Document:

Exhibit 4.1

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

FATHOM HOLDINGS INC.

WARRANT

	Warrant No. 	 	Original Issue Date: August 4, 2020

 

Fathom Holdings Inc.,
a North Carolina corporation (the "Company"), hereby certifies that, as partial compensation for its services
as an underwriter to the Company, Roth Capital Partners, LLC or its registered assigns (the "Holder"), is entitled
to purchase from the Company up to a total of 240,100 shares of the Company's common stock, no par value (the "Common Stock"),
at any time and from time to time from and after 180 days following the effective date of the Registration Statement on Form S-1
(File No. 333-235972), and through and including July 30, 2025, the fifth anniversary of such effective date (the "Expiration
Date"), in accordance with FINRA Rule 5110, and subject to the following terms and conditions:

 

1.       Definitions.
As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1.

 

     

     

    

 

"Affiliate"
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with a Person, as such terms are used in and construed under Rule 144.

 

"Business Day"
means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions in
the State of New York are authorized or required by law or other governmental action to close.

 

"Common Stock"
means the common stock of the Company, no par value, and any securities into which such common stock may hereafter be reclassified
or for which it may be exchanged as a class.

 

"Exchange Act" means the Securities
Exchange Act of 1934, as amended.

 

"Exercise Price" means
$11.00, subject to adjustment in accordance with Section 9.

 

"Fundamental
Transaction" means any of the following: (1) the Company effects any merger or consolidation of the Company with or into
another Person, (2) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(3) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares for other securities, cash or property, or (4) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property.

 

"New York Courts"
means the state and federal courts sitting in the State of New York.

 

"Original Issue
Date" means the Original Issue Date first set forth on the first page of this Warrant.

 

"Person"
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

"Prospectus"
means the prospectus, dated July 30, 2020, filed with the Securities and Exchange Commission pursuant to Rule 424 promulgated
under the Securities Act.

 

"Rule 144"
means Rule 144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially
the same effect as such Rule.

"Securities Act" means the Securities
Act of 1933, as amended.

 

"Subsidiary"
means any "significant subsidiary" as defined in Rule 1-02(w) of Regulation S-X promulgated by the Securities and
Exchange Commission under the Exchange Act.

 

"Trading Day"
means (i) a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not quoted on any Trading
Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the Pink Sheets LLC (or any similar
organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not
listed or quoted as set forth in (i) or (ii) hereof, then Trading Day shall mean a Business Day.

 

     

     

    

 

"Trading Market"
means whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the
NASDAQ Capital Market or OTC Markets Group electronic quotation system on which the Common Stock is listed or quoted for trading
on the date in question.

 

"Underlying
Shares" means the shares of Common Stock issuable upon exercise of this Warrant.

 

2.               
Registration of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for
that purpose (the "Warrant Register"), in the name of the record Holder hereof from time to time. The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3.               
Registration of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant
Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company
at its address specified herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially
the form of this Warrant (any such new Warrant, a "New Warrant"), evidencing the portion of this Warrant so transferred
shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance
by such transferee of all of the rights and obligations of a holder of a Warrant. Notwithstanding the foregoing, neither this Warrant
nor any shares of Common Stock issuable upon exercise of this Warrant, shall be sold, transferred, assigned, pledged, or hypothecated,
or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic
disposition of this Warrant, or any security issuable upon exercise of this Warrant, by any person for a period of 180 days immediately
following the effective date of the Registration Statement on Form S-1 (File No. 333-235972), except as provided in FINRA Rule
5110(g)(2).

 

4.               
Exercise and Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from
time to time from and after 180 days following the effective date of the Registration Statement on Form S-1 (File No. 333-235972)
(the "Effective Date"), through and including the Expiration Date, in accordance with FINRA Rule 5110. At 6:30
p.m., New York City time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void
and of no value. The Company may not call or redeem any portion of this Warrant without the prior written consent of the affected
Holder. Neither this Warrant nor any shares of Common Stock issuable upon exercise of this Warrant, shall be sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would
result in the effective economic disposition of this Warrant, or any security issuable upon exercise of this Warrant, by any person
for a period of 180 days immediately following the effective date of the Registration Statement on Form S-1 (File No. 333-235972),
except as provided in FINRA Rule 5110(g)(2).

 

     

     

    

 

5.                Delivery
of Common Stock.

 

(a)            
To effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless all of the Warrant
Shares represented by this Warrant are being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the
Company (with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise
Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but
in no event later than two Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate
for the Warrant Shares issuable upon such exercise. The Company shall, upon request of the Holder and subsequent to the date on
which a registration statement covering the resale of the Warrant Shares has been declared effective by the Securities and Exchange
Commission, use its reasonable best efforts to deliver Warrant Shares hereunder electronically through the Depository Trust Corporation
or another established clearing corporation performing similar functions, if available, provided, that, the Company may,
but will not be required to change its transfer agent if its current transfer agent cannot deliver Warrant Shares electronically
through the Depository Trust Corporation. A "Date of Exercise" means the date on which the Holder shall have delivered
to the Company: (i) the Exercise Notice (with the Warrant Shares Exercise Log attached to it), appropriately completed and duly
signed and (ii) if applicable, payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to be
purchased.

 

(b)            
If by the second Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares
in the manner required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

(c)            
If by the second Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares
in the manner required pursuant to Section 5(a), and if after such second Trading Day and prior to the receipt of such Warrant
Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of
a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "Buy-In"),
then the Company shall (1) reimburse the Holder the amount by which (x) the Holder's total purchase price (including brokerage
commissions, if any) for the shares of Common Stock or Warrants so purchased exceeds (y) the amount obtained by multiplying (A)
the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue by
(B) the closing bid price of the shares of Common Stock, on the Date of Exercise and (2) at the option of the Holder, either reinstate
the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder
the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In.

 

(d)             The
Company's obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged
violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of Warrant Units. Nothing herein shall limit a Holder's
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company's failure to timely deliver certificates representing Warrant
Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

     

     

    

 

6.             
Charges, Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made
without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense
in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for
all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

 

7.             
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause
to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a
New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary
and reasonable indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the
Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver
such mutilated Warrant to the Company as a condition precedent to the Company's obligation to issue the New Warrant.

 

8.            
Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of
the aggregate of its authorized but unissued and otherwise unreserved shares of Common Stock, solely for the purpose of enabling
it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of shares of Common Stock which are then
issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase
rights of Persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants
that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance
with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable.

 

9.              Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)            
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend
on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock,
(ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common
Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause
(i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to
receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective
immediately after the effective date of such subdivision or combination.

