Document:

EX-10.28

 Exhibit 10.28 

STOCK TRANSFER AGREEMENT 

This Stock Transfer Agreement (this “Agreement”) is made and entered into as of May 21, 2020 (the
“Effective Date”) by and among SLP Constellation Aggregator II, L.P. (“Transferee”), Belinda Johnson (“Transferor”) and Airbnb, Inc., a Delaware corporation (the
“Company”). 
 A. Transferor has acquired 860,558 shares of the Company’s Class B Common Stock
(“Class B Common Stock,” and such shares, the “Initial Shares”), upon exercise of those certain stock options to purchase shares of Class B Common
Stock each granted December 1, 2011 (the “Options”) pursuant to those certain Stock Option Exercise Agreements, each dated as of even date herewith (collectively, the “Acquisition
Agreements”), which exercise is subject to completion upon payment by Transferor of the aggregate exercise price for the Options and applicable withholding taxes due upon exercise of the Options. 

B. In accordance with the terms of the Acquisition Agreements, Transferor desires to transfer a portion of such Initial Shares to Transferee
in accordance with the allocation and for the consideration set forth on Schedule 1 attached hereto. 
 Now, therefore, the parties
hereby agree as follows. 
 1. TRANSFER. 

1.1 Transfer of Shares. On the Effective Date and subject to the terms and conditions of this Agreement,
Transferor hereby transfers to Transferee and Transferee hereby acquires from Transferor an aggregate of 466,824 of the Initial Shares (the “Shares”) at a purchase price of $58.72 per share for an aggregate purchase price of
$27,411,905.28 (the “Purchase Price”). In accordance with Article Four, Section A.3.1.3 of the Company’s Restated Certificate of Incorporation, dated as of December 16, 2016, as may be amended from time to time (the
“Restated Certificate”), upon completion of the transfer of the Shares to Transferee, each Share shall automatically convert into one (1) share of the Company’s Class A Common Stock for an aggregate of 466,824
shares of Class A Common Stock. As used in this Agreement, the term “Shares” shall include all the Shares transferred under this Agreement and all securities received (a) in replacement of the Shares, (b) as a result of
stock dividends or stock splits in respect of the Shares and (c) as substitution for the Shares in a recapitalization, merger, reorganization or the like. Each of the parties agrees and acknowledges that Transferor has directed that a portion
of the Purchase Price payable to Transferor shall be remitted directly by Transferee to the Company to pay the aggregate exercise price of the Shares and the Transferor’s share of any withholding and employment taxes as set forth on Schedule
1 (as so reduced, the “Net Purchase Price”), and Transferor acknowledges that: (i) at the Closing, Transferor shall receive the Net Purchase Price as set forth on Schedule 1 in respect of any Shares sold by
Transferor pursuant to this Agreement and that upon receipt of the same and Transferee making the payments described in clauses (ii) and (iii) of this sentence as required by Section 2.2(e), Transferor shall have been paid in full for such
Shares; (ii) Transferee shall pay the aggregate exercise price of the Shares as set forth on Schedule 1 directly to the Company on behalf of Transferor; (iii) Transferee shall pay the withholding and employment taxes as set forth on
Schedule 1 directly to the Company to remit to taxing authorities on behalf of Transferor; and (iv) except for the obligation to pay the amounts to the Company set forth in Section 2.2, Transferee shall not be liable for the
calculation or payment of any withholding, employment or other taxes with respect to the transfer of the Shares. 

  
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 2. CLOSING. 

2.1 Deliveries by Transferor. Transferor hereby delivers to the Company (a) any share certificates representing the
Shares, if in Transferor’s possession, or otherwise authorizes Company to remove any such share certificates from escrow for cancellation and reissuance, (b) a duly authorized and executed Stock Power and Assignment Separate from Stock
Certificate, in substantially the form attached hereto as Exhibit A (a “Transferor’s Stock Power”), and (c) a duly executed copy of this Agreement.
The Transferor hereby delivers to the Transferee a true, correct, complete and duly executed Internal Revenue Service Form W-9 or applicable Form W-8. 

2.2 Deliveries by Transferee. Transferee hereby delivers (a) to each of Transferor and the Company, a duly executed
copy of this Agreement, (b) to the Company, a duly executed copy of the Transfer Restrictions Agreement in the form attached hereto as Exhibit B (the “TRA”), (c) to Transferor, a wire transfer of immediately
available funds to an account designated by Transferor for the applicable Net Purchase Price for the Shares as set forth on Schedule 1 due from Transferee (d) to the Company, a wire transfer of immediately available funds to an account
designated by the Company for the applicable aggregate exercise price and withholding and employment taxes as set forth on Schedule 1 and (e) a true, correct, complete and duly executed Internal Revenue Service Form W-9 or applicable Form W-8. 
 2.3 Deliveries of
Stock Certificate(s). Upon the satisfaction in full of the conditions to closing set forth in Sections 2.1 and 2.2 above, including Transferor’s receipt of the Purchase Price from Transferee, Transferor hereby instructs the Company to:
(a) cancel any stock certificate issued to Transferor representing the Shares, (b) issue a duly executed stock certificate evidencing the Shares in Transferee’s name, which shall be held in escrow by the Company pursuant to
Section 5 below, and (c) issue a duly executed stock certificate evidencing the number of shares remaining from the Initial Shares after the transfer of the Shares to Transferee, in Transferor’s name. 

2.4 Deliveries by the Company. At the Closing, the Company shall deliver to Transferee a certificate in the form attached
hereto as Exhibit C, dated as of the Effective Date, that complies with Sections 1445 and 897 of the Internal Revenue Code of 1986, as amended (the “Code”), and the U.S. Treasury Regulations promulgated thereunder,
certifying that an interest in the Company is not a “United States real property interest” within the meaning of Section 897 of the Code and the U.S. Treasury Regulations promulgated thereunder. 

2.5 Closing. The closing of the transactions contemplated by Section 1 of this Agreement (the
“Closing”) shall take place on the Effective Date, assuming satisfaction or waiver (by the applicable party) of the conditions set forth in this Section 2. 

3. REPRESENTATIONS AND WARRANTIES OF TRANSFEREE. Transferee represents and warrants to Transferor and the Company
as follows. 
 3.1 Purchase for Own Account for Investment. Transferee is acquiring the Shares for Transferee’s
own account, for investment purposes only not as nominee or agent, and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act of 1933, as amended (the
“1933 Act”). Transferee has no present intention of selling or otherwise disposing of all or any portion of, or any interest in, the Shares and upon transfer of the Shares to Transferee no one
other than Transferee will have any beneficial ownership of any of the Shares. Transferee hereby acknowledges and agrees that the Shares may not be further sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of other
than in compliance with applicable laws and regulations. Transferee was not formed for the specific purpose of acquiring the Shares. 

  
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 3.2 Consents. All consents, approvals, authorizations and orders
required for the execution and delivery of this Agreement by Transferee and the transfer of the Shares under this Agreement to Transferee have been obtained and are in full force and effect. No filing, application, notification or other action is
required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in order to consummate the transactions contemplated hereby. 

3.3 Authority. Transferee has full legal right, power and authority to enter into and perform its obligations under this
Agreement and to acquire the Shares under this Agreement. Transferee has been duly organized and is validly existing in good standing under the laws of the jurisdiction of its organization as the type of entity that it purports to be and all
corporate or other entity actions necessary to authorize the transactions contemplated by this Agreement have been duly taken. The person(s) executing and delivering this Agreement on behalf of Transferee are duly authorized to do so. This Agreement
constitutes a valid and binding obligation of Transferee enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally and (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

3.4 Compliance with Securities Laws. Transferee understands and acknowledges that, in reliance upon the representations
and warranties made by Transferee herein, the Shares are not being registered with the Securities and Exchange Commission (“SEC”) under the 1933 Act or being qualified under the California Corporate Securities Law of 1968, as
amended (the “Law”); but instead the Shares are being transferred under an exemption or exemptions from the registration and qualification requirements of the 1933 Act and the Law and any other applicable securities laws
which impose certain restrictions on Transferee’s ability to transfer the Shares. Subject to the accuracy of Section 4.3 herein, the transfer of the Shares will not violate the securities laws of the jurisdiction in which Transferee is
domiciled. The execution, delivery and performance by Transferee of this Agreement and the consummation of the transfer of the Shares, (i) does not and shall not conflict with or violate any provision of Transferee’s organizational
documents, any applicable law or any governmental order to which Transferee is subject, including without limitation, (a) none of Transferee or to its knowledge after reasonable enquiries and investigations, any of its shareholders, or their
respective directors, officers, agents, or employees, or other service providers acting on Transferee’s behalf are subject to any sanctions administered by the Foreign Assets Control of the United States Department of the Treasury, and
(b) Transferee and to its knowledge after reasonable enquiries and investigations each of its shareholders, and their respective directors, officers, agents and employees complies with all applicable laws on anti-money laundering,
(ii) will not result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under any contract, agreement or other
instrument or obligation to which Transferee is a party or by which any of its properties or assets may be bound, and (iii) will not (with or without due notice) violate any order, writ, injunction, decree, statute, rule or regulation
applicable to Transferee or any of its properties or assets, excluding from the foregoing clauses (ii) and (iii) such violations, breaches or defaults which would not, individually or in the aggregate, be reasonably expected to result in a
material adverse effect on Transferee’s ability to consummate the transactions contemplated hereby. 

