Document:

Exhibit 10.1

 

CONTRIBUTION AGREEMENT

 

between

 

TEXAS PACIFIC LAND
TRUST,

and

 

TEXAS PACIFIC LAND
CORPORATION

 

Dated January 11, 2021

 

     

     

    

 

CONTRIBUTION AGREEMENT

 

THIS CONTRIBUTION AGREEMENT
(this “Agreement”) is entered into and effective as of 12:03 a.m. (Central Time) on January 11, 2021 (the “Effective
Date”), between Texas Pacific Land Trust (the “Trust”) and Texas Pacific Land Corporation, a Delaware
corporation and a wholly-owned subsidiary of the Trust (“TPL Corp”) (each, a “Party”, and
collectively, the “Parties”).

 

WITNESS:

 

WHEREAS, the
Trust is the sole holder of 100% of the outstanding limited liability company membership interests (the “Membership Interests”)
in Texas Pacific Resources LLC, a Texas limited liability company (“TPL Holdco”);

 

WHEREAS, prior
to the date hereof, the Trust formed TPL Corp under the terms of the General Corporation Law of the State of Delaware and contributed
$1,000 to TPL Corp in exchange for all 1,000 issued and outstanding shares (the “Initial Shares”) of common
stock of TPL Corp, par value $0.01 per share (the “Common Stock”);

 

WHEREAS, the
Trust intends to take steps to reorganize into a corporation, domiciled in the State of Delaware (the “Corporate Reorganization”);

 

WHEREAS, in
order to effect the Corporate Reorganization, the Trust is undertaking and causing to be undertaken a series of transactions pursuant
to which, among other things, (a) the Trust entered into that certain Contribution Agreement, dated January 11, 2021, between the
Trust and the Trustees of the Trust, David E. Barry and John R. Norris III, individually and as trustees and on behalf of themselves
and for their predecessors in office and title (the “Trustees”, and collectively with the Trust, the “Contributing
Parties”), on the one hand, and TPL Holdco, on the other hand, pursuant to which the Trust and each of the other Contributing
Parties granted, assigned transferred, set over, conveyed, contributed and delivered to TPL Holdco all of the respective Contributing
Parties’ right, title, powers, benefits and interest, in, to and under all of the properties and assets of the Trust and
all other rights, obligations and liabilities of the Trust, with the exception of the (1) the Initial Shares, (2) the Membership
Interests, (3) all of the bank accounts, brokerage accounts, cash and cash equivalents held by the Trust, and (4) the Trust’s
401k plan and any other defined employee benefit plan (collectively, the assets described in clauses (3) and (4), the “Reserved
Assets”), and (b) the Trust shall, pursuant to this Agreement, contribute, grant, convey, assign, transfer and deliver
to TPL Corp all of its right, title and interest to, and all responsibilities and liabilities related to and arising from, (i)
the Membership Interests and (ii) all of the Reserved Assets (together with the Membership Interests, the “Contributed
Interests”);

 

WHEREAS, the
Common Stock has been registered with the U.S. Securities and Exchange Commission and has been approved for listing and trading
on the New York Stock Exchange; and

 

WHEREAS, the
Trust is willing and desires to contribute to TPL Corp, and TPL Corp is willing and desires to accept from the Trust, the Contributed
Interests on the terms and conditions set forth below.

 

     

     

    

 

NOW, THEREFORE,
in consideration of the promises and mutual representations, warranties and covenants in this Agreement, the Parties hereto agree
as follows:

 

Article I

DEFINITIONS

 

Section 1.1 Capitalized
terms used in this Agreement have the meanings and are subject to the rules of construction set forth in Appendix A.

 

Article II

CONTRIBUTION

 

Section 2.1 Contribution.
Subject to the terms and conditions provided for in this Agreement, the Trust hereby contributes, grants, conveys, assigns, transfers
and delivers to TPL Corp, its successors and assigns, for its and their own use forever, all of the Trust’s right, title
and interest to, and all responsibilities and liabilities related to and arising from, the Contributed Interests (such contribution
of the Contributed Interests, the “Contribution”).

 

Article III

CONSIDERATION

 

Section 3.1 Assumption
of Rights, Obligations and Liabilities. TPL Corp hereby accepts the Contribution and assumes, and agrees to be subject to,
all rights, obligations and liabilities of, and arising under, the Contributed Interests to the full extent that the Trust has
or has been subject heretofore.

 

Section 3.2 TPL
Corp Bylaws. In consideration of the Contribution, TPL Corp shall adopt, immediately following the effectiveness of this Agreement,
the amended and restated bylaws attached hereto as Appendix B.

 

Section 3.3 Share
Issuance. In consideration of the Contribution and subject to the terms and conditions provided for in this Agreement, TPL
Corp hereby issues to the Trust 7,755,156 shares of the Common Stock (the “TPL Corp Issued Shares”) and the
Trust hereby accepts the TPL Corp Issued Shares in exchange for the Contributed Interests and agrees to be subject to all rights
and obligations with respect to the TPL Corp Issued Shares.

 

    2

     

    

 

Article IV

INDEMNIFICATION

 

Section 4.1 Indemnification
by TPL Corp.

 

(a) Without
limiting any other rights that a Person may have pursuant to law or any agreement or Organizational Document in effect on the Effective
Date or otherwise, from the Effective Date, TPL Corp shall INDEMNIFY, DEFEND AND HOLD HARMLESS (i) the Trust, (ii) each
of the Trustees, (iii) the heirs, legatees, devisees, successors, assigns, executors, administrators, trustees and Representatives
of each of the Trustees and (iv) each Person who is now, or has been at any time prior to the Effective Date or who was, is or
becomes prior to the Effective Date, a trustee, officer, legal agent or fiduciary of the Trust, the Trustees or any of its and
their Representatives (including, for the avoidance of doubt, agents or employees of the Trust), in each case, when acting in such
capacity (each of the Persons in clauses (i), (ii), (iii) and (iv), an “Indemnified Person”
and collectively, the “Indemnified Persons”) against all losses, claims, damages, costs, fines, penalties, expenses
(including attorneys’ and other professionals’ fees and expenses), liabilities or judgments or reasonable amounts that
are paid in settlement, of or directly or indirectly incurred in connection with any Proceeding to which such Indemnified Person
is a party or is otherwise involved (including as a witness) based, in whole or in part, on or arising, in whole or in part, out
of the fact that such Person is or was a trustee, director, officer, agent, employee or fiduciary of the Trust or any of its Affiliates,
or any of its and their Representatives, or is or was serving at the request of the Trust or any of its Affiliates as a trustee,
director, officer, agent, employee or fiduciary of another corporation, partnership, limited liability company, joint venture,
employee benefit plan, trust or other enterprise, as applicable, or by reason of anything done or not done by such Person in any
such capacity, this Agreement or the transactions contemplated herein and hereby, whether pertaining to any act or omission occurring
or existing prior to, at or after the Effective Date and whether asserted or claimed prior to, at or after the Effective Date (“Indemnified
Liabilities”), in each case to the fullest extent permitted under applicable law (and TPL Corp shall pay expenses incurred
in connection therewith in advance of the final disposition of any such Proceeding to each Indemnified Person to the fullest extent
permitted under applicable law). TPL Corp shall not settle any Proceeding in any manner that would impose any penalty or limitation
on an Indemnified Person without written consent from such Indemnified Person. The Indemnified Persons shall have authority to
enter reasonable settlements of any Proceeding, and neither TPL Corp nor the Indemnified Persons will unreasonably withhold their
consent to any proposed settlement. Without limiting the foregoing, in the event any such Proceeding is brought or threatened to
be brought against any Indemnified Persons (whether arising before or after the Effective Date), (i) the Indemnified Persons may
retain legal counsel at their election, and TPL Corp shall pay all reasonable fees and expenses of such counsel for the Indemnified
Persons as promptly as statements therefor are received, and (ii) TPL Corp shall use its best efforts to assist in the defense
of any such matter. Any Indemnified Person wishing to claim indemnification or advancement of expenses under this Section 4.1(a),
upon learning of any such Proceeding, shall notify TPL Corp thereof (but the failure to so notify shall not relieve a Party from
any obligations that it may have under this Section 4.1(a) except to the extent such failure materially prejudices
such Party’s position with respect to such claims). With respect to any determination of whether any Indemnified Person is
entitled to indemnification by TPL Corp under this Section 4.1(a), such Indemnified Person shall have the right to
require that such determination be made by special, independent legal counsel selected by the Indemnified Person and approved by
TPL Corp (which approval shall not be unreasonably withheld or delayed), and who has not otherwise performed material services
for TPL Corp, TPL Holdco or the Indemnified Person within the last three (3) years.

 

(b) TPL
Corp shall indemnify any Indemnified Person against all reasonable costs and expenses (including reasonable attorneys’ and
professionals’ fees and expenses or reasonable amounts paid in settlement), such amounts to be payable in advance upon request
as provided in Section 4.1(a), relating to the enforcement of such Indemnified Person’s rights under this Section 4.1
or under any law, Organizational Document or contract regardless of whether such Indemnified Person is ultimately determined to
be entitled to indemnification hereunder or thereunder.

 

    3

     

    

 

(c) In
the event that TPL Corp or any of its successors or assignees (i) consolidates with or merges into any other Person and shall
not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers all or substantially
all of its properties and assets to any Person, then, in each such case, proper provisions shall be made so that the successors
and assigns of TPL Corp shall assume the obligations set forth in this Section 4.1. TPL Corp shall not sell, transfer,
distribute or otherwise dispose of any of its assets in a manner that would reasonably be expected to render TPL Corp unable to
satisfy its obligations under this Section 4.1. The provisions of this Section 4.1 are intended to be for
the benefit of, and shall be enforceable by, the Parties and each Person entitled to indemnification or insurance coverage or expense
advancement pursuant to this Section 4.1, and their respective heirs, successors, assigns and Representatives. The
rights of the Indemnified Persons under this Section 4.1 are in addition to any rights such Indemnified Persons may
have under the Organizational Documents of the Trust or TPL Corp or any of its or their Affiliates, or under any contracts or law.
TPL Corp shall pay all expenses, including attorneys’ fees, that may be incurred by any Indemnified Person in enforcing the
indemnity and other obligations provided in this Section 4.1.

 

Article V

COVENANTS

 

Section 5.1 Further
Assurances. In case at any time after the Effective Date any further action is necessary to carry out the purposes of this
Agreement, each of the Parties will take such further action as the other Parties reasonably may request.

 

Section 5.2 Tax
Covenants.

 

(a) The
Parties agree that for U.S. federal and, to the extent permitted, for state and local Tax purposes, (i) the transactions undertaken
to effect the Corporate Reorganization, including the transactions contemplated under this Agreement, will not result in a termination
of the Trust’s taxable year, (ii) the Trust’s Tax attributes enumerated in Section 381(c) of the Internal Revenue Code
of 1986, as amended (the “Code”), or any similar provision of state or local law, will be taken into account
by TPL Corp as if there had been no Corporate Reorganization, and (iii) the part of the Trust’s last taxable year that began
before the Corporate Reorganization will be included in TPL Corp’s first taxable year that ends after the Corporate Reorganization.

 

(b) All
sales, use, controlling interest, transfer, filing, recordation, registration and similar Taxes arising from or associated with
the transactions contemplated by this Agreement other than Taxes based on income or net worth (“Transaction Taxes”),
shall be borne in their entirety by TPL Corp. TPL Corp shall prepare and file all such Tax Returns. The Parties shall provide such
certificates and other information and otherwise cooperate.

 

Section 5.3 Tax
Treatment of the Transaction. For U.S. federal income tax purposes, and to the extent permitted for state and local income
Tax purposes, the transactions to effect the Corporate Reorganization, including the transactions contemplated under this Agreement,
shall be treated as part of a plan of reorganization to effect a mere change in the identity, form and place of organization of
the Trust under Section 368(a)(1)(F) of the Code and the Treasury Regulations promulgated thereunder. The Parties shall not take
any position inconsistent with such treatment in notices to or filings with Governmental Authorities, in audit or other Proceedings
with respect to Taxes, or in other documents or notices relating to the transactions contemplated by this Agreement.

 

    4

     

    

 

Article VI

MISCELLANEOUS

 

Section 6.1 Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the respective Parties and their respective
successors and assigns, and for the Trustees, their respective heirs, legatees, devisees, successors, assigns, executors, administrators,
trustees and Representatives.

 

Section 6.2 Amendment.
This Agreement may not be amended or modified orally and no amendment or modification shall be valid unless in writing and signed
by the Parties.

 

Section 6.3 Rights
of Third Parties. This Agreement shall not be construed to create any security interest, lien, deed of trust, mortgage, pledge,
charge, claim, restriction, easement, encumbrance or other similar interest or right on the Contributed Interests or the TPL Corp
Issued Shares or to create any express or implied rights, benefits or remedies in, of or for any persons other than the Parties,
except as expressly provided with respect to the Indemnified Persons in Article IV. Any Indemnified Person under Article IV
shall be an express third party beneficiary of this Agreement for the purposes of enforcing its rights pursuant to Article IV.

 

Section 6.4 Notices.
All notices to TPL Corp shall be in writing and shall be delivered or sent by first-class mail, postage prepaid, overnight courier
or by means of electronic transmission. Any such notice sent shall be addressed as follows:

 

	
        Texas Pacific Land Corporation

        1700 Pacific Avenue, Suite 2900

        Dallas, TX 75201

        Attention:
        Robert J. Packer and Micheal W. Dobbs

        Email:
        rpacker@texaspacific.com; mdobbs@texaspacific.com
	 	
        With a copy,
        which shall not constitute notice, to:

         

        George J. Vlahakos, Esq.

        Sidley Austin LLP

        1000 Louisiana Street, Suite
        5900

        Houston, TX 77002

        Email: gvlahakos@sidley.com

	 	 	
         

        and

         

	 	 	
        Marc Rose, Esq.

        Sidley Austin
        LLP

        2021 McKinney
        Avenue, Suite 2000

        Dallas, TX 75201

        Email: mrose@sidley.com

 

Any notice to TPL Corp required hereunder
shall be effective when sent if given in the manner set forth above; provided, however, that, with respect to the Trust,
notice shall only be deemed to have been given upon receipt of such notice by each Trustee.

 

    5

     

    

 

Section 6.5 Choice
of Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a) THIS
AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS
AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

 

(b) THE
PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY DISTRICT COURT OF DALLAS COUNTY IN THE STATE OF TEXAS (OR IF SUCH COURT DOES
NOT HAVE JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS IN DALLAS, TEXAS) IN CONNECTION WITH
ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT OR IN RESPECT OF THE
TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR
INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING
MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR
ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH
ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY SUCH A TEXAS STATE OR FEDERAL COURT. THE PARTIES HEREBY
CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND
AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER AS MAY BE PERMITTED
BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

(c) TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE PERFORMANCE THEREOF.

 

Section 6.6 
Disclaimer of Warranties. The Trust makes no representations or warranties whatsoever and disclaims all liability and responsibility
for any other representation, warranty, statement or information made or communicated (orally or in writing), including, without
limitation, any opinion, information or advice that may have been provided by any officer, shareholder, employee, agent or consultant
of the Trust, any of the Trustees, or any Affiliates or Representatives of the Trust or the Trustees.

 

Section 6.7 Counterpart
Execution. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall constitute one agreement.

 

[Signature page follows.]

 

    6

     

    

 

IN WITNESS WHEREOF,
each of the Parties has caused this Agreement to be executed the day and year first above written.

 

	TEXAS PACIFIC LAND TRUST	 
	 	 	 
	By:	/s/ John R. Norris III	 
	 	Name:	John R. Norris III	 
	 	Title:	Trustee	 
	 	 	 
	By:	/s/ David E. Barry	 
	 	Name: 	David E. Barry	 
	 	Title:	Trustee	 

 

[Signature Page to Contribution Agreement]

 

     

     

    

 

	TEXAS PACIFIC LAND CORPORATION	 
	 	 	 
	By:	/s/ Robert J. Packer	 
	 	Name: 	Robert J. Packer	 
	 	Title:	Chief Financial Officer	 

 

[Signature Page to Contribution Agreement]

 

     

     

    

 

APPENDIX A

 

DEFINITION OF TERMS

 

Introductory Note
Regarding Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine,
feminine and neuter and terms defined in the singular have the corresponding meanings in the plural, and vice versa. Except as
this Agreement otherwise specifies, all references herein to any law, are references to that law (and any rules and regulations
promulgated thereunder), as the same may have been amended. The word “includes” or “including” means “including,
but not limited to,” unless the context otherwise requires. The words “shall” and “will” are used
interchangeably and have the same meaning. The words “this Agreement,” “hereof,” “hereby,”
“herein,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not any
particular Section or Article in which such words appear. If a word or phrase is defined, its other grammatical forms have a corresponding
meaning. Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless business days are
specified. Time periods within or following which any payment is to be made or an act is to be done shall be calculated by excluding
the day on which the time period commences and including the day on which the time period ends. Unless specifically provided for
in this Agreement, the term “or” shall not be deemed to be exclusive. References to a Person are also to its successors
and/or permitted assigns, if any. All references to currency in this Agreement shall be to, and all payments required under this
Agreement shall be paid in, lawful currency of the United States.

 

Definitions.

 

“Affiliate”
means, as to any specified entity, any other entity that, directly or indirectly through one or more intermediaries or otherwise,
controls, is controlled by or is under common control with the specified entity. For purposes of this definition, “control”
of an entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such entity, whether by contract or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Code”
has the meaning set forth in Section 5.2(a).

 

“Common Stock”
has the meaning set forth in the recitals.

 

“Contributed
Interests” has the meaning set forth in the recitals.

 

“Contributing
Parties” has the meaning set forth in the recitals.

 

“Contribution”
has the meaning set forth in Section 2.1.

 

“Corporate
Reorganization” has the meaning set forth in the recitals.

 

“Declaration
of Trust” means the Declaration of Trust, dated February 1, 1881, of the Trust.

 

“Effective
Date” has the meaning set forth in the preamble.

 

    Appendix
 A-1

     

    

 

“Governmental
Authority” means any federal, state, local, foreign, multi-national, supra-national, national, regional or other governmental
agency, authority, administrative agency, regulatory body, commission, board, bureau, agency, officer, official, instrumentality,
court or arbitral tribunal having governmental or quasi-governmental powers or any other instrumentality or political subdivision
thereof.

 

“Indemnified
Liabilities” has the meaning set forth in Section 4.1(a).

 

“Indemnified
Persons” and “Indemnified Person” has the meaning set forth in Section 4.1(a).

 

“Initial Shares”
has the meaning set forth in the recitals.

 

“Membership
Interests” has the meaning set forth in the recitals.

 

“Organizational
Document” means, with respect to any entity or trust, the legal organizational and governing documents of such entity
or trust, including the declaration of trust, (including the Declaration of Trust), certificate of incorporation, certificate of
formation, certificate of limited partnership, bylaws, declaration of trust, limited liability company agreement, or operating
agreement.

 

“Parties”
and “Party” have the meaning set forth in the preamble.

 

“Person”
means any natural person, business trust, corporation, general partnership, limited partnership, limited liability company, unlimited
liability corporation, proprietorship, other business organization, union, association or Governmental Authority.

 

“Proceeding”
means any actual or threatened claim (including a claim of a violation of applicable law), action, audit, demand, litigation, suit,
proceeding, investigation, grievance, citation, summons, subpoena, inquiry, hearing, originating application to a tribunal, arbitration
or other proceeding at law or in equity or order or ruling, in each case whether civil, criminal, administrative, investigative
or otherwise, whether in contract, in tort or otherwise, and whether or not such claim, action, audit, demand, litigation, suit,
proceeding, investigation grievance, citation, summons, subpoena, inquiry, hearing, originating application to a tribunal, arbitration
or other proceeding or order or ruling results in a formal civil or criminal litigation or regulatory action.

 

“Representative”
means as to any Person, its officers, agents, directors, employees, counsel, accountants, financial advisers and consultants.

 

“Reserved
Assets” has the meaning set forth in the recitals.

 

    Appendix
 A-2

     

    

 

“Tax”
means (i) any and all federal, state, provincial, county, local or foreign taxes or levies of any kind and any and all other
like assessments, customs, duties, imposts, charges or fees, including income, gross receipts, ad valorem, value added, excise,
real property, personal property, escheat, asset, sales, use, franchise, license, payroll, transaction, capital, capital gains,
net worth, withholding, estimated, social security, utility, workers’ compensation, severance, disability, wage, employment,
production, unemployment compensation, occupation, premium, windfall profits, transfer, gains, alternative or add-on minimum, stamp,
documentary, recapture, business license, business organization, environmental, profits, lease, or other taxes or other charges
imposed by or on behalf or payable to any Governmental Authority including tax liabilities arising under Treasury Regulation Section 1.1502-6
and any similar provisions from federal, state, local or foreign applicable law, together with any interest, fines, penalties,
assessments, or additions resulting from, attributable to, or incurred in connection with any of the foregoing (whether or not
disputed) and (ii) any transferee or other secondary or non-primary liability or other obligations with respect to any item
in clause (i) above, whether such liability or obligation arises by assumption, operation of law, contract, indemnity, guarantee,
as a successor or otherwise.

 

“Tax Return”
means any return, declaration, report, claim for refund, or information return or statement with respect to any Tax required to
be filed or actually filed with a Governmental Authority, including any schedule or attachment thereto, and including any amendment
thereof.

 

“TPL Corp”
has the meaning set forth in the preamble.

 

“TPL Corp
Issued Shares” has the meaning set forth in Section 3.3.

