Document:

Exhibit 10.24

 

CARLOTZ, INC. NON-EMPLOYEE DIRECTOR
COMPENSATION POLICY

 

Non-employee members of the board of directors
(the “Board”) of CarLotz, Inc. (the “Company”) shall be eligible to receive
cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”).
The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further
action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company
and who is not an affiliate of TRP Capital Partners or Acamar Partners (each, a “Non-Employee Director”)
who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such
cash or equity compensation by written notice to the Company. This Policy shall become effective immediately after the completion
of the Merger (as defined in the Company’s Form S-4 registration statement) (such time, the “Effective Time”)
on the closing date of the Merger (the “Closing Date”) and shall remain in effect until it is revised
or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its
sole discretion. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements
for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the
Company and any of its non-employee directors.

 

1.            Cash
Compensation.

 

(a)            Annual
Retainers. Each Non-Employee Director shall receive an annual retainer of $40,000 for service on the Board.

 

(b)            Additional
Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers, as applicable to such
Non-Employee Director:

 

(i)            Audit
Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual
retainer of $15,000 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the
Chairperson) shall receive an additional annual retainer of $7,500 for such service.

 

(ii)            Compensation
Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual
retainer of $12,000 for such service. A Non-Employee Director serving as a member of the Compensation Committee (other than the
Chairperson) shall receive an additional annual retainer of $6,000 for such service.

 

(iii)            Nominating
and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and Corporate
Governance Committee shall receive an additional annual retainer of $8,000 for such service. A Non-Employee Director serving
as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional
annual retainer of $4,000 for such service.

 

(c)            Payment
of Retainers. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based
on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar
quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described
in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise
payable to such Non-Employee Director for such calendar quarter pursuant to Sections 1(a) and 1(b), with such prorated portion
determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during
which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during
the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.

 

     

     

    

 

2.            Equity
Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be
granted under and shall be subject to the terms and provisions of the Company’s 2020 Incentive Award Plan or any other applicable
Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity
Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached exhibits,
in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy as if
fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.

 

(a)            Initial
Awards Following Non-Employee Director Election or Appointment. Except as otherwise determined by the Board, each Non-Employee
Director who is initially elected or appointed to the Board on or after the Effective Time (the date of such initial election or
appointment, such Non-Employee Director’s “Start Date” (which, for the avoidance of doubt, shall
be the Closing Date for Non-Employee Directors who are elected pursuant to the vote solicited in the Company’s Form S-4
registration statement)), but not on the date of an Annual Meeting, shall be automatically granted, on such Non-Employee Director’s
Start Date, a restricted stock unit award with respect to a number of shares of the Company’s common stock (“Common
Stock”) with a grant-date value (based on the volume weighted-average price per share of the Common Stock over the
20 consecutive trading-day period ending on such Non-Employee Director’s Start Date (or on the last preceding trading day
if such Start Date is not a trading day) (provided, however, for grants made on the Closing Date, the number of shares shall be
determined based on the closing price per share of common stock of Acamar Partners Acquisition, Corp. on the day immediately
prior to the Closing Date) equal to (x) $135,000, multiplied by (y) the Initial Award Applicable Percentage (as defined
below), rounded down to the nearest whole share. The “Initial Award Applicable Percentage” shall mean
a fraction, the numerator of which is the number of days in the period beginning on the Non-Employee Director’s Start Date
and ending on the date of the Company’s next scheduled Annual Meeting (which shall be deemed to be July 1, 2021 in the
case of the Company’s first anticipated Annual Meeting), or if such next Annual Meeting (other than the Company’s first
Annual Meeting) is not yet scheduled, the one year anniversary from the immediately preceding Annual Meeting occurring after the
Effective Time), and the denominator of which is 365.

 

Notwithstanding the foregoing, if a Non-Employee Director’s
Start Date occurs on or following the Effective Time but prior to the S-8 Date, such Non-Employee Director’s Initial Award
shall instead be granted on the date immediately following the S-8 Date (but, for the avoidance of doubt, with the number of shares
determined as described in this Section 2(a)). The awards described in this Section 2(a) shall be referred to as
the “Initial Awards”. For the avoidance of doubt, no Non-Employee Director shall be granted more than
one Initial Award.

