Document:

Exhibit
10.14

 

WARRANT

 

THIS WARRANT AND THE
SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER
APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER
THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION
SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.

 

Warrant Certificate
No.: 39

 

Original Issue Date:
September 16, 2019

 

FOR VALUE RECEIVED,
EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”), hereby certifies that
Corbin ERISA Opportunity Fund Ltd, any of its affiliates or its registered assigns (the “Holder”) is entitled
to purchase from the Company two hundred and sixty-five thousand three hundred and ninety-three (265,393) duly authorized, validly
issued, fully paid and nonassessable shares of Common Stock at a purchase price per share of $0.01 (the “Exercise Price”),
all subject to the terms, conditions and adjustments set forth below in this Warrant. Certain capitalized terms used herein are
defined in Section 1 hereof.

 

1.
Definitions. As used in this Warrant, the following terms have the respective meanings set forth below:

 

“Aggregate
Exercise Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant
is then being exercised pursuant to Section 4 hereof, multiplied by (b) the Exercise Price.

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in New York are authorized
or obligated by law or executive order to close.

 

“Change of
Control” shall mean (i) a merger or consolidation of the Company with another entity, in which the Company is not the
survivor or the stockholders of the Company immediately prior to such merger or consolidation do not own, directly or indirectly,
at least 50% of the voting securities of the surviving entity, (ii) the sale, assignment, transfer, conveyance or other disposal
of all or substantially all of the properties or assets or all or a majority of the outstanding voting securities of the Company,
(iii) a purchase, tender or exchange offer accepted by the holders of a majority of the outstanding voting shares of capital stock
of the Company directly or indirectly, in one or more related transactions, (iv) a “person” or “group”
(as these terms are used for purposes of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of at least a majority of the outstanding shares of Common Stock of the Company through a stock purchase
agreement or other business combination (including, without limitation, a reorganization, reclassification, spin off or scheme
of arrangement) with another person, or (v) the Company has elected to reorganize, recapitalize or reclassify its Common Stock
(other than to change domicile).

 

     

     

    

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company, and any capital stock into which such Common Stock shall have
been converted, exchanged or reclassified following the date hereof.

 

“Common Stock
Deemed Outstanding” means, at any given time, the sum of (a) the number of shares of Common Stock actually outstanding
at such time, plus (b) the number of shares of Common Stock issuable upon exercise of Options actually outstanding at such time,
plus (c) the number of shares of Common Stock issuable upon conversion or exchange of Convertible Securities actually outstanding
at such time (treating as actually outstanding any Convertible Securities issuable upon exercise of Options actually outstanding
at such time), in each case, regardless of whether the Options or Convertible Securities are actually exercisable at such time;
provided, that Common Stock Deemed Outstanding at any given time shall not include shares owned or held by or for the account of
the Company or any of its wholly owned subsidiaries.

 

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

 

“Convertible
Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but excluding
Options.

 

“Excluded
Issuances” means any issuance or sale (or deemed issuance or sale in accordance with Section 4(c)) by the Company
after the Original Issue Date of: (a) shares of Common Stock issued upon the exercise of this Warrant; or (b) shares of Common
Stock (as such number of shares is equitably adjusted for subsequent stock splits, stock combinations, stock dividends and recapitalizations)
issued directly or upon the exercise of Options to directors, officers, employees, or consultants of the Company in connection
with their service as directors of the Company, their employment by the Company or their retention as consultants by the Company,
in each case authorized by the Board and issued pursuant to the Company’s Amended and Restated 2018 Stock Incentive Plan
(including all such shares of Common Stock and Options outstanding prior to the Original Issue Date), so long as the exercise price
in respect of any Options is not less than the Fair Market Value of the Common Stock as of the date such Option is issued.

 

“Exercise
Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth in
Section 4 shall have been satisfied at or prior to 5:00 p.m., New York City time, on a Business Day, including, without limitation,
the receipt by the Company of the Exercise Form, the Warrant and the Aggregate Exercise Price.

 

“Exercise
Form” has the meaning set forth in Section 4(a)(i).

 

“Exercise
Period” has the meaning set forth in Section 2.

 

“Exercise
Price” has the meaning set forth in the preamble.

 

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“Fair Market
Value” of a Warrant Share shall mean the arithmetic average of the last trade price of the Common Stock (as reported
by Bloomberg Financial Markets) for the five (5) consecutive days on which the Nasdaq is open for trading, ending on the date immediately
preceding the Exercise Date, on the principal trading market on which the Common Stock is quoted or listed for trading. If the
Fair Market Value cannot be calculated on a particular date on the foregoing basis, the Fair Market Value shall be the average
of the highest bid and lowest asked prices for the Common Stock on the principal trading market at the end of such day. If at any
time the Common Stock is not listed on a domestic securities exchange or quoted on the Financial Industry Regulatory Authority
OTC Bulletin Board electronic inter-dealer quotation system, the OTC Markets Group Inc. electronic inter-dealer quotation system
or similar quotation system or association, the Fair Market Value of the Common Stock shall be the fair market value determined
jointly in good faith by the Board and the Holder; provided, that if the Board and the Holder are unable to agree on the Fair Market
Value of a Warrant Share within a reasonable period of time (not to exceed five (5) days from the Company’s receipt of the
Exercise Form), Fair Market Value shall be determined by a nationally recognized investment banking, accounting or valuation firm
jointly selected by the Holder and the Company and engaged by the Company. The determination of such firm shall be final and conclusive,
and the fees and expenses of such valuation firm shall be borne by the Company. The investment bank so engaged shall determine
the Fair Market Value of the Common Stock assuming an orderly sale transaction between a willing buyer and a willing seller, using
valuation techniques then prevailing in the securities industry without regard to the lack of liquidity of the Common Stock due
to any restrictions (contractual or otherwise) applicable thereto or any discount for minority interests and assuming full disclosure
of all relevant information and a reasonable period of time for effectuating such sale and assuming the sale of all of the issued
and outstanding Common Stock (including fractional interests) calculated on a fully diluted basis (except those securities, rights
and warrants (a) owned or held by or for the account of the Company or any of its subsidiaries, or (b) convertible or exchangeable
into Common Stock where the conversion, exchange or exercise price per share is greater than the Fair Market Value). All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the
applicable calculation period.

 

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

 

“Nasdaq”
means The NASDAQ Stock Market LLC.

 

“New Securities”
shall mean any capital stock of the Company issued after the Date of Issuance, all rights, options or warrants to purchase such
capital stock, and any securities of any type whatsoever that shall be (or may become) exchangeable or exercisable for, or convertible
into, such capital stock.

 

“Options”
means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.

 

“Original
Issue Date” means September 16, 2019.

 

“Original
Price” has the meaning set forth in Section 5(a).

 

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“OTC Bulletin
Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation system.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated
organization or government or department or agency thereof.

 

“Pink OTC
Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and OTC Pink.

 

“Warrant”
means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.

 

“Warrant Shares”
means the shares of Common Stock or other capital stock of the Company then purchasable upon exercise of this Warrant in accordance
with the terms of this Warrant.

 

2. Term
of Warrant. Subject to the terms and conditions hereof, at any time or from time to time after the date hereof and prior to
5:00 p.m., New York City time, on September 16, 2024 (the “Exercise Period”), the Holder of this Warrant may
exercise this Warrant for all or any part of the Warrant Shares purchasable hereunder (subject to adjustment as provided herein).
The Company shall give the Holder written notice of the expiration of the Exercise Period not less than 30 days but not more than
60 days prior to the end of the Exercise Period.

 

3. Automatic
Exercise. If, at the end of the Exercise Period, the Holder has remaining Warrant Shares subject to this Warrant (excluding
Warrant Shares that the Holder has delivered a duly executed Exercise Form pursuant to Section 4(a)(i) hereof) and the Fair
Market Value of the Common Stock is greater than the Exercise Price, then such Warrant Shares shall be automatically deemed to
be exercised pursuant to a Cashless Exercise (as defined below) by the Holder immediately prior to the end of the Exercise Period.
The Company will promptly thereafter issue to the Holder a stock certificate representing the Warrant Shares the Holder is entitled
to at such time.

 

4. Exercise
of Warrant.

 

(a) Exercise
Procedure. This Warrant may be exercised from time to time on any Business Day during the Exercise Period, for all or any part
of the unexercised Warrant Shares, upon:

 

(i) surrender
of this Warrant to the Company at its then principal executive offices (or an indemnification undertaking with respect to this
Warrant in the case of its loss, theft or destruction), together with an Exercise Form in the form attached hereto as Exhibit A
(each, an “Exercise Form”), duly completed (including specifying the number of Warrant Shares to be purchased)
and executed; and

 

(ii) payment
to the Company of the Aggregate Exercise Price in accordance with Section 4(b).

 

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(b) Payment
of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as expressed
in the Exercise Form, by the following methods:

 

(i) by
delivery to the Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately
available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price;

 

(ii) by
instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair
Market Value as of the Exercise Date equal to such Aggregate Exercise Price (a “Cashless Exercise”); or

 

(iii) any
combination of the foregoing.

 

In the event of any withholding of Warrant
Shares or surrender of other equity securities pursuant to clause (ii), (iii) or (iv) above where the number of shares whose value
is equal to the Aggregate Exercise Price is not a whole number, the number of shares withheld by or surrendered to the Company
shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery of a certified
or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share being so
withheld by or surrendered to the Company in an amount equal to the product of (x) such incremental fraction of a share being so
withheld or surrendered multiplied by (y) in the case of Common Stock, the Fair Market Value per Warrant Share as of the Exercise
Date, and, in all other cases, the value thereof as of the Exercise Date determined in accordance with clause (iii)(y) above.

 

(c) Issuance
of Warrant Shares. Upon receipt by the Company of the Exercise Form, surrender of this Warrant and payment of the Aggregate
Exercise Price (in accordance with Section 4(a) hereof), the Company at its expense shall, as promptly as practicable, and
in any event within three (3) Business Days thereafter, cause to be issued via book-entry in the name of the Holder or as the Holder
may direct, the number of shares of Warrant Shares to which the Holder shall be entitled upon such exercise, together with cash
in lieu of any fraction of a share, as provided in Section 4(d) hereof. This Warrant shall be deemed to have been exercised
and such Warrant Shares shall be deemed to have been issued via book-entry, and the Holder or any other Person so designated to
be named therein shall be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the Exercise
Date.

 

(d) Fractional
Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. As to any fraction
of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder
an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available funds) equal
to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the Exercise Date.

 

(e) Delivery
of New Warrant. Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised,
the Company shall, at the time of delivery of the certificate or certificates representing the Warrant Shares being issued in accordance
with Section 4(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexpired and
unexercised Warrant Shares called for by this Warrant. Such new Warrant shall in all other respects be identical to this Warrant.

