Document:

Exhibit 10.19

 

CARLOTZ, INC.

2020 INCENTIVE AWARD PLAN

 

STOCK OPTION GRANT NOTICE AND STOCK OPTION
AGREEMENT

 

CarLotz, Inc.,
a corporation organized under the laws of Delaware (the “Company”), pursuant to its 2020 Incentive Award Plan,
as amended from time to time (the “Plan”), hereby grants to the holder listed below (“Participant”)
an option to purchase the number of Shares set forth below (the “Option”). The Option is subject to the terms
and conditions set forth in this Stock Option Grant Notice (the “Grant Notice”), the Stock Option Agreement
attached hereto as Exhibit A (the “Agreement”), and the Plan, each of which is incorporated herein
by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant
Notice and the Agreement.

 

	Participant:	[  ]
	Grant Date:	[  ]
	Exercise Price Per Share:	$[  ]
	Total Exercise Price:	$[  ]
	Total Number of Shares Subject to  Option:	[  ]
	Expiration Date:	[  ]
	Type of Option:	 ̈ Incentive Stock Option þ Non-Qualified Stock Option
	Vesting Schedule:	See Exhibit B

 

By Participant’s
signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and the Grant Notice. Participant
has reviewed the Agreement, the Plan and the Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel
prior to executing the Grant Notice and fully understands all provisions of the Grant Notice, the Agreement and the Plan. Participant
hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions
arising under the Plan, the Grant Notice or the Agreement.

 

	CARLOTZ, INC.	 	PARTICIPANT
	 	 	 	 	 
	By:	 	 	By:	 
	Print Name:	[  ]	 	Print Name:	[  ]
	Title:	[  ]	 	 	 

 

    

     

    

 

EXHIBIT A

TO STOCK OPTION GRANT NOTICE

 

STOCK OPTION AGREEMENT

 

Pursuant to the Grant
Notice to which this Agreement is attached, the Company has granted to Participant an Option under the Plan to purchase the number
of Shares set forth in the Grant Notice.

 

ARTICLE I.

GENERAL

 

1.1 Defined Terms.
Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. For purposes
of this Agreement, the following terms shall have the following meanings:

 

(a) “Cause”
shall mean a Company Group Member having “Cause” to terminate Participant’s employment or services, as such term
is defined in any relevant employment or consulting agreement between Participant and a Company Group Member; provided that,
in the absence of such agreement containing such definition, a Company Group Member shall have “Cause” to terminate
Participant’s employment or services upon: (i) Participant’s commission of any act or omission that results in,
or may reasonably be expected to result in, a conviction of (or plea of no contest or nolo contendere to) any felony (other than
in connection with a traffic violation that does not result in imprisonment) under any state, federal or foreign law or any crime
involving moral turpitude or dishonesty or that has or could have the effect, in the Company’s reasonable and good faith
determination, of causing material reputational or other material harm or damage to the Company Group; (ii) Participant’s
commission of an act of fraud, embezzlement, misappropriation of funds, misrepresentation, malfeasance, breach of fiduciary duty
or other willful and material act of misconduct, in each case, against any Company Group Member; (iii) any willful, material
damage to any property of a Company Group Member by Participant; (iv) Participant’s willful failure to (A) substantially
perform Participant’s material job functions (other than any such failure resulting from Participant’s Disability)
or (B) carry out or comply with a lawful and reasonable directive of a Company Group Member, in each case, which failure has
not been cured (or cannot be cured) within fifteen (15) days after the Company gives written notice to Participant regarding such
failure; (v) Participant’s breach of any Company policy which materially harms the Company Group, which breach has not
been cured (or cannot be cured) within fifteen (15) days after the Company gives written notice to Participant regarding such failure;
(vi) Participant’s unlawful use (including being under the influence) or possession of illegal drugs, or excessive use
of alcohol, in each case that materially impairs Participant’s ability to perform Participant’s duties contemplated
; (vii) any negligent or reckless act by Participant resulting in or causing material reputational or other material harm
or damage to the Company Group, in the good faith reasonable judgment of the Company and (viii) Participant’s breach
of any material provision of any written agreement between Participant and any Company Group Member, and failure to cure such breach
(if capable of cure) within fifteen (15) days after the Company gives written notice to Participant regarding such breach. Whether
or not an event giving rise to “Cause” occurs for purposes of this definition (for Participants who do not have an
employment or consulting agreement that includes a definition of Cause) will be determined by the Board in its sole discretion.

