Document:

Exhibit 4.4

 

DESCRIPTION OF SECURITIES

 

General

 

The following is a summary of the rights
of our securities and certain provisions of our amended and restated certificate of incorporation and amended and restated bylaws.
This summary does not purport to be complete and is qualified in its entirety by the provisions of our amended and restated certificate
of incorporation and amended and restated bylaws, copies of which have been filed as exhibits to the Annual Report on Form 10-K,
of which this Exhibit 4.4 is a part, and the applicable provisions of the Delaware General Corporation Law (“DGCL”).

 

Authorized Stock

 

Our amended and restated certificate of incorporation
authorizes us to issue up to 110,000,000 shares of common stock, $0.0001 par value per share, and 1,000,000 shares of preferred
stock, $0.0001 par value per share.

 

Common Stock

 

Voting Rights

 

Each holder of our common stock is entitled
to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our stockholders
do not have cumulative voting rights in the election of directors. Accordingly, holders of a plurality of the votes cast by the
stockholders present in person or represented by proxy at the meeting are able to elect all of the directors.

 

Dividend Rights

 

Holders of common stock will be entitled
to receive such dividends, if any, as may be declared from time to time by our board of directors in its discretion out of funds
legally available therefor. In no event will any stock dividends or stock splits or combinations of stock be declared or made on
common stock unless the shares of common stock at the time outstanding are treated equally and identically.

 

Liquidation, Dissolution and Winding Up

 

In the event of our voluntary or involuntary
liquidation, dissolution, distribution of assets or winding-up, the holders of our common stock will be entitled to receive an
equal amount per share of all of our assets of whatever kind available for distribution to stockholders, after the rights of the
holders of our preferred stock have been satisfied, as may be established by our board of directors.

 

Preemptive or Other Rights

 

Our stockholders will have no preemptive
or other subscription rights and there are no sinking fund or redemption provisions applicable to our common stock.

 

Election of Directors

 

Our amended and restated certificate of incorporation
provides for our board of directors to be divided into three classes, Class I, Class II and Class III, with only one class of directors
being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders)
serving a three-year term. There is no cumulative voting with respect to the election of directors, with the result that the election
of all directors is determined by a plurality of the votes cast by the stockholders present in person or represented by proxy at
the meeting and entitled to vote thereon. 

 

     

     

    

 

Preferred Stock

 

Our board of directors has the authority,
without further action by our stockholders, to issue the unissued shares of preferred stock in one or more series and to fix the
rights, preferences, privileges, and restrictions thereof. No shares of preferred stock are outstanding and we have no present
plan to issue any shares of preferred stock.

 

Warrants

 

Following the business combination (the “Business
Combination”) between us and ChaSerg Technology Acquisition Corp. (“ChaSerg”), each warrant outstanding for the
purchase of shares of ChaSerg Class A Common Stock became, in accordance with its terms, exercisable for one share of our common
stock, with all other terms of such warrants remaining unchanged. In addition, and we assumed all rights and obligations under
ChaSerg’s existing Warrant Agreement (as described below). Each warrant entitles the holder thereof to purchase one share
of our common stock at $11.50 per share.

 

Redeemable Warrants

 

Public Stockholders’ Warrants

 

Each whole warrant entitles the registered
holder to purchase one share of our common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any
time commencing on the later of 12 months from the closing of ChaSerg’s initial public offering or 30 days after the completion
of the Business Combination. Pursuant to the Warrant Agreement (as described below), a warrantholder may exercise its warrants
only for a whole number of shares of our common stock. This means that only a whole warrant may be exercised at any given time
by a warrantholder. No fractional warrants were issued upon separation of the units and only whole warrants will trade. Accordingly,
unless a holder purchased at least two units, the holder will not be able to receive or trade a whole warrant.

 

The warrants expire five years after the
completion of the Business Combination, at 5:00 p.m., Eastern time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any shares
of our common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a
registration statement under the Securities Act of 1933 (the “Securities Act”) with respect to the shares
of our common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to us satisfying
our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue
shares of our common stock upon exercise of a warrant unless our common stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event
will we be required to net cash settle any warrant.

 

In connection with the Business Combination,
on June 2, 2020 we filed a registration statement on Form S-1 with the SEC covering the shares of our common stock issuable upon
exercise of the warrants. We have agreed to maintain a current prospectus relating to those shares of common stock until the warrants
expire or are redeemed, per the Warrant Agreement (as described below).

  

We may call the warrants for redemption:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrantholder;
and

 

		●	if, and only if, the reported last sale price of the common stock equals or exceeds $18.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period
ending three business days before we send the notice of redemption to the warrantholders.

 

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We may not exercise our redemption right
if the issuance of shares of our common stock upon exercise of the warrants is not exempt from registration or qualification under
applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to register
or qualify such shares of our common stock under the blue sky laws of the state of residence in those states in which the warrants
were offered by us in the initial public offering.

 

We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrantholder
will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of our common stock may fall
below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

If we call the warrants for redemption as
described above, our management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless
basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management
will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our
stockholders of issuing the maximum number of shares of common stock issuable upon the exercise of the warrants. If our management
takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number
of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying
the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined
below) by (y) the fair market value. The “fair market value” is the average reported last sale price of our common
stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the
holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary
to calculate the number of shares of common stock to be received upon exercise of the warrants, including the “fair market
value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby
lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the
cash from the exercise of the warrants after the Business Combination. If we call our warrants for redemption and our management
does not take advantage of this option, our Sponsor and its permitted transferees would still be entitled to exercise their placement
warrants for cash or on a cashless basis using the same formula described above that other warrantholders would have been required
to use had all warrantholders been required to exercise their warrants on a cashless basis, as described in more detail below.

 

A holder of a warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the
extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares
of common stock outstanding immediately after giving effect to such exercise.

 

If the number of outstanding shares of common
stock is increased by a stock dividend payable in shares of common stock, or by a split-up of shares of common stock or other similar
event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of common stock issuable
on exercise of each whole warrant will be increased in proportion to such increase in the outstanding shares of common stock. A
rights offering to holders of common stock entitling holders to purchase shares of common stock at a price less than the fair market
value will be deemed a stock dividend of a number of shares of common stock equal to the product of (i) the number of shares of
common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for common stock) and (ii) one (1) minus the quotient of (x) the price per share of common
stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities
convertible into or exercisable for common stock, in determining the price payable for common stock, any consideration received
for such rights will be taken into account, as well as any additional amount payable upon exercise or conversion and (ii) fair
market value means the volume weighted average price of common stock as reported during the ten (10) trading day period ending
on the trading day prior to the first date on which the shares of common stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.

