Document:

Exhibit 10.5 

 

Xos,
Inc.

 

INDEMNIFICATION
AGREEMENT 

 

This Indemnification
Agreement (this “Agreement”) is dated as of _________________, 2021 and is between Xos, Inc., a Delaware
corporation (the “Company”), and _________________ (“Indemnitee”).

 

Recitals

 

A. Indemnitee’s
service to the Company substantially benefits the Company.

 

B. Individuals
are reluctant to serve as directors or officers of corporations or in certain other capacities unless they are provided with adequate
protection through insurance or indemnification against the risks of claims and actions against them arising out of such service.

 

C. Indemnitee
does not regard the protection currently provided by applicable law, the Company’s governing documents and any insurance as adequate
under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without additional protection.

 

D. In
order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and necessary for the Company to
contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law.

 

E. This
Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s certificate of incorporation and
bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement
be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder.

 

Agreement

 

The parties agree as follows:

 

1. Definitions.

 

(a) “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as amended; provided,
however, that “Beneficial Owner” shall exclude any Person otherwise becoming a Beneficial Owner solely by reason of (i) the
stockholders of the Company approving a merger of the Company with another Person, or entering into tender or support agreements relating
thereto, provided such merger was approved by the Company’s board of directors, or (ii) the Company’s board of directors approving
a sale of securities by the Company to such Person.

 

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

 

(i) Acquisition
of Stock by Third Party. Any Person (as defined below) becomes the Beneficial Owner, directly or indirectly, of securities of the
Company representing 50% or more of the combined voting power of the Company’s then outstanding securities;

 

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(ii) Change
in Board Composition. During any period of two consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constituted the Company’s board of directors and any Approved Directors cease for
any reason to constitute at least a majority of the members of the Company’s board of directors. “Approved Directors”
means new directors (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction
described in Sections 1(b)(i), 1(b)(iii) or 1(b)(iv)) whose election or nomination by the board of directors (or, if applicable, by the
Company’s stockholders) was approved by a vote of at least two thirds of the directors then still in office who either were directors
at the beginning of such two-year period or whose election or nomination for election was previously so approved;

 

(iii) Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
that would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the
combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and
with the power to elect a majority of the board of directors or other governing body of such surviving entity; or

 

(iv) Liquidation.
The approval by the Company’s board of directors of a complete liquidation or the dissolution of the Company or an agreement
for the sale, lease or disposition by the Company of all or substantially all of the Company’s assets; or

 

(v) Other
Events. Any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A
(or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended,
whether or not the Company is then subject to such reporting requirement.

 

(c) “Corporate
Status” describes the status of a person who is or was a director, trustee, general partner, managing member, officer, employee,
agent or fiduciary of the Company or any other Enterprise.

 

(d) “DGCL”
means the General Corporation Law of the State of Delaware.

 

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

 

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

 

(g) “Expenses”
include all reasonable and actually incurred attorneys’ fees, retainers, court costs, transcript costs, fees and costs of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all
other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses
incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other
costs relating to any cost bond, supersede as bond or other appeal bond or their equivalent, and (ii) for purposes of Section 10(d), Expenses
incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement
or under any directors’ and officers’ liability insurance policies maintained by the Company. Expenses, however, shall not
include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

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(h) 
“Independent Counsel” means a law firm, or a partner or member of a law firm, that is experienced in matters
of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company, any Enterprise
or Indemnitee in any matter material to any such party (other than as Independent Counsel with respect to matters concerning Indemnitee
under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term Independent Counsel shall not include any person
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(i) “Person”
shall have the meaning set forth in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended; provided, however,
that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the
Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

(j) “Proceeding”
means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal,
administrative or investigative nature, whether formal or informal, including any appeal therefrom and including without limitation any
such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party,
a non-party witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any action
taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or officer of the Company, or (iii)
the fact that he or she is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer,
employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such capacity at the time
any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement.

 

(k) “to
the fullest extent permitted by applicable law” means to the fullest extent permitted by all applicable laws, including
without limitation: (i) the fullest extent permitted by DGCL as of the date of this Agreement and (ii) the fullest extent authorized or
permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which
a corporation may indemnify its officers and directors.