 

(b) “Cessation
Date” shall mean the date of Participant’s Termination of Service (regardless of the reason for such termination).

 

(c) “Company Group”
shall mean the Company and its Subsidiaries.

 

    

     

    

 

(d) “Company Group Member”
shall mean each member of the Company Group.

 

(e) “Disability”
shall have the meaning ascribed to such term in any relevant employment agreement between Participant and a Company Group Member;
provided that, in the absence of such agreement containing such definition, “Disability” shall mean the disability
of Participant such as would entitle the Participant to receive disability income benefits pursuant to the long-term disability
plan of the Company Group Member then covering Participant or, if no such plan exists or is applicable to Participant, the permanent
and total disability of Participant within the meaning of Section 22(e)(3) of the Code.

 

1.2 Incorporation
of Terms of Plan. The Option is subject to the terms and conditions set forth in this Agreement and the Plan, each of which
is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan
shall control.

 

ARTICLE II.

GRANT OF OPTION

 

2.1 Grant of Option.
In consideration of Participant’s past and/or continued employment with or service to any Company Group Member and for other
good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the “Grant Date”),
the Company has granted to Participant the Option to purchase any part or all of an aggregate number of Shares set forth in the
Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as
provided in Section 12.2 of the Plan.

 

2.2 Exercise Price.
The exercise price per Share of the Shares subject to the Option (the “Exercise Price”) shall be as set forth
in the Grant Notice.

 

ARTICLE III.

PERIOD OF EXERCISABILITY

 

3.1 Commencement of Exercisability.

 

(a) Subject to Participant’s
continued employment with or service to a Company Group Member on each applicable vesting date and subject to Sections 3.2,
3.3, 5.9 and 5.14 hereof, the Option shall become vested and exercisable in such amounts and at such times
as are set forth in the Grant Notice.

 

(b) Except as otherwise
provided under Section 3.1(c), as determined by the Administrator or as set forth in a written agreement between Participant
and the Company, any portion of the Option that has not become vested and exercisable on or prior to the Cessation Date (including,
without limitation, pursuant to any employment or similar agreement by and between Participant and the Company) shall be forfeited
on the Cessation Date and shall not thereafter become vested and exercisable.

 

(c)  In the event
Participant incurs a Termination of Service without Cause upon or within twelve (12) months following a Change in Control, any
portion of the Option that has not become vested and exercisable on or prior to the Cessation Date, shall become fully vested and
exercisable as of immediately prior to the Termination of Service.

 

3.2 Duration of
Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such
installment that becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested
and exercisable until it becomes unexercisable under Section 3.3 hereof. Once the Option becomes unexercisable, it
shall be forfeited immediately.

 

    

     

    

 

3.3 Expiration of
Option. The Option may not be exercised to any extent by anyone after the first to occur of the following events:

 

(a) The expiration
date set forth in the Grant Notice;

 

(b) Except as the
Administrator may otherwise approve, the expiration of twelve (12) months from the Cessation Date by reason of Participant’s
Termination of Service due to death or Disability;

 

(c) Except as the
Administrator may otherwise approve, immediately upon the Cessation Date by reason of Participant’s Termination of Service
by the Company Group for Cause; and

 

(d) Except as the
Administrator may otherwise approve, the expiration of three (3) months from the Cessation Date by reason of Participant’s
Termination of Service for any reason other than by the Company Group for Cause or due to death or Disability.

 

3.4 Tax Withholding.
Notwithstanding any other provision of this Agreement:

 

(a) The Company
Group has the authority to deduct or withhold, or require Participant to remit to the applicable Company Group Member, an amount
sufficient to satisfy any applicable federal, state, local, provincial and foreign taxes (including the employee portion of any
FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement.
The Company Group may withhold or Participant may make such payment in one or more of the forms specified below:

 

(i) by cash or
check made payable to the Company Group Member with respect to which the withholding obligation arises;

 

(ii) by the deduction
of such amount from other compensation payable to Participant;

 

(iii) with respect
to any withholding taxes arising in connection with the exercise of the Option, with the consent of the Administrator, by requesting
that the Company withhold a net number of Shares issuable upon the exercise of the Option having a then current Fair Market Value
not exceeding the amount necessary to satisfy the withholding obligation of the Company Group based on the maximum statutory withholding
rates in Participant’s applicable jurisdictions for federal, state, local, provincial and foreign income tax and payroll
tax purposes that are applicable to such taxable income;

