Document:

Exhibit 10.27

 

CARLOTZ, INC.

2011 STOCK INCENTIVE PLAN

 

Share Option Agreement

 

No. of shares of Common Stock subject to

Incentive Stock Option: [NUMBER]

 

THIS SHARE OPTION AGREEMENT
(this “Agreement”) dated as of [DATE] (the “Date of Grant”),
by and between CARLOTZ, INC., a Delaware corporation (the “Company”), and [EMPLOYEE
NAME] (the “Optionee”), is made pursuant and subject to the provisions of the Company’s 2011 Stock
Incentive Plan (the “Plan”), a copy of which is attached hereto. All terms used herein that are defined in the Plan
have the same meaning given them in the Plan.

 

1.                 
Grant of Option. Pursuant to the Plan, the Company, as of the Date of Grant, granted to the Optionee, subject to
the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, the right and option to
purchase from the Company all or any part of an aggregate of [NUMBER] shares
of Common Stock at the exercise price of $6.82 per share. Such price per share is not less than the Fair Market Value of a share
of Common Stock on the Date of Grant (or, in the case of a 10% Shareholder, not less than one hundred ten percent (110%) of
the Fair Market Value of a share of Common Stock on the Date of Grant). This Option is intended to be treated as an Incentive Stock
Option, but only to the extent the aggregate Fair Market Value (determined as of the Date of Grant) of the shares of Common Stock
for which this Option (and all other options of the Optionee that are intended to be Incentive Stock Options whether granted under
the Plan or any other plan of the Company or any parent or subsidiary) becomes exercisable for the first time in any calendar year
does not exceed One Hundred Thousand Dollars ($100,000). If that limitation is exceeded, this Option may be exercised for the excess
number of shares of Common Stock as a Nonstatutory Stock Option. The Company shall not be liable to the Optionee if this Option
or any portion thereof does not qualify as an Incentive Stock Option. This Option is exercisable as hereinafter provided.

 

2.                 
Terms and Conditions. This Option is subject to the following terms and conditions:

 

		(a)	Expiration Date. This Option shall expire at 11:59 p.m. on August 31, 2022 (the “Expiration
Date”) or such earlier time as set forth in Sections 3, 4 or 5 of this Agreement. In no event shall the Expiration Date be
later than 10 years from the Date of Grant (or, in the case of a 10% Shareholder, five years from the Date of Grant).

 

		(b)	Exercise of Option. Except as provided in the Plan and in Sections 3, 4 or 5 of this Agreement,
this Option shall become exercisable with respect to twenty-five percent (25%) of the shares of Common Stock subject to the Option
on each of [DATE – One Year From Date of Grant] and the following three
anniversaries thereof, provided that the Optionee has been continuously employed by the Company or any subsidiary from the Date
of Grant until each such time. Once this Option has become exercisable,
it shall continue to be exercisable until the earlier of the termination of the Optionee’s rights hereunder pursuant to Sections 3,
4, or 5 of this Agreement or until the Expiration Date. A partial exercise of this Option shall not affect the Optionee’s
right to exercise the Option with respect to the remaining shares of Common Stock, subject to the conditions of the Plan and this
Agreement.

 

     

     

    

 

		(c)	Method of Exercise and Payment for Shares. This Option shall be exercised by delivering
written notice of exercise, along with the exercise price for the portion of the Option being exercised and any applicable tax
withholdings, to the attention of the Company’s Secretary at the Company’s address specified in Section 11 below. The
exercise date shall be the date of delivery. The Optionee shall pay the exercise price and any applicable tax withholdings in cash
or cash equivalent acceptable to the Board of Directors. However, the Board of Directors in its discretion may, but is not required
to, allow the Optionee to pay the exercise price and any applicable tax withholdings (i) by surrendering shares of Common Stock
the Optionee already owns, (ii) by a “net exercise” procedure, (iii) by such other medium of payment as the Board of
Directors shall authorize or (iv) by any combination of the allowable methods of payment set forth herein.

