Document:

EX-10.2

  Exhibit 10.2

 
 Execution Version

 
 SUBSCRIPTION AGREEMENT

 
 This SUBSCRIPTION
AGREEMENT (this “Subscription Agreement”) is entered into this 30th day of November, 2020, by and among The Lion Electric Company, a Québec corporation (the “Issuer”), Northern Genesis
Acquisition Corp., a Delaware corporation (“NGA”), and the undersigned (“Subscriber”).

 
 WHEREAS, concurrently
with the execution and delivery of this Subscription Agreement, the Issuer, Lion Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of the Issuer (“Merger Sub”), NGA, and the other parties named therein,
have entered into that certain Business Combination Agreement and Plan of Reorganization, dated as of the date of this Subscription Agreement (as may be amended or supplemented from time to time, the “Combination
Agreement”), pursuant to which, among other things, Merger Sub will be merged with and into NGA, with NGA surviving as a wholly owned subsidiary of the Issuer (the “Merger”).

 
 WHEREAS, in connection
with but immediately prior to the Merger, Subscriber desires to subscribe for and purchase from the Issuer that number of the Issuer’s common shares (the “Shares”), set forth on the signature page hereto (the
“Acquired Shares”) for a purchase price of $10.00 per share (the “Share Purchase Price”), resulting in an aggregate purchase price set forth on the signature page hereto (the “Purchase
Price”), and the Issuer desires to issue and sell to Subscriber the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Issuer at or prior to the Closing (as defined
below);
  

WHEREAS, certain other investors (each, an “Other Subscriber”), have entered into subscription agreements with the
Issuer substantially similar to this Subscription Agreement (the “Other Subscription Agreements”) pursuant to which such Other Subscribers have agreed to subscribe for and purchase, and the Issuer has agreed to issue and
sell to such Other Subscribers, on the Closing Date, at the Share Purchase Price, a total number of Shares that, together with the Acquired Shares, total 20,000,000 Shares.

 
 NOW, THEREFORE, in
consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 
 1. Subscription. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the
payment of the Purchase Price, the Acquired Shares (such subscription and issuance, the “Subscription”).

 
 

  

 

  

2. Closing.

 
 (a) Subject to the
satisfaction or waiver of the conditions set forth in Sections 2(c) and 2(d), the closing of the Subscription contemplated hereby (the “Closing”) shall occur on the date of, and at a time immediately prior to,
the closing of the Merger (such date, the “Closing Date”) and is contingent upon the subsequent occurrence of the closing of the Merger. Not less than five (5) business days prior to the scheduled Closing Date (the
“Scheduled Closing Date”), the Issuer shall provide written notice to Subscriber (the “Closing Notice”) of the Scheduled Closing Date. For purposes of this Subscription Agreement,
“business day” means any day on which the principal offices of the Securities Exchange Commission in Washington, D.C. and the Autorité des marches financiers in Québec (Canada) are open to accept
filings, or, in the case of determining a date when any payment is due, any day on which banks are not authorized or obligated to be closed in New York, NY or in Montreal, Québec; provided, that banks shall not be deemed to be authorized or
obligated to be closed due to a “shelter-in-place,” “non-essential employee” or similar closure of physical branch locations at the direction of any governmental authority if such banks’ electronic funds transfer
systems (including for wire transfers) are open for use by customers on such day.
  

(b) Subject to the satisfaction or waiver of the conditions set forth in Sections 2(c) and 2(d)  (other than those conditions
that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived at Closing):

 
 (i)
Subscriber shall deliver to the Issuer the Purchase Price for the Acquired Shares at least one business day in advance of the Closing Date (unless otherwise agreed by the Issuer) by wire transfer of U.S. dollars in immediately available funds to the
account specified by the Issuer in the Closing Notice; and
  

(ii) On the Closing Date, the Issuer shall deliver to Subscriber the Acquired Shares in book-entry form, free and clear of any liens
or other restrictions whatsoever (other than those arising under state, provincial or federal securities laws or under the organizational documents of the Issuer), in the name of Subscriber (or its nominee in accordance with its delivery
instructions) or to a custodian designated by Subscriber, as applicable. Each book entry for the Acquired Shares shall contain a notation, and each certificate (if any) evidencing the Acquired Shares shall be stamped or otherwise imprinted with a
legend, in substantially the following form:
  

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.

 
 UNLESS
PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF: (i) [THE DISTRIBUTION DATE], AND (ii) THE DATE THE ISSUER BECAME A REPORTING
ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.
  

 
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 (c)
The Issuer’s obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted by applicable law, the waiver by the Issuer, of each of the following conditions:

 
 (i)
all representations and warranties of Subscriber contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material
Adverse Effect (as defined herein), which representations and warranties shall be true and correct in all respects) at and as of the Closing Date;

 
 (ii)
the Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the
Closing;
  

(iii) no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or
regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise preventing or prohibiting consummation of the transactions
contemplated hereby;
  

(iv) all conditions precedent to the Issuer’s obligation to effect the Merger set forth in the Combination Agreement shall have
been satisfied or waived (other than those conditions that (x) may only be satisfied at the closing of the Merger, but subject to the satisfaction or waiver of such conditions as of the closing of the Merger or (y) will be satisfied by the Closing
and the closing of the transactions contemplated by the Other Subscription Agreements).
  

(d) Subscriber’s obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted
by applicable law, the waiver by Subscriber, of each of the following conditions:
  

(i) all representations and warranties of the Issuer and NGA contained in this Subscription Agreement shall be true and correct in
all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which representations and warranties shall be true and correct in all respects) at and as of the
Closing Date;
  

(ii) the Issuer and NGA shall have performed, satisfied and complied in all material respects with all covenants, agreements and
conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing, except where the failure of such performance, satisfaction or non-compliance would not or would not reasonably be
expected to prevent, materially delay or materially impair the ability of the Issuer to consummate the Closing;
  

(iii) no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or
regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise preventing or prohibiting consummation of the transactions
contemplated hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or prohibition;

 
 

 
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(iv) no amendment or modification of the Combination Agreement shall have occurred that would materially and adversely affect the
economic benefits that Subscriber would reasonably expect to receive under this Subscription Agreement without having received Subscriber’s prior written consent;

 
 (v) No
Company Material Adverse Effect or NGA Material Adverse Effect (each as defined in the Combination Agreement) shall have occurred and be continuing on the Closing Date;

 
 (vi)
The Issuer shall have obtained approval of the New York Stock Exchange (“NYSE”) to list the Shares, subject to official notice of issuance, and no suspension of the qualification of the Shares for offering or sale or
trading in any jurisdiction, or initiation or threatening of any proceedings for any of such purposes, shall have occurred; and

 
 (vii)
all conditions precedent to the closing of the Merger, including all necessary approvals of NGA’s stockholders and regulatory approvals, if any, shall have been satisfied or waived (other than those conditions that (x) may only be satisfied at
the closing of the Merger, but subject to the satisfaction or waiver of such conditions as of the closing of the Merger or (y) will be satisfied by the Closing and the closing of the transactions contemplated by the Other Subscription
Agreements).
  
 (e) At
the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this
Subscription Agreement.
  

(f) In the event the Merger does not occur within four (4) business days of the Closing, the Issuer shall promptly (but not later than two (2)
business days thereafter) return the Purchase Price to Subscriber, and any book entries or share certificates shall be deemed cancelled and any share certificates shall be promptly (but not later than two (2) business days thereafter) returned to
the Issuer.
  
 3. Representations and Warranties of the Issuer. The Issuer represents and warrants that:

 
 (a) The Issuer has been
duly incorporated and is validly existing as a corporation in good standing under the laws of the Province of Québec, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted
and to enter into, deliver and perform its obligations under this Subscription Agreement.
  

(b) When issued and delivered to Subscriber against full payment for the Acquired Shares in accordance with the terms of this Subscription
Agreement, the Acquired Shares will be duly authorized, validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the organizational documents of Issuer
or under the laws of the Province of Québec.
  

 
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 (c)
This Subscription Agreement, the Other Subscription Agreements and the Combination Agreement (collectively, the “Transaction Documents”) have been duly authorized, executed and delivered by the Issuer and are enforceable
against the Issuer in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally, and (ii) principles of equity, whether considered at law or equity.
  

(d) The execution and delivery by the Issuer of the Transaction Documents, and the performance by the Issuer of its obligations under the
Transaction Documents do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of
the property or assets of the Issuer pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Issuer is a party or by which the Issuer is bound or to which any
of the property or assets of the Issuer is subject, which would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, properties, financial condition, shareholders’ equity or results of
operations of the Issuer (a “Material Adverse Effect”), or affect the validity of the Acquired Shares or the legal authority of the Issuer to comply in all material respects with the terms of this Subscription Agreement;
(ii) the organizational documents of the Issuer; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its properties that
would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or affect the validity of the Acquired Shares or the legal authority of the Issuer to comply in all material respects with the terms of this
Subscription Agreement.
  

(e) Except with respect to customary adjustments to options, warrants and other convertible securities of the Issuer outstanding in connection
with the Issuer share split referred to in the Combination Agreement, there are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution or similar provisions that will be triggered by the Merger, the
issuance of the Acquired Shares, or the issuance of the Shares to be issued pursuant to any Other Subscription Agreement, in each case, that have not been or will not be validly waived on or prior to the Closing Date.

 
 (f) The Issuer is not in
default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (i) the organizational documents of the Issuer, (ii) any loan or
credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which the Issuer is now a party or by which the Issuer’s properties or assets are bound or (iii) any statute or any judgment, order,
rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have been waived or
that have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
  

 
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 (g)
The Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, provincial, local or other governmental authority, self-regulatory
organization or other person in connection with the execution, delivery and performance by the Issuer of this Subscription Agreement (including, without limitation, the issuance of the Acquired Shares), other than (i) the filings required pursuant
to the terms of the Combination Agreement as a condition to the closing of the Merger, (ii) the filing with the Securities and Exchange Commission (the “Commission”) of the Registration Statement (as defined below), (iii)
filings required by applicable state, provincial or federal securities laws, (iv) those required by the NYSE and (v) the failure of which to obtain would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect
or have a material adverse effect on the Issuer’s ability to consummate the transactions contemplated hereby, including the sale and issuance of the Acquired Shares.

 
 (h) 

 
 (i) As
of the date hereof, the authorized share capital of the Issuer consists of an unlimited number of common shares. As of immediately prior to the Closing, the authorized share capital of the Issuer will consist of an unlimited number of common shares
and an unlimited number of preferred shares, issuable in series.
  

(ii) As of the date hereof: (i) 31,133,273 Shares are issued and outstanding; (ii) 2,512,823 Shares are reserved for future issuance
pursuant to outstanding stock options granted pursuant to the amended and restated option plan of the Issuer dated December 11, 2019 (the “Option Plan”) (with 600,504 Shares remaining available for issuances of stock
options pursuant to the Option Plan); and (iii) 8,561,603 Shares are reserved for future issuance pursuant to the exercise of the common share purchase warrants of the Issuer.

 
 (iii)
On the Closing Date, (i) the outstanding stock of the Issuer will be adjusted in accordance with the Company Split Adjustment (as defined in the Combination Agreement) in accordance with the Combination Agreement and (ii) the Issuer will issue up to
20,000,000 Shares pursuant to this Subscription Agreement and the Other Subscription Agreements. Upon the closing of the Merger, the Issuer will issue up to 39,931,680 Shares in exchange for the cancellation of the issued and outstanding common
shares of NGA, and up to 27,111,741 warrants of NGA will entitle the holder(s) thereof to purchase up to 27,111,741 Shares at an exercise price of $11.50 per Share.

 
 (i) The Issuer has not
received any written communication since December 31, 2019, from a governmental entity that alleges that the Issuer is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
  

(j) Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 5, no registration under the
Securities Act of 1933, as amended (the “Securities Act”), or filing of a prospectus under applicable Canadian Securities Laws (as defined below) is required for the offer and sale of the Acquired Shares by the Issuer to
Subscriber in the manner contemplated by this Subscription Agreement.
  

 
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 (k)
Neither the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the
Acquired Shares.
  
 (l)
The Issuer has not entered into any subscription agreement, side letter or other agreement with any Other Subscriber or affiliate thereof in connection with such Other Subscriber’s investment in the Issuer pursuant to an Other Subscription
Agreement, other than the Other Subscription Agreements, the Combination Agreement and the agreements referenced therein, including (i) that certain Registration Rights Agreement, by and among the Issuer and certain of its shareholders, to be
entered into on the Closing Date, (ii) the Lock-Up Agreements of certain shareholders of the Issuer entered into in connection with the Combination Agreement, (iii) that certain Stockholder Support and Lock-up Agreement with NGA and certain
stockholders of NGA entered into in connection with the Combination Agreement, and (iv) that certain Nomination Rights Agreement, by and among the Issuer and certain of its shareholders, to be entered into on the Closing Date. The Other Subscription
Agreements have not been amended in any material respect following the date of this Subscription Agreement and reflect the same Share Purchase Price and terms that are no more favorable to any such Other Subscriber thereunder than the terms of this
Subscription Agreement.
  

(m) Except for such matters as have not had a Material Adverse Effect, the Issuer is, and has been since its inception, in compliance with all
state, provincial, and federal laws applicable to the conduct of its business. The Issuer has not received any written, or to its knowledge, other communication from a governmental entity that alleges that the Issuer is not in compliance with or is
in default or violation of any applicable law, except where such non-compliance, default or violation would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. Except for such matters as have not had and
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, there is no (i) proceeding pending, or, to the knowledge of the Issuer, threatened against the Issuer or (ii) judgment, decree, injunction, ruling
or order of any governmental entity or arbitrator outstanding against the Issuer.
  

(n) Except for placement fees payable to Barclays Capital Inc., BMO Nesbitt Burns Inc. and Roth Capital Partners, LLC, in their capacity as
placement agents for the offer and sale of the Acquired Shares (in such capacity, the “Placement Agents”), the Issuer has not paid, and is not obligated to pay, any brokerage, finder’s or other commission or similar
fee in connection with its issuance and sale of the Acquired Shares, including, for the avoidance of doubt, any fee or commission payable to any shareholder or affiliate of the Issuer.

 
 (o) Based on preliminary
analysis and diligence conducted by the Issuer and its advisors as of the date hereof (but subject to further analysis and diligence and changes in facts and law as of the completion of the Merger), the Issuer does not currently expect to be treated
as a domestic corporation under Section 7874 of the Code as a result of the Merger.
  

 
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 4. Representations and Warranties of NGA. NGA represents and warrants that:

 
 (a) NGA has been duly
incorporated and is validly existing as a corporation in good standing under the laws of Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver
and perform its obligations under this Subscription Agreement.
  

(b) The Transaction Documents have been duly authorized, executed and delivered by NGA and are enforceable against the NGA in accordance with
their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of
equity, whether considered at law or equity.
  

(c) The execution and delivery by NGA of the Transaction Documents, and the performance by NGA of its obligations under the Transaction
Documents do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property
or assets of NGA pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which NGA is a party or by which NGA is bound or to which any of the property or assets of NGA
is subject, which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; (ii) the organizational documents of NGA; or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over NGA or any of its properties that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 
 (d) There are no
securities or instruments issued by or to which NGA is a party containing anti-dilution or similar provisions that will be triggered by the Merger, the issuance of the Acquired Shares, or the issuance of the Shares to be issued pursuant to any Other
Subscription Agreement.
  

(e) NGA is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default
or violation) of any term, condition or provision of (i) the organizational documents of NGA, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which the NGA is now a
party or by which NGA’s properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over NGA or any of its properties,
except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 
 (f) NGA is not required to
obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection
with the execution, delivery and performance by NGA of this Subscription Agreement.
  

(g) NGA has not received any written communication since December 31, 2019, from a governmental entity that alleges that NGA is not in
compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.

 
 

 
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 (h)
Neither NGA nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired
Shares.
  
 (i) A copy of
each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by NGA with the Commission since its initial registration of NGA shares under the Exchange Act (the “SEC
Documents”) is available to the undersigned via the Commission’s EDGAR system. None of the SEC Documents contained, when filed or, if amended, as of the date of such amendment with respect to those disclosures that are amended,
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. NGA has timely filed
each report, statement, schedule, prospectus, and registration statement that NGA was required to file with the Commission since its initial registration of the NGA shares under the Exchange Act. There are no material outstanding or unresolved
comments in comment letters from the staff of the Division of Corporation Finance (the “Staff”) of the Commission with respect to any of the SEC Documents.

 
 (j) Except for such
matters as have not had and would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect, there is no (i) proceeding pending, or, to the knowledge of NGA, threatened against NGA or (ii) judgment, decree,
injunction, ruling or order of any governmental entity or arbitrator outstanding against NGA.
  