 

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In addition, if we, at any time while the
warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders
of common stock on account of such shares of common stock (or other shares of our capital stock into which the warrants are convertible),
other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of
common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of
common stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation (i) to modify
the substance or timing of our obligation to redeem 100% of our common stock if we do not complete our initial business combination
within 18 months from the closing of ChaSerg’s initial public offering or (ii) with respect to any other provision relating
to stockholders’ rights or pre-initial business combination activity, or (e) in connection with the redemption of shares
sold in ChaSerg’s initial public offering upon our failure to complete our initial business combination, then the warrant
exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the
fair market value of any securities or other assets paid on each share of common stock in respect of such event.

 

If the number of outstanding shares of our
common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of common stock or
other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar
event, the number of shares of common stock issuable on exercise of each warrant will be decreased in proportion to such decrease
in outstanding shares of common stock.

 

Whenever the number of shares of common stock
purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying
the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of
shares of common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator
of which will be the number of shares of common stock so purchasable immediately thereafter.

 

In case of any reclassification or reorganization
of the outstanding shares of common stock (other than those described above or that solely affects the par value of such shares
of common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our
outstanding shares of common stock), or in the case of any sale or conveyance to another corporation or entity of its assets or
other property as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants
will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants
and in lieu of the shares of our common stock immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less
than 70% of the consideration receivable by the holders of common stock in such a transaction is payable in the form of common
stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant
properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will
be reduced as specified in the Warrant Agreement based on the Black-Scholes value (as defined in the Warrant Agreement) of the
warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary
transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive
the full potential value of the warrants in order to determine and realize the option value component of the warrant. This formula
is to compensate the warrant holder for the loss of the option value portion of the warrant due to the requirement that the warrant
holder exercise the warrant within 30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair
market value where no quoted market price for an instrument is available.

 

The warrants were issued in registered form
under a Warrant Agreement, which we have now assumed, between Continental Stock Transfer & Trust Company, as warrant agent,
and ChaSerg. The Warrant Agreement provides that the terms of the warrants may be amended without the consent of any holder to
cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65% of the then outstanding
public warrants to make any change that adversely affects the interests of the registered holders of public warrants.

 

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The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrantholders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their
warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder
will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

No fractional shares will be issued upon
exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share,
we will, upon exercise, round down to the nearest whole number of shares of common stock to be issued to the warrantholder.

 

Placement Warrants

 

Except as described below, the placement
warrants have terms and provisions that are identical to those of the warrants sold as part of the units in ChaSerg’s initial
public offering, including as to exercise price, exercisability and exercise period. The placement warrants (including our common
stock issuable upon exercise of the placement warrants) were not transferable, assignable or salable until 30 days after the completion
of the Business Combination (except, among other limited exceptions as described under the section titled “Restrictions on
Transfer of Earnout Shares,” to our officers and directors and other persons or entities affiliated with the Sponsor or Cantor
and/or its designees). They will also be exercisable on a cashless basis and will not be redeemable by us so long as they are held
by the Sponsor, Cantor and/or their permitted transferees. The Sponsor, Cantor and/or their permitted transferees, have the option
to exercise the placement warrants on a cashless basis. If the placement warrants are held by holders other than the Sponsor, Cantor
and/or their permitted transferees, the placement warrants will be redeemable by us and exercisable by the holders on the same
basis as the warrants included in the units sold in ChaSerg’s initial public offering. In addition, for as long as the placement
warrants are held by Cantor and/or its designees or affiliates, they may not be exercised after five years from the effective date
of the registration statement used in connection with ChaSerg’s initial public offering.

 

If holders of the placement warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares
of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the
warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined
below) by (y) the fair market value. The “fair market value” means the average reported last sale price of the common
stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent
to the warrant agent. The reason that we agreed that these warrants would be exercisable on a cashless basis so long as they are
held by the Sponsor or its permitted transferees is that the Sponsor is, and its transferees could be, affiliated with us following
the Business Combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly
limited. Accordingly, unlike public stockholders who could sell the shares of common stock issuable upon exercise of the warrants
freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing
the holders to exercise such warrants on a cashless basis is appropriate.

 

In order to fund working capital deficiencies
and finance transaction costs in connection with our Business Combination, the Sponsor made loans in the amount of $530,000. In
connection with the completion of our Business Combination, ChaSerg issued 53,000 units, equal to 53,000 shares of its common stock,
and 26,500 placement warrants, to Explorer, the parent entity of the Sponsor, as repayment for those loans.

 

Restrictions on Transfer of Earnout Shares

 

In connection with the Business Combination,
the Sponsor and Cantor entered into a side letter with us pursuant to which, among other things, each of the Sponsor and Cantor
agreed to refrain from selling, transferring or otherwise disposing of up to 1,090,000 and 110,000 shares, respectively, of our
common stock (such portion, the “Earnout Shares”) that it holds, until certain release events have been realized. Such
Earnout Shares were automatically converted to shares of our common stock following the Business Combination. Under the terms of
the side letter, each of the Sponsor and Cantor is able to sell or transfer one-third of its respective Earnout Shares upon the
price of our common stock reaching a price of $12.00 per share, an additional one-third of its respective Earnout Shares upon the
stock price reaching a price of $13.50 per share and the final one-third of its respective Earnout Shares upon the stock price
reaching a price of $15.00 per share, in each case where such price targets were achieved for a minimum of 20 days out of a 30-day
trading period during the applicable earn out period. The $12.00 per share price threshold was met in January 2021 and the $13.50
per share price threshold was met in March 2021.

 

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Our Transfer Agent and Warrant Agent

 

The transfer agent and registrar for our
common stock and warrants is Continental Stock Transfer & Trust Company.

 

Certain Anti-Takeover Provisions of Delaware
Law, Successor’s Amended and Restated Certificate of Incorporation, and Successor’s Bylaws

 

Our amended and restated certificate of incorporation
provides that our board of directors is classified into three classes of directors. As a result, in most circumstances, a person
will be able to gain control of our board only by successfully engaging in a proxy contest at three or more annual meetings.

 

Our amended and restated certificate of incorporation
does not provide for any action required or permitted to be taken by stockholders to be effected by written consent. Our amended
and restated certificate of incorporation provides that directors may be removed prior to the expiration of their terms by stockholders
only for cause and upon the affirmative vote of at least a majority of the voting power of all outstanding common stock. 

 

Our amended and restated certificate of incorporation
requires that changes or amendments to the amended and restated certificate of incorporation or the amended and restated bylaws
must be approved by at least a majority of the voting power of the then-outstanding common stock.

 

Our amended and restated certificate of incorporation
does not provide for cumulative voting in the election of directors. Instead, our board of directors is empowered to elect a director
to fill a vacancy created by the expansion of the board of directors or the resignation, death, or removal of a director in certain
circumstances. Our advance notice procedures include requirements that the stockholders must comply with in order to nominate candidates
to our board of directors or to propose matters to be acted upon at a stockholders’ meeting.

