Document:

Exhibit 10.3

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (the “Agreement”), dated as of _____________, between Nikola Corporation, a Delaware corporation (the
 “Company”), and __________ (“Indemnitee”).

 

W I T N E S S E T H:

 

WHEREAS, Indemnitee
is either a member of the Board of Directors of the Company (the “Board of Directors”) or an officer of the
Company, or both, and in such capacity or capacities, or otherwise as an Agent (as hereinafter defined) of the Company, is performing
a valuable service for the Company;

 

WHEREAS, the Company
is aware that competent and experienced persons are increasingly reluctant to serve as directors or officers of corporations or
other business entities unless they are protected by comprehensive indemnification and liability insurance, due to increased exposure
to litigation costs and risks resulting from their service to such corporations, and because the exposure frequently bears no reasonable
relationship to the compensation of such directors and officers;

 

WHEREAS, the Board
of Directors has concluded that, to retain and attract talented and experienced individuals to serve or continue to serve as officers
or directors of the Company or as an Agent, and to encourage such individuals to take the business risks necessary for the success
of the Company, it is necessary for the Company contractually to indemnify directors, officers and Agents and to assume for itself
to the fullest extent permitted by law expenses and damages in connection with claims against such officers, directors and Agents
in connection with their service to the Company;

 

WHEREAS, Section 145
of the General Corporation Law of the State of Delaware (the “DGCL”), under which the Company is organized,
empowers the Company to indemnify by agreement its officers, directors, employees and agents, and persons who serve, at the request
of the Company, as directors, officers, employees or agents of other corporations or enterprises, and expressly provides that the
indemnification provided by the DGCL is not exclusive;

 

WHEREAS, the Company
desires and has requested Indemnitee to serve or continue to serve as a director, officer or Agent of the Company free from undue
concern for claims for damages arising out of or related to such services to the Company;

 

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
he or she be indemnified as herein provided;

 

WHEREAS, it is intended
that Indemnitee shall be paid promptly by the Company all amounts necessary to effectuate in full the indemnity provided herein;
and

 

WHEREAS, certain defined
terms are set forth in Section 17 below:

 

     

     

    

 

NOW, THEREFORE, in
consideration of the premises and the covenants in this Agreement, and of Indemnitee serving or continuing to serve the Company
as an Agent and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.            Services
by Indemnitee. Indemnitee agrees to serve or continue to serve (a) as a director or an officer of the Company,
or both, so long as Indemnitee is duly appointed or elected and qualified, and until such time as Indemnitee resigns or fails
to stand for election or is removed from Indemnitee’s position in each case in accordance with the applicable provisions
of the Certificate of Incorporation and Bylaws of the Company, or (b) otherwise as an Agent of the Company. Indemnitee may
from time to time also perform other services at the request or for the convenience of, or otherwise benefiting the Company or
any subsidiary of the Company. Indemnitee may at any time and for any reason resign or be removed from such position (subject
to any other contractual obligation or other obligation imposed by operation of law), in which event the Company shall have no
obligation under this Agreement to continue Indemnitee in any such position.

 

2.            Indemnification
of Indemnitee. Subject to the limitations set forth herein and particularly in Section 6 hereof, the Company hereby
agrees to indemnify Indemnitee as follows:

 

(a)            The
Company shall, with respect to any Proceeding (as hereinafter defined), indemnify Indemnitee to the fullest extent permitted by
applicable law or as such law may from time to time be amended (but, in the case of any such amendment, only to the extent such
amendment permits the Company to provide broader indemnification rights than the law permitted the Company to provide before such
amendment). The right to indemnification conferred herein shall be presumed to have been relied upon by Indemnitee in serving or
continuing to serve the Company as an Agent and shall be enforceable as a contract right. Without in any way diminishing the scope
of the indemnification provided by this Section 2(a), the rights of indemnification of Indemnitee shall include but shall
not be limited to those rights hereinafter set forth.

 

(b)          The
Company shall indemnify Indemnitee if Indemnitee is or was a party or is threatened to be made a party to any Proceeding (other
than an action by or in the right of the Company) by reason of the fact that Indemnitee is or was an Agent of the Company, or any
subsidiary of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as an Agent
of another corporation, partnership, joint venture, trust or other enterprise, against Expenses (as hereinafter defined) or Liabilities
(as hereinafter defined), actually and reasonably incurred by Indemnitee in connection with such Proceeding 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,
with respect to any criminal action or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful.

 

(c)          The
Company shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or
in the right of the Company or any subsidiary of the Company to procure a judgment in its favor by reason of the fact that Indemnitee
is or was an Agent of the Company, or any subsidiary of the Company, or by reason of the fact that Indemnitee is or was serving
at the request of the Company as an Agent of another corporation, partnership, joint venture, trust or other enterprise, against
(i) Expenses and (ii) to the fullest extent permitted by law, Liabilities 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, except with respect to both
clauses (i) and (ii) hereof, no indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee
shall have been adjudged to be liable to the Company unless and only to the extent that the Court of Chancery of the State of Delaware
or the court in which such action or suit 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 indemnity for such expenses
which the Court of Chancery of the State of Delaware or such other court shall deem proper.

 

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3.            Advancement
of Expenses. All reasonable Expenses incurred by or on behalf of Indemnitee (including costs of enforcement of this
Agreement) shall be advanced from time to time by the Company to Indemnitee within thirty (30) days after the receipt by the Company
of a written request for an advance of Expenses, whether prior to or after final disposition of a Proceeding (except to the extent
that there has been a Final Adverse Determination (as hereinafter defined) that Indemnitee is not entitled to be indemnified for
such Expenses), including without limitation any Proceeding brought by or in the right of the Company. The written request for
an advancement of any and all Expenses under this paragraph shall contain reasonable detail of the Expenses incurred by Indemnitee.
In the event that such written request shall be accompanied by an affidavit of counsel to Indemnitee to the effect that such counsel
has reviewed such Expenses and that such Expenses are reasonable in such counsel’s view, then such expenses shall be deemed
reasonable in the absence of clear and convincing evidence to the contrary. By execution of this Agreement, Indemnitee shall
be deemed to have made whatever undertaking as may be required by law at the time of any advancement of Expenses with respect
to repayment to the Company of such Expenses. In the event that the Company shall breach its obligation to advance Expenses under
this Section 3, the parties hereto agree that Indemnitee’s remedies available at law would not be adequate and that
Indemnitee would be entitled to specific performance.

 

4.            Presumptions
and Effect of Certain Proceedings. Upon making a request for indemnification, Indemnitee shall be presumed to
be entitled to indemnification under this Agreement and the Company shall have the burden of proof to overcome that presumption
in reaching any contrary determination. The termination of any Proceeding by judgment, order, settlement, arbitration award or
conviction, or upon a plea of nolo contendere or its equivalent shall not affect this presumption or, except as determined by
a judgment or other final adjudication adverse to Indemnitee, establish a presumption regarding any factual matter relevant to
determining Indemnitee’s rights to indemnification hereunder. If the person or persons so empowered to make a determination
pursuant to Section 5 hereof shall have failed to make the requested determination within the period provided for in Section 5
hereof, a determination that Indemnitee is entitled to indemnification shall be deemed to have been made.

 

5.            Procedure
for Determination of Entitlement to Indemnification.

 

(a)          Whenever
Indemnitee believes that Indemnitee is entitled to indemnification pursuant to this Agreement, Indemnitee shall submit a written
request for indemnification to the Company. Any request for indemnification shall include sufficient documentation or information
reasonably available to Indemnitee for the determination of entitlement to indemnification. In any event, Indemnitee shall
submit Indemnitee’s claim for indemnification within a reasonable time, not to exceed five (5) years after any judgment,
order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its equivalent, or final
determination, whichever is the later date for which Indemnitee requests indemnification. The Secretary or other appropriate officer
shall, promptly upon receipt of Indemnitee’s request for indemnification, advise the Board of Directors in writing that Indemnitee
has made such request. Determination of Indemnitee’s entitlement to indemnification shall be made not later than sixty (60)
days after the Company’s receipt of Indemnitee’s written request for such indemnification. If it is so determined that
Indemnitee is entitled to indemnification, and Indemnitee has already paid the Liabilities, reimbursement to Indemnitee shall be
made within ten (10) days after such determination; otherwise, the Company shall pay the Liabilities on behalf of Indemnitee
if and when Indemnitee becomes legally obligated to make payment.

 

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(b)          The
Company shall be entitled to select the forum in which Indemnitee’s entitlement to indemnification will be heard; provided,
however, that if there is a Change in Control of the Company, Independent Legal Counsel (as hereinafter defined) shall determine
whether Indemnitee is entitled to indemnification. The forum shall be any one of the following:

 

(i)            a
majority vote of Disinterested Directors (as hereinafter defined), even though less than a quorum; or

 

(ii)           if
there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Legal Counsel, whose determination
shall be made in a written opinion.

 

6.            Specific
Limitations on Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be
obligated under this Agreement to make any payment to Indemnitee with respect to any Proceeding (and Indemnitee hereby waives
and relinquishes any right under this Agreement, the Certificate of Incorporation, the Bylaws or otherwise to be indemnified and
held harmless or to receive any advancement of Expenses):

 

(a)          To
the extent that payment is actually made to Indemnitee under any insurance policy, or is made to Indemnitee by the Company or an
affiliate otherwise than pursuant to this Agreement. Notwithstanding the availability of such insurance, Indemnitee also may
claim indemnification from the Company pursuant to this Agreement by assigning to the Company any claims under such insurance to
the extent Indemnitee is paid by the Company;

 

(b)          Provided
there has been no Change in Control, for Liabilities in connection with Proceedings settled without the Company’s consent,
which consent, however, shall not be unreasonably withheld;

 

(c)           For
an accounting of profits made from the purchase or sale by Indemnitee of securities of the Company within the meaning of section
16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or similar provisions of
any state statutory or common law;

 

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(d)          To
the extent it would be otherwise prohibited by law; or

 

 

(e)          In
connection with a Proceeding commenced by Indemnitee (other than a Proceeding commenced by Indemnitee to enforce Indemnitee’s
rights under this Agreement) unless the commencement of such Proceeding was authorized by the Board of Directors.