(k) NGA is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons, the Executive Order 13599 List,
the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) (collectively
“OFAC Lists”), (ii) owned or controlled by, or acting on behalf of, a person, that is named on an OFAC List, (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the
government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions by the
United States, (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. NGA also represents that, to the extent
required, it maintains policies and procedures reasonably designed to ensure compliance with OFAC-administered sanctions programs, including for the screening of its investors against the OFAC Lists.

 
 (l) NGA has not entered
into any subscription agreement, side letter or other agreement with any Other Subscriber or affiliate thereof in connection with such Other Subscriber’s investment in the Issuer pursuant to an Other Subscription Agreement, other than the
Other Subscription Agreements, the Combination Agreement and the agreements referenced therein, including that certain Stockholder Support and Lock-up Agreement with the Issuer and certain stockholders of NGA entered into in connection with the
Combination Agreement. The Other Subscription Agreements have not been amended in any material respect following the date of this Subscription Agreement and reflect the same Share Purchase Price and terms that are no more favorable to any such Other
Subscriber thereunder than the terms of this Subscription Agreement.
  

 
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 (m) The issued and outstanding shares of common stock, $0.0001 par value, of NGA (the “NGA Common Stock”) are registered pursuant to Section 12(b) of the Exchange
Act and are listed for trading on the NYSE. There is no suit, action, proceeding or investigation pending or, to the knowledge of NGA, threatened against NGA by the NYSE or the Commission with respect to any intention by such entity to deregister
the NGA Common Stock or prohibit or terminate the listing of the NGA Common Stock on the NYSE.
  

5. Subscriber Representations and Warranties. Subscriber represents
and warrants to, and covenants with, the Issuer and the Placement Agents as follows:
  

(a) Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of
incorporation or formation, with the requisite entity power and authority to enter into, deliver and perform its obligations under this Subscription Agreement.

 
 (b) Subscriber (i) is an
institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all
transactions and investment strategies involving a security or securities and (iii) has exercised independent judgment in evaluating its participation in the purchase of the Acquired Shares.

 
 (c) This Subscription
Agreement has been duly authorized, executed and delivered by Subscriber. This Subscription Agreement is enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

 
 (d) The execution and
delivery by Subscriber of this Subscription Agreement, and the performance by Subscriber of its obligations under this Subscription Agreement, including the purchase of the Acquired Shares and the consummation of the other transactions contemplated
herein, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of
Subscriber pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets
of Subscriber is subject, which would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of Subscriber, taken as a whole (a
“Subscriber Material Adverse Effect”), or materially affect the legal authority or financial ability of Subscriber to comply in all material respects with the terms of this Subscription Agreement; (ii) the organizational
documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of Subscriber’s properties that would
reasonably be expected to have a Subscriber Material Adverse Effect or materially affect the legal authority or financial ability of Subscriber to comply in all material respects with the terms of this Subscription Agreement.

 
 

 
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 (e)
If Subscriber is, or is subscribing for the account or benefit of, a person in the United States or a U.S. Person (as defined in Rule 902(k) of Regulation S), Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A
under the Securities Act) or an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring the
Acquired Shares only for its own account and not for the account of others, or if Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a “qualified
institutional buyer” (as defined above) and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each
owner of each such account, (iii) is not acquiring the Acquired Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, (iv) has completed Schedule A following the signature
page hereto and the information contained therein is accurate and complete, and (v) is not an entity formed for the specific purpose of acquiring the Acquired Shares, and (vi) is an “accredited investor” (as defined in National
Instrument 45-106 Prospectus Exemptions).
  

(f) If Subscriber is located in or subject to the securities laws of a province of Canada, the Subscriber (i) is an “accredited
investor” (as defined in National Instrument 45-106 Prospectus Exemptions or Section 73.3(1) of the Securities Act (Ontario), as applicable) in each case, satisfying the applicable requirements set forth on Schedule B,
(ii) is acquiring the Acquired Shares as principal for its own account and not as agent or for the benefit of any other person or is deemed under National Instrument 45-106 Prospectus Exemptions or the Securities Act (Ontario), as
applicable, to be purchasing the Acquired Shares as principal, (iii) was not created, and is not being used, solely to purchase or hold securities as an “accredited investor”, (iv) is not acquiring the Acquired Shares with a view to, or
for offer or sale in connection with, any distribution thereof in violation of the securities laws and regulations of each of the provinces and territories of Canada (“Canadian Securities Laws”), (v) is a “permitted
client” (as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations) satisfying the applicable requirements set forth on Schedule C, and (vi) has completed Schedule B
and Schedule C following the signature page hereto and the information contained therein is accurate and complete.
  

(g) Subscriber understands that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning of
the Securities Act, that the sale and delivery of the Acquired Shares is conditional upon such sale being exempt from the requirements under Canadian Securities Laws as to the filing and delivery of a prospectus and that the Acquired Shares have not
been registered under the Securities Act or qualified under a prospectus under Canadian Securities Laws. Subscriber acknowledges that the Issuer is not a “reporting issuer” in any jurisdiction of Canada, that the Acquired Shares are
subject to statutory resale restrictions under applicable Canadian Securities Laws of the province in which Subscriber resides (as applicable) and under other applicable Canadian Securities Laws, which resale restrictions may apply outside of
Canada, and Subscriber covenants that it will not resell the Acquired Shares except in compliance with such laws. Subscriber understands that the Acquired Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent
an effective registration statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the
Securities Act, (iii) pursuant to Rule 144 under the Securities Act, provided that all of the applicable conditions thereof have been met or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act, and
that any certificates or book-entry records representing the Acquired Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Shares will not be eligible for resale pursuant to Rule 144A promulgated under the
Securities Act. Subscriber understands and agrees that the Acquired Shares will be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Shares and may be required
to bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the
Acquired Shares.
  
 

 
11

  

  
 (h)
Subscriber understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Issuer. Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by the
Issuer or any of its officers or directors, or any other person, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement.

 
 (i) Subscriber’s
acquisition and holding of the Acquired Shares will not constitute or result in a non-exempt prohibited transaction under section 406 of the Employee Retirement Income Security Act of 1974, as amended, section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”), or any applicable similar law.
  

(j) In making its decision to subscribe for and purchase the Acquired Shares, Subscriber represents that it has relied solely upon its own
independent investigation. Without limiting the generality of the foregoing, Subscriber has not relied on any statements or other information provided by the Placement Agents or any of their respective affiliates, or any of their respective
officers, directors, employees or representatives, concerning the Issuer or the Acquired Shares or the offer and sale of the Acquired Shares. Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems
necessary in order to make an investment decision with respect to the Acquired Shares, including with respect to the Issuer and the Merger. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have
had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the
Acquired Shares.
  
 (k)
Subscriber acknowledges that no person has made any written or oral representations (i) that any person will resell or repurchase the Acquired Shares; (ii) that any person will refund the purchase price of the Acquired Shares; or (iii) as to the
future price or value of the Acquired Shares.
  

 
12

  

  
 (l)
Subscriber became aware of this offering of the Acquired Shares solely by means of direct contact between Subscriber and the Issuer or the Placement Agents, and the Acquired Shares were offered to Subscriber solely by direct contact between
Subscriber and the Issuer or the Placement Agents. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered to Subscriber, by any other means. Subscriber acknowledges that the Acquired Shares (i)
were not offered by any form of general solicitation or general advertising (including in any printed media of general and regular paid circulation, radio, television or telecommunications, including electronic display) and (ii) are not being
offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, any state securities laws or any Canadian Securities Laws.

 
 (m) If Subscriber is
located in or subject to the securities laws of a province of Canada, Subscriber acknowledges receipt of the presentation entitled “Investor Presentation” dated November 2020 (the “Investor Presentation”),
including the “Notice to Canadian Investors” therein, and that, except for the Investor Presentation, it has not received or been provided with, nor has it requested, nor does it have any need to receive, any offering memorandum (within
the meaning of Canadian Securities Laws), any prospectus, sales or advertising literature, or any other document describing or purporting to describe the Issuer, its business and affairs or the transactions contemplated herein which has been
prepared for delivery to, and review by, prospective subscribers in order to assist them in making an investment decision in respect of the Acquired Shares.

 
 (n) Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of an investment in the Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision.

 
 (o) Subscriber
acknowledges and agrees that neither the Placement Agents nor any affiliate of the Placement Agents (nor any officer, director, employee or representative of any of the Placement Agents or any affiliate thereof) has provided Subscriber with any
information or advice with respect to the Acquired Shares nor is such information or advice necessary or desired. Subscriber acknowledges that the Placement Agents, any affiliate of any of the Placement Agents or any of their respective officers,
directors, employees or representatives (i) have not made any representation as to the Issuer or the quality of the Acquired Shares, (ii) may have acquired non-public information with respect to the Issuer which Subscriber agrees need not be
provided to it, (iii) have made no independent investigation with respect to the Issuer or the Acquired Shares or the accuracy, completeness or adequacy of any information supplied to Subscriber by the Issuer, (iv) have not acted as
Subscriber’s financial advisor or fiduciary in connection with the issue and purchase of the Acquired Shares and (v) have not prepared a disclosure or offering document in connection with the offer and sale of the Acquired Shares.

 
 (p) Alone, or together
with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment
for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss
exists.
  
 

 
13

  

  
 (q)
Subscriber understands and agrees that no federal, provincial or state agency, securities commission or similar authority has reviewed, passed upon or endorsed the merits of the offering of the Acquired Shares or made any findings or determination
as to the fairness of an investment in the Acquired Shares, and that any representation to the contrary is an offense.
  

(r) Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons, the Executive Order 13599
List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by OFAC, (ii) owned or controlled by, or acting on behalf of, a person, that is named on an OFAC List, (iii) organized,
incorporated, established, located, resident or born in, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, or any
other country or territory embargoed or subject to substantial trade restrictions by the United States, (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (v) a non-U.S. shell bank or providing
banking services indirectly to a non-U.S. shell bank. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT
Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably designed to comply with
applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed to ensure compliance with OFAC-administered sanctions programs, including for the
screening of its investors against the OFAC Lists. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the
Acquired Shares were legally derived.
  

(s) The funds representing the Purchase Price which will be advanced by Subscriber to the Issuer hereunder will not represent proceeds of crime
for the purposes of the Criminal Code (Canada) or the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) (collectively, the “Anti-Money Laundering Laws”) and the Subscriber acknowledges
that the Issuer may in the future be required by law to disclose the Subscriber’s name and other information relating to this Agreement and the Subscriber’s subscription hereunder, on a confidential basis, pursuant to the Anti-Money
Laundering Laws and the legislation, regulations or instruments enacting Canadian Economic Sanctions (as defined below). Subscriber is not a person or entity identified on a list established under any Anti-Money Laundering Law (including, without
limitation, Section 83.05 of the Criminal Code (Canada)) and Subscriber is not a person or entity identified in the legislation or regulations enacting any economic or financial sanctions, laws, regulations, embargoes, or restrictive measures
imposed, administered or enforced by Canada, including but not limited to, the provisions of the United Nations Act (Canada), the Special Economic Measures Act (Canada) or any other economic sanctions laws administered by applicable
Canadian regulatory authorities (collectively, “Canadian Economic Sanctions”). To the best of its knowledge, none of the subscription funds to be provided by Subscriber: (i) have been or will be derived from or related to
any activity that is deemed criminal under the laws of Canada, the United States, or any other jurisdiction; or (ii) are being tendered on behalf of a person or entity who has not been identified to Subscriber, and Subscriber will promptly notify
the Issuer if Subscriber discovers that any of such representations cease to be true and provide the Issuer with appropriate information in connection therewith; none of the funds Subscriber is using to purchase the Acquired Shares are, to the
knowledge of Subscriber, proceeds obtained or delivered, directly or indirectly, as a result of illegal activities.
  

 
14

  

  
 (t)
If Subscriber is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement account
or other arrangement that is subject to section 4975 of the Code, (iii) an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement described in clauses (i) and (ii) (each, and
“ERISA Plan”), or (iv) an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other
plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code
(collectively, “Similar Laws,” and together with the ERISA Plans, “Plans”) Subscriber represents and warrants that (i) neither the Issuer, nor any of its respective affiliates (the
“Transaction Parties”) has provided investment advice or has otherwise acted as the Plan’s fiduciary, with respect to its decision to acquire and hold the Acquired Shares, and none of the Transaction Parties is or
shall at any time be the Plan’s fiduciary with respect to any decision to acquire and hold the Acquired Shares, and none of the Transaction Parties is or shall at any time be the Plan’s fiduciary with respect to any decision in
connection with Subscriber’s investment in the Acquired Shares; and (ii) its purchase of the Acquired Shares will not result in a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code, or any applicable
Similar Law.
  
 (u) Other
than the Placement Agents, to the knowledge of Subscriber, there is no person acting or purporting to act in connection with the transactions contemplated herein who is entitled to any brokerage, finder’s or other commission or similar
fee.
  
 (v) Subscriber
has, and at the Closing will have, sufficient funds to pay the Purchase Price pursuant to Section 2(b)(i).
  

(w) Subscriber acknowledges that:

 
 (i)
this Agreement requires Subscriber to provide certain personal information relating to Subscriber to the Issuer and the Placement Agents. Such information is being collected and will be used by the Issuer and the Placement Agents for the purposes of
completing the offering, which includes, without limitation, determining the Subscriber’s eligibility to purchase the Acquired Shares under applicable securities laws, preparing and registering certificates representing securities or arranging
for non-certificated, electronic delivery of same, and completing filings required by any securities regulatory authority or stock exchange. Such personal information may be disclosed by the Issuer or the Placement Agents to (a) securities
regulatory authorities and stock exchanges, (b) the Issuer’s registrar and transfer agent, (c) any government agency, board or other entity and (d) any of the other parties involved in the offering, including the legal counsel of the Issuer,
and may be included in record books in connection with the offering. By executing this Agreement, Subscriber consents to the foregoing collection, use and disclosure of such personal information; and

 
 

 
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(ii) Subscriber acknowledges being notified that if Subscriber is resident or otherwise subject to the applicable securities
legislation of a jurisdiction in Canada: (i) the Issuer or the Placement Agents will deliver to the applicable securities regulatory authority or regulator certain personal information pertaining to the Subscriber, including such Subscriber’s
full name, residential address and telephone number, email address, the number of Acquired Shares purchased by such Subscriber, the Purchase Price paid for such Acquired Shares, the prospectus exemption relied on and the date of distribution of the
Acquired Shares, (ii) such information is being collected indirectly by the applicable securities regulatory authority or regulator under the authority granted to it in securities legislation, (iii) such information is being collected for the
purposes of the administration and enforcement of the securities legislation of the local Canadian jurisdiction, and (iv) the Subscriber may contact the public officials listed on Schedule D with respect to questions about the security
regulatory authority’s or regulator’s indirect collection of such information.
  

(x) It is the express wish of Subscriber that this Subscription Agreement and any related documentation be drawn up in English only. Il est
de la volonté expresse du souscripteur que la convention de souscription ainsi que tout document connexe soient rédigés en langue anglaise uniquement.

 
 6. Additional Subscriber Agreement. Subscriber hereby agrees that, from the date of this Agreement until the Closing or termination of this Subscription Agreement, none of Subscriber or
any person or entity acting on behalf of Subscriber or pursuant to any understanding with Subscriber will engage in any Short Sales with respect to securities of NGA prior to the Closing. For purposes of this Section 6, “Short
Sales” shall include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return
basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding the foregoing, (i) nothing herein shall prohibit other entities under common management with Subscriber that have no knowledge of
this Subscription Agreement or of Subscriber’s participation in the Subscription (including the Subscriber’s controlled affiliates and/or affiliates) from entering into any Short Sales and (ii) in the case of a Subscriber that is a
multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other
portions of such Subscriber’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Acquired Shares covered by this
Subscription Agreement.
  

 
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7. Registration Rights.

