Document:

Exhibit 10.3

 

RHODIUM ENTERPRISES, INC.

 

 

 

2021 OMNIBUS INCENTIVE PLAN

 

 

 

Article
I

PURPOSE

 

The purpose of this Rhodium
Enterprises, Inc. 2021 Omnibus Incentive Plan is to promote the success of the Company’s business for the benefit of its stockholders
by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain, and reward such individuals
and strengthen the mutuality of interests between such individuals and the Company’s stockholders. The Plan is effective as of the
date set forth in Article XVI.

 

Article
II

DEFINITIONS

 

For purposes of the Plan,
the following terms shall have the following meanings:

 

2.1 “Affiliate”
means a corporation or other entity controlled by, controlling, or under control with the Company. The term “control” (including,
with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person,
means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such person,
whether through the ownership of voting or other securities, by contract or otherwise.

 

2.2 “Applicable
Law” means the requirements relating to the administration of equity-based awards and the related shares under U.S. state
corporate law, U.S. federal and state securities laws, the rules of any stock exchange or quotation system on which the shares are listed
or quoted, and any other applicable laws, including tax laws, of any U.S. or non-U.S. jurisdictions where Awards are, or will be, granted
under the Plan.

 

2.3 “Award”
means any award under the Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Units, Performance Award,
Other Stock-Based Award, Cash Award, or Rhodium Technologies LLC Award. All Awards shall be granted by, confirmed by, and subject to the
terms of a written or electronic agreement executed by the Company and the Participant.

 

2.4 “Award
Agreement” means the written or electronic agreement, contract, certificate, or other instrument or document evidencing
the terms and conditions of an individual Award. Each Award Agreement shall be subject to the terms and conditions of the Plan.

 

2.5 “Board”
means the Board of Directors of the Company.

 

2.6 “Cash
Award” means an Award granted pursuant to Section 10.3 of the Plan and payable in cash at such time or times and subject
to such terms and conditions as determined by the Committee in its sole discretion.

 

2.7 “Cause”
means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant’s Termination
of Service, the following: (a) in the case where there is no employment agreement, offer letter, consulting agreement, change in control
agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award
(or where there is such agreement in effect but it does not define “cause” (or words of like import)), the Participant’s
(i) commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act
involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) substantial and repeated
failure to perform duties as reasonably directed by the person to whom the Participant reports; (iii) conduct that brings or is reasonably
likely to bring the Company or an Affiliate negative publicity or into public disgrace, embarrassment, or disrepute; (iv) gross negligence
or willful misconduct with respect to the Company or an Affiliate; (v) material violation of the Company’s written policies or codes
of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities, or ethical
misconduct; or (vi) any breach of any non-competition, non-solicitation, no-hire, or confidentiality covenant between the Participant
and the Company or an Affiliate; or (b) in the case where there is an employment agreement, offer letter, consulting agreement, change
in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant
of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement; provided,
however, that with regard to any agreement under which the definition of “cause” only applies on occurrence of a change
in control, such definition of “cause” shall not apply until a change in control (as defined in such agreement) actually takes
place and then only with regard to a termination thereafter.

 

     

    

    

 

2.8 “Change
in Control” means and includes each of the following, unless otherwise determined by the Committee in the applicable Award
Agreement or other written agreement with a Participant approved by the Committee:

 

(a) any
“person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other
fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of the Company), becoming the beneficial owner (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities, excluding for
purposes herein, acquisitions pursuant to a Business Combination (as defined below) that does not constitute a Change in Control as defined
in Section 2.8(b);

 

(b) a
merger, reorganization, or consolidation of the Company or in which equity securities of the Company are issued (each, a “Business
Combination”), other than a merger, reorganization or consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity or its direct or indirect Parent) more than 50% of the combined voting power of the voting securities of the Company
or such surviving entity (or, as applicable, a direct or indirect Parent of the Company or such surviving entity) outstanding immediately
after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no person (other than those covered by the exceptions in Section 2.8(a)) acquires more
than 50% of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control; or
a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or its direct or indirect Parent) more than 50% of the combined voting power of the voting
securities of the Company or such surviving entity (or, as applicable, a direct or indirect Parent of the Company or such surviving entity)
outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in
Section 2.8(a)) acquires more than 50% of the combined voting power of the Company’s then outstanding securities shall not constitute
a Change in Control;

 

(c) during
the period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new
director(s) (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described
in Sections 2.8(a) or (b)) whose election by the Board or nomination for election by the Company’s stockholders was approved by
a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two (2) year period
or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

 

(d) a
complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially
all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a person
or persons who beneficially own, directly or indirectly, 50% or more of the combined voting power of the outstanding voting securities
of the Company at the time of the sale.

 

For purposes of this Section
2.8, acquisitions or dispositions of securities of the Company by Imperium, any of its respective affiliates, or any investment vehicle
or fund controlled by or managed by, or otherwise affiliated with Imperium shall not constitute a Change in Control. Notwithstanding the
foregoing, (i) with respect to any Award that is characterized as “nonqualified deferred compensation” within the meaning
of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such
Award unless such event is also a “change in ownership,” a “change in effective control,” or a “change in
the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code and (ii) with
respect to any Rhodium Technologies LLC Award, for purposes of this Section 2.8, the term “Company” shall be replaced with
“Rhodium Technologies LLC.”

 

2.9 “Change
in Control Price” means the highest price per Share paid in any transaction related to a Change in Control of the Company.

 

2.10 “Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code shall also be
a reference to any successor provision and any guidance and treasury regulation promulgated thereunder.

 

2.11 “Committee”
means any committee of the Board duly authorized by the Board to administer the Plan; provided, however, that unless otherwise
determined by the Board, the Committee shall consist solely of two or more Qualified Members. If no committee is duly authorized by the
Board to administer the Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under the Plan.
The Board may abolish any Committee or re-vest in itself any previously delegated authority from time to time, and will retain the right
to exercise the authority of the Committee to the extent consistent with Applicable Law.

 

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2.12 “Common
Stock” means the Class A common stock, $0.0001 par value per share, of the Company.

 

2.13 “Company”
means Rhodium Enterprises, Inc., a Delaware corporation, and its successors by operation of law.

 

2.14 “Consultant”
means any natural person who is an advisor or consultant to the Company or any of its Affiliates.

 

2.15 “Disability”
means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant’s Termination
of Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment, after accounting for reasonable accommodations (if applicable and required by applicable law); provided,
however, for purposes of an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3)
of the Code. The determination of whether an individual has a Disability shall be determined by the Committee, and the Committee may rely
on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan in which a Participant
participates that is maintained by the Company or any Affiliate.

 

2.16 “Dividend
Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares) of
dividends paid on Shares.

 

2.17 “Effective
Date” means the effective date of the Plan as defined in Article XVI.

 

2.18 “Eligible
Employees” means each employee of the Company or any of its Affiliates. An employee on a leave of absence may be an Eligible
Employee.

 

2.19 “Eligible
Individual” means an Eligible Employee, Non-Employee Director, or Consultant who is designated by the Committee in its discretion
as eligible to receive Awards subject to the conditions set forth herein.

 

2.20 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time. Reference to a specific section of the Exchange
Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section,
and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

 

2.21 “Fair
Market Value” means, for purposes of the Plan, unless otherwise required by any applicable provision of the Code or any
regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the
applicable date: (a) as reported on the principal national securities exchange in the United States on which it is then traded or (b)
if the Common Stock is not traded, listed, or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market
Value in whatever manner it considers appropriate taking into account the requirements of Section 409A of the Code. For purposes of the
grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For purposes
of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a date
on which the applicable market is open, the next day that it is open. Notwithstanding the foregoing, with respect to any Award (excluding
any Rhodium Technologies LLC Award) granted on the pricing date of the Company’s initial public offering, the Fair Market Value
shall mean the initial public offering price of a Share as set forth in the Company’s final prospectus relating to its initial public
offering filed with the Securities and Exchange Commission. With respect to any Rhodium Technologies LLC Award, “Fair Market Value”
shall be determined in good faith in accordance with the terms of the LLC Agreement.

 

2.22 “Family
Member” means “family member” as defined in Section A.1.(a)(5) of the general instructions of Form S-8.

 

2.23 “Imperium”
means Imperium Investments Holdings LLC, a Wyoming limited liability company.

 

2.24 “Incentive
Stock Option” means any Stock Option that is awarded to an Eligible Employee who is an employee of the Company, its Subsidiaries,
or its Parents (if any) under the Plan and that is intended to be, and designated as, an “Incentive Stock Option” within the
meaning of Section 422 of the Code.

 

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2.25 “LLC
Agreement” means that certain Fifth Amended and Restated Operating Agreement for Rhodium Technologies LLC, effective as
of [●], 2021, as amended, restated or otherwise modified from time to time.

 

2.26 “Non-Employee
Director” means a director or a member of the Board of the Company who is not an employee of the Company.

 

2.27 “Non-Qualified
Stock Option” means any Stock Option awarded under the Plan that is not an Incentive Stock Option.

 

2.28 “Other
Stock-Based Award” means an Award under Article X of the Plan that is valued in whole or in part by reference to, or is
payable in or otherwise based on, Shares.

 

2.29 “Parent”
means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

 

2.30 “Participant”
means an Eligible Individual to whom an Award has been granted pursuant to the Plan.

 

2.31 “Performance
Award” means an Award granted to a Participant pursuant to Article IX hereof contingent upon achieving certain Performance
Goals.

 

2.32 “Performance
Goals” means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable.

 

2.33 “Performance
Period” means the designated period during which the Performance Goals must be satisfied with respect to the Award to which
the Performance Goals relate.

 

2.34 “Plan”
means this Rhodium Enterprises, Inc. 2021 Omnibus Incentive Plan, as amended from time to time.

 

2.35 “Qualified
Member” means a member of the Board who is (a) a “non-employee director” within the meaning of Rule 16b-3(b)(3),
and (b) “independent” under the listing standards or rules of the securities exchange upon which the Common Stock is traded,
but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules.

 

2.36 “Restricted
Stock” means an Award of Shares under the Plan that is subject to restrictions under Article VIII.

 

2.37 “Restricted
Stock Units” means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in
cash or other consideration determined by the Committee to be of equal value as of such settlement date, subject to certain vesting conditions
and other restrictions.

 

2.38 “Restriction
Period” has the meaning set forth in Section 8.3(a) with respect to Restricted Stock.

 

2.39 “Rhodium
Technologies LLC” means Rhodium Technologies LLC, a Delaware limited liability company.

 

2.40 “Rhodium
Technologies LLC Award” means any award described in Article XI.

 

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2.41 “Rhodium
Technologies LLC Incentive Unit” means an “Incentive Unit” of Rhodium Technologies LLC as defined in the LLC
Agreement.

 

2.42 “Rhodium
Technologies LLC Unit” means a “Unit” of Rhodium Technologies LLC as defined in the LLC Agreement.

 

2.43 “Rule
16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

 

2.44
“Section 409A of the Code” means the nonqualified deferred compensation rules under Section 409A of the Code and
any applicable treasury regulations and other official guidance thereunder.

 

2.45 “Securities
Act” means the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder. Reference to a
specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation
promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding
such section or regulation.

 

2.46 “Shares”
means shares of Common Stock or Rhodium Technologies LLC Units, as applicable.

 

2.47 “Stock
Appreciation Right” shall mean the right granted pursuant to an Award granted under Article VII.

 

2.48 “Stock
Option” or “Option” means any option to purchase Shares granted to Eligible Individuals granted
pursuant to Article VI.

 

2.49 “Subsidiary”
means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

 

2.50 “Ten
Percent Stockholder” means a person owning stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company, its Subsidiaries or its Parent.

 

2.51 “Termination
of Service” means the termination of the applicable Participant’s employment with, or performance of services for,
the Company and its Affiliates. Unless otherwise determined by the Committee, (a) if a Participant’s employment or services with
the Company and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee
capacity, such change in status shall not be deemed a Termination of Service with the Company and its Affiliates and (b) a Participant
employed by, or performing services for an Affiliate that ceases to be an Affiliate shall also be deemed to have incurred a Termination
of Service provided the Participant does not immediately thereafter become an employee of the Company or another Affiliate. Notwithstanding
the foregoing provisions of this definition, with respect to any Award that constitutes a “nonqualified deferred compensation plan”
within the meaning of Section 409A of the Code, a Participant shall not be considered to have experienced a “Termination of
Service” unless the Participant has experienced a “separation from service” within the meaning of Section 409A
of the Code.

 

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Article
III

ADMINISTRATION

 

3.1 Authority
of the Committee. The Plan shall be administered by the Committee. Subject to the terms of the Plan and Applicable Law, the Committee
shall have full authority to grant Awards to Eligible Individuals under the Plan. In particular, the Committee shall have the authority
to:

 

(a) determine
whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Individuals;

 

(b) determine
the number of Shares to be covered by each Award granted hereunder;

 

(c) determine
the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but not limited to,
the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture
restrictions or waiver thereof, regarding any Award and the Shares relating thereto, based on such factors, if any, as the Committee shall
determine, in its sole discretion);

 

(d) determine
the amount of cash to be covered by each Award granted hereunder;

 

(e) determine
whether, to what extent, and under what circumstances grants of Options and other Awards under the Plan are to operate on a tandem basis
and/or in conjunction with or apart from other awards made by the Company outside of the Plan;

 

(f) determine
whether and under what circumstances an Award may be settled in cash, Shares, other property, or a combination of the foregoing;

 

(g) determine
whether, to what extent and under what circumstances cash, Shares, or other property and other amounts payable with respect to an Award
under the Plan shall be deferred either automatically or at the election of the Participant;

 

(h) modify,
waive, amend, or adjust the terms and conditions of any Award, at any time or from time to time, including but not limited to Performance
Goals;

 

(i) determine
whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

 

(j) determine
whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired pursuant
to the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole discretion, following the date
of the acquisition of such Award or Shares; and

 

(k) modify,
extend, or renew an Award, subject to Article XIII and Section 6.3(l).

