Document:

EX-10.5

 Exhibit 10.5 

BIGBEAR.AI HOLDINGS, INC. 

2021 LONG-TERM INCENTIVE PLAN 

STOCK OPTION GRANT NOTICE 

Pursuant to the terms and conditions of the BigBear.ai Holdings, Inc. 2021 Long-Term Incentive Plan,
as amended, restated or otherwise modified from time to time (the “Plan”), BigBear.ai Holdings, Inc., a Delaware corporation (the “Company”), hereby grants to the individual listed below (“Participant”) the
stock option (the “Option”) set forth below. This award of the Option (this “Award”) is subject to the terms and conditions set forth herein and in the Stock Option Agreement attached hereto as Exhibit A
(the “Agreement”), which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 
  

					
	Participant:	 	  
	 	
			
	Grant Date:	 	  
	 	
			
	Exercise Price per Share:	 	$                                      
                                         
     	 	per share
			
	Shares Subject to the Option:	 	  
	 	shares
			
	Type of Option:	 	Non-Qualified Stock Option	 	
			
	Vesting Commencement Date:	 	  
	 	
		
	Vesting Schedule:	 	Subject to the Agreement, the Plan and other terms and conditions set forth herein, the Option will vest and become exercisable according to the following schedule, so long as Participant has not incurred a Termination
of Service prior to the applicable vesting date:
			
	 	 	 Vesting Date
	 	 Percentage of the

Option That Vests

		 		 	

 By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the
Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the
Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, this Grant Notice or the Agreement. This
Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 Notwithstanding any provision of this Grant Notice or the Agreement, if Participant has not
executed this Grant Notice within 90 days following the Grant Date set forth above, Participant will be deemed to have accepted this Award, subject to all of the terms and conditions of this Grant Notice, the Agreement and the Plan. 

[Signature Page Follows] 

  
 2 

							
	BIGBEAR.AI HOLDINGS, INC.	 	            	 	PARTICIPANT
				
	By:	 	  
	 		 	  

	Name:	 	  
	 		 	
	Title:	 	  
	 		 	

 SIGNATURE PAGE 

TO 

STOCK OPTION GRANT NOTICE 

 Exhibit A 

STOCK OPTION AGREEMENT 

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant
Notice, in the Plan. 
 ARTICLE I. 

DEFINITIONS 
 For purposes of this
Agreement, the following terms will have the following meanings: 
 1.1    “Employment Agreement” means
any employment agreement, offer letter, consulting agreement, or similar agreement between Participant and the Company or an Affiliate. 

1.2    “Good Reason” means: 

(a)    If Participant has an Employment Agreement that defines “good reason” (or words of like import), the
meaning set forth in Participant’s Employment Agreement; or 
 (b)    If Participant does not have an Employment
Agreement, or if Participant’s Employment Agreement does not define “good reason” (or words of like import), the occurrence of any of the following events without the written consent of Participant, unless such events are fully
corrected in all material respects by the Company within thirty (30) days following written notification by Participant to the Company of the occurrence of one of the conditions set forth below: (i) a material reduction in
Participant’s base salary or target annual bonus opportunity other than a general reduction in base salary or target annual bonus opportunity that affects all similarly situated employees in substantially the same proportions; (ii) a
material diminution in Participant’s duties, authorities or responsibilities (other than temporarily while Participant is physically or mentally incapacitated or as required by applicable law and excluding duties, authorities or
responsibilities that have been assigned to Participant on a temporary or interim basis); or (iii) a relocation of Participant’s primary work location by more than fifty (50) miles from Participant’s primary work location
immediately prior to such relocation. Participant must provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within thirty (30) days after the first occurrence of such circumstances and
actually resign from employment within thirty (30) days following the expiration of the Company’s thirty (30)-day cure period described above if the applicable condition has not been cured.
Otherwise, any claim of such circumstances as Good Reason will be deemed irrevocably waived by Participant. 
 ARTICLE II. 

GENERAL 

2.1    Grant of Option. The Company has granted to Participant the Option effective as of the grant date set
forth in the Grant Notice (the “Grant Date”). 
 2.2    Exercise Price. The exercise
price of each Share subject to the Option shall be the exercise price set forth in the Grant Notice (the “Exercise Price”), which has been determined to be not less than the Fair Market Value of a Share on the Grant Date. For all
purposes of this Agreement, the Fair Market Value of a Share shall be determined in accordance with the provisions of the Plan. 