 
 (a) The Issuer agrees
that, within fifteen (15) business days after the consummation of the Merger (the “Filing Date”), the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement registering
the resale of the Acquired Shares (the “Registration Statement”), which Registration Statement may include Shares of the Issuer held by the Issuer’s current equityholders, holders of convertible debt instruments of
the Issuer and Common Shares issuable upon exercise of the NGA Warrants, and the Issuer shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later
than the earlier of (i) the 60th calendar day (or 90th calendar day if the Commission notifies the Issuer that it will “review” the Registration Statement) following the Closing and (ii) the 10th business day after the date the Issuer is
notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness
Date”); provided, however, that the Issuer’s obligations to include the Acquired Shares in the Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer such information regarding
Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Acquired Shares as shall be reasonably requested by the Issuer to effect the registration of the Acquired Shares, and Subscriber shall execute
such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend the
effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder; provided further that Subscriber shall not in connection with the foregoing be required to execute any lock-up or
similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Acquired Shares. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect such
Registration Statement by the Effectiveness Date shall not otherwise relieve the Issuer of its obligations to file or effect the Registration Statement as set forth above in this Section 7. The Issuer will provide a draft of the Registration
Statement to the undersigned for review at least two (2) business days in advance of filing the Registration Statement. In no event shall the undersigned be identified as a statutory underwriter in the Registration Statement unless requested by the
SEC; provided, that if the Commission requests that the undersigned be identified as a statutory underwriter in the Registration Statement, the undersigned will have an opportunity to withdraw from the Registration Statement. Notwithstanding
the foregoing, if the Commission prevents the Issuer from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Acquired
Shares by the applicable shareholders or otherwise, such Registration Statement shall register for resale such number of Acquired Shares which is equal to the maximum number of Acquired Shares as is permitted by the SEC. In such event, the number of
Acquired Shares to be registered for each selling shareholder named in the Registration Statement shall be reduced pro rata among all such selling shareholders.

 
 

 
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 (b)
In the case of the registration effected by the Issuer pursuant to this Subscription Agreement, the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration. At its expense the Issuer shall:

 
 (i)
except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use its commercially reasonable efforts to keep such registration continuously effective with respect to
Subscriber, and to keep the applicable Registration Statement supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another registration statement is available for the
resale of the Acquired Shares and ensure that the applicable Registration Statement or any subsequent shelf registration statement is free of any material misstatements or omissions, until the earlier of the following: (A) Subscriber ceases to hold
any Acquired Shares or (B) the date all Acquired Shares held by Subscriber may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144
and without the requirement for the Issuer to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (C) two years from the effective date of the Registration Statement.

 
 (ii)
advise Subscriber within two (2) business days:
  

(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or
any post-effective amendment thereto has become effective;
  

(2) of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or
for additional information;
  

(3) of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of
any proceedings for such purpose;
  

(4) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Acquired Shares
included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and
  

(5) subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in
any Registration Statement or prospectus so that, as of such date, any Registration Statement does not contain an untrue statement of a material fact or does not omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, or any prospectus does not include an untrue statement of a material fact or does not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading.
  

Notwithstanding anything to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with
any material, nonpublic information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence of the events listed in (1) through (5) above constitutes material, nonpublic information regarding the
Issuer;
  

 
18

  

  

(iii) use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;
  

(iv) upon the occurrence of any event contemplated above, except for such times as the Issuer is permitted hereunder to suspend, and
has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a
supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Acquired Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 
 (v)
use its commercially reasonable efforts to cause all Acquired Shares to be listed on each securities exchange or market, if any, on which the Shares issued by the Issuer have been listed; and

 
 (vi)
use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Acquired Shares contemplated hereby and to enable Subscriber to sell the Acquired Shares under Rule 144.

 
 (c) Notwithstanding
anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone the filing or effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration
Statement or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Issuer or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event the Issuer’s board of
directors reasonably believes, upon the advice of legal counsel, would require additional disclosure by the Issuer in the Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential and
the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Issuer’s board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail to comply with
applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however, that the Issuer may not delay or suspend the Registration Statement on more than two occasions or for more
than sixty (60) consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event during the period that
the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading, or any related prospectus includes an untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Acquired Shares under the Registration Statement until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer
agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it may resume such offers and
sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. If so directed by the Issuer, Subscriber will deliver to the Issuer
or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering the Acquired Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus
covering the Acquired Shares shall not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance
with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

 
 

 
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 (d)
Subscriber may deliver written notice (an “Opt-Out Notice”) to the Issuer requesting that Subscriber not receive notices from the Issuer otherwise required by this Section 7; provided, however, that
Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be
entitled to the rights associated with any such notice and (ii) each time prior to Subscriber’s intended use of an effective Registration Statement, Subscriber will notify the Issuer in writing at least two (2) business days in advance of
such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this Section 7(d)) and the related suspension period remains in effect, the Issuer will so notify
Subscriber, within one (1) business day of Subscriber’s notification to the Issuer, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the
conclusion of such Suspension Event immediately upon its availability.
  

(e) The Issuer shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless Subscriber (to the
extent a seller under the Registration Statement) its directors, officers, agents and employees, and each person who controls Subscriber (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) to the fullest
extent permitted by applicable law, from and against any and all out-of-pocket losses, claims, damages (excluding indirect or consequential damages, including without limitation loss of profits), liabilities, costs (including reasonable
attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement or in any
amendment or supplement thereto, required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue or alleged untrue statement of a material fact included in any prospectus included in the Registration
Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information
regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein or Subscriber has omitted a material fact from such information or otherwise violated the Securities Act, Exchange Act or any state securities law or any
rule or regulation thereunder; provided, however, that the indemnification contained in this Section 7 shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Issuer (which
consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Issuer be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written
information furnished by Subscriber, (B) in connection with any failure of such person to deliver or cause to be delivered a prospectus made available by the Issuer in a timely manner or (C) in connection with any offers or sales effected by or on
behalf of Subscriber in violation of Section 7(c) hereof. The Issuer shall notify Subscriber reasonably promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by
this Section 7 of which the Issuer receives notice in writing. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired
Shares by Subscriber.
  

 
20

  

  
 (f)
Subscriber shall, severally and not jointly, indemnify and hold harmless the Issuer, its directors, officers, agents and employees, and each person who controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, (i) arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement or in any
amendment or supplement thereto or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) arising out of or based upon any
untrue or alleged untrue statement of a material fact included in any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus or arising out of or
relating to any omission or alleged omission of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, with respect to (i) and/or (ii), to the extent, but only
to the extent, that such untrue or alleged untrue statements or omissions or alleged omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein; provided, however, that
the indemnification contained in this Section 7(f) shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of Subscriber (which consent shall not be unreasonably withheld, conditioned or
delayed). In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Acquired Shares giving rise to such indemnification obligation. Subscriber shall
notify the Issuer promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 7(f) of which Subscriber is aware. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired Shares by Subscriber.

 
 8. Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without
any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such date and time as the Combination Agreement is validly terminated in accordance with the terms therein, (b) upon the mutual written agreement of
each of the parties hereto to terminate this Subscription Agreement, (c) if any of the conditions to Closing set forth in Section 2(c) or 2(d) are not capable of being satisfied by the End Date (as defined below) or (d) at the election
of Subscriber, on or after the date 180 days following the date of this Subscription Agreement (the “End Date”), if the Closing has not occurred on or before such date; provided, that nothing herein will relieve any
party from liability for any fraud or willful material breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover out-of-pocket losses, liabilities or damages arising from such
fraud or willful material breach. The Issuer shall promptly notify Subscriber of the termination of the Combination Agreement promptly after the termination of such agreement.

 
 

 
21

  

  
 9. Trust Account Waiver. Subscriber acknowledges that NGA is a blank check, special purpose acquisition company with the powers and privileges to effect a merger, asset acquisition,
reorganization or similar business combination involving NGA and one or more businesses or assets. Subscriber further acknowledges that, as described in NGA’s prospectus relating to its initial public offering (the
“Prospectus”), available at www.sec.gov, substantially all of NGA’s assets consist of the cash proceeds of NGA’s initial public offering and private placements of its securities, substantially all of those
proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of NGA, its public stockholders and the underwriters of NGA’s initial public offering, and the funds and other assets in the Trust
Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of NGA entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and
its representatives, hereby irrevocably waives any and all right, title and interest, and any claims of any kind any of them has or may in the future have, in any case arising out of this Subscription Agreement, in or to any funds or other assets
held in the Trust Account, and agrees not to seek recourse against the Trust Account or the funds or assets held therein as a result of, or arising out of, this Subscription Agreement; provided, however, that nothing in
this Section 9 shall be deemed to limit any right, title, interest or claim of Subscriber to funds or other assets in the Trust Account by virtue of such Subscriber’s record or beneficial ownership of securities of NGA
acquired by any means other than pursuant to this Subscription Agreement, including but not limited to any redemption right with respect to any such securities of NGA.

 
 10. Miscellaneous.
  

(a) The parties to this Subscription Agreement hereby acknowledge and agree that the Issuer, the Placement Agents and others will rely on the
acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Issuer if any of the acknowledgments, understandings, agreements,
representations and warranties made by Subscriber as set forth herein are no longer accurate. The parties to this Subscription Agreement hereby further acknowledge and agree that the Placement Agents are third-party beneficiaries of the
representations and warranties of the Issuer, NGA and Subscriber contained in this Subscription Agreement.
  

(b) Each of the Issuer, NGA and Subscriber is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this
Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby to the extent required by law or by regulatory bodies.

 
 

 
22

  

  
 (c)
Notwithstanding anything to the contrary in this Subscription Agreement, prior to the Closing, Subscriber may not transfer or assign all or a portion of its rights under this Subscription Agreement other than to a fund or account managed by the same
investment manager as Subscriber, without the prior consent of the Issuer; provided that such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Subscription Agreement, makes the representations
and warranties in Section 5 and completes Schedule A, Schedule B or Schedule C hereto, as applicable. In the event of such a transfer or assignment, Subscriber shall update Schedule E to provide the information
required therein.
  
 (d)
All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing for a period of 3 years. For the avoidance of doubt, if for any reason the Closing does not occur prior to the
consummation of the Merger, all representations, warranties, covenants and agreements of the parties hereunder shall survive the consummation of the Merger and remain in full force and effect.

 
 (e) The Issuer may request
from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Shares, and Subscriber shall provide such information as may be reasonably requested, to the
extent readily available and to the extent consistent with its internal policies and procedures; provided, that the Issuer agrees to keep any such information provided by Subscriber confidential.

 
 (f) This Subscription
Agreement may not be amended, modified, waived or supplemented (i) except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, waiver, or supplement is sought and (ii) without the prior written
consent of Issuer; provided that any rights (but not obligations) of a party under this Subscription Agreement may be waived, in whole or in part, by such party on its own behalf without the prior consent of any other party.

 
 (g) This Subscription
Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

 
 (h) Except as otherwise
provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 
 (i) If any provision of
this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in
full force and effect.
  

(j) Each of the Issuer and Subscriber acknowledges and agrees that (A) this Subscription Agreement is being entered into in order to induce NGA
to execute and deliver the Combination Agreement and without the representations, warranties, covenants and agreements of the Issuer and Subscriber hereunder, NGA would not enter into the Combination Agreement, (B) each representation, warranty,
covenant and agreement of Subscriber hereunder is being made also for the benefit of NGA and (C) NGA may directly enforce (including by an action for specific performance, injunctive relief or other equitable relief) each of the covenants and
agreements of each of the Issuer and Subscriber under this Subscription Agreement.
  

 
23

  

  
 (k)
This Subscription Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered to
the other parties, it being understood that all parties need not sign the same counterpart.
  

(l) Each party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 
 (m) Any notice or
communication required or permitted hereunder shall be in writing and either delivered personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall
be deemed to be given and received (a) when so delivered personally, (b) upon receipt of an appropriate electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person
may subsequently designate by notice given hereunder), (c) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (d) five (5) business days after the date of mailing to the address below or to such other address or
addresses as such person may hereafter designate by notice given hereunder:
  

(i) if to Subscriber, to such address or addresses set forth on the signature page hereto;

 

		(ii)	if to the Issuer, to:

  
 The Lion
Electric Company
 921, chemin de la Rivière-du-Nord
 Saint-Jerome, Quebec J7Y 5G2

Attention: Marc Bédard, President and Founder; Nicolas Brunet, Executive Vice-President and Chief Financial Officer

Email: marc.bedard@thelionelectric.com / Nicolas.Brunet@thelionelectric.com
  

with required copies to (which copies shall not constitute notice):
  

Stikeman Elliott LLP
 1155 René-Lévesque West, 41st Floor

Montreal, Qc H3B 3V2
 Attention: Aniko Pelland; David Tardif

Email: apelland@stikeman.com; dtardif@stikeman.com
  

Vinson & Elkins L.L.P.
 1001 Fannin St.

Suite 2500
 Houston, TX 77002

Attention: E. Ramey Layne; John Kupiec
 Email: rlayne@velaw.com; jkupiec@velaw.com

 
 

 
24

  

  

		(iii)	if to NGA, to:

  
 Northern Genesis
Acquisition Corp.
 4801 Main Street, Suite 1000
 Kansas City, MO 64112

Attention: Vice Chair
 Email: ian.robertson@northerngenesis.com

 
 with required copies to (which copies shall not constitute notice):

 
 Husch Blackwell LLP

4801 Main Street, Suite 1000
 Kansas City, MO 64112

Attention: James G. Goettsch
 Email: jim.goettsch@huschblackwell.com

 
 Borden Ladner Gervais LLP

1000, rue De La Gauchetière Ouest, bureau / suite 900
 Montréal, QC, Canada H3B
5H4
 Attention: Yaniv Saragosti; Julie Belley Perron
 Email: YSaragosti@blg.com;
JBelleyperron@blg.com
  

		(iv)	if to the Placement Agents, to:

  

Barclays Capital Inc.
 745 Seventh Avenue

5th Floor
 New York, NY 10019

Attention: Jeffrey Daffron
 Email:
jeffrey.daffron@barclays.com
  
 with
required copies to (which copies shall not constitute notice):
  

Mayer Brown LLP
 1221 Avenue of the Americas

New York, New York 10020-1001
 Attention: Anna T.
Pinedo
 Email: apinedo@mayerbrown.com
 Facsimile:
(212) 849-5767
  
 (n) This
Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution,
performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to the principles of conflicts of law thereof.

 
 

 
25

  

  

THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE
DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY
SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT
BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND
GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION
10(m) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.
  

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER
VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 10(n).

 
 

 
26

  

  
 (o)
NGA shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the
“Disclosure Document”) disclosing all material terms of the transactions contemplated hereby, the Merger and any other material, nonpublic information that the Issuer has provided to Subscriber at any time prior to the
filing of the Disclosure Document. From and after the issuance of the Disclosure Document, to the Issuer’s knowledge, Subscriber shall not be in possession of any material, nonpublic information received from the Issuer, NGA or any of their
respective officers, directors or employees. Notwithstanding anything in this Subscription Agreement to the contrary, neither NGA nor the Issuer shall publicly disclose the name of Subscriber or any of its affiliates, or include the name of
Subscriber or any of its affiliates in any press release or in any filing with the Commission or any regulatory agency or trading market, without the prior written consent of Subscriber, except (i) as required by the federal securities law in
connection with the Registration Statement, (ii) as required for the Issuer to comply with applicable post-trade reporting requirements under Canadian securities laws, (iii) in a press release or marketing materials of the Issuer in connection with
the Merger to the extent any such disclosure is substantially equivalent to the information that has previously been made public without breach of the obligation under this Section 10(o) and (iv) to the extent such disclosure is required by
law, at the request of the Staff of the Commission or regulatory agency or under the regulations of the NYSE, in which case the Issuer and NGA shall provide Subscriber with prior written notice of such disclosure permitted under this subclause
(iv).
  
 (p) The parties
agree that irreparable damage would occur if any provision of this Subscription Agreement were not performed in accordance with the terms hereof, and accordingly, that the parties hereto shall be entitled to seek an injunction or injunctions to
prevent breaches of this Subscription Agreement or to enforce specifically the performance of the terms and provisions of this Subscription Agreement in an appropriate court of competent jurisdiction as set forth in Section 10(n), in addition
to any other remedy to which any party is entitled at law or in equity.
  

[Signature pages follow.]
  

 
27

  

  

IN WITNESS WHEREOF, each of the undersigned has caused this Subscription Agreement to be executed by its duly authorized
representative as of the date first set forth above.
  

	 	The Lion Electric Company
	 	 
	 	By:	                                
               
	 	 	Name:
	 	 	Title:
	 	 
	 	Northern Genesis Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  
 Signature Page
to 
 Subscription Agreement

 

  

 

  
 IN WITNESS WHEREOF,
Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date first set forth above.

 

	Name(s) of Subscriber:	 
	 	 
	Signature of Authorized Signatory:	 
	 	 
	Name of Authorized Signatory:	 
	 	 
	Title of Authorized Signatory:	 
	 	 
	Email Address:	 
	 	 
	Address for Notice to Subscriber:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Address (if different):	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Subscriber’s EIN/SSN:	 
	 	 
	Telephone No.:	 
	 	 
	Facsimile No.:	 
	 	 
	Purchase Price:	$
	 	 
	Acquired Shares:	 

  

 
 Signature Page to 

Subscription Agreement

 

  

 

  
 SCHEDULE A
 ELIGIBILITY
REPRESENTATIONS OF U.S. SUBSCRIBER
  

This Schedule must be completed by Subscriber and forms a part of the Subscription Agreement to which it is attached. Capitalized terms used and not
otherwise defined in this Schedule have the meanings given to them in the Subscription Agreement. Subscriber must check the applicable box in either Part A, Part B or Part C below and the applicable box in Part D below.

