Document:

Exhibit 10.16

 

Execution Version

 

NOTE PURCHASE
AND SECURITY AGREEMENT

 

This Note Purchase
and Security Agreement, dated as of April 14, 2020 (this “Agreement”), is entered into by and among Metromile,
Inc., a Delaware corporation (the “Company”), the undersigned Guarantors, the persons listed on the
Schedule of Holders attached hereto as Exhibit B (collectively, the “Holders”, and each, a “Holder”)
and HSCM Bermuda Fund Ltd.,
as collateral agent (“Agent”).

 

RECITALS

 

		A.	On the terms and subject to the conditions set forth herein,
the Holders are willing to purchase from the Company, and the Company is willing to sell and issue to the Holders Senior Secured
Subordinated PIK Notes due 2025 in the form attached hereto as Exhibit A (collectively, the “Notes”
and each, a “Note”) having an aggregate principal amount of up to $50,000,000.

 

		B.	Capitalized terms shall have the meanings set forth in
Section 10.

 

AGREEMENT 

 

NOW THEREFORE, in consideration
of the foregoing, and the representations, warranties, and conditions set forth below, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

1. The Notes.

 

(a) Sale and
Issuance of the Notes. Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Holder
and each Holder agrees to purchase from the Company, at each Closing, Notes in the principal amount specified opposite such Holder’s
name as set forth on Exhibit B, at the purchase price of 100% of the principal amount thereof (the “Original Principal
Amount”) by wire transfer to a bank account designated by the Company. The Holders’ obligations hereunder are several
and not joint obligations and no Person shall have any liability to any other Holder for the performance or non-performance of
any obligation by any other Holder hereunder. The aggregate principal amount for all Notes issued hereunder shall not exceed $50,000,000
unless otherwise determined by the Company and the Holders holding of a majority of the then outstanding aggregate principal amount
of the Notes (the “Majority Holders”).

 

     

     

    

 

(b) Closings.
The initial purchase and sale of the Notes shall take place remotely via the exchange of documents and signatures on the date
of this Agreement and may not exceed $35,000,000 in aggregate principal amount of the Notes, with at least $20,000,000 aggregate
principal amount of Notes purchased by Hudson Structured Capital Management Ltd. or its affiliates (collectively, “Hudson”).
No Notes shall be issued to investors other than Hudson at any Closing occurring after the date that is 45 days from the date of
this Agreement (the “Closing Deadline”). Exhibit B to this Agreement shall be updated by the Company
to reflect the Notes purchased at each such Closing and the parties purchasing such Notes. Hudson agrees that subject to Section
6(d), it is required to invest up to an additional $15,000,000 in the purchase of additional Notes (with each closing of such
additional capital being a “Subsequent Hudson Closing” and each date of such Subsequent Hudson Closing being
a “Subsequent Hudson Closing Date”). In the event there is more than one closing, including a Subsequent Hudson
Closing, the term “Closing” shall apply to each such closing unless otherwise specified, and the date of any
such Closing, including a Subsequent Hudson Closing Date, shall be referred to herein as the “Closing Date”
for such Closing.

 

(c) Delivery;
Issuance of Warrants.

 

(i) At each Closing,
the Company will deliver to each Holder participating in such Closing the Note to be purchased by such Holder, against receipt
by the Company of the Original Principal Amount via wire transfer in U.S. Dollars.

 

(ii) Promptly
following the Closing Deadline, and in no event more than five Business Days thereafter, the Company will issue, execute, and deliver
to each Holder, and each Holder will execute and deliver to the Company, a Warrant to Purchase Shares of Series E Preferred Stock
of MetroMile, Inc. (collectively, the “Warrants”) in the form attached hereto as Exhibit C exercisable
for a number of shares of the Company’s Series E Preferred Stock equal to, in the case of a Holder, the product obtained
by multiplying (A) 8,536,938 by (B) the quotient obtained by dividing (I) the Original Principal Amount of the Note purchased by
a Holder by (II) $50,000,000, as rounded down to the nearest whole share. For the purpose of determining the Warrants to be issued
pursuant to this clause (ii) the aggregate Original Principal Amount of the Notes of Hudson shall be deemed to be $35,000,000.

 

2. Guaranty

 

(a) Guaranty.
Each Guarantor absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, the full and
punctual payment and performance of all Obligations.

 

(b) Guaranty Absolute
and Unconditional. Each Guarantor agrees that its Obligations under this Section 2 are irrevocable, continuing,
absolute and unconditional and shall not be discharged or impaired or otherwise affected by, and each Guarantor hereby irrevocably
waives any defenses to enforcement it may have (now or in the future) by reason of:

 

(i) Any illegality,
invalidity or unenforceability of any Obligation or Note Document or any related agreement or instrument, or any law, regulation,
decree or order of any jurisdiction or any other event affecting any term of the Obligations.

 

(ii) Any change
in the time, place or manner of payment or performance of, or in any other term of the Obligations, or any rescission, waiver,
release, assignment, amendment or other modification of any Note Document.

 

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(iii) Any taking,
exchange, substitution, release, impairment, amendment, waiver, modification or non-perfection of any collateral or any other guaranty
for the Obligations, or any manner of sale, disposition or application of proceeds of any collateral or other assets to all or
part of the Obligations.

 

(iv) Any default,
failure or delay, willful or otherwise, in the performance of the Obligations.

 

(v) Any change,
restructuring or termination of the corporate structure, ownership or existence of any other Obligor or any insolvency, bankruptcy,
reorganization or other similar proceeding affecting any other Obligor or its assets or any resulting restructuring, release or
discharge of any Obligations.

 

(vi) Any failure
of any Secured Party to disclose to such Guarantor any information relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Obligor now or hereafter known to any Secured Party, each Guarantor
waiving any duty of any Secured Party to disclose such information.

 

(vii) The failure
of any other guarantor or third party to execute or deliver this Section 2 or any other guaranty or agreement, or the release
or reduction of liability of any other Obligor or any other guarantor or surety with respect to the Obligations.

 

(viii) The failure
of any Secured Party to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Note
Document or otherwise.

 

(ix) The existence
of any claim, set-off, counterclaim, recoupment or other rights that any Obligor may have against any Secured Party (other than
a defense of payment or performance).

 

(x) Any other
circumstance (including, without limitation, any statute of limitations), act, omission or manner of administering any Note Document
or any existence of or reliance on any representation by any Secured Party that might vary the risk of any other Obligor or otherwise
operate as a defense available to, or a legal or equitable discharge of, any other Obligor.

 

(c) Certain Waivers;
Acknowledgments. Each Guarantor further acknowledges and agrees as follows:

 

(i) Each Guarantor
hereby unconditionally and irrevocably waives any right to revoke this Section 2 and acknowledges that this Section 2
is continuing in nature and applies to all presently existing and future Obligations, until the complete, irrevocable and indefeasible
payment and satisfaction in full of the Obligations.

 

(ii) This Section
2 is a guaranty of payment and performance and not of collection. No Secured Party shall be obligated to enforce or exhaust
its remedies against the Company or any other Obligor or under any Note Document before proceeding to enforce this Section 2.

 

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(iii) This Section
2 is a direct guaranty and independent of the obligations of the Company or any other Obligor under any Note Document. The
Secured Parties may resort to any Guarantor for payment and performance of the Obligations whether or not the Secured Parties shall
have resorted to any collateral therefor or shall have proceeded against any Obligor or any other guarantors with respect to the
Obligations. The Secured Parties may, at their option, proceed against any Obligor, jointly and severally, or against any Guarantor
only without having obtained a judgment against the Company.

 

(iv) Each Guarantor
hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance,
notice of non-performance, default, acceleration, protest or dishonor and any other notice with respect to any of the Obligations
and this Section 2 and any requirement that Agent protect, secure, perfect or insure any Lien or any property subject thereto.

 

(v) Each Guarantor
agrees that its guaranty hereunder shall continue to be effective or be reinstated, as the case may be, if at any time all or part
of any payment of any Obligation is voided, rescinded or recovered or must otherwise be returned by any Secured Party upon the
insolvency, bankruptcy or reorganization of the Company.

 

(d) Subrogation.
Each Guarantor waives and shall not exercise any rights that it may acquire by way of subrogation, contribution, reimbursement
or indemnification for payments made under this Section 2 until all Obligations shall have been indefeasibly paid and
discharged in full.

 

3. Creation
of Security Interest

 

(a) Grant of
Security Interest. Each Obligor hereby grants Agent, for the benefit of the Holders, to secure the payment and performance
in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the benefit of the Holders, the
Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. If this
Agreement is terminated, Agent’s Lien in the Collateral shall continue until the Obligations (other than contingent indemnification
obligations as to which no claim has been asserted or is known to exist) are repaid in full. Upon payment in full of the Obligations
(other than contingent indemnification obligations as to which no claim has been asserted or is known to exist), Agent shall, at
the Obligors’ sole cost and expense, promptly release its Liens in the Collateral and all rights therein shall thereupon
automatically revert to the Obligors, as applicable, and Agent and the Holders shall, upon reasonable request from the Obligors
and at the Obligors’ sole cost and expense, promptly deliver to the Obligors written evidence of the termination of such
liens and any other documents reasonably necessary to terminate, or evidence the termination, of such liens. Notwithstanding the
foregoing, the security interest granted by the Obligors to Agent on behalf of the Holders under this Agreement expressly excludes
all of MIC’s rights, title and interest in any and all accounts, claims, licenses, charters, or other assets of MIC.

 

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(b) Priority
of Security Interest. Each Obligor represents, warrants, and covenants that the security interest granted herein is and shall
at all times continue to be a second priority perfected security interest in the Collateral (subject only to (i) Permitted Liens
and (ii) filings by Agent of any necessary or appropriate filings or other continuation documentation, if and as may be needed),
subject to the Intercreditor Agreement. If any Obligor shall acquire a commercial tort claim in an amount in excess of $200,000,
such Obligor shall promptly notify Agent in a writing signed by such Obligor of the general details thereof and grant to Agent,
for the benefit of the Holders, in such writing a security interest therein and in the proceeds thereof, all upon the terms of
this Agreement, with such writing to be in form and substance reasonably satisfactory to Agent. If any Obligor shall acquire any
right, title or interest in Negotiable Collateral with a total value in excess of $200,000, the Company shall immediately notify
Agent and endorse and deliver to Agent, at the request of Agent, the originals of such Negotiable Collateral; provided that
no such action shall be required to be taken by the Company until the Senior Debt (as defined in the Intercreditor Agreement) shall
have been paid in full. No Obligor will create any chattel paper with a total in excess of $200,000 without placing a legend on
the chattel paper reasonably acceptable to Agent indicating that Agent has a security interest in such chattel paper; provided
that no such action shall be required to be taken by an Obligor until the Senior Debt (as defined in the Intercreditor Agreement)
shall have been paid in full.

 

(c) Authorization
to File Financing Statements. Each Obligor hereby authorizes Agent to file at any time financing statements, continuation statements
and amendments thereto and to take any other action required to perfect Agent’s security interest in the Collateral, without
notice to such Obligor, with all appropriate jurisdictions to perfect or protect Agent’s interest or rights hereunder and
under the other Note Documents, including a notice that any disposition of the Collateral in contravention of the terms of this
Agreement, by any Obligor or any other Person, shall be deemed to violate the rights of Agent and the Holders under the Code. Such
financing statements may (i) either specifically describe the Collateral or describe the Collateral as all assets of the Obligors
of the kind pledged hereunder, and (ii) contain any other information required by the Code for the sufficiency of filing office
acceptance of any financing statement, continuation statement, or amendment, including whether such Obligor is an organization,
the type of organization and any organizational identification number issued to such Obligor.

 

(d) Pledge of
Collateral. Subject to the Intercreditor Agreement, each Obligor hereby pledges, assigns and grants to Agent, for the benefit
of the Holders, a security interest in all the Equity Interests in which such Obligor has any interest, including the Shares, together
with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe
for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security
for the performance of the Obligations. To the extent required by the terms and conditions governing the Equity Interests in which
an Obligor has an interest, such Obligor shall cause the books of each Person whose Equity Interests are part of the Collateral
and any transfer agent to reflect the pledge of the Equity Interests. Subject to the Intercreditor Agreement, upon the occurrence
and during the continuance of an Event of Default hereunder, Agent may effect the transfer of any securities included in the Collateral
(including but not limited to the Equity Interests) into the name of Agent and cause new certificates representing such securities
to be issued in the name of Agent or its transferee. Subject to the Intercreditor Agreement, each Obligor will execute and deliver
such documents, and take or cause to be taken such actions, as Agent may reasonably request to perfect or continue the perfection
of Agent’s security interest in the Equity Interests. Unless an Event of Default shall have occurred and be continuing and
the Obligors shall have received written notice from Agent of its intention to suspend such rights, the Obligors shall be entitled
to exercise any voting rights with respect to the Equity Interests in which it has an interest and to give consents, waivers and
ratifications in respect thereof; provided that: no such notice shall be required if any Obligor has commenced an Insolvency
Proceeding and, in any event, no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent
with any of the terms of this Agreement or which would constitute or create any violation of any of such terms. Subject to the
Intercreditor Agreement, all such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence
and during the continuance of an Event of Default and following receipt by the Obligors of written notice from Agent of Agent’s
intention to suspend such rights (unless an Insolvency Proceeding has been commenced), further provided that all such rights to
vote and give consents, waivers and ratifications shall revive in the event that the applicable Event of Default is cured or waived.

 

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(e) Appointment
of Agent. Each Holder, by its acceptance of this Agreement, hereby irrevocably appoints and authorizes Agent to perform the
duties as collateral agent under this Agreement and the other Note Documents, including: (i) to execute or file any and all financing
or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other
written agreements with respect to this Agreement or any other Note Document; (ii) to perform, exercise, and enforce any and all
other rights and remedies of the Holders with respect to the Obligors, the Obligations, or otherwise related to any of same to
the extent reasonably incidental to the exercise by Agent of the rights and remedies specifically authorized to be exercised by
Agent by the terms of this Agreement or any other Note Document; (iii) to incur and pay such fees necessary or appropriate for
the performance and fulfillment of its functions and powers pursuant to this Agreement or any other Note Document; and (iv) 
to take such action as Agent deems appropriate on its behalf to exercise such powers delegated to Agent by the terms hereof or
the other Note Documents (including, without limitation, the power to give or to refuse to give notices, waivers, consents, approvals
and instructions and the power to make or to refuse to make determinations and calculations) together with such powers as are reasonably
incidental thereto to carry out the purposes hereof and thereof and consents and agrees to the terms of Sections 3 and 9
and the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral and
authorizing the Agent to enter into the Security Document on its behalf) as the same may be in effect or may be amended or otherwise
modified from time to time in accordance with their terms and this Agreement, and authorizes and directs Agent to enter into the
Note Documents and to perform its obligations and exercise its rights thereunder in accordance therewith. As to any matters not
expressly provided for by this Agreement and the other Note Documents, Agent shall not be required to exercise any discretion or
take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining
from acting) upon the instructions of the Majority Holders; provided, however, that Agent shall not be required to
take any action which, in the reasonable opinion of Agent, exposes Agent to liability or which is contrary to this Agreement or
any other Note Document or applicable law.

 

4. Representations
and Warranties of the Obligors. Each Obligor represents and warrants to Agent and the Holders as follows, subject to the
exceptions to the following as set forth in the Exceptions Schedule:

 

(a) Due Organization,
Authorization; Power and Authority; Binding Obligation.

 

(i) Each Obligor
(A) is duly existing and in good standing in its jurisdiction of formation and is qualified and licensed to do business and is
in good standing in any other jurisdiction in which the conduct of its business or ownership of property requires that it be so
qualified, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; (B) has the exact
legal name that is indicated on the signature page hereof; (C) is an organization of the type and is organized in the jurisdiction
set forth on Schedule 4(a)(i) hereto; (D) has the organizational identification number set forth on Schedule 4(a)(i) hereto; (E)
has the place of business, or, if more than one, chief executive office as well as the mailing address (if different than its chief
executive office) set forth on Schedule 4(a)(i) hereto; and (F) has not, in the past five (5) years, changed its jurisdiction of
formation, organizational structure or type, or any organizational number assigned by its jurisdiction.

 

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(ii) The execution,
delivery and performance of the obligations contained in this Agreement and the Note Documents by each Obligor has been duly authorized,
and do not (i) conflict with any of the Obligors’ Operating Documents or other organizational documents, or applicable consents
and/or waivers which may have been obtained, (ii) contravene, conflict with, constitute a default under or violate any material
Requirement of Law, (iii) contravene, conflict with or violate any applicable order, writ, judgment, injunction, decree, determination
or award of any Governmental Authority by which such Obligor or any of its property or assets may be bound or affected, (iv) require
any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such
Governmental Approvals which have already been obtained and are in full force and effect) or (v) conflict with, contravene, constitute
a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which such Obligor
is bound. No Obligor is in default under any agreement to which it is a party or by which it or any of its assets is bound in which
the default could reasonably be expected to have a Material Adverse Effect.