 

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3.2 Guidelines.
Subject to Article XIII hereof, the Committee shall have the authority to adopt, alter, and repeal such administrative rules, guidelines,
and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable
Law and applicable stock exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions
of the Plan and any Award issued under the Plan (and any agreements or sub-plans relating thereto); and to otherwise supervise the administration
of the Plan. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan or in any agreement
relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the Plan. The Committee
may adopt special rules, sub-plans, guidelines, and provisions for persons who are residing in or employed in, or subject to, the taxes
of any domestic or foreign jurisdictions to satisfy or accommodate applicable foreign laws or to qualify for preferred tax treatment of
such domestic or foreign jurisdictions.

 

3.3 Decisions
Final. Any decision, interpretation, or other action made or taken in good faith by or at the direction of the Company, the Board,
or the Committee (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion of all
and each of them, as the case may be, and shall be final, binding, and conclusive on the Company and all employees and Participants and
their respective heirs, executors, administrators, successors, and assigns.

 

3.4 Procedures.
If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall hold
meetings, subject to the by-laws of the Company, at such times and places as it shall deem advisable, including, without limitation, by
telephone conference or by written consent to the extent permitted by Applicable Law. A majority of the Committee members shall constitute
a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing
and signed by all of the Committee members in accordance with the by-laws of the Company, shall be fully effective as if it had been made
by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall make such rules and regulations
for the conduct of its business as it shall deem advisable.

 

3.5 Designation
of Consultants/Liability; Delegation of Authority.

 

(a) The
Committee may designate employees of the Company and professional advisors to assist the Committee in the administration of the Plan and
(to the extent permitted by Applicable Law) may grant authority to officers of the Company to grant Awards and/or execute agreements or
other documents on behalf of the Committee.

 

(b) The
Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the administration of the Plan and may rely
upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses
incurred by the Committee or the Board in the engagement of any such counsel, consultant, or agent shall be paid by the Company. The Committee,
its members, and any person designated pursuant to sub-section (a) above shall not be liable for any action or determination made in good
faith with respect to the Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member
of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Award
granted under it.

 

(c) The
Committee may delegate any or all of its powers and duties under the Plan to a subcommittee of directors or to any officer of the Company,
including the power to perform administrative functions and grant Awards; provided, that such delegation does not (i) violate Applicable
Law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the
Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the “Committee,” shall be
deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation
shall not limit the right of such subcommittee members or such an officer to receive Awards; provided, however, that such
subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer
of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the
Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint agents who are not executive officers of
the Company or members of the Board to assist in administering the Plan, provided, however, that such individuals may not
be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares.

 

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3.6 Indemnification.
To the maximum extent permitted by Applicable Law and to the extent not covered by insurance directly insuring such person, each officer
or employee of the Company or any of its Affiliates and member or former member of the Committee or the Board shall be indemnified and
held harmless by the Company against any cost or expense (including reasonable fees of counsel acceptable to the Committee) or liability
(including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing
at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration
of the Plan, except to the extent arising out of such officer’s, employee’s, member’s, or former member’s own
fraud or bad faith. Such indemnification shall be in addition to any right of indemnification the employees, officers, directors, or members
or former officers, directors, or members may have under Applicable Law or under the by-laws of the Company or any of its Affiliates.
Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with
regard to Awards granted to such individual under the Plan.

 

Article
IV

SHARE LIMITATION

 

4.1 Shares.

 

(a) The
aggregate number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under the
Plan shall not exceed [●] Shares (subject to any increase or decrease pursuant to this Article IV), which may be either authorized
and unissued Shares or Shares held in or acquired for the treasury of the Company or both. The number of Shares that may be issued or
used for reference purposes or with respect to which Awards may be granted under the Plan shall be subject to an annual increase on the
first day of each calendar year beginning [●], and ending and including [●], equal to the lesser of (a) [●]% of the
aggregate number of shares of Common Stock and shares of Class B common stock of the Company outstanding on the final day of the immediately
preceding calendar year and (b) such smaller number of Shares as is determined by the Board. Rhodium Technologies LLC Awards granted under
the Plan shall (a) reduce the number of Shares that may be issued or used for reference purposes or with respect to which Awards may be
granted under the Plan on a one-for-one basis (i.e., each Rhodium Technologies LLC Unit or Rhodium Technologies LLC Incentive Unit, as
applicable, subject to a Rhodium Technologies LLC Award shall be treated as one share of Common Stock) and (b) be delivered, if applicable,
in accordance with the LLC Agreement. Any Shares granted in connection with Options and Stock Appreciation Rights shall be counted against
this limit as one (1) share for every one (1) Option or Stock Appreciation Right Award. Any Shares granted in connection with Awards other
than Options and Stock Appreciation Rights shall be counted against this limit as two (2) Shares for every one (1) Share granted in connection
with such Award. The aggregate number of Shares that may be issued or used with respect to any Incentive Stock Option shall not exceed
[●] Shares (subject to any increase or decrease pursuant to Section 4.1(a)). Any Shares that again become available for future grants
pursuant to this Section 4.1 shall be added back as one (1) share if such Shares were subject to Options or Stock Appreciation Rights
and as two (2) shares if such Shares were subject to other Awards. Notwithstanding anything to the contrary contained herein, Shares subject
to an Award under the Plan shall again be made available for issuance or delivery under the Plan if such Shares are (A) Shares tendered
in payment of an Option, (B) Shares delivered or withheld by the Company to satisfy any tax withholding obligation, (C) Shares covered
by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award, or (D) Shares subject
to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number of Shares to which the Award related.

 

(b) Any
Award under the Plan settled in cash shall not be counted against the maximum share limitations in Section 4.1(a) or Section 5.4. Any
Shares subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number of Shares to which
the Award related will again be available for issuance under the Plan.

 

4.2 Substitute
Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition of an
entity’s property or stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards
granted before such merger or consolidation by such entity or its Affiliate (“Substitute Awards”). Substitute Awards
may be granted on such terms as the Committee deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards
will not count against the overall share limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards
under the Plan as provided above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the
maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Additionally, in the event
that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under
a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available
for grants pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other
adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders
of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the
Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under
the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could
have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals
who were not Eligible Employees or Non-Employee Directors prior to such acquisition or combination.

 

    8

    

    

 

4.3 Adjustments.

 

(a) The
existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders
of the Company or Rhodium Technologies LLC to make or authorize (i) any adjustment, recapitalization, reorganization, or other change
in the Company’s or Rhodium Technologies LLC’s capital structure or its business, (ii) any merger or consolidation of the
Company, Rhodium Technologies LLC or any of their Affiliates, (iii) any issuance of bonds, debentures, or preferred or prior preference
stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company, Rhodium Technologies LLC or any of their Affiliates,
(v) any sale or transfer of all or part of the assets or business of the Company, Rhodium Technologies LLC or any of their Affiliates,
or (vi) any other corporate act or proceeding.

 

(b) Subject
to the provisions of Section 12.1:

 

(i) If
the Company or Rhodium Technologies LLC at any time subdivides (by any split, recapitalization or otherwise) the outstanding Shares into
a greater number of Shares, or combines (by reverse split, combination, or otherwise) its outstanding Shares into a lesser number of Shares,
then the respective exercise prices for outstanding Awards that provide for a Participant-elected exercise and the number of Shares covered
by outstanding Awards shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or
available for, Participants under the Plan.

 

(ii) Excepting
transactions covered by Section 4.3(b)(i), if the Company or Rhodium Technologies LLC effects any merger, consolidation, statutory exchange,
spin-off, reorganization, sale or transfer of all or substantially all the Company’s or Rhodium Technologies LLC’s assets
or business, or other corporate transaction or event in such a manner that the Company’s or Rhodium Technologies LLC’s outstanding
Shares are converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately
or upon liquidation of the Company or Rhodium Technologies LLC, securities or other property of the Company, Rhodium Technologies LLC
or other entity, then, subject to the provisions of Section 12.1, (A) the aggregate number or kind of securities that thereafter may be
issued under the Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted
under the Plan (including as a result of the assumption of the Plan and the obligations hereunder by a successor entity, as applicable),
or (C) the exercise or purchase price thereof, shall be appropriately adjusted by the Committee to prevent dilution or enlargement of
the rights granted to, or available for, Participants under the Plan.

 

(iii) If
there shall occur any change in the capital structure of the Company or Rhodium Technologies LLC other than those covered by Section 4.3(b)(i)
or 4.3(b)(ii), any conversion, any adjustment, or any issuance of any class of securities convertible or exercisable into, or exercisable
for, any class of equity securities of the Company or Rhodium Technologies LLC, then the Committee shall adjust any Award and make such
other adjustments to the Plan to prevent dilution or enlargement of the rights granted to, or available for, Participants under the Plan.

 

(iv) The
Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary
items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as
defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial
statements, management’s discussion and analysis, or other Company public filing.

 

(v) Any
such adjustment determined by the Committee pursuant to this Section 4.3(b) shall be final, binding, and conclusive on the Company and
all Participants and their respective heirs, executors, administrators, successors, and permitted assigns. Any adjustment to, or assumption
or substitution of, an Award under this Section 4.3(b) shall be intended to comply with the requirements of Section 409A of the Code and
Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this Section
4.3 or in the applicable Award Agreement, a Participant shall have no additional rights under the Plan by reason of any transaction or
event described in this Section 4.3.

 

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Article
V

ELIGIBILITY AND LIMITATIONS

 

5.1 General
Eligibility. All current and prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of
Awards and actual participation in the Plan shall be determined by the Committee in its sole discretion.

 

5.2 Incentive
Stock Options. Notwithstanding the foregoing, only Eligible Employees who are employees of the Company, its Subsidiaries, or its
Parents (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive Stock Option
and actual participation in the Plan shall be determined by the Committee in its sole discretion.

 

5.3 General
Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual are conditioned upon such individual
actually becoming an Eligible Employee, Consultant, or Non-Employee Director, as applicable.

 

5.4 Limit
on Non-Employee Director Compensation. In each calendar year during any part of which the Plan is in effect, a Non-Employee Director
may not receive Awards for such individual’s service on the Board that, taken together with any cash fees paid to such Non-Employee
Director during such calendar year for such individual’s service on the Board, have a value in excess of $[●] (calculating
the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes); provided, however,
that (a) the Committee may make exceptions to this limit, except that the Non-Employee Director receiving such additional compensation
may not participate in the decision to award such compensation and (b) for any calendar year in which a Non-Employee Director (i) first
commences service on the Board, (ii) serves on a special committee of the Board, or (iii) serves as lead director or non-executive chair
of the Board, additional compensation may be provided to such Non-Employee Director in excess of such limit; provided, further,
that the limit set forth in this Section 5.4 shall be applied without regard to Awards or other compensation, if any, provided to a Non-Employee
Director during any period in which such individual was an employee of the Company or any Affiliate or was otherwise providing services
to the Company or to any Affiliate other than in the capacity as a Non-Employee Director.

 

Article
VI

STOCK OPTIONS

 

6.1 Options.
Stock Options may be granted alone or in addition to other Awards granted under the Plan. Each Stock Option granted under the Plan shall
be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option.

 

6.2 Grants.
The Committee shall have the authority to grant to any Eligible Employee one or more Incentive Stock Options, Non-Qualified Stock Options,
or both types of Stock Options; provided, however, that Incentive Stock Options may only be granted to an Eligible Employee
who is an employee of the Company, its Subsidiaries, or its Parents (if any). The Committee shall have the authority to grant any Consultant
or Non-Employee Director one or more Non-Qualified Stock Options. To the extent that any Stock Option does not qualify as an Incentive
Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion
thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option.

 

6.3 Terms
of Options. Options granted under the Plan shall be evidenced by an Award Agreement and subject to the following terms and conditions
and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of the Plan, as the Committee
shall deem desirable:

 

(a) Exercise
Price. The exercise price per Share subject to a Stock Option shall be determined by the Committee at the time of grant, provided
that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted
to a Ten Percent Stockholder, 110%) of the Fair Market Value at the time of grant.

 

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(b) Stock
Option Term. The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be exercisable
more than ten (10) years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five (5) years) after the
date the Option is granted.

 

(c) Exercisability.
Unless otherwise provided by the Committee in accordance with the provisions of this Section 6.3, Stock Options granted under the Plan
shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time
of grant. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any
Award Agreement upon the occurrence of a specified event.

 

(d) Method
of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 6.3(c), to the extent vested,
Stock Options may be exercised in whole or in part at any time during the Option term, by giving written notice of exercise (which may
be electronic) to the Company specifying the number of Shares to be purchased. Such notice shall be accompanied by payment in full of
the exercise price (which shall equal the product of such number of Shares to be purchased multiplied by the applicable exercise price).
The exercise price for the Stock Options may be paid upon such terms and conditions as shall be established by the Committee and set forth
in the applicable Award Agreement. Without limiting the foregoing, the Committee may establish payment terms for the exercise of Stock
Options pursuant to which the Company may withhold a number of Shares that otherwise would be issued to the Participant in connection
with the exercise of the Stock Option having a Fair Market Value on the date of exercise equal to the exercise price, or that permit the
Participant to deliver cash or Shares with a Fair Market Value equal to the exercise price on the date of payment, or through a simultaneous
sale through a broker of Shares acquired on exercise, all as permitted by Applicable Law. No Shares shall be issued until payment therefor,
as provided herein, has been made or provided for.