 

    	 	2

     

    

 

(b)            Annual
Awards. Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s
stockholders (an “Annual Meeting”) after the Effective Time and (ii) will continue to serve as a
Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such Annual Meeting,
an award of restricted stock units with respect to a number of shares of Common Stock that has a grant-date value (based on the
volume weighted-average price per share of the Common Stock over the 20 consecutive trading-day period ending on the date of such
Annual Meeting (or on the last preceding trading day if the date of the Annual Meeting is not a trading day) equal to $135,000,
rounded down to the nearest whole share. The awards described in this Section 2(b) shall be referred to as the “Annual
Awards”. For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an Annual
Meeting shall receive only an Annual Award in connection with such election and shall not receive any Initial Award on the date
of such Annual Meeting as well.

 

(c)            Termination
of Employment of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the
Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company but who remain
on the Board after such termination from employment will not receive an Initial Award pursuant to Section 2(a) above,
but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company
and any parent or subsidiary of the Company, Annual Awards as described in Section 2(b) above.

 

(d)            Vesting
of Awards Granted to Non-Employee Directors. Each Initial Award and Annual Award shall vest and become exercisable on the earlier
of (i) the day immediately preceding the date of the first Annual Meeting following the date of grant and (ii) the first
anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through the applicable
vesting date. No portion of an Initial Award or Annual Award, as applicable, that is unvested at the time of a Non-Employee Director’s
termination of service on the Board shall become vested thereafter and any such unvested portion shall be terminated as of the
date of such termination of service without any consideration therefor. All of a Non-Employee Director’s Initial Awards and
Annual Awards, as applicable, shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the
Equity Plan), to the extent outstanding at such time, subject to such Non-Employee Director’s continued service on the Board
immediately prior to the occurrence of such Change in Control.

 

    	 	3Exhibit 10.25

 

CARLOTZ,
INC.

2011
Stock Incentive Plan

 

1.           Purpose
and Effective Date.

 

(a)              
The purpose of the CarLotz, Inc. 2011 Stock Incentive Plan (the "Plan") is to promote the long-term stability
and financial success of CarLotz, Inc., a Delaware corporation (the "Company") by attracting and retaining personnel,
including employees, directors, advisory board members and consultants, through the use of stock incentives. The Company believes
that ownership of Common Stock (as defined below) or rights to acquire the same will stimulate the efforts of those persons upon
whose judgment, interest and efforts the Company is and will be largely dependent for the successful conduct of its business, and
will further align those persons' interests with the interests of the Company's shareholders.

 

(b)              
The Plan was adopted by the Board of Directors of the Company and by the shareholders of the Company on March 31, 2011.

 

2.           Definitions.

 

(a)           
Act. The Securities Exchange Act of 1934, as amended.

 

(b)           
Applicable Withholding Taxes. The aggregate amount of federal, state and local income and payroll taxes that the
Company is required to withhold (based on the minimum applicable statutory withholding rates) in connection with any exercise of
an Option or the award, lapse of restrictions or payment with respect to Restricted Shares.

 

(c)           
Award. The award of an Option or Restricted Shares under the Plan.

 

(d)           
Award Agreement. The agreement(s) between the Company and a Participant that govern an Award to such Participant
under the Plan.

 

(e)           
Board. The Board of Directors of the Company.

 

(f)            Cause. Dishonesty,
fraud, misconduct, gross incompetence, gross negligence, breach of a material fiduciary duty, material breach of an agreement with
the Company, unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime
punishable by law (except minor violations), in each case as determined by the Committee, which determination shall be binding.
Notwithstanding the foregoing, if "Cause" is defined in an employment agreement between a Participant and the Company,
 "Cause" shall have the meaning assigned to it in such agreement.

 

(g)           Certificate
of Incorporation. The Certificate of Incorporation of the Company filed with the Delaware Division of Corporations on March
14, 2011, as may be amended from time to time.

 

     

     

    

 

(h)           
 Code. The Internal Revenue Code of 1986, as amended.

 

(i)            
Committee. The Compensation Committee created by the Board and appointed to administer the Plan pursuant to Section
14 of the Plan, or if no such Committee exists, the Board.