 

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(f) Valid
Issuance of Warrant and Warrant Shares; Payment of Taxes. With respect to the exercise of this Warrant, the Company hereby
represents, covenants and agrees:

 

(i) This
Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized
and validly issued.

 

(ii) All
Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company
shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid
and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company and free and
clear of all taxes, liens and charges.

 

(iii) The
Company shall take all such actions as may be necessary to ensure that all such Warrant Shares are issued without violation by
the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which
shares of Common Stock or other securities constituting Warrant Shares may be listed at the time of such exercise (except for official
notice of issuance which shall be immediately delivered by the Company upon each such issuance).

 

(iv) The
Company shall use its best efforts to cause the Warrant Shares, immediately upon such exercise, to be listed on any domestic securities
exchange upon which shares of Common Stock or other securities constituting Warrant Shares are listed at the time of such exercise.

 

(v) The
Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect
to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required
to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery
of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the
Person requesting such issuance has paid to the Company the amount of any such tax, or has established to the satisfaction of the
Company that such tax has been paid.

 

(g) Conditional Exercise.
Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with a sale
of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder be conditioned
upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior
to the consummation of such transaction.

 

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(h) Exercise
Upon a Change of Control. Upon the occurrence of a Change of Control, the Holder may elect, by giving notice to the Company within
fifteen (15) days of such Change of Control, to receive in exchange for its Warrants the kind and amount of securities, cash or
other assets (the “Sale Consideration”) which the Holder would have received with respect to the Common Stock issuable
upon the exercise of such Warrants if the Holder had exercised such Warrants on a cashless basis immediately prior to the occurrence
of the Change of Control, with such number of shares of Common Stock which would have been so issuable to be determined by (i)
subtracting B from A, (ii) dividing the result by A, and (iii) multiplying the quotient by C as set forth in the following equation:

 

X= (A - B) x
CP

 

A

 

where:

 

		X =	the number of shares of Common Stock issuable upon exercise pursuant to this paragraph 4(g).

 

		A =	the amount of Sale Consideration payable per share of Common Stock in connection with the Change
of Control, (i) with such amount expressed in U.S. dollars and, if applicable, rounded to the nearest whole cent, and (ii) with
any non-cash portion of such Sale Consideration valued at the value attributed thereto in the Change of Control.

 

		B =	the Exercise Price.

 

		C =	the number of shares of Common Stock as to which the applicable Warrants are exercisable (prior
to payment of the Exercise Price).

 

(i) Reservation
of Shares. During the Exercise Period, the Company shall at all times reserve and keep available out of its authorized but
unissued Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of
this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the par value per Warrant Share
shall at all times be less than or equal to the applicable Exercise Price. The Company shall not increase the par value of any
Warrant Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, and shall take all such actions
as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares
of Common Stock upon the exercise of this Warrant.

 

5. Adjustment
to Number of Warrant Shares. In order to prevent dilution of the purchase rights granted under this Warrant, the number of
Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time as provided in this Section
5 (in each case, after taking into consideration any prior adjustments pursuant to this Section 5).

 

(a) Adjustment
to Number of Warrant Shares Upon Issuance of Common Stock. Except as provided in Section 5(b) and except in the case
of an event described in either Section 5(d) or Section 5(e), if the Company shall, at any time or from time to
time after the Original Issue Date, issue or sell, or in accordance with Section 5(c) is deemed to have issued or sold,
any shares of Common Stock without consideration or for consideration per share less than $ 2.50 (as such amount is proportionately
adjusted for stock splits, reverse stock splits, stock combinations, stock dividends and other distributions and recapitalizations
affecting the Common Stock after the Original Issue Date, the “Original Price”), then immediately upon such
issuance or sale (or deemed issuance or sale), the number of Warrant Shares issuable upon exercise of this Warrant immediately
prior to any such issuance or sale (or deemed issuance or sale) shall be increased to a number of Warrant Shares equal to the
product obtained by multiplying the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such
issuance or sale (or deemed issuance or sale) by a fraction (which shall in no event be less than one):

 

(i) the
numerator of which shall be the number of shares of Common Stock Deemed Outstanding immediately after such issuance or sale (or
deemed issuance or sale); and

 

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(ii) the
denominator of which shall be the sum of (A) the number of shares of Common Stock Deemed Outstanding immediately prior to such
issuance or sale (or deemed issuance or sale) plus (B) the aggregate number of shares of Common Stock which the aggregate amount
of consideration, if any, received by the Company upon such issuance or sale (or deemed issuance or sale) would purchase at either
the Original Price or, if the consideration per share in such issuance or sale (or deemed issuance or sale) is not less than the
Original Price, the Fair Market Value per share of the Common Stock immediately prior to such issuance or sale (or deemed issuance
or sale).

 

(b) Exceptions
to Adjustment Upon Issuance of Common Stock. Anything herein to the contrary notwithstanding, there shall be no adjustment
to the number of Warrant Shares issuable upon exercise of this Warrant with respect to any Excluded Issuance.

 

(c) Effect
of Certain Events on Adjustment to Number of Warrant Shares. For purposes of determining the adjusted number of Warrant Shares
under Section 5(a) hereof, the following shall be applicable:

 

(i) Issuance
of Options. If the Company shall, at any time or from time to time after the Original Issue Date, in any manner grant or sell
(whether directly or by assumption in a merger or otherwise) any Options, whether or not such Options or the right to convert or
exchange any Convertible Securities issuable upon the exercise of such Options are immediately exercisable, and the price per share
(determined as provided in this paragraph and in Section 5(c)(v)) for which Common Stock is issuable upon the exercise of
such Options or upon the conversion or exchange of Convertible Securities issuable upon the exercise of such Options is less than
the Original Price in effect immediately prior to the time of the granting or sale of such Options, then the total maximum number
of shares of Common Stock issuable upon the exercise of such Options or upon conversion or exchange of the total maximum amount
of Convertible Securities issuable upon the exercise of such Options shall be deemed to have been issued as of the date of granting
or sale of such Options (and thereafter shall be deemed to be outstanding for purposes of adjusting the number of Warrant Shares
under Section 5(a)), at a price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute
the applicable consideration received for purposes of Section 5(a)) of (x) the total amount, if any, received or receivable
by the Company as consideration for the granting or sale of all such Options, plus (y) the minimum aggregate amount of additional
consideration payable to the Company upon the exercise of all such Options, plus (z), in the case of such Options which relate
to Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable to the Company upon the issuance
or sale of all such Convertible Securities and the conversion or exchange of all such Convertible Securities, by (B) the total
maximum number of shares of Common Stock issuable upon the exercise of all such Options or upon the conversion or exchange of all
Convertible Securities issuable upon the exercise of all such Options. Except as otherwise provided in Section 5(c)(iii),
no further adjustment of the number of Warrant Shares shall be made upon the actual issuance of Common Stock or of Convertible
Securities upon exercise of such Options or upon the actual issuance of Common Stock upon conversion or exchange of Convertible
Securities issuable upon exercise of such Options.

 

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(ii) Issuance
of Convertible Securities. If the Company shall, at any time or from time to time after the Original Issue Date, in any manner
grant or sell (whether directly or by assumption in a merger or otherwise) any Convertible Securities, whether or not the right
to convert or exchange any such Convertible Securities is immediately exercisable, and the price per share (determined as provided
in this paragraph and in Section 5(c)(v)) for which Common Stock is issuable upon the conversion or exchange of such Convertible
Securities is less than the Original Price in effect immediately prior to the time of the granting or sale of such Convertible
Securities, then the total maximum number of shares of Common Stock issuable upon conversion or exchange of the total maximum amount
of such Convertible Securities shall be deemed to have been issued as of the date of granting or sale of such Convertible Securities
(and thereafter shall be deemed to be outstanding for purposes of adjusting the number of Warrant Shares pursuant to Section
5(a)), at a price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute the applicable
consideration received for purposes of Section 5(a)) of (x) the total amount, if any, received or receivable by the Company
as consideration for the granting or sale of such Convertible Securities, plus (y) the minimum aggregate amount of additional consideration,
if any, payable to the Company upon the conversion or exchange of all such Convertible Securities, by (B) the total maximum number
of shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities. Except as otherwise provided
in Section 5(c)(iii), no further adjustment of the number of Warrant Shares shall be made upon the actual issuance of Common
Stock upon conversion or exchange of such Convertible Securities or by reason of the issue or sale of Convertible Securities upon
exercise of any Options to purchase any such Convertible Securities for which adjustments of the number of Warrant Shares have
been made pursuant to the other provisions of this Section 5(c).

 

(iii) Change
in Terms of Options or Convertible Securities. Upon any change in any of (A) the total amount received or receivable by the
Company as consideration for the granting or sale of any Options or Convertible Securities referred to in Section 5(c)(i)
or Section 5(c)(ii) hereof, (B) the minimum aggregate amount of additional consideration, if any, payable to the Company
upon the exercise of any Options or upon the issuance, conversion or exchange of any Convertible Securities referred to in Section
5(c)(i) or Section 5(c)(ii) hereof, (C) the rate at which Convertible Securities referred to in Section 5(c)(i)
or Section 5(c)(ii) hereof are convertible into or exchangeable for Common Stock, or (D) the maximum number of shares of
Common Stock issuable in connection with any Options referred to in Section 5(c)(i) hereof or any Convertible Securities
referred to in Section 5(c)(ii) hereof (in each case, other than in connection with an Excluded Issuance), then (whether
or not the original issuance or sale of such Options or Convertible Securities resulted in an adjustment to the number of Warrant
Shares pursuant to this Section 5) the number of Warrant Shares issuable upon exercise of this Warrant at the time of such
change shall be adjusted or readjusted, as applicable, to the number of Warrant Shares which would have been in effect at such
time pursuant to the provisions of this Section 5 had such Options or Convertible Securities still outstanding provided
for such changed consideration, conversion rate or maximum number of shares, as the case may be, at the time initially granted,
issued or sold, but only if as a result of such adjustment or readjustment, the number of Warrant Shares issuable upon exercise
of this Warrant is increased.

 

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(iv) Treatment
of Expired or Terminated Options or Convertible Securities. Upon the expiration or termination of any unexercised Option (or
portion thereof) or any unconverted or unexchanged Convertible Security (or portion thereof) for which any adjustment (either upon
its original issuance or upon a revision of its terms) was made pursuant to this Section 5 (including without limitation
upon the redemption or purchase for consideration of all or any portion of such Option or Convertible Security by the Company),
the number of Warrant Shares then issuable upon exercise of this Warrant shall forthwith be changed pursuant to the provisions
of this Section 5 to the number of Warrant Shares which would have been in effect at the time of such expiration or termination
had such unexercised Option (or portion thereof) or unconverted or unexchanged Convertible Security (or portion thereof), to the
extent outstanding immediately prior to such expiration or termination, never been issued.