 2.3    Vesting. The Option will vest according to the vesting
schedule in the Grant Notice (the “Vesting Schedule”); provided that, notwithstanding anything to the contrary set forth in the Grant Notice: 

(a)    In the event Participant incurs a Termination of Service due to Participant’s death or Disability, any
unvested portion of the Option outstanding as of immediately prior to Participant’s Termination of Service will automatically vest upon Participant’s Termination of Service; 

(b)    In the event a Change in Control is consummated and the Option is not assumed or substituted, any unvested portion
of the Option outstanding as of immediately prior to the consummation of such Change in Control will automatically vest immediately prior to the consummation of such Change in Control, and the Committee may in its sole discretion, extend the
duration of exercisability of the Option (or applicable portion thereof) through any date prior to the Final Expiration Date (as defined below); and 

(c)    In the event Participant incurs a Termination of Service due to an involuntary termination without Cause or
resignation for Good Reason, in each case, within two (2) years following the consummation of a Change in Control, any unvested portion of the Option outstanding as of immediately prior to Participant’s Termination of Service will
automatically vest upon Participant’s Termination of Service. 
 2.4    Forfeiture. Except as explicitly
provided in Section 2.3, in the event of Participant’s Termination of Service for any reason, any portion of the Option that is not vested will immediately and automatically be cancelled and forfeited as of the date of such Termination of
Service at no cost to the Company. 
 2.5    Incorporation of Terms of Plan. The Option is subject to the terms
and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

ARTICLE III. 
 PERIOD OF
EXERCISABILITY 
 3.1    Commencement of Exercisability. The Option will vest and become exercisable according to
Section 2.3. Notwithstanding anything in the Grant Notice, the Plan or this Agreement to the contrary, unless the Committee otherwise determines, the Option will immediately expire and be forfeited as to any portion that is not vested and
exercisable as of Participant’s Termination of Service for any reason except as provided in Section 3.3. 

3.2    Duration of Exercisability. The Vesting Schedule is cumulative. Any portion of the Option which vests and
becomes exercisable will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration. 

  
 A-2 

 3.3    Expiration of Option. The Option may not be exercised to
any extent by anyone after, and will expire on, the first of the following to occur: 
 (a)    The tenth anniversary of
the Grant Date (the “Final Expiration Date”); 
 (b)    Except as the Committee may otherwise approve,
the expiration of thirty (30) days from the date of Participant’s Termination of Service, unless Participant’s Termination of Service is (i) for Cause, (ii) a termination without Cause or resignation by Participant for Good
Reason, in each case, within two (2) years following a Change in Control or (iii) by reason of Participant’s death or Disability; 

(c)    Except as the Committee may otherwise approve, the expiration of ninety (90) days from the date of
Participant’s Termination of Service without Cause or as a result of Participant’s resignation for Good Reason, in each case, within two (2) years following a Change in Control; 

(d)    Except as the Committee may otherwise approve, the expiration of one (1) year from the date of
Participant’s Termination of Service by reason of Participant’s death or Disability; and 
 (e)    Except as
the Committee may otherwise approve, Participant’s Termination of Service for Cause. 
 ARTICLE IV. 

EXERCISE OF OPTION 

4.1    Person Eligible to Exercise. During Participant’s lifetime, only Participant may exercise the Option.
After Participant’s death, any exercisable portion of the Option may, prior to the time the Option expires, be exercised by the legal representative of the Participant’s estate as provided in the Plan. 

4.2    Exercise Procedures. Subject to the earlier expiration of the Option as provided herein, the Option may be
exercised, by (a) providing written notice to the Company in the form prescribed by the Committee from time to time at any time and from time to time after the Grant Date, which notice shall be delivered to the Company in the form, and in the
manner, designated by the Committee from time to time, and (b) paying the Exercise Price in full in a manner permitted by Section 4.3; provided, however, that the Option shall not be exercisable for more than the number of Shares
subject to the Option with respect to which the Option has become vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice or as provided in Section 2.3. 

