Document:

Exhibit 10.2

 

FINAL VERSION

 

Amended
and restated Registration Rights and Lockup Agreement

 

This Amended and Restated
Registration Rights and Lockup Agreement (this “Agreement”), is made as of August 1, 2020, by and among DiamondPeak
Holdings Corp., a Delaware corporation (“Parent”), and each of the parties listed on Schedule A that
is a signatory hereto (each, a “Stockholder” and collectively, the “Stockholders”) and will
be effective as of the Effective Time (as defined in the Merger Agreement (as defined below)) or, in respect of any Stockholder
that executes this Agreement thereafter, at the time of such execution. Any capitalized terms used but not defined herein will
have the meaning ascribed to such term in the Merger Agreement.

 

Recitals

 

WHEREAS,
pursuant to that certain Agreement and Plan of Merger, dated as of July 31, 2020 (as the same may be further amended, modified
or otherwise supplemented from time to time, the “Merger Agreement”), by and among Parent, DPL Merger Sub Corp.,
a Delaware corporation and a wholly owned Subsidiary of Company (“Merger Sub”), and Lordstown Motor Corp., a
Delaware corporation (the “Company”), Merger Sub will merge with and into the Company, with the Company surviving
as a wholly owned Subsidiary of Parent (the “Merger”);

 

WHEREAS,
in connection with the consummation of the Transactions, certain Stockholders will receive shares of Class A common stock of Parent,
par value $0.0001 per share (the “Common Stock”), as consideration in the Transactions in respect of their equity
interests held in the Company as of immediately prior to the consummation of the Transactions;

 

WHEREAS,
the Sponsors currently hold an aggregate of 7,000,000 shares (the “Sponsor Shares”) of Class B common
stock of Parent, par value $0.0001 per share, which, upon the consummation of the Transactions, will automatically be converted
into 7,000,000 shares of Common Stock;

 

WHEREAS,
the Sponsors currently hold an aggregate of 5,066,667 redeemable warrants to purchase, at an exercise price of $11.50 per share,
shares of Common Stock (the “Private Placement Warrants”);

 

WHEREAS,
Parent and the Sponsors are parties to that certain Registration Rights Agreement, dated as of February 27, 2019 (the “Prior
Registration Rights Agreement”);

 

WHEREAS,
the parties to the Prior Registration Rights Agreement desire to amend and restate the Prior Registration Rights Agreement, to
provide for certain rights and obligations included herein and to include the Stockholders identified herein;

 

WHEREAS,
concurrently with the execution of the Merger Agreement, Parent has entered into subscription agreements with certain investors,
pursuant to which such investors will subscribe for, and Parent will issue, unregistered shares of Common Stock (the “PIPE
Investment”);

 

    

     

    

 

WHEREAS,
the PIPE Investment will be consummated concurrently with the consummation of the Merger;

 

WHERAS,
Brown Gibbons Lang & Company (“BGL”) will be issued warrants to purchase shares of Common Stock pursuant
to that that certain Letter Agreement, dated as of July 24, 2020, by and between BGL and the Company; and

 

WHEREAS,
in connection with the execution of the Merger Agreement, the parties hereto desire to enter into this Agreement to
provide for certain rights and obligations included herein and to grant certain registration rights to the Stockholders holding
Registrable Securities as set forth below.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants, agreements and provisions contained
herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, intending to
be legally bound, the parties hereto agree as follows:

 

Article
I.

DEFINITIONS

 

Section
1.01       Definitions.

 

The following definitions
shall apply to this Agreement:

 

“A&R Bylaws”
means the amended and restated bylaws of Parent adopted in connection with the consummation of the Transactions, as the same may
be amended, modified, supplemented or restated from time to time.

 

“A&R Certificate
of Incorporation” means the Amended and Restated Certificate of Incorporation of Parent, as filed on the Closing Date
with the Secretary of the State of Delaware and as the same may be amended, modified, supplemented or restated from time to time

 

“Adverse Disclosure”
means any public disclosure of non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer
or Chief Financial Officer of Parent, after consultation with counsel to Parent, (i) would be required to be made in any Registration
Statement or Prospectus for the applicable Registration Statement or Prospectus not to contain any Misstatement, (ii) would not
be required to be made at such time if the Registration Statement were not being filed or was not effective and available for use,
and (iii) Parent has a bona fide business purpose for not making such information public.

 

“Affiliate”
with respect to any Person, has the meaning ascribed to such term under Rule 12b-2 promulgated by the SEC under the Exchange Act.

 

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

 

“Applicable
Law” means all applicable provisions of constitutions, treaties, statutes, laws (including the common law), rules, regulations,
decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority.

 

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“BGL”
has the meaning set forth in the Recitals.

 

“Blackout
Period” has the meaning set forth in Section 3.04(d).

 

“BlackRock
Entities” means BlackRock Credit Alpha Master Fund L.P. and HC NCBR Fund.

 

“BlackRock
Subscription Agreements” means the Subscription Agreements, dated February 14, 2019, by and between Parent and each of
the BlackRock Entities.

 

“Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in the City of New York are authorized
or required by law to close.

 

“Closing”
means the closing of the Transactions.

 

“Common Stock”
has the meaning set forth in the recitals.

 

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

 

“control”
(i) with respect to any Person, has the meaning ascribed to such term under Rule 12b-2 promulgated by the SEC under the Exchange
Act, and (ii) with respect to any Interest, means the possession, directly or indirectly, of the power to direct, whether by agreement,
contract, agency or otherwise, the voting rights or disposition of such Interest.

 

“Demanding
Holders” has the meaning set forth in Section 3.02(a).

 

“DP Sponsor”
means DiamondPeak Sponsor LLC, a Delaware limited liability company.

 

“Effectiveness
Date” has the meaning set forth in Section 3.01(a).

 

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

 

“Family Group”
means, with respect to a Person who is an individual, (i) such individual’s spouse and descendants (whether natural or adopted),
parents and such parent’s descendants (whether natural or adopted) (collectively, for purposes of this definition, “relatives”),
(ii) such individual’s executor or personal representative, (iii) any trust, the trustee of which is such individual or such
individual’s executor or personal representative and which at all times is and remains solely for the benefit of such individual
and/or such individual’s relatives or (iv) an endowed trust or other charitable foundation, but only if such individual or
such individual’s executor or personal representative maintains control over all voting and disposition decisions.

 

“Filing Deadline”
has the meaning set forth in Section 3.01(a).

 

“General Motors”
means GM EV Holdings LLC, General Motors LLC and their respective Affiliates.

 

“Governmental
Authority” means any government, court, regulatory or administrative agency, commission or authority or other governmental
instrumentality, federal, state or local, domestic, foreign or multinational.

 

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“Interest”
means the capital stock or other securities of Parent or any Affiliate thereof or any other interest or financial or other stake
therein, including, without limitation, Parent Equity Interests.

 

“Joinder Agreement”
means the joinder agreement in form and substance of Exhibit A attached hereto.

 

“Key
Stockholder Lockup Period” has the meaning set forth in  Section 2.01(b).

 

“Key Stockholders”
mean DP Sponsor, BGL, the Majority Stockholder and Workhorse Group Inc.

 

“Lockup
Period” has the meaning set forth in  Section 2.01(c).

 

“Majority
Stockholder” means Stephen S. Burns.

 

“Majority
Stockholder Lockup Period” has the meaning set forth in  Section 2.01(c).

 

“Maximum Number
of Securities” has the meaning set forth in Section 3.02(d).

 

“Merger”
has the meaning set forth in the Recitals.

 

“Merger Agreement”
has the meaning set forth in the Recitals.

 

“Merger Sub”
has the meaning set forth in the Recitals.

 

“Minimum Amount”
has the amount set forth in Section 3.02(a).

 

“Misstatement”
means an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances
under which they were made) not misleading.

 

“Organizational
Documents” means the A&R Bylaws and the A&R Charter.

 

“own”
or “ownership” (and derivatives of such terms) means (i) ownership of record and (ii) “beneficial ownership”
as defined in Rule 13d-3 or Rule 16a-1(a)(2) promulgated by the SEC under the Exchange Act (but without regard to any requirement
for a security or other interest to be registered under Section 12 of the Securities Act).

 

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

 

“Parent Equity
Interest” means Common Stock or any other equity securities of Parent, or securities exchangeable or exercisable for,
or convertible into, such other equity securities of Parent.

 

“Permitted
Transfers” has the meaning set forth in Section 2.03(b).

 

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

 

“Piggyback
Registration” has the meaning set forth in Section 3.03(a).

 

“Prior Registration
Rights Agreement” has the meaning set forth in the recitals.

 

“Private Placement
Warrants” has the meaning set forth in the recitals.

 

“Prospectus”
means the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Securities” shall mean (i) the Private Placement Warrants, including the shares of Common Stock issued or issuable upon
the exercise of any Private Placement Warrants; (ii) any outstanding shares of Common Stock held by a Stockholder as of the Effective
Time, after giving effect to the Transactions (including, for the avoidance of doubt, the PIPE Investment and the conversion of
the Sponsor Shares), (iii) any shares of Common Stock issuable upon the exercise of the BGL Warrants held by BGL as of the Effective
Time, and (iv) any other equity security of Parent issued or issuable with respect to any such share of Common Stock to a
Stockholder by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation or reorganization; provided, however, that as to any particular Registrable Security, such securities
shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have
become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance
with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities
not bearing a legend restricting further transfer shall have been delivered by Parent and subsequent public distribution of such
securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding;
(D) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor
rule promulgated thereafter by the SEC) (“Rule 144”) (but with no volume, current public information or other
restrictions or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public
distribution or other public securities transaction.