 

“TPL Holdco”
has the meaning set forth in the recitals.

 

“Transaction
Taxes” has the meaning set forth in Section 5.2(b).

 

“Trust”
has the meaning set forth in the preamble.

 

“Trustees”
has the meaning set forth in the recitals.

 

    Appendix
 A-3

     

    

 

APPENDIX B

AMENDED AND RESTATED BYLAWS OF TPL CORP

 

     

     

    

 

AMENDED AND RESTATED BYLAWS

OF

TEXAS PACIFIC LAND CORPORATION

Effective as of January 11, 2021

 

ARTICLE
I

OFFICES AND RECORDS

 

SECTION 1.1 Registered
Office. The registered office of Texas Pacific Land Corporation (the “Corporation”) in the State of Delaware
shall be as set forth in the Amended and Restated Certificate of Incorporation of the Corporation, as it may be amended, restated,
supplemented and otherwise modified from time to time (the “Certificate of Incorporation”), and the name of
the Corporation’s registered agent at such address is as set forth in the Certificate of Incorporation. The registered office
and registered agent of the Corporation may be changed from time to time by the board of directors of the Corporation (the “Board”)
in the manner provided by applicable law.

 

SECTION 1.2 Other
Offices. The Corporation may have such other offices, either within or without the State of Delaware, as the Board may designate
or as the business of the Corporation may from time to time require.

 

SECTION 1.3 Books
and Records. The books and records of the Corporation may be kept outside the State of Delaware at such place or places as
may from time to time be designated by the Board.

 

ARTICLE
II

STOCKHOLDERS

 

SECTION 2.1 Annual
Meetings. If required by applicable law, an annual meeting of the stockholders for the election of directors of the Corporation
shall be held at such date, time and place, if any, either within or outside of the State of Delaware, as may be fixed by resolution
of the Board. The Board may postpone, reschedule or cancel any annual meeting of stockholders previously scheduled by the Board.
Any other proper business may be transacted at the annual meeting.

 

    Appendix
 B-1

     

    

 

SECTION 2.2 Record
Date.

 

(A) In
order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment
thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record
date is adopted by the Board, and which record date shall, unless otherwise required by applicable law, not be more than sixty
(60) nor less than ten (10) days before the date of such meeting. If the Board so fixes a date, such date shall also be the record
date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record
date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date
is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders
shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close
of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled
to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however,
that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such
case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or earlier date as
that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.

 

(B) In
order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or
allotment of any rights, or entitled to exercise any rights in respect of any change, conversion, exchange or redemption of stock
or for the purpose of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon
which the resolution fixing the record date is adopted, and which record date shall not be more than sixty (60) days prior to such
action. If no such record date is fixed, the record date for determining stockholders for any such purpose shall be at the close
of business on the day on which the Board adopts the resolution relating thereto.

 

(C) Unless
otherwise restricted by the Certificate of Incorporation, in order that the Corporation may determine the stockholders entitled
to take action by consent in writing, pursuant to a resolution of and at the direction of the Board, the Board may fix a record
date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and
which record date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted
by the Board.

 

SECTION 2.3 Stockholder
List. The officer who has charge of the stock ledger shall prepare and make, at least ten (10) days before every meeting of
stockholders, a complete list of stockholders entitled to vote at any meeting of stockholders (provided, however,
if the record date for determining the stockholders entitled to vote is less than ten (10) days before the date of the meeting,
the list shall reflect the stockholders entitled to vote as of the tenth (10th) day before the meeting date), arranged in alphabetical
order for each class of stock and showing the address of each such stockholder and the number of shares registered in the name
of such stockholder. Nothing contained in this section shall require the Corporation to include electronic mail addresses or other
electronic contact information on such list. Such list shall be open to the examination of any stockholder, for any purpose germane
to the meeting, for a period of at least ten (10) days prior to the meeting, (i) on a reasonably accessible electronic network
(provided that the information required to gain access to the list is provided with the notice of the meeting) or (ii) during
ordinary business hours at the principal place of business of the Corporation. If the Corporation determines to make the list available
on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders
of the Corporation. If the meeting is to be held at a place, then a list of stockholders entitled to vote at the meeting shall
be produced and kept at the time and place of the meeting during the whole time thereof, and may be examined by any stockholder
who is present. If the meeting is to be held solely by means of remote communication, then such list shall also be open to the
examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information
required to access such list shall be provided with the notice of the meeting. Except as otherwise required by applicable law,
the stock ledger of the Corporation shall be the only evidence as to who are the stockholders entitled by this section to examine
the list required by this section or to vote in person or by proxy at any meeting of the stockholders.

 

    Appendix
 B-2

     

    

 

SECTION 2.4 Place
of Meeting. The Board may designate the place of meeting for any annual meeting or for any special meeting of the stockholders.
If no designation is so made, the place of meeting shall be the principal executive offices of the Corporation. The Board, acting
in its sole discretion, may establish guidelines and procedures in accordance with applicable provisions of the General Corporation
Law of the State of Delaware (the “DGCL”) and any other applicable law for the participation by stockholders
and proxyholders in a meeting of stockholders by means of remote communications, and may determine that any meeting of stockholders
will not be held at any place but will be held solely by means of remote communication. Stockholders and proxyholders complying
with such procedures and guidelines and otherwise entitled to vote at a meeting of stockholders shall be deemed present in person
and entitled to vote at a meeting of stockholders, whether such meeting is to be held at a designated place or solely by means
of remote communication.

 

SECTION 2.5 Notice
of Meeting.

 

(A) Unless
otherwise required by law, the Certificate of Incorporation or these bylaws of the Corporation (these “Bylaws”),
written notice, stating the place, if any, date and time of the meeting, shall be given, not less than ten (10) days nor more than
sixty (60) days before the date of the meeting, to each stockholder of record entitled to vote at such meeting. The notice shall
specify (A) the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the
record date for stockholders entitled to notice of the meeting), (B) the place, if any, date and time of such meeting, (C) the
means of remote communication, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at
such meeting, and (D) in the case of a special meeting, the purpose or purposes for which such meeting is called. No business other
than that specified in the notice thereof shall be transacted at any special meeting. If the stockholder list referred to in Section
2.3 of these Bylaws is made accessible on an electronic network, the notice of meeting must indicate how the stockholder list
can be accessed. If the meeting of stockholders is to be held solely by means of electronic communications, the notice of meeting
must provide the information required to access such stockholder list during the meeting.

 

(B) Any
notice to stockholders given by the Corporation under the DGCL, the Certificate of Incorporation or these Bylaws may be given in
writing directed to the stockholder’s mailing address (or by electronic transmission directed to the stockholder’s
electronic mail address, as applicable) as it appears on the records of the Corporation. A notice to a stockholder shall be deemed
given as follows: (i) if mailed, when the notice is deposited in the United States mail with postage thereon prepaid, (ii) if delivered
by courier service, the earlier of when the notice is received or left at such stockholder’s address, (iii) if given by electronic
mail, when directed to such stockholder’s electronic mail address unless the stockholder has notified the Corporation in
writing or by electronic transmission of an objection to receiving notice by electronic mail or such notice is prohibited by Section
232(e) of the DGCL, and (iv) if given by a form of electronic transmission consented to by the stockholder to whom the notice is
given and otherwise meeting the requirements set forth above, (A) if by facsimile transmission, when directed to a number at which
the stockholder has consented to receive notice, (B) if by a posting on an electronic network together with separate notice to
the stockholder of such specified posting, upon the later of (1) such posting and (2) the giving of such separate notice and
(C) if by any other form of electronic transmission, when directed to the stockholder. A stockholder may revoke such stockholder’s
consent to receiving notice by means of electronic transmission by giving written notice or electronic transmission of such revocation
to the Corporation. A notice may not be given by an electronic transmission from and after the time that (1) the Corporation is
unable to deliver by such electronic transmission two consecutive notices given by the Corporation and (2) such inability becomes
known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the
giving of notice; provided, however, the inadvertent failure to discover such inability shall not invalidate any meeting
or other action. “Electronic transmission” means any form of communication, not directly involving the physical
transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or
more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient
thereof, and that may be directly reproduced in paper form by such a recipient through an automated process. “Electronic
mail” means an electronic transmission directed to a unique electronic mail address (which electronic mail shall be deemed
to include any files attached thereto and any information hyperlinked to a website if such electronic mail includes the contact
information of an officer or agent of the Corporation who is available to assist with accessing such files and information). “Electronic
mail address” means a destination, commonly expressed as a string of characters, consisting of a unique user name or
mailbox (commonly referred to as the “local part” of the address) and a reference to an internet domain (commonly referred
to as the “domain part” of the address), whether or not displayed, to which electronic mail can be sent or delivered.

 

    Appendix
 B-3

     

    

 

SECTION 2.6 Quorum
and Adjournment of Meetings.

 

(A) Except
as otherwise required by applicable law or by the Certificate of Incorporation, or these Bylaws, the holders of a majority of the
voting power of all of the issued and outstanding shares of stock of the Corporation entitled to vote at the meeting, represented
in person or by proxy, shall constitute a quorum for the transaction of business at a meeting of stockholders, except that, when
specified business is to be voted on by a class or series of stock voting as a class, the holders of a majority of the voting power
of all of the issued and outstanding shares of such class or series shall constitute a quorum of such class or series for the transaction
of such business. The chair of the meeting may adjourn the meeting from time to time for any reason, whether or not there is such
a quorum. The stockholders present at a duly called meeting at which a quorum is present may continue to transact business until
adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.

 

(B) Any
meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, and notice
need not be given of any such adjourned meeting if the date, time and place, if any, thereof and means of remote communication,
if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such adjourned meeting, are announced
at the meeting at which the adjournment is taken; provided, however, that, if the adjournment is for more than
thirty (30) days, or, if after an adjournment, a new record date is fixed for determining the stockholders entitled to vote at
the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
At the adjourned meeting, the Corporation may transact any business that might have been transacted at the original meeting.

 

SECTION 2.7 Proxies.
At all meetings of stockholders, a stockholder may vote by proxy executed in writing (or in such other manner prescribed by the
DGCL) by the stockholder or by his or her duly authorized attorney-in-fact. Any copy, facsimile transmission or other reliable
reproduction of the writing or transmission created pursuant to this section may be substituted or used in lieu of the original
writing or transmission for any and all purposes for which the original writing or transmission could be used, provided that
such copy, facsimile transmission or other reproduction shall be a complete reproduction of the entire original writing or transmission.
No proxy may be voted or acted upon after the expiration of three (3) years from the date of such proxy, unless such proxy provides
for a longer period. Every proxy is revocable at the pleasure of the stockholder executing it unless the proxy states that it is
irrevocable and applicable law makes it irrevocable. A stockholder may revoke any proxy that is not irrevocable by attending the
meeting and voting in person or by filing an instrument in writing revoking the proxy or by filing another duly executed proxy
bearing a later date with the Secretary of the Corporation.

 

SECTION 2.8 Notice
of Stockholder Business and Nominations.

 

(A) Annual
Meetings of Stockholders.

 

(1)  Nominations
of persons for election to the Board and the proposal of other business to be considered by the stockholders at an annual meeting
of stockholders may be made only (a) pursuant to the Corporation’s notice of meeting (or any supplement thereto), (b) by
or at the direction of the Board or any committee thereof, or (c) by any stockholder of the Corporation who (i) was a stockholder
of record at the time of giving of notice provided for in these Bylaws and at the time of the annual meeting, (ii) is entitled
to vote at the meeting and (iii) complies with the notice procedures and other requirements set forth in these Bylaws and applicable
law. Section 2.8(A)(1)(c) of these Bylaws shall be the exclusive means for a stockholder to make nominations or submit other
business (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and included in the Corporation’s notice of meeting and annual meeting proxy statement) before an annual
meeting of the stockholders.

 

(2)  For
any nominations or any other business to be properly brought before an annual meeting by a stockholder pursuant to Section 2.8(A)(1)(c)
of these Bylaws, (a) the stockholder must have given timely notice thereof in writing and in proper form to the Secretary of the
Corporation at the principal offices of the Corporation, (b) such other business must otherwise be a proper matter for stockholder
action under the DGCL and (c) the record stockholder and the beneficial owner, if any, on whose behalf any such proposal or nomination
is made, must have acted in accordance with the representations set forth in the Solicitation Statement required by these Bylaws.
To be timely, a stockholder’s notice must be received by the Secretary of the Corporation at the principal executive offices
of the Corporation not earlier than the close of business on the one hundred twentieth (120th) day before the date of the one (1)
year anniversary of the immediately preceding year’s annual meeting (which anniversary, in the case of the first (1st) annual
meeting of stockholders and solely for the purpose of this Section 2.8(A)(2), shall be deemed November 16, 2021) and not
later than the close of business on the ninetieth (90th) day before the date of such anniversary; provided, however,
that, subject to the following sentence, in the event that the date of the annual meeting is scheduled for a date that is more
than thirty (30) days before or more than sixty (60) days after such anniversary date or in the event that no annual meeting was
held in the prior year, notice by the stockholder to be timely must be so delivered, or mailed and received, not earlier than the
close of business on the one hundred twentieth (120th) day before such annual meeting and not later than the close of business
on the later of the ninetieth (90th) day before such annual meeting or the tenth (10th) day following the day on which public
announcement of the date of such meeting is first made by the Corporation. In no event shall any adjournment or postponement of
an annual meeting or the announcement thereof commence a new time period for the giving of a stockholder’s notice as described
above.

 

    Appendix
 B-4

     

    

 

To be in
proper form, a stockholder’s notice (whether given pursuant to this Section 2.8(A)(2) or Section 2.8(B))
to the Secretary of the Corporation must:

 

(a)  set
forth, as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is
made (i) the name, age, business address and residence address of such stockholder, including as they appear on the Corporation’s
books, and of such stockholder’s Stockholder Associated Person (as defined in Section 2.8(C)(2)), if any, (ii) (A) the
class or series and number of shares of the Corporation or any affiliate thereof that are, directly or indirectly, owned beneficially
and of record by such stockholder and such Stockholder Associated Person, (B) any option, warrant, convertible security, stock
appreciation right or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related
to any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or
series of shares of the Corporation, whether or not such instrument or right shall be subject to settlement in the underlying class
or series of stock of the Corporation or otherwise (a “Derivative Instrument”), directly or indirectly owned
beneficially by such stockholder or by any Stockholder Associated Person and any other direct or indirect opportunity to profit
or share in any profit derived from any increase or decrease in the value of shares of the Corporation held by such stockholder
or by any Stockholder Associated Person, (C) if the proposal relates to the nomination of a candidate for director, a complete
and accurate description of any agreement, arrangement or understanding between or among such stockholder and such stockholder’s
Stockholder Associated Person and any other person or persons in connection with such stockholder’s director nomination and
the name and address of any other person(s) or entity or entities known to the stockholder to support such nomination, (D) a description
of any proxy, contract, arrangement, understanding or relationship pursuant to which such stockholder or any Stockholder Associated
Person has a right to vote, directly or indirectly, any shares of any security of the Corporation, including the number of shares
that are the subject of such proxy, contract, arrangement, understanding or relationship, (E) any short interest in any security
of the Corporation held by such stockholder or any Stockholder Associated Person (for purposes of these Bylaws, a person shall
be deemed to have a “short interest” in a security if such person directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the
value of the subject security), (F) any rights to dividends on the shares of the Corporation owned beneficially by such stockholder
or by any Stockholder Associated Person that are separated or separable from the underlying shares of the Corporation, (G) any
proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited
partnership in which such stockholder or any Stockholder Associated Person is a general partner or, directly or indirectly, beneficially
owns an interest in a general partner, (H) any performance-related fees (other than an asset-based fee) that such stockholder
or any Stockholder Associated Person is entitled to based on any increase or decrease in the value of shares of the Corporation
or Derivative Instruments, if any, as of the date of such notice, including, without limitation, any such interests held by members
of such stockholder’s or any Stockholder Associated Person’s immediate family sharing the same household, and (I) a
summary of any material discussions regarding the nomination or proposal to be brought before the meeting (x) between or among
any of the stockholders making the proposal or (y) between or among any stockholder making the proposal and any other record
or beneficial holder of the shares of any class or series of the Corporation (including their names), (iii) any other information
relating to such stockholder and any Stockholder Associated Person, if any, that would be required to be disclosed in a proxy statement
or other filing required to be made in connection with solicitations of proxies for, as applicable, the proposal or for the election
of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder,
(iv) a representation that the stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting and
intends to appear in person or by proxy at the meeting to bring such nomination or other business before the meeting, and (v) a
representation as to whether or not such stockholder or any Stockholder Associated Person will deliver a proxy statement or form
of proxy to holders of at least the percentage of the voting power of the Corporation’s outstanding stock required to approve
or adopt the proposal or, in the case of a nomination or nominations, at least the percentage of the voting power of the Corporation’s
outstanding stock reasonably believed by the stockholder or Stockholder Associated Person, as the case may be, to be sufficient
to elect such nominee or nominees (such representation, a “Solicitation Statement”);

 

    Appendix
 B-5

     

    

 

(b)  if
the notice relates to any business other than a nomination of a director or directors that the stockholder proposes to bring before
the meeting, set forth (i) a brief description of the business desired to be brought before the meeting, the reasons for conducting
such business at the meeting and any material interest of such stockholder and Stockholder Associated Person, if any, in such business,
(ii) the text of the proposal or business (including the text of any reasons for the proposed business that will be discussed in
any proxy statement or supplement thereto to be filed with U.S. Securities and Exchange Commission (the “SEC”))
and (iii) a complete and accurate description of all agreements, arrangements and understandings between or among such stockholder
and such stockholder’s Stockholder Associated Person, if any, and the name and address of any other person(s) or entity or
entities in connection with the proposal of such business by such stockholder;

 

(c)  set
forth as to each nominee such stockholder proposes to nominate at the meeting: (i) the name, age, business address and residence
address of such nominee, (ii) the principal occupation or employment of such nominee, (iii) the class and number of shares of each
class of capital stock of the Corporation which are owned of record and beneficially by such nominee, (iv) the date or dates on
which such shares were acquired and the investment intent of such acquisition, (v) such other information concerning such nominee
as would be required to be disclosed in a proxy statement soliciting proxies for the election of such nominee as a director in
an election contest (even if an election contest is not involved), or that is otherwise required to be disclosed pursuant to Section
14 of the Exchange Act and the rules and regulations promulgated thereunder (including such person’s written consent to being
named in the proxy statement as a nominee and to serving as a director if elected), (vi) a description of all direct and indirect
compensation and other material monetary agreements, arrangements and understandings during the past three (3) years, and any other
material relationships, between or among such stockholder and Stockholder Associated Person, if any, and their respective affiliates
and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates
and associates, or others acting in concert therewith, on the other hand, including, without limitation, all information that would
be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the stockholder making the nomination and
any beneficial owner on whose behalf the nomination is made, if any, or any affiliate or associate thereof or person acting in
concert therewith, were the “registrant” for purposes of such rule and the nominee were a director or executive officer
of such registrant, and (vii) a representation that such person intends to serve a full term, if elected as director; and

 

    Appendix
 B-6

     

    

 

(d)  with
respect to each nominee for election or reelection to the Board, include (i) a completed and signed questionnaire and representation
and agreement (in each case in a form provided by the Corporation, which form the stockholder shall request from the Secretary
of the Corporation in writing no less than ten (10) days prior to providing notice of a nomination, and which the Secretary shall
provide to such stockholder within ten (10) days of receiving such request) and (ii) a written representation and agreement (in
the form provided by the Secretary of the Corporation upon written request) that such person (A) is not and will not become a party
to (1) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity
as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a “Voting
Commitment”) that has not been disclosed to the Corporation or (2) any Voting Commitment that could limit or interfere
with such person’s ability to comply, if elected as a director of the Corporation, with such person’s fiduciary duties
under applicable law, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or
entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection
with service or action as a director that has not been disclosed therein, and (C) in such person’s individual capacity and
on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director
of the Corporation, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality
and stock ownership and trading policies and guidelines of the Corporation. The Corporation may require any proposed nominee to
furnish such other information as may reasonably be required by the Corporation to determine the eligibility and suitability of
such proposed nominee to serve as an independent director of the Corporation or that could be deemed material to a reasonable stockholder’s
understanding of the independence, or lack thereof, of such nominee.

 

(3)  A
stockholder providing notice of a nomination or proposal of other business to be brought before a meeting shall further update
and supplement such notice, if necessary, so that the information provided or required to be provided in such notice shall be true
and correct (a) as of the record date for the meeting and (b) as of the date that is ten (10) days prior to the meeting or any
adjournment, recess, cancellation, rescheduling or postponement thereof, and such update and supplement shall be delivered to,
or mailed and received by, the Secretary of the Corporation at the principal executive offices of the Corporation not later than
five (5) business days after the record date for the meeting (in the case of the update and supplement required to be made as of
the record date) and not later than seven (7) business days prior to the date for the meeting or any postponement or adjournment
thereof, if practicable (or, if not practicable, on the first practicable date prior to any adjournment, recess or postponement
thereof (in the case of the update and supplement required to be made as of ten (10) business days prior to the meeting or any
adjournment, recess or postponement thereof)).