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

  

(Please check the applicable subparagraphs):

 

	☐	Subscriber is a “qualified institutional buyer” (as
defined in Rule 144A under the Securities Act (a “QIB”)).
	☐
	Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts,
and each owner of such accounts is a QIB.

  

*** OR ***
  

		B.	FINRA INSTITUTIONAL INVESTOR STATUS

  

(Please check the applicable subparagraph):

 

	☐	Subscriber is a “institutional investor” (as defined in
FINRA Rule 2111).

  
 ***
OR ***
  

		C.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

  

(Please check the applicable subparagraphs):

 
 Subscriber is an institutional “accredited
investor” (within the meaning of Rule 501(a) under the Securities Act) and has checked below the box(es) for the applicable provision under which Subscriber qualifies as such:

 

	☐	Subscriber is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, Massachusetts or similar business trust, partnership,
or limited liability company that was not formed for the specific purpose of acquiring the securities of the Issuer being offered in this offering, with total assets in excess of $5,000,000.
	☐
	Subscriber is a “private
business development company” as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.
	☐
	Subscriber is a “bank” as
defined in Section 3(a)(2) of the Securities Act.
	☐
	Subscriber is a “savings and
loan association” or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity.
	☐
	Subscriber is a broker or dealer
registered pursuant to Section 15 of the Exchange Act.

  

 Schedule A-
1

  

  

	☐	Subscriber is an “insurance company” as defined in Section
2(a)(13) of the Securities Act. 
	☐
	Subscriber is an investment adviser relying on the exemption from registering with the Commission
under Section 203(l) or (m) of the Investment Advisers Act of 1940. 
	☐
	Subscriber is an investment adviser registered pursuant to Section 203 of the Investment Advisers
Act of 1940 or registered pursuant to the laws of a state.
	☐
	Subscriber is an investment company registered under the Investment Company Act of 1940.
	☐
	Subscriber is a “business development company” as defined in Section 2(a)(48) of the
Investment Company Act of 1940.
	☐
	Subscriber is a “Small Business Investment Company” licensed by the U.S. Small Business
Administration under either Section 301(c) or (d) of the Small Business Investment Act of 1958.
	☐
	Subscriber is a plan established and maintained by a state, its political subdivisions, or any
agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, and such plan has total assets in excess of $5,000,000. 
	☐
	Subscriber is a Rural Business Investment Company as defined in Section 384A of the Consolidated
Farm and Rural Development Act. 
	☐
	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income
Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is one of the following.
	 	☐	A bank;
	 	☐	A savings and loan association;
	 	☐	An insurance company; or
	 	☐	A registered investment adviser.
	☐
	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income
Security Act of 1974 with total assets in excess of $5,000,000.
	☐
	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income
Security Act of 1974 that is a self-directed plan with investment decisions made solely by persons that are accredited investors.
	☐
	Subscriber is a trust with total assets in excess of $5,000,000, not formed for the specific
purpose of acquiring the securities offered by the Issuer in this offering, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act.

 
 *** AND ***

 

		D.	AFFILIATE STATUS

  

(Please check the applicable box)

 

		Subscriber:	

  

	☐	is
	☐
	is not

 
 an “affiliate” (as defined in Rule 144 under the
Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.
  

 Schedule A-
2

  

  
 SCHEDULE B
 ELIGIBILITY
REPRESENTATIONS OF CANADIAN SUBSCRIBER
 ACCREDITED INVESTOR CERTIFICATE
  

This Schedule must be completed by Subscriber and forms a part of the Subscription Agreement to which it is attached. All defined terms not specifically
defined in this Certificate of Accredited Investor are defined in Canadian securities law.
  

(Check one or more, as applicable):
   

	☐	(a)	(i) 	except in Ontario, a Canadian financial institution, or a Schedule III bank; or
	 	 	(ii) 	in Ontario, a financial institution described in paragraph 73.1(1) of the Securities Act (Ontario) (as detailed below),

  

	☐	(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act
(Canada),
	 	 	 
	☐	(c)	a subsidiary of any person or company referred to in paragraphs (a) or (b), if the person or company owns all of the voting securities of the
subsidiary, except the voting securities required by law to be owned by directors of that subsidiary,
	 	 	 
	☐	(d)	a person registered under the securities legislation of a province or territory of Canada as an adviser or dealer, and in Ontario except as
otherwise prescribed by applicable regulations,
	 	 	 
	☐	(e)	an individual registered under the securities legislation of a province or territory of Canada as a representative of a person referred to in
paragraph (d),
	 	 	 
	☐	(e.1)	an individual formerly registered under the securities legislation of a province or territory of Canada, other than an individual formerly
registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador),
	 	 	 
	☐	(f)	the Government of Canada or the government of a province or territory of Canada, or any crown corporation, agency or wholly owned entity of the
Government of Canada or the government of a province or territory of Canada,
	 	 	 
	☐	(g)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe
scolaire de l’île de Montréal or an intermunicipal management board in Québec,
	 	 	 
	☐	(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that
government,
	 	 	 
	☐	(i)	a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or
similar regulatory authority of a province or territory of Canada,
	 	 	 
	☐	(j)	[Intentionally deleted.]  
	 	 	 
	☐	(j.1)	an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related
liabilities, exceeds CAD$5,000,000, 

  

 Schedule B-
1

  

  

	☐	(k)	[Intentionally deleted.]  
	 	 	 
	☐	(l)	[Intentionally deleted.]  
	 	 	 
	☐	(m)	a person, other than an individual or investment fund, that has net assets of at least CAD$5,000,000, as shown on its most recently prepared
financial statements, and that was not formed for the sole purpose of making a representation to this effect in order to qualify as an accredited investor, (Note: your “net income” before taxes is found on your personal income tax
return.)
	 	 	 
	☐	(n)	an investment fund that distributes or has distributed its securities only to

 

	 	 	(i)	a person that is or was an accredited investor at the time of the distribution,
	 	 	 	 
	 	 	(ii)	a person that acquires or acquired securities in the circumstances referred to in Sections 2.10 [Minimum amount investment] or 2.19
[Additional investment in investment funds] of NI 45-106 or equivalent exemptions under applicable securities legislation as specified in Section 8.2 of NI 45-106, or
	 	 	 	 
	 	 	(iii)	a person described in paragraph (i) or (ii) that acquires or acquired securities under Section 2.18 [Investment fund reinvestment] of NI
45-106,

  

	☐	(o)	an investment fund that distributes or has distributed securities under a prospectus in a province of Canada for which the
regulator or, in Quebec, the securities regulatory authority, has issued a receipt,
	 	 	 
	☐	(p)	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or
under comparable legislation in a province or territory of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,
	 	 	 
	☐	(q)	a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as
an adviser or the equivalent under the securities legislation of a province or territory of Canada or a foreign jurisdiction,
	 	 	 
	☐	(r)	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or
an adviser registered under the securities legislation of the province or territory of the registered charity to give advice on the securities being traded,
	 	 	 
	☐	(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in
form and function,
	 	 	 
	☐	(t)	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be
owned by directors, are persons that are accredited investors. If you checked (t), please indicate the name and category of accredited investor (by reference to the applicable letter in this Schedule B) of each of:

  

	 	 	 	Name:	 	Category of Accredited Investor
	 	 	Owner:	 	 	 
	 	 	Owner:	 	 	 
	 	 	Owner:	 	 	 

  

	 	 	[attach sheet if more than 3 owners]
	 	 	 

  
 

 Schedule B-
2

  

  

	☐	(u)	an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an
adviser,
	 	 	 
	☐	(v)	a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an
accredited investor, or
	 	 	 
	☐	(w)	a trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority of the
trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that
accredited investor’s spouse or of that accredited investor’s former spouse. If you checked (w), please indicate the name and category of accredited investor (by reference to the applicable letter in this Schedule B of each
of:

  

	 	 	 	Name:	 	Category of Accredited Investor
	 	 	Individual who established trust:	 	 	 
	 	 	Trustee:	 	 	 
	 	 	Trustee:	 	 	 
	 	 	Trustee:	 	 	 

  

	 	 	[attach sheet if more than 3 trustees]

 

 Schedule B-
3

  

 SCHEDULE C
 ELIGIBILITY REPRESENTATIONS OF CANADIAN SUBSCRIBER
 PERMITTED CLIENT CERTIFICATE

 
 This Schedule must be completed by Subscriber and forms a part of the Subscription
Agreement to which it is attached. All defined terms not specifically defined in this Certificate of Permitted Client are defined in Canadian securities law.

 
 (Check one or more, as applicable):

 

	☐	(a)	a Canadian financial institution or a Schedule III bank;
	 	 	 
	☐	(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);
	 	 	 
	☐	(c)	a subsidiary of any person or company referred to in paragraph (a) or (b), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by
directors of the subsidiary;
	 	 	 
	☐	(d)	a person or company registered under the securities legislation of a jurisdiction of Canada as an adviser, investment dealer, mutual fund dealer or exempt market dealer;
	 	 	 
	☐	(e)	a pension fund that is regulated by either the federal Office of the Superintendent of Financial Institutions or a pension commission or similar regulatory authority of a jurisdiction of Canada or a wholly-owned
subsidiary of such a pension fund;
	 	 	 
	☐	(f)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (e);
	 	 	 
	☐	(g)	the Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada;
	 	 	 
	☐	(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;
	 	 	 
	☐	(i)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal
management board in Québec;
	 	 	 
	☐	(j)	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign
jurisdiction, acting on behalf of a managed account managed by the trust company or trust corporation, as the case may be;
	 	 	 
	☐	(k)	a person or company acting on behalf of a managed account managed by the person or company, if the person or company is registered or authorized to carry on business as an adviser or the equivalent under the
securities legislation of a jurisdiction of Canada or a foreign jurisdiction;
	 	 	 
	☐	(l)	an investment fund if one or both of the following apply: 

  

		(i)	the fund is managed by a person or company registered as an investment fund manager under the securities legislation of a jurisdiction of Canada;

 

		(ii)	the fund is advised by a person or company authorized to act as an adviser under the securities legislation of a jurisdiction of Canada;

 
 

 Schedule C-
1

  

  

	☐	(m)	in respect of a dealer, a registered charity under the Income Tax Act (Canada) that obtains advice on the securities to be traded from an eligibility adviser, as defined in section 1.1 of National
Instrument 45-106 Prospectus and Registration Exemptions, or an adviser registered under the securities legislation of the jurisdiction of the registered charity;
	 	 	 
	☐	(n)	in respect of an adviser, a registered charity under the Income Tax Act (Canada) that is advised by an eligibility adviser, as defined in section 1.1 of National Instrument 45-106 Prospectus and Registration
Exemptions, or an adviser registered under the securities legislation of the jurisdiction of the registered charity;
	 	 	 
	☐	(o)	an individual who beneficially owns financial assets, as defined in section 1.1 of National Instrument 45-106 Prospectus and Registration Exemptions, having an aggregate realizable value that, before taxes but
net of any related liabilities, exceeds C$5 million;
	 	 	 
	☐	(p)	a person or company that is entirely owned by an individual or individuals referred to in paragraph (o), who holds the beneficial ownership interest in the person or company directly or through a trust, the trustee of
which is a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction;
	 	 	 
	☐	(q)	a person or company, other than an individual or an investment fund, that has net assets of at least C$25 million as shown on its most recently prepared financial statements;
	 	 	 
	☐	(r)	a person or company that distributes securities of its own issue in Canada only to persons or companies referred to in paragraphs (a) to (q) above.

 

 Schedule C-
2

  

  

SCHEDULE D

Contact Information – Canadian Provincial AND TERRITORIAL Securities

Regulatory Authorities
  

	 The contact information of the public official in
 the local jurisdiction who can answer
questions
 about the security regulatory authority’s or
 regulator’s indirect collection of
information
 is as follows:
  

Alberta Securities Commission 
 Suite 600, 250 – 5th Street SW

Calgary, Alberta T2P 0R4
 Telephone: (403) 297-6454

Toll free in Canada: 1-877-355-0585
 Facsimile: (403) 297-2082

 
 British Columbia Securities Commission

P.O. Box 10142, Pacific Centre
 701 West Georgia Street

Vancouver, British Columbia V7Y 1L2
 Inquiries: (604) 899-6854

Toll free in Canada: 1-800-373-6393
 Facsimile: (604) 899-6581

Email: inquiries@bcsc.bc.ca
  

The Manitoba Securities Commission
 500 – 400 St. Mary Avenue

Winnipeg, Manitoba R3C 4K5
 Telephone: (204) 945-2548

Toll free in Manitoba 1-800-655-5244
 Facsimile: (204) 945-0330

 
 Financial and Consumer Services Commission (New Brunswick)

85 Charlotte Street, Suite 300
 Saint John, New Brunswick E2L 2J2

Telephone: (506) 658-3060
 Toll free in Canada: 1-866-933-2222

Facsimile: (506) 658-3059
 Email: info@fcnb.ca

 
 Government of Newfoundland and Labrador

Financial Services Regulation Division
 P.O. Box 8700

Confederation Building
 2nd Floor, West Block

Prince Philip Drive
 St. John’s, Newfoundland and Labrador A1B 4J6

Attention: Director of Securities
 Telephone: (709) 729-4189

Facsimile: (709) 729-6187
  

Autorité des marchés financiers
 800, Square Victoria, 22e étage

C.P. 246, Tour de la Bourse
 Montréal, Québec H4Z 1G3

Telephone: (514) 395-0337 or 1-877-525-0337
 Facsimile: (514) 873-6155 (For filing purposes only)

Facsimile: (514) 864-6381 (For privacy requests only)
 Email: financementdessocietes@lautorite.qc.ca

(For corporate finance issuers);
 Email: fonds_dinvestissement@lautorite.qc.ca

(For investment fund issuers)
	 Government of the Northwest Territories
 Office of the Superintendent of
Securities
 P.O. Box 1320
 Yellowknife, Northwest Territories X1A 2L9

Attention: Deputy Superintendent, Legal &
 Enforcement

Telephone: (867) 920-8984
 Facsimile: (867) 873-0243

 
 Nova Scotia Securities Commission

Suite 400, 5251 Duke Street
 Duke Tower

P.O. Box 458
 Halifax, Nova Scotia B3J 2P8

Telephone: (902) 424-7768
 Facsimile: (902) 424-4625

 
 Government of Nunavut

Department of Justice
 Legal Registries Division

P.O. Box 1000, Station 570
 1st Floor, Brown Building

Iqaluit, Nunavut X0A 0H0
 Telephone: (867) 975-6590

Facsimile: (867) 975-6594
  

Ontario Securities Commission
 20 Queen Street West, 22nd Floor

Toronto, Ontario M5H 3S8
 Telephone: (416) 593- 8314

Toll free in Canada: 1-877-785-1555
 Facsimile: (416) 593-8122

Email: exemptmarketfilings@osc.gov.on.ca
 Public official contact regarding indirect collection of information:
Inquiries Officer
  
 Prince Edward Island Securities Office

95 Rochford Street, 4th Floor Shaw Building
 P.O. Box 2000

Charlottetown, Prince Edward Island C1A 7N8
 Telephone: (902) 368-4569

Facsimile: (902) 368-5283
  

Financial and Consumer Affairs Authority of Saskatchewan
 Suite 601 - 1919 Saskatchewan Drive

Regina, Saskatchewan S4P 4H2
 Telephone: (306) 787-5879

Facsimile: (306) 787-5899
  

Office of the Superintendent of Securities
 Government of Yukon

Department of Community Services
 307 Black Street, 1st floor

Box 2703, C-6
 Whitehorse, Yukon Y1A 2C6

Telephone: (867) 667-5466
 Facsimile: (867) 393-6251

Email: Securities@gov.yk.ca

  

 Schedule D-
1

  

  
 SCHEDULE E
 SCHEDULE OF
TRANSFERS
  
 Subscriber’s Subscription was in
the amount of ____________ Shares. The following transfers of a portion of the Subscription have been made:
  

	Date of Transfer or
Reduction	Transferee	Number of Transferee Acquired Shares Transferred or
Reduced	Subscriber Revised Subscription
Amount
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

  

Schedule B as of ______________, 20__, accepted and agreed to as of this ____ day of ____________, 20__ by:

 
 The Lion Electric Company

 