 

(iii) Each Obligor
has full legal capacity, power and authority to execute and deliver this Agreement and the other Note Documents and to perform
its obligations hereunder and thereunder. This Agreement and the other Note Documents constitute valid and binding obligations
of each Obligor, enforceable in accordance with their terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(b) Collateral.
Each Obligor has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to
grant a Lien hereunder and under the other Note Documents, free and clear of any and all Liens except Permitted Liens.

 

(c) Collateral
Accounts; Accounts. Except for the Collateral Accounts described on Schedule 4(c) or in a notice timely delivered pursuant
to Section 6.6, no Obligor has any Collateral Accounts at or with any bank, broker or other financial institution, and,
solely with respect Collateral Accounts of the Obligors and subject to the Intercreditor Agreement, the Obligors have taken such
actions as are necessary to give Agent a perfected security interest therein as required pursuant to the terms of Section 6.6.
The Accounts are bona fide, existing obligations of the Account Debtors.

  

(d) Collateral.
The Collateral is located only at the locations identified on Schedule 4(d) and other Permitted Locations. The Collateral is
not in the possession of any third party bailee (such as a warehouse) except as otherwise provided on Schedule 4(d) or as disclosed
in writing pursuant to Section 6(a)(ix).

 

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(e) Intellectual
Property. Each Obligor is the sole owner of the Intellectual Property which it owns or purports to own except for (i) non-exclusive
licenses granted to its customers in the Ordinary Course of Business or as permitted under Section 6(b)(i), (ii) open-source
software, (iii) over-the-counter software that is commercially available to the public, (iv) material Intellectual Property licensed
to such Obligor and noted on Schedule 4(e) or as disclosed pursuant to Section 6(a)(vi), and (v) immaterial Intellectual
Property licensed to such Obligor. Each Patent (other than patent applications) which such Obligor owns or purports to own and
which is material to such Obligor’s business is, to such Obligor’s knowledge, valid and enforceable, and no part of
the Intellectual Property which such Obligor owns or purports to own and which is material to such Obligor’s business has
been judged invalid or unenforceable, in whole or in part. To the best of the Obligors’ knowledge, no claim has been made
in writing that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would
not reasonably be expected to have a Material Adverse Effect. Except as noted on Schedule 4(e) or as disclosed pursuant to Section
6(a)(vi), no Obligor is a party to, is bound by, any Restricted License.

 

(f) Litigation
and Proceedings. Except as set forth on Schedule 4(f) or as otherwise disclosed in writing pursuant to Section 6(a)(i),
there are no actions, suits, litigations, investigations or proceedings, at law or in equity, pending, or, to the knowledge of
any Responsible Officer, threatened in writing, by or against the Obligors (excluding any actions, suits, litigations, investigations
or proceedings, at law or in equity, pending, or, to the knowledge of any Responsible Officer threatened in writing against the
Obligors arising under an insurance policy issued or serviced by the Obligors in the Ordinary Course of Business) involving (i)
more than, individually or in the aggregate Two Hundred Eighty Seven Thousand Five Hundred Dollars ($287,500) or in which any adverse
decision has had or could reasonably be expected to have any Material Adverse Effect, or (ii) infringement of any Intellectual
Property that is material to the operations of the business of the Company and its Subsidiaries, taken as a whole. Except as set
forth on Schedule 4(f), there are no actions, suits, investigations or proceedings pending or, to the knowledge of any Responsible
Officer, threatened in writing by or against the Obligors involving challenges to the validity of any Intellectual Property that
is material to the Obligors’ business, taken as a whole.

 

(g) Financial
Statements; Financial Condition. All consolidated financial statements for the Company delivered to the Holders fairly present,
in conformity with GAAP, except with respect to such unaudited financial statements, (i) for the absence of footnotes and (ii)
that are subject to normal year-end adjustments, in all material respects the Company’s consolidated financial condition
and the Company’s consolidated results of operations as of the respective dates thereof and the results of operations of
the Company for the respective periods then ended. No event, occurrence or development has occurred at any time on or after December
31, 2019, which has had or could reasonably be expected to have any Material Adverse Effect.

 

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(h) Solvency.
The fair salable value of the consolidated assets of the Company and its Subsidiaries (including goodwill minus disposition costs)
exceeds the fair value of the liabilities of the Company and its Subsidiaries, taken as a whole, as of the date of this Agreement;
the Company and its Subsidiaries, taken as a whole, will not be left with unreasonably small capital after the Closings contemplated
hereby; and the Company is able to pay its debts (including trade debts) as they mature.

 

(i) Regulatory
Compliance.

 

(i) None of the
Company and its Subsidiaries is an “investment company” or a company “controlled” by a Person required
to register as an “investment company” under the Investment Company Act of 1940, as amended. None of the Company and
its Subsidiaries is engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and
U of the Federal Reserve Board of Governors). None of the Company and its Subsidiaries is a “holding company” or an
“affiliate” of a “holding company” or a “subsidiary company” of a “holding company”
as each term is defined and used in the Public Utility Holding Company Act of 2005. The Company and its Subsidiaries (a) have complied
in all material respects with all Requirements of Law including the Federal Fair Labor Standards Act and all applicable insurance
company-related laws and regulations, and (b) have not violated any Requirements of Law the violation of which could reasonably
be expected to have Material Adverse Effect. None of the Company’s or any of its Subsidiaries’ properties or assets
have been used by the Company or such Subsidiaries or, to the best of the Company’s knowledge, by previous Persons, in disposing,
producing, storing, treating, or transporting any hazardous substance other than legally, excluding the use and storage of standard
office supplies. The Company and its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations
or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses
as currently conducted except where failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

(ii) None of the
Company, its Subsidiaries or to the knowledge of the Company, any of the Company’s or its Subsidiaries’ Affiliates
or any of its respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement
is (i) in violation of any Anti-Terrorism Law, (ii) engaging in or conspiring to engage in any transaction that evades or avoids,
or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law,
or (iii) is a Blocked Person. None of the Company or its Subsidiaries or to the knowledge of the Company, any of their Affiliates
or agents, acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement, (x) conducts
any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked
Person, or (y) deals in, or otherwise engages in any transaction relating to, any property or interest in property blocked pursuant
to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law.

 

(j) Capitalization;
Subsidiaries; Investments. The Company has delivered to each Holder a capitalization table that is true, correct and complete
in all material respects with respect to all issued and outstanding Equity Interests, as of the initial Closing Date. The Obligors
do not, and will not at any time, have any Subsidiaries that are not Obligors hereunder, other than MIC. The Obligors do not own
any stock, partnership, or other ownership interest or other Equity Interests except for Permitted Investments.

 

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(k) Tax Returns
and Payments; Pension Contributions. Each of the Obligors has timely filed all required tax returns and reports (or appropriate
extensions therefor), and has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions
owed by it, as applicable, except (i) to the extent such taxes are being contested in good faith by appropriate proceedings promptly
instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity
with GAAP shall have been made therefor, or (ii) if such taxes, assessments, deposits and contributions do not, individually exceed
$28,750 or $115,000 in the aggregate (in any 12 month period).

 

To the extent any Obligor
defers payment of any contested taxes in excess of $86,250, such Obligor shall: (i) notify the Holders in writing of the commencement
of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent any Governmental
Authority from levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted
Lien”. No Obligor is aware of any claims or adjustments proposed for any of such Obligor’s prior tax years which could
result in additional taxes becoming due and payable by such Obligor. Each Obligor has paid all amounts necessary to fund all present
pension, profit sharing and deferred compensation plans in accordance with their terms, and such Obligor has not withdrawn from
participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with
respect to, any such plan which could reasonably be expected to result in any liability of such Obligor.

 

(l) Employee
Loans. Other than Permitted Investments, the Obligors have no outstanding loans to any employee, officer or director of the
Obligors nor have Obligors guaranteed the payment of any loan made to an employee, officer or director of the Obligors by a third
party.

 

(m) Use of Proceeds.
The Company shall use the proceeds of the Notes solely as working capital and to fund its general business expenses in accordance
with the provisions of this Agreement, including without limitation, for capital expenditures, and not for personal, family, household
or agricultural purposes.

 

(n) Shares.
The Obligors have full power and authority to create a lien on the Shares and no disability or contractual obligation exists that
would prohibit the Obligors from pledging the Shares pursuant to this Agreement. Except as set forth on Schedule 4(n), to the Obligors’
knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or options
exercisable with respect to the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid
and non-assessable. To the Obligors’ knowledge, the Shares are not the subject of any present or threatened suit, action,
arbitration, administrative or other proceeding, and the Obligors know of no reasonable grounds for the institution of any such
proceedings.

 

(o) Full Disclosure.
No written representation, warranty or other statement of the Company or any of its Subsidiaries in any certificate or written
statement given to the Holders, as of the date such representation, warranty, or other statement was made, taken together with
all such written certificates and written statements given to such Holders, contains any untrue statement of a material fact or
omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading in light
of the circumstances under which they were made (it being recognized by each Holder that the projections and forecasts provided
by the Company in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period
or periods covered by such projections and forecasts may differ from the projected or forecasted results).

 

    -10-

     

    

 

5. Representations
and Warranties of Holder. Each Holder represents and warrants to the Company upon the purchase of a Note as follows:

 

(a) Binding Obligation.
Each Holder has full legal capacity, power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
This Agreement and the Notes constitute valid and binding obligations of each Holder, enforceable in accordance with their terms,
except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’
rights generally and general principles of equity.

 

(b) Tax Advisors.
Each Holder has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this investment
and the other transactions contemplated by this Agreement and the Note purchased by such Holder. With respect to such matters,
each Holder relies solely on any such advisors and not on any statements or representations of the Company or any of its agents,
written or oral. Each Holder understands that it (and not the Company) shall be responsible for its own tax liability that may
arise as a result of this investment and the transactions contemplated by this Agreement.

 

(c) Representations
by Non-U.S. Person. Each Holder hereby represents that such Holder is satisfied as to the full observance of the laws of its
place of incorporation and/or residence (the “Home Jurisdiction”) in connection with any invitation to purchase
the Note, including (i) the legal requirements within the Home Jurisdiction for the purchase of the Note, (ii) any foreign
exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained and
(iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or
transfer of the Note. Each Holder’s subscription and payment for, and each Holder’s continued beneficial ownership
of, the Note will not violate any applicable laws of the Home Jurisdiction.

 

6. Covenants.

 

(a) Affirmative
Covenants of the Company. The Company covenants that so long as any of the Notes are outstanding:

 

(i) Financial
Statements, Reports, Certificates; Notices. The Company shall provide Agent and each Holder with the following:

 

(A) Monthly Financial
Statements. As soon as available, but no later than forty-five (45) days after the last day of each of the first two months
of a quarter, a company prepared consolidated and consolidating balance sheet, income statement and statement of cash flows covering
the Company’s consolidated operations for such month, certified by a Responsible Officer as having been prepared in accordance
with GAAP, consistently applied, except (1) for the absence of footnotes, (2) that they are subject to normal year-end adjustments,
(3) they do not contain certain non-cash items that are customarily included in quarterly and annual financial statements, and
(4) as to the statement of cash flows are presented for management reporting that is not consistent with GAAP (the “Monthly
Financial Statements”);

 

    -11-

     

    

 

(B) Monthly Compliance
Certificate. Within forty-five (45) days after the last day of each month and together with the Monthly Financial Statements,
a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, each Obligor
was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance
with the financial covenants set forth in this Agreement and such other information as Agent may reasonably request;

 

(C) Quarterly
Financial Statements. As soon as available, but no later than forty-five (45) days after the last day of each fiscal quarter,
a company prepared consolidated and consolidating balance sheet, income statement and statement of cash flows covering the Company’s
consolidated operations for such fiscal quarter, certified by a Responsible Officer as having been prepared in accordance with
GAAP, consistently applied, except (1) for the absence of footnotes, (2) that they are subject to normal year-end adjustments,
(3) they do not contain certain non-cash items that are customarily included in quarterly and annual financial statements, and
(4) as to the statement of cash flows are presented for management reporting that is not consistent with GAAP (the “Quarterly
Financial Statements”);

 

(D) Annual Operating
Budget and Financial Projections. Within thirty (30) days after the end of each fiscal year of the Company (and promptly and
within five (5) Business Days of any material modification thereto), (i) annual operating budgets (including income statements,
balance sheets and cash flow statements, by month) for the upcoming fiscal year of the Company, and (ii) annual financial projections
and financial models for such fiscal year (on a quarterly basis) as approved by the Board, together with any related business forecasts
used in the preparation of such annual financial projections;

 

(E) Annual Audited
Financial Statements. As soon as available, but no later than one hundred fifty (150) days after the last day of the Company’s
fiscal year or within five (5) days of filing with the SEC, audited consolidated financial statements prepared under GAAP, consistently
applied, together with an unqualified opinion (other than a qualification with respect to a “going-concern” that is
typical to the Company’s stage of development) on the financial statements from an independent certified public accounting
firm;

 

(F) Regulatory
Reports. The Company shall deliver to Agent and the Holders any material report and supporting documentation relating to the
performance of MIC’s or any other Prohibited Subsidiary’s insurance business delivered to an insurance regulatory body,
including, but not limited to, ceded net written premiums, general agent’s commissions, paid losses, all quarterly (if prepared)
and annual actuarial reports, and loss adjustment expenses (collectively, the “Regulatory Reports”) in the form
provided to the applicable regulatory body all within a reasonable time (not to exceed ten (10) days following the delivery of
any such Regulatory Reports to such regulatory body; provided, however, to the extent any such Regulatory Reports have been previously
delivered to Agent or Holders in connection with this Section 6(a)(ii)(F), the Company shall not be required to deliver
such Regulatory Reports to Agent and Holders again; and, provided further, that Regulatory Reports excludes any rate and fee filings
(and supporting documentation), model filings (and supporting documentation), and Ordinary Course of Business statutory tax filings;

 

    -12-

     

    

 

(G) Other Statements.
Within five (5) Business Days of delivery, copies of all statements, reports and notices generally made available to the Company’s
Equity Interest holders or to any holders of Subordinated Debt, but expressly excluding any Board materials, minutes, actions by
written consent, or other similar materials;

 

(H) SEC Filings.
In the event that the Company becomes subject to the reporting requirements under the Securities Exchange Act of 1934, as amended,
within five (5) Business Days of filing, copies of all periodic and other reports, proxy statements and other materials filed by
the Company with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national
securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the
terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically
and if so delivered, shall be deemed to have been delivered on the date on which the Company posts such documents, or provides
a link thereto, on the Company’s website on the Internet at the Company’s website address; provided, however,
the Company shall promptly notify Holders in writing (which may be by electronic mail) of the posting of any such documents, which
will satisfy the delivery requirement hereunder;

 

(I) Legal Action
Notice. A prompt report of any legal actions pending or threatened in writing against the Company or any of its Subsidiaries,
(excluding any actions, suits, litigations, investigations or proceedings, at law or in equity, pending, or, to the knowledge of
any Responsible Officer, threatened in writing against MIC (and not the Company or other Subsidiary) arising under an insurance
policy issued or serviced by MIC in the Ordinary Course of Business) that could result in damages or costs to the Company or any
of its Subsidiaries of, individually or in the aggregate, $402,500 or more;

 

(J) Intellectual
Property Report. Within 45 days of the last day of each fiscal quarter, a report signed by a Responsible Officer, in form reasonably
acceptable to Agent, listing any applications or registrations that the Obligors or any of their Subsidiaries have made or filed
in respect of any Patents, Copyrights or Trademarks and any changes in the status of any outstanding applications or registrations,
as well as any material change in the Obligors or any of their Subsidiaries’ Intellectual Property, including but not limited
to any subsequent ownership right acquired in or to any Trademark, Patent or Copyright not specified in an intellectual property
security agreement delivered to Agent by such Person in connection with this Agreement; and

 

(K) Other Financial
Information. Other financial information reasonably requested by Agent.

 

(ii) Compliance
with Laws. The Company will, and will cause each of its Subsidiaries to, maintain its legal existence and good standing in
their respective jurisdictions of formation or organization and maintain qualification in each jurisdiction in which the failure
to so qualify would reasonably be expected to have a Material Adverse Effect. The Company shall comply, and have each Subsidiary
comply, with all laws, ordinances and regulations to which it is subject except where a failure to do so could not reasonably be
expected to have a Material Adverse Effect. The Company will obtain and keep in full force and effect all of the Governmental Approvals
necessary for the performance by the Company of its obligations under this Agreement and the Notes.

