Document:

EX-10.3

 EXHIBIT 10.3 

CONSULTING AGREEMENT 

This CONSULTING AGREEMENT (this “Agreement”) is made effective as of
August 27, 2018 (the “Effective Date”) by and between: 
  

			
	   CYTODYN INC.

  1111 Main Street, Suite 660

  Vancouver, WA 98660

  Hereinafter “Company”
	  	 CONSULTANT NAME

Richard G. Pestell, M.D., Ph.D.
 Hereinafter
“Consultant”

 WHEREAS, Company and Consultant desire to enter into this Agreement to
provide the terms and conditions upon which Company may engage Consultant from time to time to provide services for individual projects. 

NOW, THEREFORE, in consideration of the foregoing recital and the promises set forth
herein the parties agree to the following: 
  

	1.	 Project Assignments. 

 

	 	1.1.	 The initial Project Assignment under this Agreement is attached hereto as Exhibit A.

  

	 	1.2.	 If and when executed by both parties, Consultant will provide the services described on each Project Assignment
(the “Services”) in substantially the form attached hereto as Exhibit A (each, a “Project Assignment”). Consultant will perform the Services in accordance with all applicable laws, rules, and regulations and in a
professional manner consistent with industry standards. 

  

	 	1.3.	 Consultant may not subcontract or otherwise delegate its obligations under this Agreement without
Company’s prior written consent. Before any Consultant employee or contractor performs services in connection with this Agreement, the employee or contractor and Consultant must have entered into a written agreement containing provisions
substantially equivalent to Section 4 below. 

  

	 	1.4.	 Each party will discuss any changes in the scope of the Services that may affect the budget or timelines for a
given Project Assignment with the other party. All changes to a Project Assignment, including, without limitation, any changes in scope, payments or timelines, will be set forth in an amended Project Assignment. No amended Project Assignment will be
effective unless signed by an authorized Company representative and Consultant. Once such amended Project Assignment becomes effective, the Project Assignment will be changed to the extent set forth in the amended Project Assignment and will be
amended to and governed in accordance with the terms of this Agreement. 

  

	2.	 Independent Contractor Relationship. 

 

	 	2.1.	 Consultant’s relationship with Company will be that of an independent contractor, and nothing in this
Agreement should be construed to create a partnership, joint venture, or employer-employee relationship. Consultant is not the agent of Company and is not authorized to make any representation, contract, or commitment on behalf of Company. Because
Consultant is an independent contractor, Company will not withhold or make payments for social security, make unemployment insurance or disability insurance contributions, or obtain worker’s

	 	
compensation insurance on Consultant’s behalf. Consultant agrees to accept exclusive liability for complying with all applicable state and federal laws governing independent contractors,
including obligations such as payment of taxes, social security, disability and other contributions based on fees paid to Consultant, its agents or employees under this Agreement. Consultant hereby agrees to reimburse, indemnify and defend Company
against any and all such taxes or contributions, including without limitation penalties and interest. 

  

	3.	 Compensation. 

 

	 	3.1.	 Company shall pay Consultant for the Services in accordance with the applicable Project Assignment. The amounts
set forth in the applicable Project Assignment represent Company’s maximum liability in connection with the Services covered by such Project Assignment. 

  

	 	3.2.	 If invoicing is required by a Project Assignment, Consultant shall invoice Company in accordance with the
Project Assignment. Each invoice shall be itemized in sufficient detail to permit independent auditing and verification that the work covered by such invoice has been properly performed. Company shall pay each undisputed and valid invoice within
thirty (30) days of receipt and verification. If any portion of an invoice is disputed, then Company shall pay the undisputed amounts as set forth in the preceding sentence and the parties shall use good faith efforts to reconcile the disputed
amount as soon as practicable. 

  

	 	3.3.	 Company shall reimburse Consultant for travel and out-of-pocket expenses authorized by the Company and upon receipt by Company of copies of receipts or other appropriate evidence of such expenditures. Travel expenses incurred by Consultant must be consistent
with Company’s travel policy. Company shall not reimburse Consultant for time spent traveling unless specifically authorized in advance. 

