time, attention and abilities to the business and will not, without the prior written consent of
    the Company (such consent not to be unreasonably withheld) accept any other appointment, work for or be directly or indirectly
    engaged or concerned with the conduct of any other business which is similar or in any way connected with the business of
    the Company or any Associated Company;
	 	●	loyally
    and diligently perform such duties and exercise such powers to the Group as the Company reasonably requires
	 	●	comply
    with the reasonable and lawful directions given from time to time by the Company.
	 	●	act
    in good faith and promote the interest and further business of the Group and not to and/or prevent there being done anything
    which may harm or be prejudicial or detrimental to the business of the Company or Group;
	 	●	disclose
    to the Company and misconduct committed by yourself or any of your colleagues, including any intention by an employee to act
    of their employment contract with the Company.

 

2.
CONDITIONS OF EMPLOYMENT

 

This
offer is made subject to the following conditions:

 

	a)	Confirmation
    that the Company may lawfully employ you in the UK. This will require you to produce satisfactory evidence of your National
    Insurance number; and other satisfactory proof of your entitlement (e.g. Passport; Birth Certificate or a valid Work Permit).
    You are required to provide original copies of these upon request.
	b)	If
    the Company believes or is informed by the UK authorities that any of the UK permits or any other requirement referred to
    above is invalid or has been revoked, or the UK authorities refuse you entry or re-entry or require you to depart from the
    UK, then your employment will immediately terminate, without notice.
	c)	Receipt
    of satisfactory references

 

3.
SALARY

 

Your
basic annual (‘base’) salary will be £130,000, paid monthly in arrears by bank credit transfer. Please note
that your salary is a confidential matter between yourself and the Company and should not be discussed outside these two parties,
unless disclosure of salary information is requested for the purposes of equal pay comparisons.

 

The
Company normally review salaries annually. There shall be no obligation to increase salary as a result of any such review.

 

The
Company reserves the right to deduct from your salary one day’s pay for each day (including part of a day) of unauthorised
absence. Unauthorised absence shall include any absence from work unless due to:

 

	a)	Genuine
    sickness which has been notified to the Company in accordance with the Absence through Sickness and Injury clause below;
	b)	Absence
    for which the Company has given permission; or
	c)	Genuine
    reasons outside your control which are acceptable to the Company.

 

    	 	 	 

    	 

    

 

4.
RELOCATION

 

You
will be entitled to a reimbursed payment of up to £5,000 in relation to reasonable moving expenses. This payment will be
payable upon receipts approved by the HR Manager and processed by the Finance department.

 

5.
PROFIT SHARE

 

You
shall be entitled to participate in a profit share plan linked to the commercial success of the gaming product which you will
be responsible for developing. Full details of the plan will be provided in due course.

 

6.
HOURS OF WORK

 

Your
normal working hours will be 09:30-17:30, 7 hours per day, Monday to Friday, with a one hour break for lunch. The Company operates
flexible working hours, in which you can start between 8.30am and 10am, finishing between 4.30pm and 6pm, subject to agreement
with your line manager for example a start time of 8.30am would mean a 4.30pm finish or a 10am start time would mean a 6pm finish.
This is subject to business requirement and any changes to your start and finish time should be previously discussed with your
line manager.

 

At
certain times, it may be necessary to ask you to work longer hours according to the needs of the business, for the avoidance of
doubt you may not be paid overtime for such additional hours.

 

7.
PLACE OF WORK

 

You
will be based initially at the Company’s offices which are currently in Richmond, but may be required to work at other locations
within the United Kingdom, whether on a temporary or permanent basis and overseas on a temporary basis in the performance of your
duties. You may be required to travel to any locations within the UK or globally, whether to clients’ offices, or to such
offices as may be required. The Company will give you no less than one month’s notice if you are asked to permanently be
based from another of its offices.

 

8.
EXPENSES

 

The
Company shall reimburse you all travelling, hotel, mobile telephone, entertainment and other expenses necessarily, properly and
reasonably incurred by you in the proper performance of your duties provided that, you comply with any guidelines or regulations
issued by the Company and on provision of valid receipts. Please note, prior to incurring any expenses, these should be pre-authorised
by the relevant manager. Please also refer to the Company’s Travel and Expenses Policy available from HR.