 

    -13-

     

    

 

(iii) Insurance.
The Company will, and will cause each of its Subsidiaries to:

 

(A) Keep its business
and the Collateral insured for risks and in amounts standard for companies in the Obligors’ industry and location and as
Agent may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that
are not Affiliates of the Obligors, and in amounts that are reasonably satisfactory to Agent. Specifically, and subject to the
Intercreditor Agreement, (i) all property policies shall have a lender’s loss payable endorsement showing Agent as lender
loss payee and waive subrogation against Agent, (ii) all liability policies shall show, or have endorsements showing, Agent as
an additional insured, and (iii) Agent shall be named as lender loss payee and/or additional insured with respect to any such insurance
providing coverage in respect of any Collateral.

 

(B) Ensure that
proceeds payable under any property policy (other than insurance with respect to real property) are, at Agent’s option, payable
to Agent on account of the Obligations. Notwithstanding the foregoing, and subject to the Intercreditor Agreement, (a) so long
as no Event of Default has occurred and is continuing, the Obligors shall have the option of applying the proceeds of any casualty
policy up to Five Hundred Thousand Dollars ($500,000), in the aggregate per calendar year, toward the prompt replacement or repair
of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or similar value as
the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Agent has been granted a security interest and
(b) after the occurrence and during the continuance of an Event of Default, all such proceeds shall, at the option of Agent, be
payable to Agent, for the benefit of the Holders, on account of the Obligations.

 

(C) At Agent’s
written request, the Company shall deliver copies of insurance policies and evidence of all premium payments. Subject to the Intercreditor
Agreement, each provider of any such insurance required under this Section 6(a)(iii) shall agree, by endorsement upon the
policy or policies issued by it or by independent instruments furnished to Agent, that it will give Agent twenty (20) days prior
written notice before any such policy or policies shall be canceled (or ten (10) days’ notice for cancellation for non-payment
of premiums). If the Obligors fail to obtain insurance as required under this Section 6(a)(iii) or to pay any amount or
furnish any required proof of payment to third persons and Agent, Agent and/or any Holder may make all or part of such payment
or obtain such insurance policies required in this Section 6(a)(iii), and take any action under the policies Agent or such
Holders deems prudent.

 

(iv) Maintenance
of Properties. The Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and
kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the
business carried on in connection therewith may be properly conducted at all times, provided that this Section 6(a)(iv)
shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if
such discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    -14-

     

    

 

(v) Taxes;
Pensions. The Company will timely file (or file timely extensions), and require each of its Subsidiaries to timely file (or
file timely extensions), all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay
(or file timely extensions), all foreign, federal, state and local taxes, assessments, deposits and contributions owed by the Company
and each of its Subsidiaries, except for (i) deferred payment of any taxes contested in good faith by appropriate proceedings promptly
instituted and diligently conducted, and (ii) taxes which do not exceed $86,250 at any time, and shall deliver to Agent, on demand,
appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing
and deferred compensation plans in accordance with their terms.

 

(vi) Intellectual
Property. The Company will, and will cause each of its Subsidiaries to:

 

(A) Use commercially
reasonable efforts, consistent with reasonable business practices, to (1) protect, defend and maintain the validity and enforceability
of its Intellectual Property that is material to its business; (2) promptly advise the Holders in writing of material infringements
or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property
that is material to its business; and (3) not allow any Intellectual Property material to the Obligors’ business to be abandoned,
forfeited or dedicated to the public without the Majority Holders’ written consent, which consent will not be unreasonably
withheld, conditioned, or delayed.

 

(B) Provide written
notice to Agent within thirty (30) days of entering or becoming bound by any Restricted License. The Obligors shall take such commercially
reasonable steps as Agent reasonably requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary
for: (1) any Restricted License to be deemed “Collateral” and for Agent to have a security interest in it that might
otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into
in the future, and (2) Agent to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral
in accordance with Agent’s rights and remedies under this Agreement and the other Note Documents.

 

(C) (1) Provide
written notice to Agent not less than fifteen (15) days prior to the filing of any new applications or registrations with the United
States Copyright Office, including the title of such intellectual property rights to be registered, as such title will appear on
such applications or registrations, and the date such applications or registrations will be filed; (2) prior to the filing of any
such applications or registrations, execute such documents as Agent may reasonably request for Agent to maintain its perfection
in such intellectual property rights to be registered by the Obligors; (3) upon the request of Agent, either deliver to Agent or
file such documents simultaneously with the filing of any such applications or registrations; and (4) upon filing any such applications
or registrations, promptly provide Agent with a copy of such applications or registrations together with any exhibits, evidence
of the filing of any documents requested by Agent to be filed for Agent to maintain the perfection and priority of its security
interest, for the benefit of the Holders, in such intellectual property rights, and the date of such filing.

 

    -15-

     

    

 

(vii) Access
to Collateral; Books and Records. Upon five Business Days’ prior notice to the Company, the Majority Holders, on a joint
basis, or their agents, may inspect the Collateral and audit and copy the Obligors’ books and records (excluding any Attorney
Client Excluded Materials), which inspections shall be at reasonable times and during normal business hours; provided that
upon an Event of Default no such prior notice is required and any such inspections may be during normal business hours in the sole
and absolute discretion of Agent. Such inspections or audits shall be conducted no more often than once every six (6) months unless
an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Agent shall
determine is necessary. The foregoing inspections and audits shall be at the Company’s expense. Further, prior to the occurrence
and continuance of an Event of Default and the acceleration of the Obligations hereunder, access to the Obligors’ books and
records shall not include access to the Board Materials.

 

(viii) Insurance
Financial Executive. Within 90 days of the Closing Deadline, MIC will have retained an insurance financial executive, mutually
and reasonably agreeable to the Company and Agent.

 

(ix) Formation
or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants contained herein (including Sections
6(b)(iii) and 6(b)(vi) hereof), at the time that the Company or any Subsidiary forms any direct or indirect Subsidiary
or acquires any direct or indirect Subsidiary after the Effective Date: (a) promptly, and in any event within five (5) Business
Days of such formation or acquisition, provide written notice to Agent and the Holders together with certified copies of the Operating
Documents for such Subsidiary (such notice a “New Subsidiary Notice”), and (b) promptly, and in any event within
15 days of such formation or creation: (1) take all such action as may be reasonably required by Agent to (x) cause each such new
Subsidiary (other than Prohibited Subsidiary (as defined under the Senior Loan Agreement)) to provide to Agent a joinder to this
Agreement pursuant to which such Subsidiary becomes a Guarantor hereunder, and (y) grant a continuing pledge and security interest
in and to the property of such Subsidiary constituting Collateral (substantially as described on Annex I), in each case
together with such appropriate financing statements, Account Control Agreements (to the extent required and subject to the Intercreditor
Agreement) and other documents, instruments and agreements reasonably requested by Agent, all in form and substance reasonably
satisfactory to Agent (including being sufficient to grant Agent, for the benefit of the Holders, a second priority Lien (subject
to Permitted Liens) in and to the property constituting Collateral of such newly formed or acquired Subsidiary), (2) subject to
the Intercreditor Agreement, provide to Agent appropriate certificates and powers and financing statements, pledging all of the
direct or beneficial Equity Interests in such new Subsidiary, in form and substance satisfactory to Agent, and (3) provide to Agent
all other documentation in form and substance satisfactory to Agent, including one or more opinions of counsel satisfactory to
Agent, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred
to above. Any document, agreement, or instrument executed or issued pursuant to this Section 5(a)(ix) shall be a Note Document.

 

    -16-

     

    

 

(x) Property
Locations. The Obligors will:

 

(A) Provide to Agent
and the Holders at least ten (10) days’ prior written notice before adding any new offices or business or Collateral locations,
including warehouses (unless such new offices or business or Collateral locations qualify as Excluded Locations).

 

(B) Subject to the
Intercreditor Agreement and upon the request of Agent, with respect to any property or assets of the Obligors located with a third
party, including a bailee, datacenter or warehouse (other than Excluded Locations), the Obligors shall use commercially reasonable
efforts to cause such third party to execute and deliver a Collateral Access Agreement for such location, including an acknowledgment
from each of the third parties that it is holding or will hold such property for Agent’s benefit. Subject to the Intercreditor
Agreement and upon the request of Agent, the Obligors shall deliver to Agent each warehouse receipt, where negotiable, covering
any such property.

 

(C) Subject to the
Intercreditor Agreement, with respect to any property or assets of the Obligors located on leased premises (other than Excluded
Locations), the Obligors shall use commercially reasonable efforts to cause such third party to execute and deliver a Collateral
Access Agreement for such location.

 

(xi) Inventory;
Returns. The Company will, and will cause each of its Subsidiaries to, keep all Inventory in good and marketable condition,
free from material defects. Returns and allowances between the Obligors and its users shall follow the Obligors’ customary
practices as they exist on the initial Closing Date. The Obligors must promptly notify Agent of all returns, recoveries, disputes
and claims (other than claims that relate to ordinary insurance claims) that involve more than One Hundred Thousand Dollars ($100,000).

 

(xii) Deposit
and Securities Accounts. The Company will, and will cause each of its Subsidiaries to:

 

(A) Maintain its,
and cause each of its Subsidiaries to maintain their respective, operating and other deposit accounts and securities accounts only
at the banks and other financial institutions identified on Schedule 4(c) or as disclosed pursuant to a notice timely delivered
pursuant to Section 6(a)(xii)(B). The Obligors shall further maintain, at all times, an ACH payment structure in favor of
Agent reasonably satisfactory to Agent.

 

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(B) Provide Agent
five (5) Business Days prior written notice before establishing any Collateral Account of the Company or any Subsidiary at or with
any bank, broker or other financial institution, and upon opening such account, provide Agent with a written notice identifying
the name, address and telephone number of each bank or other institution, the name in which the account is held, a description
of the purpose of the account, and the complete account number therefor. Subject to the Intercreditor Agreement, for each Collateral
Account that the Company or any Subsidiary at any time maintain, the Company shall cause the applicable bank, broker or financial
institution at or with which any Collateral Account is maintained to execute and deliver an Account Control Agreement or other
appropriate instrument with respect to such Collateral Account to perfect Agent’s Lien in such Collateral Account in accordance
with the terms hereunder which Account Control Agreement may not be terminated without the prior written consent of Agent. The
provisions of the previous sentence shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes and other
employee wage and benefit payments to or for the benefit of the Company’s or its Subsidiaries’ employees and identified
to Agent by the Company as such and (ii) deposit accounts holding Cash exclusively securing obligations permitted under clause
(g) of the definition of Permitted Indebtedness in an amount not to exceed the amounts set forth in such clause (g), provided that
at any time that any of the Cash in the deposit accounts referenced in the foregoing clause (ii) is no longer being used to secure
the obligations permitted under clause (g) of the definition of Permitted Indebtedness then any such Cash shall be transferred
to a Collateral Account that shall be subject to provisions of the foregoing sentence.

 

(xiii) Minimum
Cash. The Obligors shall, at all times, maintain aggregate unrestricted cash in one or more Deposit Accounts of the Obligors
that are subject to the first priority security interest of Senior Agent and are covered by Account Control Agreements in favor
of Senior Agent that have already been fully executed and delivered as of April 10, 2020, of at least the following amounts (the
“Minimum Cash Requirement”): (A) Seventeen Million Five Hundred Thousand Dollars ($17,500,000) until and including
December 31, 2020 and (B) Ten Million Dollars ($10,000,000) on and after January 1, 2021. Borrowers shall, at all times, maintain
Ten Million Dollars ($10,000,000) of the Minimum Cash Requirement with Western Alliance Bank (for so long as Western Alliance Bank
remains a Lender (as defined in the Senior Loan Agreement) under the Senior Loan Agreement, and thereafter, at a financial institution
satisfactory to the Required Lenders (as defined in the Senior Loan Agreement) and Senior Agent). The Obligors shall, within 45
days after the last day of each fiscal quarter and together with the Quarterly Financial Statements, provide Agent and each Holder
with such information as Agent shall reasonably request in order to confirm the Obligors’ compliance with the Minimum Cash
Requirement.

 

(xiv) Litigation
Cooperation. From the Effective Date and continuing through the termination of this Agreement, make available to Agent and
the Holders, without expense to Agent or the Holders, the Obligors and their officers, employees and agents and the Obligors’
books and records, to the extent that Agent or any Holder may deem them reasonably necessary to prosecute or defend any third-party
suit or proceeding instituted by or against Agent or any Holder with respect to any Collateral or relating to the Obligors in connection
with the Note Documents, provided, however, the foregoing may be subject to such exclusions and redactions as the Obligors deem
reasonably necessary, in the exercise of its good faith judgment and advice of counsel, in order to (A) prevent impairment of the
attorney client privilege, or (B) avoid violating enforceable obligations to third parties with respect to the confidentiality
or non-disclosure of confidential information provided by such third parties (collectively, the “Attorney Client Excluded
Materials”). Unless otherwise deemed specifically necessary by Agent in connection with the foregoing, as reasonably
determined by Agent, prior to the occurrence and continuance of an Event of Default and the acceleration of the Obligations hereunder,
access to the Obligors’ books and records shall not include access to the Board Materials.

 

(xv) Further
Assurances. From time to time, the Company will, and will cause each of its Subsidiaries to, execute, endorse and deliver any
further documents, instruments and agreements, in form reasonably satisfactory to Agent, and take any further action, as Agent
reasonably requests to perfect or continue Agent’s Lien in the Collateral or to effect the purposes of this Agreement.

 

    -18-

     

    

 

(b) Negative
Covenants of the Company. The Company covenants that so long as any of the Notes are outstanding:

 

(i) Dispositions.
The Company will not, and will not permit any Subsidiary to convey, sell, lease, transfer, assign, or otherwise dispose of (collectively,
“Transfer”), or permit any of their Subsidiaries to Transfer, all or any part of its business or property, except
for Permitted Transfers.

 

(ii) Changes
in Business, Management, Ownership, or Business Locations. The Company will not, and will not permit any Subsidiary to (A) engage
in any business other than the businesses currently engaged in by the Company and its Subsidiaries, as applicable, or reasonably
related thereto; (B) except as otherwise permitted under Sections 6(b)(i) or 6(b)(iii), liquidate or dissolve, or
discontinue all or any material portion of its business activities or affairs, or take any Board action in furtherance of any of
the foregoing; (C)  fail to provide notice to Agent and the Holders of any Key Person departing from or ceasing to be employed
by the Company within five (5) Business Days after departure from the Company; (D)  have a Change of Control; (E) without
at least ten (10) days prior written notice to Agent and the Holders add any new offices or business locations, including warehouses
(unless such new offices or business locations already qualifies as a Permitted Location), or (F) without at least thirty (30)
days prior written notice to Agent and the Holders (1) change its jurisdiction of organization, (2) change its organizational
structure or type, (3) change its legal name, or (4) change any organizational number (if any) assigned by its jurisdiction of
organization.

 

(iii) Mergers,
Consolidation, Etc. The Company will not merge, divide or consolidate, or permit any of its Subsidiaries to merge, divide or
consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital
stock, Equity Interests or property of another Person (including, without limitation, by the formation of any Subsidiary) or enter
into any agreement to do any of the same; provided that (x) any Person may merge, divide or consolidate with (or into) the
Company in a transaction in which the surviving legal entity is the Company, or (y) any Person may merge, divide or consolidate
with (or into) any Subsidiary in a transaction in which the surviving legal entity is a Subsidiary (provided that any
such merger, division or consolidation involving a Guarantor must result in the surviving entity becoming a Subsidiary Guarantor),
and, in each case, as long as no Event of Default has occurred and is continuing prior thereto or arises as a result therefrom.

 

(iv) Indebtedness.
The Company will not, and will not permit any Subsidiary to create, incur, assume, or be liable for any Indebtedness, or permit
any Subsidiary to do so, other than Permitted Indebtedness or issue any Disqualified Stock.

 

    -19-

     

    

 

(v) Encumbrance.
Except for Permitted Liens, the Company will not, and will not permit any Subsidiary to create, incur, allow, or suffer any Lien
on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of their
Subsidiaries to do so, permit any Collateral not to be subject to the security interest granted herein, or enter into any agreement,
document, instrument or other arrangement (except with or in favor of Agent, for the benefit of the Holders) with any Person which
directly or indirectly prohibits or has the effect of prohibiting the Company or any Subsidiary from assigning, mortgaging, pledging,
granting a security interest in or upon, or encumbering any of the Company’s or any Subsidiary’s Intellectual Property,
except as is otherwise permitted in Section 6(b)(i) hereof and the definition of “Permitted Liens” herein.

