Document:

Exhibit 10.3

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this 28th day of September 2020, by and between Novus Capital
Corporation, a Delaware corporation (the “Issuer”), and each of the undersigned subscribers (each a “Subscriber”
and together the “Subscribers”).

 

WHEREAS, concurrently
with the execution and delivery of this Subscription Agreement, the Issuer is entering into that certain Business Combination Agreement
and Plan of Reorganization, dated as of the date of this Subscription Agreement (as may be amended or supplemented from time to
time, the “Combination Agreement”), among the Issuer, ORGA, Inc., a Delaware corporation and a wholly owned
subsidiary of the Issuer, and AppHarvest Inc., a Delaware public benefit corporation (“AppHarvest”), pursuant
to which the Issuer will acquire AppHarvest in consideration of the issuance by the Issuer of 50,000,000 shares of the Issuer’s
common stock, on the terms and subject to the conditions set forth therein (the “Transaction”);

 

WHEREAS, in connection
with the Transaction, on the terms and subject to the conditions set forth in this Subscription Agreement, Subscriber desires to
subscribe for and purchase from the Issuer the number of shares of the Issuer’s common stock, par value $0.0001 per share
(the “Shares”), set forth on the signature page hereto (the “Acquired Shares”) for a
purchase price of $10.00 per share (the “Share Purchase Price”), or the aggregate purchase price set forth on
the signature page hereto (the “Purchase Price”), and the Issuer desires to issue and sell to Subscriber
the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Issuer at or prior
to the Closing Date (as defined herein); and

 

WHEREAS, in connection
with the Transaction, certain other institutional “accredited investors” (as such term is defined in Rule 501
under the Securities Act of 1933, as amended (the “Securities Act”, and each such institutional “accredited
investor”, an “Other Subscriber”)), have entered into subscription agreements with the Issuer substantially
similar to this Subscription Agreement, pursuant to which such Other Subscribers have agreed to subscribe for and purchase, and
the Issuer has agreed to issue and sell to such Other Subscribers, on the Closing Date, Shares at the Share Purchase Price (the
 “Other Subscription Agreements”).

 

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

 

1.            Subscription.
Subject to the terms and conditions hereof, each Subscriber, severally and not jointly, hereby agrees to subscribe for and purchase,
and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such
subscription and issuance, the “Subscription”).

 

2.            Closing.

 

a.            Subject
to the satisfaction or waiver of the conditions set forth in Section 2(c), the closing of the Subscription contemplated
hereby (the “Closing”) shall occur on the date of, and at a time immediately prior to, the closing of the Transaction
(such date, the “Closing Date”). Not less than five (5) business days prior to the Closing Date, the Issuer
shall provide written notice to Subscriber (the “Closing Notice”) of the Closing Date.

 

     

     

    

 

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

 

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

 

(ii)          On
the Closing Date, the Issuer shall (A) establish at the Issuer’s transfer agent in book entry form on behalf of Subscriber
the Acquired Shares, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal
securities laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated
by Subscriber, as applicable, and (B) deliver evidence of such issuance of the Acquired Shares to Subscriber from the Issuer’s
transfer agent. Each book entry for the Acquired Shares shall contain a notation in substantially the following form:

 

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

 

c.            The
Closing shall be subject to the satisfaction on the Closing Date, or the waiver by each of the parties hereto, of each of the following
conditions:

 

(i)           no
suspension of the qualification of the Acquired Shares for offering or sale or trading in any jurisdiction, or initiation or threatening
of any proceedings for any of such purposes, shall have occurred;

 

(ii)          all
representations and warranties of the Issuer and Subscriber contained in this Subscription Agreement shall be true and correct
in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect
(as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date, and consummation
of the Closing shall constitute a reaffirmation by each of the Issuer and Subscriber of each of the representations, warranties
and agreements of each such party contained in this Subscription Agreement as of the Closing Date (other than those representations
and warranties expressly made as of an earlier date, which shall be true and correct in all material respects as of such earlier
date);

 

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

 

    2

     

    

 

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

 

(v)          no
amendment, modification or waiver of the Combination Agreement shall have occurred that would reasonably be expected to materially
and adversely affect the economic benefits that Subscriber or the Issuer would reasonably expect to receive under this Subscription
Agreement, including, without limitation, any material amendment or waiver of any representation or covenant of the Issuer or AppHarvest
relating to the financial position or outstanding indebtedness of the Issuer or AppHarvest;

 

(vi)         no
Novus Material Adverse Effect (as defined in the Combination Agreement) shall have been declared by AppHarvest or Company Material
Adverse Effect (as defined in the Combination Agreement) shall have been declared by the Issuer between the date hereof and the
Closing Date; and

 

(vii)        all
conditions precedent to the closing of the Transaction, including all necessary approvals of the Issuer’s stockholders and
regulatory approvals, if any, shall have been satisfied or waived (other than those conditions that may only be satisfied at the
closing of the Transaction, but subject to satisfaction of such conditions as of the closing of the Transaction).

 

d.           At
the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties
reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription
Agreement.

 

e.           In
the event the Transaction does not occur within one (1) business day of the Closing, the Issuer shall promptly (but not later
than two (2) business days thereafter) return the Purchase Price to Subscriber, and any book entries shall be deemed cancelled.
For purposes of this Subscription Agreement, “business day” means any day other than a Sunday or a day on which the
Federal Reserve Bank of New York is closed.

 

3.           Issuer
Representations and Warranties. The Issuer represents and warrants that:

 

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

 

    3

     

    

 

b.           The
Acquired Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the Acquired Shares
in accordance with the terms of this Subscription Agreement and registered with the Issuer’s transfer agent, the Acquired
Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive
or similar rights created under the Issuer’s certificate of incorporation and bylaws or under the laws of the State of Delaware.

 

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

 

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

 

e.           There
are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution or similar provisions that
will be triggered by the issuance of (i) the Acquired Shares or (ii) the Shares to be issued pursuant to any Other Subscription
Agreement, in each case, that have not been or will not be validly waived on or prior to the Closing Date.

 

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

 

    4

     

    

 

g.           The
Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in
connection with the execution, delivery and performance by the Issuer of this Subscription Agreement (including, without limitation,
the issuance of the Acquired Shares), other than (i) the filing with the Securities and Exchange Commission (the “Commission”)
of the Registration Statement (as defined below), (ii) approval of the Issuer’s stockholders to increase the authorized
shares of the Issuer’s common stock and the filing of an amended and restated certificate of incorporation authorizing a
sufficient number of authorized shares of Issuer’s common stock to issue the Acquired Shares and Shares purchased by the
Other Subscribers pursuant to the Other Subscription Agreements; (iii) filings required by applicable state or federal securities
laws, (iv) the filings required in accordance with Section 9(n), (v) those required by the NASDAQ Stock Market
(“NASDAQ”), including with respect to obtaining stockholder approval, and (vi) the failure of which to obtain
would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect or materially affect the
validity of the Acquired Shares or the legal authority of the Issuer to comply in all material respects with this Subscription
Agreement.

 

h.           The
Acquired Shares are not, and following the Closing and the closing of the Transaction will not be, subject to any Transfer Restriction.
The term “Transfer Restriction” means any condition to or restriction on the ability of the undersigned to pledge,
sell, assign or otherwise transfer the Acquired Shares under any organizational document, policy or agreement of, by or with the
Issuer, but excluding the restrictions on transfer described in paragraph 4(e) of this Subscription Agreement with respect
to the status of the Acquired Shares as “restricted securities” pending their registration for resale under the Securities
Act in accordance with the terms of this Subscription Agreement.

 

i.            The
authorized capital stock of the Issuer consists of (i) 1,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred
Stock”) and (ii) 30,000,000 Shares and as of the date hereof and as of immediately prior to the Closing: (i) no
shares of Preferred Stock are issued and outstanding and (ii) 12,650,000 Shares are issued and outstanding and (iv) 13,250,000
warrants, each entitling the holder thereof to purchase one Share at an exercise price of $11.50 per Share, are outstanding. All
(i) issued and outstanding Shares have been duly authorized and validly issued, are fully paid and non-assessable and are
not subject to preemptive rights and (ii) outstanding warrants have been duly authorized and validly issued, are fully paid
and are not subject to preemptive rights. As of the date hereof, except as set forth above and pursuant to (i) the Other Subscription
Agreements, or (ii) the Combination Agreement (including the exhibits and schedules thereto), there are no outstanding options,
warrants or other rights to subscribe for, purchase or acquire from the Issuer any Shares or other equity interests in the Issuer
(collectively, “Equity Interests”) or securities convertible into or exchangeable or exercisable for Equity
Interests. As of the date hereof, the Issuer has no subsidiaries other than Merger Sub and does not own, directly or indirectly,
interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no stockholder
agreements, voting trusts or other agreements or understandings to which the Issuer is a party or by which it is bound relating
to the voting of any Equity Interests, other than (A) as disclosed in the SEC Documents (as defined below) and (B) as
contemplated by the Combination Agreement.

