Document:

Exhibit 4.8

 

FORM OF AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT

 

THIS AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [__________], 2020, is made
and entered into by and among each of Insurance Acquisition Corp., a Delaware corporation (the “Company”),
Insurance Acquisition Sponsor, LLC, a Delaware limited liability company, and Dioptra Advisors, LLC, a Delaware limited liability
company (collectively, the “Sponsor”), Cantor Fitzgerald & Co., a New York general partnership (“Cantor”)
and the other Initial Stockholders (as defined below) and any person or entity who hereafter becomes a party to this Agreement
pursuant to Section 5.2 of this Agreement (each, a “Holder” and collectively, the “Holders”).

 

RECITALS

 

WHEREAS, the
Company has issued the Sponsor and the other Initial Stockholders an aggregate of 5,163,333 shares (the “Founder Shares”)
of the Company’s Class B common stock, $0.0001 par value per share (the “Class B Common Stock”);

 

WHEREAS, the
Founder Shares are convertible into shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), on the terms and conditions provided in the Company’s amended and restated certificate of incorporation;

 

WHEREAS, the
Sponsor and Cantor purchased an aggregate of 425,000 units of the Company (each, a “Placement Unit”
and collectively, the “Placement Units”), each Placement Unit consisting of one share of Common Stock
(each, a “Placement Share” and collectively, the “Placement Shares”) and one
half of one warrant to purchase one share of Common Stock (each, a “Placement Warrant” and collectively,
the “Placement Warrants”) in a private placement transaction (the “Private Placement”)
occurring simultaneously with the closing of the Company’s initial public offering (the “IPO”);

 

WHEREAS, on
March 19, 2019, the Company and the Holders entered into a Registration Rights Agreement (the “Original Agreement”),
pursuant to which the Company granted the Holders certain registration rights with respect to certain securities of the Company;

 

WHEREAS, on
the date hereof, upon the closing of the transactions (such transactions, the “Transactions”)
contemplated by that certain Agreement and Plan of Merger, dated as of June 29, 2020 (the “Merger Agreement”),
by and among the Company, IAC Merger Sub, Inc., a Delaware corporation, and Shift Technologies, Inc., a Delaware corporation, the
Founder Shares will be converted into shares of Common Stock, on a one-for-one basis;

 

WHEREAS, on
the date hereof, the Sponsor has purchased an aggregate of [_______] shares of Common Stock in a transaction exempt from registration
under the Securities Act (such transaction, the “PIPE” and such shares, the “PIPE Shares”),
and, prior to the date hereof, the Sponsor has purchased an aggregate of [_______] shares of Common Stock in open market transactions
(such shares, the “Open Market Shares”);

 

WHEREAS, in
connection with the purchase of the PIPE Shares and the Open Market Shares, if any, and the consummation of the Transactions, the
Company and the Holders desire to amend and restate the Original Agreement in order to provide the Holders with registration rights
on the terms set forth herein;

 

     

     

    

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

 

ARTICLE I

DEFINITIONS

 

1.1  Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Board or the Chairman, Chief Executive Officer or principal financial officer of the Company (i) would be
required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus
not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the circumstances under which they were
made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed,
and (iii) the Company has a bona fide business purpose for not making such information public. 

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business
Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking
institutions are generally authorized or required by law or regulation to close in the City of New York, New York.

 

“Cantor”
shall have the meaning given in the Preamble.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common
Stock” shall have the meaning given in the Recitals hereto.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demand
Exercise Notice” shall have the meaning given in subsection 2.1.2.

 

“Demanding
Holders” shall have the meaning given in subsection 2.1.1(b).

 

“Demand
Registration” shall have the meaning given in subsection 2.1.2.

 

“Demand
Registration Period” shall have the meaning given in subsection 2.1.2.

 

“Demand
Registration Request” shall have the meaning given in subsection 2.1.2.

 

“Effectiveness
Date” shall have the meaning given in subsection 2.1.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Filing
Date” shall have the meaning given in subsection 2.1.1(a).

 

“Form S-1”
shall mean Form S-1 for the registration of securities under the Securities Act promulgated by the Commission.

 

“Form S-3”
shall mean Form S-3 for the registration of securities under the Securities Act promulgated by the Commission.

 

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“Founder
Lock-up Period” shall mean, with respect to the Founder Shares, the period ending (x)(a) with respect to 20% of such
shares, on the date hereof, (b) with respect to 20% of such shares, when the closing price of the Common Stock exceeds $12.00 for
any 20 trading days within a 30-trading day period following the date hereof, (c) with respect to 20% of such shares, when the
closing price of the Common Stock exceeds $13.50 for any 20 trading days within a 30-trading day period following the date hereof,
(d) with respect to 20% of such shares, when the closing price of the Common Stock exceeds $15.00 for any 20 trading days within
a 30-trading day period following the date hereof and (e) with respect to 20% of such shares, when the closing price of the Common
Stock exceeds $17.00 for any 20 trading days within a 30-trading day period following the date hereof, or (y) in any case, if,
after the date hereof, the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar
transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for
cash, securities or other property.

 

“Founder
Shares” shall have the meaning given in the Recitals hereto, and shall include any shares of Common Stock into which
such Founder Shares convert on the terms and conditions provided in the Company’s certificate of incorporation (as it may
be amended or amended and restated from time to time).

 

“Holders”
shall have the meaning given in the Preamble.

 

“Initial
Stockholders” shall mean John C. Chrystal, Stephanie Gould Rabin, Sasson Posner, Joseph M. Scheerer, the Sponsor
and [______________]1.

 

“Initiating
Holders” shall have the meaning given in subsection 2.1.2.

 

“IPO”
shall have meaning set forth in the Recitals hereto.

 

“Letter
Agreement” shall mean the letter agreement by and among the Company, certain of the Company’s officers and
directors, the Sponsor and the other Initial Stockholders.

 

“Maximum
Number of Securities” shall have the meaning given in subsection 2.1.3.

 

“Merger
Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Minimum
Demand Threshold” shall mean $25,000,000.

 

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

 

“Open Market
Shares” shall have the meaning set forth in the Recitals hereto.

 

“Original
Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer
such Registrable Securities prior to the expiration of the Founder Lock-up Period or Private Placement Unit Lock-up Period, as
the case may be, under the Letter Agreement, the Placement Unit Subscription Agreements and any other applicable agreement between
such Holder and the Company, and to any transferee thereafter.

 

“Piggy-back
Registration” shall have the meaning given in Section 2.2.1.

 

“PIPE”
shall have the meaning set forth in the Recitals hereto.

 

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

 

“Placement
Share” or “Placement Shares” shall have the meaning given in the Recitals hereto.

 

 

		1	Any Permitted Transferees of the Sponsor to be added as
Initial Stockholders if the transfers occur at or prior to closing. Any post-closing Permitted Transferees would receive reg rights
via assignment, as permitted by the agreement, an execute joinder agreements.

 

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“Placement
Unit Lock-up Period” shall mean, with respect to the Placement Units, Placement Shares, Placement Warrants and any
of the shares of Common Stock issued or issuable upon the exercise of such Placement Warrants, a period terminating 30 days after
the date hereof, subject to certain exceptions set forth in the Letter Agreement and the Placement Unit Subscription Agreements.

 

“Placement
Unit” or “Placement Units” shall have the meaning given in the Recitals hereto.

 

“Placement
Warrant” or “Placement Warrants” shall have the meaning given in the Recitals hereto.

 

“Private
Placement” shall have the meaning given in the Recitals hereto.

 

“Pro Rata”
shall have the meaning given in Section 2.1.3.

 

“Prospectus”
shall mean 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 materials incorporated by reference in such prospectus.

 

“Prospectus
Date” shall mean the date of the final Prospectus filed with the Commission and relating to the IPO. 

 

“Registrable
Security” shall mean (a) the shares of Common Stock issued or issuable upon the conversion of any Founder Shares,
(b) the Placement Warrants (including any shares of Common Stock issued or issuable upon the exercise of any such Placement Warrants),
(c) the Placement Shares, (d) the PIPE Shares, (e) any Open Market Shares, and (f) any other equity security of the Company issued
or issuable with respect to any such shares of Common Stock by way of a stock dividend or stock split or in connection with a combination
of stock, acquisition, recapitalization, consolidation, reorganization, stock exchange, stock reconstruction and amalgamation or
contractual control arrangement with, purchasing all or substantially all of the assets of, or engagement in any other similar
transaction; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable
Securities when: (i) if a Registration Statement with respect to the sale of such securities shall have become effective under
the Securities Act, at the earlier of (A) one year following the date the Registration Statement is declared effective or (B) the
date that such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(ii) such securities may otherwise be transferred, new certificates or book entries credits for such securities not bearing
a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities
shall not require registration under the Securities Act; (iii) such securities shall have ceased to be outstanding; or (iv) such
securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. 

 

“Registration”
shall mean 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 and
any securities exchange on which the Common Stock is then listed);

 

(B) fees and
expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);

 

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

 

(D) reasonable
fees and disbursements of counsel for the Company

 

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(E) reasonable fees
and disbursements not to exceed (i) $100,000 of one counsel for the Sponsor and its affiliates, which shall be selected by Cohen
& Company, LLC, pursuant to a Shelf Underwriting or Demand Registration, provided that in no event shall the aggregate amount
of fees and disbursements payable as “Registration Expenses” pursuant to this clause (E)(i) exceed $300,000 for all
such Shelf Underwritings or Demand Registrations; and (ii) $35,000 of one counsel for the Sponsor and its affiliates, which shall
be selected by Cohen & Company, LLC, pursuant to a Piggy-back Registration (in each case of clause (i) and (ii) above, the
“Counsel Fee Cap”); and

 

(F) reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration.

 

“Registration
Statement” shall mean 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 materials incorporated by reference in such registration
statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.3.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf
Registrable Securities” shall have the meaning given in subsection 2.1.1(b).

 

“Shelf
Registration Statement” shall have the meaning given in subsection 2.1.1(a).

 

“Shelf
Underwriting” shall have the meaning given in subsection 2.1.1(b).

 

“Shelf
Underwriting Notice” shall have the meaning given in subsection 2.1.1(b).

 

“Shelf
Underwriting Request” shall have the meaning given in subsection 2.1.1(b).

 

“Sponsor“
shall have the meaning given in the Preamble.

 

“Transactions”
shall have the meaning set forth in the Recitals.

 

“Underwriter”
shall mean 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 Block Trade”
shall have the meaning given in Section 2.1.1(b).