 

     

     

    

 

(b)            
Fundamental Transactions. If, at any time while this Warrant is outstanding there is a Fundamental Transaction, then
the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash
or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately
prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant
(the "Alternate Consideration"). For purposes of any such exercise, the determination of the Exercise Price shall
be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect
of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. At the Holder's option and request, any successor to the Company or surviving entity in
such Fundamental Transaction shall issue to the Holder a new warrant substantially in the form of this Warrant and consistent with
the foregoing provisions and evidencing the Holder's right to purchase the Alternate Consideration for the aggregate Exercise Price
upon exercise thereof. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring
any such successor or surviving entity to comply with the provisions of this paragraph (b) and insuring that the Warrant (or any
such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

(c)            
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the
number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so
that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the
same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(d)            
Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th
of a share, as applicable. 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, and the disposition of any such shares shall be considered an issue or sale of Common
Stock.

 

(e)            
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense
will promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such
adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing
in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each
such certificate to the Holder and to the Company's Transfer Agent.

 

(f)             
Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities
or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe
for or purchase any capital stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and
conditions of such transaction (but only to the extent such disclosure would not result in the dissemination of material, non-public
information to the Holder) at least 10 calendar days prior to the applicable record or effective date on which a Person would need
to hold Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably
necessary in order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so
as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

     

     

    

 

10.        Payment
of Exercise Price. The Holder may pay the Exercise Price in one of the following manners:

 

(a)            
Cash Exercise. The Holder may deliver immediately available funds; or

 

(b)            
Cashless Exercise. The Holder may notify the Company in an Exercise Notice of its election to utilize cashless exercise,
in which event the Company shall issue to the Holder the number of Warrant Units determined as follows:

 

X = Y [(A-B)/A]

where:

X = the number of Warrant Shares to be issued to the
Holder.

 

Y = the number of Warrant Shares with respect to which
this Warrant is being exercised.

 

A = the average of the daily volume weighted average
price for the Common Stock for the five Trading Days immediately prior to (but not including) the Exercise Date.

 

B = the Exercise Price.

 

For purposes of Rule 144 promulgated under
the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date this Warrant was originally issued.

 

11.              
Limitations on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares
that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent
necessary to insure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially
owned by such Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with
the Holder's for purposes of Section 13(d) of the Exchange Act, does not exceed 9.99% of the total number of issued and outstanding
shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own
in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental
Transaction as contemplated in Section 9 of this Warrant. This restriction may not be waived. Notwithstanding anything to the contrary
contained in this Warrant, (a) no term of this Section may be waived by any party, nor amended such that the threshold percentage
of ownership would be directly or indirectly increased, (b) this restriction runs with the Warrant and may not be modified or waived
by any subsequent holder hereof and (c) any attempted waiver, modification or amendment of this Section will be void ab initio.

 

     

     

    

 

12.              No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the closing price of one share of Common Stock as reported by the applicable Trading Market on the date of exercise, or round
up to the nearest whole share of Common Stock.

 

13.              Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section prior to 6:30 p.m. (New York City time) on a Trading
Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any
Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or
(iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications shall
be: (i) if to the Company, to Fathom Holdings Inc., Attn: Chief Executive Officer, Facsimile No.: [] (or such other address
as the Company shall indicate in writing in accordance with this Section), or (ii) if to the Holder, to the address or facsimile
number appearing on the Warrant Register or such other address or facsimile number as the Holder may provide to the Company in
accordance with this Section.

 

14.              Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days' notice to the Holder, the Company may appoint
a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder's last address as shown on the
Warrant Register.

 

15.             Miscellaneous.

 

(a)            
No Rights as a Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any
voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 5
except as expressly set forth in Section 9. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 10 (b) or to receive cash payments pursuant to Section 5(c) and 9(b), in no event shall the
Company be required to net cash settle an exercise of this warrant.

 

(b)           
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and
the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing
signed by the Company and the Holder and their successors and assigns. The foregoing sentence shall be subject to the restrictions
on waivers and amendments set forth in Section 11 of this Warrant.

 

     

     

    

 

(c)            
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant
and the transactions herein contemplated ("Proceedings") (whether brought against a party hereto or its respective
Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits
to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding,
any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced
in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant or the transactions
contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then the prevailing
party in such Proceeding shall be reimbursed by the other party for its attorney's fees and other costs and expenses incurred with
the investigation, preparation and prosecution of such Proceeding.

(d)           
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit
or affect any of the provisions hereof.

 

(e)            
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and
the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(f)             
Prior to exercise of this Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of
a stockholder with respect to the Common Stock.

 

     

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

		FATHOM HOLDINGS INC.
	 	 	 
	 	By:	/s/ Marco Fregenal
	 	Name:	Marco Fregenal
	 	Title:	President and Chief Financial Officer

 

     

     

    

 

EXERCISE NOTICE

FATHOM HOLDINGS INC.

WARRANT DATED AUGUST 4, 2020

 

The undersigned Holder hereby irrevocably elects
to purchase shares of Common Stock pursuant to the above referenced Warrant. Capitalized terms used herein and not otherwise
defined have the respective meanings set forth in the Warrant.

 

		(1)	The undersigned Holder hereby exercises its right to purchase
	 	 	 

__________ shares of Common Stock pursuant to
the Warrant.

 

		(2)	The holder shall pay the sum of $_____________to the Company in accordance with the terms
                                                                of the Warrant.
	 	 	 

		(3)	Pursuant to this Exercise Notice, the Company shall deliver to the holder Common Stock in accordance
with the terms of the Warrant.
	 	 	 

		(4)	By its delivery of this Exercise Notice, the undersigned represents
                                                                and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in
                                                                excess of the number of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of
                                                                1934) permitted to be owned under Section 11 of the Warrant to which this notice relates.

 

	Dated:	 	 	Name of Holder:
	 	 	 	 
	 	 	 	 (Print)	 
	 	 	 	 	 
	 	 	 	 By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

 

     

     

    

 

Warrant Shares Exercise Log

 

	Date	Number of Warrant

                                                                                Shares Available to be

                                                                                Exercised
	Number of Warrant Shares

                                                                                Exercised
	Number of

                                                                                Warrant

                                                                                Shares

                                                                                Remaining to

                                                                                be Exercised

	 	 	 	 

 

     

     

    

 

FATHOM HOLDINGS INC.

WARRANT DATED AUGUST 4, 2020

WARRANT NO.

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer of
Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto ________________________________________ the right represented by the above-captioned Warrant to purchase
______ shares of Common Stock to which such Warrant relates and appoints ______________ attorney to transfer said right on
the books of the Company with full power of substitution in the premises.

 

	Dated: 	 	 	 
	 	 	 	(Signature must conform
in all respects to name of holder as specified on the face of the Warrant)
	 	 	 	 
	 	 	 	 
	 	 	 	Address of Transferee
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	In the presence of:Exhibit 10.1

 

FATHOM HOLDINGS INC.