 

(v) Calculation of
Consideration Received. If the Company shall, at any time or from time to time after the Original Issue Date, issue or sell,
or is deemed to have issued or sold in accordance with Section 5(c), any shares of Common Stock, Options or Convertible
Securities: (A) for cash, the consideration received therefor shall be deemed to be the net amount received by the Company therefor;
(B) for consideration other than cash, the amount of the consideration other than cash received by the Company shall be the fair
value of such consideration, except where such consideration consists of marketable securities, in which case the amount of consideration
received by the Company shall be the market price (as reflected on any securities exchange, quotation system or association or
similar pricing system covering such security) for such securities as of the end of business on the date of receipt of such securities;
(C) for no specifically allocated consideration in connection with an issuance or sale of other securities of the Company, together
comprising one integrated transaction, the amount of the consideration therefor shall be deemed to be the fair value of such portion
of the aggregate consideration received by the Company in such transaction as is attributable to such shares of Common Stock,
Options or Convertible Securities, as the case may be, issued in such transaction; or (D) to the owners of the non-surviving entity
in connection with any merger in which the Company is the surviving corporation, the amount of consideration therefor shall be
deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such
shares of Common Stock, Options or Convertible Securities, as the case may be, issued to such owners. The fair value of any consideration
other than cash or marketable securities shall be determined in good faith jointly by the Board and the Holder; provided, that
if the Board and the Holder are unable to agree on the fair value of any consideration other than cash or marketable securities
within a reasonable period of time (not to exceed five (5) days from the Holder’s receipt of a certificate of adjustment
pursuant to Section 5(g)(i) relating to the applicable issuance), such fair value shall be determined by a nationally recognized
investment banking, accounting or valuation firm jointly selected by the Board and the Holder. The determination of such firm
shall be final and conclusive, and the fees and expenses of such valuation firm shall be borne by the Company.

 

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(vi) Record
Date. For purposes of any adjustment to the number of Warrant Shares in accordance with this Section 5, in case the
Company shall take a record of the holders of its Common Stock for the purpose of entitling them (A) to receive a dividend or other
distribution payable in Common Stock, Options or Convertible Securities or (B) to subscribe for or purchase Common Stock, Options
or Convertible Securities, then such record date shall be deemed to be the date of the issue or sale of the shares of Common Stock
deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of
the granting of such right of subscription or purchase, as the case may be; provided, that if before the distribution to
its holders of Common Stock the Company legally abandons its plan to pay or deliver such dividend, distribution, subscription or
purchase rights, then thereafter no adjustment shall be required by the taking of such record and any such adjustment previously
made in respect thereof shall be rescinded and annulled.

 

(vii) Treasury
Shares. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for
the account of the Company or any of its wholly-owned subsidiaries, and the disposition of any such shares (other than the cancellation
or retirement thereof or the transfer of such shares among the Company and its wholly-owned subsidiaries) shall be considered an
issue or sale of Common Stock for the purpose of this Section 5.

 

(viii) Other
Dividends and Distributions. Subject to the provisions of this Section 5(c), if the Company shall, at any time or
from time to time after the Original Issue Date, make or declare, or fix a record date for the determination of holders of
Common Stock entitled to receive, a dividend or any other distribution (the “Distribution”) payable in
securities of the Company (other than a dividend or distribution of shares of Common Stock, Options or Convertible Securities
in respect of outstanding shares of Common Stock), cash or other property, then the Company shall distribute to the Holder of
this Warrant as of the record date for such Distribution the Distribution that such Holder would have received had their
Warrant been exercised in full immediately prior to such record date.

 

(d) Adjustment
to Number of Warrant Shares Upon Dividend, Subdivision or Combination of Common Stock. If the Company shall, at any time or
from time to time after the Original Issue Date, (i) pay a dividend or make any other distribution upon the Common Stock or any
other capital stock of the Company payable in shares of Common Stock or in Options or Convertible Securities, or (ii) subdivide
(by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the
number of Warrant Shares issuable upon exercise of this Warrant immediately prior to any such dividend, distribution or subdivision
shall be proportionately increased. If the Company at any time combines (by combination, reverse stock split or otherwise) its
outstanding shares of Common Stock into a smaller number of shares, the number of Warrant Shares issuable upon exercise of this
Warrant immediately prior to such combination shall be proportionately decreased. Any adjustment under this Section 5(d)
shall become effective at the close of business on the date the dividend, subdivision or combination becomes effective.

 

    11

     

    

 

(e) Adjustment
to Number of Warrant Shares Upon Reorganization, Reclassification, Consolidation or Merger. To the extent the Holder does not
exercise its applicable rights under Section 4(h) hereof, if there is a (i) capital reorganization of the Company, (ii)
reclassification of the stock of the Company (other than a change in par value or from par value to no par value or from no par
value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares), (iii) consolidation or
merger of the Company with or into another Person, (iv) Change of Control or (v) other similar transaction (other than any such
transaction covered by Section 5(d)), in each case, which entitles the holders of Common Stock to receive (either directly
or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, each Warrant shall,
immediately after such reorganization, reclassification, consolidation, merger, sale or similar transaction, remain outstanding
and shall thereafter, in lieu of or in addition to (as the case may be) the number of Warrant Shares then exercisable under this
Warrant, be exercisable for the kind and number of shares of stock or other securities or assets of the Company or of the successor
Person resulting from such transaction to which the Holder would have been entitled upon such reorganization, reclassification,
consolidation, merger, sale or similar transaction if the Holder had exercised this Warrant in full immediately prior to the time
of such reorganization, reclassification, consolidation, merger, sale or similar transaction and acquired the applicable number
of Warrant Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions
on the exercisability of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder)
shall be made with respect to the Holder’s rights under this Warrant to insure that the provisions of this Section 5
hereof shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or
assets thereafter acquirable upon exercise of this Warrant. The provisions of this Section 5(e) shall similarly apply to
successive reorganizations, reclassifications, consolidations, mergers, sales or similar transactions. The Company shall not effect
any such reorganization, reclassification, consolidation, merger, sale or similar transaction unless, prior to the consummation
thereof, the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation,
merger, sale or similar transaction, shall assume, by written instrument substantially similar in form and substance to this Warrant
and satisfactory to the Holder, the obligation to deliver to the Holder such shares of stock, securities or assets which, in accordance
with the foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant. Notwithstanding anything
to the contrary contained herein, with respect to any corporate event or other transaction contemplated by the provisions of this
Section 5(e), the Holder shall have the right to elect prior to the consummation of such event or transaction, to give effect
to the exercise rights contained in Section 2 instead of giving effect to the provisions contained in this Section 5(e)
with respect to this Warrant.

 

(f) Certain
Events. If any event of the type contemplated by the provisions of this Section 5 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features)
occurs, then the Board shall make an appropriate adjustment in the number of Warrant Shares issuable upon exercise of this Warrant
so as to protect the rights of the Holder in a manner consistent with the provisions of this Section 5; provided, that no
such adjustment pursuant to this Section 5(f) shall decrease the number of Warrant Shares issuable as otherwise determined
pursuant to this Section 5.

 

(g) Certificate
as to Adjustment.

 

(i) As
promptly as reasonably practicable following any adjustment of the number of Warrant Shares pursuant to the provisions of this
Section 5, but in any event not later than five (5) Business Days thereafter, the Company shall furnish to the Holder a
certificate of an executive officer setting forth in reasonable detail such adjustment and the facts upon which it is based and
certifying the calculation thereof.

 

    12

     

    

 

(ii) As
promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any event not
later than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer certifying
the number of Warrant Shares or the amount, if any, of other shares of stock, securities or assets then issuable upon exercise
of the Warrant.

 

(h) Notices.
In the event:

 

(i) that
the Company shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon
exercise of the Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, to vote at
a meeting (or by written consent), to receive any right to subscribe for or purchase any shares of capital stock of any class or
any other securities, or to receive any other security; or

 

(ii) of
any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger
of the Company with or into another Person, or sale of all or substantially all of the Company’s assets to another Person;
or

 

(iii) of
the voluntary or involuntary dissolution, liquidation or winding-up of the Company;

 

then, and in each such
case, the Company shall send or cause to be sent to the Holder at least ten (10) Business Days prior to the applicable record date
or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the case may be,
(A) the record date for such dividend, distribution, meeting or consent or other right or action, and a description of such dividend,
distribution or other right or action to be taken at such meeting or by written consent, or (B) the effective date on which such
reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up is proposed to take place,
and the date, if any is to be fixed, as of which the books of the Company shall close or a record shall be taken with respect to
which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon exercise of the
Warrant) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities
or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation
or winding-up, and the amount per share and character of such exchange applicable to the Warrant and the Warrant Shares.

 

6. Purchase
Rights. In addition to any adjustments pursuant to Section 5 above, if at any time the Company grants, issues or sells
any shares of Common Stock, Options, Convertible Securities or rights to purchase stock, warrants, securities or other property
pro rata to the record holders of Common Stock (the “Purchase Rights”), then the Holder shall be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder would have acquired
if the Holder had held the number of Warrant Shares acquirable upon complete exercise of this Warrant immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. Anything
herein to the contrary notwithstanding, the Holder shall not be entitled to the Purchase Rights granted herein with respect to
any Excluded Issuance.

 

    13

     

    

 

7. Preemptive
Rights.

 

(a) Preemptive
Right on New Securities. From and after the date hereof until the earlier of the expiration of the Exercise Period, the Company
will not issue or sell any Common Stock, Options or Convertible Securities, except in an Excluded Issuance, without first complying
with this Section 7. The Company hereby grants to the Holder the preemptive right to purchase its pro rata share of any
New Securities that the Company may, from time to time, propose to sell or issue. A Holder’s “pro rata share”
for purposes of this Section 7 is the number of shares of Common Stock held by the Holder or into which the Holder’s
outstanding Warrants are exercisable, in each case, as of the date the Company delivers the notice to the Holder contemplated by
Section 7(b) divided by the number of outstanding shares of Common Stock Deemed Outstanding as of the date the Company delivers
the notice to the Holder contemplated by Section 7(b).

 

(b) Notice
to Holder. Except in connection with an Excluded Issuance, if the Company proposes to issue or sell Common Stock, Options or
Convertible Securities, then it will give the Holder written notice of its intention, describing the type of Common Stock, Options
or Convertible Securities and the price and terms upon which the Company proposes to issue or sell the Common Stock, Options or
Convertible Securities. The Holder will have fifteen (15) Business Days from the date of receipt of any such notice to agree to
purchase up to its pro rata share of the Common Stock, Options or Convertible Securities for the price and upon the terms specified
in the notice from the Company described above by giving written notice to the Company stating the quantity of Common Stock, Options
or Convertible Securities agreed to be purchased.