 

    Appendix
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(4)  If
any information submitted pursuant to this Section 2.8 by any stockholder proposing a nominee for election as a director
or any proposal for other business at a meeting of stockholders is inaccurate in any respect, such information shall be deemed
not to have been provided in accordance with this Section 2.8. Any such stockholder shall notify the Corporation of any
inaccuracy or change in any such information within two (2) business days of becoming aware of such inaccuracy or change. Upon
written request by the Secretary of the Corporation or the Board, any such stockholder shall provide, within five (5) business
days of delivery of such request (or such other period as may be specified in such request), (A) written verification, reasonably
satisfactory to the Board or any authorized officer, to demonstrate the accuracy of any information submitted by the stockholder
pursuant to this Section 2.8, and (B) a written update of any information (including, if requested by the Corporation, written
confirmation by such stockholder that such stockholder continues to intend to bring such nomination or other business proposal
before the meeting) submitted by the stockholder pursuant to this Section 2.8 as of an earlier date. If a stockholder fails
to provide such written verification or written update within such period, the information as to which written verification or
a written update was requested shall be deemed not to have been provided in accordance with this Section 2.8.

 

(B) Special
Meetings of Stockholders.

 

Only such business
shall be conducted at a special meeting of stockholders as shall have been brought before the meeting by or at the direction of
the Board. Nominations of persons for election to the Board may be made at a special meeting of stockholders at which directors
are to be elected pursuant to a notice of meeting (1) by or at the direction of the Board or any committee thereof or (2) if the
Board has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who (a) is a stockholder
of record (and with respect to any beneficial owner, if different, on whose behalf such nomination or nominations are made, only
if such beneficial owner was the beneficial owner of shares of the Corporation) both at the time of giving of notice provided for
in these Bylaws and on the record date for determination of stockholders entitled to vote at the special meeting, (b) is entitled
to vote at the meeting and upon such election, and (c) complies with the notice procedures set forth in these Bylaws and applicable
law. In the event a special meeting of stockholders is called for the purpose of electing one or more directors to the Board, any
such stockholder may nominate a person or persons (as the case may be), for election to such position(s) as specified in the Corporation’s
notice of meeting, if the stockholder delivers notice with the information required by (c) (with the updates required by Section
2.8(A)(3)) of these Bylaws with respect to any nomination (including the completed and signed questionnaire and representation
and agreement required by Section 2.8(A)(2)(d) of these Bylaws). Such notice shall be delivered to the Secretary of the
Corporation at the principal executive offices of the Corporation not earlier than the close of business on the one hundred twentieth
(120th) day prior to such special meeting and not later than the close of business on the later of the ninetieth (90th) day prior
to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of
the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall any adjournment
or postponement or the announcement thereof of a special meeting commence a new time period (or extend any time period) for the
giving of a stockholder’s notice as described above. Only such persons who are nominated in accordance with the procedures
set forth in Paragraph (B) of this Section 2.8 (including persons nominated by or at the director of the Board) shall be
eligible to be elected at a special meeting of stockholders of the Corporation to serve as directors.

 

    Appendix
 B-8

     

    

 

(C) General.

 

(1)  Only
such persons who are nominated in accordance with the procedures set forth in these Bylaws and applicable law shall be eligible
to serve as directors, and only such business shall be conducted at a meeting of stockholders as shall have been brought before
the meeting in accordance with the procedures set forth in these Bylaws and applicable law. Except as otherwise provided by applicable
law, the Certificate of Incorporation or these Bylaws, the chair of the meeting shall have the power and duty to determine whether
a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance
with the procedures set forth in these Bylaws and applicable law and, if any proposed nomination or business is not in compliance
with these Bylaws and applicable law, to declare that such defective proposal or nomination shall be disregarded.

 

(2)  For
purposes of these Bylaws, “public announcement” shall mean disclosure in a press release reported by Dow Jones
News Service, the Associated Press, or any other national news service or in a document publicly filed by the Corporation with
the SEC pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder, and “Stockholder
Associated Person” shall mean, for any stockholder, (a) any person or entity controlling, directly or indirectly,
or acting in concert with, such stockholder, (b) any beneficial owner of shares of stock of the Corporation owned of record or
beneficially by such stockholder or (c) any person or entity controlling, controlled by or under common control with any person
or entity referred to in the preceding clauses (a) or (b).

 

(3)  Notwithstanding
the foregoing provisions of these Bylaws, a stockholder making a nomination or proposal under this Section 2.8 shall also
comply with all applicable requirements of state law and the Exchange Act and the rules and regulations thereunder with respect
to the matters set forth in these Bylaws; provided, however, that any references in these Bylaws to the Exchange
Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals
as to any other business to be considered pursuant to Section 2.8(A) or Section 2.8(B) of these Bylaws. Nothing in
these Bylaws shall be deemed to affect any rights (a) of stockholders to request inclusion of proposals in the Corporation’s
proxy statement pursuant to Rule 14a-8 under the Exchange Act or (b) of the holders of any series of preferred stock of the Corporation
(“Preferred Stock”), if and to the extent provided for under applicable law, the Certificate of Incorporation
or these Bylaws.

 

    Appendix
 B-9

     

    

 

(4)  Unless
otherwise required by law, if the stockholder (or a qualified representative of the stockholder) making a nomination or proposal
under this Section 2.8 does not appear at a meeting of stockholders to present such nomination or proposal, the nomination
shall be disregarded and the proposed business shall not be transacted, as the case may be, notwithstanding that proxies in favor
thereof may have been received by the Corporation. For purposes of this Section 2.8, to be considered a qualified representative
of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by
a document executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder
as proxy at the meeting of stockholders and such person must produce such document or electronic transmission, or a reliable reproduction
of the document or electronic transmission, at the meeting of stockholders.

 

SECTION 2.9 Conduct
of Business. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will
vote at a meeting shall be announced at the meeting by the chair of the meeting. The Board may adopt by resolution such rules and
regulations for the conduct of the meeting of stockholders as it shall deem appropriate in its sole discretion. The Chair of the
Board, if one shall have been elected, or, in the Chair of the Board’s absence or if one has not been elected, another director
or officer designated by the Board, shall preside at all meetings of the stockholders as “chair of the meeting.” Except
to the extent inconsistent with such rules and regulations as adopted by the Board, the chair of the meeting shall have the right
and authority to convene and for any reason to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures
and to do all such acts as, in the judgment of the chair of the meeting, are appropriate for the proper conduct of the meeting.
Such rules, regulations or procedures, whether adopted by the Board or prescribed by the chair of the meeting, may include, without
limitation, the following: (A) the establishment of an agenda or order of business for the meeting; (B) rules and procedures for
maintaining order at the meeting and the safety of those present; (C) limitations on attendance at or participation in the meeting
to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the chair
of the meeting shall determine; (D) restrictions on entry to the meeting after the time fixed for the commencement thereof; (E)
limitations on the time allotted to questions or comments by participants; and (F) restrictions of the use of audio and video recording
devices. The chair of the meeting, in addition to making any other determinations that may be appropriate to the conduct of the
meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before
the meeting, and, if such chair of the meeting should so determine, such chair of the meeting shall so declare to the meeting,
and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the
extent determined by the Board or the chair of the meeting, meetings of stockholders shall not be required to be held in accordance
with the rules of parliamentary procedure.

 

    Appendix
 B-10

     

    

 

SECTION 2.10 Required
Vote.

 

(A) Subject
to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, at any meeting
at which directors are to be elected, each director shall be elected by the vote of the majority of the votes cast with respect
to the director at any meeting for the election of directors at which a quorum is present, provided that if, as of a date
that is fourteen (14) days in advance of the date the Corporation files its definitive proxy statement (regardless of whether or
not thereafter revised or supplemented) with the SEC, the number of nominees (including those proposed nominees identified in any
notices delivered pursuant to Section 2.8 and not withdrawn by such date, determined ineligible or determined by the Board
(or a committee thereof) to not create a bona fide election contest) exceeds the number of directors to be elected at such meeting
(a “Contested Election”), the directors shall be elected by the vote of a plurality of the shares represented
in person or by proxy at any such meeting and entitled to vote on the election of directors. If a nominee for director in an election
that is not a Contested Election fails to receive a majority of the votes cast and such nominee is an incumbent director, that
director shall promptly tender his or her resignation to the Board, subject to acceptance by the Board. The Nominating and Corporate
Governance Committee of the Board (or such other duly constituted committee of the Board authorized to make a recommendation) shall
make a recommendation to the Board as to whether to accept or reject the tendered resignation, or whether other action should be
taken. The Board shall act on the tendered resignation, taking into account the Nominating and Corporate Governance Committee’s
recommendation, and publicly disclose its decision regarding the tendered resignation within ninety (90) days from the date of
the certification of the election results. The director who tenders his or her resignation shall not participate in the recommendation
of the Nominating and Corporate Governance Committee or the decision of the Board with respect to his or her resignation.

 

(B) Except
as otherwise provided by applicable law, the Certificate of Incorporation, these Bylaws, or the rules and regulations applicable
to the Corporation or its securities, all other matters shall be determined by the vote of the majority of the votes cast on the
matter affirmatively or negatively. In non-binding advisory matters with more than two (2) possible vote choices, the affirmative
vote of a plurality of the voting power of the outstanding shares present in person or represented by proxy at the meeting and
entitled to vote on the matter shall be the recommendation of the stockholders.

 

SECTION 2.11 Treasury
Stock. The Corporation shall not vote, directly or indirectly, shares of its own stock belonging to it or any other corporation,
if a majority of shares entitled to vote in the election of directors of such corporation is held, directly or indirectly, by the
Corporation, and such shares will not be counted for quorum purposes; provided, however, that the foregoing shall
not limit the right of the Corporation or such other corporation to vote stock of the Corporation held in a fiduciary capacity.

 

    Appendix
 B-11

     

    

 

SECTION 2.12 Inspectors
of Elections; Opening and Closing the Polls. The Corporation may, and, when required by applicable law, shall, in advance
of any meeting of stockholders, appoint one or more inspectors, which inspector or inspectors may include individuals who serve
the Corporation in other capacities, including, without limitation, as officers, employees, agents or representatives, to act at
the meeting or any adjournment thereof of stockholders and make a written report thereof. One or more persons may be designated
as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate has been appointed to act or is
able to act at a meeting of stockholders and the appointment of an inspector is required by applicable law, the chair of the meeting
shall appoint one or more inspectors to act at the meeting. Each inspector, before discharging his or her duties, shall take and
sign an oath to faithfully execute the duties of inspector with strict impartiality and according to the best of his or her ability.
The inspector or inspectors shall have the duties prescribed by applicable law.

 

ARTICLE
III

BOARD OF DIRECTORS

 

SECTION 3.1 Number.
Subject to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, if any,
the number of directors which shall constitute the Board shall be not less than seven (7) nor more than eleven (11), and the exact
number of directors shall be fixed from time to time exclusively pursuant to a resolution adopted by the affirmative vote of a
majority of the Whole Board. For purposes of these Bylaws, the term “Whole Board” shall mean the total
number of authorized directors, whether or not there exist any vacancies in previously authorized directorships.

 

SECTION 3.2 Powers.
Subject to any limitations set forth in the Certificate of Incorporation and to any provision of the DGCL relating to powers or
rights conferred upon or reserved to the stockholders or the holders of any class or series of the Corporation’s issued and
outstanding stock, the business and affairs of the Corporation shall be managed, and all corporate powers shall be exercised, by
or under the direction of the Board.

 

SECTION 3.3 Annual
Meetings. The Board shall meet each year, at such place as shall be fixed by the Board, for the purpose of election of officers
and consideration of such other business as the Board considers relevant to the management of the Corporation.

 

SECTION 3.4 Regular
Meetings. Regular meetings of the Board shall be held on such dates, and at such times and places, within or without the State
of Delaware, as are determined from time to time by resolution of the Board, such determination to constitute the only notice of
such regular meetings to which any director shall be entitled. In the absence of any such determination, such meetings shall be
held upon notice to each director in accordance with Section 3.6.

 

SECTION 3.5 Special
Meetings. Special meetings of the Board may be called by the Chair of the Board, by the Chief Executive Officer or, upon the
written request of at least a majority of the directors then in office, by the Secretary of the Corporation. The person or persons
authorized to call special meetings of the Board may fix the place, if any, date and time of the meetings.

 

    Appendix
 B-12

     

    

 

SECTION 3.6 Notice.
Notice of any regular (if required) or special meeting of directors shall be given to each director at his or her business or residence
in writing by hand delivery, first-class or overnight mail, courier service or facsimile or electronic transmission or orally by
telephone. If mailed by first-class mail, such notice shall be deemed adequately delivered if deposited in the United States mails
so addressed, with postage thereon prepaid, at least five (5) days before such meeting. If by overnight mail or courier service,
such notice shall be deemed adequately delivered if the notice is delivered to the overnight mail or courier service company at
least twenty-four (24) hours before such meeting. If by facsimile or electronic transmission, such notice shall be deemed adequately
delivered if the notice is transmitted at least twenty-four (24) hours before such meeting. If by telephone or by hand delivery,
the notice shall be given at least twenty-four (24) hours prior to the time set for the meeting and shall be confirmed by facsimile
or electronic transmission that is sent promptly thereafter. In the case of a special meeting called by the Chair of the Board
where exigent circumstances are deemed by the Chair of the Board to exist, notice of such meeting may be given by any of the means
described above less than twenty-four (24) hours before such meeting. Neither the business to be transacted at, nor the purpose
of, any regular or special meeting of the Board need be specified in the notice of such meeting, except for amendments to these
Bylaws, as provided under Section 8.1.

 

SECTION 3.7 Action
by Consent of Board. Any action required or permitted to be taken at any meeting of the Board or of any committee thereof may
be taken without a meeting if all members of the Board or any committee, as the case may be, consent thereto in writing, including
by electronic transmission. After the action is taken, the consent or consents relating thereto shall be filed with the minutes
of the proceedings of the Board, or any committee thereof, in the same paper or electronic form as the minutes are maintained.
Such consent or consents shall have the same force and effect as a unanimous vote at a meeting, and may be stated as such in any
document or instrument filed with the Secretary of State of the State of Delaware.

 

SECTION 3.8 Conference
Telephone Meetings. Members of the Board or any committee thereof may participate in a meeting of the Board or any committee
thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting
can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.

 

SECTION 3.9 Quorum.
Except as otherwise required or permitted by these Bylaws, the Certificate of Incorporation or applicable law, a whole number of
directors equal to at least a majority of the Whole Board shall constitute a quorum for the transaction of business, but if at
any meeting of the Board there shall be less than a quorum present, a majority of the directors present may, to the fullest extent
permitted by law, adjourn the meeting from time to time without further notice unless (A) the date, time and place, if any, of
the adjourned meeting are not announced at the time of adjournment, in which case notice conforming to the requirements of Section
3.6 of these Bylaws shall be given to each director, or (B) the meeting is adjourned for more than twenty-four (24) hours,
in which case the notice referred to in clause (A) shall be given to those directors not present at the announcement of the date,
time and place of the adjourned meeting. Except as otherwise expressly required by law, the Certificate of Incorporation or these
Bylaws, all matters shall be determined by the affirmative vote of a majority of the directors present at a meeting at which a
quorum is present. To the fullest extent permitted by law, the directors present at a duly organized meeting may continue to transact
business until adjournment, notwithstanding the withdrawal of enough directors to leave less than a quorum.

 

    Appendix
 B-13

     

    

 

SECTION 3.10 Records.
The Board shall cause to be kept a record containing the minutes of the proceedings of the meetings of the Board and of the stockholders,
appropriate stock books and registers and such books of records and accounts as may be necessary for the proper conduct of the
business of the Corporation.

 

SECTION 3.11 Compensation.
Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board shall have authority to fix the compensation
of directors, including fees and reimbursement of expenses.

 

SECTION 3.12 Regulations.
To the extent consistent with applicable law, the Certificate of Incorporation and these Bylaws, the Board may adopt such rules
and regulations for the conduct of meetings of the Board and for the management of the affairs and business of the Corporation
as the Board may deem appropriate.

 

ARTICLE
IV

COMMITTEES

 

SECTION 4.1 Designation;
Powers. The Board may designate one or more committees, each committee to consist of one or more of the directors of the Corporation.
Any such committee, to the extent permitted by applicable law and to the extent provided in the resolution of the Board, shall
have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation,
and may authorize the seal of the Corporation to be affixed to all papers which may require it.

 

SECTION 4.2 Procedure;
Meetings; Quorum. Any committee designated pursuant to Section 4.1 shall choose its own chair in the event the chair
has not been selected by the Board by a majority vote of the members then in attendance at a meeting of the committee so long as
a quorum is present, shall keep regular minutes of its proceedings, and shall meet at such times and at such place or places as
may be provided by the charter of such committee or by resolution of such committee or resolution of the Board. At every meeting
of any such committee, the presence of a majority of all the members thereof shall constitute a quorum, and the affirmative vote
of a majority of the members present at a meeting where a quorum is present shall be necessary for the adoption by it of any resolution.
The Board shall adopt a charter for each committee for which a charter is required by applicable laws, regulations or stock exchange
rules, may adopt a charter for any other committee, and may adopt other rules and regulations for the governance of any committee
not inconsistent with the provisions of these Bylaws or any such charter, and each committee may adopt its own rules and regulations
of governance, to the extent not inconsistent with these Bylaws or any charter or other rules and regulations adopted by the Board.

 

SECTION 4.3 Substitution
of Members. The Board may designate one or more directors as alternate members of any committee, who may replace any absent
or disqualified member at any meeting of such committee. In the absence or disqualification of a member of a committee, the member
or members present at any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously appoint
another member of the Board to act at the meeting in the place of the absent or disqualified member.

 

    Appendix
 B-14

     

    

 

ARTICLE
V

OFFICERS

 

SECTION 5.1 Officers.
The Board shall appoint the officers of the Corporation, which shall include a Chair of the Board, a Chief Executive Officer, a
Secretary and such other officers as the Board from time to time may deem proper. The Chair of the Board shall be chosen from among
the directors. All officers appointed by the Board shall each have such powers and duties as generally pertain to their respective
offices, subject to the specific provisions of this Article V. Such officers shall also have such powers and duties as from
time to time may be conferred by the Board. The Board may delegate authority to the Chief Executive Officer to appoint such other
officers as may be necessary or desirable for the conduct of the business of the Corporation. Any number of offices may be held
by the same person.

 

SECTION 5.2 Appointment
and Term of Office. Each officer shall hold office until his or her successor shall have been duly appointed and shall have
qualified or until his or her earlier death or resignation, but any officer may be removed from office at any time by the affirmative
vote of a majority of the Board. Such removal shall be without prejudice to the contractual rights, if any, of the person so removed.
No appointed officer shall have any contractual rights against the Corporation for compensation by virtue of such appointment beyond
the date of the appointment of his or her successor, his or her death, his or her resignation or his or her removal, whichever
event shall first occur, except as otherwise provided in an employment contract or under an employee compensation plan.

 

SECTION 5.3 Chair
of the Board. Unless otherwise determined by the Board, the Chair of the Board shall preside at all meetings of the Board.
The Chair of the Board shall perform all duties incidental to his or her office that may be required by law and all such other
duties as are properly required of him or her by the Board. He or she shall make reports to the Board and shall see that all orders
and resolutions of the Board or any committee thereof are carried into effect. The Chair of the Board may also serve as Chief Executive
Officer, if so elected by the Board. The Chair of the Board may also have the title of Executive Chair if the Chair of the Board
is also an officer of the Corporation. The Board may appoint two (2) persons to serve as co-chairs of the Board (each, a “Co-Chair”).
Any reference to the Chair of the Board in these Bylaws shall be deemed to mean, if there are Co-Chairs, either Co-Chair, each
of whom may exercise the full powers and authorities of the office.

 

SECTION 5.4 Chief
Executive Officer. The Chief Executive Officer shall be responsible for the general management of the affairs of the Corporation
and shall act in a general executive capacity subject to the oversight of the Board in the administration and operation of the
Corporation’s business and general supervision of its policies and affairs. The Chief Executive Officer shall have the authority
to sign, in the name and on behalf of the Corporation, checks, orders, contracts, leases, notes, drafts and all other documents
and instruments in connection with the business of the Corporation.

 

    Appendix
 B-15

     

    

 

SECTION 5.5 Secretary.
The Secretary, if any, shall keep or cause to be kept, in one or more books provided for that purpose, the minutes of all meetings
of the Board, the committees of the Board and the stockholders; he or she shall see that all notices are duly given in accordance
with the provisions of these Bylaws and as required by applicable law; he or she shall be custodian of the records and the seal
of the Corporation and affix and attest the seal to all stock certificates of the Corporation (unless the seal of the Corporation
on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the seal to all other documents to be
executed on behalf of the Corporation under its seal; he or she shall see that the books, reports, statements, certificates and
other documents and records required by law to be kept and filed are properly kept and filed; and, in general, he or she shall
perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned by the Board.

 

SECTION 5.6 Treasurer.
The Treasurer, if any, shall exercise general supervision over the receipt, custody and disbursement of corporate funds. He or
she shall have such further powers and duties and shall be subject to such directions as may be granted or imposed upon him or
her from time to time by the Board.

 

SECTION 5.7 Vacancies.
A newly created appointed office and a vacancy in any appointed office because of death, resignation or removal may be filled by
the Board for the unexpired portion of the term at any meeting of the Board.

 

SECTION 5.8 Action
with Respect to Securities of Other Corporations. Unless otherwise directed by the Board, the Chief Executive Officer, or any
officer authorized by the Chair of the Board or the Chief Executive Officer, shall have power to vote and otherwise act on behalf
of the Corporation, in person or by proxy, at any meeting of security holders of or with respect to any action of security holders
of any other corporation or entity in which the Corporation may hold securities and otherwise to exercise any and all rights and
powers that the Corporation may possess by reason of its ownership of securities in such other corporation.