 

		(d)	Nontransferability. This Option is nontransferable except by will or the laws of descent
and distribution. During the Optionee’s lifetime, only the Optionee may exercise this Option. No right or interest of a Optionee
in this Option shall be liable for, or subject to, any lien, obligation or liability of the Optionee.

 

3.                 
Exercise in the Event of Death. This Option shall be exercisable for all or part of the number of shares of Common
Stock that the Optionee is entitled to purchase pursuant to Section 2(b) as of the date of the Optionee’s death, reduced
by the number of shares of Common Stock for which the Optionee previously exercised the Option, in the event the Optionee dies
while employed by the Company or any subsidiary and prior to the Expiration Date and the termination of the Optionee’s rights
under Sections 4 or 5 of this Agreement. In that event, this Option may be exercised by the Optionee’s estate, or the
person to whom his rights under this Option shall pass by will or the laws of descent and distribution, for the remainder of the
period preceding the Expiration Date or within 12 months of the date the Optionee dies, whichever period is shorter.

 

4.                 
Exercise in the Event of Disability. This Option shall be exercisable for all or part of the number of shares of
Common Stock that the Optionee is entitled to purchase pursuant to Section 2(b) as of the date the Optionee ceases to be employed
by the Company or any subsidiary as a result of being Disabled, reduced by the number of Shares for which the Optionee previously
exercised the Option, if the Optionee ceases to be employed by the Company or any Subsidiary as a result of being Disabled prior
to the Expiration Date and the termination of the Optionee’s rights under Sections 3 or 5 of this Agreement. In that event,
the Optionee or Optionee’s legal representative may exercise this Option for the remainder of the period preceding the Expiration
Date or within six months of the date the Optionee ceases to be employed by the Company or any Subsidiary on account of being Disabled,
whichever period is shorter. The Board of Directors, in its sole discretion, shall determine whether the Optionee is Disabled for
purposes of this Agreement.

 

    2 

     

    

 

5.                 Exercise
After Termination of Employment. This Option shall be exercisable for all or part of the number of shares of Common Stock
that the Optionee is entitled to purchase pursuant to Section 2(b) as of the date the Optionee ceases to be employed by the Company
or any Subsidiary, reduced by the number of shares of Common Stock for which the Optionee previously exercised the Option, if
the Optionee ceases to be employed by the Company or any Subsidiary other than on account of death or becoming Disabled and prior
to the Expiration Date and the termination of the Optionee’s rights under Sections 3 or 4 of this Agreement. In that
event, the Optionee may exercise this Option for the remainder of the period preceding the Expiration Date or until the date that
is three months after the date the Optionee ceases to be employed by the Company or any subsidiary, whichever period is shorter.
Notwithstanding the foregoing, if Optionee’s employment or services is terminated by the Company for Cause, this Option
shall terminate as of the date of the misconduct. For the sake of clarity, upon termination of employment for any reason, any
unexercisable options will no longer ever be exercisable and any exercisable options must be exercised within three months (or
upon date of misconduct if terminated for Cause) or will no longer ever be exercisable.

 

6.                 Agreement
to Terms of the Plan and Agreement. The Optionee has received a copy of the Plan, has read and understands the terms of the
Plan and this Agreement, and agrees to be bound by their terms and conditions.

 

7.                 Tax Consequences. The Optionee acknowledges (i) that there may be adverse tax consequences upon acquisition or disposition
of the shares of Common Stock received upon exercise of this Option and (ii) that Optionee should consult a tax adviser prior to
any such acquisition or disposition. This Option is intended to be exempt from Code Section 409A. However, the Optionee is solely
responsible for determining the tax consequences of the Option and for satisfying the Optionee’s tax obligations with respect
to the Option (including, but not limited to, any income or excise taxes resulting from the application of Code Section 409A),
and the Company shall not be liable if this Option is subject to Code Section 409A.

 

8.                 Fractional Shares. Fractional shares of Common Stock shall not be issuable hereunder, and when any provision hereof
may entitle the Optionee to a fractional share, such fractional share shall be disregarded.