 

(e) Non-Transferability
of Options. No Stock Option shall be transferable by the Participant other than by will or by the laws of descent and distribution,
and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing,
the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise
not transferable pursuant to this Section is transferable to a Family Member in whole or in part and in such circumstances, and under
such conditions, as specified by the Committee. A Non-Qualified Stock Option that is transferred to a Family Member pursuant to the preceding
sentence (i) may not be subsequently transferred other than by will or by the laws of descent and distribution and (ii) remains subject
to the terms of the Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a Non-Qualified Stock Option by
a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a transfer after the exercise of the
Non-Qualified Stock Option shall be subject to the terms of the Plan and the applicable Award Agreement.

 

(f) Termination
by Death or Disability. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the
time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is by reason
of death or Disability, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s
Termination of Service may be exercised by the Participant (or in the case of the Participant’s death, by the legal representative
of the Participant’s estate) at any time within a period of one (1) year from the date of such Termination of Service, but in no
event beyond the expiration of the stated term of such Stock Options; provided, however, that, in the event of a Participant’s
Termination of Service by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options held
by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of
one (1) year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options.

 

(g) Involuntary
Termination Without Cause. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at
the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is by involuntary
termination by the Company without Cause, all Stock Options that are held by such Participant that are vested and exercisable at the time
of the Participant’s Termination of Service may be exercised by the Participant at any time within a period of ninety (90) days
from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options.

 

(h) Voluntary
Resignation. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant
or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is voluntary (other than
a voluntary termination described in Section 6.3(i) hereof), all Stock Options that are held by such Participant that are vested and exercisable
at the time of the Participant’s Termination of Service may be exercised by the Participant at any time within a period of thirty
(30) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options.

 

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(i) Termination
for Cause. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant, or if
no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service (x) is for Cause or (y) is a voluntary
Termination of Service (as provided in Section 6.3(h)) after the occurrence of an event that would be grounds for a Termination of Service
for Cause, all Stock Options, whether vested or not vested, that are held by such Participant shall thereupon immediately terminate and
expire as of the date of such Termination of Service.

 

(j) Unvested
Stock Options. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant or,
if no rights of the Participant are reduced, thereafter, Stock Options that are not vested as of the date of a Participant’s Termination
of Service for any reason shall terminate and expire as of the date of such Termination of Service.

 

(k) Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Shares with
respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under the
Plan and/or any other stock option plan of the Company, any Subsidiary, or any Parent exceeds $100,000, such Options shall be treated
as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Subsidiary, or any Parent
at all times from the time an Incentive Stock Option is granted until three (3) months prior to the date of exercise thereof (or such
other period as required by Applicable Law), such Stock Option shall be treated as a Non-Qualified Stock Option. Should any provision
of the Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions
be required, the Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the
Company.

 

(l) Modification,
Extension and Renewal of Stock Options. The Committee may (i) modify, extend, or renew outstanding Stock Options granted under
the Plan (provided, that the rights of a Participant are not reduced without such Participant’s consent and provided,
further that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant),
and (ii) accept the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new
Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, an outstanding Option
may not be modified to reduce the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option
(other than adjustments or substitutions in accordance with Article IV), unless such action is approved by the stockholders of the Company.

 

(m) Other
Terms and Conditions. The Committee may include a provision in an Award Agreement providing for the automatic exercise of a Non-Qualified
Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise the Non-Qualified
Stock Option as of such date, with respect to which the Fair Market Value of the Shares underlying the Non-Qualified Stock Option exceeds
the exercise price of such Non-Qualified Stock Option on the date of expiration of such Option, subject to Section 15.4. Stock Options
may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate.

 

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Article
VII

STOCK APPRECIATION RIGHTS

 

7.1 Stock
Appreciation Rights. Stock Appreciation Rights shall be subject to the terms and conditions, not inconsistent with the
Plan, determined by the Committee, and the following:

 

(a) Exercise
Price. The exercise price per Share subject to a Stock Appreciation Right shall be determined by the Committee at the time of grant,
provided that the per share exercise price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value at
the time of grant.

 

(b) Term.
The term of each Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than ten (10) years after the date
the right is granted.

 

(c) Exercisability.
Unless otherwise provided by the Committee, Stock Appreciation Rights granted under the Plan shall be exercised at such time or times
and subject to such terms and conditions as shall be determined by the Committee at the time of grant. If the Committee provides that
any such right is exercisable subject to certain terms and conditions, the Committee may waive those terms and conditions on the exercisability
at any time at or after grant in whole or in part.

 

(d) Method
of Exercise. Subject to whatever installment and waiting period provisions apply under Section 7.1(c), a Participant may exercise
Stock Appreciation Rights in whole or in part at any time in accordance with the applicable Award Agreement, by giving written notice
of exercise (which may be electronic) to the Company specifying the number of Stock Appreciation Rights being exercised.

 

(e) Payment.
Upon the exercise of a Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more
than, an amount in cash and/or Shares (as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair Market
Value of one (1) Share on the date that the right is exercised over the Fair Market Value of one (1) Share on the date that the right
was awarded to the Participant.

 

(f) Termination.
Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the provisions
of the applicable Award Agreement and the Plan, upon a Participant’s Termination of Service for any reason, Stock Appreciation Rights
may remain exercisable following a Participant’s Termination of Service on the same basis as Stock Options would be exercisable
following a Participant’s Termination of Service in accordance with the provisions of Sections 6.3(f) through 6.3(j).

 

(g) Non-Transferability.
No Stock Appreciation Rights shall be transferable by the Participant other than by will or by the laws of descent and distribution, and
all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant.

 

7.2 Automatic
Exercise. The Committee may include a term or condition in an Award Agreement providing for the automatic exercise of a Stock
Appreciation Right on a cashless basis on the last day of the term of the Stock Appreciation Right if the Participant has failed to exercise
the Stock Appreciation Right as of such date, with respect to which the Fair Market Value of the Shares underlying the Stock Appreciation
Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of such Stock Appreciation Right, subject
to Section 15.4.

 

Article
VIII

RESTRICTED STOCK; RESTRICTED STOCK UNITS

 

8.1 Awards
of Restricted Stock and Restricted Stock Units. Shares of Restricted Stock and Restricted Stock Units may be granted alone or
in addition to other Awards granted under the Plan. The Committee shall determine the Eligible Individuals to whom, and the time or times
at which, grants of Restricted Stock and/or Restricted Stock Units shall be made, the number of shares of Restricted Stock or Restricted
Stock Units to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such
Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the
Awards. The Committee shall determine and set forth in the Award Agreement the terms and conditions for each Restricted Stock and Restricted
Stock Unit Award, subject to the conditions and limitations contained in the Plan, including any vesting or forfeiture conditions during
the applicable restriction period.

 

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The Committee may condition
the grant or vesting of Restricted Stock and Restricted Stock Units upon the attainment of specified performance targets (including, the
Performance Goals) or such other factor as the Committee may determine in its sole discretion.

 

8.2 Awards
and Certificates. Restricted Stock and Restricted Stock Units granted under the Plan shall be evidenced by an Award Agreement
and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent
with the terms of the Plan, as the Committee shall deem desirable:

 

(a) Restricted
Stock:

 

(i) Purchase
Price. The purchase price of Restricted Stock shall be fixed by the Committee. The purchase price for shares of Restricted Stock may
be zero to the extent permitted by Applicable Law, and, to the extent not so permitted, such purchase price may not be less than par value.

 

(ii) Legend.
Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock, unless
the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted
Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by Applicable
Law, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

 

(iii) Custody.
If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing
such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant
of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power
of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit
transfer to the Company of all or a portion of the shares subject to the Restricted Stock Award in the event that such Award is forfeited
in whole or part.

 

(iv) Rights
as a Stockholder. Except as provided in Section 8.3(a) and this Section 8.2(a) or as otherwise determined by the Committee in an Award
Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of Shares, including,
without limitation, the right to receive dividends, the right to vote such shares, and, subject to and conditioned upon the full vesting
of shares of Restricted Stock, the right to tender such shares; provided that the Award Agreement shall specify on what terms and
conditions the applicable Participant shall be entitled to dividends payable on the Shares.

 

(v) Lapse
of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for
such Shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the
Participant, except as otherwise required by Applicable Law or other limitations imposed by the Committee.

 

(b) Restricted
Stock Units:

 

(i) Settlement.
The Committee may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practical after the Restricted
Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner intended to comply
with Section 409A of the Code.

 

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(ii) Right
as a Stockholder. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless
and until Shares are delivered in settlement of the Restricted Stock Units.

 

(iii) Dividend
Equivalents. If the Committee so provides, a grant of Restricted Stock Units may provide a Participant with the right to receive Dividend
Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in cash or Shares, and
subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend
Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.

 

8.3 Restrictions
and Conditions.

 

(a) Restriction
Period. (i) The Participant shall not be permitted to transfer shares of Restricted Stock awarded under the Plan or vest in Restricted
Stock Units during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of
such Award, as set forth in the applicable Award Agreement and such agreement shall set forth a vesting schedule and any event that would
accelerate vesting of the Restricted Stock and/or Restricted Stock Units. Within these limits, based on service, attainment of Performance
Goals pursuant to Section 8.3(a)(ii), and/or such other factors or criteria as the Committee may determine in its sole discretion, the
Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate
the vesting of all or any part of any Restricted Stock Award or Restricted Stock Unit and/or waive the deferral limitations for all or
any part of any Award.

 

(ii) If
the grant of shares of Restricted Stock or Restricted Stock Units or the lapse of restrictions or vesting schedule is based on the attainment
of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage applicable to
each Participant or class of Participants in the applicable Award Agreement prior to the beginning of the applicable fiscal year or at
such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such
Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions
(including, without limitation, dispositions and acquisitions), and other similar types of events or circumstances.

 

(b) Termination.
Unless otherwise provided in the applicable Award Agreement or determined by the Committee at grant or, if no rights of the Participant
are reduced, thereafter, upon a Participant’s Termination of Service for any reason during the relevant Restriction Period, all
Restricted Stock or Restricted Stock Units still subject to restriction will be forfeited in accordance with the terms and conditions
established by the Committee at grant or thereafter.

 

Article
IX

PERFORMANCE AWARDS

 

9.1 Performance
Awards. The Committee may grant a Performance Award to a Participant payable upon the attainment of specific Performance Goals
either alone or in addition to other Awards granted under the Plan. The Performance Goals to be achieved during the Performance Period
and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award. The conditions
for grant or vesting and the other provisions of Performance Awards (including, without limitation, any applicable Performance Goals)
need not be the same with respect to each Participant. Performance Awards may be paid in cash, Shares, other property, or any combination
thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement.

 

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Article
X

OTHER STOCK-BASED AND CASH AWARDS

 

10.1 Other
Stock-Based Awards. The Committee is authorized to grant to Eligible Individuals Other Stock-Based Awards that are payable in,
valued in whole or in part by reference to, or otherwise based on or related to Shares, including but not limited to, Shares awarded purely
as a bonus and not subject to restrictions or conditions, Shares in payment of the amounts due under an incentive or performance plan
sponsored or maintained by the Company, stock equivalent units, and Awards valued by reference to book value of Shares. Other Stock-Based
Awards may be granted either alone or in addition to or in tandem with other Awards granted under the Plan.

 

Subject to the provisions
of the Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and the time or times at which, such Awards
shall be made, the number of Shares to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also
provide for the grant of Shares under such Awards upon the completion of a specified Performance Period. The Committee may condition the
grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals as the Committee may determine, in its
sole discretion.

 

10.2 Terms
and Conditions. Other Stock-Based Awards made pursuant to this Article X shall be evidenced by an Award Agreement and subject
to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with
the terms of the Plan, as the Committee shall deem desirable:

 

(a) Non-Transferability.
Subject to the applicable provisions of the Award Agreement and the Plan, Shares subject to Awards made under this Article X may not be
transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable restriction, performance,
or deferral period lapses.

 

(b) Dividends.
Unless otherwise determined by the Committee at the time of the grant of an Award, subject to the provisions of the Award Agreement and
the Plan, the recipient of an Award under this Article X shall not be entitled to receive, currently or on a deferred basis, dividends
or Dividend Equivalents in respect of the number of Shares covered by the Award.

 

(c) Vesting.
Any Award under this Article X and any Shares covered by any such Award shall vest or be forfeited to the extent so provided in the Award
Agreement, as determined by the Committee, in its sole discretion.

 

(d) Price.
Shares under this Article X may be issued for no cash consideration. Shares purchased pursuant to a purchase right awarded under this
Article X shall be priced, as determined by the Committee in its sole discretion.

 

10.3 Cash
Awards. The Committee may from time to time grant Cash Awards to Eligible Individuals in such amounts, on such terms and conditions,
and for such consideration, including no consideration or such minimum consideration as may be required by Applicable Law, as it shall
determine in its sole discretion. Cash Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely
as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting
of such Awards at any time in its sole discretion. The grant of a Cash Award shall not require a segregation of any of the Company’s
assets for satisfaction of the Company’s payment obligation thereunder.

 

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Article
XI

RHODIUM TECHNOLOGIES LLC AWARDS

 

11.1 Rhodium
Technologies LLC Incentive Units. A Rhodium Technologies LLC Incentive Unit shall be designed as a “profits interest”
within the meaning of Internal Revenue Service Revenue Procedures 93-27 and 2001-43. Each Rhodium Technologies LLC Incentive Unit will
entitle the holder thereof to receive distributions from Rhodium Technologies LLC in accordance with the terms of the LLC Agreement. The
Committee will establish the terms and conditions applicable to the Rhodium Technologies LLC Incentive Units, including vesting or service
requirements.