 

“Registration”
means a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming
effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration
and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.)
and any securities exchange on which the Common Stock is then listed;

 

(B) fees and expenses
of compliance with securities or blue sky laws;

 

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(C) printing, messenger,
telephone and delivery expenses;

 

(D) reasonable fees
and disbursements of counsel for Parent;

 

(E) reasonable fees
and disbursements of all independent registered public accountants of Parent incurred specifically in connection with such Registration
(including the expenses of any “comfort letters” required by or incident to such performance); and

 

(F) reasonable fees
and expenses of one (1) legal counsel selected by the Demanding Holders in connection with an Underwritten Offering, not to exceed
$75,000.

 

“Registration
Statement” means any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and
supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Release
Date” means the last consecutive trading day where the Volume Weighted Average Share Price equals or exceeds $12.00 per
share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and similar transactions) for at
least twenty (20) out of thirty (30) consecutive trading days, with such thirty (30) consecutive trading days commencing not earlier
than 150 days after the Closing.

 

“Representative”
means, with respect to any Person, any director, officer, employee, consultant, financial advisor, counsel, accountant or other
agent of such Person.

 

“Rule 144”
has the meaning set forth in the definition of Registrable Securities.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Sponsors”
means DP Sponsor and the BlackRock Entities.

 

“Sponsor Shares”
shall have the meaning set forth in the Recitals.

 

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

 

“Subsidiary”
means, with respect to any Person, any other Person of which at least a majority of the securities or ownership interests having
by their terms ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions
is directly or indirectly owned or controlled by such Person and/or by one or more of its Subsidiaries.

 

“Suspension
Event” has the meaning set forth in Section 3.01(c).

 

“Suspension
Period” has the meaning set forth in Section 3.04(d).

 

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“Third Party
Purchaser” means any Person who, immediately prior to the contemplated transaction, does not directly or indirectly own
or have the right to acquire any outstanding Common Stock.

 

“Transactions”
means the transactions contemplated by the Merger Agreement and the other Transaction Documents.

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any Interest owned by a Person or any interest (including
a beneficial interest) in, or the ownership, control or possession of, any Interest owned by a Person.

 

“Transfer
Agent” means AST or any successor transfer agent with respect to the Common Stock duly appointed by Parent.

 

“Underwriter”
or “Underwriters” means a securities dealer who purchases any Registrable Securities as principal in an Underwritten
Offering and not as part of such dealer’s market-making activities.

 

“Underwritten
Offering” means a Registration in which securities of Parent are sold to an Underwriter in a firm commitment underwriting
for distribution to the public.

 

“Underwritten
Offering Request” has the meaning set forth in Section 3.02(a).

 

“Underwritten
Offerings Cap” has the meaning set forth in Section 3.02(b).

 

“Volume Weighted
Average Share Price”, with respect to any trading day, means the volume-weighted average share price of the Common Stock
as displayed on Parent’s page on Bloomberg (or any successor service) in respect of the period from 9:30 a.m. to 4:00 p.m.,
New York City time, on such trading day.

 

Article
II.

Lockup

 

Section
2.01       General Restrictions on Transfer.

 

(a)              
Except as permitted by Section 2.02, DP Sponsor shall not Transfer any shares of Common Stock beneficially owned
or owned of record by it until the earlier of: (i) the date that is one (1) year from the Closing or (ii) the Release Date.

 

(b)              
Except as permitted by Section 2.02, none of General Motors, Workhorse Group Inc. or BGL shall Transfer any shares
of Common Stock beneficially owned or owned of record by it until the date that is six (6) months from the Closing. (each of the
periods described in clauses (a) and (b), a “Key Stockholder Lockup Period”).

 

(c)              
Except as permitted by Section 2.02, the Majority Stockholder shall not Transfer:

 

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i.   
any shares of Common Stock beneficially owned or owned of record by the Majority Stockholder until the date that is one
(1) year from the Closing; and

 

 
ii.   
more than fifty percent (50%) of the shares of Common Stock beneficially owned or owned of record by the Majority Stockholder
as of the date of this Agreement, until the date that is two (2) years from the Closing (each of (i)-(ii), a “Majority
Stockholder Lockup Period” and, together with the Key Stockholder Lockup Periods, the “Lockup Periods”));

 

provided, that the Majority Stockholder
shall not, at any time, Transfer any shares of Common Stock if, immediately following such Transfer, the Majority Stockholder would
be the beneficial owner and owner of record of fewer than the number of shares that would be required to satisfy any outstanding
indemnification claim made by Parent pursuant to the Merger Agreement.

 

(d)              
Following the expiration of a Lockup Period, the Stockholder to whom such Lockup Period previously applied may sell such
number of shares of Common Stock or BGL Warrants that are no longer subject to the Lockup Period without restriction under this
Agreement, other than the restriction set forth in Section 2.03(c) below.

 

(e)              
Prior to the expiration of each Lockup Period applicable to a Stockholder, such Stockholder may not assign or delegate such
Stockholder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection with such Transfer
of Common Stock or BGL Warrants pursuant to Section 2.02.

 

(f)               
The provisions of this Section 2.01 shall not apply to the BlackRock
Entities (it being acknowledged and agreed that such BlackRock Entities shall remain subject to the lockup provisions contained
in their respective BlackRock Subscription Agreements)

 

Section
2.02       Permitted Transfers

 

(a)              
Transfer to Third Party Purchaser. The provisions of Section 2.01 shall not apply to any Transfer by any Stockholder
pursuant to a merger, stock sale, consolidation or other business combination of Parent with a Third Party Purchaser approved by
the board of directors of Parent that results in a change in control of Parent.

 

(b)              
Transfers for Estate Planning. Notwithstanding Section 2.01, any Stockholder who is a natural Person, so long
as the applicable transferee executes a counterpart signature page to this Agreement agreeing to be bound by the terms of this
Agreement applicable to such Stockholder, shall be permitted to make the following Transfers:

 

  
i. 
any Transfer of shares of Common Stock or BGL Warrants by such Stockholder to its Family Group without consideration (it
being understood that any such Transfer shall be conditioned on the receipt of an undertaking by such transferee to Transfer such
shares of Company Stock to the transferor if such transferee ceases to be a member of the transferor’s Family Group); provided,
that no further Transfer by such member of such Stockholder’s Family Group may occur unless such Transfer is made (A) in
compliance with the provisions of this Agreement or (B) to a charitable organization; and

 

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ii. upon the death of any Stockholder who is a natural Person, any distribution of any such shares of Common Stock or BGL Warrants
owned by such Stockholder by the will or other instrument taking effect at death of such Stockholder or by applicable laws of descent
and distribution to such Stockholder’s estate, executors, administrators and personal representatives, and then to such Stockholder’s
heirs, legatees or distributees; provided, that a Transfer by such transferor pursuant to this Section 2.02(b)(ii)
shall only be permitted if a Transfer to such transferee would have been permitted if the original Stockholder had been the transferor.

 

(c)              
Transfers to Affiliates. Notwithstanding Section 2.01, each Stockholder shall be permitted to Transfer from
time to time any or all of the Common Stock or BGL Warrants owned by such Stockholder to any of its wholly-owned Subsidiaries or
to a person or entity wholly owning such Stockholder, so long as the applicable transferee executes a counterpart signature page
to this Agreement agreeing to be bound by the terms of this Agreement applicable to such Stockholder.

 

Section
2.03       Miscellaneous Provisions Relating to Transfers

 

(a)              
Legend. In addition to any legends required by Applicable Law, each certificate representing Common Stock shall bear
a legend substantially in the following form:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO A Registration Rights and Lockup AGREEMENT (A
COPY OF WHICH IS ON FILE WITH THE SECRETARY OF PARENT). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH AGREEMENT.”

 

(b)              
Prior Notice. At least three (3) Business Days of prior notice shall be given to Parent by the transferor of any
Common Stock or BGL Warrants that is subject to a Lockup Period but the Transfer of which is permitted by Section 2.02(b)
or Section 2.02(c). Prior to the consummation of any such permitted Transfer, or prior to any Transfer pursuant to which
rights and obligations of the transferor under this Agreement are assigned in accordance with the terms of this Agreement, the
transferring Stockholder shall cause the transferee to execute and deliver to Parent a Joinder Agreement and agree to be bound
by the terms and conditions of this Agreement and shall provide any documents required by the Transfer Agent to consummate such
Transfer. Upon any Transfer by any Stockholder of any of its Common Stock or BGL Warrants, in accordance with the terms of this
Agreement and which is made in conjunction with the assignment of such Stockholder’s rights and obligations hereunder, the
transferee thereof shall be substituted for, and shall assume all the rights and obligations under this Agreement, of the transferor
thereof.

 

(c)              
Compliance with Laws. Notwithstanding any other provision of this Agreement, each Stockholder agrees that it will
not, directly or indirectly, Transfer any of its Common Stock or BGL Warrants except as permitted under the Securities Act and
other applicable federal or state securities laws.

