Document:

Exhibit 10.5

Execution Version

 

SECURITIES SUBSCRIPTION AGREEMENT

July 29, 2020

This Securities
Subscription Agreement (this “Agreement”), effective as of July 29, 2020, is made and entered into by
and between Tortoise Acquisition Corp. II, a Cayman Islands exempted company (the “Company”), and Tortoise
Sponsor II LLC, a Cayman Islands limited liability company (the “Buyer”).

RECITALS:

WHEREAS,
the Buyer wishes to subscribe for and purchase from the Company an aggregate of 7,187,500 Class B Ordinary Shares (as defined below)
(the “Shares”), up to 937,500 of which are subject to forfeiture by the Buyer to the extent that the
underwriters of the initial public offering (“IPO”) of the Company’s units do not fully exercise
their over-allotment option (the “Over-allotment Option”). The Company wishes to issue and sell the Shares
to the Buyer on the terms and subject to the conditions set forth in this Agreement.

AGREEMENT:

NOW, THEREFORE,
in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

ARTICLE I

DEFINITIONS

The terms defined
in this Article I shall have for all purposes of this Agreement the respective meanings set forth below:

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

“Buyer”
shall have the meaning set forth in the preamble to this Agreement.

“Class
A Ordinary Shares” shall mean the Class A Ordinary Shares, $0.0001 par value per share, of the Company.

“Class
B Ordinary Shares” shall mean the Class B Ordinary Shares, $0.0001 par value per share, of the Company. Pursuant
to the Company’s memorandum and articles of association, as amended to the date hereof, Class B Ordinary Shares will automatically
convert into Class A Ordinary Shares on a one-for-one basis, subject to adjustment, upon the terms and conditions set forth therein.

“Closing”
shall have the meaning set forth in Section 2.3 of this Agreement.

“Closing
Date” shall have the meaning set forth in Section 2.3 of this Agreement.

    

     

    

“Company”
shall have the meaning set forth in the preamble to this Agreement.

“Consent”
means any consent, approval, notification, waiver, or other similar action that is necessary or convenient.

“forfeiture”
means the shares of the Company being forfeited shall take effect as surrenders for no consideration of such shares as a matter
of Cayman Islands law.

“Governmental
Body” shall mean any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other
similar recognized organization or body of any federal, state, county, municipal, local or foreign government or other similar
recognized organization or body exercising similar powers or authority.

“Law”
shall mean any law (statutory, common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar
authority enacted, adopted, promulgated or applied by any Governmental Body.

“Lien”
shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise,
including, without limitation, any lien for taxes), security interest, preference, participation interest, priority or security
agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or
other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and
the filing of any document under the law of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory,
mechanics’ or other Liens incurred in the Company’s ordinary course of business or (ii) Liens for taxes incurred but
not yet due.

“Order”
shall mean an order, ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under
the supervision of any Governmental Body or arbitrator.

“Permit”
shall mean a permit, license, certificate, waiver, notice or similar authorization.

“Purchase
Price” shall have the meaning set forth in Section 2.2 of this Agreement.

“SEC”
shall mean the United States Securities and Exchange Commission.

“Securities
Act” shall mean the United States Securities Act of 1933, as amended, or any successor federal statute, and the applicable
rules and regulations promulgated and in effect from time to time thereunder.

“Shares”
shall have the meaning set forth in the recitals to this Agreement. Unless the context otherwise requires, as used in this Agreement
“Shares” shall be deemed to include any Class A Ordinary Shares issued upon conversion of the Class B Ordinary Shares
comprising the Shares.

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ARTICLE II

PURCHASE OF THE SHARES

Section 2.1         
Purchase and Sale of the Shares. Subject to the terms and conditions hereof and in reliance upon the
representations and warranties of the parties contained or incorporated by reference herein, simultaneous with the execution hereof,
the Company shall sell and issue to the Buyer, and the Buyer shall subscribe for and purchase from the Company, subject to forfeiture,
the Shares, in consideration of the payment of the Purchase Price noted herein. On the issuance of the Shares, the Buyer hereby
surrenders for no consideration the one Class B ordinary share that the Buyer holds in the Company.