  
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 3.5 Securities Law Restrictions on Transfer. Transferee understands
that Transferee may not transfer any Shares unless such Shares are registered under the 1933 Act or qualified under the Law or other applicable securities laws or unless, in the opinion of counsel to the Company, exemptions from such registration
and qualification requirements are available. Transferee understands that only the Company may file a registration statement with the SEC or the California Commissioner of Corporations or other applicable securities commissioners and that the
Company is under no obligation to do so with respect to the Shares. Transferee has also been advised that exemptions from registration and qualification may not be available or may not permit Transferee to transfer all or any of the Shares in the
amounts or at the times proposed by Transferee. 
 3.6 Rule 144. In addition,
Transferee has been advised that SEC Rule 144 promulgated under the 1933 Act, which permits certain limited sales of unregistered securities, may not be presently available with respect to the Shares and, in any event, requires that the Shares
be held for a minimum of six (6) months, and in certain cases one (1) year, after they have been purchased and paid for (within the meaning of SEC Rule 144), before they may be resold under SEC Rule 144. 

3.7 Access to Information. Transferee has had access to all information regarding the Company and its present and
prospective business, assets, liabilities and financial condition that Transferee reasonably considers important in making the decision to acquire the Shares. Transferee hereby acknowledges that, in making its investment decision to purchase the
Shares it has not relied on any information regarding the Company that may have been provided by the Transferor or any agent thereof and that neither the Transferor nor any agent thereof is liable for any information regarding the Company.
Transferee has had the opportunity to consult with its own attorney and other advisors regarding legal, tax and other matters concerning the purchase of the Shares and this Agreement. 

3.8 Transferee’s Qualifications. Transferee has a preexisting personal or business relationship with Transferor, the
Company and/or certain of its officers and/or directors of a nature and duration sufficient to make Transferor aware of the character, business acumen and general business and financial circumstances of the Company and/or such officers and
directors. By reason of Transferee’s business or financial experience, Transferee is capable of evaluating the merits and risks of this purchase, has the ability to protect Transferee’s own interests in this transaction and is financially
capable of bearing a total loss of the Shares. 
 3.9 No Market. Transferee acknowledges and agrees that there is
currently no market for the Shares and that the Company has no obligation to apply to list the Shares on any securities exchange or national market and, consequently, Transferee should assume that it is very unlikely that any market for the Shares
will ever develop. Transferee understands and agrees that Transferor has made no representations or warranties to Transferee respecting any such listing or the Company’s intentions with respect thereto. 

3.10 Sophisticated Transferee. Transferee (a) is a sophisticated entity familiar with transactions similar to
those contemplated by this Agreement, (b) has adequate knowledge and experience concerning business and financial matters of the Company to make an informed decision regarding the transfer of the Shares, (c) has independently and without
reliance upon Transferor or the Company, and based on such information and the advice of such advisors as Transferee has deemed appropriate, made its own analysis and decision to enter into this Agreement, (d) is familiar with the risks and
financial hazards inherent to this transaction, including the risks that there will be significant depreciation in the value of the Shares, and that a future sale of the Shares or sale of initial public offering

  
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of the Company may be at a discount to the price paid by Transferee pursuant to this Agreement, and (e) is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under
the 1933 Act. Transferee acknowledges that none of Transferor or its affiliates is acting as a fiduciary or financial or investment adviser to Transferee, and has not given Transferee any investment advice, opinion or other information on whether
the sale of the Shares is prudent. Transferee acknowledges that (i) Transferor currently may have, and later may come into possession of, information with respect to the Company that is not known to Transferee and that may be material to a
decision to transfer the Shares (“Transferee Excluded Information”), (ii) Transferee has determined to acquire the Shares notwithstanding its lack of knowledge of Transferee Excluded Information and (iii) neither the
Company nor Transferor shall have any liability to Transferee, and Transferee waives and releases any claims that it might have against the Company or Transferor whether under applicable securities laws or otherwise, with respect to the
nondisclosure of Transferee Excluded Information in connection with the sale of the Shares and the transactions contemplated by this Agreement. Transferee acknowledges that the Transferee Excluded Information may be indicative of a value of the
Shares that is substantially lesser than the purchase price reflected in the sale contemplated hereby or otherwise adverse to Transferee’s interest, and, therefore, such Transferee Excluded Information might be material to Transferee’s
decision to purchase the Shares. Transferee understands the potential disadvantage to which Transferee is subject on account of a possible disparity of information as between Transferee and Transferor. Transferee understands that Transferor will
rely on the accuracy and truth of the foregoing representations, and Transferee hereby consents to such reliance. 
 3.11 No
Broker. No broker, investment banker, financial adviser or other person is entitled to any broker’s, finder’s, financial advisor’s or similar fee or commission in connection with the transactions contemplated by this Agreement
based upon arrangements made by or on behalf of Transferee or any affiliate or agent thereof, except those for which Transferee will be solely responsible. 

4. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR. Transferor represents and warrants to the Company and Transferee
as follows. 
 4.1 Transfer for Own Account. Transferor is transferring the Shares for Transferor’s own account
only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the 1933 Act. 
 4.2
Title to Shares. Immediately prior to the transfer of the Shares, Transferor had valid marketable title to the Shares to be transferred under this Agreement, free and clear of any pledge, lien, security interest, encumbrance, claim or
equitable interest other than pursuant to any Acquisition Agreement, the Amended and Restated Bylaws of the Company, dated as of November 22, 2019 (as may be modified, amended, restated or amended and restated from time to time, the
“Bylaws”) or other document described in Sections 5.1 through 5.3 below. Upon the transfer of the Shares in accordance with the provisions of this Agreement, Transferee will acquire valid marketable title to the Shares, free
and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other than pursuant to the Bylaws and any agreement or other document described in Sections 5.1 through 5.3 below and restrictions on transfer imposed by
federal and state securities laws or other applicable law. 
 4.3 Consents. All consents, approvals, authorizations and
orders required for the execution and delivery of this Agreement and the transfer of the Shares under this Agreement have been obtained and are in full force and effect. 

  
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 4.4 Authority. Transferor has full legal right, power and authority to
enter into and perform its obligations under this Agreement and to transfer the Shares under this Agreement. 
 4.5
Sophisticated Transferor. Transferor (a) is a sophisticated individual or entity familiar with transactions similar to those contemplated by this Agreement, (b) has adequate information concerning the business and financial
condition of the Company to make an informed decision regarding the transfer of the Shares, (c) has independently and without reliance upon Transferee or the Company, and based on such information and the advice of such advisors as Transferor
has deemed appropriate, made its own analysis and decision to enter into this Agreement, and (d) is familiar with the risks and financial hazards inherent to this transaction, including the risks that there will be significant appreciation in
the value of the Shares. Transferor acknowledges that none of Transferee or its affiliates is acting as a fiduciary or financial or investment adviser to Transferor, and has not given Transferor any investment advice, opinion or other information on
whether the transfer of the Shares is prudent. Transferor acknowledges that (i) Transferee currently may have, and later may come into possession of, information with respect to the Company that is not known to Transferor and that may be
material to a decision to transfer the Shares (“Transferor Excluded Information”), (ii) Transferor has determined to transfer the Shares notwithstanding its lack of knowledge of the Transferor Excluded Information and
(iii) neither the Company nor Transferee shall have any liability to Transferor, and Transferor waives and releases any claims that it might have against the Company or Transferee whether under applicable securities laws or otherwise, with
respect to the nondisclosure of the Transferor Excluded Information in connection with the sale of the Shares and the transactions contemplated by this Agreement. Transferor acknowledges that the Transferor Excluded Information may be indicative of
a value of the Shares that is substantially greater than the purchase price reflected in the sale contemplated hereby or otherwise adverse to Transferor’s interest, and, therefore, such Transferor Excluded Information might be material to
Transferor’s decision to sell the Shares. Transferor understands the potential disadvantage to which Transferor is subject on account of a possible disparity of information as between Transferee and Transferor. Transferor understands that
Transferee will rely on the accuracy and truth of the foregoing representations, and Transferor hereby consents to such reliance. 

