Document:

yrcw-ex101_9.htm

 

Exhibit 10.1

 

Personal and Confidential

 

_____________, 20__

 

	
 
	
Re: 
	
Retention Bonus

Dear _____: 

On behalf of YRC Worldwide Inc. (the “Company”), I am pleased to offer you the opportunity to earn the retention bonus described below if you agree to the terms and conditions of this letter agreement (this “Agreement”), which will be effective as of the date you execute and return a copy of this Agreement to the Company. Unless otherwise defined herein, all capitalized terms have the meanings set forth in Section 3. 

1.Retention Bonus. You will be eligible to earn an aggregate retention bonus of $________ (the “Retention Bonus”). 

2.Vesting Conditions. Your Retention Bonus will be earned and vested in accordance with the provisions of this Section 2.

(a)Pre-Paid Component. ___% of your Retention Bonus (the “Pre-Paid Component”) will be paid to you promptly after you execute and return this Agreement to the Company and will vest ratably over the period commencing on __________, 20__ and ending on the Completion Date (such period, the “Retention Period”) solely on the basis of your continued employment with the Company Group. You agree that in the event your employment with the Company Group terminates for any reason other than a Qualifying Termination before the Completion Date, you will repay to the Company, within twenty (20) days following such termination, the After-Tax Value of the unvested Pre-Paid Component.  By way of example, if your employment with the Company Group terminates other than in a Qualifying Termination one-third (1/3rd) of the way through the Retention Period, one-third (1/3rd) of the Pre-Paid Component would be vested, so you would be required to re-pay the After-Tax Value of two-thirds (2/3rd) of the Pre-Paid Component.

(b)Final Component.  The remaining _____%  of your Retention Bonus (the “Final Component”) will be paid to you if, and only if, you are employed by the Company Group on the Completion Date.  In the event your employment terminates before the Completion Date due to a Qualifying Termination, the Company will pay you within 90 days of your Qualifying Termination (but in any event no later than March 15 of the year following such termination) a pro rata portion of the Final Component based on the relative number of days you were employed during the Retention Period.   

(c)CARES Act.  Notwithstanding anything to the contrary contained herein, the Company may reduce (including to $0) the amount of the Final Component to the extent necessary to avoid a violation of the UST Tranche A Term Loan Credit Agreement or the UST Tranche B Term Loan Credit Agreement, each dated July 7, 2020 (collectively, the “Financing Commitments”), as determined by the Compensation Committee of the Company’s Board of Directors in its sole discretion.

 

 

 

3.Definitions. For purposes of this Agreement:

“After-Tax Value” means the aggregate amount of the Pre-Paid Component net of any taxes withheld or paid in respect thereof and determined taking into account any tax benefit that may be available to you in respect of such repayment. The Company will determine the After-Tax Value, which determination will be final, conclusive and binding for all purposes hereunder.

“Cause” means (a) gross negligence or willful misconduct in connection with your duties or in the course of your employment with the Company Group, (b) an act of fraud, embezzlement or theft in connection with your duties or in the course of your employment with the Company Group, (c) intentional wrongful damage to property (other than of a de minimis nature) of the Company Group, (d) intentional wrongful disclosure of secret processes or confidential information of the Company Group which you believe or reasonably should believe will have a material adverse effect on the Company, or (e) an act leading to your conviction of a felony, or a misdemeanor involving moral turpitude. 

“Company Group” means the Company and its direct and indirect subsidiaries. 

“Disability” means your inability to perform your essential job functions with the Company Group due to a mental or physical impairment for at least 60 consecutive days. 

“Good Reason” means (a) a material reduction in your title, position or responsibilities, (b) a reduction in your base salary, (c) a reduction in your target bonus opportunity, or (d) a mandatory relocation of your employment with the Company more than fifty (50) miles from the office of the Company where you are principally employed and stationed, except for travel reasonably required in the performance of your duties and responsibilities. To constitute Good Reason, you must provide written notice to the Company within 30 days of the occurrence of any event of Good Reason, the Company Group must fail to cure such event within 30 days of such notice and you must terminate employment within 10 days of the expiration of such cure period.

“Qualifying Termination” means the termination of your employment with the Company Group before the Completion Date (i) by the Company for a reason other than Cause, (ii) by you for Good Reason, or (iii) due to your death or Disability if, and only if, in the case of any termination other due to your death or Disability, you execute a release of employment related claims in a form to be provided by the Company (the “Release”) within the time provided by the Company to do so, and you do not revoke such Release within any time provided by the Company to do so.

“Completion Date” means __________.

4.Withholding Taxes. All amounts to be paid hereunder will be subject to and reduced by the amount of all applicable income, employment and other taxes required to be withheld by the Company or any other member of the Company Group under applicable law.

5.No Right to Continued Employment. Nothing in this Agreement will confer upon you any right to continued employment with the Company or any member of the Company Group (or any of their respective successors) or interfere in any way with the right of the Company or any member of the Company Group (or any of their respective successors) to terminate your employment at any time or for any reason or to change the terms of your employment in any manner.

6.Other Benefits. The Retention Bonus is a special payment to you and will not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, other retention, pension, retirement, death or other benefit under any other bonus, retention, pension, 

2

 

 

retirement, insurance or other employee benefit plan of any member of the Company Group, unless such plan or agreement expressly provides otherwise.

7.Governing Law. This Agreement will be governed by, and construed under and in accordance with, the internal laws of the State of Delaware, without reference to rules relating to conflicts of laws.

8.Notices.  All notices hereunder must be in writing and provided by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

To you:

 At the most recent address on file at the Company.

To the Company:

YRC Worldwide Inc.

Attn: Corporate Secretary

10990 Roe Avenue

Overland Park, KS 66211

 

or to such other address as either party has furnished to the other in writing in accordance herewith.  Notices will be effective when actually received by the addressee. 

9.Counterparts. This Agreement may be executed in one or more counterparts, including by electronic mail or facsimile, each of which when so executed and delivered will be an original, but all such counterparts together will constitute one and the same instrument.

10.Entire Agreement; Amendment. This Agreement constitutes the entire agreement between you and the Company with respect to the Retention Bonus and supersedes any and all prior agreements or understandings between you and the Company with respect to the Retention Bonus, whether written or oral. This Agreement may be amended or modified only by a written instrument executed by you and the Company. 

11.Section 409A. The Retention Bonus is intended to be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and accordingly, this Agreement will be interpreted in a manner consistent therewith.  Notwithstanding the foregoing, the Company makes no representations that the Retention Bonus is exempt from, or compliant with, Section 409A and in no event will any member of the Company Group be liable for all or any portion of any taxes, penalties, interest or other expenses that you may incur on account of non-compliance with Section 409A.   

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

3

 

 

This Agreement is intended to be a binding obligation on you and the Company. If this Agreement accurately reflects your understanding as to the terms and conditions of the Retention Bonus, please sign, date, and return a copy of this Agreement to the Company via DocuSign. You should make a copy of the executed Agreement for your records.

Very truly yours,

YRC WORLDWIDE INC.

 

	
 
	
By:
	

Name:
Title: 

ACKNOWLEDGED AND AGREED:

 

 

 

[Name]

 

Date:Exhibit 10.1

 

Execution Version

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this 5th day of October, 2020, by and among RMG
Acquisition Corp., a Delaware corporation (the “Issuer”), and the undersigned (“Subscriber”
or “you”). Defined terms used but not otherwise defined herein shall have the respective meanings ascribed
thereto in the Merger Agreement (as defined below and as in effect on the date hereof).

