Document:

EX-10.4

 Exhibit 10.4 
  

 
 August 18, 2021 

Ms. Chris Lin 
 Via email 

 

	Re:	 Offer of Employment 

Dear Chris, 
 On behalf of BlackSky Holdings, Inc.
(“BlackSky” or the “Company”), I am pleased to offer you the position of General Counsel, reporting to our President and CEO and working out of our offices at 13241 Woodland Park Road, Suite 300, Herndon, VA 20171. This
offer is for a full-time, exempt position. For purposes of this offer letter, your first day of work at BlackSky will be considered your “Employment Start Date.” As you know, BlackSky has entered into a merger agreement with Osprey
Technology Acquisition Corp. (“Osprey”) under which the two companies would combine (the “merger”), and the public company parent entity will be branded with the BlackSky name (“New BlackSky Parent”). The merger is
subject to BlackSky and Osprey stockholder approval and other customary closing conditions, which we currently expect to be satisfied sometime during the 3rd quarter of this year. 

Base Salary. Your starting annual base salary will be $15,625.00 per semi-monthly pay period ($375,000 annually), less applicable taxes, deductions and
withholdings. Our regularly scheduled pay days are currently on the 15th and last business day of every month. Your base salary will be subject to review and adjustment from time to time by
BlackSky’s Board of Directors (the “Board”) or its Compensation Committee (the “Committee”), as applicable, in its sole discretion. 

Incentive Compensation. You will be eligible to participate in BlackSky’s bonus incentive program, with an annual target bonus incentive
opportunity not less than fifty percent (50%) of your annual base salary, it being understood that: 
  

	 	•	 	 your target incentive opportunity will be prorated for BlackSky’s 2021 fiscal year based on your Employment
Start Date and assuming your Employment Start Date occurs before October 1, 2021; 

  

	 	•	 	 the target incentive opportunity will be subject to performance and other criteria established by the Board or
the Committee, as applicable, in its sole discretion; 

  

	 	•	 	 any such annual bonus will be determined and, to the extent earned, paid on an annual basis, at the time and in
the manner in which such bonuses are normally paid to employees at your level, which the Company currently anticipates generally will occur on or before March 15th of the year following the year
the applicable annual bonus is earned with the exception of circumstances in which the determination regarding extent of achievement of performance goals may be delayed (for example, due to delays in completion of the Company’s applicable
financial statements on which measurement of such goals depends); 

	 	•	 	 bonus eligibility is subject to your continued employment through the date that the bonus is paid to you, and no
prorated or partial bonus will be provided in the event of your earlier separation from employment; 

  

	 	•	 	 the Board or the Committee, as applicable and in its sole discretion, may approve grants of additional
discretionary bonus amounts to you; and 

  

	 	•	 	 no amount of any bonus is guaranteed. 

Initial Long-Term Equity Grant. Once the merger and the other transactions contemplated thereby close, New BlackSky Parent will have a new 2021 Equity
Incentive Plan (“Plan”), and as a New BlackSky Parent employee, you will be eligible to receive an equity incentive award under it, subject to the approval of the administrator of the Plan (the “Administrator”), which is expected
to be the Board of Directors of New BlackSky Parent or its Compensation Committee. Subject to Administrator approval, your initial equity incentive award will consist of: 
  

	 	•	 	 Restricted stock units (“RSUs”) covering shares of New BlackSky Parent’s common stock
(“Parent common shares”) with an aggregate award value of $1,500,000 based on the Parent common share price as of the grant date (the “Initial Grant Date”), with a vesting schedule that provides for vesting as to one-fourth of the RSUs on the first “RSU vesting date” occurring on or after the one-year anniversary of the “vesting commencement date” (each as defined
below), and on a quarterly basis thereafter as to one-sixteenth of the RSUs, in each case subject to your continued service through the applicable vesting date; and 

 

	 	•	 	 an option (“Option”) to purchase twice the number of Parent common shares subject to the RSUs issued on
the Initial Grant Date, and with a vesting schedule for the Option that provides for vesting as to one-fourth of the shares subject to the Option on the one-year
anniversary of the vesting commencement date, and on a monthly basis thereafter as to one forty-eighth (1/48th) of the shares subject to the Option on the same day of the month as the vesting
commencement date (or the last day of the month, if there is no corresponding day in a given month), in each case subject to your continued service through the applicable vesting date. 

For purposes of the RSUs, the “RSU vesting date” with respect to any calendar year means March 10, June 10, September 10 and
December 10 unless the Administrator determines otherwise. In the case of your initial equity incentive awards, the Company will recommend to the Administrator that the “vesting commencement date” for the RSUs and the Option be your
Employment Start Date in light of the expectation that the grant date of such awards will be delayed for at least 60 days due to the requirement to file an S-8 registration statement with the U.S. Securities
and Exchange Commission. 
 As is customary, any such RSUs and Option will be subject to separate award agreements under the Plan, which, along with the
Plan, would set out the details of the awards, including the vesting schedule. No right to any stock is earned or accrued until such time that any vesting and other applicable conditions are met, nor does the grant confer any right to continue
vesting or employment. 

  
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 Subsequent Long-Term Equity Grants. Starting with BlackSky’s 2022 fiscal year, you will be
eligible to receive equity awards pursuant to any plans or arrangements New BlackSky Parent may have in effect from time to time. Subject to the next sentence, it is expected that your annual target equity grant will consist of: 

 

	 	•	 	 RSUs covering Parent common shares with an aggregate award value of $750,000 based on the Parent common share
price as of the grant date; and 

  

	 	•	 	 an Option to purchase twice the number of Parent common shares subject to the RSUs issued on such grant date.

 You acknowledge that: 
  

	 	•	 	 the Administrator (of the Plan, or the administrator of any successor plan, as applicable) will determine in its
sole discretion whether you will be granted any such equity awards and the terms of such equity awards in accordance with the applicable plan or arrangement that may be in effect from time to time; and 

 

	 	•	 	 no annual equity grant is guaranteed. 

Benefits. As an employee, you will be eligible to participate in the benefit plans and programs established by the Company for its employees from time
to time, subject to their applicable terms and conditions, including without limitation any eligibility requirements. Although benefits are subject to change, we currently provide the following types of insurance coverage: health, vision, dental,
life, accidental death and dismemberment, and short and long-term disability, as well as the option to participate in our flexible spending accounts, voluntary life insurance programs and retirement savings plans. Additionally, you will accrue
a paid time off (PTO) benefit equal to 20 days per year and then following your fifth anniversary the accrual will increase to 25 days per year. Please refer to the benefits summary information for further details. The Company policy and plan
documents govern the actual rules of all benefits. We reserve the right to modify, amend, suspend or terminate the compensation and benefit plans, programs, and arrangements offered to employees at any time. 

At-Will Employment. This offer letter does not imply any right to your continued employment for any period with
the Company or any parent, subsidiary, or other affiliate of the Company. Your employment with the Company is for no specified period and constitutes at will employment. As a result, you are free to resign at any time, for any reason or for no
reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least thirty
(30) days’ advance notice, provided that you and the Company may determine such longer or shorter notice period as mutually agreed between the parties. 