 

Our amended and restated certificate of incorporation
provides that special meetings of stockholders may be called only by the chairman of our board of directors, our chief executive
officer or a majority of our board of directors, and stockholders are specifically denied the right to call special meetings.

 

Our amended and restated certificate of incorporation
provides that stockholders seeking to bring business before any meeting of stockholders or to nominate candidates for election
as directors at any meeting of stockholders must provide advance notice as provided in our amended and restated bylaws. These advance
notice procedures may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not
followed and may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate
of directors or otherwise attempt to obtain control of the Company.

 

Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control
of the Company by means of a proxy contest, tender offer, merger or otherwise.

 

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Exclusive Forum

 

Our amended and restated bylaws provide that
the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, another State court in
Delaware or the federal district court for the District of Delaware) shall, to the fullest extent permitted by law, be the sole
and exclusive forum for the following (except for any claim as to which such court determines that there is an indispensable party
not subject to the jurisdiction of such court (and the indispensable party does not consent to the personal jurisdiction of such
court within 10 days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than
such court or for which such court does not have subject matter jurisdiction):

 

		●	any derivative action or proceeding brought on our behalf;

 

		●	any action asserting a claim of breach of a fiduciary duty owed by, or otherwise wrongdoing by, any of our directors, officers
or other employees to us or our stockholders;

 

		●	any action arising pursuant to any provision of the DGCL, our amended and restated certificate of incorporation or amended
and restated bylaws;

 

		●	any action to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation
or amended and restated bylaws; and

 

		●	any other action asserting a claim that is governed by the internal affairs doctrine shall be a state or federal court located
within the State of Delaware.

 

However, notwithstanding the exclusive forum
provisions, our amended and restated bylaws explicitly state that they would not preclude the filing of claims brought to enforce
any liability or duty created under federal securities laws, including the Exchange Act or Securities Act.

  

Although we believe these provisions benefit
us by providing increased consistency in the application of Delaware law for the specified types of actions and proceedings, the
provisions may have the effect of discouraging lawsuits against us or our directors and officers.

 

In addition, our amended and restated bylaws
provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United
States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the
Securities Act.

 

Registration Rights Agreement

 

We entered into an amended and restated registration
rights agreement with the Sponsor and certain holders party thereto (the “Existing Holders”) (as amended and restated,
the “Registration Rights Agreement”). Under the Registration Rights Agreement, within 45 calendar days after consummation
of the Business Combination, we were required to register for resale our common stock issuable for (i) shares of common stock held
by any Existing Holders immediately following the closing of the Business Combination, (ii) any of the 640,000 units issued in
private placement transactions by us in October 2018 and (iii) any other equity securities of ours issued or issuable with respect
to any securities referenced in clause (i) and (ii) above by way of a stock dividend or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation or reorganization (collectively, “Registrable Securities”).

 

The holders of a majority-in-interest of
the Registrable Securities held by the Existing Holders and any of their permitted transferees were entitled to demand that we
register the resale of such securities; provided, however, that we are not required to effect an underwritten offering for any
resale of Registrable Securities on a Registration Statement on Form S-3 unless such underwritten offering is reasonably expected
to result in gross proceeds in excess of $10 million.

 

The Existing Holders and their permitted
transferees also have certain “piggy-back” registration rights with respect to registration statements and rights to
require us to register for resale such securities. We will bear the expenses incurred in connection with the filing of any such
registration statements. 

 

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Warrant Agreement

 

After giving effect to the Business Combination,
we assumed all rights and obligations under ChaSerg’s Warrant Agreement entered into on October 4, 2018 between ChaSerg and
Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agreement”). Pursuant to the Warrant
Agreement, ChaSerg agreed to use its best efforts to file a registration statement with the SEC registering resales of shares of
common stock issuable upon the exercise of the Private Warrants held by the Sponsor and the Public Warrants, in addition to certain
other securities, as soon as practicable, but in no event later than 15 business days after the closing of the Business Combination.
ChaSerg agreed to use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the warrants. Warrant holders may, during any period
when we fail to maintain an effective registration statement covering the common stock issuable upon exercise of the warrants,
exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that
such exemption is available.

 

Stockholders’ Agreement

 

On November 13, 2019, and effective as of
the closing of the Business Combination (the “Closing”), ChaSerg and each of the Sponsor, Benhamou Global Ventures
(“BGV”), GDB International Investment Limited, GDD International Holding Company, Leonard Livschitz, Victoria Livschitz
and Automated Systems Holdings Limited (“ASL”) (together with any individuals or entities that are signatories thereto
or hereafter become party to the agreement, the “Voting Parties”) entered into a Stockholders’ Agreement, pursuant
to which, among other things, the Voting Parties agreed (i) to take all necessary action to cause the our board of directors to
be comprised of eight directors effective immediately following the Closing, (ii) subject to certain share ownership thresholds,
to grant each of ASL and the Sponsor rights to designate two directors for election to the Company’s board of directors (and
the Voting Parties will vote in favor of such designees), (iii) to designate the Chief Executive Officer of Grid Dynamics for election
to our board of directors, and (iv) to designate three unaffiliated designates for election to our board of directors.

 

Rule 144

 

A person who has beneficially owned restricted
shares of common stock for at least six months would be entitled to sell their shares provided that (1) such person is not deemed
to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (2) we are subject
to the Exchange Act periodic reporting requirements for at least three months before the sale. Persons who have beneficially
owned restricted shares of common stock for at least six months but who are our affiliates at the time of, or any time during the
three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within
any three-month period a number of shares that does not exceed the greater of either of the following:

 

		●	1% of the number of shares then outstanding; and

 

		●	the average weekly trading volume of the shares of common stock during the four calendar weeks preceding the filing of a notice
on Form 144 with respect to the sale.

 

Sales under Rule 144 are also limited
by manner of sale provisions and notice requirements and to the availability of current public information about our company.

 

Restrictions on the Use of Rule 144
by Shell Companies or Former Shell Companies

 

Rule 144 is not available for the resale
of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have
been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the
following conditions are met:

 

		●	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

		●	the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

		●	the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the
preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K
reports; and

 

		●	at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting
its status as an entity that is not a shell company.

 

Following the consummation of the business
combination, we are no longer a shell company, and so, once the conditions set forth in the exceptions listed above are satisfied,
Rule 144 will become available for the resale of the above noted restricted securities.

 

Exchange Listing

 

Our common stock and warrants are listed
on NASDAQ under the symbols “GDYN” and “GDYNW,” respectively.

 

 

8Exhibit
10.18

 

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

 

TENTH
AMENDED AND RESTATED

EMPLOYMENT
AGREEMENT

 

THIS
AGREEMENT, entered into as of the 31st day of December, 2020, amends and restates the Ninth Amended and Restated Agreement, dated
as of the 31st day of December 2017, by and between KOPIN CORPORATION, a Delaware corporation with its principal place
of business at 125 North Drive, Westborough, MA 01581 (the “Employer”), and John C. C. Fan, (the “Employee”),
as first amended and restated as of May 1, 1995.