 

WHEREAS, the Issuer,
RMG Merger Sub, Inc., a wholly owned subsidiary of the Issuer (the “Merger Sub”) and Romeo Systems, Inc., a
Delaware corporation (the “Company”), will, immediately following the execution of this Subscription Agreement,
enter into that certain Agreement and Plan of Merger, dated as of October 5, 2020 (as amended, modified, supplemented or waived
from time to time in accordance with its terms, the “Merger Agreement”), pursuant to which, inter alia,
the Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of the Issuer
(the “Merger”), on the terms and subject to the conditions set forth therein (the Merger, together with the
other transactions contemplated by the Merger Agreement, the “Transactions”);

 

WHEREAS, in connection
with the Transactions, Subscriber desires to subscribe for and purchase from the Issuer that number of (i) shares of the Issuer’s
Class A common stock, par value $0.0001 per share (the “Class A common stock”) set forth on the signature page
hereto (the “Shares”) for a purchase price of $10.00 per share, for the aggregate purchase price set forth
on Subscriber’s signature page hereto (the “Purchase Price”), and the Issuer desires to issue and sell
to Subscriber the Shares in consideration of the payment of the Purchase Price therefor by or on behalf of Subscriber to the Issuer,
all on the terms and conditions set forth herein; and

 

WHEREAS, certain other
 “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”)) or “accredited investors” (within the meaning of Rule 501(a) under the Securities Act) (each, an
 “Other Subscriber”) have, severally and not jointly, entered into separate subscription agreements with the
Issuer (the “Other Subscription Agreements”), pursuant to which such Other Subscribers have agreed to purchase
Class A common stock on the Closing Date at the same per share purchase price as the Subscriber, and the aggregate amount of securities
to be sold by the Issuer pursuant to this Subscription Agreement and the Other Subscription Agreements equals, as of the date
hereof, 15,000,000 shares of Class A common stock.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and
intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.                 
Subscription. Subject to the terms and conditions hereof, at the Closing, Subscriber hereby agrees to subscribe
for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Shares
(such subscription and issuance, the “Subscription”).

 

     

     

    

 

2.                 
 Representations, Warranties and Agreements.

 

2.1             
Subscriber’s Representations, Warranties and Agreements. To induce the Issuer to issue the Shares to Subscriber,
Subscriber hereby represents and warrants to the Issuer and acknowledges and agrees with the Issuer as follows:

 

2.1.1                   
If Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing and in good
standing under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and
perform its obligations under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter
into, deliver and perform its obligations under this Subscription Agreement.

 

2.1.2                   
If Subscriber is not an individual, this Subscription Agreement has been duly authorized, validly executed and delivered
by Subscriber. If Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal
competence and capacity to execute the same. Assuming that this Subscription Agreement constitutes the valid and binding agreement
of the Issuer, this Subscription Agreement is the valid and binding obligation of Subscriber and is enforceable against Subscriber
in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity,
whether considered at law or equity.

 

2.1.3                   
The execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions
contemplated herein do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the
property or assets of Subscriber or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan
agreement, lease, license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which
Subscriber or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries
is subject, which would reasonably be expected to have a material adverse effect on the Subscriber’s ability to enter into
and timely perform its obligations under this Subscription Agreement (a “Subscriber Material Adverse Effect”),
(ii) if Subscriber is not an individual, result in any violation of the provisions of the organizational documents of Subscriber
or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court
or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its subsidiaries or any of
their respective properties that would reasonably be expected to have a Subscriber Material Adverse Effect.

 

2.1.4                   
Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an
institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable
requirements set forth on Schedule I, (ii) is acquiring the Shares only for its own account and not for the account of
others, or if Subscriber is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, each owner of
such account is a “qualified institutional buyer” or an institutional “accredited investor” and Subscriber
has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements,
representations, warranties and agreements herein on behalf of each owner of each such account and (iii) is not acquiring the
Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and
shall provide the requested information on Schedule I following the signature page hereto). Subscriber acknowledges that
the offering meets the exemptions from filing under FINRA Rule 5123(b)(1)(C) or (J).

 

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2.1.5                   
Subscriber understands that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act and that the Shares have not been registered under the Securities Act. Subscriber understands that
the Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement
under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales
that occur solely outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another
applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii), in accordance
with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or book
entries representing the Shares shall contain a legend to such effect. Subscriber acknowledges that the Shares will not be eligible
for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Shares will
be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell
the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time. Subscriber
understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of
the Shares.

 

2.1.6                   
Subscriber understands and agrees that Subscriber is purchasing the Shares directly from the Issuer. Subscriber further
acknowledges that there have been no representations, warranties, covenants or agreements made to Subscriber by the Issuer, the
Company or any of their respective affiliates, officers or directors, expressly or by implication, other than those representations,
warranties, covenants and agreements expressly set forth in this Subscription Agreement, and Subscriber is not relying on any
representations, warranties or covenants other than those expressly set forth in this Subscription Agreement.

 

2.1.7                   
Subscriber represents and warrants that its acquisition and holding of the Shares will not constitute or result in a non-exempt
prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

 

2.1.8                   
In making its decision to purchase the Shares, Subscriber represents that it has relied solely upon independent investigation
made by Subscriber and the Issuer’s representations, warranties and agreements in Section 2.2 hereof. Without limiting
the generality of the foregoing, Subscriber has not relied on any statements or other information provided by anyone other than
the Issuer concerning the Issuer or the Shares or the offer and sale of the Shares. Subscriber acknowledges and agrees that Subscriber
has received access to and has had an adequate opportunity to review, such financial and other information as Subscriber deems
necessary in order to make an investment decision with respect to the Shares, including with respect to the Issuer, the Company
and the Transactions and made its own assessment and is satisfied concerning the relevant tax and other economic considerations
relevant to the Subscriber’s investment in the Shares. Subscriber acknowledges that it has reviewed the documents made available
to the Subscriber by the Company. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s),
if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and
such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to
the Shares. Subscriber acknowledges that Morgan Stanley & Co. LLC (the “Placement Agent”) and its respective
directors, officers, employees, representatives and controlling persons have not prepared any disclosure or offering document
in connection with the offer and sale of the Shares and have made no independent investigation with respect to the Issuer, the
Company or the Shares or the accuracy, completeness or adequacy of any information supplied to the Subscriber by the Issuer or
the Company. The Subscriber acknowledges that it has not relied on any statements or other information provided by the Placement
Agent or any of the Placement Agent’s affiliates with respect to its decision to invest in the Shares, including information
related to the Issuer, the Company, the Shares and the offer and sale of the Shares. Subscriber further acknowledges that the
information provided to Subscriber is preliminary and subject to change.

 

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2.1.9                   
Subscriber became aware of this offering of the Shares solely by means of direct contact from either the Placement Agent
or the Issuer as a result of a pre-existing substantive relationship (as interpreted in guidance from the Securities and Exchange
Commission (the “Commission”) under the Securities Act) with the Issuer or its representatives, and the Shares
were offered to Subscriber solely by direct contact between Subscriber and the Placement Agent or the Issuer. Subscriber did not
become aware of this offering of the Shares, nor were the Shares offered to Subscriber, by any other means. Subscriber acknowledges
that the Placement Agent has not acted as its financial advisor or fiduciary. Subscriber acknowledges that the Shares (i) were
not offered by any form of general solicitation or general advertising, including methods described in section 502(c) of Regulation
D under the Securities Act and (ii) are not being offered in a manner involving a public offering under, or in a distribution
in violation of, the Securities Act, or any state securities laws.