 

(c) Alternate
Issuance. Notwithstanding the foregoing, if the Board determines in good faith that compliance with the time period described
in Section 7(b) would not be in the best interests of the Company, then, in lieu of offering any Common Stock, Options or
Convertible Securities to the Holder at the time such Common Stock, Options or Convertible Securities are otherwise being issued
or sold to the Holder, the Company may comply with the provisions of this Section 7 by making an offer to sell to the Holder
its pro rata share of such Common Stock, Options or Convertible Securities (calculated before giving effect to the issuance of
such Common Stock, Options or Convertible Securities) promptly, and in no event later than thirty days, after such issuance or
sale is consummated; provided, that the Company may not consummate a Change of Control prior to complying with this section.

 

8. Transfer
of Warrant. This Warrant and all rights hereunder are transferable, in whole or in part, by the Holder without charge to the
Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly
executed Assignment in the form attached hereto as Exhibit B, together with funds sufficient to pay any transfer taxes described
in Section 4(f)(v) in connection with the making of such transfer. Upon such compliance, surrender and delivery and, if
required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees
and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the
portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.

 

    14

     

    

 

9. Holder
Not Deemed a Stockholder; Limitations on Liability. Except as otherwise specifically provided herein (including Section
5(c)(viii)), prior to the issuance to the Holder of the Warrant Shares to which the Holder is then entitled to receive upon
the due exercise of this Warrant, the Holder shall not be entitled to vote or be deemed the holder of shares of capital stock of
the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any
of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings
or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities
on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether
such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 9, the Company shall
provide the Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously
with the giving thereof to the stockholders.

 

10. Replacement
on Loss; Division and Combination.

 

(a) Replacement
of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification
agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such
Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof,
a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated
or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is
surrendered to the Company for cancellation.

 

(b) Division
and Combination of Warrant. Subject to compliance with the applicable provisions of this Warrant as to any transfer or other
assignment which may be involved in such division or combination, this Warrant may be divided or, following any such division of
this Warrant, subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the Company at its then
principal executive offices, together with a written notice specifying the names and denominations in which new Warrants are to
be issued, signed by the respective Holders or their agents or attorneys. Subject to compliance with the applicable provisions
of this Warrant as to any transfer or assignment which may be involved in such division or combination, the Company shall at its
own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered in accordance
with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall be exercisable
in the aggregate for an equivalent number of Warrant Shares as the Warrant or Warrants so surrendered in accordance with such notice.

 

    15

     

    

 

11. No
Impairment. The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall at all times
in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably
be requested by the Holder in order to protect the exercise rights of the Holder against dilution or other impairment, consistent
with the tenor and purpose of this Warrant.

 

12. Compliance
with the Securities Act.

 

(a) Agreement
to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply in all respects with
the provisions of this Section 12 and the restrictive legend requirements set forth on the face of this Warrant and further
agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise
hereof except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the “Securities
Act”). This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities
Act) shall be stamped or imprinted with a legend in substantially the following form:

 

“THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER
APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER
THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION
SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.”

 

(b) Representations
of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof,
to the Company by acceptance of this Warrant as follows:

 

(i) The
Holder is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities Act.
The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own account
and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares,
except pursuant to sales registered or exempted under the Securities Act.

 

(ii) The
Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not
involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration
under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule
144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities
Act.

 

    16

     

    

 

(iii) The
Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the
Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the offering of the Warrant and the business, properties, prospects and financial condition of the
Company.

 

13. Representations
and Warranties of the Company. The Company hereby represents and warrants to the Holder that (i) it has the corporate power
and authority to execute this Warrant and consummate the transactions contemplated by this Warrant, (ii) there are no statutory
or contractual stockholders’ preemptive rights or rights of refusal with respect to the issuance of any Warrants and (iii)
the execution and delivery by the Company of this Warrant and the issuance of the Common Stock upon exercise of any Warrant do
not and shall not (A) conflict with or result in a breach of the terms, conditions or provisions of, (B) constitute a default under,
(C) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets
pursuant to, (D) result in a violation of, or (E) require any authorization, consent, approval, exemption or other action by or
notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to, the Company’s
certificate of incorporation or bylaws or any law in effect as of the date hereof to which the Company is subject, or any agreement,
instrument, order, judgment or decree to which the Company is subject as of the date hereof, except for any such authorization,
consent, approval, notice or exemption required under applicable securities laws.

 

14. Warrant
Register. The Company shall keep and properly maintain at its principal executive offices books for the registration of the
Warrant and any transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such register
as the Holder thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment,
division, combination or other transfer of the Warrant effected in accordance with the provisions of this Warrant.

 

15. Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent
after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below
(or at such other address for a party as shall be specified in a notice given in accordance with this Section 15).

 

    17

     

    

 

	
        

        If to the Company:
	
        EVO Transportation & Energy Services,
        Inc

        8285 West Lake Pleasant Parkway

        Peoria, AZ, USA, 85382

        Facsimile: 623-777-1408

        E-mail: smays@evotransinc.com

        Attention: Shirley Mays, General Counsel

         

	If to the Holder:	
        Antara Capital LP

        500 Fifth Avenue, Suite 2320

        New York, New York 10110

         

	with a copy to:	
        Milbank LLP

        2029 Century Park East, 33rd Floor

        Los Angeles, CA 90067

        Attention: Adam Moses

        E-mail: amoses@milbank.com

 

16. Cumulative Remedies.
Except to the extent expressly provided in Section 8 to the contrary, the rights and remedies provided in this Warrant
are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available
at law, in equity or otherwise.

 

17. Equitable
Relief. Each of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations
under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate
remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other
party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach,
be entitled to equitable relief, including a restraining order, an injunction, specific performance and any other relief that may
be available from a court of competent jurisdiction.

 

18. Entire
Agreement. This Warrant constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject
matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with
respect to such subject matter.

 

19. Successor
and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties
hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted
assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.

 

20. No
Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective successors
and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any
other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.

 

    18

     

    

 

21. Headings.
The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

 

22. Amendment
and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by
an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall
be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or
be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether
of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

23. Severability.
If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

24. Governing
Law. This Warrant shall be governed by and construed in accordance with the internal laws of the State of New York without
giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that
would cause the application of laws of any jurisdiction other than those of the State of New York.

 

25. Submission
to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated
hereby may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case
located in the city of New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such
courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified or registered
mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding
brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit,
action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum.

 

26. Waiver
of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve
complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to
a trial by jury in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.

 

27. Counterparts.
This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.
  

    19

     

    

 

28. No
Strict Construction. This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting an instrument or causing any instrument to be drafted.

 

29. Investment
Unit. The parties hereto agree (i) to treat the Financing Agreement, dated as of the date hereof, by and among, Antara Capital
Master Fund LP (“Antara”), the Company, Cortland Capital Market Services LLC, as administrative agent and collateral
agent, and the banks, financial institutions and other entities from time to time party thereto (the “Loan”),
this Warrant and the other warrant issued by the Company to the Holder on the date hereof (the “Other Warrant”)
as having been issued as an “investment unit” within the meaning of Section 1273(c)(2) of the U.S.

 

Internal Revenue Code of 1986, as amended
as of the date hereof (the “Code”), (ii) solely for purposes of Section 1273(c)(2) of the Code, to treat the
portion of the amount advanced under the Loan on the date hereof that is paid for this Warrant and the Other Warrant as equal to
the amount determined by Antara and, correspondingly, the Loan as having been issued with additional original issue discount for
U.S. federal income tax purposes consistent with such allocation, and (iii) to not take any tax position inconsistent with such
tax characterization. Antara shall notify the Company of the amount allocated to this Warrant and the Other Warrant pursuant to
clause (ii) hereof within 60 days of the date hereof.

 

[SIGNATURE PAGE FOLLOWS]

 

[Remainder of page intentionally left blank]

 

    20

     

    

 

IN WITNESS WHEREOF, the Company has duly
executed this Warrant on the Original Issue Date.

 

	 	EVO TRANSPORTATION & ENERGY SERVICES, INC.
	 	 	 
	 	By:	/s/ Damon Cuzick
	 	Name:	 Damon Cuzick
	 	Title:	President

 

[Signature Page to Penny Warrant]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company has duly executed this Warrant on the Original Issue Date.

 

Accepted and agreed,

 

Corbin ERISA Opportunity Fund Ltd

 

By: ANTARA CAPITAL LP - in
its capacity as Investment Sub-Advisor;

Its: Himanshu Gulati, Managing Member of Antara Capital LP

 

	By:	/s/ Himanshu Gulati	 
	Name:	ANTARA CAPITAL LP - in its capacity as Investment Sub-Advisor;
	Title:	Himanshu Gulati, Managing Member of Antara Capital LP
	Date:

 

[Signature Page to Penny Warrant]

 

     

     

    

 

EXHIBIT
A

 

EXERCISE FORM

 

(To be executed upon exercise of Warrant(s))

 

The undersigned is the Holder of the attached
Warrant (the “Warrant”) dated [9], issued by EVO Transportation & Energy Services, Inc., a Delaware corporation
(the “Company”). Capitalized terms not otherwise defined in this Exercise Form shall have the meanings ascribed
to such terms in the Warrant.

 

The undersigned hereby irrevocably elects
to exercise the Warrant to purchase [9] shares of Common Stock for a purchase price of $0.01 per share.

 

If said number of Warrant Shares shall
not be all the Warrant Shares issuable upon exercise of the Warrant, the undersigned requests that a new Warrant representing the
balance of such Warrant shall be issued in the name of the undersigned Holder and delivered to the address of the Holder set forth
in Section 12 of the Warrant.

 

The Holder hereby instructs the Company
to deliver the shares to the following:

 

[details of account(s), names(s) and
address(es) of any person(s) into whose name the shares is to be registered and/or any bank, broker or agent to whom documents
evidencing the shares are to be delivered]

 

	Dated:	__________________	 
	 	 	 
	CORBIN ERISA OPPORTUNITY FUND LTD	
	 
	 	           	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Remainder of page intentionally left blank]

 

     

     

    

 

EXHIBIT
B

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the
undersigned registered owner of the attached warrant (the “Warrant”) dated [●], issued by EVO Transportation
& Energy Services, Inc., a Delaware corporation (the “Company”), hereby sells, assigns and transfers unto
the assignee named below (the “Assignee”) all of the rights of the undersigned under the Warrant, with respect
to the number of shares of Common Stock set forth below:

 

	Name of Assignee	 	Address	 	No. of Shares
	 	 	 	 	 

 

and does hereby irrevocably
constitute and appoint ______________________Attorney to make such transfer on the books of maintained for the purpose,
with full power of _______________ substitution in the premises.