4.6 Advice of Counsel. Transferor has been advised to consult with Transferor’s own attorney regarding legal matters
concerning the sale of the Shares and to consult with an independent tax adviser regarding the tax consequences of selling the Shares. Seller is relying solely on Transferor’s separate legal and tax advisors and not on any statements or
representations of Transferee or the Company for any legal or tax advice with respect to the transactions contemplated by this Agreement. 

5. COMPLIANCE WITH ACQUISITION AGREEMENTS. 

5.1 Transfer of Rights and Obligations. Each of the Company and Transferee hereby acknowledges and agrees that
immediately following the transfer of the Shares to Transferee, the Shares will no longer be subject to (x) any of the terms of the Acquisition Agreements (including, without limitation any right of repurchase, right of first refusal or voting
rights in favor of the Company) or (y) any obligations to which Transferor is subject pursuant to the Stock Option Agreements and any other agreement between the Transferor and the Company and its Subsidiaries or otherwise by nature of
Transferor’s employment by the Company (including for the avoidance of doubt any non-competition, non-solicitation or similar restrictive covenants) (clauses
(x) and (y), collectively, the “Current Obligations”), and will only be subject to this Agreement and the Existing Agreements (as defined below). Upon the transfer of the Shares to Transferee, the Shares shall be unequivocally
released from any and all past or present Current Obligations, which obligations shall automatically cease in connection with the transfer of the Shares. Transferee acknowledges that Transferee has received a copy of, and has read and understood,
the Acquisition Agreements. 

  
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 5.2 Transferee’s Rights and
Obligations. The Company hereby acknowledges and agrees that, upon the transfer of the Shares to Transferee, the Shares shall be held by Transferee subject to and entitle Transferee to the same rights and obligations of any shares of
Class A Common Stock or warrants to purchase Class A Common Stock of the Company held by Transferee (or an Affiliate of Transferee) as of the date hereof. Further, the Company and Transferee hereby acknowledge and agree that, upon the
transfer of the Shares to Transferee, Transferee agrees to be bound by the terms and conditions of that Amended and Restated Investor Rights Agreement, dated as of April 17, 2020, by and among the Company and the other parties thereto (the
“IRA”), including but not limited to Section 2.11 thereof, and the Shares shall be held by Transferee subject to and entitle Transferee to the same rights and obligations set forth in (i) that certain Transfer
Restriction Agreement, dated as of the date hereof, by and between the Company and the parties thereto (as though such shares were “Restricted Securities” thereunder), (ii) the IRA (as though such shares were Class A Common Stock
thereunder) and (iii) that certain Amended and Restated ROFR & Co-Sale Agreement, by and among the Company and the other parties thereto (as though such shares were Class A Common Stock
thereunder) (all such agreements in this Section 5.2, collectively, the “Existing Agreements”). 
 5.3
Restrictions in Bylaws or Charter. Transferee agrees to be bound by and comply with the limitations on transfer of Company securities and other provisions contained in the Bylaws, as may be amended from time to time, and the Restated
Certificate, and acknowledges that Transferee has received a copy of the Bylaws and Restated Certificate containing such provisions. 

5.4 Escrow. The stock certificate evidencing the Shares will be held in escrow by the Secretary or Assistant Secretary of
the Company or other designee of the Company (the “Escrow Holder”), who is hereby appointed to hold such certificate in escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares
as are in accordance with the terms of this Agreement, the Acquisition Agreements, the Bylaws, the Existing Agreements and the TRA. Transferee and the Company agree that Escrow Holder will not be liable to any party to this Agreement (or to any
other person or entity) for any actions or omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Section. Escrow Holder may rely upon any letter, notice or other
document executed by any signature purported to be genuine and may rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Agreement or the Acquisition Agreements. The Shares will be
released from escrow upon termination of the restrictions upon transfer set forth in this Agreement. 
 6. COMPLIANCE WITH LAWS
AND REGULATIONS. The sale and transfer of the Shares will be subject to and conditioned upon compliance by the Company and Transferee with all applicable state and federal laws and regulations and with all applicable requirements of
any stock exchange or automated quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer. 

7. NO RELIANCE. Each of Transferor and Transferee acknowledges and agrees that neither the Company, nor any of its
stockholders, officers, directors, employees, or agents (other than Transferor and Transferee) have (a) acted as an agent, finder or broker for Transferor or Transferee or their respective agents with respect to the offer, purchase and/or sale
of the Shares, (b) made any representations or warranties of any kind, express or implied, to Transferor or Transferee or their 

  
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respective agents in connection with the offer, purchase and/or sale of the Shares, including regarding the tax treatment or benefit of the transfer described herein or (c) have at any time
had any duty to Transferor or Transferee or their respective agents to disclose any information relating to the Company, its business, or financial condition or relating to any other matters in connection with the offer, purchase and/or sale of the
Shares. In making its decision to transfer the Shares, Transferor is relying solely on its own knowledge and experience (and that of its professional advisors) and the representations and warranties of Transferee (and not on any information provided
by the Company or its agents). In making its decision to acquire the Shares, Transferee is relying solely on its own knowledge and experience (and that of its professional advisors) and the representations and warranties of Transferor (and not on
any information provided by the Company or its agents). 
 8. RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS. 

8.1 Legends. Transferee understands and agrees that the Company will place the legends set forth below or similar legends
on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state, federal or foreign securities laws, the Restated Certificate or Bylaws, any other agreement affecting the Shares between Transferor and
the Company, including but not limited to this Agreement, the Acquisition Agreements or the TRA, or any other agreement applicable to Transferee: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR
EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 
 THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN THE COMPANY’S
BYLAWS, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE
SECURITIES EVIDENCED HEREBY IS RESTRICTED BY THE TERMS OF A TRANSFER RESTRICTIONS AGREEMENT, DATED AS OF MAY [15], 2020, AS IT MAY BE AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THESE
SECURITIES. NO SUCH SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SUCH TRANSFER RESTRICTIONS AGREEMENT HAVE BEEN COMPLIED WITH IN FULL. 

THE SHARES REPRESENTED HEREBY ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN A STOCK TRANSFER AGREEMENT BETWEEN THE ISSUER,
THE HOLDER OF THESE SHARES AND 

  
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THE HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS, ARE BINDING ON PURCHASERS OF THESE SHARES. 

8.2 Stop-Transfer Instructions. Transferee agrees that, in order to ensure compliance with the restrictions imposed by
this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. The
Company will not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Shares, or to accord the right to
vote or pay dividends, to any purchaser or other purchaser to whom such Shares have been so transferred. Transferee further understands and agrees that the Company may require written assurances, in form and substance satisfactory to counsel for the
Company (which may include a requirement that Transferee’s counsel provide a legal opinion acceptable to the Company), before the Company effects any future transfers of the Shares. 

9. GENERAL PROVISIONS. 

9.1 Successors and Assigns; Assignment. Except as otherwise provided in this Agreement, this Agreement, and the rights
and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company may assign any of its rights and obligations
under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Company. 

9.2 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of
California, without giving effect to that body of laws pertaining to conflict of laws. 
 9.3 Dispute Resolution. The
parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the federal or state courts located in the Northern District of California for the purpose of any suit, action or other proceeding arising out of or based upon
this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the federal or state courts located in the Northern District of California, and (c) hereby waive, and
agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 
 9.4 Notices. Any and all notices required or permitted to be given to a party pursuant to the provisions of
this Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (a) at the time of personal delivery, if delivery is in person; (b) one
(1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States; or (c) three (3) business days after deposit
in the United States mail by certified mail (return receipt requested) for United States deliveries. All notices for delivery outside the United States will be sent by express courier. All notices not delivered personally will be sent with
postage and/or other charges prepaid and properly addressed. 

  
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 If to the Company, to: 

Airbnb, Inc. 
 Attn: General
Counsel 
 888 Brannan St. 
 San
Francisco, CA 94103 
 With a copy to (which shall not constitute notice): 

Email: *** 
 Fenwick &
West LLP 
 Attn: Samuel Angus 

555 California St., 12th Floor 

San Francisco, CA 94104 
 If to Transferor or
Transferee, at the address set forth below the signature lines of this Agreement or at such other address as such party may designate by one of the indicated means of notice herein to the party hereto. A “business day” shall
be a day, other than Saturday or Sunday, when the banks in the city of San Francisco are open for business. 
 9.5 Further
Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 

9.6 Titles and Headings. The titles, captions and headings of this Agreement are included for ease of reference only and
will be disregarded in interpreting or construing this Agreement. Unless otherwise specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and “exhibits” to this Agreement.

 9.7 Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement and
understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter
hereof. This Agreement shall not be effective until signed by all parties hereto, including the Company. Transferee and Transferor each acknowledges and agrees that this Agreement and the transactions contemplated hereby are Confidential Information
pursuant to the applicable Non-Disclosure Agreement, or agreement containing similar confidentiality provisions, by and between the Company and Transferor or Transferee, as applicable. 