 

2017 STOCK PLAN

 

(Reflects all stock splits effected
since adoption)

 

1.            Purpose.
This Fathom Holdings Inc. 2017 Stock Plan (the “Plan”) is intended to provide incentives:

 

(a)           to
employees, directors, contractors, and consultants of Fathom Holdings Inc. (the “Company”) and its Affiliates
(as defined below) by providing them with bonus awards of Series B Common Stock of the Company (“Stock Bonuses”);

 

(b)           to
employees, directors, contractors, and consultants of the Company and its Affiliates by providing them with opportunities to make
direct purchases of Series B Common Stock of the Company (“Purchase Rights”);

 

(c)           to
employees, directors, contractors, and consultants of the Company and its Affiliates by providing them with opportunities to purchase
Series B Common Stock of the Company pursuant to options granted hereunder that do not qualify as “incentive stock options”
under Section 422 of the Internal Revenue Code of 1986, as amended, or any successor statute (the “Code”)
(“Nonstatutory Stock Options” or “NSOs”);

 

(d)           to
employees of the Company, its parent (if any), or any of its present or future subsidiaries (collectively, “Related
Corporations”), by providing them with opportunities to purchase Series B Common Stock (as defined below) of the
Company pursuant to options granted hereunder that qualify as “incentive stock options” (“Incentive Stock
Options” or “ISOs”) under Section 422 of the Code.

 

Both ISOs and NSOs are referred to hereafter
as “Options”, and Options, Stock Bonuses and Purchase Rights are referred to hereafter collectively as
“Stock Rights.” As used herein, the terms “parent” and “subsidiary” mean “parent
corporation” and “subsidiary corporation,” respectively, as those terms are defined in Section 424 of the Code.
An “Affiliate” of the Company means a corporation, limited liability company, or other business entity
that, directly or indirectly, through one or more intermediaries or otherwise, controls, is controlled by, or is under common control
with the Company, where “control” means the ability to direct management or policies through the ownership of voting
securities, by contract or otherwise. The term “Affiliate” specifically includes, but is not limited to, to Fathom
Realty Holdings, LLC.

 

2.            Administration of the Plan.

 

(a)           The
Plan shall be administered by (i) the Board of Directors of the Company (the “Board”), or (ii) a committee
consisting of directors or other persons appointed by the Board (the “Committee”). The appointment of
the members of, and the delegation of powers to, the Committee by the Board shall be consistent with applicable federal and state
laws and regulations (collectively, the “Applicable Laws”). Once appointed, the Committee shall continue
to serve in its designated capacity until otherwise directed by the Board. From time to time, the Board may increase the size
of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution
therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly administer the Plan,
all to the extent permitted by the Applicable Laws.

 

    - 1 - 

     

    

 

(b)          Subject
to ratification of the grant or authorization of each Stock Right by the Board (if so required by an Applicable Law), and subject
to the terms of the Plan, the Committee shall have the authority, in its discretion, to:

 

(i)            determine the employees of the Company and Related Corporations (from among the class of employees eligible under Section
3 to receive ISOs) to whom ISOs may be granted, and to determine (from among the classes of individuals and entities eligible under
Section 3 to receive NSOs, Stock Bonuses and Purchase Rights) to whom NSOs, Stock Bonuses and Purchase Rights may be granted;

 

(ii)           determine
the time or times at which Options, Stock Bonuses or Purchase Rights may be granted (which may be based on performance criteria);

 

(iii)          determine
the number of shares of Series B Common Stock subject to any Stock Right granted by the Committee;

 

(iv)          determine
the option price of shares subject to each Option, which price shall not be less than the minimum price specified in Section 6
hereof, as appropriate, and the purchase price of shares subject to each Purchase Right and to determine the form of consideration
to be paid to the Company for exercise of such Option or purchase of shares with respect to a Purchase Right;

 

(v)           determine
whether each Option granted shall be an ISO or NSO;

 

(vi)          determine
(subject to Section 7) the time or times when each Option shall become exercisable and the duration of the exercise period;

 

(vii)         determine
whether restrictions such as repurchase options are to be imposed on shares subject to Options, Stock Bonuses and Purchase Rights
and the nature of such restrictions, if any;

 

(viii)        approve
forms of agreement for use under the Plan;

 

(ix)          determine
the Fair Market Value (as defined in Section 6(d) below) of a Stock Right or the Series B Common Stock underlying a Stock Right;

 

(x)            accelerate
vesting of any Stock Right or waive any forfeiture restrictions, or waive any other limitation or restriction with respect to
a Stock Right;

 

    - 2 - 

     

    

 

(xi)           reduce
the exercise price of any Stock Right if the Fair Market Value of the Series B Common Stock covered by such Stock Right shall
have declined since the date the Stock Right was granted;

 

(xii)         
institute a program whereby outstanding Options can be surrendered in exchange for Options with a lower exercise price;

 

(xiii)       
modify or amend each Stock Right, including the discretionary authority to extend the post-termination exercisability period
of Stock Rights longer than is otherwise provided for by terms of the Plan or the Stock Right;

 

(xiv)        construe
and interpret the Plan and Stock Rights granted hereunder;

 

(xv)         prescribe
and rescind rules and regulations relating to the Plan;

 

(xvi)        to
approve addenda pursuant to Section 24 below or to grant Stock Rights to, or to modify the terms of, any outstanding agreement
related to any Stock Right held by grantees who are foreign nationals or employed outside of the United States with such terms
and conditions as the Committee deems necessary or appropriate to accommodate differences in local law, tax policy or custom which
deviate from the terms and conditions set forth in this Plan to the extent necessary or appropriate to accommodate such differences;
and

 

(xvii)       make
all other determinations necessary or advisable for the administration of the Plan.

 

The interpretation and construction by the
Committee of any provisions of the Plan or of any Stock Right granted under it shall be final unless otherwise determined by the
Board. No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect
to the Plan or any Stock Right granted under it.

 

(c)           The
Committee may select one of its members as its chairman, and shall hold meetings at such times and places as it may determine.
Acts by a majority of the Committee, approved in person at a meeting or in writing, shall be the valid acts of the Committee.

 

(d)           All
references in this Plan to the Committee shall mean the Board if no Committee has been appointed.

 

(e)           Those provisions of the Plan that make express reference to “Rule 16b-3” shall apply to the Company only at
such time as the Company’s Series B Common Stock is registered under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and then only to such persons as are required to file reports under Section 16(a) of
the Exchange Act (a “Reporting Person”).

 

    - 3 - 

     

    

 

(f)            To
the extent that Stock Rights are to be qualified as “performance-based” compensation within the meaning of Section
162(m) of the Code, the Plan shall be administered by a committee consisting of two or more “outside directors” as
determined under Section 162(m) of the Code.

 

3.            Eligible
Employees and Others.

 

(a)           Eligibility.
ISOs may be granted to any employee of the Company or any Related Corporation. Those officers of the Company who are not employees
may not be granted ISOs under the Plan. NSOs, Stock Bonuses and Purchase Rights may be granted to any director, employee, contractor,
or consultant of the Company or any Affiliate of the Company. Granting of any Stock Right to any individual or entity shall neither
entitle that individual or entity to, nor disqualify him, her, or it from, participation in any other grant of Stock Rights.