 

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

 

2. Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2 if Indemnitee
is, or is threatened to be made, a party to or witness or other participant in any Proceeding, other than a Proceeding by or in the right
of the Company to procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to the fullest extent permitted
by applicable law against all Expenses, judgments, fines and amounts paid in settlement (if such settlement is approved in advance by
the Company, in accordance with the terms of this Section 2) actually and reasonably incurred by Indemnitee or on his or her behalf in
connection with such Proceeding or any claim, issue or matter therein, provided, the Indemnitee acted in good faith and in a manner he
or she reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding,
had no reasonable cause to believe that his or her conduct was unlawful. Indemnitee shall not enter into any settlement in connection
with a Proceeding without ten (10) days’ prior notice to the Company and without the Company’s prior written consent, which
consent may not be unreasonably withheld.

 

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3. Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is, or is threatened to be made, a party to or a witness or other participant in any Proceeding by or in the right
of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted
by applicable law against all Expenses incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim,
issue or matter therein, provided, Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the Company. No indemnification for Expenses shall be made under this Section 3 in respect of any claim, issue
or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and
only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled
to indemnification for such expenses as the Delaware Court of Chancery or such other court shall deem proper.

 

4. Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, in circumstances
where indemnification is not available under Section 2 or 3, as the case may be, to the fullest extent permitted by law and to the extent
that Indemnitee is a party to, and is successful (on the merits or otherwise) in defense of, any Proceeding or any claim, issue or matter
therein, the Company shall indemnify Indemnitee against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. For purposes of this Section 4, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

5. Exclusions.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection
with any Proceeding (or any part of any Proceeding):

 

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

 

(b) for
an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions
of federal, state or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements);

 

(c) for
any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized
by Indemnitee from the sale of securities of the Company, as required in each case under the Securities Exchange Act of 1934, as amended
(including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and
sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including
pursuant to any settlement arrangements);

 

(d) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors authorized the Proceeding (or the
relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant
to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 10(d) or (iv) otherwise required
by applicable law; provided, for the avoidance of doubt, Indemnitee shall not be deemed for purposes of this paragraph, to have initiated
any Proceeding (or any part of a Proceeding) by reason of (i) having asserted any affirmative defenses in connection with a claim not
initiated by Indemnitee or (ii) having made any counterclaim (whether permissive or mandatory) in connection with any claim not initiated
by Indemnitee; or

 

(e) if
prohibited by the DGCL or other applicable law.

 

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6. Advances
of Expenses. The Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding prior to its final disposition,
and such advancement shall be made as soon as reasonably practicable, but in any event no later than 30 days, after the receipt by the
Company of a written statement or statements requesting such advances from time to time (which shall include invoices received by Indemnitee
in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed
or to expenditure made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice).
Advances shall be unsecured and interest free and made without regard to Indemnitee’s ability to repay such advances. Indemnitee
hereby undertakes to repay any advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified
by the Company, except, with respect to advances of expenses made pursuant to Section 10(c), in which case Indemnitee makes the
undertaking provided in Section 10(c). This Section 6 shall not apply to the extent advancement is prohibited by law and shall not apply
to any Proceeding (or any part of any Proceeding) for which indemnity is not permitted under this Agreement, but shall apply to any Proceeding
(or any part of any Proceeding) referenced in Section 5(b) or 5(c) prior to a determination that Indemnitee is not entitled to be indemnified
by the Company.

 

7. Procedures
for Notification and Defense of Claim.

 

(a) Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of Expenses
as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall
include, in reasonable detail, a description of the nature of the Proceeding and the facts underlying the Proceeding. The failure by Indemnitee
to notify the Company will not relieve the Company from any liability that it may have to Indemnitee hereunder or otherwise than under
this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights, except to the extent
that such failure or delay materially prejudices the Company.

 

(b) If,
at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and officers’
liability insurance in effect that may be applicable to the Proceeding, the Company shall give prompt notice of the commencement of the
Proceeding to the insurers in accordance with the procedures set forth in the applicable policies. The Company shall thereafter take all
commercially reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding
in accordance with the terms of such policies.