 

11.2 Rhodium
Technologies LLC Awards Generally. The Committee is authorized, subject to limitations under applicable law, to grant other types
of equity-based, equity-related or cash-based Awards valued in whole or in part by reference to, or otherwise calculated by reference
to or based on, Rhodium Technologies LLC Units, in such amounts and subject to such terms and conditions as the Committee may determine
(the “Rhodium Technologies LLC Awards”). Rhodium Technologies LLC Awards may entail the transfer of shares of Common Stock
or Rhodium Technologies LLC Units to Award recipients. Rhodium Technologies LLC Awards may be in the same form as Awards that are permitted
to be granted under the Plan generally with respect to Common Stock (with the exception of Incentive Stock Options), with all references
to Common Stock replaced with references to the Rhodium Technologies LLC Units and all other definitions modified, if necessary for the
context, to reflect Rhodium Technologies LLC rather than the Company. In addition to any Award Agreement governing a Rhodium Technologies
LLC Award, the Committee may require that a recipient of a Rhodium Technologies LLC Award execute additional documentation to become a
member of Rhodium Technologies LLC. Rhodium Technologies LLC Incentive Units described above will be deemed to be Rhodium Technologies
LLC Awards for purposes of the Plan. Notwithstanding anything to the contrary within the Plan or in any Award Agreement that governs a
Rhodium Technologies LLC Award, the terms and conditions of all Rhodium Technologies LLC Awards shall be designed to comply with the LLC
Agreements, and to the extent that there is any inconsistency with the LLC Agreement within the Plan or the Award Agreement governing
any Rhodium Technologies LLC Award, the terms of the LLC Agreement shall control.

 

Article
XII

CHANGE IN CONTROL PROVISIONS

 

12.1 Benefits.
In the event of a Change in Control of the Company, and except as otherwise provided by the Committee in an Award Agreement, a Participant’s
unvested Awards shall not vest automatically and a Participant’s Awards shall be treated in accordance with one or more of the following
methods as determined by the Committee:

 

(a) Awards,
whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as determined by the Committee in
a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other
Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other Award
shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined
by the Committee; provided that the Committee may decide to award additional Restricted Stock or other Awards in lieu of any cash
distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock
Option shall comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto).

 

(b) The
Committee, in its sole discretion, may provide for the purchase of any Awards by the Company for an amount of cash equal to the excess
(if any) of the Change in Control Price of the Shares covered by such Awards, over the aggregate exercise price of such Awards; provided,
however, that if the exercise price of an Option or Stock Appreciation Right exceeds the Change in Control Price, such Award may
be cancelled for no consideration.

 

(c) The
Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any Other
Stock-Based Award that provides for a Participant-elected exercise, effective as of the date of the Change in Control, by delivering notice
of termination to each Participant at least twenty (20) days prior to the date of consummation of the Change in Control, in which case
during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such
Participant shall have the right to exercise in full all of such Participant’s Awards that are then outstanding (without regard
to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence
of the Change in Control, and, provided that, if the Change in Control does not take place within a specified period after giving
such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void.

 

(d) Notwithstanding
any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions,
of an Award at any time.

 

    17

    

    

 

Article
XIII

TERMINATION OR AMENDMENT OF PLAN

 

Notwithstanding any other
provision of the Plan, the Board or the Committee may at any time, and from time to time, amend, in whole or in part, any or all of the
provisions of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any Applicable Law), or suspend
or terminate it entirely, retroactively or otherwise; provided, however, that, unless otherwise required by Applicable Law
or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension, or termination
may not be impaired without the consent of such Participant and, provided, further, that without the approval of the holders
of the Shares entitled to vote in accordance with Applicable Law, no amendment may be made that would (i) increase the aggregate
number of Shares that may be issued under the Plan (except by operation of Section 4.1(a)); (ii) change the classification of individuals
eligible to receive Awards under the Plan; (iii) reduce the exercise price of any Stock Option or Stock Appreciation Right; (iv) grant
a new Stock Option, Stock Appreciation Right, or other Award in substitution for, or upon the cancellation of, any previously granted
Stock Option or Stock Appreciation Right that has the effect of reducing the exercise price thereof; (v) exchange any Stock Option or
Stock Appreciation Right for Common Stock, cash, or other consideration when the exercise price per Share under such Stock Option or Stock
Appreciation Right exceeds the Fair Market Value of a Share; or (vi) take any other action that would be considered a “repricing”
of a Stock Option or Stock Appreciation Right under the applicable listing standards of the national exchange on which the Company’s
or Rhodium Technologies LLC’s securities are listed (if any). Notwithstanding anything herein to the contrary, the Board or the
Committee may amend the Plan or any Award Agreement at any time without a Participant’s consent to comply with Applicable Law, including
Section 409A of the Code. The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but,
subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Committee shall impair the
rights of any holder without the holder’s consent.

 

Article
XIV

UNFUNDED STATUS OF PLAN

 

The Plan is intended to constitute
an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to which a Participant has a fixed
and vested interest but which is not yet made to a Participant by the Company, nothing contained herein shall give any such Participant
any right that is greater than those of a general unsecured creditor of the Company.

 

Article
XV

GENERAL PROVISIONS

 

15.1 Legend.
The Committee may require each person receiving Shares pursuant to a Stock Option or other Award under the Plan to represent to and agree
with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. In addition to any legend
required by the Plan, the certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions
on transfer. All certificates for Shares delivered under the Plan shall be subject to such stop transfer orders and other restrictions
as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any
stock exchange upon which the Common Stock is then listed or any national securities exchange system upon whose system the Common Stock
is then quoted, and any Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. If the Shares are held in book-entry form, then the book-entry will indicate any restrictions on such
Shares.

 

15.2 Other
Plans. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements, subject
to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific
cases.

 

    18

    

    

 

15.3 No
Right to Employment/Directorship/Consultancy. Neither the Plan nor the grant of any Award hereunder shall give any Participant
or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship
by the Company or any Affiliate, nor shall there be a limitation in any way on the right of the Company or any Affiliate by which an employee
is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy, or directorship at any time.

 

15.4 Withholding
of Taxes. A Participant shall be required to pay to the Company or one of its Affiliates, as applicable, or 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 an Award. The Committee may (but is not obligated to), in its sole discretion, permit or require
a Participant to satisfy all or any portion of the applicable taxes that are required to be withheld with respect to an Award by (a) the
delivery of Shares (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested
for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting
treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such withholding liability (or portion
thereof); (b) having the Company withhold from the Shares otherwise issuable or deliverable to, or that would otherwise be retained
by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, a number of Shares with an aggregate
Fair Market Value equal to the amount of such withholding liability; or (c) by any other means specified in the applicable Award Agreement
or otherwise determined by the Committee.

 

15.5 Fractional
Shares. No fractional Shares shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional
Awards, or other securities or property shall be used or paid in lieu of fractional Shares or whether any fractional shares should be
rounded, forfeited, or otherwise eliminated.

 

15.6 No
Assignment of Benefits. No Award or other benefit payable under the Plan shall, except as otherwise specifically provided by law
or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such benefit shall be void, and any such
benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person who
shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person. All transfers of
Rhodium Technologies LLC Awards shall also be subject to the restrictions contained in the LLC Agreement.

 

15.7 Clawback
Provisions. All Awards (including any proceeds, gains, or other economic benefit the Participant actually or constructively receives
upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company clawback
policy, including any claw-back policy adopted to comply with Applicable Law (including the Dodd-Frank Wall Street Reform and Consumer
Protection Act and any rules or regulations promulgated thereunder) as set forth in such clawback policy or the Award Agreement.

 

15.8 Listing
and Other Conditions.

 

(a) Unless
otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored by
a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such Shares being listed on such
exchange or system. The Company shall have no obligation to issue such Shares unless and until such Shares are so listed, and the right
to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected.

 

(b) If
at any time counsel to the Company shall be of the opinion that any sale or delivery of Shares pursuant to an Award is or may in the circumstances
be unlawful or result in the imposition of excise taxes on the Company under Applicable Law, the Company shall have no obligation to make
such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act
or otherwise, with respect to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion
of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company.

 

    19

    

    

 

(c) Upon
termination of any period of suspension under this Section 15.8, any Award affected by such suspension which shall not then have expired
or terminated shall be reinstated as to all Shares available before such suspension and as to Shares which would otherwise have become
available during the period of such suspension, but no such suspension shall extend the term of any Award.

 

(d) A
Participant shall be required to supply the Company with certificates, representations, and information that the Company requests and
otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, or approval the Company
deems necessary or appropriate.

 

15.9 Governing
Law. The Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the State
of Delaware, without reference to principles of conflict of laws.

 

15.10 Construction.
Wherever any words are used in the Plan in the masculine gender they shall be construed as though they were also used in the feminine
gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though
they were also used in the plural form in all cases where they would so apply.

 

15.11 Other
Benefits. No Award granted or paid out under the Plan shall be deemed compensation for purposes of computing benefits under any
retirement plan of the Company or its Affiliates or affect any benefit or compensation under any other plan now or subsequently in effect
under which the availability or amount of benefits is related to the level of compensation.

 

15.12 Costs.
The Company shall bear all expenses associated with administering the Plan, including expenses of issuing Shares pursuant to Awards hereunder.

 

15.13 No
Right to Same Benefits. The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual
Participants need not be the same in subsequent years.

 

15.14 Death/Disability.
The Committee may in its discretion require the transferee of a Participant to supply it with written notice of the Participant’s
death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as
the Committee deems necessary to establish the validity of the transfer of an Award. The Committee may also require the agreement of the
transferee to be bound by all of the terms and conditions of the Plan.

 

15.15 Section
16(b) of the Exchange Act. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies,
the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to
the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing
liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent
expressed in this Section 15.15, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such
conflict.

 

15.16 Deferral
of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity to
elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the
election would entitle the Participant to payment or receipt of Shares or other consideration under an Award. The Committee may establish
the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any,
on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules, and procedures that the Committee deems
advisable for the administration of any such deferral program.

 

    20

    

    

 

15.17 Section
409A of the Code. The Plan and Awards are intended to comply with or be exempt from the applicable requirements of Section 409A
of the Code and shall be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to
Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code, including proposed, temporary,
or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto.
Notwithstanding anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be
deemed to be amended to comply with or be exempt from Section 409A of the Code and, to the extent such provision cannot be amended to
comply therewith or be exempt therefrom, such provision shall be null and void. The Company shall have no liability to a Participant,
or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant
or for any action taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to
penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants
and not with the Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified
deferred compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan to
a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s separation from service
(other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation
from service (or, if earlier, until the date of death of the specified employee) and shall instead be paid (in a manner set forth in the
Award Agreement) upon expiration of such delay period.

 

15.18 Successor
and Assigns. The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation,
the estate of such Participant and the executor, administrator, or trustee of such estate.

 

15.19 Severability
of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall
not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

 

15.20 Headings
and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part of
the Plan, and shall not be employed in the construction of the Plan.

 

Article
XVI

EFFECTIVE DATE OF PLAN

 

The Plan shall become effective
on [●], which is the date of its adoption by the Board, subject to the approval of the Plan by the stockholders of the Company in
accordance with the requirements of the laws of the State of Delaware.

 

Article
XVII

TERM OF PLAN

 

No Award shall be granted
pursuant to the Plan on or after the tenth (10th) anniversary of the earlier of the date that the Plan is adopted or the date of stockholder
approval, but Awards granted prior to such tenth (10th) anniversary may extend beyond that date.

 

 

21Exhibit 10.5

 

FORM OF

 

TAX RECEIVABLE AGREEMENT

 

between

 

RHODIUM ENTERPRISES, INC.

 

and

 

THE PERSONS NAMED HEREIN

 

Dated as of [●], 2021

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article I DEFINITIONS

	1
	 	 	 
	Section 1.1	Definitions	1
	 	 	 
	Article II DETERMINATION OF REALIZED TAX BENEFIT	7
	 	 
	Section 2.1	Attribute Schedule	7
	Section 2.2	Tax Benefit Schedule	7
	Section 2.3	Procedures, Amendments	7
	 	 	 
	Article III TAX BENEFIT PAYMENTS	8
	 	 
	Section 3.1	Payments	8
	Section 3.2	No Duplicative Payments	8
	Section 3.3	Pro Rata Payments	9
	 	 	 
	Article IV TERMINATION	9
	 	 
	Section 4.1	Early Termination of Agreement; Breach of Agreement	9
	Section 4.2	Early Termination Notice	10
	Section 4.3	Payment upon Early Termination	10
	 	 	 
	Article V SUBORDINATION AND LATE PAYMENTS 	10
	 	 
	Section 5.1	Subordination	10
	Section 5.2	Late Payments by the Corporate Taxpayer	11
	 	 	 
	Article VI NO DISPUTES; CONSISTENCY; COOPERATION	11
	 	 
	Section 6.1	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	11
	Section 6.2	Consistency	11
	Section 6.3	Cooperation	11

 

    i

     

    

 

	Article VII MISCELLANEOUS	11
	 	 	 
	Section 7.1	Notices	11
	Section 7.2	Counterparts	13
	Section 7.3	Entire Agreement; No Third Party Beneficiaries	13
	Section 7.4	Governing Law	13
	Section 7.5	Severability	13
	Section 7.6	Successors; Assignment; Amendments; Waivers	13
	Section 7.7	Titles and Subtitles	14
	Section 7.8	Resolution of Disputes	14
	Section 7.9	Reconciliation	14
	Section 7.10	Withholding	15
	Section 7.11	Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	15
	Section 7.12	Confidentiality	16
	Section 7.13	Change in Law	16
	Section 7.14	Tax Characterization and Elections	16
	Section 7.15	TRA Party Representative	17
	 	 	 
	ANNEXES AND EXHIBITS	 
	 	 
	Annex A —	
    TRA Parties 
	
	Exhibit A —	Form of Joinder Agreement	

 

    ii

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT
(this “Agreement”), is dated as of [●], 2021, and is between Rhodium Enterprises, Inc., a Delaware corporation
(including any successor corporation, the “Corporate Taxpayer”) and each of the TRA Parties that are from time to time
a party hereto.

