Document:

EXHIBIT 10.2

 

 

 

Senior Executive’s
Employment Agreement

 

This Senior
Executive’s Employment Agreement (the “Agreement”) is entered into by and among the individual more particularly
described in exhibit 0.1 annexed hereto and made a part hereof (the “Senior Executive”) and Puget
Technologies, Inc., a publicly held Nevada corporation subject to reporting requirements under the Securities Exchange Act
of 1934, as amended pursuant to Sections 13 and 15(d) thereof (“Puget” and the “Exchange Act,” respectively),
Puget and the Senior Executive being sometimes hereinafter collectively to as the “Parties” or generically as a “Party”.

 

Preamble:

 

Whereas, Puget requires
the services of talented, diligent, loyal and competent senior executives; and

 

Whereas, the Senior
Executive has the background disclosed on exhibit 0.2 annexed hereto and made a part hereof (the “Senior Executive’s Qualifications”);
and

 

Whereas, the Senior
Executive was party to an employment Agreement with Puget which expired during October of 2020 and since such time has continued to serve
as an officer and director of Puget, without compensation, and intended to discontinue his association with Puget, but, given a recent
change in management, has agreed to renew his association as provided for in this Agreement; and

 

Whereas, Puget desires
to reaffirm its retention of the Senior Executive for the purposes described in exhibit 0.3 annexed hereto and made a part hereof (the
“Senior Executive’s Services”); and

 

Whereas, the Senior
Executive is agreeable to serving as a Puget Senior Executive on the terms and conditions hereinafter set forth:

 

Now, therefore, in
consideration of the mutual promises, covenants and agreements hereby exchanged, as well as of the sum of ten ($10.00) Dollars and other
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be legally bound,
hereby agree as follows:

 

Witnesseth:

 

Article One:Term, Renewals, Earlier Termination 

 

1.1          Term.

 

Subject to the provisions set forth herein, the term of the Senior Executive’s
retainment hereunder will be deemed to commence on the first business day following execution of this Agreement by all Parties hereto
and continue until the close of business at the end of the third year thereafter, unless extended or earlier terminated by Puget as hereinafter
set forth and subject to the extended confidentiality and non-competition provisions hereinafter set forth.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 2 of 12

    

 

1.2          Renewals.

 

This Agreement will be renewed automatically, after expiration of the original
term, on a continuing annual basis, unless the Party wishing not to renew this Agreement provides the other Party with written notice
of its election not to renew (“Termination Election Notice”) on or before the 30th day prior to termination of the then current
term.

 

1.3          Earlier Termination.

 

Puget will have the right to terminate this Agreement prior to the expiration
of its Term, or of any renewals thereof, subject to the provisions of Section 1.4, for the following reasons:

 

(a)           For Cause:

 

		(1)	Puget terminate the Senior Executive’s retainment under this Agreement at any time for cause.

 

		(2)	Such termination will be evidenced by written notice thereof to the Senior Executive, which notice will specify the cause for termination.

 

		(3)	For purposes hereof, the term “cause” will mean:

 

		(A)	The inability of the Senior Executive, through sickness or other incapacity, to discharge his, her or its duties under this Agreement
for 15 or more consecutive days or for a total of 30 or more days in a period of twelve consecutive months;

 

		(B)	The refusal of the Senior Executive to follow the directions of Puget’s board of directors, president or other superior officers;

 

		(C)	Dishonesty; theft; or conviction of a crime involving moral turpitude;

 

		(D)	Material default in the performance by the Senior Executive of his, her or its obligations, services or duties required under this
Agreement (other than for illness or incapacity) or materially breach of any provision of this Agreement, which default or breach has
continued for five days after written notice of such default or breach.

 

(b)           Discontinuance of Business:

 

In the event that Puget discontinues operating its business,
this Agreement will terminate as of the last day of the month on which it ceases operation with the same force and effect as if such last
day of the month were originally set as the termination date hereof; provided, however, that a reorganization of Puget will not
be deemed a termination of their respective business.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 3 of 12

    

 

(c)           Death:

 

This Agreement will terminate immediately on the death of the
Senior Executive; however, all accrued compensation at such time will be promptly paid to the Senior Executive’s estate.

 

1.4          Final Settlement.

 

Upon termination of this Agreement and payment to the Senior Executive
of all amounts due him, her or it hereunder, the Senior Executive or his, her or its representative will execute and deliver to the terminating
entity on a form prepared by the terminating entity, a receipt for such sums and a release of all claims, except such claims as may have
been submitted pursuant to the terms of this Agreement and which remain unpaid, and, will forthwith tender to the terminating entity all
records, manuals and written procedures, as may be desired by it for the continued conduct of its business.

 

Article Two:Scope of Employment 

 

2.1          Retention.

 

Puget hereby hires the Senior Executive and the Senior Executive hereby
accepts such retainment, in accordance with the terms, provisions and conditions of this Agreement and the exhibits appurtenant hereto.

 

2.2          General Description of
Duties.

 

The Senior Executive’s initial hierarchal position and duties are
more particularly described on exhibit 2.2 annexed hereto and made a part hereof (the “Position and Duties”), subject to modification,
promotion, etc., as Puget, with the consent of Puget, deems appropriate.

 

2.3          Status.

 

		(a)	The Senior Executive will serve in the role and subject to the specifications and limitations on authority described in exhibit 2.3
annexed hereto and made a part hereof (the “Scope of Retention”).

 

		(b)	The Senior Executive hereby covenants and agrees that he, she or it will not hold himself, herself or itself out as an authorized
agent of Puget unless such authority is specifically assigned to him, her or it, either generally or on a case by case basis by the board
of directors of Puget, pursuant to a duly adopted resolution which remains in effect.

 

		(c)	The Senior Executive hereby represents and warrants to Puget that he, she or it is subject to no legal, self-regulatory organization
(e.g., Financial Industry Regulatory Authority bylaws, rules or regulations) or regulatory impediments to the provision of the services
called for by this Agreement or to receipt of the compensation called for under this Agreement or any supplements hereto; and, the Senior
Executive hereby irrevocably covenants and agrees to immediately bring to the attention of Puget any facts required to make the foregoing
representation and warranty continuingly accurate throughout the term of this Agreement, or any supplements or extensions thereof.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 4 of 12

    

 

2.4          Non-Exclusivity.

 

The Parties acknowledge that the Senior Executive is an officer, director
and shareholder of Qest Consulting Group, Inc., a Colorado corporation (“Qest”) and Puget’s “parent”, as
that term is defined in Rule 405 of Securities and Exchange Commission (the “Commission”) Regulation C, and that in conjunction
with such functions, he has and will continue to have many functions in addition to his role with Puget which is, in effect, an assignment
from Qest; however, he hereby irrevocably covenants and agrees to devote all time necessary to the affairs of Puget to fully and completely
discharge his duties hereunder.