 

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(d)              
Null and Void. Any attempt to Transfer any Common Stock or BGL Warrants that is not in compliance with this Agreement
shall be null and void, and Parent shall not, and shall cause any transfer agent not to, give any effect in Parent’s stock
records to such attempted Transfer and the purported transferee in any such purported Transfer shall not be treated as the owner
of such Common Stock or BGL Warrants for any purposes of this Agreement.

 

(e)              
Removal of Legends. In connection with the written request of a Stockholder, Parent shall remove any restrictive
legend included on the certificates (or, in the case of book-entry shares, any other instrument or record) representing such Stockholder’s
and/or its Affiliates’ or permitted transferee’s ownership of Common Stock not subject to Article II hereof, and Parent
shall issue a certificate (or evidence of the issuance of securities in book-entry form) without such restrictive legend or any
other restrictive legend to the holder of the applicable shares of Common Stock upon which it is stamped, if (i) such shares
of Common Stock are registered for resale under the Securities Act and the registration statement for such shares of Common Stock
has not been suspended pursuant to Section 3.04 hereof or as otherwise required by the Securities Act, the Exchange Act or
the rules and regulations of the SEC promulgated thereunder, or (ii) such shares of Common Stock are sold or transferred
pursuant to Rule 144. Following the earlier of (A) the effective date of a Registration Statement registering such shares
of Common Stock or (B) Rule 144 becoming available for the resale of such shares of Common Stock without volume or manner-of-sale
restrictions, Parent, upon the written request of the Stockholder or its permitted transferee and the provision by such Person
of an opinion of reputable counsel reasonably satisfactory to Parent and the Transfer Agent, shall instruct the Transfer Agent
to remove the legend from such shares of Common Stock (in whatever form) and shall cause Parent counsel to issue any legend removal
opinion required by the Transfer Agent. Any fees (with respect to the Transfer Agent, Parent counsel, or otherwise) associated
with the removal of such legend (except for the provision of the legal opinion by the Stockholder or its permitted transferee to
the Transfer Agent referred to above) shall be borne by Parent. If a legend is no longer required pursuant to the foregoing, Parent
will no later than five (5) Business Days following the delivery by any Stockholder or its permitted transferee to Parent
or the Transfer Agent (with notice to Parent) of a legended certificate (if applicable) representing such shares of Common Stock
and, to the extent required, a seller representation letter representing that such shares of Common Stock may be sold pursuant
to Rule 144, and a legal opinion of reputable counsel reasonably satisfactory to Parent and the Transfer Agent, deliver or
cause to be delivered to the holder of such Parent Equity Interests a certificate representing such shares of Common Stock (or
evidence of the issuance of such shares of Common Stock in book-entry form) that is free from all restrictive legends.

 

Section
2.04       Majority Stockholder Indemnification

 

(a)              
Subject to the limitations on liability set forth in the Merger Agreement, if there is determined to be any Loss indemnifiable
pursuant to the Merger Agreement, Parent shall have recourse for such Loss from Lockup Shares that are then held by the Majority
Stockholder, and the Majority Stockholder hereby agrees to transfer to Parent the amount of outstanding Lockup Shares for which
the Majority Stockholder is liable pursuant to the Section 8.2 of the Merger Agreement.

 

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(b)              
In the event of any conflict between this Section 2.04 and the terms and conditions of the Merger Agreement, the
terms and conditions of the Merger Agreement shall govern and control.

 

Article
III.

Registration rights

 

Section
3.01       Registration Statement

 

(a)              
Filing. Within forty-five (45) days after the date of the consummation of the Merger (the “Filing Deadline”),
Parent shall file with the SEC (at Parent’s sole cost and expense) a Registration Statement registering the resale of the
Registrable Securities, and Parent 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 60th calendar day (or 120th calendar day if the SEC notifies
Parent that it will “review” any or all of the Registration Statement) following the Filing Deadline (such date, the
 “Effectiveness Date”); provided, however, that Parent’s obligations to include the Registrable
Securities held by any Stockholder in the Registration Statement are contingent upon such Stockholder furnishing in writing to
Parent such information regarding such Stockholder, the securities of Parent held by such Stockholder and the intended method of
disposition of the Registrable Securities as shall be reasonably requested by Parent to effect the registration of the Registrable
Securities, and shall execute such documents in connection with such registration as Parent may reasonably request that are customary
of a selling stockholder in similar situations.

 

(b)              
Effectiveness. Parent shall use its commercially reasonable efforts to maintain the continuous effectiveness of the
Registration Statement until the earliest of (i) the date on which the all Registerable Securities may be resold without volume
or manner of sale limitations pursuant to Rule 144, (ii) the date on which such Registerable Securities have actually been sold
and (iii) the date which is two (2) years after the consummation of the Merger. For purposes of clarification, any failure by Parent
to file the Registration Statement by the Filing Deadline or to effect such Registration by the Effectiveness Date shall not otherwise
relieve Parent of its obligations to file or effect the Registration Statement set forth in this Section 3.01.

 

(c)              
Delay. Notwithstanding anything to the contrary in this Agreement, Parent shall be entitled to delay or postpone
the effectiveness of the Registration Statement, and from time to time to require any Stockholder not to sell under the Registration
Statement or to suspend the effectiveness thereof, if Adverse Disclosure would be required (each such circumstance, a “Suspension
Event”); provided, however, that Parent may not delay or suspend the Registration Statement on more than
two occasions or for more than sixty (60) consecutive calendar days per occasion, or more than one hundred and twenty (120) total
calendar days, during any twelve (12)-month period. Upon receipt of any written notice from Parent of the happening of any Suspension
Event (which notice shall not contain material non-public information) during the period that the Registration Statement is effective
or if as a result of a Suspension Event the Registration Statement or related Prospectus contains a Misstatement, each Stockholder
agrees that (i) such Stockholder will immediately discontinue offers and sales of the Common Stock under the Registration Statement
(excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until such Stockholder receives copies of a supplemental
or amended Prospectus (which Parent agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above
and receives written notice from Parent that such Stockholder may resume such offers and sales, and (ii) such Stockholder will
maintain the confidentiality of any information included in such written notice delivered by Parent unless otherwise required by
Applicable Law or subpoena. If so directed by Parent, each Stockholder will deliver to Parent or, in such Stockholder’s sole
discretion destroy, all copies of the Prospectus covering the Common Stock in such Stockholder’s possession; provided,
however, that this obligation to deliver or destroy all copies of the Prospectus covering the Common Stock shall not apply
(i) to the extent such Stockholder is required to retain a copy of such Prospectus (1) to comply with applicable legal,
regulatory, self-regulatory or professional requirements or (2) 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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Section
3.02       Underwritten Offering.

 

(a)                
Right to Underwritten Offerings. Subject to the conditions of this Section 3.02, any Stockholder may, by providing
written notice to Parent, request to sell all or part of its Registrable Securities that are registered by the Registration Statement
contemplated by Section 3.01 and not subject to Article II hereof (any such Stockholder a “Demanding Holder”
and, collectively, the “Demanding Holders”) in an Underwritten Offering. Each request for an Underwritten Offering
(a “Underwritten Offering Request”) shall specify the number of Registrable Securities intended to be offered
and sold by such Stockholder pursuant to the Underwritten Offering. Promptly (but in any event within ten (10) days) after receipt
of an Underwritten Offering Request, Parent shall give written notice of the Underwritten Offering Request to all other Stockholders.
Such notice shall offer such Stockholders the opportunity to include in the Underwritten Offering such number of Registrable Securities
as each such Stockholder may request. Each such Stockholder shall make such request in writing to Parent within five (5) Business
Days after the receipt of any such notice from Parent. Parent shall not be required to effect an Underwritten Offering unless the
reasonably expected aggregate gross proceeds from the offering of the Registrable Securities to be registered in connection with
such Underwritten Offering are at least $75,000,000 (the “Minimum Amount”) and shall not be required to effect
an underwritten offering pursuant to an Underwritten Offering within ninety (90) days of the completion of a previous Underwritten
Offering.

 

(b)              
Selection of Underwriters and Number of Registrations. Parent shall, upon receipt of such Underwritten Offering Request,
enter into an underwriting agreement in a form as is customary in Underwritten Offerings of equity securities with the managing
Underwriter or Underwriters selected by Parent after consultation with the Demanding Holders and shall take all such other reasonable
actions as are requested by the managing Underwriter or Underwriters to expedite or facilitate the disposition of such Registrable
Securities; provided, however, that Parent shall have no obligation to facilitate or participate in more than
two (2) Underwritten Offerings pursuant to this Section 3.02 for any Stockholder (and not more than four (4) Underwritten
Offerings for all Stockholders in the aggregate) (the “Underwritten Offerings Cap”); provided further
that if an Underwritten Offering is commenced but terminated prior to the pricing thereof for any reason, such Underwritten Offering
will not be counted as an Underwritten Offering pursuant to this Section 3.02.