 

(b)           Special
Rule for Grant of Stock Rights to Reporting Persons. The selection of a director or an officer who is a Reporting Person (as
the terms “director” and “officer” are defined for purposes of Rule 16b-3) as a recipient of a Stock Right,
the timing of the Stock Right grant, the exercise price, if any, of the Stock Right and the number of shares subject to the Stock
Right shall be determined either (i) by the Board, or (ii) by a committee of the Board that is composed solely of two or more
Non-Employee Directors having full authority to act in the matter. For the purposes of the Plan, a director shall be deemed to
be a “Non-Employee Director” only if such person is defined as such under Rule 16b-3(b)(3), as interpreted from time
to time.

 

(c)           Annual
Limitation for Employees. To the extent the Company is subject to Section 162(m) of the Code, no employee shall be eligible
to be granted during any calendar year Stock Rights covering more than eighty percent (80%) of the total shares of Series B Common
Stock authorized for issuance under the Plan as set forth in Section 4.

 

4.            Stock.
The stock subject to Stock Rights shall be authorized but unissued shares of the Series B Common Stock of the Company, no par
value per share, or such shares of the Company’s capital stock into which such class of shares may be converted pursuant
to any reorganization, recapitalization, merger, consolidation or the like, or shares of Series B Common Stock reacquired by the
Company in any manner. The aggregate number of shares that may be issued pursuant to the Plan is 3,182,335 shares of Series B
Common Stock, which is the maximum number of shares that may be issued as ISOs under this Plan, subject to adjustment as provided
herein. Any such shares may be issued as ISOs, NSOs or Stock Bonuses, or to persons or entities making purchases pursuant to Purchase
Rights, so long as the number of shares so issued does not exceed such aggregate number, as adjusted. If any Option granted under
the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable
in whole or in part, or if the Company shall reacquire any shares issued pursuant to Stock Rights, the unpurchased shares subject
to such Options and any shares so reacquired by the Company shall again be available for grants of Stock Rights under the Plan.
Shares of Series B Common Stock which are withheld to pay the exercise price of an Option and/or any related withholding obligations
shall not be available for issuance under the Plan.

 

    - 4 - 

     

    

 

5.            Granting
of Stock Rights. Stock Rights may be granted under the Plan at any time after the Effective Date, as set forth in Section
16, and prior to 10 years thereafter. The date of grant of a Stock Right under the Plan will be the date specified by the Committee
at the time it grants the Stock Right; provided, however, that such date shall not be prior to the date on which the Committee
acts.

 

6.            Minimum
Price; ISO Limitations.

 

(a)           The
price per share specified in the agreement relating to each NSO, Stock Bonus or Purchase Right granted under the Plan shall be
established by the Committee, taking into account any noncash consideration to be received by the Company from the recipient of
Stock Rights.

 

(b)           The price per share specified in the agreement relating to each ISO granted under the Plan shall not be less than the Fair
Market Value per share of Series B Common Stock on the date of such grant. In the case of an ISO to be granted to an employee owning
stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Related Corporation,
the price per share specified in the agreement relating to such ISO shall not be less than 110% of the Fair Market Value per share
of Series B Common Stock on the date of the grant.

 

(c)           To
the extent that the aggregate Fair Market Value (determined at the time an ISO is granted) of Series B Common Stock for which
ISOs granted to any employee are exercisable for the first time by such employee during any calendar year (under all stock option
plans of the Company and any Related Corporation) exceeds $100,000 (or such higher value as permitted under Code Section 422 at
the time of determination) such Options will be treated as NSOs, provided that this Section shall have no force or effect to the
extent that its inclusion in the Plan is not necessary for Options issued as ISOs to qualify as ISOs pursuant to Section 422 of
the Code. The rule of this Section 6(c) shall be applied by taking Options in the order in which they were granted.

 

(d)          As
used herein, “Fair Market Value” means:

 

(i)            if
the Series B Common Stock is then traded on a national securities exchange, the closing sale price for such stock (or the closing
bid, if no sales were reported as quoted on such exchange or market) on the date of determination (or, if no closing sales price
or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was
reported);

 

(ii)           if the Series B Common Stock is regularly quoted on an automated quotation system but not reported on a national securities
exchange, the closing sale price or average of bid prices last quoted on that date by an established quotation service (or, if
no such prices were reported on that date, on the last date such prices were reported); or

 

(iii)          if
the Series B Common Stock is not traded on an established securities market (as defined in Treasury Regulation Section 1.897-1(m)),
the fair market value as determined by the Committee in good faith on such basis as it deems appropriate and applied consistently
with respect to the recipients of Stock Rights under the Plan.

 

    - 5 - 

     

    

 

7.            Option
Duration. Subject to earlier termination as provided in Sections 9 and 10, each Option shall expire on the date specified
by the Committee, but not more than:

 

(a)           10
years from the date of grant in the case of NSOs;

 

(b)           10 years from the date of grant in the case of ISOs generally; and

 

(c)            5
years from the date of grant in the case of ISOs granted to an employee owning stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or any Related Corporation.

 

Subject to earlier termination as provided
in Sections 9 and 10, the term of each ISO shall be the term set forth in the original instrument granting such ISO, except with
respect to any part of such ISO that is converted into an NSO pursuant to Section 18.

 

8.            Exercise
of Options. Subject to the provisions of Section 9 through Section 12 of the Plan, each Option granted under the Plan shall
be exercisable as follows:

 

(a)           the
Option shall either be fully exercisable on the date of grant or shall become exercisable thereafter in such installments as the
Committee may specify;

 

(b)           once
an installment becomes exercisable it shall remain exercisable until expiration or termination of the Option, unless otherwise
specified by the Committee;

 

(c)           each
Option or installment may be exercised at any time or from time to time, in whole or in part, for up to the total number of shares
with respect to which it is then exercisable;

 

(d)           the Committee shall have the right to accelerate the date of exercise of any installment of any Option, irrespective of
whether such acceleration would cause the Option to exceed the annual vesting limitation contained in Section 422 of the Code,
as described in Section 6(c);

 

(e)           the
Committee may, but need not, include a provision in an agreement evidencing an Option whereby the grantee may elect at any time
during his/her Continuous Service to exercise any part or all of the Option prior to its vesting, and in such case any shares
received pursuant to such exercise of the unvested portion of the Option will be subject to a repurchase right in favor of the
Company or to any other restriction the Company determines to be appropriate.

 

9.            Effect
of Termination of Continuous Service. If a grantee ceases to provide Continuous Service (as defined below) to the Company
and all Affiliates other than (x) by reason of death or Disability as defined in Section 10, or (y) by reason of a termination
for “Cause” as defined in this Section 9, then unless otherwise specified in the instrument granting such Stock Right,
the grantee shall have the continued right to exercise any Stock Right held by him or her, to the extent of the number of shares
with respect to which he or she could have exercised it on the date of termination until the Stock Right’s specified expiration
date; provided, however, in the event the grantee exercises any ISO after the date that is three months following the date of
termination of employment, such ISO will automatically be converted into an NSO subject to the terms of the Plan. In the event
of a termination for Cause (as defined below), the right of a grantee to exercise a Stock Right shall terminate as of the date
of termination.