 

2.5          Limitations on Services

 

		(a)	The Parties recognize that certain responsibilities and obligations are imposed on Puget, by federal and state securities laws and
by the applicable rules and regulations of stock exchanges, the Financial Industry Regulatory Authority, in house “due diligence”
or “compliance” departments of Licensed Securities Firms, etc.; accordingly, the Senior Executive agrees that he, she
or it will not:

 

		(1)	Release any financial or other material information or data about Puget without the prior written consent and approval of Puget’s
general counsel;

 

		(2)	Conduct any meetings with financial analysts without informing Puget’s general counsel and board of directors in advance of
the proposed meeting and the format or agenda of such meeting;

 

		(3)	Release any information or data about Puget to any selected or limited person(s), entity, or group if the Senior Executive is aware
that such information or data has not been generally released or promulgated.

 

		(b)	In any circumstances where the Senior Executive is describing the securities of Puget to a third party, the Senior Executive will
disclose to such person any compensation received from Puget to the extent required under any applicable laws, including, without limitation,
Section 17(b) of the Securities Act of 1933, as amended.

 

		(c)	In rendering his, her or its services, the Senior Executive will not disclose to any third party any confidential nonpublic information
furnished by Puget or otherwise obtained by it with respect to Puget, unless authorized by Puget’s board of directors or permissible
under applicable law and subject to binding agreements restricting divulgence thereof.

 

		(d)	The Senior Executive will restrict or cease, as directed by Puget, all efforts on behalf of Puget, including all dissemination of
information regarding Puget, immediately upon receipt of instructions (in writing by email or letter) to that effect from Puget.

 

		(e)	If the Senior Executive learns of any pending public securities offering to be made or expected to be by made Puget, the Senior Executive
will immediately cease any public relations activities on behalf of Puget until receipt of written instructions from Puget’s general
counsel as to how to proceed, and thereafter will proceed only in accordance with such written instructions.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 5 of 12

    

 

		(f)	The Senior Executive will not take any action which would in any way adversely affect the reputation, standing or prospects of Puget
or which would cause Puget to be in violation of applicable laws.

 

Article Three:Compensation 

 

3.1          Compensation.

 

As consideration for the Senior Executive’s services to Puget the
Senior Executive will be entitled to the compensation set forth in exhibit 3.1.

 

3.2          Benefits

 

The Senior Executive will be entitled:

 

		(a)	To such vacation (Puget’s current vacation policy is to provide senior employees with two weeks paid vacation per year), medical
and other employee benefits as Puget may offer from time to time, subject to applicable eligibility requirements, subject to Puget’s
right to make any modifications to its benefits as it may from time to time deem appropriate;

 

		(b)	To participate and to enroll in Puget’s major medical plan, if and when offered, on the first entry date following the commencement
of retainment;

 

		(c)	To participate in Puget’s officers and directors insurance plan and key man insurance when and if Puget decides to initiate
such coverage.

 

		(d)	To participation in Puget retirement plans and contributions to personal retirement plans in accordance with applicable provisions
of the Internal Revenue Code of 1986, as amended (the “Code”).

 

		(e)	To participation in Puget’s senior executive cash and qualified stock option plan.

 

		(f)	To reimbursement for authorized out of pocket expenses for any ordinary and necessary business and professional expenses incurred
on behalf of Puget but only if the expenses are adequately substantiated as required by Puget’s then applicable policies on expense
reimbursements.

 

3.3          Indemnification.

 

Puget will defend, indemnify and hold the Senior Executive harmless from
all liabilities, suits, judgments, fines, penalties or disabilities, including expenses associated directly, therewith (e.g., legal
fees, court costs, investigative costs, witness fees, etc.) resulting from any reasonable actions taken in good faith on behalf
of Puget, Puget, their affiliates or for other persons or entities at the request of the board of directors of Puget, to the fullest extent
legally permitted, and in conjunction therewith, will assure that all required expenditures are made in a manner making it unnecessary
for the Senior Executive to incur any out of pocket expenses; provided, however, that the Senior Executive permits Puget to select
and supervise all personnel involved in such defense and that the Senior Executive waives any conflicts of interest that such personnel
may have as a result of also representing Puget, Puget, their stockholders or other personnel and agrees to hold them harmless from any
matters involving such representation, except such as involve fraud or bad faith.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 6 of 12

    

 

Article Four:Special Covenants 

 

4.1          Confidentiality.

 

The Senior Executive acknowledges that, in and as a result of his, her
or its retainment hereunder, he, she or it will be developing for Puget, making use of, acquiring and/or adding to, confidential information
of special and unique nature and value relating to such matters as Puget’s trade secrets, systems, procedures, manuals, confidential
reports, personnel resources, strategic and tactical plans, advisors, clients, patients, investors and funders; consequently, as material
inducement to the entry into this Agreement by Puget, the Senior Executive hereby covenants and agrees that he, she or it will not, at
any time during or following the terms of his, her or its retainment hereunder and for a period of two years thereafter, directly or indirectly,
personally use, divulge or disclose, for any purpose whatsoever, any of such confidential information which has been obtained by or disclosed
to him, her or it as a result of his, her or its retainment by Puget or Puget’s affiliates.

 

4.2          Intellectual Property.

 

		(a)	It is further agreed and understood that all intellectual property within the scope of Puget’s business or contemplated business
created, designed or developed in whole or in part by the Senior Executive during his, her or its retainment by Puget’s will be
for the benefit of Puget which will own all right, title and interest to those properties in perpetuity.

 

		(b)	Puget will own all right, title and interest in perpetuity to the results of the Senior Executive’s services as a service provider
and to all types of practical and/or artistic materials and intellectual properties which are, in whole or in part, brought to, created,
developed or produced by the Senior Executive during the retainment term and which are suggested by or related to his, her or its retainment
hereunder or any activities to which he, she or it is assigned, and he, she or it will not have any claim to have any right, title or
interest herein of any kind or nature.

 

		(c)	The Senior Executive will execute assignments or other documents assigning to Puget all his, her or its rights in any invention developed
and any patent, trademark, tradename or other intellectual property applications or resulting patents, trademarks, tradenames or other
intellectual property applications with Puget retaining title thereto.