 

7.            Fees
and Expenses of Independent Legal Counsel. The Company agrees to pay the reasonable fees and expenses of Independent
Legal Counsel should such Independent Legal Counsel be retained to make a determination of Indemnitee’s entitlement to indemnification
pursuant to Section 5(b) of this Agreement, and to fully indemnify such Independent Legal Counsel against any and all
expenses and losses incurred by any of them arising out of or relating to this Agreement or their engagement pursuant hereto.

 

8.            Remedies
of Indemnitee.

 

(a)           In
the event that (i) a determination pursuant to Section 5 hereof is made that Indemnitee is not entitled to indemnification,
(ii) advances of Expenses are not made pursuant to this Agreement, (iii) payment has not been timely made following a
determination of entitlement to indemnification pursuant to this Agreement, or (iv) Indemnitee otherwise seeks enforcement
of this Agreement, Indemnitee shall be entitled to a final adjudication in the Court of Chancery of the State of Delaware
of the remedy sought. Alternatively, unless court approval is required by law for the indemnification sought by Indemnitee, Indemnitee
at Indemnitee’s option may seek an award in arbitration to be conducted by a single arbitrator in accordance with JAMS’
Comprehensive Arbitration Rules and Procedures then in effect, which award is to be made within ninety (90) days following
the filing of the demand for arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or
arbitration award. In any such proceeding or arbitration Indemnitee shall be presumed to be entitled to indemnification and advancement
of Expenses under this Agreement and the Company shall have the burden of proof to overcome that presumption.

 

(b)          In
the event that a determination that Indemnitee is not entitled to indemnification, in whole or in part, has been made pursuant
to Section 5 hereof, the decision in the judicial proceeding or arbitration provided in paragraph (a) of this Section 8
shall be made de novo and Indemnitee shall not be prejudiced by reason of a determination that Indemnitee is not entitled
to indemnification.

 

(c)           If
a determination that Indemnitee is entitled to indemnification has been made pursuant to Section 5 hereof, or is deemed to
have been made pursuant to Section 4 hereof or otherwise pursuant to the terms of this Agreement, the Company shall be bound
by such determination.

 

(d)          The
Company shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable.
The Company shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of
this Agreement and is precluded from making any assertion to the contrary.

 

(e)           Expenses
reasonably incurred by Indemnitee in connection with Indemnitee’s request for indemnification under, seeking enforcement
of or to recover damages for breach of this Agreement shall be advanced by the Company when and as incurred by Indemnitee irrespective
of any Final Adverse Determination that Indemnitee is not entitled to indemnification.

 

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9.            Contribution.
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).

 

10.          Maintenance
of Insurance. The Company represents that it presently has in place certain directors’ and officers’ liability
insurance policies covering its directors and officers. Subject only to the provisions within this Section 10, the Company
agrees that so long as Indemnitee shall have consented to serve or shall continue to serve as a director or officer of the Company,
or both, or as an Agent of the Company, and thereafter so long as Indemnitee shall be subject to any possible Proceeding (such
periods being hereinafter sometimes referred to as the “Indemnification Period”), the Company will use all
reasonable efforts to maintain in effect for the benefit of Indemnitee one or more valid, binding and enforceable policies of
directors’ and officers’ liability insurance from established and reputable insurers, providing, in all material respects,
coverage both in scope and amount which are substantially similar to that presently provided or, following the Company’s
initial public offering, than that provided as of the time of such initial public offering to the extent such insurance coverage
is reasonably available in the commercial market for directors’ and officers’ liability insurance.

 

Anything in this Agreement
to the contrary notwithstanding, to the extent that and for so long as the Company shall choose to continue to maintain any policies
of directors’ and officers’ liability insurance during the Indemnification Period, the Company shall maintain similar
and equivalent insurance for the benefit of Indemnitee during the Indemnification Period (unless such insurance shall be less favorable
to Indemnitee than the Company’s existing policies) to the extent such insurance coverage is reasonably available in the
commercial market for directors’ and officers’ liability insurance.

 

11.           Modification,
Waiver, Termination and Cancellation. No supplement, modification, termination, cancellation or amendment of this Agreement
shall be binding unless executed in writing by both of 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 hereof (whether or not similar), nor shall such waiver constitute
a continuing waiver.

 

12.          Subrogation. In
the event of 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 shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such
rights.

 

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13.          Notice
by Indemnitee and Defense of Claim. Indemnitee shall promptly notify the Company in writing upon being served with any
summons, citation, subpoena, complaint, indictment, information or other document relating to any matter, whether civil,
criminal, administrative or investigative that may result in the right to indemnification or the advancement of Expenses, but
the omission so to notify the Company will not relieve it from any liability that it may have to Indemnitee if such omission
does not prejudice the Company’s rights. If such omission does prejudice the Company’s rights, the Company will
be relieved from liability only to the extent of such prejudice. Notwithstanding the foregoing, such omission will not
relieve the Company from any liability that it may have to Indemnitee other than under this Agreement. With respect to any
Proceeding as to which Indemnitee notifies the Company of the commencement thereof:

 

(a)          The
Company will be entitled to participate therein at its own expense; and

 

(b)          The
Company jointly with any other indemnifying party similarly notified will be entitled to assume the defense thereof, with counsel
reasonably satisfactory to Indemnitee; provided, however, that the Company shall not be entitled to assume the defense of any Proceeding
if there has been a Change in Control or if Indemnitee shall have reasonably concluded that there may be a conflict of interest
between the Company and Indemnitee with respect to such Proceeding. After notice from the Company to Indemnitee of its election
to assume the defense thereof, the Company will not be liable to Indemnitee under this Agreement for any Expenses subsequently
incurred by Indemnitee in connection with the defense thereof, other than reasonable costs of investigation or as otherwise provided
below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and expenses of
such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of Indemnitee
unless:

 

(i)            the
employment of counsel by Indemnitee has been authorized by the Company;

 

(ii)           Indemnitee
shall have reasonably concluded that counsel engaged by the Company may not adequately represent Indemnitee due to, among other
things, actual or potential differing interests; or

 

(iii)          the
Company shall not in fact have employed counsel to assume the defense in such Proceeding or shall not in fact have assumed such
defense and been acting in connection therewith with reasonable diligence; in each of which cases the fees and expenses of such
counsel shall be at the expense of the Company.

 

(c)          The
Company shall not settle any Proceeding in which Indemnitee is or could have been a party without Indemnitee’s written consent
unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee
from all liability on any claims that are the subject matter of such Proceeding; provided, however, that Indemnitee will not unreasonably
withhold his or her consent to any proposed settlement.

 

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14.          Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it
is so mailed:

 

(a)           If
to Indemnitee, to the address set forth below Indemnitee’s signature on the signature page hereof.

 

(b)          If
to the Company, to:

 

Nikola Corporation

4141 E Broadway Road

Phoenix, AZ 85040

Attention: Chief Legal Officer

 

or to such other address as may have been
furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

15.          Nonexclusivity.
The rights of Indemnitee hereunder shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under
applicable law, the Company’s Certificate of Incorporation or Bylaws, or any agreements, vote of stockholders, resolution
of the Board of Directors or otherwise, and to the extent that during the Indemnification Period the rights of the then existing
directors and officers are more favorable to such directors or officers than the rights currently provided to Indemnitee thereunder
or under this Agreement, Indemnitee shall be entitled to the full benefits of such more favorable rights.

 

16.          Indemnification
and Advancement Rights Primary. The Company hereby acknowledges that Indemnitee has or may have certain rights to indemnification,
advancement of expenses and/or insurance provided by one or more parties other than the Company or an affiliate of the Company
(collectively, the “Secondary Indemnitors”). The Company hereby acknowledges and the Company and Indemnitee
hereby agree that: (i) the Company is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and
any obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by Indemnitee are secondary); (ii) the Company shall be required to advance the full amount of expenses incurred
by Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement
to the extent legally permitted and as required by the terms of this Agreement and the Certificate of Incorporation and/or Bylaws
of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against
the Secondary Indemnitors; and (iii) the Company irrevocably waives, relinquishes and releases the Secondary Indemnitors
from any and all claims against the Secondary Indemnitors that the Company may have for contribution, subrogation or any other
recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Secondary Indemnitors
on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect
the foregoing and the Secondary Indemnitors shall have a right of contribution and/or subrogation to the extent of such advancement
or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Secondary
Indemnitors are express third party beneficiaries of the terms of this provision.

 

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17.          Certain
Definitions.

 

(a)          “Agent”
shall mean any person who is or was, or who has consented to serve as, a director, officer, employee, agent, fiduciary, joint venturer,
partner, manager or other official of the Company or a subsidiary or an affiliate of the Company, or any other entity (including
without limitation, an employee benefit plan), in each case either at the request of, for the convenience of, or otherwise to benefit
the Company or a subsidiary of the Company. Any person who is or was serving as a director, officer, employee or agent of the Company
or a subsidiary of the Company shall be deemed to be serving, or have served, at the request of the Company.