 

(c) In
the event the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be entitled to assume
the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, conditioned or
delayed, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel
by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses
of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. Notwithstanding the Company’s assumption of
the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s separate counsel
to the extent (i) the employment of separate counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company shall have
reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that
Indemnitee needs to be separately represented, (iii) the Company is not financially or legally able to perform its indemnification obligations,
(iv) fees and expenses are non-duplicative and reasonably incurred in connection with Indemnitee’s role in the Proceeding despite
the Company’s assumption of the defense; or (v) the Company shall not have retained, or shall not continue to retain, counsel to
defend such Proceeding. Indemnitee agrees that any such separate counsel retained by Indemnitee will be a member of any approved list
of panel counsel under the Company’s applicable directors and officers liability insurance policy should the applicable policy provide
for a panel of approved counsel and should such approved panel list include law firms with well-established reputations in the type of
litigation at issue as may be determined by the Company in good faith. The Company shall not be entitled, without the consent of Indemnitee,
to assume the defense of any claim brought by or in the right of the Company. Notwithstanding anything in this Agreement to the contrary,
the Indemnitee shall have the right to employ the Indemnitee’s own counsel in connection with any such proceeding, at Indemnitee’s
own expense, if such counsel serves in a review, observer, advice, and counseling capacity and does not otherwise materially control or
participate in the defense of such Proceeding.

 

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(d) Indemnitee
shall give the Company such information and cooperation in connection with the Proceeding as may be reasonably appropriate.

 

(e) The
Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) effected without the Company’s
prior written consent, which shall not be unreasonably withheld, conditioned or delayed. The Company acknowledges that a settlement or
other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in a settlement to which the
Company has given its prior written consent, such settlement shall be treated as a success on the merits in the settled action, suit or
proceeding.

 

(f) The
Company shall not settle any Proceeding (or any part thereof) in a manner that imposes any penalty or liability on Indemnitee not paid
by the Company without Indemnitee’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

 

8. Procedures
upon Application for Indemnification.

 

(a) To
obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification following the final disposition of the Proceeding. Any delay in providing the request will not relieve
the Company from its obligations under this Agreement, except to the extent such failure is prejudicial.

 

(b) Upon
written request by Indemnitee for indemnification pursuant to Section 8(a), a determination with respect to Indemnitee’s entitlement
thereto shall be made no later than 30 days after the Company’s receipt of Indemnitee’s written request for indemnification
as follows, provided that a Change in Control shall not have occurred: (i) by a majority vote of the Disinterested Directors, even though
less than a quorum of the Company’s board of directors; (ii) by a committee of Disinterested Directors designated by a majority
vote of the Disinterested Directors, even though less than a quorum of the Company’s board of directors; (iii) if there are no such
Disinterested Directors or, if a majority of Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company’s
board of directors, a copy of which shall be delivered to Indemnitee; or (iv) if so directed by the Company’s board of directors,
by the stockholders of the Company. If a Change in Control shall have occurred, a determination with respect to Indemnitee’s entitlement
to indemnification shall be made by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which
shall be delivered to Indemnitee. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination with
respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance
request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available
to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements)
actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be
borne by the Company, to the extent permitted by applicable law.

 

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(c) In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8(b), the Independent
Counsel shall be selected as provided in this Section 8(c). If a Change in Control shall not have occurred, the Independent Counsel shall
be selected by the Company’s board of directors, and the Company shall give written notice to Indemnitee advising him or her of
the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected
by Indemnitee (unless Indemnitee shall request that such selection be made by the Company’s board of directors, in which event the
preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten days after such written notice of
selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 1, and the objection shall set forth with particularity the factual basis of
such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection
is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of (i) submission by Indemnitee
of a written request for indemnification pursuant to Section 8(a) and (ii) the final disposition of the Proceeding, the parties have not
agreed upon an Independent Counsel, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of
any objection that shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and for the
appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person
with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 8(b). Upon
the due commencement of any judicial proceeding or arbitration pursuant to Section 10(a), the Independent Counsel shall be discharged
and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(d) The
Company shall pay the reasonable fees and expenses of any Independent Counsel and fully indemnify such counsel against any and all Expenses,
claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

9. Presumptions
and Effect of Certain Proceedings.

 

(a) In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement, and the
Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption.