9.8 Severability. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction
to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from
this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. Notwithstanding the forgoing, if the

  
 10 

 
value of this Agreement based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent
jurisdiction shall be binding, then all parties agree to substitute such provision(s) through good faith negotiations. 
 9.9
Amendment and Waivers. This Agreement may be amended only by a written agreement executed by each of the parties hereto. No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set
forth in a writing signed by the party against which enforcement is sought. Any amendment effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to
require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance. No waiver granted under this Agreement as to any one provision herein shall constitute a subsequent waiver of such
provision or of any other provision herein, nor shall it constitute the waiver of any performance other than the actual performance specifically waived. 

9.10 Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which when
so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement. This Agreement may be executed and delivered by facsimile or other means of electronic delivery (including PDF delivery via
electronic mail) and upon such delivery the facsimile signature or other form of electronic signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

9.11 Expenses. Each party hereto shall pay its own expenses in connection with the transactions contemplated hereunder.

 9.12 Specific Performance. Unless this Agreement has been terminated, each party to this Agreement acknowledges and
agrees that any breach by it of this Agreement may cause any (or either) of the other parties irreparable harm which may not be adequately compensable by money damages. Accordingly, except in the case of termination, in the event of a breach or
threatened breach by a party of any provision of this Agreement, each party shall be entitled to seek the remedies of specific performance, injunction or other preliminary or equitable relief, without having to prove irreparable harm or actual
damages. The foregoing right shall be in addition to such other rights or remedies as may be available to any party for such breach or threatened breach, including but not limited to the recovery of money damages.  

9.13 Costs of Enforcement. If any party to this Agreement seeks to enforce its rights under this Agreement by legal
proceedings against any other party to this Agreement, the non-prevailing party or parties named in such legal proceedings shall pay all costs and expenses incurred by the prevailing party or parties,
including, without limitation, all reasonable attorneys’ fees. 
 9.14 Taxes. Transferor acknowledges that
it shall be solely responsible for all United States federal, state, local and foreign taxes of Transferor (or for which Transferor is liable) and any documentary, sales, use, registration, value added, transfer and similar taxes arising in
connection with the transactions contemplated by this Agreement and required to be paid by Transferor under applicable law. Transferor shall timely pay when due such taxes and shall timely file any tax filings and reports with respect to the
transactions contemplated by this Agreement, as required by applicable law. 
 [Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this Stock Transfer Agreement to be
executed by its duly authorized representative and Transferor and Transferee have each executed this Agreement, as of the Effective Date. 
  

					
	TRANSFEREE: 	 		 	TRANSFEROR:
			
	SLP CONSTELLATION AGGREGATOR II, L.P.	 		 	Belinda Johnson
			
	By: SLP V Aggregator GP, L.L.C.	 		 	
			
	By: Silver Lake Technology Associates V, L.P.	 		 	
			
	By: SLTA V (GP), L.L.C.	 		 	
			
	By: Silver Lake Group, L.L.C.	 		 	

  

									
	By:	 	 /s/ Egon Durban
	 		 	By:	 	 /s/ Belinda Johnson

	Name:	 	 Egon Durban
	 		 		 	 Belinda Johnson

	Title:	 	 Co-CEO
	 		 	Address:	 	  

	Address:	 		 		 	
	  
	 		 	  

	  
	 		 	  

  

			
	THE COMPANY:
	
	AIRBNB, INC.
		
	By:	 	 /s/ Elinor Mertz

	Name:	 	 Elinor Mertz

	Title:	 	 VP of Finance

  
 12 

 SCHEDULE 1 

ALLOCATIONS 
  

																									
	 Transferor
	  	
Number of
Shares of
Common
Stock Sold
	 	  	
Aggregate
Purchase Price
	 	  	
Aggregate
Exercise Price
	 	  	
Withholding and
Employment
Taxes (Exercise)
	 	  	 Total Wire to
the
Company
	 	  	
Net
Purchase
Price
	 
	 Belinda Johnson
	  	 	466,824	 	  	$	27,411,905.28	 	  	$	1,703,904.84	 	  	$	25,707,974.07	 	  	$	27,411,878.91	 	  	$	26.37	 

 EXHIBIT A 

TRANSFEROR’S STOCK POWER AND ASSIGNMENT 

SEPARATE FROM STOCK CERTIFICATE 

Pursuant to that certain Stock Transfer Agreement dated as of May [    ], 2020 (the “Agreement”),
the undersigned transferor hereby assigns and transfers 466,824 shares of the Class B Common Stock of Airbnb, Inc., a Delaware corporation (the “Company”) to SLP Constellation Aggregator II, L.P. The shares subject to
this transfer are represented by the applicable stock certificate delivered herewith, and the undersigned transferor does hereby irrevocably constitute and appoint each of the Secretary and the
Assistant Secretary of the Company as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock on the books of the Company. 

Belinda Johnson 
  

			
	By:	 	  

		
	Date:	 	  

		
	By:	 	  

 

			
	Spouse’s Name:	 	  

 

			
	Date:	 	  

 Instruction: Please fill in the blanks above, sign this Stock Power and obtain the signature of
Transferor’s spouse, if any. This Stock Power will be used to transfer the Shares from Transferor to Transferee. 

 EXHIBIT B 

TRANSFER RESTRICTIONS AGREEMENT 

[Provided separately.] 

 EXHIBIT C 

SECTION 1445 & 897 CERTIFICATE 

[Provided separately.]Exhibit 10.1

 

HARBOR
CUSTOM DEVELOPMENT, INC.

2020
RESTRICTED STOCK PLAN

 

	1.	Purpose

 

This
Harbor Custom Development, Inc. 2020 Restricted Stock Plan (this “Plan”) is intended to provide incentives which will
attract, retain, motivate, and reward executive officers, non-employee directors, and other key employees of Harbor Custom Development,
Inc., a Washington corporation (the “Company”) or any of its Affiliates, by providing them opportunities to acquire
shares of the common stock, no par value per share (“Common Stock”), of the Company. “Affiliate,” as used
herein, shall mean any corporation or other entity owning, directly or indirectly, 50% or more of the outstanding stock of the
Company, or in which the Company or any such corporation or other entity owns, directly or indirectly, 50% or more of the outstanding
capital stock (determined by aggregate voting rights) or other voting interests. Furthermore, the Plan is intended to assist in
further aligning the interests of the Company’s executive officers, non-employee directors, and other key employees with
those of its shareholders. The Plan has been adopted and approved by the Board of Directors (the “Board”) of the Company
and shall become effective as of the Effective Date, as defined below.

 

	2.	Administration

 

(a)
The Plan generally shall be administered by a committee (the “Committee”) which shall be the Compensation Committee
of the Board or another committee appointed by the Board from among its members, subject to the rules of any stock exchange then
listing the Common Stock. Unless the Board determines otherwise, the Committee shall be comprised solely of not less than two
members who each shall qualify as a (i) “Non-Employee Director” within the meaning of Rule 16b-3(b)(3) (or any successor
rule) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and (ii) an “outside director”
within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations
thereunder. The Committee is authorized, subject to the provisions of the Plan, to establish such rules and regulations as it
deems necessary for the proper administration of the Plan and to make such determinations and interpretations and to take such
action in connection with the Plan and any Awards granted hereunder as it deems necessary or advisable. All determinations and
interpretations made by the Committee shall be binding and conclusive on all Participants, as defined below, and their legal representatives.

 

(b)
No member of the Board, no member of the Committee, and no agent of the Committee who is an employee of the Company shall be liable
for any act or failure to act hereunder, except in circumstances involving his or her bad faith, gross negligence, or willful
misconduct, or for any act or failure to act hereunder by any other member or employee or by any agent to whom duties in connection
with the administration of this Plan have been delegated. The Company shall indemnify members of the Board, members of the Committee,
and any agent of the Committee who is an employee of the Company against any and all liabilities or expenses to which they may
be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances
involving such person’s bad faith, gross negligence, or willful misconduct.

 

    	 	1	 

    	 

    

 

(c)
The Committee has the authority to grant Awards to the Participants. The Committee may delegate such of its powers and authority
under the Plan as it deems appropriate to designated officers or employees of the Company. In addition, the independent members
of the full Board may exercise any of the powers and authority of the Committee under the Plan. In the event of such delegation
of authority or exercise of authority by the Board, references in the Plan to the Committee shall be deemed to refer, as appropriate,
to the agent of the Committee or the Board. The selection of members of the Committee or any subcommittee thereof, and any delegation
by the Committee to designated officers or employees, under this Section 2(c) shall comply with Section 16(b) of the Exchange
Act, the performance-based provisions of Section 162(m) of the Code, and the regulations promulgated under each of such statutory
provisions, or the respective successors to such statutory provisions or regulations, as in effect from time to time, except to
the extent that the Board determines that such compliance is not necessary or desirable. The Committee may employ such legal or
other counsel, consultants, and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion
or computation received from any such counsel, consultant, or agent. Expenses incurred by the Committee in the engagement of such
counsel, consultant, or agent shall be paid by the Company or any of its Affiliates whose employees have benefited from the Plan,
as determined by the Committee.