 

(b)          “Change
in Control” shall mean the occurrence, after the Company’s initial public offering, of any of the following:

 

(i)            Both
(A) any “person” (as defined below) becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing at least twenty percent (20%) of the
total voting power represented by the Company’s then outstanding voting securities and (B) the beneficial ownership
by such person of securities representing such percentage is not approved by a majority of the “Continuing Directors”
(as defined below);

 

(ii)           Any
 “person” is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing at least fifty percent (50%) of the total voting power represented by
the Company’s then outstanding voting securities;

 

(iii)          A
change in the composition of the Board of Directors occurs, as a result of which fewer than two-thirds of the incumbent directors
are directors (the “Continuing Directors”) who either (A) had been directors of the Company on the “look-back
date” (as defined below) (the “Original Directors”) or (B) were elected, or nominated for election,
to the Board of Directors with the affirmative votes of at least a majority in the aggregate of the Original Directors who were
still in office at the time of the election or nomination and directors whose election or nomination was previously so approved;

 

(iv)          The
stockholders of the Company approve a merger or consolidation of the Company with any other Company, if such merger or consolidation
would result in the voting securities of the Company outstanding immediately prior thereto representing (either by remaining outstanding
or by being converted into voting securities of the surviving entity) 50% or less of the total voting power represented by the
voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or

 

(v)           The
stockholders of the Company approve (A) a plan of complete liquidation of the Company or (B) 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 Subsections
(i) and (ii) above, the term “person” shall have the same meaning as when used in sections 13(d) and
14(d) of the Exchange Act, but shall exclude (x) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or of a parent or subsidiary of the Company or (y) a Company owned directly or indirectly by the stockholders
of the Company in substantially the same proportions as their ownership of the common stock of the Company.

 

For purposes of Subsection
(iii) above, the term “look-back date” shall mean the later of (x) the date first written above in
the preamble to this Agreement or (y) the date 24 months prior to the date of the event that may constitute a “Change
in Control.”

 

Any other provision
of this Section 17(b) notwithstanding, the term “Change in Control” shall not include a transaction, if undertaken
at the election of the Company, the result of which is to sell all or substantially all of the assets of the Company to another
corporation (the “Surviving Company”); provided that the Surviving Company is owned directly or indirectly by
the stockholders of the Company immediately following such transaction in substantially the same proportions as their ownership
of the Company’s common stock immediately preceding such transaction; and provided, further, that the Surviving Company expressly
assumes this Agreement.

 

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

 

(d)          “Expenses”
shall include all direct and indirect costs (including, without limitation, attorneys’ fees, retainers, court costs, transcripts,
fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, all other disbursements or out-of-pocket expenses and reasonable compensation for time spent by Indemnitee for which
Indemnitee is otherwise not compensated by the Company or any third party) actually and reasonably incurred in connection with
either the investigation, defense, settlement or appeal of a Proceeding or establishing or enforcing a right to indemnification
under this Agreement, applicable law or otherwise.

 

(e)          “Final
Adverse Determination” shall mean that a determination that Indemnitee is not entitled to indemnification shall have
been made pursuant to Section 5 hereof and either (1) a final adjudication in the courts of the State of Delaware from
which there is no further right of appeal or decision of an arbitrator pursuant to Section 8(a) hereof shall have denied
Indemnitee’s right to indemnification hereunder, or (2) Indemnitee shall have failed to file a complaint in a Delaware
court or seek an arbitrator’s award pursuant to Section 8(a) for a period of one hundred twenty (120) days after
the determination made pursuant to Section 5 hereof.

 

(f)           “Independent
Legal Counsel” shall mean a law firm or a member of a firm selected by the Company and approved by Indemnitee (which
approval shall not be unreasonably withheld) or, if there has been a Change in Control, selected by Indemnitee and approved by
the Company (which approval shall not be unreasonably withheld), that neither is presently nor in the past five (5) years
has been retained to represent: (i) the Company or any of its subsidiaries or affiliates, or Indemnitee or any company of
which Indemnitee was or is a director, officer, employee or agent, or any subsidiary or affiliate of such a corporation, in any
material matter, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Legal 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 right to indemnification under this Agreement.

 

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(g)          “Liabilities”
shall mean liabilities of any type whatsoever including, but not limited to, any judgments, fines, Employee Retirement Income Security
Act excise taxes and penalties, penalties and amounts paid in settlement (including all interest assessments and other charges
paid or payable in connection with or in respect of such judgments, fines, penalties or amounts paid in settlement) of any Proceeding.

 

(h)          “Proceeding”
shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other proceeding whether civil, criminal, administrative or investigative, in which Indemnitee was,
is or will be involved as a party, as a witness or otherwise, that is associated with Indemnitee’s being an Agent of the
Company.

 

18.          Binding
Effect; Duration and Scope of Agreement. This Agreement shall be binding upon 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), spouses, heirs and personal and legal representatives. This Agreement shall be
deemed to be effective as of the commencement date of Indemnitee’s service as an officer or director of the Company and
shall continue in effect during the Indemnification Period, regardless of whether Indemnitee continues to serve as an Agent.

 

19.          Severability.
If any provision or provisions of this Agreement (or any portion thereof) 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 shall not in any way be affected or impaired
thereby; and

 

(b)          to
the fullest extent legally possible, the provisions of this Agreement shall be construed so as to give effect to the intent of
any provision held invalid, illegal or unenforceable.

 

20.          Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware,
as applied to contracts between Delaware residents entered into and to be performed entirely within the State of Delaware, without
regard to conflict of laws rules.

 

21.          Consent
to Jurisdiction. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 8 of this
Agreement, the Company and Indemnitee each irrevocably consent to the jurisdiction of the courts of the State of Delaware for
all purposes in connection with any action or proceeding that arises out of or relates to this Agreement and agree that any action
instituted under this Agreement shall be brought only in the state courts of the State of Delaware.

 

    11

     

    

 

22.          Entire
Agreement. This Agreement represents the entire agreement between the parties hereto, and there are no other agreements,
contracts or understandings between the parties hereto with respect to the subject matter of this Agreement, except as specifically
referred to herein or as provided in Section 15 hereof.

 

23.          Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same Agreement.

 

[Signature Page Follows]

 

    12

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by a duly authorized officer and Indemnitee has executed this Agreement as
of the date first above written.

 

	 	NIKOLA CORPORATION,
	 	a Delaware corporation
	 	 
	 	By:                                                                                                                                 
	 	Name:                                                                                                                               
	 	Title:                                                                                                                                    
	 	 
	 	INDEMNITEE
	 	 
	 	By:                                                                                                                                   
	 	Printed name:                                                                                                                 
	 	 
	 	Address:                                                                                                                        
	 	                                                                                                                                          

 

    13Exhibit 10.4

 

NIKOLA CORPORATION

2020 STOCK INCENTIVE PLAN

(Adopted by the Board of Directors on May 6, 2020)

(Approved by the Stockholders on June 2, 2020)

(Effective on June 3, 2020)  

 

     

     

    

 

	 	TABLE OF CONTENTS	 
	 	 	 
	SECTION 1. ESTABLISHMENT AND PURPOSE             	1
	 	 
	SECTION 2. DEFINITIONS                     	1
	 	 
	(a)	“Affiliate”	1
	(b)	“Award”	1
	(c)	“Award Agreement”	1
	(d)	“Board of Directors” or “Board”	1
	(e)	“Cash-Based Award”	1
	(f)	“Change in Control”	1
	(g)	“Code”	2
	(h)	“Committee”	2
	(i)	“Company”	2
	(j)	“Consultant”	2
	(k)	“Disability”	2
	(l)	“Employee”	2
	(m)	“Exchange Act”	2
	(n)	“Exercise Price”	2
	(o)	“Fair Market Value”	3
	(p)	“ISO”	3
	(q)	“Nonstatutory
Option” or “NSO”	3
	(r)	“Option”	3
	(s)	“Outside Director”	3
	(t)	“Parent”	3
	(u)	“Participant”	3
	(v)	“Plan”	3
	(w)	“Purchase Price”	3
	(x)	“Restricted
Share”	3
	(y)	“SAR”	3
	(z)	“Section 409A”	3
	(aa)	“Securities Act”	3
	(bb)	“Service”	3
	(cc)	“Share”	3
	(dd)	“Stock”	4
	(ee)	“Stock Unit”	4
	(ff)	“Subsidiary”                       	4

 

    i

     

    

 

	SECTION 3. ADMINISTRATION                   	4
	 	 
	(a)	Committee Composition                      	4
	(b)	Committee Appointment                   	4
	(c)	Committee Procedures                   	4
	(d)	Committee Responsibilities                     	4
	 	 	 
	SECTION 4. ELIGIBILITY                     	5
	 	 
	(a)	General Rule                          	5
	(b)	Ten-Percent Stockholders                  	5
	(c)	Attribution Rules                     	6
	(d)	Outstanding Stock                        	6
	 	 	 
	SECTION 5. STOCK SUBJECT TO PLAN                   	6
	 	 
	(a)	Basic Limitation                         	6
	(b)	Additional Shares                     	6
	(c)	Substitution and Assumption of Awards             	7
	(d)	Grants to Outside Directors                 	7
	 	 	 
	SECTION 6. RESTRICTED SHARES                     	7
	 	 
	(a)	Restricted Share Award Agreement                  	7
	(b)	Payment for Awards                    	7
	(c)	Vesting                            	7
	(d)	Voting and Dividend Rights                 	7
	(e)	Restrictions on Transfer of Shares               	7
	 	 	 
	SECTION 7. TERMS AND CONDITIONS OF OPTIONS          	8
	 	 
	(a)	Stock Option Award Agreement                   	8
	(b)	Number of Shares                        	8
	(c)	Exercise Price                       	8
	(d)	Withholding Taxes                        	8
	(e)	Exercisability and Term                   	8
	(f)	Exercise of Options                    	8
	(g)	Effect of Change in Control                 	9
	(h)	No Rights as a Stockholder                     	9
	(i)	Modification, Extension and Renewal of Options             	9
	(j)	Restrictions on Transfer of Shares               	9

 

    ii

     

    

 

	SECTION 8. PAYMENT FOR SHARES                     	9
	 	 
	(a)	General Rule                          	9
	(b)	Surrender of Stock                        	9
	(c)	Services Rendered                        	9
	(d)	Cashless Exercise                     	9
	(e)	Exercise/Pledge                         	9
	(f)	Net Exercise                           	10
	(g)	Promissory Note                         	10
	(h)	Other Forms of Payment                   	10
	(i)	Limitations under Applicable Law               	10
	 	 	 