 

1.
Freedom to Contract. The Employee represents
that he is free to enter into this Agreement, that he has not made and will not make any agreements in conflict with this Agreement,
and will not disclose to the Employer, or use for the Employer’s benefit, any trade secrets or confidential information
now or hereafter in the Employee’s possession which is the property of any other party other than any trade secrets or confidential
information that is authorized by the Employer and third party for disclosure to or use by the Employer.

 

2.
Employment. The Employer hereby agrees
to continue to employ the Employee, and the Employee hereby agrees to continue his employment by the Employer, upon the terms
and conditions set forth herein.

 

3.
Effective Date and Term. This Agreement
shall take effect as of January 1, 2021 (the “Effective Date”), and shall continue thereafter in full force
and effect through December 24, 2022, unless terminated prior to such time in accordance with the provisions of this Agreement
(the “Employment Term”).

 

4.
Title and Duties; Extent of Services.
The Employee shall promote the business and affairs of the Employer as President and Chief Executive Officer of the Employer,
with responsibility for performing such duties consistent with such position as the Board of Directors may from time to time designate.
As long as he is employed hereunder, the Employee shall also continue to serve, if nominated by the Nominating Committee of the
Board of Directors and elected by the shareholders, as a member of the Board of Directors of the Employer. In addition, he shall
be nominated to serve on the Board of Directors of the Employer by the Nominating Committee of the Board of Directors at the 2023
annual meeting of shareholders of the Employer, provided that he has completed the Employment Term and has not earlier resigned
voluntarily (other than for “Good Reason”) or been terminated for “Cause” and is otherwise qualified to
serve,

 

5.
Termination Rights of the Parties. The
employment of the Employee by the Employer under this Agreement may be terminated at any time by either the Employee or Employer
upon thirty (30) days’ prior written notice of such termination to the other.

 

    	 

    	 

    

 

6.
Compensation.

 

6.1
Base Salary. Employee shall be paid a salary at an annual rate of Six Hundred Thousand Dollars ($600,000) on the regularly
scheduled pay dates for executives. Subject to Section 9, the Board of Directors, in its sole discretion, shall have the absolute
right to determine the Employee’s salary and benefits for each subsequent fiscal year during the term hereof; provided that
in no event shall such salary or such benefits be reduced during the Employment Term unless the Employer implements a substantially
similar reduction for all senior executive employees of the Employer. Employee shall also be entitled to receive an annual cash
bonus and an annual stock incentive award consistent with and subject to substantially similar conditions as any annual cash bonuses
and annual stock incentive awards granted to other senior executives of the Employer as a group. The Employer agrees to diligently
review and consider alternative means of providing the Employee with additional tax advantaged compensation.

 

6.2
Performance Bonuses. On December 31, 2020, Employee shall be granted two (2) performance bonuses totaling Six Hundred Thousand
Dollars ($600,000) (the “Performance Bonuses”) to be earned as follows: (i) Three Hundred Thousand Dollars
($300,000) shall be paid upon the completion of “Milestone #1” as described in Schedule 1 attached hereto,
and (ii) Three Hundred Thousand Dollars ($300,000) shall be paid upon the completion of “Milestone #2” as described
in Schedule 1. The Performance Bonuses shall be payable in cash and/or shares of the Employer’s Common Stock, at
the Employer’s election to be made on or immediately following December 31, 2020. If paid in Employer’s Stock, the
number of shares earned under each Milestone shall be determined by dividing $300,000 by the price per share equal to the moving
average of the closing price of the Employer’s Common Stock, as quoted on the Nasdaq Global Market, for the twenty (20)
consecutive trading day period immediately preceding December 31,2020. As of the Employee’s Termination Date, all rights
to earn any of the Performance Bonuses to the extent not previously earned shall terminate. In the event of Employee’s death
prior to payment of the Performance Bonuses any earned but unpaid portion of the Performance Bonuses shall be payable to Employee’s
surviving spouse or if none to his estate.

 

6.3
Equity Awards. On December 31, 2020, the Employee shall be granted Nine Hundred Forty Thousand (940,000) shares of Employer
Common Stock under the Employer’s 2020 Equity Incentive Plan at a $0.00 price to the Employee and subject to the vesting
conditions as described in Schedule 2 attached hereto.

 

7.
Inventions and Proprietary Information.

 

7.1
Inventions. Employee shall inform the Employer using the established procedures promptly and fully of all inventions, improvements,
discoveries, know-how, designs, processes, formulae and techniques, and any related suggestions and ideas (hereinafter “Inventions”),
whether patentable or not, which are solely or jointly conceived or made by Employee, during the period of Employee’s employment
by the Employer, whether during or out of Employee’s usual hours of work. The Employer shall own all right, title and interest
to those inventions (hereinafter “Employer Inventions”) which are: (a) within the scope of the Employer’s
business, which includes areas in which research is being conducted and areas of technical or market investigation; and/or (b)
related to work done for the Employer by Employee. Employee hereby assigns and agrees to assign to the Employer Employee’s
entire right, title and interest in all Employer Inventions and any patents, design patents, and any other forms of intellectual
property resulting therefrom. Employee shall protect the Employer’s right to patent Employee’s Employer Inventions
by keeping written records, which are witnessed and dated, concerning dates of conception and reduction to practice, and Employee
shall not publish information concerning Employer Inventions without prior approval from the Employer. Employee shall also, during
and after Employee’s employment, execute such written instruments and render such other assistance as the Employer shall
reasonably request to obtain and maintain patents, design patents, or other forms of protection on any Employer Inventions and
to vest and confirm in the Employer its entire right, title and interest therein. In this regard, Employee shall be reimbursed
by the Employer for actual expenses incurred and, if no longer an employee of the Employer, shall be reasonably compensated for
assistance rendered.

 

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7.2
Proprietary Information.

 

(a)
Employee understands that as a consequence of Employee’s employment by the Employer, proprietary data and confidential information
(both hereinafter referred to as “Information”) relating to the business of the Employer may be disclosed to
Employee or developed by Employee which is not generally known in the Employer’s trade and which is of considerable value
to the Employer. Such Information includes, without limitation, information about trade secrets, the Employer Inventions (as previously
defined), patents, licenses, research projects, costs, profits, markets, sales, customer lists, plans for future development,
and any other information of a similar nature to the extent not generally known in the trade. Employee acknowledges and agrees
that Employee’s relationship to the Employer with respect to such Information shall be fiduciary in nature. Employee shall
not make any use of any such Information except in the performance of Employee’s work for the Employer; Employee shall maintain
such Information in confidence; and Employee shall not disclose to any person not employed by the Employer any such Information
at any time either during or after Employee’s employment or use any such Information in connection with other employment,
except as authorized, in writing, by a duly empowered officer of the Employer.

