SEC Contract Filing

Filing Date: 2021-11-24

Document Content:
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<TYPE>EX-10.9
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<FILENAME>d249065dex109.htm
<DESCRIPTION>EX-10.9
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B>Exhibit 10.9<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Type A Template </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LOCAL BOUNTI
CORPORATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">490 Foley Lane, Hamilton, MT 59840 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Date] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Employee Name] </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="3" NOWRAP><U><B>EMPLOYMENT&nbsp;AGREEMENT</B></U></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear [Name]: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (the &#147;<B><I>Agreement</I></B>&#148;) between you (referred to hereinafter as the
&#147;<B><I>Employee</I></B>&#148; or &#147;<B><I>you</I></B>&#148;) and Local Bounti Corporation, a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), sets forth the terms and conditions that shall govern the period of Employee&#146;s
employment with the Company and its affiliates (referred to hereinafter as &#147;<B><I>Employment</I></B>&#148; or the &#147;<B><I>Employment Period</I></B>&#148;) effective as of immediately after the Closing of the Mergers (as those terms are
defined in the Merger Agreement (as defined below)) (the &#147;<B><I>Effective Date</I></B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Duties and Scope of
Employment</U></B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B><U><FONT STYLE="white-space:nowrap">At-Will</FONT> Employment</U></B>. Employee&#146;s Employment with the
Company is for no specified period and constitutes &#147;at will&#148; employment. Except as otherwise set forth herein, Employee is free to terminate Employment at any time, with or without advance notice, and for any reason or for no reason.
Similarly, the Company is free to terminate Employee&#146;s Employment at any time, with or without advance notice, and with or without Cause (as defined below). Furthermore, although terms and conditions of Employee&#146;s Employment with the
Company may change over time, nothing shall change the <FONT STYLE="white-space:nowrap">at-will</FONT> nature of Employee&#146;s Employment. This Section&nbsp;1(a) shall be limited to the extent required under applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B><U>Position and Responsibilities</U></B>. During the Employment Period, the Company agrees to employ Employee in the position of <FONT
STYLE="white-space:nowrap">Co-Chief</FONT> Executive Officer. Employee will report to the Company&#146;s Board of Directors (the &#147;<B><I>Board</I></B>&#148;). Employee will perform the duties and have the responsibilities and authority
customarily performed and held by an employee in Employee&#146;s position or as otherwise may be assigned or delegated to Employee by the Board. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B><U>Obligations to the Company</U></B>. During the Employment Period, Employee shall perform Employee&#146;s duties faithfully and to the
best of Employee&#146;s ability and will devote Employee&#146;s full business efforts and time to the Company. During the Employment Period, without the prior written approval of the Board, Employee shall not render services in any capacity to any
other Person and shall not act as a sole proprietor or partner of any other Person or own more than five percent (5%) of the ownership interests in any other entity. Notwithstanding the foregoing, Employee may serve on civic or charitable boards or
committees, deliver lectures, fulfill speaking engagements, teach at educational institutions, or manage personal investments without advance written consent of the Board; provided that such activities do not individually or in the aggregate
interfere with the performance of Employee&#146;s duties under this Agreement or create a potential business or fiduciary conflict, with an additional list of permitted activities attached hereto as Annex I (&#147;<B><I>Permitted
Activities</I></B>&#148;). Employee shall comply with the Company&#146;s policies and rules, as they may be in effect from time to time during Employee&#146;s Employment. </P>
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