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities
of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

 

ARTICLE II

REGISTRATIONS

 

2.1 Demand
Registration.

 

2.1.1 
Shelf Registration Statement. (a) As soon as practicable but no later than fifteen (15) Business Days after the date
hereof (the “Filing Date”), the Company shall prepare and file with (or confidentially submit to) the
Commission a shelf registration statement under Rule 415 of the Securities Act (such registration statement, a “Shelf
Registration Statement”) covering the resale of all the Registrable Securities (determined as of two Business Days
prior to such filing) on a delayed or continuous basis and shall use its commercially reasonable efforts to have such Shelf Registration
Statement declared effective as soon as practicable after the filing thereof and no later than the earlier of (x) the 60th Business
Day (or 80th Business Day if the Commission notifies the Company that it will “review” the Registration Statement)
following the date hereof and (y) the 10th Business Day after the date the Company is notified (orally or in writing, whichever
is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further
review (such earlier date, the “Effectiveness Date”); provided, however, that if the Commission is closed
for operations due to a government shutdown, the Effectiveness Date shall be extended by the same amount of days that the Commission
remains closed for operations. Such Shelf Registration Statement shall provide for the resale of the Registrable Securities included
therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The
Company shall maintain the Shelf Registration Statement in accordance with the terms hereof, and shall prepare and file with the
Commission such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf Registration
Statement continuously effective, available for use to permit all Holders named therein to sell their Registrable Securities included
therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities.
In the event the Company files a Shelf Registration Statement on Form S-1, the Company shall use its commercially reasonable efforts
to convert such Shelf Registration Statement to a Shelf Registration Statement on Form S-3 as soon as practicable after the Company
is eligible to use Form S-3.

 

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(b) Subject to Section
2.3 and Section 2.4, (i) the Holders of a majority-in-interest of the then outstanding number of Registrable Securities held by
the Initial Stockholders or the transferees of the Initial Stockholders, or (ii) Cantor or its designees (the “Demanding
Holders”), may make a written demand from time to time to elect to sell all or any part of their Registrable Securities,
with a total offering price reasonably expected to exceed, in the aggregate, the Minimum Demand Threshold, pursuant to an Underwritten
Offering pursuant to the Shelf Registration Statement, which written demand shall describe the amount and type of securities to
be included in such Registration and the intended method(s) of distribution thereof. The Demanding Holders shall make such election
by delivering to the Company a written request (a “Shelf Underwriting Request”) for such Underwritten
Offering specifying the number of Registrable Securities that the Demanding Holders desire to sell pursuant to such Underwritten
Offering (the “Shelf Underwriting”). As promptly as practicable, but no later than two (2) Business Days
after receipt of a Shelf Underwriting Request, the Company shall give written notice (the “Shelf Underwriting Notice”)
of such Shelf Underwriting Request to the Holders of record of other Registrable Securities registered on such Shelf Registration
Statement (“Shelf Registrable Securities”). The Company, subject to Section 2.1.3, shall include in such
Shelf Underwriting (x) the Registrable Securities of the Demanding Holders and (y) the Shelf Registrable Securities of
any other Holder of Shelf Registrable Securities which shall have made a written request to the Company for inclusion in such Shelf
Underwriting (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such
Holder) within five (5) days after the receipt of the Shelf Underwriting Notice. The Company shall, as expeditiously as possible
(and in any event within fifteen (15) Business Days after the receipt of a Shelf Underwriting Request), but subject to Section
2.3, use its reasonable best efforts to effect such Shelf Underwriting. The Company shall, at the request of any Demanding Holder
or any other Holder of Registrable Securities registered on such Shelf Registration Statement, file any prospectus supplement or,
if the applicable Shelf Registration Statement is an automatic shelf registration statement, any post-effective amendments and
otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Demanding
Holders or any other Holder of Shelf Registrable Securities to effect such Shelf Underwriting. Once a Shelf Registration Statement
has been declared effective, the Demanding Holders may request, and the Company shall be required to facilitate, an aggregate of
three (3) Shelf Underwritings pursuant to this subsection 2.1.1(b) with respect to any or all Registrable Securities, including
one (1) Shelf Underwriting on behalf of Cantor; provided, however, that a Shelf Underwriting shall not be counted for such purposes
unless a Registration Statement has become effective and all of the Registrable Securities requested by the Demanding Holders to
be registered on behalf of the Demanding Holders in such Shelf Underwriting have been sold; and provided, further, that the number
of Shelf Underwritings the Demanding Holders shall be entitled to request shall be reduced by each Demand Registration effected
for such Demanding Holder pursuant to Section 2.1.2. Notwithstanding the foregoing, if a Demanding Holder wishes to engage in an
underwritten block trade or similar transaction or other transaction with a 2-day or less marketing period (collectively, “Underwritten
Block Trade”) off of a Shelf Registration Statement, then notwithstanding the foregoing time periods, such Demanding
Holder only needs to notify the Company of the Underwritten Block Trade two (2) Business Days prior to the day such offering is
to commence and the Holders of record of other Registrable Securities shall not be entitled to notice of such Underwritten Block
Trade and shall not be entitled to participate in such Underwritten Block Trade; provided, however, that the
Demanding Holder requesting such Underwritten Block Trade shall use commercially reasonable efforts to work with the Company and
the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and
other offering documentation related to the Underwritten Block Trade.

 

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2.1.2 Other
Demand Registration. At any time that a Shelf Registration Statement provided for in Section 2.1.1(a) is not available
for use by the Holders following such Shelf Registration Statement being declared effective by the Commission (a “Demand
Registration Period”), subject to this Section 2.1.2 and Section 2.3 and Section 2.4, at
any time and from time to time during such Demand Registration Period, the Demanding Holders shall have the right to make a written
demand from time to time to effect one or more registration statements under the Securities Act covering all or any part of their
Registrable Securities, with a total offering price reasonably expected to exceed, in the aggregate, the Minimum Demand Threshold,
by delivering a written demand therefor to the Company, which written demand shall describe the amount and type of securities to
be included in such Registration and the intended method(s) of distribution thereof. Any such request by any Demanding Holder pursuant
to this Section 2.1.2 is referred to herein as a “Demand Registration Request,” and
the registration so requested is referred to herein as a “Demand Registration” (with respect to any Demand
Registration, the Demanding Holders making such demand for registration being referred to as the “Initiating Holders”).
Subject to Section 2.3, the Demanding Holders shall be entitled to request (and the Company shall be required to effect)
an aggregate of three (3) Demand Registrations pursuant to this subsection 2.12 with respect to any or all Registrable Securities,
including one (1) Demand Registration on behalf of Cantor; provided, however, that a Demand Registration shall not be counted for
such purposes unless a Registration Statement has become effective and all of the Registrable Securities requested by the Demanding
Holders to be registered on behalf of the Demanding Holders in such Demand Registration have been sold; and provided, further,
that the number of Demand Registrations the Demanding Holders shall be entitled to request shall be reduced by each Shelf Underwriting
effected for such Demanding Holder pursuant to Section 2.1.1(b). The Company shall give written notice (the “Demand
Exercise Notice”) of such Demand Registration Request to each of the Holders of record of Registrable Securities
as promptly as practicable but no later than two (2) Business Days after receipt of the Demand Registration Request. The Company,
subject to Sections 2.3 and 2.4, shall include in a Demand Registration (x) the Registrable Securities
of the Initiating Holders and (y) the Registrable Securities of any other Holder of Registrable Securities which shall have
made a written request to the Company for inclusion in such registration pursuant to Section 2.1.2 (which request shall
specify the maximum number of Registrable Securities intended to be disposed of by such Holder) within five (5) days following
the receipt of any such Demand Exercise Notice. The Company shall, as expeditiously as possible, but subject to Section 2.3,
use its reasonable best efforts to (x) file or confidentially submit with the Commission (no later than (A) sixty (60)
days from the Company’s receipt of the applicable Demand Registration Request if the Demand Registration is on Form S-1
or similar long-form registration or (B) thirty (30) days from the Company’s receipt of the applicable Demand Registration
Request if the Demand Registration is on Form S-3 or any similar short-form registration), (y) cause to be declared effective
as soon as reasonably practicable such registration statement under the Securities Act that includes the Registrable Securities
which the Company has been so requested to register, for distribution in accordance with the intended method of distribution and
(z) if requested by the Initiating Holders, obtain acceleration of the effective date of the registration statement relating
to such registration.

 

2.1.3 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Shelf Underwriting
or Demand Registration, in good faith, advises the Company, the Demanding Holders and any other Holders participating in the Underwritten
Registration (if any) (the “Requesting Holders”) in writing that the dollar amount or number of Registrable
Securities that such Holders desire to sell, taken together with all other shares of Common Stock or other equity securities that
the Company 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 the Company
shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and
the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and
Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable
Securities that the Demanding Holders and Requesting Holders have collectively requested be included in such Underwritten Registration
(such proportion is referred to herein as “Pro Rata”)) 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), the shares of Common Stock or other equity securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (i) and (ii), the shares of Common Stock or other equity securities of other persons or entities that
the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons
and that can be sold without exceeding the Maximum Number of Securities.

 

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2.1.4  Demand
Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Shelf Underwriting or Demand Registration,
pursuant to a Registration under subsection 2.1.1 or 2.1.2 shall have the right in their sole discretion to withdraw from a Registration
pursuant to such Demand Registration upon written notification to the Company and the Underwriter or Underwriters (if any) of their
intention to withdraw from such Registration prior to (i) in the case of a Shelf Underwriting, the filing of a preliminary prospectus
supplement setting forth the terms of the Underwritten Offering with the Commission and (ii) in the case of a Demand Registration,
the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable
Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall
be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Shelf Underwriting or Demand
Registration prior to its withdrawal under this subsection 2.1.4.

 

2.2  Piggy-back Registration.

 

2.2.1 Piggy-back
Rights. If, at any time on or after the date hereof, the Company proposes to file a Registration Statement under the Securities
Act with respect to an 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 the Company (or by the Company and by the stockholders
of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed
in connection with any employee stock option or other benefit plan, (ii) for an exchange offer, as part of a merger, consolidation
or similar transaction or for an offering of securities solely to the Company’s existing stockholders, (iii) for an
offering of debt that is convertible into equity securities of the Company, or (iv) for a dividend reinvestment plan, then
the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities 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 Holders of Registrable
Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing
within five (5) Business Days after receipt of such written notice (such Registration a “Piggy-back Registration”).
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggy-back Registration and shall use
its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable
Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggy-back Registration on the same terms
and conditions as any similar securities of the Company 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. All such Holders proposing to
distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting
agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. The Company may postpone
or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion.

  

2.2.2 Reduction
of Piggy-back Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggy-back
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggy-back Registration
in writing that the dollar amount or number of the shares of Common Stock that the Company 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 Holders of Registrable Securities hereunder, (ii) the Registrable Securities
as to which registration has been requested pursuant to Section 2.2.1 hereof, 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 the Company, exceeds the Maximum Number of Securities, then:

 

(a) If the Registration
is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the shares of
Common Stock or other equity securities that the Company 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), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection
2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock,
if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders
of the Company, which can be sold without exceeding the Maximum Number of Securities; and

 

     8

     

    

 

(b) If the Registration
is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include
in any such Registration (A) first, the shares of Common Stock or other equity securities, if any, of such requesting persons
or entities, 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), the Registrable Securities of Holders exercising their
rights to register their Registrable Securities pursuant to subsection 2.2.1, Pro Rata, which can be sold without exceeding the
Maximum Number of Securities (C) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A) and (B), the shares of Common Stock or other equity securities that the Company desires to sell which
can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other equity securities for
the account of other persons or entities that the Company 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.

 

2.2.3  Piggy-back
Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggy-back Registration
for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her
or its intention to withdraw from such Piggy-back Registration prior to the effectiveness of the Registration Statement filed with
the Commission with respect to such Piggy-back Registration. The Company (in its sole discretion or as the result of a request
for withdrawal by persons pursuant to separate written contractual obligations) may postpone or withdraw the filing or effectiveness
of a Piggy-back Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for
the Registration Expenses incurred in connection with the Piggy-back Registration prior to its withdrawal under this subsection
2.2.3.

