Document:

Exhibit 10.15

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made as of January 21, 2021 by and between CarLotz, Inc., a Delaware corporation
(the “Company”), and [·] (“Indemnitee”).

 

WHEREAS, highly
qualified persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS, the
Company and Indemnitee recognize the increasing difficulty in obtaining directors’ and officers’ liability insurance,
the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance;

 

WHEREAS, the
Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors to expensive
litigation risks at the same time as the availability and coverage of liability insurance has been severely limited;

 

WHEREAS, the
Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as directors and
officers of the Company;

 

WHEREAS, it
is reasonable, prudent and in the best interests of the Company and its stockholders for the Company to obligate itself contractually
to indemnify persons serving as directors and officers of the Company to the fullest extent permitted by applicable law in order
that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; and

 

WHEREAS, Indemnitee
is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that
Indemnitee be so indemnified.

 

NOW, THEREFORE,
in consideration of Indemnitee’s agreement to serve as a director or officer from and after the date hereof, the Company
and Indemnitee do hereby covenant and agree as follows:

 

1.           Services
to the Company. Indemnitee agrees to serve as a director or officer of the Company. Indemnitee may at any time and for any
reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law),
in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. The foregoing
notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as director or officer of the Company,
as provided in Section 16 hereof.

 

2.           Definitions.
As used in this Agreement:

 

(a)              
References to “agent” shall mean any person who is or was a director, officer, or employee of the Company
or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving
in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability
company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the
Company or a subsidiary of the Company.

 

     

     

    

 

(b)          “Board” shall mean the board of directors of the Company.

 

(c)          “By-laws” shall mean the bylaws of the Company, as may be amended, modified or restated from time to
time.

 

(d)        
“Certificate of Incorporation” shall mean the Certificate of incorporation of the Company, as may be
amend, modified or restated from time to time.

 

(e)          A
 “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of
any of the following events:

 

i.                 
Acquisition of Stock by Third Party. Any Person (as defined below), other than Michael W. Bor, TRP Capital Partners,
LP and Acamar Partners Sponsor I LLC, is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities
of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding
securities unless the change in relative ownership by the Beneficial Owner of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election
of directors;

 

ii.                
Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the
execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other
than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in
Sections 2(e)i), 2(e)iii) or 2(e)iv)) whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least two thirds of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least
a majority of the members of the Board;

 

iii.               
Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other
than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such
merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately
after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing
body of such surviving entity; and

 

iv.               
Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement
for the sale or disposition by the Company of all or substantially all of the Company’s assets.

 

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For purposes of this
Section 2(e), the following terms shall have the following meanings:

 

(A)              
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(B)              
“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided,
however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company.

 

(C)             
“Beneficial Owner” shall have the meaning given to such term in Rule 13d3 under the Exchange Act; provided,
however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of
the Company approving a merger of the Company with another entity.

 

(f)           “Corporate Status” describes the status of a person who is or was a director, officer, employee or agent
of the Company or of any other corporation, limited liability company, partnership or joint venture, trust or other enterprise
which such person is or was serving at the request of the Company.

 

(g)          “Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee.

 

(h)          “Enterprise” shall mean the Company and any other corporation, limited liability company, partnership,
joint venture, trust or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer,
trustee, partner, managing member, employee, agent or fiduciary.

 

(i)           “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in,
or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting
from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas
bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in
connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or
otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand
to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s
counsel as being reasonable shall be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid
in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

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(j)           “Independent Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters
of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee
in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement,
or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to
pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any
and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(k)          “Proceeding” shall include any threatened, pending or completed action, suit, claim, counterclaim, cross
claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal,
administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee
was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is
or was a director or officer of the Company, by reason of any action taken by him (or a failure to take action by him) or of any
action (or failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case
whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement,
or advancement of Expenses can be provided under this Agreement. If the Indemnitee believes in good faith that a given situation
may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

 

(l)           Reference to “other enterprise” shall include employee benefit plans; references to “fines” shall
include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company”
shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services
by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and
a person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

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3.                 
Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of
this Section 3 if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or
a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses,
judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable
in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company
and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful. The
parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of
that expressly permitted by statute, including, without limitation, any indemnification provided by the Certificate of Incorporation,
the By-laws or vote of its stockholders or disinterested directors.