 

(j)            
Common Stock. "Common Stock" of the Company as defined in the Certificate of Incorporation. If the par
value of the Common Stock is changed, or in the event of a change in the capital structure of the Company (as provided in Section
12 below), the shares resulting from such change shall be deemed to be Common Stock within the meaning of the Plan.

 

(k)           
Consultant. A person or entity rendering services to the Company who is not an "employee" for purposes
of employment tax withholding under the Code.

 

(1)            Company.
CarLotz, Inc., a Delaware corporation.

 

(m)          Date
of Grant. The effective date of an Award granted by the Committee.

 

(n)           Disability
or Disabled. As to an Incentive Stock Option, a Disability within the meaning of Code Section 22(e)(3). As to all other Awards,
the Committee shall determine whether a Disability exists and such determination shall be conclusive.

 

(o)           Fair
Market Value.

 

(i)              
If the Common Stock is listed on any established stock exchange or quoted on the NASDAQ stock market system, its Fair Market
Value shall be the closing price for such stock on the Date of Grant as reported by such exchange or the NASDAQ stock market system,
or, if there are no trades on such date, the value shall be determined as of the last preceding day on which the Common Stock was
traded.

 

(ii)             
If the Common Stock is not publicly traded, the Fair Market Value shall be determined by the Committee using any reasonable
method in good faith.

 

(iii)           
Fair Market Value shall be determined as of the Date of Grant specified in the Award.

 

(p)           Incentive
Stock Option. An Option intended to meet the requirements of, and qualify for favorable federal income tax treatment under,
Code Section 422.

 

(q)           Nonstatutory
Stock Option. An Option that does not meet the requirements of Code Section 422, or that is otherwise not intended to be an
Incentive Stock Option and is so designated.

 

    2

     

    

 

(r)           
 Option. A right to purchase Common Stock granted under the Plan, at a price determined in accordance with the Plan.

 

(s)           
Participant. Any individual who is granted an Award under the Plan.

 

(t)            
Restricted Shares. Shares of Common Stock awarded upon the terms and subject to the restrictions set forth in Section
8 below.

 

(u)           
Rule 16b-3. Rule 16b-3 promulgated under the Act, including any corresponding subsequent rule or any amendments to
Rule 16b-3 enacted after the effective date of the Plan.

 

(v)           
Shareholders Agreement. The Shareholders Agreement of the Company to be entered into and effective April 1, 2011.

 

(w)         
10% Shareholder. A person who owns, directly or indirectly, stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or any parent or subsidiary of the Company. Indirect ownership of stock shall
be determined in accordance with Code Section 424(d).

 

(x)             Triggering
Event. Any of the following: (i) a sale, transfer or disposition of all or substantially all of the Company's assets
other than to (A) a corporation or other entity of which at least a majority of its combined voting power is owned directly
or indirectly by the Company, (B) a corporation or other entity owned directly or indirectly by the holders of capital stock
of the Company in substantially the same proportions as their ownership of Common Stock, or (C) an Excluded Entity (as
defined in subsection (ii) below); or (ii) any merger, consolidation or other business combination transaction of the Company
with or into another corporation, entity or person, other than a transaction with or into another corporation, entity or
person in which the holders of at least a majority of the shares of voting capital stock of the Company outstanding
immediately prior to such transaction continue to hold (either by such shares remaining outstanding in the continuing entity
or by their being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power
represented by the shares of voting capital stock of the Company (or the surviving entity) outstanding immediately after such
transaction (an "Excluded Entity"). Notwithstanding anything stated herein, a transaction shall not constitute a
 "Triggering Event" if its sole purpose is to change the state of the Company's incorporation, or to create a
holding company that will be owned in substantially the same proportions by the persons who hold the Company's securities
immediately before such transaction. For clarity, the term "Triggering Event" as defined herein shall not include
stock sale transactions whether by the Company or by the holders of capital stock.

 

3.              General.
Awards of Options or Restricted Shares may be granted under the Plan. Options granted under the Plan may be Incentive Stock Options
or Nonstatutory Stock Options.