 

    5

     

    

 

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

 

k.           The
issued and outstanding Shares are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and are listed for trading on NASDAQ. There is no suit, action, proceeding
or investigation pending or, to the knowledge of the Issuer, threatened against the Issuer by NASDAQ or the Commission with respect
to any intention by such entity to deregister the Shares or prohibit or terminate the listing of the Shares on the NASDAQ. The
Issuer has taken no action that is designed to terminate the registration of the Shares under the Exchange Act.

 

l.            Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 4, no registration under the
Securities Act is required for the offer and sale of the Acquired Shares by the Issuer to Subscriber in the manner contemplated
by this Subscription Agreement.

 

m.          Neither
the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired Shares.

 

n.           The
Issuer has not entered into any side letter or similar agreement with any Other Subscriber or any other investor in connection
with such Other Subscriber’s direct or indirect investment in the Issuer other than (i) the Combination Agreement and
(ii) the Other Subscription Agreements; provided, no Other Subscription Agreement includes terms and conditions that are materially
more advantageous to any such Other Subscriber than Subscriber hereunder. The Other Subscription Agreements have not been amended
in any material respect following the date of this Subscription Agreement and reflect the same Share Purchase Price and terms that
are no more favorable to any such Other Subscriber thereunder than the terms of this Subscription Agreement.

 

o.           The
Issuer has made available to Subscriber (including via the Commission’s EDGAR system) a copy of each form, report, statement,
schedule, prospectus, proxy, registration statement and other document, if any, filed by the Issuer with the Commission since its
initial registration of the Shares (the “SEC Documents”), which SEC Documents, as of their respective filing
dates, complied in all material respects with the requirements of the Securities Act and Exchange Act applicable to the SEC Documents
and the rules and regulations of the Commission promulgated thereunder applicable to the SEC Documents. None of the SEC Documents
(except to the extent that information contained in any SEC Document has been superseded by a later timely filed SEC Document)
contained, when filed any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided,
that, with respect to the proxy statement to be filed by the Issuer with respect to the Transaction or any of its affiliates included
in any SEC Document or filed as an exhibit thereto, the representation and warranty in this sentence is made to the Issuer’s
knowledge. The Issuer has timely filed each report, statement, schedule, prospectus, and registration statement that the Issuer
was required to file with the Commission since its inception. The financial statements of the Issuer included in the SEC Documents
comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with
respect thereto as in effect at the time of filing and fairly present in all material respects the financial position of the Issuer
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, year-end audit adjustments.

 

    6

     

    

 

p.           There
are no material outstanding or unresolved comments in comment letters from the Staff of the Commission with respect to any of the
SEC Documents.

 

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

 

r.            Except
for placement fees payable to Cowen and Company, LLC, in its capacity as placement agent for the offer and sale of the Acquired
Shares (in such capacity, the “Placement Agent”), the Issuer has not paid, and is not obligated to pay, any
brokerage, finder’s or other commission or similar fee in connection with its issuance and sale of the Acquired Shares, including,
for the avoidance of doubt, any fee or commission payable to any stockholder or affiliate of the Issuer.

 

4.           Subscriber
Representations and Warranties. Each Subscriber, severally and not jointly, represents and warrants that:

 

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

 

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

 

    7

     

    

 

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

 

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

 

e.           Subscriber
understands that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning of
the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands that
the Acquired Shares may not be resold, Transferred, pledged or otherwise disposed of by Subscriber absent an effective registration
statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant
to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (iii) pursuant
to Rule 144 under the Securities Act, provided that all of the applicable conditions thereof have been met or (iv) pursuant
to another applicable exemption from the registration requirements of the Securities Act (including without limitation, a private
resale pursuant to so-called Rule 4 (1 1⁄2)), and that any certificates or book-entry records representing the Acquired
Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Shares will not be eligible for resale
pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Shares will
be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell
the Acquired Shares and may be required to bear the financial risk of an investment in the Acquired Shares for an indefinite period
of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or
Transfer of any of the Acquired Shares. For purposes of this Agreement “Transfer” shall mean any direct or indirect
transfer, redemption, disposition or monetization in any manner whatsoever, including, without limitation, through any derivative
transactions.

 

    8

     

    

 

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

 

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

 

h.           In
making its decision to subscribe for and purchase the Acquired Shares, Subscriber represents that it has relied solely upon its
own independent investigation. Without limiting the generality of the foregoing, Subscriber has not relied on any statements or
other information provided by the Placement Agent or any of their respective affiliates, or any of their respective officers, directors,
employees or representatives, concerning the Issuer or the Acquired Shares or the offer and sale of the Acquired Shares. Subscriber
acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make an investment
decision with respect to the Acquired Shares, including with respect to the Issuer and the Transaction. Subscriber represents and
agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions,
receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have
deemed necessary to make an investment decision with respect to the Acquired Shares.

 

i.            Subscriber
became aware of this offering of the Acquired Shares solely by means of direct contact between Subscriber and the Issuer or the
Placement Agent, and the Acquired Shares were offered to Subscriber solely by direct contact between Subscriber and the Issuer
or the Placement Agent. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered
to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired Shares (i) were
not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving
a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

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

 

    9

     

    

 

k.           Subscriber
acknowledges and agrees that neither the Placement Agent nor any affiliate of any of the Placement Agent (nor any officer, director,
employee or representative of the Placement Agent or any affiliate thereof) has provided Subscriber with any information or advice
with respect to the Acquired Shares nor is such information or advice necessary or desired. Subscriber acknowledges that none of
the Placement Agent, any affiliate of any of the Placement Agent or any of their respective officers, directors, employees or representatives
(i) have not made any representation as to the Issuer or the quality of the Acquired Shares, (ii) may have acquired non-public
information with respect to the Issuer which Subscriber agrees need not be provided to it, (iii) have made no independent
investigation with respect to the Issuer or the Acquired Shares or the accuracy, completeness or adequacy of any information supplied
to Subscriber by the Issuer, (iv) have not acted as Subscriber’s financial advisor or fiduciary in connection with the
issue and purchase of the Acquired Shares and (v) have not prepared a disclosure or offering document in connection with the
offer and sale of the Acquired Shares.

 

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

 

m.          Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Shares
or made any findings or determination as to the fairness of an investment in the Acquired Shares.

 

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

 

    10

     

    

 

o.           If
Subscriber is an employee benefit plan that is subject to ERISA, a plan, an individual retirement account or other arrangement
that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in section 3(32)
of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA)
or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S.
or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets are
considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”) subject
to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, then Subscriber represents and warrants
that neither the Issuer, nor any of its respective affiliates (the “Transaction Parties”) has acted as
the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the Acquired Shares,
and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect to any decision
to acquire, continue to hold or Transfer the Acquired Shares.

 

p.           Subscriber
has, and at the Closing will have, sufficient funds to pay the Purchase Price pursuant to Section 2(b)(i).

 

5.           Additional
Subscriber Agreement. Subscriber hereby agrees that, from the date of this Agreement, none of Subscriber, its controlled affiliates,
or any person or entity acting on behalf of Subscriber or any of its controlled affiliates or pursuant to any understanding with
Subscriber or any of its controlled affiliates will engage in any Short Sales with respect to securities of the Issuer prior to
the Closing. For purposes of this Section 5, “Short Sales” shall include, without limitation, all
 “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of
direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements),
forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and
other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding the foregoing, (i) nothing
herein shall prohibit other entities under common management with Subscriber that have no knowledge of this Subscription Agreement
or of Subscriber’s participation in the Transaction (including Subscriber’s controlled affiliates and/or affiliates)
from entering into any Short Sales and (ii) in the case of a Subscriber that is a multi-managed investment vehicle whereby
separate portfolio managers manage separate portions of such Subscriber’s assets and the portfolio managers have no knowledge
of the investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets, the representation
set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment
decision to purchase the Acquired Shares covered by this Subscription Agreement.