4.3    Payment of Exercise Price. The Exercise Price for the Shares as to which the Option is exercised shall be
paid in full at the time of exercise (a) in cash (including check, bank draft or money order payable to the order of the Company or wire transfer of immediately available funds), (b) if permitted by the Committee in its sole discretion, by
delivering, or constructively tendering, to the Company a number of Shares having a Fair Market Value equal to the Exercise Price (provided, that, any such Shares used for this purpose must have been held by Participant for such minimum period of
time as may be established from time to time by the Committee to avoid 

  
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adverse accounting consequences), (c) through a simultaneous broker-assisted sale in accordance with a
Company-established policy or program for the same, (d) if permitted by the Committee in its sole discretion, by “net settlement exercise” pursuant to which the Company reduces the number of
Shares otherwise deliverable upon exercise of the Option by a number of Shares with an aggregate Fair Market Value equal to the aggregate Exercise Price at the time of exercise or (e) any combination of the foregoing.

4.4    Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable,
may be exercised, in whole or in part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option may only be exercised for whole Shares. Without limiting the foregoing, no
fraction of a Share shall be issued by the Company upon exercise of the Option or accepted by the Company in payment of the Exercise Price; rather, Participant shall provide a cash payment for such amount as is necessary to effect the issuance and
acceptance of only whole Shares. 
 4.5    Tax Withholding. To the extent that the receipt, vesting or exercise
of this Award results in compensation income or wages to Participant for federal, state, local and/or foreign tax purposes, Participant shall make arrangements satisfactory to the Company for the satisfaction of obligations for the payment of
withholding taxes and other tax obligations relating to this Award, which arrangements include the delivery of cash or cash equivalents, Common Stock (including previously owned Common Stock, net exercise, a
broker-assisted sale, or, if permitted by the Committee, other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to this Award), other property, or any other
legal consideration the Committee deems appropriate. If such tax obligations are satisfied through net exercise or the surrender of previously owned Common Stock, the maximum number of shares of Common Stock that may be so withheld (or surrendered)
shall be the number of shares of Common Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal,
state, local and/or foreign tax purposes, including payroll taxes, that may be used without creating adverse accounting treatment for the Company with respect to this Award, as determined by the Committee. Any fraction of a share of Common Stock
required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash to Participant. Participant acknowledges that there may be adverse tax consequences upon the receipt, vesting or exercise of this Award or
disposition of the underlying shares and that Participant has been advised, and hereby is advised, to consult a tax advisor. Participant represents that Participant is in no manner relying on the Board, the Committee, the Company or an Affiliate or
any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of
such tax consequences. 
 ARTICLE V. 

OTHER PROVISIONS 

5.1    Adjustments. Participant acknowledges that the Option is subject to adjustment, modification and termination
in certain events as provided in this Agreement and the Plan. 

  
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 5.2    Notices. All notices and other communications under this
Agreement shall be in writing and shall be delivered to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 

If to the Company, unless otherwise designated by the Company in a written notice to the Participant (or other holder): 

BigBear.ai Holdings, Inc. 
 Attn:
General Counsel 
 6811 Benjamin Franklin Drive 

Columbia, MD 21046 
 If to
Participant, at Participant’s last known address on file with the Company. Any notice that is delivered personally or by overnight courier or telecopier in the manner provided herein shall be deemed to have been duly given to Participant when
it is mailed by the Company or, if such notice is not mailed to Participant, upon receipt by Participant. Any notice that is addressed and mailed in the manner herein provided shall be conclusively presumed to have been given to the party to whom it
is addressed at the close of business, local time of the recipient, on the fourth day after the day it is so placed in the mail. 

5.3    Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement. 
 5.4    Conformity to Securities Laws. Participant acknowledges that the
Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws. 

5.5    Rights as a Stockholder. Participant shall not have any rights as a stockholder of the Company with respect
to any Shares that may become deliverable hereunder unless and until Participant has become the holder of record of such Shares, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of
any such Shares, except as otherwise specifically provided for in the Plan or this Agreement. 
 5.6    Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set
forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

5.7    Limitations Applicable to Section 16 Persons. Notwithstanding any other
provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional 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 Applicable Laws permit, this Agreement
will be deemed amended as necessary to conform to such applicable exemptive rule. 

  
 A-5 

 5.8    Entire Agreement. The Plan, the Grant Notice and this
Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof; provided ̧
however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment, consulting and/or severance agreement between the Company or an Affiliate and Participant in effect as of the date a
determination is to be made under this Agreement. 
 5.9    Agreement Severable. In the event that any provision
of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or
this Agreement. 
 5.10    Limitation on Participant’s Rights. Participation in the Plan confers no rights
or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of
itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive
the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof. 