	SECTION 9. STOCK APPRECIATION RIGHTS                 	10
	 	 
	(a)	SAR Award Agreement                      	10
	(b)	Number of Shares                        	10
	(c)	Exercise Price                       	10
	(d)	Exercisability and Term                   	10
	(e)	Effect of Change in Control                 	10
	(f)	Exercise of SARs                     	11
	(g)	Modification, Extension or Assumption of SARs             	11
	 	 	 
	SECTION 10. STOCK UNITS                    	11
	 	 
	(a)	Stock Unit Award Agreement                    	11
	(b)	Payment for Awards                    	11
	(c)	Vesting Conditions                        	11
	(d)	Voting and Dividend Rights                 	11
	(e)	Form and Time of Settlement of Stock Units           	11
	(f)	Death of Participant                    	12
	(g)	Creditors’ Rights                     	12
	 	 	 
	SECTION 11. CASH-BASED AWARDS                 	12
	 	 
	SECTION 12. ADJUSTMENT OF SHARES                	12
	 	 
	(a)	Adjustments                       	12
	(b)	Dissolution or Liquidation                      	12
	(c)	Reorganizations                         	12
	(d)	Reservation of Rights                       	13

 

    iii

     

    

 

	SECTION 13. DEFERRAL OF AWARDS                 	13
	 	 
	(a)	Committee Powers                        	13
	(b)	General Rules                      	14
	 	 	 
	SECTION 14. AWARDS UNDER OTHER PLANS             	14
	 	 
	SECTION 15. PAYMENT OF DIRECTOR’S FEES IN SECURITIES      	14
	 	 
	(a)	Effective Date                      	14
	(b)	Elections to Receive NSOs, SARs, Restricted Shares or Stock Units      	14
	(c)	Number and Terms of NSOs, SARs, Restricted Shares or Stock Units  	14
	 	 	 
	SECTION 16. LEGAL AND REGULATORY REQUIREMENTS        	14
	 	 
	SECTION 17. TAXES                           	15
	 	 
	(a)	Withholding Taxes                        	15
	(b)	Share Withholding                        	15
	(c)	Section 409A                          	15
	 	 	 
	SECTION 18. TRANSFERABILITY                   	15
	 	 
	SECTION 19. PERFORMANCE BASED AWARDS                	15
	 	 
	SECTION 20. RECOUPMENT                    	15
	 	 
	SECTION 21. NO EMPLOYMENT RIGHTS               	16
	 	 
	SECTION 22. DURATION AND AMENDMENTS             	16
	 	 
	(a) 	Term of the Plan                     	16
	(b)	Right to Amend the Plan                  	16
	(c)	Effect of Termination                       	16
	 	 	 
	SECTION 23. AWARDS TO NON-U.S. PARTICIPANTS           	16
	 	 
	SECTION 24. GOVERNING LAW                      	16
	 	 
	SECTION 25. SUCCESSORS AND ASSIGNS                  	16
	 	 
	SECTION 26. EXECUTION                     	17

 

    iv

     

    

 

NIKOLA CORPORATION

 

2020 STOCK INCENTIVE PLAN

 

SECTION 1. ESTABLISHMENT AND PURPOSE.

 

The Plan was adopted by the Board of Directors
on May 6, 2020 and is effective on June 3, 2020 (the “Effective Date”). The Plan’s purpose is to
attract, retain, incent and reward top talent through stock ownership to improve operating and financial performance and
strengthen the mutuality of interest between eligible service providers and stockholders.

 

SECTION 2. DEFINITIONS.

 

(a)     
 “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries
own not less than 50% of such entity.

 

(b)    
 “Award” means any award of an Option, a SAR, a Restricted Share, a Stock Unit or a Cash-Based Award under
the Plan.

 

(c)     
 “Award Agreement” means the agreement between the Company and the recipient of an Award which contains
the terms, conditions and restrictions pertaining to such Award.

 

(d)    
 “Board of Directors” or “Board” means the Board of Directors of the Company,
as constituted from time to time.

 

(e)    
 “Cash-Based Award” means an Award that entitles the Participant to receive a cash-denominated
payment.

 

(f)    

 “Change in Control” means the occurrence of any of the following events:

 

		(i)	A change in the composition of the Board of Directors occurs, as a result of
which fewer than one-half of the incumbent directors are directors who either:

 

		(A)	Had been directors of the Company on the “look-back date”
(as defined below) (the “original directors”); or

 

		(B)	Were elected, or nominated for election, to the Board of Directors with the affirmative votes of
at least a majority of the aggregate of the original directors who were still in office at the time of the election or nomination
and the directors whose election or nomination was previously so approved (the “continuing directors”);

 

provided, however, that for this purpose, the “original
directors” and “continuing directors” shall not include any individual whose initial assumption
of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors
or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board;

 

		(ii)	Any “person” (as defined below) who by the acquisition or aggregation
of securities, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s
then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to vote at
elections of directors (the “Base Capital Stock”); except that any change in the relative beneficial
ownership of the Company’s securities by any person resulting solely from a reduction in the aggregate number of outstanding
shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded
until such person increases in any manner, directly or indirectly, such person’s beneficial ownership of any securities of
the Company;

 

    1

     

    

 

		(iii)	The consummation of a merger or consolidation of the Company or a Subsidiary of the Company with or into another entity or
any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger, consolidation
or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power
of the outstanding securities of each of (A) the Company (or its successor) and (B) any direct or indirect parent corporation of
the Company (or its successor); or

 

		(iv)	The sale, transfer or other disposition of all or substantially all of the Company’s assets.

 

For purposes of subsection (f)(i)
above, the term “look-back” date means the later of (1) the Effective Date and (2) the date that is 24
months prior to the date of the event that may constitute a Change in Control.

 

For purposes of subsection (f)(ii)
above, the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the
Exchange Act, but shall exclude (1) a trustee or other fiduciary holding securities under an employee benefit plan maintained by
the Company or a Parent or Subsidiary and (2) a corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of the Stock.

 

Any other provision of this Section
2(f) notwithstanding, a transaction shall not constitute a Change in Control if its sole purpose is to change the state of the
Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons
who held the Company’s securities immediately before such transaction, and a Change in Control shall not be deemed to occur
if the Company files a registration statement with the United States Securities and Exchange Commission in connection with an initial
or secondary public offering of securities or debt of the Company to the public.

 

(g)    
 “Code” means the United States Internal Revenue Code of 1986, as amended, and the rules and regulations
promulgated thereunder.

 

(h)    
 “Committee” means the Compensation Committee as designated by the Board of Directors, which is authorized
to administer the Plan, as described in Section 3 hereof.

 

(i)      
 “Company” means Nikola Corporation, a Delaware corporation.

 

(j)      
 “Consultant” means an individual who is a consultant or advisor and who provides bona fide services to
the Company, a Parent, a Subsidiary or an Affiliate as an independent contractor (not including service as a member of the Board
of Directors) or a member of the board of directors of a Parent or a Subsidiary, in each case who is not an Employee.

 

(k)      
 “Disability” means any permanent and total disability as defined by Section 22(e)(3) of the
Code.

 

(l)      
 “Employee” means any individual who is a common-law employee of the Company, a Parent, a Subsidiary or
an Affiliate.

 

(m)   
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

 

(n)     “Exercise
Price” means, in the case of an Option, the amount for which one Share may be purchased upon exercise of such Option,
as specified in the applicable Stock Option Agreement. “Exercise Price” means, in the case of a SAR,
an amount, as specified in the applicable SAR Award Agreement, which is subtracted from the Fair Market Value of one Share in determining
the amount payable upon exercise of such SAR.

 

    2

     

    

 

(o)      
 “Fair Market Value”
with respect to a Share, means the market price of one Share, determined by the Committee as follows:

 

		(i)	If the Stock was traded over-the-counter on the date in question, then the Fair Market Value shall
be equal to the last transaction price quoted for such date by the OTC Bulletin Board or, if not so quoted, shall be equal to the
mean between the last reported representative bid and asked prices quoted for such date by the principal automated inter-dealer
quotation system on which the Stock is quoted or, if the Stock is not quoted on any such system, by the Pink Quote system;

 

		(ii)	If the Stock was traded on any established stock exchange (such as the New
York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market) or national market system on the date in question,
then the Fair Market Value shall be equal to the closing price reported for such date by the applicable exchange or system; or

 

		(iii)	If none of the foregoing provisions is applicable, then the Fair Market Value
shall be determined by the Committee in good faith on such basis as it deems appropriate.

 

In all cases, the determination of Fair Market Value by the
Committee shall be conclusive and binding on all persons.

 

(p)      
 “ISO” means an employee incentive stock option described in Section 422 of the Code.

 

(q)      
 “‘Nonstatutory Option” or “NSO” means an employee stock option that is not
an ISO.

 

(r)      
 “Option” means an ISO or Nonstatutory Option granted under the Plan and entitling the holder to purchase
Shares.

 

(s)     
 “Outside Director” means a member of the Board of Directors who is not a common-law employee of, or paid
consultant to, the Company, a Parent or a Subsidiary.

 

(t)       “Parent”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall
be a Parent commencing as of such date.

 

(u)
       
 “Participant” means a person who holds an Award.

 

(v)      

 “Plan” means this 2020 Stock Incentive Plan of Nikola Corporation, as amended from time to

 

time.

 

(w)      

 “Predecessor Plan” means the 2017 Stock Option Plan of Nikola Corporation, as amended.

 

(x)      
 “Purchase Price” means the consideration for which one Share may be acquired under the Plan (other than
upon exercise of an Option), as specified by the Committee.

 

(y)      

 “Restricted Share” means a Share awarded under the Plan.

 

(z)      

 “SAR” means a stock appreciation right granted under the Plan.

 

(aa)  
 “Section 409A” means Section 409A of the Code.