 

(vi) Distributions;
Investments. The Company will not, and will not permit any Subsidiary to (a) pay any dividends or make any distribution
or payment in respect of, or redeem, retire or purchase, any Equity Interests provided that (i) the Company may convert any
of its convertible Equity Interests (including warrants) into other Equity Interests issued by the Company (other than Disqualified
Stock) pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) the Company may convert Subordinated
Debt issued by the Company into Equity Interests issued by the Company (other than Disqualified Stock) pursuant to the terms of
such Subordinated Debt and to the extent permitted under the terms of the applicable subordination or intercreditor agreement with
Agent; (iii) the Company may pay dividends solely in Equity Interests of the Company (other than Disqualified Stock); (iv)
Tax Distributions to the Company or Affiliates; and (v) the Company may repurchase the Equity Interests issued by the Company from
former employees or consultants pursuant to stock repurchase agreements approved by the Company’s Board so long as an Event
of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided that
the aggregate amount of all such repurchases does not exceed Two Hundred Thirty Thousand Dollars ($230,000) in any 12-Month Period
and the aggregate repurchase price does not exceed the original consideration paid for such Equity Interests; and (vi) any Subsidiary
may pay dividends or make distributions to the Company or another Subsidiary that is its direct parent entity; and (vii) the Company
may pay cash in lieu of issuing fractional shares (not to exceed an aggregate of Twenty-Eight Thousand Seven Hundred Fifty Dollars
($28,750) per fiscal year per the Company); or (b) directly or indirectly make any Investment (including, without limitation, by
the formation of any Subsidiary) other than Permitted Investments, or permit any of their Subsidiaries to do so. Notwithstanding
the foregoing, the Company and its Subsidiaries shall be permitted to make the repurchases, payments or distributions expressly
permitted above only if, at such time, and immediately after giving effect thereto: (i) no Default or Event of Default, exists
or could reasonably be expected to occur, (ii) each of the Company and its Subsidiaries is solvent, and (iii) such payment or distribution
is permitted under and is made in compliance with all applicable laws, including Sections 170 and 173 of the Delaware General Corporation
Law and all other applicable law.

 

(vii) Transactions
with Affiliates. The Company will not, and will not permit any Subsidiary to directly or indirectly enter into or permit to
exist any material transaction with any Affiliate of the Company, except for (A) transactions that are in the Ordinary Course of
Business of the Company or such Subsidiary, upon fair and reasonable terms that are no less favorable to the Company than would
be obtained in an arm’s length transaction with a non-affiliated Person; (B) bona fide rounds of indebtedness or equity financing
by investors in the Company for capital raising purposes, including in respect of the Notes, (C) reasonable and customary director,
officer and employee compensation and other customary benefits (including retirement, health, stock option and other benefit plans
and indemnification arrangements approved by the relevant board of directors, board of managers or equivalent corporate body),
(D) transactions by and between or among the Company and its Subsidiaries pursuant to services and other inter-company agreements
between and among such entities, (E) transactions with MIC that are required to satisfy regulatory requirements for the continued
operation of MIC’s business; provided that the Obligors may not transfer cash or property for such purposes more than
once per fiscal quarter, and in such case such a transfer may only occur (1) with the specific approval of the Board relating to
such proposed specific transfer, including, without limitation, as to reason for, the timing and the amount of any such transfer,
and (2) the Company provides written notice to the Holders of such proposed transfer no less than the date that is the earlier
of (x) seven (7) days prior to the date of the contemplated transfer or (y) concurrently with the notice to the Board with respect
to such proposed transfer.

 

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(viii) Subordinated
Debt. The Company will not, and will not permit any Subsidiary to (a) make or permit any payment on any Subordinated Debt,
except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject,
or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide
for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations
owed to Agent or any Holder, except as expressly permitted under the terms of the subordination, intercreditor, or other similar
agreement to which such Subordinated Debt is subject.

 

(ix) Compliance.
The Company will not, and will not permit any Subsidiary to become an “investment company” or a company controlled
by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important
activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal
Reserve System), or use the proceeds of any Note for that purpose; fail to meet the minimum funding requirements of ERISA, permit
a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards
Act or violate any other law or regulation, if, in each case as to the foregoing, the failure to comply or violation could reasonably
be expected to have a Material Adverse Effect, or permit any of their Subsidiaries to do so; withdraw or permit any Subsidiary
to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with
respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in
any liability of any Obligor, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other
Governmental Authority.

 

(x) Economic
Sanctions, Etc. Neither the Company nor any of its Subsidiaries shall, nor shall the Company or any of its Subsidiaries permit
any Affiliate who owns at least 25% of the voting shares of the Company to, directly or indirectly, knowingly enter into any documents,
instruments, agreements or contracts with any Person listed on the OFAC Lists. Neither the Company nor any of their Subsidiaries
shall, nor shall the Company or any of its Subsidiaries permit any Affiliate who owns at least 25% of the voting shares of the
Company to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including,
without limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked
Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant
to Executive Order No. 13224 or any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in Executive Order No. 13224 or other Anti-Terrorism Law.

 

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(c) Covenants
of the Holder.  Each Holder further agrees and covenants that at any time and from time to time it will promptly execute and
deliver to the Company such further instruments and documents and take such further action as the Company may reasonably require
in order to carry out the full intent and purpose of this Agreement, to comply with the terms of the Company’s existing Charter,
as amended, and any other agreements referenced herein (including the Investor Agreements), each as may be amended, and to comply
with state or federal laws and all other regulatory approvals.

 

(d) Covenant
of Hudson. Within 10 Business Days of a receipt of settlement of proceeds pursuant to the reinsurance agreements by and between
Horseshoe Re Metromile Insurance HS0009, Horseshoe Re HS0035 - Metromile, or Horseshoe Re HS0060 - Metromile (each “Horseshoe”)
and MIC by the respective Horseshoe entity (such settled amounts in the aggregate the “Settlement Amount”),
Hudson will deliver to Company an amount equal to the Settlement Amount in exchange for a Note at a Subsequent Hudson Closing.
In no event will the aggregate Settlement Amounts delivered to the Company hereunder exceed $15,000,000 in the aggregate.

 

(e) Hudson Protection/Purchase
Obligation. For so long as the Note(s) held by Hudson remain outstanding:

 

(i) Hudson will
receive a veto right with respect to the Company’s ability to have MIC stop renewing all or a material portion of policies
(a “Voluntary Run Off”). The Company covenants it may not institute a Voluntary Run Off in the first 12 months
following the initial Closing Date.

 

(ii) Upon Hudson’s
exercise of its veto right, the Company may then (A) sell MIC to a third-party and use the proceeds thereof to repay up to $25.0
million of the Hudson Notes (the “Third Party Sale”) or (B) if the foregoing is not successful or the Company
opts not to undertake such action, force a purchase and sale of 100% of the equity in MIC to Hudson in exchange for the cancellation,
setoff or other prepayment of $25.0 million of the Hudson Notes (the “Hudson Sale” and together with the Third
Party Sale, collectively, the “Sale”); provided that, for the avoidance of doubt, no prepayment premium
shall apply in connection with the Hudson Sale.

 

(iii) If (A) the
Hudson Sale does not close (other than as a result of regulatory matters (assuming full and reasonable cooperation by the parties))
or (B) the Third Party Sale is consummated, in each case, within 90 days of such veto by Hudson, Hudson will lose any further veto
right to a Voluntary Run Off.

 

(f) Regulatory
Covenant. Hudson and the Company agree to cooperate, reasonably and in good faith, in obtaining any regulatory approvals necessary
to affect the terms of the transactions contemplated hereby, including the Sale. If documents have been agreed to, but regulatory
and other approvals/consents have not been received (if needed), any Subsequent Hudson Closing that has not occurred solely because
such approval has not been received will occur promptly (and no later than five (5) Business Days) following such approval being
received, subject to the satisfaction of any other conditions for such Closing specified herein.

 

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7. Conditions
to Closing of the Holder. Each Holder’s obligation to purchase a Note at the applicable Closing is subject to the
fulfillment, on or prior to such Closing Date, of all of the following conditions, any of which may be waived in whole or in part
by the written consent of the Majority Holders:

 

(a) Representations
and Warranties; no Default. The representations and warranties made by the Company in Section 4 hereof shall have
been true and correct when made, and shall be true and correct on the initial Closing Date and no Default or Event of Default shall
have occurred or be continuing.

 

(b) Legal Requirements.
At such Closing, the sale and issuance by the Company, and the purchase by the Holders of the Notes shall be legally permitted
by all laws and regulations to which each Holder is subject.

 

(c) Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at such Closing and all
documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Holders participating
in such Closing.

 

(d) Initial Note
Documents. Prior to the initial Closing, the Company shall have duly executed and delivered to Agent and each Holder the following
documents:

 

(i) this Agreement;

 

(ii) a form of
Note issued hereunder, completed to correspond to such Holder’s purchase; and

 

(iii) an intellectual
property security agreement(s) and any other Security Documents required by Agent.

 

(e) Subsequent
Note Documents. Prior to each Closing after the initial Closing, the Company shall have duly executed and delivered to Agent
and each Holder a form of Note issued hereunder, completed to correspond to such Holder’s purchase.

 

8. Conditions
to Obligations of the Company. The Company’s obligation to issue and sell the Notes at each Closing is subject to
the fulfillment, on or prior to such Closing Date, of the following conditions, any of which may be waived in whole or in part
by the Company:

 

(a) Representations
and Warranties. The representations and warranties made by the Holders in Section 5 hereof shall be true and correct
when made, and shall be true and correct on such Closing Date.

 

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(b) Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after such Closing Date with certain federal
and state regulatory bodies, the Company shall have obtained all Governmental Approvals required in connection with the lawful
sale and issuance of the Notes sold and issued in such Closing.

 

(c) Legal Requirements.
(i) The sale and issuance by the Company, and the purchase by each participating Holder of Notes at such Closing and (ii) the sale
and issuance by the Company, and the purchase by each participating Holder of Warrants following the Closing Deadline, shall be
legally permitted by all laws and regulations to which each Holder or the Company are subject.

 

(d) Consideration.
Each Holder participating in such Closing shall have delivered to the Company the Original Principal Amount for the Note purchased
by such Holder.

 

9. Additional
Collateral and Agency Provisions.

 

(a) Rights and
Remedies. Upon the occurrence and during the continuance of an Event of Default and subject to the Intercreditor Agreement,
Agent may, and at the written direction of the Majority Holders shall, without notice or demand, do any or all of the following:

 

(i) (x) deliver
notice of the Event of Default to the Company and (y) declare all Obligations immediately due and payable (but if an Event of Default
described in Sections 3(a)(iii) or 3(a)(iv) of the Note occurs all Obligations shall be immediately due and payable without any
action by Agent or Holders);

 

(ii) verify the
amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Agent considers advisable, and notify any Person
owing any Obligor money of Agent’s security interest, for the benefit of the Holders, in such funds;

 

(iii) make any
payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the Collateral.
The Obligors shall assemble the Collateral if Agent requests and make it available as Agent designates. Agent may enter premises
where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise
any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Each Obligor grants Agent
a license to enter and occupy any of its premises, without charge, to exercise any of Agent’s rights or remedies;

 

(iv) apply to
the Obligations any amount held by Agent or any Holder owing to or for the credit or the account of the Obligors;

 

(v) ship, reclaim,
recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Agent is hereby granted
a non-exclusive, royalty-free license or other right to use, without charge, any Obligor’s labels, Patents, Copyrights, mask
works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it
pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with
Agent’s exercise of its rights under this Section, any Obligors’ rights under all licenses and all franchise agreements
inure to Agent’s benefit;

 

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(vi) deliver a
notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Account Control Agreement
or similar agreements providing control of any Collateral;

 

(vii) demand and
receive possession of the Obligors’ books and records; and

 

(viii) exercise
all rights and remedies available to Agent or Holders under the Notes Documents or at law or equity, including all remedies provided
under the Code (including disposal of the Collateral pursuant to the terms thereof).

 

(b) Power of
Attorney. Each Obligor hereby irrevocably appoints Agent (and any of Agent’s partners, managers, officers, agents or
employees) as its lawful attorney-in-fact, with full power of substitution, exercisable upon the occurrence and during the continuance
of an Event of Default, to, subject to the Intercreditor Agreement: (a) send requests for verification of Accounts or notify Account
Debtors of Agent’s security interest and Liens, for the benefit of the Holders, in the Collateral; (b) endorse any Obligor’s
name on any checks or other forms of payment or security; (c) sign any Obligor’s name on any invoice or bill of lading for
any Account or drafts against Account Debtors schedules and assignments of Accounts, verifications of Accounts, and notices to
account debtors; (d) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on
terms Agent determines reasonable; (e) make, settle, and adjust all claims under any Obligor’s insurance policies; (f) pay,
contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment
based thereon, or otherwise take any action to terminate or discharge the same; (g) transfer the Collateral into the name of Agent,
any Holder or a third party as the Code permits; and (h) dispose of the Collateral. Each Obligor further hereby appoints Agent
(and any of Agent’s partners, managers, officers, agents or employees) as its lawful attorney-in-fact, with full power of
substitution, regardless of whether or not an Event of Default has occurred or is continuing to, subject to the Intercreditor Agreement:
(i) sign any Obligor’s name on any documents and other security instruments necessary to perfect or continue the perfection
of, or maintain the priority of, Agent’s security interest, for the benefit of the Holders, in the Collateral; and (ii) execute
and do all such assurances, acts and things which any Obligor is required, but fails to do under the covenants and provisions of
the Note Documents; and (iii) take any and all such actions as Agent may reasonably determine to be necessary or advisable for
the purpose of maintaining, preserving or protecting the Collateral or any of the rights, remedies, powers or privileges of the
Holders under this Agreement or the other Note Documents. Agent’s foregoing appointment as each Obligor’s attorney
in fact, and all of Agent’s rights and powers, coupled with an interest, are irrevocable until all Obligations (other than
contingent indemnification obligations as to which no claim has been asserted or is known to exist) have been fully repaid, in
cash, and otherwise fully performed.

 

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(c) Protective
Payments. Subject to the Intercreditor Agreement, if any Obligor fails to obtain the insurance called for by Section 6(a)(iii)
or fails to pay any premium thereon or fails to pay any other amount which any Obligor is obligated to pay under this Agreement
or any other Note Document or which may be required to preserve the Collateral, Agent may obtain such insurance or make such payment,
and all amounts so paid by Agent are Holders’ expenses and immediately due and payable, bearing interest at the then highest
rate applicable to the Obligations, and secured by the Collateral. Agent will make reasonable efforts to provide the Company with
notice of Agent obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Agent
are deemed an agreement to make similar payments in the future or Agent’s waiver of any Event of Default.

 

(d) Holder’s
Liability for Collateral. So long as Agent and Holders comply with reasonable banking practices regarding the safekeeping of
the Collateral in the possession or under the control of Agent or Holders, Agent and Holders shall not be liable or responsible
for: (i) the safekeeping of the Collateral; (ii) any loss or damage to the Collateral; (iii) any diminution in the value of the
Collateral; or (iv) any act or default of any carrier, warehouseman, bailee, or other Person. The Obligors bear all risk of loss,
damage or destruction of the Collateral.

 

(e) No Waiver;
Remedies Cumulative. Failure by Agent or any Holder, at any time or times, to require strict performance by any Obligor of
any provision of this Agreement or any other Note Document shall not waive, affect, or diminish any right of Agent or any Holder
thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed
by Agent and Majority Holders and then is only effective for the specific instance and purpose for which it is given. The rights
and remedies of Agent and Holders under this Agreement and the other Note Documents are cumulative. Agent and Holders have all
rights and remedies provided under the Code, by law, or in equity. The exercise by Agent or any Holder of one right or remedy is
not an election and shall not preclude Agent or any Holder from exercising any other remedy under this Agreement or other remedy
available at law or in equity, and Agent’s or any Holder’s waiver of any Event of Default is not a continuing waiver.
Agent’s or any Holder’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 

(f) Demand Waiver.
Each Obligor waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment
at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees
held by Agent or any Holder on which Obligor is liable.

 

(g) Termination
of Security Interest; Release of Collateral. Collateral will be released automatically from the liens securing the Obligations
of the Obligors under this Agreement and the other Note Documents without the consent or further action of any Person in any of
the following circumstances: (i) in whole or in part, as applicable, upon the sale, transfer, exclusive license, agreement or other
disposition of such property or assets (including a disposition resulting from eminent domain, condemnation or similar circumstances)
by any Obligor, solely to the extent such sale, transfer, exclusive license, agreement or other disposition is permitted hereunder,
(ii) with the consent of the Majority Holders, (iii) upon full repayment of all Obligations (other than contingent indemnification
obligations as to which no claim has been asserted or is known to exist), (iv) such Collateral is released by the Senior Agent
or otherwise no longer secures the Senior Indebtedness (other than in the case that the Senior Indebtedness but not the Obligations
hereof is paid off or discharged), or (iv) in accordance with the applicable provisions of the Security Documents.