  

	 	3.4.	 All invoices for Services rendered and
out-of-pocket expenses incurred must be submitted to Company within thirty (30) days from the date of completion of the Services. Company shall have no liability
with respect to any amounts not invoiced within the preceding timeframe. 

  

	4.	 Intellectual Property / Confidentiality / Use of Materials 

 

	 	4.1.	 In order to facilitate Consultant’s services under this Agreement, it may be necessary for Company to
disclose certain data and other proprietary information to Consultant, and/or to provide Consultant with compounds and/or samples (“Materials”) which, together with any information generated or discovered by Consultant in performing
Services hereunder (collectively, “Proprietary Information”), Consultant agrees to retain in strict confidence and not to disclose or transfer to any party other than as authorized in writing by Company. Without limiting the
generality of the foregoing, Consultant will maintain the Materials, including any analogs, derivatives and/or reproducible portions thereof, in confidence and will not transfer it to any third party, nor permit the Materials to be directly
incorporated in any commercial product, without first securing Company’s written agreement. Consultant shall use the Proprietary Information only for performance of the Services in accordance with the terms of this Agreement. Consultant
represents and warrants that all of its employees, Consultants and agents that will have access to any Proprietary Information are subject to written obligations of confidentiality and non-use with respect to
such Proprietary Information at least as stringent as those set forth herein. Upon completion of Consultant’s services hereunder or written request by Company, Consultant will return all tangible forms of Proprietary Information in its
possession to Company, unless directed otherwise by Company. These obligations of confidentiality and non-use will survive any expiration or termination of this Agreement for one (1) year, but will not
apply to information: (a) that was previously known to Consultant as 

  
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evidenced by Consultant’s written records, (b) that is lawfully obtained by Consultant from a source independent of Company, without breach of an obligation to Company, (c) that is
now or becomes public knowledge other than by breach of this Agreement, or (d) that is received by Consultant from a third party who has the lawful right to disclose the Proprietary Information and who did not obtain the Proprietary Information
in confidence either directly or indirectly from Company. Notwithstanding anything to the contrary in this Agreement, Consultant may disclose Proprietary Information if such disclosure is properly required by law, regulation, rule, act or order of
any governmental authority or agency to be disclosed by Consultant; provided that Consultant will provide Company with reasonable advance notice of any such required disclosure and cooperate with Company in minimizing the extent of any such
disclosure and in seeking such protective order(s) or the like as may be available to protect the confidentiality of the Proprietary Information; and provided further that Consultant will make such disclosure only to the extent such
disclosure is legally required. Consultant further agrees that if any Proprietary Information becomes subject to the exceptions set forth in this Section, Consultant will not disclose that such Proprietary Information was received from and/or is
used by Company unless such fact also becomes part of the public domain. 

  

	 	4.2.	 Nothing in this Agreement, or in the furnishing of Proprietary Information by Company, will be construed as
giving Consultant any right, title, interest in or ownership of Proprietary Information. 

  

	 	4.3.	 Consultant understands and acknowledges the United States securities laws prohibit any person who has material non-public (“inside”) information about a company from purchasing or selling securities of such company, and prohibits communicating such information to any other person under circumstances where it is
reasonably foreseeable that such person is likely to purchase or sell securities of such company. Consultant further acknowledges that Company’s Proprietary Information can constitute such material
non-public information and agrees to comply with United States securities laws governing the use of such information. 

  

	 	4.4.	 Project results may not be published, presented, announced or referred to, in whole or in part, by Consultant
without the prior express written consent of Company, which Company may withhold at its sole discretion. 

  

	 	4.5.	 Third-Party Information. Consultant understands that Company has received, and will in the future
receive, from third parties confidential or proprietary information (“Third-Party Information”) subject to a duty on Company’s part to maintain the confidentiality of such information and use it only for certain
limited purposes. Consultant agrees to hold Third-Party Information in confidence and not to disclose to anyone (other than Company personnel who need to know such information in connection with their work for Company) or to use, except in
connection with Consultant’s work for Company, Third-Party Information unless expressly authorized in writing by an officer of Company. 