 

SECTION 5.9 Delegation.
The Board may from time to time delegate the powers and duties of any officer to any other officer or agent, notwithstanding any
provision hereof.

 

ARTICLE
VI

STOCK CERTIFICATES AND TRANSFERS

 

SECTION 6.1 Stock
Certificates and Transfers. The interest of each stockholder of the Corporation evidenced by certificates for shares of stock
shall be in such form as the appropriate officers of the Corporation may from time to time prescribe, provided that the
Board may provide by resolution or resolutions that some or all of any or all classes or series of its stock may be uncertificated
shares. The shares of the stock of the Corporation shall be entered in the books of the Corporation as they are issued and shall
exhibit the holder’s name and number of shares. Subject to the provisions of the Certificate of Incorporation, the shares
of the stock of the Corporation shall be transferred on the books of the Corporation, which may be maintained by a third-party
registrar or transfer agent, by the holder thereof in person or by his or her attorney, upon surrender for cancellation of certificates
for at least the same number of shares, with an assignment and power of transfer endorsed thereon or attached thereto, duly executed,
with such proof of the authenticity of the signature as the Corporation or its agents may reasonably require or upon receipt of
proper transfer instructions from the registered holder of uncertificated shares and upon compliance with appropriate procedures
for transferring shares in uncertificated form, at which time the Corporation shall issue a new certificate to the person entitled
thereto (if the stock is then represented by certificates), cancel the old certificate and record the transaction upon its books.

 

    Appendix
 B-16

     

    

 

Each certificated share
of stock shall be signed, countersigned and registered in the manner required by law. In case any officer, transfer agent or registrar
who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or
registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such
officer, transfer agent or registrar at the date of issue.

 

SECTION 6.2 Lost,
Stolen or Destroyed Certificates. No certificate for shares or uncertificated shares of stock in the Corporation shall be issued
in place of any certificate alleged to have been lost, destroyed or stolen, except on production of such evidence of such loss,
destruction or theft and on delivery to the Corporation of a bond of indemnity in such amount, upon such terms and secured by such
surety, as the Board or any financial officer may in its or his or her discretion require.

 

SECTION 6.3 Ownership
of Shares. The Corporation shall be entitled to treat the holder of record of any share or shares of stock of the Corporation
as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in
such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise
required by the laws of the State of Delaware.

 

SECTION 6.4 Regulations
Regarding Certificates. The Board shall have the power and authority to make all such rules and regulations concerning the
issue, transfer and registration or the replacement of certificates for shares of stock of the Corporation. The Corporation may
enter into additional agreements with stockholders to restrict the transfer of stock of the Corporation in any manner not prohibited
by the DGCL. The Board may appoint and remove transfer agents and registrars of transfers, and may require all stock certificates
to bear the signature of any such transfer agent and/or any such registrar of transfers.

 

ARTICLE
VII

MISCELLANEOUS PROVISIONS

 

SECTION 7.1 Fiscal
Year. The fiscal year of the Corporation shall be fixed by a resolution of the Board.

 

SECTION 7.2 Dividends.
Except as otherwise provided by law or the Certificate of Incorporation, the Board may from time to time declare, and the Corporation
may pay, dividends on its outstanding shares of stock, which dividends may be paid in either cash, property or shares of stock
of the Corporation. A member of the Board, or a member of any committee designated by the Board, shall be fully protected in relying
in good faith upon the records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation
by any of its officers or employees, or committees of the Board, or by any other person as to matters the director reasonably believes
are within such other person’s professional or expert competence and who has been selected with reasonable care by or on
behalf of the Corporation, as to the value and amount of the assets, liabilities or net profits of the Corporation, or any other
facts pertinent to the existence and amount of surplus or other funds from which dividends might properly be declared and paid.

 

    Appendix
 B-17

     

    

 

SECTION 7.3 Seal.
If the Board determines that the Corporation shall have a corporate seal, the corporate seal shall have such form as the Board
determines. The seal may be used by causing it or a facsimile thereof to be impressed, affixed or otherwise reproduced.

 

SECTION 7.4 Waiver
of Notice. Whenever any notice is required to be given to any stockholder or director of the Corporation under the provisions
of the DGCL, the Certificate of Incorporation or these Bylaws, a waiver thereof in writing, including by electronic transmission,
signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent
to the giving of such notice. Neither the business to be transacted at, nor the purpose of, any annual or special meeting of the
stockholders or the Board or any committee thereof need be specified in any waiver of notice of such meeting. Attendance of a person
at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose
of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or
convened.

 

SECTION 7.5 Facsimile
and Electronic Signatures. In addition to the provisions for use of facsimile or electronic signatures elsewhere specifically
authorized in these Bylaws, facsimile or electronic signatures of any officer or officers of the Corporation may be used whenever
and as authorized by the Board or any committee thereof, the Chair of the Board or the Chief Executive Officer.

 

SECTION 7.6 Time
Periods. In applying any provision of these Bylaws that require that an act be done or not done a specified number of days
prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall be
used, the day of the doing of the act shall be excluded, and the day of the event shall be included.

 

SECTION 7.7 Reliance
upon Books, Reports and Records. Each director, each member of any committee designated by the Board and each officer of the
Corporation shall, in the performance of his or her duties, be fully protected in relying in good faith upon the records of the
Corporation and upon information, opinions, reports or statements presented to the Corporation by any of the Corporation’s
officers or employees, or committees designated by the Board, or by any other person as to the matters the member reasonably believes
are within such other person’s professional or expert competence and who has been selected with reasonable care by or on
behalf of the Corporation.

 

SECTION 7.8 Resignations.
Any director, committee member or officer, whether elected or appointed, may resign at any time by giving written notice, including
by electronic transmission, of such resignation to the Chair of the Board, the Chief Executive Officer or the Secretary, and such
resignation shall be deemed to be effective as of the close of business on the date said notice is received by the Chair of the
Board, the Chief Executive Officer or the Secretary, or at such later time as is specified therein. No formal action shall be required
of the Board or the stockholders to make any such resignation effective.

 

    Appendix
 B-18

     

    

 

SECTION 7.9 Indemnification
and Advancement of Expenses.

 

(A) The
Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may
hereafter be amended, any person who was or is made a party or is threatened to be made a party to or is otherwise involved (as
a witness or otherwise) in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (a “proceeding”) by reason of the fact that he or she, or a person for whom he or she is the
legal representative, is or was a director, trustee or officer of the Corporation or any predecessor in interest to the assets
of the Corporation immediately prior to the adoption of these Amended and Restated Bylaws (a “predecessor”)
or, while a director, trustee or officer of the Corporation or any predecessor, is or was serving at the request of the Corporation
or any predecessor as a director, trustee, officer, employee or agent of another corporation or of a trust, partnership, joint
venture, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (a “Covered
Person”), whether the basis of such proceeding is alleged action in an official capacity as a director, trustee, officer,
employee or agent, or in any other capacity while serving as a director, trustee, officer, employee or agent, against all expenses
(including attorneys’ fees), judgments, fines (including, without limitation, ERISA excise taxes and penalties) and amounts
paid in settlement actually and reasonably incurred or suffered by such Covered Person in connection with such proceeding if he
or she acted in good faith and in a manner he or she reasonable believed to be in or not opposed to the best interests of the Corporation
or a predecessor and, with respect to any criminal proceeding, had no reasonable cause to believe his or her conduct was unlawful.

 

(B) The
Corporation shall, to the fullest extent not prohibited by applicable law as it presently exists or may hereafter be amended, pay
the expenses (including, without limitation, attorneys’ fees) incurred by a Covered Person in defending or otherwise participating
in or appearing at any proceeding in advance of its final disposition (including in connection with a proceeding brought to establish
or enforce a right to indemnification under this Section 7.9); provided, however, that, to the extent
required by applicable law, such payment of expenses in advance of the final disposition of the proceeding shall be made only upon
receipt of an undertaking by the Covered Person to repay all amounts advanced if it shall be ultimately determined by final judicial
decision from which there is no further right to appeal (hereinafter, a “final adjudication”) that the Covered
Person is not entitled to be indemnified under this Section 7.9 or otherwise.

 

(C) To
the extent that a current or former director, trustee or officer of the Corporation or any predecessor has been successful on the
merits or otherwise in defense of any threatened, pending or completed proceeding referred to in Section 145(a) or (b) of the DGCL,
or in defense of any claim, issue or matter thereof, he or she shall be indemnified against expenses (including attorneys’
fees) actually and reasonably incurred by him or her in connection therewith.

 

(D) The
termination of any proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the person seeking indemnification did not act in good faith and in a manner he
or she reasonably believed to be in or not opposed to the best interests of the Corporation or a predecessor, and, with respect
to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.

 

    Appendix
 B-19

     

    

 

(E) The
rights to indemnification and advancement of expenses conferred upon any current or former director, trustee or officer of the
Corporation or any predecessor under this Section 7.9 (whether by reason of the fact that such person is or was a director,
trustee or officer of the Corporation or a predecessor, or, while serving as a director, trustee or officer of the Corporation
or a predecessor, is or was serving at the request of the Corporation or a predecessor as a director, trustee, officer, trustee,
employee or agent of another corporation or of a trust, partnership, joint venture, other enterprise or nonprofit entity, including
service with respect to an employee benefit plan) shall be contract rights, shall vest when such person becomes a director, trustee
or officer of the Corporation and such rights shall continue as to a Covered Person who has ceased to be a director, trustee, officer,
employee or agent, and shall inure to the benefit of his or her heirs, executors and administrators. Notwithstanding the foregoing
provisions of this Section 7.9, except for proceedings to enforce rights to indemnification and advancement of expenses,
the Corporation shall indemnify and advance expenses to a Covered Person in connection with a proceeding (or part thereof) initiated
by such Covered Person only if such proceeding (or part thereof) was authorized by the Board.

 

(F) If
a claim for indemnification under this Section 7.9 (following the final disposition of such proceeding) is not paid
in full by the Corporation within sixty (60) days after the Corporation has received a written claim therefor by the Covered
Person, or if a claim for any advancement of expenses under this Section 7.9 is not paid in full by the Corporation
within thirty (30) days after the Corporation has received a statement or statements requesting such amounts to be advanced,
the Covered Person shall thereupon (but not before) be entitled to file suit to recover the unpaid amount of such claim. If successful
in whole or in part, the Covered Person shall be entitled to be paid the expense of prosecuting such claim, or a claim brought
by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, to the fullest extent permitted
by applicable law. In any such action, the Corporation shall have the burden of proving that the Covered Person is not entitled
to the requested indemnification or advancement of expenses under applicable law. In any suit brought by a Covered Person to enforce
a right to indemnification hereunder (but not in a suit brought by a Covered Person to enforce a right to an advancement of expenses),
it shall be a defense that, and the Corporation shall be entitled to recover such expenses upon a final adjudication that, the
Covered Person has not met any applicable standard for indemnification set forth in the DGCL. With respect to any suit brought
by a Covered Person seeking to enforce a right to indemnification or right to advancement of expenses hereunder or any suit brought
by the Corporation to recover an advancement of expenses (whether pursuant to the terms of an undertaking or otherwise), neither
(i) the failure of the Corporation (including its directors who are not parties to such action, a committee of such directors,
independent legal counsel or its stockholders) to have made a determination prior to the commencement of such suit that indemnification
of the Covered Person is proper in the circumstances because the Covered Person has met the applicable standard of conduct set
forth in the DGCL, nor (ii) an actual determination by the Corporation (including its directors who are not parties to such action,
a committee of such directors, independent legal counsel or its stockholders) that the Covered Person has not met such applicable
standard of conduct, shall create a presumption that the Covered Person has not met the applicable standard of conduct or, in the
case of such a suit brought by the Covered Person, be a defense to such suit. In any suit brought by the Covered Person to enforce
a right to indemnification or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement
of expenses pursuant to the terms of an undertaking, the burden of proving that the Covered Person is not entitled to be indemnified,
or to such advancement of expenses, under this Section 7.9 or otherwise shall be on the Corporation.

 

    Appendix
 B-20

     

    

 

(G) The
rights conferred on any Covered Person by this Section 7.9 shall not be exclusive of any other rights that such Covered
Person may have or hereafter acquire under applicable law, the Certificate of Incorporation, these Bylaws, an agreement or vote
of stockholders or disinterested directors, or otherwise, both as to action in such person’s official capacity and as to
action in another capacity while holding such office, and shall continue as to a person who has ceased to be such director, officer,
employee or agent and shall inure to the benefit of the heirs, executors and administrators of such person.

 

(H) This
Section 7.9 shall not limit the right of the Corporation, to the extent and in the manner permitted by law, to indemnify
and to advance expenses to persons other than Covered Persons. Without limiting the foregoing, the Corporation may, to the extent
authorized from time to time by the Board, grant rights to indemnification and to the advancement of expenses to any employee or
agent of the Corporation or any predecessor and to any other person who is or was serving at the request of the Corporation or
a predecessor as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other
enterprise, including service with respect to an employee benefit plan, to the fullest extent of the provisions of this Section 7.9
with respect to the indemnification and advancement of expenses of Covered Persons under this Section 7.9.

 

(I) The
Corporation may purchase and maintain insurance, at its expense, to protect itself and any person who is or was serving as a director,
trustee, officer, employee or agent of the Corporation or any predecessor or is or was serving at the request of the Corporation
or any predecessor as a director, trustee, officer, employee or agent of another corporation, trust, partnership, joint venture
or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such
person against such expense, liability or loss under the DGCL, these Bylaws or otherwise.

 

(J) Any
repeal, modification or amendment of this Section 7.9 by the Board or the stockholders of the Corporation or by changes
in applicable law, or the adoption of any other provision of these Bylaws inconsistent with this ‎Section 7.9,
will, to the extent permitted by applicable law, be prospective only (except to the extent such amendment or change in applicable
law permits the Corporation to provide broader indemnification rights to Covered Persons on a retroactive basis than permitted
prior thereto), and will not in any way diminish or adversely affect any right or protection existing hereunder in respect of any
act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision. Any amendment, repeal,
modification or adoption that would adversely affect such person’s rights to indemnification or advancement of expenses hereunder
shall be ineffective as to such Covered Person, except with respect to any threatened, pending or completed proceeding that relates
to or arises from (and only to the extent such proceeding relates to or arises from) any act or omission of such Covered Person
occurring after the effective time of such amendment, repeal, modification or adoption.

 

    Appendix
 B-21

     

    

 

(K) If
any provision or provisions of this ‎Section 7.9 shall be held to be
invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest
extent permitted by law, (a) the validity, legality and enforceability of such provision in any other circumstance and of the remaining
provisions of this ‎Section 7.9 (including, without limitation, all
portions of any paragraph of this ‎Section 7.9 containing any such
provision held to be invalid, illegal or unenforceable, that are not by themselves invalid, illegal or unenforceable) and the application
of such provision to other persons or entities or circumstances shall not in any way be affected or impaired thereby; and (b) to
the fullest extent possible, the provisions of this ‎Section 7.9 (including,
without limitation, all portions of any paragraph of this ‎Section 7.9
containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent of the parties that the Corporation provide protection to the indemnitee
to the fullest extent set forth in this ‎Section 7.9.

 

SECTION 7.10 Emergency
Bylaws.

 

(A) Notwithstanding
anything to the contrary in the Certificate of Incorporation or these Bylaws, this Section 7.10 (the “Emergency
Bylaws”) shall be operative during any emergency resulting from an attack on the United States or on a locality in which
the Corporation conducts its business or customarily holds meetings of its Board or its stockholders or during any nuclear or atomic
disaster or the existence of any catastrophe, a declaration of a national emergency by the United States government, or other similar
emergency condition, which, in any such case, renders a significant number of the members of the Board who were serving on the
Board pursuant to these Bylaws (excluding pursuant to this Section 7.10) immediately prior to the Emergency (the “Regular
Directors”) incapacitated or inaccessible for an extended period of time and as a result of which a quorum of the Board
or a standing committee thereof cannot be convened for action (an “Emergency”). To the extent not inconsistent
with these Emergency Bylaws, the regular bylaws of the Corporation (i.e., these Bylaws) and the Certificate of Incorporation shall
remain in effect during an Emergency, and these Emergency Bylaws shall not be operative after the Emergency ends. Notwithstanding
the immediately preceding clause, any Emergency which causes these Emergency Bylaws to become operative shall be deemed to have
ended whenever the following conditions are met: (a) The directors serving pursuant to the Emergency Bylaws determine at a meeting
that the Emergency has ended; or (b) the Regular Directors, taking action pursuant to and in accordance with Article III
(including the quorum requirements of Section 3.9), determine that the Emergency has ended or that the Emergency Bylaws
are no longer operative.

 

(B) During
any Emergency, any director or officer of the Corporation may call a meeting of the Board or any standing committee thereof and
notice of the place and time of such meeting of the Board or any standing committee thereof may be given only to such directors
as may be feasible to reach at the time and by such means as may be feasible at the time. Such notice shall be given at least twenty-four
(24) hours before such meeting if feasible and otherwise on any shorter time as the person giving notice may deem necessary. Such
notice shall be similarly given, to the extent feasible, to the Designated Officers serving as directors pursuant to this Section
7.10). Neither the business to be transacted nor the purpose of any such meeting need be specified in the notice thereof.

 

    Appendix
 B-22

     

    

 

(C) At
any meeting of the Board, or any standing committee thereof, called in accordance with this Section 7.10, the presence of
three (3) directors shall constitute a quorum for the transaction of business of the Board, and the presence of two (2) standing
committee members shall constitute a quorum for the transaction of business of any standing committee. In the event that less than
three (3) Regular Directors are able to attend such meeting of the Board, then the Regular Directors (or the single Regular Director)
in attendance shall select additional directors to serve on the Board, in such number as is necessary to have three (3) directors
at the meeting, from among the Designated Officers. In the event that no Regular Directors are able to attend such meeting of the
Board, then no more than three (3) Designated Officers in attendance shall serve as directors for such meeting and with full powers
to act as directors of the Corporation. During the duration of the Emergency, (1) vacancies on the Board or any committee thereof
may be filled by a majority vote of the directors in attendance at such meeting, and (2) the Board may appoint any individual as
a director to replace a director who is incapacitated and to serve until the latter ceases to be incapacitated. Directors appointed
to the Board pursuant to this Section 7.10(C) shall serve on the Board until the Emergency has ended. Directors taking any
action at any such meeting shall have an obligation to inform, if feasible, all Regular Directors and Designated Officers who were
not in attendance at such meeting of all actions so taken. For purposes of this Section 7.10, “Designated Officers”
means officers of the Corporation who may become directors of the Corporation during an Emergency, which list has been approved
by the Whole Board prior to the Emergency. If the Whole Board has not approved a list of Designated Officers prior to the Emergency,
then the officers of the Corporation in attendance shall serve as directors for the meeting, without any additional quorum requirement,
and will have full powers to act as directors of the Corporation for such meeting.

 

(D) No
director, officer or employee acting in accordance with this Section 7.10 or otherwise pursuant to Section 110 of the DGCL
(or any successor section) shall be liable except for willful misconduct.

 

(E) The
Board, either before or during any Emergency, may, effective in the Emergency, change the head office or designate several alternative
head offices or regional offices, or authorize the officers so to do. Without limiting any powers or emergency actions that the
Board may take during an Emergency, during an Emergency, the Board may take any action that it determines to be practical and necessary
to address the circumstances of the Emergency, including, without limitation, taking the actions with respect to stockholder meetings
and dividends as provided in Section 110(i) of the DGCL.

 

(F) At
any meeting called in accordance with Section 7.10(A), the Board may modify, amend or add to the provisions of this Section
7.10 in order to enact any provision that may be practical or necessary given the circumstances of the Emergency.

 

(G) The
provisions of this Section 7.10 shall be subject to repeal or change by further action of the Board or by action of the
stockholders, but no such repeal or change shall modify the provisions of Section 7.10(C) hereof with regard to action taken
prior to the time of such repeal or change.

 

(H) Nothing
contained in this Section 7.10 shall be deemed exclusive of any other provisions for emergency powers consistent with other
sections of the DGCL that have been or may be adopted by corporations created under the DGCL.

 

    Appendix
 B-23

     

    

 

ARTICLE
VIII

AMENDMENTS

 

SECTION 8.1 Amendments.
In furtherance of, and not in limitation of, the powers conferred by the laws of the State of Delaware, the Board is expressly
authorized to adopt, amend or repeal these Bylaws. Any adoption, amendment or repeal of these Bylaws by the Board shall require
the approval of a majority of the Board. Stockholders shall also have the power to adopt, amend or repeal these Bylaws; provided,
however, that, in addition to any vote of the holders of any class or series of stock of the Corporation required by law,
the Certificate of Incorporation or these Bylaws, these Bylaws may be adopted, altered, amended or repealed by the stockholders
of the Corporation only by the affirmative vote of holders of not less than a majority of the voting power of the then-outstanding
shares of stock entitled to vote thereon, voting together as a single class. No Bylaws hereafter made or adopted, nor any repeal
of or amendment thereto, shall invalidate any prior act of the Board that was valid at the time it was taken.

 

Appendix

B-24Exhibit 10.17

 

SOCIAL FINANCE, INC.

 

2011 STOCK PLAN

 

(As Amended and Restated as of November 5,
2019)

 

1.            Purposes
of the Plan. The purposes of this Social Finance, Inc., 2011 Stock Plan are to attract and retain the best available
personnel for positions of substantial responsibility, to provide additional incentive to Employees and Consultants, and to promote
the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock
Options, as determined by the Administrator at the time of grant of an Option and subject to the applicable provisions of Section 422
of the Code and the regulations promulgated thereunder. Restricted Stock and Restricted Stock Units may also be granted under the
Plan.