 

	3.	Participants

 

Participants
shall consist of such executive officers, non-employee directors, and other key employees (individually, “Participant”
and collectively, “Participants”) of the Company or any of its Affiliates as the Committee in its sole discretion
determines to be significantly responsible for the success and future growth and profitability of the Company and whom the Committee
may designate from time to time to receive Awards under the Plan. Designation of a Participant in any year shall not require the
Committee to designate such person to receive an Award in any other year or, once designated, to receive the same type or amount
of Award as granted to the Participant in any other year. The Committee shall consider such factors as it deems pertinent in selecting
Participants and in determining the type and amount of Awards.

 

	4.	Types
    of Awards and Vesting Restrictions

 

Stock
Awards and Performance Awards may, as determined by the Committee, in its discretion, constitute Performance-Based Awards, as
described in Section 8 below. Awards granted to Participants under the Plan may be subject to a graded vesting schedule with a
minimum vesting period of two years, unless otherwise determined by the Committee. Awards shall be evidenced by Award agreements
(which need not be identical) in the form attached hereto as Exhibit A or in such other form as the Committee may from time to
time approve; provided, however, that in the event of any conflict between the provisions of the Plan and any such agreements,
the provisions of the Plan shall prevail.

 

	5.	Common
    Stock Available Under the Plan

 

(a)
Shares Available. The aggregate number of shares of Common Stock that may be subject to Awards granted under this Plan
shall be 700,000 shares of Common Stock, which may be authorized and unissued or treasury shares, subject to any adjustments made
in accordance with Section 9 below.

 

    	 	2	 

    	 

    

 

(b)
Shares Underlying Awards That Again Become Available. The following shares of Common Stock shall again become available
for Awards: (1) any shares of Common Stock subject to an Award that are forfeited to the Company under Section 11(b) or 11(c)
of this Plan or under the provisions of the applicable Award agreement; (2) any shares of Common Stock subject to an Award that
are retained by the Company as payment of the tax withholding obligations with respect to an Award; and (3) a number of shares
of Common Stock equal to the number of previously owned shares of Common Stock surrendered to the Company to satisfy tax withholding
obligations with respect to an Award.

 

	6.	Stock
    Awards

 

The
Committee is authorized to grant Stock Awards and shall, in its sole discretion, determine such Participants in the Plan who will
receive Stock Awards and the number of shares of Common Stock underlying each Stock Award. Each Stock Award shall be subject to
such terms and conditions consistent with the Plan as shall be determined by the Committee and as set forth in the Award agreement,
including, without limitation, restrictions on the sale or other disposition of such shares, and the right of the Company to reacquire
such shares for no consideration upon termination of the Participant’s employment or membership on the Board, as applicable,
within specified periods. The Committee may require the Participant to deliver a duly signed stock power, endorsed in blank, relating
to Common Stock covered by such Stock Award and/or that the stock certificates evidencing such shares be held in custody or bear
restrictive legends until the restrictions thereon shall have lapsed. The Award agreement shall specify whether the Participant
shall have, with respect to the shares of Common Stock subject to a Stock Award, all of the rights of a holder of shares of Common
Stock, including the right to receive dividends or other distributions and to vote the shares.

 

	7.	Performance
    Awards

 

(a)
In General. The Committee is authorized to grant Performance Awards and shall, in its sole discretion, determine such Participants
who will receive Performance Awards and the number of shares of Common Stock that may be subject to each Performance Award. Each
Performance Award shall be subject to such terms and conditions consistent with the Plan as shall be determined by the Committee
and as set forth in the Award agreement. The Committee shall set performance targets at its discretion which, depending on the
extent to which they are met, will determine the number of Performance Awards that will be paid out to the Participants, and may
attach to such Performance Awards one or more restrictions. Performance targets may be based upon, without limitation, Company-wide,
divisional and/or individual performance.

 

(b)
Adjustment of Performance Targets. With respect to those Performance Awards that are not intended to qualify as Performance-Based
Awards (as described below), the Committee shall have the authority at any time to make adjustments to performance targets for
any outstanding Performance Awards which the Committee deems necessary or desirable unless at the time of establishment of goals
the Committee shall have precluded its authority to make such adjustments.

 

    	 	3	 

    	 

    

 

(c)
Payout. Payment of earned Performance Awards shall be made shares of Common Stock and shall be made in accordance with
the terms and conditions prescribed or authorized by the Committee. The Committee, in its sole discretion, may permit a Participant
to elect to defer the receipt of any Performance Award based upon a performance period of at least 12 months, provided that the
Participant performed services continuously from a date no later than the date upon which the performance criteria are established
through a date no earlier than the date upon which the Participant makes such deferral election. An election to defer the receipt
of a Performance Award must be made no later than the date that is six months before the end of the performance period, provided
that in no event may an election to defer a Performance Award be made after such Performance Award has become both substantially
certain to be paid and readily ascertainable. Notwithstanding the foregoing to the contrary, a Participant shall not be permitted
to elect to defer the receipt of a Performance Award unless such election complies with Code Section 409A and Treasury Regulations,
Rulings and Notices of Internal Revenue Service (“IRS”) issued thereunder.

 

	8.	Performance-Based
    Awards

 

(a)
In General. Certain Stock Awards and Performance Awards granted under the Plan, and the compensation attributable to such
Awards, are intended to (i) qualify as Performance-Based Awards (as defined in the next sentence) or (ii) be otherwise exempt
from the deduction limitation imposed by Section 162(m) of the Code. Certain Awards granted under the Plan may be granted in a
manner such that Awards qualify as “performance-based compensation” (as such term is used in Section 162(m) of the
Code and the regulations thereunder) and thus be exempt from the deduction limitation imposed by Section 162(m) of the Code (“Performance-Based
Awards”). Awards may only qualify as Performance-Based Awards if at the time of grant the Committee is comprised solely
of two or more “outside directors” (as such term is used in Section 162(m) of the Code and the regulations thereunder).

 

(b)
Other Performance-Based Awards. Stock Awards and Performance Awards granted under the Plan should qualify as Performance-Based
Awards if, as determined by the Committee, in its discretion, either the granting or vesting of such Award is subject to the achievement
of a performance target or targets based on one or more of the performance measures specified in Section 8(c) below. With respect
to such Awards intended to qualify as Performance-Based Awards:

 

i.
the Committee shall establish in writing (x) the objective performance-based goals applicable to a given period and (y) the individual
employees or class of employees to which such performance-based goals apply no later than 90 days after the commencement of such
period (but in no event after 25% of such period has elapsed);

 

ii.
no Performance-Based Awards shall be payable to or vest with respect to, as the case may be, any Participant for a given period
until the Committee certifies in writing that the objective performance goals (and any other material terms) applicable to such
period have been satisfied; and

 

iii.
after the establishment of a performance goal, the Committee shall not revise such performance goal or increase the amount of
compensation payable thereunder (as determined in accordance with Section 162(m) of the Code) upon the attainment of such performance
goal.

 

    	 	4	 

    	 

    

 

(c)
Performance Measures. The Committee may use the following performance measures (either individually or in any combination)
to set performance targets with respect to Awards intended to qualify as Performance-Based Awards: net sales; pretax income before
allocation of corporate overhead and bonus; budget; earnings per share; net income; division, group, or corporate financial goals;
return on shareholders’ equity; return on assets; return on net assets; return on investment capital; gross margin return
on investment; gross margin dollars or percent; sales per square foot or per hour; payroll as a percentage of sales; inventory
shrink; inventory turnover; employee turnover; sales, general, and administrative expense; attainment of strategic and operational
initiatives; appreciation in and/or maintenance of the price of Common Stock or any other publicly-traded securities of the Company,
if any; market share; gross profits; earnings before interest and taxes; earnings before interest, taxes, depreciation, and amortization;
economic value-added models; comparisons with various stock market indices; and/or reductions in costs. The foregoing criteria
shall have any reasonable definitions that the Committee may specify, which may include or exclude any or all of the following
items as the Committee may specify: extraordinary, unusual, or non-recurring items; effects of accounting changes; effects of
financing activities; expenses for restructuring or productivity initiatives; other non-operating items; spending for acquisitions;
effects of divestitures; and effects of litigation activities and settlements. Any such performance criterion or combination of
such criteria may apply to the Participant’s Award opportunity in its entirety or to any designated portion or portions
of the Award opportunity, as the Committee may specify.