Severance. You will be eligible to participate in the Company’s Executive Change in Control and Severance Plan (the “Severance Plan”) by
entering into, concurrently with this offer letter, a participation agreement under the Severance Plan applicable to you based on your position within the Company. The actual severance terms are as set forth in the Severance Plan and your
participation agreement thereunder. By way of overview, the following is a brief summary of certain severance provisions you may become entitled to receive under the Severance Plan in your role with the Company: 

 

	 	•	 	 certain severance payments and benefits that may be payable in the event of a qualifying involuntary termination
that occurs other than during a specified change in control period including: 

  
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	 	o	 a severance payment equal to 1.0x of base salary; 

 

	 	o	 a pro rata portion of the annual target bonus incentive; 

 

	 	o	 health care reimbursement aligned with the severance period; and 

 

	 	o	 no vesting acceleration of equity awards. 

 

	 	•	 	 certain enhanced severance payments and benefits in the event of a qualifying involuntary termination that occurs
during the specified change in control period (without duplication to the severance described above) including: 

  

	 	o	 a severance payment equal to 1.5x of base salary; 

 

	 	o	 a pro rata portion of the annual target bonus incentive; 

 

	 	o	 health care reimbursement aligned with the severance period; and 

 

	 	o	 double-trigger vesting acceleration of time-based equity awards. 

If any of the summarized terms above conflict with the terms of the Severance Plan and your participation agreement, then the terms of the Severance Plan and
your participation agreement will control. 
 Proprietary Agreement and No Conflict with Prior Agreements. As a BlackSky employee, it is likely that
you will become knowledgeable about confidential and/or proprietary information about us, our customers, our ecosystem partners and our other stakeholders. Similarly, you may have confidential or proprietary information from prior employers that
should not be used or disclosed to anyone at BlackSky. Therefore, to protect the interests of the Company, you will be required to read, complete and enter into the Proprietary Information and Inventions Assignment Agreement in substantially the
form attached hereto as Exhibit A-1 (the “PIIA”) on or prior to your Employment Start Date. In addition, we request that you comply with any existing and/or continuing contractual obligations that
you may have with your former employers. You agree not to bring any third-party confidential information to the Company, including that of your former employer, and that in performing your duties for the Company you will not in any way use any such
information. By signing this offer letter, you represent that your employment with us shall not breach any agreement you have with any third party. 

Protected Activity Not Prohibited. Notwithstanding any contrary provision of this offer letter or the PIIA, nothing in this offer letter or the PIIA
will prohibit or impede you from engaging in any Protected Activity. For purposes of this offer letter, “Protected Activity” will mean communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or
law enforcement branch, agency or entity, including, but not limited to, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board
(collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the
whistleblower provisions of any such law or regulation; provided that, in each case, such communications and disclosures are consistent with applicable law. Notwithstanding the foregoing, you agree to take all reasonable precautions to prevent any
unauthorized use or disclosure of any information that may constitute Company confidential information (as defined in 

  
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the PIIA or any other agreement between you and the Company or any parent, subsidiary or other affiliate of the Company relating to the protection of confidential information) in a manner not
protected by applicable law (each, a “Confidential Information Agreement”) to any parties other than the Governmental Entities. You further understand that Protected Activity does not include disclosure of any Company attorney-client
privileged communications or attorney work product. Any language in the PIIA or any Confidential Information Agreement that conflicts with, or is contrary to, this paragraph is superseded by this offer letter. You understand and acknowledge that
pursuant to the Defend Trade Secrets Act of 2016 (a) an individual will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (i) in confidence to a Federal,
state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal and (b) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court
proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. 

Obligations. During your employment, you shall devote your full business efforts and time to BlackSky. This obligation shall not preclude you from
engaging in appropriate civic, charitable or religious activities or, with the consent of the Board, from serving on the boards of directors of companies that are not competitors to BlackSky, as long as the activities do not materially interfere or
conflict with your responsibilities to or your ability to perform your duties of employment at BlackSky. Nevertheless, we acknowledge that your current status as a member of the Board of Directors of the companies set forth on Annex A, if any, is
expressly permitted by this offer letter, so long as such service does not create competitive or fiduciary conflicts. Any outside activities must be in compliance with and approved if required by BlackSky’s employee conduct rules and corporate
governance guidelines as in effect from time to time. As a Company employee, you will be expected to abide by the Company’s rules and standards. You agree that in the rendering of all services to the Company and in all aspects of employment
with the Company, you will comply in all material respects with all lawful directives, policies, standards and regulations from time to time established by the Company. You will be required to sign an acknowledgment that you have read and that you
understand the Company’s rules of conduct which are included in the Company’s employee handbook. 

Non-competition. Consistent with the PIIA, you agree that during the term of your employment with us, you will
not engage in or undertake any other employment, occupation, consulting relationship, or commitment that is directly related to the business in which BlackSky is now involved or becomes involved or has plans to become involved, nor will you engage
in any other activities that conflict with your obligations to BlackSky. Notwithstanding the preceding sentence, you may own not more than 1% of the securities of any company whose securities are publicly traded. 

Eligibility to Work. In order for BlackSky to comply with U.S. law, you will be required to provide to the Company documentary evidence of your
identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 

Planned Start Date; Background and Reference Checks. Your acceptance of this offer and commencement of employment with the Company are also contingent
upon our mutual agreement on your Employment Start Date and upon your successfully passing a background and reference check prior to your Employment Start Date. 

  
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 Taxes. The Company (or its affiliate, as applicable) will have the right and authority to deduct from
any payments or benefits under this Agreement all applicable federal, state, and local taxes or other required withholdings and payroll deductions (“Withholdings”). Prior to the payment of any amounts or provision of any benefits under
this Agreement, the Company (and its affiliate, as applicable) is permitted to deduct or withhold, or require you to remit to the Company, an amount sufficient to satisfy any applicable Withholdings with respect to such payments and benefits.
Neither the Company nor any of its affiliates will have any responsibility, liability or obligation to pay your taxes arising from or relating to any payments or benefits under this Agreement. This Agreement and the terms herein are intended to
comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and any formal guidance promulgated thereunder (“Section 409A”), so that none of the
payments and benefits to be provided hereunder will be subject to the additional tax imposed by Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply or be so exempt. In no event will the Company or any of
its affiliates have any responsibility, liability or obligation to reimburse or indemnify you, or hold you harmless, for any tax imposed, or other costs incurred, as a result of Section 409A. 