Section 2.2         
Purchase Price. As payment in full for the Shares being subscribed for and purchased under this Agreement,
simultaneous with the execution hereof, the Buyer shall pay $25,000 to the Company by wire transfer of immediately available funds
or by such other method as may be reasonably acceptable to the Company (the “Purchase Price”).

Section 2.3         
Closing. The closing of the subscription and issue of the Shares (the “Closing”)
shall be held on the date of this Agreement (“Closing Date”) at the offices of Vinson & Elkins L.L.P.,
1001 Fannin Street, Suite 2500, Houston, Texas 77002, or such other place as may be agreed upon by the parties hereto.

Section 2.4         
Closing Deliveries. All actions taken at the Closing shall be deemed to have been taken simultaneously.

(a)            
Buyer Deliveries. At the Closing the Buyer shall deliver to the Company the Purchase Price.

(b)            
Company Deliveries. At the Closing, or within a reasonable time after the Closing but in no event later
than thirty (30) days after the Closing, the Company shall issue the Shares and shall register, or arrange for the registration
of, the Shares in the Company’s register of members.

Section 2.5         
Further Assurances. The parties hereto shall execute and deliver such additional documents and take
such additional actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions
contemplated by this Agreement.

Section 2.6         
Legend. Each certificate evidencing the Shares and each certificate issued in exchange for or upon
the transfer of any Shares shall be stamped or otherwise imprinted with a legend in substantially the following form:

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND BETWEEN THE COMPANY
AND THE SPONSOR. COPIES OF SUCH AGREEMENT MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT
CHARGE.”

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

The Buyer represents
and warrants that the statements contained in this Article III are correct and complete as of the date of this Agreement.

Section 3.1         
Formation and Registration and Good Standing. The Buyer is a Cayman Islands limited liability company
duly formed and registered, validly existing, and in good standing under the laws of the Cayman Islands.

Section 3.2         
Power and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation
of the Buyer, enforceable against the Buyer in accordance with its terms. The Buyer has full entity power and authority to execute
and deliver this Agreement and to perform its obligations hereunder. The Buyer has taken all actions necessary to authorize the
execution and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions
contemplated hereby. This Agreement has been duly authorized, executed and delivered by, and is enforceable against, the Buyer.

Section 3.3         
Investment Representations.

(a)            
The Buyer is an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act.

(b)            
The Buyer has received, has thoroughly read, is familiar with and understands the contents of this Agreement.

(c)            
The Buyer hereby acknowledges that an investment in the Shares involves certain significant risks. The Buyer acknowledges
that there is a substantial risk that it will lose all or a portion of its investment and that it is financially capable of bearing
the risk of such investment for an indefinite period of time. The Buyer has no need for liquidity in its investment in the Shares
for the foreseeable future and is able to bear the risk of that investment for an indefinite period. The Buyer understands that
there presently is no public market for the Shares and none is anticipated to develop in the foreseeable future. The Buyer’s
present financial condition is such that the Buyer is under no present or contemplated future need to dispose of any portion of
the Shares subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness. The Buyer’s overall
commitment to investments which are not readily marketable is not disproportionate to its net worth and the investment in the Company
will not cause such overall commitment to become excessive.

(d)            
The Buyer acknowledges that the Shares have not been and will not be registered under the Securities Act, or any
state securities act, and are being sold on the basis of exemptions from registration under the Securities Act and applicable state
securities acts, except those state securities acts that require registration of the Shares thereunder. Reliance on such exemptions,
where applicable, is predicated in part on the accuracy of the Buyer’s representations and warranties set forth herein. The
Buyer acknowledges and hereby agrees that the Shares will not be transferable under any circumstances unless the Buyer either registers
the Shares in accordance with federal and state securities laws or finds and complies with an available exemption under such laws.
Accordingly, the Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate its investment in the
Company.