 

    11

     

    

 

6.           Registration
Rights.

 

a.           The
Issuer agrees that, within thirty (30) calendar days after the consummation of the Transaction (the “Filing Date”),
the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement registering the
resale of the Acquired Shares (the “Registration Statement”), and the Issuer shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than
the earlier of (i) the 60th calendar day (or 120th calendar day if the Commission notifies the Issuer that it will “review”
the Registration Statement) following the Closing and (ii) the 10th business day after the date the Issuer is notified (orally
or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will
not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however,
that the Issuer’s obligations to include the Acquired Shares in the Registration Statement are contingent upon Subscriber
furnishing in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and
the intended method of disposition of the Acquired Shares as shall be reasonably requested by the Issuer to effect the registration
of the Acquired Shares, and Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably
request that are customary of a selling stockholder in similar situations, including providing that the Issuer shall be entitled
to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period
or as permitted hereunder; provided further that Subscriber shall not in connection with the foregoing be required to execute
any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Acquired
Shares. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect
such Registration Statement by the Effectiveness Date shall not otherwise relieve the Issuer of its obligations to file or effect
the Registration Statement as set forth above in this Section 6. The Issuer will provide a draft of the Registration
Statement to the undersigned for review at least two (2) business days in advance of filing the Registration Statement. In
no event shall the undersigned be identified as a statutory underwriter in the Registration Statement unless requested by the Commission;
provided, that if the Commission requests that a Subscriber be identified as a statutory underwriter in the Registration
Statement, Subscriber will have the opportunity to withdraw from the Registration Statement. Notwithstanding the foregoing, if
the Commission prevents the Issuer from including any or all of the shares proposed to be registered under the Registration Statement
due to limitations on the use of Rule 415 of the Securities Act for the resale of the Acquired Shares by the applicable stockholders
or otherwise, such Registration Statement shall register for resale such number of Acquired Shares which is equal to the maximum
number of Acquired Shares as is permitted by the Commission. In such event, the number of Acquired Shares to be registered for
each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders and
holders of the Shares issuable upon conversion of the Company Interim Period Convertible Notes (as defined in the Combination Agreement).
Upon notification by the Commission that the Registration Statement has been declared effective by the Commission, within one (1) business
day thereafter, the Issuer shall file the final prospectus under Rule 424 of the Securities Act.

 

    12

     

    

 

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

 

(i)           except
for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement,
use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities
laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the applicable Registration
Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of
the following: (i) Subscriber ceases to hold any Acquired Shares or (ii) the date all Acquired Shares held by Subscriber
may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions which
may be applicable to affiliates under Rule 144 and without the requirement for the Issuer to be in compliance with the current
public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (iii) three (3) years
from the effective date of the Registration Statement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

(vi)        use
its commercially reasonable efforts to take all other steps necessary to effect the registration of the Acquired Shares contemplated
hereby;

 

(vii)       use
its commercially reasonable efforts to file all reports and other materials required to be filed by the Exchange Act so long as
the Issuer remains subject to such requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144 to enable Subscriber to sell the Acquired Shares under Rule 144 for so long as the Subscriber
holds Acquired Shares; and

 

(viii)      cause
the Issuer’s transfer agent to remove the legend set forth above in Section 2(b)(ii), at the Subscriber’s
request, when the Acquired Shares are sold pursuant to Rule 144 under the Securities Act or the Registration Statement or
may be sold without restriction under Rule 144. In connection therewith, if required by the Issuer’s transfer agent,
the Issuer will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any
other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent to
issue such Acquired Shares without any such legend.

 

    14

     

    

 

c.           Notwithstanding
anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone the effectiveness of
the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement or to suspend
the effectiveness thereof, if the negotiation or consummation of a transaction by the Issuer or its subsidiaries is pending or
an event has occurred, which negotiation, consummation or event the Issuer’s board of directors reasonably believes, upon
the advice of legal counsel, would require additional disclosure by the Issuer in the Registration Statement of material information
that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement
would be expected, in the reasonable determination of the Issuer’s board of directors, upon the advice of legal counsel,
to cause the Registration Statement to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension
Event”); provided, however, that the Issuer may not delay or suspend the Registration Statement on more
than two occasions or for more than sixty (60) consecutive calendar days, or more than ninety (90) total calendar days, in each
case during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event
during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement
or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the
prospectus) not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Acquired Shares
under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Subscriber
receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare) that corrects the misstatement(s) or
omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise
notified by the Issuer that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information
included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. If so directed by the Issuer,
Subscriber will deliver to the Issuer or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering
the Acquired Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy
all copies of the prospectus covering the Acquired Shares shall not apply (i) to the extent Subscriber is required to retain
a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements
or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically
on archival servers as a result of automatic data back-up.

 

d.           Subscriber
may deliver written notice (an “Opt-Out Notice”) to the Issuer requesting that Subscriber not receive notices
from the Issuer otherwise required by this Section 6; provided, however, that Subscriber may later revoke
any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the
Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with
any such notice and (ii) each time prior to Subscriber’s intended use of an effective Registration Statement, Subscriber
will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension
Event was previously delivered (or would have been delivered but for the provisions of this Section 6(d)) and the related
suspension period remains in effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber’s
notification to the Issuer, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will
provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability.

 

    15

     

    

 

e.           The
Issuer shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless each Subscriber
(to the extent a seller under the Registration Statement), the officers, directors, members, stockholders, partners, managers,
employees, advisers and agents of Subscriber, and each person who controls Subscriber (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against
any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue
statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement or
any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating
to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements
therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they
were made) not misleading, or (ii) any violation or alleged violation by the Issuer of the Securities Act, Exchange Act or
any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under
this Section 6, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements,
omissions or alleged omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber
expressly for use therein or Subscriber has omitted a material fact from such information or otherwise violated the Securities
Act, Exchange Act or any state securities law or any rule or regulation thereunder; provided, however, that the indemnification
contained in this Section 6 shall not apply to amounts paid in settlement of any Losses if such settlement is effected
without the consent of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Issuer
be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and
in conformity with written information furnished by Subscriber, (B) in connection with any failure of such person to deliver
or cause to be delivered a prospectus made available by the Issuer in a timely manner or (C) in connection with any offers
or sales effected by or on behalf of Subscriber in violation of Section 6(c) hereof. The Issuer shall notify Subscriber
promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated
by this Section 6 of which the Issuer is aware. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of an indemnified party and shall survive the Transfer of the Acquired Shares by Subscriber.

 

f.            Each
Subscriber shall, severally and not jointly, indemnify and hold harmless the Issuer, its directors, officers, agents and employees,
and each person who controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, (i) arising out
of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus
included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or (ii) arising out of or relating to any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading, with respect to (i) and/or (ii), to the extent,
but only to the extent, that such untrue or alleged untrue statements or omissions or alleged omissions are based upon information
regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein; provided, however, that
the indemnification contained in this Section 6(f) shall not apply to amounts paid in settlement of any Losses
if such settlement is effected without the consent of Subscriber (which consent shall not be unreasonably withheld, conditioned
or delayed). In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received
by Subscriber upon the sale of the Acquired Shares giving rise to such indemnification obligation. Subscriber shall notify the
Issuer promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated
by this Section 6(f) of which Subscriber is aware. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of an indemnified party and shall survive the Transfer of the Shares by Subscriber.

 

    16

     

    

 

7.           Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the
parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to
occur of (a) such date and time as the Combination Agreement is terminated in accordance with the terms therein, (b) upon
the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if any of the conditions
to Closing set forth in Section 2(c) are not satisfied on or prior to the Closing Date and, as a result thereof,
the transactions contemplated by this Subscription Agreement are not consummated at the Closing or (d) at the election of
Subscriber, on or after the date that is 270 days after the date hereof if the Closing has not occurred on or prior to such date;
provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination,
and each party will be entitled to any remedies at law or in equity to recover out-of-pocket losses, liabilities or damages arising
from such breach. The Issuer shall promptly notify Subscriber of the termination of the Combination Agreement promptly after the
termination of such agreement.