 

		(d)	If Puget decides that it does not wish to participate in the ownership, development, marketing or use of any related intellectual
property it may, by subscribed and written prior agreement, formally relinquish any such right on a case by case basis and the Senior
Executive will then be free to dispose of the invention or intellectual property as he, she or it wishes under the following condition;
in the event that the Senior Executive receives a bona fide, verifiable offer from a third party for the use or acquisition of the subject
invention or intellectual property, Puget will have 30 business days to notify the Senior Executive of its decision to reacquire the right
to own and develop such property under the terms materially similar to those reflected in the third party offer.

 

		(e)	Notwithstanding the foregoing, if Puget has not developed the intellectual property described above within three years following its
development, creation or assignment, then such intellectual property will revert to the Senior Executive with Puget retaining the 10%
royalty interest therein described above with reference to the Senior Executive.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 7 of 12

    

 

4.3          Competition and Circumvention

 

The Senior Executive may not engage in any activities competitive with
those of Puget during the term of this Agreement and any renewals thereof and for a period of two years following its termination nor
may it refer any business opportunities within the scope of Puget’s business or reasonably contemplated business or capacities to
any other person, the Senior Executive being subject to the judicially and statutorily developed “partnership opportunities doctrine”,
as though he, she or it was a partner of Puget rather than merely a service provider.

 

4.4          Special & Cumulative
Remedies.

 

In view of the irreparable harm and damage which would undoubtedly occur
to Puget as a result of a breach by the Senior Executive of the covenants or agreements contained in this Article Four and in view of
the lack of an adequate remedy at law to protect Puget’s interests, the Senior Executive hereby covenants and agrees that Puget
will have the following additional rights and remedies in the event of a breach hereof:

 

		(a)	The Senior Executive hereby consents to the issuance of a permanent injunction enjoining him, her or it from any violations of the
covenants set forth in this Article Four; and

 

		(b)	Because it is impossible to ascertain or estimate the entire or exact cost, damage or injury which Puget may sustain prior to the
effective enforcement of such injunction, the Senior Executive hereby covenants and agrees to pay over to Puget, as the case may be, in
the event he, she or it violates the covenants and agreements contained in this Article Four, the greater of:

 

		(1)	Any payment or compensation of any kind received by him, her or it because of such violation before the issuance of such injunction,
or

 

		(2)	The sum of One Thousand ($1,000.00) Dollars per violation, which sum will be liquidated damages, and not a penalty, for the injuries
suffered by Puget as a result of such violation, the Parties hereto agreeing that such liquidated damages are not intended as the exclusive
remedy available to Puget for any breach of the covenants and agreements contained in this Article Four prior to the issuance of such
injunction, the Parties recognizing that the only adequate remedy to protect Puget from the injury caused by such breaches would be injunctive
relief.

 

		(c)	The Senior Executive hereby irrevocably agrees that the remedies described in this Article Four will be in addition to, and not in
limitation of, any of the rights or remedies to which Puget is or may be entitled to, whether at law or in equity, under or pursuant to
this Agreement.

 

4.5          Acknowledgment of Reasonableness.

 

		(a)	The Senior Executive hereby represents, warrants and acknowledges that he, she or it has carefully read and considered the provisions
of this Article Four and, having done so, agrees that the restrictions set forth herein are fair and reasonable and are reasonably required
for the protection of the interests of Puget and Puget, their officers, directors and other employees; consequently, in the event that
any of the above described restrictions will be held unenforceable by any court of competent jurisdiction, the Senior Executive hereby
covenants, agrees and directs such court to substitute a reasonable judicially enforceable limitation in place of any limitation deemed
unenforceable and, the Senior Executive hereby covenants and agrees that if so modified, the covenants contained in this Article Four
will be as fully enforceable as if they had been set forth herein directly by the Parties.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 8 of 12

    

 

		(b)	In determining the nature of this limitation, the Senior Executive hereby acknowledges, covenants and agrees that it is the intent
of the Parties that a court adjudicating a dispute arising hereunder recognize that the Parties desire that this covenant not to compete
be imposed and maintained to the greatest extent possible.

 

4.6          Unauthorized Acts.

 

The Senior Executive hereby covenants and agrees that he, she or it will
not do any act or incur any obligation on behalf of Puget of any kind whatsoever, except as authorized by the board of directors of the
subject entity or by its stockholders pursuant to duly adopted stockholder action.

 

4.7          Covenant not to Disparage

 

The Senior Executive hereby irrevocably covenants and agrees that during
the term of this Agreement and after its termination, he, she or it will refrain from making any remarks that could be construed by anyone,
under any circumstances, as disparaging, directly or indirectly, specifically, through innuendo or by inference, whether or not true,
about Puget, Puget, their constituent members, officers, directors, stockholders, employees, agents or affiliates, whether related to
the business of Puget, to other business or financial matters or to personal matters.

 

Article Five: Miscellaneous 

 

5.1          Notices.

 

		(a)	All notices, demands or other communications hereunder will be in writing, and unless otherwise provided, will be deemed to have been
duly given on the first business day after mailing by registered or certified mail, return receipt requested, postage prepaid, addressed
as follows:

 

		(1)	To the Senior Executive: as indicated on exhibit 5.1(a)(1) annexed hereto and made a part hereof;

 

		(2)	To Puget: Puget Technologies, Inc., 1200 North Federal Highway, Suite
                                            200-A; Boca Raton, Florida 33432; +1 561 2108535; info@pugettechnologies.com, Attention
                                            Albert Mayer Cohen

 

or such other address or to such other person as any Party will
designate to the other for such purpose in the manner hereinafter set forth.

 

	(b)	(1)	The Parties acknowledge that personnel associated with Qest acted as scrivener for
the Parties in this transaction but that Qest is not a law firm nor an agency subject to any professional regulation or oversight.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 9 of 12

    

 

		(2)	Because of the inherent conflict of interests involved, Qest has advised all of the Parties to retain independent legal, tax and accounting
counsel to review this Agreement and its exhibits and incorporated materials on their behalf.

 

5.2          Amendment.

 

		(a)	No modification, waiver, amendment, discharge or change of this Agreement will be valid unless the same
is in writing and signed by the Party against which the enforcement of said modification, waiver, amendment, discharge or change is sought.

 

		(b)	This Agreement may not be modified without the consent of a majority in interest of Puget’s equity holders.

 

5.3          Merger.

 

		(a)	This instrument contains all of the understandings and agreements of the Parties with respect to the subject matter discussed herein.

 

		(b)	All prior agreements whether written or oral, are merged herein and will be of no force or effect.