 

    -12-

     

    

 

(c)              
Underwriting Agreement. In connection with any Underwritten Offering contemplated by this Section 3.02, the
underwriting agreement into which each Demanding Holder, any participating Stockholder and Parent shall enter shall contain such
representations, covenants, indemnities (subject to Article V) and other rights and obligations as are customary in underwritten
offerings of equity securities. If requested by the Underwriters in connection with any Underwritten Offering, any Stockholder
that holds Registrable Securities and has the right to participate in such Underwritten Offering pursuant to Section 3.02(a)
(other than those Stockholders who are not participating in the Underwritten Offering and who together with such Stockholder’s
Affiliates “beneficially own” (as such term is defined under and determined pursuant to Rule 13d-3 under the Exchange
Act) less than 3.0% of the Company’s issued and outstanding Common Stock) shall enter into a customary lockup agreement in
connection therewith not to exceed ninety (90) days from the pricing of such Underwritten Offering.

 

(d)              
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Offering, in good
faith, advises Parent, the Demanding Holders and other participating Stockholders that the dollar amount or number of Registrable
Securities that the Demanding Holders desire to sell, taken together with all Common Stock or other equity securities that Parent
or any other Stockholder desires to sell and the shares of Common Stock, if any, as to which a Registration has been requested
pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire to sell, exceeds
the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such
maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then Parent shall include in such Underwritten Offering, as follows:

 

i.  
first, the Registrable Securities of the Demanding Holders and other participating Stockholders pro rata based on the respective
number of Registrable Securities that each Demanding Holder and participating Stockholder has requested be included in such Underwritten
Offering and the aggregate number of Registrable Securities that the Demanding Holders and participating Stockholders have requested
be included in such Underwritten Offering that can be sold without exceeding the Maximum Number of Securities;

 

ii.  
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Common
Stock or other equity securities that Parent desires to sell, which can be sold without exceeding the Maximum Number of Securities;
and

 

iii.  third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i) and clause
(ii), Common Stock or other equity securities of persons or entities that Parent is obligated to register in a Registration pursuant
to separate written contractual arrangements with such persons, pro rata, which can be sold without exceeding the Maximum Number
of Securities.

 

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(e)              
Each Demanding Holder and participating Stockholder shall have the right to withdraw all or any portion of its Registrable
Securities included in an Underwritten Offering pursuant to this Section 3.02 for any or no reason whatsoever upon written
notification to Parent and the Underwriter or Underwriters of its intention to withdraw from such Underwritten Offering prior to
the public announcement of such Underwritten Offering and, in the case of the Demanding Holder that withdraws all of its Registrable
Securities, it shall no longer be considered an Underwritten Offering for purposes of the Underwritten Offerings Cap for that Demanding
Holder; provided, however, that upon the withdrawal of an amount of Registrable Securities that results in the remaining
amount of Registrable Securities included by the Demanding Holders and participating Stockholders in such Underwritten Offering
being less than the Minimum Amount, Parent may cease all efforts to complete the Underwritten Offering and, for the avoidance of
doubt, if such efforts are ceased, such Underwritten Offering shall not count against the Underwritten Offerings Cap, in the aggregate
or for any Stockholder. Notwithstanding anything to the contrary in this Agreement, Parent shall be responsible for the Registration
Expenses incurred in connection with an Underwritten Offering prior to its withdrawal under this Section 3.02.

 

Section
3.03       Piggyback Registration Rights.

 

(a)              
If at any time Parent proposes to file a registration statement under the Securities Act with respect to an Underwritten
Offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities,
for its own account or for the account of stockholders of Parent on a form that would permit registration of Registrable Securities,
other than a registration statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange
offer or offering of securities solely to the Stockholders, (iii) for an offering of debt that is convertible into equity securities
of Parent, (iv) for a dividend reinvestment plan or (v) on Form S-4, then Parent shall give written notice of such proposed filing
to all of the Stockholders as soon as practicable but not less than ten (10) days before the anticipated filing date of such registration
statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s)
of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to
all of the Stockholders the opportunity to register the sale of such number of Registrable Securities as such Stockholders may
request in writing within five (5) days after receipt of such written notice (in the case of an “overnight” or “bought”
offering, such requests must be made by the Stockholders within one (1) Business Day after the delivery of any such notice by Parent)
(such Registration a “Piggyback Registration”); provided, however, that if Parent has been
advised by the managing Underwriter(s) that the inclusion of Registrable Securities for sale for the benefit of the Stockholders
will have an adverse effect on the price, timing or distribution of the Common Stock in the Underwritten Offering, then (A) if
no Registrable Securities can be included in the Underwritten Offering in the opinion of the managing Underwriter(s), Parent shall
not be required to offer such opportunity to the Stockholders or (B) if any Registrable Securities can be included in the Underwritten
Offering in the opinion of the managing Underwriter(s), then the amount of Registrable Securities to be offered for the accounts
of Stockholders shall be determined based on the provisions of this Section 3.03.

 

(b)              
Subject to this Section 3.03, Parent shall, in good faith, cause such Registrable Securities to be included in such
Piggyback Registration and shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of a
proposed Underwritten Offering to permit the Registrable Securities requested by the Stockholders pursuant to this Section 3.03
to be included in a Piggyback Registration on the same terms and conditions as any similar securities of Parent included in such
Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. If no written request for inclusion from a Stockholder is received within the specified time, each such
Stockholder shall have no further right to participate in such Underwritten Offering. All such Stockholders proposing to distribute
their Registrable Securities through an Underwritten Offering under this Section 3.03 shall enter into an underwriting agreement
in customary form with the Underwriter(s) selected for such Underwritten Offering by Parent.

 

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(c)              
If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, in good
faith, advises Parent and the Stockholders participating in the Piggyback Registration that the dollar amount or number of shares
of Common Stock that Parent desires to sell, taken together with (i) the shares of Common Stock, if any, as to which Registration
has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Stockholders hereunder,
(ii) the Registrable Securities as to which registration has been requested pursuant to this Section3.03, and (iii) the
shares of Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back
registration rights of other stockholders of Parent, exceeds the Maximum Number of Securities, then:

 

i.                       
If the Registration is undertaken for Parent’s account, Parent shall include in any such Registration:

 

(A)             
first, shares of Common Stock or other equity securities that Parent desires to sell, which can be sold without exceeding
the Maximum Number of Securities;

 

(B)             
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A),
pro rata to (i) the Registrable Securities of Stockholders exercising their rights to register their Registrable Securities pursuant
to this Section 3.03 and (ii) shares of Common Stock or other equity securities, if any, as to which Registration has been
requested pursuant to written contractual piggy-back registration rights of other stockholders of Parent, which can be sold without
exceeding the Maximum Number of Securities;

 

ii.                       
If the Registration is pursuant to a demand by persons or entities other than the Stockholders pursuant to separate written contractual
arrangements, then Parent shall include in any such Registration:

 

(A)            
first, shares of Common Stock or other equity securities, if any, of such requesting persons or entities, other than
the Stockholders, which can be sold without exceeding the Maximum Number of Securities;

 

(B)             
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A),
pro rata to (i) the Registrable Securities of Stockholders exercising their rights to register their Registrable Securities pursuant
to this Section 3.03, (ii) shares of Common Stock or other equity securities that Parent desires to sell, and (iii) shares
of Common Stock or other equity securities for the account of other persons or entities that Parent is obligated to register pursuant
to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number
of Securities.

 

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iii.                       
Any Stockholder shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written
notification to Parent and the Underwriter or Underwriters (if any) of its intention to withdraw from such Piggyback Registration
prior to the public announcement of such Underwritten Offering. Parent (whether on its own good faith determination or as the result
of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement
filed with the SEC in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement.
Notwithstanding anything to the contrary in this Agreement, Parent shall be responsible for the Registration Expenses incurred
in connection with the Piggyback Registration prior to its withdrawal under this Section 3.03.

 

(d)              
For purposes of clarity, any Registration effected pursuant to Section 3.03 hereof shall not be counted as a Registration
effected under Section 3.02 hereof.

 

Section
3.04       Parent Procedures.

 

(a)              
General Procedures. If and whenever Parent is required to effect the registration of any Registrable Securities pursuant
to this Agreement, Parent shall use its commercially reasonable efforts to effect and facilitate the registration, offering and
sale of such Registrable Securities in accordance with the intended method of disposition thereof as promptly as is practicable
and, pursuant thereto, Parent shall as expeditiously as possible and as applicable:

 

i.                       
prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be required by the rules, regulations or instructions applicable to the registration form used by Parent
or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all of such Registrable
Shares have been disposed of (if earlier) in accordance with the intended plan of distribution set forth in such Registration Statement
or supplement to the Prospectus;

 

ii.                       
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to
the Underwriters, if any, and the Stockholders included in such Registration, and to one legal counsel selected by such Stockholders,
copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in
each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration
(including each preliminary Prospectus), and such other documents as the Underwriters and the Stockholders included in such Registration
or the legal counsel for any such Stockholders may request in order to facilitate the disposition of the Registrable Securities
owned by such Stockholders.