 

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(h) Nature of
Duties. Agent shall have no duties or responsibilities except those expressly set forth in this Agreement or in the other Note
Documents. The duties of Agent shall be mechanical and administrative in nature. Agent shall not have by reason of this Agreement
or any other Note Document a fiduciary relationship in respect of any Holder. Nothing in this Agreement or any other Note Document,
express or implied, is intended to or shall be construed to impose upon Agent any obligations in respect of this Agreement or any
other Note Document except as expressly set forth herein or therein. Each Holder shall make its own independent investigation of
the financial condition and affairs of the Obligors in connection with the purchase of the Notes hereunder and shall make its own
appraisal of the creditworthiness of the Obligors and the value of the Collateral, and Agent shall have no duty or responsibility,
either initially or on a continuing basis, to provide any Holder with any credit or other information with respect thereto, whether
coming into its possession before the Effective Date or at any time or times thereafter; provided that, upon the reasonable request
of a Holder, Agent shall provide to such Holder any documents or reports delivered to Agent by the Obligors pursuant to the terms
of this Agreement or any other Note Document. If Agent seeks the consent or approval of the Holders to the taking or refraining
from taking any action hereunder, Agent shall send notice thereof to each Holder.

 

(i) Rights, Exculpation,
Etc. Agent and its directors, officers, agents or employees shall not be liable for any action taken or omitted to be taken
by them under or in connection with this Agreement or the other Note Documents, except for their own gross negligence or willful
misconduct as determined by a final judgment of a court of competent jurisdiction. Without limiting the generality of the foregoing,
Agent (i) may consult with legal counsel (including, without limitation, counsel to Agent or counsel to the Obligors), independent
public accountants, and other experts selected by any of them and shall not be liable for any action taken or omitted to be taken
in good faith by any of them in accordance with the advice of such counsel or experts; (ii) makes no warranty or representation
to any Obligor and shall not be responsible to any Obligor for any statements, certificates, warranties or representations made
in or in connection with this Agreement or the other Note Documents; (iii) shall not have any duty to ascertain or to inquire as
to the performance or observance of any of the terms, covenants or conditions of this Agreement or the other Note Documents on
the part of any Person, the existence or possible existence of any Default or Event of Default, or to inspect the Collateral or
other property (including, without limitation, the books and records) of any Person; (iv) shall not be responsible to any Holder
for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or the other Note
Documents or any other instrument or document furnished pursuant hereto or thereto; and (v) shall not be deemed to have made any
representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection
of Agent’s Lien thereon, or any certificate prepared by any Obligor in connection therewith, nor shall Agent be responsible
or liable to the Obligors for any failure to monitor or maintain any portion of the Collateral. Agent shall not be liable for any
apportionment or distribution of payments made in good faith pursuant to this Agreement, and if any such apportionment or distribution
is subsequently determined to have been made in error the sole recourse of any Holder to whom payment was due but not made, shall
be to recover from other Holders any payment in excess of the amount which they are determined to be entitled. Agent may at any
time request instructions from the Holders with respect to any actions or approvals which by the terms of this Agreement or of
any of the other Note Documents Agent is permitted or required to take or to grant, and if such instructions are promptly requested,
Agent shall be absolutely entitled to refrain from taking any action or to withhold any approval under any of the Note Documents
until it shall have received such instructions from the Holders.

 

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(j) Reliance.
Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone
message believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and
with respect to all matters pertaining to this Agreement or any of the other Note Documents and its duties hereunder or thereunder,
upon advice of counsel selected by it.

 

(k) Indemnification.
To the extent that Agent is not reimbursed and indemnified by any Obligor, the Holders will reimburse and indemnify Agent from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, advances
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against Agent in any way relating
to or arising out of this Agreement or any of the other Note Documents or any action taken or omitted by Agent under this Agreement
or any of the other Note Documents, in proportion to each Holder’s pro rata share; provided, however, that no Holder shall
be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses,
advances or disbursements for which there has been a final judicial determination that such liability resulted from Agent’s
gross negligence or willful misconduct. The obligations of the Holders under this Section 9(k) shall survive the payment
in full of the Obligations under this Agreement and the cancellation of this Agreement.

 

(l) Agent Individually.
With respect to its Notes, Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations
and liabilities as and to the extent set forth herein for any other Holder. The term “Holders” or any similar term
shall, unless the context clearly otherwise indicates, include Agent in its individual capacity as a Holder (as applicable). Agent
and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, trust or other business
with any Obligor as if it were not acting as Agent pursuant hereto without any duty to account to the other Holders.

 

(m) Collateral
Matters. The Holders hereby irrevocably authorize Agent, at its option and in its discretion, to release any Lien granted to
or held by Agent upon any Collateral upon cancellation of this Agreement and indefeasible payment and satisfaction of the Notes
and all other Obligations which have matured and which Agent has been notified in writing are then due and payable. Upon request
by Agent at any time, the Holders will confirm in writing Agent’s authority to release particular types or items of Collateral
pursuant to this Section 9(m).

 

(n) Agency for
Perfection. Each Holder hereby appoints Agent and each other Holder as agent and bailee for the purpose of perfecting the security
interests in and liens upon the Collateral in assets which, in accordance with Article 9 of the Code, can be perfected only by
possession or control (or where the security interest of a secured party with possession or control has priority over the security
interest of another secured party) and Agent and each Holder hereby acknowledges that it holds possession of or otherwise controls
any such Collateral for the benefit of Agent and the Holders as secured party. Should any Holder obtain possession or control of
any such Collateral, such Holder shall notify Agent thereof, and, promptly upon Agent’s request therefor shall deliver such
Collateral to Agent or in accordance with Agent’s instructions. Each Obligor by its execution and delivery of this Agreement
hereby consents to the foregoing.

 

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(o) No Reliance
on Agent’s Customer Identification Program. Each Holder acknowledges and agrees that neither such Holder, nor any of
its Affiliates, participants or assignees, may rely on Agent to carry out such Holder’s, Affiliate’s, participant’s
or assignee’s customer identification program, or other requirements imposed by the USA PATRIOT Act or the regulations issued
thereunder, including the regulations set forth in 31 C.F.R. §§ 1010.100(yy), (iii), 1020.100, and 1020.220 (formerly
31 C.F.R. § 103.121), as hereafter amended or replaced (“CIP Regulations”), or any other anti-terrorism Laws,
including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates
or their agents, the Note Documents or the transactions hereunder or contemplated hereby: (1) any identity verification procedures,
(2) any recordkeeping, (3) comparisons with government lists, (4) customer notices or (5) other procedures required under the CIP
Regulations or other regulations issued under the USA PATRIOT Act. Each Holder, Affiliate, participant or assignee subject to Section
326 of the USA PATRIOT Act will perform the measures necessary to satisfy its own responsibilities under the CIP Regulations.

 

(p) No Third
Party Beneficiaries. The provisions of this Article are solely for the benefit of the Secured Parties, and no Obligor shall
have rights as a third-party beneficiary of any of such provisions.

 

(q) No Fiduciary
Relationship. It is understood and agreed that the use of the term “agent” herein or in any other Note Document
(or any other similar term) with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to
create or reflect only an administrative relationship between contracting parties.

 

(r) Agent May
File Proofs of Claim. Subject to the Intercreditor Agreement, in case of the pendency of any proceeding under any insolvency
proceeding or any other judicial proceeding relative to any Obligor, Agent (irrespective of whether the principal of any Note shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Agent shall have made any
demand on the Company) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

(i) to file and
prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Notes and all other Obligations
that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the
Secured Parties (including any claim for the compensation, expenses, disbursements and advances of the Secured Parties and their
respective agents and counsel and all other amounts due the Secured Parties hereunder and under the other Note Documents) allowed
in such judicial proceeding; and

 

(ii) to collect
and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

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and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Secured Party to make such payments to Agent and, in the event that Agent shall consent to the making of such payments
directly to the Secured Parties, to pay to Agent any amount due for the reasonable compensation, expenses, disbursements and advances
of Agent and its agents and counsel, and any other amounts due to Agent hereunder and under the other Note Documents.

 

10. Definitions;
Accounting.

 

(a) Definitions.
As used herein, the following terms have the respective meanings set forth below:

 

“12 Month Period” means,
in respect of a date as of which any determination is being calculated, the twelve (12) consecutive calendar months ending on or
immediately preceding the date as of which the determination is being calculated (i.e., a rolling 12-month (or four fiscal quarter)
period).

 

“Account” means any “account”
as defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts
receivable and other sums owing to any Obligor.

 

“Account Control Agreement”
means any control agreement entered into among the depository institution at which any Obligor maintains a Deposit Account or the
securities intermediary or commodity intermediary at which any Obligor maintains a Securities Account or a Commodity Account, the
applicable Obligor, and Agent pursuant to which Agent obtains control (within the meaning of the Code) over such Deposit Account,
Securities Account, or Commodity Account.

 

“Account Debtor” means
any “account debtor” as defined in the Code with such additions to such term as may hereafter be made.

 

“Affiliate”
means, with respect to any Person, each other Person that owns or controls, directly or indirectly the Person, any Person that
controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers,
directors, partners and, for any Person that is a limited liability company, that Person’s managers and members.

 

“Agent”
is defined in the preamble hereof.

 

“Agreement” is defined
in the preamble.

 

“Anti-Terrorism
Laws” means any laws relating to terrorism or money laundering, including Executive Order No. 13224 (effective September
24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by OFAC.

 

“Attorney
Client Excluded Materials” is defined in Section 6(a)(xiv).

 

    -30-

     

    

 

“Blocked Person”
means any Person: (a) listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (b) a Person
owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the
provisions of, Executive Order No. 13224, (c) a Person with which any Holder is prohibited from dealing or otherwise engaging in
any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism”
as defined in Executive Order No. 13224, or (e) a Person that is named a “specially designated national” or “blocked
person” on the most current list published by OFAC or other similar list.

 

“Board”
means, with respect to any Person, the board of directors, board of managers, managers or other similar bodies or authorities performing
similar governing functions for such Person.

 

“Board Materials”
means Board minutes and associated deck, stockholder consents and like items, excluding Attorney Client Excluded Materials.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized or obligated by
law or executive order to close or be closed, or are in fact closed, in the state of New York.

 

“CARES Act”
means the U.S. Small Business Administration, Coronavirus Aid, Relief, and Economic Security Act.

 

“Cash”
means all unencumbered and unrestricted cash and Cash Equivalents.

 

“Cash Equivalents”
means cash equivalents in accordance with GAAP.

 

“Change of
Control” means (i) a consolidation or merger of the Company with or into any other corporation or other entity or person,
or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the shares of capital
stock of the Company immediately prior to such consolidation, merger or reorganization continue to represent a majority of the
voting power of the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series
of related transactions to which the Company is a party in which in excess of 50% of the Company’s voting power immediately
prior to the closing of such transaction is transferred in the transaction or series of related transactions to new stockholders;
or (iii) the sale or transfer of all or substantially all of the Company’s assets (excluding any license); provided
that a Change of Control shall not include any transaction or series of transactions principally for bona fide capital raising
purposes in which cash is received by the Company or any successor, indebtedness of the Company is cancelled or converted or a
combination thereof.

 

“Claims”
is defined in Section 12(k).

 

“Closing” is defined
in Section 1(b).

 

“Closing Date” is defined
in Section 1(b).

 

“Closing Deadline” is
defined in Section 1(b).

 

    -31-

     

    

 

“Code”
means the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New York; provided,
that, to the extent that the Code is used to define any term herein or in any Note Document and such term is defined differently
in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided
further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority
of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a
jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted
and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection,
priority, or remedies and for purposes of definitions relating to such provisions.

 

“Collateral”
means any and all properties, rights and assets of each Obligor described on Annex I.

 

“Collateral
Account” means any Deposit Account, Securities Account, or Commodity Account.

 

“Commodity
Account” means any “commodity account” as defined in the Code with such additions to such term as may hereafter
be made.

 

“Company” is defined
in the preamble.

 

“Compliance
Certificate” means that certain certificate in the form attached hereto as Exhibit D.

 

“Contingent
Obligation” means, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness,
lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed,
endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable;
(b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate,
currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect
a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation”
does not include endorsements in the Ordinary Course of Business. The amount of a Contingent Obligation is the stated or determined
amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated
liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any
guarantee or other support arrangement.

 

“Copyrights”
means all of the following: (i) all copyrights, copyright rights, and like protections in each work of authorship and derivative
work thereof, in each case, whether registered or unregistered, published or unpublished (and whether or not the same also constitutes
a trade secret), held pursuant to the laws of the United States, any State thereof, or of any other country or jurisdiction, or
pursuant to any convention or treaty; (ii) all registrations of, applications for registration. and recordings of any copyright
rights in the United States Copyright Office or in any similar office or agency of the United States, any State thereof or any
other country; (iii) all continuations, renewals or extensions of any copyrights and any registrations thereof; (iv) all copyright
registrations to be issued under any pending applications; and (v) all licenses and other agreements granting any rights with respect
to any copyright or copyright registration, whether as a licensor or licensee.

 

    -32-

     

    

 

“Default”
means any circumstance, event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage
of time, or both, would be an Event of Default.

 

“Deposit Account”
means any “deposit account” as defined in the Code with such additions to such term as may hereafter be made, and includes
any checking account, savings account or certificate of deposit.

 

“Disqualified
Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or
for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity exclusively as the result
of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or is redeemable or subject to repurchase at the option of the holder thereof, in whole or in part, or requires the payment of
any cash dividend or any other scheduled payment, in each case constituting a return of capital, in each case at any time on or
prior to the date that is 180 days after the Maturity Date, or (b) is convertible into or exchangeable (unless at the sole option
of the issuer thereof) for (i) Indebtedness or other debt securities (other than Permitted Indebtedness), or (ii) any Equity Interest
referred to in clause (a) above, in each case at any time prior to the date that is 180 days after the Maturity Date. Notwithstanding
the preceding sentence, any Equity Interest that would constitute Disqualified Stock solely because the holders thereof have the
right to require the issuer to repurchase such Equity Interest upon the occurrence of a Change of Control will not constitute Disqualified
Stock if the terms of such Equity Interest provide that such repurchase or redemption cannot be consummated until the Obligations
have been paid in full (subject to the contingent obligations which are not then due and payable and which survive the termination
of this Agreement).

 

“Effective
Date” means the date hereof.

 

“Equipment”
means all “equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes
without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of
the foregoing.

 

“Equity Interests”
means, with respect to any Person, any of the shares of capital stock of (or other ownership, membership or profit interests in)
such Person, any of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital
stock of (or other ownership, membership or profit interests in) such Person, any of the securities convertible into or exchangeable
for shares of capital stock of (or other ownership, membership or profit interests in) such Person or warrants, rights or options
for the purchase or acquisition from such Person of such shares (or such other interests), and any of the other ownership, membership
or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and
whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

    -33-

     

    

  

“ERISA”
means the Employee Retirement Income Security Act of 1974, and its regulations.

 

“Event of
Default” has the meaning set forth in the form of Note, attached hereto as Exhibit A.

 

“Exceptions
Schedule” means those items set forth on the “Exceptions Schedule” attached hereto.

 

“Excluded
Locations” means the following locations where Collateral may be located from time to time: (a) locations where mobile
office equipment (e.g. laptops, mobile phones and the like) may be located with employees in the ordinary course of business,
or (b) other locations where, in the aggregate for all such locations, less than Two Hundred Eighty-Seven Thousand Five Hundred
Dollars ($287,500) of assets and property of the Company and its Subsidiaries is located.

 

“GAAP”
means (a) generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession,
which are applicable to the circumstances as of the date of determination and (b) for purposes of Section 6(a)(v), with
respect to any Subsidiary, generally accepted accounting principles (including International Financial Reporting Standards, as
applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary.

 

“General Intangibles”
means all “general intangibles” as defined in the Code in effect on the Effective Date with such additions to such
term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds,
security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights
in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without
limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind.

 

“Governmental
Approval” means any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation,
registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

“Guarantors”
means Metromile Insurance Services LLC and Metromile Enterprise Solutions, LLC.

 

“Holders” and “Holder”
is defined in the preamble.

 

“Holder Transfer” is
defined in Section 12(c).

 

    -34-

     

    

 

“Home Jurisdiction” is
defined in Section 5(c).

 

“Horseshoe” is defined
in Section 6(d).

 

“Hudson” is defined in
Section 1(b).

 

“Hudson Sale” is defined
in Section 6(e)(ii).

 

“Intercreditor
Agreement” means that certain Subordination Agreement (Debt and Security Interest), dated as of April 14, 2020, by and
among Agent, the Holders, the Senior Agent and the Obligors.

 

“Indebtedness”
means (a) indebtedness, liabilities and obligations for borrowed money or the deferred price of property or services (including
deferred royalty payment obligations), and reimbursement and other obligations for surety bonds and letters of credit, (b) obligations
evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent Obligations.

 

“Indemnified
Person” is defined in Section 12(k).

 

“Insolvency
Proceeding” means any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or
proceedings seeking reorganization, arrangement, or other relief.

 

“Insurance Laws” means
any insurance laws, regulations or orders applicable to Company or its Subsidiaries or any Insurance License held or controlled
by the Company or its Subsidiaries.

 

“Insurance License” means
any license, permission, authorization, accreditation, certification or other formal status granted by an Insurance Regulatory
Agency.

 

“Insurance Regulatory Agency”
shall have the meaning ascribed in Section 11(c).