 

2.2.4 Unlimited
Piggy-back Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall
not be counted as a Registration pursuant to a Shelf Underwriting or Demand Registration effected under Section 2.1 hereof;
provided, however, that the rights to demand a Piggy-back Registration under this Section 2.2 shall terminate on the second anniversary
of the date hereof.

  

2.3  Restrictions
on Registration Rights. The Company shall not be obligated to effect any Shelf Underwriting or Demand Registration within
180 days after the effective date of a previous Shelf Underwriting or Demand Registration or a previous Piggy-back Registration
in which holders of Registrable Securities were permitted to register, and actually sold, 75% of the Registrable Securities requested
to be included therein. The Company may postpone for up to 120 days the filing or effectiveness of (A) a Shelf Underwriting or
a Registration Statement for a Demand Registration if the Holders have requested an Underwritten Registration and
the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer, or (B) a Shelf
Underwriting or a Registration Statement for a Demand Registration if the Registration Statement is required under applicable law,
rule or regulation to contain (i) financial statements that are unavailable to the Company for reasons beyond the Company’s
control, (ii) audited financial statements as of a date other than the Company’s fiscal year end (unless the Holders requesting Registration agree
to pay the reasonable expenses of this audit), (iii) pro forma financial statements that are required to be included in a registration statement,
or if the Board determines in its reasonable good faith judgment that such Shelf Underwriting or Demand Registration would
(x) materially interfere with a significant acquisition, corporate organization or other similar transaction involving the Company,
(y) require the Company to make an Adverse Disclosure or (z) render the Company unable to comply with requirements under the Securities
Act or Exchange Act; provided, that in such event the Holders of a majority-in-interest of the Registrable Securities initiating
a Shelf Underwriting or Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn,
such Shelf Underwriting or Demand Registration shall not count as one of the permitted Shelf Underwritings or Demand Registrations
hereunder and the Company shall pay all Registration Expenses in connection with such Registration. The Company
may delay a Shelf Underwriting or Demand Registration hereunder only twice in any period of twelve consecutive months.

 

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2.4 Lock-Up.
Notwithstanding anything to the contrary in this Agreement, the Company shall not be obligated to effect any Shelf Underwriting,
Demand Registration or Piggy-back Registration of (i) any Founder Shares subject to the Founder Lock-Up Period prior to the Founder
Lock-Up Period applicable to such Founder Shares or (ii) any Placement Units, Placement Shares or Placement Warrants during the
Placement Unit Lock-Up Period. Nothing in this Section 2.4 shall limit the Company’s obligation to register all of the Registrable
Securities, including such Founder Shares, Placement Units, Placement Shares and Placement Warrants, on the Shelf Registration
Statement pursuant to Section 2.1.1(a).

 

ARTICLE III

COMPANY PROCEDURES

 

3.1 General
Procedures. If at any time on or after the date hereof the Company is required to effect the Registration of Registrable Securities,
the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance
with the intended plan of distribution thereof, and pursuant thereto the Company shall:

 

3.1.1  prepare
and file with the Commission a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts
to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such
Registration Statement have been sold;

 

3.1.2 prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by any Holder or any Underwriter of Registrable Securities or as may be required by the
rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration
Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement
to the Prospectus and either (i) any underwriter overallotment option has terminated by its terms or (ii) the underwriters have
advised the Company that they will not exercise such option or any remaining portion thereof;

 

3.1.3 furnish
without charge to the Underwriters, if any, and each Holder of Registrable Securities included in such Registration, or such Holders’
legal counsel, copies of the Prospectus included in such Registration Statement (including each preliminary Prospectus), and each
amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein),
and such other documents as the Underwriters and each Holder of Registrable Securities included in such Registration or the legal
counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned
by such Holders;

 

3.1.4 prior
to any public offering of Registrable Securities, use its best 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
any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may reasonably 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 the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable
the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that the Company 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;

 

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3.1.5  use
commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated
quotation system on which similar securities issued by the Company are then listed;

 

3.1.6 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;

 

3.1.7 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 Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its commercially reasonable best efforts to prevent the issuance of any stop
order or to obtain its withdrawal if such stop order should be issued;

 

3.1.8  at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or
Prospectus, 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.
The Company shall not include the name of any Holder or any information regarding any Holder 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
Holder and providing each such Holder a reasonable amount of time to review and comment on such applicable document, which comments
the Company shall include unless contrary to applicable law;

  

3.1.9  notify
the Holders 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 3.4 hereof;

 

3.1.10  in
the event of an Underwritten Offering, permit the participating Holders to rely on any “cold comfort” letter from the
Company’s independent registered public accountants provided to the managing Underwriter of such offering;

 

3.1.11  in
the event of an Underwritten Offering, permit the participating Holders to rely on any opinion(s) of counsel representing the Company
for the purposes of such Registration issued to the managing Underwriter of such offering covering legal matters with respect to
the Registration;

 

3.1.12 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;

 

3.1.13  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 the Company’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, and
which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 10-Q, 10-K
and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

 

3.1.14  if
the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its
reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

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

 

     11

     

    

 

3.2 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that
the Holders 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 fees and expenses of legal counsel representing the
Holders in excess or in addition to the legal fees and expenses included as Registration Expenses (including for the avoidance
of doubt any such legal fees and expenses in excess of the Counsel Fee Cap). Any reimbursement or payment of up to the Counsel
Fee Cap by the Company shall in no event (a) be duplicative of or (b) limit any provision, in each case which provides for reimbursement
of fees and expenses of counsel in any other contract or agreement between the Holders and the Company;.

 

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

 

3.4  Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it is advised
in writing by the Company that the use of the Prospectus may be resumed and he, she or it has received copies of a supplemented
or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such
supplement or amendment as soon as reasonably practicable after the time of such notice) and, if so directed by the Company, each
Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such
Holder’s possession, of the Prospectus covering such Registrable Securities at the time of receipt of such notice. If the
continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse
Disclosure, or would require the inclusion in such Registration Statement of (i) financial statements that are unavailable to the
Company for reasons beyond the Company’s control, (ii) audited financial statements as of a date other than the Company’s
fiscal year end (unless the Holders requesting Registration agree to pay the reasonable expenses of this audit), or (iii)
pro forma financial statements that are required to be included in a registration statement, the Company 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 no more than 180 days. In the event the Company exercises its rights under the preceding sentence,
the Holders 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. The Company shall immediately notify the
Holders of the expiration of any period during which it exercised its rights under this Section 3.4.

  

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

 

3.6 Limitations
on Registration Rights. Notwithstanding anything herein to the contrary, (i) Cantor may not exercise its rights under Section
2.1 and 2.2 hereunder after five (5) and seven (7) years, respectively, after the effective date of the registration statement
relating to the Company’s IPO and (ii) Cantor may not exercise its rights under Section 2.1 more than one time.

 

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ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1  Indemnification.

 

4.1.1  The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors
and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses (including reasonable attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained
in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company 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 Holder. 

 

4.1.2  In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers
and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses (including, without limitation, reasonable attorneys’ fees) resulting from any untrue statement
of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several,
among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion
to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration
Statement. The Holders of Registrable Securities 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 the Company.

  

4.1.3  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.

 

4.1.4  The
indemnification provided for under this Agreement 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. The Company and each Holder of Registrable Securities 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 the Company’s
or such Holder’s indemnification is unavailable for any reason.

 

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4.1.5  If
the indemnification provided under Section 4.1 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 Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds
received by such Holder 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 subsections 4.1.1,
4.1.2 and 4.1.3 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 4.1.5
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 subsection 4.1.5. 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 subsection 4.1.5 from any person who was not guilty of such
fraudulent misrepresentation.

 

ARTICLE V

MISCELLANEOUS

 

5.1  Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile.
Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed
and, in the case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered
to the addressee (with the delivery receipt of the intended recipient or the affidavit of messenger) or at such time as delivery
is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed to

 

the Company at:

 

Insurance Acquisition Corp.

2929 Arch Street, Suite 1703

Philadelphia, PA 19104-2870

Attention: Joseph W. Pooler, Jr.

Email: jpooler@cohenandcompany.com

 

with a copy to:

 

Morgan, Lewis & Bockius
LLP

[101 Park Avenue

New York, NY 10178]

Attention: Sean M. Donahue and
Jeffrey A. Letalien

Email: sean.donahue@morganlewis.com;
jeffrey.letalien@morganlewis.com

 

 and to the Holders, at
such Holder’s address referenced in Schedule A.

 

Any party may change its address for notice
at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective
thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

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5.2 Assignment; No Third Party Beneficiaries.

 

5.2.1  This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part. Prior to the expiration of the Founder Lock-up Period or Placement Unit Lock-up Period, as the case may be, no Holder
may assign or delegate his, her or its rights, duties or obligations under this Agreement in whole or in part. Notwithstanding
the above, as it applies to the Registrable Securities, the Holder may transfer such securities during the respective lock-up period
to any Permitted Transferee (as such term is defined in that certain Warrant Agreement between the Company and Continental
Stock Transfer & Trust Company) but only if such Permitted Transferee agrees to become bound by the transfer restrictions set
forth in this Agreement, the Letter Agreement and, if applicable, the Placement Unit Subscription Agreements.

 

5.2.2 Except
as set forth in subsection 5.2.1 hereof, this Agreement and the rights, duties and obligations of the Holders of Registrable Securities
hereunder may be assigned or delegated by such Holder of Registrable Securities in conjunction with and to the extent of any transfer
of Registrable Securities by any such Holder.

 

5.2.3 This Agreement
and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Holders, the permitted assigns and
its successors and the permitted assigns of the Holders.

 

5.2.4 This Agreement
shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement
and Section 5.2 hereof.

  

5.2.5 No assignment
by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.2 shall be null and void.

 

5.3  Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4  Governing
Law; Venue. THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. Any legal suit, action or proceeding arising
out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of
the United States or the courts of the State of New York in each case located in the city of New York, and each party irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

5.5 Amendments
and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the then outstanding
Registrable Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived,
or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing,
any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital
stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent
of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or
delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver
of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement
by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

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5.6 Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities or another
purchaser in the PIPE, has any right to require the Company to register any securities of the Company for sale or to include such
securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account
of any other person.

 

5.7 Termination.
This Agreement shall terminate upon the earlier of (i) the fifth anniversary of the date hereof or (ii) the date as of
which (A) all of the Registrable Securities have either been sold pursuant to a Registration Statement or cease to be Registrable
Securities (but in no event prior to the applicable period referred to in Section 4(3) of the Securities Act and Rule 174
thereunder) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144
(or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale.
The provisions of Section 3.5 and Article IV shall survive any termination.