Indemnification; D&O Insurance. Recognizing that individuals may be reluctant to serve in your employment capacity unless they are provided with
adequate protection through insurance or indemnification against the risks of claims and actions against them arising out of such service, you and the Company shall enter into an Indemnification Agreement in substantially the form attached hereto as
Exhibit A-2, which agreement shall remain in effect in accordance with its terms unless and to the extent superseded by an indemnification agreement expected to be entered into between you and New BlackSky
Parent effective upon the closing of the merger. Further, the Company confirms that you shall be eligible for coverage under the Company’s existing director and officer liability insurance policy and any different or supplemental policy as may
be entered into by the Company following the merger. 
 Entire Agreement. This offer letter and the referenced documents and agreements constitute
the entire agreement between you and BlackSky with respect to the subject matter hereof and supersede any and all prior or contemporaneous oral or written representations, understandings, agreements or communications between you and BlackSky
concerning those subject matters. This offer letter may be modified only by a written agreement signed by a duly authorized officer of the Company (other than yourself) and you. For purposes of this offer letter, references to the Company or
BlackSky will include any of its successors and assigns (including without limitation, upon the closing of the merger, New BlackSky Parent). 

[remainder of page left blank intentionally] 

  
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 Offer Acceptance. Please indicate your acceptance of this offer by signing where indicated below and
returning an executed copy to me via email at your earliest convenience. By signing below you agree that your rights and obligations under this offer letter shall be governed by the laws of the state of Commonwealth of Virginia, without
regard to its internal conflict of laws rules. 
 We look forward to your joining the BlackSky team! 

Sincerely, 
 Brian E. O’Toole 

CEO 
 BlackSky Holdings, Inc. 

I accept this offer of employment with BlackSky and agree to the terms and conditions outlined in this offer letter. 

 

	
	
	/s/ Chris Lin
	Signature

 Planned Employment Start Date: August 23, 2021 

  
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 Exhibit A-1 

Form of Proprietary Information and Invention Assignment Agreement 

[attached] 

  
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 Exhibit A-2 

Form of Indemnification Agreement 

[attached] 

  
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 Annex A 

Existing Board of Director Memberships 

  
 10EX-10.5

 Exhibit 10.5 

TRANSITION AND CONSULTING AGREEMENT 

This Transition and Consulting Agreement (“Agreement”) is made effective as of the last date of signature below (the
“Effective Date”) by and between Brian Daum (“Executive”) and BlackSky Holdings, Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as a
“Party”). 
 WHEREAS, Executive is currently serving as Chief Financial Officer, Chief Operating Officer and Secretary of
the Company; 
 WHEREAS, Executive and the Company have agreed that Executive will separate from employment with the Company on the
Separation Date (as defined below) and provide certain consulting services for a defined period thereafter; 
 WHEREAS, the Company and
Executive desire to provide for an orderly transition of Executive’s duties and responsibilities; and 
 WHEREAS, in furtherance of the
foregoing, Executive and the Company have negotiated and reached an agreement with respect to all rights, duties and obligations arising between them, including, but in no way limited to, any rights, duties and obligations that have arisen or might
arise out of or are in any way related to Executive’s continued employment with the Company and the conclusion of that employment (other than as specifically provided in this Agreement). 

NOW, THEREFORE, in consideration of the mutual promises made herein and intending to be bound thereby, the Company and Executive hereby agree
as follows: 
 1. Resignation and Transition. 

a. Transition Period. Effective as of the Transition Date, Executive will be deemed to have resigned from his positions as Chief
Financial Officer, Chief Operating Officer and Secretary of the Company, from his role as a member of the Board of Directors of LeoStella LLC, and from any other advisory, director, and officer positions with the Company and any of its parent or
subsidiaries. Executive agrees to execute any documents as necessary or desirable to effect any such resignations. In consideration of Executive’s execution of this Agreement and Executive’s fulfillment of all of its terms and conditions,
and subject to any further condition in this Agreement, Executive will continue employment with the Company on a transitional basis in the role of “Senior Advisor” during the Transition Period. As used herein, (i) “Transition
Date” means two business days following the filing of the Company’s “Super 8-K” with the U.S. Securities and Exchange Commission (the “SEC”) following completion of the
business combination (the “Business Combination”) contemplated by that certain Agreement and Plan of Merger dated as of February 17, 2021 by and among Osprey Technology Acquisition Corp (“Osprey”), Osprey
Technology Merger Sub, Inc., and the Company, as may be amended from time to time (the “Closing”), (ii) “Separation Date” means November 30, 2021 unless mutually extended by the Parties or earlier
terminated by a Party in accordance with this Agreement, and (iii) “Transition Period” means the period from the Transition Date through the Separation Date. 

b. Duties; Other Opportunities. During the Transition Period, Executive shall (x) transition his duties and responsibilities from
prior to the Transition Period to such individuals as the Chief Executive Officer of the Company (“CEO”) may designate, including to the successor Chief Financial Officer of the Company (“CFO”) and (y) provide
such assistance and perform such duties and responsibilities as may be reasonably assigned by the CEO or his designee from time to time (the “Transition Duties”). During the Transition Period, Executive will continue to abide in all
material respects by all of Executive’s contractual and legal obligations to the Company and will continue to abide in all material respects by the Company’s policies and procedures. The Parties acknowledge and agree that the Transition
Duties are not expected to 

 
occupy all of Executive’s professional time, and therefore Executive shall be permitted to pursue outside opportunities so long as they do not conflict with (i) the Transition Duties,
(ii) any of the terms of this Agreement, that certain At Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement between Executive and the Company, a copy of which is attached to this Agreement as Exhibit
A (the “Confidentiality Agreement”), or any other agreement between the Parties, or (iii) any of Executive’s fiduciary duties to the Company. 

c. Compensation. During the Transition Period, the Company will continue to pay Executive a monthly base salary of $22,916.66, to be
paid periodically in accordance with the Company’s normal payroll practices and subject to applicable withholdings. Executive will also be reimbursed for reasonable
out-of-pocket expenses incurred in furtherance of the Transition Duties, which are reasonably incurred in connection with Executive’s duties post Effective Date and
in a manner consistent with Company policies. All other expenses must be pre-approved by the CEO or his designee. In all cases expenses must be submitted promptly for reimbursement in accordance with the
Company’s expense reimbursement policy. During the Transition Period, Executive no longer will be eligible to participate in, or eligible to receive any bonuses under, the Company’s bonus plan or plans as may be in effect from time to
time, it being understood that Executive shall instead be eligible to receive the Target Bonus Severance referenced below. 
 d.
Benefits. During the Transition Period, Executive will remain eligible to participate in all benefits of employment, including without limitation the Company’s health and welfare plans that are made available to all employees of the
Company and the accrual of any vacation and paid time off (but excluding any bonuses as described above), subject to the terms of the plan, program or other arrangement (including eligibility requirements) as may be in effect from time to time. The
Company reserves the right to modify, amend, suspend or terminate the compensation and benefit plans, programs, and arrangements offered to employees at any time. Executive’s health insurance benefits shall cease on the last day of the month in
which the Separation Date occurs, subject to Executive’s right to continue Executive’s health insurance under COBRA, as further detailed below. Following the Separation Date, Executive’s final regular paycheck from the Company will
include a cash-out of Executive’s accrued, unused paid time off. 
 e. Severance
Benefits. Except as provided in Section 1.e.iii. below, in consideration of and contingent on (i) Executive’s execution of this Agreement and the Separation Date Release Agreement in the form attached hereto as Exhibit B
(the “Separation Date Release”), (ii) both such agreements going into effect and (iii) Executive’s fulfillment of all of the terms and conditions of this Agreement and the Separation Date Release, the Company agrees to the
following: 
 i. Salary Continuation. The Company agrees to pay Executive a total of One Hundred Thirty Seven Thousand Five Hundred
Dollars ($137,500), less applicable withholdings, which amount will be paid in accordance with the Company’s standard payroll practices in substantially equal installments on each of the Company’s regular payroll dates for the six
(6) month period following Executive’s Separation Date, subject to Section 19 below. 
 ii. Target Bonus Severance.
The Company agrees to pay Executive a lump sum cash payment in an amount equal to One Hundred Thirty Seven Thousand Five Hundred Dollars ($137,500) but with such amount further prorated by multiplying such amount by a fraction, the numerator of
which is the number of days in the year of termination of Executive’s employment with the Company that Executive remains employed with the Company and the denominator of which is 365 (such dollar amount, prior to proration, intended to reflect
Executive’s target bonus opportunity equal to fifty percent (50%) of Executive’s annual base salary of $275,000) (the “Target Bonus Severance”). Such payment will occur on the First Payment Date (as defined in, and subject
to, Section 19) and will be subject to applicable withholdings. 