 

	9.	Adjustment
    Provisions

 

If
there shall be any change in Common Stock of the Company, through merger, consolidation, reorganization, recapitalization, stock
dividend, stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, dividend in kind, or
other like change in capital structure or distribution (other than normal cash dividends) to shareholders of the Company, in order
to prevent dilution or enlargement of Participants’ rights under the Plan, the Committee shall have the authority to adjust,
in an equitable manner, the number and kind of shares that may be issued under the Plan, the number and kind of shares subject
to outstanding Awards, and the Fair Market Value of Common Stock and other value determinations applicable to outstanding Awards.
Appropriate adjustments may also be made by the Committee in the terms of any Awards under the Plan to reflect such changes or
distributions and to modify any other terms of outstanding Awards on an equitable basis, including modifications of performance
targets and changes in the length of performance periods. In addition, other than with respect to Awards intended to constitute
Performance-Based Awards, the Committee is authorized to make adjustments to the terms and conditions of, and the criteria included
in, Awards in recognition of unusual or nonrecurring events affecting the Company or any of its Affiliates or the financial statements
of the Company, or in response to changes in applicable laws, regulations, or accounting principles.

 

	10.	Change
    In Control

 

(a)
Accelerated Vesting. Notwithstanding any other provision of this Plan, unless otherwise provided in the applicable Award
agreement, if there is a Change in Control of the Company (as defined below), all unvested Awards granted under the Plan shall
become fully vested immediately upon the occurrence of the Change in Control and such vested Awards shall be paid out or settled,
as applicable, within 60 days upon the occurrence of the Change in Control, subject to requirements of applicable laws and regulations.
The Committee shall have full discretion, notwithstanding anything herein or in an Award agreement to the contrary, with respect
to an outstanding Award, upon the merger or consolidation or sale or other disposition of all or substantially all of the assets
of the Company, to provide that the securities of another entity may be substituted hereunder for the shares of Common Stock and
to make equitable adjustment with respect thereto.

 

    	 	5	 

    	 

    

 

(b)
Definition. For purposes of this Section 10, (i) if there is an employment agreement, at will offer letter, or director
agreement between the Participant and the Company or any of its Affiliates in effect (for the avoidance of doubt, any Change of
Control Agreement between the Participant and the Company shall not be considered an employment agreement, offer letter, or director
agreement for the purposes of this Plan), “Change in Control” shall have the same definition as the definition of
“Change in Control” contained in such employment agreement, at will offer letter, or director agreement; or (ii) if
“Change in Control” is not defined in or if there is no such employment agreement, at will offer letter, or director
agreement between the Participant and the Company or any of its Affiliates in effect, “Change in Control” of the Company
shall be deemed to have occurred upon any of the following events:

 

i.
The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than
50% of either (i) the then-outstanding shares of Common Stock (the “Outstanding Company Common Stock”) or (ii) the
combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following
acquisitions shall not constitute a Change in Control: (a) any acquisition directly from the Company, (b) any acquisition by the
Company, (c) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation
controlled by the Company, or (d) any acquisition by any corporation pursuant to a transaction which complies with clauses (a),
(b) and (c) of subsection (ii) of this Section 10(b); or

 

ii.
Consummation of a reorganization, merger, consolidation, or sale, or other disposition of all or substantially all of the assets
of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (a) all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly,
more than 50% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from
such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company
or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock
and Outstanding Company Voting Securities, as the case may be; (b) no Person (excluding any corporation resulting from such Business
Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock of the
corporation resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of
such corporation except to the extent that such ownership existed prior to the Business Combination; and (c) at least a majority
of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent
Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination;
or

 

    	 	6	 

    	 

    

 

iii.
Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

 

	11.	Termination
    of Employment or Membership on the Board

 

(a)
Membership on the Board. A non-employee director’s membership on the Board is considered “terminated”
in the event of his or her (i) Removal; (ii) not being re-nominated for membership on the Board for the next succeeding period;
(iii) being nominated for membership on the Board for the next succeeding period but not being reelected for membership on the
Board for such period by the Company’s shareholders; or (iv) resignation from the Board, in any such case, prior to the
actual vesting or lapse of any other forfeiture restrictions, as may be determined by the Committee, in its sole discretion. “Removal”
for purposes of this provision shall mean the removal of a non-employee director from the Board, with or without cause, in accordance
with the Company’s Certificate of Incorporation, bylaws, or the Washington Business Corporation Act.

 

(b)
Death or Disability. Subject to any written agreement between the Participant and the Company or any of its Affiliates,
if a Participant’s employment or membership on the Board is terminated due to death or Disability (as defined below):

 

i.
all unvested Stock Awards held by the Participant on the date of the Participant’s termination of employment or membership
on the Board due to death or the date of the termination of his or her employment or membership on the Board related to Disability,
as the case may be, shall immediately be forfeited as of such date; and

 

ii.
all unearned and/or unvested Performance Awards held by the Participant on the date of the Participant’s termination of
employment due to death or the date of the termination of his or her employment related to Disability, as the case may be, shall
treated as follows:

 

A.
Unearned and/or unvested Performance Awards with performance periods of greater than one year for which the Participant has completed
a minimum of at least one year into a performance period shall immediately become earned or vested as of such date and shall be
paid out and/or settled based on the Company’s and/or Participant’s performance immediately prior to the date of the
Participant’s termination of employment or membership on the Board due to death or the date of the termination of his or
her employment or membership on the Board related to Disability on a pro-rated basis; and

 

B.
All other unearned and/or unvested Performance Awards shall immediately be forfeited by such Participant as of such date.

 

(c)
Other Termination. Subject to any written agreement between the Participant and the Company or any of its Affiliates, if
a Participant’s employment or membership on the Board is terminated for any reason, including without limitation, retirement,
other than due to death or Disability, all unearned or unvested Awards held by the Participant on the date of the termination
of his or her employment or membership on the Board shall immediately be forfeited by such Participant as of such date.

 

    	 	7	 

    	 

    

 

(d)
Discretionary Accelerated Vesting. Notwithstanding anything contained in the Plan to the contrary, the Committee may, in
its discretion, provide that any or all unvested Stock Awards held by the Participant on the date of the Participant’s death
and/or the date of the termination of the Participant’s employment or membership on the Board shall immediately become vested
as of such date.

 

(e)
Disability Definition. For the purposes of this Section 11, (i) if there is an employment agreement, at will offer letter,
or director agreement between the Participant and the Company or any of its Affiliates in effect (for the avoidance of doubt,
any Change of Control Agreement between the Participant and the Company shall not be considered an employment agreement, offer
letter, or director agreement for the purposes of this Plan), “Disability” shall have the same definition as the definition
of “Disability” contained in such employment agreement, at will offer letter, or director agreement; or (ii) if “Disability”
is not defined in such employment agreement, at will offer letter, or director agreement or if there is no employment agreement,
at will offer letter, or director agreement between the Participant and the Company or any of its Affiliates in effect, “Disability”
shall mean the following, as may be further modified or supplemented by the Committee in its sole discretion: As a result of the
Participant’s physical or mental illness, the Participant is absent from the Participant’s duties with the Company
on a full-time basis for three consecutive months, and within 30 days after written Notice of Termination (as defined below) is
given, the Participant does not return to the full-time performance of the Participant’s duties. For purposes of this Plan,
a “Notice of Termination” shall mean a written notice from the Company which indicates that the Participant has been
determined to have Disability within the definition of this Section 11(d) of this Plan and which sets forth in reasonable detail
the facts and circumstances claimed to provide a basis for such determination.

 

	12.	Section
    409A of the Code

 

(a)
Awards under the Plan are intended either to be exempt from the rules of Section 409A of the Code or to satisfy those rules and
shall be construed accordingly. However, the Company shall not be liable to any Participant or other holder of an Award with respect
to any Award-related adverse tax consequences arising under Section 409A or other provision of the Code.

 

(b)
If any provision of the Plan or an Award agreement contravenes any regulations or Treasury guidance promulgated under Code Section
409A or could cause an Award to be subject to the interest and penalties under Code Section 409A, such provision of the Plan or
Award shall be deemed automatically modified to maintain, to the maximum extent practicable, the original intent of the applicable
provision without violating the provisions of Code Section 409A. Moreover, any discretionary authority that the Committee may
have pursuant to the Plan shall not be applicable to an Award that is subject to Code Section 409A to the extent such discretionary
authority will contravene Section 409A or the regulations or guidance promulgated thereunder.