 

		2.	Definitions. As used herein, the following definitions shall apply:

 

		(a)	“Administrator” means the Board or a Committee.

 

(b)          “Affiliate” means
(i) an entity other than a Subsidiary which, together with the Company, is under common control of a third person or
entity and (ii) an entity other than a Subsidiary in which the Company and /or one or more Subsidiaries own a
controlling interest.

 

(c)           “Applicable
Laws” means all applicable laws, rules, regulations and requirements, including, but not limited to, all applicable
U.S. federal or state laws, any Stock Exchange rules or regulations, and the applicable laws, rules or regulations of
any other country or jurisdiction where Awards are granted under the Plan or Participants reside or provide services, as such laws,
rules, and regulations shall be in effect from time to time.

 

(d)          “Award”
means any award of an Option, Restricted Stock or Restricted Stock Unit under the Plan.

 

		(e)	“Board” means the Board of Directors of the Company.

 

		(f)	“California Participant” means a Participant whose Award is issued in

 

reliance on Section 25102(o) of the California Corporations
Code.

 

(g)          “Cashless
Exercise” means a program approved by the Administrator in which payment of the Option exercise price or tax withholding
obligations or other required deductions may be satisfied, in whole or in part, with Shares subject to the Option, including by
delivery of an irrevocable direction to a securities broker (on a form prescribed by the Company) to sell Shares and to deliver
all or part of the sale proceeds to the Company in payment of such amount.

 

     

     

    

 

(h)          “Cause” for
termination of a Participant’s Continuous Service Status will exist (unless another definition is provided in an
applicable Option Agreement, Restricted Stock Purchase Agreement, Restricted Stock Unit Agreement, employment agreement or
other applicable written agreement) if the Participant’s Continuous Service Status is terminated for any of the
following reasons: (i) Participant’s willful failure to perform his or her duties and responsibilities to the
Company or Participant’s violation of any written Company policy; (ii) Participant’s commission of any act
of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in
injury to the Company; (iii) Participant’s unauthorized use or disclosure of any proprietary information or trade
secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or
her relationship with the Company; or (iv) Participant’s material breach of any of his or her obligations under
any written agreement or covenant with the Company. For purposes of clarity, a termination without “Cause” does
not include any termination that occurs as a result of Participant’s death or Disability. The determination as to
whether a Participant’s Continuous Service Status has been terminated for Cause shall be made in good faith by the
Company and shall be final and binding on the Participant. The foregoing definition does not in any way limit the
Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term
 “Company” will be interpreted to include any Subsidiary, Parent, Affiliate, or any successor thereto, if
appropriate.

 

(i)           “Change
of Control” means (i) a sale of all or substantially all of the Company’s assets; (ii) a merger,
consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation,
limited liability company or other entity (other than a wholly-owned subsidiary of the Company); or (iii) the consummation
of a transaction, or series of related transactions, in which any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act),
directly or indirectly, of all of the Company’s then outstanding voting securities.

 

Notwithstanding the foregoing, a transaction
shall not constitute a Change of Control if its purpose is to (i) change the state of the Company’s incorporation, (ii) create
a holding company that will be owned in substantially the same proportions by the persons who hold the Company’s securities
immediately before such transaction, or (iii) obtain funding for the Company in a financing that is approved by the Company’s
Board.

 

		(j)	“Code” means the Internal Revenue Code of 1986, as amended.

 

(k)          “Committee” means
one or more committees or subcommittees of the Board consisting of two (2) or more Directors (or such lesser or greater
number of Directors as shall constitute the minimum number permitted by Applicable Laws to establish a committee or
sub-committee of the Board) appointed by the Board to administer the Plan in accordance with Section 4 below.

 

(l)           “Common
Stock” means the Company’s common stock, par value $0.00001 per share, as adjusted in accordance with Section 11
below.

 

(m)         “Company”
means Social Finance, Inc., a Delaware corporation.

 

     -2-

     

    

 

(n)          “Consultant”
means any person or entity, including an advisor but not an Employee, that renders, or has rendered, services to the Company, or
any Parent, Subsidiary or Affiliate and is compensated for such services, and any Director whether compensated for such services
or not.

 

(o)          “Continuous
Service Status” means the absence of any interruption or termination of service as an Employee or Consultant. Continuous
Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of: (i) Company
approved sick leave; (ii) military leave; (iii) any other bona fide leave of absence approved by the Company, provided
that, if an Employee is holding an Incentive Stock Option and such leave exceeds 3 months, then, for purposes of Incentive Stock
Option status only, such Employee’s service as an Employee shall be deemed terminated on the 1st day following such 3-month
period and the Incentive Stock Option shall thereafter automatically become a Nonstatutory Stock Option in accordance with Applicable
Laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise
pursuant to a written Company policy. Also, Continuous Service Status as an Employee or Consultant shall not be considered interrupted
or terminated in the case of a transfer between locations of the Company or between the Company, its Parents, Subsidiaries or Affiliates,
or their respective successors, or a change in status from an Employee to a Consultant or from a Consultant to an Employee.

 

		(p)	“Director” means a member of the Board.

 

		(q)	“Disability” means “disability” within the meaning of
                                                             Section 22(e)(3) of the Code.

 

(r)           “Employee”
means any person employed by the Company, or any Parent, Subsidiary or Affiliate, with the status of employment determined pursuant
to such factors as are deemed appropriate by the Company in its sole discretion, subject to any requirements of Applicable Laws,
including the Code. The payment by the Company of a director’s fee shall not be sufficient to constitute “employment”
of such director by the Company or any Parent, Subsidiary or Affiliate.

 

(s)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(t)           “Fair
Market Value” means, as of any date, the per share fair market value of the Common Stock, as determined by the Administrator
in good faith on such basis as it deems appropriate and applied consistently with respect to Participants. Whenever possible, the
determination of Fair Market Value shall be based upon the per share closing price for the Shares as reported in The Wall Street
Journal for the applicable date.

 

(u)          “Family
Members” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
(including adoptive relationships) of the Participant, any person sharing the Participant’s household (other than a
tenant or employee), a trust in which these persons (or the Participant) have more than 50% of the beneficial interest, a
foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these
persons (or the Participant) own more than 50% of the voting interests.

 

     -3-

     

    

 

(v)          “Incentive
Stock Option” means an Option intended to, and which does, in fact, qualify as an incentive stock option within the
meaning of Section 422 of the Code.

 

(w)         “Involuntary
Termination” means (unless another definition is provided in the applicable Option Agreement, Restricted Stock Purchase
Agreement, Restricted Stock Unit Agreement, employment agreement or other applicable written agreement) the termination of a Participant’s
Continuous Service Status other than for (i) death, (ii) Disability or (iii) for Cause by the Company or a Parent,
Subsidiary, Affiliate or successor thereto, as appropriate.

 

(x)          “Listed
Security” means any security of the Company that is listed or approved for listing on a national securities exchange
or designated or approved for designation as a national market system security on an interdealer quotation system by the Financial
Industry Regulatory Authority (or any successor thereto).

 

(y)         “Nonstatutory
Stock Option” means an Option that is not intended to, or does not, in fact, qualify as an Incentive Stock Option.

 

(z)         “Option”
means a stock option granted pursuant to the Plan.

 

(aa)       “Option
Agreement” means a written document, the form(s) of which shall be approved from time to time by the Administrator,
reflecting the terms of an Option granted under the Plan and includes any documents attached to or incorporated into such Option
Agreement, including, but not limited to, a notice of stock option grant and a form of exercise notice.

 

(bb)      
“Option Exchange Program” means a program approved by the Administrator whereby outstanding Options
(i) are exchanged for Options with a lower exercise price, Restricted Stock, Restricted Stock Units, cash or other property
or (ii) are amended to decrease the exercise price as a result of a decline in the Fair Market Value.

 

(cc)        “Optioned
Stock” means Shares that are subject to an Option or that were issued pursuant to the exercise of an Option.

 

		(dd)	“Optionee” means an Employee or Consultant who receives an Option.

 

(ee)       “Parent” means
any corporation (other than the Company) in anunbroken chain of corporations ending with the Company if, at the time of
grant of the Award, each of the corporations other than the Company owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of
a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date.

 

(ff)         “Participant”
means any holder of one or more Awards or Shares issued pursuant to an Award.

 

     -4-

     

    

 

		(gg)	“Plan” means this Social Finance, Inc., 2011 Stock Plan.

 

 (hh)         “Restricted Stock” means Shares acquired pursuant to a right to purchaseor receive Common Stock granted pursuant to Section 8 below.

 

 

(ii)          “Restricted
Stock Purchase Agreement” means a written document, the form(s) of which shall be approved from time to time
by the Administrator, reflecting the terms of Restricted Stock granted under the Plan and includes any documents attached to such
agreement.

 

(jj)          “Restricted
Stock Unit” means an Award, granted under Section 8 below, based on the value of Common Stock that is an unfunded
and unsecured promise of the Company to deliver Shares, cash, or other property upon the attainment of specified vesting or performance
conditions, as determined by the Administrator and set forth in the Restricted Stock Unit Agreement.

 

(kk)       “Restricted
Stock Unit Agreement” means a written document, the form(s) of which shall be
approved from time to time by the Administrator, reflecting the terms of a Restricted Stock Unit granted the Plan and
includes any documents attached to such under agreement.

 

(ll)          “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision.

 

(mm)      “Share”
means a share of Common Stock, as adjusted in accordance with Section 11 below.

 

(nn)       “Stock
Exchange” means any stock exchange or consolidated stock price reporting system on which prices for the Common Stock
are quoted at any given time.

 

(oo)       “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time
of grant of the Award, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50%
or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation
that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as
of such date.

 

(pp)       “Ten
Percent Holder” means a person who owns stock representing more than 10% of the voting power of all classes of stock
of the Company or any Parent or Subsidiary measured as of an Award’s date of grant.

 

     -5-

     

    

 

3.           Stock
Subject to the Plan. Subject to the provisions of Section 11 below, the maximum aggregate number of Shares that
may be issued under the Plan is 86,788,426 Shares, all of which Shares may be issued under the Plan pursuant to Incentive
Stock Options. The Shares issued under the Plan may be authorized, but unissued, or reacquired Shares. If an Award should
expire or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an Option
Exchange Program, the unissued Shares that were subject thereto shall, unless the Plan shall have been terminated, continue
to be available under the Plan for issuance pursuant to future Awards. In addition, any Shares which are retained by the
Company upon exercise of an Award in order to satisfy the exercise or purchase price for such Award or any withholding taxes
due with respect to such Award shall be treated as not issued and shall continue to be available under the Plan for issuance
pursuant to future Awards. Shares issued under the Plan and later forfeited to the Company due to the failure to vest or
repurchased by the Company at the original purchase price paid to the Company for the Shares (including, without limitation,
upon forfeiture to or repurchase by the Company in connection with the termination of a Participant’s Continuous
Service Status) shall again be available for future grant under the Plan. Notwithstanding the foregoing, subject to the
provisions of Section 11 below, in no event shall the maximum aggregate number of Shares that may be issued under the
Plan pursuant to Incentive Stock Options exceed the number set forth in the first sentence of this Section 3 plus, to
the extent allowable under Section 422 of the Code and the Treasury Regulations promulgated thereunder, any Shares that
again become available for future grant pursuant to the remaining provisions of this Section 3.

 

4.           Administration
of the Plan.

 

(a)          General.
The Plan shall be administered by the Board, a Committee appointed by the Board, or any combination thereof, as determined by the
Board. The Plan may be administered by different administrative bodies with respect to different classes of Participants and, if
permitted by Applicable Laws, the Board may authorize one or more officers of the Company to make Awards under the Plan to Employees
and Consultants (who are not subject to Section 16 of the Exchange Act) within parameters specified by the Board.

 

(b)          Committee
Composition. If a Committee has been appointed pursuant to this Section 4, such Committee shall continue to serve
in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of any Committee
and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor,
fill vacancies (however caused) and dissolve a Committee and thereafter directly administer the Plan, all to the extent permitted
by Applicable Laws and, in the case of a Committee administering the Plan in accordance with the requirements of Rule 16b-3
or Section 162(m) of the Code, to the extent permitted or required by such provisions.

 

(c)          Powers
of the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated
by the Board to such Committee, the Administrator shall have the authority, in its sole discretion:

 

(i)           to determine
the Fair Market Value in accordance with Section 2(t) above, provided that such determination shall be applied consistently
with respect to Participants under the Plan;

 

(ii)          to select
the Employees and Consultants to whom Awards may from time to time be granted;

 

		(iii)	to determine the number of Shares to be covered by each Award;

 

		(iv)	to approve the form(s)  of agreement(s)  and other related documents used under the Plan;

 

     -6-

     

    

 

(v)          to determine
the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder, which terms and conditions
include but are not limited to the exercise or purchase price, the time or times when Awards may vest and/or be exercised (which
may be based on performance criteria), the circumstances (if any) when vesting will be accelerated or forfeiture restrictions will
be waived, and any restriction or limitation regarding any Award or the Shares subject thereto;

 

(vi)         to amend
any outstanding Award or agreement related to any Shares subject to an Award, including any amendment adjusting vesting (e.g.,
in connection with a change in the terms or conditions under which such person is providing services to the Company), provided
that no amendment shall be made that would materially and adversely affect the rights of any Participant without his or her consent;

 

(vii)        to determine
whether and under what circumstances an Option or Restricted Stock Unit may be settled in cash under Section 7(c)(iii) below
or 8 below, respectively, instead of Common Stock;

 

(viii)       subject
to Applicable Laws, to implement an Option Exchange Program and establish the terms and conditions of such Option Exchange Program
without consent of the holders of capital stock of the Company, provided that no amendment or adjustment to an Option that would
materially and adversely affect the rights of any Participant shall be made without his or her consent;

 

(ix)         to approve
addenda pursuant to Section 14 below or to grant Awards to, or to modify the terms of, any outstanding Option Agreement, Restricted
Stock Purchase Agreement, or Restricted Stock Unit Agreement or any agreement related to any Shares subject to an Award held by
Participants who are foreign nationals or employed outside of the United States with such terms and conditions as the Administrator
deems necessary or appropriate to accommodate differences in local law, tax policy or custom which deviate from the terms and conditions
set forth in this Plan to the extent necessary or appropriate to accommodate such differences; and

 

(x)          to construe
and interpret the terms of the Plan, any Option Agreement, Restricted Stock Purchase Agreement or Restricted Stock Unit Agreement,
and any agreement related to any Shares subject to an Award, which constructions, interpretations and decisions shall be final
and binding on all Participants.

 

(d)         Indemnification. To
the maximum extent permitted by Applicable Laws, each member of the Committee (including officers of the Company, if
applicable), or of the Board, as applicable, shall be indemnified and held harmless by the Company against and from
(i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection
with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be
involved by reason of any action taken or failure to act under the Plan or pursuant to the terms and conditions of any Award
except for actions taken in bad faith or failures to act in good faith, and (ii) any and all amounts paid by him or her
in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such
claim, action, suit, or proceeding against him or her, provided that such member shall give the Company an opportunity, at
its own expense, to handle and defend any such claim, action, suit or proceeding before he or she undertakes to handle and
defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company’s Articles of Incorporation, Certificate of
Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any other power that the Company may have to
indemnify or hold harmless each such person.

 

     -7-

     

    

 

5.           Eligibility.

 

(a)          Recipients
of Grants. Nonstatutory Stock Options, Restricted Stock and Restricted Stock Units may be granted to Employees and Consultants.
Incentive Stock Options may be granted only to Employees, provided that Employees of Affiliates shall not be eligible to receive
Incentive Stock Options.

 

(b)          Type of
Option. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock
Option.

 

(c)          ISO $100,000
Limitation. Notwithstanding any designation under Section 5(b) above, to the extent that the aggregate Fair Market
Value of Shares with respect to which options designated as incentive stock options are exercisable for the first time by any Optionee
during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess options shall
be treated as nonstatutory stock options. For purposes of this Section 5(c), incentive stock options shall be taken into account
in the order in which they were granted, and the Fair Market Value of the Shares subject to an incentive stock option shall be
determined as of the date of the grant of such option.

 

(d)         No Employment
Rights. Neither the Plan nor any Award shall confer upon any Employee or Consultant any right with respect to continuation
of an employment or consulting relationship with the Company (any Parent, Subsidiary or Affiliate), nor shall it interfere in any
way with such Employee’s or Consultant’s right or the Company’s (Parent’s, Subsidiary’s or Affiliate’s)
right to terminate his or her employment or consulting relationship at any time, with or without cause.

 

6.           Term
of Plan. The Plan shall become effective upon its adoption by the Board and shall continue in effect for a term of 10 years
unless sooner terminated under Section 13 below.

 

		7.	Options.

 

(a)          Term of
Option. The term of each Option shall be the term stated in the Option Agreement; provided that the term shall be no more
than 10 years from the date of grant thereof or such shorter term as may be provided in the Option Agreement and provided further
that, in the case of an Incentive Stock Option granted to a person who at the time of such grant is a Ten Percent Holder, the term
of the Option shall be 5 years from the date of grant thereof or such shorter term as may be provided in the Option Agreement.

 

     -8-

     

    

 

(b)          Option
Exercise Price and Consideration.

 

(i)           Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option shall be such price
as is determined by the Administrator and set forth in the Option Agreement, but shall be subject to the following:

 

(1)          In
the case of an Incentive Stock Option

 

a.           granted to an Employee
who at the time of grant is a Ten Percent Holder, the per Share exercise price shall be no less than 110% of the Fair Market Value
on the date of grant;

 

b.          granted to any other
Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value on the date of grant;

 

(2)          Except as provided
in subsection (3) below, in the case of a Nonstatutory Stock Option the per Share exercise price shall be such price as is
determined by the Administrator, provided that, if the per Share exercise price is less than 100% of the Fair Market Value on the
date of grant, it shall otherwise comply with all Applicable Laws, including Section 409A of the Code; and

 

(3)          Notwithstanding
the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other
corporate transaction.

 

(ii)          Permissible
Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method
of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option and to the extent required
by Applicable Laws, shall be determined at the time of grant) and may consist entirely of (1) cash; (2) check; (3) to
the extent permitted under Applicable Laws, delivery of a promissory note with such recourse, interest, security and redemption
provisions as the Administrator determines to be appropriate (subject to the provisions of Section 152 of the Delaware General
Corporation Law); (4) cancellation of indebtedness; (5) other previously owned Shares that have a Fair Market Value on
the date of surrender equal to the aggregate exercise price of the Shares as to which the Option is exercised; (6) a Cashless
Exercise; (7) such other consideration and method of payment permitted under Applicable Laws; or (8) any combination
of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall
consider if acceptance of such consideration may be reasonably expected to benefit the Company and the Administrator may, in its
sole discretion, refuse to accept a particular form of consideration at the time of any Option exercise.

 

		(c)	Exercise of Option.

 

		(i)	General.

 

(1)          Exercisability.
Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator, consistent
with the terms of the Plan and reflected in the Option Agreement, including vesting requirements and/or performance criteria with
respect to the Company, and Parent, Subsidiary or Affiliate, and/or the Optionee.

 

     -9-

     

    

 

(2)          Leave
of Absence. The Administrator shall have the discretion to determine at any time whether and to what extent the vesting
of Options shall be tolled during any leave of absence; provided, however, that in the absence of such determination, vesting of
Options shall be tolled during any leave (unless otherwise required by Applicable Laws). Notwithstanding the foregoing, in the
event of military leave, vesting shall toll during any unpaid portion of such leave, provided that, upon an Optionee’s returning
from military leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment
and Reemployment Rights Act), he or she shall be given vesting credit with respect to Options to the same extent as would have
applied had the Optionee continued to provide services to the Company (or any Parent, Subsidiary or Affiliate, if applicable) throughout
the leave on the same terms as he or she was providing services immediately prior to such leave.

 

(3)          Minimum
Exercise Requirements. An Option may not be exercised for a fraction of a Share. The Administrator may require that an
Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent an Optionee from exercising
the full number of Shares as to which the Option is then exercisable.

 

(4)          Procedures
for and Results of Exercise. An Option shall be deemed exercised when written notice of such exercise has been received
by the Company in accordance with the terms of the Option Agreement by the person entitled to exercise the Option and the Company
has received full payment for the Shares with respect to which the Option is exercised and has paid, or made arrangements to satisfy,
any applicable taxes, withholding, required deductions or other required payments in accordance with Section 9 below. The
exercise of an Option shall result in a decrease in the number of Shares that thereafter may be available, both for purposes of
the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

 

(5)          Rights
as Holder of Capital Stock. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
holder of capital stock shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except
as provided in Section 11 below.

 

(ii)          Termination
of Continuous Service Status. The Administrator shall establish and set forth in the applicable Option Agreement the terms
and conditions upon which an Option shall remain exercisable, if at all, following termination of an Optionee’s Continuous
Service Status, which provisions may be waived or modified by the Administrator at any time. To the extent that an Option Agreement
does not specify the terms and conditions upon which an Option shall terminate upon termination of an Optionee’s Continuous
Service Status, the following provisions shall apply:

 

     -10-

     

    

 

(1)          General
Provisions. If the Optionee (or other person entitled to exercise the Option) does not exercise the Option to the
extent so entitled within the time specified below, the Option shall terminate and the Optioned Stock underlying the
unexercised portion of the Option shall revert to the Plan. In no event may any Option be exercised after the expiration of
the Option term as set forth in the Option Agreement (and subject to this Section 7).