  

	 	4.6.	 Disclosure of Work Product. As used in this Agreement, the term “Work Product” means
any copyrightable work of authorship. Consultant agrees to disclose promptly in writing to Company all Work Product that is solely or jointly authored by Consultant in the course of any work performed for Company (“Company Work
Product”). Consultant agrees that any and all Company Work Product shall be the sole and exclusive property of Company. 

  

	 	4.7.	 Ownership of Work Product. Consultant hereby irrevocably assigns to Company all right, title and
interest worldwide in and to the Company Work Product and all copyrights, trademarks, trade secrets and moral rights associated with such Company Work Product (the “Proprietary Rights”). Consultant retains no rights to use the
Company Work Product and agrees not to challenge the validity of Company’s ownership in such Company Work Product. Consultant hereby grants to Company a non-exclusive, royalty-free, fully paid-up, irrevocable 

  
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and world-wide right, with rights to sublicense through multiple tiers of sublicensees, to reproduce, make derivative works of, publicly perform, and publicly display in any form or medium
(whether now known or later developed), distribute, make, use and sell any pre-existing intellectual property of Consultant incorporated or used in the Company Work Product in connection with its use of the
Company Work Product. 

  

	 	4.8.	 Assistance. Consultant agrees to cooperate with Company or its designee(s), both during and after the
term of this Agreement, to perfect and maintain Company’s copyright rights in and to the Company Work Product. 

  

	 	4.9.	 Consultant acknowledges that the promises or agreements contained in this Agreement relating to confidentiality
and/or intellectual property are necessary and reasonable in order to protect Company and its business, and Consultant expressly agrees that monetary damages would be inadequate to compensate Company for the breach thereof, and that any such
violation or threatened violation will cause irreparable injury to Company. Accordingly, in addition to any other remedies that may be available, in law, in equity or otherwise, Company shall be entitled to obtain injunctive relief against the
breach or threatened breach by Consultant of such obligations, without the necessity of proving actual damages or posting bond. 

  

	5.	 Consultant Representations and Warranties; Compliance. 

 

	 	5.1.	 Consultant hereby represents and warrants that (a) the Company Work Product will be an original work of
Consultant; and (b) Consultant has full right and power to enter into and perform this Agreement without the consent of any third party. 

  

	 	5.2.	 Conflicting Activities. During the term of this Agreement, Consultant and Company shall not take
any action that would materially impair, interfere with, hinder or delay the ability of Company, its affiliates, Consultant and ProstaGene, LLC (“ProstaGene”) to consummate the transactions contemplated by the Transaction Agreement
among the Company, ProstaGene and (for purposes of certain sections) Consultant, dated August 27, 2018 (the “Transaction Agreement”), including the execution of the Employment Agreements (as defined therein) in substantially
the forms attached as exhibits thereto. Consultant and Company shall each comply with the procedures set forth in Section 3.2(e) of the form of Confidential Information, Inventions and Noncompetition Agreement attached as Exhibit E-2 to the Transaction Agreement, as though such Section 3.2(e) were a part of this Agreement, but solely to extent related to Company’s existing or demonstrably planned business (other than
ProstaGene’s business). 

  

	 	5.3.	 Compliance with Laws. Consultant’s performance under this Agreement will conform with all
applicable industry standards and supranational, national, and local laws, rules and regulations, including without limitation all applicable anti-kickback laws, and its services will be provided in a good and workmanlike manner.

  

	6.	 Termination. 

  

	 	6.1	 This Agreement shall terminate automatically upon the earlier of (a) the termination of the Transaction
Agreement pursuant to its terms or (b) the appointment of Consultant as Chief Medical Officer, commensurate with the closing of the Transaction Agreement and the execution of the Employment Agreements in substantially the forms attached as
exhibits thereto. 