 

[SIGNATURE PAGES FOLLOW]

 

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 IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY: 
	 	 
	 	
        INSURANCE ACQUISITION CORP. 

        a Delaware corporation

	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

	 	HOLDERS:
	 	 
	 	
        INSURANCE ACQUISITION SPONSOR, LLC

        a Delaware limited liability company

	 	 
	 	By:	     
	 	Name: 	Daniel G. Cohen
	 	Title:	Chief Executive Officer

 

	 	DIOPTRA ADVISORS, LLC
	 	a Delaware limited liability company
	 	 
	 	By:	     
	 	Name:  	Daniel G. Cohen
	 	Title:  	Chief Executive Officer

 

	
         

         
	
        CANTOR FITZGERALD & CO.

        a New York general partnership

	 	 
	 	By:	      
	 	Name:	Mark Kaplan
	 	Title:	Global COO

 

	 	 
	 	Daniel G. Cohen, individually
	 	 
	 	 
	 	John M. Butler, individually
	 	 
	 	 
	 	Paul Vernhes, individually
	 	 
	 	 
	 	Joseph W. Pooler, Jr., individually

 

     17

     

    

 

	 	 
	 	John C. Chrystal, individually
	 	 
	 	 
	 	Stephanie Gould Rabin, individually
	 	 
	 	 
	 	Sasson Posner, individually
	 	 
	 	 
	 	Joseph M. Scheerer, individually

 

[Registration Rights Agreement]

 

     18

     

    

 

Schedule A

 

	Holder	 	Address
	 	 	 
	Insurance Acquisition Sponsor, LLC	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	Dioptra Advisors, LLC	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	Daniel G. Cohen	 	3 Columbus Circle, 24th Floor, New York, NY 10019
	 	 	 
	John M. Butler	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	Paul Vernhes	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	Joseph W. Pooler, Jr.	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	John C. Chrystal	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	Stephanie Gould Rabin	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	Sasson Posner	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	Joseph M. Scheerer	 	2929 Arch Street, Suite 1703, Philadelphia, PA 19104
	 	 	 
	Cantor Fitzgerald & Co.	 	499 Park Avenue, New York, NY 10022

 

 

19Exhibit 10.17

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is entered into on ___________, 2020, effective as of the effective time of the Merger (as defined below) (the “Effective
Date”) by and among the Company (as defined below), Shift Platform, Inc. (f/k/a Shift Technologies, Inc.) (“Shift”)
and George Arison (the “Executive”), collectively referred to herein as the “Parties.”

 

WHEREAS, Shift is being merged (the “Merger”)
with and into IAC Merger Sub, Inc. pursuant to that certain Merger Agreement dated as of June 29, 2020, by and between Shift Technologies,
Inc., Insurance Acquisition Corp. and IAC Merger Sub, Inc. (the “Merger Agreement”), pursuant to which Shift will be
the surviving entity and will be a wholly owned subsidiary of Insurance Acquisition Corp.;

 

WHEREAS, Insurance Acquisition Corp. is
being renamed Shift Technologies, Inc. as of the effective time of the Merger (the “Company”) and Shift is being renamed
Shift Platform, Inc.;

 

WHEREAS, the Parties desire to enter into
this Agreement to reflect the Executive’s position and role in the Company’s business and to provide for the Executive’s
employment by Shift and role with the Company, upon the terms and conditions set forth herein;

 

WHEREAS, the Executive has agreed to certain
confidentiality and non-solicitation covenants contained hereunder, in consideration of the benefits provided to the Executive
under this Agreement; and

 

WHEREAS, this Agreement replaces and supersedes all previous
employment agreements or offer letters between the Executive and the Company (and any predecessor thereto).

 

NOW, THEREFORE, in consideration of the premises
and of the mutual promises and covenants contained herein, the Company and the Executive, intending to be legally bound, hereby
agree as follows:

 

 1. Employment.

 

(a) 
Term. This Agreement is contingent upon the consummation of the Merger and shall commence on the Effective Date and
shall continue until terminated pursuant to the terms of this Agreement (the “Term”).

 

(b) 
Duties. During the Term, the Executive shall continue to be employed by Shift and shall be Shift and the Company’s
Co-Chief Executive Officer and shall serve the Company faithfully and to the best of the Executive’s ability. The Executive
shall devote the Executive’s full business time, attention, skill and efforts to the performance of the duties required by
or appropriate for the Executive’s position with the Company. The Executive shall report to the Board of Directors of the
Company (the “Board”) and shall perform such duties commensurate with the Executive’s office as contained in
the bylaws of the Company or as the Executive shall reasonably be directed by the Board, including if requested, providing services
to any parent, subsidiary or affiliate of the Company (collectively with the Company, the “Company Entities” and each
a “Company Entity”). The Executive’s primary work location shall be at the Company’s headquarters (i.e.,
the primary work location of the senior management team, currently in San Francisco, California), subject to applicable work-from-home
policies and mandates and any other reasonable accommodations as may be necessary or appropriate under the totality of the facts
and circumstances as are not inconsistent with the Executive’s ability to perform the essential functions of Executive’s
employment. In addition, should the Company transition to a materially different location for its headquarters, the Executive shall
be permitted, but not required, to work remotely, provided that, (i) such remote work situation shall not materially interfere
with the Executive’s ability to perform the Executive’s duties under this Agreement, and (ii) the Executive’s
working hours shall be substantially aligned with the working hours of the Shift workforce generally. The Executive shall engage
in such reasonable business travel as may be required to perform the Executive’s duties. References to Company throughout
this Agreement shall refer to the Company Entities except where the context clearly indicates otherwise.

 

     

    

    

 

(c) 
Best Efforts. Except for vacation, absences due to temporary illness and absences resulting from Disability (as defined
below), the Executive shall devote the Executive’s business time, attention and energies on a full-time basis to the performance
of the duties and responsibilities referred to in subsection (b) above. The Executive shall not during the Term be engaged in any
other business activity which, in the reasonable judgment of the Board, would conflict with the ability of the Executive to perform
the Executive’s duties under this Agreement, whether or not such activity is pursued for gain, profit or other pecuniary
advantage. Nothing in this Section shall prevent Executive from engaging in additional activities in connection with personal investments
and community affairs, including serving on corporate, civic, or charitable boards, or as a non-employee member of the boards of
directors of up to two (2) publicly traded or privately held companies and may continue to serve on any board of which the Executive
was a member as of the Effective Date; provided, however, that no such service or activities are materially inconsistent with Executive’s
duties under this Agreement.

 

2. 
Base Salary. During the Term, the Company shall pay to the Executive a base salary of $490,000 annually for 2020
through 2021, and $590,000 commencing in 2022, which thereafter shall be subject to review and, at the option of the Board (or
the Compensation Committee of the Board to the extent delegated by the Board), subject to increase (such salary, as the same may
be increased from time to time as aforesaid, being referred to herein as the “Base Salary”). The Base Salary shall
be reviewed on an annual basis for increases in accordance with the review process for senior level executives of the Company.
The Base Salary shall be payable in accordance with the Company’s normal payroll practices.

 

3. 
Incentive Compensation.

 

(a) 
Annual Incentive Compensation. For 2020, subject to the Executive’s continued employment with Shift through
December 31, 2020, the Executive shall be paid Seventy-Five Thousand Dollars ($75,000) between January 1, 2021 and March 15, 2021
(the “2020 Bonus”). For subsequent periods, subject to the Executive’s continued employment with Shift through
December 31 of the applicable performance year, the Executive shall be entitled to participate in an annual bonus program established
by the Company with a target annual bonus amount measured as a percentage of the Executive’s Base Salary, which shall be
set at not less than two hundred percent (200%) of Executive’s Base Salary in the performance year, subject in all respects
to achievement of performance goals to be established by the Board or a subcommittee of the Board with responsibility for remuneration
of the Company’s executives (together with the 2020 Bonus, the “Annual Bonus”). Performance goals used for purposes
of determining the Executive’s Annual Bonus shall be established by the Board or the relevant subcommittee of the Board in
consultation with the Executive. Notwithstanding the forgoing, the Annual Bonus for 2021 shall be determined as set forth in Exhibit
A attached hereto, and Exhibit A shall control in the event of any conflict. Any Annual Bonus earned by the Executive shall be
paid after the end of the fiscal year to which it relates, at the same time and under the same terms and conditions as other executives
of the Company; provided that in no event shall the Executive’s Annual Bonus be paid later than March 15 of the fiscal year
following the fiscal year for which it was earned.

 

    2

     

    

 

(b) 
Carve-Out Payment. In addition, the Executive shall be eligible for a bonus equal to $1,750,000 payable in two payments
(the “Carve-Out Payment”) as follows:

 

(i) 
Subject to the Executive’s continued employment with Shift through the Merger, the Company shall pay the Executive,
within three (3) Business Days of the Merger, a percentage of the Executive’s total Carve-Out Payment determined by multiplying
the Executive’s completed months of service with the Company, measured from the Executive’s date of hire through the
date of the Merger by 2.0833% (but no greater than 100%); and

 

(ii) 
Subject to the Executive’s continued employment with Shift through the first (1st) anniversary of the Merger,
the Company shall pay the remaining balance of the Executive’s total Carve-Out Payment, if any, without interest, on the
first payroll date following the first (1st) anniversary of the Merger.

 

(c) 
Long-Term Incentive Compensation.

 

(i) 
The Executive shall be eligible to participate in all equity compensation plans and programs in place at the Company and
shall receive such grants as may be provided from time to time by the Company to its officers. Any equity awards made by the Company
to the Executive shall be subject to the terms and conditions set forth in the Company’s equity compensation plan and form
of grant agreement, as may be amended from time to time. Notwithstanding the forgoing, the Executive shall be awarded an equity
grant (the “2020 Equity Grant”) substantially in the form attached hereto as Exhibit B within five (5) Business Days
following the date that a Securities and Exchange Commission Registration Statement on Form S-8 (the “Form S-8”) with
respect to the Company’s 2020 Omnibus Equity Compensation Plan becomes effective; provided that the Company shall use commercially
reasonable best efforts to timely file the Form S-8 as soon as practicable under applicable law. Notwithstanding the forgoing,
the Company’s obligation to grant the 2020 Equity Grant is contingent upon (i) the consummation of the Merger, (ii) approval
of the Company’s 2020 Omnibus Equity Compensation Plan by the shareholders of the Company, and (iii) the Form S-8 becoming
effective.

 

(ii) 
Subject to Executive’s continued employment, all outstanding equity awards made pursuant to the Shift 2014 Stock Incentive
Plan (including for the avoidance of doubt, any outstanding performance portion thereof) (the “Legacy Equity Awards”),
shall fully vest as of March 31, 2021.

 

    3

     

    

 

4. 
Benefits. During the Term, the Executive shall be eligible to participate in certain retirement and welfare benefit
plans and programs made available to the Company’s executives as a group, as such retirement and welfare plans may be in
effect from time to time and subject to the eligibility requirements of such plans. Except as expressly provided for herein, nothing
in this Agreement shall prevent the Company from amending or terminating any incentive, equity compensation, retirement, welfare
or other employee benefit plans, programs, policies or perquisites from time to time as the Company deems appropriate.

 

5. 
Paid Time Off. During the Term, the Executive shall be entitled to paid time off (vacation, holiday, and sick leave),
in accordance with the Company’s policies; provided, however, that the Executive may take five (5) weeks of paid time off
annually.

 

6. 
Reimbursement of Expenses. During the Term, the Company shall reimburse the Executive, in accordance with the policies
and practices of the Company in effect from time to time, for all reasonable and necessary traveling expenses and other disbursements
incurred by the Executive for or on behalf of the Company in connection with the performance of the Executive’s duties hereunder
upon presentation by the Executive to the Company of appropriate documentation therefore.