 

    3

     

    

 

4.           Reservation
of Common Stock; Shares Available.

 

(a)           
Subject to Section 12 of the Plan, there shall be reserved for issuance under the Plan an aggregate of 586,250 shares of
Common Stock, which may include authorized, but unissued, shares. Shares of Common Stock allocable to Options granted under the
Plan that expire or otherwise terminate unexercised and shares of Common Stock that are forfeited pursuant to restrictions on Restricted
Shares awarded under the Plan may again be subjected to an Award under this Plan. For purposes of determining the number of shares
of Common Stock that are available for Awards under the Plan, such number shall include the number of shares of Common Stock surrendered
by a Participant or retained by the Company in connection with the exercise of an Option or in payment of Applicable Withholding
Taxes.

 

(b)              
Subject to adjustment as provided in Section 12, no more than an aggregate of 568,750 shares of Common Stock may be issued
pursuant to the exercise of Incentive Stock Options granted under the Plan (including shares issued pursuant to the exercise of
Incentive Stock Options that are the subject of disqualifying dispositions within the meaning of Sections 421, 422 and 423 of the
Code).

 

5.           Eligibility.

 

(a)           
Any employee of, director of or Consultant to the Company (including an employee of, director of, advisory board member
of or consultant to an affiliate of the Company), other than Michael Bor, Aaron Montgomery and Will Boland, who, in the judgment
of the Committee, has contributed or can be expected to contribute to the profits or growth of the Company is eligible to become
a Participant. The Committee shall have the power and complete discretion, as provided in Section 14, to select eligible Participants
and to determine for each Participant the terms, conditions and nature of the Award and the number of shares of Common Stock to
be allocated as part of the Award; provided, however, that any Award made to a member of the Committee must be approved by the
Board. The Committee is expressly authorized to make an Award to a Participant conditioned on the surrender for cancellation of
an existing Award.

 

(b)           
The grant of an Award shall not obligate the Company to pay an employee any particular amount of remuneration, to continue
the employment of the employee after the grant or to make further grants to the employee at any time thereafter.

 

(c)           
Non-employee directors and Consultants shall not be eligible to receive the Award of an Incentive Stock Option.

 

(d)          
The maximum number of shares of Common Stock with respect to which an Award may be granted in any calendar year to any employee
during such calendar year shall be 250,000 shares.

 

    4

     

    

 

6.           Options
for Common Stock.

 

(a)           
Whenever the Committee deems it appropriate to grant Options, notice shall be given to the Participant stating the number
of shares of Common Stock for which Options are granted, the exercise price per share, whether the options are Incentive Stock
Options or Nonstatutory Stock Options and the conditions to which the grant and exercise of the Options are subject. This notice,
when duly accepted in writing by the Participant, shall become an Award Agreement between the Company and the Participant.

 

(b)          
The Committee shall establish the exercise price of Options. The exercise price of an Incentive Stock Option shall be not
less than 100% of the Fair Market Value of such shares on the Date of Grant, provided that if the Participant is a 10% Shareholder,
the exercise price of an Incentive Stock Option shall not be less than 110% of the Fair Market Value of such shares on the Date
of Grant. The exercise price of Nonstatutory Stock Option Awards intended to be performance-based for purposes of Code Section
162(m) shall not be less than 100% of the Fair Market Value of such shares on the Date of Grant.

 

(c)          
Subject to subsection (d) below, Options may be exercised in whole or in part at such times as may be specified by the Committee
in the Participant's Award Agreement. The Committee may impose such vesting conditions and other requirements as the Committee
deems appropriate, and the Committee may include such provisions regarding a Triggering Events as the Committee deems appropriate.

 

(d)          
The Committee shall establish the term of each Option in the Participant's Award Agreement. The term of an Incentive Stock
Option shall not be longer than ten years from the Date of Grant, except that an Incentive Stock Option granted to a 10% Shareholder
shall not have a term in excess of five years. No Option may be exercised after the expiration of its term or, except as set forth
in the Participant's Award Agreement, after the termination of the Participant's employment. The Committee shall set forth in the
Participant's Award Agreement when, and under what circumstances, an Option may be exercised after termination of the Participant's
employment or period of service; provided that no Incentive Stock Option may be exercised after (i) three months from the Participant's
termination of employment with the Company for reasons other than Disability or death, or (ii) one year from the Participant's
termination of employment on account of Disability or death. The Committee may, in its sole discretion, amend a previously granted
Incentive Stock Option to provide for more liberal exercise provisions, provided however that if the Incentive Stock Option as
amended no longer meets the requirements of Code Section 422, and, as a result the Option no longer qualifies for favorable federal
income tax treatment under Code Section 422, the amendment shall not become effective without the written consent of the Participant.