 

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

 

(c) For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith to the extent Indemnitee relied in
good faith on (i) the records or books of account of the Enterprise, including financial statements, (ii) information supplied to Indemnitee
by the officers of the Enterprise in the course of their duties, (iii) the advice of legal counsel for the Enterprise or its board of
directors or counsel selected by any committee of the board of directors or (iv) information or records given or reports made to the Enterprise
by an independent certified public accountant, an appraiser, investment banker or other expert selected with reasonable care by the Enterprise
or its board of directors or any committee of the board of directors. The provisions of this Section 9(c) shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth
in this Agreement. Whether or not the foregoing provisions of this Section 9(c) are satisfied, it shall in any event be presumed that
Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of
the Company.

 

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(d) Neither
the knowledge, actions nor failure to act of any other director, officer, agent or employee of the Enterprise shall be imputed to Indemnitee
for purposes of determining the right to indemnification under this Agreement.

 

(e) The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,
delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner
other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with
or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise
in such Proceeding.

 

10. Remedies
of Indemnitee.

 

(a) In
the event that (i) a determination is made pursuant to Section 8(b) that Indemnitee is not entitled to indemnification under this Agreement,
(ii) advancement of Expenses is not timely made pursuant to Section 6 or 10(d), (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 8 within 30 days after the later of the receipt by the Company of the request for indemnification
or the final disposition of the Proceeding, (iv) payment of indemnification pursuant to this Agreement is not made (A) within 10 days
after a determination has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to
Sections 4, 5 and 10(d), within 30 days after receipt by the Company of a written request therefor, or (v) the Company or any other person
or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other
action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder,
Indemnitee shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification
or advancement of Expenses.

 

(b) Neither
(i) the failure of the Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders
to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor (ii) an actual determination by the Company, its board of directors, any committee or subgroup of the board of
directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall create a presumption
that Indemnitee has or has not met the applicable standard of conduct. In the event that a determination shall have been made pursuant
to Section 8 that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section
10 shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced
by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 10, the Company
shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement
of Expenses, as the case may be, and the burden of proof shall be by clear and convincing evidence.

  

(c) To
the fullest extent not prohibited by law, the Company shall be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 10 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate
in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. If a determination
shall have been made pursuant to Section 10 that Indemnitee is entitled to indemnification, the Company shall be bound by such determination
in any judicial proceeding or arbitration commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statements not materially misleading, in connection with
the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d) To
the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are reasonably incurred by Indemnitee
in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement, any other agreement,
the Company’s certificate of incorporation or bylaws or under any directors’ and officers’ liability insurance policies
maintained by the Company to the extent Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably
practicable, but in any event no later than 30 days, after receipt by the Company of a written request therefor) advance such Expenses
to Indemnitee, subject to the provisions of Section 6. Indemnitee hereby undertakes to repay such advances to the extent the Indemnitee
is ultimately unsuccessful in such action or arbitration.

 

    8 

     

    

 

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

 

12. Non-exclusivity.
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s certificate of incorporation or
bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware law,
whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under
the Company’s certificate of incorporation and bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee
shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein
or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

13. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment
for such amounts under any insurance policy, contract, agreement or otherwise.

  

15. Insurance.
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, trustees, general
partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered
by such policy or policies to the same extent as the most favorably-insured persons under such policy or policies in a comparable position.

 

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

 

17. Services
to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company, as a director,
trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is duly
elected or appointed or until Indemnitee tenders his or her resignation or is removed from such position. Indemnitee may at any time and
for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law),
in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall
not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically
acknowledges that any employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee may be discharged
at any time for any reason, with or without cause, with or without notice, except as may be otherwise expressly provided in any executed,
written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing formal severance
policies adopted by the Company’s board of directors or, with respect to service as a director or officer of the Company, the Company’s
certificate of incorporation or bylaws or the DGCL. No such document shall be subject to any oral modification thereof.

 

    9 

     

    

 

18. Duration.
This Agreement shall continue until and terminate upon the later of (a) six years after the date that Indemnitee shall have ceased to
serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or
fiduciary of any other Enterprise, as applicable; or (b) one year after the final termination of any Proceeding, including any appeal,
then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding
commenced by Indemnitee pursuant to Section 10 relating thereto.