  

	 	6.2	 Either party may terminate this Agreement for the material breach of any material provision of this Agreement
or the Transaction Agreement by the other party if the other party has not cured such breach within fifteen (15) days after written notice has been received from the non-breaching party.

  
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	 	6.3	 Expiration or termination of this Agreement or Project Assignment shall not relieve the parties of any
obligation accruing prior to such expiration or termination, including the obligations of confidentiality and non-use in accordance with Section 4.1. In the event of termination by either party, Company
shall pay Consultant in accordance with the applicable Project Assignment(s) for the applicable Services completed prior to the effective date of termination. 

 

	 	6.4	 Upon termination of the Agreement or earlier as requested by Company, Consultant will deliver to Company any
and all Materials, Work Product, Third Party Information or Proprietary Information of Company. Consultant further agrees that any property situated on Company’s premises and owned by Company, including disks and other storage media, filing
cabinets or other work areas, is subject to inspection by Company personnel at any time with or without notice. 

  

	7.	 General Provisions. 

 

	 	7.1	 Governing Law. This Agreement will be governed and construed in accordance with the laws of the
Commonwealth of Pennsylvania. 

  

	 	7.2	 Assignment. Neither party may assign or subcontract any of its obligations hereunder without the other
party’s prior written consent. Any assignment not in accordance with this Section will be null and void. 

  

	 	7.3	 Force Majeure. If the performance by Consultant or Company of any obligation under this Agreement, other
than payment of money, is prevented or impaired by a Force Majeure, such party shall be excused from performance so long as such situation continues to prevent or impair performance, provided the party claiming such excuse has promptly notified the
other party and uses its reasonable efforts to resume performance. “Force Majeure” shall mean an event beyond the reasonable control of a party, including ,without limitation, acts of public enemy, acts of any governmental
authority, including governmental laws, ordinances, rules and regulations whether or not valid, acts of God, including fires, floods, epidemics and unusually severe weather, quarantine restrictions, strikes or lockouts, labor disputes or shortages,
embargoes, war, riot, acts of terrorism, malicious acts of damages, accidents, interruptions or supplies, equipment malfunction, failure of electrical supply or other utilizes, or delays or failures in obtaining materials, supplies, equipment or
transportation. 

  

	 	7.4	 Waiver. No waiver by a party of any breach of this Agreement shall be a waiver of any preceding or
succeeding breach. No waiver by a party of any right under this Agreement shall be construed as a waiver of any other right. A party shall not be required to give notice to enforce strict adherence to all terms of this Agreement.

  

	 	7.5	 Severability. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction: such provision shall be deemed amended to conform to applicable laws of such jurisdiction so as to be valid and enforceable, or, if it cannot be so amended without materially altering the intention of the parties,
it shall be stricken; the validity, legality and enforceability of such provision shall not in any way be affected or impaired thereby in any other jurisdiction; and the remainder of this Agreement shall remain in full force and effect.

  

	 	7.6	 Survival. The terms and provisions of this Agreement which by their nature should survive expiration or
termination of this Agreement shall survive any expiration or other termination of this Agreement. 

  
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	 	7.7	 Injunctive Relief. The parties hereto agree that, with respect to the covenants included in
Section 5.2 above, in addition to all other rights or remedies, each party shall be entitled to the remedy of specific performance mandating that the other party consummate such transactions. In an action for specific performance by any party
against the other party, the other party shall not plead adequacy of damages at law. 

  

	 	7.8	 Entire Agreement. This Agreement, including the exhibits hereto, contains the entire agreement between
the parties with respect to its subject matter hereof and supersedes and/or merges all prior contracts, agreements, discussions and understandings relating to the same subject matter between the parties. No statement or inducements made by either
party or an agent of either party which is not contained or referenced in this Agreement shall be valid or binding. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in
writing and signed by an authorized representative of the party to be charged. 

 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the
parties have entered into this CONSULTING AGREEMENT through their duly authorized representatives as of the Effective Date above. 

 

									
	 CYTODYN INC.
  