 

(2)          Termination
other than Upon Disability or Death or for Cause. In the event of termination of an Optionee’s Continuous Service
Status other than under the circumstances set forth in the subsections (3) through (5) below, such Optionee may exercise
any outstanding Option at any time within 3 month(s) following such termination to the extent the Optionee is vested in the
Optioned Stock.

 

(3)          Disability
of Optionee. In the event of termination of an Optionee’s Continuous Service Status as a result of his or her Disability,
such Optionee may exercise any outstanding Option at any time within 6 month(s) following such termination to the extent the
Optionee is vested in the Optioned Stock.

 

(4)          Death
of Optionee. In the event of the death of an Optionee during the period of Continuous Service Status since the date of
grant of any outstanding Option, or within 3 month(s) following termination of the Optionee’s Continuous Service Status,
the Option may be exercised by any beneficiaries designated in accordance with Section 15 below, or if there are no such beneficiaries,
by the Optionee’s estate, or by a person who acquired the right to exercise the Option by bequest or inheritance, at any
time within 12 month(s) following the date the Optionee’s Continuous Service Status terminated, but only to the extent
the Optionee is vested in the Optioned Stock.

 

(5)          Termination
for Cause. In the event of termination of an Optionee’s Continuous Service Status for Cause, any outstanding Option
(including any vested portion thereof) held by such Optionee shall immediately terminate in its entirety upon first notification
to the Optionee of termination of the Optionee’s Continuous Service Status for Cause. If an Optionee’s Continuous Service
Status is suspended pending an investigation of whether the Optionee’s Continuous Service Status will be terminated for Cause,
all the Optionee’s rights under any Option, including the right to exercise the Option, shall be suspended during the investigation
period. Nothing in this Section 7(c)(ii)(5) shall in any way limit the Company’s right to purchase unvested Shares
issued upon exercise of an Option as set forth in the applicable Option Agreement.

 

(iii)         Buyout
Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares an Option previously granted
under the Plan based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time
that such offer is made.

 

     -11-

     

    

 

8.           Restricted
Stock and Restricted Stock Units.

 

(a)          Rights
to Purchase or Settlement. When a right to purchase or receive Restricted Stock or receive Restricted Stock Units is
granted under the Plan, the Company shall advise the recipient in writing of the terms, conditions and restrictions related
to the offer, including, but not limited to the following: (i) for Restricted Stock, the number of Shares that such
person shall be entitled to purchase, the price to be paid, if any (which shall be as determined by the Administrator,
subject to Applicable Laws, including any applicable securities laws), and the time within which such person must accept such
offer, and (ii) for Restricted Stock Units, the number of Restricted Stock Units that such person shall be entitled to
receive. The permissible consideration for Restricted Stock, if any, shall be determined by the Administrator and shall be
the same as is set forth in Section 7(b)(ii) above with respect to exercise of Options. The Administrator, in its
sole discretion, may settle earned Restricted Stock Units in Shares, cash or other property, or any combination thereof;
provided that each Restricted Stock Unit shall be equal to one Share, or the cash equivalent of one Share as determined by
the Fair Market Value on the date of settlement therefor. The offer to purchase or receive Shares shall be accepted by
execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator. The offer to receive
settlement of Restricted Stock Units shall be accepted by execution of a Restricted Stock Unit Agreement in the form
determined by the Administrator.

 

(b)          Restricted
Stock Repurchase Option.

 

(i)           General. Unless the
Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable
upon the voluntary or involuntary termination of the Participant’s Continuous Service Status for any reason (including death
or Disability) at a purchase price for Shares equal to the original purchase price paid by the purchaser to the Company for such
Shares and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at
such rate as the Administrator may determine.

 

(c)          Restricted
Stock Units Vesting and Settlement.

 

(i)           General. The Administrator
may, in its discretion, set vesting criteria for the Restricted Stock Units that must be met in order to be eligible to receive
a payout pursuant to the Award (note that the Administrator may specify additional conditions which must also be met in order to
receive a payout pursuant to the Award). Any such vesting criteria may be based upon the achievement of Company-wide, business
unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the
Administrator in its discretion. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator,
in its sole discretion, may reduce or waive any applicable vesting criteria.

 

(ii)          Timing of Settlement.
The settlement of earned Restricted Stock Units will be made upon the date(s) determined by the Administrator and may be subject
to additional conditions, if any, each as set forth in the Restricted Stock Unit Agreement.

 

(d)         Leave
of Absence. The Administrator shall have the discretion to determine at any time whether and to what extent the
lapsing of Company repurchase rights of Restricted Stock and/or the vesting of an Award of Restricted Stock Units shall be
tolled during any leave of absence; provided, however, that in the absence of such determination, such lapsing and/or vesting
shall continue during any paid leave and shall be tolled during any unpaid leave (unless otherwise required by Applicable
Laws). Notwithstanding the foregoing, in the event of military leave, the lapsing of Company repurchase rights of Restricted
Stock and/or vesting of an Award of Restricted Stock Units shall be tolled during any unpaid portion of such leave, provided
that, upon a Participant’s returning from military leave (under conditions that would entitle him or her to protection
upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit
with respect to Shares purchased pursuant to the Restricted Stock Purchase Agreement and/or the Restricted Stock Units
received pursuant to the Restricted Stock Unit Agreement to the same extent as would have applied had the Participant
continued to provide services to the Company (or any Parent, Subsidiary or Affiliate, if applicable) throughout the leave on
the same terms as he or she was providing services immediately prior to such leave.

 

     -12-

     

    

 

(e)          Other
Provisions. The Restricted Stock Purchase Agreement and Restricted Stock Unit Agreement shall contain such other terms,
provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition,
the provisions of Restricted Stock Purchase Agreements and Restricted Stock Unit Agreements need not be the same with respect to
each Participant.

 

(f)          Rights
as a Holder of Capital Stock. Once the Restricted Stock is purchased, or the Restricted Stock Unit is settled in Shares,
the Participant shall have the rights equivalent to those of a holder of capital stock, and shall be a record holder when his or
her purchase or settlement and the issuance of the Shares is entered upon the records of the duly authorized transfer agent of
the Company. However, prior to the time that Restricted Stock Units are settled, a holder of Restricted Stock Units shall have
no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation
of the Company, subject to the terms and conditions of the applicable Restricted Stock Unit Agreement. The holders of Restricted
Stock Units shall have no voting rights. No adjustment will be made for a dividend or other right for which the record date is
prior to the date the Restricted Stock is purchased, or the Restricted Stock Unit is settled, except as provided in Section 11
below.

 

9.           Taxes.

 

(a)          As a condition
of the grant, vesting, exercise or settlement of an Award, the Participant (or in the case of the Participant’s death or
a permitted transferee, the person holding, exercising or receiving the proceeds of the Award) shall make such arrangements as
the Administrator may require for the satisfaction of any applicable U.S. federal, state, local or foreign tax, withholding, and
any other required deductions or payments that may arise in connection with such Award. The Company shall not be required to issue
any Shares under the Plan until such obligations are satisfied.

 

(b)          The
Administrator may, to the extent permitted under Applicable Laws, permit a Participant (or in the case of the
Participant’s death or a permitted transferee, the person holding, exercising or receiving the proceeds of the Award)
to satisfy all or part of his or her tax, withholding, or any other required deductions or payments by Cashless Exercise or
by surrendering Shares (either directly or by stock attestation) that he or she previously acquired; provided that, unless
specifically permitted by the Company, any such Cashless Exercise must be an approved broker-assisted Cashless Exercise or
the Shares withheld in the Cashless Exercise must be limited to avoid financial accounting charges under applicable
accounting guidance and any such surrendered Shares must have been previously held for any minimum duration required to avoid
financial accounting charges under applicable accounting guidance. Any payment of taxes by surrendering Shares to the Company
may be subject to restrictions, including, but not limited to, any restrictions required by rules of the Securities and
Exchange Commission. Except as otherwise determined by the Administrator, the Fair Market Value of the Shares to be withheld
or delivered will be determined as of the date that the taxes are required to be withheld.

 

     -13-

     

    

 

10.         Non-Transferability
of Options.

 

(a)          General.
Except as set forth in this Section 10, Awards (or any rights of such Awards) may not be sold, pledged, encumbered, assigned,
hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution. The designation
of a beneficiary by a Participant will not constitute a transfer. An Option may be exercised, during the lifetime of the holder
of the Option, only by such holder or a transferee permitted by this Section 10.

 

(b)         Limited
Transferability Rights. Notwithstanding anything else in this Section 10, the Administrator may in its sole discretion
grant Nonstatutory Stock Options that may be transferred by instrument to an inter vivos or testamentary trust in which the Options
are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift to Family Members. Notwithstanding the foregoing,
beginning with (i) the period when the Company begins to rely on the exemption described in Rule 12h-1(f)(1) promulgated
under the Exchange Act, as determined by the Board in its sole discretion, and (ii) ending on the earlier of (A) the
date when the Company ceases to rely on such exemption, as determined by the Board in its sole discretion, or (B) the date
when the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, an Option,
or prior to exercise, the Shares subject to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of,
in any manner, including by entering into any short position, any “put equivalent position” or any “call equivalent
position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than
to (i) persons who are Family Members through gifts or domestic relations orders, or (ii) to an executor or guardian
of the Participant upon the death or disability of the Participant. Notwithstanding the foregoing sentence, the Board, in its sole
discretion, may permit transfers to the Company or in connection with a Change of Control or other acquisition transactions involving
the Company to the extent permitted by Rule 12h-1(f).

 

     -14-

     

    

 

11.         Adjustments
Upon Changes in Capitalization, Merger or Certain Other Transactions.

 

(a)          Changes
in Capitalization. Subject to any action required under Applicable Laws by the holders of capital stock of the
Company, (i) the numbers and class of Shares or other stock or securities: (x) available for future Awards under
Section 3 above and (y) covered by each outstanding Award, (ii) the exercise price per Share of each such
outstanding Option, and (iii) any repurchase price per Share applicable to Shares issued pursuant to any Award, shall be
automatically proportionately adjusted in the event of a stock split, reverse stock split, stock dividend, combination,
consolidation, reclassification of the Shares or subdivision of the Shares. In the event of any increase or decrease in the
number of issued Shares effected without receipt of consideration by the Company, a declaration of an extraordinary dividend
with respect to the Shares payable in a form other than Shares in an amount that has a material effect on the Fair Market
Value, a recapitalization (including a recapitalization through a large nonrecurring cash dividend), a rights offering, a
reorganization, merger, a spin-off, split-up, change in corporate structure or a similar occurrence, the Administrator may
make appropriate adjustments, in its discretion, in one or more of (i) the numbers and class of Shares or other stock or
securities: (x) available for future Awards under Section 3 above and (y) covered by each outstanding Award,
(ii) the exercise price per Share of each outstanding Option and (iii) any repurchase price per Share applicable to
Shares issued pursuant to any Award, and any such adjustment by the Administrator shall be made in the Administrator’s
sole and absolute discretion and shall be final, binding and conclusive. Except as expressly provided herein, no issuance by
the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and
no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Award. If, by
reason of a transaction described in this Section 11(a) or an adjustment pursuant to this Section 11(a), a
Participant’s Award agreement or agreement related to any Shares subject to an Award covers additional or different
shares of stock or securities (or units representing additional or different shares of stock or securities), then such
additional or different shares (and the units representing additional or different shares of stock or securities), and the
Award agreement or agreement related to such Shares in respect thereof, shall be subject to all of the terms, conditions and
restrictions which were applicable to the Award and the Shares subject thereto prior to such adjustment.

 

(b)         Dissolution
or Liquidation. In the event of the dissolution or liquidation of the Company, each Award will terminate immediately prior
to the consummation of such action, unless otherwise determined by the Administrator.

 

(c)          Change
of Control. Upon the occurrence of a Change of Control, each outstanding Award (vested or unvested) shall be subject
to the agreement evidencing the Change of Control, which need not treat all outstanding Awards (or portion thereof) in an
identical manner and need not obtain the consent of any Participant to such treatment. Such agreement, without the consent of
any Participant, may dispose of Awards that are not vested as of the effective date of such Change of Control in any manner
permitted by Applicable Laws, including (without limitation) the cancellation of such Awards without the payment of any
consideration. Without limiting the foregoing, such agreement, without the consent of any Participant, may provide for one or
more of the following with respect to Awards that are vested and exercisable as of the effective date of such Change of
Control: (i) the continuation of such outstanding Awards by the Company (if the Company is the surviving corporation);
(ii) the assumption of such outstanding Awards by the surviving corporation or its parent; (iii) the substitution
by the surviving corporation or its parent of new options or equity awards for such Awards; (iv) the cancellation of
such Awards and a payment to the Participants equal to the excess of (A) the Fair Market Value of the Shares subject to
such Awards as of the closing date of such Change of Control over (B) the exercise price or purchase price for the
Shares to be issued pursuant to the exercise of such Awards. Such payment shall be made in the form of cash, cash equivalents
and/or securities of the surviving corporation or its parent with a Fair Market Value equal to the required amount. If the
exercise price or purchase price per Share of the Shares to be issued pursuant to the exercise of such Awards exceeds the
Fair Market Value per Share of such Shares, as of the closing date of the Change of Control, then such Awards may be
cancelled without making a payment to the Participants; or (v) the cancellation of such Awards for no consideration.
Upon a Change of Control, all outstanding Awards shall terminate and cease to be outstanding, except to the extent such
Awards have been continued or assumed, as described in subsections (i) and/or (ii) of this Section 11(c).
Notwithstanding anything under this Plan, any Award agreement or otherwise, any escrow, holdback, earn-out or similar
provisions agreed to pursuant to, or in connection with, a Change of Control shall, unless otherwise determined by the Board,
apply to any payment or other right a Participant may be entitled to under this Plan, if any, to the same extent and in the
same manner as such provisions apply generally to the holders of the Company’s Common Stock with respect to the Change
of Control, but only to the extent permitted by Applicable Law, including (without limitation), Section 409A of the
Code.

 

     -15-

     

    

 

12.         Time
of Granting Awards. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes
the determination granting such Award, or such other date as is determined by the Administrator.

 

13.         Amendment
and Termination of the Plan. The Board may at any time amend or terminate the Plan, but no amendment or termination shall
be made that would materially and adversely affect the rights of any Participant under any outstanding Award, without his or her
consent. In addition, to the extent necessary and desirable to comply with Applicable Laws, the Company shall obtain the approval
of holders of capital stock with respect to any Plan amendment in such a manner and to such a degree as required.

 

14.         Conditions
Upon Issuance of Shares. Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant
to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares under
the Plan unless such issuance or delivery would comply with Applicable Laws, with such compliance determined by the Company in
consultation with its legal counsel. As a condition to the exercise of any Option, purchase of any Restricted Stock or settlement
of Restricted Stock Unit, the Company may require the person exercising the Option, purchasing the Restricted Stock or receiving
the settlement of a Restricted Stock Unit to represent and warrant at the time of any such exercise, purchase or settlement that
the Shares are being purchased or received only for investment and without any present intention to sell or distribute such Shares
if, in the opinion of counsel for the Company, such a representation is advisable or required by Applicable Laws. Shares issued
upon exercise of Options, purchase of Restricted Stock or settlement of Restricted Stock Units prior to the date, if ever, on which
the Common Stock becomes a Listed Security shall be subject to a right of first refusal in favor of the Company pursuant to which
the Participant will be required to offer Shares to the Company before selling or transferring them to any third party on such
terms and subject to such conditions as is reflected in the applicable Option Agreement, Restricted Stock Purchase Agreement or
Restricted Stock Unit Agreement.

 

15.         Beneficiaries.
If permitted by the Company, a Participant may designate one or more beneficiaries with respect to an Award by timely filing the
prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any
time before the Participant’s death. Except as otherwise provided in an Award agreement, if no beneficiary was designated
or if no designated beneficiary survives the Participant, then after a Participant’s death any vested Award(s) shall
be transferred or distributed to the Participant’s estate or to any person who has the right to acquire the Award by bequest
or inheritance.

 

     -16-

     

    

 

16.         Approval
of Holders of Capital Stock. If required by Applicable Laws, continuance of the Plan shall be subject to approval by the
holders of capital stock of the Company within 12 months before or after the date the Plan is adopted or, to the extent required
by Applicable Laws, any date the Plan is amended. Such approval shall be obtained in the manner and to the degree required under
Applicable Laws.

 

17.         Addenda.
The Administrator may approve such addenda to the Plan as it may consider necessary or appropriate for the purpose of granting
Awards to Employees or Consultants, which Awards may contain such terms and conditions as the Administrator deems necessary or
appropriate to accommodate differences in local law, tax policy or custom, which may deviate from the terms and conditions set
forth in this Plan. The terms of any such addenda shall supersede the terms of the Plan to the extent necessary to accommodate
such differences but shall not otherwise affect the terms of the Plan as in effect for any other purpose.

 

18.         Information
to Holders of Options. In the event the Company is relying on the exemption provided by Rule 12h-1(f) under the
Exchange Act, the Company shall provide the information described in Rule 701(e)(3), (4) and (5) of the Securities
Act of 1933, as amended, to all holders of Options in accordance with the requirements thereunder until such time as the Company
becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act. The Company may request that
holders of Options agree to keep the information to be provided pursuant to this Section confidential. If the holder does
not agree to keep the information to be provided pursuant to this Section confidential, then the Company will not be required
to provide the information unless otherwise required pursuant to Rule 12h-1(f)(1) of the Exchange Act.

 

     -17-

     

    

 

ADDENDUM A

 

Social Finance, Inc., 2011 Stock Plan

 

(California Participants)

 

Prior to the date,
if ever, on which the Common Stock becomes a Listed Security and/or the Company is subject to the reporting requirements of the
Exchange Act, the terms set forth herein shall apply to Awards issued to California Participants. All capitalized terms used herein
but not otherwise defined shall have the respective meanings set forth in the Plan.

 

1.           The following rules shall
apply to any Option in the event of termination of the Participant’s Continuous Service Status:

 

(a)          If such termination
was for reasons other than death, “Permanent Disability” (as defined below), or Cause, the Participant shall have at
least 30 days after the date of such termination to exercise his or her Option to the extent the Participant is entitled to exercise
on his or her termination date, provided that in no event shall the Option be exercisable after the expiration of the term as set
forth in the Option Agreement.

 

(b)          If such termination
was due to death or Permanent Disability, the Participant shall have at least 6 months after the date of such termination to exercise
his or her Option to the extent the Participant is entitled to exercise on his or her termination date, provided that in no event
shall the Option be exercisable after the expiration of the term as set forth in the Option Agreement.

 

“Permanent Disability”
for purposes of this Addendum shall mean the inability of the Participant, in the opinion of a qualified physician acceptable to
the Company, to perform the major duties of the Participant’s position with the Company or any Parent or Subsidiary because
of the sickness or injury of the Participant.

 

2.           Notwithstanding
anything to the contrary in Section 11(a) of the Plan, the Administrator shall in any event make such adjustments as
may be required by Section 25102(o) of the California Corporations Code.

 

3.           Notwithstanding
anything stated herein to the contrary, no Option shall be exercisable on or after the 10th anniversary of the date of grant and
any Award agreement shall terminate on or before the 10th anniversary of the date of grant.

 

4.         The Company shall
furnish summary financial information (audited or unaudited) of the Company’s financial condition and results of operations,
consistent with the requirements of Applicable Laws, at least annually to each California Participant during the period such Participant
has one or more Awards outstanding, and in the case of an individual who acquired Shares pursuant to the Plan, during the period
such Participant owns such Shares. The Company shall not be required to provide such information if (i) the issuance is limited
to key persons whose duties in connection with the Company assure their access to equivalent information or (ii) the Plan
or any agreement complies with all conditions of Rule 701 of the Securities Act of 1933, as amended; provided that for purposes
of determining such compliance, any registered domestic partner shall be considered a “family member” as that term
is defined in Rule 701.

 

     

     

    

 

Social Finance, Inc.

 

2011 Stock Plan

 

EXERCISE AGREEMENT

 

This Exercise Agreement (this “Agreement”)
is made as of __________, by and between Social Finance, Inc., a Delaware corporation (the “Company”),
and ____________ (“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined,
they shall have the meaning ascribed to them in the Company’s 2011 Stock Plan (the “Plan”) and the Option
Agreement (as defined below).

 

		1.	Exercise of
                                                                                                                                               Option. Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to purchase
                                                                                                                                               _________ shares of the Common Stock (the “Shares”) of the Company under and pursuant to the Plan, the
                                                                                                                                               Notice of Stock Option Grant and the Stock Option Agreement granted ____________ (the “Option Agreement”).
                                                                                                                                               The purchase price for the Shares shall be ________ USD per Share for a total purchase price of ___________ USD. The term
                                                                                                                                               “Shares” refers to the purchased Shares and all securities received in connection with the Shares pursuant
                                                                                                                                               to stock dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger,
                                                                                                                                               reorganization, exchange or the like, and all new, substituted or additional securities or other property to which Purchaser
                                                                                                                                               is entitled by reason of Purchaser’s ownership of the Shares.

 

		2.	Time and Place of Exercise. The purchase
and sale of the Shares under this Agreement shall occur at the principal office of the Company simultaneously with the execution
and delivery of this Agreement, the payment of the aggregate exercise price by any method listed in Section 4 of the Option
Agreement, and the satisfaction of any applicable tax, withholding, required deductions or other payments, all in accordance with
the provisions of Section 3(b) of the Option Agreement. The Company shall issue the Shares to Purchaser by entering such
Shares in Purchaser’s name as of such date in the books and records of the Company or, if applicable, a duly authorized transfer
agent of the Company, against payment of the exercise price therefor by Purchaser. If applicable, the Company will deliver to Purchaser
a certificate representing the Shares as soon as practicable following such date.