	By:	                          	 
	 	Name:	 
	 	Title:	 

   

	 	 
	Name of Subscriber:	 
	 	 
	 	 
	 	 
	Signature of Subscriber:	 

  

	By:	                          	 
	 	Name:	 
	 	Title:	 

  
  
 Schedule
E-1Exhibit 10.1

 

ENLINK MIDSTREAM, LLC

2014 LONG-TERM INCENTIVE PLAN

(As Amended and Restated Effective December 28,
2020)

 

    

     

    

 

	TABLE OF CONTENTS	Page
	ARTICLE I. ESTABLISHMENT AND PURPOSE	1
	1.1         Establishment	1
	1.2         Purpose	1
	ARTICLE II. DEFINITIONS	1
	2.1         Affiliate	1
	2.2         Award	1
	2.3         Award Agreement	1
	2.4         Board	1
	2.5         Cash Award	1
	2.6         Cause	1
	2.7         Change of Control	2
	2.8         Code	2
	2.9         Committee	2
	2.10      Company	2
	2.11      Consultant	2
	2.12      Distribution Equivalent Right	2
	2.13      Effective Date	2
	2.14      Employee	2
	2.15      EnLink Manager	2
	2.16      EnLink Midstream	2
	2.17      Exchange Act	2
	2.18      Fair Market Value	2
	2.19      GIP	3
	2.20      Grant Date	3
	2.21      Incentive Unit Option	3
	2.22      Nonqualified Unit Option	3
	2.23      Option	3
	2.24      Outside Director	3
	2.25      Participant	3
	2.26      Performance Award	3
	2.27      Performance Goal	3
	2.28      Person	3
	2.29      Plan	3
	2.30      Prior Plan	3
	2.31      Restricted Incentive Unit	3
	2.32      Restricted Unit	3
	2.33      Restriction Period	3
	2.34      Rule 16b-3	4
	2.35      Unit Appreciation Right	4
	2.36      Unit Award	4

 

    i

     

    

 

	2.37      Unit Distribution Right	4
	2.38      Units	4
	2.39      Voting Stock	4
	2.40      Working Group	4
	2.41      Working Subsidiary	4
	ARTICLE III. PLAN ADMINISTRATION	4
	3.1         Plan Administrator	5
	3.2         Authority of Administrator	5
	3.3         Discretionary Authority	5
	3.4         Liability; Indemnification	5
	ARTICLE IV. UNITS SUBJECT TO THE PLAN	5
	4.1         Available Units	5
	4.2         Adjustments for Recapitalizations and Reorganizations	6
	4.3         Adjustments for Awards	6
	ARTICLE V. ELIGIBILITY	7
	ARTICLE VI. FORM OF AWARDS	7
	ARTICLE VII. OPTIONS	8
	7.1         General	8
	7.2         Terms and Conditions of Options	8
	7.3         Restrictions Relating to Incentive Unit Options	8
	7.4         Additional Terms and Conditions	8
	7.5         Exercise of Options	8
	ARTICLE VIII. UNIT APPRECIATION RIGHTS	9
	8.1         General	9
	8.2         Right to Payment	9
	8.3         Rights Related to Options	9
	8.4         Right Without Option	9
	8.5         Terms	10
	ARTICLE IX. RESTRICTED UNITS	10
	9.1         General	10
	9.2         Restriction Period	10
	9.3         UDRs	10
	9.4         Other Terms and Conditions	10
	9.5         Payment for Restricted Units	11
	9.6         Miscellaneous	11
	ARTICLE X. RESTRICTED INCENTIVE UNITS	11
	10.1      General	11
	10.2      Restriction Period	11
	10.3      DERs	11
	10.4      Other Terms and Conditions	11

 

    ii

     

    

 

	ARTICLE XI. UNIT AWARDS	12
	11.1      General; Terms and Conditions	12
	11.2      Bonus Units and Awards in Lieu of Obligations	12
	ARTICLE XII. CASH AWARDS; DERS	12
	12.1      General; Terms and Conditions	12
	12.2      DERs	12
	ARTICLE XIII. PERFORMANCE AWARDS	12
	13.1      General	12
	13.2      Performance Awards	12
	ARTICLE XIV. CHANGE OF CONTROL	13
	14.1      Definition of Change of Control	13
	14.2      Effect on Outstanding Awards	13
	14.3      Change of Control Price	15
	14.4      Impact of Corporate Events on Awards Generally	15
	ARTICLE XV. AMENDMENT AND TERMINATION	15
	15.1      Plan Amendment and Termination	15
	15.2      Award Amendment	15
	ARTICLE XVI. MISCELLANEOUS	16
	16.1      Award Agreements and Termination of Employment	16
	16.2      Stand-Alone, Additional, Tandem, and Substitute Awards	16
	16.3      Listing Conditions	16
	16.4      Additional Conditions	17
	16.5      Transferability	17
	16.6      Withholding Taxes	18
	16.7      No Fractional Units	18
	16.8      Notices	18
	16.9      Binding Effect	19
	16.10   Severability	19
	16.11   No Restriction of Corporate Action	19
	16.12   Governing Law	19
	16.13   No Right, Title or Interest in Company Assets	19
	16.14   Risk of Participation	19
	16.15   Section 409A of the Code	19
	16.16   No Guarantee of Tax Consequences	19
	16.17   Continued Employment or Service	20
	16.18   Miscellaneous	20

 

    iii

     

    

 

ENLINK MIDSTREAM, LLC

2014 LONG-TERM INCENTIVE PLAN

(As Amended and Restated Effective December 28,
2020)

 

ARTICLE I.

ESTABLISHMENT AND PURPOSE

 

1.1            Establishment.
The EnLink Midstream, LLC 2014 Long-Term Incentive Plan (the “Plan”) established as of February 5, 2014, and
most-recently amended and restated as of March 31, 2020, is hereby amended and restated, effective as of the Effective Date
(as defined below). Capitalized terms used herein without definition shall have the respective meanings assigned to them in Article II.

 

1.2            Purpose.
The purposes of the Plan are to attract able persons to enter the employ of the Company, to encourage Employees and Consultants
to remain in the employ or service of the Company and to provide motivation to Employees and Consultants to put forth maximum efforts
toward the continued growth, profitability, and success of the Company, by providing incentives to such persons through the ownership
and/or performance of the Units of EnLink Midstream. A further purpose of the Plan is to provide a means through which the Company
may attract able persons to become directors of the EnLink Manager and to provide such individuals with incentive and reward opportunities.
Toward these objectives, Awards may be granted under the Plan to Employees, Consultants and Outside Directors on the terms and
subject to the conditions set forth in the Plan.

 

ARTICLE II.

DEFINITIONS

 

2.1            Affiliate.
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by, or is under common control with, the Person in question. As used herein, the term “control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise. With respect to an Incentive Unit Option, “Affiliate”
means a “parent corporation” or a “subsidiary corporation” of EnLink Midstream, as those terms are defined
in Sections 424(e) and (f) of the Code.

 

2.2            Award.
“Award” means an award granted to a Participant in the form of an Option, UAR, Restricted Unit Award, Restricted
Incentive Unit, Unit Award, Cash Award, or Performance Award and includes, as appropriate, any tandem DERs granted with respect
to an Award (other than a Restricted Unit, Option, or UAR). All Awards shall be granted by, confirmed by, and subject to the terms
of, an Award Agreement.

 

2.3            Award
Agreement. “Award Agreement” means a written agreement between EnLink Midstream and a Participant that sets forth
the terms, conditions, restrictions, and/or limitations applicable to an Award.

 

2.4            Board.
“Board” means the Board of Directors of the EnLink Manager, the managing member of EnLink Midstream.

 

2.5            Cash
Award. “Cash Award” means an Award denominated and payable in cash.

 

2.6            Cause.
“Cause” means, except as otherwise provided in an Award Agreement, (i) Participant has failed to perform the
duties assigned to him and such failure has continued for thirty (30) days following delivery by the Company of written notice
to Participant of such failure, (ii) Participant has been convicted of a felony or misdemeanor involving moral turpitude,
(iii) Participant has engaged in acts or omissions against the Company constituting dishonesty, breach of fiduciary obligation,
or intentional wrongdoing or misfeasance, (iv) Participant has acted intentionally or in bad faith in a manner that results
in a material detriment to the assets, business or prospects of the Company, or (5) Participant has breached any obligation
under the Plan or Award Agreement.

 

    1

     

    

 

2.7            Change
of Control. “Change of Control” shall have the meaning set forth in Section 14.1.

 

2.8            Code.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder
and successor provisions and regulations thereto.

 

2.9            Committee.
“Committee” means (1) with respect to the application of this Plan to Employees and Consultants, the Compensation
Committee of the Board or such other committee of the Board as may be designated by the Board to administer the Plan, which committee
shall consist of two or more non-employee directors, each of whom is a “non-employee director” under Rule 16b-3
of the Exchange Act, and (2) with respect to the application of this Plan to an Outside Director, the Board. To the extent
that no Committee exists that has the authority to administer the Plan, or to the extent the Board so elects, the functions of
the Committee shall be exercised by the Board. If for any reason the appointed Committee does not meet the requirements of Rule 16b-3,
such noncompliance with such requirements shall not affect the validity of Awards, grants, interpretations or other actions of
the Committee.

 

2.10          Company.
“Company” means EnLink Midstream and its Affiliates.

 

2.11          Consultant.
 “Consultant” means an individual performing services for EnLink Midstream or an Affiliate who is treated for tax purposes
as an independent contractor at the time of performance of the services.

 

2.12          Distribution
Equivalent Right. “Distribution Equivalent Right” or “DER” means a contingent right, granted alone
or in tandem with a specific Award (other than a Restricted Unit, Option or UAR) under Section 12.2, to receive with respect
to each Unit subject to the Award an amount in cash, Units, and/or Restricted Incentive Units, as determined by the Committee in
its sole discretion, equal in value to the distributions made by the Company with respect to a Unit during the period such Award
is outstanding.

 

2.13          Effective
Date. “Effective Date” means December 28, 2020, which is the date this Plan, as hereby amended and restated,
becomes effective.

 

2.14          Employee.
 “Employee” means an employee of the Company; provided, however, that the term Employee does not include an Outside
Director or a Consultant.

 

2.15          EnLink
Manager. “EnLink Manager” means EnLink Midstream Manager, LLC, a Delaware limited liability company, and any successor
thereto.

 

2.16          EnLink
Midstream. “EnLink Midstream” means EnLink Midstream, LLC, a Delaware limited liability company, and any successor
thereto.

 

2.17          Exchange
Act. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

2.18          Fair
Market Value. “Fair Market Value” means the closing sales price of a Unit on the applicable date (or if there is
no trading in the Units on such date, on the next preceding date on which there was trading) as reported in The Wall Street Journal
(or other reporting service approved by the Committee). In the event the Units are not publicly traded at the time a determination
of fair market value is required to be made hereunder, the determination of fair market value shall be made in good faith by the
Committee and in compliance with Section 409A or 422 of the Code, as applicable.

 

    2

     

    

 

2.19         GIP.
 “GIP” means Global Infrastructure Partners III-A/B, L.P., Global Infrastructure Partners III-C Intermediate, L.P.,
Global Infrastructure Partners III-C2 Intermediate, L.P., Global Infrastructure Partners II-C Stetson AIV, L.P. and each of their
Affiliates, and any funds, partnerships, or other investment vehicles managed by Global Infrastructure Management, LLC or their
Affiliates (including in each case, any portfolio companies of such entities).

 

2.20         Grant
Date. “Grant Date” means the date an Award is granted by the Committee.

 

2.21         Incentive
Unit Option. “Incentive Unit Option” means an Option that is intended to meet the requirements of Section 422(b) of
the Code.

 

2.22         Nonqualified
Unit Option. “Nonqualified Unit Option” means an Option that is not an Incentive Unit Option.

 

2.23          Option.
 “Option” means an option to purchase Units granted to a Participant pursuant to Article VII. An Option may be
either an Incentive Unit Option or a Nonqualified Unit Option, as determined by the Committee.

 

2.24         Outside
Director. “Outside Director” means a “non-employee director” of the EnLink Manager, as defined in Rule 16b-3.

 

2.25         Participant.
“Participant” means an Employee, Consultant or Outside Director to whom an Award has been granted under the Plan.

 

2.26         Performance
Award. “Performance Award” means an Award made pursuant to this Plan to a Participant, which Award is subject to
the attainment of one or more Performance Goals.

 

2.27         Performance
Goal. “Performance Goal” means a standard established by the Committee, to determine in whole or in part whether
a Performance Award shall be earned.

 

2.28         Person.
“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization, association, government agency or political subdivision thereof, or other entity.

 

2.29         Plan.
“Plan” means this EnLink Midstream, LLC 2014 Long-Term Incentive Plan, as hereby amended and restated effective
as of the Effective Date, and as hereafter amended from time to time.

 

2.30         Prior
Plan. “Prior Plan” means the applicable version of the EnLink Midstream, LLC 2014 Long-Term Incentive Plan, as
in effect at the applicable time prior to its amendment and restatement on the Effective Date.

 

2.31         Restricted
Incentive Unit. “Restricted Incentive Unit” means a notional Unit granted under the Plan pursuant to Article X
which, upon vesting, entitles the Participant to receive, at the time of settlement, a Unit or an amount of cash equal to the Fair
Market Value of a Unit, as determined by the Committee in its sole discretion.

 

2.32         Restricted
Unit. “Restricted Unit” means a Unit granted to a Participant pursuant to Article IX, which is subject to
such restrictions as may be determined by the Committee. Restricted Units shall constitute issued and outstanding Units for all
corporate purposes.

 

2.33         Restriction
Period. “Restriction Period” means the period established by the Committee at the time of a grant of an Award during
which an Award shall be fully or partially forfeitable.

 

    3

     

    

 

2.34          Rule 16b-3.
“Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor rule or
regulation thereto as in effect from time to time.

 

2.35          Unit
Appreciation Right. “Unit Appreciation Right” or “UAR” means a contingent right granted under the Plan
pursuant to Article VIII that entitles the holder to receive, in cash or Units, as determined by the Committee in its sole
discretion, an amount equal to the excess of the Fair Market Value of a Unit on the exercise date of the Unit Appreciation Right
(or another specified date) over the exercise price of the Unit Appreciation Right.

 

2.36          Unit
Award. “Unit Award” means an Award of one or more vested Units granted under Article XI.

 

2.37         Unit
Distribution Right. “Unit Distribution Right” or “UDR” means a distribution made by the Company with
respect to a Restricted Unit.

 

2.38         Units.
 “Units” means the units, $.01 par value per Unit, of EnLink Midstream, or any units or other securities of EnLink Midstream
hereafter issued or issuable in substitution or exchange for the Units.

 

2.39         Voting
Stock. “Voting Stock” of any specified Person as of any date means the capital stock (or comparable equity securities)
of such Person that is at the time entitled (without regard to the occurrence of any contingency) to vote in the election of the
Board of Directors (or comparable governing body) of such Person.

 

2.40         Working
Group. “Working Group” means EnLink Midstream, the Partnership, EnLink Midstream GP, LLC and EnLink Manager.

 

2.41         Working
Subsidiary. “Working Subsidiary” means with respect to any Working Group member (i) in the case of a corporation,
any corporation of which an applicable Working Group member directly or indirectly owns shares representing more than 50% of the
combined voting power of the shares of all classes or series of capital stock of such corporation which have the right to vote
generally on matters submitted to a vote of the stockholders of such corporation and (ii) in the case of a partnership, limited
liability company, or other business entity not organized as a corporation, any such business entity of which an applicable Working
Group member (A) directly or indirectly owns more than 50% of the voting, capital or profits interests (whether in the form
of partnership interests, membership interests, or otherwise) or (B) has the power to elect or direct the election of directors
with a majority of the voting power of the board of directors (or other governing body) of such partnership, limited liability
company, or other business entity or the sole member or managing member of such partnership, limited liability company, or other
business entity, as applicable.

 

ARTICLE III.

 

PLAN ADMINISTRATION

 

3.1            Plan
Administrator. The Plan shall be administered by the Committee. The Committee may, subject to applicable law, delegate some
or all of its power to the Chief Executive Officer or other executive officers of the Company as the Committee deems appropriate;
provided, that in no event shall the Committee delegate its power with regard to the selection for participation in the Plan of
an officer or other Person subject to Section 16 of the Exchange Act or decisions concerning the timing, pricing, or amount
of an Award to such an officer or other Person.

