Document:

Exhibit 4.1

 

Execution Version

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Agreement”)
is entered into and effective as of May 6, 2021, by and among Northern Genesis Acquisition Corp., a Delaware corporation (“NGA”),
The Lion Electric Company, a corporation existing under the Business Corporations Act (Québec) (“Lion”),
Continental Stock Transfer & Trust Company, a New York corporation (“Continental”), and American Stock Transfer
& Trust Company, a New York corporation (“AST”). Capitalized terms used but not defined herein have the meanings
given to such terms in the Warrant Agreement (as defined below).

 

WHEREAS, NGA and Continental have previously entered
into a warrant agreement, dated as of August 7, 2020 (the “Warrant Agreement”), governing the terms of NGA’s
outstanding warrants to purchase shares of common stock of NGA (the “Warrants”);

 

WHEREAS, NGA has entered into a Business Combination
Agreement and Plan of Reorganization, dated as of November 30, 2020 (the “Business Combination Agreement”), by and
among NGA, Lion, Lion Electric Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Lion (“Merger
Sub”), pursuant to which Merger Sub, a wholly-owned subsidiary of Lion, will merge through a statutory merger with and
into NGA, with NGA surviving the merger as a wholly owned subsidiary of Lion (the transactions contemplated by the Business Combination
Agreement are referred to herein as the “Business Combination”);

 

WHEREAS, at the closing of the Business Combination
(the “Closing”), each outstanding share of NGA’s common stock, par value $0.0001 per share, will be converted
into the right to receive one common share of Lion (the “Lion Common Shares”);

 

WHEREAS, pursuant to Section 3.01(b)(vii) of
the Business Combination Agreement and Section 4.5 of the Warrant Agreement, upon the Closing, each Warrant issued and outstanding immediately
prior thereto will be converted into a warrant to purchase Lion Common Shares (collectively, the “Lion Warrants”),
and the rights and obligations of NGA under the Warrant Agreement shall be assigned to and assumed by Lion;

 

WHEREAS, as a result of the foregoing, the parties
hereto wish for NGA to assign to Lion all of NGA’s rights, interests and obligations in and under the Warrant Agreement and for
Lion to accept such assignment and assume all of NGA’s obligations thereunder, in each case, effective upon the Closing; and

 

WHEREAS, pursuant to Section 8.2.1 of the
Warrant Agreement, Continental has agreed to resign its duties as the Warrant Agent effective upon the Closing, and AST has agreed to
serve as successor Warrant Agent from and after the Closing.

 

     

     

    

 

NOW, THEREFORE, for good and valuable consideration,
receipt of which is hereby acknowledged, the parties hereby agree as follows:

 

1. Assignment
and Assumption of Warrant Agreement. NGA hereby assigns, and Lion hereby agrees to accept and assume, effective as of the Closing,
all of NGA’s rights, interests and obligations in, and under the Warrant Agreement, and Lion hereby confirms that it agrees to all
rights, interests and obligations under the Lion Warrants. Unless the context otherwise requires, from and after the Closing, any references
in the Warrant Agreement or the Warrants to: (i) the “Company” shall mean Lion; (ii) “Common Stock”
or “shares” shall mean the Lion Common Shares; (iii) the “Board of Directors” or any committee thereof shall
mean the board of directors of Lion or any committee thereof; and (iv) the “Warrant Agent” or “Continental Stock Transfer &
Trust Company” shall mean AST rather than Continental.

 

2. Resignation
of Current Warrant Agent and Appointment of Successor Warrant Agent. Continental hereby resigns as Warrant Agent under the Warrant
Agreement, and Lion hereby appoints AST to act as the Warrant Agent for Lion under the Warrant Agreement, and AST hereby accepts such
appointment and agrees to perform the same in accordance with the terms and conditions set forth in the Warrant Agreement as modified
by this Agreement.