 

2.1.10               
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the
Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of an investment in the Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered
necessary to make an informed investment decision. Subscriber understands and acknowledges that (A) it (i) is a sophisticated
investor, experienced in investing in private equity transactions and capable of evaluating investment risks independently, both
in general and with regard to all transactions and investment strategies involving a security or securities and (iii) has exercised
independent judgment in evaluating our participation in the purchase of the Shares and (B) the purchase and sale of the Shares
hereunder meets the exemptions from filing under FINRA Rule 5123(b)(1)

 

2.1.11               
Alone, or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately
analyzed and fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment
for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss
of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists.

 

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2.1.12               
Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering
of the Shares or made any findings or determination as to the fairness of an investment in the Shares.

 

2.1.13               
Subscriber represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated
Nationals and Blocked Persons, the Executive Order 13599 List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification
List, each of which is administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or any other Executive Order issued by the President of the United States and administered by OFAC (collectively, “OFAC
Lists”), (ii) owned or controlled by, or acting on behalf of, a person, that is named on an OFAC List; (iii) organized,
incorporated, established, located, resident or born in, or a citizen, national, or the government, including any political subdivision,
agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, or any other country or
territory embargoed or subject to substantial trade restrictions by the United States, (iv) a Designated National as defined in
the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (v) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank. Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required
by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a
financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended
by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under
the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably
designed to ensure compliance with OFAC-administered sanctions programs, including for the screening of its investors against
the OFAC Lists. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures
reasonably designed to ensure that the funds held by Subscriber and used to purchase the Shares were legally derived.

 

2.1.14               
If Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account
or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined
in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4)
of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state,
local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar
Laws”), or an entity whose underlying assets are considered to include “plan assets” of any such plan, account
or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section
4975 of the Code, Subscriber represents and warrants that neither Issuer, nor any of its respective affiliates (the “Transaction
Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to
acquire and hold the Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary
with respect to any decision to acquire, continue to hold or transfer the Shares.

 

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2.1.15               
 Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such Subscriber with
the Commission with respect to the beneficial ownership of the Company’s common stock prior to the date hereof, Subscriber
is not currently (and at all times through Closing will refrain from being or becoming) a member of a “group” (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or any successor provision) acting for the purpose of acquiring, holding or disposing of equity securities of
the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

2.1.16               
No foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign
state have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in the Issuer as
a result of the purchase and sale of Shares hereunder such that a declaration to the Committee on Foreign Investment in the United
States would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31 C.F.R. Part
800.208) over the Issuer from and after the Closing as a result of the purchase and sale of Shares hereunder.

 

2.1.17               
On each date the Purchase Price would be required to be funded to the Issuer pursuant to Section 3.1, Subscriber
will have sufficient immediately available funds to pay the Purchase Price pursuant to Section 3.1.

 

2.1.18               
Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty
made by any person, firm or corporation (including, without limitation, the Company, any of its affiliates or any of its or their
respective control persons, officers, directors or employees), other than the representations and warranties of the Issuer expressly
set forth in this Subscription Agreement, in making its investment or decision to invest in the Issuer. Subscriber agrees that
neither (i) any other Subscriber pursuant to this Subscription Agreement or any other agreement related to the private placement
of shares of the Issuer’s capital stock (including the controlling persons, officers, directors, partners, agents or employees
of any such Subscriber) nor (ii) the Company, its affiliates or any of their or their respective affiliates’ control
persons, officers, directors, partners, agents or employees, shall be liable to any other Subscriber pursuant to this Subscription
Agreement or any other agreement related to the private placement of shares of the Issuer’s capital stock for any action
heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares hereunder.

 

2.2             
Issuer’s Representations, Warranties and Agreements. To induce Subscriber to purchase the Shares, the Issuer
hereby represents and warrants to Subscriber and agrees with Subscriber as follows:

 

2.2.1                   
The Issuer has been duly incorporated and is validly existing as a corporation in good standing under the laws of the Delaware
General Corporation Law (“DGCL”), with corporate power and authority to own, lease and operate its properties
and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription
Agreement.

 

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2.2.2                   
 The Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the Shares
in accordance with the terms of this Subscription Agreement and registered with the Issuer’s transfer agent, the Shares
will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive
or similar rights created under the Issuer’s amended and restated certificate of incorporation or under the DGCL.

 

2.2.3                   
This Subscription Agreement has been duly authorized, executed and delivered by the Issuer and, assuming that this Subscription
Agreement constitutes the valid and binding obligation of Subscriber, is the valid and binding obligation of the Issuer and is
enforceable against it in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and
(ii) principles of equity, whether considered at law or equity.

 

2.2.4                   
The execution, delivery and performance of this Subscription Agreement (including compliance by the Issuer with all of
the provisions hereof), issuance and sale of the Shares and the consummation of the certain other transactions contemplated herein
will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant
to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, which
would reasonably be expected to have a material adverse effect on the ability of the Issuer to enter into and timely perform its
obligations under this Subscription Agreement (a “Issuer Material Adverse Effect”), (ii) result in any violation
of the provisions of the organizational documents of the Issuer or (iii) result in any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer
or any of its properties that would reasonably be expected to have an Issuer Material Adverse Effect.

 

2.2.5                   
The authorized capital shares of the Issuer as of the date of this Subscription Agreement and as of immediately prior to
the Closing consists of (i) 100,000,000 shares of Class A common stock, par value $0.0001 per share (“Existing Class
A Shares”); (ii) 10,000,000 shares of Class B common stock, par value $0.0001 per share (“Existing Class B
Shares” and together with the Existing Class A Shares, the “Common Stock”); and (iii) 1,000,000 shares
of preferred stock, par value $0.0001 per share (“Preferred Shares”). As of the date hereof: (i) no Preferred
Shares are issued and outstanding; (ii) 23,000,000 Existing Class A Shares are issued and outstanding; (iii) 5,750,000 Existing
Class B Shares are issued and outstanding; and (iv) 12,266,666 warrants, each exercisable to purchase one Existing Class A Share
at $11.50 per share (the “Warrants”) are outstanding.

 

2.2.6                   
Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 2.1 of this Subscription
Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Issuer to Subscriber.

 

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2.2.7                   
 The Issuer has made available to Subscriber (including via the Commission’s EDGAR system) a true, correct and complete
copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other documents filed by the Issuer
with the Commission prior to the date of this Subscription Agreement (the “SEC Documents”) which SEC Documents,
as of their respective filing dates, complied in all material respects with the requirements of the Exchange Act applicable to
the SEC Documents and the rules and regulations of the Commission promulgated thereunder applicable to the SEC Documents. None
of the SEC Documents filed under the Exchange Act, contained, when filed or, if amended prior to the date of this Subscription
Agreement, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading; provided, that the Issuer makes no such representation or
warranty with respect to the proxy statement of the Issuer to be filed in connection with the approval of the Merger Agreement
by the shareholders of the Issuer (the “Proxy Statement”) or any other information relating to the Company
or any of its affiliates included in any SEC Document or filed as an exhibit thereto. The Issuer has timely filed each report,
statement, schedule, prospectus, and registration statement that the Issuer was required to file with the Commission since its
inception and through the date hereof. As of the date hereof, there are no material outstanding or unresolved comments in comment
letters from the Commission staff with respect to any of the SEC Documents.

 

2.2.8                   
The Issuer has provided Subscriber an opportunity to ask questions regarding the Issuer and made available to Subscriber
all the information reasonably available to the Issuer that Subscriber has reasonably requested to make an investment decision
with respect to the Shares.