 

(b)
At any time the Employer so reasonably requests, the Employee shall make reasonable efforts to deliver memoranda, notes, records,
reports, manuals, drawings, blueprints, plans, customer lists, pricing and/or cost data, and all other property or materials belonging
to the Employer, which Employee then possesses or has under Employee’s control. It is acknowledged by the parties that Employee
has worked for the Employer for many years and during such time has accumulated copies of property and materials belonging to
the Employer which may reside in various hard copy and electronic files. As such, it is understood that any such production of
property and materials may be incomplete.

 

(c)
Employee covenants that there are no Inventions and/or patents within the scope of the Employer’s business in which Employee
held an interest prior to the date of this Agreement and which are not subject to this Agreement.

 

(d)
For avoidance of doubt, the Employee shall not be deemed to be in violation of Section 7.2 (Proprietary Information) to the extent
that any disclosure of Information occurs while the Employee is providing services to any company or business that is sold by
the Employer in which the Employer retains any equity interest or that is spun-off by the Employer, and provided that the performance
of such services has been approved by the Employer.

 

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7.3
Remedies. Employee recognizes that irreparable injury may result to the Employer, its business and property, in the event
of a breach of any of the agreements, assurances and understandings contained herein. Employee further recognizes that in the
event of such a breach, or the substantial likelihood that such a breach will occur, the Employer intends to take legal action,
and to seek injunctive relief if available, in accordance with the language and spirit of this Agreement in order to protect fully
its interests and property. For the period beginning with the consummation of a Change in Control, the Employer agrees to pay
as incurred, to the full extent permitted by law, all legal fees and expenses which the Employee may reasonably incur as a result
of any contest, dispute or litigation by the Employee or others of the validity or enforcement of, or liability under, any provision
of this Agreement unless the Employee is not the prevailing party in such contest, dispute or litigation in which event the Employee
shall also repay any legal fees or expenses previously advanced by the Employer in the same connection.

 

8.
Covenant Not to Compete.

 

(a)
The Employee recognizes that the Employer is engaged in the development and sale of wearable hands-free voice and gesture controlled
wireless computing and communication headsets in Massachusetts and throughout the United States and the world, the development
of liquid crystal and organic light emitting diode electronic imaging devices and display products based thereon and noise cancellation
and signal processing technologies to enhance voice signal quality and voice perception for both human-to-human communications
and human-to-machine communications (automatic speech recognition) (collectively, the “Principal Business”).
In the event of the termination of the Employee’s employment hereunder, voluntarily or involuntarily, and so long as the
Employer is not in material breach of its obligations to the Employee hereunder, the Employee agrees that, for a period of twelve
(12) months from the date of such termination, he will neither (i) engage in the Principal Business directly for himself, or in
conjunction with or on behalf of any commercial entity, or (ii) work as an employee in the Principal Business for any commercial
entity, where either (A) the Employee’s duties in the course of any such activities would be substantially similar to those
he has performed for the Employer hereunder or (B) the Employee’s duties in the course of such activities would involve
disclosure or use of any confidential or proprietary information relating to the business of the Employer which he may in any
way acquire by reason of his employment by the Employer. The Employee’s obligation under this Section 8 shall extend to
all geographical areas of the United States and the world in which the Employer, as set forth above, carries on business, either
directly or indirectly, including, but not limited to, places where the Employer has a place of business, has employees or representatives,
or has advertised or sold any products during the time period specified in this section.

 

(b)
The Employee further agrees that for a period of twelve (12) months from the date of termination of his employment, he will not
on behalf of himself or any commercial competitor of the Employer, compete for, or engage in the solicitation of, with respect
to the Employer’s products or services, any commercial customer of the Employer, that he has, during the one year immediately
preceding such termination, solicited or serviced on behalf of the Employer or that has been so solicited or serviced, during
such period, by any person under the Employee’s supervision.

 

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(c)
The Employee further agrees that for a period of twelve (12) months after the date of termination of his employment, he will not,
on behalf of himself or any other commercial competitor of the Employer, solicit or attempt to solicit for employment, recruit
or hire any employee or independent contractors of the Employer (or any person who was an employee or independent contractor of
the Employer during the six (6) month period prior to such activity by the Employee), or induce, attempt to induce or encourage
any such person to terminate his or her association with the Employer.

 

(d)
In the event of any violation of the foregoing provisions of this Section 8, the Employer shall be entitled, in addition to any
other rights or remedies it may have, to injunctive relief, it being agreed that the damages which the Employer would sustain
upon any such violation are difficult or impossible to ascertain in advance and that the Employee’s violations may cause
irreparable harm to the Employer.

 

(e)
For avoidance of doubt, the Employee shall not be deemed to be in violation of Section 8 (Covenant Not to Compete) to the extent
that Employee is performing services for any company or business that is sold by the Employer in which the Employer retains any
equity interest or that is spun-off by the Employer, and provided that the performance of such services has been approved by the
Employer.

 

9.
Post-Termination and Related Matters.

 

9.1
Termination by Employer without Cause; Resignation for Good Reason. If prior to the expiration of the Employment Term (i)
the Employee is terminated by the Employer without Cause (as defined in Section 9.4(b) below) other than by reason of disability,
(ii) the Employee dies, or (iii) the Employee resigns for Good Reason (as defined in Section 9.4(c) below) within twelve (12)
months following a Change in Control (as defined in Section 9.4(d) below) of the Employer, Employer shall pay the following amounts
and provide the following benefits to the Employee:

 

(a)
an amount equal to the sum of the Employee’s earned but unpaid base salary and pro-rated annual cash bonus through the date
of Employee’s termination, which prorated annual cash bonus shall be calculated by reference to his then current year’s
target annual cash bonus, the base salary portion of such amount shall be paid on the Employer’s next regularly scheduled
pay date for executives following the Termination Date, and the bonus portion of such amount shall be paid within thirty (30)
days following the Termination Date;

 

(b)
an amount equal to the value of Employee’s accrued but unpaid vacation days, which amount shall be paid on the Employer’s
next regularly scheduled pay date for executives following the Termination Date; and

 

(c)
immediately vest all options to purchase Employer’s stock, all stock appreciation rights, all restricted stock awards, and
any other compensatory equity awards, granted by the Employer to the Employee.