 

3. Replacement
Instruments. As of the Closing, all outstanding instruments evidencing Warrants shall automatically be deemed to evidence Lion Warrants
reflecting the conversion and adjustment to the terms and conditions described herein and in Section 4.5 of the Warrant Agreement. Following
the Closing, upon request by any holder of a Lion Warrant, Lion shall issue a new instrument for such Lion Warrant to the holder thereof.

 

4. Amendment
to Warrant Agreement. To the extent required by this Agreement, the Warrant Agreement is hereby deemed amended pursuant to Section 9.8
thereof to reflect the subject matter contained herein, effective as of the Closing.

 

5. Applicable
Law. The validity, interpretation, and performance of this Agreement shall be governed in all respects by the laws of the State of
New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another
jurisdiction.

 

6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Execution and delivery
of this Agreement by electronic mail or exchange of facsimile of .pdf copies bearing the facsimile signature of a party hereto shall constitute
a valid and binding execution and delivery of this Agreement by such party.

 

7. Successors.
All the covenants and provisions of this Agreement shall bind and inure to the benefit of each party’s respective successors and
assigns.

 

[Signature Page Follows]

 

    2

     

    

 

IN WITNESS WHEREOF, this Agreement has been duly
executed by the parties hereto as of the day and year first above written.

 

	 	NORTHERN GENESIS ACQUISITION CORP.

 

	 	By:	/s/ Ian Robertson
	 	 	Name:	Ian Robertson
	 	 	Title:	Director and Vice Chair

 

	 	THE LION ELECTRIC COMPANY

 

	 	By:	/s/ Nicolas Brunet
	 	 	Name:	Nicolas Brunet
	 	 	Title:	Executive Vice-President and
	 	 	 	Chief Financial Officer

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

	 	By:	/s/ James F. Kiszka
	 	 	Name:	 
	 	 	Title:	 

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY

 

	 	By:	/s/ Mike Nespoli
	 	 	Name:	Mike Nespoli
	 	 	Title:	Executive Director

 

[Signature Page to Assignment and Assumption Agreement]

 

 

3lnsr-ex101_30.htm

Exhibit 10.1

LENSAR, INC. 

 

Non-Employee DIRECTOR COMPENSATION PROGRAM

 

(As Amended Effective March 12, 2021)

 

Non-employee members of the board of directors (the “Board”) of LENSAR, Inc. (the “Company”) shall receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”).  This Program has been adopted under the Company’s 2020 Incentive Award Plan (the “Equity Plan”).  The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”) who is entitled to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company.  This Program shall remain in effect until it is revised or rescinded by further action of the Board.  This Program may be amended, modified or terminated by the Board at any time in its sole discretion.  The terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors.  No Non-Employee Director shall have any rights hereunder, except with respect to equity awards to be automatically granted pursuant to the Program.  Capitalized terms not otherwise defined herein shall have the meanings ascribed in the Equity Plan.

1.Cash Compensation. 

(a)Annual Retainers.  

(i)Non-Employee Director.  Each Non-Employee Director (other than the Executive Chairman) shall receive an annual retainer of $50,000 for service on the Board.

(ii)Chairman of the Board/Lead Independent Director.  A Non-Employee Director serving as Chairman of the Board or Lead Independent Director shall receive, in lieu of the annual retainer in clause (a) above, an annual retainer of $75,000 for such service. 

(b)Additional Annual Retainers.  In addition, each Non-Employee Director shall receive the following additional annual retainers, as applicable:

(i)Audit Committee.   A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $15,000 for such service.  A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson) shall receive an additional annual retainer of $7,500 for such service.

(ii)Compensation Committee.  A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $10,000 for such service.  A Non-Employee Director serving as a member of the Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service.

(iii) Nominating and Corporate Governance Committee.   A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $9,000 for such service.  A Non-Employee Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional annual retainer of $4,500 for such service.

 

 

(c)Payment of Retainers.  The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter.  In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(a) or 1(b), for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as applicable.  

 

2.Equity Compensation.  Non-Employee Directors shall be granted the equity awards described below.  The awards described below shall be granted under and shall be subject to the terms and provisions of the Equity Plan, or any other applicable Company equity incentive plan then-maintained by the Company, and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board.  All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of stock awards hereby are subject in all respects to the terms of the Equity Plan and the applicable award agreement.  