 

9.                 Change in Capital Structure. The terms of this Option shall be adjusted in accordance with the terms and conditions
of the Plan as the Board of Directors determines is equitably required in the event the Company effects one or more recapitalizations,
spin-offs or similar occurrences.

 

10.             
Notification Upon Sale. The Optionee shall give written notice of any sale or other disposition of any shares of
Common Stock acquired under this Option to the Company’s Secretary at the Company’s address specified in Section 11
below, if the Optionee sells or otherwise disposes of any shares of Common Stock acquired under this Option before the expiration
of the later of the two-year period beginning on the Date of Grant or the one-year period beginning on the date that the Optionee
exercised this Option with respect to such shares of Common Stock.

 

    3 

     

    

 

11.              Notice.
Any notice or other communication given pursuant to this Agreement, or in any way with respect to this Option, shall be in
writing and shall be personally delivered or mailed by United States registered or certified mail, postage prepaid, return
receipt requested, to the following addresses:

 

	If to the Company:	CarLotz,
Inc.
	 	406 West Franklin
Street
	 	Richmond, VA 23220
	 	Attention: President
 & Chief Executive Officer
	 	 
	If to the Optionee:	 
	 	 
	 	 

 

12.             
Stockholder Rights. The Optionee shall not have any rights as a stockholder with respect to shares of Common Stock
subject to this Option until the issuance of the shares of Common Stock upon exercise of the Option.

 

13.             
No Right to Continued Employment. This Option does not confer upon the Optionee any right with respect to continued
employment by the Company or any subsidiary, nor shall it interfere in any way with the right of the Company or any subsidiary
to terminate the Optionee’s employment at any time without assigning a reason therefore.

 

14.             
Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon and
inure to the benefit of the legatees, distributees, transferees and personal representatives of the Optionee and the successors
of the Company.

 

15.             
Conflicts. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement,
the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the date hereof.

 

16.             
Counterparts. This Agreement may be executed in a number of counterparts, each of which shall be deemed an original,
but all of which together shall constitute one in the same instrument.

 

17.             
Miscellaneous. The parties agree to execute such further instruments and take such further actions as may be necessary
to carry out the intent of the Plan and this Agreement. This Agreement and the Plan shall constitute the entire agreement of the
parties with respect to the subject matter hereof.

 

18.             
Governing Law. This Agreement shall be governed by the laws of the State of Delaware, except to the extent federal
law applies.

 

19.             
Bylaws; Shareholders Agreement. The Optionee acknowledges and agrees that, upon exercise of this Option, the shares
of Common Stock received by Optionee shall be subject to certain restrictions on transfer contained in the Company’s bylaws,
which bylaws have been reviewed by Optionee. Optionee further agrees, in connection with the exercise of this Option and prior
to the receipt of any shares of Common Stock in connection therewith, to become a party to the Shareholders Agreement or other
similar agreement among the Company and its stockholders, if any, in place on or after the date of such exercise, if the Optionee
is not already a party thereto.

 

{Signature Page to Follow}

 

    4 

     

    

 

       IN
WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly authorized officer, and the Optionee has affixed
his signature hereto.

 

	 	COMPANY:
	 	 
	 	CARLOTZ, INC.
	 	 
	 	By:	         
	 	Name: Michael W. Bor
	 	Title: President & Chief Executive
    Officer
	 	 
	 	OPTIONEE:
	 	 
	 	 
	 	Name: [NAME]

 

    5Exhibit
10.28

 

CARLOTZ, INC.

 

NONQUALIFIED STOCK OPTION AGREEMENT

 

This NONQUALIFIED STOCK OPTION AGREEMENT (the
 “Option Agreement”) is dated as of the _____ day of _______________, 20__ (the “Grant Date”) and between
CarLotz, Inc., a Delaware corporation (the “Company”), and _____________ (the “Optionee”).