 

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iii.                       
prior to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify
the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions
in the United States as the Stockholders included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other Governmental Authorities as may be necessary by virtue of the business and operations
of Parent and do any and all other acts and things that may be necessary or advisable to enable the Stockholders included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that Parent shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction
where it is not then otherwise so subject;

 

iv.                       
cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar
securities issued by Parent are then listed;

 

v.                       
provide a Transfer Agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than
the effective date of such Registration Statement;

 

vi.                       
 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof,
of the issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order
or to obtain its withdrawal if such stop order should be issued;

 

vii.                       
at least two (2) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to
such Registration Statement furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without
limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement
or Prospectus;

 

viii.                       
notify the Stockholders at any time when a Prospectus relating to such Registration Statement is required to be delivered
under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement,
as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.04(d) hereof;

 

    -17-

     

    

 

ix.                       
permit a representative of the Stockholders (such representative to be selected by a majority of the participating Stockholders),
the Underwriters, if any, and any attorney or accountant retained by such Stockholders or Underwriter to participate, at each such
person’s own expense, in the preparation of the Registration Statement, and cause Parent’s officers, directors and
employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection
with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality
agreement, in form and substance reasonably satisfactory to Parent, prior to the release or disclosure of any such information;
and provided further, Parent may not include the name of any Stockholder or Underwriter or any information regarding any Stockholder
or Underwriter in any Registration Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus,
any document that is to be incorporated by reference into such Registration Statement or Prospectus, or any response to any comment
letter, without the prior written consent of such Stockholder or Underwriter and providing each such Stockholder or Underwriter
a reasonable amount of time to review and comment on such applicable document, which comments Parent shall include unless contrary
to Applicable Law;

 

x.                       
obtain a “cold comfort” letter (including any necessary “bring-down cold comfort letter” as may
be required or requested by any Underwriter on the date any Registrable Securities are delivered for sale pursuant to Registration)
from Parent’s independent registered public accountants in the event of an Underwritten Offering which the participating
Stockholders may rely on, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
Stockholders;

 

xi.                       
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such
date, of counsel representing Parent for the purposes of such Registration, addressed to the Stockholders, the placement agent
or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of
which such opinion is being given as the Stockholders, placement agent, sales agent, or Underwriter may reasonably request and
as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest
of the participating Stockholders;

 

xii.                       
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing Underwriter of such offering;

 

xiii.                       
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of
at least twelve (12) months beginning with the first day of Parent’s first full calendar quarter after the effective date
of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or
any successor rule promulgated thereafter by the SEC);

 

xiv.                       
if the Registration involves the Registration of Registrable Securities in an Underwritten Offering in excess of the Minimum
Amount, use its reasonable efforts to make available senior executives of Parent to participate in customary “road show”
presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

xv.                       
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
Stockholders, in connection with such Registration.

 

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(b)              
Registration Expenses. The Registration Expenses of all Registrations shall be borne by Parent. It is acknowledged
by the Stockholders that the Stockholders shall bear all incremental selling expenses relating to the sale of Registrable Securities,
such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth
in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing
the Stockholders.

 

(c)              
Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering
for equity securities of Parent pursuant to a Registration initiated by Parent hereunder unless such person (i) agrees to sell
such person’s securities on the basis provided in any underwriting arrangements approved by Parent and (ii) completes and
executes all customary questionnaires, powers of attorney, indemnities, lockup agreements, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting arrangements.

 

(d)              
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from Parent that a Registration Statement
or Prospectus contains a Misstatement, each of the Stockholders shall forthwith discontinue disposition of Registrable Securities
until he, she or it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood
that Parent hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice),
or until he, she or it is advised in writing by Parent that the use of the Prospectus may be resumed (any such period, a “Suspension
Period”). If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration
at any time would require Parent to make an Adverse Disclosure or would require the inclusion in such Registration Statement of
financial statements that are unavailable to Parent for reasons beyond Parent’s control, Parent may, upon giving prompt written
notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement
for the shortest period of time determined in good faith by Parent to be necessary for such purpose (any such period, a “Blackout
Period”). In the event Parent exercises its rights under the preceding sentence, the Stockholders agree to suspend, immediately
upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with
any sale or offer to sell Registrable Securities. Parent shall immediately notify the Stockholders of the expiration of any period
during which it exercised its rights under this Section 3.04(d). Notwithstanding anything to the contrary in this Section 3.04,
in no event shall any Suspension Period or any Blackout Period continue for more than ninety (90) days in the aggregate during
any 365-day period.

 

(e)              
Reporting Obligations. As long as any Stockholder shall own Registrable Securities, Parent, at all times while it
shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file
within the applicable grace period) all reports required to be filed by Parent after the Effective Date pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish the Stockholders with true and complete copies of all such filings. Parent
further covenants that it shall take such further action as any Stockholder may reasonably request, all to the extent required
from time to time to enable such Stockholder to sell shares of Common Stock held by such Stockholder without registration under
the Securities Act within the limitation of the exemptions provided by Rule 144, including providing any legal opinions. Upon the
request of any Stockholder, Parent shall deliver to such Stockholder a written certification of a duly authorized officer as to
whether Parent has complied with such requirements.

 

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Section
3.05       Indemnification and Contribution

 

(a)              
 Parent agrees to indemnify, to the extent permitted by law, each Stockholder, its officers and directors and each person
who controls such Stockholder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
(including attorneys’ fees) caused by any Misstatement or alleged Misstatement, except insofar as the such Misstatement or
alleged Misstatement caused by or contained in any information furnished in writing to Parent by such Stockholder expressly for
use in such Registration Statement or Prospectus. Parent shall indemnify the Underwriters, their officers and directors and each
person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to the indemnification of the Stockholder.

 

(b)              
In connection with any Registration Statement in which a Stockholder is participating, such Stockholder shall furnish to
Parent in writing such information and affidavits as Parent reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify Parent, its directors and officers and agents and
each person who controls Parent (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and
expenses (including without limitation reasonable attorneys’ fees) resulting from any Misstatement, but only to the extent
that such Misstatement is contained in any information or affidavit so furnished in writing by such Stockholder expressly for use
in such Registration Statement or Prospectus; provided, however, that the obligation to indemnify shall be several, not joint
and several, among such Stockholders holding Registrable Securities, and the liability of each such Stockholder holding Registrable
Securities shall be in proportion to and limited to the net proceeds received by such Stockholder from the sale of Registrable
Securities pursuant to such Registration Statement. The Stockholders shall indemnify the Underwriters, their officers, directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the
foregoing with respect to indemnification of Parent.

 

(c)              
Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided. that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect
to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of
the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects
by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which
settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

 

    -20-

     

    

 

 

(d)              
The indemnification provided for under this Article III shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall
survive the transfer of securities. Parent and each Stockholder participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event Parent’s or such Stockholder’s
indemnification is unavailable for any reason.

 

(e)              
 If the indemnification provided under Section 3.05 hereof from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action; provided, however, that the liability of any Stockholder under this Section 3.05(e)
shall be limited to the amount of the net proceeds received by such Stockholder in such offering giving rise to such liability.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth in Sections 3.05(a), (b) and (c) above, any legal or other fees, charges
or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that
it would not be just and equitable if contribution pursuant to this subsection Section 3.05(e) were determined by pro rata
allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this
Section 3.05(e). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution pursuant to this Section 3.05(e) from any person who was not guilty of such fraudulent
misrepresentation.

 

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Article
IV.

MISCELLANEOUS

 

Section
4.01       Release of Liability.

 

In the event any Stockholder
shall Transfer all of the Common Stock held by such Stockholder in compliance with the provisions of this Agreement (including,
without limitation, if accompanied with the assignment of rights and obligations hereunder, the execution and delivery by the transferee
of a Joinder Agreement) without retaining any interest therein, then such Stockholder shall cease to be a party to this Agreement
and shall be relieved and have no further liability arising hereunder for events occurring from and after the date of such Transfer,
except in the case of fraud or intentional misconduct.

 

Section
4.02       Obligations to Parent.

 

Nothing in this Agreement
shall be deemed to provide to any Stockholder any rights in favor of any other Stockholder. All commitments made hereunder are
made solely to Parent and may not be enforced by any other Stockholder.

 

Section
4.03       Notices.

 

All notices, requests,
consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly
given or made as follows: (a) when delivered in person or by a nationally recognized overnight courier (with written confirmation
of receipt), (b) upon receipt of confirmation of successful transmission if sent by facsimile or (c) upon receipt if sent by certified
or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the
addresses identified on the signature page.

 

Section
4.04       Interpretation.

 

For purposes of this
Agreement, (a) the words “include,” “includes” and “including” shall be deemed to be followed
by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,”
 “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole.
The definitions given for any defined terms in this Agreement shall apply equally to both the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
Unless the context otherwise requires, references herein: (x) to Articles, Sections, Exhibits and Schedules mean the Articles and
Sections of, and Exhibits and Schedules attached to, this Agreement; (y) to an agreement, instrument or other document means
such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by
the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The
Exhibits and Schedules referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent
as if they were set forth verbatim herein.

 

    -22-

     

    

 

Section
4.05       Headings.

 

The headings and other
captions in this Agreement are for convenience and reference only and shall not constitute a part of this Agreement, nor shall
they affect its meaning, construction or effect.

 

Section
4.06       Severability.

 

If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force
and effect and shall in no way be affected, impaired or invalidated. Upon such a determination, the parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner so that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible.

 

Section
4.07       Entire Agreement.

 

This Agreement and
the Organizational Documents constitute the sole and entire agreement of the parties with respect to the subject matter contained
herein and therein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect
to such subject matter. In the event of any inconsistency or conflict between this Agreement and any Organizational Document, the
Stockholders and Parent shall, to the extent permitted by Applicable Law, amend such Organizational Document to comply with the
terms of this Agreement.