 

(iv) with respect
to any withholding taxes arising in connection with the exercise of the Option, with the consent of the Administrator, by tendering
to the Company vested Shares held for such period of time as may be required by the Administrator in order to avoid adverse accounting
consequences and having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation
of the Company Group based on the maximum statutory withholding rates in Participant’s applicable jurisdictions for federal,
state, local, provincial and foreign income tax and payroll tax purposes that are applicable to such taxable income;

 

    

     

    

 

(v) with respect
to any withholding taxes arising in connection with the exercise of the Option, through the delivery of a notice that Participant
has placed a market sell order with a broker acceptable to the Company with respect to Shares then issuable to Participant pursuant
to the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company
Group Member with respect to which the withholding obligation arises in satisfaction of such withholding taxes; provided
that payment of such proceeds is then made to the applicable Company Group Member at such time as may be required by the Administrator,
but in any event not later than the settlement of such sale; or

 

(vi) in any combination
of the foregoing.

 

(b) With respect
to any withholding taxes arising in connection with the Option, in the event Participant fails to provide timely payment of all
sums required pursuant to Section 3.4(a), the Company shall have the right and option, but not the obligation, to treat
such failure as an election by Participant to satisfy all or any portion of Participant’s required payment obligation pursuant
to Section 3.4(a)(ii) or Section 3.4(a)(iii) above, or any combination of the foregoing as the
Company may determine to be appropriate. The Company shall not be obligated to deliver any certificate representing Shares issuable
with respect to the exercise of the Option to, or to cause any such Shares to be held in book-entry form by, Participant or his
or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied
in full the amount of all federal, state, local, provincial and foreign taxes applicable with respect to the taxable income of
Participant resulting from the exercise of the Option or any other taxable event related to the Option.

 

(c) In the event
any tax withholding obligation arising in connection with the Option will be satisfied under Section 3.4(a)(iii), then
the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on Participant’s
behalf a whole number of Shares from those Shares then issuable upon the exercise of the Option as the Company determines to be
appropriate to generate cash proceeds sufficient to satisfy the tax withholding obligation and to remit the proceeds of such sale
to the Company Group Member with respect to which the withholding obligation arises. Participant’s acceptance of this Option
constitutes Participant’s instruction and authorization to the Company and such brokerage firm to complete the transactions
described in this Section 3.4(c), including the transactions described in the previous sentence, as applicable. The
Company may refuse to issue any Shares to Participant until the foregoing tax withholding obligations are satisfied, provided
that no payment shall be delayed under this Section 3.4(c) if such delay will result in a violation of Section 409A.

 

(d) Participant
is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action any Company Group
Member takes with respect to any tax withholding obligations that arise in connection with the Option. No Company Group Member
makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting
or exercise of the Option or the subsequent sale of Shares. The Company Group does not commit and is under no obligation to structure
the Option to reduce or eliminate Participant’s tax liability.

 

(e) For purposes
of this Section 3.4, (i) “Applicable Law” shall include without limitation, all applicable securities, corporate,
tax and other laws, rules, regulations, instruments, notices, blanket orders, decision documents, statements, circulars, procedures
and policies, and (ii) “withholding taxes” shall include any and all taxes and other source deductions, or other
amounts which the Company Group Member is required by Applicable Law to withhold from any amounts paid or credited to a Participant
under the Plan.

 

    

     

    

 

ARTICLE IV.

EXERCISE OF OPTION

 

4.1 Person Eligible
to Exercise. During the lifetime of Participant, only Participant may exercise the Option or any portion thereof. After the
death of Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under
Section 3.3 hereof, be exercised by Participant’s personal representative or by any Person empowered to do so
under the deceased Participant’s will or under the then Applicable Laws of descent and distribution.

 

4.2 Partial Exercise.
Subject to Section 5.2, any exercisable portion of the Option or the entire Option, if then wholly exercisable, may
be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3
hereof.

 

4.3 Manner of Exercise.
The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company (or any third
party administrator or other Person designated by the Company), during regular business hours, of all of the following prior to
the time when the Option or such portion thereof becomes unexercisable under Section 3.3 hereof.