 

9.
HOLIDAYS

 

In
addition to Bank and other Public Holidays, your paid annual holiday entitlement is 25 days, rising with one additional day per
calendar year, up to a maximum of 30 days. Any entitlement to a part day’s holiday will be rounded up to the nearest half
day. Holiday pay is calculated on your basic annual salary.

 

If
you work part-time your holiday entitlement will be pro-rated on your number of contracted hours of work. Bank holidays are also
pro-rated and added to your annual leave entitlement to give a total annual holiday entitlement. Therefore, if a Bank Holiday
falls on your normal working day this day is deducted from your annual holiday entitlement. This is to ensure that holiday entitlement
is equitable regardless of the days of the week worked.

 

The
holiday year runs from January to December. At manager’s discretion, you can carry forward up to 5 days of your holiday
entitlement into the next holiday year, to be taken in the first 3 months of the following year.

 

You
will not accrue entitlement to holidays beyond the statutory minimum if you are absent from work due to sickness for more than
14 consecutive days. The Company may require employees to take, during their notice period, any accrued holiday to which they
may be entitled.

 

    	 	 	 

    	 

    

 

You
may only take holiday at times that the Company have approved. You should always give reasonable advance notice of any proposed
holiday dates. In the unlikely event that the Company requires you to cancel approved pre-booked holiday for business reasons,
you will be reimbursed for any irrecoverable cost and every effort will be made to agree suitable alternative holiday dates with
you.

 

Please
refer to the Company’s Annual Leave Policy, available from HR, for specific rules regarding holiday entitlement and booking
arrangements.

 

If
you leave employment part way through a holiday year, your entitlement to holiday will be calculated on a pro rata basis. If upon
leaving you have any outstanding annual holiday entitlement you will receive a payment representing salary for the number of days’
outstanding for the current holiday year. Alternatively, if you have taken annual holiday in excess of your accrued entitlement,
a deduction equivalent to salary for the additional holiday taken will be made from any final payment to you.

 

10.
ABSENCE THROUGH SICKNESS OR INJURY

 

The
Company’s sick pay scheme operates on trust and the Company relies on the integrity and honesty of individual employees
to comply with the spirit of the scheme as well as the detailed rules set out in the Company’s policy. Anyone abusing the
scheme will be dealt with under the disciplinary procedure.

 

If
you are absent from work and your illness or injury prevents you from working the following sick pay benefits will apply, provided
that you have complied with all rules and procedures and that the Company is satisfied with the reason(s) given for the absence.

 

During
your first six months of service, any period of sickness absence will be paid at the Statutory Sick Pay rate (if you are entitled
to receive SSP). The Company may in its absolute discretion pay sick pay above your SSP entitlement. Should the Company choose
to exercise its discretion in this way it will pay only for certain maximum periods as follows:

 

	 	●	After
    6 months of service the maximum period during which you may receive full pay during sickness absence is 5 working days.
	 	●	At
    1 years’ service, the maximum period during which you may receive full pay during sickness absence is 20 working days.
	 	●	After
    2 years’ service, the maximum period during which you may receive full pay during sickness absence will be 60 working
    days.

 

These
maximum benefits apply to consecutive or to aggregate periods of sickness absence and run for a rolling twelve-month period starting
with the first day of any sickness absence.

 

If
you are entitled to receive Statutory Sick Pay (“SSP”) during sickness absence the payment made to you will comprise
your SSP entitlement and, where appropriate, a further sum by way of salary so that the total sum you receive will be equivalent
to your normal salary payment. If during any period of sickness absence, you are receiving salary payments but are not eligible
for SSP, the Company may deduct from salary any benefits in relation to sickness or incapacity which you are entitled to claim
(whether or not claimed). Similarly, all payments of salary during sickness absence will be recoverable by the Company by way
of deduction from salary in the event of your obtaining compensation from a third party relating to your absence.

 

Where
an employee’s SSP entitlement exceeds the Company sick pay entitlement the employee will receive only SSP for periods in
excess of the entitlement outlined above.