 

7. 
Indemnification. Executive, as an officer and/or director, shall be entitled to indemnification from the Company
to the fullest extent permitted by applicable Delaware law. This indemnification shall include Executive's right to request the
Company to advance to Executive his reasonable attorneys' fees and expenses as such fees and expenses are incurred (subject to
an undertaking by Executive to repay such advances if it is ultimately determined that Executive is not entitled to be indemnified
by the Company as authorized under applicable law). No amendment, modification or repeal of the indemnity provisions in the governing
documents of the Company shall have the effect of limiting or denying any such rights with respect to actions taken or proceedings
arising prior to any amendment, modification or repeal. The rights in this section shall not be exclusive of any other right that
Executive may have or hereafter acquire with respect to indemnification and advancement and payment of expenses.

 

8. 
Termination without Cause; Resignation for Good Reason. If the Executive’s employment is terminated by the
Company without Cause (as defined below), other than due to Disability, or by the Executive for Good Reason (as defined below),
the provisions of this Section 8 shall apply.

 

(a) 
The Company may terminate the Executive’s employment with Shift at any time without Cause with prior written notice
to the Executive and the Executive may resign for Good Reason (as defined below).

 

(b) 
Unless the Executive complies with the Release Requirement (as defined below), no other payments or benefits shall be due
under this Agreement to the Executive, but the Executive shall be entitled to any amounts earned, accrued and owing, but not yet
paid under Section 2, any benefits accrued and due in accordance with the terms of any applicable benefit plans and programs of
the Company and payment of any Carve-Out Payment not previously paid (which shall be paid at the time provided for in Section 3(b))
(the “Accrued Obligations”).

 

    4

     

    

 

(c) 
Notwithstanding the provisions of Section 8(b), upon termination under Section 8(a) above, subject to the Release Requirement,
and so long as the Executive continues to comply with the provisions of Section 16 below, in addition to the Accrued Obligations,
the Executive shall be entitled to receive the following:

 

(i) 
Continuation of the Executive’s Base Salary for twelve (12) months (the “Severance Term”), at the rate
in effect for the year in which the Executive’s date of termination occurs (but no less than the amount scheduled to be in
effect when a payment is made pursuant to Section 2), which amount shall be paid in regular payroll installments over the applicable
period following the Executive’s termination date;

 

(ii) 
A prorated Annual Bonus for the year in which the Executive’s termination of employment occurs, which shall be determined
by multiplying the Executive’s Annual Bonus, determined based on actual performance of Company goals, without negative discretion,
and provided that any personal goals shall be considered to be fulfilled, by a fraction, the numerator of which is the number of
days during which the Executive was employed by the Company in the year in which the termination date occurs and the denominator
of which is 365. The prorated Annual Bonus, if any, shall be paid at the same time as bonuses are paid to other employees of the
Company, but not later than March 15 of the fiscal year following the fiscal year for which it was earned;

 

(iii) 
Any unpaid Carve-Out Payments, paid at the time set forth in Section 3(b);

 

(iv) 
The vesting of all then-outstanding Legacy Equity Awards. For the avoidance of doubt, such vesting shall be delayed to account
for the Release Requirement and during such delay, such Legacy Equity Awards shall not be cancelled pending the fulfillment of
the Release Requirement; and

 

(d) 
If the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA”), then continued health (including hospitalization, medical, dental, vision etc.) insurance coverage
substantially similar in all material respects as the coverage provided to the Company’s then other active senior executives
for twelve (12) months; provided that the Executive shall pay an amount equal to the amount active employees pay for such coverage
as of the date of the Executive’s termination (the “Monthly COBRA Costs”) and the period of COBRA health care
continuation coverage provided under section 4980B of the Internal Revenue Code, as amended and the regulations and guidance promulgated
thereunder (the “Code”) shall run concurrently with the period; provided further that, notwithstanding the foregoing,
the amount of any benefits provided by this Section 8(d) shall be reduced or eliminated to the extent the Executive becomes entitled
to duplicative benefits by virtue of the Executive’s subsequent or other employment. The Executive acknowledges that the
payments pursuant to this Section 8(d) are taxable and subject to applicable withholding and payroll taxes.

 

9. 
Voluntary Termination. The Executive may voluntarily terminate the Executive’s employment for any reason or
no reason, with prior written notice. In such event (other than a resignation with Good Reason), after the effective date of such
termination, no payments shall be due under this Agreement, except that the Executive shall be entitled to the Accrued Obligations,
except that, to the extent such voluntary resignation (without Good Reason) is approved in advance by action of the Board, subject
to the Release Requirement, any then-outstanding Legacy Equity Awards shall continue to vest in accordance with its schedule. For
the avoidance of doubt, such vesting shall be delayed to account for the Release Requirement and during such delay, such Legacy
Equity Awards shall not be cancelled pending the fulfillment of the Release Requirement.

 

    5

     

    

 

10. 
[Reserved].

 

11. 
Death; Disability. If the Executive’s employment is terminated by the Company by reason of death or, subject
to the requirements of applicable law, Disability (as defined below), upon the Executive’s date of termination or death,
no payments shall be due under this Agreement, except that the Executive (or in the event of the Executive’s death, the Executive’s
executor, legal representative, administrator or designated beneficiary, as applicable), shall be entitled to the Accrued Obligations,
including any unpaid Carve-Out Payments. Subject to the Release Requirement, the Executive (or the Executive’s legal representative)
shall be entitled to:

 

(i) 
Any unpaid Carve-Out Payments, paid at the time set forth in Section 3(b); and

 

(ii) 
The vesting of all then-outstanding Legacy Equity Awards. For the avoidance of doubt, such vesting shall be delayed to account
for the Release Requirement and during such delay, such Legacy Equity Awards shall not be cancelled pending the fulfillment of
the Release Requirement.

 

12. 
Cause. The Company may terminate the Executive’s employment at any time for Cause upon written notice to the
Executive, in which event all payments under this Agreement shall cease, except for the Accrued Obligations.

 

13. 
Change in Control.

 

(a) 
Legacy Equity. Immediately prior to a Change in Control (as defined below), any then-outstanding Legacy Equity Awards
shall vest.

 

(b) 
Application of Section 280G. If any of the payments or benefits received or to be received by the Executive (including,
without limitation, any payment or benefits received in connection with a Change in Control or the Executive’s termination
of employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all
such payments collectively referred to herein as the “280G Payment”) constitute “parachute payments” within
the meaning of Code Section 280G and will be subject to the excise tax imposed under Code Section 4999 (the “Excise Tax”),
then the 280G Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (i) the largest portion
of the 280G Payment that would result in no portion of the 280G Payment being subject to the Excise Tax, or (ii) the largest portion
of the 280G Payment, up to and including the total 280G Payment, whichever amount, after taking into account all applicable federal,
state and local employment taxes, income taxes and the Excise Tax (all computed at the highest applicable marginal rate), results
in the Executive’s receipt, on an after-tax basis, of the greater amount of the 280G Payment, notwithstanding that all or
some portion of the 280G Payment may be subject to the Excise Tax. In making the determination described above, the Company, in
its sole and absolute discretion, shall make a reasonable determination of the value to be assigned to any restrictive covenants
in effect for the Executive, and the amount of the 280G Payment shall be reduced by the value of those restrictive covenants to
the extent consistent with Code Section 280G. If a reduction in payments or benefits constituting “parachute payments”
is necessary so that the 280G Payment equals the Reduced Amount, the amounts payable or benefits to be provided to the Executive
shall be reduced such that the economic loss to the Executive as a result of the “parachute payment” elimination is
minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements of Code Section
409A and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall
be reduced on a pro rata basis but not below zero. All determinations to be made under this Section 13 shall be made by an independent
accounting firm, consulting firm or other independent service provider selected by the Company immediately prior to the Change
in Control (the “Firm”), which shall provide its determinations and any supporting calculations both to the Company
and the Executive within ten (10) days of the Change in Control. Any such determination by the Firm shall be binding upon the Company
and the Executive. All of the fees and expenses of the Firm in performing the determinations referred to in this Section 13 shall
be borne solely by the Company.

 

    6

     

    

 

14. 
Definitions.

 

(a) 
Cause. For purposes of this Agreement, “Cause” shall mean the Executive’s action, or failure to
act, during the Executive’s employment with the Company that is determined to constitute any of the following: (i) performance
of any act or failure to perform any act in bad faith and to the detriment of any Company Entities; (ii) dishonesty, intentional
misconduct or material breach of any agreement with any Company Entity; or (iii) commission of a crime involving dishonesty, breach
of trust, or physical or emotional harm to any person. Prior to any termination for Cause pursuant to each such event listed in
(i) or (ii) above, to the extent such event(s) is capable of being cured by the Executive, the Company shall give the Executive
written notice thereof describing in reasonable detail the circumstances constituting Cause and the Executive shall have the opportunity
to remedy same within thirty (30) days after receiving written notice.

 

(b) 
Change in Control. For purposes of this Agreement, a “Change in Control” shall have the same meaning
ascribed to such term under the Company’s 2020 Omnibus Equity Compensation Plan, as in effect on the date hereof and as may
be amended from time to time, or such successor plan.

 

(c) 
Disability. For purposes of this Agreement, “Disability” shall mean the Executive has been unable to
perform the essential functions of the Executive’s position with the Company, either with or without a reasonable accommodation,
by reason of physical or mental incapacity for a period of six consecutive months, subject to any obligations or limitations imposed
by federal, state or local laws, including any duty to accommodate Executive under the federal Americans with Disabilities Act
or applicable state law.

 

(d) 
Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence of one or more of
the following, without the Executive’s consent: (i) material diminution of the Executive’s authority, duties or responsibilities;
(ii) a material diminution in the Executive’s compensation as set forth in Sections 2 and 3(a) hereof; (iii) a change in
the Executive’s reporting obligations so that the Executive must report to someone other than the Board; or (v) any action
or inaction that constitutes a material breach by the Company of a material provision of this Agreement. The Executive must provide
written notice of termination for Good Reason to the Company within sixty (60) days after the event constituting Good Reason first
occurs, which notice shall state such Good Reason in reasonable detail. The Company shall have a period of thirty (30) days in
which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in the Executive’s
notice of termination. If the Company does not correct the act or failure to act, the Executive must terminate the Executive’s
employment for Good Reason within sixty (60) days after the end of the cure period, in order for the termination to be considered
a Good Reason termination.

 

    7

     

    

 

(e) 
Release Requirement. Notwithstanding anything herein to the contrary, the Executive shall not be entitled to receive
any payment that is subject to the requirements of this Section 14(e) (the “Release Requirement”) unless, in each case,
the Executive (or the Executive's legal representative) has executed and delivered to the Company a general release in the form
attached hereto as Exhibit C (subject to updates for changes in law and facts, as reasonably determined by the Company) (the “General
Release”), which General Release shall be in full force and effect (and no longer subject to revocation) within sixty (60)
calendar days after the Executive's termination of employment (the “Release Effective Date”). To the extent that any
payment subject to the Release Requirement is deferred compensation under Section 409A that is not otherwise exempt from the application
of Section 409A, and if the sixty (60) calendar day period referenced in the preceding sentence spans two calendar years, then,
solely to the extent necessary to avoid the incurrence of adverse personal tax consequences under Section 409A, the payment of
such amount will not occur until the second calendar year.