 

(e)            An
Incentive Stock Option, by its terms, shall be exercisable in any calendar year only to the extent that the aggregate Fair
Market Value (determined at the Date of Grant) of the Common Stock with respect to which Incentive Stock Options are
exercisable by the Participant for the first time during the calendar year does not exceed $100,000 (the "Limitation
Amount"). Incentive Stock Options granted under the Plan and all other plans of the Company and any parent or subsidiary
of the Company shall be aggregated for purposes of determining whether the Limitation Amount has been exceeded. The Board may
impose such conditions as it deems appropriate on an Incentive Stock Option to ensure that the foregoing requirement is met.
If Incentive Stock Options that first become exercisable in a calendar year exceed the Limitation Amount, the excess Options
will be treated as Nonstatutory Stock Options to the extent permitted by law.

 

    5

     

    

 

(f)           
If a Participant dies and if the Participant's Award Agreement provides that part or all of the Option may be exercised
after the Participant's death, then such portion may be exercised by the personal representative of the Participant's estate during
the time period specified in the Award Agreement.

 

(g)          
If a Participant's employment or services is terminate by the Company for Cause, the Participant's Options shall terminate
as of the date of the misconduct.

 

7.           Method
of Exercise of Options.

 

(a)           
Options may be exercised by giving written notice of the exercise to the Company, stating the number of shares of Common
Stock the Participant has elected to purchase under the Option. Such notice shall be effective only if accompanied by the exercise
price in full in cash; provided that, if the terms of an Option so permit, the Participant may (i) deliver shares of Common Stock
that the Participant has previously acquired and owned (valued at Fair Market Value on the date of exercise), or (ii) deliver a
properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company, from the
sale or loan proceeds with respect to the sale of shares of Common Stock or a loan secured by shares of Common Stock, the amount
necessary to pay the exercise price and, if required by the Committee, Applicable Withholding Taxes. Unless otherwise specifically
provided in the Option, any payment of the exercise price paid by delivery of shares of Common Stock acquired directly or indirectly
from the Company shall be paid only with shares of Common Stock that have been held by the Participant for more than six months
(or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes).

 

(b)          
The Company may place on any certificate representing shares of Common Stock issued upon the exercise of an Option any legend
deemed desirable by the Company's counsel to comply with federal or state securities laws. The Company may require of the Participant
a customary indication of his or her investment intent. A Participant shall not possess shareholder rights with respect to shares
of Common Stock acquired upon the exercise of an Option until the Participant has made any required payment, including payment
of Applicable Withholding Taxes, and the Company has issued a certificate for the shares of Common Stock acquired.

 

(c)              
Notwithstanding anything herein to the contrary, Awards shall always be granted and exercised in such a manner as to conform
to the provisions of Rule 16b-3.

 

    6

     

    

 

8.           Restricted
Shares Awards.

 

(a)            
Whenever the Committee deems it appropriate to grant a Restricted Shares Award, notice shall be given to the Participant
stating the number of Restricted Shares for which the Award is granted, the Date of Grant, and the terms and conditions to which
the Award is subject. Certificates representing the Restricted Shares shall be issued in the name of the Participant, subject to
any restrictions contained in the Certificate of Incorporation, the Shareholders Agreement and any additional restrictions imposed
by the Plan and the Committee. A Restricted Shares Award may be made by the Committee in its discretion without cash consideration.

 

(b)            
The Committee may place such additional restrictions, over and above those set forth in the Certificate of Incorporation
and the Shareholders Agreement on the transferability and vesting of Restricted Shares as the Committee deems appropriate, including
restrictions relating to continued employment and financial performance goals. Without limiting the foregoing, the Committee may
provide performance or Triggering Event acceleration parameters under which all, or a portion, of the Restricted Shares will vest
on the Company's achievement of established performance objectives. Restricted Shares may not be sold, assigned, transferred, disposed
of, pledged, hypothecated or otherwise encumbered until the restrictions on such shares shall have lapsed or shall have been removed
pursuant to subsection (c) below.