 

Where
reference is made in these rules to SSP it shall be deemed to include any state sickness benefit which may be introduced in the
future to replace SSP. If you require any further information about your eligibility for SSP you should contact your local Job
Centre.

 

    	 	 	 

     

    

 

The
following absence reporting procedures form part of the contract of employment:

 

Notifying
absence due to sickness

 

If
you are unable to attend work due to illness or injury the procedure is as follows:

 

	a)	You
    must telephone your immediate superior or departmental manager by 10.00am on your first day of absence, stating the nature
    of illness or injury and the expected period of absence. It is not sufficient to leave messages with colleagues, the switchboard,
    or to communicate via text or e-mail.
	b)	You
    must keep your manager informed of the progress of your recovery. To this end, you must again contact him/her on each subsequent
    day of absence, to discuss the progress of your recovery, unless another interval is agreed.
	c)	If
    the incapacity lasts for between one and seven days (including a Saturday and/or Sunday), you must comply with the Company’s
    self-certification process.
	d)	If
    you are absent for more than seven days, you must forward a medical certificate issued by your GP to your manager without
    delay. If a delay is unavoidable, you should inform your manager immediately.
	e)	If
    the absence continues, and further medical certification is required, you must continue to send medical certificates without
    delay.

 

The
Company may, at the Company’s expense and at any time (whether you are absent from work or not), require you:

 

	a)	to
    obtain and give to the Company a medical report from your GP or another person responsible for your clinical care; and/or
	b)	to
    be examined or tested by a medical practitioner appointed by the Company so that the Company can receive medical advice about
    you.

 

Failure
without good cause to attend or arrange medical appointments may be deemed a disciplinary offence.

 

11.
PENSION

 

You
can choose to join the Company’s Group Personal Pension Plan at two levels:-

 

	a)	If
    you choose to pay 5% of basic salary (minimum) the Company will pay 8% of your basic salary.
	b)	If
    you do not join the pension within two months of employment, and you meet the statutory criteria, you will be automatically
    enrolled into the pension. If you are automatically enrolled you will pay 3% of your “Qualifying Earnings” and
    the Company will pay 2% of your “Qualifying Earnings”.

 

You
can opt to increase the contributions you pay at a later date if required. Employees who no longer wish to be a member of the
Plan may cease active membership or have a right to opt out in certain circumstances. Information on this is also available from
HR.

 

Membership
of the Plan is subject to its governing provisions and these terms may be altered at any time subject to regulatory compliance.

 

Contributions
to the Plan will be made via “salary exchange” unless you choose to opt out. If you make contributions to the Plan
via “salary exchange” then the following provisions apply:

 

	a)	you
    authorise the Company to deduct from your salary an amount equal to the pension contributions from time to time due from you
    (Contribution Amount);
	b)	the
    Company will increase its contributions to the Plan by an amount equivalent to the Contribution Amount including passing on
    the NIC saving; and
	c)	the
    Company’s pension contributions and any other employee benefits payable under your contract of employment will be based
    on your salary before the deduction of the Contribution Amount.

 

It
is not possible to “salary exchange” where your cash earnings would fall below the National Minimum Wage. If you wish
to opt out of “salary exchange” please contact HR.

 

Further
information on the Plan is available from HR.

 

12.
NOTICE

 

The
first six months of your employment is a probation period, during this time both parties are required to give four weeks’
notice in writing. After this time, your employment with the Company may be terminated by the Company or by you, by giving notice
of three months in writing.

 

    	 	 	 

    	 

    

 

Instead
of requiring you to work during your notice period (or any remaining part of it), the Company may at its discretion choose to
terminate your employment immediately and pay a sum equivalent to your gross basic salary (less appropriate PAYE deductions) in
lieu of your notice period (or the remaining part of it).

 

The
Company may, notwithstanding any other provisions of this contract, and irrespective of whether the grounds for termination arose
before or after the contract began at any time by notice in writing to you, terminate your employment with immediate effect:

 

	a)	If
    you are convicted of a criminal offence other than one which, in the option of the Board, does not affect your position as
    an employee of the Company;
	b)	If
    you are guilty of any serious misconduct in connection with or affecting the business of the Group;
	c)	If
    you commit any serious or repeated breach of your obligations or are guilty of serious neglect or negligence in the performance
    of your duties;
	d)	If
    you behave in a manner (whether on or off duty) which is likely to bring the Company into disrepute or prejudice its interests,
    or which seriously impairs your ability to perform your duties, including being in possession of illegal controlled substances.