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(e)            
There are substantial risk factors pertaining to an investment in the Company. The Buyer acknowledges that it has
read the information set forth above regarding certain of such risks and is familiar with the nature and scope of all such risks,
including, without limitation, risks arising from the fact that the Company is an entity with limited operating history and financial
resources; and the Buyer is fully able to bear the economic risks of such investment for an indefinite period, and can afford a
complete loss thereof.

(f)             
The Buyer has been given the opportunity to (i) ask questions of and receive answers from the Company and its designated
representatives concerning the terms and conditions of the offering, the Company and the business and financial condition of the
Company and (ii) obtain any additional information that the Company possesses or can acquire without unreasonable effort or expense
that is necessary to assist the Buyer in evaluating the advisability of the purchase of the Shares and an investment in the Company.
The Buyer further represents and warrants that, prior to signing this Agreement, it has asked such questions, received such answers
and obtained such information as it has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares
and an investment in the Company. The Buyer is not relying on any oral representation made by any person as to the Company or its
operations, financial condition or prospects.

(g)            
The Buyer understands that no federal, state or other governmental authority has made any recommendation, findings
or determination relating to the merits of an investment in the Company.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Section 4.1         
Incorporation and Good Standing. The Company is a Cayman Islands exempted company duly incorporated,
validly existing, and in good standing under the laws of the Cayman Islands.

Section 4.2         
Power and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation
of the Company, enforceable against the Company in accordance with its terms. The Company has full power and authority to execute
and deliver this Agreement and to perform its obligations hereunder. The Company has taken all actions necessary to authorize the
execution and delivery of this Agreement, the performance of its obligations hereunder, and the consummation of the transactions
contemplated hereby. This Agreement has been duly authorized, executed, and delivered by, and is enforceable against, the Company.

    5

     

    

Section 4.3         
No Violation; Necessary Approvals. Neither the execution and delivery of this Agreement by the Company,
nor the consummation or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice
or lapse of time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration
of performance of any obligation required under any Law, Order, contract or Permit to which the Company is a party or by which
it is bound or any of its assets are subject, or any provision of the Company’s organizational documents as in effect on
the Closing Date, (b) result in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require
any Consent under any contract or organizational document to which the Company is a party or by which it is bound; (d) require
any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other filings
with state or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval of the
agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights of first refusal, preferential
purchase or similar rights with respect to any of the Shares.

Section 4.4         
Authorization of the Shares. The Shares have been duly authorized and, when issued in accordance with
this Agreement and the memorandum and articles of association of the Company, and registration in the Company’s register
of members, the Shares will be duly and validly issued as fully paid and non-assessable Class B Ordinary Shares and will be free
and clear of all Liens and claims, other than restrictions on transfer imposed by the Securities Act and applicable state securities
laws.

ARTICLE V

FORFEITURE OF SHARES

Section 5.1         
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not
exercised in full, the Buyer acknowledges and agrees that it (or, if applicable, it and/or any transferees of Shares) shall forfeit
any and all rights to such number of Shares (up to an aggregate of 937,500 Shares (as such amount may be adjusted for share splits,
share dividends, reorganizations, recapitalizations and the like) and pro rata based upon the percentage of the Over-allotment
Option exercised) such that immediately following such forfeiture, the Buyer (and all other initial shareholders of the Company
prior to the IPO, if any) will own an aggregate number of Shares equal to 20% of the issued and outstanding Shares immediately
following the IPO.

Section 5.2         
Termination of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Article
V, then after such time the Buyer (or its successor in interest), shall no longer have any rights as a holder of such forfeited
Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

ARTICLE VI

MISCELLANEOUS

Section 6.1         
Entire Agreement. This Agreement, together with the certificates, documents, instruments and writings
that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its
subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written
or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

    6

     

    

Section 6.2         
Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of
this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors.

Section 6.3         
Assignments. Except as otherwise provided herein, no party hereto may assign either this Agreement
or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported
assignment in violation of this Section 6.3 shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee.

Section 6.4         
Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THE RESPECTIVE RIGHTS TO JURY TRIAL
OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING
TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY
HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER
IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION,
THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

Section 6.5         
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed
an original but all of which together will constitute one and the same instrument.