 

4.                 
Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance
with the provisions of this Section 4 if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to
be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant
to this Section 4 Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or
matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the Company; provided, however, that no indemnification for Expenses shall be made under this Section 4 in respect
of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless
and only to the extent that the Delaware Court (as hereinafter defined) or any court in which the Proceeding was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee
is fairly and reasonably entitled to indemnification.

 

5.                 
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions
of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee, by reason of Indemnitee’s
Corporate Status, is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense
of any claim, issue or matter therein, in whole or in part, Indemnitee shall be indemnified to the maximum extent permitted by
law against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters
in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest
extent permitted by law. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in
such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or
matter.

 

6.                 
Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest
extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness
or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against
all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

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7.           Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

 

8.           Additional Indemnification.

 

(a)         Notwithstanding any limitation in Sections 3, 4 and 5 the Company shall indemnify Indemnitee to the fullest extent permitted
by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or
in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, penalties, fines and amounts paid
in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses,
judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

(b)         For purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by applicable law”
shall include, but not be limited to:

 

i.                 
to the fullest extent permitted by the provision of the Delaware General Corporation Law (the “DGCL”)
that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or
replacement of the DGCL, and

 

ii.                 
to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of
this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

 

9.           Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement
to make any indemnification payment or advancement of expenses in connection with any claim made against Indemnitee:

 

(a)          for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)          for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(e) hereof) or similar provisions of state statutory
law or common law, or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case
under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);

 

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(c)           except
as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by
Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior
to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the
Company under applicable law;

 

(d)           any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy
adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply
with stock exchange listing requirements implementing Section 10D of the Exchange Act; or

 

(e)           for
amounts paid in settlement of any Proceeding effected without the written consent of the Company (which consent shall not be unreasonably
withheld).

 

10.           Advances of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than Section 14(d)),
the Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding
(or any part of any Proceeding) not initiated by Indemnitee, and such advancement shall be made within thirty (30) days after the
receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final
disposition of any Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. Advances
shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses
and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.
In accordance with Section 14(d), advances shall include any and all reasonable Expenses incurred pursuing an action to enforce
this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances
claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall
constitute an undertaking providing that the Indemnitee undertakes to repay the amounts advanced (without interest) to the extent
that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. Except as set forth in this
Section 10, no other form of undertaking shall be required other than the execution of this Agreement. This Section 10 shall not
apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9.

 

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11.           Procedure for Notification and Defense of Claim.

 

(a)            Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written
notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding.
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. The omission
by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee
hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee
of any rights under this Agreement unless, and to the extent that, such failure actually and materially prejudices the interests
of the Company. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board
in writing that Indemnitee has requested indemnification.

 

(b)            The
Company will be entitled to participate in the Proceeding at its own expense.

 

12.           Procedure Upon Application for Indemnification.

 

(a)            Upon written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall
have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii)
if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a
quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors,
even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors
so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if
so directed by the Board, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within thirty (30) days after such determination. Indemnitee shall cooperate with the person,
persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs
or Expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will
advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including
a description of any reason or basis for which indemnification has been denied.

 

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(b)           In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have occurred, the
Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him of the
identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be
selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding
sentence shall apply) and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice
of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected
shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected
may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such
objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification
pursuant to Section 11(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected
and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall
have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by such court or by such other person as such court shall designate, and the person with
respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a)
hereof. Upon the due commencement of any judicial proceeding pursuant to Section 14(a) of this Agreement, Independent Counsel
shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

13.           Presumptions
and Effect of Certain Proceedings.

 

(a)           In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company
shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the
making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company
(including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant
to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct.