  
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 iii. Merger Bonus. Subject to Executive’s execution of and compliance with the
terms of this Agreement, the Company agrees to pay Executive a lump sum cash payment of Five Hundred Thousand Dollars ($500,000) (the “Merger Bonus”), less applicable withholdings and contingent upon the Closing. The Merger Bonus
shall be paid through the regular payroll process no later than thirty (30) days following the date of such Closing, subject to Executive’s continued employment with the Company through the date of such Closing. 

iv. COBRA Reimbursement. The Company shall reimburse Executive for the full amount of the payments Executive makes for COBRA coverage
for the first six (6) full calendar months immediately following the Separation Date (the “COBRA Reimbursement Period”), or if earlier, until (x) Executive has secured health insurance coverage through another employer or
(y) the expiration of Executive’s eligibility for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), provided Executive timely elects and pays for COBRA
continuation coverage, within the time period prescribed pursuant to COBRA. COBRA reimbursements shall be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy, provided that Executive submits
documentation to the Company substantiating Executive’s payments for COBRA coverage. Notwithstanding the preceding, if the Company determines in its sole discretion that it cannot provide COBRA reimbursement benefits without potentially
violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act) (the “Determination”), then in lieu of such COBRA reimbursement benefits, the Company will provide Executive taxable
monthly cash payments, each in an amount equal to the monthly COBRA premium that the Executive would be required to pay to continue the Executive’s group health coverage in effect on the date of termination of employment (which amount will be
based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether the Executive elects COBRA continuation coverage and will commence in the month following the Determination and continue through the end
of the COBRA Reimbursement Period. For the avoidance of doubt, such taxable cash payments may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to any applicable withholdings. 

f. General. Executive acknowledges that, without this Agreement, Executive is otherwise not entitled to certain portions of the
consideration set forth in this Agreement. Executive further acknowledges and agrees that Executive’s separation from employment with the Company as of the Separation Date is the result of a mutually agreed upon voluntary resignation and, as a
result, Executive has not experienced a termination without “Cause” or a resignation for “Good Reason” as those terms are defined in that certain Executive Employment Agreement between Executive and the Company’s
predecessor, Spaceflight Industries, Inc., dated February 18, 2019 (the “Employment Agreement”).. Effective as of the Transition Date, this Transition Agreement fully replaces and supersedes the Employment Agreement. Executive
acknowledges that his employment remains “at will” during the Transition Period and may be terminated by either Party with or without notice (subject to Executive’s eligibility to receive the severance and other benefits under this
Agreement in accordance with the terms herein); provided that the Company shall provide 30 days prior written notice of the Company’s desire to terminate the Executive’s employment. 

2. Separation Date Release. In exchange for the separation benefits as set forth in Section 1.e above, Executive agrees to
execute, within the time period specified therein, the Separation Date Release, which will bridge the gap and cover the time period from the Effective Date through the Separation Effective Date (as defined in the Separation Date Release); provided,
however, the Parties agree to modify the Separation Date Release to the extent necessary to comply with any new laws that may become applicable. The Parties agree that changes to the Separation Date Release, whether material or immaterial, do not
restart the running of any consideration period specified in the Separation Date Release. 
 3. Consulting Agreement. To further
support the transition, the Company will retain Executive as a consultant under the terms specified below if Executive executes this Agreement, complies with its terms and reconfirms Executive’s release of claims by executing the Separation
Date Release. 

  
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 a. Consulting Period. The consulting relationship commences on the Separation Date
(without any disruption in Executive’s status as a “Service Provider” as further referenced in Section 4) and continues until the date that is 180 days following the Closing (the “Scheduled End Date”), unless
terminated earlier pursuant to Section 2(f) below or extended by mutual written agreement (the “Consulting Period”). 

b. Consulting Services. Executive agrees to provide consulting services to the Company in any area of Executive’s expertise,
including but not limited to generally supporting finance and accounting activities, supporting the transition of responsibilities to the successor CFO, and being available for questions and issues that arise related to the fiscal years 2021 and
2022 financial plans, the closing of fiscal quarters and tax matters (the “Consulting Services”). During the Consulting Period, Executive will report directly to the CEO or as otherwise specified by the CEO. Executive agrees to make
himself available to perform such consulting services throughout the Consulting Period. Executive will not be required to report to the Company’s offices during the Consulting Period, except as specifically requested by Company. 

c. Independent Contractor Relationship. Executive’s relationship with the Company during the Consulting Period will be that of an
independent contractor, and nothing in this Agreement is intended to, or should be construed to, create a partnership, agency, joint venture or employment relationship after the Separation Date. 