 

8.           Trust
Account Waiver. Each Subscriber acknowledges that the Issuer is a blank check company with the powers and privileges to effect
a merger, asset acquisition, reorganization or similar business combination involving the Issuer and one or more businesses or
assets. Subscriber further acknowledges that, as described in the Issuer’s prospectus relating to its initial public offering
dated May 14, 2020 (the “Prospectus”), available at www.sec.gov, substantially all of the Issuer’s
assets consist of the cash proceeds of the Issuer’s initial public offering and private placements of its securities, and
substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit
of the Issuer, its public stockholders and the underwriters of the Issuer’s initial public offering. Except with respect
to interest earned on the funds held in the Trust Account that may be released to the Issuer to pay for taxes, the cash in the
Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of the Issuer entering
into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself
and its representatives, agrees that it does not have any right, title or interest, or any claim of any kind in the monies held
in the Trust Account (each, a “Claim”) and hereby waives any Claim they have or may have in the future arising
out of this Subscription Agreement or otherwise, in or to any monies held in the Trust Account, and agrees not to seek recourse
against the Trust Account as a result of, or arising out of, this Subscription Agreement or otherwise; provided, however,
that nothing in this Section 8 shall be deemed to limit any Subscriber’s right, title, interest or claim to the
Trust Account by virtue of such Subscriber’s record or beneficial ownership of securities of the Issuer acquired by any means
other than pursuant to this Subscription Agreement, including but not limited to any redemption right with respect to any such
securities of the Issuer.

 

9.           Miscellaneous.

 

a.           Each
party hereto acknowledges that the other party hereto, the Placement Agents and others will rely on the acknowledgments, understandings,
agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, each party hereto agrees
to promptly notify the other party hereto if any of the acknowledgments, understandings, agreements, representations and warranties
made by such party as set forth herein are no longer accurate in all material respects. Subscriber further acknowledges and agrees
that the Placement Agent is a third-party beneficiary of the representations and warranties of Subscriber contained in Section 4.

 

    17

     

    

 

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

 

c.           Notwithstanding
anything to the contrary in this Subscription Agreement, prior to the Closing, Subscriber may transfer or assign all or a portion
of its rights under this Subscription Agreement; provided, that, such transferee or assignee agrees in writing to be bound
by and subject to the terms and conditions of this Subscription Agreement, makes the representations and warranties in Section 4
and completes Schedule A hereto. In the event of such a transfer or assignment, Subscriber shall update Schedule B
to provide the information required therein.

 

d.           All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

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

 

f.            This
Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against
whom enforcement of such modification, waiver, or termination is sought.

 

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

 

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

 

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

 

    18

     

    

 

 

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

 

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

 

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

 

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

 

(ii)           if
to the Issuer, to:

 

Novus Capital Corporation

8556 Oakmont Lane

Indianapolis, IN 46260

Attn: Robert J. Laikin, Chairman

E-mail: robertjlaikin@gmail.com

 

with a required copy to (which copy shall not constitute
notice):

 

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

Attention: Robert J. Mittman

Email: Rmittman@blankrome.com; and

 

(iii)          if
to the Placement Agent, to:

 

Cowen and Company, LLC

599 Lexington Avenue, 25th Floor

New York, NY 10022

Attn: Mark Saraiva

Email: mark.saraiva@cowen.com

 

    19 

     

    

 

m.           This
Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription Agreement
(whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement
of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the State of New York, without
giving effect to the principles of conflicts of law thereof.

 

THE PARTIES HERETO
IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE
SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK
SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED
TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT,
AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT
THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF
MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS,
AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED
BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON
OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH
SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 9(l) OR IN SUCH OTHER MANNER AS MAY BE
PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

EACH PARTY ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 9(m).

 

    20 

     

    

 

n.            The
Issuer shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby, the Transaction, and any other material,
nonpublic information that the Issuer has provided to Subscriber at any time prior to the filing of the Disclosure Document. From
and after the issuance of the Disclosure Document, to the Issuer’s knowledge, Subscriber shall not be in possession of any
material, nonpublic information received from the Issuer or any of its officers, directors or employees. Notwithstanding anything
in this Subscription Agreement to the contrary, the Issuer shall not, and shall cause its representatives, including the Placement
Agent and its representatives, not to publicly disclose the name of Subscriber or any of its affiliates, or include the name of
Subscriber or any of its affiliates in any press release or marketing materials, or for any similar or related purpose, or in any
filing with the Commission or any regulatory agency or trading market, without the prior written consent of Subscriber, except
(i) as required by the federal securities law in connection with the Registration Statement, (ii) in a press release
or marketing materials of the Issuer in connection with the Transaction to the extent any such disclosure is substantially equivalent
to the information that has previously been made public without breach of the obligation under this Section 9(n) and
(iii) to the extent such disclosure is required by law, at the request of the Staff of the Commission or regulatory agency
or under the regulations of NASDAQ, in which case the Issuer shall provide Subscriber with prior written notice of such disclosure
permitted under this subclause (iii).

 

o.            The
parties agree that irreparable damage would occur if any provision of this Subscription Agreement were not performed in accordance
with the terms hereof, and accordingly, that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches
of this Subscription Agreement or to enforce specifically the performance of the terms and provisions of this Subscription Agreement
in an appropriate court of competent jurisdiction as set forth in Section 9(m), in addition to any other remedy to
which any party is entitled at law or in equity.

 

[Signature pages follow.]

 

    21 

     

    

 

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

 

	 	NOVUS CAPITAL CORPORATION
	 
	 	By:	                          
	 	 	Name:
	 	 	Title:
	 
	Date: _____________________, 2020

 

Signature
Page to Subscription Agreement

 

    

     

    

 

	SUBSCRIBER:	 
	 	 
	Signature of Subscriber:	 
	 	 
	[SUBSCRIBER]	 
	 	 
	By:	                                                               	 
	Name:	 
	Title:	 
	 	 
	Date:                                               
     , 2020	 
	 	 
	Name of Subscriber:	 
	 	 
	(Please print. Please indicate name and capacity of person signing above)	 
	 	 
	Name in which securities are to be registered (if different):	 
	 	 
	Email Address:	 
	 	 
	Subscriber’s EIN: _______________	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	Attn: _________________________________	 
	 	 
	Telephone No.: __________________________	 
	 	 
	Facsimile No.: __________________________	 
	 	 
	Aggregate Number of Acquired Shares subscribed for: [●]	 
	 	 
	Aggregate Purchase Price: $[●]	 

 

Signature
Page to Subscription Agreement

 

    

     

    

 

You must pay the Purchase Price by wire transfer of United States
dollars in immediately available funds to the account specified by the Issuer in the Closing Notice.

 

Signature
Page to Subscription Agreement

 

    

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

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

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

		 ̈	Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

		 ̈	Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, and each owner
of such accounts is a QIB.

 

*** OR ***

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

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

 

		 ̈	Subscriber is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a
corporation, Massachusetts or similar business trust, or partnership that was not formed for the specific purpose of acquiring
the securities of the Issuer being offered in this offering, with total assets in excess of $5,000,000.

 

		 ̈	Subscriber is a “private business development company” as defined in Section 202(a)(22) of the Investment
Advisers Act of 1940.

 

		 ̈	Subscriber is a “bank” as defined in Section 3(a)(2) of the Securities Act.

 

		 ̈	Subscriber is a “savings and loan association” or other institution as defined in Section 3(a)(5)(A) of
the Securities Act, whether acting in its individual or fiduciary capacity.

 

		 ̈	Subscriber is a broker or dealer registered pursuant to Section 15 of the Exchange Act.

 

		 ̈	Subscriber is an “insurance company” as defined in Section 2(a)(13) of the Securities Act.

 

		 ̈	Subscriber is an investment company registered under the Investment Company Act of 1940.

 

    

     

    

 

		 ̈	Subscriber is a “business development company” as defined in Section 2(a)(48) of the Investment Company Act
of 1940.

 

		 ̈	Subscriber is a “Small Business Investment Company” licensed by the U.S. Small Business Administration under either
Section 301(c) or (d) of the Small Business Investment Act of 1958.

 

		 ̈	Subscriber is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions, for the benefit of its employees, and such plan has total assets in excess of $5,000,000.

 

		 ̈	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment
decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is one of the following.

 

 ̈     A
bank;

 

 ̈     A
savings and loan association;

 

 ̈     A
insurance company; or

 

 ̈     A
registered investment adviser.