 

The undersigned also
represents that, by assignment hereof, the Assignee acknowledges that this Warrant and the shares of stock to be issued upon exercise
hereof or conversion thereof are being acquired for investment and that the Assignee will not offer, sell or otherwise dispose
of this Warrant or any shares of stock to be issued upon exercise hereof or conversion thereof except under circumstances which
will not result in a violation of applicable securities laws. Further, the Assignee has acknowledged that upon exercise of this
Warrant, the Assignee shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that the shares
of stock so purchased are being acquired for investment and not with a view toward distribution or resale.

 

	DATED:	 	 

 

	 	CORBIN ERISA OPPORTUNITY FUND LTD
	 	 	                 
	 	By: 	 
	 	Name:	 
	 	Title:EX-10.38

 Exhibit 10.38 

PPD, INC. 
 2020 OMNIBUS
INCENTIVE PLAN 
 1. Purpose. The purpose of the PPD, Inc. 2020 Omnibus Incentive Plan is to provide a means through which the
Company and the other members of the Company Group may attract and retain key personnel and to provide a means whereby directors, officers, employees, consultants and advisors of the Company and the other members of the Company Group can acquire and
maintain an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company Group and
aligning their interests with those of the Company’s stockholders.  
 2. Definitions. The following definitions shall be
applicable throughout the Plan. 
 (a) “Adjustment Event” has the meaning given to such term in Section 11(a) of the
Plan. 
 (b) “Affiliate” means any Person that directly or indirectly controls, is controlled by or is under common control
with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise. 

(c) “Applicable Law” means each applicable law, rule, regulation and requirement, including, but not limited to, each
applicable U.S. federal, state or local law, any rule or regulation of the applicable securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or quoted and each applicable law, rule or regulation of
any other country or jurisdiction where Awards are granted under the Plan or Participants reside or provide services, as each such laws, rules and regulations shall be in effect from time to time. 

(d) “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Other Equity-Based Award and Cash-Based Incentive Award granted under the Plan. 
 (e)
“Award Agreement” means the document or documents by which each Award (other than a Cash-Based Incentive Award) is evidenced, which may be in written or electronic form. 

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

(g) “Cash-Based Incentive Award” means an Award, denominated in cash, that is granted under Section 10 of the Plan. 

 (h) “Cause” means, as to any Participant, unless the applicable Award
Agreement states otherwise, (i) “Cause,” as defined in any employment, severance, consulting or other similar agreement between the Participant and the Service Recipient in effect at the time of such Termination; or (ii) in the
absence of any such employment, severance, consulting or other similar agreement (or the absence of any definition of “Cause” contained therein), the Participant’s (A) willful neglect in the performance of the Participant’s
duties for the Service Recipient or willful or repeated failure or refusal to perform such duties; (B) engagement in conduct in connection with the Participant’s employment or service with the Service Recipient, which results in, or could
reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the Company Group; (C) conviction of, or plea of guilty or no contest to, (I) any felony or (II) any
other crime that results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the Company Group; (D) (i) the disclosure or misuse of confidential
information (including, but limited to, pursuant to the Proprietary Information and Inventions Agreement) or (ii) material violation of the written policies of the Service Recipient, including, but not limited to, those relating to sexual
harassment, or those set forth in the manuals or statements of policy of the Service Recipient; (E) fraud or misappropriation, embezzlement or misuse of funds or property belonging to the Service Recipient or any other member of the Company
Group; or (F) act of personal dishonesty that involves personal profit in connection with the Participant’s employment or service to the Service Recipient; provided, in any case, that a Participant’s resignation after an event
that would be grounds for a Termination for Cause will be treated as a Termination for Cause hereunder. 
 (i) “Change in
Control” means: 
 (i) the acquisition (whether by purchase, merger, consolidation, combination or other similar
transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the Outstanding Common
Stock; or (B) the Outstanding Company Voting Securities; provided, however, that for purposes of the Plan, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Company or any Affiliate;
(II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate; or (III) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of Persons
including the Participant (or any entity controlled by the Participant or any group of Persons including the Participant); 

(ii) during any period of 12 months, individuals who, at the beginning of such period, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the Effective Date, whose election or nomination for election was approved by a
vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director,
without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest, as such
terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on
behalf of any person other than the Board shall be deemed to be an Incumbent Director; 

  
 2 

 (iii) the consummation of a reorganization, recapitalization, merger,
consolidation, or similar corporate transaction involving the Company that requires the approval of the Company’s stockholders (a “Business Combination”), unless immediately following such Business Combination: more than 50% of
the total voting power of (A) the entity resulting from such Business Combination (the “Surviving Company”), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of
sufficient voting securities eligible to elect a majority of the board of directors (or the analogous governing body) of the Surviving Company, is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to
such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination); or 

(iv) the sale, transfer or other disposition of all or substantially all of the assets of the Company Group (taken as a whole)
to any Person that is not an Affiliate of the Company. 
 (j) “Code” means the Internal Revenue Code of 1986, as amended,
and any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or
guidance. 
 (k) “Committee” means the Compensation Committee of the Board or any properly delegated subcommittee thereof
or, if no such Compensation Committee or subcommittee thereof exists, the Board. 
 (l) “Common Stock” means the common
stock of the Company, par value $0.01 per share (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged). 

(m) “Company” means PPD, Inc., a Delaware corporation, and any successor thereto. 

(n) “Company Group” means, collectively, the Company and its Subsidiaries. 

(o) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in
such authorization. 
 (p) “Designated Foreign Subsidiaries” means all members of the Company Group that are organized under
the laws of any jurisdiction other than the United States of America. 
 (q) “Detrimental Activity” means any of the
following: (i) unauthorized disclosure or use of any confidential or proprietary information of any member of the Company Group, including, without limitation, pursuant to any Proprietary Information and Inventions Agreement; (ii) any
activity that would be grounds to terminate the Participant’s employment or service with the Service Recipient for Cause; (iii) a breach by the Participant of any restrictive covenant by which such Participant is bound, including, without
limitation, any covenant not to compete or not to solicit, in any agreement with any member of the Company Group; or (iv) fraud or conduct contributing to any financial restatements or irregularities, in each case, as determined by the
Committee in its sole discretion. 

  
 3 

 (r) “Disability” means, as to any Participant, unless the applicable Award
Agreement states otherwise, (i) “Disability,” as defined in any employment, severance, consulting or other similar agreement between the Participant and the Service Recipient in effect at the time of such Termination; or (ii) in the
absence of any such employment, severance, consulting or other similar agreement (or the absence of any definition of “Disability” contained therein), a condition entitling the Participant to receive benefits under a long-term disability
plan of the Service Recipient or other member of the Company Group in which such Participant is eligible to participate, or, in the absence of such a plan, the complete and permanent inability of the Participant by reason of illness or accident to
perform the duties of the position at which the Participant was employed or served when such disability commenced. Any determination of whether Disability exists in the absence of a long-term disability plan shall be made by the Company (or its
designee) in its sole and absolute discretion. 
 (s) “Effective Date” means [•], 2020. 

(t) “Eligible Person” means: any (i) individual employed by any member of the Company Group; provided, however,
that no such U.S. employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating
thereto; (ii) director or officer of any member of the Company Group; or (iii) consultant or advisor to any member of the Company Group who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act, who, in the case of each of clauses (i) through (iii) above, has entered into an Award Agreement or who has received written notification from the Committee or its designee that
they have been selected to participate in the Plan. 
 (u) “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any
amendments or successor provisions to such section, rules, regulations or guidance. 
 (v) “Exercise Price” has the meaning
given to such term in Section 7(b) of the Plan. 
 (w) “Fair Market Value” means, as of any date, the fair market value
of a share of Common Stock, as reasonably determined by the Company and consistently applied for purposes of the Plan, which may include, without limitation, the closing sales price on the trading day immediately prior to or on such date, or a
trailing average of previous closing prices prior to such date. 
 (x) “GAAP” has the meaning given to such term in
Section 7(d) of the Plan. 
 (y) “Grant Date Fair Market Value” means, as of a Date of Grant, (i) if the Common
Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the
last preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is 

  
 4 

 
quoted in an inter-dealer quotation system on a last-sale basis, the average between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on
the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last-sale basis, the amount determined by the Committee in
good faith to be the fair market value of the Common Stock; provided, however, as to any Awards granted on or with a Date of Grant of the date of the pricing of the Company’s initial public offering, “Grant Date Fair Market
Value” shall be equal to the per share price at which the Common Stock is offered to the public in connection with such initial public offering. 

(z) “Immediate Family Members” has the meaning given to such term in Section 13(b)(ii) of the Plan. 

(aa) “Incentive Stock Option” means an Option which is designated by the Committee as an incentive stock option as described
in Section 422 of the Code and otherwise meets the requirements set forth in the Plan. 
 (bb) “Indemnifiable Person”
has the meaning given to such term in Section 4(e) of the Plan. 
 (cc) “Non-Employee
Director” means a member of the Board who is not an employee of any member of the Company Group. 
 (dd) “Nonqualified Stock
Option” means an Option which is not designated by the Committee as an Incentive Stock Option. 
 (ee) “Option”
means an Award granted under Section 7 of the Plan. 
 (ff) “Option Period” has the meaning given to such term in
Section 7(c)(ii) of the Plan. 
 (gg) “Other Equity-Based Award” means an Award that is not an Option, Cash-Based
Incentive Award, Restricted Stock or Restricted Stock Unit, that is granted under Section 9 of the Plan and is (i) payable by delivery of Common Stock and/or (ii) measured by reference to the value of Common Stock. 

(hh) “Outstanding Common Stock” means the then-outstanding shares of Common Stock, taking into account as outstanding for this
purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, the exercise of any similar right to acquire such Common Stock, and the exercise or settlement of then-outstanding Awards (or
similar awards under any prior incentive plans maintained by the Company). 
 (ii) “Outstanding Company Voting Securities”
means the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors. 

(jj) “Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive
an Award pursuant to the Plan. 