 

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9.2
Retirement Benefits. Provided that the Employee does not resign prior to the end of the Employment Term and is not terminated
by the Employer for Cause, the Employer shall pay to the Employee (or in the event of his death prior to completion of all installments
to his surviving spouse, or if none to his estate) a cash retirement benefit of One Million Five Hundred Thousand Dollars ($1,500,000)
in twenty-four (24) equal monthly installments commencing with the next regularly scheduled pay date for executives following
December 24, 2022. Provided that the Employee does not resign prior to the end of the Employment Term and is not terminated by
the Employer for Cause, each January the Employer shall pay to the Employee (or in the event of his death prior to completion
of all installments to his spouse) Forty Thousand Dollars ($40,000) per year commencing with January 2023 and ending with January
2032 to enable the Employee (or, in the event of the death of the Employee, his spouse) to purchase for himself and his spouse
supplemental health coverage (including Medicare Part B, Medicare Part D and Medigap coverage) beyond the coverage that they may
obtain from Medicare Part A.

 

9.3
Section 409A. Any amounts payable under Section 9.1 and Section 9.2 shall be subject to applicable tax withholding. It
is the intention of the parties that this Agreement comply with and be interpreted in accordance with Section 409Aof the Internal
Revenue Code of 1986, as amended and the United States Department of Treasury regulations and other guidance issued thereunder
(collectively, “Section 409A”). Each payment in a series of payments provided to the Employee pursuant to this
Agreement will be deemed a separate payment for purposes of Section 409A. If any amount payable under this Agreement upon a termination
of employment is determined by the Employer to constitute nonqualified deferred compensation for purposes of Section 409A (after
taking into account the short-term deferral exception, the involuntary separation pay exception, and payments made at a time or
in accordance with fixed schedule under section 1.409A-3(a)(4) of the regulations promulgated under Section 409A which are hereby
incorporated by reference), such amount shall not be paid unless and until the Employee’s termination of employment also
constitutes a “separation from service” from the Employer for purposes of Section 409A. In the event that the Employee
is determined by the Employer to be a “specified employee” for purposes of Section 409A at the time of his separation
from service with the Employer, then any payments of nonqualified deferred compensation (after giving effect to any exemptions
available under Section 409A and payments made at a time or in accordance with a fixed schedule under Section 409A) otherwise
payable to the Employee during the first six (6) months following his separation from service shall be delayed and paid in a lump
sum upon the earlier of (x) the Employee’s date of death, or (y) the first day of the seventh month following the Employee’s
separation from service, together with interest on such delayed payments at the prime rate as published in the Eastern edition
of The Wall Street Journal on the business day immediately preceding the Employee’s separation from service and the balance
of the installments (if any) will be payable in accordance with their original schedule. To the extent any expense, reimbursement
or in-kind benefit provided to the Employee constitutes nonqualified deferred compensation for purposes of Section 409A, (i) the
amount of any expense eligible for reimbursement or the provision of any in-kind benefit with respect to any calendar year shall
not affect the amount of expense eligible for reimbursement or the amount of in-kind benefit provided to the Employee in any other
calendar year, (ii) the reimbursements for expenses for which the Employee is entitled to be reimbursed shall be made on or before
the last day of the calendar year following the calendar year in which the applicable expense is incurred, and (iii) the right
to payment or reimbursement or in-kind benefits hereunder may not be subject to liquidation for any other benefit.

 

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9.4
Other.

 

(a)
“Termination Date” shall mean the earlier of (i) the expiration of the Employment Term, or (ii) the date the
Employee’s employment is terminated (x) by his death, then the date of his death, (y) by his long-term disability, then
the date of his occurrence of his long-term disability, or (z) for any other reason (including the Employee’s resignation
for Good Reason following a Change in Control), then the date on which such termination of employment is to be effective pursuant
to the notice of termination to be given by the party terminating the relationship.

 

(b)
“Cause” shall mean occurrence during his employment of (i) willful misconduct in the performance of Employee’s
duties and responsibilities, (ii) willful nonperformance of Employee’s duties and responsibilities, (iii) willful contravention
of written instructions of the Board of Directors of the Employer, (iv) breach by Employee of a material term of this Agreement,
(v) Employee’s breach of trust, duty of loyalty or fiduciary duty owed to the Employer, Employer’s Board of Directors
or Employer’s shareholders, of (vi) Employee’s conviction of, or written admission or plea of nolo contendere to,
a felony or crime of moral turpitude, or Employee’s imprisonment for any crime; provided, however, that such
termination may not occur until thirty (30) days after Employer’s Board of Directors has given Employee a written notice
specifying the ground(s) for such termination for Cause and an opportunity during such thirty (30) day notice period to have a
hearing concerning such notice before the Board of Directors of the Employer, and then only if the Employee has failed to cure
the Cause giving rise to such potential termination, if such Cause is curable. Any Cause that results in adverse publicity concerning
the Employer or damage to the Employer’s business or reputation shall be deemed to be incurable.

 

(c)
“Good Reason” shall mean the occurrence during his employment, without the Employee’s written consent,
of any of the following events or circumstances:

 

(i)
the assignment to the Employee of duties that are inconsistent in any material respect with the Employee’s position (including
status, offices, titles, and reporting requirements), authority, or responsibilities, or any other action or omission by the Employer
that results in a material diminution in such position, authority, or responsibility, including the failure to appoint Employee
as the Chief Executive Officer of the combined or acquiring entity reporting to its Board of Directors following a Change in Control;

 

(ii)
a reduction in the Employee’s base salary, other than as part of a similar reduction in base salary for all senior executive
employees of the Employer but not to exceed fifteen percent (15%) of the Employee’s base salary;

 

(iii)
the failure by the Employer to (1) continue in effect any material compensation or benefit plan or program in which the Employee
participates, or that is applicable to the Employee, unless an equitable arrangement providing substantially similar benefits
in the aggregate (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan or program, (2)
continue the Employee’s participation therein (or in such substitute or alternative plan) on a basis not materially less
favorable, in terms of the monetary value of benefits provided, or (3) award annual bonuses to the Employee in amounts and in
a manner substantially consistent with the Employer’s past practice in light of the Employer’s financial performance;

 

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(iv)
a change by the Employer in the location at which the Employee performs the Employee’s principal duties for the Employer
to a new location that is both: (1) further from the Employee’s principal residence, and (2) more than fifty (50) miles
from the location at which the Employee performed the Employee’s principal duties for the Employer;

 

(v)
the failure of the Employer to obtain the agreement from any successor to the Employer to assume and agree to perform this Agreement,
as required by Section 9.5;

 

(vi)
any failure of the Employer to pay or provide to the Employee any portion of the Employee’s compensation or benefits within
seven (7) days of the date such compensation or benefits are due, unless such failure to pay is inadvertent and is cured within
thirty (30) days with interest at LIBOR plus two percent (2%); or

 

(vii)
any material breach by the Employer of this Agreement.