 

WITNESSETH:

 

WHEREAS, the Company desires to afford the
Optionee an opportunity to purchase Stock as hereinafter provided, in accordance with the provisions of the CarLotz, Inc. 2017
Stock Option Plan (the “Plan”).

 

NOW, THEREFORE, in consideration of the mutual
covenants hereinafter set forth and for other good and valuable consideration, the parties hereto, intending to be legally bound
hereby, agree as follows:

 

1.            
Grant of Option. The Company hereby grants to the Optionee the right and option (the “Option”) to purchase
all or any part of an aggregate of _______ shares of Stock (each, a “Share”). This Option is in all respects limited
and conditioned as hereinafter provided, and is subject in all respects to the terms and conditions of the Plan now in effect and
as it may be amended from time to time. Such terms and conditions are incorporated herein by reference, made a part hereof, and
shall control in the event of any conflict with any terms of this Option Agreement. Capitalized terms not defined in this Option
Agreement shall have the meaning given to such terms in the Plan, as amended from time to time.

 

2.            
Purchase Price. The purchase price of each Share covered by this Option shall be $___________ per Share.

 

3.            
Term. Unless earlier terminated pursuant to any provision of the Plan or this Option Agreement, this Option shall
expire on the tenth anniversary of the Grant Date (the “Expiration Date”). This Option shall not be exercisable after
the Expiration Date.

 

4.            
Vesting Schedule. This Option shall vest as set forth in the Plan.

 

5.            
Method of Exercising Option. Subject to the terms and conditions of this Option Agreement, this Option may be exercised
(to the extent then vested) by written notice to the Company at its principal office. Such notice (a suggested form of which is
attached hereto) shall state the election to exercise this Option and the number of Shares with respect to which it is being exercised;
shall be signed by the person so exercising this Option; and shall be accompanied by payment of the full exercise price of such
shares.

 

     

     

    

 

The exercise price shall be paid to the Company
in such method or methods as the Board, in its sole discretion, shall authorize with respect to the Optionee from the following
 –

 

(a)              
 in cash, or by certified check, bank draft, or postal or express money order;

 

(b)              
in Shares previously acquired by the Optionee, subject to surrender procedures established by the Board;

 

(c)              
in Shares newly acquired by the Optionee upon exercise of the Option; or

 

(d)              
in any combination of (a), (b) and (c) above.

 

In the event the exercise price is paid, in whole or in part,
with Shares, the portion of the exercise price so paid shall be equal to the Fair Value (as of the date of exercise) of the Shares
so surrendered in payment of the exercise price.

 

Upon receipt of notice of exercise and payment,
and execution and acknowledgment of any instruments that may be required by the Board or under that certain First Amended and Restated
Shareholders’ Agreement, dated as of September 18, 2017, by and among the Company and the other parties thereto (the “Shareholders’
Agreement) by the person so exercising this Option, the Company shall deliver a certificate or certificates representing the Shares
with respect to which this Option is so exercised. In the event this Option is exercised by the Optionee’s estate or personal
representative after the death of the Optionee, or by the Optionee’s legal representative or guardian after the Disability
of the Optionee, the notice shall be accompanied by appropriate proof of the right of such person or persons to exercise this Option.
All Shares that are purchased upon the exercise of this Option as provided herein shall be fully paid and nonassessable.

 

As a condition to the Company’s obligation
to issue Shares to the person exercising this Option, such person shall agree to join and be bound by the terms and conditions
of the Shareholders’ Agreement as in effect at the time of exercise and as may be thereafter amended, a copy of which shall
be provided to such person promptly after receipt by the Company of a duly completed notice of exercise, together with such instruments,
agreements or other documents as may be deemed necessary or appropriate by the Board to evidence the person’s agreement to
join and be bound by the Shareholders’ Agreement and such other agreements or documents as may be deemed appropriate by the
Board. Any certificated Shares shall bear a legend denoting that they are subject to the terms and conditions of the Shareholders’
Agreement and any other applicable agreements.

