SEC Contract Filing

Filing Date: 2021-06-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2119596d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 10.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">June 13, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen S. Burns</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the Address on File with the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Steve:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">The purpose of this letter is
to confirm the termination of your employment with Lordstown Motors Corp. (the &ldquo;<B><U>Company</U></B>&rdquo;) as described below.
The Company appreciates and thanks you for your service to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in"><B>1.&nbsp;&nbsp;&nbsp;
Termination of Employment</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">Your employment with the Company
is hereby terminated, effective immediately (the &ldquo;<B><U>Termination Date</U></B>&rdquo;). Effective as of the date hereof, you shall
no longer hold the position of Chief Executive Officer of the Company and you shall be terminated from all other positions you hold as
a director, officer or employee of the Company or any subsidiary or affiliate thereof, including as director of the Company. We will inform
you if any other documentation is necessary to properly effectuate such termination (the &ldquo;<B><U>Other Documentation</U></B>&rdquo;),
and you agree to cooperate reasonably and promptly in executing and delivering it at our request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in"><B>2.&nbsp;&nbsp;&nbsp;
Payments and Benefits on Termination of Employment; Conditions to Payments and Benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">Without prejudice to any rights
or claims the Company may have to the contrary under the Amended and Restated Employment Agreement between you and the Company, dated
November 1, 2019 (the &ldquo;<B><U>Employment Agreement</U></B>&rdquo;) or otherwise, all of which are hereby reserved, the Company is
willing to offer you, in connection with your termination of employment, an amount equal to $750,000, which will be paid in eighteen (18)
equal installments each month during the eighteen (18) months following the Termination Date in accordance with the Company&rsquo;s customary
policies and normal payroll practices, conditioned upon and subject to your execution and non-revocation of a general release and waiver
of claims in the form set forth on Exhibit A hereto (the &ldquo;<B><U>Release</U></B>&rdquo;) and compliance with all other terms and
conditions of the Release and the Employment Agreement. You will also receive the Minimum Payments (as defined in the Employment Agreement)
and any payments or benefits to which you may be entitled under the express terms of any executive benefit plan or as required by law.
In addition, contingent upon your execution and non-revocation of the Release, the Company shall (1) reimburse you for your reasonable
legal fees incurred in negotiating this letter or the Other Documentation and (2) release you from any claims the Company may have against
you based on actions taken prior to the date hereof that the lead independent director of the Company or the chair of the governance committee
of the Company have actual knowledge of as of the date hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><B>3.&nbsp;&nbsp;&nbsp;
Restrictive Covenants</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">Y