 

(c)            
The Committee shall establish as to each Restricted Shares Award the terms and conditions upon which the restrictions on
transferability set forth in paragraph (b) above shall lapse. Such terms and conditions may include, without limitation, the passage
of time, the meeting of performance goals, the lapsing of such restrictions as a result of the Disability, death or retirement
of the Participant, or the occurrence of a Triggering Event.

 

(d)            
A Participant shall hold Restricted Shares subject to the restrictions set forth in the Award agreement and in the Plan.
In other respects, the Participant shall have all the rights of a shareholder with respect to the Restricted Shares, including,
but not limited to, the right to vote such shares and the right to receive all cash dividends and other distributions paid thereon.
Certificates representing Restricted Shares shall bear a legend referring to the restrictions set forth in the Plan and the Participant's
Award agreement. If stock dividends or other distributions are declared on Restricted Shares, such stock dividends or other distributions
shall be subject to the same restrictions as the underlying Restricted Shares.

 

9.           Applicable
Withholding Taxes. Each Participant shall agree, as a condition of receiving an Award, to pay to the
Company, or make arrangements satisfactory to the Company regarding the payment of, all Applicable Withholding Taxes with
respect to the Award. Until the Applicable Withholding Taxes have been paid or arrangements satisfactory to the Company have
been made, no stock certificates (or, in the case of Restricted Shares, no stock certificates free of a restrictive legend)
shall be issued to the Participant. As an alternative to making a cash payment to the Company to satisfy Applicable
Withholding Tax obligations, the Committee may establish procedures permitting the Participant to elect to (a) deliver
shares of Common Stock already owned or (b) have the Company retain that number of shares of Common Stock that would satisfy
all or a specified portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with
procedures established by the Committee to avoid a charge to earnings for financial accounting purposes and in accordance
with Rule 16b-3.

 

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10.          Nontransferability
of Awards.

 

(a)           
In general, Awards, by their terms, shall not be transferable by the Participant except by will or by the laws of descent
and distribution or except as described below. Options shall be exercisable, during the Participant's lifetime, only by the Participant
or by his guardian or legal representative.

 

(b)           
Notwithstanding the provisions of subpart (a) of this section and subject to federal and state securities laws, the Committee
may grant or amend Nonstatutory Stock Options that permit a Participant to transfer the Options to one or more immediate family
members, to a trust for the benefit of immediate family members, or to a partnership, limited liability company, or other entity
the only partners, members, or interest-holders of which are among the Participant's immediate family members. Consideration may
not be paid for the transfer of Options. The transferee of an Option shall be subject to all conditions applicable to the Option
prior to its transfer. The Award Agreement granting the Option shall set forth the transfer conditions and restrictions. The Committee
may impose on any transferable Option and on stock issued upon the exercise of an Option such limitations and conditions as the
Committee deems appropriate.

 

11.         Termination,
Modification, Change. If not sooner terminated by the Board, this Plan shall terminate at the close of business on March 1,
2021. No Awards shall be made under the Plan after its termination. The Board may terminate the Plan or may amend the Plan in
such respects as it shall deem advisable; provided, that, unless authorized by the Company's shareholders, no change shall be
made that (a) increases the total number of shares of Common Stock reserved for issuance pursuant to Awards granted under the
Plan (except pursuant to Section 12), (b) expands the class of persons eligible to receive Awards, (c) materially increases the
benefits accruing to Participants under the Plan, or (d) otherwise requires shareholder approval under the Code, Rule 16b-3, or
the rules of a domestic exchange on which shares of Common Stock are traded. Notwithstanding the foregoing, the Board may unilaterally
amend the Plan and Awards as it deems appropriate to ensure compliance with Rule 16b-3 and to cause the Incentive Stock Options
to meet the requirements of the Code and regulations thereunder. Except as provided in the preceding sentence, a termination or
amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant's rights under an Award
previously granted to him.

 

12.            Change
in Capital Structure.

 

(a)           In
the event of a stock dividend, stock split or combination of shares, spinoff, reorganization, recapitalization or merger in
which the Company is the surviving corporation, or other change in the Company's capital stock (including, but not limited
to, the creation or issuance to shareholders generally of rights, options or warrants for the purchase of common stock or
preferred stock of the Company), the number and kind of shares of stock or securities of the Company to be issued under the
Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of options, and other relevant
provisions shall be appropriately adjusted by the Committee, whose determination shall be binding on all persons. If the
adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately the number of
shares covered by the Award so as to eliminate the fractional shares.