 

(bb) 
 “Securities Act” means the United States Securities Act of 1933, as amended, the rules and regulations
promulgated thereunder,

 

(cc)  
 “Service” means service as an Employee, Consultant or Outside Director, subject to such further
limitations as may be set forth in the Plan or the applicable Award Agreement. Service does not terminate when an Employee
goes on a bona fide leave of absence, that was approved by the Company in writing, if the terms of the leave provide for
continued Service crediting, or when continued Service crediting is required by applicable law. However, for purposes of
determining whether an Option is entitled to ISO status, an Employee’s employment will be treated as terminating three
months after such Employee went on leave, unless such Employee’s right to return to active work is guaranteed by law or
by a contract. Service terminates in any event when the approved leave ends, unless such Employee immediately returns to
active work. The Company determines which leaves of absence count toward Service, and when Service terminates for all
purposes under the Plan.

 

    3

     

    

 

(dd)
 “Share” means one share of Stock, as adjusted in accordance with Section 12 (if applicable).

 

(ee)
 “Stock” means the Common Stock, par value $0.0001 per share, of the Company.

 

(ff)    “Stock
Unit” means a bookkeeping entry representing the Company’s obligation to deliver one Share (or distribute cash)
on a future date in accordance with the provisions of a Stock Unit Award Agreement.

 

(gg) 
 “Subsidiary” means any corporation, if the Company and/or one or more other Subsidiaries own not less
than 50% of the total combined voting power of all classes of outstanding stock of such corporation. A corporation that attains
the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

SECTION 3. ADMINISTRATION.

 

(a)       
Committee Composition. The Plan shall be administered by a Committee appointed by the Board, or by the Board acting as the
Committee. The Committee shall consist of two or more directors of the Company. In addition, to the extent required by the Board,
the composition of the Committee shall satisfy such requirements as the Securities and Exchange Commission may establish for administrators
acting under plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act.

 

(b)       Committee
Appointment. The Board may also appoint one or more separate committees of the Board, each composed of one or more directors
of the Company who need not satisfy the requirements of Section 3(a), who may administer the Plan, may grant Awards under the Plan
and may determine all terms of such grants, in each case with respect to all Employees, Consultants and Outside Directors (except
such as may be on such committee), provided that such committee or committees may perform these functions only with respect to
Employees who are not considered officers or directors of the Company under Section 16 of the Exchange Act. Within the limitations
of the preceding sentence, any reference in the Plan to the Committee shall include such committee or committees appointed pursuant
to the preceding sentence. To the extent permitted by applicable laws, the Board of Directors may also authorize one or more officers
of the Company to designate Employees, other than officers under Section 16 of the Exchange Act, to receive Awards and/or to determine
the number of such Awards to be received by such persons; provided, however, that the Board of Directors shall specify the total
number of Awards that such officers may so award.

 

(c)      
Committee Procedures. The Board of Directors shall designate one of the members of the Committee as chairman. The Committee
may hold meetings at such times and places as it shall determine. The acts of a majority of the Committee members present at meetings
at which a quorum exists, or acts reduced to or approved in writing (including via email) by all Committee members, shall be valid
acts of the Committee.

 

(d)       
Committee Responsibilities. Subject to the provisions of the Plan, the Committee shall have full authority and discretion
to take the following actions:

 

		(i)	To interpret the Plan and to apply its provisions;

 

		(ii)	To adopt, amend or rescind rules, procedures and forms relating to the Plan;

 

    4

     

    

 

		(iii)	To adopt, amend or terminate sub-plans established for the purpose of satisfying applicable foreign
laws including qualifying for preferred tax treatment under applicable foreign tax laws;

 

		(iv)	To authorize any person to execute, on behalf of the Company, any instrument
required to carry out the purposes of the Plan;

 

		(v)	To determine when Awards are to be granted under the Plan;

 

		(vi)	To select the Participants to whom Awards are to be granted;

 

		(vii)	To determine the type of Award and number of Shares or amount of cash to be
made subject to each Award;

 

		(viii)	To prescribe the terms and conditions of each Award, including (without limitation) the Exercise Price and Purchase Price,
and the vesting or duration of the Award (including accelerating the vesting of Awards, either at the time of the Award or thereafter,
without the consent of the Participant), to determine whether an Option is to be classified as an ISO or as a Nonstatutory Option,
and to specify the provisions of the agreement relating to such Award;

 

		(ix)	To amend any outstanding Award Agreement, subject to applicable legal restrictions and to the consent
of the Participant if the Participant’s rights or obligations would be materially impaired;

 

		(x)	To prescribe the consideration for the grant of each Award or other right under
the Plan and to determine the sufficiency of such consideration;

 

		(xi)	To determine the disposition of each Award or other right under the Plan in
the event of a Participant’s divorce or dissolution of marriage;

 

		(xii)	To determine whether Awards under the Plan will be granted in replacement of
other grants under an incentive or other compensation plan of an acquired business;

 

		(xiii)	To correct any defect, supply any omission, or reconcile any inconsistency
in the Plan or any Award Agreement;

 

		(xiv)	To establish or verify the extent of satisfaction of any performance goals or other conditions applicable
to the grant, issuance, exercisability, vesting and/or ability to retain any Award; and

 

		(xv)	To take any other actions deemed necessary or advisable for the administration of the Plan.

 

Subject to the requirements of applicable law, the Committee
may designate persons other than members of the Committee to carry out its responsibilities and may prescribe such conditions and
limitations as it may deem appropriate, except that the Committee may not delegate its authority with regard to the selection for
participation of or the granting of Awards under the Plan to persons subject to Section 16 of the Exchange Act. All decisions,
interpretations and other actions of the Committee shall be final and binding on all Participants and all persons deriving their
rights from a Participant. No member of the Committee shall be liable for any action that he has taken or has failed to take in
good faith with respect to the Plan or any Award under the Plan.

 

 

SECTION 4. ELIGIBILITY.

 

(a)       
General Rule. Only Employees, Consultants and Outside Directors shall be eligible for the grant of Awards. Only common-law
employees of the Company, a Parent or a Subsidiary shall be eligible for the grant of ISOs.

 

(b)       Ten-Percent
Stockholders. An Employee who owns more than 10% of the total combined voting power of all classes of outstanding stock
of the Company, a Parent or Subsidiary shall not be eligible for the grant of an ISO unless such grant satisfies the
requirements of Section 422(c)(5) of the Code.

 

    5

     

    

 

(c)      
Attribution Rules. For purposes of Section 4(b) above, in determining stock ownership, an Employee shall be deemed to own
the stock owned, directly or indirectly, by or for such Employee’s brothers, sisters, spouse, ancestors and lineal descendants.
Stock owned, directly or indirectly, by or for a corporation, partnership, estate or trust shall be deemed to be owned proportionately
by or for its stockholders, partners or beneficiaries.

 

(d)       
Outstanding Stock. For purposes of Section 4(b) above, “outstanding stock” shall include all stock
actually issued and outstanding immediately after the grant. “Outstanding stock” shall not include shares
authorized for issuance under outstanding options held by the Employee or by any other person.

 

SECTION 5. STOCK SUBJECT TO PLAN.

 

(a)      
Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares or treasury Shares. The aggregate
number of Shares authorized for issuance as Awards under the Plan shall not exceed the sum of (x) twenty million (20,000,000)
Shares, plus (y) the sum of the number of Shares subject to outstanding awards under the Predecessor Plan on the Effective Date
that are subsequently forfeited or terminated for any reason before being exercised or settled, plus the number of Shares subject
to vesting restrictions under the Predecessor Plan on the Effective Date that are subsequently forfeited, plus the number of reserved
Shares not issued or subject to outstanding grants under the Predecessor Plan on the Effective Date, plus (z) an annual increase
on the first day of each fiscal year, for a period of not more than 10 years, beginning on January 1, 2021, and ending on (and
including) January 1, 2030, in an amount equal to (i) two and one half percent (2.5)% of the outstanding Shares on the last day
of the immediately preceding fiscal year or (ii) such lesser amount (including zero) that the Committee determines for purposes
of the annual increase for that fiscal year. Notwithstanding the foregoing, the number of Shares that may be delivered in the
aggregate pursuant to the exercise of ISOs granted under the Plan shall not exceed twenty million (20,000,000) Shares plus, to
the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan pursuant to Section
5(c). The limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 12. The number of Shares that are
subject to Awards outstanding at any time under the Plan shall not exceed the number of Shares which then remain available for
issuance under the Plan. The Company shall at all times reserve and keep available sufficient Shares to satisfy the requirements
of the Plan.

 

(b)      
Additional Shares. If Restricted Shares are forfeited, then such Shares shall again become available for Awards under the
Plan. If Stock Units, Options or SARs are forfeited or terminate for any reason before being exercised or settled, then the corresponding
Shares shall again become available for Awards under the Plan. If Stock Units are settled, then only the number of Shares (if any)
actually issued in settlement of such Stock Units shall reduce the number available in Section 5(a) and the balance (including
any Shares withheld to satisfy tax withholding obligations) shall again become available for Awards under the Plan. The full number
of Options exercised shall be counted against the number of Shares available for Awards under the Plan, regardless of the number
of Shares actually issued upon exercise of such Options. The full number of SARs settled shall be counted against the number of
Shares available for Awards under the Plan, regardless of the number of Shares actually issued in settlement of such SARs. Any
Shares withheld to satisfy the tax withholding obligation pursuant to any Award of Options or SARs shall not be added to the Shares
available for Awards under the Plan. Notwithstanding the foregoing provisions of this Section 5(b), Shares that have actually been
issued shall not again become available for Awards under the Plan, except for Restricted Shares that are forfeited and do not become
vested.