  
 5 

 (kk) “Performance Conditions” means specific levels of performance of the
Company (and/or one or more members of the Company Group, divisions or operational and/or business units, product lines, brands, business segments, administrative departments, or any combination of the foregoing), which may be determined in
accordance with GAAP or on a non-GAAP basis on, without limitation, the following measures: (i) net earnings, net income (before or after taxes), or consolidated net income; (ii) basic or diluted
earnings per share (before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures
(including, but not limited to, return on investment, assets, capital, employed capital, invested capital, equity, or sales); (vii) cash flow measures (including, but not limited to, operating cash flow, free cash flow, or cash flow return on
capital), which may be but are not required to be measured on a per share basis; (viii) actual or adjusted earnings before or after interest, taxes, depreciation, and/or amortization (including EBIT and EBITDA); (ix) gross or net operating
margins; (x) productivity ratios; (xi) share price (including, but not limited to, growth measures and total stockholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings;
(xiii) operating efficiency; (xiv) objective measures of customer/client satisfaction; (xv) working capital targets; (xvi) measures of economic value added or other ‘value creation’ metrics; (xvii) enterprise
value; (xviii) sales; (xix) stockholder return; (xx) customer/client retention; (xxi) competitive market metrics; (xxii) employee retention; (xxiii) objective measures of personal targets, goals, or completion of projects
(including, but not limited to, succession and hiring projects, completion of specific acquisitions, dispositions, reorganizations, or other corporate transactions or capital-raising transactions, expansions of specific business operations, and
meeting divisional or project budgets); (xxiv) comparisons of continuing operations to other operations; (xxv) market share; (xxvi) cost of capital, debt leverage, year-end cash position or book
value; (xxvii) strategic objectives; (xxviii) gross or net authorizations; (xxix) backlog; or (xxx) any combination of the foregoing. Any one or more of the aforementioned performance criteria may be stated as a percentage of
another performance criteria, or used on an absolute or relative basis to measure the performance of one or more members of the Company Group as a whole or any divisions or operational and/or business units, product lines, brands, business segments,
or administrative departments of the Company and/or one or more members of the Company Group or any combination thereof, as the Committee may deem appropriate, or any of the above performance criteria may be compared to the performance of a selected
group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. 

(ll) “Permitted Transferee” has the meaning given to such term in Section 13(b)(ii) of the Plan. 

(mm) “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act). 
 (nn) “Plan” means this PPD, Inc. 2020 Omnibus Incentive Plan, as it may be amended and/or restated from time
to time. 
 (oo) “Plan Share Reserve” has the meaning given to such term in Section 6(a) of the Plan. 

  
 6 

 (pp) “Qualifying Director” means a Person who is, with respect to actions
intended to obtain an exemption from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director” within the
meaning of Rule 16b-3 under the Exchange Act. 
 (qq) “Restricted Period” means the
period of time determined by the Committee during which an Award is subject to restrictions, including vesting conditions. 
 (rr)
“Restricted Stock” means Common Stock, subject to certain specified restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified
period of time), granted under Section 8 of the Plan. 
 (ss) “Restricted Stock Unit” means an unfunded and unsecured
promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous
services for a specified period of time), granted under Section 8 of the Plan. 
 (tt) “Securities Act” means the
Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such
section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance. 
 (uu) “Service
Recipient” means, with respect to a Participant holding a given Award, the member of the Company Group by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to which such
original recipient provides, or following a Termination was most recently providing, services, as applicable. 
 (vv) “SAR Base
Price” means, as to any Stock Appreciation Right, the price per share of Common Stock designated as the base value above which appreciation in value is measured. 

(ww) “Stock Appreciation Right” or “SAR” means an Other-Equity Based Award designated in an applicable Award
Agreement as a stock appreciation right. 
 (xx) “Sub-Plans” means any sub-plan to the Plan that has been adopted by the Board or the Committee for the purpose of permitting or facilitating the offering of Awards to employees of certain Designated Foreign Subsidiaries or otherwise
outside the jurisdiction of the United States of America, with each such Sub-Plan designed to comply with Applicable Law in such foreign jurisdictions. Although any
Sub-Plan may be designated a separate and independent plan from the Plan in order to comply with Applicable Law, the Plan Share Reserve and the other limits specified in Section 6(a) of the Plan shall
apply in the aggregate to the Plan and any Sub-Plan adopted hereunder. 
 (yy)
“Subsidiary” means, with respect to any specified Person: 

  
 7 

 (i) any corporation, association or other business entity of which more than
50% of the total voting power of shares of such entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting
power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(ii) any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent thereof) or
the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof). 
 (zz) “Substitute Awards” has the meaning given to such term in Section 6(e) of the Plan. 

(aaa) “Termination” means the termination of a Participant’s employment or service, as applicable, with the Service
Recipient for any reason (including death or Disability). 
 3. Effective Date; Duration. The Plan shall be effective as of the
Effective Date. The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the 10th anniversary of the Effective Date; provided, however, that
such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. 

4. Administration.  

(a) General. The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan) it is intended that each member of the Committee shall, at the time such member takes any action with respect to
an Award under the Plan that is intended to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act be a Qualifying Director. However, the fact that a Committee member shall fail
to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. 

(b) Committee Authority. Subject to the provisions of the Plan and Applicable Law, the Committee shall have the sole and plenary
authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the
number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to
what extent, and under what circumstances Awards may be settled in, or exercised for, cash, shares of Common Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may
be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, shares of Common 

  
 8 

 
Stock, other securities, other Awards, or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the
Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend,
suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan; (ix) adopt Sub-Plans; and (x) make any other
determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 
 (c)
Delegation. Except to the extent prohibited by Applicable Law, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and
powers to any Person or Persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers of any member of the
Company Group, the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the Committee herein, and which may be so delegated in accordance
with Applicable Law, except with respect to grants of Awards to Persons (i) who are Non-Employee Directors, or (ii) who are subject to Section 16 of the Exchange Act. 

(d) Finality of Decisions. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other
decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons, including, without limitation,
any member of the Company Group, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company. 
 (e)
Indemnification. No member of the Board or the Committee or any employee or agent of any member of the Company Group (each such Person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or
any determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss,
cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or
in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken or determination made with respect to the Plan or any Award hereunder and against and from any and all amounts paid by such Indemnifiable Person
with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, and the Company shall advance to such
Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined, as provided below, that the
Indemnifiable Person is not entitled to be indemnified); provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume
the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to an 

  
 9 

 Exhibit 10.38 

Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such
Indemnifiable Person determines that the acts, omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or omission or that such
right of indemnification is otherwise prohibited by Applicable Law or by the organizational documents of any member of the Company Group. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of
indemnification to which such Indemnifiable Persons may be entitled under (i) the organizational documents of any member of the Company Group, (ii) pursuant to Applicable Law, (iii) an individual indemnification agreement or contract
or otherwise, or (iv) any other power that the Company may have to indemnify such Indemnifiable Persons or hold such Indemnifiable Persons harmless. 

(f) Board Authority. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time
and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be subject to the applicable rules of the securities exchange or inter-dealer quotation system on which the Common Stock is
listed or quoted. In any such case, the Board shall have all the authority granted to the Committee under the Plan. 
 5. Grants of
Awards; Eligibility. The Committee may, from time to time, grant Awards to one or more Eligible Persons. Participation in the Plan shall be limited to Eligible Persons. 

6. Shares Subject to the Plan; Limitations.  

(a) Share Reserve. Subject to Section 11 of the Plan, 39,053,663 shares of Common Stock (the “Plan Share Reserve”)
shall be available for Awards under the Plan. Each Award granted under the Plan will reduce the Plan Share Reserve by the number of shares of Common Stock underlying the Award. Notwithstanding the foregoing, the Plan Share Reserve shall be
automatically increased on the first day of each fiscal year following the fiscal year in which the Effective Date falls by a number of shares of Common Stock equal to the lesser of (i) the positive difference, if any, between (A) 10% of
the Outstanding Common Stock on the last day of the immediately preceding fiscal year, and (B) the Plan Share Reserve on the last day of the immediately preceding fiscal year, and (ii) a lower number of shares of Common Stock as may be
determined by the Board. 
 (b) Additional Limits. Subject to Section 11 of the Plan, (i) no more than the number of shares
of Common Stock equal to the Plan Share Reserve may be issued in the aggregate pursuant to the exercise of Incentive Stock Options granted under the Plan; and (ii) during a single fiscal year, the number of Awards eligible to be made to Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director during such fiscal year, shall not exceed a total value of $1,500,000 (calculating
the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes). 

  
 10 

 (c) Share Counting. Other than with respect to Substitute Awards, to the extent that
an Award expires or is canceled, forfeited, or terminated without issuance to the Participant of the full number of shares of Common Stock to which the Award related, the unissued shares underlying such Award will be returned to the Plan Share
Reserve and again be available for grant under the Plan. Shares of Common Stock shall be deemed to have been issued in settlement of Awards if the Fair Market Value equivalent of such shares is paid in cash; provided, however, that no shares
shall be deemed to have been issued in settlement of a SAR, Other Equity-Based Award or Restricted Stock Unit that only provides for settlement in, and settles only in, cash, or in respect of any Cash-Based Incentive Award. Shares of Common Stock
withheld in payment of the Exercise Price or taxes relating to an Award and shares equal to the number of shares of Common Stock surrendered in payment of any Exercise Price, SAR Base Price, or taxes relating to an Award shall constitute shares of
Common Stock issued to the Participant and shall reduce the Plan Share Reserve. 
 (d) Source of Shares. Shares of Common Stock issued
by the Company in settlement of Awards may be authorized and unissued shares, shares of Common Stock held in the treasury of the Company, shares of Common Stock purchased on the open market or by private purchase or a combination of the foregoing.

 (e) Substitute Awards. Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in
substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute Awards”). Substitute Awards shall not be counted against the Plan
Share Reserve; provided, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as “incentive stock options” within the meaning of Section 422 of the
Code shall be counted against the aggregate number of shares of Common Stock available for Awards of Incentive Stock Options under the Plan. Subject to applicable stock exchange requirements, available shares under a stockholder-approved plan of an
entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number of
shares of Common Stock available for issuance under the Plan. 
 7. Options.  

(a) General. Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for each
Participant. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the
Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of a
member of the Company Group, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has
been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code; provided, that any Option intended to be an Incentive Stock Option shall not
fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and
conditions of such grant 

  
 11 

 
shall be subject to, and comply with, such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion
thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan. 

(b) Exercise Price. Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price
(“Exercise Price”) per share of Common Stock for each Option shall not be less than 100% of the Grant Date Fair Market Value of such share; provided, however, that in the case of an Incentive Stock Option granted to an
employee who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group, the Exercise Price per share shall be no less than 110% of the Grant Date
Fair Market Value per share. 
 (c) Vesting and Expiration; Termination. 