d. Consulting Fees. During the Consulting Period, and provided that Executive remains in compliance with this Agreement, Executive will
receive as consulting fees (“Consulting Fees”) Two Thousand Dollars ($2,000) per month for up five (5) hours of Consulting Services per month, plus $400 per hour for each additional hour worked that month (such hourly amount
the “Hourly Consulting Fee”), up to a maximum of twenty (20) additional hours per month unless Executive and Company mutually agree otherwise. Executive will also be reimbursed for reasonable out-of-pocket expenses incurred in furtherance of the Consulting Services. Such expenses must be approved in advance by the CEO or his designee and must be submitted promptly for reimbursement in accordance
with the Company’s expense reimbursement policy. Because Executive will be providing the Consulting Services as an independent contractor, the Company will not withhold any amount for taxes, social security or other payroll deductions from the
Consulting Fees. The Company will report the Consulting Fees on an IRS Form 1099. As further detailed in Section 16 relating to tax consequences, Executive acknowledges that Executive will be entirely responsible for payment of any taxes that
may be due on the Consulting Fees. Executive will submit an invoice on a monthly basis that meets the Company’s customary requirements. Subject to receipt of timely invoices from Executive, the Consulting Fees will be paid monthly in arrears on
the fifteenth (15th) day of each calendar month (or the next succeeding business day), but in no event later than March 15 of the year immediately following the year in which the applicable
services have been provided. 
 e. Limitations on Authority. Executive will have no responsibilities or authority as a consultant to
the Company other than as provided above. Executive will have no authority to bind the Company to any contractual obligations, whether written, oral or implied, except with the written authorization of the CEO. Executive agrees not to represent or
purport to represent the Company in any manner whatsoever to any third party unless authorized by the Company, in writing, to do so. 
 f.
Termination of Consulting Period. Without waiving any other rights or remedies, the Company may terminate immediately the Consulting Period and its corresponding obligation to pay Executive the Consulting Fees upon Executive’s material
breach of this Agreement; provided, however, that prior to such termination, Executive shall be provided notice of such breach and shall have a reasonable period of time to cure such breach depending on the nature of the circumstances. Further,
Executive may terminate the Consulting Period at any time, for any reason, upon written notice to the Company, which termination shall extinguish the Company’s obligation to pay Executive any further Consulting Fees. Upon termination of the
Consulting Period by either Party, the Company will pay only those Consulting Fees earned and expenses incurred through and including the effective date of such termination. 

  
 4 

 4. Equity Awards. During the Transition Period and the Consulting Period, Executive
will remain eligible to continue vesting in each of the equity awards previously granted to Executive by the Company that is outstanding as of the Effective Date (the “Equity Awards”) in accordance with the terms of the applicable
Company equity plan under which the Equity Award was granted and applicable award agreement thereunder (collectively, the “Award Documents”). The Parties agree that Executive will be considered to have vested only as to those
portions of the Equity Awards as otherwise will have vested through the end of the Consulting Period in accordance with the applicable Award Documents and after giving effect to any applicable vesting acceleration provisions set forth in the
applicable Award Documents, which provide in part that, if Executive’s status as a Service Provider is terminated by the Company without Cause and other than due to Executive’s death or Disability or Executive resigns for Good Reason (as
such capitalized terms are defined in the applicable Award Documents), and such termination occurs within the specified period set forth in the applicable Award Documents, such Equity Awards will accelerate vesting in full. These provisions will
continue to apply to the Equity Awards in accordance with the terms of the applicable Award Documents, including that, for clarity, the cessation of Executive’s Service Provider status on the Scheduled End Date will constitute a termination
without Cause for each Equity Award under the applicable Award Documents. In addition, in the event that the Company terminates Executive’s status as a Service Provider due to Executive’s death or Disability (as defined in the applicable
Award Documents), then such Equity Awards will accelerate vesting in full. In the event that Executive’s service to the Company is not terminated prior to the Scheduled End Date, the Company will either provide for “Sell to Cover” to
satisfy “Withholding Obligations” under the Equity Awards or, if the Company determines that Sell to Cover is not available, satisfy such withholding obligation through “Net Share Withholding” as defined in the Equity Awards.
Executive acknowledges that certain of the Equity Awards are subject to lock-up restrictions as a result of the pending business combination with Osprey, which restrictions remain in effect and are not
modified or superseded by this Agreement. To the extent that any shares subject to any Equity Awards remain in escrow with the Company on the date of termination of the Consulting Services, the Company shall use commercially reasonable efforts to
promptly release such shares from escrow upon vesting. The Company shall provide that Executive may participate in any stock sale programs being offered generally to employees, or to executives, of the Company, to the extent that Executive is
eligible to participate in such programs. 
 5. Other Compensation or Benefits. Executive acknowledges that, except as expressly
provided in this Agreement, Executive will not be entitled to receive any additional compensation, severance or benefits after the Separation Date. 

6. Release of Claims. Executive agrees that the consideration set forth in Sections 1, 3 and 4 represents settlement in full of all
outstanding obligations owed to Executive by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, insurers, trustees, divisions, and subsidiaries, and
predecessor and successor corporations and assigns (collectively, the “Releasees”) as of the Effective Date, except as set forth in this Section 6. Executive, on Executive’s own behalf and on behalf of Executive’s
respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation,
or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up
until and including the Effective Date, including, without limitation: 
 a. any and all claims relating to or arising from Executive’s
employment relationship with the Company, the decision to terminate that relationship, and the termination of that relationship; 
 b. any
and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty
under applicable state corporate law, and securities fraud under any state or federal law; 

  
 5 

 c. any and all claims under the law of any jurisdiction, including, but not limited to,
wrongful discharge of employment; constructive discharge from employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair
dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic
advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 

d. any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, the following, each as may be
amended, and except as prohibited by law: Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the
Fair Credit Reporting Act; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Uniformed Services Employment and Reemployment Rights Act; the Immigration Reform and Control Act; the National Labor Relations
Act; the Virginians with Disabilities Act; the Virginia Human Rights Act; the Virginia Equal Pay Act; the Virginia Minimum Wage Act; the Virginia Wage Payment and Collection Act; the Fairfax Human Rights Ordinance; the Human Rights Code of the City
of Alexandria; the Arlington Human Rights Ordinance; the Virginia Workers’ Compensation Law; the Virginia Genetic Testing Law; the Virginia Occupation Safety and Health Act; the Virginia Fraud Against Taxpayers Act; the Virginia Right-to-Work Law; the Virginia Prevention of Employment Law; and the Virginia law regarding payment of medical examination; 

e. any and all claims for violation of the federal or any state constitution; 

f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

g. any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any of the
proceeds received by Executive as a result of this Agreement; and 
 h. any and all claims for attorneys’ fees and costs. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters
released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law, including any Protected Activity (as defined in Section 18 below). This
release does not extend to (w) the rights of Executive under this Agreement and any Equity Awards, (x) any right Executive may have to unemployment compensation benefits or workers’ compensation benefits, (y) any right to receive
unpaid salary, wages or other compensation owed to Executive as of the Effective Date or any unreimbursed expenses incurred in accordance with Company policy or (z) any rights or claims under or with respect to employee retirement or fringe
benefit plans of the Company or with respect to any welfare plans of the Company relating to health, dental, vision or other insurance coverage or accrued vacation and other paid time off, in accordance with the terms of the applicable benefit plan.
In addition, this release does not extend to any rights of indemnification Executive may have pursuant to (i) the March 17, 2019 Indemnification Agreement between the Parties (the “Indemnification Agreement”), (ii) the
Company’s certificate of incorporation and bylaws, or (iii) any applicable D&O insurance policy with the Company, subject to the respective terms, conditions, and limitations of such indemnification agreement, certificate of
incorporation and bylaws, or D&O insurance policy, in each case, as may be applicable. The Parties agree that the Indemnification Agreement will remain in effect throughout the term of this Agreement and, for purposes of Section 18 of the
Indemnification Agreement, Executive shall remain an officer for purposes of indemnification from the Company. 