5.11    No Right to Continued Service or Awards. Nothing in the Plan, the Grant Notice or this Agreement confers
upon Participant any right to continue in the service of the Company or any Affiliate or interferes with or restricts in any way the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate the
services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or an Affiliate and Participant. The grant of the Option is a one-time benefit and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Any future Awards will be granted at the sole discretion of the Company.

 5.12    Satisfaction of Claims. Any issuance or transfer of Shares or other property to Participant or
Participant’s legal representative, heir, legatee or distribute, in accordance with the Plan, the Grant Notice and this Agreement shall be in full satisfaction of all claims of such person hereunder. 

5.13    Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any
electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

5.14    Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format,
Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, without limitation, prospectuses, prospectus supplements, grant or award notifications
and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other Award made or offered by the Company. 

  
 A-6 

 
Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet or third party website to which Participant has access. Participant hereby
consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that Participant’s
electronic signature is the same as, and shall have the same force and effect as, Participant’s manual signature. 

5.15    Company Recoupment of Awards. Participant’s rights with respect to this Award shall in all events be
subject to (a) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with Participant, or (b) any right or obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission.

 * * * * * 

  
 A-7EX-10.6

 Exhibit 10.6 

BIGBEAR.AI HOLDINGS, INC. 

2021 LONG-TERM INCENTIVE PLAN 

RESTRICTED STOCK UNIT GRANT NOTICE (NON-EMPLOYEE DIRECTOR) 

Pursuant to the terms and conditions of the BigBear.ai Holdings, Inc. 2021 Long-Term Incentive Plan, as amended, restated or otherwise
modified from time to time (the “Plan”), BigBear.ai Holdings, Inc., a Delaware corporation (the “Company”), hereby grants to the individual listed below (“Participant”) the number of restricted
stock units (the “RSUs”) set forth below. This award of RSUs (this “Award”) is subject to the terms and conditions set forth herein and in the Restricted Stock Unit Agreement attached hereto as Exhibit A
(the “Agreement”), which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 

 

					
	Participant:	 	  
	 	
			
	Grant Date:	 	  
	 	
			
	Number of RSUs:	 	  
	 	
			
	Vesting Commencement Date:	 	  
	 	
		
	Vesting Schedule:	 	Subject to the Agreement, the Plan and other terms and conditions set forth herein, the RSUs will vest according to the following schedule, so long as Participant has not incurred a Termination of Service prior to the
applicable vesting date:
			
	 	 	 Vesting Date
	 	 Percentage of RSUs

That Vest

		 		 	

 By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the
Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the
Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, this Grant Notice or the Agreement. This
Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 Notwithstanding any provision of this Grant Notice or the Agreement, if Participant has not executed this Grant Notice within 90 days
following the Grant Date set forth above, Participant will be deemed to have accepted this Award, subject to all of the terms and conditions of this Grant Notice, the Agreement and the Plan. 

[Signature Page Follows] 

							
	BIGBEAR.AI HOLDINGS, INC.	 	            	 	PARTICIPANT
				
	By:	 	  
	 		 	  

	Name:	 	  
	 		 	
	Title:	 	  
	 		 	

 SIGNATURE PAGE 

TO 

RESTRICTED STOCK UNIT GRANT NOTICE 

 Exhibit A 

RESTRICTED STOCK UNIT AGREEMENT 

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant
Notice, in the Plan. 
 ARTICLE I. 

GENERAL 

1.1    Award of RSUs. The Company has granted the RSUs to Participant effective as of the grant date set forth in
the Grant Notice (the “Grant Date”). Each RSU represents the right to receive one Share as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment of any cash until the time (if ever)
the RSUs have vested. 
 1.2    Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions
set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

1.3    Unsecured Promise. The RSUs will at all times prior to settlement represent an unsecured Company obligation
payable only from the Company’s general assets. 
 ARTICLE II. 

VESTING; FORFEITURE AND SETTLEMENT 

2.1    Vesting; Forfeiture. 

(a)    The RSUs will vest according to the vesting schedule in the Grant Notice. In the event of Participant’s
Termination of Service for Cause, all unvested RSUs will immediately and automatically be cancelled and forfeited, except as otherwise determined by the Committee or provided in a binding written agreement between Participant and the Company. 