 

In the event of the Optionee’s legal
disability, the Option may be exercised by the Optionee’s guardian or legal representative. In the event of Optionee’s
death, the Option may be exercised by the Optionee’s estate, personal representative, or beneficiary who acquired the right
to exercise such Option by bequest or inheritance or by reason of the death of the Optionee.

 

If, as a result of a Change of Control, Options
vest, the Company may, at its sole election, pay to the Optionee an amount that is equal to the positive difference, if any, between
the exercise price of the Option and the net proceeds that the Optionee would have received from the Change of Control had the
Option been exercised, net of any amounts required to be withheld in respect of Taxes and subject to applicable provisions for
indemnification, escrows, and holdbacks. If the Company elects this option, the Optionee shall exercise all documents, agreements,
and instruments necessary to effect it.

 

    - 2 -

     

    

 

6.             Non-Transferability of Option. This Option is not assignable or transferable, in whole or in part, by the Optionee
other than by will or by the laws of descent and distribution. Any attempt to transfer this Option in violation of this provision
shall be null and void. During the lifetime of the Optionee, this Option shall be exercisable only by the Optionee or, in the
event of the Optionee's legal disability, by the Optionee's guardian or legal representative.

 

7.             Termination of Service. If the Optionee’s Termination of Service occurs for any reason (including on account
of death or disability) before a Change of Control, the Option shall be forfeited.

 

8.             Confidentiality.

 

(a)              
Optionee shall not, either during or after the term of this Option Agreement, directly or indirectly, use for Optionee’s
own purposes or to the detriment of the Company or any of its subsidiaries, publish, or disclose or divulge to any third party
any Confidential Information (as defined below) other than as required to perform Optionee’s duties to the Company or its
subsidiaries during the term of his employment. Optionee acknowledges and agrees that, if Optionee improperly used Confidential
Information or did not maintain it as confidential, it would cause immediate, substantial and irreparable harm to the Company or
any of its subsidiaries. For purposes of this Option Agreement, “Confidential Information” includes any and all confidential,
proprietary, trade secrets and other commercially valuable non-public information of the Company or its subsidiaries obtained by
or available to Optionee while employed by the Company or any of its subsidiaries (whether before or after the date hereof and
in any medium) including, without limitation, any information, observations and data concerning customers, suppliers, services,
products, processes, pricing policies, margins, business plans, records, invoices, customer or supplier correspondence, business
cards, orders, computer records or software, technical or financial information or data, mailing or telephone or customer lists,
or any information relating to the history or prospects of the Company or any of its subsidiaries.

 

(b)              
Likewise, Optionee shall not, either during or at any time after the term of this Option Agreement, disclose to any person
or entity or use for Optionee’s own purposes any confidential or proprietary information of other persons or entities in
the possession of the Company or any of its subsidiaries (“Third-Party Information”).

 

(c)              
All documents, files, and records, and all other memoranda, notes, files, records, lists, plans, reports, computer files,
discs, drives, tapes and other storage media, printouts and software and other documents and data (and all copies thereof) containing,
embodying or relating to any Confidential Information, Third-Party Information or work product are and shall remain the sole property
of the Company (whether deemed Confidential Information or not). During the term of this Option Agreement, Optionee shall not,
directly or indirectly, copy, reproduce, or remove from the premises of the Company or any of its subsidiaries any Confidential
Information, Third-Party Information or work product, except as required to perform Optionee’s duties as an employee of the
company or its subsidiaries during the term of this Option Agreement. Any Confidential Information, Third-Party Information, or
work product in the possession or under the control of Optionee and all originals and copies thereof shall be delivered to the
Company by Optionee upon termination of Optionee’s employment for whatever reason or at such earlier time as the Company
may request.