 

    8

     

    

 

(b)           
In the event of a reorganization, recapitalization or merger in which the Company is the surviving corporation, the result
of which is that the Company becomes a majority owned subsidiary of another entity (the "Parent"), then the Committee
may take such actions with respect to Awards as the Committee deems appropriate (whose determination shall be binding on all persons),
including without limitation causing any such Award then outstanding to be assumed, or new rights substituted therefore, by the
Parent.

 

(c)           
In the event the Company distributes to its shareholders a dividend, or sells or causes to be sold to a person other than
the Company or a subsidiary shares of stock in any corporation (a "Spinoff Company") which, immediately before the distribution
or sale, was a majority owned subsidiary of the Company, the Committee shall have the power, in its sole discretion, to make such
adjustments as the Committee deems appropriate. The Committee may make adjustments in the number and kind of shares or other securities
to be issued under the Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of Options, and
other relevant provisions, and, without limiting the foregoing, may substitute securities of a Spinoff Company for securities of
the Company. The Committee shall make such adjustments as it determines to be appropriate, considering the economic effect of the
distribution or sale on the interests of the Company' s shareholders and the Participants in the businesses operated by the Spinoff
Company. The Committee's determination shall be binding on all persons. If the adjustment would produce fractional shares with
respect to any Award, the Committee may adjust appropriately the number of shares covered by the Award so as to eliminate the fractional
shares.

 

(d)           
Notwithstanding anything in the Plan to the contrary, the Committee may take the foregoing actions without the consent of
any Participant, and the Committee's determination shall be conclusive and binding on all persons for all purposes. The Committee
shall make its determinations consistent with Rule 16b-3 and the applicable provisions of the Code.

 

(e)           
To the extent required to avoid a charge to earnings for financial accounting purposes, adjustments made by the Committee
pursuant to this Section 12 to outstanding Awards shall be made so that both (i) the aggregate intrinsic value of an Award immediately
after the adjustment is not greater than or less than the Award's aggregate intrinsic value before the adjustment and (ii) the
ratio of the exercise price per share to the market value per share is not reduced.

 

    9

     

    

 

13.         Triggering
Event. In the event of a Triggering Event, the Committee may take such actions with respect to Awards as the Committee deems
appropriate. These actions may include, but shall not be limited to, the following:

 

(a)           
At the time the Award is made, provide for the acceleration of the vesting schedule relating to the exercise or realization
of the Award so that the Award may be exercised or realized in full on or before a date initially fixed by the Committee;

 

(b)           
Provide for the purchase or settlement of any such Award by the Company for any amount of cash equal to the amount which
could have been obtained upon the exercise of such Award or realization of a Participant's rights had such Award been currently
exercisable or payable;

 

(c)            
Make adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Triggering Event; provided,
however, that to the extent required to avoid a charge to earnings for financial accounting purposes, such adjustments shall be
made so that both (i) the aggregate intrinsic value of an Award immediately after the adjustment is not less than or greater than
the Award's aggregate intrinsic value before the Award and (ii) the ratio of the exercise price per share to the market value per
share is not reduced; or

 

(d)           
Cause any such Award then outstanding to be assumed, or new rights substituted therefore, by the acquiring or surviving
corporation in such Triggering Event.

 

14.         Administration
of the Plan.

 

(a)            
The Plan shall be administered by the Committee, who shall be appointed by the Board. If no Committee is appointed, the
Plan shall be administered by the Board. To the extent required by Rule 16b-3, all Awards shall be made by members of the Committee
who are “Non-Employee Directors” as that term is defined in Rule 16b-3, or by the Board. Awards that are intended
to be performance-based for purposes of Code Section 162(m) shall be made by the Committee, or subcommittee of the Committee,
comprised solely of two or more "outside directors" as that term is defined for purposes of Code Section 162(m).