 

    	 	8	 

    	 

    

 

(c)
Notwithstanding any provisions of this Plan or any Award granted hereunder to the contrary, no acceleration shall occur with respect
to any Award to the extent such acceleration would cause the Plan or an Award granted hereunder to fail to comply with Code Section
409A.

 

(d)
Notwithstanding any provisions of this Plan or any applicable Award agreement to the contrary, no payment shall be made with respect
to any Award granted under this Plan to a “specified employee” (as such term is defined for purposes of Code Section
409A) prior to the six-month anniversary of the employee’s separation of service to the extent such six-month delay in payment
is required to comply with Code Section 409A.

 

	13.	Transferability

 

Each
Award granted under the Plan to a Participant shall not be transferable otherwise than by will or the laws of descent and distribution.
Notwithstanding the foregoing, at the discretion of the Committee, an Award may permit the transferability of such Award by a
Participant solely to members of the Participant’s immediate family or trusts or family partnerships for the benefit of
such persons, subject to any restriction included in the Award agreement.

 

	14.	Other
    Provisions

 

Awards
granted under the Plan may also be subject to such other provisions (whether or not applicable to the Award granted to any other
Participant) as the Committee determines on the date of grant to be appropriate, including without limitation, for the forfeiture
of, or restrictions on resale or other disposition of, Common Stock acquired under any form of the Award, for the acceleration
of vesting of Awards, or to comply with federal and state securities laws, or understandings or conditions as to the Participant’s
employment or membership on the Board, in addition to those specifically provided for under the Plan. The Committee shall have
the authority to retract any Award granted under the Plan in case of a material restatement of the financial statements of the
Company or if it is otherwise determined by the Committee that the previously granted Award was not earned by the Participant.

 

	15.	Fair
    Market Value

 

For
purposes of this Plan and any Awards granted hereunder, “Fair Market Value” shall mean, as of any given date, the
closing price of a share of Common Stock on The Nasdaq Stock Market LLC or such other public trading market on which shares of
Common Stock are listed or quoted on that date. If there is no regular public trading market for shares of Common Stock, the Fair
Market Value of a share of Common Stock shall be determined by the Committee in good faith. In each case, the Fair Market Value
shall be determined without regard to whether shares of Common Stock are restricted or represent a minority interest.

 

	16.	Withholding

 

All
payments or distributions of Awards made pursuant to the Plan shall be net of any amounts required to be withheld pursuant to
applicable federal, state, and local tax withholding requirements. If the Company proposes or is required to distribute Common
Stock pursuant to the Plan, it may require the Participant receiving such Common Stock to remit to it or to the Affiliate that
employs such Participant an amount sufficient to satisfy such tax withholding requirements prior to the delivery of any certificates
for such Common Stock. In lieu thereof, the Company or the Affiliate employing the Participant shall have the right to withhold
the amount of such taxes from any other sums due or to become due from the Company or the Affiliate, as the case may be, to the
Participant receiving Common Stock, as the Committee shall prescribe. The Committee may, in its discretion, and subject to such
rules as the Committee may adopt (including any as may be required to satisfy applicable tax and/or non-tax regulatory requirements),
permit a Participant to pay all or a portion of the federal, state and local withholding taxes arising in connection with any
Award consisting of shares of Common Stock by electing to have the Company withhold shares of Common Stock having a Fair Market
Value equal to the amount of tax to be withheld, such tax calculated at rates required by statute or regulation.

 

    	 	9	 

    	 

    

 

	17.	Tenure

 

A
Participant’s right, if any, to continue to serve the Company as an executive officer, non-employee director, other key
employee, or otherwise shall not be enlarged or otherwise affected by his or her designation as a Participant under the Plan.

 

	18.	Unfunded
    Plan

 

Participants
shall have no right, title, or interest whatsoever in or to any investments which the Company may make to aid it in meeting its
obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be
construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal
representative, or any other person. To the extent that any person acquires a right to receive payments from the Company under
the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made
hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation
of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is not intended
to be subject to the Employee Retirement Income Security Act of 1974, as amended.

 

	19.	No
    Fractional Shares

 

No
fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine
whether cash, or Awards, or other property shall be issued or paid in lieu of fractional shares or whether such fractional shares
or any rights thereto shall be forfeited or otherwise eliminated.

 

	20.	Duration

 

(a)
Amendment and Termination. No Award shall be granted more than seven years after the Effective Date; provided, however,
that the terms and conditions applicable to any Award granted prior to such date may thereafter be amended or modified by mutual
agreement between the Company and the Participant or such other persons as may then have an interest therein. The Board or the
Committee may amend the Plan from time to time or suspend or terminate the Plan at any time. However, no action authorized by
this Section 20 shall reduce the amount of any existing Award or change the terms and conditions thereof without the Participant’s
consent, except as otherwise provided for in Section 9. No amendment of the Plan shall, without approval of the shareholders of
the Company, (i) increase the total number of shares which may be issued under the Plan; (ii) modify the requirements as to eligibility
for Awards under the Plan; or (iii) otherwise materially amend the Plan as provided in Nasdaq Marketplace Rules or the rules of
another public trading market on which shares of Common Stock are then listed or quoted.

 

    	 	10	 

    	 

    

 

	21.	Governing
    Law

 

THIS
PLAN, AWARDS GRANTED HEREUNDER AND ACTIONS TAKEN IN CONNECTION HEREWITH SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF WASHINGTON (REGARDLESS OF THE LAW THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE WASHINGTON PRINCIPLES OF CONFLICT
OF LAWS).

 

	22.	Severability

 

In
case any provision of this Plan shall be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

	23.	Effective
    Date; Termination; Days

 

(a)
The Plan shall be effective as of the date on which the Plan is approved by the shareholders of the Company at an annual meeting
or any special meeting of shareholders of the Company (the “Effective Date”) and such approval of shareholders shall
be a condition to the right of each Participant to receive Awards hereunder.

 

(b)
This Plan shall terminate on the seventh anniversary of the Effective Date (unless sooner terminated by the Board).

 

(c)
Any reference to the word “day” or “days” herein shall mean calendar day or calendar days, respectively,
unless otherwise expressly provided.

 

The
foregoing 2020 Restricted Stock Plan was duly adopted and approved by the Board of Directors of the Company on October 13, 2020.

 

HARBOR
CUSTOM DEVELOPMENT, INC.

 

	 	/s/ Sterling Griffin	 
	By: 	Sterling Griffin	 
	Its: 	CEO and President	 

		

 

    	 	11	 

    	 

    

 

Exhibit
A

 

RESTRICTED
STOCK AGREEMENT

 

	GRANTED
    TO:	[  ]
	DATE
    OF GRANT:	[  ]

GRANTED
PURSUANT TO: 

Harbor
Custom Development, Inc. 2020 Restricted Stock Plan 

	NUMBER
    OF SHARES:	[  ]
	VESTING
    SCHEDULE:	[  ]

 

1.
Restricted Stock Agreement. This Restricted Stock Agreement (this “Agreement”) is made and entered into as
of (the “Date of Grant”) between Harbor Custom Development, Inc., a Washington corporation (the “Company”),
and [ ], as a participant (the “Participant”) in the Harbor Custom Development, Inc. 2020 Restricted Stock Plan (the
“Plan”), a copy of which is enclosed herewith. Capitalized terms not defined herein shall have the meanings ascribed
thereto in the Plan.

 

2.
Grant of Restricted Stock. The Participant is granted [ ] shares of Common Stock of the Company (the “Restricted
Stock”). The Restricted Stock is granted as provided for under the Plan and is subject to the terms and conditions set forth
in the Plan and this Agreement. The Restricted Stock granted hereunder is a matter of separate inducement and is not in lieu of
salary or other compensation for the services of a Participant to the Company or any of its Affiliates.

 

3.
Vesting. This grant of Restricted Stock shall vest in accordance with the following schedule:

 

[The
Committee may provide for any vesting schedule it deems appropriate, from immediate vesting to any daily, monthly or yearly vesting
up to seven years and in combination with any or none of the performance measures permitted to be used under the Plan, either
individually or in any combination and with or without acceleration. Sample vesting language as follows:

 

“Subject
to the provisions of Section 8 of this Agreement, the Restricted Stock shall vest during the term of Participant’s employment
in four equal annual installments of 25% of the shares of Restricted Stock covered by this Agreement, the first installment to
be exercisable on the 12 month anniversary of the date of this Option (the “Initial Vesting Date”), with an additional
25% of such shares vesting on each of the three successive 12 month periods following the Initial Vesting Date.”]