 

    - 3 -

     

    

 

(d)              
 Notwithstanding the foregoing, Optionee shall not have any obligation to keep confidential (i) any Confidential Information
or Third-Party Information to the extent that such information becomes generally known to and available for use by the public other
than as a result of Optionee’s acts or omissions or (ii) any Confidential Information or Third-Party Information if and to
the extent disclosure thereof is specifically required by law, court order or other legal or regulatory process; provided,
however, that in the event that disclosure is so required, Optionee shall provide the Company with prompt notice of such
requirement prior to making disclosure so that it may seek an appropriate protective order. If Optionee does make any such legally
required disclosure, Optionee shall limit the disclosure to that which Optionee reasonably believes, based on the advice of counsel,
that Optionee is required to disclose.

 

9.             Non-Competition.

 

(a)              
During the term of this Option Agreement and for one (1) year thereafter, Optionee shall not (and shall not permit his agents
or affiliates (collectively, “Covered Persons”)), directly or indirectly, compete with or otherwise engage in any business
that, directly or indirectly, is engaged in the Business (as defined below), including, not (i) having any direct or indirect interest,
whether through contractual arrangement or otherwise, as an officer, director, employee, partner, stockholder, sole proprietor,
agent, representative, independent contractor, consultant, franchisor, franchisee, manager, member, creditor, owner or otherwise,
or (ii) being employed by, operating, performing management, executive or supervisory functions with respect to, joining, controlling,
rendering financial assistance to, receiving any economic benefit from, exerting any influence upon, participating in, or rendering
services or advice to any enterprise, business or venture located anywhere in the world which is engaged in the Business; provided,
that in no event shall the matters described in this Section 9(a) prohibit ownership by Optionee or any Covered Person of
less than 5% of a class of stock of a publicly-held corporation which is regularly traded on a national securities exchange, so
long as Optionee or such Covered Person does not have any active participation in the business or management of such entity.

 

(b)              
Optionee acknowledges that the restrictive covenants contained in this Agreement are (i) of the essence of this Agreement,
(ii) reasonable and necessary to protect and preserve the Confidential Information, customer goodwill, and other interests and
properties of the Company and its subsidiaries, and (iii) being made by Optionee in consideration of the Option granted pursuant
to the terms of this Agreement.

 

(c)              
The restrictive covenants contained in this Agreement (including restrictions as to competition) are in addition to and
separate from the noncompetition and other restrictive covenants contained in any other agreement that Optionee is party to with
or related to the Company. The restrictions contained in this Option Agreement may be separately enforced, violations of this Option
Agreement shall constitute separate causes of action from violations of any such other agreements, and the applicability of the
restrictions in this Option Agreement shall not be limited, expanded, or otherwise changed in any way by the noncompetition and
other restrictive covenants contained in such other agreements.

 

(d)               In
the event of a breach or violation by Optionee of this Section 9, the violation shall be considered a continuing
violation on a daily basis for so long a period of time as Optionee continues to violate it, and the duration of
Optionee’s covenants set forth in this Section 9 shall be extended by a period of time equal to the number of
days during which Optionee is in violation of its provisions.

 

    - 4 -

     

    

 

(e)              
For purposes of this Option Agreement, “Business” means the business of the facilitation of consigning, or the
sales of consigned cars, boats, recreational vehicles, professional or commercial equipment, appliances, and any other goods and
services related or ancillary thereto.

 

10.          
Non-Solicitation. During the term of this Option Agreement and for one (1) year thereafter, Optionee shall not (and
shall not permit his Covered Persons to), directly or indirectly, (i) hire or employ (A) any of the employees or independent
contractors (including any persons employed or retained by an independent contractor in connection with the performance of the
Business on behalf of the Company) employed or retained by the Company or any of its subsidiaries (collectively, the “Key
Employees”); or (ii) solicit, attempt to solicit, induce or encourage any Key Employee to either terminate his or her
relationship with the Company or any of its subsidiaries or become employed by (or an independent contractor for) Optionee or any
of his Covered Persons, except that nothing in this Section 10 shall prohibit Optionee or any of his Covered Persons from
hiring any Key Employee who has been terminated by the Company (in the case of an employee) or who is no longer retained by the
Company (in the case of an independent contractor), provided that no Key Employee shall be employed or hired by Optionee
or any of his Covered Persons within twelve (12) months of any such termination (in the case of an employee) or of being retained
by the Company (in the case of an independent contractor).