 

(a) An exercise
notice in a form specified by the Administrator, stating that the Option or portion thereof is thereby exercised, such notice complying
with all applicable rules established by the Administrator;

 

(b) The receipt
by the Company of full payment for the Shares with respect to which the Option or portion thereof is exercised, in such form of
consideration permitted under Section 4.4 hereof that is acceptable to the Administrator;

 

(c) The payment
of any applicable withholding tax in accordance with Section 3.4;

 

(d) Any other written
representations or documents as may be required in the Administrator’s sole discretion to effect compliance with Applicable
Law; and

 

(e) In the event
the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any Person or Persons other than
Participant, appropriate proof of the right of such Person or Persons to exercise the Option.

 

Notwithstanding any
of the foregoing, the Administrator shall have the right to specify all conditions of the manner of exercise, which conditions
may vary by country and which may be subject to change from time to time.

 

4.4 Method of Payment.
Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of Participant:

 

(a) Cash or check;

 

(b) With the consent
of the Administrator, surrender of vested Shares (including, without limitation, Shares otherwise issuable upon exercise of the
Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences
and having a Fair Market Value on the date of delivery equal to the aggregate Exercise Price of the Option or exercised portion
thereof;

 

    

     

    

 

(c) Through the
delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to Shares
then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds
of the sale to the Company in satisfaction of the Exercise Price; provided that payment of such proceeds is then made to
the Company at such time as may be required by the Administrator, but in any event not later than the settlement of such sale;
or

 

(d) Any other form
of legal consideration acceptable to the Administrator.

 

4.5 Conditions to
Issuance of Shares. The Company shall not be required to issue or deliver Shares purchased upon the exercise of the Option
or portion thereof prior to fulfillment of all of the following conditions: (a) the admission of such Shares to listing on
all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of
such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other governmental
regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining
of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute
discretion, determine to be necessary or advisable, (d) the receipt by the Company of full payment for such Shares, which
may be in one or more of the forms of consideration permitted under Section 4.4 hereof, and (e) the receipt of
full payment of any applicable withholding tax in accordance with Section 3.4 by the Company Group Member with respect
to which the applicable withholding obligation arises.

 

4.6 Rights as Stockholder.
Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder
of the Company in respect of any Shares purchasable upon the exercise of any part of the Option unless and until certificates representing
such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer
agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account). No adjustment
will be made for a dividend or other right for which the record date is prior to the date of such issuance, recordation and delivery,
except as provided in Section 12.2 of the Plan. Except as otherwise provided herein, after such issuance, recordation and
delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without
limitation, the right to receipt of dividends and distributions on such Shares.

 

ARTICLE V.

OTHER PROVISIONS

 

5.1 Administration.
The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for
the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith
and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator
will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable
Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with
respect to the Plan, the Grant Notice or this Agreement.

 

5.2 Whole Shares.
The Option may only be exercised for whole Shares.

 

5.3 Option Not Transferable.
Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or transferred in any manner other than
by will or the laws of descent and distribution, unless and until the Shares underlying the Option have been issued, and all restrictions
applicable to such Shares have lapsed. Neither the Option nor any interest or right therein or part thereof shall be liable for
the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary
or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted
by the preceding sentence. Notwithstanding the foregoing, with the consent of the Administrator, if the Option is a Non-Qualified
Stock Option, it may be transferred to Permitted Transferees pursuant to any conditions and procedures the Administrator may require.

 

    

     

    

 

5.4 Adjustments.
The Administrator may accelerate the vesting of all or a portion of the Option in such circumstances as it, in its sole discretion,
may determine. Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events
as provided in this Agreement and the Plan, including Section 12.2 of the Plan.

 

5.5 Notices.
Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary
of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant
at Participant’s last address reflected on the Company’s records. By a notice given pursuant to this Section 5.5,
either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly
given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post
office or branch post office regularly maintained by the United States Postal Service.

 

5.6 Titles.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

5.7 Governing Law.
The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the
terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

 

5.8 Conformity to
Securities Laws. Participant acknowledges that the Plan, the Grant Notice, and this Agreement are intended to conform to the
extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange
Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission and state securities
laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted
and may be exercised, only in such a manner as to conform to Applicable Law. To the extent permitted by Applicable Law, the Plan,
the Grant Notice, and this Agreement shall be deemed amended to the extent necessary to conform to Applicable Law.