 

(b)            The
Committee shall have the authority to impose such limitations or conditions upon an Award as the Committee deems appropriate
to achieve the objectives of the Award and the Plan. Without limiting the foregoing and in addition to the powers set forth
elsewhere in the Plan, the Committee shall have the power and complete discretion to determine (i) which eligible persons
shall receive an Award and the nature of the Award, (ii) the number of shares of Common Stock to be covered by each Award,
(iii) whether Options shall be Incentive Stock Options or Nonstatutory Stock Options, (iv) the Fair Market Value of Common
Stock, (v) the time or times when an Award shall be granted, (vi) whether an Award shall become vested over a period of time,
according to a performance-based vesting schedule or otherwise, and when it shall be fully vested, (vii) the terms and
conditions under which restrictions imposed upon an Award shall lapse, (viii) whether a Change in Control exists, (ix)
factors relevant to the lapse of restrictions on Restricted Stock or Options, (x) when Options may be exercised, (xi)   
whether to approve a Participant's election with respect to Applicable Withholding Taxes, (xii) conditions relating to the
length of time before disposition of Common Stock received in connection with an Award is permitted, (xiii) notice provisions
relating to the sale of Common Stock acquired under the Plan, and (xiv) any additional requirements relating to Awards that
the Committee deems appropriate.

 

    10

     

    

 

(c)           
The Committee shall have the power to amend the terms of previously granted Awards so long as the terms as amended are consistent
with the terms of the Plan and, where applicable, consistent with the qualification of an Option as an Incentive Stock Option.
The consent of the Participant must be obtained with respect to any amendment that would adversely affect the Participant's rights
under the Award, except that such consent shall not be required if such amendment is for the purpose of complying with Rule 16b-3
or any requirement of the Code applicable to the Award.

 

(d)           
The Committee may adopt rules and regulations for carrying out the Plan. The Committee shall have the express discretionary
authority to construe and interpret the Plan and the Award agreements, to resolve any ambiguities, to define any terms, and to
make any other determinations required by the Plan or an Award agreement. The interpretation and construction of any provisions
of the Plan or an Award agreement by the Committee shall be final and conclusive. The Committee may consult with counsel, who may
be counsel to the Company, and shall not incur any liability for any action taken in good faith in reliance upon the advice of
counsel.

 

(e)           
A majority of the members of the Committee shall constitute a quorum, and all actions of the Committee shall be taken by
a majority of the members present. Any action may be taken by a written instrument signed by all of the members, and any action
so taken shall be fully effective as if it had been taken at a meeting.

 

15.          
Notice. All notices and other communications required or permitted to be given under this Plan shall be in writing
and shall be deemed to have been duly given if delivered personally, electronically, or mailed first class, postage prepaid, as
follows: (a) if to the Company - at its principal business address to the attention of the Secretary; (b) if to any Participant
- at the last address of the Participant known to the sender at the time the notice or other communication is sent.

 

16.          
Compliance with Code Section 409A. To the extent applicable, this Plan is intended to comply with Section 409A of
the Code, and the Committee shall interpret and administer the Plan in accordance therewith. In addition, any provision, including,
without limitation, any definition, in this Plan document that is determined to violate the requirements of Section 409A of the
Code shall be void and without effect and any provision, including, without limitation, any definition, that is required to appear
in this Plan document under Section 409A of the Code that is not expressly set forth shall be deemed to be set forth herein, and
the Plan shall be administered in all respects as if such provisions were expressly set forth. In addition, the timing of certain
payment of benefits provided for under this Plan shall be revised as necessary for compliance with Section 409A of the Code.

 

    11

     

    

 

17.          Interpretation
and Governing Law. The terms of this Plan and Awards granted pursuant to the Plan shall be governed, construed and administered
in accordance with the laws of the State of Delaware. The Plan and Awards are subject to all present and future applicable provisions
of the Code and, to the extent applicable, they are subject to all present and future rulings of the Securities and Exchange Commission
with respect to Rule 16b-3. If any provision of the Plan or an Award conflicts with any such Code provision or ruling, the Committee
shall cause the Plan to be amended, and shall modify the Award, so as to comply, or if for any reason amendments cannot be made,
that provision of the Plan or the Award shall be void and of no effect.

 

IN WITNESS WHEREOF,
the Company has caused this Plan to be adopted this 31st day of March, 2011.

 

	 	CarLotz, Inc.
	 	 
	 	By:	/s/ Michael Bor
	 	Michael Bor, President and
	 	Chief Executive Officer

 

    12

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