 

11.           Forfeiture.

 

(a)              
In the event a Change of Control results in less than 100% of the Option becoming vested, the portion of the Option that
does not vest as a result of such Change of Control shall be forfeited as of the date of such Change of Control.

 

(b)              
If Optionee breaches the non-solicitation, confidentiality or noncompete provisions set forth in this Option Agreement,
the Option shall be forfeited whether vested or not.

 

12.           Withholding
of Taxes. The obligation of the Company to deliver Shares upon the exercise of this Option shall be subject to applicable
Federal, state, and local tax withholding requirements.

 

13.           Acknowledgments.
The Optionee acknowledges that:

 

(a)       The
Company has the right to grant additional options and issue additional Shares after the Grant Date which may result in dilution
of any ownership interest in the Company that Optionee may acquire upon exercise of this Option;

 

(b)       The
Shares have not been registered under the Securities Act of 1933, as amended, and applicable state securities laws;

 

    - 5 -

     

    

 

(c)       Any
and all Shares issued upon exercise of this Option shall be subject to each provision of the Shareholders’ Agreement, as
amended from time to time;

 

(e)       Optionee
acknowledges that the restrictive covenants contained in this Option Agreement are (i) of the essence of this Option Agreement,
(ii) reasonable and necessary to protect and preserve the confidential information, customer goodwill, and other interests and
properties of the Company and its subsidiaries, and (iii) being made by Optionee in consideration of this Option Agreement.

 

14.           Rights.
Notwithstanding any provisions of this Option Agreement, the Company or its subsidiary shall have the right, in their discretion
but subject to any employment contract entered into with the Optionee, to retire the Optionee at any time pursuant to its retirement
rules or otherwise to terminate his employment at any time for any reason whatsoever or for no reason.

 

15.           Governing
Law. This Option Agreement shall be construed in accordance with, and its interpretation shall be governed by, applicable
Federal law, and otherwise by Delaware law (without reference to principles of conflicts of laws).

 

    - 6 -

     

    

 

IN WITNESS WHEREOF, the Company has caused this Option Agreement to be duly executed by its duly authorized officer, and the Optionee
has hereunto set his hand and seal, all as of the day and year first above written.

 

	OPTIONEE	 	CARLOTZ,
    Inc.
	 	 	 
	 	 	 
		 	By:	            
	Optionee’s
    Signature	 	 	Name:
	 	 	 	Title:

 

    - 7 -

     

    

 

CARLOTZ,
Inc.

STOCK OPTION

 

Notice of Exercise of Option

 

 

I hereby exercise the option granted to me
pursuant to the Option Agreement dated as of ________________ ____, ______, by CarLotz, Inc., with respect to the following number
of Shares covered by said option:

 

	 	Number of Shares to be purchased	 	 	 

 

	 	Purchase price per share 	$	 	 
	 	 	 	 
	 	Total purchase price	 $	 	 

 

	 

                                                                                 
	 	A.	Enclosed
is cash or my certified check, bank draft, or postal or express money order in the amount of $________ in full payment for the
Shares being purchased.
	 	 	 
	 

                                                                                 
	 	B.	Enclosed
are _______ Shares with a total fair market value of $___________ on the date hereof in full payment for the Shares being purchased.
	 	 	 
	 

                                                                                 
	 	C.	Please
withhold _________ Shares underlying the Option with a total fair market value of $___________ on the date hereof in full payment
for the Shares being purchased.
	 	 	 
	 

                                                                                 
	 	D.	Enclosed
is cash or my certified check, bank draft, or postal or express money order in the amount of $__________ and _______ Shares with
a total fair market value of $___________ on the date hereof, in full payment for the Shares being purchased.

 

Alternatives B, C and D are available only if the Board of Directors
authorizes them.

 

	DATED: _______________ _____, 20        
     	
	 	Optionee’s Signature

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