	  		  	RICHARD G. PESTELL, M.D., PH.D.
	 By:
 Name:
	  	 /s/ Nader Z. Pourhassan, Ph.D.

Nader Z. Pourhassan, Ph.D.
	  		  	 /s/ Richard G. Pestell, M.D., Ph.D.

	Title:	  	President and Chief Executive Officer	  		  		  	

 [Consulting Agreement] 

 EXHIBIT A 

PROJECT ASSIGNMENT NO. 1 
 This Project
Assignment, effective as of August 27, 2018, is issued under and governed by the terms and conditions of that certain Consulting Agreement by and between CytoDyn Inc. (“Company”) and Richard G. Pestell, M.D., Ph.D.
(“Consultant”) effective as of August 27, 2018 (the “Agreement”). In the event that any item in this Project Assignment is inconsistent with the Agreement, the terms of this Project Assignment shall govern, but only
with respect to the services set forth in this Project Assignment. Any capitalized terms used and not otherwise defined in this Project Assignment shall have the meaning ascribed to them in the Agreement. 

 

	 	1.	 Scope of Work. 

Consultant will serve as CytoDyn’s Interim Chief Medical Officer. In such capacity, Consultant will (i) advise CytoDyn on all
potential cancer indications for PRO 140, including any and all non-HIV indications for PRO 140 such as, but not limited to GvHD and MS, (ii) in Consultant’s discretion, initiate introductions of
CytoDyn to pharmaceutical companies and other potential opportunities for strategic partnerships, (iii) participate with the CEO for in-person investor meetings or conference calls in connection with
cultivating broader awareness of potential indications for PRO 140 and the assets that Company intends to acquire from ProstaGene and (iv) conduct such other activities as Consultant and Company may mutually agree from time to time until the
termination of the Agreement. 
  

	 	2.	 Compensation. 

$33,333.00 per month paid in advance on the first business day of each month or prorated if Effective Date is other than on the first business
day of a calendar month. 
  

	 	3.	 Maximum payment: 

Through the term of the Agreement, until such Agreement is terminated pursuant to Section 6 thereof. 

 

	 	4.	 Term. 

Until terminated pursuant to Section 6 of the Agreement. 
  

	 	5.	 Deliverables. 

N/A 
 [Signature Page
Follows] 

 IN WITNESS WHEREOF, the parties have executed this PROJECT ASSIGNMENT NO. 1 by
their duly authorized persons as of the effective date above. 
  

							
	 CYTODYN INC.
  
	 		  	RICHARD G. PESTELL, M.D., PH.D.
	 By:
 Name:
	 	 /s/ Nader Z. Pourhassan, Ph.D.

Nader Z. Pourhassan, Ph.D.
	 		  	 /s/ Richard G. Pestell, M.D., Ph.D.

	Title:	 	President and Chief Executive Officer	 		  	

 [Project Assignment No. 1 to Consulting Agreement]Exhibit 10.1

 

THIS CONVERTIBLE PROMISSORY NOTE (THIS
 “NOTE”) AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT
AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME. THE COMPANY AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN
FORM, SCOPE AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

INDUSTREA ACQUISITION CORP.

CONVERTIBLE PROMISSORY NOTE

 

	
        Principal Amount: Not to Exceed $1,500,000

        (See Schedule A)
	 	Dated as of October 9, 2018

 

FOR VALUE RECEIVED
and subject to the terms and conditions set forth herein, Industrea Acquisition Corp., a Delaware corporation (the “Maker”),
promises to pay to the order of Industrea Alexandria LLC, a Delaware limited liability company, or its registered assigns or successors
in interest (the “Payee”), or order, the principal balance as set forth on Schedule A hereto in lawful
money of the United States of America; which schedule shall be updated from time to time by the parties hereto to reflect all advances
and readvances outstanding under this Note; provided that at no time shall the aggregate of all advances and readvances outstanding
under this Note exceed one million five hundred thousand dollars ($1,500,000). Any advance hereunder shall be made by the Payee
upon receipt of a written request of the Maker and shall be set forth on Schedule A. All payments on this Note shall be
made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee
may from time to time designate by written notice in accordance with the provisions of this Note.