 

“Intellectual
Property” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:

 

(a) any and all
Copyrights, Trademarks and Patents;

 

(b) any and all
trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how and operating
manuals;

 

(c) any and all
source code;

 

(d) any and all
design rights which may be available to such Person;

 

(e) any and all
claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the obligation,
to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and

 

    -35-

     

    

 

(f) all amendments,
renewals and extensions of any of the Copyrights, Trademarks or Patents.

 

“Inventory”
means all “inventory” as defined in the Code in effect on the Effective Date with such additions to such term as may
hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials,
work in process and finished products, including without limitation such inventory as is temporarily out of any Obligor’s
custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

 

“Investment”
means any beneficial ownership interest in any Person (including stock, partnership interest or other securities or Equity Interests),
and any loan, advance or capital contribution to any Person, or the acquisition of all or substantially all of the assets or properties
of another Person.

 

“IRC”
means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder.

 

“Key Person”
means each of Chief Executive Officer and Chief Financial Officer of the Company, who are, respectively, Dan Preston and Carrie
Dolan as of the Effective Date.

 

“Lien”
means a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily
incurred or arising by operation of law or otherwise against any property.

 

“Majority Holders” is
defined in Section 1(a).

 

“Material
Adverse Effect” means (i) a material impairment in the perfection or priority of Agent’s Lien in the Collateral
or in the value of the Collateral or (ii) a material adverse effect on (a) the business, operations, properties, assets or condition
(financial or otherwise) of the Company and its Subsidiaries taken as a whole, (b) the ability of the Obligors, taken as a whole,
to perform their obligations under this Agreement and the Notes, (c) the validity or enforceability of this Agreement or the Note
Documents, or (d) the ability of Agent and the Holders to enforce any of their rights or remedies with respect to any Obligations.

 

“MIC”
means Metromile Insurance Company, a Delaware corporation.

 

“Minimum Cash
Requirement” is defined in Section 6(a)(xiii).

 

“Monthly Financial
Statements” is defined in Section 6(a)(i)(A).

 

“Negotiable
Collateral” means, with respect to any Person, all of such Person’s present and future letters of credit of which
it is a beneficiary, drafts, instruments (including promissory notes), securities, documents of title, and chattel paper, and such
Person’s books and records relating to any of the foregoing.

 

“New Subsidiary
Notice” is defined in Section 6(a)(ix).

 

    -36-

     

    

 

“Note”
and “Notes” is defined in the preamble.

 

“Note Documents”
are, collectively, this Agreement, the Notes, the Security Documents, the Warrants and any schedules, exhibits, certificates, and
notices related to this Note, and any other present or future agreement by the Company or its Subsidiaries with or for the benefit
of the Holder in connection with this Note, all as amended, restated, or otherwise modified.

 

“Obligations”
means all of the Company’s obligations to pay when due any principal (including Outstanding Principal Balance), interest
(including Cash Interest, PIK Interest and Default Interest (as defined in the form of Note)), fees, the Prepayment Amount (as
defined in the form of Note) and other amounts the Company owes to Agent or any Holder now or later, whether under this Agreement,
the Notes, or the other Note Documents (other than the Warrants) including, without limitation, interest accruing after Insolvency
Proceedings begin (whether or not allowed).

 

“Obligors”
means the Company and the Guarantors.

 

“OFAC”
means the U.S. Department of Treasury Office of Foreign Assets Control.

 

“OFAC Lists”
means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive Order
No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant
to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

 

“Operating
Documents” means, for any Person, such Person’s formation documents, as certified by the Secretary of State (or
equivalent agency) of such Person’s jurisdiction of formation, organization or incorporation on a date that is no earlier
than thirty (30) days prior to the Effective Date (or with respect to a New Subsidiary Notice, a date that is no earlier than thirty
(30) days prior to such notice, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited
liability company, its limited liability company agreement or operating agreement (or similar agreement), and (c) if such Person
is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments, restatements
and modifications thereto.

 

“Ordinary
Course of Business” means, in respect of any transaction involving any Person, the ordinary course of such Person’s
business as conducted by any such Person in accordance with (a) the usual and customary customs and practices similarly situated
in the kind of business in which such Person is engaged, and (b) the past practice and operations of such Person, and in each case,
undertaken by such Person in good faith and not for purposes of evading any covenant or restriction in any Note Document.

 

“Original Principal Amount”
is defined in Section 1(a).

 

“Patents”
means all of the following: (i) all patents, all rights corresponding thereto and all like protections, issued, published or unpublished
or registered or unregistered, in the United States or any other county or jurisdiction, or pursuant to any convention or treaty,
(ii) all registrations of, applications for registration and recordings of patents, or rights corresponding thereto in, the United
States or any other country or jurisdiction, or pursuant to any convention or treaty, including without limitation with the United
States Patent and Trademark Office or in any similar office or agency; (iii) all improvements, divisions, continuations, renewals,
reissues, reexaminations, extensions and continuations-in-part of all patents and/or applications; (iv) all patents to be issued
under any of pending application; (v) all foreign counterparts of the foregoing patents and/or applications; and (vi) all licenses
and other agreements granting any rights with respect to any patent or patent registration, whether as a licensor or licensee.

 

    -37-

     

    

 

“Permitted
Indebtedness” means:

 

(a) each Obligor’s
Indebtedness to Holders under this Agreement and the other Note Documents;

 

(b) Indebtedness
existing on the Effective Date including, without limitation, the Senior Indebtedness;

 

(c) Subordinated
Debt;

 

(d) unsecured
Indebtedness to trade creditors incurred in the Ordinary Course of Business;

 

(e) Indebtedness
incurred as a result of endorsing negotiable instruments received in the Ordinary Course of Business;

 

(f) Indebtedness
secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder;

 

(g) Indebtedness
consisting of contingent reimbursement obligations in connection with letters of credit that are secured by cash or Cash Equivalents
and issued on behalf of the Company or any of its Subsidiaries (i) in an aggregate amount not to exceed Five Million Seven Hundred
Fifty Thousand Dollars ($5,750,000) at any time outstanding in connection with the Company’s or such Subsidiary’s real
property leases and (ii) in an aggregate amount not to exceed Five Hundred Seventy-Five Thousand Dollars ($575,000) at any time
outstanding in connection with the Company’s or such Subsidiary’s credit card obligations;

 

(h) Indebtedness
constituting Permitted Investments;

 

(i) Indebtedness
secured by deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases (other than real
estate leases), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred
in the Ordinary Course of Business not to exceed Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) at any time
outstanding;

 

(j) unsecured
Indebtedness not otherwise permitted hereunder in an amount not to exceed Four Hundred Two Thousand Five Hundred Dollars ($402,500)
at any time outstanding;

 

    -38-

     

    

 

(k) Indebtedness
constituting the PPP Loan; provided, however, (i) the Borrowers agree to request forgiveness of the PPP Loan up to the maximum
amount permitted under the CARES Act prior to any interest or principal payment becoming due and at least 75% of the PPP Loan is
timely forgiven, (ii) the Borrowers are in material compliance with all applicable SBA regulations and loan eligibility requirements
and the guarantee provided by the SBA in connection with such PPP Loan remains in full force and effect while the PPP Loan remains
outstanding, and (iii) no payment shall be made under the PPP Loan other than regularly scheduled principal and interest payments
so long as no Default or Event of Default has occurred and is continuing after giving effect to such payment; and

 

(l) extensions,
refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (k) above, provided
that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon the
Company or its Subsidiaries, as the case may be.

 

“Permitted
Investments” means:

 

(a) Investments
(including, without limitation, Subsidiaries) existing on the Effective Date and set forth on Schedule 10(a);

 

(b) (i) Investments
consisting of Cash Equivalents, and (ii) any Investments permitted by the Company’s investment policy, as amended from time
to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Agent and the Majority
Holders;

 

(c) Investments
consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the Ordinary Course
of Business;

 

(d) Investments
consisting of deposit accounts in which Agent has a perfected security interest, subject to the Intercreditor Agreement;

 

(e) Investments
accepted in connection with Transfers permitted by Section 6(b)(i);

 

(f) Investments
(i) by an Obligor in other Obligors, and (ii) Investments by an Obligor in Subsidiaries that are not Obligors, provided that such
Investment does not exceed Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in the aggregate in any 12 Month Period,
subject to Section 6(b)(vi) and (ii) by Subsidiaries that are not Obligors in an Obligor;

 

(g) Investments
consisting of (i) repurchases of the Company’s Equity Interests from former employees, officers and directors of the Company
to the extent expressly permitted under Section 6(b)(v), and (ii) loans not involving the net transfer of cash proceeds
to employees, officers or directors relating to the purchase of Equity Interests of the Company pursuant to employee stock purchase
plans or other similar agreements approved by the Company’s Board;

 

(h) Investments,
(i) in an aggregate amount not to exceed Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in any 12 Month Period,
consisting of travel advances and employee relocation loans and other employee loans and advances in the Ordinary Course of Business
and (ii) a loan in the original principal amount of $349,870 made to the Chief Executive Officer of the Company;

 

    -39-

     

    

 

(i) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the Ordinary Course of Business;

 

(j) Investments
consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates,
in the Ordinary Course of Business; provided that this paragraph (j) shall not apply to Investments of the Company in any Subsidiary;

 

(k) Investments
accepted by an Obligor in consideration for Permitted Transfers;

 

(l) joint ventures
or strategic alliances in the Ordinary Course Business of the Obligors consisting of the non-exclusive licensing of technology,
the development of technology or the providing of technical support, provided that any cash Investments by the Obligors and their
Subsidiaries do not exceed Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in the aggregate in any 12 month period;
and

 

(m) Investments
not otherwise permitted hereunder in an aggregate amount not to exceed Four Hundred Two Thousand Five Hundred Dollars ($402,500)
in the aggregate in any 12 Month Period.

 

“Permitted
Liens” means:

 

(a) (x) Senior
Priority Liens, (y) other Liens existing on the Effective Date, and (z) Liens arising under this Agreement and the other Note Documents;

 

(b) Liens for
taxes, fees, assessments or other government charges or levies, either (i) not yet delinquent or (ii) being contested in good faith
and for which the Company or its Subsidiary, as applicable, maintains adequate reserves on its books and records, provided that
no notice of any such Lien has been filed or recorded under the IRC;

 

(c) purchase money
Liens (i) on Equipment and software acquired or held by the Obligors or any Subsidiary incurred for financing the acquisition of
the Equipment and Software securing no more than Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in any 12 Month
Period in the aggregate amount outstanding, or (ii) existing on Equipment and software when acquired, if the Lien is confined to
the property and improvements and the proceeds of the Equipment;

 

(d) Liens of carriers,
warehousemen, suppliers, or other Persons that are possessory in nature arising in the Ordinary Course of Business so long as such
Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Eighty-Six Thousand Two Hundred Fifty
Dollars ($86,250) and which are not delinquent or remain payable without penalty or which are being contested in good faith and
by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;

 

(e) Liens to secure
payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred
in the Ordinary Course of Business (other than Liens imposed by ERISA);

 

    -40-

     

    

 

(f) Liens incurred
in the extension, renewal or refinancing of the indebtedness secured by Liens described in the proceeding clauses (a) through (d),
but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal
amount of the indebtedness may not increase;

 

(g) leases or
subleases of real property granted in the Ordinary Course of Business of the Obligors (or, if referring to another Person, in the
Ordinary Course of Business of such Person), and leases, subleases, non-exclusive licenses or sublicenses of personal property
(other than Intellectual Property) granted in the Ordinary Course of Business of the Obligors (or, if referring to another Person,
in the Ordinary Course of Business of such Person), if the leases, subleases, licenses and sublicenses do not prohibit granting
Agent a security interest therein;

 

(h) non-exclusive
licenses for the use of Intellectual Property granted to customers in the Ordinary Course of Business, and other licenses granted
to customers in the Ordinary Course of Business that could not result in a legal transfer of title of the licensed property but
that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete geographical
areas outside of the United States, in each case that do not interfere in any material respect with the business of the Company
or any of its Subsidiaries;

 

(i) Liens arising
from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default;

 

(j) Liens in favor
of other financial institutions arising in connection with any Obligor’s deposit accounts and/or securities accounts held
at such institutions;

 

(k) Liens on Cash
securing obligations permitted under clause (g)(i) of the definition of “Permitted Indebtedness” in an amount not to
exceed Five Million Seven Hundred Fifty Thousand Dollars ($5,750,000) at any time and (ii) Liens on Cash securing obligations permitted
under clause (g)(ii) of the definition of “Permitted Indebtedness” in an amount not to exceed Five Hundred Seventy-Five
Thousand Dollars ($575,000) at any time; and

 

(l) judgment Liens
that do not constitute an Event of Default under Sections 3(a)(ix), 3(a)(x) and 3(a)(xii) of the Note.

 

“Permitted
Locations” means, collectively, the following locations where Collateral may be located from time to time: (a) locations
set forth on Schedule 4(a), (b) locations previously disclosed in a written notice to Agent and the Holders, and (c) the Excluded
Locations.

 

“Permitted
Transfers” means (i) sales or delivery of Inventory in the Ordinary Course of Business, (ii) dispositions of worn-out,
obsolete or surplus Equipment in the Ordinary Course of Business that is, in the reasonable judgment of Obligors, no longer economically
practicable to maintain or useful, (iii) Transfers consisting of the granting of Permitted Liens and the making of Permitted Investments,
(iv) the use or transfer of money or Cash Equivalents in the Ordinary Course of Business for the payment of Ordinary Course Business
expenses in a manner that is not prohibited by the terms of this Agreement or the other Note Documents, (v) other Transfers of
assets having a fair market value of not more than Two Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500) in the aggregate
in any 12 Month Period, (vi) consisting of non-exclusive licenses for the use of the property of the Company or its Subsidiaries
in the Ordinary Course of Business, and licenses that do not result in a transfer of a material portion of the value of the licensed
property, and (vii) any Sale.

 

    -41-

     

    

  

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government
agency.

 

“PPP Loan”
means the Indebtedness incurred by the Obligors from Western Alliance Bank in connection with a Paycheck Protection Program loan
under the CARES Act.

 

“Prohibited
Subsidiary” means any Subsidiary designated as such in writing by the Majority Holders that is an insurance company,
insurance carrier, insurance producer, insurance broker or otherwise holds a license issued by an insurance regulator if and to
the extent that a guaranty of the Obligations by such Subsidiary, or such Subsidiary becoming a Guarantor hereunder, would cause
such Subsidiary to fail to maintain the liquidity or leverage requirements of its regulators and would have a Material Adverse
Effect.

 

“Quarterly Financial Statements”
is defined in Section 6(a)(i)(C).

 

“Register” is defined
in Section 12(c).

 

“Regulatory Reports”
is defined in Section 6(a)(i)(F).

 

“Requirement
of Law” means as to any Person, the organizational or governing documents of such Person, and any law (statutory or common),
treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible
Officer” means with respect to any Person, any of the Chief Executive Officer, President, Chief Financial Officer, Secretary,
Treasurer and Controller of such Person. Unless the context otherwise requires, each reference to a Responsible Officer herein
shall be a reference to a Responsible Officer of the Company.

 

“Restricted
License” means any material license or other material agreement (other than ordinary course customer contracts that individually
are not material, over-the-counter software licenses that are commercially available to the public, and open source licenses) with
respect to which the Company or a Subsidiary of the Company is the licensee (a) that prohibits or otherwise restricts the Company
or such Subsidiary from granting a security interest in the Company’s or such Subsidiary’s interest in such license
or agreement or any other property, or (b) for which a default under or termination of such license or agreement could reasonably
be expected to interfere with Agent’s or any Holder’s right to sell any Collateral.

 

“SEC”
means the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 

“Secured Parties”
means Agent and the Holders.

 

    -42-

     

    

  

“Securities
Account” means any “securities account” as defined in the Code with such additions to such term as may hereafter
be made.

 

“Security
Documents” means, collectively, this Agreement, the Intercreditor Agreement, any intellectual property security agreement
and all other agreements, instruments and documents executed in connection with this Agreement and the Notes that are intended
to create, perfect or evidence liens to secure the Obligor’s obligation to pay any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under this Agreement and the Notes, and shall also include,
without limitation, all other security agreements, pledge agreements, mortgages, deeds of trust, intercreditor agreements, pledges,
collateral assignments, and financing statements, now, or hereafter executed by the Company or other Obligors and delivered to
Agent.

 

“Senior Agent”
means Multiplier Capital II, LP, a Delaware limited partnership, in its capacity as administrative agent for the lenders under
the Senior Loan Agreement.

 

“Senior Indebtedness”
means the indebtedness and other obligations of the Company under the Senior Loan Agreement and the other Loan Documents (as defined
in the Senior Loan Agreement) and any refinancing(s) thereof.