 

2.2.9                   
Neither the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Issuer
security or solicited any offers to buy any security under circumstances that would adversely affect reliance by the Issuer on
Section 4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require
registration of the issuance of the Shares under the Securities Act.

 

2.2.10               
The Issuer has not entered into any subscription agreement, side letter or similar agreement with any Other Subscriber
or any other investor in connection with such Other Subscriber’s or investor’s direct or indirect investment in the
Issuer other than (i) the Merger Agreement, (ii) the Other Subscription Agreements and (iii) that certain Side Letter, dated the
date hereof, by and between the Issuer and Republic Services Alliance Group III, Inc. The Other Subscription Agreements reflect
the same Purchase Price as this Subscription Agreement do not include terms or conditions that are materially more advantageous
to any other investor compared to the Subscriber.

 

2.2.11               
Issuer acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by Subscriber
in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares
hereunder, and Subscriber effecting a pledge of Shares shall not be required to provide Issuer with any notice thereof or otherwise
make any delivery to Issuer pursuant to this Agreement. Issuer hereby agrees to execute and deliver such documentation as a pledgee
of the Shares may reasonably request in connection with a pledge of the Shares to such pledgee by Subscriber.

 

    - 8 -

     

    

 

3.                 
Settlement Date and Delivery.

 

3.1             
Closing. The closing of the Subscription contemplated hereby (the “Closing”) shall occur on the
date of (the “Closing Date”), and immediately prior to, the consummation of the Transactions. Upon written
notice from (or on behalf of) the Issuer to Subscriber (the “Closing Notice”) at least five (5) Business Days
prior to the date (the “Expected Date”) that the Issuer reasonably expects all conditions to the closing of the Transactions
to be satisfied, Subscriber shall deliver to the Issuer at least two (2) Business Days prior to the Closing Date, the Purchase
Price for the Shares, by wire transfer of United States dollars in immediately available funds to the account specified by the
Issuer in the Closing Notice, such funds to be held by the Issuer in escrow until the Closing. Unless otherwise agreed by the
Company in writing, the Issuer shall deliver the Closing Notice at least four (4) Business Days prior to the date of the Special
Meeting. At the Closing, upon satisfaction (or, if applicable, waiver) of the conditions set forth in this Section 3, the
Issuer shall deliver to Subscriber the Shares in book entry form, in the name of Subscriber (or its nominee in accordance with
its delivery instructions) or to a custodian designated by Subscriber, as applicable. In the event the Closing does not occur
within 7 days of the Expected Date, the Issuer will return the Purchase Price to the Subscriber within one (1) Business Day.

 

3.2             
Conditions to Closing of the Issuer. The Issuer’s obligations to sell and issue the Shares at the Closing
are subject to the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior to the Closing Date,
of each of the following conditions:

 

3.2.1                   
Representations and Warranties Correct. The representations and warranties made by Subscriber in Section 2.1
hereof shall be true and correct in all material respects when made (other than representations and warranties that are qualified
as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true and correct in all
respects) and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak
as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations
and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties
shall be true and correct in all respects), with the same force and effect as if they had been made on and as of said date, but
in each case without giving effect to consummation of the Transactions.

 

3.2.2                   
Closing of the Transactions. The Transactions set forth in the Merger Agreement shall have been or will be consummated
substantially concurrently with the Closing.

 

3.2.3                   
Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination
or award, in each case, entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the
consummation of the Subscription.

 

    - 9 -

     

    

 

3.2.4                   
 Performance and Compliance under Subscription Agreement. Subscriber shall have performed, satisfied and complied
in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed,
satisfied or complied with by it at or prior to the Closing, except where the failure of such performance or compliance would
not or would not reasonably be expected to prevent, materially delay, or materially impair the ability of the Issuer to consummate
the closing of the Transactions.

 

3.3             
Conditions to Closing of Subscriber. Subscriber’s obligation to purchase the Shares at the Closing is subject
to the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior to the Closing Date, of each of
the following conditions:

 

3.3.1                   
Issuer Material Adverse Effect. From and after the date hereof, there shall not have occurred an Issuer Material
Adverse Effect.

 

3.3.2                   
Representations and Warranties Correct. The representations and warranties made by the Issuer in Section 2.2
hereof shall be true and correct in all material respects (other than representations and warranties that are qualified as
to materiality or Issuer Material Adverse Effect, which representations and warranties shall be true and correct in all respects)
on and as of the Closing Date (unless they specifically speak as of another date in which case they shall be true and correct
in all material respects as of such date) with the same force and effect as if they had been made on and as of said date, but
in each case without giving effect to consummation of the Transactions; provided, that in the event this condition would
otherwise fail to be satisfied as a result of a breach of one or more of the representations and warranties of the Issuer contained
in this Subscription Agreement and the facts underlying such breach would also cause a condition to the Issuer’s obligations
under the Merger Agreement to fail to be satisfied, this condition shall nevertheless be deemed satisfied in the event the Company
waives such condition with respect to such breach under the Merger Agreement.

 

3.3.3                   
Closing of the Transactions. The Transactions set forth in the Merger Agreement shall have been or will be consummated
substantially concurrently with the Closing.

 

3.3.4                   
Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination
or award, in each case, entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the
consummation of the Subscription.

 

3.3.5                   
Timing. The Closing and the Closing (as defined in the Merger Agreement as in effect on the date hereof) shall each
have occurred on or before the Termination Date (as defined in the Merger Agreement).

 

3.3.6                   
Listing. The Acquiror Common Stock comprising part of the Merger Consideration to be issued pursuant to this Agreement,
the Shares, and the Acquiror Common Stock underlying the Exchanged Options and the Exchanged Warrants shall have been approved
for listing on the Nasdaq or the NYSE, subject only to official notice of issuance thereof.

 

3.3.7                   
Performance and Compliance under Subscription Agreement. The Issuer shall have performed, satisfied and complied
in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed,
satisfied or complied with by it at or prior to the Closing, except where the failure of such performance or compliance would
not or would not reasonably be expected to prevent, materially delay, or materially impair the ability of the Issuer to consummate
the closing of the Transactions.

 

    - 10 -

     

    

 

3.3.8                   
No Amendment. No amendment, modification or waiver of the Merger Agreement shall have occurred that would reasonably
be expected to materially and adversely affect the economic benefits that Subscriber or the Issuer would reasonably expect to
receive under this Subscription Agreement, including, without limitation, any material amendment or waiver of any representation
or covenant of the Issuer or the Company relating to the financial position or outstanding indebtedness of the Issuer of the Company.

 

3.3.9                   
 Available Cash. The Available Closing Date Cash shall be equal to or in excess of $150,000,000.

 

3.4             
Further Assurances. At the Closing, the parties hereto shall make reasonable efforts to execute and deliver such
additional documents and take such additional actions as the parties reasonably may deem to be necessary in order to consummate
the Subscription as contemplated by this Subscription Agreement.