 

		3.	Limitations on Transfer. In addition
to any other limitation on transfer created by Applicable Laws, Purchaser shall not assign, encumber or dispose of any interest
in the Shares except in compliance with the provisions below and Applicable Laws.

 

		a.	Right of First Refusal.
Before any Shares held by Purchaser or any transferee of Purchaser (either being sometimes referred to herein as the “Holder”)
may be sold or otherwise transferred (including transfer by gift or operation of law), the
Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth
in this Section 3(a) (the “Right of First Refusal”).

 

		i.	Notice of Proposed Transfer. The Holder
of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s
bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee
(“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and
(iv) the terms and conditions of each proposed sale or transfer, including (without limitation) the purchase
price for such Shares (the “Purchase Price”). The Holder shall offer the Shares at the Purchase Price and upon
the same terms (or terms as similar as reasonably possible) to the Company or its assignee(s).

 

		ii.	Exercise of Right of First Refusal.
At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to
the Holder, elect to purchase any or all of the Shares proposed to be transferred to any one or more of the Proposed Transferees,
at the Purchase Price. If the Purchase Price includes consideration other than cash, the cash equivalent value of the non-cash
consideration shall be determined by the Board in good faith.

 

		iii.	Payment. Payment of the Purchase Price
shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any
outstanding indebtedness, or by any combination thereof within 60 days after receipt of the Notice or in the manner and at the
times set forth in the Notice.

 

     

     

    

 

		iv.	Holder’s Right to Transfer. If
any of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or
its assignee(s) as provided in this Section 3(a), then the Holder may sell or otherwise transfer any unpurchased Shares
to that Proposed Transferee at the Purchase Price or at a higher price, provided that such sale or other transfer is consummated
within 120 days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance
with any Applicable Laws and the Proposed Transferee agrees in writing that the provisions of this Section 3 shall continue
to apply to the Shares in the hands of such Proposed Transferee. The Company, in consultation with its legal counsel, may require
the Holder to provide an opinion of counsel evidencing compliance with Applicable Laws. If the Shares described in the Notice are not
transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make
them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees
shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 

		v.	Exception for Certain Family Transfers.
Anything to the contrary contained in this Section 3(a) notwithstanding, the transfer of any or all of the Shares during
Holder’s lifetime or on Holder’s death by will or intestacy to Holder’s Immediate Family or a trust for the benefit
of Holder’s Immediate Family shall be exempt from the provisions of this Section 3(a). “Immediate Family”
as used herein shall mean lineal descendant or antecedent, spouse (or spouse’s antecedents), father, mother, brother or sister
(or their descendants), stepchild (or their antecedents or descendants), aunt or uncle (or their antecedents or descendants), brother-in-law
or sister-in-law (or their antecedents or descendants) and shall include adoptive relationships. In such case, the transferee or
other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 3, and there shall
be no further transfer of such Shares except in accordance with the terms of this Section 3.

 

		b.	Company’s Right to Purchase upon
                                                                                                                                                  Involuntary Transfer. In the event of any transfer by operation of law or other involuntary transfer (including death
                                                                                                                                                  or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(a)(v) above) of all or a portion
                                                                                                                                                  of the Shares by the record holder thereof, the Company shall have an option to purchase any or all of the Shares transferred
                                                                                                                                                  at the greater of the purchase price paid by Purchaser pursuant to this Agreement or the Fair Market Value of the Shares on
                                                                                                                                                  the date of transfer (as determined by the Company). Upon such a transfer, the Holder shall promptly notify the Secretary of
                                                                                                                                                  the Company of such transfer. The right to purchase such Shares shall
be provided to the Company for a period of 30 days following receipt by the Company of written notice from the Holder.

 

		c.	Assignment. The right of the Company
to purchase any part of the Shares may be assigned in whole or in part to any holder or holders of capital stock of the Company
or other persons or organizations.

 

		d.	Restrictions Binding on Transferees.
All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this
Agreement and the terms of the Option Agreement, including, without limitation, Section 7 of the Option Agreement. Any sale
or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.

 

		e.	Termination of Rights. The Right of
First Refusal granted the Company by Section 3(a) above and the option to repurchase the Shares in the event of an involuntary
transfer granted the Company by Section 3(b) above shall terminate upon the first sale of Common Stock of the Company
to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission
under the Securities Act. Upon termination of such transfer restrictions, the Company will remove any stop-transfer notices referred
to in Section 5(b) below and related to the restrictions in this Section 3 and, if certificates are issued, a new
certificate or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred to
in Section 5(a)(ii) below and delivered to Holder.

 

		f.	Share Transfer Fees. Company may, in
its sole discretion, charge a share transfer fee for any future transfers of Shares by Purchaser. Such share transfer fee shall
be set-out in the relevant share transfer agreement.

 

     

     

    

 

		4.	Investment and Taxation
Representations. In connection with the purchase of the Shares, Purchaser represents to the Company the following:

 

		a.	Purchaser is aware of the Company’s business
affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable
decision to acquire the Shares. Purchaser is purchasing the Shares for investment for Purchaser’s own account only and not
with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act
or under any applicable provision of state law. Purchaser does not have any present intention to transfer the Shares to any other
person or entity.

 

		b.	Purchaser understands that the Shares have not been
registered under the Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things,
the bona fide nature of Purchaser’s investment intent as expressed herein.

 

		c.	Purchaser further acknowledges and understands that
the securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to register
the securities.

 

		d.	Purchaser is familiar with the provisions of Rule 144,
promulgated under the Securities Act, which, in substance, permits limited public resale of “restricted securities”
acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public offering
subject to the satisfaction of certain conditions. Purchaser understands that the Company provides no assurances as to whether
he or she will be able to resell any or all of the Shares pursuant to Rule 144, which rule requires, among other things,
that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, that resales of securities
take place only after the holder of the Shares has held the Shares for certain specified time periods, and under certain circumstances,
that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this Section 4(d),
Purchaser acknowledges and agrees to the restrictions set forth in Section 4(e) below.

 

		e.	Purchaser further understands that in the event all
of the applicable requirements of Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation
A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive,
the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement
securities other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective
brokers who participate in such transactions do so at their own risk.

 

		f.	Purchaser understands that
Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or
disposition of the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection
with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

		5.	Restrictive Legends
and Stop-Transfer Orders.

 

		a.	Legends. Any certificate or certificates
representing the Shares shall bear the following legends (as well as any legends required by applicable state and federal corporate
and securities laws):

 

		i.	“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED
FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933.”

 

		ii.	“THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE Company AND THE stockholder, A COPY OF WHICH
IS ON FILE WITH AND MAY BE OBTAINED FROM THE SECRETARY OF THE Company.”

 

 

		b.	Stop-Transfer Notices. Purchaser agrees
that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer”
instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations
to the same effect in its own records.

 

		c.	Refusal to Transfer. The Company shall
not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of
the provisions of this Agreement or (ii) to treat as owner of such Shares or
to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

     

     

    

 

 

		6.	No
                                         Employment Rights. Nothing in this Agreement shall affect in any manner whatsoever
                                         the right or power of the Company, or a parent, subsidiary or affiliate of the Company,
                                         to terminate Purchaser’s employment or consulting relationship, for any reason,
                                         with or without cause.

 

		7.	Lock-Up
                                         Agreement. The lock-up provisions set forth in Section 7 of the Option Agreement
                                         shall apply to the Shares issued upon exercise of the Option hereunder and Purchaser
                                         reaffirms Purchaser’s obligations set forth therein.

 

8.
Miscellaneous.

 

		a.	Governing
                                         Law. This Agreement and all acts and transactions pursuant hereto and the rights
                                         and obligations of the parties hereto shall be governed, construed and interpreted in
                                         accordance with the laws of the State of California, without giving effect to principles
                                         of conflicts of law. For purposes of litigating any dispute that may arise directly or
                                         indirectly from this Agreement, the parties hereby submit and consent to the exclusive
                                         jurisdiction of the State of California and agree that any such litigation shall be conducted
                                         only in the courts of California or the federal courts of the United States located in
                                         California and no other courts.

 

		b.	Entire
                                         Agreement; Enforcement of Rights. This Agreement, together with the Option Agreement
                                         and the Plan, sets forth the entire agreement and understanding of the parties relating
                                         to the subject matter herein and merges all prior or contemporaneous discussions between
                                         them. No modification of or amendment to this Agreement, nor any waiver of any rights
                                         under this Agreement, shall be effective unless in writing signed by the parties to this
                                         Agreement. The failure by either party to enforce any rights under this Agreement shall
                                         not be construed as a waiver of any rights of such party.

 

		c.	Severability.
                                         If one or more provisions of this Agreement are held to be unenforceable under Applicable
                                         Laws, the parties agree to renegotiate such provision in good faith. In the event that
                                         the parties cannot reach a mutually agreeable and enforceable replacement for such provision,
                                         then (i) such provision
shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so
excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

		d.	Notices.
                                         Any notice required or permitted by this Agreement shall be in writing and shall
                                         be deemed sufficient when delivered personally or by overnight courier or sent by email
                                         or fax (upon customary confirmation of receipt), or forty-eight (48) hours after being
                                         deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed
                                         to the party to be notified at such party’s address or fax number as set forth
                                         on the signature page, as subsequently modified by written notice, or if no address is
                                         specified on the signature page, at the most recent address set forth in the Company’s
                                         books and records.

 

		e.	Counterparts.
                                         This Agreement may be executed in two or more counterparts, each of which shall be
                                         deemed an original and all of which together shall constitute one instrument.

 

		f.	Successors
                                         and Assigns. The rights and benefits of this Agreement shall inure to the benefit
                                         of, and be enforceable by the Company’s successors and assigns. The rights and
                                         obligations of Purchaser under this Agreement may only be assigned with the prior written
                                         consent of the Company.

 

		g. 
	Reserved

 

		h.	California
                                         Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF
                                         THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE
                                         OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF
                                         THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF
                                         SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE
                                         CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY
                                         CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

     

     

    

 

The parties have executed this Exercise
Agreement as of the date first set forth above.

 

The Company:

 

Social Finance, Inc.

 

 

	By:	/s/ Anthony
                                         Noto	

 

 

	Name:	Anthony
                                         Noto	 

 

 

	Title:	CEO	 

 

Address:One Letterman Dr.,

 

Bldg. A Suite 4700

 

San Francisco, CA 94129

 

	Fax:	________________________________	 

 

OPTIONEE:

 

	 	 
	(Print Name)	
	 	 
	 	 
	 	 
	(Signature)	 
	 	 

 

	Address:		 

 

	 	 

 

	Fax:		 

 

	email:		 

 

     

     

    

 

I,
____________________, spouse of ____________________ (“Purchaser”), have read and hereby approve the foregoing
Agreement. In consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, I
hereby agree to be bound irrevocably by the Agreement and further agree that any community property or other such interest that
I may have in the Shares shall hereby be similarly bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact with
respect to any amendment or exercise of any rights under the Agreement.

 

     

     

    

 

SOCIAL
FINANCE, INC.

 

2011
STOCK PLAN

 

RESTRICTED
STOCK UNIT GRANT NOTICE

 

###PARTICIPANT_NAME###

 

###HOME_ADDRESS###

 

You
have been granted a restricted stock unit award covering the number of units (the “RSUs”) set forth below,
each of which represents one (1) share of the Common Stock of Social Finance, Inc., a Delaware corporation (the “Company”). 
The RSUs are subject to all of the terms and conditions set forth in this Restricted Stock Unit Grant Notice (the “Grant
Notice”), the attached Restricted Stock Unit Agreement (the “RSU Agreement”) and the 2011 Stock Plan
(the “Plan”), all of which are attached hereto and incorporated herein in their entirety.  Unless otherwise
defined in this Grant Notice, the terms used in this Grant Notice shall have the meanings defined in the Plan.  In the event
of any conflict between the terms of this Grant Notice and the Plan, the terms of the Plan will control.

 

	Employee
    Number:	###EMPLOYEE_NUMBER###
	Date
    of Grant:	###GRANT_DATE###
	Grant
    ID Number:	###EMPLOYEE_GRANT_NUMBER###
	Total
    Number of RSUs:	###TOTAL_AWARDS###
	Vesting
    Commencement

    Date:	###ALTERNATIVE_VEST_BASE_DATE###

 

	Vesting
    Schedule:	###VEST_SCHEDULE_DESCRIPTION###

        Each
        tranche of RSUs that vests, or is scheduled to vest, pursuant to this Grant Notice is hereby designated as a “separate
        payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2).

         

        Notwithstanding
        the above vesting schedule and anything to the contrary in the Plan, this Grant Notice, the RSU Agreement or any other
        prior or future agreement that purportedly applies to the RSUs:

         

        in
        no event shall the vesting or settlement of the RSUs be accelerated or deferred in connection with any event or otherwise
        unless such acceleration or deferral is specifically approved by the Board or the Compensation Committee after taking
        into account the impact of such acceleration or deferral under the requirements of Section 409A of the Internal Revenue
        Code of 1986, as amended, the regulations and other guidance there under and any state law of similar effect (collectively
        “Section 409A”).

	Issuance
    Schedule:	RSUs that vest
        shall be settled in Shares on a date determined by the Company, in its sole and absolute discretion, that is on or before
        the date that is four (4) months following the applicable vesting date or, if earlier, the later of (A) March 15th of
        the year following the year in which the vesting date occurs, and (B) the fifteenth (15th) day of the
        third month of the Company’s tax year following the year in which the vesting date occurs.

         

        For purposes of clarity,
        the Company shall not be required to settle all vested RSUs on the same date during the applicable periods set forth above. 
        Further, notwithstanding anything stated herein, in the RSU Agreement, the Plan or any other agreement applicable to the
        RSUs, the Company shall have the discretion to settle the RSUs prior to the time set forth herein to the extent permitted
        by Treasury Regulation Section 1.409A-3(j)(4).

	Expiration
    Date:	This
    Grant Notice and the RSU Agreement shall expire and have no force or effect upon the earlier of (i) the date on which
    all RSUs set forth herein have either been settled or forfeited pursuant to the terms of this Grant Notice, the RSU Agreement
    (including, but not limited to, Section 4 therein), or the Plan, or (ii) the tenth (10th) annual anniversary
    of the Date of Grant ((i) or (ii), the “RSU Expiration”).  Upon the RSU Expiration, all RSUs
    shall be immediately forfeited to the Company and all rights of Participant to such RSUs shall immediately terminate.

 

[Signature
Page Follows]

 

     

     

    

 

By
your signature and the signature of the Company’s representative below or by otherwise accepting this grant, you and the
Company agree that this Award is granted under and governed by the terms and conditions of this Grant Notice and the Plan and
the RSU Agreement, both of which are attached to and made a part of this Grant Notice.  In addition, you agree and acknowledge
that your rights to any shares underlying this Award will vest only as you provide services to the Company over time, that the
grant of this Award is not as consideration for services you rendered to the Company prior to your date of hire, and that nothing
in this Grant Notice or the attached documents confers upon you any right to continue your employment or consulting relationship
with the Company for any period of time, nor does it interfere in any way with your right or the Company’s right to terminate
that relationship at any time, for any reason, with or without cause, subject to Applicable Laws.  You further acknowledge
and agree that you have reviewed the Plan and the RSU Agreement in their entirety, have had an opportunity to obtain the advice
of counsel prior to accepting the RSUs and fully understand all provisions of the Plan, this Grant Notice and the RSU Agreement. 
You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions
relating to the Plan and RSU Agreement.

 

THE
COMPANY:

 

Social
Finance, Inc.

 

By:###NOTO###

 

(Signature)

 

		Name:	Anthony
                                         Noto	 

 

		Title:	CEO	 

 

		Address:	One
                                         Letterman Dr.

		 	 

			Building
                                         A, Suite 4700
 San Francisco, CA 94129

 

		Fax:		 

 

		OPTIONEE:	

 

 

###PARTICIPANT_NAME###

 

(Print
Name)

 

		 	 

 

(Signature)

 

Address:###HOME_ADDRESS###

 

		Fax:		 

 

		email:		 

 

     

     

    

 

SOCIAL
FINANCE, INC.

 

2011
STOCK PLAN

 

RESTRICTED
STOCK UNIT AGREEMENT

 

1.         Grant
of Restricted Stock Units. Social Finance, Inc., a Delaware corporation (the “Company”),
hereby grants to the person (the “Participant”) named in the Restricted Stock Unit Grant Notice (the “Grant Notice”),
a restricted stock unit award covering the number of units (the “RSUs”) set forth in the Grant Notice, each
of which represents one (1) share of the Company’s Common Stock (the “Shares”), subject to the terms,
definitions and provisions of the Social Finance, Inc. 2011 Stock Plan (the “Plan”) adopted by the Company,
which is incorporated in this Restricted Stock Unit Agreement (the “Agreement”) by reference.  Unless
otherwise defined in this Agreement, the terms used in this Agreement shall have the meanings defined in the Plan.

 

2.         No
Stockholder Rights.  Unless and until such time as Shares are issued pursuant to the Agreement in settlement of vested
RSUs, Participant shall have no ownership of the Shares allocated to the RSUs, including, without limitation, no right to dividends
(or dividend equivalents) or to vote such Shares.

 

3.         No
Transfer.  The Grant Notice, this Agreement, the RSUs and any interest therein shall not be sold, assigned, transferred,
pledged, hypothecated, or otherwise disposed of.

 

4.         Termination. 
If Participant’s Continuous Service Status terminates at any time for any reason, all RSUs for which vesting is no longer
possible under the terms of the Grant Notice and this Agreement shall be forfeited to the Company on the termination date of Continuous
Service Status, and all rights of Participant to such RSUs shall immediately terminate at such time.  Further, for purposes
of the RSUs, Participant’s Continuous Service Status will be considered terminated as of the date Participant is no longer
actively providing services to the Company, its Parent, Subsidiaries or Affiliates (the “Company Group”), regardless
of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction
where Participant is employed or the terms of Participant’s employment agreement, if any  (the “Termination
Date”), and, unless otherwise determined by the Company, Participant’s right to vest in the RSUs will terminate
as of such date and will not be extended by any contractual notice period or any period of “garden leave” or similar
notice period mandated under employment laws in the jurisdiction where Participant is employed or the terms of Participant’s
employment agreement, if any.  The Company shall have the exclusive discretion to determine when Participant is no longer
actively providing services for purposes of the RSUs (including, subject to the terms of the Plan and Applicable Laws, whether
Participant may still be considered to be providing services while on a leave of absence).

 

5.         Responsibility
for Taxes.  As a condition to the grant, vesting, and settlement of the RSUs, Participant acknowledges that, regardless
of any action taken by the Company or, if different, Participant’s employer (the “Employer”), the ultimate
liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items
or required deductions or payments legally applicable to him or her and related to the receipt, vesting or settlement of the RSUs,
the issuance or subsequent sale of the Shares allocated to the RSUs, or the participation in the Plan (“Tax-Related Items”)
is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer. 
Participant further acknowledges and agrees that Participant is solely responsible for filing all relevant documentation that
may be required in relation to the RSUs or any Tax-Related Items (other than filings or documentation that is the specific obligation
of the Company or any member of the Company Group pursuant to Applicable Law), such as, but not limited to, personal income tax
returns or reporting statements in relation to the receipt, vesting or settlement of the RSUs, the issuance of the Shares allocated
to the RSUs, the holding of Shares or any bank or brokerage account, the subsequent sale of Shares, and the receipt of any dividends.

 

     

     

    

 

Participant
further acknowledges that the Company and/or the Employer:  (i) make no representations or undertakings regarding the
treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the receipt, vesting
or settlement of the RSUs, the issuance or subsequent sale of the Shares allocated to the RSUs and the receipt of any dividends;
and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce
or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result.  Participant also
understands that Applicable Laws may require varying RSU or Share valuation methods for purposes of calculating Tax-Related Items,
and the Company assumes no responsibility or liability in relation to any such valuation or for any calculation or reporting of
income or Tax-Related Items that may be required of Participant under Applicable Laws.

 

Further,
if Participant is subject to Tax-Related Items in more than one jurisdiction between the Date of Grant and the date of any relevant
taxable or tax withholding event, as applicable, Participant acknowledges that the Company and/or the Employer (or former employer,
as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

 

Prior
to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory
to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, Participant authorizes the Company
and/or the Employer, or their respective agents, at their discretion, to satisfy their tax and/or withholding obligations with
regard to all Tax-Related Items by (i) withholding from Participant’s wages or other compensation paid to Participant
by the Company or the Employer, (ii) withholding from proceeds of the sale of Shares acquired pursuant to the RSUs either
through a voluntary sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization)
without further consent, (iii) withholding Shares that would otherwise be issued upon settlement of the RSUs or (iv) such
other method as determined by the Company or the Employer to be in compliance with Applicable Laws. Notwithstanding the foregoing,
Participant may elect to satisfy such tax and/or withholding obligations in cash by notifying the Company prior to the applicable
vesting date in accordance with the procedure and completion of forms (if any) prescribed by the Company.

 

Depending
on the method of satisfying the tax and/or withholding obligations with regard to the Tax-Related Items, the Company may withhold
or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable tax or withholding
rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld or over-paid amount
in cash and will have no entitlement to the Share equivalent.