 

1. Principal.
All unpaid principal under this Note shall be due and payable in full on the earlier of (i) August 1, 2019 and (ii) the effective
date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving
the Company and one or more businesses (the “Business Combination”) (such earlier date, the “Maturity
Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). Any outstanding principal amount
to date under this Note may be prepaid at any time by the Maker, at its election and without penalty; provided, however, that Payee
shall have a right to first convert such principal balance pursuant to Section 5 below upon notice of such prepayment.

 

2. Interest.
No interest shall accrue on the unpaid balance of this Note.

 

3. Application of
Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and
finally to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

4. Events of Default.
The occurrence of any of the following shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make
Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five (5) business days
of the date specified above or issue warrants pursuant to Paragraph 5 hereof, if so elected by the Payee.

 

(b) Voluntary Bankruptcy,
Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator (or other similar official) of the Maker or for any substantial part of its property, or the making by
it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become
due, or the taking of corporate action by the Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the
Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of sixty (60) consecutive days.

 

5. Conversion 

 

(a) Optional Conversion.
At the option of the Payee, at any time on or prior to the Maturity Date, any amounts outstanding under this Note (or any portion
thereof), up to $1,500,000 in the aggregate, may be converted into warrants to purchase shares of Class A common stock of the Maker
at a conversion price (the “Conversion Price”) equal to $1.00 per warrant (“Warrants”). If
the Payee elects such conversion, the terms of such Warrants issued in connection with such conversion shall be identical to the
warrants issued to the Payee in the private placement that closed on August 1, 2017 (the “Private Placement Warrants”)
in connection with the Maker’s initial public offering that closed on August 1, 2017 (the “IPO”), including
that each Warrant shall entitle the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share,
subject to the same adjustments applicable to the Private Placement Warrants. Before this Note may be converted under this Section
5(a), the Payee shall surrender this Note, duly endorsed, at the office of the Maker and shall state therein the amount of the
unpaid principal of this Note to be converted and the name or names in which the certificates for Warrants are to be issued (or
the book-entries to be made to reflect ownership of such Warrants with the Maker’s transfer agent). The conversion shall
be deemed to have been made immediately prior to the close of business on the date of the surrender of this Note and the person
or persons entitled to receive the Warrants upon such conversion shall be treated for all purposes as the record holder or holders
of such Warrants as of such date. Each such newly issued Warrant shall include a restricted legend that contemplates the same restrictions
as the Private Placement Warrants. The Warrants and shares of Class A common stock issuable upon exercise of the Warrants shall
constitute “Registrable Securities” pursuant to that certain Registration Rights Agreement, dated July 26, 2017, among
the Maker, the Payee and certain other security holders named therein.

 

(b) Remaining Principal.
All accrued and unpaid principal of this Note that is not then converted into Warrants, shall continue to remain outstanding and
to be subject to the conditions of this Note.

 

(c) Fractional Warrants;
Effect of Conversion. No fractional Warrants shall be issued upon conversion of this Note. In lieu of any fractional Warrants
to the Payee upon conversion of this Note, the Maker shall pay to the Payee an amount equal to the product obtained by multiplying
the Conversion Price by the fraction of a Warrant not issued pursuant to the previous sentence. Upon conversion of this Note in
full and the payment of any amounts specified in this Section 5(c), this Note shall be cancelled and void without further action
of the Maker or the Payee, and the Maker shall be forever released from all its obligations and liabilities under this Note.

 

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6. Remedies. 

 

(a) Upon the occurrence
of an Event of Default specified in Section 4(a) hereof, the Payee may, by written notice to the Maker, declare this Note to be
due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence
of an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note, and all other sums payable
with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part
of the Payee.

 

7. Waivers.
The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ
of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by the Payee.

 

8. Unconditional
Liability. The Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to the Maker or affecting the Maker’s liability hereunder.

 

9. Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10. Construction.
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
WITHIN THE STATE OF NEW YORK.