 

15. 
Representations, Warranties and Covenants of the Executive.

 

(a) 
Restrictions. The Executive represents and warrants to the Company that:

 

(i) 
There are no restrictions, agreements or understandings whatsoever to which the Executive is a party which would prevent
or make unlawful the Executive’s execution of this Agreement or the Executive’s employment hereunder, which is or would
be inconsistent or in conflict with this Agreement or the Executive’s employment hereunder, or would prevent, limit or impair
in any way the performance by the Executive of the obligations hereunder; and

 

(ii) 
The Executive has disclosed to the Company all restraints, confidentiality commitments, and other employment restrictions
that the Executive has with any other employer, person or entity.

 

(b) 
Obligations to Former Employers. The Executive covenants that in connection with the Executive’s provision
of services to the Company, the Executive shall not breach any obligation (legal, statutory, contractual, or otherwise) to any
former employer or other person, including, but not limited to, obligations relating to confidentiality and proprietary rights.

 

(c) 
Obligations upon Termination. Upon and after the Executive’s termination or cessation of employment with the
Company and until such time as no obligations of the Executive to the Company hereunder exist, the Executive shall (i) provide
a complete copy of this Agreement to any person, entity or association which the Executive proposes to be employed, affiliated,
engaged, associated or to establish any business or remunerative relationship prior to the commencement of any such relationship
and (ii) shall notify the Company of the name and address of any such person, entity or association prior to the commencement of
such relationship.

 

    8

     

    

 

16. 
Restrictive Covenants.

 

(a) 
Non-Solicitation. In consideration of the promises contained herein and the consideration to be received by the Executive
hereunder (including, without limitation, the potential compensation described in Sections 8, 9, 11 and 13, if any), without the
prior written consent of the Company, during the Term (and except for the benefit of the Company Entities) and for a period of
twelve (12) months immediately following the Executive’s separation from the Company, however caused, the Executive shall
not, directly or indirectly, either for or on behalf of himself or any other person or entity, solicit or induce or attempt to
solicit or induce any employee, consultant or independent contractor of any Company Entity, to discontinue employment or engagement
with such Company Entity; or otherwise interfere or attempt to interfere with the relationships between the any Company Entity,
and their employees, consultants, or independent contractors. This provision does not apply to any employee or contractor who responds
to a general advertisement not targeted at any specific employees or contractors of any Company Entity or to any employee or contractor
who independently seeks employment with the Executive’s subsequent employer through no solicitation or contact by the Executive.

 

(b) 
Non-Disparagement. The Executive shall not disparage the Company Entities or their respective officers, directors,
investors, employees, and affiliates or make any public statement reflecting negatively on the Company Entities or their respective
officers, directors, investors, employees, and affiliates, including (without limitation) any matters relating to the operation
or management of the Company Entities, irrespective of the truthfulness or falsity of such statement. The Company shall instruct
and take all reasonable steps to cause its officers and members of the Board not to disparage the Executive on any matters relating
to the Executive’s services to the Company Entities, business, professional or personal reputation or standing in the Company’s
industry, irrespective of the truthfulness or falsity of such statement. Nothing in the section shall prohibit the Parties from
testifying truthfully in any forum or to any governmental agency.

 

(c) 
Proprietary Information. At all times the Executive shall hold in strictest confidence and will not disclose, use,
lecture upon or publish any Proprietary Information (defined below) of the Company Entities, except as such disclosure, use or
publication may be required in connection with the Executive’s work for the Company Entities, or unless the Company expressly
authorizes such disclosure in writing or it is required by law or in a judicial or administrative proceeding in which event the
Executive shall promptly notify the Company of the required disclosure and assist the Company if a determination is made to resist
the disclosure. For purposes of this Section 16(c), “Proprietary Information” shall mean any and all confidential and/or
proprietary knowledge, data or information of the Company or its respective affiliated entities, including (without limitation)
any information relating to financial matters, investments, budgets, business plans, marketing plans, personnel matters, business
contacts, products, processes, know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other
works of authorship; provided, that it shall not include any information that is known to the Company to be publicly available.

 

    9

     

    

 

(d) 
Invention Assignment.

 

(i) 
Company Ownership. Executive acknowledges and agrees that the Company owns, and has all rights, title and interests
in and to, the Company Property (as defined below). To the extent that any Company Property is capable of protection by copyright
as a work made for hire, such Company Property is a work made for hire, as defined in the United States Copyright Act (17 U.S.C.
Section 101), and ownership of all copyrights worldwide (including all renewals and extensions) therein vests in the Company from
the time of creation. To the extent not already vested in or assigned to the Company, Executive agrees to and does hereby irrevocably
assign, transfer and grant to the Company, its successors and assigns, all rights, title and interests in and to any and all Company
Property, free and clear of all liens and encumbrances, and without further consideration. The Company, and its successors and
assigns, accept all such rights, title and interests. To the extent Executive retains any Moral Rights (as defined below), Executive
hereby irrevocably waives, to the extent permitted by applicable law, such Moral Rights (and any claims for such rights) as may
have existed in the past, exist now or come into existence in the future.

 

(ii) 
“Work Product” means any and all discoveries, inventions, concepts, formulas, ideas, confidential or
proprietary information, know-how, trade secrets, techniques, technologies, research, development, prototypes, designs, engineering
and manufacturing information, processes, products, services, methods, systems, improvements, modifications, derivative works,
specifications, requirements, data, parameters, drawings, reports, hardware, algorithms, flow charts, software (including all programs,
code, firmware, source code, object code, executable code and related documentation), works of authorship, proposals, customer,
sales, marketing, and purchasing information, other information and materials, and any and all tangible embodiments of any of the
foregoing (in each case whether or not technical, business or financial, and whether or not patentable, copyrightable or registerable)
that may be, are, have been, or were created, conceived, reduced to practice, prepared, contributed, developed or learned by Executive,
either alone or jointly with others, resulting from or in the course of employment with the Company Entities. For purposes of clarity
and avoidance of doubt, Work Product shall not include any of the above to the extent developed in the course of the Executive’s
provision of services as a member of the board of directors of another company as permitted pursuant to Section 1(c).

 

(iii) 
“Company Property” means any and all Work Product as well as any and all trade secrets, trademarks, service
marks, associated goodwill, patents (including utility models, utility patents and design patents), copyrights, design rights,
economic rights, mask works, database rights, the right of priority, publicity rights, privacy rights, shop rights, and all other
intellectual property or proprietary rights in and to the Work Product, in any jurisdictions throughout the worldwide, whether
registered or unregistered, whether published or not published, including all applications, including all registrations, certificates,
governmental grants, and renewals for any of the foregoing, and including all rights to claim priority, file applications, and
obtain grants, renewals and extensions in connection with any of the foregoing, all rights to assert, defend and recover title
in connection with any of the foregoing, and all rights to sue and recover for any past, present and future infringement, misappropriation,
violation, injunctive relief, damages, lost profits, royalties, and payments in connection with any of the foregoing, in each case,
as may have existed in the past, exist now, or come into existence in the future throughout the world. To the fullest extent allowed
by law, the Company Property includes any and all rights of paternity, integrity, disclosure and withdrawal and any other rights
that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,”
or the like in and to the Work Product (the “Moral Rights”).

 

    10

     

    

 

(iv) 
Prior Materials. If the Executive utilizes or incorporates any Prior Materials (as defined below) in connection with
or into any Company Property or any business, operation, products or services of any of the Company or the Company Entities, (i)
the Executive shall inform the Company of such utilization or incorporation, in writing, in advance of such utilization or incorporation,
and (ii) whether or not the Executive complies with the foregoing provision, to the maximum extent permitted by applicable law,
the Company and the Company Entities are hereby granted a nonexclusive, fully-paid up, royalty-free, perpetual, irrevocable, worldwide
license (including the right to sublicense for multiple tiers) under the Prior Materials and all intellectual property rights therein
to use, execute, reproduce, transmit, display, perform, prepare derivative works based upon and distribute (internally and externally)
copies of any and all Prior Materials and derivative works thereof, to use, make, sell, offer to sell, import and export any and
all products, methods and services, and to perform any and all activities that may constitute direct or indirect infringement of
any of the intellectual property rights in the Prior Materials. “Prior Materials” means any and all inventions,
improvements, developments, formulas, procedures, methods, processes, techniques, concepts, discoveries, works of authorship and
other information and materials owned by the Executive or in which the Executive has an interest, including listed on Exhibit D.
Executive shall provide Exhibit D, to be attached to this Agreement no later than November 30, 2020.

 

(v) 
Further Assistance. The Executive will deliver promptly to the Company or its designee (without charge to the Company
but at the expense of the Company) such written instruments and do such other acts as may be necessary to preserve the property
rights, to obtain, maintain and enforce applications and registrations, and to effect or perfect the rights and ownership of the
Company, its successors, and assigns in connection with any Company Property, including (i) executing assignments, declarations,
powers of attorney and other documents related to any Company Property, (ii) rendering assistance in making, filing, prosecuting,
maintaining and registering applications related to any Company Property, and (iii) rendering assistance in connection with defending
and enforcing any Company Property. The Executive hereby irrevocably designates and appoints the Company, its successors and assigns
and their designees, as Executive’s agent and attorney-in-fact, with full power of substitution and revocation, to act for
and on behalf of the Executive, to execute, verify and file any such document and to do all other lawfully permitted acts to further
the purposes of Section, with the same force and effect as if the Executive had signed the documents or taken those actions itself.

 

(vi) 
Records. The Executive agrees to keep accurate, complete and timely records of all Work Product. The Executive agrees
to promptly and fully disclose and describe all Company Property in writing to the Company.

 

    11

     

    

 

(vii) 
Exclusions. The Executive understands and acknowledges that the Executive has been advised, pursuant to Section 2872
of the California Labor Code, that the provisions of this Agreement requiring the assignment of inventions do not apply to any
invention that qualifies fully under Section 2870 of the California Labor Code, which provides:

 

		“(a)	Any provision in an employment agreement which provides that an employee shall assign, or offer
to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed
entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information
except for those inventions that either:

 

		(1)	Relate at the time of conception or reduction to practice of the invention to the employer’s
business, or actual or demonstrably anticipated research or development of the employer; or

 

		(2)	Result from any work performed by the employee for the employer.”

 

(e) 
Return of Property. Upon termination of the Executive’s employment
with the Company for any reason, voluntarily or involuntarily, and at any earlier time the Company requests, the Executive will
deliver to the person designated by the Company all originals and copies of all documents and property of the Company in the Executive’s
possession, under the Executive’s control or to which the Executive may have access. The Executive will not reproduce or
appropriate for the Executive’s own use, or for the use of others, any property, Proprietary Information or Work Product.