 

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(b)           Subject to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the
Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not
prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good
faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 13(b) shall not apply (i) if the determination of entitlement to
indemnification is to be made by the stockholders pursuant to Section 12(a) of this Agreement and if (A) within fifteen (15) days
after receipt by the Company of the request for such determination the Board has resolved to submit such determination to the stockholders
for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination
is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose
of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such
determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 12(a) of this Agreement.

 

(c)           Indemnitee shall cooperate with the Person making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such Person upon reasonable advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with
the Person making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(d)           The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement)
of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect
to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(e)           For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action
is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise
or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser
or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 13(e) shall not be deemed
to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement.

 

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(f)               
The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

14.              
Remedies of Indemnitee.

 

(a)              
Subject to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10
of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this
Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5, 6 or 7, the penultimate sentence of Section 12(a) or the last sentence of Section 13(c)of this
Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant
to Section 3, 4 or 8 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is
entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to
declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to
recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be
entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification or advancement of Expenses.

 

(b)              
In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding commenced pursuant to this Section 14 shall be conducted in all respects as
a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial
proceeding commenced pursuant to this Section 14 the Company shall have the burden of proving Indemnitee is not entitled to indemnification
or advancement of Expenses, as the case may be.

 

(c)              
If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 14, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law.

 

    11 

     

    

 

(d)              
The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. It
is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or
other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by
litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended
to the Indemnitee hereunder. The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all
Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor)
advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with
any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any
directors’ and officers’ liability insurance policies maintained by the Company if, in the case of indemnification,
Indemnitee is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying claims, then
such indemnification shall be only to the extent Indemnitee is successful on such underlying claims or otherwise as permitted by
law, whichever is greater.

 

(e)               
Notwithstanding anything in this Agreement to the contrary but subject to Sections 10 and 22, no determination as to entitlement
of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

 

15.               
Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)               
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the
By-Laws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of
this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any
action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal.
To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the By-Laws, Certificate of Incorporation and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or
remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

(b)               
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, or agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies.
If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may
be, to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies.

 

    12 

     

    

 

(c)              
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)             
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which
advancement of Expenses is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

 

(e)              
The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request
of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any
amount Indemnitee has actually received as indemnification or advancement of Expenses from such other corporation, limited liability
company, partnership, joint venture, trust or other enterprise.

 

16.             
Duration of Agreement. This Agreement shall continue until and terminate upon the later of: (a) six (6) years after
the date that Indemnitee shall have ceased to serve as a director or officer of the Company or (b) the date of the final termination
of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder
and of any proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. The indemnification and
advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the
parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has
ceased to be a director, officer, employee or agent of the Company or of any other Enterprise, and shall inure to the benefit of
Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

17.             
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent
necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest
extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

    13 

     

    

 

18.             
Enforcement.

 

(a)              
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on
it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director or officer of the Company.

 

(b)              
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject
matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of
Incorporation, the By-Laws and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights
of Indemnitee thereunder.

 

19.             
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

20.             
Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject
to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation or liability which it may have to the Indemnitee under this Agreement or otherwise unless and only
to the extent that such failure or delay materially prejudices the Company.

 

21.             
Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication
shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the
date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or
other communication shall have been directed or (d) sent by facsimile or other electronic transmission, with receipt of oral confirmation
that such transmission has been received:

 

(a)              
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee
shall provide to the Company.

 

(b)              
If to the Company:

 

CarLotz, Inc.

611 Bainbridge Street, Suite 100

Richmond, Virginia 23224

Attention: Becca Polak

Email: bpolak@carlotz.com

 

or to any other address
as may have been furnished to Indemnitee by the Company.