 

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11. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

12. Trust Waiver.
Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind
(“Claim”) in or to any distribution of or from the trust account established in which the proceeds of the IPO
conducted by the Maker (including the deferred underwriters discounts and commissions) and certain proceeds of the sale of the
Private Placement Warrants were deposited, as described in greater detail in the registration statement and prospectus filed with
the U.S. Securities and Exchange Commission in connection with the IPO on July 26, 2017, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13. Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the
Maker and the Payee.

 

14. Successors
and Assigns. Subject to the restrictions on transfer in Sections 15 and 16 below, the rights and obligations of the Maker and
the Payee hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of any party
hereto (by operation of law or otherwise) with the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

15. Transfer
of this Note or Securities Issuable on Conversion. With respect to any sale or other disposition of this Note or securities
into which this Note may be converted, the Payee shall give written notice to the Maker prior thereto, describing briefly the manner
thereof, together with (i) except for a Permitted Transfer, in which case the requirements in this clause (i) shall not apply,
a written opinion reasonably satisfactory to the Maker in form and substance from counsel reasonably satisfactory to the Maker
to the effect that such sale or other distribution may be effected without registration or qualification under any federal or state
law then in effect and (ii) a written undertaking executed by the desired transferee reasonably satisfactory to the Maker in form
and substance agreeing to be bound by the restrictions on transfer contained herein. Upon receiving such written notice, reasonably
satisfactory opinion, or other evidence, and such written acknowledgement, the Maker, as promptly as practicable, shall notify
the Payee that the Payee may sell or otherwise dispose of this Note or such securities, all in accordance with the terms of the
note delivered to the Maker. If a determination has been made pursuant to this Section 15 that the opinion of counsel for the Payee,
or other evidence, or the written acknowledgment from the desired transferee, is not reasonably satisfactory to the Maker, the
Maker shall so notify the Payee promptly after such determination has been made. Each Note thus transferred shall bear a legend
as to the applicable restrictions on transferability in order to ensure compliance with the Securities Act, unless in the opinion
of counsel for the Maker such legend is not required in order to ensure compliance with the Securities Act. The Maker may issue
stop transfer instructions to its transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this
Note shall be registered upon registration on the books maintained for such purpose by or on behalf of the Maker. Prior to presentation
of this Note for registration of transfer, the Maker shall treat the registered holder hereof as the owner and holder of this Note
for the purpose of receiving all payments of principal hereon and for all other purposes whatsoever, whether or not this Note shall
be overdue and the Maker shall not be affected by notice to the contrary. For purposes hereof “Permitted Transfer”
shall have the same meaning as any transfer that would be permitted for the Private Placement Warrants under the Letter Agreement,
dated July 26, 2017, among the Maker, the Payee and the other parties thereto.

 

    	 	4	 

     

    

 

16. Acknowledgment.
The Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not with a view to, or for
resale in connection with, any distribution thereof. The Payee understands that the acquisition of this Note involves substantial
risk. The Payee has experience as an investor in securities of companies and acknowledges that it is able to fend for itself, can
bear the economic risk of its investment in this Note, and has such knowledge and experience in financial and business matters
that it is capable of evaluating the merits and risks of this investment in this Note and protecting its own interests in connection
with this investment.

 

[Signature Page Follows]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF,
the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and
year first above written.

 

	 	INDUSTREA ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	Executive Vice President

 

Acknowledged and agreed as of the date first above written.

 

	INDUSTREA ALEXANDRIA LLC
	 	 	 
	By:	/s/ Tariq Osman	 
	Name:	Tariq Osman	 
	Title:	Manager	 

 

[Signature Page to Convertible Promissory
Note]

 

     

     

    

 

SCHEDULE A 

 

Subject to the terms
and conditions set forth in the Note to which this schedule is attached to, the principal balance due under the Note shall be set
forth in the table below and shall be updated from time to time to reflect all advances and readvances outstanding under the Note.

 

	Date	 	Drawing	 	Description	 	Principal Balance

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