 

(f) 
Permitted Conduct. Notwithstanding the foregoing restrictions, nothing in this Agreement shall (i) prohibit the Executive
from owning a five (5%) percent or smaller interest in any corporation required to file period reports with the United States Securities
and Exchange Commission, so long as the Executive performs no services or lends any assistance to such corporation during the Term;
(ii) deny the Executive the right to disclose information about unlawful acts in the workplace, including, but not limited to,
sexual harassment; (iii) prohibit the Executive from providing information to, or testifying or otherwise assisting in any investigation
or proceeding brought by, any federal or state regulatory or law enforcement agency or legislative body, or any self-regulatory
organization or filing, testifying, participating in, or otherwise assisting in a proceeding relating to an alleged violation of
any federal, state, or municipal law relating to fraud, whistleblowing or any rule or regulation of the Securities and Exchange
Commission or other self-regulatory organization; (iv) prohibit the Executive from filing an administrative charge with the Equal
Employment Opportunity Commission (“EEOC”) and/or participating in an investigation by the EEOC; (v) prohibit the Executive
from making any disclosure of information required by process of law; or (vi) pursuant to the Defend Trade Secrets Act of 2016,
prevent the Executive from disclosing trade secrets where the disclosure is made: (x) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating
a suspected violation of law; (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal; or (z) to an attorney for use in a court proceeding in connection with a lawsuit against the employer for retaliation
for reporting a suspected violation of law if the information is filed under seal and not disclosed except pursuant to court order.1

 

 

1
18 U.S.C. § 1833(b)(1)-(2).

 

    12

     

    

 

17. 
Miscellaneous Provisions.

 

(a) 
Entire Agreement; Amendments.

 

(i) 
This Agreement and the other agreements referred to herein contain the entire agreement between the Parties hereto and supersede
any and all prior agreements and understandings concerning the Executive’s employment by the Company.

 

(ii) 
This Agreement shall not be altered or otherwise amended, except pursuant to an instrument in writing signed by each of
the Parties hereto.

 

(b) 
Descriptive Headings. Descriptive headings are for convenience only and shall not control or affect the meaning or
construction of any provisions of this Agreement. When the context admits or requires, words used in the masculine gender shall
be construed to include the feminine, the plural shall include the singular, and the singular shall include the plural.

 

(c) 
Notices. All notices or other communications pursuant to this Agreement shall be in writing and shall be deemed to
be sufficient if delivered personally, telecopied, sent by nationally-recognized, overnight courier or mailed by registered or
certified mail (return receipt requested), postage prepaid, to the Parties at the following addresses (or at such other address
for a party as shall be specified by like notice):

 

(i) 
if to the Company, to:

 

General Counsel

Shift Technologies, Inc.

2525 16th Street, Suite 316, San
Francisco, CA 94103

(650) 246-9966

amandab@shift.com

 

with a copy to:

 

Matthew J. Renaud

Jenner & Block LLP

353 N. Clark Street, Chicago, IL 60654

(312) 923-2958

MRenaud@jenner.com

 

    13

     

    

 

(ii) 
if to the Executive, to the address in the Company’s personnel records.

 

All such notices and other communications
shall be deemed to have been delivered and received (A) in the case of personal delivery, on the date of such delivery, (B) in
the case of delivery by telecopy, on the date of such delivery, (C) in the case of delivery by nationally-recognized, overnight
courier, on the Business Day following dispatch, and (D) in the case of mailing, on the third Business Day following such mailing.
As used herein, “Business Day” shall mean any day that is not a Saturday, Sunday or a day on which banking institutions
in the state of California are not required to be open.

 

(d) 
Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart shall be deemed
to be an original instrument, but all such counterparts together shall constitute but one agreement. This Agreement may be executed
and delivered by facsimile.

 

(e) 
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
state of California applicable to contracts made and performed wholly therein without regard to rules governing conflicts of law,
provided that, the parties agree that the definition of a Change in Control shall be governed by Delaware law.

 

(f) 
Non-Exclusivity of Rights; Resignation from Boards; Clawback.

 

(i) 
Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in or rights
under any benefit, bonus, incentive or other plan or program provided by the Company and for which the Executive may qualify; provided,
however, the Executive hereby waives the Executive’s right to receive payments under any severance plan or similar program
applicable to employees of the Company.

 

(ii) 
Except as otherwise determined by the Board, if the Executive’s employment with the Company terminates for
any reason, the Executive shall immediately resign from all boards of directors of the Company Entities, and any other entities
for which the Executive serves as a representative of the Company and any committees thereof, provided that, prior to Executive’s
termination of employment, the Executive may petition the Board in writing for the Board to waive Executive’s required resignation
from the Board following Executive’s termination. The Board will take formal action on such petition within 10 Business Days
of its receipt thereof.

 

(iii) 
The Executive agrees that the Executive will be subject to any compensation clawback, recoupment and anti-hedging
policies that may be applicable to the Executive as an executive of the Company, as in effect from time to time and as approved
by the Board or a duly authorized committee thereof.

 

(g) 
Benefits of Agreement; Assignment. All of the terms and provisions of this Agreement shall be binding upon and inure
to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and
assigns of the Parties hereto, except that the duties and responsibilities of the Executive under this Agreement are of a personal
nature and shall not be assignable or delegable in whole or in part by the Executive. The Company shall require any successor (whether
direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business
or assets of the Company, within fifteen (15) days of such succession, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place and
the Executive acknowledges that in such event the obligations of the Executive hereunder, including but not limited to those under
Sections 15 or 16, will continue to apply in favor of the successor. Without limitation, the Company may move the Executive’s
employment from Shift to the Company, or another Company Entity at which other officers of the Company are employed.

 

    14

     

    

 

(h) 
Waiver of Breach. No delay or omission by a party in exercising any right, remedy or power under this Agreement or
existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such
party from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion.

 

(i) 
Severability. In the event that any provision of this Agreement is determined to be partially or wholly invalid,
illegal or unenforceable in any jurisdiction, then such provision shall, as to such jurisdiction, be modified or restricted to
the extent necessary to make such provision valid, binding and enforceable, or if such provision cannot be modified or restricted,
then such provision shall, as to such jurisdiction, be deemed to be excised from this Agreement; provided, however, that the binding
effect and enforceability of the remaining provisions of this Agreement, to the extent the economic benefits conferred upon the
Parties by virtue of this Agreement remain substantially unimpaired, shall not be affected or impaired in any manner, and any such
invalidity, illegality or unenforceability with respect to such provisions shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

(j) 
Remedies. All remedies hereunder are cumulative, are in addition to any other remedies provided for by law and may,
to the extent permitted by law, be exercised concurrently or separately, and the exercise of any one remedy shall not be deemed
to be an election of such remedy or to preclude the exercise of any other remedy. The Executive acknowledges that in the event
of a breach of any of the Executive’s covenants contained in Sections 15 or 16, the Company shall be entitled to immediate
relief enjoining such violations in any court or before any judicial body having jurisdiction over such a claim.

 

(k) 
Survival. The respective rights and obligations of the Parties hereunder shall survive the termination of this Agreement
to the extent necessary to the intended preservation of such rights and obligations.

 

(l) 
Jurisdiction. Each of the Parties hereto hereby irrevocably and unconditionally submits, for itself and its property,
to the exclusive jurisdiction of any California state court or federal court of the United States of America sitting in the state
of California, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement
or any related agreement or for recognition or enforcement of any judgment. Each of the Parties hereto hereby irrevocably and unconditionally
agrees that jurisdiction and venue in such courts would be proper, and hereby waive any objection that such courts are an improper
or inconvenient forum. Each of the Parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the Parties
hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or any related agreement in any California state or federal court. Each of the Parties hereto irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

    15

     

    

 

(m) 
Withholding. All payments under this Agreement shall be made subject to applicable tax withholding, and the Company
shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold
pursuant to any law or governmental rule or regulation. The Executive shall bear all expense of, and be solely responsible for,
all federal, state and local taxes due with respect to any payment received under this Agreement.

 

(n) 
Compliance with Section 409A of the Code.

 

(i) 
This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations, to the extent applicable.
Severance benefits under the Agreement are intended to be exempt from Section 409A of the Code under the “short term deferral”
exemption, to the maximum extent applicable, and then under the “separation pay” exemption, to the maximum extent applicable.
Notwithstanding anything in this Agreement to the contrary, payments may only be made under this Agreement upon an event and in
a manner permitted by Section 409A of the Code, to the extent applicable. As used in the Agreement, the term “termination
of employment” shall mean the Executive’s separation from service with the Company within the meaning of Section 409A
of the Code and the regulations promulgated thereunder. In no event may the Executive, directly or indirectly, designate the calendar
year of a payment. For purposes of Section 409A of the Code, each payment hereunder shall be treated as a separate payment and
the right to a series of payments shall be treated as the right to a series of separate payments. All reimbursements and in-kind
benefits provided under the Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code.
Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of the Executive’s execution
of the Release, directly or indirectly, result in the Executive designating the calendar year of payment, and if a payment that
is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable
year.

 

(ii) 
Notwithstanding anything herein to the contrary, if, at the time of the Executive’s termination of employment with
the Company, the Company has securities which are publicly traded on an established securities market and the Executive is a “specified
employee” (as such term is defined in section 409A of the Code) and it is necessary to postpone the commencement of any payments
or benefits otherwise payable under this Agreement as a result of such termination of employment to prevent any accelerated or
additional tax under section 409A of the Code, then the Company will postpone the commencement of the payment of any such payments
or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Executive) that are
not otherwise paid within the ‘short-term deferral exception’ under Treas. Reg. §1.409A-1(b)(4), and the ‘separation
pay exception’ under Treas. Reg. §1.409A-1(b)(9)(iii), until the first payroll date that occurs after the date that
is six months following the Executive’s “separation of service” (as such term is defined under code section 409A
of the Code) with the Company. If any payments are postponed due to such requirements, such postponed amounts will be paid in a
lump sum to the Executive on the first payroll date that occurs after the date that is six months following Executive’s separation
of service with the Company. If the Executive dies during the postponement period prior to the payment of postponed amount, the
amounts withheld on account of section 409A of the Code shall be paid to the personal representative of the Executive’s estate
within sixty (60) days after the date of the Executive’s death.

 

(o) 
Attorneys’ Fees. The Company shall reimburse Executive for his reasonable legal fees incurred in connection
with review of and revisions to this Agreement, in an amount not to exceed Seven Thousand Five Hundred dollars ($7,500).

 

[Signature page follows]

 

    16

     

    

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement as of the date and year first above written.

 

	 	SHIFT TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	Name: 
	 	Title:
	 	 	 
	 	SHIFT PLATFORM, INC.
	 	 	 
	 	By:	                                  
	 	Name:
	 	Title:
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	By:	 
	 	Name: George Arison

 

    17

     

    

 

Exhibit A

 

2021 Annual Bonus Program

 

The following terms and conditions shall govern the Annual Bonus
of the Executive for the performance year of 2021, which Annual Bonus will be paid in accordance with Section 3(a) of the Employment
Agreement in 2022.

 

Subject to the Executive’s continued employment with Shift
through the date the 2021 Annual Bonus is paid, the Executive shall be eligible for an Annual Bonus of:

 

		●	200% of the Executive’s 2021 Annual Salary if the Company (on a consolidated basis) meets the performance goals for 2021
to be established by the Company’s Compensation Committee for senior executives of the Company, based on the Company’s
2021 budget as approved by the Board. The Compensation Committee shall determine such performance goals no later than December
31, 2020 following consultation with the Co-CEOs.

 

		●	An additional 100% of Executive’s 2021 Annual Salary if the Company (on a consolidated basis) meets the performance goals
for 2021 to be established by the Company’s Compensation Committee, based on stretch goals when compared to the Company’s
2021 annual budget as approved by the Board. The Compensation Committee shall determine such performance goals no later than December
31, 2020 following consultation with the Co-CEOs.