(i) Options shall vest and become exercisable in such manner and on such date or dates or upon such event or events as
determined by the Committee, including, without limitation, satisfaction of Performance Conditions; provided, however, that notwithstanding any such vesting dates or events, the Committee may in its sole discretion accelerate the vesting of
any Options at any time and for any reason. 
 (ii) Options shall expire upon a date determined by the Committee, not to
exceed 10 years from the Date of Grant (the “Option Period”); provided, that if the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in the shares of Common Stock is
prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the Option Period shall be automatically extended until the 30th day following the
expiration of such prohibition. Notwithstanding the foregoing, in no event shall the Option Period exceed five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns stock
representing more than 10% of the voting power of all classes of stock of any member of the Company Group. 
 (iii) Unless
otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a Participant’s Termination by the Service Recipient for Cause, all outstanding Options granted to such Participant shall immediately
terminate and expire; (B) a Participant’s Termination due to death or Disability, each outstanding unvested Option granted to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain
exercisable for one year thereafter (but in no event beyond the expiration of the Option Period); and (C) a Participant’s Termination for any other reason, each outstanding unvested Option granted to such Participant shall immediately
terminate and expire, and each outstanding vested Option shall remain exercisable for 90 days thereafter (but in no event beyond the expiration of the Option Period). 

  
 12 

 (d) Method of Exercise and Form of Payment. No shares of Common Stock shall be issued
pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal, state, local and
non-U.S. income, employment and any other applicable taxes that are statutorily required to be withheld as determined in accordance with Section 13(d) hereof. Options which have become exercisable may be
exercised by delivery of written or electronic notice of exercise to the Company (or telephonic instructions to the extent provided by the Committee) in accordance with the terms of the Option accompanied by payment of the Exercise Price. The
Exercise Price shall be payable: (i) in cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of
attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual issuance of such shares to the Company); provided, that such shares of Common Stock are not subject to any pledge or other security interest and have
been held by the Participant for at least six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles (“GAAP”));
or (ii) by such other method as the Committee may permit, in its sole discretion, including, without limitation (A) in other property having a fair market value on the date of exercise equal to the Exercise Price; (B) if there is a
public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered (including telephonically to the extent permitted by the Committee) a copy of
irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise issuable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price; or (C) a “net exercise”
procedure effected by withholding the minimum number of shares of Common Stock otherwise issuable in respect of an Option that are needed to pay the Exercise Price and any Federal, state, local and non-U.S.
income, employment and any other applicable taxes that are statutorily required to be withheld as determined in accordance with Section 13(d) hereof. Any fractional shares of Common Stock shall be settled in cash. 

(e) Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under
the Plan shall notify the Company in writing immediately after the date the Participant makes a disqualifying disposition of any shares of Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is
any disposition (including, without limitation, any sale) of such shares of Common Stock before the later of (i) the date that is two years after the Date of Grant of the Incentive Stock Option or (ii) the date that is one year after the
date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any shares of Common Stock
acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such shares of Common Stock. 

(f) Compliance With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a
manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from time to time, or any other Applicable Law. 

  
 13 

 8. Restricted Stock and Restricted Stock Units.  

(a) General. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Each Restricted Stock
and Restricted Stock Unit so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

(b) Stock Certificates and Book-Entry; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall cause a
stock certificate registered in the name of the Participant to be issued or shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions and, if the
Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than issued to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and
deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. Subject to the
restrictions set forth in this Section 8, Section 13(b) of the Plan and the applicable Award Agreement, a Participant generally shall have the rights and privileges of a stockholder as to shares of Restricted Stock, including, without
limitation, the right to vote such Restricted Stock. To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant
to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company. A Participant shall have no rights or privileges as a stockholder as to Restricted Stock Units. 

(c) Vesting; Termination. 

(i) Restricted Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such manner
and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, satisfaction of Performance Conditions; provided, however, that, notwithstanding any such dates or events, the Committee
may, in its sole discretion, accelerate the vesting of any Restricted Stock or Restricted Stock Unit or the lapsing of any applicable Restricted Period at any time and for any reason. 

(ii) Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of a
Participant’s Termination for any reason prior to the time that such Participant’s Restricted Stock or Restricted Stock Units, as applicable, have vested, (A) all vesting with respect to such Participant’s Restricted Stock or
Restricted Stock Units, as applicable, shall cease and (B) unvested shares of Restricted Stock and unvested Restricted Stock Units, as applicable, shall be forfeited to the Company by the Participant for no consideration as of the date of such
Termination. 

  
 14 

 (d) Issuance of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in
the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall issue to the
Participant, or the Participant’s beneficiary, without charge, the stock certificate (or, if applicable, a notice evidencing a book-entry notation) evidencing the shares of Restricted Stock which have not then been forfeited and with respect to
which the Restricted Period has expired (rounded down to the nearest full share). 
 (ii) Unless otherwise provided by the
Committee in an Award Agreement or otherwise, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall issue to the Participant or the Participant’s beneficiary, without charge, one
share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash
and part shares of Common Stock in lieu of issuing only shares of Common Stock in respect of such Restricted Stock Units; or (B) defer the issuance of shares of Common Stock (or cash or part cash and part shares of Common Stock, as the case may
be) beyond the expiration of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of issuing shares of Common Stock in respect of such Restricted
Stock Units, the amount of such payment shall be equal to the Fair Market Value per share of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. 

(e) Legends on Restricted Stock. Each certificate, if any, or book entry representing Restricted Stock awarded under the Plan, if any,
shall bear a legend or book entry notation substantially in the form of the following, in addition to any other information the Company deems appropriate, until the lapse of all restrictions with respect to such shares of Common Stock: 

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE PPD, INC. 2020 OMNIBUS INCENTIVE PLAN
AND A RESTRICTED STOCK AWARD AGREEMENT BETWEEN PPD, INC. AND THE PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF PPD, INC. 

9. Other Equity-Based Awards. The Committee may grant Other Equity-Based Awards under the Plan to Eligible Persons, alone
or in tandem with other Awards, in such amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine, including, without limitation, satisfaction of Performance Conditions. Each Other
Equity-Based Award granted under the Plan shall be evidenced by an Award Agreement and shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

  
 15 

 10. Cash-Based Incentive Awards. The Committee may grant Cash-Based
Incentive Awards under the Plan to any Eligible Person, in such amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine, including, without limitation, satisfaction of Performance
Conditions. Each Cash-Based Incentive Award granted under the Plan shall be evidenced in such form as the Committee may determine from time to time. 

11. Changes in Capital Structure and Similar Events. Notwithstanding any other provision in the Plan to the contrary, the
following provisions shall apply to all Awards granted hereunder (other than Cash-Based Incentive Awards): 
 (a) General. In the
event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of Common Stock or other
securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event that affects the shares of Common Stock (including a Change in
Control); or (ii) unusual or nonrecurring events affecting the Company, including changes in applicable rules, rulings, regulations or other requirements, that the Committee determines, in its sole discretion, could result in substantial
dilution or enlargement of the rights intended to be granted to, or available for, Participants (any event in (i) or (ii), an “Adjustment Event”), the Committee shall, in respect of any such Adjustment Event, make such
proportionate substitution or adjustment, if any, as it deems equitable, to any or all of (A) the Plan Share Reserve, or any other limit applicable under the Plan with respect to the number of Awards which may be granted hereunder; (B) the
number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) which may be issued in respect of Awards or with respect to which Awards may be granted under the Plan or any Sub-Plan; and (C) the terms of any outstanding Award, including, without limitation, (I) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or
other property) subject to outstanding Awards or to which outstanding Awards relate; (II) the Exercise Price or SAR Base Price with respect to any Option or SAR, as applicable, or any amount payable as a condition of issuance of shares of
Common Stock (in the case of any other Award); or (III) any applicable performance measures; provided, that in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting
Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. 

(b) Change in Control. Without limiting the foregoing, in connection with any Adjustment Event that is a Change in Control, the
Committee may, in its sole discretion, provide for any one or more of the following: 
 (i) substitution or assumption of,
acceleration of the vesting of, exercisability of, or lapse of restrictions on, any one or more outstanding Awards; and 

  
 16 

 (ii) cancellation of any one or more outstanding Awards and payment to the
holders of such Awards that are vested as of such cancellation (including, without limitation, any Awards that would vest as a result of the occurrence of such event but for such cancellation or for which vesting is accelerated by the Committee in
connection with such event pursuant to clause (i) above), the value of such Awards, if any, as determined by the Committee (which value, if applicable, may be based upon the price per share of Common Stock received or to be received by other
stockholders of the Company in such event), including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of
the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or SAR Base Price of such Option or SAR (it being understood that, in such event, any Option or SAR having a per share Exercise Price or SAR Base Price equal
to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor). 

For purposes of clause (i) above, an award will be considered granted in substitution of an Award if it has an equivalent value (as determined consistent
with clause (ii) above) with the original Award, whether designated in securities of the acquiror in such Change in Control transaction (or an Affiliate thereof), or in cash or other property (including in the same consideration that other
stockholders of the Company receive in connection with such Change in Control transaction), and retains the vesting schedule applicable to the original Award. 

Payments to holders pursuant to clause (ii) above shall be made in cash or, in the sole discretion of the Committee, in the form of such other
consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the Participant had been, immediately prior
to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any applicable Exercise Price or SAR Base Price). 

(c) Other Requirements. Prior to any payment or adjustment contemplated under this Section 11, the Committee may require a
Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata share of any post-closing indemnity obligations, and be subject to the same post-closing
purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code; and
(iii) deliver customary transfer documentation as reasonably determined by the Committee. 
 (d) Fractional Shares. Any
adjustment provided under this Section 11 may provide for the elimination of any fractional share that might otherwise become subject to an Award. 

(e) Binding Effect. Any adjustment, substitution, determination of value or other action taken by the Committee under this
Section 11 shall be conclusive and binding for all purposes. 

  
 17 

 12. Amendments and Termination.  

(a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion
thereof at any time; provided, that no such amendment, alteration, suspension, discontinuance or termination shall be made without stockholder approval if (i) such approval is required under Applicable Law; (ii) it would materially
increase the number of securities which may be issued under the Plan (except for increases pursuant to Section 6 or 11 of the Plan); or (iii) it would materially modify the requirements for participation in the Plan; provided,
further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that
extent be effective without the consent of the affected Participant, holder or beneficiary. Notwithstanding the foregoing, no amendment shall be made to Section 12(c) of the Plan without stockholder approval. 

(b) Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of the Plan and any applicable Award
Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively (including after a
Participant’s Termination); provided, that, other than pursuant to Section 11, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of
any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant. 

(c) No Repricing. Notwithstanding anything in the Plan to the contrary, without stockholder approval, except as otherwise permitted
under Section 11 of the Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the SAR Base Price of any SAR; (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new
Option or SAR (with a lower Exercise Price or SAR Base Price, as the case may be) or other Award or cash payment that is greater than the intrinsic value (if any) of the cancelled Option or SAR; and (iii) the Committee may not take any other
action which is considered a “repricing” for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted. 