 

    14 

     

    

 

22.             
Contribution.

 

(a)             
Whether or not the indemnification provided in Sections 3, 4, 5 and 8 hereof is available, in respect of any threatened,
pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in
such action, suit or proceeding), to the fullest extent permitted by applicable law, the Company shall pay, in the first instance,
the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to
such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company
shall not, without the Indemnitee’s prior written consent, enter into any such settlement of any action, suit or proceeding
(in whole or in part) unless such settlement (i) provides for a full and final release of all claims asserted against Indemnitee
and (ii) does not impose any Expense, judgment, fine, penalty or limitation on Indemnitee.

 

(b)             
Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason,
Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding), to the fullest extent permitted by applicable law, the Company shall contribute to the amount of Expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative
benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly
liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other
hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion determined
on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative
fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with
Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection
with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations
which the law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company,
other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the
one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary
and the degree to which their conduct is active or passive.

 

(c)              
To the fullest extent permitted by applicable law, the Company hereby agrees to fully indemnify and hold Indemnitee harmless
from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee,
who may be jointly liable with Indemnitee.

 

    15 

     

    

 

(d)              
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable
to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the
Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding, and/or (ii) the relative
fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or
transaction(s).

 

23.             
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in
connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”),
and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to
submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court and
(iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum.

 

24.              
Identical Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same the same instrument. Counterparts may be delivered via
facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes. Only one such counterpart signed by the party against whom enforceability is sought
needs to be produced to evidence the existence of this Agreement.

 

25.             
Miscellaneous. The headings of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction thereof. This Agreement supersedes and replaces any and all previous agreements
between the Company and Indemnitee covering the subject matter of this Agreement.

 

[signature
page follows]

 

    16 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

	 	CARLOTZ, INC.
	 	 
	 	 	 
	 	By: 	                                
	 	Name: 	 
	 	Title: 	         
	 	 	 
	 	 	 
	 	indemnitee
	 	 
	 	 
	 	Name: 	 
	 	 	 
	 	Address:Exhibit 10.17

 

CARLOTZ, INC. NON-EMPLOYEE DIRECTOR COMPENSATION
POLICY

 

Non-employee members of the board of
directors (the “Board”) of CarLotz, Inc. (the “Company”) shall be
eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this
 “Policy”). The cash and equity compensation described in this Policy shall be paid or be made, as
applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the
Company or any parent or subsidiary of the Company and who is not an affiliate of TRP Capital Partners or Acamar Partners
Sponsor I LLC (each, a “Non-Employee Director”) who may be eligible to receive such cash or equity
compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to
the Company. This Policy shall become effective immediately after the completion of the Merger (as defined in the
Company’s Form S-4 registration statement) (such time, the “Effective Time”) on the closing
date of the Merger (the “Closing Date”) and shall remain in effect until it is revised or rescinded
by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole
discretion. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements
for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of
the Company and any of its non-employee directors.

 

1.            Cash
Compensation.

 

(a)         
Annual Retainers. Each Non-Employee Director shall receive an annual retainer of $40,000 for service on the Board.

 

(b)         
Additional Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers, as
applicable to such Non-Employee Director:

 

(i)           Audit
Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual
retainer of $15,000 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the
Chairperson) shall receive an additional annual retainer of $7,500 for such service.

 

(ii)         
Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive
an additional annual retainer of $12,000 for such service. A Non-Employee Director serving as a member of the Compensation Committee
(other than the Chairperson) shall receive an additional annual retainer of $6,000 for

such service.

 

(iii)        
Nominating and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and
Corporate Governance Committee shall receive an additional annual retainer of $8,000 for such service. A Non-Employee Director
serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional
annual retainer of $4,000 for such service.

 

    

     

    

 

(c)         
Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis
based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each
calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions
described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s)
otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Sections 1(a) and 1(b), with such prorated
portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days
during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b)
during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.

 

2.             Equity
Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be
granted under and shall be subject to the terms and provisions of the Company’s 2020 Incentive Award Plan or any other applicable
Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity
Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached exhibits,
in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy as if
fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.