 

    6

     

    

 

(c)       Substitution
and Assumption of Awards. The Committee may make Awards under the Plan by assumption, substitution or replacement of
stock options, stock appreciation rights, stock units or similar awards granted by another entity (including a Parent or
Subsidiary), if such assumption, substitution or replacement is in connection with an asset acquisition, stock acquisition,
merger, consolidation or similar transaction involving the Company (and/or its Parent or Subsidiary) and such other entity
(and/or its affiliate). The terms of such assumed, substituted or replaced Awards shall be as the Committee, in its
discretion, determines is appropriate, notwithstanding limitations on Awards in the Plan. Any such substitute or assumed
Awards shall not count against the Share limitation set forth in Section 5(a) (nor shall Shares subject to such Awards be
added to the Shares available for Awards under the Plan as provided in Section 5(b) above), except that Shares acquired by
exercise of substitute ISOs will count against the maximum number of Shares that may be issued pursuant to the exercise of
ISOs under the Plan.

 

(d)      
Grants to Outside Directors. The grant date fair value of all Awards (as determined in accordance with Financial Accounting
Standards Board Accounting Standards Codification Topic 718, or any successor thereto) granted under the Plan to any Outside Director
as compensation for services as an Outside Director during any twelve (12)-month period may not exceed $750,000, provided that
any Award granted to an Outside Director in lieu of a cash retainer pursuant to Section 15(b) will be excluded from such limit.

 

SECTION 6. RESTRICTED SHARES.

 

(a)       
Restricted Share Award Agreement. Each grant of Restricted Shares under the Plan shall be evidenced by a Restricted Share
Award Agreement between the Participant and the Company. Such Restricted Shares shall be subject to all applicable terms of the
Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Share
Award Agreements entered into under the Plan need not be identical.

 

(b)      
Payment for Awards. Restricted Shares may be sold or awarded under the Plan for such consideration as the Committee may
determine, including (without limitation) cash, cash equivalents, full-recourse promissory notes, past services and future services.

 

(c)      
Vesting. Each Award of Restricted Shares may or may not be subject to vesting. Vesting shall occur, in full or in installments,
upon satisfaction of the conditions specified in the Restricted Share Award Agreement. A Restricted Share Award Agreement may provide
for accelerated vesting in the event of the Participant’s death, Disability or retirement or other events. The Committee
may determine, at the time of granting Restricted Shares or thereafter, that all or part of such Restricted Shares shall become
vested in the event that a Change in Control occurs with respect to the Company.

 

(d)       
Voting and Dividend Rights. A holder of Restricted Shares awarded under the Plan shall have the same voting, dividend and
other rights as the Company’s other stockholders, except that in the case of any unvested Restricted Shares, the holder shall
not be entitled to any dividends or other distributions paid or distributed by the Company in respect of outstanding Shares. Notwithstanding
the foregoing, at the Committee’s discretion, the holder of unvested Restricted Shares may be credited with such dividends
and other distributions, provided that such dividends and other distributions shall be paid or distributed to the holder only if,
when and to the extent such unvested Restricted Shares vest. The value of dividends and other distributions payable or distributable
with respect to any unvested Restricted Shares that do not vest shall be forfeited. For the avoidance of doubt, other than with
respect to the right to receive dividends and other distributions, the holders of unvested Restricted Shares shall have the same
voting rights and other rights as the Company’s other stockholders in respect of such unvested Restricted Shares.

 

(e)       
Restrictions on Transfer of Shares. Restricted Shares shall be subject to such rights of repurchase, rights of first refusal
or other restrictions as the Committee may determine. Such restrictions shall be set forth in the applicable Restricted Share Award
Agreement and shall apply in addition to any general restrictions that may apply to all holders of Shares.

 

    7

     

    

 

SECTION 7. TERMS AND CONDITIONS OF OPTIONS.

 

(a)       
Stock Option Award Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Award Agreement
between the Participant and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may
be subject to any other terms and conditions which are not inconsistent with the Plan and which the Committee deems appropriate
for inclusion in a Stock Option Award Agreement. The Stock Option Award Agreement shall specify whether the Option is an ISO or
an NSO. The provisions of the various Stock Option Award Agreements entered into under the Plan need not be identical.

 

(b)      
Number of Shares. Each Stock Option Award Agreement shall specify the number of Shares that are subject to the Option and
shall provide for the adjustment of such number in accordance with Section 12.

 

(c)       Exercise
Price. Each Stock Option Award Agreement shall specify the Exercise Price. The Exercise Price of an ISO shall not be less
than 100% of the Fair Market Value of a Share on the date of grant, except as otherwise provided in 4(b), and the Exercise
Price of an NSO shall not be less than 100% of the Fair Market Value of a Share on the date of grant. Notwithstanding the
foregoing, Options may be granted with an Exercise Price of less than 100% of the Fair Market Value per Share on the date of
grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code. Subject to the
foregoing in this Section 7(c), the Exercise Price under any Option shall be determined by the Committee in its sole
discretion. The Exercise Price shall be payable in one of the forms described in Section 8.

 

(d)       
Withholding Taxes. As a condition to the exercise of an Option, the Participant shall make such arrangements as the Committee
may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection
with such exercise. The Participant shall also make such arrangements as the Committee may require for the satisfaction of any
federal, state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired
by exercising an Option.

 

(e)       
Exercisability and Term. Each Stock Option Award Agreement shall specify the date when all or any installment of the Option
is to become exercisable. The Stock Option Award Agreement shall also specify the term of the Option; provided that the term of
an ISO shall in no event exceed 10 years from the date of grant (five years for ISOs granted to Employees described in Section
4(b)). A Stock Option Award Agreement may provide for accelerated exercisability in the event of the Participant’s death,
Disability, or retirement or other events and may provide for expiration prior to the end of its term in the event of the termination
of the Participant’s Service. Options may be awarded in combination with SARs, and such an Award may provide that the Options
will not be exercisable unless the related SARs are forfeited. Subject to the foregoing in this Section 7(e), the Committee in
its sole discretion shall determine when all or any installment of an Option is to become exercisable and when an Option is to
expire.

 

(f)       
Exercise of Options. Each Stock Option Award Agreement shall set forth the extent to which the Participant shall have the
right to exercise the Option following termination of the Participant’s Service with the Company and its Subsidiaries, and
the right to exercise the Option of any executors or administrators of the Participant’s estate or any person who has acquired
such Option(s) directly from the Participant by bequest or inheritance. Such provisions shall be determined in the sole discretion
of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the
reasons for termination of Service.

 

 

    8

     

    

 

(g)      
Effect of Change in Control. The Committee may determine, at the time of granting an Option or thereafter, that such Option
shall become exercisable as to all or part of the Shares subject to such Option in the event that a Change in Control occurs with
respect to the Company.

 

(h)       
No Rights as a Stockholder. A Participant shall have no rights as a stockholder with respect to any Shares covered by his
Option until the date of the issuance of a stock certificate for such Shares. No adjustments shall be made, except as provided
in Section 12.

 

(i)      
Modification, Extension and Renewal of Options. Within the limitations of the Plan, the Committee may modify, extend or
renew outstanding options or may accept the cancellation of outstanding options (to the extent not previously exercised), whether
or not granted hereunder, in return for the grant of new Options for the same or a different number of Shares and at the same or
a different Exercise Price, or in return for the grant of a different Award for the same or a different number of Shares or for
cash; provided, however, that other than in connection with an adjustment of Awards pursuant to Section 12, the Committee may not
modify outstanding Options to lower the Exercise Price nor may the Committee assume or accept the cancellation of outstanding Options
in return for cash or the grant of new Awards when the Exercise Price is greater than the Fair Market Value of the Shares covered
by such Options, unless such action has been approved by the Company’s stockholders. The foregoing notwithstanding, no modification
of an Option shall, without the consent of the Optionee, materially impair his or her rights or obligations under such Option.

 

(j)      
Restrictions on Transfer of Shares. Any Shares issued upon exercise of an Option shall be subject to such special forfeiture
conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Committee may determine. Such
restrictions shall be set forth in the applicable Stock Option Award Agreement and shall apply in addition to any general restrictions
that may apply to all holders of Shares.

 

SECTION 8. PAYMENT FOR SHARES.

 

(a)       
General Rule. The entire Exercise Price or Purchase Price of Shares issued under the Plan shall be payable in lawful money
of the United States of America at the time when such Shares are purchased, except as provided in Section 8(b) through Section
8(h) below.

 

(b)      
Surrender of Stock. To the extent that a Stock Option Award Agreement so provides, payment may be made all or in part by
surrendering, or attesting to the ownership of, Shares which have already been owned by the Participant or his or her representative.
Such Shares shall be valued at their Fair Market Value on the date when the new Shares are purchased under the Plan. The Participant
shall not surrender, or attest to the ownership of, Shares in payment of the Exercise Price if such action would cause the Company
to recognize compensation expense (or additional compensation expense) with respect to the Option for financial reporting purposes.

 

(c)      
Services Rendered. At the discretion of the Committee, Shares may be awarded under the Plan in consideration of services
rendered to the Company or a Subsidiary. If Shares are awarded without the payment of a Purchase Price in cash, the Committee shall
make a determination (at the time of the Award) of the value of the services rendered by the Participant and the sufficiency of
the consideration to meet the requirements of Section 6(b).

 

(d)       
Cashless Exercise. To the extent that a Stock Option Award Agreement so provides, payment may be made all or in part by
delivery (on a form prescribed by the Committee) of an irrevocable direction to a securities broker to sell Shares and to deliver
all or part of the sale proceeds to the Company in payment of the aggregate Exercise Price.

 

(e)        Exercise/Pledge. To
the extent that a Stock Option Award Agreement so provides, payment may be made all or in part by delivery (on a form
prescribed by the Committee) of an irrevocable direction to a securities broker or lender to pledge Shares, as security for a
loan, and to deliver all or part of the loan proceeds to the Company in payment of the aggregate Exercise Price.