 

If
the Company wishes to terminate your employment, or if you wish to leave its employment, before the expiry of the notice, and
whether or not either party has given notice to the other under that clause, the Company may require you to perform duties not
within your normal duties or special projects or may require you not to attend for work for a period equivalent to the notice
period required to be given by you to terminate the contract. If the Company elects to require you not to attend or work for any
period you must remain available throughout that period for work on a daily basis and holiday taken (if any) must still be booked
in the normal way.

 

For
so long as you are not required to work during such period, you will remain an employee of the Company. You will continue to receive
your salary and other contractual entitlements and to be bound by all the terms of this Agreement. You will not directly or indirectly
work for any person, have any contact with any Client of the Group or, for business purposes, any such employee without the prior
written agreement of the Company. You should book holiday in the normal way if you are intending to take any holiday during this
period.

 

On
the termination of your employment or upon the Company exercising its rights under the previous clause, you will at the request
of the Company resign without claim for compensation from any directorships or other posts or offices held by you in the Group
or in connection with your employment. If you fail to do so, the Company may nominate someone on your behalf to sign such documents
and to take such other steps as are necessary to give effect to such resignations.

 

13.
CONFIDENTIALITY

 

You
acknowledge that during your employment with the Company you will have access to and will be entrusted with confidential information
and trade secrets relating to the business of the Group. This includes but is not limited to information and secrets relating
to The Group’s clients and prospective clients; The Group’s markets; Technology; Know how; Technical information;
Business plans; and Financial information.

 

Without
limiting Clause (Copyright) in any way, the Company remains the owner of all property (including copyright and similar commercial
rights) and all work produced in the course of your employment with the Company.

 

All
notes, memoranda and other records (however stored) made by you during your employment with the Company and which relate to the
business of the Group will belong to the relevant member of the Group and will promptly be handed over to the Company (or as the
Company directs) from time to time.

 

14.
DISCLOSURE

 

You
will not during the course of your employment (otherwise than in the proper performance of your duties, and then only to those
who need to know such information or secrets) or thereafter, (except with the prior written consent of the Company or as required
by law):-

 

	(a)	divulge
    or communicate to any person (including any representative of the press or broadcasting or other media);

 

    	 	 	 

    	 

    

 

	(b)	cause
    or facilitate any unauthorised disclosure through any failure by you to exercise all due care and diligence; or
	(c)	make
    use (other than to the benefit of the Group) of:

 

any
confidential information or trade secrets relating to the business of the Group which may have come to your knowledge during your
employment with the Company or in respect of which the Group may be bound by an obligation of confidence to any third party. You
will also use your best endeavours to prevent the publication or disclosure of any such information or secrets. These restrictions
will not apply, after your employment is terminated, to information which has become available to the public generally, otherwise
than through unauthorised disclosure, or if such disclosure or use is required by law, or you have been authorised to do so by
your Managing Director.

 

15.
DATA PROTECTION

 

You
agree to the Company or any other member of the Group, holding and processing both electronically and manually, personal data
about you (including sensitive personal data as defined in the Data Protection Act 1998) for the operations, management, security
or administration of the Company and/or the Group for the purpose of complying with applicable laws, regulations and procedures.
The Company may take such information available to any such member of the Group, and you consent to such information being passed
to members of the Group, whether they are within or outside the European Economic Area, and even where the country where the member
is based does not have adequate data protection standards. Further details are as set out in the Company’s data protection
policy, available from HR.

 

You
are responsible for updating HR of any changes to your home address and other contact details.

 

16.
MONITORING

 

You
agree that the Company, or any other member of the Group, may monitor, intercept or record your use of office equipment including,
but not limited to, email and internet usage, telephone and mobile phone.