 

For
clarity, Employee shall not be entitled to resign for Good Reason if the Employer and Employee mutually agree in writing to any
of the matters described under clauses (i) through (vii). A termination by the Employee for Good Reason may not occur until thirty
(30) days after the Employee has given the Board of Directors written notice specifying the ground(s) for such termination for
Good Reason and an opportunity during such thirty (30) day notice period for the Board of Directors of the Employer to discuss
such notice with the Employee, and then only if the Employer has failed to cure the event or circumstance (including compensation
for any losses or damages resulting therefrom) giving rise to such Good Reason, if such Good Reason is curable.

 

(d)
“Change in Control” shall mean:

 

(i)
The acquisition by any individual, entity, or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) (a “Person”) of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either (1) the then outstanding
shares of the common stock of the Employer (“Stock”), or (2) the combined voting power of the then outstanding
securities of the Employer ordinarily having the right to vote at elections of directors (“Outstanding Employer Voting
Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control under this
Section 9.4(d)(i): (A) any acquisition directly from the Employer (excluding an acquisition by virtue of the exercise of a conversion
privilege), (B) any acquisition by the Employer or by any corporation controlled by the Employer; (C) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Employer or any corporation controlled by the Employer; or (D)
any acquisition by any corporation pursuant to a consolidation or merger, if, following such consolidation or merger, the conditions
described in clauses (1), (2) and (3) of paragraph (iii) of this Section 9.4(d) are satisfied; or

 

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(ii)
Individuals who, as of the date hereof or of the most recent renewal hereof, constitute the Board of Directors (the “Incumbent
Board”) ceasing for any reason (other than in connection with his or her voluntary resignation or election not to stand
for re-election or arising out of a change in the Incumbent Board due to regulatory compliance reasons) to constitute at least
a majority of the Board of Directors; provided, however, that any individual becoming a director (other than a director designated
by a Person who has entered into an agreement with the Employer to effect a transaction described in paragraphs (i) or (iii) of
this Section 9.4(d)) subsequent to the date hereof whose election, or nomination for election by the Employer’s shareholders,
was approved by a vote or resolution of at least a majority of the directors then composing the Incumbent Board shall be considered
as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-1l
of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or
on behalf of a Person other than the Board of Directors; or

 

(iii)
The consummation of the transactions contemplated by a resolution of the Board of Directors approving an agreement of consolidation
of the Employer with or merger of the Employer into another corporation or business entity in each case, unless, following such
consolidation, or merger, (1) more than fifty percent (50%) of, respectively, the then outstanding shares of common stock of the
corporation resulting from such consolidation or merger and/or the combined voting power of the then outstanding voting securities
of such corporation or business entity entitled to vote generally in the election of directors (or other persons having the general
power to direct the affairs of such entity) is then beneficially owned, directly or indirectly, by all or substantially all of
the individuals and entities who were the beneficial owners, respectively, of the Stock and Outstanding Employer Voting Securities
immediately prior to such consolidation or merger in substantially the same proportions as their ownership, immediately prior
to such consolidation or merger, of the Stock and Outstanding Employer Voting Securities, as the case may be, (2) no Person (excluding
the Employer, any employee benefit plan (or related trust) of the Employer or such corporation or other business entity resulting
from such consolidation or merger) and any Person beneficially owning, immediately prior to such consolidation or merger, directly
or indirectly, fifty percent (50%) or more of the Stock or Outstanding Employer Voting Securities, as the case may be, beneficially
owns, directly or indirectly, fifty percent (50%) or more of, respectively, the then outstanding shares of common stock of the
corporation resulting from such consolidation or merger and/or the combined voting power of the then outstanding voting securities
of such corporation or business entity entitled to vote generally in the election of its directors (or other persons having the
general power to direct the affairs of such entity) and (3) at least a majority of the members of the board of directors (or other
group of persons having the general power to direct the affairs of the corporation or other business entity) resulting from such
consolidation or merger were members of the Incumbent Board at the time of the execution of the initial agreement providing for
such consolidation or merger; provided, that any right to receive compensation pursuant to this Section 9.4(d) which shall vest
by reason of the action of the Board of Directors pursuant to this paragraph (iii) shall be divested upon (A) the rejection of
such agreement of consolidation or merger by the stockholders of the Employer or (B) its abandonment by either party thereto in
accordance with its terms; or

 

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(iv)
The consummation of the transactions contemplated by the adoption by the requisite majority of the whole Board of Directors, or
by the holders of such majority of stock of the Employer as is required by law or by the Certificate of incorporation or By-Laws
of the Employer as then in effect, of a resolution or consent authorizing (1) the dissolution of the Employer or (2) the sale
or other disposition of all or substantially all of the assets of the Employer, other than to a corporation or other business
entity with respect to which, following the such sale or other disposition, (A) more than fifty percent (50%) of, respectively,
the then outstanding shares of common stock of such corporation and/or the combined voting power of the outstanding voting securities
of such corporation or other entity to vote generally in the election of its directors (or other persons have the general power
to direct its affairs) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Stock and Outstanding Employer Voting Securities immediately prior
to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other
disposition, of the Stock and/or Outstanding Employer Voting Securities, as the case may be, (B) no Person (excluding the Employer
and any employee benefit plan (or related trust) of the Employer or such corporation or other business entity) and any Person
beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, fifty percent (50%) or more
of the Stock and/or Outstanding Employer Voting Securities, as the case may be, beneficially owns, directly or indirectly, fifty
percent (50%) or more of, respectively, the then outstanding shares of common stock of such corporation and/or the combined voting
power of the then outstanding voting securities of such corporation or other business entity entitled to vote generally in the
election of directors (or other persons having the general power to direct its affairs), and (C) at least a majority of the members
of the board of directors or group of persons having the general power to direct the affairs of such corporation or other entity
were members of the Incumbent Board at the time of the execution of the initial agreement of action of the Board of Directors
providing for such sale or other disposition of assets of the Employer; provided, that any right to receive compensation pursuant
to this Section 9.4(d) which shall vest by reason of the action of the Board of Directors or the stockholders pursuant to this
subsection shall be divested upon the abandonment by the Employer of such dissolution, or such sale of or other disposition of
assets, as the case may be.

 

9.5
Successor. The failure of any successor (whether direct or indirect, by purchase, merger, consolidation, spin-off, or otherwise)
to all or substantially all of the business or assets of the Employer to assume this Agreement or to perform the Employer’s
obligations under this Agreement shall, at the election of the Employee, be deemed to constitute a termination of the Employee
by the Employer without Cause.

 

9.6
Mitigation. The Employee shall not be required to mitigate the amount of any payment or benefits provided for in this Agreement
by seeking other employment or otherwise. Further, the amount of any payment or benefits provided for in this Agreement shall
not be reduced by any compensation earned by the Employee as a result of employment by another employer, by retirement benefits,
by offset against any amount claimed to be owed by the Employee to the Employer or otherwise.