 

    - 6 - 

     

    

 

(a)          As
used herein, the term “Continuous Service” means the provision of services to the Company or an Affiliate
in any capacity of employee, director, contractor, or consultant that is not interrupted or terminated. A grantee’s Continuous
Service will be deemed to have terminated either upon an actual termination of Continuous Service or upon the entity for which
the grantee provides services ceasing to be an Affiliate. Continuous Service shall not be considered interrupted in the case of
(i) any approved leave of absence (as described below), (ii) transfers among the Company, an Affiliate, or any successor in any
capacity of employee, director, contractor, or consultant, or (iii) any change in status as long as the individual remains in
the service of the Company or an Affiliate in any capacity of employee, director, contractor, or consultant (provided, however
that a change in status from an employee to contractor or consultant may cause an ISO to become an NSO under the Code). ISOs granted
under the Plan shall not be affected by any change of employment within or among the Company and its Affiliates, so long as the
optionee continues to be an employee of the Company or any Affiliate.

 

(b)          An
approved leave of absence for purposes of determining Continuous Service will include any bona fide leave of absence (such as
those attributable to illness, military obligations or other authorized personal leave) provided that the period of such leave
does not exceed six (6) months, or if longer, any period during which such grantee’s right to reemployment with the Company
is guaranteed by statute or by contract.

 

(c)          For
purposes of this Plan, and unless otherwise defined in the instrument granting a Stock Right, “Cause”
means:

 

(i)            if
a grantee has a then-effective employment agreement, consulting agreement, service agreement or other similar agreement with the
Company or any Affiliate that defines “Cause” or a like term, the meaning set forth in such agreement at the time
of the grantee’s termination of Continuous Service; or

 

(ii)           in
the absence of such an agreement or definition, the termination of a grantee’s Continuous Service for any of the following
reasons, as determined by the Committee: (A) the grantee’s breach of any fiduciary duty to the Company or any Affiliate;
(B) the grantee’s failure to follow the reasonable instructions of the Board or such grantee’s direct supervisor,
which breach, if curable, is not cured within ten (10) days after notice to such grantee or, if cured, recurs within one hundred
eighty (180) days; (C) the grantee’s willful misconduct, fraud, embezzlement, or acts of dishonesty relating to the Company
or any Affiliate; (D) the grantee’s material breach of any noncompetition, confidentiality or similar agreement with the
Company or an Affiliate, as determined under such agreement; (E) the grantee’s commission of a crime involving fraud, embezzlement,
theft, or other act constituting a felony; or (F) a grantee who is an employee, contractor, or consultant and who engages in acts
or omissions constituting gross negligence, misconduct or a willful violation of a Company or an Affiliate policy which is or
is reasonably expected to be materially injurious to the Company and/or an Affiliate.

 

    - 7 - 

     

    

 

(d)           NOTHING
IN THE PLAN SHALL BE DEEMED TO GIVE ANY GRANTEE OF ANY STOCK RIGHT THE RIGHT TO BE RETAINED IN EMPLOYMENT OR OTHER SERVICE BY
THE COMPANY OR ANY AFFILIATE FOR ANY PERIOD OF TIME OR TO AFFECT THE AT-WILL NATURE OF ANY EMPLOYEE’S EMPLOYMENT.

 

10.          Death;
Disability.

 

(a)           If
a grantee’s Continuous Service ends by reason of death, or if a grantee dies within three months of the date his or her
Continuous Service ends, any Stock Right held by him or her may be exercised to the extent of the number of shares with respect
to which he or she could have exercised said Stock Right on the date of death, by his or her estate, personal representative or
beneficiary who has acquired the Stock Right by will or by the laws of descent and distribution (the “Successor Grantee”),
unless otherwise specified in the instrument granting such Stock Right, prior to the earlier of (i) one year after the date of
termination or (ii) the Stock Right’s specified expiration date, provided, however, that a Successor Grantee shall be entitled
to ISO treatment under Section 421 of the Code only if the deceased optionee would have been entitled to like treatment had he
or she exercised such Option on the date of his or her death; and provided further in the event the Successor Grantee exercises
an ISO after the date that is one year following the date of termination by reason of death, such ISO will automatically be converted
into a NSO subject to the terms of the Plan.

 

(b)           If
a grantee’s Continuous Service ends by reason of Disability, he or she shall continue to have the right to exercise any
Stock Right held by him or her on the date of termination until unless otherwise specified in the instrument granting such Stock
Right, the earlier of (i) one year after the date of termination or (ii) the Stock Right’s specified expiration date
provided, however, in the event the grantee exercises an ISO after the date that is one year following the date of termination
by reason of Disability, such ISO will automatically be converted into a NSO subject to the terms of the Plan. For the purposes
of the Plan, the term “Disability” means a “permanent and total disability” as defined in
Section 22(e)(3) of the Code.

 

(c)           The
provisions of subsections (a) and (b) of this Section 10 regarding the exercise period of a Stock Right may be waived, extended
or further limited, in the discretion of the Committee, in an instrument granting a Stock Right that is not an ISO.

 

11.          Transferability
and Assignability of Stock Rights.

 

(a)           Except
for ISOs, which are governed by Section 11(b) below, no Stock Right is transferable by the grantee except (i) upon the approval
of the Committee, to the grantee’s family members, or (ii) by will or by the laws of descent and distribution. For purposes
of the Plan, a grantee’s “family members” shall be deemed to consist of his or her spouse, parents, children,
grandparents, grandchildren and any trusts created for the benefit of such individuals. A family member to whom any such Stock
Right has been transferred pursuant to this Section 11(a) shall be hereinafter referred to as a “Permitted Transferee.”
A Stock Right shall be transferred to a Permitted Transferee in accordance with the foregoing provisions, and subject to all the
provisions of the instrument evidencing such Stock Right and this Plan, by the execution by the grantee and the transferee of
an assignment in writing in such form approved by the Committee. The Company shall not be required to recognize the rights of
a Permitted Transferee until such time as it receives a copy of the assignment from the grantee.

 

    - 8 - 

     

    

 

(b)           No
ISO granted under this Plan shall be assignable or otherwise transferable by the optionee except by will or by the laws of descent
and distribution. An ISO may be exercised during the lifetime of the optionee only by the optionee.

 

12.          Terms
and Conditions of Stock Rights. Stock Rights shall be evidenced by instruments (which need not be identical) in such forms
as the Committee may from time to time approve. Such instruments shall conform to the terms and conditions set forth in Sections
6 through 11 hereof and may contain such other provisions as the Committee deems advisable that are not inconsistent with the
Plan, including restrictions (or other conditions deemed by the Committee to be in the best interests of the Company) applicable
to the exercise of Options or to shares of Series B Common Stock issuable upon exercise of Options or otherwise. If the Committee
determines to issue a NSO, it shall take whatever actions it deems necessary, under Section 422 of the Code and the regulations
promulgated thereunder, to ensure that such Option is not treated as an ISO, provided however that in granting any NSO, the Committee
may specify that such NSO shall be subject to the restrictions set forth herein with respect to ISOs, or to such other termination
and cancellation provisions as the Committee may determine. The Committee may from time to time confer authority and responsibility
on one or more of its own members and/or one or more officers of the Company to execute and deliver such instruments. The proper
officers of the Company are authorized and directed to take any and all action necessary or advisable from time to time to carry
out the terms of such instruments.