 

RECITALS

 

WHEREAS, the TRA Parties,
directly or indirectly, hold equity interests (the “Units”) in Rhodium Technologies LLC, a Delaware limited liability
company (“OpCo”);

 

WHEREAS, OpCo is classified
as a partnership for U.S. federal income tax purposes, and the Corporate Taxpayer is classified as a corporation for U.S. federal income
tax purposes;

 

WHEREAS, in connection
with the initial public offering (“IPO”) of Class A common stock (the “Class A Shares”) of the Corporate
Taxpayer pursuant to the Registration Statement on Form S-1 [(No. XXX-XXXX)], as filed with the Securities Exchange Commission and amended
as of [DATE], 2021, the Corporate Taxpayer shall contribute the proceeds of the IPO to the OpCo in exchange for Units of OpCo;

 

WHEREAS, the Units
held by the TRA Parties may be exchanged for Class A Shares of the Corporate Taxpayer or cash consideration, in accordance with and subject
to the provisions of the LLC Agreement (each, an “Exchange”);

 

WHEREAS, as a result
of any such Exchanges, the Corporate Taxpayer may be entitled to utilize (or otherwise be entitled to the benefits arising out of) the
Covered Tax Assets; and

 

WHEREAS, the income,
gain, loss, expense, deduction and other Tax items of the Corporate Taxpayer may be affected by the Covered Tax Assets, and the parties
to this Agreement desire to make certain arrangements with respect to the effects of the Covered Tax Assets.

 

NOW, THEREFORE, in
consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby,
the parties hereto agree as follows:

 

Article
I 

DEFINITIONS

 

Section 1.1
Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of the terms defined).

 

“Actual Tax
Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal, state and local income Taxes of
(a) the Corporate Taxpayer and (b) without duplication, OpCo and its Subsidiaries, but in the case of this clause (b) only
with respect to U.S. federal, state and local income Taxes imposed on OpCo and its Subsidiaries and allocable to the Corporate
Taxpayer; provided that the actual liability for Taxes described in clauses (a) and (b) shall be calculated by
assuming (i) solely for purposes of calculating the state and local Actual Tax Liability of the Corporate Taxpayer, that the
applicable tax rate is the Assumed State and Local Tax Rate, and (ii) solely for purposes of calculating the Corporate
Taxpayer’s U.S. federal Actual Tax Liability that state and local income and franchise Taxes are not deductible by the
Corporate Taxpayer for U.S. federal income tax purposes.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled
by, or is under common Control with, such first Person.

 

“Agreed Rate”
means a per annum rate of LIBOR plus 100 basis points.

 

“Agreement”
is defined in the Preamble to this Agreement.

 

“Amended Schedule”
is defined in Section 2.3(b) of this Agreement.

 

    1

     

    

 

“Assumed State and
Local Tax Rate” means an assumed combined tax rate for all state and local jurisdictions in which the Corporate Taxpayer or
OpCo (or any of their Subsidiaries that are treated as partnerships or disregarded entities for U.S. federal or applicable state and local
tax purposes) files income or franchise Tax Returns, which shall equal the product of (a) the Corporate Taxpayer’s income and franchise
tax apportionment percentage for each such state and local jurisdiction in which the Corporate Taxpayer or OpCo (or any of their Subsidiaries
that are treated as partnerships or disregarded entities for U.S. federal or applicable state and local tax purposes) files income or
franchise Tax Returns for the relevant Taxable Year and (b) the highest corporate income and franchise tax rate(s) for such state and
local jurisdiction in which the Corporate Taxpayer, OpCo or their applicable Subsidiaries file income or franchise Tax Returns for each
such relevant Taxable Year; provided that, solely in respect of the Corporate Taxpayer, to the extent that state and local income
and franchise Taxes are deductible for U.S. federal income tax purposes for any Taxable Year by members forming part of the Corporate
Taxpayer that are treated as corporations for U.S. federal income tax purposes, the Assumed State and Local Tax Rate calculated pursuant
to the foregoing shall be reduced by the assumed federal income Tax benefit received by the Corporate Taxpayer with respect to state and
local jurisdiction income and franchise Taxes (with such benefit calculated as the product of (i) the Corporate Taxpayer’s marginal
U.S. federal income tax rate for the relevant Taxable Year and (ii) the Assumed State and Local Tax Rate without regard to this proviso).

 

“Attributable”
is defined in Section 3.1(b) of this Agreement.

 

“Attribute Schedule”
is defined in Section 2.1 of this Agreement.

 

“Basis
Adjustment” means the adjustment to the tax basis of, or the Corporate Taxpayer’s share of the tax basis of, a
Reference Asset (a) under Sections 707(a), 732, 734(b), 737 and 1012 of the Code and any comparable sections of U.S. state and local
tax law (in situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as separate from its
owner for U.S. federal income tax purposes) or (b) under Sections 734(b), 743(b) and 754 of the Code and any comparable sections of
U.S. state and local tax law (in situations where, following an Exchange, OpCo remains in existence as an entity treated as a
partnership for U.S. federal income tax purposes), in each case, as a result of any Exchange and/or any payments made pursuant to
this Agreement. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more Units (i)
shall be determined without regard to any Pre-Exchange Transfer of such Units and as if any such Pre-Exchange Transfer had not
occurred and (ii) shall not include the portion of any Tax Benefit Payment representing Imputed Interest.

 

“Beneficial Owner”
means, with respect to any security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares: (a) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (b)
investment power, which includes the power to dispose of, or to direct the disposition of, such security.

 

“Board”
means the Board of Directors of the Corporate Taxpayer.

 

“Business Day”
means any day other than a Saturday, Sunday or any other day on which commercial banks are authorized or required by applicable law to
be closed in Austin, Texas.

 

    2

     

    

 

“Change of Control”
means the occurrence of any of the following events or series of events after the IPO Date: (a) any Person or any group of Persons acting
together that would constitute a “group” for purposes of Section 13(d) of the Securities and Exchange Act of 1934, or any
successor provisions thereto (excluding a corporation or other entity owned, directly or indirectly, by the stockholders of the Corporate
Taxpayer in substantially the same proportions as their ownership of stock of the Corporate Taxpayer) is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Corporate Taxpayer representing more than 50% of the combined voting power of the Corporate
Taxpayer’s then outstanding voting securities; (b) there is consummated a merger or consolidation of the Corporate Taxpayer with
any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (i) the members
of the Board immediately prior to the merger or consolidation do not constitute at least a majority of the members of the board of directors
of the company surviving the merger or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (ii) the voting securities
of the Corporate Taxpayer immediately prior to such merger or consolidation do not continue to represent or are not converted into more
than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation
or, if the surviving company is a Subsidiary, the ultimate parent thereof; or (c) the shareholders of the Corporate Taxpayer approve a
plan of complete liquidation or dissolution of the Corporate Taxpayer or there is consummated an agreement or series of related agreements
for the sale or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s
assets, other than such sale or other disposition by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s
assets to an entity at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Corporate
Taxpayer in substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale.

 

Notwithstanding the
foregoing, except with respect to clause (b)(i) above, a “Change of Control” shall not be deemed to have occurred
by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders
of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue to have
substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly
or through a Subsidiary, all or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or
series of transactions.

 

“Class A Shares”
is defined in the Recitals of this Agreement.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

 

“Corporate Taxpayer”
is defined in the Preamble to this Agreement; provided that the term “Corporate Taxpayer” shall include any other member
of the U.S. federal income tax consolidated group including the Corporate Taxpayer.

 

“Corporate Taxpayer
Return” means the U.S. federal, state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed with respect to
Taxes of any Taxable Year.

 

“Covered Person”
is defined in Section 7.15 of this Agreement.

 

“Covered Tax Assets”
means, with respect to a TRA Party, (a) Basis Adjustments and (b) Imputed Interest. For the avoidance of doubt, Covered Tax Assets shall
include any carryforwards or similar attributes that are attributable to the Tax items described in clauses (a) and (b).

 

“Cumulative Net Realized
Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporate
Taxpayer up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized
Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedules or Amended
Schedules, if any, in existence at the time of such determination.

 

“Default Rate”
means a per annum rate of LIBOR plus 500 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of U.S. state or local tax law, as applicable,
or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability
for Tax.

 

“Dispute”
is defined in Section 7.8(a) of this Agreement.

 

“Early Termination
Date” means the date that an Early Termination Request is accepted (or deemed accepted) for purposes of determining the Early
Termination Payment.

 

“Early Termination
Effective Date” means the date on which an Early Termination Schedule becomes binding pursuant to Section 4.2 and Section
2.3(a).

 

“Early Termination
Request” is defined in Section 4.2 of this Agreement.

 

    3

     

    

 

“Early Termination
Payment” is defined in Section 4.3(b) of this Agreement.

 

“Early Termination
Rate” means a per annum rate of LIBOR plus 100 basis points.

 

“Early Termination
Schedule” is defined in Section 4.2 of this Agreement.

 

“Exchange”
is defined in the Recitals of this Agreement.

 

“Exchange Date”
means the date of such Exchange.

 

“Expert”
is defined in Section 7.9 of this Agreement.

 

“Hypothetical Tax
Liability” means, with respect to any Taxable Year, the liability for U.S. federal, state and local income Taxes of (a) the
Corporate Taxpayer and (b) without duplication, OpCo and its Subsidiaries, but in the case of this clause (b) only with respect
to U.S. federal, state and local income Taxes imposed on OpCo and its Subsidiaries and allocable to the Corporate Taxpayer, in each case,
using the same methods, elections, conventions, and practices used on the relevant Corporate Taxpayer Return but calculated (i) without
taking into account the Covered Tax Assets (including, for the avoidance of doubt, any carryforward or carryback of any tax item attributable
to the Covered Tax Assets) and (ii) by assuming (A) solely for purposes of calculating the state and local Hypothetical Tax Liability
of the Corporate Taxpayer, that the applicable tax rate is the Assumed State and Local Tax Rate, and (B) solely for purposes of calculating
the Corporate Taxpayer’s U.S. federal Hypothetical Tax Liability, in order to prevent double counting, that state and local income
and franchise Taxes are not deductible by the Corporate Taxpayer for U.S. federal income tax purposes.

 

“Imputed Interest”
in respect of a TRA Party means any interest imputed under Section 483, 1272 or 1274 or other provision of the Code with respect to the
Corporate Taxpayer’s payment obligations in respect of such TRA Party under this Agreement.

 

“Interest Amount”
is defined in Section 3.1(b) of this Agreement.

 

“IPO” has
the meaning set forth in the Recitals of this Agreement.

 

“IPO Date”
means the closing date of the IPO.

 

“IRS” means
the U.S. Internal Revenue Service.

 

“LIBOR”
means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that
displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market or such other
commercially available source providing quotations of such rates as may be designated by Corporate Taxpayer from time to time), or
the rate which is quoted by another source selected by the Corporate Taxpayer as an authorized information vendor for the purpose of
displaying rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an
“Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the first day of
such period as the one-year London interbank offered rate for U.S. dollars (or if there shall at any time, for any reason, no longer
exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a comparable replacement rate determined by the
Corporate Taxpayer and the TRA Party Representative at such time, which determination shall be conclusive absent manifest error); provided
that at no time shall LIBOR be less than 0%. If the Corporate Taxpayer has made the determination (such determination to be
conclusive absent manifest error) that (i) LIBOR is no longer a widely recognized benchmark rate for newly originated loans in the
U.S. loan market in U.S. dollars or (ii) the applicable supervisor or administrator (if any) of LIBOR has made a public statement
identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans in the U.S. loan
market in U.S. dollars, then the Corporate Taxpayer and the TRA Party Representative shall (as determined by the Corporate Taxpayer
and the TRA Party Representative to be consistent with market practice generally), establish a replacement interest rate (the
“Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two sentences, replace LIBOR
for all purposes under this Agreement. In connection with the establishment and application of the Replacement Rate, this Agreement
shall be amended solely with the consent of the Corporate Taxpayer and the TRA Party Representative, as may be necessary or
appropriate, in the reasonable judgment of the Corporate Taxpayer and the TRA Party Representative, to effect the provisions of this
section. The Replacement Rate shall be applied in a manner consistent with market practice; provided that in each case, to
the extent such market practice is not administratively feasible for the Corporate Taxpayer, such Replacement Rate shall be applied
as otherwise reasonably determined by the Corporate Taxpayer and the TRA Party Representative.

 

    4

     

    

 

“LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of OpCo, dated on or about the date hereof, as such agreement may be
further amended, restated, supplemented and/or otherwise modified from time to time.

 

“Market Value”
shall mean the closing price of the Class A Shares on the applicable Exchange Date on the national securities exchange or interdealer
quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided that
if the closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the Market Value shall mean the
closing price of the Class A Shares on the Business Day immediately preceding such Exchange Date on the national securities exchange or
interdealer quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided,
further, that if the Class A Shares are not then listed on a national securities exchange or interdealer quotation system, “Market
Value” shall mean the cash consideration paid for Class A Shares, or the fair market value of the other property delivered for Class
A Shares, as determined by the Board in good faith. Notwithstanding anything to the contrary in the above sentence, to the extent property
is exchanged for cash in a transaction, the Market Value shall be determined by reference to the amount of cash transferred in such transaction.