 

	 ̈	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 with total
assets in excess of $5,000,000.

 

	 ̈	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 that is a
self-directed plan with investment decisions made solely by persons that are accredited investors.

 

	 ̈	Subscriber is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities
offered by the Issuer in this offering, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under
the Securities Act.

 

*** AND ***

 

		C.	AFFILIATE STATUS

(Please check the applicable box)

 

		SUBSCRIBER:	

 

	 ̈	is:

 

	 ̈	is not:

 

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

 

    Schedule A-2

     

    

 

SCHEDULE B

SCHEDULE OF TRANSFERS

 

Subscriber’s Subscription was in the
amount of [●] Shares. The following transfers of a portion of the Subscription have been made:

 

	Date of Transfer or

 Reduction	Transferee	Number of Transferee

 Acquired Shares Transferred 

or Reduced	Subscriber Revised 

Subscription Amount
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

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

 

	NOVUS CAPITAL CORPORATION	 
	 	 
	By:		 
	 	Name:	 
	 	Title:	 

 

Signature of Subscriber: 

 

	[SUBSCRIBER]  	 
	 	 
	By:	         	 
	 	Name:	 
	 	Title:  	 

 

    Schedule B-1mei-ex101_38.htm

Exhibit 10.1

 

METHODE ELECTRONICS, INC. 

 

FORM OF 2020 LONG-TERM PERFORMANCE-BASED 

AWARD AGREEMENT (CEO)

 

This Long-Term Performance-Based Award Agreement (the “Award Agreement”), effective as of September 27, 2020 (the “Award Date”), is entered into by and between Methode Electronics, Inc., a Delaware corporation (the “Company”) and [_____________] (the “Grantee”).  

WHEREAS, the Company desires to reward Grantee for services to the Company and to encourage Grantee to continue to work for the benefit of the Company in a manner that will benefit all Company stockholders.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations hereinafter set forth, the Company agrees to award to Grantee (i) shares of Restricted Stock of the Company (the “Restricted Stock”), and (ii) Performance Units (the “Performance Units”) under the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (the “Plan”) on the terms and conditions set forth herein and in the Plan (collectively, the “Awards”).

1.General.  This Award Agreement and the Restricted Stock and Performance Units awarded herein are subject to all of the provisions of the Plan applicable to such Awards. Unless the context otherwise requires, capitalized terms used herein shall have the same meanings as in the Plan.  Grantee hereby acknowledges receipt of a copy of the Plan and that Grantee has read the Plan and fully understands its content.  In the event of any conflict between the terms of this Award Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Awards.  The Company hereby grants to Grantee (i) a total of [_______] shares of Restricted Stock and (ii) a total of [_______] Performance Units payable in cash. 

3.Vesting.  Subject to the terms of this Award Agreement, the Restricted Stock shall vest and the Performance Units shall be earned on the date (the “Vesting Date”) that the Committee certifies performance under this Award Agreement, subject to the Grantee’s continued employment by the Company or a Subsidiary or Affiliate through the end of the Performance Period.  Any Restricted Stock that does not vest and any Performance Units that are not earned pursuant to this Section 3 shall be immediately cancelled and forfeited to the Company as of the Vesting Date.  Except as provided in Section 3(d), 3(e) or 3(f) below, all Restricted Stock and Performance Units shall be immediately cancelled and forfeited to the Company in the event Grantee ceases to be employed by the Company or a Subsidiary or Affiliate at any time prior the end of the Performance Period.  To the extent Restricted Stock vests pursuant to Section 3(e) below or the Restricted Stock or Performance Units are forfeited pursuant to Section 6 below, such Restricted Stock shall not be eligible for vesting pursuant to Section 3(b), 3(d) or 3(f) and such Performance Units may not be earned pursuant to Section 3(c) or Section 3(d).  Any fractional shares created by the vesting calculations described below will be rounded down to a whole share number; no fractional shares will vest pursuant to this Award Agreement.  

	
 
	
(a)
	
Performance Period and Fiscal 2025 EBITDA.  The “Performance Period” is the fiscal year of the Company ending on or about May 3, 2025 (“Fiscal 2025”).  Except to the 

83633513

 

 

	
 
		
extent provided in Section 3(d), 3(e) or 3(f), the number of shares of Restricted Stock that shall vest and the number of Performance Units that shall be earned will be based on the Company’s EBITDA for the Performance Period (“Fiscal 2025 EBITDA”), subject to the Grantee’s continued employment with the Company or a Subsidiary or Affiliate through the end of such Performance Period, and provided that a Change of Control has not occurred before the end of the Performance Period.

For this purpose and subject to Section 4 below, Fiscal 2025 EBITDA shall equal the Company’s earnings before net interest, taxes, fixed asset depreciation and intangible asset amortization (“EBITDA”) in Fiscal 2025 adjusted as follows: (A) all positive EBITDA from acquisitions that close during the period from the Award Date to the end of the Performance Period and that are not accretive (as defined below) in Fiscal 2025 shall be excluded; and (B) ‎to the extent not otherwise included in 2025 EBITDA, all EBITDA from business unit ‎divestitures or spinoffs that were approved by the Company’s Board of Directors and close ‎during the period from the Award Date to the end of the Performance Period shall be included.  ‎The amount of EBITDA to be included for a business unit divestiture or spinoff shall be the ‎actual EBITDA of the business unit for the four full quarters immediately preceding the ‎divestiture or spinoff, or if greater, the amount of EBITDA that the Committee reasonably ‎determines more appropriately reflects the amount of EBITDA the business unit would have ‎contributed to Fiscal 2025 EBITDA.‎  In order for an acquisition to qualify as accretive, (Y) the EBITDA in Fiscal 2025 from the acquisition must exceed Fiscal 2025 interest expense related to any debt assumed or issued in connection with the acquisition, and (Z) the net impact of the acquisition on Fiscal 2025 earnings per share (“EPS”) must be positive (i.e., Fiscal 2025 EPS with the acquisition is greater than Fiscal 2025 EPS without the acquisition).  Exhibit D hereto includes an illustrative calculation of the net impact on EPS.

The Threshold, Target and Maximum levels of Fiscal 2025 EBITDA are set forth on Exhibit A attached hereto.  

	
 
	
(b)
	
Number of Shares of Restricted Stock that Vest.  Exhibit B attached hereto sets forth the formula for calculating the vesting percentage applicable to the Restricted Stock based on the Fiscal 2025 EBITDA achieved.  Pursuant to Exhibit B, if the level of performance achieved is greater than or equal to Threshold Fiscal 2025 EBITDA, then the number of shares of Restricted Stock that will vest under this Award Agreement shall be determined by multiplying the number of shares of Restricted Stock by a percentage (subject to a maximum of one hundred percent (100%)), equal to (i) fifty percent (50%) plus (ii) fifty percent (50%) multiplied by a fraction, the numerator of which shall equal (x) Fiscal 2025 EBITDA achieved minus Threshold Fiscal 2025 EBITDA, and the denominator of which shall equal (y) Target Fiscal 2025 EBITDA minus Threshold Fiscal 2025 EBITDA.  If the level of performance achieved is less than Threshold Fiscal 2025 EBITDA, then no Restricted Stock shall vest pursuant to this Section 3.3(b).  Except as provided in Section 3(d), 3(e) or 3(f) below, if the Grantee experiences a termination of employment or a Change of Control occurs, in either case, prior to the end of the Performance Period, no vesting shall occur under this Section 3(b).

-2-

 

 

 

	
 
	
(c)
	
Number of Performance Units Earned.  Exhibit C attached hereto sets forth the formula for calculating the number of Performance Units earned based on the Fiscal ‎‎2025 EBITDA achieved.  Pursuant to Exhibit C, the number of Performance Units earned shall be determined by ‎multiplying the number of Performance Units by a fraction (subject to a maximum of one (1)), ‎the numerator of which shall equal (i) Fiscal 2025 EBITDA achieved minus (ii) Target Fiscal 2025 ‎EBITDA, and the denominator of which shall equal (a) Maximum Fiscal 2025 EBITDA minus (b) ‎Target Fiscal 2025 EBITDA.  If the level of performance achieved is less than or equal to the Target ‎Fiscal 2025 EBITDA, then no Performance Units shall be earned pursuant to this Section 3.3(c).  Except as provided in Section 3(d) below, if the Grantee experiences a termination of employment or a Change of Control occurs, in either case, prior to the end of the Performance Period, no Performance Units shall be earned under this Section 3(c).