 

    4

     

    

 

3.2            Authority
of Administrator. The Committee shall have total and exclusive responsibility to control, operate, manage, and administer the
Plan in accordance with its terms. The Committee shall have all the authority that may be necessary or helpful to enable it to
discharge its responsibilities with respect to the Plan. Without limiting the generality of the preceding sentence, but subject
to the limitation that none of the enumerated powers of the Committee shall be deemed to include any action that would intentionally
cause a tax to be imposed on a Participant pursuant to Section 409A of the Code, the Committee shall have the exclusive right
to: (i) interpret the Plan and the Award Agreements; (ii) determine eligibility for participation in the Plan; (iii) decide
all questions concerning eligibility for, and the amount of, Awards granted under the Plan; (iv) construe any ambiguous provision
of the Plan or any Award Agreement; (v) prescribe the form of the Award Agreements embodying Awards granted under the Plan;
(vi) correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award Agreement; (vii) issue
administrative guidelines as an aid to administering the Plan and make changes in such guidelines as the Committee from time to
time deems proper; (viii) make regulations for carrying out the Plan and make changes in such regulations as the Committee
from time to time deems proper; (ix) determine whether Awards should be granted singly or in combination; (x) to the
extent permitted under the Plan, grant waivers of Plan terms, conditions, restrictions, and limitations; (xi) accelerate the
exercise, vesting, or payment of an Award when such action or actions would be in the best interests of the Company; (xii) grant
Awards in replacement of Awards previously granted under the Plan or any other employee benefit plan of the Company; and (xiii) take
any and all other actions the Committee deems necessary or advisable for the proper operation or administration of the Plan. Notwithstanding
anything herein to the contrary, except in connection with a corporate transaction involving the Company as provided in Section 4.2
(including, without limitation, any distribution, unit split, extraordinary cash distribution, recapitalization, reorganization,
merger, consolidation, split-up, spin-off, combination, or exchange of Units), the terms of outstanding Awards may not be amended
to reduce the exercise price of outstanding Options or UARs or cancel, exchange, substitute, buyout or surrender outstanding Options
or UARs in exchange for cash, other awards or Options with an exercise price that is less than the exercise price of the original
Options or UARs without unitholder approval. It is acknowledged that the references in the Prior Plan to Section 162(m) of
the Code relate to the qualified performance-based compensation rules thereunder, which rules are no longer in effect
as a result of the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017 (other than with respect to certain
limited grandfathering relief thereunder), it being understood that any outstanding Awards granted under the Prior Plan that are
intended to comply with the qualified performance-based compensation rules of Section 162(m) of the Code shall continue
to be administered in accordance with the provisions in the Prior Plan relating to Section 162(m) of the Code.

 

3.3            Discretionary
Authority. The Committee shall have full discretionary authority in all matters related to the discharge of its responsibilities
and the exercise of its authority under the Plan, including, without limitation, its construction of the terms of the Plan and
its determination of eligibility for participation and Awards under the Plan. The decisions of the Committee and its actions with
respect to the Plan shall be final, conclusive, and binding on all Persons having or claiming to have any right or interest in
or under the Plan, including Participants and their respective estates, beneficiaries, and legal representatives.

 

3.4            Liability;
Indemnification. No member of the Committee nor any Person to whom authority has been delegated, shall be personally liable
for any action, interpretation, or determination made in good faith with respect to the Plan or Awards granted hereunder, and each
member of the Committee (or delegate of the Committee) shall be fully indemnified and protected by EnLink Midstream with respect
to any liability he or she may incur with respect to any such action, interpretation, or determination, to the extent permitted
by applicable law.

 

ARTICLE IV.

 

UNITS SUBJECT TO THE PLAN

 

4.1            Available
Units. As of the time of the merger contemplated by that certain Agreement and Plan of Merger, dated as of October 21,
2018 (the “Merger Agreement”), by and among EnLink Midstream, EnLink Midstream Partners, LP (the “Partnership”)
and certain other parties thereto, became effective (the “EnLink Effective Time”), EnLink Midstream assumed all obligations
under the EnLink Midstream GP, LLC Long-Term Incentive Plan, as amended and restated (the “ENLK Plan”). In connection
with such assumption of the ENLK Plan, the remaining common units representing limited partner interests in the Partnership available
for grant under the ENLK Plan (as rolled-over into Units pursuant to the terms of the Merger Agreement (the “Rollover Units”))
were included among the Units available for grant of Awards under the Plan. Accordingly, the maximum number of Units that shall
be available for grant of Awards under the Plan shall not exceed a total of 41,116,046 Units, which equals: (a) the sum of
(i) the 17,700,000 Units made available in connection with that certain prior amendment and restatement of the Plan effective
as of January 20, 2019, and (ii) the additional 20,000,000 Units made available in connection with this amendment and
restatement of the Plan effective as of the Effective Date (collectively, the “Standard Units”), plus (b) the
3,416,046 Rollover Units which became available as of the EnLink Effective Time, in each case, subject to adjustment as provided
in Sections 4.2 and 4.3. For periods on and after the EnLink Effective Time, the Committee shall keep separate records of the Rollover
Units and the Standard Units for purposes of the relevant New York Stock Exchange rules. All Units available for issuance hereunder
may be issued as Incentive Unit Options.

 

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4.2            Adjustments
for Recapitalizations and Reorganizations.

 

(a)           The
Units with respect to which Awards may be granted under the Plan are Units as presently constituted, but if, and whenever, prior
to the expiration or satisfaction of an Award theretofore granted, EnLink Midstream shall effect a subdivision or consolidation
of Units or the payment of a distribution on Units in the form of EnLink Midstream Units without receipt of consideration by EnLink
Midstream, the number of Units with respect to which such Award may thereafter be exercised or satisfied, as applicable, (i) in
the event of an increase in the number of outstanding Units, shall be proportionately increased, and, if applicable, the exercise
price per Unit shall be proportionately reduced, and (ii) in the event of a reduction in the number of outstanding Units,
shall be proportionately reduced, and, if applicable, the exercise price per Unit shall be proportionately increased.

 

(b)           If
EnLink Midstream recapitalizes or otherwise changes its capital structure, thereafter upon any exercise or satisfaction, as applicable,
of an Award theretofore granted the Participant shall be entitled to (or entitled to purchase, if applicable) under such Award,
in lieu of the number of Units then covered by such Award, the number and class of units or other securities to which the Participant
would have been entitled pursuant to the terms of the recapitalization if, immediately prior to such recapitalization, the Participant
had been the holder of record of the number of Units then covered by such Award.

 

(c)            In
the event of changes in the outstanding Units by reason of a reorganization, merger, consolidation, combination, separation (including
a spin-off or other distribution of Units or property), exchange, or other relevant change in capitalization occurring after the
Grant Date of any Award and not otherwise provided for by this Section 4.2, any outstanding Awards and any Award Agreements
evidencing such Awards shall be subject to adjustment by the Committee in its absolute discretion as to the number, price and kind
of units or other consideration subject to, and other terms of, such Awards to reflect such changes in the outstanding Units.

 

(d)            In
the event of any changes in the outstanding Units provided for in this Section 4.2, the aggregate number of Units available
for grant of Awards under the Plan shall be equitably adjusted by the Committee, whose determination shall be conclusive. Any adjustment
provided for in this Section 4.2 shall be subject to any required unitholder action.

 

4.3            Adjustments
for Awards. The Committee shall have full discretion to determine the manner in which Units available for grant of Awards under
the Plan are counted. Without limiting the discretion of the Committee under this Section 4.3, unless otherwise determined
by the Committee, the following rules shall apply for the purpose of determining the number of Units available for grant of
Awards under the Plan:

 

(a)            Unit-Based
Awards. The grant of Awards other than Awards settled in cash shall reduce the number of Units available for grant of Awards
under the Plan by the number of Units subject to such Award.

 

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(b)            Termination.
If any Award referred to in paragraph (a) above is canceled or forfeited, or terminates, expires or lapses for any reason,
the Units then subject to such Award shall again be available for grant of Awards under the Plan.

 

(c)            Payment
of Exercise Price and Withholding Taxes. If previously acquired Units are used to pay the exercise price of an Award or Units
are withheld in payment of such exercise price, the number of Units available for grant of Awards under the Plan shall be increased
by the number of Units delivered as payment of such exercise price. If previously acquired Units are used to pay withholding taxes
payable upon exercise, vesting, or payment of an Award, or Units that would be acquired upon exercise, vesting, or payment of an
Award are withheld to pay withholding taxes payable upon exercise, vesting, or payment of such Award, the number of Units available
for grant of Awards under the Plan shall be increased by the number of Units delivered or withheld as payment of such withholding
taxes. For purposes of this Section 4.3(c), if any Units delivered or withheld could not again be available for Awards to
a particular Participant under any applicable law or regulation, such Units shall be available exclusively for Awards to Participants
who are not subject to such limitation.

 

(d)            Fractional
Units. If any such adjustment would result in a fractional security being (i) available under the Plan, such fractional
security shall be disregarded or (ii) subject to an Award, EnLink Midstream shall pay the holder of such Award, in connection
with the applicable vesting, exercise, or settlement of such Award in whole or in part occurring after such adjustment, an amount
in cash determined by multiplying (x) the fraction of such security (rounded to the nearest hundredth) by (y) the excess,
if any, of the Fair Market Value on the vesting, exercise, or settlement date over the exercise price, if any, of such Award.

 

ARTICLE V. 

ELIGIBILITY

 

All Employees, Consultants,
and Outside Directors are eligible to participate in the Plan. The Committee shall recommend, from time to time, that Awards be
granted to those Employees, Consultants, and Outside Directors who, in the opinion of the Committee, can further the Plan purposes.
Once an Employee, Consultant, or Outside Director is recommended for an Award by the Committee, the Committee shall determine the
type and size of Award to be granted to such Employee, Consultant, or Outside Director, as a Participant, and shall establish in
the related Award Agreement the terms, conditions, restrictions, and/or limitations applicable to the Award, in addition to those
set forth in the Plan and the administrative rules and regulations, if any, established by the Committee.

 

ARTICLE VI. 

FORM OF AWARDS

 

Awards may, at the Committee’s
sole discretion, be granted under the Plan in the form of Options, UARs, Restricted Unit Awards, Restricted Incentive Units, Unit
Awards, Cash Awards, Performance Awards, or a combination thereof. All Awards shall be subject to the terms, conditions, restrictions,
and limitations of the Plan. The Committee may, in its absolute discretion, subject any Award to such other terms, conditions,
restrictions, and/or limitations (including, but not limited to, the time and conditions of exercise, vesting, or payment of an
Award, restrictions on transferability of any Units issued or delivered pursuant to an Award, and forfeiture of Awards in the event
of termination of employment by the Participant, or termination of the Participant’s service relationship with the Company);
provided, they are not inconsistent with the terms of the Plan. Awards under a particular Article of the Plan need not be
uniform, and Awards under more than one Article of the Plan may be combined into a single Award Agreement. Any combination
of Awards may be granted at one time and on more than one occasion to the same Participant.

 

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ARTICLE VII. 

OPTIONS

 

7.1            General.
Awards may be granted to Employees, Consultants, and Outside Directors in the form of Options. Options granted under the Plan
may be Incentive Unit Options or Nonqualified Unit Options, or a combination of both; provided, however, that Incentive Unit Options
may be granted only to Employees.

 

7.2            Terms
and Conditions of Options. An Option shall be exercisable in whole or in such installments and at such times as may be determined
by the Committee. The price at which a Unit may be purchased upon exercise of an Option shall be determined by the Committee, but
such exercise price shall not be less than 100% of the Fair Market Value per Unit on the Grant Date. Except as otherwise provided
in Section 7.3, the term of each Option shall be as specified by the Committee; provided, however, that, no Options shall
be exercisable later than ten years from the Grant Date. Options may be granted with respect to Restricted Units or Units that
are not Restricted Units, as determined by the Committee in its absolute discretion. In no event shall an Award of Options include
any right to receive distributions or DERs in connection with the Units that are subject to such Options or with respect to periods
occurring prior to the exercise of such Options.

 

7.3            Restrictions
Relating to Incentive Unit Options. Options granted in the form of Incentive Unit Options (including any UAR in tandem therewith)
shall, in addition to being subject to the terms and conditions of Section 7.2, comply with Section 422(b) of the
Code. Accordingly, no Incentive Unit Options shall be granted later than ten years from the date of adoption of the Plan by the
Board. To the extent that the aggregate Fair Market Value (determined at the time the respective Incentive Unit Option is granted)
of Units with respect to which Incentive Unit Options are exercisable for the first time by an individual during any calendar year
under all incentive unit option plans of EnLink Midstream and its Affiliates exceeds $100,000, such excess Incentive Unit Options
shall be treated as Nonqualified Unit Options. The Committee shall determine, in accordance with the applicable provisions of the
Code, which of a Participant’s Incentive Unit Options will not constitute Incentive Unit Options because of such limitation
and shall notify the Participant of such determination as soon as practicable after such determination. The price at which a Unit
may be purchased upon exercise of an Incentive Unit Option shall be determined by the Committee, but such exercise price shall
not be less than 100% of the Fair Market Value of a Unit on the Grant Date. No Incentive Unit Option shall be granted to an Employee
under the Plan if, at the time such Option is granted, such Employee owns Units possessing more than 10% of the total combined
voting power of all classes of units of EnLink Midstream or an Affiliate, within the meaning of Section 422(b)(6) of
the Code, unless (i) on the Grant Date of such Option, the exercise price of such Option is at least 110% of the Fair Market
Value of the Units subject to the Option and (ii) such Option by its terms is not exercisable after the expiration of five
years from the Grant Date of the Option.

 

7.4            Additional
Terms and Conditions. The Committee may subject any Award of Options to such other terms, conditions, restrictions, and/or
limitations as it determines are necessary or appropriate; provided, that they are not inconsistent with the Plan.

 

7.5            Exercise
of Options. Subject to the terms and conditions of the Plan, Options shall be exercised by the delivery of a written notice
of exercise to EnLink Midstream, setting forth the number of Units with respect to which the Option is to be exercised, accompanied
by full payment for such Units.

 

(a)            Upon
exercise of an Option, the exercise price of the Option shall be payable to EnLink Midstream in full either: (i) in cash or
an equivalent acceptable to the Committee, or (ii) in the absolute discretion of the Committee and in accordance with any
applicable administrative guidelines established by the Committee, by tendering one or more previously acquired nonforfeitable
Units that have been owned by the Participant or by reducing the number of Units issuable upon exercise of the Option, in either
case having an aggregate Fair Market Value at the time of exercise equal to the total exercise price (including an actual or deemed
multiple series of exchanges of such Units), or (iii) in a combination of the forms of payment specified in clauses (i) and
(ii) above.

 

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(b)            From
and after such time as EnLink Midstream registers the Units under Section 12 of the Exchange Act, payment of the exercise
price of an Option may also be made, in the absolute discretion of the Committee, by delivery to EnLink Midstream or its designated
agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell or margin
a sufficient portion of the Units with respect to which the Option is exercised and deliver the sale or margin loan proceeds directly
to EnLink Midstream to pay the exercise price and any required withholding taxes.

 

(c)            As
soon as reasonably practicable after receipt of written notification of exercise of an Option and full payment of the exercise
price and any required withholding taxes, EnLink Midstream shall deliver to the Participant, in the Participant’s name, a
unit certificate or certificates in an appropriate amount based upon the number of Units purchased under the Option.

 

ARTICLE VIII. 

UNIT APPRECIATION RIGHTS

 

8.1            General.
Awards may be granted to Employees, Consultants, and Outside Directors in the form of UARs. UARs shall be awarded in such numbers
and at such times as the Committee shall determine.

 

8.2            Right
to Payment. A UAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess
of ii) the Fair Market Value of one Unit on the date of exercise over iii) the exercise price of the UAR on the Grant Date as determined
by the Committee; provided that, such exercise price shall not be less than Fair Market Value of one Unit on the Grant Date.

 

8.3            Rights
Related to Options. A UAR granted pursuant to an Option shall entitle a Participant, upon exercise, to surrender that Option
or any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to Section 8.3(b).
That Option shall then cease to be exercisable to the extent surrendered. UARs granted in connection with an Option shall be subject
to the terms of the Award Agreement governing the Option, which shall comply with the following provisions in addition to those
applicable to Options:

 

(a)            A
UAR granted in connection with an Option shall be exercisable only at such time or times and only to the extent that the related
Option is exercisable and shall not be transferable except to the extent that the related Option is transferable.

 

(b)            Upon
the exercise of a UAR related to an Option, a Participant shall be entitled to receive payment from the Company of an amount determined
by multiplying: (i) the difference obtained by subtracting the exercise price with respect to a Unit specified in the related
Option from the Fair Market Value of a Unit on the date of exercise of the UAR, by (ii) the number of Units as to which that
UAR has been exercised.