 

5.4          Survival.

 

The several representations, warranties and covenants of the Parties contained
herein will survive the execution hereof and will be effective regardless of any investigation that may have been made or may be made
by or on behalf of any Party.

 

5.5          Severability.

 

If any provision or any portion of any provision of this Agreement, or
the application of such provision or any portion thereof to any person or circumstance will be held invalid or unenforceable, the remaining
portions of such provision and the remaining provisions of this Agreement or the application of such provision or portion of such provision
as is held invalid or unenforceable to persons or circumstances other than those to which it is held invalid or unenforceable, will not
be effected thereby.

 

5.6          Governing Law and Venue.

 

This Agreement will be construed in accordance with the laws of the State
of Florida without regard to the conflicts of law provisions thereof and that any proceeding arising between the Parties in any matter
pertaining or related to this Agreement will, to the extent permitted by law, be held in Palm Beach County, Florida.

 

5.7          Litigation.

 

		(a)	In any action between the Parties to enforce any of the terms of this Agreement or any other matter arising from this Agreement, the
prevailing Party will be entitled to recover its costs and expenses, including reasonable attorneys’ fees up to and including all
negotiations, trials and appeals, whether or not litigation is initiated.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 10 of 12

    

 

		(b)	In the event of any dispute arising under this Agreement, or the negotiation thereof or inducements to enter into the Agreement, the
dispute will, at the request of any Party, be exclusively resolved through the following procedures:

 

	 	(1)	(A)	First, the issue will be submitted to mediation before a mediation service in Palm
Beach County, Florida, to be selected by lot from six alternatives to be provided as follows: three by Puget and three by the Senior
Executive.

 

		(B)	The mediation efforts will be concluded within ten business days after their initiation unless the Parties unanimously agree to an
extended mediation period;

 

		(2)	In the event that mediation does not lead to a resolution of the dispute then at the request of any Party, the Parties will submit
the dispute to binding arbitration before an arbitration service located in Palm Beach County, Florida to be selected by lot from six
alternatives to be provided as follows: three by Puget and three by the Senior Executive.

 

	 	(3)	(A)	Expenses of mediation will be borne by Puget, if successful.

 

		(B)	Expenses of mediation, if unsuccessful and of arbitration will be borne by the Party or Parties against whom the arbitration decision
is rendered.

 

		(C)	If the terms of the arbitral award do not establish a prevailing Party, then the expenses of unsuccessful mediation and arbitration
will be borne equally by the Parties.

 

5.8          Benefit of Agreement.

 

		(a)	This Agreement may not be assigned by the Senior Executive without the prior written consent of Puget and Puget.

 

		(b)	Subject to the restrictions on transferability and assignment contained herein, the terms and provisions of this Agreement will be
binding upon and inure to the benefit of the Parties, their successors, assigns, personal representative, estate, heirs and legatees.

 

5.9          Captions.

 

The captions in this Agreement are for convenience and reference only and
in no way define, describe, extend or limit the scope of this Agreement or the intent of any provisions hereof.

 

5.10        Number and Gender.

 

All pronouns and any variations thereof will be deemed to refer to the
masculine, feminine, neuter, singular or plural, as the identity of the Party or Parties, or their personal representatives, successors
and assigns may require.

 

5.11        Further Assurances.

 

The Parties hereby agree to do, execute, acknowledge and deliver or cause
to be done, executed or acknowledged or delivered and to perform all such acts and deliver all such deeds, assignments, transfers, conveyances,
powers of attorney, assurances, recipes, records and other documents, as may, from time to time, be required herein to effect the intent
and purposes of this Agreement.

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 11 of 12

    

 

5.12        Status.

 

Nothing in this Agreement will be construed or will constitute a partnership,
joint venture, agency, or lessor lessee relationship; but, rather, the relationship established hereby is that set forth on exhibits 2.2
through 2.4 annexed hereto and made a part hereof.

 

5.13        Counterparts.

 

(a)           This Agreement may be executed
in any number of counterparts.

 

		(b)	Execution by exchange of electronic transmission will be deemed legally sufficient to bind the signatory; however, the Parties
will, for aesthetic purposes, prepare a fully executed original version of this Agreement, which will be the document filed by Puget,
if required, with the Securities and Exchange Commission.

 

5.14        License.

 

		(a)	This form of agreement is the property of Qest and the use hereof by the Parties is authorized hereby solely for purposes of this
transaction.

 

		(b)	The use of this form of agreement or of any derivation thereof without Qest’s prior written permission is prohibited.

 

		(c)	This Agreement will not be more strictly interpreted against any Party as a result of its authorship.

 

In Witness
Whereof, the Parties have executed this Agreement, effective as of the last date set forth below.

 

	Signed, Sealed & Delivered	 	 
	In Our Presence	 	 
	 	 	Senior Executive
	 	 	 
	 	 	 
	 	 	 
	 	 	Albert Mayer Cohen
	Dated: March 31, 2022	 	 
	 	 	 
	 	 	Puget Technologies, Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Albert Mayer Cohen, President
	Dated: March 31, 2022	{Corporate Seal}	 
	 	Attest:	 
	 	 	Thomas Jaspers, Secretary

 

    Please initial:    Puget: _____     Senior Executive: _____
 
PUGET TECHNOLOGIES, INC.
1200 North Federal Highway, Suite 200-A; Boca Raton, Florida 33432; 1 561 2108535
info@pugettechnologies.com/ * https://pugettechnologies.com/

    Page 12 of 12

    

 

Exhibits:

 