  
 6 

 7. Unknown Claims. Executive acknowledges that Executive has been advised to consult
with legal counsel and that Executive is familiar with the principle that a general release does not extend to claims that the releaser does not know or suspect to exist in Executive’s favor at the time of executing the release, which, if known
by Executive, must have materially affected Executive’s settlement with the Releasees. Executive, being aware of said principle, agrees to expressly waive any rights Executive may have to that effect, as well as under any other statute or
common law principles of similar effect. 
 8. No Pending or Future Lawsuits. Executive represents that Executive has no lawsuits,
claims or actions pending in Executive’s name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Executive also represents that Executive does not intend to bring any claims on Executive’s own
behalf or on behalf of any other person or entity against the Company or any of the other Releasees. 
 9. Company Property.
Executive reaffirms and agrees during the Transition Period, the Consulting Period (as if Executive had remained an employee during the Consulting Period), and thereafter to observe and abide by the terms of the Confidentiality Agreement,
specifically including the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and proprietary information, all restrictive covenants, and the obligation to return Company materials set forth in
Section 5 thereof. Executive specifically acknowledges and agrees that any violation of the restrictive covenants in the Confidentiality Agreement shall constitute a material breach of this Agreement. Notwithstanding the foregoing, Executive
will be permitted to retain as his personal property his current Company-provided computer monitor and laptop computer (the “Transferred Laptop”), provided that on or before the Separation Date, Executive will provide the
Transferred Laptop to the Company for the review and/or removal of any Company property (including, but not limited to, Company Confidential Information and Associated Third Party Confidential Information, as those terms are defined in the
Confidentiality Agreement) from the Transferred Laptop as the Company deems necessary or appropriate, including without limitation any Company licensed software the Company deems necessary to remove to comply with its licensing obligations.
Executive agrees to work with the Company in good faith to identify any such Company property in the Transferred Laptop upon the Company’s request. 

10. No Cooperation. Subject to Section 18 below governing Protected Activity, Executive agrees that Executive will not knowingly
encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or
other court order to do so or as related directly to the ADEA waiver in the Separation Date Release. Executive agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three
(3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints
against any of the Releasees, Executive shall state no more than that Executive cannot provide counsel or assistance. 
 11.
Nondisparagement. At all times prior to and after the Separation Date, Executive will not knowingly disparage, place in a false light or criticize, orally or in writing, the business, products, policies, decisions, affiliates, directors,
officers or employees of the Company to any person. At all times prior to and after the Separation Date, Company agrees that the members of its management team will not knowingly disparage, place in false light or criticize Executive to any person
or entity either orally or in writing. Notwithstanding the foregoing, any person or entity may respond accurately and fully to any question, inquiry or request for information when required by legal process and nothing in this Section shall limit
Executive’s right to enforce his rights under this Agreement. 
 12. Cooperation with the Company. Executive agrees to cooperate
fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during the

  
 7 

 
period of Executive’s employment by the Company. Such cooperation includes, without limitation, making Executive available to the Company upon reasonable notice, without subpoena, to provide
truthful and accurate information in witness interviews and deposition and trial testimony. The Company will reimburse Executive for reasonable out-of-pocket expenses
incurred in connection with any such cooperation (provided such expenses have been approved in advance, which approval will not be unreasonably withheld or delayed, and excluding forgone wages, salary, or other compensation) and will make reasonable
efforts to accommodate Executive’s scheduling needs. Following the Consulting Period, Company will pay Executive the Hourly Consulting Fee for his cooperation under this Section, unless Company is advised by counsel that paying the Hourly
Consulting Fee is prohibited by applicable law, rule, or regulation or otherwise materially harms the Company. 
 13. Clawback
Provisions. Notwithstanding any other provisions in this Agreement to the contrary, compensation paid to Executive pursuant to Section 1.e of this Agreement, which is subject to recovery under any law, government regulation or stock
exchange listing requirements, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company or any of its
affiliates pursuant to any such law, government regulation or stock exchange listing requirement), as well as any violations of the Confidentiality Agreement, if applicable, provided, however, that the Company shall not recover One Hundred Dollars
($100.00) of the consideration already paid pursuant to Section 1.e of this Agreement, and such amount shall serve as full and complete consideration for the promises and obligations assumed by Executive under this Agreement and the
Confidentiality Agreement. 
 14. No Admission of Liability. Executive understands and acknowledges that this Agreement constitutes a
compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the
truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party. 

15. Costs. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the
preparation of this Agreement and the Separation Date Release. 
 16. Tax Consequences. The Company makes no representations or
warranties with respect to the tax consequences of the payments and any other consideration provided to Executive or made on Executive’s behalf under the terms of this Agreement or the Separation Date Release. Executive agrees and understands
that Executive is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. 

17. Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind
the Company and all who may claim through it to the terms and conditions of this Agreement. Executive represents and warrants that Executive has the capacity to act on Executive’s own behalf and on behalf of all who might claim through
Executive to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action
released herein. 
 18. Protected Activity Not Prohibited. Executive understands that nothing in this Agreement or in the Separation
Date Release shall in any way limit or prohibit Executive from engaging in any Protected Activity. For purposes of this Agreement and the Separation Date Release, “Protected Activity” shall mean filing a charge, complaint, or report
with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by, any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal
Employment Opportunity 

  
 8 

 
Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (“Government Agencies”). Executive understands that in connection with such
Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Executive agrees to take all
reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information to any parties other than the Government Agencies. Executive further understands that “Protected
Activity” does not include the disclosure of any Company attorney-client privileged communications or attorney work product. Any language in the Confidentiality Agreement regarding Executive’s right to engage in Protected Activity that
conflicts with, or is contrary to, this Section is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, Executive is notified that an individual will not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that (a) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or
investigating a suspected violation of law, or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation
by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret
under seal and does not disclose the trade secret, except pursuant to court order. Finally, nothing in this Agreement or in the Separation Date Release constitutes a waiver of any rights Executive may have under the Sarbanes-Oxley Act or
Section 7 of the National Labor Relations Act. 
 19. Section 409A. 

a. Provided that the Separation Effective Date occurs no later than 30 days following the Separation Date (the “Separation Date
Release Deadline Date”) and subject to the requirements of this Section 19, any amounts under Section 1.b. (other than the Merger Bonus, which is payable in accordance with Section 1.e.iii) payable to Executive will be paid,
or in the case of installments, commence, on the first payroll date that occurs on or after the Separation Effective Date (the “First Payment Date”) with any installment payments that otherwise would have been made to Executive
prior to the Separation Effective Date to be paid to Executive on the First Payment Date. 
 b. Notwithstanding anything to the contrary in
this Agreement or the Separation Date Release, no severance benefits that constitute Deferred Payments (as defined below), if any, will be paid or provided until Executive has a “separation from service” within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations and any formal guidance promulgated thereunder (“Section 409A”). Similarly, no
severance benefits payable to Executive under this Agreement, if any, which otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9), will be payable until
Executive has a separation from service. To the extent that the Separation Date Release Deadline Date would occur in the year immediately following the year in which Executive’s employment with the Company terminates or any severance payments
or benefits under this Agreement would be considered Deferred Payments, any such severance payments and benefits to the extent necessary to comply with Section 409A will be paid on, or, in the case of installments, will not commence until, the
sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required by subsection c. below. Except as required by subsection c. below, any Deferred Payments payable in installments that would have been
made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from
service and the remaining payments shall be made as provided in this Agreement. For purposes of this Agreement, “Deferred Payments” means any severance benefits to be paid or provided to Executive pursuant to this Agreement and any
other severance or separation payments and benefits to be paid or provided to Executive, that in each case, when considered together, are considered deferred compensation under Section 409A. 