 

“Senior Loan
Agreement” means that certain Loan and Security Agreement, dated as of December 5, 2019 (as may be amended, restated,
supplemented or otherwise modified from time to time), by and among the Company and certain subsidiaries of the Company as borrowers,
the lenders from time to time party thereto and Multiplier Capital II, LP, a Delaware limited partnership as administrative agent
for the lenders.

 

“Senior Priority
Liens” means the security interests granted by the Company to the Senior Agent pursuant to the Senior Loan Agreement
and the other Loan Documents (as defined in the Senior Loan Agreement).

 

“Settlement Amount” is
defined in Section 6(d).

 

“Shares”
means all of the issued and outstanding Equity Interests owned or held of record by the Company in each of its Subsidiaries, including
without limitation MIC.

 

“Subordinated
Debt” means Indebtedness incurred by any Obligor that is subordinated in writing to all of the Obligations owing by the
Company or any of its Subsidiaries to Agent and the Holders, pursuant to a subordination, intercreditor, or other similar agreement
in form and substance satisfactory to Agent and the Holders entered into between Agent and the other creditor, on terms acceptable
to Agent and the Majority Holders, including without limiting the generality of the foregoing, subordination of such Indebtedness
in right of payment to the prior payment in full of the Obligations, the subordination of the priority of any Lien at any time
securing such Indebtedness to Agent’s Lien, and prohibitions on the exercise of any rights or remedies of the holder of such
Indebtedness, including acceleration, against the Obligors or any of their Subsidiaries or any of the Obligors’ or their
Subsidiaries’ respective property or assets.

 

“Subsequent Hudson Closing”
is defined in Section 1(b).

 

    -43-

     

    

  

“Subsequent Hudson Closing Date”
is defined in Section 1(b).

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company or joint venture in which (i) any general
partnership interest or (ii) more than fifty percent (50%) of the stock, limited liability company interest, joint venture interest
or other Equity Interest of which by the terms thereof has the ordinary voting power to elect the Board of that Person, at the
time as of which any determination is being made, is owned or controlled by such Person, either directly or through an Affiliate.
Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of the Company.

 

“Third Party Sale” is
defined in Section 6(e)(ii).

 

“Trademarks”
means all of the following: (i) all trademarks, trade names, corporate names, business names, trade styles, service marks, logos,
other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general
intangibles of like nature, whether or not published or unpublished or registered or unregistered; (ii) all registrations and recordings
thereof, and any applications in connection therewith, including, without limitation, registrations, recordings and applications
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any state thereof or
any other country, jurisdiction or any political subdivision thereof or pursuant to any convention or treaty; (iii) all continuations,
renewals, reissues, and extensions thereof; (iv) all trademarks to be issued under any pending application; (v) all foreign counterparts
of the foregoing trademarks and/or applications; (vi) all licenses and other agreements granting any rights with respect to any
trademark or trademark registration, whether as a licensor or licensee; and (vii) the entire goodwill of the business of each Obligor
connected with and symbolized by any of the foregoing.

 

“Transfer” is defined
in Section 6(b)(i).

 

“Voluntary Run Off” is
defined in Section 6(e)(i).

 

“Warrants” is defined
in Section 1(c)(i).

 

(b) Accounting.
Accounting terms not defined in this Agreement shall be construed in accordance with GAAP, and calculations and determinations
shall be made following GAAP, consistently applied. All terms contained in this Agreement, unless otherwise indicated, shall
have the meaning provided by the Code to the extent such terms are defined therein. The term “financial statements”
shall include the accompanying notes and schedules, unless stated otherwise. Notwithstanding anything to the contrary contained
herein all financial determinations made herein with respect to operating and capital leases shall be made without giving effect
to ASC 842, but instead shall be made consistent with ASC 840. As used in the Note Documents, the word “shall” is mandatory,
the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including”
are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. Unless
otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,”
“Exhibit,” “Annex,” “Addendum” or “Schedule” shall refer to the corresponding Section,
subsection, Exhibit, Annex, Addendum or Schedule in or to this Agreement. For purposes of the Note Documents, whenever a representation
or warranty is made to a Person’s knowledge or awareness, to the “best of” such Person’s knowledge, or
with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible
Officer of such Person.

 

    -44-

     

    

 

11. Compliance
with Insurance Laws.

 

(a) Agent, each
Holder and each Obligor acknowledge and agree that Agent’s and Holders’ exercise of specific remedies available under
this Agreement may be restricted pursuant to applicable insurance laws, including laws requiring Agent or Holders to obtain prior
approval of a change in control of an insurance company before foreclosing or transferring ownership of the stock thereof, the
Shares or other provisions of any insurance holding company act.

 

(b) This Agreement
and the other Note Documents and the transactions contemplated hereby and thereby (i) do not and will not constitute, create, or
have the effect of constituting or creating, directly or indirectly, actual or practical ownership of MIC by Agent or any Holder,
individually or collectively, or Control, affirmative or negative, direct or indirect, by Agent or any Holder, individually or
collectively or any other person or entity over the management or any other aspect of the operation of MIC, in each case in any
way that could be deemed to violate the Insurance Laws and (ii) do not and will not constitute the transfer, assignment or disposition
in any manner, voluntarily or involuntarily, directly or indirectly, of any Insurance License by MIC in any way that could be deemed
to violate the Insurance Laws.

 

(c) Notwithstanding
any other provision of this Agreement, any foreclosure, sale, transfer, assignment or other disposition of, or the exercise of
any right to vote or consent with respect to, any of the Collateral as provided herein which would effect an assignment or a transfer
of Control of any insurance company, shall be made pursuant to and in compliance in all material respects with all Insurance Laws
applicable thereto and, if and to the extent required thereby, subject to the prior approval of any domiciliary insurance regulator
with jurisdiction thereover (an “Insurance Regulatory Agency”).

 

(d) Subject to Section
11(c) hereof and the Intercreditor Agreement, if an Event of Default shall have occurred and be continuing, each Obligor shall
take any action which Agent may request in order to transfer Control or assign to Agent or any Holder, or to such one or more third
Persons as Agent may designate, or to a combination of the foregoing, any Collateral in a manner that complies with applicable
Insurance Laws or to otherwise exercise any remedy otherwise available hereunder in compliance therewith. Agent and Holders may
seek to take any action permitted by applicable law, this Agreement and the other Note Documents, including, without limitation,
to request the appointment of a receiver by the Insurance Regulatory Agency and any court of competent jurisdiction. Subject to
the Intercreditor Agreement, Agent and Holder may request the Insurance Regulatory Agency to approve an involuntary transfer of
Control of MIC for the purpose of seeking a bona fide purchaser to whom Control will ultimately be transferred. Each Obligor hereby
agrees to authorize such an involuntary transfer of Control upon the approval of the Insurance Regulatory Agency and at the request
of the receiver so appointed and, if any Obligor shall refuse to authorize the transfer, its approval may be required by the court.
Each Obligor shall further use its best efforts to assist in obtaining approval of the Insurance Regulatory Agency, if required,
for any action or transactions contemplated by this Agreement, including, without limitation, the preparation, execution and filing
with the Insurance Regulatory Agency of the assignor's or transferor's portion of any application or applications for consent to
any transfer of Control necessary or appropriate under the Insurance Regulatory Agency's rules and regulations for approval of
the transfer or assignment of any portion of the Collateral, together with any Insurance License associated with the Collateral
from time to time. In furtherance of the foregoing, to the extent permitted by law, each Obligor hereby irrevocably appoints Agent
as its attorney-in-fact with full power of substitution to, subject to the Intercreditor Agreement, execute such applications and
documents and take such action on behalf of each Obligor. Each Obligor acknowledges that the appointment of Agent as such attorney-in-fact
is coupled with an interest and is irrevocable.

 

    -45-

     

    

  

(e) Each Obligor
acknowledges that the assignment or transfer of the Collateral with all associated Insurance Licenses, when required under this
Agreement is integral to Agent’s and each Holder's realization of the value of the Collateral, that there is no adequate
remedy at law for failure by any Obligor to comply with the provisions of this Section 11, and that such failure would not
be adequately compensable in damages and, therefore, agrees that the agreements contained in this Section 11 may be specifically
enforced without posting of any bond or similar requirement.

 

(f) In the event
that Agent or any Holder is required to acquire title to any Collateral for any reason, or take any managerial action of any kind
in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in Agent’s or
any Holder’s sole discretion may cause Agent or any Holder to be deemed to constitute, create, or have the effect of constituting
or creating, directly or indirectly, actual or practical ownership or Control of MIC or otherwise cause Agent or any Holder to
incur, or be exposed to, any liability under any Insurance Laws or subject to regulation or liability under any Insurance Regulatory
Agency, Agent and each Holder reserve the right, instead of taking the action, to arrange for the transfer of the title or Control
of the asset to a receiver appointed by a court of competent jurisdiction, subject to the consent of the applicable Insurance Regulatory
Agency. Neither Agent nor any Holder will be liable to any Obligor or any Affiliate or Related Party for any breach of Insurance
Laws or any insurance liabilities or contribution actions under any federal, state or local law, rule or regulation by reason of
Holder’s actions and conduct as authorized, empowered and directed hereunder.

 

12. Miscellaneous.

 

(a) Waivers and
Amendments. Any term of this Agreement or the Notes may be amended, waived or modified only upon the written consent of the
Company and the Majority Holders.

 

(b) Governing
Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by and construed
under the laws of the State of New York, as applied to agreements among New York residents, made and to be performed entirely within
the State of New York. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of
the state of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the
purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit,
action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States
District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense,
or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an
inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof
may not be enforced in or by such court.

 

    -46-

     

    

 

WAIVER OF JURY TRIAL:
EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT,
THE NOTES, OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION,
CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS
SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH
PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH
PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

(c) Successors
and Assigns. No Obligor may transfer, pledge or assign this Agreement or any rights or obligations under it without Agent’s
and each Holder’s prior written consent (which may be granted or withheld in Agent’s and each Holder’s discretion).
Holders have the right, without the consent of or notice to any Obligor (but with notice to Agent), to sell, transfer, assign,
pledge, negotiate, or grant participation in (any such sale, transfer, assignment, negotiation, or grant of a participation, a
“Holder Transfer”) all or any part of, or any interest in, Holder’s obligations, rights, and benefits
under this Agreement and the other Note Documents (other than the Warrants, as to which assignment, transfer and other such actions
are governed by the terms thereof). In the case of an assignment by any Holder to another Person of the Notes or any rights or
participations therein, such Person shall agree in writing to the provisions hereof applicable to Holders. Any assignee or successor
to a Holder shall become a “Holder” under this Agreement at the time such Person’s ownership interest in a Note
is recorded in the register and such Person shall be subject to the obligations set forth in this Agreement. Notwithstanding the
foregoing, or anything to the contrary herein, if no Default or Event of Default has occurred which is continuing, no Holder nor
Agent shall enter into any Holder Transfer of all or any part of, or any interest in, Holders’ obligations, rights, and benefits
under this Agreement and the other Note Documents to any entity which, in Holder’s Good Faith Business Judgment is a “vulture
fund” or similar entity, or any entity known to such Holder as a competitor of any Obligor.

 

(d) Expenses.
At the initial Closing, the Company shall pay the expenses and legal fees of Hudson incurred with respect to the negotiation, execution
and delivery of this Agreement, the Notes, and the transactions contemplated herein or therein, in an amount not to exceed, in
the aggregate, $50,000.

 

    -47-

     

    

 

(e) No
Agent or Holder Guidance.

 

(i) The Obligors
hereby acknowledge and agree that neither the Agent nor any Holder has provided any Obligor with any guidance or advice regarding
the CARES Act, the PPP Loan (including without limitation the authority of the Obligors to qualify for the PPP Loan, and the conditions
for forgiveness of the PPP Loan) or any related matters.

 

(ii) The
Obligors hereby acknowledge and agree that any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, claims, costs, expenses and disbursements of any kind or nature whatsoever incurred by or asserted against any Indemnitee
arising out of, in connection with, or as a result of the incurrence of the PPP Loan and all related matters shall be subject to
Section 12(k).

 

(f) Entire Agreement.
This Agreement together with the Notes constitutes and contains the entire agreement among the Company the Holders and supersedes
any and all prior agreements, negotiations, correspondence, understandings and communications among the parties, whether written
or oral, respecting the subject matter hereof.

 

(g) Notices.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery
to the party to be notified, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient,
if not, then on the next business say, (iii) five days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. All communications to a party shall be sent to the party’s address set
forth in the signature page of such Holder or at such other address(es) as such party may designate by 10 days’ advance written
notice to the other party hereto. A copy of any notice to the Company shall be sent to Cooley LLP, 101 California Street, 5th Floor,
San Francisco, CA 94111-5800, Attn: Rachel Proffitt; Jason Savich, e-mails: ***; ***.

 

(h) Severability
of this Agreement. If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(i) Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals.

 

(j) Survival.
All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated
pursuant to its terms and all Obligations (other than contingent indemnification obligations as to which no claim has been asserted
or is known to exist and any other obligations which, by their terms, are to survive the termination of this Agreement) have been
paid in full in cash.

 

    -48-

     

    

 

(k) Indemnification.
Each Obligor agrees to indemnify, defend and hold Agent, Holders and their respective directors, officers, employees, consultants,
agents, attorneys, or any other Person affiliated with or representing Agent or Holders (each, an “Indemnified Person”)
harmless against: (i) all obligations, demands, claims, and liabilities (including such claims, costs, expenses, damages and liabilities
based on liability in tort, including strict liability in tort) (collectively, “Claims”) claimed or asserted
by any other party in connection with the transactions contemplated by the Note Documents; and (ii) all losses or expenses in any
way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions
between Holders and the Obligors (including reasonable attorneys’ fees and expenses), except for Claims and/or losses to
the extent directly caused by such Indemnified Person’s gross negligence or willful misconduct. Each Obligor agrees to pay,
and to save Holders and Agent harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any
and all excise, sales or other similar taxes (excluding taxes imposed on or measured by the net income of such Persons) that may
be payable or determined to be payable with respect to any of the Collateral or this Agreement. This Section 12(k) shall
survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have
run.

 

(l) Confidentiality.
In handling any confidential information, Holders and Agent shall exercise the same degree of care that such Person exercises for
its own proprietary and confidential information, but disclosure of information may be made: (a) to Holders’ and/or Agent’s
Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Agent and Holders, collectively, “Holders
Entities”) provided that such Subsidiaries or Affiliates shall be bound by the confidentiality provisions set forth in
this Section 12(l) or a provision substantially similar hereto; (b) to prospective transferees (provided, however, Holders
and Agent shall use their commercially reasonable efforts to obtain any prospective transferee’s agreement to the terms of
this provision); (c) as required by law, regulation, subpoena, or other order, provided any information so disclosed will remain
confidential information hereunder as to the Holders and Agent unless such information as a direct result of the foregoing becomes
public information; (d) to the Holders’ or Agent’s regulators or as otherwise required in connection with an examination
or audit; (e) as Agent or the Holders consider appropriate in exercising remedies under the Note Documents; and (f) to third-party
service providers of the Holders and/or Agent so long as such service providers are in a relationship of confidentiality or have
executed a confidentiality agreement with the applicable Holder and/or Agent with terms no less restrictive than those contained
herein. Confidential information does not include information that is either: (i) in the public domain or in the Holders’
and/or Agent’s possession when disclosed to the Holders and/or Agent, or becomes part of the public domain (other than as
a result of its disclosure by the Holders and/or Agent or any party to whom such party disclosed such information as set forth
above in violation of this Agreement) after disclosure to the Holders and Agent; or (ii) disclosed to the Holders and/or Agent
by a third party, if the Holders and/or Agent do not know that the third party is prohibited from disclosing the information.

 

(Signature Page Follows) 

 

    -49-

     

    

 

The parties have caused this Agreement to
be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.

 

	Address for the Company and the Guarantors: 	COMPANY:
	 	 
	425 Market Street, Suite 700 	Metromile, Inc.
	San Francisco CA 94105	 
	 	By:	 /s/ Dan Preston
	Email for the Company and the Guarantors:	Name:  	Dan Preston
		Title:	Chief Executive Officer

 

	 	GUARANTORS:
	 	 
	 	Metromile Insurance Services LLC
	 	 
	 	By:	/s/ Dan Preston
	 	Name: 	Dan Preston
	 	Title:	Chief Executive Officer
	 	 
	 	Metromile Enterprise Solutions, LLC
	 	 
	 	By:	/s/ Dan Preston
	 	Name:	 Dan Preston
	 	Title:	Chief Executive Officer

 

Signature page to Note Purchase and Security
Agreement

 

     

     

    

 

The parties have caused this Agreement to
be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.

 

	 	AGENT AND HOLDER:
	 	 
	 	HSCM Bermuda Fund Ltd.
	 	 