(b)    In the event of Participant’s Termination of Service due to resignation or Participant’s decision not to
stand for reelection as a member of the Board (if applicable), , a number of RSUs equal to the Applicable Pro Rata Portion (as defined below) shall immediately vest as of the date of such Termination of Service. As used herein, “Applicable
Pro Rata Portion” means (i) if, as of the date of the Participant’s Termination of Service, the Participant has served as a member of the Board for at least three years during any period after December 7, 2021, the total
number of RSUs subject to this Award or (ii) in any other case, an amount equal to the total number of RSUs subject to this Award multiplied by a fraction (A) the numerator of which is the number of days from the Vesting Commencement Date
through the date on which such Termination of Service occurs and (B) the denominator of which is 365. 
 (c)    In
the event of Participant’s Termination of Service for any reason other than as set forth in Section 2.1(a) or (b), any unvested RSUs will vest in their entirety as of the date of such Termination of Service. 

 (d)    Notwithstanding anything in the Grant Notice, this Agreement or
the Plan to the contrary, the RSUs will vest in their entirety upon the consummation of a Change in Control so long as Participant has not incurred a Termination of Service prior to the consummation of such Change in Control. 

2.2    Dividend Equivalents. In the event that the Company declares and pays a cash dividend in respect of its
outstanding Shares and, on the record date for such dividend, Participant holds RSUs granted pursuant to this Agreement, the Company shall record the amount of such dividend in a bookkeeping account and pay to Participant an amount in cash equal to
the cash dividends Participant would have received if Participant was the holder of record, as of such record date, of a number of Shares equal to the number of RSUs held by Participant that have not been settled as of such record date, such payment
to be made on the Settlement Date (the “Dividend Equivalents”). For purposes of clarity, if the RSUs (or any portion thereof) are forfeited by Participant pursuant to the terms of this Agreement, then Participant shall also forfeit
the Dividend Equivalents, if any, accrued with respect to such forfeited RSUs. No interest will accrue on the Dividend Equivalents between the declaration and payment of the applicable dividends and the settlement of the Dividend Equivalents. 

2.3    Settlement. As soon as administratively practicable following the vesting of RSUs pursuant to
Section 2.1 but in no event later than 60 days following the earlier of (a) the vesting date set forth in the Grant Notice and (b) the date of Participant’s Termination of Service that qualifies as a “separation from
service” within the meaning of Section 409A of the Code, the Company shall deliver to Participant a number of Shares equal to the number of RSUs subject to this Award, if any, that have become vested as of such date. All Shares issued
hereunder shall be delivered either by delivering one or more certificates for such shares to Participant or by entering such shares in book-entry form, as determined by the Committee in its sole discretion. The value of Shares shall not bear any
interest owing to the passage of time. 
 ARTICLE III. 

TAXATION AND TAX WITHHOLDING 

3.1    Representation. Participant represents to the Company that Participant has reviewed with Participant’s
own tax advisors the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its
agents. 
 3.2    Tax Withholding. To the extent that the receipt, vesting or settlement of this Award results in
compensation income or wages to Participant for federal, state, local and/or foreign tax purposes, Participant shall make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution or other
applicable taxes that are required to be withheld in respect of this Award, which arrangements include the delivery of cash or cash equivalents, Shares (including previously owned Shares (which is not subject to any pledge or other security
interest), net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to this Award), other property, or any other legal consideration the Committee deems
appropriate. If such tax obligations are satisfied through net settlement or the surrender of previously owned Shares, the maximum number of Shares that may be so withheld (or surrendered) shall be the number of Shares that have

  
 A-2 

 
an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state,
local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to this Award, as determined by the Committee. Any fraction of a Share required to satisfy
such tax obligations shall be disregarded and the amount due shall be paid instead in cash to Participant. Participant acknowledges that there may be adverse tax consequences upon the receipt, vesting or settlement of this Award or disposition of
the underlying shares and that Participant has been advised, and hereby is advised, to consult a tax advisor. Participant represents that Participant is in no manner relying on the Board, the Committee, the Company or an Affiliate or any of their
respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax
consequences. 
 ARTICLE IV. 