	
 
	
(d)
	
Effect of Termination of Employment in Connection with Death, Disability or Retirement.  Notwithstanding Sections (b) and (c) above, the following provisions shall apply to the Awards in the event of Grantee’s termination of employment in connection with death, disability or retirement prior to the end of the Performance Period: 

	
 
	
(i)
	
if Grantee’s employment with the Company and its Subsidiaries and Affiliates is terminated due to total and permanent disability as determined by the Committee or death, then all of the Restricted Stock will become immediately vested and no Performance Units shall be earned and payable; and 

	
 
	
(ii)
	
if Grantee’s employment with the Company and its Subsidiaries and Affiliates is terminated due to retirement on or after Grantee’s sixty-fifth birthday or retirement on or after Grantee’s fifty-fifth birthday with consent of the Committee (in either case,  “Retirement”) then, the shares of Restricted Stock and the Performance Units shall, as of the Vesting Date, vest and be earned based on actual performance on a pro rata basis based on the date of Grantee’s Retirement.  The fraction to be used to ‎determine the number of shares of Restricted Stock to vest and the number of Performance Units to be earned hereunder shall have a denominator equal ‎to sixty (60), and the numerator shall be determined as follows: (A) if Grantee’s ‎Retirement occurs on or before April 29, 2023, the ‎numerator shall be equal to the number of fiscal months elapsed between May 2, 2020 ‎and the date of Grantee’s Retirement (rounded up to the nearest whole month); and (B) ‎if Grantee’s Retirement occurs after April 29, 2023, the numerator shall be sixty (60).  

	
 
	
(e)
	
Change of Control.  Notwithstanding (b) and (c) above, the following provisions shall apply to the Awards in the event of a Change of Control prior to the end of the Performance Period‎: 

	
 
	
(i) 
	
in the event of a Change of Control, the surviving or successor entity (or its parent corporation) may continue, assume or replace the Awards on substantially the same terms and conditions (with such adjustments as may be required or permitted by Section 15 of the Plan), and such Awards or replacements therefor shall remain outstanding and be governed by their respective terms, subject to (iii) and (iv) below; 

-3-

 

 

 

	
 
	
(ii) 
	
if and to the extent that the Awards are not continued, assumed or replaced in connection with a Change of Control, then a pro rata portion of the shares of Restricted Stock will become immediately vested based on the date of the Change of Control and no Performance Units shall be earned and payable.  The fraction to be used to determine the number of shares of Restricted Stock to vest hereunder shall have a numerator equal to the number of fiscal months elapsed between May 2, 2020 and the date of the Change of Control (rounded up to the nearest whole month) and the denominator of which shall be sixty (60); 

	
 
	
(iii)
	
‎if and to the extent that the Awards are continued, assumed or replaced under the circumstances described in Section 3(e)(i), and if within two years after the Change of Control, Grantee experiences an involuntary termination of employment or other service for reasons other than Cause or Grantee shall terminate employment with Good Reason, then a pro rata portion of the shares of Restricted Stock will become immediately vested based on the date of termination and no Performance Units shall be earned and payable.  The fraction (subject to a maximum of one (1)) to be used to determine the number of shares of Restricted Stock to vest hereunder shall have a numerator equal to the number of fiscal months elapsed between May 2, 2020 and the date of the termination (rounded up to the nearest whole month), and the denominator of which shall be sixty (60); and  

	
 
	
(iv)
	
Notwithstanding whether the Awards are continued, assumed or replaced in connection with a Change of Control, if Grantee experiences an involuntary termination of employment or other service for reasons other than Cause or Grantee shall terminate employment with Good Reason during the period beginning on the date an agreement is entered into by the Company with respect to a merger, consolidation or similar transaction of the Company, which would constitute a Change of Control, and the effective time of such merger, consolidation or similar transaction of the Company, then a pro rata portion of the shares of Restricted Stock will become immediately vested based on the date of the Change of Control and no Performance Units shall be earned and payable.  The fraction (subject to a maximum of one (1)) to be used to determine the number of shares of Restricted Stock to vest hereunder shall have a numerator equal to the number of fiscal months elapsed between May 2, 2020 and the date of the Change of Control (rounded up to the nearest whole month), and the denominator of which shall be sixty (60).  

	
 
	
(f)
	
Effect of Involuntary Termination of Employment Without Cause.  Notwithstanding Sections (b) and (c) above, if Grantee experiences an involuntary termination of employment for reasons other than Cause after May 1, 2021, then shares of Restricted Stock and the Performance Units shall, as of the Vesting Date, vest and be earned based on actual performance on a pro rata basis based on the date of Grantee’s termination of employment.  If the involuntary termination of employment for reasons other than Cause occurs on or before May 1, 2021, then no shares of Restricted Stock and no Performance Units ‎shall be earned and payable. If the involuntary termination of employment for reasons other than Cause occurs after May 1, 2021, then the fraction (subject to a maximum of one (1)) to be used to determine the number of shares of Restricted Stock to vest and the number of Performance Units to be earned hereunder shall have a 

-4-

 

 

 

	
 
		
denominator equal to sixty (60) and the numerator shall be equal to the number of fiscal months elapsed between May 2, 2020 and the date of the termination of employment (rounded up to the nearest whole month). Grantee’s right to this pro rata portion of Restricted Stock and Performance Units is conditioned upon Grantee signing and delivering to the Company, within the time period required by the Company, a written general release of claims against the Company in a form acceptable to the Company (the “Release”), and not revoking the Release within any applicable revocation period.   

“Good Reason” shall exist under (e)(iii) or (iv) above if, without Grantee’s express written consent any of the following events or actions occurs, provided that no finding of Good Reason shall be effective unless and until the Grantee has provided the Company, within sixty (60) calendar days of becoming aware of the facts and circumstances underlying the finding of Good Reason, with written notice thereof stating with specificity the facts and circumstances underlying the finding of Good Reason and, if the basis for such finding of Good Reason is capable of being cured by the Company, providing the Company with an opportunity to cure the same within thirty (30) calendar days after receipt of such notice: (A) the Company shall materially reduce the nature, scope or level of Grantee’s responsibilities from the nature, scope or level of such responsibilities prior to the Change of Control, or shall fail to provide Grantee with adequate office facilities and support services to perform such responsibilities; (B) the Company shall require Grantee to move Grantee’s principal business office more than 25 miles from Grantee’s principal business office at the time of this Award Agreement, or assign to Grantee duties that would reasonably require such move; provided, however, that if Grantee’s principal business office is not located at the Company’s then current corporate headquarters, and the Company requires Grantee to move Grantee’s principal business office to such corporate headquarters, or assigns to Grantee duties that would reasonably require such move, such actions shall not constitute “Good Reason” under this subsection; (C) the Company shall require Grantee, or assign duties to Grantee which would reasonably require Grantee, to increase, by more than twenty-four, the number of normal working days (determined at the time of this Award Agreement) that Grantee spends away from Grantee’s principal business office during any consecutive twelve-month period; (D) the Company shall reduce Grantee’s annual salary below that in effect as of the date of this Award Agreement (or as of the Change of Control, if greater); (E) the Company shall materially reduce or fail to continue in effect any cash or stock-based incentive or bonus plan, retirement plan, welfare benefit plan, or other benefit plan, program or arrangement, unless the aggregate value (as computed by an independent employee benefits consultant selected by the Company) of all such incentive, bonus, retirement and benefit plans, programs and arrangements provided to Grantee is not materially less than their aggregate value as of the date of this Award Agreement (or as of the Change of Control, if greater); or (F) if the Board of Directors fails to act in good faith with respect to the Company’s obligations hereunder, or the Company breaches its obligations hereunder.

 

Grantee agrees, as a condition of this Award, to make acceptable arrangements to pay any withholding or other taxes or deductions that may be due or may arise as a result of the vesting of the Restricted Stock, the settlement of the Performance Units, or any other payment or issuance of shares of Common Stock under this Award Agreement.  In the event that the Company determines that any federal, state, local or foreign tax or withholding payment or other deduction is required relating to the vesting or issuance of shares or the payment of cash under this Award Agreement, the Company shall have the right to require such amounts or deductions from Grantee, or withhold such amounts or deductions from other payments due Grantee from the Company or any Subsidiary or Affiliate.