 

4.                 
Registration Statement.

 

4.1             
The Issuer agrees that, within twenty (20) calendar days after the consummation of the Transactions (the “Filing
Date”), the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement
registering the resale of the Shares and any other shares of Class A Common Stock held by the Subscriber or any of its affiliates
(the “Registration Statement”), and the Issuer shall use its commercially reasonable efforts to have the Registration
Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 45th calendar
day (or 60th calendar day if the Commission notifies the Issuer that it will “review” the Registration Statement)
following the Closing and (ii) the 10th Business Day after the date the Issuer is notified (orally or in writing, whichever is
earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further
review (such earlier date, the “Effectiveness Date”); provided, however, that the Issuer’s
obligations to include such shares in the Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer
such information regarding Subscriber and its afiiliates , the securities of the Issuer held by Subscriber and its affiliates
and the intended method of disposition of the Shares as shall be reasonably requested by the Issuer to effect the registration
of the Shares, and Subscriber and such affiliates shall execute such documents in connection with such registration as the Issuer
may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Issuer
shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout
or similar period or as permitted hereunder but for no longer than 90 days in any calendar year; provided, further,
that the Subscriber and its affiliates will be indemnified by the Issuer for any liability arising from any material misstatements
or omissions in the registration statement except to the extent such misstatement or omission arises from the information specifically
provided by Subscriber for inclusion in the Registration Statement. For purposes of clarification, any failure by the Issuer to
file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effectiveness Date shall not
otherwise relieve the Issuer of its obligations to file or effect the Registration Statement as set forth above in this Section
4.

 

    - 11 -

     

    

 

4.2             
In the case of the registration effected by the Issuer pursuant to this Subscription Agreement, the Issuer shall, upon
reasonable request, inform Subscriber as to the status of such registration. At its expense the Issuer shall:

 

4.2.1                   
except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under
state securities laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions,
until the earlier of the following: (i) Subscriber ceases to hold any Shares, (ii) the date all Shares held by Subscriber who
are not affiliates of the Issuer may be sold without restriction under Rule 144, including without limitation, any volume and
manner of sale restrictions and without the requirement for the Issuer to be in compliance with the current public information
required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), and (iii) two years from the Effectiveness Date of the Registration
Statement;

 

4.2.2                   
advise Subscriber within five (5) Business Days:

 

(a)              
when a Registration Statement or any post-effective amendment thereto has become effective;

 

(b)              
of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation
of any proceedings for such purpose;

 

(c)              
of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(d)              
subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any
changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do
not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a
prospectus, in the light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any
material, nonpublic information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence
of the events listed in (a) through (d) above constitutes material, nonpublic information regarding the Issuer;

 

4.2.3                   
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

 

    - 12 -

     

    

 

4.2.4                   
 upon the occurrence of any event contemplated in Section 4.2.2(d), except for such times as the Issuer is permitted
hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use
its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration
Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers
of the Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

4.2.5                   
use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market, if any,
on which the Issuer’s Class A common stock is then listed; and

 

4.3             
Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone
the effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration
Statement or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Issuer or its subsidiaries
is pending or an event has occurred, which negotiation, consummation or event the Issuer’s board of directors reasonably
believes, upon the advice of legal counsel (which may be in-house legal counsel), would require additional disclosure by the Issuer
in the Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential
and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Issuer’s
board of directors, upon the advice of legal counsel (which may be in-house legal counsel), to cause the Registration Statement
to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided,
however, that the Issuer may not delay or suspend the Registration Statement on more than three occasions or for more than
sixty (60) consecutive calendar days, or more than one hundred and twenty (120) total calendar days, in each case during any twelve-month
period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event during the period that the
Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains
any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading,
Subscriber agrees that (i) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding,
for the avoidance of doubt, sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended
prospectus (which the Issuer agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and
receives notice that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it may
resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice
delivered by the Issuer unless otherwise required by law or subpoena. If so directed by the Issuer, Subscriber will deliver to
the Issuer or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering the Shares in Subscriber’s
possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall
not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable
legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention
policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

 

    - 13 -

     

    

 

5.                 
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all
rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earlier to occur of (i) such date and time as the Merger Agreement is validly terminated in accordance with
its terms, (ii) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (iii)
the Issuer’s notification to Subscriber in writing that it has abandoned its plans to move forward with the Transactions
and/or terminates Subscriber’s obligations with respect to the Subscription without the delivery of the Shares having occurred,
(iv) if any of the conditions to Closing set forth in Section 3.2 or Section 3.3 are not satisfied on or prior to the Closing
Date and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing
or (v) at the election of Subscriber, on or after the date that is 270 days after the date hereof if the Closing has not occurred
on or prior to such date; provided, that nothing herein will relieve any party from liability for any willful breach hereof
prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from such breach. The Issuer shall promptly notify Subscriber of the termination of the Merger Agreement promptly
after the termination of such agreement.

 

6.                 
Miscellaneous.

 

6.1             
Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription
as contemplated by this Subscription Agreement.

 

6.1.1                   
Subscriber acknowledges that the Issuer, the Company, the Placement Agent and others will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber
agrees to promptly notify the Issuer and the Company if any of the acknowledgments, understandings, agreements, representations
and warranties made by Subscriber set forth herein are no longer accurate in all material respects. Subscriber further acknowledges
and agrees that the Placement Agent is a third-party beneficiary of the representations and warranties of the Subscriber contained
in Section 2.1.4, Section 2.1.8, Section 2.1.9 and Section 2.1.10 of this Subscription Agreement to the extent
such representations and warranties relate to the Placement Agent.

 

6.1.2                   
Each of the Issuer, Subscriber and the Company is entitled to rely upon this Subscription Agreement and is irrevocably
authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

6.1.3                   
The Issuer may request from Subscriber such additional information as the Issuer may deem necessary to evaluate the eligibility
of Subscriber to acquire the Shares, and Subscriber shall promptly provide such information as may be reasonably requested, to
the extent readily available and to the extent consistent with its internal policies and procedures; provided, that, Issuer agrees
to keep any such information provided by Subscriber confidential.

 

    - 14 -

     

    

 

6.1.4                   
Each party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated
herein.

 

6.1.5                   
Each of Subscriber and the Issuer shall take, or cause to be taken, all actions and do, or cause to be done, all things
necessary, proper or advisable to consummate the transactions contemplated by this Subscription Agreement on the terms and conditions
described therein no later than immediately prior to the consummation of the Transactions.

 

6.2             
Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally,
emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid,
and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other
rejection notice, if sent by email, or (iii) three (3) Business Days after the date of mailing to the address below or to such
other address or addresses as such person may hereafter designate by notice given hereunder:

 

(i)       if
to Subscriber, to such address or addresses set forth on the signature page hereto;

 

(ii)       if
to the Issuer, to:

 

RMG Acquisition Corp.

50 West Street, Suite 40 C

New York, New York 10006

Attn: Philip Kassin

E-mail: pkassin@rmginvestments.com

 

with a required copy (which copy
shall not constitute notice) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022

Attention: David S. Allinson;
Ryan J. Maierson

E-mail: david.allinson@lw.com;
ryan.maierson@lw.com

 

(iii)       if
to the Company, to:

 

Romeo Systems, Inc.

4380 Ayers Avenue

Vernon, California 90058

Attention: Michael Patterson

E-mail: mwp@romeopower.com

 

    - 15 -

     

    

 

With a copy (which will not constitute
notice) to:

 

Paul Hastings LLP

1999 Avenue of the Stars

Los Angeles, California 90067

Attention: David M. Hernand

E-mail: davidhernand@paulhastings.com

 

6.3             
Entire Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof,
including any commitment letter entered into relating to the subject matter hereof.

 

6.4             
Modifications and Amendments. This Subscription Agreement may not be amended, modified, supplemented or waived (i)
except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement or
waiver is sought and (ii) without the prior written consent of the Issuer and the Company.

 

6.5             
Assignment. Neither this Subscription Agreement nor any rights, interests or obligations that may accrue to the
parties hereunder (including Subscriber’s rights to purchase the Shares) may be transferred or assigned without the prior
written consent of each of the other parties hereto (other than the Shares acquired hereunder, if any, and then only in accordance
with this Subscription Agreement).