	 	By: Hudson Structured Capital Management Ltd., its Manager
	 	 
	 	By:	/s/ Edouard Von Herberstein
	 	 	 
	 	 	Name: 	Edouard Von Herberstein 
	 	 	Title:	Partner
	 	 
	 	E-mail:	***
	 	 
	 	Address:	c/o Hudson Structured Capital Management Ltd.
	 	 	Attention: Ajay Mehra, Partner & General Counsel
	 	 	2187 Atlantic Street
	 	 	Stamford, CT 06902

 

Signature page to Note Purchase and Security
Agreement

 

     

     

    

 

The parties have caused this Agreement to
be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.

 

	 	HOLDER:
	 	 
	 	HS SANTANONI lp
	 	 
	 	By: Hudson Structured Capital Management Ltd., its Manager
	 	 
	 	By:	/s/ Edouard Von Herberstein
	 	 	 
	 	 	Name: 	Edouard Von Herberstein
	 	 	Title:	Partner
	 	 
	 	E-mail:	***
	 	 
	 	Address:	c/o Hudson Structured Capital Management Ltd.
	 	 	Attention: Ajay Mehra, Partner & General Counsel
	 	 	2187 Atlantic Street
	 	 	Stamford, CT 06902

 

Signature page to Note Purchase and Security
Agreement

 

     

     

    

 

ANNEX I

 

COLLATERAL DESCRIPTION

 

The Collateral consists
of all of each Obligor’s right, title and interest in and to the following personal property wherever located, whether now
owned or existing or hereafter acquired, created or arising:

 

All goods, Accounts
(including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements,
franchise agreements, General Intangibles (including Intellectual Property), commercial tort claims, documents, instruments (including
any promissory notes), chattel paper (whether tangible or electronic), cash, Deposit Accounts, Securities Accounts, Commodity Accounts,
all certificates of deposit,, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing),
securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and all the Obligors’ books and records relating to the foregoing, and any and all claims, rights and interests
in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements,
products, proceeds (both cash and non-cash) and insurance proceeds of any or all of the foregoing.

 

Notwithstanding
the foregoing, the Collateral does not include any (i) any license or contract that is nonassignable by its terms without the consent
of the licensor thereof or another party (but only to the extent such prohibition on transfer is enforceable under applicable law,
including, without limitation, Sections 9406 and 9408 of the Code), provided in each case that upon the cessation of any such restriction
or prohibition, such license or contract shall automatically become part of the Collateral, (ii) cash collateral accounts described
in clause (g) of the definition of Permitted Indebtedness if the granting of a security interest therein is specifically prohibited
by, would constitute an event of default under, or would grant a party a termination right under the contract or agreement with
respect to such cash collateral accounts (unless such prohibition is not enforceable under applicable law), provided that at any
such time any of the foregoing prohibitions or restrictions no longer apply then, as of such date, the Collateral shall automatically
be deemed to include any such cash collateral accounts and/or the proceeds thereof, (iii) equipment subject to a lien described
in clause (c) of the definition of Permitted Liens in connection with purchase money indebtedness incurred by the Obligor if the
underlying agreement with respect to such purchase money indebtedness does not permit the Obligor to grant a lien with respect
to such equipment in favor of Agent, or (iv) any “intent-to-use” trademark at any time prior to the first use thereof,
whether by the actual use thereof in commerce, the recording of a statement of use with the United States Patent and Trademark
Office or otherwise, but only to the extent the granting of a security interest in such “intent-to-use” trademark would
be contrary to applicable law.

 

     

     

    

 

Exhibit A

 

FORM OF NOTE

 

     

     

    

 

Exhibit B

 

SCHEDULE OF THE HOLDERS

 

     

     

    

 

Exhibit C

 

FORM OF WARRANT

 

     

     

    

 

Exhibit D

 

COMPLIANCE CERTIFICATE

 

     

     

    

 

Exceptions Schedule

 

     

     

    

 

Schedules 4(a)(i)

 

Corporate Organizational Information

 

     

     

    

 

Schedules 4(c)

 

Collateral Accounts

 

     

     

    

 

Schedules 4(d)

 

Collateral Locations

 

     

     

    

 

Schedule 4(e)

 

Material Intellectual Property Licensed
by the Obligors

 

     

     

    

 

Schedule 4(f)

 

Litigation and Adverse Proceedings

 

     

     

    

 

Schedule 4(n)

 

Restrictions on Shares

 

     

     

    

 

Schedule 10(a)

 

Existing InvestmentsExhibit 10.17

 

METROMILE,
INC.

 

2011
EQUITY INCENTIVE PLAN

 

1. Purposes
of the Plan. The purposes of this Plan are:

 

		●	to
attract and retain the best available personnel for positions of substantial responsibility,

 

		●	to
                                         provide additional incentive to Employees, Directors and Consultants, and

 

		●	to
                                         promote the success of the Company’s business.

 

The
Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and
Restricted Stock Units.

 

2. Definitions.
As used herein, the following definitions will apply:

 

(a) “Administrator”
means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.

 

(b) “Applicable
Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws,
U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or
quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

 

(c) “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, or Restricted
Stock Units.

 

(d) “Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award
granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

 

(e) “Board”
means the Board of Directors of the Company.

 

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

 

(i) Change
in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the
stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change
in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will
not be considered a Change in Control; or

 

     

     

    

 

(ii) Change
in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the Exchange
Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced
during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of
the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be
in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered
a Change in Control; or

 

(iii) Change
in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of
the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period
ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair
market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior
to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such
assets.

 

For
purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event
within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury
Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.

 

Further
and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
jurisdiction of the Company’s incorporation, or (ii) its sole purpose is 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.

 

(g) “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any
successor or amended section of the Code.

 

(h) “Committee”
means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation
committee of the Board, in accordance with Section 4 hereof.

 

(i) “Common
Stock” means the common stock of the Company.

 

(j) “Company”
means MetroMile, Inc., a Delaware corporation, or any successor thereto.

 

    -2-

     

    

 

(k) “Consultant”
means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.

 

(l) “Director”
means a member of the Board.

 

(m) “Disability”
means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than
Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in
accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 

(n) “Employee”
means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither
service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment”
by the Company.

 

(o) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(p) “Exchange
Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the
same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii)
Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity
selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator
will determine the terms and conditions of any Exchange Program in its sole discretion.

 

(q) “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:

 

(i) If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq
Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value
will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system
on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 

(ii) If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if
no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported
in The Wall Street Journal or such other source as the Administrator deems reliable; or

 

(iii) In
the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

 

    -3-

     

    

  

(r) “Incentive
Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock
option within the meaning of Code Section 422 and the regulations promulgated thereunder.

 

(s) “Nonstatutory
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock
Option.

 

(t) “Option”
means a stock option granted pursuant to the Plan.

 

(u) “Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).

 

(v) “Participant”
means the holder of an outstanding Award.

 

(w) “Period
of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions
and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time,
the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

 

(x) “Plan”
means this 2011 Equity Incentive Plan.

 

(y) “Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant
to the early exercise of an Option.

 

(z) “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant
to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

(aa)“Service
Provider” means an Employee, Director or Consultant.

 

(bb)“Share”
means a share of the Common Stock, as adjusted in accordance with Section 13 of the Plan.

 

(cc)“Stock
Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is
designated as a Stock Appreciation Right.

 

(dd)“Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).

 

3. Stock Subject to the Plan.

 

(a) Stock
Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may
be subject to Awards and sold under the Plan is 14,177,581 Shares. The Shares may be authorized but unissued, or reacquired Common
Stock.

 

    -4-

     

    

 

(b) Lapsed
Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an
Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company
due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited
or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan
has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right
will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future
grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any
Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however,
that if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are forfeited
to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay
the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future
grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment
will not result in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject
to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock
Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Code Section 422 and
the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section
3(b).

 

(c) Share
Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as
will be sufficient to satisfy the requirements of the Plan.

 

4. Administration
of the Plan.

 

(a) Procedure.

 

(i) Multiple
Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan.

 

(ii) Other
Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee,
which Committee will be constituted to satisfy Applicable Laws.

 

(b) Powers
of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties
delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

(i) to
determine the Fair Market Value;

 

(ii) to
select the Service Providers to whom Awards may be granted hereunder;

 

(iii) to
determine the number of Shares to be covered by each Award granted hereunder;

 

(iv) to
approve forms of Award Agreements for use under the Plan;

 

    -5-

     

    

  

(v) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based
on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding
any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

 

(vi) to
institute and determine the terms and conditions of an Exchange Program;

 

(vii) to
construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

(viii) to
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable
foreign laws;

 

(ix) to
modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority
to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section
6(d));

 

(x) to
allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;

 

(xi) to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
by the Administrator;

 

(xii) to
allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such
Participant under an Award; and

 

(xiii) to
make all other determinations deemed necessary or advisable for administering the Plan.

 

(c) Effect
of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final
and binding on all Participants and any other holders of Awards.

 

5. Eligibility.
Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be granted to Service
Providers. Incentive Stock Options may be granted only to Employees.

 

6. Stock
Options.

 

(a) Grant
of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Options in such amounts as the Administrator, in its sole discretion, will determine.

 

    -6-

     

    

  

(b) Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term
of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such
other terms and conditions as the Administrator, in its sole discretion, will determine.

 

(c) Limitations.
Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding
such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock
Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any
Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options.
For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order in which they were granted,
the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and calculation
will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder.

 

(d) Term
of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more
than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at
the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five
(5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

 

(e) Option
Exercise Price and Consideration.

 

(i) Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by
the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will
be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing
provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent
(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, Code Section 424(a).

 

(ii) Waiting
Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option
may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

 

    -7-

     

    

 

(iii) Form
of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration
at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note, to the extent permitted
by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which such Option will be exercised and provided further that accepting such Shares
will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion;
(5) consideration received by the Company under cashless exercise program (whether through a broker or otherwise) implemented
by the Company in connection with the Plan; (6) by net exercise, (7) such other consideration and method of payment for the issuance
of Shares to the extent permitted by Applicable Laws, or (8) any combination of the foregoing methods of payment. In making its
determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may
be reasonably expected to benefit the Company.

 

(f) Exercise
of Option.

 

(i) Procedure
for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan
and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option
may not be exercised for a fraction of a Share.

 

An
Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may
specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect
to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and
method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise
of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant
and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will
exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or
cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan.

 

Exercising
an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised.

 

(ii) Termination
of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s
termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within
thirty (30) days of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than
the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the
date of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested
as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination
the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate,
and the Shares covered by such Option will revert to the Plan.

 

    -8-

     

    

  

(iii) Disability
of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant
may exercise his or her Option within six (6) months of termination, or such longer period of time as is specified in the Award
Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent
the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination
the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert
to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option
will terminate, and the Shares covered by such Option will revert to the Plan.

 

(iv) Death
of Participant. If a Participant dies while a Service Provider, the Option may be exercised within six (6) months following
the Participant’s death, or within such longer period of time as is specified in the Award Agreement (but in no event later
than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on
the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to the
Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant,
then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom
the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.
Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option,
the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised
within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

7. Stock
Appreciation Rights.

 

(a) Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b) Number
of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock
Appreciation Rights.

 

(c) Exercise
Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received
upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject
to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights
granted under the Plan.

 

(d) Stock
Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify
the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions
as the Administrator, in its sole discretion, will determine.

 

    -9-

     

    

 

(e) Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the
Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section
6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.

 

(f) Payment
of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive
payment from the Company in an amount determined by multiplying:

 

(i) The
difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

 

(ii) The
number of Shares with respect to which the Stock Appreciation Right is exercised.

 

At
the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent
value, or in some combination thereof.

 

8. Restricted
Stock.

 

(a) Grant
of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

(b) Restricted
Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions
on such Shares have lapsed.

 

(c) Transferability.
Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

(d) Other
Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock
as it may deem advisable or appropriate.

 

(e) Removal
of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock
grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction
or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which
any restrictions will lapse or be removed.

 

(f) Voting
Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise
full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

    -10-

     

    

 

(g) Dividends
and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled
to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise.
If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

 

(h) Return
of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan.

 

9. Restricted
Stock Units.

 

(a) Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator
determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions,
and restrictions related to the grant, including the number of Restricted Stock Units.

 

(b) Vesting
Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The
Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including,
but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion.

 

(c) Earning
Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout
as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

(d) Form
and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined
by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted
Stock Units in cash, Shares, or a combination of both.

 

(e) Cancellation.
On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 

10. Compliance
With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application
of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the Administrator.
The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will
be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator.
To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award
will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the
grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A.

 

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11. Leaves
of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will
be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave
of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent,
or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon
expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved
by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive
Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes
as a Nonstatutory Stock Option.

 

12. Limited
Transferability of Awards.

 

(a) Unless
determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in
any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant,
only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by will, (ii)
by the laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act of 1933, as amended (the “Securities
Act”).

 

(b) Further,
until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator
determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange Act as set forth
in Rule 12h-1(f) promulgated under the Exchange Act, an Option, or prior to exercise, the Shares subject to the Option, may not
be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short position,
any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule
16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family members” (as defined in Rule
701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of the Participant
upon the death or disability of the Participant. Notwithstanding the foregoing sentence, the Administrator, in its sole discretion,
may determine to permit transfers to the Company or in connection with a Change in Control or other acquisition transactions involving
the Company to the extent permitted by Rule 12h-1(f).

 

13. Adjustments;
Dissolution or Liquidation; Merger or Change in Control.

 

(a) Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting
the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the
number, class, and price of Shares covered by each outstanding Award; provided, however, that the Administrator will make such
adjustments to an Award required by Section 25102(o) of the California Corporations Code to the extent the Company is relying
upon the exemption afforded thereby with respect to the Award.

 

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(b) Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each
Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously
exercised, an Award will terminate immediately prior to the consummation of such proposed action.

 

(c) Merger
or Change in Control. In the event of a merger or Change in Control, each outstanding Award will be treated as the Administrator
determines (subject to the provisions of the following paragraph) without a Participant’s consent, including, without limitation,
that (i) Awards will be assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation
(or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice
to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such merger
or Change in Control; (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions
applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and,
to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change
in Control; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount
that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date
of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction
the Administrator 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), or (B) the replacement
of such Award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the
foregoing. In taking any of the actions permitted under this subsection 13(c), the Administrator will not be obligated to treat
all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.

 

In
the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will
fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares
as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock
Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria
will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met. In addition, if
an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator
will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a
period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate
upon the expiration of such period.

 

For
the purposes of this subsection 13(c), an Award will be considered assumed if, following the merger or Change in Control, the
Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change
in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control
by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however,
that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation
or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received
upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject
to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or Change in Control.

 

    -13-

     

    

 

Notwithstanding
anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more
performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without
the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s
post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

Notwithstanding
anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and if the
change in control definition contained in the Award Agreement does not comply with the definition of “change of control”
for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this
Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering
any penalties applicable under Code Section 409A.

 

14. Tax
Withholding.

 

(a) Withholding
Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have
the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with
respect to such Award (or exercise thereof).

 

(b) Withholding
Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time,
may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash,
(ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum statutory
amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory
amount required to be withheld, provided the delivery of such Shares will not result in any adverse accounting consequences, as
the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable
to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise)
equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which
the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum
federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the
amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered will be determined
as of the date that the taxes are required to be withheld.

 

    -14-

     

    

 

15. No
Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing
the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s
right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted
by Applicable Laws.

 

16. Date
of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination
granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided
to each Participant within a reasonable time after the date of such grant.

 

17. Term
of Plan. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board. Unless sooner terminated
under Section 18, it will continue in effect for a term of ten (10) years from the later of (a) the effective date of the Plan,
or (b) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance
under the Plan.

 

18. Amendment
and Termination of the Plan.

 

(a) Amendment
and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

 

(b) Stockholder
Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply
with Applicable Laws.

 

(c) Effect
of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of any
Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing
and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise
the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

19. Conditions
Upon Issuance of Shares.

 

(a) Legal
Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company
with respect to such compliance.

 

(b) Investment
Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

20. Inability
to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority
will not have been obtained.

 

    -15-

     

    

 

21. Stockholder
Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date
the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable
Laws.

 

22. Information
to Participants. Beginning on the earlier of (i) the date that the aggregate number of Participants under this Plan is five
hundred (500) or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act and (ii)
the date that the Company is required to deliver information to Participants pursuant to Rule 701 under the Securities Act, and
until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, is no
longer relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act or is no longer required to deliver information
to Participants pursuant to Rule 701 under the Securities Act, the Company shall provide to each Participant the information described
in paragraphs (e)(3), (4), and (5) of Rule 701 under the Securities Act not less frequently than every six (6) months with the
financial statements being not more than 180 days old and with such information provided either by physical or electronic delivery
to the Participants or by written notice to the Participants of the availability of the information on an Internet site that may
be password-protected and of any password needed to access the information. The Company may request that Participants agree to
keep the information to be provided pursuant to this section confidential. If a Participant does not agree to keep the information
to be provided pursuant to this section confidential, then the Company will not be required to provide the information unless
otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act or Rule 701 of the Securities Act.

 

 

 -16-

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