 

-5-

 

 

 

4.Discretion to Adjust and Modify the Fiscal 2025 EBITDA Performance Levels.  The Committee shall have the authority to specify adjustments or modifications to be made to ‎the Threshold, Target and Maximum levels of Fiscal 2025 EBITDA based on and in order to ‎appropriately reflect the effect of the following events: (i) asset write-downs; (ii) litigation or claim judgments or ‎settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or ‎regulatory rules affecting reported results; (iv) any reorganization and restructuring programs; (v) ‎any change in the Company’s fiscal year; (vi) circumstances that impact the Company’s financial ‎performance that are outside of the control of the Company, such as acts of God; earthquakes; ‎fires; floods; severe weather events; natural or manmade disasters; wars; civil or military ‎disturbances; acts of terrorism; sabotage; embargoes; martial law; acts of civil or military ‎authorities; political unrest; riots; global economic events; strikes; labor disputes; lockouts; ‎epidemics; or pandemics; or (vii) unforeseen impacts related to mergers, acquisitions and ‎divestitures‎.

5.Settlement of Performance Units.  Except as otherwise provided herein, the ‎Performance Units shall ‎‎be ‎settled and paid in cash in an amount equal to the number of earned Performance Units multiplied by the Fair Market Value of the Company’s Common Stock as of the Vesting Date.  The payment will be made within 21⁄2 months after the end of the Performance ‎Period (or ‎earlier ‎as provided ‎in the Plan).  At any time prior to the end of the Performance Period, the Committee shall have the authority to provide that the Performance Units will be settled in shares of the Company’s Common Stock instead of cash (the date of such Committee action referred to herein as the “Conversion Date”).  In such event, if requested by the Committee, Grantee and the Company shall enter into an appropriate amendment to this Award Agreement to document such change.  Notwithstanding the foregoing, in the event that the Grantee is a “specified employee” ‎within the meaning of Section 409A(a)(2)(B)(i) of the Code and the Award is considered ‎to be Nonqualified Deferred Compensation upon the Grantee’s “Separation from ‎Service” as defined below, any payment under this Award Agreement which results ‎from a Separation from Service shall be delayed until the earlier of (i) first day of the ‎seventh (7th) month beginning after the Grantee’s Separation from Service, or (ii) the ‎Grantee’s death, if such a delay is necessary to avoid the imposition of additional tax ‎and interest on the Grantee under Section 409A(a)(1)(B) of the Code.‎

6.Forfeiture.  If at any time any of the following events occur: (i) Grantee’s conviction of a felony other than a traffic violation; ‎(ii)‎ Grantee’s commission of any act or acts of personal dishonesty intended to ‎result in ‎personal enrichment to Grantee to the material detriment of the Company;‎ ‎(iii) a failure to perform assigned duties,‎ provided that such failure has continued for more than ten (10) days after the Board of Directors or the ‎Chief Executive Officer of the Company has given written notice of such failure;‎ ‎(iv)‎ any willful misconduct by the Grantee which materially affects the business ‎reputation ‎of the Company; ‎(v) breach in any material respect by the Grantee of any provision of any ‎employment, ‎consulting, advisory, nondisclosure, non-competition, proprietary information, or ‎other similar agreement ‎between the Grantee and the Company; or ‎(vi)‎ Grantee’s material violation of the Company’s code of conduct‎, ‎then the unvested Restricted Stock and unearned Performance Units shall be forfeited to the Company effective as of the date on which the Grantee entered into such ‎activity, unless terminated sooner by operation of another term or condition of this Award Agreement or ‎the Plan.‎

7.Additional Delivery.  Within 21⁄2 months of the date Restricted Stock vests under Section 3, the Company shall pay to the Grantee an amount equal to the aggregate per share cash dividends with respect to all cash dividend record dates that fall between the Award Date and the date the unrestricted shares are registered with the Company’s transfer agent in the name of the Grantee, multiplied by the 

-6-

 

 

 

number of shares of Restricted Stock that vest pursuant to this Award Agreement (without interest).  In addition, if the Committee provides that the Performance Units will be settled in shares of the Company’s Common Stock instead of cash, then within 21⁄2 months of the date the Performance Units vest under Section 3, the Company shall pay to the Grantee an amount equal to the aggregate per share cash dividends with respect to all cash dividend record dates that fall between the Conversion Date and the date the unrestricted shares are registered with the Company’s transfer agent in the name of the Grantee, multiplied by the number of Performance Units that vest pursuant to this Award Agreement (without interest). The Company may withhold from any payment that it is required to make under this Award Agreement amounts sufficient to satisfy applicable withholding requirements under any foreign, federal, state or local law due in connection with this Award or the payment described in this Section 7.  No dividends shall be paid to the Grantee with respect to the Performance Units or Restricted Stock that does not vest and is forfeited by the Grantee. 

8.Restrictions.  None of the Restricted Stock or Performance Units may be sold, transferred, pledged, hypothecated or otherwise encumbered or disposed of until it has vested in accordance with the terms of this Award Agreement.  Any Restricted Stock that is not vested and any Performance Units that are not earned shall be forfeited to the Company immediately upon termination of the Grantee’s employment with the Company and all of its Subsidiaries and Affiliates or upon the expiration of this Award Agreement.

9.Stock Delivery.  Within ten (10) days of the date of this Award Agreement, the Company will cause the Restricted Stock to be issued in the Grantee’s name either by book-entry registration or issuance of a stock certificate.  While the Restricted Stock remains forfeitable, the Company will cause an appropriate stop-transfer order to be issued and to remain in effect with respect to the Restricted Stock. Any stock certificate evidencing any Restricted Stock shall contain such legends and stock transfer instructions or limitations as may be determined or authorized by the Committee in its sole discretion; and the Company may, in its sole discretion, retain custody of any such certificate throughout the period during which any restrictions are in effect and require that the Grantee tender to the Company a stock power duly executed in blank relating thereto as a condition to issuing any such certificate.

10.Rights as Stockholder.  The Grantee shall have no rights as a stockholder with respect to any Restricted Stock until the Restricted Stock is issued in Grantee’s name either by book-entry registration or issuance of a stock certificate.  Once the Restricted Stock is issued in Grantee’s name, the Grantee shall be entitled to all rights associated with ownership of the Restricted Stock, except that the Grantee shall not be entitled to receive any dividends (cash or stock) with respect to the Restricted Stock until such time as the restrictions lapse in accordance with the terms of this Award Agreement.    The Grantee shall have no rights as a stockholder with respect to the Performance Units.

11.Construction.  This Award Agreement is subject to the terms of the Plan and shall be construed in accordance therewith.  All capitalized and undefined terms herein are subject to the definitions contained in the Plan.  The construction and operation of this Award Agreement are governed by the laws of the State of Illinois without regard to any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Award Agreement to the substantive law of another jurisdiction, and any litigation arising out of this Award Agreement shall be brought in the Circuit Court of the State of Illinois or the United States District Court for the Eastern Division of the Northern District of Illinois and the Grantee consents to the jurisdiction and venue of those courts.

-7-

 

 

 

12.Severability.  In the event that any provision or portion of this Award Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Award Agreement shall be unaffected thereby and shall remain in full force and effect.

13.Dispute Resolution.  The parties initially shall attempt to resolve by direct negotiation any dispute, controversy or claim arising out of or relating to this Award Agreement or its breach or interpretation (each, a “Dispute”).  For purposes of this negotiation, the Company shall be represented by one or more of its independent directors appointed by the Board of Directors. If the parties are unable to resolve the Dispute by direct negotiation within 30 days after written notice by one party to the other of the Dispute, the Dispute shall be settled by submission by either party of the Dispute to binding arbitration in Chicago, Illinois (unless the parties agree in writing to a different location), before a single arbitrator in accordance with the American Arbitration Association's National Rules for the Resolution of Employment Disputes then in effect.  The arbitrator will be an attorney licensed to practice law in the State of Illinois.  The decision and award made by the arbitrator shall be final, binding and conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof.  Except as set forth below, each party shall pay:  the fees of their or its attorneys; the expenses of their or its witnesses; and all other expenses connected with presenting their or its case.  Except as set forth below, the costs of the arbitration, including the cost of any record or transcripts of the arbitration hearing, administrative fees, the fees of the arbitrator, and all other fees and costs shall be borne equally by the parties.  In the event of a Dispute following or in connection with a Change of Control, the Company shall pay the fees of the arbitrator as well as the cost of any record or transcripts of the arbitration hearing and other administrative fees and costs.  In all Disputes, the arbitrator will have discretion to make an award of fees, costs and expenses to the prevailing party.