 

    	 	12	 

    	 

    

 

4.
Restrictions Prior to Vesting. The Restricted Stock granted hereunder shall be promptly issued and evidenced by a certificate
or certificates for such shares issued in the Participant’s name or by book entry at the Company’s option. The Participant
shall have all of the rights of a shareholder with respect to the shares of Restricted Stock that are vested, including, but not
limited to, the right to vote such shares and to receive all dividends and other distributions paid with respect to them; provided,
however, that the shares shall be subject to the restrictions on transferability in Sections 6 and 7 below. Unless otherwise provided
in this Section 4, the Company shall hold the certificate or certificates for such shares until the date the restrictions on transferability
are removed in accordance with Sections 6 and 8 below. The Company may, in its sole discretion and at any time prior to the date
the restrictions on transferability are removed in accordance with Sections 6 and 8 below, require (i) that the stock certificate
or certificates representing such shares shall be imprinted with a legend stating that the shares represented thereby are the
restricted shares subject to the terms and conditions of this Agreement and, as such, may not be sold, exchanged, transferred,
pledged, hypothecated or otherwise disposed of except in accordance with the terms of this Agreement, and/or (ii) that the Participant
shall, upon receipt of the certificate or certificates therefor, deposit such certificate or certificates together with a stock
power or other like instrument of transfer, appropriately endorsed in blank, with an escrow agent designated by the Company, which
may be the Company, its outside counsel, or its transfer agent under a deposit agreement containing such terms and conditions
as the Company shall approve, with the expenses of such escrow to be borne by the Company.

 

5.
Adjustment Provisions. If under Section 9 of the Plan the Participant, as the owner of the shares of the Restricted Stock,
shall be entitled to new, additional or different shares of stock or securities, (i) the Company may require that the certificate
or certificates for, or other evidences of, such new, additional or different shares or securities, together with a stock power
or other instrument of transfer appropriately endorsed, shall be imprinted with a legend as provided in Section 4 above, be deposited
by the Participant under the deposit agreement provided for therein, and (ii) such certificate or certificates for, or other evidences
of, such new, additional or different shares or securities shall be subject to the restrictions on transferability as provided
in Sections 6 and 7 below.

 

6.
Removal of Transfer Restrictions. The shares of the Restricted Stock shall be subject to restrictions on transferability.
Subject to Section 8 below, such restrictions shall be removed from such shares according to the vesting schedule set forth above.
Notwithstanding anything contained in this Agreement to the contrary, if there is a Change in Control of the Company, all unvested
shares of Restricted Stock granted under this Agreement shall become fully vested immediately upon the occurrence of the Change
in Control and such vested shares of Restricted Stock shall be paid out or settled, as applicable, within 60 days upon the occurrence
of the Change in Control, subject to requirements of applicable laws and regulations.

 

7.
No Transfer. During the period when the Restricted Stock is subject to the restrictions on transferability, none of the
shares of the Restricted Stock subject to such restrictions shall be sold, exchanged, transferred, pledged, hypothecated, or otherwise
disposed of except by will or the laws of descent and distribution. Any attempt by the Participant to dispose of any shares of
the Restricted Stock in any such manner shall result in the immediate forfeiture of such shares.

 

8.
Termination of Employment or Membership on the Board.

 

a.
Death or Disability. If the Participant’s employment or membership on the Board, as applicable, is terminated due
to death or Disability all unvested shares of Restricted Stock held by the Participant on the date of the Participant’s
termination of employment or membership on the Board due to death or the date of the termination of his or her employment related
to Disability, as the case may be, shall immediately be forfeited as of such date.

 

b.
Other Termination. If a Participant’s employment or membership on the Board, as applicable, is terminated for any
reason, including, without limitation, retirement, other than due to death or Disability, all unvested shares of Restricted Stock
held by the Participant on the date of the termination of his or her employment or membership on the Board, as applicable, shall
immediately be forfeited by such Participant as of such date.

 

    	 	13	 

    	 

    

 

c.
Discretionary Accelerated Vesting. Notwithstanding anything contained in this Agreement to the contrary, the Committee
may, in its discretion, provide that any or all unvested shares of Restricted Stock held by the Participant on the date of the
Participant’s death and/or the date of the termination of the Participant’s employment or membership on the Board,
as applicable, shall immediately become vested as of such date.

 

9.
Tax Withholding. All payments or distributions of an Award made pursuant to this Agreement shall be net of any amounts
required to be withheld pursuant to applicable federal, state, and local tax withholding requirements. If the Company proposes
or is required to distribute Common Stock pursuant to this Agreement, it may require the Participant receiving such Common Stock
to remit to it or to the Affiliate that employs such Participant an amount sufficient to satisfy such tax withholding requirements
prior to the delivery of any certificates for such Common Stock. In lieu thereof, the Company or the Affiliate employing the Participant
shall have the right to withhold the amount of such taxes from any other sums due or to become due from the Company or the Affiliate,
as the case may be, to the Participant receiving Common Stock, as the Committee shall prescribe. The Committee may, in its discretion,
and subject to such rules as the Committee may adopt (including any as may be required to satisfy applicable tax and/or non-tax
regulatory requirements), permit a Participant to pay all or a portion of the federal, state, and local withholding taxes arising
in connection with this Award consisting of shares of Common Stock by electing to have the Company withhold shares of Common Stock
having a Fair Market Value equal to the amount of tax to be withheld, such tax calculated at rates required by statute or regulation.

 

10.
Legend. If the Company, in its sole discretion, shall determine that it is necessary, to comply with applicable securities
laws, the certificate or certificates representing any shares of Common Stock delivered to the Participant under this Agreement
shall bear an appropriate legend in form and substance, as determined by the Company, giving notice of applicable restrictions
on transfer under or with respect to such laws. Unless and until the shares of Common Stock delivered to the Participant under
this Agreement are registered under the Securities Act of 1933, as amended (the “Securities Act”), all certificates
representing such shares and any certificates subsequently issued in substitution therefor and any certificate for any securities
issued pursuant to any stock split, share reclassification, stock dividend or other similar capital event shall bear legends in
substantially the following form:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR UNDER THE APPLICABLE OR SECURITIES LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE
SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION

 

UNDER
THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THE RESTRICTED STOCK AGREEMENT, DATED ____________, BETWEEN
THE COMPANY AND THE ISSUE WHICH RESTRICTS THE TRANSFER OF THESE SHARES WHICH ARE SUBJECT TO FORFEITURE TO THE COMPANY UNDER CERTAIN
CONDITIONS.

 

    	 	14	 

    	 

    

 

Appropriate
stop transfer instructions with respect to such shares have been placed with the Company’s transfer agent.

 

11.
Securities Act. The Participant covenants and agrees with the Company that if, with respect to any shares of Common Stock
delivered to the Participant pursuant to this Agreement, there does not exist a registration statement on an appropriate form
under the Securities Act, which registration statement shall have become effective and shall include, or shall be accompanied
by, as applicable, a prospectus that is current with respect to the shares of Common Stock subject to this Agreement, (i) he or
she takes the shares of Common Stock for his or her own account and not with a view to the resale or distribution thereof, (ii)
any subsequent offer for sale or sale of any such shares shall be made either pursuant to (x) a registration statement on an appropriate
form under the Securities Act, which registration statement shall have become effective and shall be current with respect to the
shares being offered and sold, or (y) a specific exemption from the registration requirements of the Securities Act, but in claiming
such exemption, the Participant shall, prior to any offer for sale or sale of such shares, obtain a favorable written opinion
from counsel for or approved by the Company as to the applicability of such exemption and (iii) the certificate or certificates
evidencing such shares shall bear a legend to the effect of the foregoing.

 

12.
Conflicts. This Agreement is subject to all terms, conditions, limitations, and restrictions contained in the Plan, which
shall be controlling in the event of any conflicting or inconsistent provisions. In the event, however, of any conflict between
the provisions of this Agreement or the Plan and the provisions of an employment or change-in-control agreement between the Company
and the Participant, as applicable, the provisions of the latter shall prevail.

 

13.
No Employment Contract. This Agreement is not a contract of employment and the terms of the Participant’s employment
or membership on the Board shall not be affected hereby or by any agreement referred to herein except to the extent specifically
so provided herein or therein. Nothing herein shall be construed to impose any obligation on the Company to continue the Participant’s
employment or membership on the Board, and it shall not impose any obligation on the Participant’s part to remain in the
employ of the Company or any of its Affiliates.

 

14.
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORD WITH THE LAWS OF THE STATE OF WASHINGTON, EXCLUDING
PRINCIPLES OF CONFLICTS OF LAW.

 

15.
Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

 

16.
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing parties
had signed the same document. All counterparts will be construed together and constitute the same instrument.

 

[Signatures
on Following Page]

 

    	 	15	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Restricted Stock Agreement as of the date first written above.

 

HARBOR
CUSTOM DEVELOPMENT, INC.

 

	By:		 
	Name:		 

	Title:		 

 

ACCEPTED:

 

	By:		
	Name:		

 

Name
of Participant

 

    	 	16

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