 

13.          Adjustments.
Upon the occurrence of any of the following events, the rights of a recipient of a Stock Right granted hereunder shall be adjusted
as hereinafter provided, unless otherwise provided in the written agreement between the recipient and the Company relating to
such Stock Right.

 

(a)         Subject
to any action required under Applicable Laws by the holders of capital stock of the Company, (i) the number and class of shares
of Series B Common Stock or other stock or securities: (x) available for future grants of Stock Rights under Section 4 above and
(y) covered by each outstanding Stock Right, (ii) the exercise price per share of each such outstanding Option, and (iii) any
repurchase price per share applicable to shares issued pursuant to any Stock Right, shall be automatically proportionately adjusted
in the event of a stock split, reverse stock split, stock dividend, combination, consolidation, reclassification of Series B Common
Stock or subdivision of Series B Common Stock. In the event of any increase or decrease in the number of issued shares of Series
B Common Stock effected without receipt of consideration by the Company, a declaration of an extraordinary dividend with respect
to Series B Common Stock payable in a form other than Series B Common Stock in an amount that has a material effect on the Fair
Market Value, a recapitalization (including a recapitalization through a large nonrecurring cash dividend), a rights offering,
a reorganization, merger, a spin-off, split-up, change in corporate structure or a similar occurrence, the Committee shall make
appropriate adjustments, in its discretion, in one or more of (i) the numbers and class of capital stock or securities: (x) available
for future grants of Stock Rights under Section 4 above and (y) covered by each outstanding Stock Right, (ii) the exercise price
per share of each outstanding Option and (iii) any repurchase price per share applicable to the capital stock issued pursuant
to any Stock Right, and any such adjustment by the Committee shall be made in the Committee’s sole and absolute discretion
and shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock
of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall
be made with respect to, the number or price of shares of stock subject to a Stock Right. If, by reason of a transaction described
in this Section 13(a) or an adjustment pursuant to this Section 13(a), an agreement governing a grantee’s Stock Right covers
additional or different shares of stock or securities, then such additional or different shares, and the Stock Right agreement
in respect thereof, shall be subject to all of the terms, conditions and restrictions which were applicable to the Stock Right
prior to such adjustment.

 

    - 9 - 

     

    

 

(b)        If
the Company undergoes an Acquisition (as defined below), unless otherwise provided by the Committee, in its sole discretion, the
Committee or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor
Board”) shall, as to outstanding Stock Rights, make appropriate provision for the continuation of such Stock Rights
by either assumption of such Stock Rights or by substitution of such Stock Rights with an equivalent award. If the Committee or
the Successor Board does not make appropriate provisions for the continuation of such Stock Rights by either assumption or substitution,
unless otherwise provided by the Committee in its sole discretion, Stock Rights shall become vested and fully and immediately
exercisable and all forfeiture restrictions shall be waived and all Stock Rights not exercised at the time of the closing of such
Acquisition shall terminate notwithstanding anything to the contrary herein. In the event such Stock Rights are so fully vested
and become immediately exercisable, the Committee may elect in its discretion in lieu of requiring the exercise of any Stock Rights
prior to termination, to cancel outstanding Stock Rights in exchange for cash payments for each outstanding Stock Right equal
to the product of (x) the positive difference, if any, of (i) the price per share of Series B Common Stock being paid in connection
with the Acquisition less (ii) the applicable purchase or exercise price per share of Series B Common Stock for such Stock Right
and (y) the number of shares of Series B Common Stock subject to such Stock Right. Any such cash payments shall be paid to the
holders of Stock Rights within thirty (30) days after the closing of the Acquisition (subject to any escrow or other holdback
periods and related reductions in amounts otherwise so payable applicable to all holders of Series B Common Stock) and shall be
subject to any applicable tax withholding requirements.

 

(c)        As used in this Plan, “Acquisition” means:

 

(i)            a
merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another
corporation, limited liability company or other entity other than an Excluded Entity (as defined below);

 

(ii)           the
sale, transfer, or other disposition of all or substantially all of the assets of the Company, other than to an Excluded Entity;
or

 

    - 10 - 

     

    

 

(iii)          acquisition
in a single transaction or series of related transactions by any person or related group of persons (other than the Company or
by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of
outstanding securities possessing all of the total combined voting power of the Company’s outstanding securities; provided,
however, that the Committee shall determine under this clause (iii) whether multiple transactions are related, and its determination
shall be final, binding and conclusive.

 

Notwithstanding the foregoing, a transaction
shall not constitute an “Acquisition” if its purpose is to (A) change the jurisdiction of the Company’s incorporation,
(B) create a holding company that will be owned in substantially the same proportions by the persons who hold the Company’s
securities immediately before such transaction, or (C) obtain funding for the Company in a financing that is approved by the Board.
An “Excluded Entity” means a corporation or other entity of which the holders of voting capital stock
of the Company outstanding immediately prior to such transaction are the direct or indirect holders of voting securities representing
at least a majority of the votes entitled to be cast by all of such corporation’s or other entity’s voting securities
outstanding immediately after such transaction.

 

(d)        In
the event of a transaction, including without limitation, a recapitalization or reorganization of the Company (other than a transaction
described in subsection (b) above) pursuant to which securities of the Company or of another corporation are issued with respect
to the outstanding shares of Series B Common Stock, an optionee or grantee upon exercising a Stock Right shall be entitled to
receive for the purchase price paid upon such exercise the securities he or she would have received if he or she had exercised
the Stock Right immediately prior to such recapitalization or reorganization.

 

(e)         In
the event of the proposed dissolution or liquidation of the Company, each Stock Right will terminate immediately prior to the
consummation of such proposed action or at such other time and subject to such other conditions as shall be determined by the
Committee.

 

(f)          Except
as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares
of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of
shares subject to a Stock Right. No adjustments shall be made for dividends paid in cash or in property other than Series B Common
Stock of the Company.

 

(g)         No
fractional shares shall be issued under the Plan and any optionee who would otherwise be entitled to receive a fraction of a share
upon exercise of a Stock Right shall receive from the Company cash in lieu of such fractional shares in an amount equal to the
Fair Market Value of such fractional shares, as determined in the sole discretion of the Committee.

 

(h)         Upon
the happening of any of the foregoing events described in subsections (a), (b) or (d) above, the class and aggregate number of
shares set forth in Section 4 hereof that are subject to Stock Rights that previously have been or subsequently may be granted
under the Plan shall also be appropriately adjusted to reflect the events described. The Committee or the Successor Board shall
determine the specific adjustments to be made under this Section 13 and, subject to Section 2, its determination shall be conclusive.