  
 9 

 c. Notwithstanding any contrary provision of this Agreement, if Executive is a
“specified employee” within the meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months
following such separation from service, will become payable on the date that is six (6) months and one (1) day following the date of such separation from service. Any subsequent Deferred Payment, if any, will be payable in accordance with
the payment schedule applicable to such payment. Notwithstanding anything herein to the contrary, in the event of Executive’s death following Executive’s separation from service, but before the date six (6) months following such
separation from service, then any payments delayed in accordance with this Section 19 will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and any other Deferred Payment will be payable
in accordance with the payment schedule applicable to such payment. 
 d. It is intended that this Agreement and the Separation Date Release
comply with, or be exempt from, Section 409A so that none of the payments and benefits provided under this Agreement will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be
interpreted to so comply and/or be exempt from Section 409A. Each payment, installment, and benefit to be paid or provided under this Agreement is intended to constitute a series of separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. For purposes of this Agreement, to the extent required to be exempt from or comply with Section 409A, any references to termination of Executive’s
employment or similar phrases will be references to Executive’s separation from service. In no event will Executive have any discretion to determine the taxable year of any payments or benefits that are provided under this Agreement. The
Company and Executive will work together in good faith to consider either (i) amendments to this Agreement; or (ii) revisions to this Agreement with respect to the payment of any awards, which are necessary or appropriate to avoid
imposition of any additional tax or income recognition prior to the actual payment to Executive under Section 409A. In no event will the Releasees have any responsibility, liability or obligation to reimburse, indemnify, or hold harmless
Executive for any taxes imposed, or other costs incurred, as a result of Section 409A. 
 20. Golden Parachute Payment. 

a. Code Section 280G and 4999. In the event that (i) the Business Combination constitutes a change in the
ownership or effective control of the Company within the meaning of Section 280G(b)(2)(A)(i) of the Code, (ii) Executive is a “disqualified individual” (within the meaning of Treas. Reg.
§1.280G-1, Q&A-15) with respect to the Company in connection therewith and (iii) Executive is reasonably expected to receive, or has received,
“parachute payments” (within the meaning of Section 280G(b)(2) of the Code) with respect to the Business Combination, then the Company, shall timely submit that portion of such parachute payments that the Firm (as defined in
subsection c.) determines, in accordance with subsection c. below, exceeds three times Executive’s “base amount,” as defined in Treas. Reg. §1.280G-1,
Q&A-134, plus one dollar ($1.00), to the stockholders of the Company in a manner intended to comply with the requirements of Section 280G(b)(5)(B) of the Code for approval of such parachute payments,
and the Company shall recommend to the stockholders of the Company that they approve the payment of such parachute payments. 
 b. Best
Results. If any payment or benefit that Executive would receive from the Company or any other party whether in connection with the provisions in this Agreement or otherwise (the “Payments”) would (i) constitute a
“parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), including as result of
the failure by the stockholders to approve the parachute payments in accordance with Section 20.a in connection with the Business Combination, then the Payments will be either (x) delivered in full or (y) delivered as to such lesser
extent that would result in no portion of the Payments being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in Executive’s
receipt, on an after-tax basis, of the greatest amount of Payments, notwithstanding that all or some of the Payments may be subject to the Excise Tax. If a reduction

  
 10 

 
in Payments is made in accordance with the immediately preceding sentence, the reduction will occur, with respect to the Payments considered parachute payments within the meaning of Code
Section 280G, in the following order: (i) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash
payment to be reduced); (ii) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the equity awards
(that is, the most recently granted equity awards will be cancelled first); (iii) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the equity awards (that is, the vesting of the most recently granted
equity awards will be cancelled first); and (iv) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first
benefit to be reduced). If two or more equity awards are granted on the same date, each award will be reduced on a prorated basis. In no event will Executive have any discretion with respect to the ordering of Payment reductions. Executive will be
solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received by Executive under this Agreement, and neither the Company nor any other Releasees will have any responsibility,
liability or obligation to reimburse, indemnify or hold harmless Executive for any payments of personal tax liability. 
 c.
Determination of Excise Tax Liability. Any determinations required under this Section 20 will be made in writing by a nationally recognized accounting or valuation firm (the “Firm”) selected by the Company, whose
determinations will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 20, the Firm may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm reasonably may
request in order to make determinations under this Section 20. The Company will bear the costs and make the payments required to be made to the Firm for the Firm’s services that are rendered in connection with any calculations contemplated
by this Section 20. Neither the Company nor any other Releasee will have any liability to Executive for the determinations of the Firm. 

21. Severability. In the event that any provision or any portion of any provision of this Agreement, the Separation Date Release, or
any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement and the Separation Date Release shall continue in full force and effect
without said provision or portion of provision. 
 22. Attorneys’ Fees. Except with regard to a legal action challenging or
seeking a determination in good faith of the validity of the ADEA waiver in the Separation Date Release, in the event that either Party brings an action to enforce or effect its rights under this Agreement or the Separation Date Release, the
prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action. 

23. Entire Agreement. This Agreement, together with the Separation Date Release, represents the entire agreement and understanding
between the Company and Executive concerning the subject matter of this Agreement and the Separation Date Release and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and
supersedes and replaces any and all prior agreements and understandings concerning the subject matter of this Agreement and the Separation Date Release and Executive’s relationship with the Company (including, for example, the Employment
Agreement), but with the exception of the Employee Agreement (which shall remain in place until the Transition Date), the Confidentiality Agreement, the Indemnification Agreement (as modified herein), and the Award Documents. For clarity, any
reference in the Award Documents to terms defined in the Employment Agreement shall remain references thereto and, solely for purposes of such applicable Equity Awards, the definitions of such terms set forth in the Employment Agreement shall not be
superseded by this Agreement. 

  
 11 

 24. No Oral Modification. This Agreement and the Separation Date Release may only be
amended in a writing signed by Executive and the person signing on behalf of the Company below (or such other representative of the Company specifically authorized to agree to modifications of this Agreement). 