 

6.6             
Benefit.

 

6.6.1                   
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns. This Subscription Agreement shall
not confer rights or remedies upon any person other than the parties hereto and their respective successors and assigns. Notwithstanding
the foregoing, the Company is an express third-party beneficiary of Section 6.4.

 

6.6.2                   
Each of the Issuer and Subscriber acknowledges and agrees that (a) this Subscription Agreement is being entered into in
order to induce the Company to execute and deliver the Merger Agreement and without the representations, warranties, covenants
and agreements of the Issuer and Subscriber hereunder, the Company would not enter into the Merger Agreement, (b) each representation,
warranty, covenant and agreement of the Issuer and Subscriber hereunder is being made also for the benefit of the Company, and
(c) the Company may directly enforce (including by seeking an action for specific performance, injunctive relief or other equitable
relief, including to cause the Purchase Price to be paid and the Closing to occur) each of the covenants and agreements of each
of the Issuer and Subscriber under this Subscription Agreement.

 

    - 16 -

     

    

 

 

6.7             
 Governing Law. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of
or related to this Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation,
execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the
Laws of the State of Delaware, without giving effect to the principles of conflicts of law thereof.

 

6.8             
Consent to Jurisdiction; Waiver of Jury Trial. Each of the parties irrevocably consents to the exclusive jurisdiction
and venue of the Court of Chancery of the State of Delaware, provided, that if subject matter jurisdiction over the matter that
is the subject of the legal proceeding is vested exclusively in the U.S. federal courts, such legal proceeding shall be heard
in the U.S. District Court for the District of Delaware (together with the Court of Chancery of the State of Delaware “Chosen
Courts”), in connection with any matter based upon or arising out of this Subscription Agreement. Each party hereby
waives, and shall not assert as a defense in any legal dispute, that (i) such person is not personally subject to the jurisdiction
of the Chosen Courts for any reason, (ii) such legal proceeding may not be brought or is not maintainable in the Chosen Courts,
(iii) such person’s property is exempt or immune from execution, (iv) such legal proceeding is brought in an inconvenient
forum or (v) the venue of such legal proceeding is improper. Each Party hereby consents to service of process in any such proceeding
in any manner permitted by Delaware law, further consents to service of process by nationally recognized overnight courier service
guaranteeing overnight delivery, or by registered or certified mail, return receipt requested, at its address specified pursuant
to Section 6.2 and waives and covenants not to assert or plead any objection which they might otherwise have to such manner
of service of process. Notwithstanding the foregoing in this Section 6.8, a party may commence any action, claim, cause
of action or suit in a court other than the Chosen Courts solely for the purpose of enforcing an order or judgment issued by the
Chosen Courts. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES WAIVES ANY RIGHT TO
TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT WHETHER NOW
EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED,
NO PARTY SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT.
FURTHERMORE, NO PARTY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH
A JURY TRIAL CANNOT BE WAIVED.

 

6.9             
Severability. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity,
legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired
thereby and shall continue in full force and effect.

 

    - 17 -

     

    

 

6.10         
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or
remedy under this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any
such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription
Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall
preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder.
The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available
remedies. No notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving
such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the
rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

6.11         
Remedies.

 

6.11.1               
The parties agree that irreparable damage would occur if this Subscription Agreement was not performed or the Closing is
not consummated in accordance with its specific terms or was otherwise breached and that money damages or other legal remedies
would not be an adequate remedy for any such damage. It is accordingly agreed that the parties hereto shall be entitled to equitable
relief, including in the form of an injunction or injunctions, to prevent breaches or threatened breaches of this Subscription
Agreement and to enforce specifically the terms and provisions of this Subscription Agreement in an appropriate court of competent
jurisdiction as set forth in Section 6.8, this being in addition to any other remedy to which any party is entitled at
law, in equity, in contract, in tort or otherwise, including money damages.  The right to specific enforcement shall include
the right of the Issuer or the Company to cause Subscriber and the right of the Company to cause the Issuer to cause the transactions
contemplated hereby to be consummated on the terms and subject to the conditions and limitations set forth in this Subscription
Agreement. The parties hereto further agree (i) to waive any requirement for the security or posting of any bond in connection
with any such equitable remedy, (ii) not to assert that a remedy of specific enforcement pursuant to this Section 6.11
is unenforceable, invalid, contrary to applicable law or inequitable for any reason and (iii) to waive any defenses in any action
for specific performance, including the defense that a remedy at law would be adequate.  In connection with any Action for
which the Company is being granted an award of money damages, each of the Issuer and Subscriber agrees that such damages, to the
extent payable by such party, shall include, without limitation, damages related to the consideration that is or was to be paid
to the Company or its equityholders under the Merger Agreement and/or Subscription Agreement and such damages are not limited
to an award of out-of-pocket fees and expenses related to the Merger Agreement and Subscription Agreement.

 

6.11.2               
The parties acknowledge and agree that this Section 6.11 is an integral part of the transactions contemplated hereby
and without that right, the parties hereto would not have entered into this Subscription Agreement.

 

6.11.3               
In any dispute arising out of or related to this Subscription Agreement, or any other agreement, document, instrument or
certificate contemplated hereby, or any transactions contemplated hereby or thereby, the applicable adjudicating body shall award
to the prevailing party, if any, the reasonable and documented out-of-pocket costs and attorneys’ fees reasonably incurred
by the prevailing party in connection with the dispute and the enforcement of its rights under this Subscription Agreement or
any other agreement, document, instrument or certificate contemplated hereby and, if the adjudicating body determines a party
to be the prevailing party under circumstances where the prevailing party won on some but not all of the claims and counterclaims,
the adjudicating body may award the prevailing party an appropriate percentage of the costs and attorneys’ fees reasonably
incurred by the prevailing party in connection with the adjudication and the enforcement of its rights under this Subscription
Agreement or any other agreement, document, instrument or certificate contemplated hereby or thereby.

 

    - 18 -

     

    

 

6.12         
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this
Subscription Agreement shall survive the Closing. For the avoidance of doubt, if for any reason the Closing does not occur prior
to the consummation of the Transactions, all representations, warranties, covenants and agreements of the parties hereunder shall
survive the consummation of the Transactions and remain in full force and effect.

 

6.13         
No Broker or Finder. Each of the Issuer and Subscriber each represents and warrants to the other parties hereto
that no broker, finder or other financial consultant has acted on its behalf in connection with this Subscription Agreement or
the transactions contemplated hereby in such a way as to create any liability on any other party hereto. Each of the Issuer and
Subscriber agrees to indemnify and save the other parties hereto harmless from any claim or demand for commission or other compensation
by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and
to bear the cost of legal expenses incurred in defending against any such claim.

 

6.14         
Headings and Captions. The headings and captions of the various subdivisions of this Subscription Agreement are
for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions
hereof.

 

6.15         
Counterparts. This Subscription Agreement may be executed in one or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other parties, it being understood that the parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such signature page were an original thereof.

 

6.16         
Construction. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders
will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice
versa, unless the context otherwise requires. The words “this Subscription Agreement,” “herein,”
 “hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Subscription Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend
that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has
breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation,
warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto
has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant. All references in this Subscription Agreement to numbers of shares, per share amounts and purchase prices shall be
appropriately adjusted to reflect any stock split, stock dividend, stock combination, recapitalization or the like occurring after
the date hereof.

 

    - 19 -

     

    

 

6.17         
Mutual Drafting. This Subscription Agreement is the joint product of the parties hereto and each provision hereof
has been subject to the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against
any party hereto.