Section 6.6         
Headings. The article and section headings contained in this Agreement are inserted for convenience
only and will not affect in any way the meaning or interpretation of this Agreement.

Section 6.7         
Governing Law. This Agreement, the entire relationship of the parties hereto, and any litigation between
the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and
interpreted pursuant to the laws of the State of New York applicable to contracts wholly performed within the borders of such state,
without giving effect to the conflict of law principles thereof.

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Section 6.8         
Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except
by a written instrument executed by the parties hereto.

Section 6.9         
Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability
of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision
of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator
not to be enforceable in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator
making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is
enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will
be enforced.

Section 6.10      
Expenses. Except as otherwise expressly provided in this Agreement, each party hereto will bear its
own costs and expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation
of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal
counsel and accountants.

Section 6.11      
Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the
authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be deemed also to
refer to Law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. 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 Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to
this 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.

Section 6.12      
Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant
hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach
of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

[signature page follows]

 

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IN WITNESS WHEREOF,
the undersigned have executed this Agreement to be effective as of the date first set forth above.

	 	COMPANY: 	 
	 	 	 
	 	TORTOISE ACQUISITION CORP. II	 
	 	 	 
	 	By: 	/s/ Vincent T. Cubbage	
	 	Name: 	Vincent T. Cubbage	 
	 	Title:	President, Chief Executive Officer and Chairman	 
	 	 	 	 
	 	BUYER:	 
	 	 	 
	 	TORTOISE SPONSOR II LLC	 
	 	 	 
	 	By: 	/s/ Vincent T. Cubbage	
	 	Name: 	Vincent T. Cubbage	 
	 	Title:	Sole Manager	 

 

[Signature Page to Securities Subscription
Agreement]Document

Exhibit 10.01
Pyxus International, Inc.
Executive Officer Retention Plan

Pyxus International, Inc. (the “Company”) has adopted this Executive Officer Retention Plan (the “Plan”) for the benefit of the employees of the Company, on the terms and conditions hereinafter stated, effective as of the Effective Date.  The Plan has been adopted in order to provide a retention incentive for the employees who are determined to be critical to the Company’s continued success and whose retention is necessary to sustain the value of the Company’s business.
1.Definitions.
(a)“Administrator” means the Executive Compensation Committee of the Board or another committee of the Board designated by the Board. 
(b)“Board” means the Board of Directors of the Company.
(c)“Cause” has such meaning for any given Participant as is set forth in the employment agreement to which that Participant is a party with the Company or its applicable subsidiary (and any termination for Cause shall remain subject to any notice and cure periods set forth therein), and if a Participant is not party to an employment agreement with the Company or any of its subsidiaries, or if the Participant is party to such an agreement but the agreement does not have a definition of Cause, then “Cause” means, as to any Participant, (i) committing a violation the Company’s Code of Conduct (as in effect from time to time); (ii) committing a violation of any law (other than misdemeanor traffic violations) and thereby injured or damaged the business reputation or prospects of the Company or an affiliate; (iii) engaging in intentional misconduct that caused, or materially contributed to, the need for a substantial restatement (voluntary or required) of the Company’s financial statements filed with the Securities and Exchange Commission; (iv) engaging in serious neglect or misconduct in carrying out employment responsibilities and obligations; (v) the failure or refusal to faithfully and diligently to perform the customary duties of employment; or (vi) the failure or refusal to comply with reasonable policies, rules and regulations established from time to time by the Board or any duly authorized committee thereof.
(d)“Code” means the Internal Revenue Code of 1986, as amended, and the rules, regulations or other interpretative guidance promulgated thereunder, as well as any successor laws in replacement thereof.
(e)“Effective Date” means the date that the Plan is approved by the Board or such later date designated by the Board.
(f)“Good Reason” has such meaning for any given Participant as is set forth in the employment agreement to which that Participant is a party with the Company or its applicable subsidiary, and if a Participant is not party to an employment agreement with the Company or any of its subsidiaries, or if the Participant is party to such an agreement but the agreement does not have a definition of Good Reason, then “Good Reason” means, as to any Participant, (x) a material diminution in duties and responsibilities to the Company or its affiliates or (y) a 
003863-0002-34844551.2  