25. Governing Law. This Agreement and the Separation Date Release shall be governed by the laws of the Commonwealth of Virginia,
without regard for choice-of-law provisions. Executive consents to personal and exclusive jurisdiction and venue in the Commonwealth of Virginia and waives any right to
a jury trial. 
 26. General. This Agreement and the Separation Date Release may be executed in counterparts and may be signed,
transmitted and maintained in electronic form. Headings are inserted for convenience of reference only. Unless the context requires otherwise, “including” shall mean “including without limitation”. 

[The remainder of this page is intentionally left blank; signature page follows] 

  
 12 

 27. Voluntary Execution of Agreement. Executive understands and agrees that Executive
executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against the Company and any of the other Releasees.
Executive acknowledges that: 
  

	 	(a)	 Executive has read this Agreement; 

 

	 	(b)	 Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal
counsel of Executive’s own choice or has elected not to retain legal counsel; 

  

	 	(c)	 Executive understands the terms and consequences of this Agreement and of the releases it contains;

  

	 	(d)	 Executive is fully aware of the legal and binding effect of this Agreement; and 

 

	 	(e)	 Executive has not relied upon any representations or statements made by the Company that are not specifically
set forth in this Agreement. 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

  

					
		 		 	BRIAN DAUM, an individual
			
	Dated: 8/18/21	 		 	/s/ Brian Daum
		 		 	Brian Daum

  

							
		 		 	BLACKSKY HOLDINGS, INC.
				
	Dated: 8/18/21	 		 	By:	 	/s/ Brian O’Toole
		 		 		 	Brian O’Toole
		 		 		 	Chief Executive Officer

 Exhibit A 

AT WILL EMPLOYMENT, CONFIDENTIAL INFORMATION, 

INVENTION ASSIGNMENT AND ARBITRATION AGREEMENT 

[See attached] 

 Exhibit B 

SEPARATION DATE RELEASE AGREEMENT 

This Separation Date Release Agreement (“Separation Date Release”) is made effective as of the last date of signature below
(the “Release Effective Date”) by and between Brian Daum (“Executive”) and BlackSky Holdings, Inc. (the “Company”) (collectively referred to as the “Parties” or individually
referred to as a “Party”). 
 1. Consideration; Acknowledgment of Receipt of All Compensation. In exchange for the
consideration referenced in Sections 1.e and 3 of the Transition and Consulting Agreement to which this Separation Date Release was attached as an exhibit (the “Transition Agreement”), Executive hereby extends Executive’s
release and waiver of claims in Section 6 of the Transition Agreement to any claims that may have arisen between the Effective Date (as defined in the Transition Agreement) and the Release Effective Date, as well as any and all claims under the
Age Discrimination in Employment Act of 1967 and the Older Workers Benefit Protection Act arising from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Separation Date Release. Executive
acknowledges and represents that, except as specifically set forth in the Transition Agreement, the Company and its agents have paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances,
relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Executive. 

2. Acknowledgment of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any
rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to
any rights or claims that may arise under the ADEA after the date Executive signs this Separation Date Release. Executive understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to
which Executive was already entitled. Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult with an attorney prior to executing this Separation Date Release;
(b) Executive has twenty-one (21) days within which to consider this Separation Date Release; (c) Executive has seven (7) days following Executive’s execution of this Separation Date
Release to revoke this Separation Date Release; (d) this Separation Date Release shall not be effective until after the revocation period has expired; and (e) nothing in this Separation Date Release or the Transition Agreement prevents or
precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law.
In the event Executive signs this Separation Date Release and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily
chosen to waive the time period allotted for considering this Separation Date Release. Executive acknowledges and understands that any revocation of this Separation Date Release must be accomplished by a written notification to the person executing
this Separation Date Release on the Company’s behalf that is received prior to the Separation Effective Date. The Parties agree that changes, whether material or immaterial, do not restart the running of the
21-day period. 
 3. Incorporation of Terms of Transition Agreement. The Parties further
acknowledge that the terms of the Transition Agreement shall apply to this Separation Date Release and are incorporated herein to the extent that they are not inconsistent with the express terms of this Separation Date Release. 

4. Return of Property. Executive confirms that he has met his obligations set forth in Section 9 of the Transition Agreement with
respect to Executive’s return of Company property. 

  
 2 

 5. Separation Date Release Effective Date. Executive understands that this Separation
Date Release shall be null and void (i) if executed by Executive before the Separation Date (as defined in the Transition Agreement), (ii) if executed by Executive before the Transition Agreement becomes effective, or (iii) if not executed
by Executive within twenty-one (21) days following the Separation Date (as defined in the Transition Agreement). This Separation Date Release will become effective on the eighth (8th) day after Executive
signed this Separation Date Release, so long as it has been signed by the Parties and has not been revoked by either Party before that date (the “Separation Effective Date”). The Company will provide Executive with the consideration
provided by Sections 1.e and 3 of the Transition Agreement in accordance with the terms of that agreement. 
 6. No Admission of
Liability. Executive understands and acknowledges that this Separation Date Release constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company, either previously or in
connection with this Separation Date Release, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability
whatsoever to Executive or to any third party. 
 7. Authority. The Company each represent and warrant that the undersigned has the
authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Separation Date Release. Executive represents and warrants that Executive has the capacity to act on
Executive’s own behalf and on behalf of all who might claim through Executive to bind them to the terms and conditions of this Separation Date Release. Each Party warrants and represents that there are no liens or claims of lien or assignments
in law or equity or otherwise of or against any of the claims or causes of action released herein. 
 8. Voluntary Execution of
Agreement. Executive understands and agrees that Executive executed this Separation Date Release voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of
Executive’s claims against any of the Releasees. Executive acknowledges that: 
  

	 	(a)	 Executive has read this Separation Date Release; 

 

	 	(b)	 Executive (i) has until twenty-one (21) days from Separation
Date (as defined in the Transition Agreement) to sign this Separation Date Release, and (ii) Executive cannot sign this Separation Date Release before the Separation Date (as defined in the Transition Agreement); 

 

	 	(c)	 Executive has been represented in the preparation, negotiation, and execution of this Separation Date Release
by legal counsel of Executive’s own choice or has elected not to retain legal counsel; 

  

	 	(d)	 Executive understands the terms and consequences of this Separation Date Release and of the releases it
contains; 

  

	 	(e)	 Executive has not relied upon any representations or statements made by the Company that are not specifically
set forth in this Separation Date Release or in the Transition Agreement; and 

  

	 	(f)	 Executive is fully aware of the legal and binding effect of this Separation Date Release.

  
 3 

 IN WITNESS WHEREOF, the Parties have executed this Separation Date Release as of the Release Effective Date.

  

					
		 		 	BRIAN DAUM, an individual
			
	Dated: ________________	 		 	   

		 		 	Brian Daum

  

							
		 		 	BLACKSKY HOLDINGS, INC.
				
	Dated: _______________	 		 	By:	 	 
		 		 		 	Brian O’Toole
		 		 		 	Chief Executive Officer

  
 4

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