	
(a)
	
Initial Awards.  Each Non-Employee Director who is initially elected or appointed to the Board shall be automatically granted a number of stock options to purchase shares of the Company’s common stock under the Equity Plan, or any other applicable Company equity incentive plan then-maintained by the Company, equal to (i) $200,000, divided by (ii) the dollar value, using the Black-Scholes valuation methodology, of the right to purchase one share of the Company’s common stock on the date of such initial election or appointment (using the assumptions used by the Company for financial statement purposes and the closing price per share of the Company’s common stock on the date of such initial election or appointment as the price per share for purposes of such Black-Scholes Valuation).  The awards described in this Section 2(a) shall be referred to as “Initial Awards.”  

	
(b)
	
Subsequent Awards.  A Non-Employee Director who (i) is serving on the Board as of the date of any annual meeting of the Company’s stockholders, and (ii) will continue to serve as a Non-Employee Director immediately following such meeting, shall be automatically granted a number of stock options to purchase shares of the Company’s common stock under the Equity Plan, or any other applicable Company equity incentive plan then-maintained by the Company, equal to (A) $100,000, divided by (B) the dollar value, using the Black-Scholes valuation methodology, of the right to purchase one share of the Company’s common stock on the date of such annual meeting (using the assumptions used by the Company for financial statement purposes and the closing price per share for the Company’s common stock on the date of such annual meeting as the price per share for purposes of such Black-Scholes valuation).  The awards described in this Section 2(b) shall be referred to as “Subsequent Awards.”  For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an annual meeting of the Company’s stockholders shall only receive an Initial Award in connection with such election, and shall not receive any Subsequent Award on the date of such meeting as well.  

(c)Termination of Employment of Employee Directors.  Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(a) above, but to the extent that they are otherwise entitled, will receive, after termination from employment with the Company and any parent or subsidiary of the Company, Subsequent Awards as described in Section 2(b) above.  

	
(d)
	
Vesting of Awards Granted to Non-Employee Directors.  Each Initial Award shall vest and become exercisable as follows:  one-third of the shares subject to the Initial Award shall vest and/or become exercisable on the first anniversary of the date of the Non-Employee Director’s election or appointment to the Board, and the remaining shares subject to the Initial Award shall vest and/or become 

2

 

 

		
exercisable in substantially equal monthly installments over the two years thereafter, subject to the Non-Employee Director continuing in service on the Board through each such vesting date.  Each Subsequent Award shall vest and/or become exercisable in twelve equal monthly installments following each one-month period following the date of grant, subject to the Non-Employee Director continuing in service on the Board through each such vesting date.  Unless the Board otherwise determines, no portion of an Initial Award or Subsequent Award which is unvested and/or exercisable at the time of a Non-Employee Director’s termination of service on the Board shall become vested and/or exercisable thereafter.  Upon a Non-Employee Director’s death or Disability, or upon a Change of Control, all outstanding equity awards granted under the Equity Plan, and any other equity incentive plan maintained by the Company, that are held by a Non-Employee Director shall become fully vested and/or exercisable, irrespective of any other provisions of the Plan or any award agreement.

	
(e)
	
Changes to Form of Equity Awards in the Future.  Notwithstanding the provisions of this Section 2, the Board may, in its discretion, determine that any Initial Awards or Subsequent Awards to be granted in the future may be granted, in whole or in part, in the form of alternative equity awards, such as restricted stock or restricted stock units, in such manner as the Board may determine.

3.Compensation Limits.  Notwithstanding anything to the contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of Non-Employee Director compensation set forth in the Equity Plan, as in effect from time to time.

4.Reimbursements. The Company shall reimburse each Non-Employee Director for all reasonable, documented, out-of-pocket travel and other business expenses incurred by such Non-Employee Director in the performance of his or her duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures as in effect from time to time. 

* * * * *

 

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