reduction in base salary, other than a reduction in base salary or bonus opportunity imposed on all similarly situated executives of 15% or less.
(g)“Participant” means those employees of the Company who have executed a Retention Agreement.
(h)“Retention Agreement” means the individual agreement that informs a Participant of his or her designation as a Participant in the Plan and which sets forth such Participant’s Retention Bonus Amount.
(i) “Retention Bonus Amount” means, as to any Participant, the amount payable in respect of such Participant’s Retention Bonus Award, which amount is set forth in such Participant’s Retention Agreement.  
(j)“Retention Bonus Award” means the retention bonus granted under the Plan in an amount equal to the Retention Bonus Amount.
(k)“Retention Bonus Payment Date” means, as to any Participant, the date on which the Retention Bonus Amount is scheduled to be made to the Participant, as set forth in the Participant’s Retention Agreement.
(l)“Termination” means, as to any Participant, termination of such Participant’s employment with the Company.
2.Administration.
(a)The Plan shall be administered by the Administrator, who shall have the sole authority, in the Administrator’s absolute discretion, to (i) construe, interpret, and implement the Plan, (ii) prescribe and amend rules and regulations relating to the Plan, and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan.  The determination of the Administrator on all matters relating to the Plan, including participation and amounts payable hereunder shall be final, binding, and conclusive.  The Administrator may delegate to officers or other employees of the Company, or committees thereof, the authority, subject to such terms as the Administrator shall determine, to perform such functions, including but not limited to administrative functions, as the Administrator may determine appropriate.  Any action that may be taken under the Plan by the Administrator may be taken by the Board.
(b)In no event shall the Administrator be liable for any action, determination or interpretation made by the Administrator with respect to the Plan or any distribution paid under the Plan.  All expenses and liabilities that the Administrator incurs in connection with the administration of this Plan shall be borne by the Company, and the Administrator shall be fully indemnified and held harmless by the Company in respect of any such action, determination or interpretation.
3.Grant of Retention Bonus Awards.  On, or as soon as practicable following, the Effective Date, the Administrator shall grant the Retention Bonus Awards to the Participants and the Company shall deliver to each Participant a Retention Agreement, the execution of which by such Participant shall be a requirement to receipt of the Retention Bonus Amount and participation in the Plan.  
003863-0002-34844551.2  

4.Payment of Retention Bonus Awards.  
(a)The Company shall pay the Retention Bonus Amount to a Participant on, or as soon as practicable following, the Retention Bonus Payment Date (but in no event more than thirty (30) days following such date), unless (x) the Participant has a voluntarily Terminated without Good Reason or (y) the Company has Terminated Participant for Cause.  
(b)The Company’s payment of the Retention Bonus Amount to a Participant shall be subject to reduction for all required federal, state and local taxes and other legally required withholdings.
(c)In the event of (x) a Participant’s voluntary Termination without Good Reason or (y) Termination of Participant by the Company for Cause, in either case, during the Retention Period, the Participant shall forfeit all rights with respect to the Participant’s Retention Bonus Award, and Participant shall repay the full Retention Bonus Amount to the Company within thirty (30) days following such Termination.
(d)In the event of (x) a Participant’s voluntary Termination with Good Reason or (y) Termination of Participant by the Company without Cause, in either case, during the Retention Period, a Participant shall retain all rights to the Retention Bonus Amount.
5.Termination or Amendment of the Plan.  The Plan may be amended, terminated or discontinued in whole or in part, at any time and from time to time at the discretion of the Company; provided, however, that no such amendment, termination or discontinuance of the Plan shall, without a Participant’s consent, adversely affect such Participant’s rights with respect to any Retention Bonus Award subject to a previously signed Retention Agreement. 
6.Limitation of Certain Payments.
In the event that any payments and/or benefits due to a Participant under the Plan and/or any other arrangements are determined by the Company to constitute “excess parachute payments” as defined under Section 280G of the Code, any Retention Bonus Amount payable under the Plan shall be reduced by the minimum amount necessary, subject to the last sentence of this paragraph, such that the present value of such parachute payments is below 300% of such Participant’s “base amount” (as defined under Section 280G of the Code), and by accepting participation in the Plan, each Participant agrees to waive his or her rights to any “parachute payments” (as defined under Section 280G of the Code) sufficient to reduce such parachute payments to below such threshold; provided, however, in no event shall such Retention Bonus Amount be reduced below zero.  Notwithstanding the foregoing, no payments or benefits shall be reduced under this Section 6 unless (a) the net amount of such payments and benefits, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced payments and benefits), is greater than or equal to (b) the net amount of such payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such payments and benefits and the amount of excise tax imposed under Section 4999 of the Code as to which such Participant would be subject in respect of such unreduced payments and benefits and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced 
003863-0002-34844551.2  