 

8.4            Right
Without Option. A UAR granted independent of an Option shall be exercisable as determined by the Committee and set forth in
the Award Agreement governing the UAR, which Award Agreement shall comply with the following provisions:

 

(a)            Each
Award Agreement shall state the total number of Units to which the UAR relates.

 

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(b)            Each
Award Agreement shall state the time or periods in which the right to exercise the UAR or a portion thereof shall vest and the
number of Units for which the right to exercise the UAR shall vest at each such time or period.

 

(c)            Each
Award Agreement shall state the date at which the UARs shall expire if not previously exercised.

 

(d)            Each
UAR shall entitle a Participant, upon exercise thereof, to receive payment of an amount determined by multiplying: (i) the
difference obtained by subtracting the Fair Market Value of a Unit on the Grant Date of the UAR from the Fair Market Value of a
Unit on the date of exercise of that UAR, by (ii) the number of Units as to which the UAR has been exercised.

 

8.5            Terms.
Except as otherwise provided herein, the Committee shall determine at the Grant Date or thereafter, the time or times at which
and the circumstances under which a UAR may be exercised in whole or in part (including based on achievement of performance goals
and/or future service requirements), the method of exercise, method of settlement, form of consideration payable in settlement,
method by or forms in which Units will be delivered or deemed to be delivered to Participants, whether or not a UAR shall be in
tandem or in combination with any other Award, and any other terms and conditions of any UAR. Subject to Section 409A of the
Code, UARs may be either freestanding or in tandem with other Awards. In no event shall an Award of UARs include any right to receive
distributions or DERs in connection with the Units that are subject to such UARs or with respect to periods occurring prior to
the exercise of such UARs.

 

ARTICLE IX.

RESTRICTED UNITS

 

9.1            General.
Awards may be granted to Employees, Consultants, and Outside Directors in the form of Restricted Units. Restricted Units shall
be awarded in such numbers and at such times as the Committee shall determine.

 

9.2            Restriction
Period. At the time an Award of Restricted Units is granted, the Committee shall establish the Restriction Period applicable
to such Restricted Units. Each Award of Restricted Units may have a different Restriction Period, in the discretion of the Committee.
The Restriction Period applicable to a particular Award of Restricted Units shall not be changed except as permitted by Article IV
or Section 9.4 of this Article.

 

9.3            UDRs.
To the extent provided by the Committee, in its discretion, a grant of Restricted Units may provide that the distributions
made by the Company with respect to the Restricted Units shall be subject to the same forfeiture and other restrictions as the
Restricted Unit and, if restricted, such distributions shall be held, without interest, until the Restricted Unit vests or is forfeited
with the UDR being paid or forfeited at the same time, as the case may be. In addition, the Committee may provide that such distributions
be used to acquire additional Restricted Units for the Participant. Such additional Restricted Units may be subject to such vesting
and other terms as the Committee may prescribe. Absent such a restriction on the UDRs in the Award Agreement, UDRs shall be paid
to the holder of the Restricted Unit without restriction at the same time as cash distributions are paid by the Company to its
unitholders. Notwithstanding the foregoing, UDRs shall only be paid in a manner that is either exempt from or in compliance with
the requirements under Section 409A of the Code.

 

9.4            Other
Terms and Conditions. Restricted Units awarded to a Participant under the Plan shall be represented by a unit certificate registered
in the name of the Participant or, at the option of EnLink Midstream, in the name of a nominee of EnLink Midstream. Unless otherwise
provided in the Award Agreement, a Participant to whom Restricted Units have been awarded shall have the right to vote the Restricted
Units and to enjoy all other unitholder rights with respect thereto, except that: (a) the Participant shall not be entitled
to possession of the unit certificate representing the Restricted Units until the Restriction Period has expired; (b) EnLink
Midstream shall retain custody of the Restricted Units during the Restriction Period; (c) the Participant may not sell, transfer,
pledge, exchange, hypothecate, or otherwise dispose of the Restricted Units during the Restriction Period; and (d) a breach
of the terms and conditions established by the Committee pursuant to the Award of the Restricted Units shall cause a forfeiture
of the Restricted Units. At the time of an Award of Restricted Units, the Committee may, in its absolute discretion, prescribe
additional terms, conditions, restrictions, and/or limitations applicable to the Restricted Units.

 

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9.5            Payment
for Restricted Units. A Participant shall not be required to make any payment for Restricted Units awarded to the Participant,
except to the extent otherwise required by the Committee or by applicable law.

 

9.6            Miscellaneous.
Nothing in this Article shall prohibit the exchange of Restricted Units issued under the Plan pursuant to a plan of reorganization
for Units or securities of EnLink Midstream or another corporation that is a party to the reorganization, but the units or securities
so received for Restricted Units shall, except as provided in Article IV or XIII, become subject to the restrictions applicable
to the Award of such Restricted Units. Any Units received as a result of a unit split or distribution with respect to Restricted
Units shall also become subject to the restrictions applicable to the Award of such Restricted Units.

 

ARTICLE X. 

RESTRICTED INCENTIVE UNITS

 

10.1          General.
Awards may be granted to Employees, Consultants, and Outside Directors in the form of Restricted Incentive Units. Restricted
Incentive Units shall be awarded in such numbers and at such times as the Committee shall determine.

 

10.2          Restriction
Period. At the time an Award of Restricted Incentive Units is granted, the Committee shall establish the Restriction Period
applicable to such Restricted Incentive Units. Each Award of Restricted Incentive Units may have a different Restriction Period,
in the discretion of the Committee. The Restriction Period applicable to a particular Award of Restricted Incentive Units shall
not be changed except as permitted by Article IV or Section 10.4 of this Article.

 

10.3           DERs.
Unless otherwise determined by the Committee at the Grant Date, DERs if granted on the specified number of Units covered by an
Award of Restricted Incentive Units, shall, as specified in the Award Agreement, be either iv) paid with respect to such Restricted
Incentive Units on the distribution date in cash or in unrestricted Units having a Fair Market Value equal to the amount of such
distribution, or v) deferred with respect to such Restricted Incentive Units and the amount or value thereof may automatically
be deemed reinvested in additional Restricted Incentive Units and paid at the time payment is made with respect to such Award of
Restricted Incentive Units. Notwithstanding the foregoing, DERs shall only be paid in a manner that is either exempt from or in
compliance with the requirements under Section 409A of the Code.

 

10.4         Other
Terms and Conditions. At the time of an Award of Restricted Incentive Units, the Committee may, in its absolute discretion,
prescribe additional terms, conditions, restrictions, and/or limitations applicable to the Restricted Incentive Units prior to
expiration of the Restriction Period. Unless otherwise provided in the Award Agreement, a Participant receiving an Award of Restricted
Incentive Units shall not possess voting rights with respect to such Award. Restricted Incentive Units shall be satisfied by the
delivery of cash or Units in the amount equal to the Fair Market Value of the specified number of Units covered by the Restricted
Incentive Units, or a combination thereof, as determined by the Committee on the Grant Date or thereafter.

 

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ARTICLE XI. 

UNIT AWARDS

 

11.1          General;
Terms and Conditions. An Award may be in the form of a Unit Award. The terms, conditions, and limitations applicable to any
Unit Awards granted pursuant to this Plan shall be determined by the Committee. Any Unit Award that is not an Award of Restricted
Incentive Units shall be subject to the specific provisions for Restricted Units set forth in Article IX.

 

11.2          Bonus
Units and Awards in Lieu of Obligations. For the avoidance of doubt, the Committee is authorized to grant Units as a bonus,
or to grant Units or other Awards in lieu of obligations to pay cash or deliver other property under this Plan or under other bonus
plans or compensatory arrangements; provided that, in the case of Participants subject to Section 16 of the Exchange Act,
the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of
Units or other Awards are exempt from liability under Section 16(b) of the Exchange Act. Units or Awards granted hereunder
shall be subject to such other terms as shall be determined by the Committee. In the case of any grant of Units to an officer of
the Company in lieu of salary or other cash compensation, the number of Units granted in place of such compensation shall be reasonable,
as determined by the Committee.

 

ARTICLE XII. 

CASH AWARDS; DERS

 

12.1          General;
Terms and Conditions. An Award may be in the form of a Cash Award. The terms, conditions, and limitations applicable to any
Cash Awards granted pursuant to this Plan shall be determined by the Committee.

 

12.2          DERs.
To the extent provided by the Committee, in its discretion, an Award (other than a Restricted Unit, Option, or UAR) may include
a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be reinvested into additional Awards,
be credited to a bookkeeping account (with or without interest in the discretion of the Committee) subject to the same vesting
restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its
discretion. Absent a contrary provision in the Award Agreement, DERs shall be paid to the Participant without restriction at the
same time as ordinary cash distributions are paid by the Company to its unitholders. Notwithstanding the foregoing, DERs shall
only be paid in a manner that is either exempt from or in compliance with Section 409A of the Code.

 

ARTICLE XIII. 

PERFORMANCE AWARDS

 

13.1          General.
Without limiting the type or number of Awards that may be made under the other provisions of this Plan, an Award may be in the
form of a Performance Award. The terms, conditions, and limitations applicable to any Performance Award granted to Participants
pursuant to this Plan shall be determined by the Committee, subject to the limitations specified below. In no event shall a Performance
Award include any right to receive distributions or DERs during periods occurring prior to the vesting of such Performance Award.
The Committee shall set Performance Goals in its sole discretion which, depending on the extent to which they are met, will determine
the value and/or amount of Performance Awards that will be paid out to the Participant and/or the portion of an Award that may
be exercised.

 

13.2          Performance
Awards. Performance Awards granted to Employees, Consultants, or Outside Directors shall be based on achievement of such Performance
Goals and be subject to such terms, conditions, and restrictions as the Committee or its delegate shall determine, and shall generally
be consistent with the terms and conditions set forth below. Performance Awards under this Plan shall be paid, vested or otherwise
deliverable on account of the attainment of the Performance Goals established and administered by the Committee prior to the earlier
to occur of (x) 90 days after the commencement of the period of service to which the Performance Goal relates and (y) the
lapse of 25% of the period of service (as scheduled in good faith at the time the goal is established), and in any event while
the outcome is substantially uncertain. Achievement of Performance Goals in respect of such Performance Awards shall be measured
over a performance period of up to ten years, as specified by the Committee.

 

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(a)            Such
a Performance Goal may be based on one or more business and individual performance criteria that apply to a Participant, one or
more business units, divisions, or sectors of the Company, or the Company as a whole, and if so desired by the Committee, by comparison
with a peer group of companies. A Performance Goal need not be the same for each Participant:

 

(i)            Business
Criteria. The following business criteria for the Company, on a consolidated basis, and/or for specified subsidiaries or business
or geographical units of the Company (except with respect to the total unitholder return and earnings per unit criteria), may be
used by the Committee in establishing performance goals for such Performance Awards: (1) earnings per unit; (2) increase
in revenues; (3) increase in cash flow; (4) increase in cash flow from operations; (5) increase in cash flow return;
(6) return on net assets; (7) return on assets; (8) return on investment; (9) return on capital; (10) return
on equity; (11) economic value added; (12) operating margin; (13) contribution margin; (14) net income; (15) net income per unit;
(16) pretax earnings; (17) pretax earnings before interest, depreciation, and amortization; (18) pretax operating earnings after
interest expense and before incentives, service fees, and extraordinary or special items; (19) total unitholder return; (20) debt
reduction; (21) market share; (22) change in the Fair Market Value of the Units; (23) operating income; and (24) any of the above
goals determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable
by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a group of comparable companies.

 

(ii)            Individual
Performance Criteria. The grant, exercise, and/or settlement of Performance Awards may also be contingent upon individual performance
goals established by the Committee.

 

(b)           Unless
otherwise stated, such a Performance Goal need not be based upon an increase or positive result under a particular business criterion
and could include, for example, maintaining the status quo, performance relative to a peer group determined by the Committee, or
limiting economic losses (measured, in each case, by reference to specific business criteria). Prior to the payment of any compensation
based on the achievement of Performance Goals applicable to Performance Awards, the Committee or its delegate must certify in writing
that applicable Performance Goals and any of the material terms thereof were, in fact, satisfied.

 

(c)           After
the end of each performance period, the Committee shall determine the amount, if any, of the amount of the potential Performance
Award payable to each Participant. Settlement of such Performance Awards shall be in cash, Units, other Awards, or other property,
in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made
in connection with such Performance Awards, but may not exercise discretion to increase any such amount payable to a Participant
in respect of a Performance Award subject to this Section 13.2(c). The Committee shall specify the circumstances in which
such Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant prior to the end
of a performance period or settlement of Performance Awards.

 

(d)            The
Committee shall adjust the Performance Goals (either up or down) and the level of the Performance Award that a Participant may
earn under this Plan if it determines that the occurrence of external changes or other unanticipated business conditions have materially
affected the fairness of the goals and have unduly influenced the Company’s ability to meet them, including without limitation,
events such as material acquisitions, changes in the capital structure of the Company, and extraordinary accounting changes. In
addition, Performance Goals and Performance Awards shall be calculated without regard to any changes in accounting standards that
may be required by the Financial Accounting Standards Board after such Performance Goals are established. Further, in the event
a period of service to which a Performance Goal relates is less than twelve months, the Committee shall have the right, in its
sole discretion, to adjust the Performance Goals and the level of Performance Award opportunity.

 

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ARTICLE XIV. 

CHANGE OF CONTROL

 

14.1         Definition
of Change of Control. A “Change of Control” means the occurrence of any one or more of the following: (a) the
consummation of any transaction (including a merger or consolidation), the result of which is that any Person (other than GIP)
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50%
or more of the Voting Stock of EnLink Midstream or EnLink Manager, measured by voting power rather than number of shares, units,
or the like; (b) the sale, transfer, or other disposition of all or substantially all of the assets of EnLink Midstream and
the Working Subsidiaries of EnLink Midstream on an aggregate basis to any Person (other than one or more members of the Working
Group and any of their respective direct or indirect Working Subsidiaries); or (c) the adoption of a plan relating to the
liquidation or dissolution of EnLink Midstream. For the avoidance of doubt (and without limitation to the authority conferred on
the Committee pursuant to the Plan), the definition of “Change of Control” contained in this Article XIV, shall
apply to any Award Agreement under this Plan or other agreement referencing this Plan, whether described as “Change of Control”
or ‘Change in Control”.

 

14.2          Effect
on Outstanding Awards. Upon a Change of Control, and except as otherwise provided in an Award Agreement, the Committee, acting
in its sole discretion without the consent or approval of any holder, shall affect one or more of the following alternatives, which
may vary among individual holders and which may vary among Options or UARs (collectively “Grants”) held by any individual
holder: (a) accelerate the time at which Grants then outstanding may be exercised so that such Grants may be exercised in
full for a limited period of time on or before a specified date (before or after such Change of Control) fixed by the Committee,
after which specified date all unexercised Grants and all rights of holders thereunder shall terminate; (b) require the mandatory
surrender to the Company by selected holders of some or all of the outstanding Grants held by such holders (irrespective of whether
such Grants are then exercisable under the provisions of this Plan) as of a date, before or after such Change of Control, specified
by the Committee, in which event the Committee shall thereupon cancel such Grants and pay to each holder an amount of cash (or
other consideration including securities or other property) per Unit equal to the excess, if any, of the amount calculated in Section 14.3
(the “Change of Control Price”) of the Units subject to such Grants over the exercise price(s) under such Grants
for such Units (except that to the extent the exercise price under any such Grant is equal to or exceeds the Change of Control
Price, in which case no amount shall be payable with respect to such Grant); or (c) make such adjustments to Grants then outstanding
as the Committee deems appropriate to reflect such Change of Control; provided, however, that the Committee may determine in its
sole discretion that no adjustment is necessary to Grants then outstanding; provided, further, however, that the right to make
such adjustments shall include, but not require or be limited to, the modification of Grants such that the holder of the Grant
shall be entitled to purchase or receive (in lieu of the total number of Units as to which an Option or UAR is exercisable (the
 “Total Units”) or other consideration that the holder would otherwise be entitled to purchase or receive under the
Grant (the “Total Consideration”)), the number of units, other securities, cash, or property to which the Total Consideration
would have been entitled to in connection with the Change of Control (i) (in the case of Options), at an aggregate exercise
price equal to the exercise price that would have been payable if the Total Units had been purchased upon the exercise of the Grant
immediately before the consummation of the Change of Control and (ii) in the case of UARs, if the UARs had been exercised
immediately before the occurrence of the Change of Control.