	Item	Description	Responsive Details
	 
	0.1	Senior Executive’s full name	Thomas Jaspers
	0.2	Senior Executive’s background	Thomas Jaspers, has served as an officer and director of Puget since 2014. He currently serves as its vice president, treasurer and chief financial officer as well as a member of its board of directors. In the past he also served as interim president. Mr. Jaspers is a principal in Qest (officer and board member) and prior to joining Puget had extensive experience in many aspects of financial accounting and reporting in such diverse fields as oil and gas extraction and development, real estate development, manufacturing, transportation, governmental accounting, and general business development and financing. From 1975 to 1986 and from 1998 through 2008 he was involved in public accounting. Also from 1986 through 2008 he was a developer and working interest owner in the oil and gas industry.
	0.3	Senior Executive’s services	The Senior Executive will serve as Puget’s principal financial and compliance officer, responsible for preparation of Puget’s financial statements, maintenance of its financial records, supervision of Puget’s transfer agent and all matters associated therewith, for interaction with Puget’s auditors and for final review and approval of all documents filed with the Internal Revenue Service, the Securities and Exchange Commission, the State of Nevada’s Department of State and the regulatory authorities responsible for maintaining corporate status in all states where Puget’s business activities require it to register.
	2.2	Senior Executive’s initial hierarchal position and duties	The Senior Executive shall serve as Puget’s vice president, chief financial officer, treasurer and secretary and as a member of its board of directors.
	2.3	Senior Executive’s scope of retention	The Senior Executive shall, subject to limitations, if any, imposed by Puget’s board of directors, its articles of incorporation and bylaws, the corporate law of the State of Nevada and applicable securities and other laws, serve as Puget’s substitute general agent and spokesperson in the event of the incapacity of Puget’s president.
	3.1	Senior Executive’s compensation	The Senior Executive shall be paid an annual salary of $125,000, subject to availability of otherwise unallocated funds, with all unpaid salary accruing and earning interest at the rate of 5% compounded quarterly.
	5.1(a)(1)	Notice to Senior Executive	Thomas
    Jaspers: 4675 South Yosemite Street, Unit 204; Denver, Colorado 80237. tmjthecfo@gmail.com; +1614-264-0070.

 

Please initial:    Puget:     _____     Senior Executive: _____

 

PUGET TECHNOLOGIES, INC.

1200 North Federal Highway, Suite 200-A; Boca Raton, Florida
33432; 1 561 2108535

info@pugettechnologies.com/ * https://pugettechnologies.com/Document

Exhibit 10.22

KATAPULT HOLDINGS, INC. 
NON-EMPLOYEE DIRECTORS DEFERRED COMPENSATION PLAN 
March 31, 2022 

						
	TABLE OF CONTENTS 

		
		Page 

	ARTICLE 1  INTRODUCTION
	1

	ARTICLE 2  ELIGIBILITY
	1

	ARTICLE 3  DEFERRAL ELECTIONS
	1

	ARTICLE 4  DEFERRED COMPENSATION ACCOUNTS
	2

	ARTICLE 5  DISTRIBUTION OF DEFERRED COMPENSATION
	2

	ARTICLE 6  UNFUNDED STATUS
	3

	ARTICLE 7  DESIGNATION OF BENEFICIARY
	3

	ARTICLE 8  ADMINISTRATION
	4

	ARTICLE 9  TAXES
	4

	ARTICLE 10  SECURITIES LAWS COMPLIANCE
	4

	ARTICLE 11  GENERAL PROVISIONS
	5

	ARTICLE 12  DEFINITIONS
	5

-i-

ARTICLE 1 INTRODUCTION 
1.1 Establishment.  Katapult Holdings, Inc. (the “Company”) has established this NonEmployee Directors Deferred Compensation Plan (the “Plan”) for those members of the Company’s Board of Directors who are not employees of the Company or any of its subsidiaries or affiliates.  The Plan allows such Eligible Directors to defer the receipt of Equity Compensation granted under the Company’s 2021 Equity Incentive Plan (the “Equity Plan”) pursuant to the Company’s Non-Employee Director Compensation Policy, as amended from time to time, and, subject to, and in accordance with, the terms of the Plan.  Capitalized terms used in the Plan, unless otherwise defined herein, have the definitions set forth in Article 12. 
1.2 Purpose.  This Plan is intended to advance the interests of the Company and its stockholders by providing a means to attract and retain qualified persons to serve on the Board and to promote Company equity ownership by Eligible Directors, thereby aligning such Eligible Directors’ interests more closely with the interests of the stockholders of the Company. 
1.3 Effective Date.  This Plan is effective as of March 31, 2022 (the “Effective Date”). 
ARTICLE 2 ELIGIBILITY 
2.1 Effective Date Eligibility.  Each person who is an Eligible Director on the Effective Date will be eligible to participate in the Plan as of the Effective Date.   
2.2 Initial Board Appointment Eligibility.  Each person who becomes an Eligible Director following the Effective Date shall become eligible on the date of his or her initial appointment to the Board.
2.3 Change in Employment Status.  If any Participant subsequently becomes an employee of the Company or any of its subsidiaries or affiliates such Participant shall not be eligible to defer any Equity Compensation earned during any calendar year that commences following such change in status, if applicable.  Such change in status shall not otherwise impact the Participant’s Equity Account, which will continue to be administered in accordance with the terms of the Plan and the Participant’s Deferral Election. 
ARTICLE 3 DEFERRAL ELECTIONS  
3.1 Deferral Elections.  Subject to the approval of the Administrator, each Eligible Director may elect to defer 100%, but not less than 100%, of his or her Equity Compensation by submitting a completed Deferral Election form to the Administrator in accordance with the procedures set forth in this Article 3. 
3.2 Timing of Deferral Election.  An Eligible Director may make a Deferral Election within thirty (30) days after the date on which he or she initially becomes eligible to participate in the Plan (the “Initial Election Period”).  An Eligible Director who does not make a Deferral Election within the Initial Election Period may make a Deferral Election in accordance with administrative procedures established by the Administrator.   
3.3 Effect and Duration of Deferral Election.  A Deferral Election shall apply only to Equity Compensation earned after the date such election is made and is irrevocable consistent with the requirements of Section 409A.  Any Deferral Election made within the Initial Election Period will be irrevocable upon expiration of the Initial Election Period and will apply to any Equity Compensation earned following expiration of such Initial Election Period.  Any Deferral Election made after expiration of the Initial Election Period will be irrevocable as of December 31st of the calendar year in which it was 
1