 

17.
E-MAIL, INTERNET AND SOFTWARE ACCEPTABLE POLICY

 

Employees
must be aware and adhere to Company’s IT systems Acceptable Use Policy, a copy being available from IT/HR. Failure to comply
with the provisions of this policy may lead to disciplinary action up to and including termination of employment. This is a policy
document which does not form part of your terms and conditions of employment and which may be changed from time to time.

 

18.
CONVICTIONS

 

You
are required to disclose any conviction which is not spent by virtue of the Rehabilitation of Offenders Act 1974. Similarly, if
you receive any conviction during your employment, it should be disclosed to the Company.

 

If
your conviction affects your employment with the Company, it may be necessary to terminate your Contract of employment. A conviction
which the Company considers irrelevant to the job will not be taken into consideration.

 

19.
MEMBERSHIP OF TRADE UNIONS

 

There
are no collective agreements in existence which directly affect your terms and conditions.

 

20.
GRIEVANCE PROCEDURES

 

The
Company recognises that misunderstandings or grievances may sometimes occur. It is vital these grievances are brought out into
the open and resolved fairly and as quickly as possible. In most cases, this can be done on an entirely informal basis. However,
there may be occasions when a more formal approach is needed.

 

    	 	 	 

    	 

    

 

If
you have a grievance relating to your employment, you should in the first instance raise this with your line manager or HR. The
Company’s Grievance Procedure is available from HR. This procedure is non-contractual and the Company reserves the right
to amend the terms of the Procedure from time to time.

 

The
Grievance Procedure is a policy document only. As a policy document, it does not form part of your terms and conditions of employment
and accordingly the Company may change it from time to time or decide not to follow it.

 

21.
DISCIPLINARY PROCEDURES

 

Employees
are expected to behave in a responsible manner at all times and are also expected to comply with the standards, practices, policies
and reasonable instructions that are essential for the efficient operation of the business and for the well-being, health and
safety of those employed in it. Failure to meet these standards renders an employee liable to disciplinary action. A copy of the
Company’s Disciplinary Policy is available from HR.

 

The
Company may suspend you for however long it considers appropriate to investigate any aspect of your performance or conduct or
to follow disciplinary proceedings. The Company may attach conditions to any such suspension. You must comply with any such conditions
and co-operate fully with any investigation. During any period of suspension, you would normally receive the same pay and benefits
as if you were at work, although the Company reserves the right to withdraw and/or defer pay and/or benefits in appropriate circumstances.
Before doing so, the Company would normally follow the procedure set out in the Company’s Disciplinary Policy.

 

The
Disciplinary Policy is a policy document only. As a policy document, it does not form part of your terms and conditions of employment
and accordingly the Company may change it from time to time or decide not to follow it.

 

22.
COMPANY POLICIES AND PROCEDURES

 

Full
details of the Company’s Policies and Procedures are available from HR along with other information relating to your employment.
Please familiarise yourself with each of the Policies and Procedures on joining.

 

23.
INTELLECTUAL PROPERTY

 

For
the purposes of this clause the following definitions shall apply:

 

Intellectual
Property Rights: patents, rights to Inventions, copyright and related rights, trademarks, trade names and domain names, rights
in get-up, rights in goodwill or to sue for passing off, rights in designs, rights in computer software, database rights, rights
in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether
registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights
and all similar or equivalent rights or forms of protection which may now or in the future subsist in any part of the world.

 

Invention:
any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration,
and whether or not recorded in any medium.

 

You
shall disclose to the Company full written details of all Inventions and of all works embodying Intellectual Property Rights made
wholly or partially by you at any time during the course of your employment which relate to, or are reasonably capable of being
used in, the business of any Group Company. You acknowledge that all Intellectual Property Rights subsisting (or which may in
the future subsist) in all such Inventions and works shall automatically, on creation, vest in the Company absolutely.

 

You
irrevocably waive all moral rights under the Copyright, Designs and Patents Act 1988 (and all similar rights in other jurisdictions)
which you have or will have in any existing or future works referred to in this Agreement.

 

    	 	 	 

    	 

    

 

You
irrevocably appoint the Company to be your attorney to sign any document required and to use your name for the purpose of giving
the Company (or its nominee) the benefit of this clause and acknowledge in favour of any interested third party that a certificate
in writing signed by any Director or the Secretary of the Company that any instrument or act falls within the authority conferred
by this clause be conclusive evidence of such authority.