 

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14.          Means
of Exercising Stock Rights.

 

(a)          Except
as otherwise provided in this Plan or the instrument evidencing the Stock Right, a Stock Right (or any part or installment thereof)
shall be exercised by giving written notice to the Company at its principal office address to the attention of its President.
Such notice shall identify the Stock Right being exercised and specify the number of shares as to which such Stock Right is being
exercised, accompanied by full payment of the exercise price therefor, if any, payable as follows: (i) in United States dollars
in cash or by check, (ii) at the discretion of the Committee, through the delivery of already-owned shares of Series B Common
Stock having a Fair Market Value equal as of the date of the exercise to the cash exercise price of the Stock Right and, in the
case of such already-owned shares of Series B Common Stock, having been owned by the participant for more than six months from
the date of surrender, or (iii) at the discretion of the Committee, by delivery of the grantee’s personal recourse note
bearing interest payable not less than annually at a market rate that is no less than 100% of the lowest applicable Federal rate,
as defined in Section 1274(d) of the Code, (iv) at the discretion of the Committee, through the surrender of shares of Series
B Common Stock then issuable upon exercise of the Stock Right having a Fair Market Value on the date of exercise equal to the
aggregate price of the Stock Right, (v) at the discretion of the Committee, delivery of a notice that the grantee has placed a
market sell order with a broker with respect to shares of Series B Common Stock then issuable upon exercise of the Stock Right
and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction
of the Stock Right exercise price, provided that payment of such proceeds is then made to the Company upon settlement of the sale,
or (vi) at the discretion of the Committee, by any combination of (i), (ii), (iii), (iv) and (v) or such other consideration and
method of payment for the issuance of shares to the extent permitted by Applicable Laws and the Plan. If the Committee exercises
its discretion to permit payment of the exercise price of a Stock Right by means of the methods set forth in clauses (ii), (iii)
(iv), (v) or (vi) of the preceding sentence, such discretion shall be exercised in writing at the time of the grant of the Stock
Right in question and such exercise shall also be governed by any terms set forth in the written agreement evidencing the grant
of the Stock Right. The holder of a Stock Right shall not have the rights of a stockholder with respect to the shares covered
by the Stock Right until the date of issuance of a stock certificate for such shares. Except as expressly provided above in Section
13 with respect to changes in capitalization and stock dividends, no adjustment shall be made for dividends or similar rights
for which the record date is before the date such stock certificate is issued.

 

(b)          The
Company shall not be required to issue or deliver any shares of Series B Common Stock upon the exercise of any Stock Right granted
hereunder or any portion thereof, prior to fulfillment of all of the following conditions to the satisfaction of the Committee:

 

(i)            the
admission of such shares to listing on all stock exchanges on which the Series B Common Stock is listed, if any;

 

    - 12 - 

     

    

 

(ii)           the
completion of any registration or other qualification of such shares which the Committee shall deem necessary or advisable under
any federal or state law or under the rulings or regulations of the United States Securities and Exchange Commission or any other
governmental regulatory body, or the determination by the Company, with the advice of legal counsel, that exemptions are available
from such registration and qualification;

 

(iii)          the
representation, in form acceptable to the Committee, at the time of any such exercise that the shares are being purchased only
for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company,
such a representation is required by any Applicable Laws;

 

(iv)          the
obtaining of any approval or other clearance from any federal or state governmental agency or body which the Committee shall determine
to be necessary or advisable;

 

(v)           if
required by the Committee in its discretion, the grantee’s execution of a joinder agreement (in form acceptable to the Committee)
such that the grantee becomes a party to any stockholders agreement, investor rights agreement, or similar agreement as may be
entered into from time to time by and among the Company and the holders of the Company’s stock; and

 

(vi)          the
lapse of such reasonable period of time following the exercise of the Stock Right as the Committee from time to time may establish
for reasons of administrative convenience.

 

(c)          Stock
certificates issued and delivered to grantees shall bear such restrictive legends as the Company shall deem necessary or advisable
pursuant to applicable federal and state securities laws.

 

(d)          As
an alternative to issuance of stock certificates, subject to any applicable rules or regulations, the Company may deliver to the
grantee evidence of book entry shares credited to the account of the grantee.

 

(e)          The
inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary for
the lawful issuance and sale of any Series B Common Stock pursuant to Stock Rights shall relieve the Company of any liability
with respect to the non-issuance or sale of the Series B Common Stock as to which such approval shall not have been obtained.
The Company shall, however, use its commercially reasonable efforts to obtain all such approvals.

 

15.          Surrender
of Stock Rights for Cash or Stock. The Committee may, in its sole and absolute discretion and subject to such terms and conditions
as it deems appropriate, accept the surrender by an optionee or grantee of a Stock Right granted to him under the Plan and authorize
payment in consideration therefor of an amount equal to the difference between the purchase price payable for the shares of Series
B Common Stock under the instrument granting the Option and the Fair Market Value of the shares subject to the Stock Right (determined
as of the date of such surrender of the Stock Right). Such payment shall be made in shares of Series B Common Stock valued at
Fair Market Value on the date of such surrender, or in cash, or partly in such shares of Series B Common Stock and partly in cash
as the Committee shall determine. The surrender shall be permitted only if the Committee determines that such surrender is consistent
with the purpose set forth in Section 1, and only to the extent that the Stock Right is exercisable under Section 8 on the date
of surrender. In no event shall an optionee or grantee surrender his Stock Right under this Section if the Fair Market Value of
the shares on the date of such surrender is less than the purchase price payable for the shares of Series B Common Stock subject
to the Stock Right. Any ISO surrendered pursuant to the provisions of this Section 15 shall be deemed to have been converted into
a NSO immediately prior to such surrender.

 

    - 13 - 

     

    

 

16.          Effective
Date and Term of Plan. The Plan shall become effective at such time as it has been adopted by the Board (the “Effective
Date”). The Plan shall continue in effect for a term of ten (10) years from the Effective Date unless sooner terminated.
The Plan shall be subject to approval by the stockholders of the Company within twelve (12) months before or after the date the
Plan is adopted by the Board. Such stockholder approval shall be obtained in the degree and manner required under the Applicable
Laws. Any ISO awarded or exercised before stockholder approval is obtained shall be subject to automatic conversion into an NSO,
without the consent of the grantee if such stockholder approval is not obtained within twelve (12) months after the date the Plan
is adopted by the Board.

 

17.          Amendment,
Suspension, or Termination of Plan.

 

(a)          The
Board may at any time amend, suspend or terminate the Plan in any respect, except that it may not, without the approval of the
stockholders obtained within twelve (12) months before or after the Board adopts a resolution authorizing any of the following
actions, do any of the following:

 

(i)            increase
the total number of shares that may be issued under the Plan (except by adjustment pursuant to Section 13);

 

(ii)           modify
the provisions of Section 3 regarding eligibility for grants of ISOs;

 

(iii)          modify
the provisions of Section 6(b) regarding the exercise price at which shares may be offered pursuant to ISOs (except by adjustment
pursuant to Section 13); or

 

(iv)          extend
the expiration date of the Plan.