 

Section
4.08       Amendment and Modification; Waiver.

 

This Agreement may
be amended only by a written instrument signed by (a) Parent and (b) the Stockholders (for so long as the Stockholder continue
to own Common Stock; provided, however, that no such amendment shall materially adversely change the rights or obligations
of any Stockholder disproportionately generally vis a vis other Stockholders party to this Agreement without the written approval
of such disproportionately affected Stockholder. No waiver by any party of any of the provisions hereof shall be effective unless
explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver
in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different
character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy,
power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. Parent shall not waive any provision of this Agreement without the written consent
of the Stockholders (for so long as the Stockholder continues to own Common Stock).

 

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Section
4.09       Successors and Assigns.

 

This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns and transferees. Neither this Agreement nor any right, benefit, remedy, obligation or liability arising hereunder may be
assigned by any party without the prior written consent of the other parties, and any attempted assignment without such consent
shall be null and void and of no effect; provided, that a Stockholder may assign any and all of its rights under this Agreement,
together with its Common Stock, to a permitted assignee or transferee in compliance with Section 2.02 hereof (and
such transferee or assignee shall be deemed to be a member of the any of the above mentioned groups to which the transferor belonged).

 

Section
4.10       No Third-Party Beneficiaries.

 

This Agreement is for
the sole benefit of the parties hereto and their respective successors and assigns and transferees and nothing herein, express
or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement.

 

Section
4.11       Governing Law.

 

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

 

Section
4.12       Equitable Remedies.

 

Each party hereto acknowledges
that the other parties hereto would be irreparably damaged in the event of a breach or threatened breach by such party of any of
its obligations under this Agreement and hereby agrees that in the event of a breach or a threatened breach by such party of any
such obligations, each of the other parties hereto shall, in addition to any and all other rights and remedies that may be available
to them in respect of such breach, be entitled to an injunction from a court of competent jurisdiction (without any requirement
to post bond) granting such parties specific performance by such party of its obligations under this Agreement.

 

Section
4.13       Counterparts.

 

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

 

Section
4.14       Jurisdiction and Venue; Waiver of Jury Trial.

 

Each party hereto hereby
irrevocably consents to the exclusive jurisdiction of the courts of the State of Delaware and the United States District Court
therein in connection with any action or proceeding arising out of or relating to this Agreement or any of the transactions contemplated
by this Agreement. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHTS TO, AND AGREES NOT TO REQUEST, TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    -24-

     

    

 

Section
4.15       Additional Securities Subject to Agreement

 

Each Stockholder agrees
that any other Parent Equity Interests which it shall hereafter acquire by means of a stock split, stock dividend, distribution
or exercise of warrants or options immediately after the consummation of the Transactions shall be subject to the provisions of
this Agreement to the same extent as if held on the Effective Time.

 

Section
4.16       Further Assurances

 

Each party to this
Agreement shall cooperate and take such action as may be reasonably requested by another party to this Agreement in order to carry
out the provisions and purposes of this Agreement and the transactions contemplated hereby.

 

[Signature Page Immediately Follows]

 

    -25-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers
as of the day and year first above written.

 

	 	Parent:
	 	 
	 	DiamondPeak
    Holdings Corp., a Delaware corporation
	 	 
	 	By:	                     
	 	Name: David T. Hamamoto
	 	Title: Chief Executive Officer

 

     

     

    

 

	 	Stockholders:
	 	 
	 	By:	                      
	 	   Name:
	 	   Title:

 

		Address

 

	 	

 

     

     

    

 

EXHIBIT A

JOINDER AGREEMENT

 

This Joinder Agreement
(this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining Party”)
in accordance with the Amended & Restated Registration Rights and Lockup Agreement dated as of [•], 2020 (as the same
may be amended from time to time, the “RRL Agreement”) among DiamondPeak Holdings Corp., a Delaware corporation
, and the Stockholders (as defined thereto).

 

Capitalized terms used,
but not defined, herein shall have the meaning ascribed to such terms in the RRL Agreement.

 

The Joining Party hereby
acknowledges and agrees that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party under
the RRL Agreement as of the date hereof and shall have all of the rights and obligations of the Stockholder from whom it has acquired
the Common Stock (to the extent permitted by the RRL Agreement) as if it had executed the RRL Agreement. The Joining Party hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the RRL Agreement.

 

IN
WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below.

 

Date: _________________, 20[ ]

 

[NAME OF JOINING PARTY]

 

	By:	  	 

Name:

Title:

 

Address for Notices:

 

AGREED ON THIS [ ] day of [ ], 20[ ]:

 

	By:	 	 

Name:

Title:

 

     

     

    

 

SCHEDULE A

 

Stockholders

 

	Name	Address
	GM EV Holdings LLC	 
	Stephen S. Burns	 
	Workhorse Group Inc.	 
	DiamondPeak Sponsor LLC	 
	BlackRock Credit Alpha Master Fund L.P.	 
	HC NCBR Fund	 
	Brown Gibbons Lang & CompanyExhibit 10.3

 

FORM OF INDEMNIFICATION AGREEMENT

 

This INDEMNIFICATION AGREEMENT is made
this [    ] day of [            ] (the “Agreement”)
by and between Lordstown Motors Corp., a Delaware corporation (the “Company”), and [                    ]
(“Indemnitee”).

 

WHEREAS, the Company believes that in order
to attract and retain highly competent persons to serve as directors or in other capacities, including as officers, it must provide
such persons with adequate protection through indemnification against the risks of claims and actions against them arising out
of their services to and activities on behalf of the Company;

 

WHEREAS, the Company
desires and has requested Indemnitee to serve as a director or officer and may also desire and request the Indemnitee to serve
in the future in another Position (as hereinafter defined) at an Affiliated Entity (as hereinafter defined);

 

WHEREAS, in order to induce the Indemnitee
to serve as a director or officer of the Company or in another Position at an Affiliated Entity, the Company is willing to grant
the Indemnitee the indemnification provided for herein. Indemnitee is willing to so serve on the basis that such indemnification
be provided. The indemnification provided herein is a supplement to and in furtherance of any rights granted under the Company’s
and any applicable Affiliated Entity’s certificate of incorporation and bylaws and shall not be deemed to be a substitute
therefor nor to diminish or abrogate any rights of Indemnitee thereunder.

 

NOW, THEREFORE, in consideration of the
premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and
Indemnitee do hereby covenant and agree as follows:

 

Section 1. Definitions.
For purposes of this Agreement:

 

(a) “Change of Control”
means, and shall be deemed to have occurred if, on or after the date of this Agreement, (i) any “person” (as such
term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
other than (A) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
subsidiaries acting in such capacity, or (B) a corporation owned directly or indirectly by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than
20% of the total voting power represented by the Company’s then outstanding Voting Securities (as hereinafter defined) ,
(ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the board of directors
of the Company (the “Board”) and any new director whose election by the Board or nomination for election by
the Company’s stockholders was approved by a vote of at least two-thirds ( 2⁄3)
of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority thereof, (iii) the stockholders of
the Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation that
would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving entity) more than 50% of the total voting power represented
by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, (iv) the
stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by
the Company of (in one transaction or a series of related transactions) all or substantially all of its assets, or (v) the
Company shall file or have filed against it, and such filing shall not be dismissed, any bankruptcy, insolvency or dissolution
proceedings, or a trustee, administrator or creditors committee shall be appointed to manage or supervise the affairs of the Company;
provided that the beneficial ownership by Stephen Burns of those shares of common stock beneficially owned by him as of
October [23], 2020 (as increased solely by any shares issued to Stephen Burns as part of a bona fide employee benefit plan)
shall not be deemed a Change of Control hereunder.

 

     

     

    

 

(b) “Expenses”
shall include all out of pocket fees, costs and expenses, including, without limitation, attorneys’ fees, retainers, court
costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, postage,
delivery service fees, and all other disbursements or expenses of the types customarily incurred if Indemnitee is involved in any
manner (including, without limitation, as a party or a witness) in any Proceeding (as hereinafter defined) and the fees and costs
incurred in seeking to enforce, interpret or construe an indemnification, reimbursement or payment right under this Agreement,
the Company’s or any Affiliated Entity’s certificate of incorporation or bylaws, any other agreement to which Indemnitee
and the Company or any Affiliated Entity is party, any vote of stockholders or directors of the Company or any of its Affiliated
Entities, the Delaware General Corporation Law (the “DGCL”), any other applicable law or any liability insurance
policy or in connection with a determination contemplated by Section 5 of this Agreement.

 

(c) “Position”
is (i) service as a director, officer, partner, trustee, fiduciary, manager or employee of the Company or of any other corporation,
limited liability company, public limited company, partnership, joint venture, trust, employee benefit plan, fund or other enterprise
as to which the Company beneficially owns, directly or indirectly, at least a majority of the voting power of equity or membership
interests, or in the case of employee benefit plans, is sponsored or maintained by the Company or one of the foregoing (any of
the foregoing, an “Affiliated Entity”) or (ii) service at the request of the Company as a director, officer,
partner, trustee, fiduciary, manager or employee of a corporation, limited liability company, public limited company, partnership,
joint venture, trust, employee benefit plan, fund or other enterprise which is not an Affiliated Entity (an “Unaffiliated
Entity”), provided, however, that such request for service has been approved in writing by the Board or
a committee thereof or by the Chairman of the Board or the Chief Executive Officer of the Company.