 

6.18         
Cleansing Statement; Consent to Disclosure. (a) The Issuer shall, by 9:00 a.m., New York City time, by the
fourth (4th) Business Day immediately following the date of this Subscription Agreement, issue one (1) or more press
releases or file with the Commission a Current Report on Form 8-K disclosing all material terms of the transactions contemplated
hereby and by the Other Subscription Agreements and the Transactions (collectively, the “Disclosure Document”). From
and after the issuance of the Disclosure Document, to the Issuer’s knowledge, Subscriber shall not be in possession of any
material, non-public information received from the Issuer or any of its officers, directors or employees relating to the transactions
contemplated by this Subscription Agreement, and the Subscriber shall no longer be subject to any confidentiality or similar obligations
under any current agreement, whether written or oral with Issuer or any of its affiliates, relating to the transactions contemplated
by this Subscription Agreement.

 

(b)              
Subscriber hereby consents to the publication and disclosure in any press release issued by the Issuer or the Company or
Form 8-K filed by the Issuer with the SEC in connection with the execution and delivery of the Merger Agreement and the Proxy
Statement (and, as and to the extent otherwise required by the federal securities laws or the SEC or any other securities authorities,
any other documents or communications provided by the Issuer or the Company to any Governmental Authority or to securityholders
of the Issuer) of Subscriber’s identity and beneficial ownership of Covered Shares and the nature of Subscriber’s
commitments, arrangements and understandings under and relating to this Subscription Agreement and, if deemed appropriate by the
Issuer or the Company, a copy of this Subscription Agreement. Subscriber will promptly provide any information reasonably requested
by the Issuer or the Company for any regulatory application or filing made or approval sought in connection with the Transactions
(including filings with the Commission). Notwithstanding anything in this Subscription Agreement to the contrary, the Issuer shall
not publicly disclose the name of Subscriber or any of its affiliates, or include the name of Subscriber or any of its affiliates
in any press release or in any filing with the Commission or any regulatory agency or trading market, without the prior written
consent of Subscriber, except to the extent such disclosure is required by law.

 

    - 20 -

     

    

 

7.                 
Trust Account Waiver. Notwithstanding anything to the contrary set forth herein, Subscriber acknowledges that it
has read the Investment Management Trust Agreement, dated as of February 7, 2019, by and between the Issuer and Continental Stock
Transfer & Trust Company, a New York corporation, and understands that the Issuer has established the trust account described
therein (the “Trust Account”) for the benefit of the Issuer’s public stockholders and that disbursements
from the Trust Account are available only in the limited circumstances set forth therein. Subscriber further acknowledges and
agrees that the Issuer’s sole assets consist of the cash proceeds of the Issuer’s initial public offering and private
placements of its securities, and that substantially all of these proceeds have been deposited in the Trust Account for the benefit
of its public stockholders. Accordingly, Subscriber (on behalf of itself and its affiliates) hereby waives any past, present or
future claim of any kind arising out of this Agreement against, and any right to access, the Trust Account, any trustee of the
Trust Account and the Issuer to collect from the Trust Account any monies that may be owed to them by the Issuer or any of its
affiliates for any reason whatsoever, and will not seek recourse against the Trust Account at any time for any reason whatsoever,
including, without limitation, for any knowing and intentional material breach by any of the parties to this Subscription Agreement
of any of its representations or warranties as set forth in this Subscription Agreement, or such party’s material breach
of any of its covenants or other agreements set forth in this Subscription Agreement, which material breach constitutes, or is
a consequence of, a purposeful act or failure to act by such party with the knowledge that the taking of such act or failure to
take such act would cause a material breach of this Subscription Agreement; provided, however, that nothing in this
Section 7 shall be deemed to limit Subscriber’s right, title, interest, or claim to the Trust Account by virtue of
such Subscriber’s record or beneficial ownership of securities of the Issuer acquired by any means other than pursuant to
this Subscription Agreement, including any redemption right with respect to any such securities of the Issuer. This Section
7 shall survive the termination of this Subscription Agreement for any reason.

 

[Signature Page Follows]

 

    - 21 -

     

    

 

IN WITNESS WHEREOF, each of the Issuer and Subscriber
has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date first set
forth above.

 

	 	ISSUER:
	 	 
	 	RMG Acquisition
    Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    - 22 -

     

    

 

	Accepted and agreed this 5th day of October, 2020.	 	 
	
         

        SUBSCRIBER:

         

        Signature of Subscriber:
	 	
         

         

         

        Signature of Joint Subscriber, if applicable:

	 	 	 
	By:		 	By: N/A	    
	Name:
    	 	 	Name:
    	 
	Title: 	 	 	Title:	 

 

	 	 	 
	Date:  October 5, 2020	 	 
	Name of Subscriber:	 	Name of Joint Subscriber, if applicable:
	 	 	 
		 	N/A
	(Please print. Please indicate name
    and capacity of person signing above)	 	(Please Print. Please indicate name
    and capacity of person signing above)

		 	
	Name in which securities are to
    be registered	 	 
	(if different from the name of Subscriber listed	 	 
	directly above):	 	 	 

 

	Email
    Address:	   	 	 

 

	If there are joint investors,
    please check one: N/A	 	 
	 	 	 
	 ̈  Joint
    Tenants with Rights of Survivorship	 	 
	 ̈  Tenants-in-Common	 	 
	 ̈  Community Property	 	 

 

	Subscriber’s
    EIN:	 	 	Joint
    Subscriber’s EIN: N/A	 

 

	Business Address-Street:	 	Mailing Address-Street (if
    different):
		 	
	 	 	 
		 	

 

	 	 	 
	City,
    State, Zip: 	 	 	City,
    State, Zip: 	 

 

	Attn:
    	 	 	Attn:	 

 

	Telephone
    No.: 	 	 	Telephone
    No.:	 
	Facsimile No.: 	 	 	Facsimile No.: 	 

  

    

     

    

 

	Aggregate Number of Shares subscribed for:

        

        __________________________

        
	 
	

         

        Aggregate Purchase Price: $______________ 

 

You must pay the Purchase Price by wire
transfer of U.S. dollars in immediately available funds, to be held in escrow until the Closing, to the account specified by the
Issuer in the Closing Notice. 

 

    

     

    

 

SCHEDULE I

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

                                         (Please check the applicable subparagraphs):

 

		1.	 ̈We
                                         are a “qualified institutional buyer” (as defined in Rule 144A under the
                                         Securities Act of 1933, as amended (the “Securities Act”))
                                         (a “QIB”) and have marked and initialed the appropriate box on the
                                         following pages indicating the provision under which we qualify as a QIB.

 

		2.	 ̈We
                                         are subscribing for the Shares as a fiduciary or agent for one or more investor accounts,
                                         and each owner of such account is a QIB.

 

*** OR ***

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS (Please check the applicable
                                         subparagraphs):

 

		1.	 ̈We
                                         are an institutional “accredited investor” (within the meaning of Rule 501(a)
                                         under the Securities Act or an entity in which all of the equity holders are institutional
                                         accredited investors) and have marked and initialed the appropriate box on the following
                                         pages indicating the provision under which we qualify as an institutional “accredited
                                         investor.”

 

		2.	 ̈We
                                         are not a natural person.

 

*** AND ***

 

		C.	AFFILIATE STATUS (Please check the applicable box)

                                         

                                         SUBSCRIBER:

 

		 ̈	is:

 

		 ̈	is
                                         not:

 

an “affiliate” (as
defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

 

This page should be completed by
Subscriber

and constitutes a part of the Subscription Agreement.