 

You
agree to waive and not assert any moral rights to which you may be entitled under the CPA in respect of any work done by you,
the rights in which are vested in the Company. Any credit for work done will be given at the sole discretion of the publisher.

 

24.
RESTRICTIONS AFTER EMPLOYMENT

 

For
the purposes of this clause the following definitions shall apply:

 

Capacity:
as agent, consultant, employee, worker, director, owner, partner, shareholder or in- any other capacity.

 

Prospective
Customer: any firm, company or person with whom the Company or any Group Company was in discussions during the Relevant Period
with a view to that organisation becoming a customer of the Company, and with whom you had dealings during the Relevant Period;

 

Relevant
Period: the 12 month period prior to the Termination Date;

 

Restricted
Business: those parts of the business of the Company and any Group Company with which you were involved to a material extent
in the Relevant Period.

 

Restricted
Customer: any firm, company or person who, during the Relevant Period was a customer or Prospective Customer or in the habit
of dealing with the Company or any Group Company and with whom you had dealings in the course of your employment.

 

Restricted
Person: anyone employed or engaged by the Company or any Group Company who could materially damage the interests of the Company
or any Group Company if they were involved in any Capacity in any business concern which competes with any Restricted Business
and with whom you dealt in the Relevant Period in the course of your employment.

 

Team
Member: anyone employed or engaged by the Company or any Group Company who could materially damage the interests of the Company
or any Group Company if they were involved in any Capacity in any business concern which competes with any Restricted Business
and with whom you deal in the ordinary course of your employment.

 

Termination
Date: the termination of the Director’s employment with the Company however caused including, without limitation, termination
by the Company in repudiatory breach of contract.

 

In
order to protect the confidential information and business connections of the Company and each Group Company to which you have
access as a result of your employment, you covenant with the Company that you shall not:

 

	 	●	for
    12 months from the Termination Date, solicit or endeavour to entice away from the Company or any Group Company the business
    or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with
    any Restricted Business;
	 	●	for
    12 months from the Termination Date, be involved with the provision of goods or services to (or otherwise have any business
    dealings with) any Restricted Customer in the course of any business concern which is in competition with any Restricted Business;
	 	●	for
    12 months from the Termination Date in the course of any business concern which is in competition with any Restricted Business,
    offer to employ or engage or otherwise endeavour to entice away from the Company or any Group Company any Restricted Person;

 

    	 	 	 

    	 

    

 

	 	●	during
    your employment with the Company work with any Team Member with a view to you and the Team Member leaving your employment
    with the Company for you to become employed in, or set up, a business which is directly or indirectly in competition with
    the Restricted Business.

 

The
restrictions imposed on you by this clause 23 apply to you acting directly or indirectly; and on your own behalf or on behalf
of, or in conjunction with, any firm, company or person.

 

The
periods for which the restrictions in this clause 23 apply shall be reduced by any period that you spend on Garden Leave immediately
before the Termination Date.

 

If
you receive an offer to be involved in a business concern in any capacity during the Employment, or before the expiry of the last
of the covenants in this clause 23 you shall give the person making the offer a copy of this clause and shall tell the Company
the identity of that person as soon as possible after accepting the offer.

 

If,
at any time during your employment, two or more Restricted Persons have left their employment, appointment or engagement with
the Company to perform Restricted Business for a business concern which is, or intends to be, in competition with any Restricted
Business, you will not at any time during the 12 months following the last date on which any of those Restricted Persons were
employed or engaged by the Company, be employed or engaged in any way with that business concern under which you will perform
Restricted Business on the behalf of that business concern.

 

You
acknowledge that during the course of your employment hereunder you are likely to have dealings with the clients, customers, suppliers
and other contacts of the Company and agree that each of the restrictions in this clause 23 is separate and distinct, is to be
construed separately from the other restrictions, and is reasonable as regards its duration, extent and application for the protection
of the legitimate business interests of the Company. However, in the event that any such restriction shall be found to be void
or unenforceable but would be valid or enforceable if some part or parts of it were deleted or the period of area of application
reduced, you agree that such restriction shall apply with such modification(s) as may be necessary to make it valid and effective.