 

9.7
Indemnification. To the maximum extent permitted under Delaware law as from time to time in effect, the Employer shall
indemnify the Employee and hold him harmless from, against, and in respect of any and all damages, deficiencies, actions, suits,
proceedings, demands, assessments, excise taxes, judgments, claims, losses, costs, expenses, obligations, and liabilities arising
from or relating to the performance of the Employee’s duties and responsibilities under this Agreement. To the maximum extent
permitted under Delaware law, the Employer shall advance all expenses incurred by or on behalf of the Employee in connection with
any proceeding arising in connection with the Employer’s obligations under this Section 9.7 within thirty (30) days after
the receipt by the Employer of a statement or statements from the Employee requesting such advance or advances from time to time,
whether prior to or after final disposition of such proceeding. Such statement or statements shall reasonably evidence the expenses
incurred by the Employee and shall include or be preceded or accompanied by a written undertaking by or on behalf of the Employee
to repay any expenses advanced if it shall ultimately be determined that the Employee is not entitled to be indemnified against
such expenses.

 

    	10

    	 

    

 

9.8
D&O Coverage. For so long as, and only for so long as, the Employer continues to maintain directors’ and officers’
liability insurance, the Employer shall use best efforts to maintain a policy covering the Employee in the amount of Five Million
Dollars ($5,000,000) in the aggregate, or such amount of coverage as may be provided by the Employer to directors and officers
generally after the Effective Date. The Employer will also use best efforts to obtain coverage for Employee under any such policy
for six (6) years after Employee ceases being an officer or director.

 

9.9
Survival of Obligations and Rights. The obligations and rights of the parties to this Agreement under Sections 6 through
9 of this Agreement shall survive the expiration of this Agreement.

 

10.
Provisions of General Application.

 

10.1
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed, interpreted and
determined in accordance with the laws of the Commonwealth of Massachusetts.

 

10.2
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original and all
of which, taken together, shall constitute one and the same instrument. In making proof of this Agreement it shall not be necessary
to produce or account for more than one such counterpart.

 

10.3
Other Agreements. This Agreement represents the entire understanding and agreement between the parties as to the subject
matter hereof and supersedes and replaces the Ninth Amended and Restated Employment Agreement between the parties dated as of
December 31, 2017. No prior, concurrent or subsequent agreement, whether written or oral, shall be construed to change, amend,
alter, repeal or invalidate this Agreement, unless this Agreement is specifically identified in and made subject to such other
written agreement.

 

10.4
Amendment. This Agreement may be amended only by a written instrument executed in one or more counterparts by the parties
hereto.

 

10.5
Waiver. No consent to or waiver of any breach or default in the performance of any obligation hereunder shall be deemed
or construed to be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligation
hereunder. Failure on the part of either party to complain of any act or failure to act of the other party or to declare the other
party in default, irrespective of the duration of such failure, shall not constitute a waiver or rights hereunder and no waiver
hereunder shall be effective unless it is in writing, executed by the party waiving the breach or default hereunder.

 

    	11

    	 

    

 

10.6
Headings. The headings of sections and subsections of this Agreement have been inserted for convenience of reference only
and shall not be deemed to be a part of this Agreement or to affect the meaning of any of its provisions.

 

10.7
Severability. If any provision of this Agreement shall, in whole or in part, prove to be invalid for any reason, such invalidity
shall affect only the portion of such provision which shall be invalid, and in all other respects this Agreement shall stand as
if such invalid provision, or the invalid portion thereof, had not been a part hereof.

 

10.8
Notices and Other Communications. All notices and other communications required hereunder shall be effective if in writing
and if delivered or sent by certified or registered mail, return receipt requested (a) if to the Employee, at his last known residence
address as retained in the records of the Company, with a copy to Arthur S. Meyers, Gunster Yoakley & Stewart, P.A., 777 South
Flagler Drive, Suite 500 East, West Palm Beach, FL 33401, and (b) if to the Employer, at 125 North Drive, Westborough, MA 01581,
Attention: Chief Financial Officer, with a copy to John H. Chu, Esq., Prince Lobel Tye LLP, One International Place, Boston, MA
02110, or to such other persons or addresses as the parties hereto may specify by a written notice to the other from time to time.

 

[Remainder
of page intentionally left blank]

 

    	12

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been executed by the Employer, by its duly authorized officer, and by the Employee, as of
the date first above written.

 

	KOPIN CORPORATION	EMPLOYEE
	 	 	 	 
	 	/s/
    Mort Collins	 	/s/
    John C. C. Fan
	By:	Mort
    Collins, Chair	 	John
    C. C. Fan
	 	Compensation
    Committee of the Board	 	 

 

    	13

    	 

    

 

SCHEDULE
1

 

Performance
Bonus Milestones

 

Milestone
#1

 

1.
[redacted].

 

Milestone
#2

 

2.
[redacted].

 

    	14

    	 

    

 

SCHEDULE
2

 

Equity
Award

 

	 	●	Of
    the total shares of Common Stock to be awarded by Employer to Employee under Section 6.3 of this Agreement (the “Acquired
    Shares”), 188,000 of such shares will vest (a) at the end of the first twenty (20) consecutive trading day period beginning
    on the date hereof and ending on the third (3rd) anniversary of the date of this Agreement during which the closing price
    of the Common Stock of the Employer, as quoted on the Nasdaq Global Market, at least equals any of the share prices indicated
    in the table below, as adjusted for stock splits, stock dividends, or any other actions and events provided in the Employer’s
    2020 Equity Incentive Plan, or (b) if upon or in connection with the closing of a Change of Control (as defined in this Agreement
    on or before the third (3rd) anniversary of the date of this Agreement the price of the Common Stock of the Employer,
    as so adjusted, is at least such price; provided, however, that the Employee does not resign or is not terminated by the Employer
    for Cause prior the earlier of (i) December 24, 2022, or (ii) the satisfaction of the conditions described in clause (a) or
    (b) above:

 

	Share Price	 	Shares Vesting (cumulatively)
	$2.25 per share	 	188,000
	$2.50 per share	 	188,000
	$3.00 per share	 	188,000
	$3.50 per share	 	188,000
	$4.00 per share	 	188,000

 

	 	●	In
    addition, all of the Acquired Shares will vest if the Employer terminates the Employee’s employment in connection with
    a long-term disability arising from sickness, accident or injury suffered while traveling on Employer’s business (but
    not in connection with any disability arising from any other circumstances).
	 	 	 
	 	●	In
    the event of the Employee’s termination of employment by the Employer without Cause or upon the Employee’s resignation
    for Good Reason or due to the Employee’s death in each case prior to a Change of Control, one hundred percent (100%)
    of the Acquired Shares shall vest.
	 	 	 
	 	●	The
    Acquired Shares will be awarded under five separate Restricted Stock Grant Agreements dated the date hereof in customary form
    providing for the separate award of 188,000 Acquired Shares with each such award subject to the respective Share Price and
    related vesting conditions described herein.

 

    	15

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