OTHER PROVISIONS 

4.1    Adjustments. Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to
adjustment, modification and termination in certain events as provided in this Agreement and the Plan. 

4.2    Notices. All notices and other communications under this Agreement shall be in writing and shall be
delivered to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 
 If to
the Company, unless otherwise designated by the Company in a written notice to Participant (or other holder): 
 BigBear.ai Holdings, Inc.

 Attn: General Counsel 
 6811
Benjamin Franklin Drive 
 Columbia, MD 21046 

If to Participant, at Participant’s last known address on file with the Company. Any notice that is delivered personally or by overnight
courier or telecopier in the manner provided herein shall be deemed to have been duly given to Participant when it is mailed by the Company or, if such notice is not mailed to Participant, upon receipt by Participant. Any notice that is addressed
and mailed in the manner herein provided shall be conclusively presumed to have been given to the party to whom it is addressed at the close of business, local time of the recipient, on the fourth day after the day it is so placed in the mail. 

4.3    Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement. 
 4.4    Conformity to Securities Laws. Participant acknowledges that the
Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws. 

  
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 4.5    Successors and Assigns. The Company may assign any of its
rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

4.6    Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the
Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs will be subject to any additional 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 Applicable Laws permit, this Agreement will be deemed
amended as necessary to conform to such applicable exemptive rule. 
 4.7    Entire Agreement. The Plan, the
Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof. 
 4.8    Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is
held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

4.9    Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than
as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets.
Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive cash or the Shares as a
general unsecured creditor with respect to the RSUs, as and when settled pursuant to the terms of this Agreement. 

4.10    Non-Transferability. During the lifetime of Participant, the RSUs
may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed.
Neither the RSUs not any interest or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted
disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 

  
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 4.11    Legends. If a stock certificate is issued with respect to
the Shares delivered hereunder, such certificate shall bear such legend or legends as the Committee deems appropriate in order to reflect the restrictions set forth in this Agreement and to ensure compliance with the terms and provisions of this
Agreement, the rules, regulations and other requirements of the Securities and Exchange Commission and any other Applicable Laws. If the Shares issued hereunder are held in book-entry form, then such entry will reflect that the Shares are subject to
the restrictions set forth in this Agreement. 
 4.12    No Right to Continued Service or Awards. Nothing in the
Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the service of the Company or any Affiliate or interferes with or restricts in any way the rights of the Company and its Affiliates, which rights are hereby
expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or an Affiliate and
Participant. The grant of the RSUs is a one-time benefit and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Any future Awards will be
granted at the sole discretion of the Company. 
 4.13    Satisfaction of Claims. Any issuance or transfer of
Shares or other property to Participant or Participant’s legal representative, heir, legatee or distribute, in accordance with the Plan, the Grant Notice and this Agreement shall be in full satisfaction of all claims of such person hereunder.

 4.14    Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any
electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

4.15    Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format,
Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, without limitation, prospectuses, prospectus supplements, grant or award notifications
and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other Award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by
reference to a location on a Company intranet or third party website to which Participant has access. Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery
and acceptance of any such documents that the Company may be required to deliver, and agrees that Participant’s electronic signature is the same as, and shall have the same force and effect as, Participant’s manual signature. 

4.16    Company Recoupment of Awards. Participant’s rights with respect to this Award shall in all events be
subject to (a) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with Participant, or (b) any right or obligation that the Company may have regarding the clawback of
“incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission. 

  
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 4.17    Code Section 409A. Notwithstanding
anything herein or in the Plan to the contrary, the RSUs granted pursuant to this Agreement are intended to be exempt from or compliant with the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted
in accordance with such intent. If Participant is deemed to be a “specified employee” within the meaning of Section 409A of the Code, as determined by the Committee, at a time when Participant becomes eligible for settlement of the
RSUs upon his or her “separation from service” within the meaning of Section 409A of the Code, then to the extent necessary to prevent any accelerated or additional tax under Section 409A of the Code, such settlement will be
delayed until the earlier of: (a) the date that is six months following Participant’s separation from service and (b) Participant’s death. Notwithstanding the foregoing, the Company and its Affiliates make no representations that
the RSUs provided under this Agreement are exempt from or compliant with Section 409A of the Code and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may
be incurred by the Participant on account of non-compliance with Section 409A of the Code. 
 *
* * * * 

  
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