 

(b)          Except
as provided in Section 13(b) and this Section 17, in no event may action of the Board or stockholders adversely alter or impair
the rights of a grantee, without his or her consent, under any Stock Right previously granted.

 

18.          Conversion
of ISOs into NSOs; Termination of ISOs. The Committee, with the consent of any optionee, may in its discretion take such actions
as may be necessary to convert an optionee’s ISOs (or any installments or portions of installments thereof) that have not
been exercised on the date of conversion into NSOs at any time prior to the expiration of such ISOs. These actions may include,
but not be limited to, accelerating the exercisability, extending the exercise period or reducing the exercise price of the appropriate
installments of optionee’s Options. At the time of such conversion, the Committee (with the consent of the optionee) may
impose these conditions on the exercise of the resulting NSOs as the Committee in its discretion may determine, provided that
the conditions shall not be inconsistent with the Plan. Nothing in the Plan shall be deemed to give any optionee the right to
have such optionee’s ISOs converted into NSOs, and no conversion shall occur until and unless the Committee takes appropriate
action. The Committee, with the consent of the optionee, may also terminate any portion of any ISO that has not been exercised
at the time of termination.

 

    - 14 - 

     

    

 

19.          Withholding
of Taxes.

 

(a)           As
a condition of the grant, vesting, and/or exercise of any Stock Right under the Plan, the Company may require the grantee (or
other person holding or exercising such rights pursuant to the Plan and award agreement) to pay to the Company (or otherwise provide
for the full satisfaction of) an amount equal to the U.S. federal, state, local, or foreign tax withholding obligation of the
Company or any other required deduction or payments that may arise in connection with an award made pursuant to the Plan. The
Company shall not be required to issue any shares of Series B Common Stock under the Plan until such obligations have been satisfied.

 

(b)           At
the sole and absolute discretion of the Committee, the holder of Stock Rights may pay all or any part of the total obligation
described in Section 19(a) above by tendering already-owned shares of Series B Common Stock or by directing the Company to withhold
shares of Series B Common Stock otherwise to be transferred to the holder of such Stock Rights as a result of the exercise or
receipt thereof in an amount equal to the estimated amount of such obligation, provided that no more shares may be withheld than
are necessary to satisfy the holder’s actual obligation with respect to the grant, vesting, or exercise of Stock Rights.
In such event, the holder of Stock Rights must, however, notify the Committee of his or her desire to pay all or any part of the
total estimated federal and state income tax liability arising out of the grant, vesting, and/or exercise of any Stock Right by
tendering already-owned shares of Series B Common Stock or having shares of Series B Common Stock withheld prior to the date that
the obligation is to be determined. For purposes of this Section 19(b), shares of Series B Common Stock shall be valued at their
Fair Market Value on the date that the amount of the tax withholdings is to be determined.

 

20.          Notice
to Company of Disqualifying Disposition. Each employee who receives an ISO must agree to notify the Company in writing immediately
after the employee makes a Disqualifying Disposition (as defined below) of any Series B Common Stock acquired pursuant to the
exercise of an ISO. A “Disqualifying Disposition” is any disposition (including any sale) of such Series
B Common Stock within either (a) two years after the date the employee was granted the ISO, or (b) one year after the date the
employee acquired Series B Common Stock by exercising the ISO. If the employee has died before such stock is sold, these holding
period requirements do not apply and no Disqualifying Disposition can occur thereafter.

 

    - 15 - 

     

    

 

21.           Section
409A. To the maximum extent possible, it is intended that the Plan and all awards made hereunder are, and shall be, exempt
from or otherwise comply with the requirements of Section 409A of the Code, the regulations other guidance issued thereunder by
the United States Department of Treasury (whether issued before or after the Effective Date), and all state laws of similar effect
(collectively, “Section 409A”), and that the Plan and all award agreements made hereunder shall be interpreted
and applied by the Committee in a manner consistent with this intent in order to avoid the consequences Section 409A(a)(1) of
the Code. In the event that any (i) provision of the Plan or an award agreement hereunder, (ii) award, payment, or transaction
hereunder, or (iii) other action or arrangement contemplated by the provisions of the Plan is determined by the Committee to not
be exempt from or comply with the applicable requirements of Section 409A, the Committee shall have the authority to take such
actions and to make such changes to the Plan or an award agreement as the Committee deems necessary to comply with such requirements
and/or preserve the intended tax treatment of the benefits provided with respect to any affected award, without the consent of
any grantee. No payment that constitutes deferred compensation under Section 409A that would otherwise be made under the Plan
or an award agreement upon a termination of Continuous Service will be made or provided unless and until such termination is also
a “separation from service,” as determined in accordance with Section 409A. In no event whatsoever shall the Company
be liable for any additional tax, interest or penalties that may be imposed on a grantee by Section 409A or any damages for failing
to comply with Section 409A.

 

22.           Governing
Law; Construction. The validity and construction of the Plan and the instruments evidencing Stock Rights shall be governed
by the laws of the State of North Carolina. In construing this Plan, the singular shall include the plural and the masculine gender
shall include the feminine and neuter, unless the context otherwise requires.

 

23.           Lock-up
Agreement. Each recipient of securities pursuant to the Plan agrees that such recipient will not, without the prior written
consent of the managing underwriter, if any, during the period commencing on the date of the final prospectus relating to the
registration by the Company of shares of its Series B Common Stock or any other equity securities under the Securities Act of
1933, as amended (the “Securities Act”), on a registration statement on Form S-1 or Form S-3 and ending
on the date specified by the Company and such managing underwriter (such period not to exceed one hundred eighty (180) days in
the case of the Company’s first firm commitment underwritten offering of its equity securities under the Securities Act
(the “IPO”), or ninety (90) days in the case of any registration other than the IPO, or such other period
as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution
of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in
FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto, (i) lend, offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right
or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Series B Common Stock or any
securities convertible into or exercisable or exchangeable (directly or indirectly) for Series B Common Stock (whether such shares
or any such securities are then owned by the recipient or are thereafter acquired), or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities,
whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Series B Common Stock
or other securities, in cash or otherwise. The foregoing provisions of this Section 23 shall not apply to the sale of any shares
to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to or from any trust for the direct or
indirect benefit of the grantee or the immediate family of the grantee, provided that the transferee agrees to be bound in writing
by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value. The
underwriters in connection with such registration are intended third-party beneficiaries of this Section 23 and shall have
the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each recipient of securities
hereunder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such
registration that are consistent with this Section 23 or that are necessary to give further effect thereto.

 

    - 16 - 

     

    

 

In order to enforce the foregoing covenant, the Company may
impose stop-transfer instructions with respect to the securities of each recipient of securities hereunder (and the shares or securities
of every other person subject to the foregoing restriction) until the end of such period.

 

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

 

    - 17 -

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