 

    

     

    

 

The Subscriber is a “qualified institutional
buyer” (within the meaning of Rule 144A under the Securities Act) if it is an entity that meets any one of the following
categories at the time of the sale of securities to the Subscriber (Please check the applicable subparagraphs):

 

 ̈
       The Subscriber is an entity that, acting for its own account or the accounts
of other qualified institutional buyers, in the aggregate owns and invests on a discretionary basis at least $100 million in securities
of issuers that are not affiliated with the Subscriber and:

 

 ̈
       is an insurance company as defined in section 2(a)(13) of the Securities Act;

 

 ̈
       is an investment company registered under the Investment Company Act of 1940,
as amended (the “Investment Company Act”), or any business development company as defined in section
2(a)(48) of the Investment Company Act;

 

 ̈
       is a Small Business Investment Company licensed by the US Small Business Administration
under section 301(c) or (d) of the Small Business Investment Act of 1958, as amended (“Small Business Investment Act”);

 

 ̈
       is a plan established and maintained by a state, its political subdivisions,
or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees;

 

 ̈
       is an employee benefit plan within the meaning of Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”);

 

 ̈
       is a trust fund whose trustee is a bank or trust company and whose participants
are exclusively (a) plans established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions, for the benefit of its employees, of (b) employee benefit plan within the meaning of
Title I of the ERISA, except, in each case, trust funds that include as participants individual retirement accounts or H.R. 10
plans;

 

 ̈
       is a business development company as defined in section 202(a)(22) of the Investment
Advisers Act of 1940, as amended (the “Investment Advisers Act”);

 

 ̈
       is an organization described in section 501(c)(3) of the Internal Revenue Code
of 1986, as amended (the “Internal Revenue Code”), corporation (other than a bank as defined in section 3(a)(2)
of the Act, a savings and loan association or other institution referenced in section 3(a)(5)(A) of the Act, or a foreign bank
or savings and loan association or equivalent institution), partnership, or Massachusetts or similar business trust; or

 

 ̈
       is an investment adviser registered under the Investment Advisers Act;

 

 ̈
       The Subscriber is a dealer registered pursuant to Section 15 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), acting for its own account or the accounts of other
qualified institutional buyers, that in the aggregate owns and invests on a discretionary basis at least $10 million of securities
of issuers that are not affiliated with the Subscriber;

 

    

     

    

 

 ̈
    The Subscriber is a dealer registered pursuant to Section 15 of the Exchange Act acting in a riskless
principal transaction on behalf of a qualified institutional buyer;

 

 ̈
       The Subscriber is an investment company registered under the Investment Company
Act, acting for its own account or for the accounts of other qualified institutional buyers, that is part of a family of investment
companies1 which own in the aggregate
at least $100 million in securities of issuers, other than issuers that are affiliated with Subscriber or are part of such family
of investment companies;

 

 ̈
       The Subscriber is an entity, all of the equity owners of which are qualified
institutional buyers, acting for its own account or the accounts of other qualified institutional buyers; or

 

 ̈
     The Subscriber is a bank as defined in section 3(a)(2) of the Securities Act, or any savings
and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act, or any foreign bank or savings
and loan association or equivalent institution, acting for its own account or the accounts of other qualified institutional buyers,
that in the aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers that are not affiliated
with the Subscriber and that has an audited net worth of at least $25 million as demonstrated in its latest annual financial statements,
as of a date not more than 16 months preceding the date of sale of securities in the case of a US bank or savings and loan association,
and not more than 18 months preceding the date of sale of securities for a foreign bank or savings and loan association or equivalent
institution. 

 

 

1
“Family of investment companies” means any two or more investment companies registered under the
Investment Company Act, except for a unit investment trust whose assets consist solely of shares of one or more registered investment
companies, that have the same investment adviser (or, in the case of unit investment trusts, the same depositor); provided that,
(a) each series of a series company (as defined in Rule 18f-2 under the Investment Company Act) shall be deemed to be a separate
investment company and (b) investment companies shall be deemed to have the same adviser (or depositor) if their advisers (or
depositors) are majority-owned subsidiaries of the same parent, or if one investment company’s adviser (or depositor) is
a majority-owned subsidiary of the other investment company’s adviser (or depositor)

 

    

     

    

 

Rule 501(a) under the Securities Act,
in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed
categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of
the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box(es) below, the provision(s)
below which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.”

 

		 ̈	Any
                                         bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association
                                         or other institution as defined in section 3(a)(5)(A) of the Securities Act whether acting
                                         in its individual or fiduciary capacity;

 

		 ̈	Any
                                         broker or dealer registered pursuant to section 15 of the Exchange Act;

 

		 ̈	Any
                                         insurance company as defined in section 2(a)(13) of the Securities Act;

 

		 ̈	Any
                                         investment company registered under the Investment Company Act or a business development
                                         company as defined in section 2(a)(48) of the Investment Company Act;

 

		 ̈	Any
                                         Small Business Investment Company licensed by the U.S. Small Business Administration
                                         under section 301(c) or (d) of the Small Business Investment Act;

 

		 ̈	Any
                                         plan established and maintained by a state, its political subdivisions, or any agency
                                         or instrumentality of a state or its political subdivisions, for the benefit of its employees,
                                         if such plan has total assets in excess of $5,000,000;

 

    

     

    

 

		 ̈	Any
                                         employee benefit plan within the meaning of Title I of the ERISA, if (i) the investment
                                         decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is
                                         either a bank, a savings and loan association, an insurance company, or a registered
                                         investment adviser, (ii) the employee benefit plan has total assets in excess of $5,000,000
                                         or, (iii) such plan is a self-directed plan, with investment decisions made solely by
                                         persons that are “accredited investors”;

 

		 ̈	Any
                                         private business development company as defined in section 202(a)(22) of the Investment
                                         Advisers Act;

 

		 ̈	Any
                                         (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar
                                         business trust, or (iii) organization described in section 501(c)(3) of the Internal
                                         Revenue Code, in each case that was not formed for the specific purpose of acquiring
                                         the securities offered and that has total assets in excess of $5,000,000;

 

		 ̈	Any
                                         director, executive officer, or general partner of the issuer of the securities being
                                         offered or sold, or any director, executive officer, or general partner of a general
                                         partner of that issuer;

 

		 ̈	Any
                                         natural person whose individual net worth, or joint net worth with that person’s
                                         spouse, exceeds $1,000,000. For purposes of calculating a natural person’s net
                                         worth: (a) the person’s primary residence shall not be included as an asset;
                                         (b) indebtedness that is secured by the person’s primary residence, up to the estimated
                                         fair market value of the primary residence at the time of the sale of securities, shall
                                         not be included as a liability (except that if the amount of such indebtedness outstanding
                                         at the time of sale of securities exceeds the amount outstanding 60 days before such
                                         time, other than as a result of the acquisition of the primary residence, the amount
                                         of such excess shall be included as a liability); and (c) indebtedness that is secured
                                         by the person’s primary residence in excess of the estimated fair market value
                                         of the primary residence at the time of the sale of securities shall be included as a
                                         liability;

 

		 ̈	Any
                                         natural person who had an individual income in excess of $200,000 in each of the two
                                         most recent years or joint income with that person’s spouse in excess of $300,000
                                         in each of those years and has a reasonable expectation of reaching the same income level
                                         in the current year;

 

		 ̈	Any
                                         trust, with total assets in excess of $5,000,000, not formed for the specific purpose
                                         of acquiring the securities offered, whose purchase is directed by a sophisticated person
                                         as described in Section 230.506(b)(2)(ii) of Regulation D under the Securities Act; or

 

		 ̈	Any
                                         entity in which all of the equity owners are “accredited investors.”

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