14.Section 409A Compliance.  It is the intention of the Company and the Grantee that the Restricted Stock and related benefits awarded under this Award Agreement shall be exempt from the requirements of Section 409A of the Code and its implementing regulations (“Section 409A”) and shall be interpreted in a manner consistent with this intention.  In the event that the Company or the Grantee reasonably determines that the Restricted Stock and/or any related benefits under this Award Agreement may be subject to Section 409A, the Company and Grantee shall work together to adopt such amendments to this Award Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effective to the extent allowed under applicable laws), or take any other commercially reasonable actions necessary or appropriate to cause the Restricted Stock and related benefits awarded under this Award Agreement to (i) be exempt from Section 409A, or (ii) otherwise comply with the requirements of Section 409A.

It is the intention of the Company and the Grantee that the Performance Units and related benefits awarded under this Award Agreement shall comply with Section 409A and shall be interpreted in a manner consistent with this intent.  Notwithstanding anything to the contrary contained herein, a termination of Grantee’s employment shall not be deemed to have occurred for purposes of making any payments under this Award Agreement related to the Performance Units unless such termination gives rise to a “Separation from Service” (within the meaning of Section 409A, a “Separation from Service”) and references to “termination of employment” shall mean Separation from Service.  In the event that the Company or the Grantee reasonably determines that the Performance Units and/or any related benefits under this Award Agreement fails to comply with Section 409A, the Company and Grantee shall work together to adopt such amendments to this Award Agreement or adopt other policies or procedures 

-8-

 

 

 

(including amendments, policies and procedures with retroactive effective to the extent allowable by applicable laws), or take any other commercially reasonable actions necessary or appropriate to comply with the requirements of Section 409A.  Nothing in this Agreement shall be construed as a guarantee of any particular tax treatment to Grantee.  Grantee shall be solely responsible for the tax consequences with respect to all amounts payable under this Award Agreement, and in no event shall the Company have any responsibility or liability if this Award Agreement does not meet any applicable requirements of Section 409A.

 

15.No Retention Rights.  Nothing herein contained shall confer on the Grantee any right with respect to continuation of employment or services by the Company or its Subsidiaries or Affiliates, or interfere with the right of the Company or its Subsidiaries or Affiliates to terminate at any time the employment or service of the Grantee.

16.No Guarantee of Future Awards.  The grant of Awards is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants, even if Awards have previously been granted.

17.Counterparts.  This Award Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

18.Entire Agreement; Clawback Policy.  This Award Agreement supersedes and cancels all prior written or oral agreements and understandings relating to the terms of this Award Agreement.  This Award Agreement and the Awards granted hereunder are subject to any Company Clawback Policy in effect as of the date of this Award Agreement or as subsequently amended, modified or replaced, and the terms of the Change in Control Agreement between the Grantee and the Company, as the same may be amended from time to time, if any.

[Signature Page to Follow]

-9-

 

 

 

IN WITNESS WHEREOF, the Company by one of its duly authorized representatives has executed this Award Agreement as of the day and year first above written.

 

 

METHODE ELECTRONICS, INC.

By:
      Darren M. Dawson

Its:Chair, Compensation Committee

 

Please indicate your acceptance of the terms and conditions of this Award Agreement by signing in the space provided below and returning a signed copy of this Award Agreement to the Company.  IF A FULLY EXECUTED COPY OF THIS AWARD AGREEMENT HAS NOT BEEN RECEIVED BY THE COMPANY BY OCTOBER 23, 2020, THE AWARD UNDER THIS AWARD AGREEMENT SHALL BE CANCELLED.  

 

BY SIGNING BELOW, YOU ACKNOWLEDGE AND AGREE THAT YOU HAVE RECEIVED A COPY OF THE PLAN AND ARE FAMILIAR WITH THE TERMS AND PROVISIONS THEREOF, INCLUDING THE TERMS AND PROVISIONS OF THIS AWARD AGREEMENT.  YOU HAVE REVIEWED THE PLAN AND THIS AWARD AGREEMENT IN THEIR ENTIRETY, HAVE HAD AN OPPORTUNITY TO OBTAIN THE ADVICE OF COUNSEL PRIOR TO EXECUTING THIS AWARD AGREEMENT AND FULLY UNDERSTAND ALL PROVISIONS OF THIS AWARD AGREEMENT.  FINALLY, YOU HEREBY AGREE TO ACCEPT AS BINDING, CONCLUSIVE AND FINAL ALL DECISIONS OR INTERPRETATIONS OF THE ADMINISTRATOR UPON ANY QUESTIONS ARISING UNDER THE PLAN OR THIS AWARD AGREEMENT.  

 

The undersigned hereby accepts, and agrees to, all terms and provisions of this Award Agreement and the Plan as they pertain hereto.

 

 

GRANTEE

 

____________________________________

[___________________]

 

 

-10-

 

 

 

Exhibit A

 

Threshold Fiscal 2025 EBITDA$270 million

Target Fiscal 2025 EBITDA$300 million 

Maximum Fiscal 2025 EBITDA‎$330 million‎

 

-11-

 

 

 

Exhibit B

 

If Fiscal 2025 EBITDA achieved is less than Threshold Fiscal 2025 EBITDA, then no Restricted Stock will vest.  If Fiscal 2025 EBITDA achieved equals or exceeds Threshold Fiscal 2025 EBITDA, then the following formula will be used to calculate the percentage of Restricted Stock that will vest (subject to a maximum of 100%):

 

(i) 50%, plus (ii) 50% multiplied by a fraction equal to (Fiscal 2025 EBITDA achieved less Threshold Fiscal 2025 EBITDA) divided by (Target Fiscal 2025 EBITDA less Threshold Fiscal 2025 EBITDA)

-12-

 

 

 

 

Exhibit C

 

If Fiscal 2025 EBITDA achieved is less than Target Fiscal 2025 EBITDA, then no Performance Units shall be earned.  If Fiscal 2025 EBITDA achieved equals or exceeds Target Fiscal 2025 EBITDA, then the following formula will be used to calculate the number of Performance Units earned:

 

The number of Performance Units multiplied by a fraction (subject to a maximum of one (1)), ‎the numerator of which shall equal (i) Fiscal 2025 EBITDA achieved minus (ii) Target Fiscal 2025 ‎EBITDA, and the denominator of which shall equal (a) Maximum Fiscal 2025 EBITDA minus (b) ‎Target Fiscal 2025 EBITDA.     

                                                                                                                

-13-

 

 

 

 

Exhibit D

 

 

Following is an example (not actual numbers) of the calculation of whether the net impact of an acquisition on Fiscal 2025 earnings per share (EPS) is positive.  

 

						
	
 
	
 Fiscal 2025 

	
 
	
 Methode 
	
 
	
 Acquired 
	
 
	
 Methode 

	
 
	
 Actual 
	
 - 
	
 Unit 
	
 = 
	
 Pro Forma 

	
EBITDA
	
 $      300,000,000 
	
 
	
 $        11,000,000 
	
 
	
 $      289,000,000 

	
Depr. & Amor.
	
 $        50,000,000 
	
 
	
 $          1,000,000 
	
 
	
 $        49,000,000 

	
Interest expense (income)
	
 $          5,000,000 
	
 
	
 $             200,000 
	
 
	
 $          4,800,000 

	
Income before taxes
	
 $      245,000,000 
	
 
	
 $          9,800,000 
	
 
	
 $      235,200,000 

	
Income tax (20% eff. tax rate)
	
 $        49,000,000 
	
 
	
 $          1,960,000 
	
 
	
 $        47,040,000 

	
Net income
	
 $      196,000,000 
	
 
	
 $          7,840,000 
	
 
	
 $      188,160,000 

	
Basic common shares O/S
	
           39,600,866 
	
 
	
 
	
 
	
           38,100,866 

	
Shares issued for acquisition
	
                          -   
	
 
	
             1,500,000 
	
 
	
 

	
Basic EPS
	
 $                   4.95 
	
 
	
 
	
 
	
 $                   4.94 

	
 
	
 Actual > Pro Forma = Accretive 

	
 
	
 Actual < Pro Forma = Not Accretive 

 

 

83697058v.1
 
-14-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]