 

“Net Tax Benefit”
is defined in Section 3.1(b) of this Agreement.

 

“Objection Notice”
is defined in Section 2.3(a) of this Agreement.

 

“OpCo”
is defined in the Recitals to this Agreement.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity.

 

“Pre-Exchange Transfer”
means any transfer (including upon the death of a member) or distribution in respect of one or more Units (a) that occurs prior to an
Exchange of such Units, and (b) to which Section 734(b) or 743(b) of the Code applies.

 

“Realized Tax Benefit”
means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of
the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such
liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination.

 

“Realized Tax Detriment”
means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability. If all or a portion of
the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such
liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination.

 

“Reconciliation Dispute”
is defined in Section 7.9 of this Agreement.

 

“Reconciliation Procedures”
is defined in Section 2.3(a) of this Agreement.

 

“Reference Asset”
means any tangible or intangible asset that is held by OpCo or any of its successors or assigns, and any asset held by any entities in
which OpCo owns a direct or indirect equity interest that are treated as a partnership or disregarded entity (but only to the extent such
entities are held through other entities that are treated as partnerships or disregarded entities) for purposes of the applicable Tax,
as of the relevant date. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42)
of the Code with respect to a Reference Asset.

 

“Schedule”
means any of the following: (a) an Attribute Schedule; (b) a Tax Benefit Schedule; or (c) the Early Termination Schedule.

 

“Senior Obligations”
is defined in Section 5.1 of this Agreement.

 

“Subsidiaries”
means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or indirectly,
or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member
or similar interest of such Person.

 

“Tax Benefit Payment”
is defined in Section 3.1(b) of this Agreement.

 

“Tax Benefit Schedule”
is defined in Section 2.2(a) of this Agreement.

 

    5

     

    

 

“Tax Return”
means any return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable Year”
means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable sections of U.S. state or local
tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax
Return is made), ending on or after the IPO Date.

 

“Taxes”
means any and all U.S. federal, state or local taxes, assessments or similar charges that are based on or measured with respect to net
income or profits (including alternative minimum taxes and any franchise taxes imposed in lieu of an income tax), and any interest related
to such Tax.

 

“Taxing Authority”
shall mean any domestic, federal, national, state, county or municipal or other local government, any subdivision, agency, commission
or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory
authority.

 

“TRA Parties”
means the Persons listed on Annex A.

 

“TRA Party Representative”
means, initially, [Imperium Investment Holdings LLC], and thereafter, that TRA Party or committee of TRA Parties determined from time
to time by a plurality vote of the TRA Parties ratably in accordance with their right to receive Early Termination Payments hereunder.

 

“Treasury Regulations”
means the final, temporary and (to the extent they can be relied upon) proposed regulations under the Code promulgated from time to time
(including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period.

 

“Units”
is defined in the Recitals of this Agreement.

 

“Valuation
Assumptions” shall mean, as of an Early Termination Date, the assumptions that (a) in each Taxable Year ending on or after
such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient to fully use the Covered Tax Assets (other
than any such Covered Tax Assets that constitute or have resulted in net operating losses, disallowed interest expense
carryforwards, or credit carryforwards or carryovers (determined as of the Early Termination Date), which shall be governed by clause
(d) below) during such Taxable Year or future Taxable Years in which such deductions or other attributes would become available;
(b) the U.S. federal income tax rates that will be in effect for each such Taxable Year will be those specified for each such
Taxable Year by the Code and other law as in effect on the Early Termination Date, except to the extent any change to such tax rates
for such Taxable Year has already been enacted into law; (c) the tax rate for U.S. state and local income taxes shall be the Assumed
State and Local Tax Rate as in effect for the Taxable Year that includes the Early Termination Date; (d) any net operating loss,
disallowed interest expense, or credit carryovers or carrybacks (or similar items with respect to carryovers or carrybacks) that
constitute or that were generated by any Covered Tax Asset and available as of the Early Termination Date will be used by the
Corporate Taxpayer ratably in each Taxable Year over the five Taxable Years beginning with the Taxable Year that includes the Early
Termination Date (provided that, in any year that the Corporate Taxpayer is prevented from fully utilizing net operating losses
pursuant to Section 382 of the Code, or any successor provision, the amount utilized for purposes of this provision shall not exceed
the amount that would otherwise be utilizable under Section 382 of the Code, or any successor provision); (e) any non-amortizable
Reference Assets will be disposed of in a fully taxable transaction on the fifteenth anniversary of the applicable Exchange and any
cash equivalents will be disposed of twelve (12) months following the Early Termination Date; provided that, in the event of
a Change of Control that includes a taxable sale of such Reference Asset (or the sale of all of the equity interests in a
partnership or disregarded entity for U.S. federal income tax purposes that directly or indirectly owns such Reference Asset), such
non-amortizable Reference Asset shall be deemed disposed of at the time of the direct or indirect sale of the relevant Reference
Asset in such Change of Control (if earlier than such fifteenth anniversary) for the applicable purchase price; (f) if, on the Early
Termination Date, any TRA Party has Units that have not been Exchanged, then such Units shall be deemed to be Exchanged for the
Market Value that would be received by such TRA Party if such Units had been Exchanged on the Early Termination Date, and such TRA
Party shall be deemed to receive the amount of cash such TRA Party would have been entitled to pursuant to Section 4.3(a) had
such Units actually been Exchanged on the Early Termination Date; and (g) any payment obligations pursuant to this Agreement will be
satisfied on the date that any Tax Return to which such payment obligation relates is required to be filed excluding any
extensions.

 

    6

     

    

 

Article
II 

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.1
Attribute Schedule. Within ninety (90) calendar days after the filing of the IRS Form 1120 (or any successor form) of
the Corporate Taxpayer for each relevant Taxable Year, the Corporate Taxpayer shall deliver to the TRA Party Representative a schedule
(the “Attribute Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this
Agreement the Covered Tax Assets that are available for use by the Corporate Taxpayer with respect to such Taxable Year with respect to
each TRA Party that has effected an Exchange (including the Basis Adjustments with respect to the Reference Assets resulting from Exchanges
effected in such Taxable Year and the periods over which such Basis Adjustments are amortizable or depreciable) and the portion of the
Covered Tax Assets that are available for use by the Corporate Taxpayer in future Taxable Years with respect to each TRA Party that has
effected an Exchange.

 

Section 2.2
Tax Benefit Schedule.

 

(a)
Tax Benefit Schedule. Within ninety (90) calendar days after the filing of the IRS Form 1120 (or any successor form) of
the Corporate Taxpayer for any relevant Taxable Year, the Corporate Taxpayer shall provide to the TRA Party Representative a schedule
showing, in reasonable detail, the calculation of the Tax Benefit Payment in respect of each TRA Party for such Taxable Year and the calculation
of the Realized Tax Benefit or a Realized Tax Detriment and the components thereof for such Taxable Year (a “Tax Benefit Schedule”).
Each Tax Benefit Schedule will become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b)
(subject to the procedures set forth in Section 2.3(b)).

 

(b) 
 Applicable Principles. For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any period, carryovers
or carrybacks of any Tax item attributable to the Covered Tax Assets shall be considered to be subject to the rules of the Code and the
Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing the
use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes
a portion that is attributable to a Covered Tax Asset and another portion that is not, such portions shall be considered to be used in
accordance with a “with and without” methodology.

 

Section 2.3
Procedures, Amendments.

 

(a)
Procedure. Every time the Corporate Taxpayer delivers to the TRA Party Representative an applicable Schedule under this
Agreement, including any Amended Schedule delivered pursuant to Section 2.3(b), the Corporate Taxpayer shall also (i) deliver to
the TRA Party Representative supporting schedules, valuation reports (if any), and work papers, as determined by the Corporate Taxpayer
or as reasonably requested by the TRA Party Representative, providing reasonable detail regarding data and calculations that were relevant
for purposes of preparing the Schedule and (ii) allow the TRA Party Representative reasonable access at no cost to the appropriate representatives
of the Corporate Taxpayer, as determined by the Corporate Taxpayer or as reasonably requested by the TRA Party Representative, in connection
with a review of such Schedule. Without limiting the generality of the preceding sentence, the Corporate Taxpayer shall ensure that any
Tax Benefit Schedule that is delivered to the TRA Party Representative, along with any supporting schedules and work papers, provides
a reasonably detailed presentation of the calculation of the Actual Tax Liability and the Hypothetical Tax Liability and identifies any
material assumptions or operating procedures or principles that were used for purposes of such calculations. An applicable Schedule or
amendment thereto shall become final and binding on all parties thirty (30) calendar days from the first date on which the TRA Party Representative
received the applicable Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative (i) within thirty (30)
calendar days from such date provides the Corporate Taxpayer with notice of objection to such Schedule (“Objection Notice”)
made in good faith or (ii) provides a written waiver of such right of any Objection Notice within the period described in clause (i)
above, in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by the Corporate Taxpayer.
If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve the issues raised in the
Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of an Objection Notice, the Corporate Taxpayer
and the TRA Party Representative shall employ the reconciliation procedures as described in Section 7.9 of this Agreement (the
“Reconciliation Procedures”).

 

    7

     

    

 

(b) Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in
connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the
receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to the TRA Party
Representative, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change
in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or
other tax item to such Taxable Year, or (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such
Taxable Year attributable to an amended Tax Return filed for such Taxable Year (any such Schedule, an “Amended
Schedule”). The Corporate Taxpayer shall provide an Amended Schedule to the TRA Party Representative within sixty (60)
calendar days of the occurrence of an event referenced in clauses (i) through (v) of the preceding sentence.

 

Article
III 

TAX BENEFIT PAYMENTS

 

Section 3.1
Payments.

 

(a)
Payments. Within five (5) calendar days after a Tax Benefit Schedule delivered to the TRA Party Representative becomes final
in accordance with Section 2.3(a) and Section 7.9, if applicable, the Corporate Taxpayer shall pay or cause to be paid each
TRA Party the Tax Benefit Payment determined pursuant to Section 3.1(b) that is Attributable to such relevant TRA Party. Each such
Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA
Party to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such TRA Party. For the avoidance of doubt, (i) no
Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, U.S. federal estimated income tax
payments, and (ii) the payments provided for pursuant to the above sentence shall be computed separately for each TRA Party. Notwithstanding
anything to the contrary in this Agreement, with respect to each Exchange by or with respect to any TRA Party, if such TRA Party notifies
the Corporate Taxpayer in writing of a stated maximum selling price (within the meaning of Treasury Regulations Section 15A.453-1(c)(2)),
then the amount of the consideration received in connection with such Exchange and the aggregate Tax Benefit Payments to such TRA Party
in respect of such Exchange (other than amounts accounted for as interest under the Code) shall not exceed such stated maximum selling
price.

 

(b) A
“Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal to
the sum of the portion of the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto. A
Net Tax Benefit is “Attributable” to a TRA Party to the extent that it is derived from a Covered Tax Asset with
respect to Units that were Exchanged by such TRA Party. For the avoidance of doubt, for Tax purposes, the Interest Amount shall not
be treated as interest but instead shall be treated as additional consideration for the acquisition of Units in Exchanges, unless
otherwise required by law. Subject to Section 3.3(a), the “Net Tax Benefit” for a Taxable Year shall be an
amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year, over the
total amount of payments previously made under the first sentence of Section 3.1(a) (excluding payments attributable to
Interest Amounts); provided that, for the avoidance of doubt, no such recipient shall be required to return any portion of
any previously made Tax Benefit Payment. The “Interest Amount” in respect of a TRA Party shall equal the interest
on the Net Tax Benefit calculated at the Agreed Rate from the due date (without extensions) for filing the IRS Form 1120 (or any
successor form) of the Corporate Taxpayer with respect to Taxes for such Taxable Year until the payment date under Section
3.1(a).

 

Section 3.2
No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment
of any amount (including interest) required under this Agreement. The provisions of this Agreement shall be construed in the appropriate
manner to ensure such intentions are realized.

 

    8

     

    

 

Section 3.3
Pro Rata Payments.

 

(a)
Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate Tax benefit of the Corporate Taxpayer
from the reduction in actual Tax liability as a result of Covered Tax Assets is limited in a particular Taxable Year because the Corporate
Taxpayer does not have sufficient taxable income to fully utilize available deductions and other attributes, the Net Tax Benefit for the
Corporate Taxpayer shall be allocated among the TRA Parties in proportion to the respective amounts of Tax Benefit Payments that would
have been paid to each TRA Party under this Agreement if the Corporate Taxpayer had sufficient taxable income so that there were no such
limitation; provided that, for the avoidance of doubt, for purposes of allocating among the TRA Parties the aggregate Tax Benefit
Payments payable under this Agreement with respect to any Taxable Year, the operation of this Section 3.3(a) with respect to any
prior Taxable Years shall be taken into account. Consistent with the foregoing, the Attribute Schedule for a given Taxable Year shall
reflect the operation of this Section 3.3(a) in respect of previous Taxable Years, with the Covered Tax Assets described in such
Attribute Schedule that are attributable to a TRA Party being adjusted to reflect payments received in respect of such Covered Tax Assets
(the intention of the parties being to avoid duplicative payments and maintain records sufficient to allow the Corporate Taxpayer to allocate
Tax Benefit Payments consistent with the terms of this Section 3.3(a)).

 

(b)
After taking into account Section 3.3(a), if for any reason the Corporate Taxpayer does not fully satisfy its payment obligations
to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year (for example, as a result of having
insufficient cash to make the Tax Benefit Payments due hereunder), then the Corporate Taxpayer and the TRA Parties agree that (i) the
Corporate Taxpayer shall make payments due hereunder to the TRA Parties in respect of a Taxable Year in the same proportion as such payments
would have been made if the relevant payment had been made in full by the Corporate Taxpayer and (ii) no Tax Benefit Payment shall be
made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full.