 

(a)        
Initial Awards Following Non-Employee Director Election or Appointment. Except as otherwise determined by the Board,
each Non-Employee Director who is initially elected or appointed to the Board on or after the Effective Time (the date of such
initial election or appointment, such Non-Employee Director’s “Start Date” (which, for the avoidance
of doubt, shall be the Closing Date for Non-Employee Directors who are elected pursuant to the vote solicited in the Company’s
Form S-4 registration statement)), but not on the date of an Annual Meeting, shall be automatically granted, on such Non-Employee
Director’s Start Date, a restricted stock unit award with respect to a number of shares of the Company’s common stock
(“Common Stock”) with a grant-date value (based on the volume weighted-average price per share of the
Common Stock over the 20 consecutive trading day period ending on such Non-Employee Director’s Start Date (or on the last
preceding trading day if such Start Date is not a trading day) (provided, however, for grants made on the Closing Date, the number
of shares shall be determined based on the closing price per share of Class A common stock of Acamar Partners Acquisition Corp.
on the day immediately prior to the Closing Date) equal to (x) $135,000, multiplied by (y) the Initial Award Applicable Percentage
(as defined below), rounded down to the nearest whole share. The “Initial Award Applicable Percentage”
shall mean a fraction, the numerator of which is the number of days in the period beginning on the Non-Employee Director’s
Start Date and ending on the date of the Company’s next scheduled Annual Meeting (which shall be deemed to be July 1, 2021
in the case of the Company’s first anticipated Annual Meeting), or if such next Annual Meeting (other than the Company’s
first Annual Meeting) is not yet scheduled, the one year anniversary from the immediately preceding Annual Meeting occurring after
the Effective Time), and the denominator of which is 365. Notwithstanding the foregoing, if a Non-Employee Director’s Start
Date occurs on or following the Effective Time but prior to the first date of effectiveness of the Company’s first Form S-8
registration statement with respect to the Equity Plan (the “S-8 Date”), such Non-Employee Director’s
Initial Award shall instead be granted on the date immediately following the S-8 Date (but, for the avoidance of doubt, with the
number of shares determined as described in this Section 2(a)). The awards described in this Section 2(a) shall be referred to
as the “Initial Awards”. For the avoidance of doubt, no Non-Employee Director shall be granted more than
one Initial Award.

 

    2

     

    

 

(b)       
Annual Awards. Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the
Company’s stockholders (an “Annual Meeting”) after the Effective Time and (ii) will continue to
serve as a Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such
Annual Meeting, an award of restricted stock units with respect to a number of shares of Common Stock that has a grant-date value
(based on the volume weighted-average price per share of the Common Stock over the 20 consecutive trading day period ending on
the date of such Annual Meeting (or on the last preceding trading day if the date of the Annual Meeting is not a trading day) equal
to $135,000, rounded down to the nearest whole share. The awards described in this Section 2(b) shall be referred to as the “Annual
Awards”. For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an Annual
Meeting shall receive only an Annual Award in connection with such election and shall not receive any Initial Award on the date
of such Annual Meeting as well.

 

(c)        
Termination of Employment of Employee Directors. Members of the Board who are employees of the Company or any parent
or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company
but who remain on the Board after such termination from employment will not receive an Initial Award pursuant to Section 2(a) above,
but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company
and any parent or subsidiary of the Company, Annual Awards as described in Section 2(b) above.

 

(d)        
Vesting of Awards Granted to Non-Employee Directors. Each Initial Award and Annual Award shall vest and become exercisable
on the earlier of (i) the day immediately preceding the date of the first Annual Meeting following the date of grant and (ii) the
first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through the applicable
vesting date. No portion of an Initial Award or Annual Award, as applicable, that is unvested at the time of a Non-Employee Director’s
termination of service on the Board shall become vested thereafter and any such unvested portion shall be terminated as of the
date of such termination of service without any consideration therefor. All of a Non-Employee Director’s Initial Awards and
Annual Awards, as applicable, shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the
Equity Plan), to the extent outstanding at such time, subject to such Non-Employee Director’s continued service on the Board
immediately prior to the occurrence of such Change in Control.

 

    3

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