 

(d) “Proceeding”
shall mean any civil, criminal, administrative or investigative action, suit, proceeding or procedure in which the Indemnitee is
involved in any manner by reason of the fact of the Indemnitee’s Position or Positions, including, without limitation, as
a party or a witness.

 

(e) “Undertaking”
shall mean an undertaking by Indemnitee to repay Expenses if it shall ultimately be determined by a court of competent jurisdiction
from which no appeal can be taken that Indemnitee is not entitled to be indemnified by the Company.

 

(f) “Voting Securities”
means any securities of the Company that vote generally in the election of directors.

 

Section 2. Indemnification
 — General. The Company shall indemnify, subject to the terms of this Agreement, Indemnitee against all judgments, awards,
fines, ERISA excise taxes, penalties, amounts paid in settlement, liabilities and losses and shall pay or reimburse all Expenses
incurred by Indemnitee, subject to the terms of this Agreement, to the fullest extent permitted by Delaware law in effect on the
date hereof or as amended to increase the scope of permitted indemnification, if Indemnitee is involved in any manner (including,
without limitation, as a party or a witness) in any Proceeding by reason of the fact of Indemnitee’s Position or Positions,
including, without limitation, any Proceeding by or in the right of the Company to procure a judgment in its favor, but excluding
any Proceeding initiated by Indemnitee other than (a) Proceedings initiated by Indemnitee which are consented to in advance
in writing by the majority vote of the directors of the Company (excluding any directors who are parties to the Proceeding, even
though less than a quorum; or if there are no such directors, or if such directors so direct, by independent legal counsel in a
written opinion) and (b) counterclaims made by Indemnitee in a Proceeding which directly respond to and negate the affirmative
claim made against Indemnitee in such Proceeding. In the event Indemnitee incurs Expenses or settles a Proceeding under circumstances
in which the Company would have an obligation to indemnify Indemnitee for the Expenses or settlement amount, the Company may discharge
its indemnification obligation by making payments on behalf of Indemnitee directly to the parties to whom such Expenses or settlement
amounts are owed by Indemnitee. Notwithstanding the foregoing, the Company will also, to the fullest extent permitted by Delaware
law in effect on the date hereof or as amended to increase the scope of permitted indemnification, indemnify, reimburse and pay
Indemnitee for Expenses incurred in seeking to enforce, interpret or construe an indemnification, reimbursement or payment right
under this Agreement, the Company’s certificate of incorporation or bylaws or similar organizational documents of any Affiliated
Entity, any other agreement to which Indemnitee and the Company or any of its Affiliated Entities are party, any vote of stockholders
or directors of the Company or any of its Affiliated Entities, the DGCL or other corporate or entity law governing any Affiliated
Entities, any other applicable law relating to the Positions or any liability insurance policy.

 

    -2-

     

    

 

Section 3. Expenses. Upon
receipt by the Company of an Undertaking by Indemnitee, the Company shall pay or reimburse Expenses incurred by Indemnitee in connection
with a Proceeding, any action or proceeding contemplated by the last sentence of Section 2 of this Agreement and any determination
contemplated by Section 5 of this Agreement, in each case in advance of its final disposition. The Company shall not impose
other conditions to advancement and shall not seek or agree to any order that would prohibit Indemnitee from enforcing such right
to advancement. Such payment shall be made within thirty (30) days after the receipt by the Company of a written request from
Indemnitee requesting reimbursement or payment of such Expenses. Such request shall reasonably evidence the Expenses incurred by
Indemnitee. The burden of proving that the Company is not liable for reimbursement or payment of Expenses shall be on the Company.

 

Section 4. Limitations.
The Company shall not indemnify Indemnitee (a) if such indemnification or payment would be prohibited under any applicable
laws, rules or regulations, (b) for an accounting of profits arising from the purchase and sale by the Indemnitee of securities
under Section 16(b) of the Exchange Act, or (c) for violations of federal or state insider trading laws, unless, in each such
case, Indemnitee has been successful on the merits, received the Company’s written consent prior to incurring an Expense
or, after receiving the Company’s written consent to incurring the cost of settlement, settled the Proceeding. This Section 4
shall not limit the Company’s obligation to advance Expenses to Indemnitee pursuant to Section 3 of this Agreement.

 

Section 5. Standard of Conduct.
No claim for indemnification shall be paid by the Company unless it has been determined that Indemnitee acted in good faith and
in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any
criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful, which is the standard of conduct
set forth in Section 145 of the DGCL (as such, the “Standard of Conduct”, with such Standard of Conduct
to be automatically revised to conform to any successor provision of the DGCL that is more favorable to Indemnitee) except that
no indemnification shall be made with respect to any Proceeding by or in right of the Company as to which the Indemnitee shall
have been adjudged to be liable to the Company, except as determined by the court or other tribunal adjudicating the Proceeding.
Unless (a) a Change of Control has occurred or (b) ordered by a court or other tribunal, such determinations of whether
the Standard of Conduct has been satisfied shall be made by (i) a majority vote of the directors of the Company who are not
parties to the Proceeding, even though less than a quorum, or (ii) by a committee of such directors designated by a majority
vote of such directors, even though less than a quorum, or (iii) if there are no such directors, or if such directors so direct,
by independent legal counsel in a written opinion, or (iv) by stockholders of the Company. If a Change of Control has occurred,
such determination of whether the Standard of Conduct has been satisfied shall be made by independent legal counsel in a written
opinion to the Company and Indemnitee. Such independent legal counsel shall be selected by Indemnitee and approved by the Company
(which approval shall not be unreasonably conditioned, withheld or delayed). The Company shall pay the fees and expenses of the
independent legal counsel and indemnify the independent legal counsel against any and all expenses (including attorneys’
fees), claims, liabilities and damages arising out of or relating to its engagement and shall indemnify, reimburse and pay Indemnitee
for Expenses incurred in connection with such determination. Indemnitee shall be deemed to have met the Standard of Conduct if
the determination is not made by the Company within sixty days of receipt by the General Counsel of a written request by Indemnitee
for indemnity. If the Indemnitee has been determined not to have met the Standard of Conduct, Indemnitee may commence litigation
in any court in the State of Delaware having subject matter jurisdiction thereof and in which venue is proper seeking an initial
de novo determination by the court or challenging any such determination or any aspect thereof, including the legal or factual
bases therefor, and the Company hereby consents to service of process and agrees to appear in any such proceeding. Any determination
under this Section 5 otherwise shall be conclusive and binding on the Company and Indemnitee. In no event shall a determination
be a prerequisite to or affect the Company’s obligation to advance Expenses to Indemnitee pursuant to Section 3 of this
Agreement.

 

Section 6. Contribution.
If the full indemnification and payment or reimbursement of Expenses provided by this Agreement may not be paid to Indemnitee because
it has been finally adjudicated that such indemnification or payment or reimbursement of Expenses incurred by Indemnitee is prohibited
by Delaware or other law, or if it has been determined as provided above that the Standard of Conduct has not been met, and if
and to the extent that Indemnitee is not entitled to coverage under the Company’s directors and officers liability insurance
policy, then in respect of any such actual or threatened Proceeding in which the Company or an Affiliated Entity is jointly liable
with Indemnitee (or would be if joined in such Proceeding), as determined:

 

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(a) if no Change of Control
has occurred, by (i) majority vote of the directors of the Company who are not parties to the Proceeding, even though less
than a quorum, or (ii) by a committee of such directors designated by a majority vote of such directors, even though less
than a quorum, or (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in a
written opinion, or (iv) by stockholders of the Company, or

 

(b) if a Change of Control
has occurred, by independent legal counsel in a written opinion to the Company and Indemnitee (such independent legal counsel to
be selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld or delayed)), the Company
shall contribute to the amount of loss, liability or Expenses incurred by Indemnitee in such proportion as appropriate to reflect
(i) the relative benefits received by the Company and any Affiliated Entity on the one hand and Indemnitee on the other hand
from the transaction from which such Proceeding arose and (ii) the relative fault of the Company, any Affiliated Entity or
Unaffiliated Entity, including other persons indemnified by the Company, on the one hand, and Indemnitee, on the other hand, in
connection with the events which resulted in such Proceeding, as well as any other relevant equitable considerations. The relative
fault of the Company, any Affiliated Entity or Unaffiliated Entity, including other persons indemnified by the Company, on the
one hand, and of Indemnitee, on the other hand, shall be determined by reference to, among other things, the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Proceeding.
The Company acknowledges that it would not be just and equitable if contribution pursuant to this Section 6 were determined
by pro rata allocation or any other method of allocation which does not take into account the foregoing equitable considerations.