 

    18

     

    

 

Exhibit B

 

Form of Award
pursuant to the

Company’s 2020 Omnibus Equity Compensation Plan

 

[Attached]

 

    19

     

    

 

Exhibit C

 

Form of Release

 

[Attached]

 

    20

     

    

 

Release Agreement

 

This Release Agreement (the “Agreement”), by and
between Shift Technologies, Inc. (the “Company”) and George Arison (“You” or “Your”) (the Company
and You collectively referred to as the “Parties”) is entered into and effective as of _____________ (the “Effective
Date”). You and the Company previously entered into that certain Employment Agreement, dated as of _________________, as
amended from time to time (the “Employment Agreement”).

 

1. 
Separation Date; Accrued Obligations. The Parties acknowledge and agree that Your employment with the Company terminated
effective as of ________________ (the “Separation Date”). The Company will pay You all Accrued Obligations (as defined
in the Employment Agreement), as provided in Section 8(b) of the Employment Agreement.

 

2. 
Separation Payments. Provided that You satisfy the conditions of this Agreement, including the return of all Company
property, and do not revoke this Agreement, the Company shall pay [DESCRIBE APPLICABLE
BENEFITS] in accordance with Section [__] of the Employment Agreement,
which together with Sections [15(c), 16, and 17] of the Employment Agreement,
are incorporated herein (the “Separation Payments”). Notwithstanding the foregoing, in the event of a material, uncured
breach of this Agreement, You acknowledge and agree that: (a) the Company shall have the right, upon five (5) days’ notice
to You, to file a lawsuit against You to recover ninety-five percent (95%) of the Separation Payments, as such amount is not deemed
earned absent Your compliance with this Agreement; and (b) the remaining five percent (5%) of the Separation Payments shall constitute
full and complete consideration sufficient to support enforcement of this Agreement against You, including, but not limited to,
enforcement of Your release of claims set forth below.

 

3. 
Employee Benefits; Equity Awards. Because You are no longer employed, Your rights to any particular employee benefit
shall be governed by applicable law and the terms and provisions of the Company’s various employee benefit plans and arrangements.
You agree that the treatment of any equity-based compensation awards granted to You by Company under an equity agreement will be
governed by the terms of such awards and such equity agreement. Following the Separation Date, the Company will not grant You any
equity-based compensation awards.

 

4. 
Release. In exchange for the Separation Payments, You release and discharge the Company2
from any and all claims, charges, or lawsuits of any kind or nature (and will not cause any action or claim to be commenced) based
upon facts, transactions, or omissions that occurred on or before the date You sign this Agreement, arising out of Your employment
or the cessation of Your employment, claims arising out of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C.
§§ 1001-1461, claims to stock options, claims to the vesting of stock options, claims arising out of or relating to equity
or other ownership interest in the Company, claims for breach of contract, claims for tort, negligent hiring, negligent retention,
negligent supervision, negligent training, employment discrimination, retaliation, or harassment, as well as any other statutory
or common law claims, at law or in equity, recognized under any federal, state, or local law. You also release any claims for unpaid
back pay, sick pay, vacation pay, expenses, bonuses, claims arising out of or relating to equity or other ownership interest in
the Company, claims to commissions, attorneys’ fees, or any other compensation. You agree that You are not entitled to any
additional payment or benefits from the Company, except as set forth in this Agreement or under an Equity Agreement. You further
agree that You have suffered no harassment, retaliation, employment discrimination, or work-related injury or illness and that
You do not believe that this Agreement is a subterfuge to avoid disclosure of sexual harassment or gender discrimination allegations
or to waive such claims. You acknowledge and represent that You (i) have been fully paid (including, but not limited to, any overtime
to which You are entitled, if any) for hours You worked for the Company, and (ii) do not claim that the Company violated or denied
Your rights under the Fair Labor Standards Act. Notwithstanding the foregoing, the release of claims set forth in this Section
does not waive (x) Your right to receive benefits under the Company’s 401(k) or other employee benefit plan, if any, that
either (a) have accrued or vested prior to the Effective Date, or (b) are intended, under the terms of such plans, to survive Your
separation from the Company, (y) Your rights to be indemnified under applicable law or Your indemnity agreement or any other indemnification
arrangement or D&O insurance policy applicable to You or (z) Your rights to enforce this Agreement.

 

 

2
For purposes of Sections 4, 5 and 6 of this Agreement, the
term “Company” includes the Company, the Company’s parents, subsidiaries, affiliates, and all related companies,
as well as each of their respective current and former officers, directors, shareholders, members, managers, employees, agents,
and any other representatives, any employee benefits plan of the Company, and any fiduciary of those plans, in each case, in their
capacity as such.

 

    21

     

    

 

5. 
ADEA/OWBPA Waiver. By agreeing to this provision, You release and waive any right or claim against the Company1
arising out of Your employment or the termination of Your employment with the Company under the Age Discrimination in Employment
Act, as amended, 29 U.S.C. § 621 et seq. (“ADEA”), and the Older Workers Benefit Protection Act, 29 U.S.C. §
621 et seq. (“OWBPA”) (such release and waiver referred to as the “Waiver”). You understand and agree
that, (i) this Agreement is written in a manner that You understand; (ii) You do not release or waive rights or claims that may
arise after You sign this Agreement; (iii) You waive rights and claims You may have had under the OWBPA and the ADEA, but only
in exchange for payments and/or benefits in addition to anything of value to which You are already entitled; (iv) You are advised
to consult with an attorney before signing this Agreement; (v) You have [twenty-one
(21)]/[forty-five (45)] calendar days from receipt of this Agreement to
consider whether to sign it (the “Offer Period”). The Parties agree that the Company may revoke this offer at any
time. However, if You sign before the end of the Offer Period, You acknowledge that Your decision to do so was knowing, voluntary,
and not induced by fraud, misrepresentation, or a threat to withdraw, alter, or provide different terms prior to the expiration
of the Offer Period. You agree that changes or revisions to this Agreement, whether material or immaterial, do not restart the
running of the Offer Period; (vi) You have seven (7) calendar days after signing this Agreement to revoke this Agreement (the
“Revocation Period”). If You revoke, the Agreement shall not be effective or enforceable and You shall not be entitled
to the consideration set forth in this Agreement. To be effective, the revocation must be in writing and received by [TBD],
prior to expiration of the Revocation Period; and (vii) this Waiver shall not become effective or enforceable until the Revocation
Period has expired.

 

6. 
Unknown Claims and Section 1542 Waiver. You expressly waive any and all rights that You may have under any state
or local statute, executive order, regulation, common law and/or public policy related to unknown claims, including but not limited
to California Civil Code Section 1542, which provides:

 

    22

     

    

 

A general release
does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time
of executing the release, and that, if known by him or her, would have materially affected his or her settlement with the debtor
or released party.

 

7. 
No Admission of Liability. This Agreement is not an admission of liability by the Company.1
The Company denies any liability whatsoever. The Company enters into this Agreement to reach a mutual agreement concerning Your
separation from the Company.

 

8. 
Restrictive Covenants and Dispute Resolution. You acknowledge and agree that You continue to be subject to the provisions
of Sections 15(c), 16 and 17 of the Employment Agreement, the terms of which survive Your separation from the Company and are incorporated
herein mutatis mutandis.

 

9. 
Return of Company Property. You shall immediately return to the Company all of the Company’s property, including,
but not limited to, computers, computer equipment, office equipment, mobile phone, keys, passcards, credit cards, confidential
or proprietary lists (including, but not limited to, customer, supplier, licensor, and client lists), tapes, laptop computer, electronic
storage device, software, computer files, marketing and sales materials, and any other property, record, document, or piece of
equipment belonging to the Company. You shall not (a) retain any copies of the Company’s property, including any copies existing
in electronic form, which are in Your possession, custody, or control, or (b) destroy, delete, or alter any Company property, including,
but not limited to, any files stored electronically, without the Company’s prior written consent. The obligations contained
in this Section shall also apply to any property which belongs to a third party, including, but not limited to, (i) any entity
which is affiliated or related to the Company, or (ii) the Company’s customers, licensors, or suppliers.

 

10. 
Prohibited Post-Employment Activities. You acknowledge and agree that, effective as of the Separation Date: (a) You
removed any reference to the Company as Your current employer from any source You control, either directly or indirectly, including,
but not limited to, any Social Media such as LinkedIn, Facebook, Google+, Twitter and/or Instagram, and (b) You are not permitted
to represent Yourself as currently being employed by the Company to any person or entity, including, but not limited to, on any
Social Media. For purposes of this Section, “Social Media” means any form of electronic communication (such as Web
sites for social networking and micro blogging) through which users create online communities to share information, ideas, personal
messages and other content, such as videos.

 

11. 
Entire Agreement. This Agreement, together with the provisions of the Employment Agreement incorporated herein, constitutes
the entire agreement between the Parties. This Agreement supersedes any prior communications, agreements, or understandings, whether
oral or written, between the Parties arising out of or relating to Your employment and the termination of that employment. Other
than the terms of this Agreement, no other representation, promise, or agreement has been made with You to cause You to sign this
Agreement.

 

12. 
Non-Interference. Notwithstanding anything to the contrary set forth in this Agreement or in any other agreement
between You and the Company, nothing in this Agreement or in any other agreement shall limit Your ability, or otherwise interfere
with Your rights, to (a) file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations
Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state,
or local governmental agency or commission (each a “Government Agency”), (b) communicate with any Government Agency
or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing
documents or other information, without notice to the Company, (c) receive an award for information provided to any Government
Agency, or (d) engage in activity specifically protected by Section 7 of the National Labor Relations Act, or any other federal
or state statute or regulation.

 

    23

     

    

 

13. 
Voluntary Agreement. You acknowledge the validity of this Agreement and represent that You have the legal capacity
to enter into this Agreement. You acknowledge and agree You have carefully read the Agreement, know and understand the terms and
conditions, including its final and binding effect, and sign it voluntarily.

 

14. 
Execution. This Agreement may be executed in one or more counterparts, including, but not limited to, facsimiles
and scanned images, and it shall not be necessary that the signatures of all Parties hereto be contained on any one counterpart.
Each counterpart shall for all purposes be deemed to be an original, and each counterpart shall constitute this Agreement.

 

14. Governing Law.
THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REFERENCE TO PRINCIPLES
OF CONFLICTS OF LAWS OF CALIFORNIA OR ANY OTHER JURISDICTION, AND, WHERE APPLICABLE, THE LAWS OF THE UNITED STATES.

 

If
the terms set forth in this Agreement are acceptable, please initial each page, sign below and return the signed original to the
[TBD], on or before the [21st][45th]
day after You receive this Agreement. If the Company does not receive a signed original on or before the [21st][45th]
day after You receive this Agreement, then this offer is revoked, and You shall not be entitled to the consideration set forth
in this Agreement.

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement to be effective as of the Effective Date.

 

	Shift Technologies, Inc.	 	George Arison
	 	 	 	 	 
	By:	 	 	 
	 	 	 	 	 
	Its:	                   	 	Date: 	                    
	 	 	 	 	 
	Date: 	 	 	 	 

 

    24

     

    

 

Exhibit
D

 

Prior
Materials

 

		☐	No Prior Materials

 

		☐	Prior Materials include: 	 

 

 

25

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