 

Finally,
Participant agrees to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may
be required to pay, withhold or account for as a result of Participant’s receipt, vesting or settlement of the RSUs, the
issuance or subsequent sale of the Shares allocated to the RSUs or the participation in the Plan that cannot be satisfied by the
means previously described.  The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares
if Participant fails to comply with his or her obligations in connection with the Tax-Related Items.

 

     

     

    

 

6.         Nature
of Grant.  In accepting the RSUs, Participant acknowledges, understands and agrees that:

 

		1.	the Plan is established voluntarily
                                         by the Company, is discretionary in nature, and may be amended, suspended or terminated
                                         by the Company at any time, to the extent permitted by the Plan;

 

		2.	the grant of the RSUs is voluntary
                                         and occasional and does not create any contractual or other right to receive future grants
                                         of restricted stock units, or benefits in lieu of restricted stock units, even if restricted
                                         stock units have been granted in the past;

 

		3.	all decisions with respect to future
                                         restricted stock units or other grants, if any, will be at the sole discretion of the
                                         Company;

 

		4.	Participant is voluntarily participating
                                         in the Plan;

 

		5.	the RSUs and the Shares allocated
                                         to the RSUs are not intended to replace any pension rights or compensation and are outside
                                         the scope of Participant’s employment contract, if any;

 

		6.	the RSUs and the Shares allocated
                                         to the RSUs, and the income and value of same, are not part of normal or expected compensation
                                         for any purpose, including, without limitation, calculating any severance, resignation,
                                         termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards,
                                         pension or retirement or welfare benefits or similar payments;

 

		7.	the future value of the Shares
                                         is unknown, indeterminable, and cannot be predicted with certainty;

 

		8.	if the RSUs are settled and Participants
                                         receives some or all of the Shares allocated to the RSUs, the value of such Shares may
                                         increase or decrease in value;

 

		9.	no claim or entitlement to compensation
                                         or damages shall arise from forfeiture of the RSUs resulting from the termination of
                                         Participant’s Continuous Service Status (for any reason whatsoever, whether or
                                         not later found to be invalid or in breach of employment laws in the jurisdiction where
                                         Participant is employed or the terms of Participant’s employment agreement, if
                                         any), and in consideration of the grant of the RSUs to which Participant is otherwise
                                         not entitled, Participant irrevocably agrees never to institute any claim against the
                                         Company or any of its Parents, Subsidiaries or Affiliates (collectively, the “Company
                                         Group”), waives his or her ability, if any, to bring any such claim, and releases
                                         the Company Group from any such claim; if, notwithstanding the foregoing, any such claim
                                         is allowed by a court of competent jurisdiction, then, by participating in the Plan,
                                         Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree
                                         to execute any and all documents necessary to request dismissal or withdrawal of such
                                         claim;

 

		10.	unless otherwise provided in the
                                         Plan or by the Company in its discretion, the RSUs and the benefits evidenced by this
                                         Agreement do not create any entitlement to have the RSUs or any such benefits transferred
                                         to, or assumed by, another company nor to be exchanged, cashed out or substituted for,
                                         in connection with any corporate transaction affecting the Shares; and

 

     

     

    

 

		11.	no entity in the Company Group
                                         shall be liable for any foreign exchange rate fluctuation between Participant’s
                                         local currency and the United States Dollar or the selection by the Company or any member
                                         of the Company Group in its sole discretion of an applicable foreign exchange rate that
                                         may affect the value of the RSUs (or the calculation of income or Tax-Related Items thereunder)
                                         or of any amounts due to Participant pursuant to the settlement of the RSUs or the subsequent
                                         sale of the Shares allocated to the RSUs.

 

7.         Limitations
on Transfer of Shares.  In addition to any other limitation on transfer created by Applicable Laws, this Agreement,
the Grant Notice and the Plan, Participant shall not assign, encumber or dispose of any interest in the Shares issued pursuant
to this Agreement except in compliance with the provisions below and Applicable Laws.

 

		1.	Right of First Refusal. 
                                         Before any Shares held by Participant or any transferee of Participant (either being
                                         sometimes referred to herein as the “Holder”) may be sold or otherwise
                                         transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall
                                         have a right of first refusal to purchase the Shares issued pursuant to this Agreement
                                         on the terms and conditions set forth in this Section 7(a) (the “Right
                                         of First Refusal”).

 

		1.	Notice of Proposed Transfer. 
                                         The Holder of the Shares issued pursuant to this Agreement shall deliver to the Company
                                         a written notice (the “Notice”) stating:  (A) the Holder’s
                                         bona fide intention to sell or otherwise transfer such Shares; (B) the name of each
                                         proposed purchaser or other transferee (“Proposed Transferee”); (C) the
                                         number of Shares to be transferred to each Proposed Transferee; and (D) the terms
                                         and conditions of each proposed sale or transfer, including (without limitation) the
                                         purchase price for such Shares (the “Purchase Price”).  The Holder
                                         shall offer the Shares at the Purchase Price and upon the same terms (or terms as similar
                                         as reasonably possible) to the Company or its assignee(s).

 

		2.	Exercise of Right of First
                                         Refusal.  At any time within thirty (30) days after receipt of the Notice,
                                         the Company and/or its assignee(s) may, by giving written notice to the Holder,
                                         elect to purchase any or all of the Shares proposed to be transferred to any one or more
                                         of the Proposed Transferees, at the Purchase Price.  If the Purchase Price includes
                                         consideration other than cash, the cash equivalent value of the non-cash consideration
                                         shall be determined by the Board in good faith.

 

		3.	Payment.  Payment
                                         of the Purchase Price shall be made, at the election of the Company or its assignee(s),
                                         in cash (by check), by cancellation of all or a portion of any outstanding indebtedness
                                         or by any combination thereof within 60 days after receipt of the Notice or in the manner
                                         and at the times set forth in the Notice.

 

     

     

    

 

		4.	Holder’s Right to Transfer. 
                                         If any of the Shares proposed in the Notice to be transferred to a given Proposed Transferee
                                         are not purchased by the Company and/or its assignee(s) as provided in this Section 7(a),
                                         then the Holder may sell or otherwise transfer any un purchased Shares to that Proposed
                                         Transferee at the Purchase Price or at a higher price, provided that such sale or other
                                         transfer is consummated within 120 days after the date of the Notice and provided further
                                         that any such sale or other transfer is effected in accordance with any Applicable Laws
                                         and the Proposed Transferee agrees in writing that the provisions of this Section 7
                                         and the waiver of statutory information rights in Section 14 shall continue to apply
                                         to the Shares in the hands of such Proposed Transferee.  The Company, in consultation
                                         with its legal counsel, may require the Holder to provide an opinion of counsel evidencing
                                         compliance with Applicable Laws.  If the Shares described in the Notice are not
                                         transferred to the Proposed Transferee within such period, or if the Holder proposes
                                         to change the price or other terms to make them more favorable to the Proposed Transferee,
                                         a new Notice shall be given to the Company, and the Company and/or its assignees shall
                                         again be offered the Right of First Refusal before any Shares held by the Holder may
                                         be sold or otherwise transferred.

 

		5.	Exception for Certain Family
                                         Transfers.  Anything to the contrary contained in this Section 7(a) notwithstanding,
                                         the transfer of any or all of the Shares issued pursuant to this Agreement during Holder’s
                                         lifetime or on Holder’s death by will or intestacy to Holder’s Immediate
                                         Family or to a trust for the benefit of Holder’s Immediate Family shall be exempt
                                         from the provisions of this Section 7(a).  “Immediate Family”
                                         as used herein shall mean lineal descendant or antecedent, spouse (or spouse’s
                                         antecedents), father, mother, brother or sister (or their descendants), stepchild (or
                                         their antecedents or descendants), aunt or uncle (or their antecedents or descendants),
                                         brother-in-law or sister-in-law (or their antecedents or descendants) and shall include
                                         adoptive relationships.  In such case, the transferee or other recipient shall receive
                                         and hold the Shares so transferred subject to the provisions of this Section 7,
                                         and there shall be no further transfer of such Shares except in accordance with the terms
                                         of this Section 7.

 

		2.	Company’s Right to
                                         Purchase upon Involuntary Transfer.  In the event of any transfer by operation
                                         of law or other involuntary transfer (including death or divorce, but excluding a transfer
                                         to Immediate Family as set forth in Section 7(a)(v) above) of all or a portion
                                         of the Shares by the record holder thereof, the Company shall have an option to purchase
                                         any or all of the Shares transferred at the Fair Market Value of the Shares on the date
                                         of transfer (as determined by the Company).  Upon such a transfer, the Holder shall
                                         promptly notify the Secretary of the Company of such transfer.  The right to purchase
                                         such Shares shall be provided to the Company for a period of 30 days following receipt
                                         by the Company of written notice from the Holder.

 

     

     

    

 

		3.	Assignment. 
                                         The right of the Company to purchase any part of the Shares may be assigned in whole
                                         or in part to any holder or holders of capital stock of the Company or other persons
                                         or organizations.

 

		4.	Restrictions Binding on Transferees. 
                                         All transferees of Shares issued pursuant to this Agreement or any interest therein will
                                         receive and hold such Shares issued pursuant to this Agreement or interest subject to
                                         the provisions of this Agreement.  Any sale or transfer of the Shares issued pursuant
                                         to this Agreement shall be void unless the provisions of this Agreement are satisfied.

 

		5.	Termination of Rights. 
                                         The Right of First Refusal granted the Company by Section 7(a) above and the
                                         option to purchase the Shares in the event of an involuntary transfer granted the Company
                                         by Section 7(b) above shall terminate upon an the first sale of Common Stock
                                         of the Company to the general public pursuant to a registration statement filed with
                                         and declared effective by the Securities Exchange Commission under the Securities Act
                                         of 1933, as amended (the “Securities Act”).  Upon termination
                                         of such transfer restrictions, the Company will remove any stop-transfer notices referred
                                         to in Section 12(b) below and related to the restriction in this Section 7
                                         and, if certificates are issued, a new certificate or certificates representing the Shares
                                         not repurchased shall be issued, on request, without the legend referred to in Section 12(a)(ii) below
                                         and delivered to Holder.

 

8.         Investment
and Taxation Representations.  In connection with the receipt of the RSUs and the Common Stock upon settlement
of the RSUs, Participant represents to the Company the following:

 

(a)      
Participant is aware of the Company’s business affairs and financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Shares issued pursuant to this Agreement.  Participant
is or will be acquiring the Shares for investment for Participant’s own account only and not with a view to, or for resale
in connection with, any “distribution” thereof within the meaning of the Securities Act or under any applicable provision
of state law.  Participant does not have any present intention to transfer the Shares issued pursuant to this Agreement to
any other person or entity.

 

(b)      
Participant understands that the Shares issued pursuant to this Agreement have not been registered under the Securities Act by
reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant’s
investment intent as expressed herein.

 

(c)      
Participant further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered
under the Securities Act or an exemption from such registration is available.  Participant further acknowledges and understands
that the Company is under no obligation to register the securities.

 

     

     

    

 

(d)      
Participant is familiar with the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permits
limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities
(or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions.  Participant
understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant
to Rule 144, which rule requires, among other things, that the Company be subject to the reporting requirements of the
Exchange Act, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified
time periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to
brokered transactions.  Notwithstanding this Section 8(d), Participant acknowledges and agrees to the restrictions set
forth in Section 8(e) below.

 

(e)      
Participant further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rule 144 is not exclusive, the Staff of the Securities and Exchange Commission has expressed
its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than
pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available
for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their
own risk.

 

(f)       
Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s receipt of the
RSUs, the vesting and/or settlement of the RSUs, the issuance of Shares allocated to the RSUs and/or the disposition of such Shares. 
Participant represents that Participant has consulted any tax consultants Participant deems advisable in connection with the receipt
of the RSUs, the vesting and/or settlement of the RSUs, the issuance of Shares allocated to the RSUs and/or the disposition of
such Shares and that Participant is not relying on the Company for any tax advice.

 

9.         Section 409A.
  All payments made and benefits provided under this Agreement are intended to be exempt from the requirements of Section 409A
to the maximum extent permitted pursuant to Treasury Regulation Section 1.409A-1(b)(4) so that none of the payments
or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted
to be so exempt.  In no event will the Company reimburse Participant for any taxes or other penalties that may be imposed
on Participant as a result of Section 409A and, by accepting the RSUs, Participant hereby indemnifies the Company for any
liability that arises as a result of Section 409A.

 

10.       Securities
Law Compliance.  Notwithstanding anything to the contrary contained herein, Shares will not be issued pursuant to
this Agreement unless the Shares are then registered under the Securities Act or, if such Shares are not then so registered, the
Company has determined that such issuance would be exempt from the registration requirements of the Securities Act.  The
issuance of Shares pursuant to this Agreement also must comply with other Applicable Laws and regulations governing the RSUs,
and the Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon settlement of the
RSUs unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in
consultation with its legal counsel.

 

     

     

    

 

11.       Lock-Up
Agreement.  In connection with the initial public offering of the Company’s securities and upon request of
the Company or the underwriters managing such offering of the Company’s securities, Participant hereby agrees not to sell,
make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however
or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such
underwriters, as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration
as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be
requested by the underwriters at the time of the Company’s initial public offering. In addition, upon request of the Company
or the underwriters managing a public offering of the Company’s securities (other than the initial public offering), Participant
hereby agrees to be bound by similar restrictions, and to sign a similar agreement, in connection with no more than one additional
registration statement filed within 12 months after the closing date of the initial public offering, provided that the duration
of the lock-up period with respect to such additional registration shall not exceed 90 days from the effective date of such additional
registration statement. Notwithstanding the foregoing, if during the last 17 days of the restricted period, the Company issues
an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted
period the Company announces that it will release earnings results during the 16-day period beginning on the last day of the restricted
period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed
by this subsection shall continue to apply until the end of the third trading day following the expiration of the 15-day period
beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the
restricted period extend beyond 216 days after the effective date of the registration statement. Notwithstanding the foregoing,
the Company shall use its best efforts to cause any such agreement to contain a phased release from the lock-up period contained
in the agreement based on the Company’s achievement of certain performance milestones. Any waiver or termination of the
restrictions of any or all of such agreements by the Company or the underwriters shall apply to all securityholders subject to
such agreements pro rata based on the number of shares subject to such agreements.

 

12.       Restrictive
Legends and Stop-Transfer Orders:

 

		1.	Legends.  Any
                                         certificate or certificates representing the Shares shall bear the following legends
                                         (as well as any legends required by the Company or applicable state and federal corporate
                                         and securities laws):

 

		1.	“THE SECURITIES REPRESENTED
                                         HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED
                                         FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
                                         THEREOF.  NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE
                                         REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY
                                         TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

     

     

    

 

		2.	“THE
                                         SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE
                                         WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
                                         A COPY OF WHICH IS ON FILE WITH AND MAY BE OBTAINED FROM THE SECRETARY
                                         OF THE COMPANY.”

 

		2.	Stop-Transfer Notices. 
                                         Participant agrees that, in order to ensure compliance with the restrictions referred
                                         to herein, the Company may issue appropriate “stop transfer” instructions
                                         to its transfer agent, if any, and that, if the Company transfers its own securities,
                                         it may make appropriate notations to the same effect in its own records.

 

		3.	Refusal to Transfer. 
                                         The Company shall not be required (i) to transfer on its books any Shares issued
                                         pursuant to this Agreement that have been sold or otherwise transferred in violation
                                         of any of the provisions of this Agreement or (ii) to treat as owner of such Shares
                                         or to accord the right to vote or pay dividends to any purchaser or other transferee
                                         to whom such Shares shall have been so transferred.

 

13.       No
Employment Rights.  Nothing contained in this Agreement is intended to constitute or create a contract of employment,
nor shall it constitute or create the right to remain associated with or in the employ of the Company or any Subsidiary or Affiliate
for any particular period of time.  Nothing in this Agreement shall affect in any manner whatsoever the right or power of
the Company, or a parent, subsidiary or affiliate of the Company, to terminate Participant’s employment or consulting relationship,
for any reason, with or without cause.

 

14.       Waiver
of Statutory Information Rights.  Participant acknowledges and understands that,
but for the waiver made herein, upon delivery of any Shares issued to Participant pursuant to this Agreement, Participant would
be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies
and extracts from, the Company’s stock ledger, a list of its stockholders, and its other books and records, and the books
and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of
the General Corporation Law of Delaware (any and all such rights, and any and all such other rights of Participant as may be provided
for in Section 220, the “Inspection Rights”).  In light of the foregoing, until an IPO, Participant
hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercised or pursued
directly or indirectly pursuant to Section 220 or otherwise, and covenants and agrees never to directly or indirectly commence,
voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other
proceeding to pursue or exercise the Inspection Rights.  The foregoing waiver applies to the Inspection Rights of Participant
in Participant’s capacity as a stockholder and shall not affect any rights of a director, in his or her capacity as such,
under Section 220.  The foregoing waiver shall not apply to any contractual inspection rights of Participant under any
written agreement with the Company.

 

     

     

    

 

15.       No
Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making
any recommendations regarding Participant’s participation in the Plan, or Participant’s receipt, vesting or settlement
of the RSUs or the Shares allocated thereto or the sale of such Shares.  Participant is hereby advised to consult with his
or her own personal tax, legal and financial advisors regarding his or her participation in the Plan and the RSUs before accepting
the RSUs or otherwise taking any action related to the RSUs or the Plan.

 

16.       Reserved.

 

17.       Miscellaneous.

	

 

		1.	Governing Law. 
                                         This Agreement and all acts and transactions pursuant hereto and the rights and obligations
                                         of the parties hereto shall be governed, construed and interpreted in accordance with
                                         the laws of the State of California, without giving effect to principles of conflicts
                                         of law.  For purposes of litigating any dispute that may arise directly or indirectly
                                         from this Agreement, the parties hereby submit and consent to the exclusive jurisdiction
                                         of the State of California and agree that any such litigation shall be conducted only
                                         in the courts of California or the federal courts of the United States located in California
                                         and no other courts.

 

		2.	Entire Agreement; Enforcement
                                         of Rights.  This Agreement, together with the Grant Notice and the Plan,
                                         sets forth the entire agreement and understanding of the parties relating to the subject
                                         matter herein and merges all prior or contemporaneous discussions between them. 
                                         No modification of or amendment to this Agreement, nor any waiver of any rights under
                                         this Agreement, shall be effective unless in writing signed by the parties to this Agreement. 
                                         The failure by either party to enforce any rights under this Agreement shall not be construed
                                         as a waiver of any rights of such party.

 

     

     

    

 

		3.	Severability. 
                                         If one or more provisions of this Agreement, the Grant Notice or the Plan are held to
                                         be unenforceable under Applicable Laws, the parties agree to renegotiate such provision
                                         in good faith.  In the event that the parties cannot reach a mutually agreeable
                                         and enforceable replacement for such provision, then (i) such provision shall be
                                         excluded from this Agreement, the Grant Notice and the Plan, (ii) the balance of
                                         the Agreement, the Grant Notice and the Plan shall be interpreted as if such provision
                                         were so excluded and (iii) the balance of the Agreement, the Grant Notice and the
                                         Plan shall be enforceable in accordance with its terms.

 

		4.	Imposition
                                         of Other Requirements.  The Company reserves the right to impose other requirements
                                         on Participant’s participation in the Plan, on the RSUs and on any Shares allocated
                                         to the RSUs, to the extent the Company determines it is necessary or advisable for legal
                                         or administrative reasons, and to require Participant to sign any additional agreements
                                         or undertakings that may be necessary to accomplish the foregoing.  Participant
                                         also acknowledges that the Applicable Laws of the country in which Participant is residing
                                         or working at the time of grant, vesting and settlement of the RSUs or the sale of Shares
                                         received pursuant to the RSUs (including any rules or regulations governing securities,
                                         foreign exchange, tax, labor, or other matters) may subject Participant to additional
                                         procedural or regulatory requirements that Participant is and will be solely responsible
                                         for and must fulfill.

 

		5.	Notices.  Any
                                         notice required or permitted by this Agreement shall be in writing and shall be deemed
                                         sufficient when delivered personally or by overnight courier or sent by email or fax
                                         (upon customary confirmation of receipt), or forty-eight (48) hours after being deposited
                                         in the U.S. mail or a comparable foreign mail service, as certified or registered mail
                                         with postage prepaid, addressed to the party to be notified at such party’s address,
                                         email or fax number as set forth on the signature page, as subsequently modified by written
                                         notice, or if no address is specified on the signature page, at the most recent address
                                         set forth in the Company’s books and records.

 

		6.	Counterparts. 
                                         This Agreement may be executed in two or more counterparts, each of which shall be deemed
                                         an original and all of which together shall constitute one instrument.

 

		7.	Successors and Assigns. 
                                         The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable
                                         by the Company’s successors and assigns.  The rights and obligations of Participant
                                         under this Agreement may only be assigned with the prior written consent of the Company.

 

		8.	Electronic Delivery.  The
                                         Company may, in its sole discretion, decide to deliver any documents related to this
                                         Agreement or any notices required by Applicable Law or the Company’s Certificate
                                         of Incorporation or Bylaws by email or any other electronic means.  Participant
                                         hereby consents to (i) conduct business electronically (ii) receive such documents
                                         and notices by such electronic delivery and (iii) sign documents electronically
                                         and agrees to participate through an on-line or electronic system established and maintained
                                         by the Company or a third party designated by the Company.

 

		9.	California Corporate Securities
                                         Law.  THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT
                                         HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA
                                         AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE
                                         CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES
                                         IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA
                                         CORPORATIONS CODE.  THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED
                                         UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

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