 

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14.3          Change
of Control Price. The “Change of Control Price” shall equal the amount determined in the following clause (a),
(b), (c), (d), or (e), whichever is applicable, as follows: (a) the price per Unit offered to holders of Units in any merger
or consolidation; (b) the per Unit Fair Market Value of the Units immediately before the Change of Control without regard
to assets sold in the Change of Control and assuming the Company has received the consideration paid for the assets in the case
of a sale of the assets; (c) the amount distributed per Unit in a dissolution transaction; (d) the price per Unit offered
to holders of Units in any tender offer or exchange offer whereby a Change of Control takes place; or (e) if such Change of
Control occurs other than pursuant to a transaction described in clauses (a), (b), (c), or (d) of this Section 14.3,
the Fair Market Value per Unit that may otherwise be obtained with respect to such Grants or to which such Grants track, as determined
by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Grants. In the
event that the consideration offered to unitholders of the Company in any transaction described in this Section 14.3 or in
Section 14.2 consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of
the consideration offered which is other than cash and such determination shall be binding on all affected Participants to the
extent applicable to Awards held by such Participants.

 

14.4          Impact
of Corporate Events on Awards Generally. In the event of a Change of Control or changes in the outstanding Units by reason
of a recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization
occurring after the date of the grant of any Award and except as otherwise provided for by this Section 14 or in an Award
Agreement, any outstanding Awards and any Award Agreements evidencing such Awards shall be subject to adjustment by the Committee
at its discretion, which adjustment may, in the Committee’s discretion, be described in the Award Agreement and may include,
but not be limited to, adjustments as to the number and price of Units or other consideration subject to such Awards, accelerated
vesting (in full or in part) of such Awards, conversion of such Awards into awards denominated in the securities or other interests
of any successor Person, or the cash settlement of such Awards in exchange for the cancellation thereof; provided however, if such
Awards are unvested, they may be canceled without consideration. In the event of any such change in the outstanding Units, the
aggregate number of Units available under this Plan may be appropriately adjusted by the Committee, whose determination shall be
conclusive.

 

ARTICLE XV. 

AMENDMENT AND TERMINATION

 

15.1          Plan
Amendment and Termination. The Board may at any time suspend, terminate, amend, or modify the Plan, in whole or in part; provided,
however, that no amendment or modification of the Plan shall become effective without the approval of such amendment or modification
by the unitholders of EnLink Midstream (a) if such amendment or modification increases the maximum number of Units subject
to the Plan (except as provided in Article IV) or changes the designation or class of persons eligible to receive Awards under
the Plan, or (b) if counsel for EnLink Midstream determines that such approval is otherwise required by or necessary to comply
with applicable law. The Plan shall terminate upon the earlier of (i) the termination of the Plan by the Board, or (ii) the
expiration of ten years from September 17, 2020. Upon termination of the Plan, the terms and provisions of the Plan shall,
notwithstanding such termination, continue to apply to Awards granted prior to such termination. No suspension, termination, amendment,
or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the
consent of the Participant (or the Permitted Transferee) holding such Award.

 

15.2         Award
Amendment. The Committee may amend the terms of any outstanding Award granted pursuant to this Plan, but no such amendment
shall adversely affect in any material way the Participant’s (or a Permitted Transferee’s) rights under an outstanding
Award without the consent of the Participant (or the Permitted Transferee) holding such Award; provided, however, that no amendment
shall be made that would cause the exercise price of an Option to be less than the Fair Market Value of the Unit subject to the
Option on the Grant Date.

 

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ARTICLE XVI. 

MISCELLANEOUS

 

16.1          Award
Agreements and Termination of Employment. After the Committee grants an Award under the Plan to a Participant, EnLink Midstream
and the Participant shall enter into an Award Agreement setting forth the terms, conditions, restrictions, and/or limitations applicable
to the Award and such other matters as the Committee may determine to be appropriate. The terms and provisions of the respective
Award Agreements need not be identical. All Award Agreements shall be subject to the provisions of the Plan, and in the event of
any conflict between an Award Agreement and the Plan, the terms of the Plan shall govern. Except as provided herein, the treatment
of an Award upon a termination of employment or any other service relationship by and between a Participant and the Company shall
be specified in the Award Agreement controlling such Award.

 

16.2          Stand-Alone,
Additional, Tandem, and Substitute Awards. Awards granted under this Plan may, in the discretion of the Committee, be granted
either alone or in addition to and subject to Section 409A of the Code, in tandem with, or, subject to Section 3.2, in
substitution or exchange for, any other Award or any award granted under another plan of the Company, or of any business entity
to be acquired by the Company, or any other right of a Participant to receive payment from the Company. Notwithstanding Article VII,
such additional, tandem, and substitute or exchange Awards may be granted at any time. Such substitute Awards that are Options
or Unit Appreciation Rights may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution
if such substitution complies with the requirements of Section 409A of the Code and other applicable laws and exchange rules.
If an Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award
in consideration for the grant of the new Award.

 

16.3          Listing
Conditions

 

(a)            As
long as the Units are listed on a national securities exchange or system sponsored by a national securities association, the issuance
of any Units pursuant to an Award shall be conditioned upon such Units being listed on such exchange or system and in compliance
with the rules of such exchange. EnLink Midstream shall have no obligation to issue such Units unless and until such Units
are so listed and the issuance would be in compliance with the rules of the exchange, and the right to exercise any Option
or other Award with respect to such Units shall be suspended until such listing and compliance has been effected.

 

(b)            If
at any time counsel to EnLink Midstream or its Affiliates shall be of the opinion that any sale or delivery of Units pursuant to
an Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on EnLink Midstream or its Affiliates
under the statutes, rules, or regulations of any applicable jurisdiction, EnLink Midstream or its Affiliates shall have no obligation
to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the
Securities Act of 1933, as amended, or otherwise, with respect to Units or Awards, and the right to exercise any Option or other
Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the
imposition of excise taxes on EnLink Midstream or its Affiliates.

 

(c)            Upon
termination of any period of suspension under this Section 16.3, any Award affected by such suspension which shall not then
have expired or terminated shall be reinstated as to all Units available before such suspension and as to Units which would otherwise
have become available during the period of such suspension, but no such suspension shall extend the term of any Award.

 

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16.4          Additional
Conditions

 

(a)            Notwithstanding
anything in the Plan to the contrary: (i) EnLink Midstream may, if it shall determine it necessary or desirable for any reason,
at the time of grant of any Award or the issuance of any Units pursuant to any Award, require the recipient of the Award or such
Units, as a condition to the receipt thereof, to deliver to EnLink Midstream a written representation of present intention to acquire
the Award or such Units for his or her own account for investment and not for distribution; (ii) the certificate for Units
issued to a Participant may include any legend which the Committee deems appropriate to reflect any restrictions on transfer; and
(iii) all certificates for Units delivered under the Plan shall be subject to such stop transfer orders and other restrictions
as the Committee may deem advisable under the rules, regulations and other requirements of the SEC, any stock exchange upon which
the Units are then quoted, any applicable federal or state securities law, and any applicable corporate law, and the Committee
may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

(b)            Each
Participant to whom an Award is granted under this Plan may be required to agree in writing as a condition to the granting of such
Award not to engage in conduct in competition with the Company for a period after the termination of such Participant’s employment
with the Company as determined by the Committee (a “Non-Competition Agreement”); provided, however, to the extent a
legally binding right to an Award within the meaning of Section 409A of the Code is created with respect to a Participant,
the Non-Competition Agreement must be entered into by such Participant within 30 days following the creation of such legally binding
right.

 

16.5 Transferability

 

(a)            Permitted
Transferees. The Committee may, in its discretion, permit a Participant to transfer all or any portion of an Option or UAR,
or authorize all or a portion of an Option or UAR to be granted to a Participant to be on terms which permit transfer by such Participant;
provided that, in either case the transferee or transferees must be any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships, in each case with respect to the Participant, an individual sharing the Participant’s household
(other than a tenant or employee of the Company), a trust in which any of the foregoing individuals have more than 50% of the beneficial
interest, a foundation in which any of the foregoing individuals (or the Participant) control the management of assets, and any
other entity in which any of the foregoing individuals (or the Participant) own more than 50% of the voting interests (collectively,
 “Permitted Transferees”); provided further that, (i) there may be no consideration for any such transfer and (ii) subsequent
transfers of Options or UARs transferred as provided above shall be prohibited except subsequent transfers back to the original
holder of the Option or UAR and transfers to other Permitted Transferees of the original holder. Agreements evidencing Options
or UARs with respect to which such transferability is authorized at the time of grant must be approved by the Committee, and must
expressly provide for transferability in a manner consistent with this Section 16.5.

 

(b)            Domestic
Relations Orders. All Awards contemplated under this Plan may be transferred to a Permitted Transferee pursuant to a domestic
relations order entered or approved by a court of competent jurisdiction upon delivery to the Company of written notice of such
transfer and a certified copy of such order.

 

(c)            Other
Transfers. Except as expressly permitted by Sections 16.5(a) and 16.5(b), Awards shall not be transferable other than
by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 16.5, an Incentive
Unit Option shall not be transferable other than by will or the laws of descent and distribution.

 

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(d)            Effect
of Transfer. Following the transfer of any Award as contemplated by Sections 16.5(a), 16.5(b), and 16.5(c), (i) such Award
shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer; provided that the
term “Participant” shall be deemed to refer to the Permitted Transferee, the recipient under a domestic relations order
described in Section 16.5(b), or the estate or heirs of a deceased Participant or other transferee, as applicable, to the
extent appropriate to enable the Participant to exercise the transferred Award in accordance with the terms of this Plan and applicable
law, and (ii) the provisions of the Award relating to exercisability shall continue to be applied with respect to the original
Participant and, following the occurrence of any applicable events described therein the Awards shall be exercisable by the Permitted
Transferee, the recipient under a qualified domestic relations order, or the estate or heirs of a deceased Participant, as applicable,
only to the extent and for the periods that would have been applicable in the absence of the transfer.

 

(e)            Procedures
and Restrictions. Any Participant desiring to transfer an Award as permitted under Sections 16.5(a), 16.5(b), or 16.5(c) shall
make application therefor in the manner and time specified by the Committee and shall comply with such other requirements as the
Committee may require to assure compliance with all applicable securities laws. The Committee shall not give permission for such
a transfer if (i) it would give rise to short swing liability under Section 16(b) of the Exchange Act or (ii) it
may not be made in compliance with all applicable federal, state and foreign securities laws.

 

(f)            Registration.
To the extent the issuance to any Permitted Transferee of any Units issuable pursuant to Awards transferred as permitted in this
Section 16.5 is not registered pursuant to the effective registration statement of the Company generally covering the Units
to be issued pursuant to this Plan to initial holders of Awards, the Company shall not have any obligation to register the issuance
of any such Units to any such transferee.

 

16.6          Withholding
Taxes. The Company shall be entitled to deduct from any payment made under the Plan, regardless of the form of such payment,
the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment, may require
the Participant to pay to the Company such withholding taxes prior to and as a condition of the making of any payment or the issuance
or delivery of any Units under the Plan, and shall be entitled to deduct from any other compensation payable to the Participant
any withholding obligations with respect to Awards under the Plan. In accordance with any applicable administrative guidelines
it establishes, the Committee may allow a Participant to pay the amount of taxes required by law to be withheld from or with respect
to an Award by (a) withholding Units from any payment of Units due as a result of such Award, or (b) permitting the Participant
to deliver to the Company previously acquired Units, in each case having a Fair Market Value equal to the amount of such required
withholding taxes. No payment shall be made and no Units shall be issued pursuant to any Award unless and until the applicable
tax withholding obligations have been satisfied.

 

16.7          No
Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award granted hereunder, and
except as otherwise provided herein, no payment or other adjustment shall be made in respect of any such fractional Unit.

 

16.8          Notices.
All notices required or permitted to be given or made under the Plan or any Award Agreement shall be in writing and shall be deemed
to have been duly given or made if (a) delivered personally, (b) transmitted by first class registered or certified United
States mail, postage prepaid, return receipt requested, (c) sent by prepaid overnight courier service, or (d) sent by
telecopy or facsimile transmission, answer back requested, to the Person who is to receive it at the address that such Person has
theretofore specified by written notice delivered in accordance herewith. Such notices shall be effective (i) if delivered
personally or sent by courier service, upon actual receipt by the intended recipient, (ii) if mailed, upon the earlier of
five days after deposit in the mail or the date of delivery as shown by the return receipt therefor, or (iii) if sent by telecopy
or facsimile transmission, when the answer back is received. EnLink Midstream or a Participant may change, at any time and from
time to time, by written notice to the other, the address that it or such Participant had theretofore specified for receiving notices.
Until such address is changed in accordance herewith, notices hereunder or under an Award Agreement shall be delivered or sent
(a) to a Participant at his or her address as set forth in the records of the Company or (b) to EnLink Midstream at the
principal executive offices of EnLink Midstream clearly marked “Attention: LTIP Administrator.”

 

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16.9          Binding
Effect. The obligations of EnLink Midstream under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, consolidation, or other reorganization of EnLink Midstream, or upon any successor corporation or organization
succeeding to all or substantially all of the assets and business of EnLink Midstream. The terms and conditions of the Plan shall
be binding upon each Participant and his or her heirs, legatees, distributees, and legal representatives.

 

16.10       Severability.
If any provision of the Plan or any Award Agreement is held to be illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining provisions of the Plan or such agreement, as the case may be, but such provision shall be fully
severable and the Plan or such agreement, as the case may be, shall be construed and enforced as if the illegal or invalid provision
had never been included herein or therein.

 

16.11        No
Restriction of Corporate Action. Nothing contained in the Plan shall be construed to prevent EnLink Midstream or any Affiliate
from taking any corporate action (including any corporate action to suspend, terminate, amend, or modify the Plan) that is deemed
by EnLink Midstream or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse
effect on the Plan or any Awards made or to be made under the Plan. No Participant or other Person shall have any claim against
EnLink Midstream or any Affiliate as a result of such action.

 

16.12        Governing
Law. The Plan shall be governed by and construed in accordance with the internal laws (and not the principles relating to conflicts
of laws) of the State of Delaware except as superseded by applicable federal law.

 

16.13        No
Right, Title or Interest in Company Assets. No Participant shall have any rights as a unitholder of EnLink Midstream as a result
of participation in the Plan until the date of issuance of a unit certificate in his or her name and, in the case of Restricted
Units, unless and until such rights are granted to the Participant pursuant to the Plan. To the extent any Participant acquires
a right to receive payments from the Company under the Plan, such rights shall be no greater than the rights of an unsecured general
creditor of the Company, and such Participant shall not have any rights in or against any specific assets of the Company. All of
the Awards granted under the Plan shall be unfunded.

 

16.14       Risk
of Participation. Nothing contained in the Plan shall be construed either as a guarantee by EnLink Midstream or its Affiliates,
or their respective unitholders, directors, officers, or employees, of the value of any assets of the Plan or as an agreement by
EnLink Midstream or its Affiliates, or their respective unitholders, directors, officers, or employees, to indemnify anyone for
any losses, damages, costs, or expenses resulting from participation in the Plan.

 

16.15        Section 409A
of the Code. All Awards under this Plan are intended either to be exempt from, or to comply with the requirements of Section 409A
of the Code, and this Plan and all Awards shall be interpreted and operated in a manner consistent with that intention. Notwithstanding
anything in this Plan to the contrary, if any Plan provision or Award under this Plan would result in the imposition of an applicable
tax under Section 409A of the Code, that Plan provision or Award shall be reformed (or, if applicable, a provision from the
Prior Plan shall remain in effect for an Award granted thereunder to the extent necessary) to avoid imposition of the applicable
tax and no such action shall be deemed to adversely affect the Participant’s rights to an Award.

 

16.16       No
Guarantee of Tax Consequences. No Person connected with the Plan in any capacity, including, but not limited to, EnLink Midstream
and its Affiliates and their respective directors, officers, agents, and employees, makes any representation, commitment, or guarantee
that any tax treatment, including, but not limited to, federal, state, and local income, estate, and gift tax treatment, will be
applicable with respect to any Awards or payments thereunder made to or for the benefit of a Participant under the Plan or that
such tax treatment will apply to or be available to a Participant on account of participation in the Plan.

 

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16.17            Continued
Employment or Service. Nothing contained in the Plan or in any Award Agreement shall confer upon any Participant the right
to continue in the employ or service of the Company, or interfere in any way with the rights of the Company to terminate a Participant’s
employment or service at any time, with or without cause.

 

16.18            Miscellaneous.
Headings are given to the articles and sections of the Plan solely as a convenience to facilitate reference. Such headings
shall not be deemed in any way material or relevant to the construction of the Plan or any provisions hereof. The use of the masculine
gender shall also include within its meaning the feminine. Wherever the context of the Plan dictates, the use of the singular shall
also include within its meaning the plural, and vice versa.

 

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