made and will apply to any Equity Compensation earned in any subsequent calendar year. The Administrator in its discretion may specify in the applicable election form that to the extent a Deferral Election is made such Deferral Election shall be evergreen so that it will continue in effect and will be applicable to Equity Compensation earned in all subsequent calendar years, unless and until such Deferral Election is modified as provided in Section 3.4. 
3.4 Modifications to Deferral Elections.  A Participant may revoke or modify a prior Deferral Election by submitting a new Deferral Election to the Administrator at such time before the first day of any subsequent calendar year in accordance with procedures established by the Administrator.  Any modified Deferral Election will commence effectiveness with respect to such subsequent calendar year and will evergreen and remain effective for calendar years commencing thereafter.  
3.5 Form of Deferral Election.  A Deferral Election shall be made in a form approved by the Administrator.
ARTICLE 4 DEFERRED COMPENSATION ACCOUNTS 
4.1 Establishment of Equity Account.  The Company shall establish an Equity Account for each Participant in the Company’s equity administration platform.  All Equity Compensation deferred pursuant to Article 3 shall be converted to Deferred Stock Units, which will be credited to the Participant’s Equity Account on the Deferral Date.  Equity Compensation deferred under the Plan will have the number of Shares subject to such deferral election converted into an equivalent number of Deferred Stock Units credited to the Participant’s Equity Account.   
4.2 Dividends Equivalents.  Unless otherwise specified in the applicable award agreement governing an award of Equity Compensation, each Participant shall receive no benefit or adjustment to the Deferred Stock Units credited to such Participant’s Equity Account with respect to any cash dividend, stock dividend or other distribution that does not result from Adjustments for Changes in Capital Structure pursuant to Section 4.3 of the Company’s Equity Plan (or similar provisions in any successor equity incentive plan adopted by the Company); provided, however, that this sentence shall not apply with respect to any Shares that are delivered to the Participant in connection with such Participant’s Deferred Stock Units after such Shares have been delivered to the Participant. To the extent that the applicable award agreement governing an award of Equity Compensation contains the right to receive dividends or dividend equivalents, any such dividends or dividend equivalents will be credited to the Participant’s Equity Account on the same date(s) on which such dividends or dividend equivalents would otherwise have been paid pursuant to such award agreement. 
4.3 Adjustments for Changes in Capital Structure.  In the event of a merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Shares (excepting regular, periodic cash dividends) that has a material effect on the Fair Market Value of the Shares, appropriate and proportionate adjustments shall be made to Deferred Stock Units issued under this Plan in accordance with Section 4.3 of the Company’s Equity Plan (or similar provisions in any successor plan adopted by the Company). 
ARTICLE 5 DISTRIBUTION OF DEFERRED COMPENSATION 
5.1 Share Settlement and Source of Shares.  Settlement of a Participant’s Equity Account will be effected by delivering to the Participant a number of Shares equal to the number of whole Deferred Stock Units credited to the Participant’s Equity Account.  The source of Shares distributed pursuant to this Plan 
2

shall be the Company’s Equity Plan or any successor equity incentive plan adopted by the Company.  Any fractional Deferred Stock Units credited to a Participant’s Equity Account at the time of a distribution shall be paid in cash at the time of such distribution. 
5.2 Timing and Form of Distribution.  Each Participant’s Equity Account shall be settled in a lump sum on the earlier of (i) such Participant’s Separation from Service or (ii) a Change in Control.   
5.3 Specified Employee Delay in Distribution Upon Separation from Service.  The provisions of this Section 5.3 shall apply to the extent necessary to avoid adverse tax consequences to a Participant under Section 409A of the Code.  If a Participant is a Specified Employee any distribution to such Participant that is triggered by a Separation from Service will be made on the date that is six months and one day following the date of the Separation from Service.   
5.4 Distribution upon Death.  In the event of a Participant’s death at any time prior to distribution of the Participant’s entire Equity Account, as soon as administratively feasible after the Participant’s death the entire balance of the Participant’s Equity Account shall be immediately settled in an issuance of Shares with a cash payment for any fractional Stock Unit to the beneficiary designated by the Participant under Article 7. 
5.5 Unforeseeable Emergency.  In the event the Participant experiences an unforeseeable emergency as defined in Treas. Reg. § 1.409A-3(i)(3), the Administrator may, at the request of the Participant, make a distribution from the Participant’s Equity Account equivalent to the amount reasonably necessary to satisfy the emergency need. The balance of the Equity Account will not be distributed until the occurrence of the earliest distribution event as provided in Section 5.2.  Unforeseeable emergency distributions will be administered in manner compliant with the requirements of Section 409A. 
ARTICLE 6 UNFUNDED STATUS 
6.1 General.  The interest of each Participant in any Equity Compensation deferred under the Plan (and any Deferred Stock Units or Equity Account relating thereto) shall be that of a general creditor of the Company.  Equity Accounts, and Deferred Stock Units credited thereto, shall at all times be maintained by the Company as bookkeeping entries evidencing unfunded and unsecured general obligations of the Company.  Except as provided in Section 6.2, no money or other assets shall be set aside for any Participant. 
6.2 Trust.  To the extent determined by the Board, the Company may, but shall not be required to, transfer funds necessary to fund all or part of the payments under the Plan to a trust; provided, the assets held in such trust shall remain at all times subject to the claims of the general creditors of the Company.  No participant or beneficiary shall have any interest in the assets held in such trust or in the general assets of the Company other than as a general, unsecured creditor.  Accordingly, the Company shall not grant a security interest in the assets held by the trust in favor of any Participant, beneficiary or creditor. 
ARTICLE 7 DESIGNATION OF BENEFICIARY 
7.1 Beneficiary Designation.  Each Participant may designate one or more beneficiaries to receive settlement of the Participant’s Equity Account in the event of such Participant’s death.  The Company may rely upon the beneficiary designation filed with the Administrator, provided that such form was executed by the Participant or his or her legal representative and filed with the Administrator prior to the Participant’s death.  If a Participant has not designated a beneficiary, or if the designated beneficiary is not surviving when a payment is to be made to such person under the Plan, the beneficiary with respect to 
3

such payment shall be the Participant’s surviving spouse, or if there is no surviving spouse, the Participant’s estate. 
ARTICLE 8 ADMINISTRATION 
8.1 Administrator.  The Plan shall be administered by the Administrator appointed by the Board.  The Administrator shall have the authority to make all determinations it deems necessary or advisable for administering the Plan, subject to the express provisions of the Plan, and to delegate its authority to one or more Company employees.
8.2 Binding Effect of Decisions.  The decision or action of the Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon the Participants and any other persons having any interest in the Plan. 
8.3 Indemnification of Administrator.  The Company shall indemnify and hold harmless the members of the committee comprising the Administrator, and any Company employee to whom the duties of the Administrator are delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct. 
ARTICLE 9 TAXES 
9.1 Withholding Taxes. By electing to make a deferral under this Plan, each Participant authorizes the required withholding, if any, from, at the Company’s election, distributions and any other amounts payable to the Participant, and the Participant otherwise agrees to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company, if any, which arise in connection with payments or distributions from this Plan.  Unless the tax withholding obligations of the Company are satisfied, the Company shall have no obligation to make distributions under this Plan.  Any tax withholding obligation triggered by a distribution of Shares will be satisfied by an automatic reduction in the number of Shares issued to the Participant or the Participant’s beneficiary. For the avoidance of doubt, tax withholding is not required for any Director who does not otherwise provide services to the Company as an employee. 
9.2 Section 409A Savings.  This Plan is intended to comply with the requirements of Section 409A of the Code.  The Administrator shall interpret the Plan provisions in a manner consistent with the requirements of Section 409A of the Code. To the extent one or more provisions of this Plan do not comply with Section 409A of the Code, such provision shall be automatically and immediately voided, and shall be amended as soon as administratively feasible and shall be administered to so comply.  Notwithstanding the foregoing or anything else to the contrary in the Plan, the Company shall have no liability to any Participant should any provision of the Plan fail to satisfy the requirements of Section 409A. 
ARTICLE 10 SECURITIES LAWS COMPLIANCE 
10.1 Action by Administrator.  With respect to any Participant who is then subject to Section 16 of the Exchange Act, notwithstanding anything to the contrary set forth herein, any function of the Administrator under the Plan relating to such Participant shall be performed solely by the Board or its Compensation Committee, if and to the extent required to ensure the availability of an exemption under Section 16 of the Exchange Act for any transaction relating to such Participant under the Plan. 
4