 

5.9 Amendment, Suspension
and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified,
suspended or terminated at any time or from time to time by the Administrator or the Board, provided that, except as may
otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect
the Option in any material way without the prior written consent of Participant.

 

5.10 Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in Section 5.3
and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors
and assigns of the parties hereto.

 

    

     

    

 

5.11 Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is
subject to Section 16 of the Exchange Act, the Plan, the Option, the Grant Notice and this Agreement shall be subject to any
additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any
amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent
permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive
rule.

 

5.12 Not a Contract
of Employment. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue to serve as an
employee or other service provider of any Company Group Member or shall interfere with or restrict in any way the rights of any
Company Group Member, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any
time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement
between a Company Group Member and Participant.

 

5.13 Entire Agreement.
The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and
supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof.

 

5.14 Section 409A.
This Award is not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A.
However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator
determines that this Award (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right
in its sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to
adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate
for this Award either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

 

5.15 Agreement Severable.
In the event that any provision of the Grant Notice or this Agreement is held invalid or unenforceable, such provision will be
severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of
the Grant Notice or this Agreement.

 

5.16 Limitation
on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This
Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as
creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the
right to receive Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms
hereof.

 

5.17 Counterparts.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable
Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

5.18 Incentive Stock
Options. Participant acknowledges that to the extent the aggregate Fair Market Value of Shares (determined as of the time the
option with respect to the Shares is granted) with respect to which Incentive Stock Options, including this Option (if applicable),
are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for any other reason such Incentive
Stock Options do not qualify or cease to qualify for treatment as “incentive stock options” under Section 422
of the Code, such Incentive Stock Options shall be treated as Non-Qualified Stock Options. Participant further acknowledges that
the rule set forth in the preceding sentence shall be applied by taking the Option and other stock options into account in
the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder.
Participant also acknowledges that an Incentive Stock Option exercised more than three (3) months after Participant’s
Termination of Service, other than by reason of death or disability, will be taxed as a Non-Qualified Stock Option.

 

    

     

    

 

5.19 Notification
of Disposition. If this Option is designated as an Incentive Stock Option, Participant shall give prompt written notice to
the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is
made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares
to Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other
property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

 

5.20 Special Provisions
for Options Granted to Participants Outside the United States. If the Participant performs services for the Company outside
of the United States, this Agreement shall be subject to the special provisions, if any, for the Participant’s country of
residence, as may be set forth in a foreign appendix.

 

(a) If
the Participant relocates to another country during the life of this Agreement, special provisions for such country shall apply
to the Participant, to the extent the Company determines that the application of such provisions is necessary or advisable in order
to comply with applicable foreign and local law or facilitate the administration of the Plan.

 

(b) The
Company reserves the right to impose other requirements on this Agreement, the Option and the Shares issued upon exercise of the
Option, to the extent the Company determines it is necessary or advisable in order to comply with applicable foreign or local laws
or facilitate the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings
that may be necessary to accomplish the foregoing.

    

     

    

 

EXHIBIT B

 

Vesting ScheduleExhibit 10.20

 

FORM OF INDEMNIFICATION AGREEMENT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    1 

    

    

 

2.            Definitions.
As used in this Agreement: 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2 

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3 

    

    

 

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

 

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

 

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

 

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

 

    4 

    

    

 

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

 

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

 

    5 

     

    

 

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

 

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

 

8.            Additional
Indemnification.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

11.            Procedure
for Notification and Defense of Claim.

 

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

 

    7 

     

    

 

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

 

12.            Procedure
Upon Application for Indemnification.

 

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

 

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

 

    8 

     

    

 

13.            Presumptions
and Effect of Certain Proceedings.

 

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

 

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

 

    9 

     

    

 

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

 

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

 

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

 

    10 

     

    

 

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

 

14.            Remedies
of Indemnitee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

18.            Enforcement.

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)            If
to the Company:

 

CarLotz, Inc.

611 Bainbridge Street, Suite 100

Richmond, Virginia 23224

Attention: Becca Polak

Email: bpolak@carlotz.com

 

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

 

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22.            Contribution.

 

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

 

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

 

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

 

    15

     

    

 

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

 

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

 

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

 

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

 

[signature
page follows]

 

    16

     

    

 

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

 

	 	CARLOTZ, INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	indemnitee

 

	 	Name:	 
	 	Address:

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