 

Article
IV 

TERMINATION

 

Section 4.1
Early Termination of Agreement; Breach of Agreement.

 

(a)
 The Corporate Taxpayer may terminate this Agreement with respect to all amounts payable to the TRA Parties and with respect to
all of the Units held by the TRA Parties at any time upon acceptance (or deemed acceptance) of an Early Termination Request by the TRA
Party Representative in accordance with Section 4.2, and following such acceptance (or deemed acceptance), by paying to each TRA
Party the Early Termination Payment in respect of such TRA Party; provided, however, that this Agreement shall only terminate
upon the full payment of the Early Termination Payment to all TRA Parties as set forth in Section 4.3(a); provided, further,
that the Corporate Taxpayer may withdraw any Early Termination Request prior to the time at which any Early Termination Payment has been
paid. Upon full payment of the Early Termination Payment by the Corporate Taxpayer to all TRA Parties, none of the TRA Parties or the
Corporate Taxpayer shall have any further payment rights or obligations under this Agreement. If an Exchange occurs after the Corporate
Taxpayer makes all of the required Early Termination Payments, the Corporate Taxpayer shall have no obligations under this Agreement with
respect to such Exchange.

 

(b) In the
event that the Corporate Taxpayer (i) breaches any of its material obligations under this Agreement, whether as a result of failure
to make any payment within three (3) months of the date when due, failure to honor any other material obligation required hereunder
or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise or
(ii) (A) shall commence any case, proceeding or other action (1) under any existing or future law of any jurisdiction, domestic or
foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with
respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its debts or (2) seeking an appointment of a receiver,
trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or it shall make
a general assignment for the benefit of creditors or (B) there shall be commenced against Corporate Taxpayer any case, proceeding or
other action of the nature referred to in clause (A) above that remains undismissed or undischarged for a period of sixty
(60) calendar days, the TRA Party Representative shall have the right to cause all obligations hereunder to be automatically
accelerated and immediately due and payable, and such obligations shall be calculated as if an Early Termination Request had been
delivered and accepted (or deemed accepted) on the date of such breach. Procedures similar to the procedures of Section 4.2
shall apply, mutatis mutandis, with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this Section
4.1(b). Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this Agreement, the TRA Party
Representative shall be entitled to elect jointly on behalf of all TRA Parties for such TRA Parties to receive the amounts referred
to in this Section 4.1(b) or to seek specific performance of the terms under this Agreement. The parties agree that the
failure to make any payment due pursuant to this Agreement within three (3) months of the date such payment is due shall be deemed
to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered
to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three (3)
months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of a
material obligation under this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that
the Corporate Taxpayer has insufficient funds to make such payment despite using commercially reasonable efforts to obtain funds to
make such payment; provided that (i) the interest provisions of Section 5.2 shall apply to such late payment and (ii)
solely with respect to a Tax Benefit Payment, if the Corporate Taxpayer does not have sufficient cash to make such payment as a
result of limitations imposed by any credit agreements to which OpCo or any of its Subsidiaries is a party, Section 5.2 shall
apply, but the Default Rate shall be replaced by the Agreed Rate.

 

    9

     

    

 

(c)
In the event of a Change of Control, the TRA Party Representative shall have the right to cause all obligations hereunder to be
accelerated and immediately due and payable, and such obligations shall be calculated as if an Early Termination Request had been delivered
and accepted (or deemed and accepted) on the date of such Change of Control. Procedures similar to the procedures of Section 4.2
shall apply, mutatis mutandis, with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this Section
4.1(c).

 

Section 4.2
Early Termination Request. If the Corporate Taxpayer desires to exercise its right of early termination under Section
4.1(a) above, the Corporate Taxpayer shall deliver to the TRA Party Representative a request to exercise such right (“Early
Termination Request”). The TRA Party Representative shall have the right to refuse two separate Early Termination Requests,
and after any such refusal the Corporate Taxpayer shall not have the right to issue another Early Termination Request until at least one
year after the date of the issuance of the prior Early Termination Request that was refused by the TRA Party Representative. After the
TRA Party Representative refuses two separate Early Termination Requests made consistent with the terms of this Section 4.2, the
TRA Party Representative shall not be entitled to refuse (and shall be deemed to accept) any subsequent Early Termination Request that
is made by the Company consistent with the terms of this Section 4.2. In the event that an Early Termination Request made pursuant
to this Section 4.2 is accepted (or deemed accepted) by the TRA Party Representative, or the obligations under this Agreement are
accelerated under Section 4.1(b) or Section 4.1(c) above, the Corporate Taxpayer shall deliver to the TRA Party Representative
a schedule (the “Early Termination Schedule”) showing in reasonable detail the calculation of the Early Termination
Payment due to each TRA Party. Such Early Termination Schedule shall become final and binding on all parties consistent with the procedures
described in Section 2.3(a).

 

Section 4.3
Payment upon Early Termination.

 

(a)
Subject to its right to withdraw any Early Termination Request pursuant to Section 4.1(a), within three (3) calendar days
after an Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party an amount equal to the Early Termination
Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to the bank account previously
designated by each TRA Party or as otherwise agreed by the Corporate Taxpayer and such TRA Party.

 

(b) The
“Early Termination Payment” in respect of a TRA Party shall equal, without duplication, (i) the present value,
discounted at the Early Termination Rate as of the applicable Early Termination Effective Date, of all Tax Benefit Payments in
respect of such TRA Party that would be required to be paid by the Corporate Taxpayer beginning from the Early Termination Date and
assuming that the Valuation Assumptions in respect of such TRA Party are applied, plus (ii) any Tax Benefit Payment due and payable
with respect to such TRA Party that is unpaid as of the date of the relevant Early Termination Request, plus (iii) any Tax Benefit
Payment not yet due and payable with respect to such TRA Party for a Taxable Year ending prior to the date of the relevant Early
Termination Request, plus (iv) any interest accruing on the amounts described in clauses (i) through (iii) (which
shall include interest accruing on the amount described in clause (i) from the date of the relevant Early Termination
Request). For the avoidance of doubt, no TRA Party shall be required to return any portion of any previously received Early
Termination Payment in the event of a later determination occurring after the date on which such Early Termination Payment was
made.

 

Article
V 

SUBORDINATION AND LATE PAYMENTS

 

Section 5.1
Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early
Termination Payment required to be made by the Corporate Taxpayer to the TRA Parties under this Agreement shall rank subordinate and junior
in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness
for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari passu
in right of payment with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations. To the
extent that any payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.1
and the terms of agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of TRA Parties
and the Corporate Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in accordance
with the terms of the Senior Obligations. Payments under any tax receivable agreement (or similar agreement) entered into by the Corporate
Taxpayer, OpCo or their Subsidiaries after the date hereof shall be subordinate to all payments owed pursuant to this Agreement, and no
such payments shall be made for so long as the Corporate Taxpayer has any unpaid obligation pursuant this Agreement.

 

    10

     

    

 

Section 5.2
Late Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment, Early Termination
Payment or other payment not made to the TRA Parties when due under the terms of this Agreement, whether as a result of Section 5.1
or otherwise, shall be payable together with any interest thereon, computed at the Default Rate (or, if so provided in Section 4.1(b),
at the Agreed Rate) and commencing from the date on which such Tax Benefit Payment or Early Termination Payment was first due and payable
to the date of actual payment.

 

Article
VI 

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.1 Participation
in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided herein and the LLC Agreement,
the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate
Taxpayer and OpCo, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or
settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the TRA Party
Representative of, and keep the TRA Party Representative reasonably informed with respect to, the portion of any audit of the
Corporate Taxpayer and OpCo by a Taxing Authority the outcome of which is reasonably expected to materially affect the rights and
obligations of a TRA Party under this Agreement, and shall provide to the TRA Party Representative reasonable opportunity to provide
information and other input to the Corporate Taxpayer, OpCo and their respective advisors concerning the conduct of any such portion
of such audit, which information and other input the Corporate Taxpayer and OpCo, as applicable, shall consider in good faith.

 

Section 6.2
Consistency. The Corporate Taxpayer and the TRA Parties agree to report and cause to be reported for all purposes, including
U.S. federal, state and local tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the
Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that contemplated by this Agreement or specified by the Corporate
Taxpayer in any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement unless otherwise required
by law. The Corporate Taxpayer shall (and shall cause OpCo and its other Subsidiaries to) use reasonable efforts (for the avoidance of
doubt, taking into account the interests and entitlements of all TRA Parties under this Agreement) to defend the Tax treatment contemplated
by this Agreement and any Schedule in any audit, contest or similar proceeding with any Taxing Authority.

 

Section 6.3
Cooperation. Each of the Corporate Taxpayer, OpCo and the TRA Parties shall (a) furnish to the other parties in a timely
manner such information, documents and other materials as the other party may reasonably request for purposes of making any determination
or computation necessary or appropriate under this Agreement, preparing any Tax Return or defending any audit, examination or controversy
with any Taxing Authority, (b) make itself reasonably available to the other parties and their respective representatives to provide explanations
of documents and material and such other information as the other party or its representatives may reasonably request in connection with
any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the Corporate Taxpayer
shall reimburse each TRA Party for any reasonable third-party costs and expenses incurred by such TRA Party pursuant to this Section
6.3 at the request of the Corporate Taxpayer or OpCo.

 

Article
VII 

MISCELLANEOUS

 

Section 7.1
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or by fax or email with confirmation of transmission
by the transmitting equipment or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier
service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing
by the party to receive such notice:

 

    11

     

    

 

 

If to the Corporate Taxpayer,
to:

 

Rhodium Enterprises, Inc.

[4146 W. US HWY 79,

Rockdale, Texas 76567]

Attention: Nathan Nichols, Chief Executive Officer

Phone: [●]

Email: [nathannichols@imperiumholdings.io]

 

With a required copy to:

 

Latham & Watkins LLP

1271 Avenue of the Americas

New York, New York 10020

Attention: Ian D. Schuman

Stelios G. Saffos

Scott W. Westhoff

Email: [●]

 

and

 

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

Attention: Matthew R. Pacey, P.C.

Anne G. Peetz

 

		Email:	matt.pacey@kirkland.com

anne.peetz@kirkland.com

 

If to the TRA Party Representative:

 

[Imperium Investments Holding LLC]

[ADDRESS]

Attention: [NAME], [TITLE]

Email: [●]

 

With a required copy to:

 

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

Attention: Matthew R. Pacey, P.C.

Anne G. Peetz

Facsimile: (713) 835-3601

		Email:	matt.pacey@kirkland.com

anne.peetz@kirkland.com

 

    12

     

    

 

Any party may change its address,
fax number or email by giving the other party written notice of its new address, fax number or email in the manner set forth above.

 

Section 7.2
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other
parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement
by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

Section 7.3
Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall
be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing
in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement.

 

Section 7.4
Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware.

 

Section 7.5
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

Section 7.6
Successors; Assignment; Amendments; Waivers.

 

(a)
Each TRA Party may assign any of its rights under this Agreement to any Person as long as such transferee has executed and delivered,
or, in connection with such transfer, executes and delivers, a joinder to this Agreement, substantially in the form of Exhibit A
hereto, agreeing to become a TRA Party for all purposes of this Agreement, except as otherwise provided in such joinder.

 

(b) No
provision of this Agreement may be amended unless such amendment is approved in writing by each of the Corporate Taxpayer and by the
TRA Parties who would be entitled to receive at least two-thirds of the total amount of the Early Termination Payments payable to
all TRA Parties hereunder if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent
Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Party pursuant to this
Agreement since the date of such most recent Exchange); provided that no such amendment shall be effective if such amendment
will have a disproportionate effect on the payments one or more TRA Parties receive under this Agreement unless such amendment is
consented in writing by such TRA Parties disproportionately affected who would be entitled to receive at least two-thirds of the
total amount of the Early Termination Payments payable to all TRA Parties disproportionately affected hereunder if the Corporate
Taxpayer had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding,
for purposes of this sentence, all payments made to any TRA Party pursuant to this Agreement since the date of such most recent
Exchange). No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the
waiver is to be effective.

 

(c)
All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporate
Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if no such succession
had taken place.

 

    13

     

    

 

Section 7.7
Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement.

 

Section 7.8
Resolution of Disputes.

 

(a)
Any and all disputes which are not governed by Section 7.9 and cannot be settled amicably, including any ancillary claims
of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance
of this Agreement (including the validity, scope and enforceability of this arbitration provision) (each a “Dispute”)
shall be finally settled by arbitration conducted by a single arbitrator in Delaware in accordance with the then-existing Rules of Arbitration
of the International Chamber of Commerce. If the parties to the Dispute fail to agree on the selection of an arbitrator within thirty
(30) calendar days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The
arbitrator shall be a lawyer admitted to the practice of law in the State of Delaware and shall conduct the proceedings in the English
language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings.

 

(b)
Notwithstanding the provisions of paragraph (a) of this Section 7.8, the Corporate Taxpayer may bring an action or
special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or
preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph
(b), each TRA Party (i) expressly consents to the application of paragraph (c) of this Section 7.8 to any such
action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this
Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate
Taxpayer as agent of such TRA Party for service of process in connection with any such action or proceeding and agrees that service
of process upon such agent, who shall promptly advise the TRA Party of any such service of process, shall be deemed in every respect
effective service of process upon the TRA Party in any such action or proceeding.