10.2 Compliance with Section 16.  Notwithstanding any other provision of the Plan or any rule, instruction, election form or other form, the Plan and any such rule, instruction or form shall be subject to any additional conditions or limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, such provision, rule, instruction or form shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
ARTICLE 11 GENERAL PROVISIONS 
11.1 No Stockholder Rights Conferred.  Nothing contained in the Plan will confer upon any Participant or beneficiary any rights of a stockholder of the Company, unless and until Shares are in fact issued or transferred to such Participant or beneficiary in accordance with Article 5. 
11.2 Changes to The Plan.  The Board may amend, alter, suspend, discontinue, extend, or terminate the Plan without the consent of Participants; provided, no such action may materially impair the rights of a Participant with respect to any Deferred Stock Units credited to his or her Equity Account prior to the date of such action unless the affected Participant consents to such action. 
11.3 Compliance With Laws and Obligations.  The Company will not be obligated to issue or deliver Shares in connection with the Plan in a transaction subject to the registration requirements of the Securities Act of 1933, as amended, or any other federal or state securities law, any requirement under any listing agreement between the Company and any national securities exchange or automated quotation system or any other laws, regulations, or contractual obligations of the Company, until the Company is satisfied that such laws, regulations and other obligations of the Company have been complied with in full.  Certificates, if any, representing Shares delivered under the Plan will be subject to such restrictions as may be applicable under such laws, regulations and other obligations of the Company. 
11.4 Limitations on Transferability.  Deferred Stock Units and other rights under the Plan may not be transferred, pledged, mortgaged, hypothecated or otherwise encumbered, and shall not be subject to the claims of creditors of any Participant.   
11.5 Governing Law.  The validity, construction and effect of the Plan and any agreement hereunder will be determined in accordance with laws of the State of Delaware. 
11.6 Plan Termination.  The Board reserves the right to terminate the Plan at any time to the extent such termination is in compliance with the requirements of Section 409A.  Unless earlier terminated by action of the Board, the Plan will remain in effect until such time as the Company and the Participants have no further rights or obligations under the Plan. 
11.7 Acceleration of Plan Distributions.  The Administrator reserves the right to accelerate the distribution of Shares in settlement of Equity Accounts to the extent compliant with the requirements of Section 409A, including any accelerated distribution permitted by Treas. Reg. § 1.409A-3(j)(4). 
ARTICLE 12 DEFINITIONS 
Wherever used herein, the following terms shall have the meanings set forth below: 
“Administrator” means the Compensation Committee of the Board or such other committee consisting of two or more persons appointed by the Board to administer the Plan under Article 8. 
“Board” means the Board of Directors of the Company. 
5

“Change in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as defined in Section 409A(a)(2)(A)(v) of the Code.  Whether a Change in Control has occurred will be determined in manner consistent with the requirements of Section 409A. 
“Code” means the Internal Revenue Code of 1986, as amended, and any applicable regulations and administrative guidelines promulgated thereunder. 
“Company” means Katapult Holdings, Inc., a Delaware corporation, and any successor corporation thereto. 
“Deferral Date” means the date Equity Compensation would otherwise have been paid to the Participant in the absence of a Deferral Election. 
“Deferral Election” means a written election by a Participant to defer Equity Compensation under the Plan. 
“Deferred Stock Units” means the credits made to a Participant’s Equity Account under Article 4 of the Plan.  Each Deferred Stock Unit represents the right to receive one Share upon settlement of the Equity Account. 
“Director” means a member of the Board. 
“Eligible Director” means a Director who is not an employee of the Company or any of its subsidiaries or affiliates.   
“Equity Account” means the bookkeeping account established by the Company pursuant to Section 4.1. 
“Equity Compensation” means all or part of any equity award providing for an issuance of Shares granted to an Eligible Director as consideration for services provided as a Director, but excluding any stock option.   
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
“Fair Market Value” of a Share means, as of any date, the value of a Share or other property as determined by the Committee, in its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company herein, subject to the following: 
(i)    Except as otherwise determined by the Committee, if, on such date, the Shares are listed or quoted on a national or regional securities exchange or quotation system, the Fair Market Value of a Share shall be the closing price of such Share as quoted on the national or regional securities exchange or quotation system constituting the primary market for the Shares, as reported in The Wall Street Journal or such other source as the Company deems reliable. If the relevant date does not fall on a day on which the Shares have traded on such securities exchange or quotation system, the date on which the Fair Market Value shall be established shall be the last day on which the Shares were so traded or quoted prior to the relevant date, or such other appropriate day as shall be determined by the Committee, in its discretion. 
(ii)    If, on such date, the Shares are not listed or quoted on a national or regional securities exchange or quotation system, the Fair Market Value of a Share shall be as determined by the Committee 
6

in good faith without regard to any restriction other than a restriction which, by its terms, will never lapse, and in a manner consistent with the requirements of Section 409A or Section 422 of the Code to the extent applicable.  
“Participant” means an Eligible Director who elects to defer Equity Compensation under the Plan. 
“Section 409A” shall mean Section 409A of the Code and the regulations and other guidance thereunder. 
“Separation from Service” means the termination of an individual’s service as a Director for any reason within the meaning of Treas. Reg. § 1.409A-1(h).  Whether a Separation from Service has occurred will be determined in manner consistent with the requirements of Section 409A. 
“Shares” means shares of the Company’s common stock, par value $0.001 per share, or, in the event that the outstanding shares of the Company’s common stock are recapitalized, converted into or exchanged for different stock or securities of the Company, such other stock or securities. 
“Specified Employee” means a “specified employee” as defined in Treas. Reg. § 1.409A-1(i).
7