 

25.
RETURN OF PROPERTY AND PASSWORDS

 

Upon
termination of your employment you must:

 

	a)	Immediately
    return all items of our property which you have in your possession in connection with your employment (including any car,
    keys, security pass, mobile phone, computer, disks, tapes, memory sticks, business cards, credit cards, documents or copies
    of documents); and
	b)	if
    you have any document or information belonging to the Company on a personal computer (which is not to be returned under the
    above provisions), forward a copy to the Company and then irretrievably delete the document or information. You will permit
    the Company to inspect any such computer on request to ensure such steps have been taken.

 

If
asked to do so, you must inform the Company of any computer passwords used by you in the course of your employment or any passwords
of which you are otherwise aware.

 

The
Company may withhold payment of your final salary or any other payment due or outstanding upon termination of your employment
until you have fully complied with your obligations to return property and reveal passwords.

 

26.
HEALTH AND SAFETY

 

In
accordance with health and safety legislation, you must:

 

	a)	take
    reasonable care for the health and safety of yourself and other persons who may be affected by your acts or omissions;
	b)	co-operate
    with the Company to enable the Company to ensure so far as is reasonably practicable the health, safety and welfare at work
    of all the Company’s employees and to comply with any other duties or requirements relating to health and safety; and
	c)	not
    interfere with or misuse anything provided by the Company in the interests of health, safety or welfare.

 

    	 	 	 

    	 

    

 

27.
GENERAL

 

This
Agreement is entered into by the Company for itself and in trust for each Associated Company, with the intention that each Company
will be entitled to enforce the terms of this Agreement directly against you. The Contracts (Rights of Third Parties) Act 1999
will not create any rights in favour of you in relation to the benefits granted now or at any time in connection with your employment.

 

The
Company reserves the right to make deductions from your wages/salary, or other amounts due to you, for the monies owed to the
Company by you, or monies that become due to the Company from you, for any reason. Such deductions may include overpayments or
wages/salaries, any losses sustained in relation to properties or monies of the Company, its customers or visitors or any other
employee of the Company during your employment caused through your carelessness, recklessness or through your breach of the Company’s
rules or any dishonesty on your part.

 

In
the event of termination, all monies will become immediately payable and the Company reserves the right to withhold or deduct
any money owing or due to be paid by you under this Agreement or otherwise from any money owing or due to be paid to you. In the
event that monies are still outstanding, you will be asked to repay any sums within three months of the end of employment.

 

Any
communications posted to you should be sent to your last known domestic address, according to the Company’s HR records.

 

This
Agreement will be construed in accordance with English law and the parties irrevocably submit to the exclusive jurisdiction in
the English court to settle any disputes which may arise in the nature of this Agreement.

 

We
reserve the right to make changes to any of your terms of employment at any time having regard to the changing needs and circumstances
of the business. We will give you one month’s written notice of any change.

 

28.
DEFINITIONS

 

Your
employer will be Autosport Media UK Limited (referred to as “the Company”).

 

Where
the term “Group” is used in this Agreement, it shall mean the Company and any of its Associated Companies.

 

“Associated
Company” shall mean any company which for the time being is (whether directly or indirectly):

 

	 	●	a
    subsidiary (as defined by Section 736 of the Companies Act 1985) of Autosport Media UK Limited;
	 	●	a
    company over which Autosport Media UK Limited has control within the meaning of Section 840 of the Income and Corporation
    Taxes Act 1988; or
	 	●	a
    subsidiary undertaking of Autosport Media UK Limited as defined by Section 258 of the Companies Act 1985.

 

I
should personally like to welcome you to the Company and very much look forward to working with you in the time ahead. I wish
you every success in your career with us.

 

Please
acknowledge your acceptance and agreement to the terms outlined by signing both copies of this contract and returning one to the
HR Department and retain one copy for your records.

 

	By	/s/
    Harriet Ellis	 	Signed	/s/
    Stephen Hood
	 	Harriet
    Ellis	 	 	Stephen
    Hood

 

On
Behalf of Autosport Media UK Ltd

 

	Dated:
    	26
    June 2018	 	28
    June 2018

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