payments).  Notwithstanding the foregoing, to the extent a Participant is entitled to any reimbursement or gross-up payment with respect to any tax imposed under Section 4999 of the Code, such reimbursement or gross-up payment shall be taken into account before any payments and/or benefits due to such Participant under the Plan and/or any other arrangements are reduced.  For purposes hereof, (i) the order in which any amounts are deemed to be reduced, if applicable, is (A) cash payments, (B) other non-cash forms of benefits, and (C) equity-based payments and acceleration of vesting, and (ii) within any such category of payments and benefits set forth in clauses (i)(A), (i)(B) or (i)(C) above, (A) a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and then with respect to amounts that are and (B) to the extent that any such amounts are to be made over time (e.g., in installments, etc.), then the amounts shall be reduced in reverse chronological order.
7.Additional Terms. 
(a)  Designation of an individual as a Participant shall not provide any guarantee or promise of continued service or employment of a Participant with the Company, and the Company retains the right to Terminate any Participant, at any time, with or without Cause, for any reason or no reason, except as may be restricted by law or contract.
(b) The Company’s obligation to pay a Participant the amounts provided and to make the arrangements provided hereunder shall be contingent upon, and subject to set-off, counterclaim, or recoupment of amounts owed by a Participant to the Company, to the extent permitted by applicable law, including, but not limited to the Participant’s compliance with his or her restrictive covenants in the Participant’s employment agreement, employee agreement and/or equity agreement, as applicable.  A Participant shall not be required to mitigate the amount of any payment provided pursuant to the Plan by seeking other employment, and the amount of any payment provided for pursuant to the Plan shall not be reduced by any compensation earned as a result of a Participant’s other employment.
(c) It is intended that the payments to be made under the Plan will either comply with or be exempt from Section 409A of the Code and the regulations promulgated thereunder, and the Administrator shall interpret the Plan provisions accordingly.  Notwithstanding the above, in no event whatsoever shall the Company be liable for any additional tax, interest, or penalties that may be imposed on any Participant by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code, other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A of the Code.
(d) The Plan is intended to be a “bonus program” as defined under U.S. Department of Labor regulation 2510.3-2(c) and shall be construed and administered in accordance with such intention.
(e) If any provision of the Plan is found to be invalid or unenforceable, such provision shall not affect the other provisions of the Plan, and the Plan shall be construed in all respects as if such invalid provision had been omitted.  All questions concerning the construction, validation and interpretation of the Plan shall be governed by the laws of the State of North Carolina without regard to its conflict of law provisions.
003863-0002-34844551.2  

(f) To the maximum extent permitted by law, a Participant’s rights or benefits under the Plan shall not be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void.  No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities or torts of the person entitled to such benefit.  
(g) No Participant shall have the right to anticipate, alienate, sell, transfer, assign, pledge or encumber his or her right to receive any Retention Bonus Award made under the Plan.
(h) Unless otherwise set forth herein or determined by the Administrator, any payments made hereunder shall not be taken into account in computing a Participant’s salary or compensation for the purposes of determining any benefits or compensation under (i) any pension, retirement, life insurance or other benefit plan of any of the Company or (ii) any agreement between the Company and a Participant.
(i) The headings in the Plan are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.
003863-0002-34844551.2

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