ELECTION 

INITIAL RSU GRANT DEFERRAL
FORM OF NOTICE OF ELECTION TO DEFER EQUITY COMPENSATION 
Katapult Holdings, Inc. 
5204 Tennyson Parkway, Suite 500 
Plano, TX 75024 
Attention: [Corporate Secretary] 
RE:  Notice of Election to Defer Board of Director Equity Compensation 
Dear [●]: 
Pursuant to the Katapult Holdings, Inc. Non-Employee Directors Deferred Compensation Plan (the “Plan”), I hereby elect to defer settlement of my Initial RSU Grant1 that I earn following April [●], 2022 (the “Deferral Election Deadline”).  In order to be effective, this deferral election (this “Deferral Election”) must be returned by email to [●] on or prior to the Deferral Election Deadline. Capitalized terms used but not otherwise defined in this Deferral election will have the meanings ascribed to such terms in the Plan. 
Deferral Election: I hereby elect to defer (please check the following box only if you wish to make a Deferral Election): 
□    100% of my Initial RSU Grant earned after the Deferral Election Deadline shall be deferred  and credited to my Equity Account as provided for in the Plan 
Payment Form and Timing: By making this Deferral Election, I understand that  Initial RSU Grant will be credited to my Equity Account under the Plan, which will be distributed to me in a lump sum on the earlier to occur of (i) my Separation from Service or (ii) a Change in Control.   
Certain Acknowledgements: 
•    This Deferral Election must be completed and returned to the Company on or prior to the Deferral Election Deadline.  Any Deferral Election receive after the Deferral Election Deadline, and any incomplete Deferral Election, will not be honored. 
•    This Deferral Election is subject to the terms and conditions set forth in the Plan. I acknowledge that I have received a copy of the Plan and that my participation in the Plan is subject to the terms and conditions of the Plan. 
•    I understand that this Deferral Election will become irrevocable as of the Deferral Election Deadline and may not be changed or revoked after the Deferral Election Deadline. 

1 Note to Director: Pursuant to the Katapult Holdings, Inc. Non-Employee Director Compensation Policy, each Eligible Director who is first elected or appointed to the Board will automatically be granted restricted stock units with a grant date fair market value equal to $300,000 (the “Initial RSU Grant”).
1

ELECTION

•    I understand that the Plan and this Deferral Election are intended to comply with the requirements of Section 409A and shall be interpreted in a manner consistent with such intent. Notwithstanding the foregoing or anything else to the contrary in the Plan, the Company shall have no liability to any person should any provision of the Plan or this Deferral Election fail to satisfy the requirements of Section 409A. 
•    I am aware that any elections I have hereby made may have significant tax consequences to me.  I acknowledge and agree that the Company is not providing me with tax advice with respect to my participation in the Plan nor this Deferral Election. I further understand that it is solely my responsibility for obtaining tax advice with respect to my participation in the Plan and, to the extent I deem necessary, I have received advice from my personal tax advisor before making this Deferral Election. 
			
	Sincerely, 

	
	
	
	Signature of Director 

	
	
	Printed Name of Director 

	
	
	Date

2

ELECTION 

ANNUAL RSU GRANT DEFERRAL
FORM OF NOTICE OF ELECTION TO DEFER EQUITY COMPENSATION
Katapult Holdings, Inc. 
5204 Tennyson Parkway, Suite 500 
Plano, TX 75024 
Attention: [Corporate Secretary]
RE:  Notice of Election to Defer Board of Director Equity Compensation 
Dear [●]: 
Pursuant to the Katapult Holdings, Inc. Non-Employee Directors Deferred Compensation Plan (the “Plan”), I hereby elect to defer settlement of my Annual RSU Grant2 that I earn following April [●], 2022 (the “Deferral Election Deadline”).  In order to be effective, this deferral election (this “Deferral Election”) must be returned by email to [●] on or prior to the Deferral Election Deadline. Capitalized terms used but not otherwise defined in this Deferral election will have the meanings ascribed to such terms in the Plan. 
Evergreen Election: I understand that this Deferral Election will remain in effect with respect to any Annual RSU Grants that I earn in future taxable years unless and until changed by me in a manner permitted by Section 409A. 
Deferral Election: I hereby elect to defer (please check the following box only if you wish to make a Deferral Election): 
□    100% of my Annual RSU Grant earned after the Deferral Election Deadline shall be  deferred and credited to my Equity Account as provided for in the Plan 
Payment Form and Timing: By making this Deferral Election, I understand that my Annual RSU Grant will be credited to my Equity Account under the Plan, which will be distributed to me in a lump sum on the earlier to occur of (i) my Separation from Service or (ii) a Change in Control.   
Certain Acknowledgements: 
•    This Deferral Election must be completed and returned to the Company on or prior to the Deferral Election Deadline.  Any Deferral Election receive after the Deferral Election Deadline, and any incomplete Deferral Election, will not be honored. 

2 Note to Director: Pursuant to the Katapult Holdings, Inc. Non-Employee Director Compensation Policy, on the date of each annual stockholder meeting, each Eligible Director (excluding any Eligible Director who is first appointed or elected by the Board at the annual meeting) will automatically be granted restricted stock units with a grant date fair market value equal to $150,000 (the “Annual RSU Grant”). 
1

ELECTION 

•    This Deferral Election is subject to the terms and conditions set forth in the Plan. I acknowledge that I have received a copy of the Plan and that my participation in the Plan is subject to the terms and conditions of the Plan. 
•    I understand that this Deferral Election will become irrevocable as of the Deferral Election Deadline and may not be changed or revoked after the Deferral Election Deadline. 
•    I understand that the Plan and this Deferral Election are intended to comply with the requirements of Section 409A and shall be interpreted in a manner consistent with such intent. Notwithstanding the foregoing or anything else to the contrary in the Plan, the Company shall have no liability to any person should any provision of the Plan or this Deferral Election fail to satisfy the requirements of Section 409A. 
•    I am aware that any elections I have hereby made may have significant tax consequences to me.  I acknowledge and agree that the Company is not providing me with tax advice with respect to my participation in the Plan nor this Deferral Election. I further understand that it is solely my responsibility for obtaining tax advice with respect to my participation in the Plan and, to the extent I deem necessary, I have received advice from my personal tax advisor before making this Deferral Election. 
			
	Sincerely, 

	
	
	
	Signature of Director 

	
	
	Printed Name of Director 

	
	
	Date

2

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