 

(c)
EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN THE STATE OF DELAWARE FOR THE PURPOSE OF ANY JUDICIAL
PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 7.8, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION
OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any
suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm
an arbitration award. The parties acknowledge that the forum designated by this paragraph (c) have a reasonable relation to this
Agreement, and to the parties’ relationship with one another. The parties hereby waive, to the fullest extent permitted by applicable
law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit,
action or proceeding brought in any court referred to in the preceding paragraph of this Section 7.8 and such parties agree not
to plead or claim the same.

 

Section 7.9 Reconciliation. In
the event that the Corporate Taxpayer and the TRA Party Representative are unable to resolve a disagreement with respect to a
Schedule (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a
nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both
parties. The Expert shall be a partner, principal or senior employee in a nationally recognized accounting or law firm, and unless
the Corporate Taxpayer and the TRA Party Representative agree otherwise, the Expert shall not, and the firm that employs the Expert
shall not, have any material relationship with the Corporate Taxpayer or the TRA Party Representative or other actual or potential
conflict of interest. If the Corporate Taxpayer and the TRA Party Representative are unable to agree on an Expert within fifteen
(15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by
the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to a Schedule or an
amendment thereto within (15) calendar days or as soon thereafter as is reasonably practicable, in each case, after the matter has
been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any
payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the
subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return
may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses
relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided in
the next sentence. The Corporate Taxpayer and the TRA Party Representative shall bear their own costs and expenses of such
proceeding, unless (a) the Expert adopts the TRA Party Representative’s position, in which case the Corporate Taxpayer shall
reimburse the TRA Party Representative for any reasonable out-of-pocket costs and expenses in such proceeding, or (b) the Expert
adopts the Corporate Taxpayer’s position, in which case the TRA Party Representative shall reimburse the Corporate Taxpayer
for any reasonable out-of- pocket costs and expenses in such proceeding. The Expert shall finally determine any Reconciliation
Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding on the Corporate Taxpayer and each
of the TRA Parties and may be entered and enforced in any court having jurisdiction.

 

    14

     

    

 

Section 7.10
Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this
Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the
Code or any provision of U.S. state, local or foreign tax law. To the extent that amounts are so deducted or withheld and paid over to
the appropriate Taxing Authority by the Corporate Taxpayer, such deducted or withheld amounts shall be treated for all purposes of this
Agreement as having been paid to the Person in respect of whom such deduction or withholding was made. Each TRA Party shall promptly provide
the Corporate Taxpayer, OpCo or other applicable withholding agent with any applicable Tax forms and certifications (including IRS Form
W-9 or the applicable version of IRS Form W-8) reasonably requested in connection with determining whether any such deductions and withholdings
are required under the Code or any provision of U.S. state, local or foreign tax law. The Corporate Taxpayer will consider in good faith
any applicable certificates, forms or documentation provided by a TRA Party that in such TRA Party’s reasonable determination reduce
or eliminate any such withholding, and shall otherwise reasonably cooperate with the TRA Party to reduce or eliminate any such withholding
to the greatest extent permitted by applicable law.

 

Section 7.11
Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets.

 

(a)
If the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated
income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local law, then: (i) the provisions
of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and
other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole.

 

(b) If the
Corporate Taxpayer or any member of a group described in Section 7.11(a) transfers one or more Reference Assets to a
corporation (or a Person classified as a corporation for U.S. income tax purposes) other than a member of a group described in Section
7.11(a) (or if any entity that holds Reference Assets transfers any Reference Asset to a corporation (or a Person classified as
a corporation for U.S. federal income tax purposes) other than a member of a group described in Section 7.11(a)), such
entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment due hereunder, shall be
treated as having disposed of such Reference Asset in a fully taxable transaction on the date of such transfer. The consideration
deemed to be received by such entity shall be equal to the fair market value of the transferred Reference Assets plus the amount of
any debt to which such Reference Assets is subject. For purposes of this Section 7.11(b), a transfer of a partnership
interest shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that
partnership. If any member of a group described in Section 7.11(a) that directly or indirectly owns any equity interests in
OpCo ceases to be a member of such group (or the Corporate Taxpayer deconsolidates for U.S. federal income tax purposes from that
group), then, except as otherwise agreed by the TRA Party Representative, such deconsolidated members of the group shall be treated
prior to deconsolidation as having disposed of their directly or indirectly held equity of OpCo in a fully taxable transaction for
consideration calculated in a manner consistent with the provisions of the preceding sentences. Notwithstanding anything to contrary
set forth herein, if the Corporate Taxpayer, its successor in interest or any member of a group described in Section 7.11(a)
transfers its assets pursuant to a transaction described in Section 351 of the Code, pursuant to a transaction that qualifies as a
“reorganization” within the meaning of Section 368(a) of the Code or pursuant to any other transaction to which Section
381(a) of the Code applies, the transfer will not cause such entity to be treated as having transferred any assets to a corporation
(or a Person classified as a corporation for U.S. federal income tax purposes) pursuant to this Section 7.11(b) so long as
the relevant successor is bound by the provisions of this Agreement.

 

    15

     

    

 

Section 7.12
Confidentiality.

 

(a)
Each TRA Party and each of their assignees acknowledge and agree that the information of the Corporate Taxpayer is confidential
and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal
process or to enforce the terms of this Agreement, such person shall keep and retain in the strictest confidence and not disclose to any
Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning
OpCo and its Affiliates and successors or the members, learned by the TRA Party heretofore or hereafter. This Section 7.12 shall
not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or any of its Affiliates (including as
a result of public reporting obligations), becomes public knowledge (except as a result of an act of the TRA Party in violation of this
Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for the TRA
Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or
defend any action, proceeding or audit by any Taxing Authority with respect to such returns. Notwithstanding anything to the contrary
herein, each TRA Party and each of their assignees (and each employee, representative or other agent of the TRA Party or its assignees,
as applicable) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the Corporate
Taxpayer, OpCo and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other tax analyses)
that are provided to the TRA Party relating to such tax treatment and tax structure.

 

(b) If a TRA
Party or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12, the
Corporate Taxpayer shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by
injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being
acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of
its Subsidiaries or the TRA Parties and the accounts and funds managed by the Corporate Taxpayer and that money damages alone shall
not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other
rights and remedies available at law or in equity.

 

Section 7.13
Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change
in law, a TRA Party reasonably believes that the existence of this Agreement could have material adverse tax consequences to such TRA
Party or any direct or indirect owner of such TRA Party, then at the written election of such TRA Party at its sole discretion and to
the extent specified therein by such TRA Party, this Agreement (a) shall cease to have further effect with respect to such TRA Party,
(b) shall not apply to an Exchange by such TRA Party occurring after a date specified by such TRA Party, or (c) shall otherwise be amended
in a manner determined by such TRA Party; provided that such amendment shall not result in an increase in or acceleration of payments
under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment.

 

Section 7.14
Tax Characterization and Elections. The parties intend that (a) each Exchange shall give rise to Basis Adjustments,
and (b) payments pursuant to this Agreement with respect to an Exchange (except with respect to amounts that constitute Imputed Interest)
shall be treated as consideration in respect of such Exchange that give rise to additional Basis Adjustments, and the parties will not
take any position on a tax return, audit, examination or other proceeding inconsistent with any of the intended tax treatment described
in this Section 7.14 except upon an applicable contrary final Determination. The Corporate Taxpayer will ensure that, on and after
the date hereof and continuing through the term of this Agreement, OpCo and each of its direct and indirect subsidiaries that it controls
and that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the Code
(and any similar or corresponding election for state and local income tax purposes).

 

    16

     

    

 

Section 7.15 TRA
Party Representative. By executing this Agreement, each of the TRA Parties shall be deemed to have irrevocably constituted
the TRA Party Representative as his, her or its agent and attorney in fact with full power of substitution to act from and after the
date hereof and to do any and all things and execute any and all documents on behalf of such TRA Parties which may be necessary,
convenient or appropriate to facilitate any matters under this Agreement, including but not limited to: (a) execution of the
documents and certificates required pursuant to this Agreement; (b) except to the extent specifically provided in this Agreement,
receipt and forwarding of notices and communications pursuant to this Agreement; (c) administration of the provisions of this
Agreement; (d) any and all consents, waivers, amendments or modifications deemed by the TRA Party Representative, in its sole and
absolute discretion, to be necessary or appropriate under this Agreement and the execution or delivery of any documents that may be
necessary or appropriate in connection therewith; (e) amending this Agreement or any of the instruments to be delivered to the
Corporate Taxpayer pursuant to this Agreement; (f) taking actions the TRA Party Representative is expressly authorized to take
pursuant to the other provisions of this Agreement; (g) negotiating and compromising, on behalf of such TRA Parties, any dispute
that may arise under, and exercising or refraining from exercising any remedies available under, this Agreement or any other
agreement contemplated hereby and executing, on behalf of such TRA Parties, any settlement agreement, release or other document with
respect to such dispute or remedy; and (h) engaging attorneys, accountants, agents or consultants on behalf of such TRA Parties in
connection with this Agreement or any other agreement contemplated hereby and paying any fees related thereto. The TRA Party
Representative may resign upon thirty (30) calendar days’ written notice to the Corporate Taxpayer. All reasonable, documented
out-of-pocket costs and expenses incurred by the TRA Party Representative in its capacity as such shall be promptly reimbursed by
the Corporate Taxpayer upon invoice and reasonable support therefor by the TRA Party Representative. To the fullest extent permitted
by law, none of the TRA Party Representative, any of its Affiliates, or any of the TRA Party Representative’s or
Affiliate’s directors, officers, employees or other agents (each a “Covered Person”) shall be liable,
responsible or accountable in damages or otherwise to any TRA Party, OpCo or the Corporate Taxpayer for damages arising from any
action taken or omitted to be taken by the TRA Party Representative or any other Person with respect to OpCo or the Corporate
Taxpayer, except in the case of any action or omission which constitutes, with respect to such Person, willful misconduct or fraud.
Each of the Covered Persons may consult with legal counsel, accountants, and other experts selected by it, and any act or omission
suffered or taken by it on behalf of the TRA Parties or in furtherance of the interests of the TRA Parties in good faith in reliance
upon and in accordance with the advice of such counsel, accountants, or other experts shall create a rebuttable presumption of the
good faith and due care of such Covered Person with respect to such act or omission; provided that such counsel, accountants, or
other experts were selected with reasonable care. Each of the Covered Persons may rely in good faith upon, and shall have no
liability to OpCo, the Corporate Taxpayer or the TRA Parties for acting or refraining from acting upon, any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document reasonably
believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

[The remainder of this page is intentionally
blank]

 

    17

     

    

 

IN WITNESS WHEREOF,
the Corporate Taxpayer and each TRA Party have duly executed this Agreement as of the date first written above.

 

	 	CORPORATE TAXPAYER:
	 	 
	 	RHODIUM ENTERPRISES, INC.
	 	 
	 	By:	 
	 	 	Name:	 Nathan Nichols
	 	 	Title:	 Chief Executive Officer

 

	 	TRA PARTIES:
	 	 	 	 
	 	IMPERIUM INVESTMENTS HOLDINGS LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	 [●]
	 	 	Title:	 [●]

 

Signature Page to Tax Receivable Agreement

 

     

     

    

 

Annex A

 

TRA Parties

 

		1.	Imperium Investments Holdings LLC

 

     

     

    

 

Exhibit A

 

Form of Joinder Agreement

 

This JOINDER (this
“Joinder”) to the Tax Receivable Agreement (as defined below), is between Rhodium Enterprises, Inc., a Delaware corporation
(including any successor corporation, the “Corporate Taxpayer”), _______________ (“Transferor”)
and _______________ (“Permitted Transferee”).

 

WHEREAS, on _______________,
Permitted Transferee shall acquire ________ percent of the Transferor’s right to receive payments that may become due and payable
under the Tax Receivable Agreement (as defined below) (the “Acquired Interests”) from Transferor (the “Acquisition”);
and

 

WHEREAS, Transferor,
in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.6(a) of
the Tax Receivable Agreement, dated as of March 17, 2021, between the Corporate Taxpayer and each of the TRA Parties that are from time
to time a party thereto (the “Tax Receivable Agreement”).

 

NOW, THEREFORE, in
consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby,
the parties hereto agree as follows:

 

Section 1.1 Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set
forth in the Tax Receivable Agreement.

 

Section 1.2 Acquisition.
For good and valuable consideration, the sufficiency of which is hereby acknowledged by Transferor and Permitted Transferee, Transferor
hereby transfers and assigns absolutely to Permitted Transferee all of the Acquired Interests.

 

Section 1.3 Joinder.
Permitted Transferee hereby acknowledges and agrees (i) that it has received and read the Tax Receivable Agreement, (ii) that Permitted
Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and conditions of the Tax Receivable Agreement
and (iii) to become a “TRA Party” (as defined in the Tax Receivable Agreement) for all purposes of the Tax Receivable
Agreement.

 

Section 1.4 Notice.
Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered
or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the Tax Receivable
Agreement.

 

Section 1.5 Governing
Law. This Joinder shall be governed by and construed in accordance with the law of the State of Delaware.

 

     

     

    

 

IN WITNESS WHEREOF,
the Corporate Taxpayer, Transferor and Permitted Transferee have duly executed this Joinder as of the date first written above.

 

	 	CORPORATE TAXPAYER:
	 	 
	 	RHODIUM ENTERPRISES, INC.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	             

 

	 	TRANSFEROR:
	 	 	 	 
	 	TRANSFEROR
	 	 	 	 
	 	By:	 
	 	 	Name:	                  
	 	 	Title:	 

 

	 	PERMITTED TRANSFEREE:
	 	 	 	 
	 	PERMITTED TRANSFEREE
	 	 	 	 
	 	By:	      
	 	 	Name:	 
	 	 	Title:	                

 

Address for Notice to Permitted Transferee:

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