 

    9

     

    

 

(f)       
Net Exercise. To the extent that a Stock Option Award Agreement so provides, by a “net exercise”
arrangement pursuant to which the number of Shares issuable upon exercise of the Option shall be reduced by the largest whole number
of Shares having an aggregate Fair Market Value that does not exceed the aggregate Exercise Price (plus tax withholdings, if applicable)
and any remaining balance of the aggregate Exercise Price (and/or applicable tax withholdings) not satisfied by such reduction
in the number of whole Shares to be issued shall be paid by the Participant in cash or any other form of payment permitted under
the Stock Option Agreement.

 

(g)      
Promissory Note. To the extent that a Stock Option Award Agreement or Restricted Share Award Agreement so provides, payment
may be made all or in part by delivering (on a form prescribed by the Company) a full-recourse promissory note.

 

(h)       
Other Forms of Payment. To the extent that a Stock Option Award Agreement or Restricted Share Award Agreement so provides,
payment may be made in any other form that is consistent with applicable laws, regulations and rules.

 

(i)      
Limitations under Applicable Law. Notwithstanding anything herein or in a Stock Option Award Agreement or Restricted Share
Award Agreement to the contrary, payment may not be made in any form that is unlawful, as determined by the Committee in its sole
discretion.

 

SECTION 9. STOCK APPRECIATION RIGHTS.

 

(a)       
SAR Award Agreement. Each grant of a SAR under the Plan shall be evidenced by a SAR Award Agreement between the Participant
and the Company. Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not
inconsistent with the Plan. The provisions of the various SAR Award Agreements entered into under the Plan need not be identical.

 

(b)      
Number of Shares. Each SAR Award Agreement shall specify the number of Shares to which the SAR pertains and shall provide
for the adjustment of such number in accordance with Section 12.

 

(c)      
Exercise Price. Each SAR Award Agreement shall specify the Exercise Price. The Exercise Price of a SAR shall not be less
than 100% of the Fair Market Value of a Share on the date of grant. Notwithstanding the foregoing, SARs may be granted with an
Exercise Price of less than 100% of the Fair Market Value per Share on the date of grant pursuant to a transaction described in,
and in a manner consistent with, Section 424(a) of the Code. Subject to the foregoing in this Section 9(c), the Exercise Price
under any SAR shall be determined by the Committee in its sole discretion.

 

(d)       
Exercisability and Term. Each SAR Award Agreement shall specify the date when all or any installment of the SAR is to become
exercisable. The SAR Award Agreement shall also specify the term of the SAR. A SAR Award Agreement may provide for accelerated
exercisability in the event of the Participant’s death, Disability or retirement or other events and may provide for expiration
prior to the end of its term in the event of the termination of the Participant’s Service. SARs may be awarded in combination
with Options, and such an Award may provide that the SARs will not be exercisable unless the related Options are forfeited. A SAR
may be included in an ISO only at the time of grant but may be included in an NSO at the time of grant or thereafter. A SAR granted
under the Plan may provide that it will be exercisable only in the event of a Change in Control.

 

(e)       
Effect of Change in Control. The Committee may determine, at the time of granting a SAR or thereafter, that such SAR shall
become fully exercisable as to all Common Shares subject to such SAR in the event that a Change in Control occurs with respect
to the Company.

 

    10

     

    

(f)       
Exercise of SARs. Upon exercise of a SAR, the Participant (or any person having the right to exercise the SAR after his
or her death) shall receive from the Company (i) Shares, (ii) cash or (iii) a combination of Shares and cash, as the Committee
shall determine. The amount of cash and/or the Fair Market Value of Shares received upon exercise of SARs shall, in the aggregate,
be equal to the amount by which the Fair Market Value (on the date of surrender) of the Shares subject to the SARs exceeds the
Exercise Price.

 

(g)      
Modification, Extension or Assumption of SARs. Within the limitations of the Plan, the Committee may modify, extend or
assume outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer)
in return for the grant of new SARs for the same or a different number of shares and at the same or a different exercise price,
or in return for the grant of a different Award for the same or a different number of Shares or cash; provided, however, that
other than in connection with an adjustment of Awards pursuant to Section 12, the Committee may not modify outstanding SARs to
lower the Exercise Price nor may the Committee assume or accept the cancellation of outstanding SARs in return for cash or the
grant of new Awards when the Exercise Price is greater than the Fair Market Value of the Shares covered by such SARs, unless such
action has been approved by the Company’s stockholders. The foregoing notwithstanding, no modification of a SAR shall, without
the consent of the holder, materially impair his or her rights or obligations under such SAR.

 

SECTION 10. STOCK UNITS.

 

(a)       
Stock Unit Award Agreement. Each grant of Stock Units under the Plan shall be evidenced by a Stock Unit Award Agreement
between the Participant and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject
to any other terms that are not inconsistent with the Plan. The provisions of the various Stock Unit Award Agreements entered into
under the Plan need not be identical.

 

(b)      
Payment for Awards. To the extent that an Award is granted in the form of Stock Units, no cash consideration shall be required
of the Award recipients.

 

(c)      
Vesting Conditions. Each Award of Stock Units may or may not be subject to vesting. Vesting shall occur, in full or in installments,
upon satisfaction of the conditions specified in the Stock Unit Award Agreement. A Stock Unit Award Agreement may provide for accelerated
vesting in the event of the Participant’s death, Disability or retirement or other events. The Committee may determine, at
the time of granting Stock Units or thereafter, that all or part of such Stock Units shall become vested in the event that a Change
in Control occurs with respect to the Company.

 

(d)       
Voting and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture, any
Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such
right entitles the holder to be credited with an amount equal to all cash dividends paid on one Share while the Stock Unit is outstanding.
Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of
cash, in the form of Shares, or in a combination of both. Dividend equivalents shall not be distributed prior to settlement of
the Stock Unit to which the dividend equivalents pertain. Prior to distribution, any dividend equivalents shall be subject to the
same conditions and restrictions (including without limitation, any forfeiture conditions) as the Stock Units to which they attach.
The value of dividend equivalents payable or distributable with respect to any unvested Stock Units that do not vest shall be forfeited.

 

    11

     

    

 

(e)        Form
and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (i) cash, (ii) Shares
or (iii) any combination of both, as determined by the Committee. The actual number of Stock Units eligible for settlement
may be larger or smaller than the number included in the original Award, based on predetermined performance factors. Methods
of converting Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of
Shares over a series of trading days. A Stock Unit Award Agreement may provide that vested Stock Units may be settled in a
lump sum or in installments. A Stock Unit Award Agreement may provide that the distribution may occur or commence when all
vesting conditions applicable to the Stock Units have been satisfied or have lapsed, or it may be deferred to any later date,
subject to compliance with Section 409A. The amount of a deferred distribution may be increased by an interest factor or by
dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment
pursuant to Section 12.

 

(f)       
Death of Participant. Any Stock Unit Award that becomes payable after the Participant’s death shall be distributed
to the Participant’s beneficiary or beneficiaries. Each recipient of a Stock Unit Award under the Plan shall designate one
or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed
by filing the prescribed form with the Company at any time before the Participant’s death. If no beneficiary was designated
or if no designated beneficiary survives the Participant, then any Stock Units Award that becomes payable after the Participant’s
death shall be distributed to the Participant’s estate.

 

(g)      
Creditors’ Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the Company.
Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable
Stock Unit Award Agreement.

 

SECTION 11. CASH-BASED AWARDS

 

The Committee may, in its sole discretion,
grant Cash-Based Awards to any Participant in such number or amount and upon such terms, and subject to such conditions, as the
Committee shall determine at the time of grant and specify in an applicable Award Agreement. The Committee shall determine the
maximum duration of the Cash-Based Award, the amount of cash which may be payable pursuant to the Cash-Based Award, the conditions
upon which the Cash-Based Award shall become vested or payable, and such other provisions as the Committee shall determine. Each
Cash-Based Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the Committee. Payment,
if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be made in cash or in
Shares, as the Committee determines.

 

SECTION 12. ADJUSTMENT OF SHARES.

 

(a)       
Adjustments. In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a declaration
of a dividend payable in a form other than Shares in an amount that has a material effect on the price of Shares, a combination
or consolidation of the outstanding Stock (by reclassification or otherwise) into a lesser number of Shares, a recapitalization,
a spin-off or a similar occurrence, the Committee shall make appropriate and equitable adjustments in:

 

		(i)	The number of Shares available for future Awards and the limitations set forth
under Section 5;

 

		(ii)	The number of Shares covered by each outstanding Award; and

 

		(iii)	The Exercise Price under each outstanding Option and SAR.

 

(b)      
Dissolution or Liquidation. To the extent not previously exercised or settled, Options, SARs and Stock Units shall terminate
immediately prior to the dissolution or liquidation of the Company.

 

(c)      
Reorganizations. In the event that the Company is a party to a merger or other reorganization, outstanding Awards shall
be subject to the agreement of merger or reorganization. Subject to compliance with Section 409A, such agreement shall provide
for:

 

    12

     

    

 

		(i)	The continuation of the outstanding Awards by the Company, if the Company
is a surviving corporation;

 

		(ii)	The assumption of the outstanding Awards by the surviving corporation or its
parent or subsidiary;

 

		(iii)	The substitution by the surviving corporation or its parent or subsidiary of
its own awards for the outstanding Awards;

 

		(iv)	Immediate vesting, exercisability or settlement of outstanding Awards followed by the cancellation
of such Awards upon or immediately prior to the effectiveness of such transaction; or

 

		(v)	Settlement of the intrinsic value of the outstanding Awards (whether or not then vested or exercisable)
in cash or cash equivalents or equity (including cash or equity subject to deferred vesting and delivery consistent with the vesting
restrictions applicable to such Awards or the underlying Shares) followed by the cancellation of such Awards (and, for the avoidance
of doubt, if as of the date of the occurrence of the transaction the Committee determines in good faith that no amount would have
been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated
by the Company without payment); in each case without the Participant’s consent. Any acceleration of payment of an amount
that is subject to Section 409A will be delayed, if necessary, until the earliest time that such payment would be permissible under
Section 409A without triggering any additional taxes applicable under Section 409A.