 

Section 7. Defense of Claim.
If any Proceeding asserted or commenced against Indemnitee is also asserted or commenced against the Company or an Affiliated Entity,
the Company or the Affiliated Entity shall be entitled, except as otherwise provided herein below, to assume the defense thereof.
After notice from the Company or any Affiliated Entity to Indemnitee of its election to assume the defense of any such Proceeding,
Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the Expenses of such counsel incurred
after notice from the Company or any Affiliated Entity to Indemnitee of its assumption of the defense thereof shall be at the expense
of Indemnitee and the Company shall not be obligated to Indemnitee under this Agreement for any Expenses subsequently incurred
by Indemnitee in connection therewith other than reasonable costs of investigation and reasonable travel and lodging expenses arising
out of Indemnitee’s participation in the defense of such Proceeding, unless (a) otherwise notified by the Company, (b) Indemnitee’s
counsel shall have reasonably concluded and so notified the Company that there is a conflict of interest between the Company or
any Affiliated Entity and Indemnitee in the conduct of defense of such Proceeding, or (c) the Company or any Affiliated Entity
shall not in fact have employed counsel to assume the defense of such Proceeding, in any of which cases the Expenses of Indemnitee
in such Proceeding shall be reimbursed or paid by the Company. The Company or any Affiliated Entity shall not be entitled to assume
the defense of any Proceeding brought by or on behalf of the Company by its stockholders or as to which Indemnitee’s counsel
shall have made the conclusion set forth in clause (b) of the preceding sentence of this Section 7.

 

Section 8. Settlement.
The Company will not, without the prior written consent of the Indemnitee, which may be provided or withheld in Indemnitee’s
sole discretion, effect any settlement of any Proceeding against Indemnitee unless such settlement solely involves the payment
of money by persons other than Indemnitee and includes an unconditional release of Indemnitee from all liability arising from or
relating to any matters that are the subject of such Proceeding. The Company shall not be obligated to indemnify Indemnitee against
amounts paid in settlement of a Proceeding against Indemnitee if such settlement is effected by Indemnitee without the Company’s
prior written consent, which shall not be unreasonably withheld.

 

Section 9. Duration of Agreement.
This Agreement will be considered to be in effect on the first day of the Indemnitee’s Position or Positions, even if such
date occurs prior to the date of this Agreement, and will continue for so long as Indemnitee may be subject to any possible Proceeding
by reason of the fact of Indemnitee’s Position or Positions, whether or not Indemnitee ceases to hold such Position or Positions.

 

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Section 10. Confidentiality.
Except as required by law or as otherwise becomes public (other than in violation of this Agreement) or as communicated to Indemnitee’s
counsel or to Indemnitee’s or the Company’s insurer, in seeking indemnification or reimbursement or payment of Expenses
hereunder, Indemnitee agrees to keep confidential any information that arises in connection with this Agreement, including but
not limited to, claims for indemnification or payment or reimbursement of Expenses, amounts paid or payable under this Agreement
and any communications between the Indemnitee and the Company.

 

Section 11. Applicability
to Other Indemnification Provisions. This Agreement is entered into pursuant to Section 145(f) of the DGCL and to the
fullest extent permitted by law shall be in addition to indemnification and reimbursement or payment of Expenses provided by the
DGCL. To the fullest extent permitted by law, the Company shall apply this Agreement in considering requests for indemnification
or reimbursement or payment of Expenses under its certificate of incorporation, bylaws, or any other agreement or undertaking of
the Company or similar constituent documents of an Affiliated Entity that provides rights to indemnification or reimbursement or
payment of Expenses.

 

Section 12. No Duplication
of Payments. The Company shall indemnify and pay or reimburse Expenses of the Indemnitee in accordance with the provisions
of this Agreement, provided, however, that the Company shall not be liable under this Agreement to make
any payment under this Agreement to the extent that Indemnitee (a) is otherwise entitled to receive reimbursement or payment
of amounts otherwise payable hereunder from an Unaffiliated Entity (including insurance maintained by an Unaffiliated Entity) as
a result of Indemnitee’s Position or Positions at or with respect to an Unaffiliated Entity, (b) receives payment or
reimbursement under an insurance policy maintained by the Company or by or out of a fund created by the Company and under the control
of a trustee or otherwise, or (c) receives payment from other sources provided by the Company. If Indemnitee has a right of
recovery from an Unaffiliated Entity (including insurance maintained by an Unaffiliated Entity), Indemnitee shall take all actions
reasonably necessary to recover payment (or insurance) from such Unaffiliated Entity before seeking payment from the Company under
this Agreement, including initiating a civil, criminal, administrative or investigation action, suit, proceeding or procedure;
provided, however, that to the extent recovery of such payment requires meeting a prior deductible or other financial
outlay, such payment or financial outlay shall be deemed to be an Expense hereunder.

 

Section 13. Insurance.
The Company shall purchase and maintain a policy or policies of insurance with reputable insurance companies with A.M. Best ratings
of “A” or better, providing Indemnitee with coverage for any liability asserted against, and incurred by, Indemnitee
or on Indemnitee’s behalf by reason of the fact of Indemnitee’s Position or Positions, whether or not the Company would
have the power to indemnify Indemnitee against such liability under the provisions of this Agreement. Such insurance policies shall
have coverage terms and policy limits that are reasonable in scope and amount, as determined by the Company in its reasonable discretion.
Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines
in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to
the amount of the coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient
benefit, or if the Company otherwise determines in good faith that obtaining or maintaining such insurance is not in the best interests
of the Company. At the time the Company receives from Indemnitee any notice of the commencement of an action, suit or proceeding,
the Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with
the procedures set forth in the policy. The Company shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy.
The Company agrees that if there is a change in control of the Company, the Company shall maintain (or cause to be maintained)
for the benefit of Indemnitee, the same policy or policies of insurance maintained in accordance with this Section 13 immediately
prior to such change in control for a period of six years after the change in control or the termination of this Agreement in accordance
with Section 9, whichever is later.

 

Section 14. Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee under any insurance policy held by the Company or an Affiliated Entity or otherwise. Indemnitee shall
execute all documents reasonably required and shall do everything reasonably necessary to secure such rights, including the execution
of such documents necessary to enable the Company to effectively bring suit to enforce such rights.

 

    -5-

     

    

 

Section 15. Notice by Indemnitee.
Indemnitee shall promptly notify the Company in writing in accordance with Section 21 of this Agreement upon the earlier of
(a) becoming aware of a Proceeding where indemnity or reimbursement or payment of Expenses may be sought or (b) receiving
or being served with any summons, citation, subpoena, complaint, indictment, information, inquiry or other document relating to
any Proceeding which may be subject to indemnification or reimbursement or payment of Expenses covered hereunder. As a condition
to indemnification or reimbursement or payment of Expenses, any demand for payment by Indemnitee hereunder shall be in writing.
The failure to promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s request
for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder, except to the extent
the Company is actually and materially prejudiced in its defense of such action, suit or proceeding as a result of such failure.

 

Section 16. Severability.
If any provision of this Agreement shall be held to be invalid, inoperative or unenforceable as applied to any particular Proceeding
or in any particular jurisdiction, for any reason, such circumstances shall not have the effect of rendering the provision in question
invalid, inoperative or unenforceable in any other distinguishable Proceeding or jurisdiction, or of rendering any other provision
or provisions herein contained invalid, inoperative or unenforceable to any extent whatsoever. The invalidity, inoperability or
unenforceability of any one or more phrases, sentences, clauses or sections contained in this Agreement shall not affect any other
remaining part of this Agreement.

 

Section 17. Binding Effect.
This Agreement shall be binding upon, and inure to the benefit of, Indemnitee and Indemnitee’s heirs, personal representatives,
executors and administrators and upon the Company and its successors and assigns.

 

Section 18. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same Agreement.

 

Section 19. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

Section 20. Modification and
Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the
parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

Section 21. Notices. All
notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if
(a) delivered by hand, on the date delivered, (b) mailed by certified or registered mail, with postage prepaid, on the
third business day after the date on which it is mailed or (c) sent by guaranteed overnight courier service, with postage
prepaid, on the business day after the date on which it is sent:

 

(i) If to Indemnitee, to the
address set forth on the signature page of this Agreement;

 

(ii) If to the Company, to:

Lordstown Motors Corp.

2300 Hallock Young Road

Lordstown, OH 44481

Attention: General Counsel

 

or to such other address as may have been furnished to Indemnitee
by the Company or to the Company by Indemnitee, as the case may be.

 

Section 22. Governing Law.
The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state
other than Delaware govern indemnification by the Company of Indemnitee, then the indemnification provided under this Agreement
shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement
to the contrary.

 

    -6-

     

    

 

Section 23. Venue. Any
Proceeding relating to or arising from this Agreement, including without limitation, any Proceeding regarding indemnification or
reimbursement or payment of Expenses arising out of this Agreement, shall only be brought and heard in the Chancery Court in and
for the State of Delaware (the “Delaware Court”), and may not be brought in any other judicial forum. The Company
hereby irrevocably and unconditionally (a) agrees that any action or proceeding arising out of or in connection with this
Agreement may brought in the Delaware Court, (b) consents to submit to the non-exclusive jurisdiction of the Delaware Court
for purposes of any action or proceeding arising out of or in connection with this Agreement, (c) consents to service of process
at the Company’s address set forth in Section 21 of this Agreement with the same legal force and validity as if served
upon the Company personally within the State of Delaware, (d) waives any objection to the laying of venue of any such action
or proceeding in the Delaware Court and (e) waives, and agrees not to plead or to make, any claim that any such action or
proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on the day and year first above written.

 

	 	LORDSTOWN MOTORS CORP.
	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	                 

 

	AGREED TO AND ACCEPTED BY:  	 
	 	 
	 	 
	Name:	[Insert Name of Indemnitee]	 
	Address:  	[Insert Address of Indemnitee]	 

 

    -7-

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