SEC Contract Filing

Filing Date: 2021-01-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>19
<FILENAME>nc10018795x1_ex10-10.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
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 <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-style: normal;">Exhibit 10.10</font><u><br>
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 <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>EMPLOYMENT AGREEMENT</u></div>
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 <div style="font-family: 'Times New Roman', Times, serif;">AGREEMENT, dated this 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160; day of February, 2020 by and between FACTOR SYSTEMS, INC. d/b/a BILLTRUST, a
 Delaware corporation with principal executive offices at 1009 Lenox Drive, Suite 101, Lawrenceville, New Jersey 08648 (the &#8220;Company&#8221;), and Joseph Eng (&#8220;Executive&#8221;).</div>
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 <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">W I T N E S S E T H:</div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Company is desirous of employing Executive as Chief Information Officer of the Company, and Executive is desirous of serving the Company in such capacity, all upon the
 terms and subject to the conditions hereinafter provided.</div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto, intending to be legally bound, agree as follows:</div>
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 <div><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.&#8203;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Employment</u>.</font></div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Company agrees to employ Executive, and Executive agrees to be employed by the Company, upon the terms and subject to the conditions of this Agreement.</div>
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 <div><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.&#8203;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Term</u>.</font></div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The employment of Executive as provided in Section 1 will be for a period of three (3) years commencing on the date hereof, unless sooner terminated as hereinafter provided
 (the &#8220;Term&#8221;) and shall automatically renew from year to year thereafter unless either party gives at least sixty (60) days prior written notice of termination.</div>
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 <div><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.&#8203;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-family: 'Times New Roman', Times, serif;"><u>Duties; Best Efforts; Indemnification; Place Of Performance.</u></font></div>
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 <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8203;Executive shall serve as Chief Information Officer of the Company, reporting to
 the Chief Executive Officer of the Company and shall perform such duties as are customarily performed by the Chief Information Officer, including responsibility for Billtrust&#8217;s IT infrastructure, security and product strategy.&#160; Executive shall also
 have such other powers and duties as may be from time to time prescribed by the Chief Executive Officer, provided that the nature of Executive&#8217;s powers and duties so prescribed shall not be inconsistent with Executive&#8217;s position and duties
 hereunder.</font></div>
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 <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)&#8203;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Executive shall devote his full business time, attention and energies to the
 business and affairs of the Company, shall use his best efforts to advance the best interests of the Company and shall not during the Term be actively engaged in any other business activity, whether or not such business activity is pursued for
 gain, profit or other pecuniary advantage; provided, however, that Executive may engage in charitable, educational, religious, civic and similar types of activities and serve on the board of directors of no more than one (1) external company, in
 each case to the extent that such activities do not interfere with the performance by Executive of his duties hereunder or Executive&#8217;s availability to perform such duties or that will adversely affect, or negatively reflect upon, the Company.&#160;
 Notwithstanding the foregoing, active engagement in other business activities, or service on the board of directors of any companies in excess of one (1) external company may be perm