 

The Company will have no obligation to treat all
Awards, all Awards held by a Participant, or all Awards of the same type, similarly.

 

(d) Reservation of Rights. Except
as provided in this Section 12, a Participant shall have no rights by reason of any subdivision or consolidation of shares of
stock of any class, the payment of any dividend or any other increase or decrease in the number of shares of stock of any class.
Any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not
affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an
Award. The grant of an Award pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate,
sell or transfer all or any part of its business or assets. In the event of any change affecting the Shares or the Exercise Price
of Shares subject to an Award, including a merger or other reorganization, for reasons of administrative convenience, the Company
in its sole discretion may refuse to permit the exercise of any Award during a period of up to 30 days prior to the occurrence
of such event. 

 

SECTION 13. DEFERRAL OF AWARDS.

 

(a)      
 Committee Powers. Subject
to compliance with Section 409A, the Committee (in its sole discretion) may permit or require a Participant to:

 

		(i)	Have cash that otherwise would be paid to such Participant as a result of the exercise of a SAR or the settlement of Stock
Units credited to a deferred compensation account established for such Participant by the Committee as an entry on the Company’s
books;

 

		(ii)	Have Shares that otherwise would be delivered to such Participant as a result
of the exercise of an Option or SAR converted into an equal number of Stock Units; or

 

		(iii)	Have Shares that otherwise would be delivered to such Participant as a result
of the exercise of an Option or SAR or the settlement of Stock Units converted into amounts credited to a deferred compensation account established for such
Participant by the Committee as an entry on the Company’s books. Such amounts shall be determined by reference to the Fair
Market Value of such Shares as of the date when they otherwise would have been delivered to such Participant.

 

    13

     

    

 

(b)      
General Rules. A deferred compensation account established under this Section 13 may be credited with interest or other
forms of investment return, as determined by the Committee. A Participant for whom such an account is established shall have no
rights other than those of a general creditor of the Company. Such an account shall represent an unfunded and unsecured obligation
of the Company and shall be subject to the terms and conditions of the applicable agreement between such Participant and the Company.
If the deferral or conversion of Awards is permitted or required, the Committee (in its sole discretion) may establish rules,
procedures and forms pertaining to such Awards, including (without limitation) the settlement of deferred compensation accounts
established under this Section 13.

 

SECTION 14. AWARDS UNDER OTHER PLANS.

 

The Company may grant awards under other
plans or programs. Such awards may be settled in the form of Shares issued under the Plan. Such Shares shall be treated for all
purposes under the Plan like Shares issued in settlement of Stock Units and shall, when issued, reduce the number of Shares available
under Section 5.

 

SECTION 15. PAYMENT OF DIRECTOR’S FEES IN SECURITIES.

 

(a)       
Effective Date. No provision of this Section 15 shall be effective unless and until the Board has determined to implement
such provision.

 

(b)       Elections
to Receive NSOs, SARs, Restricted Shares or Stock Units. An Outside Director may elect to receive his or her annual retainer
payments and/or meeting fees from the Company in the form of cash, NSOs, SARs, Restricted Shares or Stock Units, or a combination
thereof, as determined by the Board. Alternatively, the Board may mandate payment in any of such alternative forms. Such NSOs,
SARs, Restricted Shares and Stock Units shall be issued under the Plan. An election under this Section 15 shall be filed with the
Company on the prescribed form.

 

(c)      
Number and Terms of NSOs, SARs, Restricted Shares or Stock Units. The number of NSOs, SARs, Restricted Shares or Stock
Units to be granted to Outside Directors in lieu of annual retainers and meeting fees that would otherwise be paid in cash shall
be calculated in a manner determined by the Board. The terms of such NSOs, SARs, Restricted Shares or Stock Units shall also be
determined by the Board.

 

SECTION 16. LEGAL AND REGULATORY REQUIREMENTS.

 

Shares shall not be issued under
the Plan unless the issuance and delivery of such Shares complies with (or is exempt from) all applicable requirements of law,
including (without limitation) the United States Securities Act, state securities laws and regulations and the regulations of
any stock exchange on which the Company’s securities may then be listed, and the Company has obtained the approval or favorable
ruling from any governmental agency which the Company determines is necessary or advisable. The Company shall not be liable to
a Participant or other persons as to: (a) the non-issuance or sale of Shares as to which the Company has not obtained from any
regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance
and sale of any Shares under the Plan; and (b) any tax consequences expected, but not realized, by any Participant or other person
due to the receipt, exercise or settlement of any Award granted under the Plan.

 

    14

     

    

 

SECTION 17. TAXES.

 

(a)       
Withholding Taxes. To the extent required by applicable federal, state, local or foreign law, a Participant or his or her
successor shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise
in connection with the Plan. The Company shall not be required to issue any Shares or make any cash payment under the Plan until
such obligations are satisfied.

 

(b)      
Share Withholding. The Committee may permit a Participant to satisfy all or part of his or her withholding or income tax
obligations by having the Company withhold all or a portion of any Shares that otherwise would be issued to him or her or by surrendering
all or a portion of any Shares that he or she previously acquired. Such Shares shall be valued at their Fair Market Value on the
date when taxes otherwise would be withheld in cash. In no event may a Participant have Shares withheld that would otherwise be
issued to him or her in excess of the number necessary to satisfy the maximum legally required tax withholding.

 

(c)      
Section 409A. Each Award that provides for “nonqualified deferred compensation” within the meaning
of Section 409A shall be subject to such additional rules and requirements as specified by the Committee from time to time in order
to comply with Section 409A. If any amount under such an Award is payable upon a “separation from service”
(within the meaning of Section 409A) to a Participant who is then considered a “specified employee” (within
the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one
day after the Participant’s separation from service, or (ii) the Participant’s death, but only to the extent such delay
is necessary to prevent such payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section
409A. In addition, the settlement of any such Award may not be accelerated except to the extent permitted by Section 409A.

 

 

SECTION 18. TRANSFERABILITY.

 

Unless the agreement evidencing an
Award (or an amendment thereto authorized by the Committee) expressly provides otherwise, no Award granted under the Plan, nor
any interest in such Award, may be sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred in any manner
(prior to the vesting and lapse of any and all restrictions applicable to Shares issued under such Award), other than by will or
the laws of descent and distribution; provided, however, that an ISO may be transferred or assigned only to the extent consistent
with Section 422 of the Code. Any purported assignment, transfer or encumbrance in violation of this Section 18 shall be void and
unenforceable against the Company.

 

 

SECTION 19. PERFORMANCE BASED AWARDS.

 

The number of Shares or other benefits
granted, issued, retainable and/or vested under an Award may be made subject to the attainment of performance goals. The Committee
may utilize any performance criteria selected by it in its sole discretion to establish performance goals.

 

SECTION 20. RECOUPMENT.

 

In the event that the Company is required
to prepare restated financial results owing to an executive officer’s intentional misconduct or grossly negligent conduct,
the Board (or a designated committee) shall have the authority, to the extent permitted by applicable law, to require reimbursement
or forfeiture to the Company of the amount of bonus or incentive compensation (whether cash-based or equity-based) such executive
officer received during the three fiscal years preceding the year the restatement is determined to be required, to the extent
that such bonus or incentive compensation exceeds what the officer would have received based on an applicable restated performance
measure or target. The Company will recoup incentive-based compensation from executive officers to the extent required under the
Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules, regulations and listing standards that may be issued
under that act. Any right of recoupment under this provision will be in addition to, and not in lieu of, any other rights of recoupment
that may be available to the Company.

 

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SECTION 21. NO EMPLOYMENT RIGHTS.

 

No provision of the Plan, nor any
Award granted under the Plan, shall be construed to give any person any right to become, to be treated as, or to remain an Employee
or Consultant. The Company and its Subsidiaries reserve the right to terminate any person’s Service at any time and for any
reason, with or without notice.

 

SECTION 22. DURATION AND AMENDMENTS.

 

(a)       
Term of the Plan. The Plan, as set forth herein, shall come into existence on the date of its adoption by the Board of Directors;
provided, however, that no Award may be granted hereunder prior to the Effective Date. The Board of Directors may suspend or terminate
the Plan at any time. No ISOs may be granted after the tenth anniversary of the earlier of (i) the date the Plan is adopted by
the Board of Directors, or (ii) the date the Plan is approved the stockholders of the Company.

 

(b)      
Right to Amend the Plan. The Board of Directors may amend the Plan at any time and from time to time. Rights and obligations
under any Award granted before amendment of the Plan shall not be materially impaired by such amendment, except with consent of
the Participant. An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the extent
required by applicable laws, regulations or rules.

 

(c)      
Effect of Termination. No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan
shall not affect Awards previously granted under the Plan.

 

SECTION 23. AWARDS TO NON-U.S. PARTICIPANTS.

 

Awards may be granted to Participants who
are non-United States nationals or employed or providing services outside the United States, or both, on such terms and conditions
different from those applicable to Awards to Participants who are employed or providing services in the United States as may, in
the judgment of the Committee, be necessary or desirable to recognize differences in local law, tax policy or custom. The Committee
also may impose conditions on the exercise, vesting or settlement of Awards in order to minimize the Company’s obligation
with respect to tax equalization for Participants on assignments outside their home country.

 

SECTION 24. GOVERNING LAW.

 

The Plan and each Award Agreement
shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

 

SECTION 25. SUCCESSORS AND ASSIGNS.

 

The terms of the Plan shall be
binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by
Section 12(c).

 

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SECTION 26. EXECUTION.

 

To record the adoption of the Plan by the
Board of Directors, the Company has caused its authorized officer to execute the same.

 

	 	NIKOLA CORPORATION
	 	 
	 	 
	 	By:	/s/ Mark A. Russell
	 	 	Name:	Mark A. Russell
	 	 	Title:	President and Chief Executive Officer

 

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