13. General. 
 (a) Award
Agreements. Each Award (other than a Cash-Based Incentive Award) under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions of
the Award and any rules applicable thereto, including, without limitation, the effect on such Award of the death, Disability or Termination of a Participant, or of such other events as may be determined by the Committee. For purposes of the Plan, an
Award Agreement may be in any such form (written or electronic) as determined by the Committee (including, without limitation, a Board or Committee resolution, an employment agreement, a notice, a certificate or a letter) evidencing the Award. The
Committee need not require an Award Agreement to be signed by the Participant or a duly authorized representative of the Company. 

  
 18 

 (b) Nontransferability. 

(i) Each Award shall be exercisable only by such Participant to whom such Award was granted during the Participant’s
lifetime, or, if permissible under Applicable Law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant (unless such transfer
is specifically required pursuant to a domestic relations order or by Applicable Law) other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance
shall be void and unenforceable against any member of the Company Group; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

(ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock
Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to (A) any person who is a “family
member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the Securities and Exchange
Commission (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and the Participant’s Immediate Family Members; (C) a partnership or limited liability company whose only
partners or stockholders are the Participant and the Participant’s Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated as “charitable contributions” for federal income tax purposes (each
transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided, that the Participant gives the Committee advance written notice describing the terms and
conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii) The terms of any Award transferred in accordance with clause (ii) above shall apply to the Permitted Transferee and
any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the
laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be
acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) neither the Committee nor the Company shall be
required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of a Participant’s
Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the
extent, and for the periods, specified in the Plan and the applicable Award Agreement. 

  
 19 

 (c) Dividends and Dividend Equivalents. 

(i) The Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents,
or similar payments in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole
discretion, including, without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional shares of Common Stock, Restricted Stock or other Awards. 

(ii) Without limiting the foregoing, unless otherwise provided in the Award Agreement, any dividend otherwise payable in
respect of any share of Restricted Stock that remains subject to vesting conditions at the time of payment of such dividend shall be retained by the Company and remain subject to the same vesting conditions as the share of Restricted Stock to which
the dividend relates and shall be delivered (without interest) to the Participant within 15 days following the date on which such restrictions on such Restricted Stock lapse (and the right to any such accumulated dividends shall be forfeited upon
the forfeiture of the Restricted Stock to which such dividends relate). 
 (iii) To the extent provided in an Award
Agreement, the holder of outstanding Restricted Stock Units shall be entitled to be credited with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, in the sole discretion of the
Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends (and interest may, in the sole discretion of the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such
terms as determined by the Committee), which accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying Restricted Stock Units are settled following the date on which the Restricted
Period lapses with respect to such Restricted Stock Units, and if such Restricted Stock Units are forfeited, the Participant shall have no right to such dividend equivalent payments (or interest thereon, if applicable). 

(d) Tax Withholding. 

(i) A Participant shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount in cash
(by check or wire transfer) equal to the aggregate amount of any income, employment and/or other applicable taxes that are statutorily required to be withheld in respect of an Award. Alternatively, the Company or any of its Subsidiaries may elect,
in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant. 

  
 20 

 (ii) Without limiting the foregoing, the Committee may (but is not obligated
to), in its sole discretion, permit or require a Participant to satisfy, all or any portion of the minimum income, employment and/or other applicable taxes that are statutorily required to be withheld with respect to an Award by (A) the
delivery of shares of Common Stock (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six months (or such other period as established from time to time by the
Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such minimum statutorily required withholding liability (or portion thereof); or (B) having the
Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, a number of shares of Common
Stock with an aggregate Fair Market Value equal to an amount, subject to clause (iii) below, not in excess of such minimum statutorily required withholding liability (or portion thereof). 

(iii) The Committee, subject to its having considered the applicable accounting impact of any such determination, has full
discretion to allow Participants to satisfy, in whole or in part, any additional income, employment and/or other applicable taxes payable by them with respect to an Award by electing to have the Company withhold from the shares of Common Stock
otherwise issuable or deliverable to, or that would otherwise be retained by, a Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, shares of Common Stock having an aggregate Fair Market Value that is greater
than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess of the maximum statutory withholding amount(s) in a Participant’s relevant tax jurisdictions). 

(e) No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of any member of the Company Group, or other Person,
shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or
beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants,
whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Service Recipient or any other member of
the Company Group, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Service Recipient or any other member of the Company Group may at any time dismiss a Participant from employment or discontinue
any consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any
claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, except to
the extent of any provision to the contrary in any written employment contract or other agreement between the Service Recipient and/or any member of the Company Group and the Participant, whether any such agreement is executed before, on or after
the Date of Grant. 

  
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 (f) International Participants. With respect to Participants who reside or work
outside of the United States of America, the Committee may, in its sole discretion, amend the terms of the Plan and create or amend Sub-Plans or amend outstanding Awards with respect to such Participants in
order to permit or facilitate participation in the Plan by such Participants, conform such terms with the requirements of Applicable Law or to obtain more favorable tax or other treatment for a Participant or any member of the Company Group. 

(g) Designation and Change of Beneficiary. To the extent permitted by the Company, each Participant may file with the Committee a
written designation of one or more Persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon the Participant’s death. A Participant may, from time to time,
revoke or change the Participant’s beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided,
however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary
designation is filed by a Participant, the beneficiary shall be deemed to be the Participant’s spouse or, if the Participant is unmarried at the time of death, the Participant’s estate. 

(h) Termination. Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee at any point following
such event: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a
transfer from employment or service with one Service Recipient to employment or service with another Service Recipient (or vice-versa) shall be considered a Termination; and (ii) if a Participant undergoes a Termination, but such Participant
continues to provide services to the Company Group in a non-employee capacity, such change in status shall not be considered a Termination for purposes of the Plan. Further, unless otherwise determined by the
Committee, in the event that any Service Recipient ceases to be a member of the Company Group (by reason of sale, divestiture, spin-off or other similar transaction), unless a Participant’s employment or
service is transferred to another entity that would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a Termination hereunder as of the date of the consummation of such
transaction. 
 (i) No Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no
Person shall be entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been issued or delivered to such Person. 

  
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 (j) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all
Applicable Law. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant
to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel (if the Company has requested such an opinion),
satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no
obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities of any member of
the Company Group issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement and Applicable Law, and, without limiting the generality
of Section 8 of the Plan, the Committee may cause a legend or legends to be put on certificates representing shares of Common Stock or other securities of any member of the Company Group issued under the Plan to make appropriate reference to
such restrictions or may cause such Common Stock or other securities of any member of the Company Group issued under the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer orders.
Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add, at any time, any additional terms or provisions to any Award granted under the Plan that the Committee, in its sole discretion, deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or
contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the Participant, the
Participant’s acquisition of Common Stock from the Company and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in
accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, (A) pay to the Participant an amount equal to the excess of (I) the aggregate Fair
Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or issued, as applicable); over (II) the aggregate
Exercise Price or SAR Base Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon
as practicable following the cancellation of such Award or portion thereof, or (B) in the case of Restricted Stock, Restricted Stock Units or Other Equity-Based Awards, provide the Participant with a cash payment or equity subject to deferred
vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units or Other Equity-Based Awards, or the underlying shares in respect thereof. 

  
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 (k) No Section 83(b) Elections Without Consent of Company. No
election under Section 83(b) of the Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Committee in writing prior to the making of such election. If
a Participant, in connection with the acquisition of shares of Common Stock under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election
within 10 days after filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision. 

(l) Payments to Persons Other Than Participants. If the Committee shall find that any Person to whom any amount is payable under the
Plan is unable to care for the Participant’s affairs because of illness or accident, or is a minor, or has died, then any payment due to such Person or the Participant’s estate (unless a prior claim therefor has been made by a duly
appointed legal representative) may, if the Committee so directs the Company, be paid to the Participant’s spouse, child, relative, an institution maintaining or having custody of such Person, or any other Person deemed by the Committee to be a
proper recipient on behalf of such Person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(m) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the
Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of equity-based awards otherwise than
under the Plan, and such arrangements may be either applicable generally or only in specific cases. 
 (n) No Trust or Fund Created.
Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant or other Person, on the other hand. No
provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate
any assets, nor shall the Company be obligated to maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights
under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service
providers under general law. 
 (o) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully
justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of any member of the Company Group and/or
any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself or herself. 

  
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 (p) Relationship to Other Benefits. No payment under the Plan shall be taken into
account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan or as required by Applicable Law. 

(q) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable
to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR
OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER. 
 (r)
Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under
any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the
intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

(s) Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. 

(t) Section 409A of the Code. 

(i) Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of the Plan comply with
Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible
and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan (including any taxes and penalties under Section 409A of the Code), and neither the Service
Recipient nor any other member of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is considered
“deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of
Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as separate payments. 

  
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 (ii) Notwithstanding anything in the Plan to the contrary, if a Participant
is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and which would otherwise
be payable upon the Participant’s “separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months after the date of such Participant’s
“separation from service” or, if earlier, the date of the Participant’s death. Following any applicable six month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under
Section 409A of the Code that is also a business day. 
 (iii) Unless otherwise provided by the Committee in an Award
Agreement or otherwise, in the event that the timing of payments in respect of any Award (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) would be accelerated upon the occurrence of
(A) a Change in Control, no such acceleration shall be permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of
a substantial portion of the assets of a corporation pursuant to Section 409A of the Code; or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “Disability” pursuant
to Section 409A of the Code. 
 (u) Clawback/Repayment. All Awards shall be subject to reduction, cancellation, forfeiture or
recoupment to the extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time; and (ii) Applicable Law. Further, unless otherwise determined
by the Committee, to the extent that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of the Award for any reason (including, without limitation, by reason of a financial
restatement, mistake in calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company. 

(v) Detrimental Activity. Notwithstanding anything to the contrary contained herein, if a Participant has engaged in any Detrimental
Activity, as determined by the Committee, the Committee may, in its sole discretion, provide for one or more of the following: 

(i) cancellation of any or all of such Participant’s outstanding Awards; or 

(ii) forfeiture by the Participant of any gain realized on the vesting or exercise of Awards, and repayment of any such gain
promptly to the Company. 
 (w) Right of Offset. The Company will have the right to offset against its obligation to deliver shares
of Common Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts
repayable to the Company pursuant to tax equalization, housing, automobile or other employee programs) that the Participant then owes to any member of the Company Group and any amounts the Committee otherwise deems appropriate pursuant to any tax
equalization policy or agreement. Notwithstanding the foregoing, if an Award is “deferred compensation” subject to Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver shares of Common
Stock (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Participant to the additional tax imposed under Section 409A of the Code in respect of an outstanding Award. 

  
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 (x) Expenses; Titles and Headings. The expenses of administering the Plan shall be
borne by the Company Group. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

  
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