 

19. Successors.
This Agreement shall be binding upon the Company and its successors and assigns, including any direct or indirect successor, by purchase,
merger, consolidation or otherwise, to all or substantially all of the business or assets of the Company, and shall inure to the benefit
of Indemnitee and Indemnitee’s heirs, executors and administrators. Further, the Company shall require and cause any successor (whether
direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company,
by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

20. Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation
of applicable law. The Company’s inability, pursuant to court order or other applicable law, to perform its obligations under this
Agreement shall not constitute a breach of this Agreement. If any provision or provisions of this Agreement shall be held to be invalid,
illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this
Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent
necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby.

 

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

 

22. Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject
matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Company’s certificate
of incorporation and bylaws and applicable law.

 

23. Modification
and Waiver. No supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties
hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect
of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. No waiver
of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall any
waiver constitute a continuing waiver.

 

24. Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified
mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed:

 

(a) if
to Indemnitee, to Indemnitee’s address, facsimile number or electronic mail address as shown on the signature page of this Agreement
or in the Company’s records, as may be updated in accordance with the provisions hereof; or

 

    10 

     

    

 

(b) if
to the Company, to 3550 Tyburn Street, Los Angeles, California 90065, Attention: Chief Executive Officer or at such other current address
as the Company shall have furnished to Indemnitee.

 

Each such notice or other
communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger
or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying
next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt
or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed
and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon
confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient,
or if not sent during normal business hours of the recipient, then on the recipient’s next business day.

 

25. Applicable
Law and Consent to Jurisdiction. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant
to Section 10(a), the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out
of or in connection with this Agreement shall be brought only in the Delaware Court of Chancery, and not in any other state or federal
court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware
Court of Chancery for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the
extent such party is not otherwise subject to service of process in the State of Delaware, The Corporation Service Company, Wilmington,
Delaware 19808 as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any
such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the
State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court of Chancery,
and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court of Chancery
has been brought in an improper or inconvenient forum.

 

26. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall for all purposes be deemed to be an original but all of
which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and
in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the
same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the
existence of this Agreement.

 

27. Captions.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

 

[remainder of page intentionally left blank]

 

    11 

     

    

 

The parties are signing this
Indemnification Agreement as of the date stated in the introductory sentence.

 

	 	Xos, Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    12 

     

    

 

The parties are signing this Indemnification Agreement
as of the date stated in the introductory sentence.

 

	 	 
	 	[indemnitee name]
	 	 
	 	Address:	            
	 	 	 

 

 

13Exhibit 10.6

 

Xos,
Inc.

2021
Equity Incentive Plan

 

Adopted
by the Board of Directors: August 20, 2021

Approved
by the Stockholders: August 20, 2021

 

1. General.

 

(a) Plan
Purpose. The Company, by means of the Plan, seeks to promote the long-term success of the Company
and the creation of stockholder value by (i) securing and retaining the services of Employees, Directors and Consultants, (ii) encouraging
Employees, Directors and Consultants to focus on critical long-term objectives of the Company; (iii) providing incentives for such persons
to exert maximum efforts for the success of the Company and any Affiliate and (iv) providing a means by which such persons may be given
an opportunity to benefit from increases in value of the Common Stock through the granting of Awards.

 

(b) Available
Awards. The Plan provides for the grant of the following Awards: (i) Incentive Stock Options;
(ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other
Awards.

 

(c) Adoption
Date; Effective Date.  The Plan will come into existence on the Adoption Date, but no Award
may be granted prior to the Effective Date.

 

2. Shares
Subject to the Plan.

 

(a) Share
Reserve. Subject to adjustment in accordance with Section 2(c) and any adjustments as necessary
to implement any Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Awards will
not exceed 16,421,919 shares. In addition, subject to any adjustments as necessary to implement any Capitalization Adjustments, such
aggregate number of shares of Common Stock will automatically increase on January 1 of each year for a period of ten years commencing
on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to 5% of the total number of shares of Common Stock
outstanding on December 31 of the preceding year; provided, however, that the Board may act prior to January 1st
of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock.

 

(b) Aggregate
Incentive Stock Option Limit. Notwithstanding anything to the contrary in Section 2(a) and subject
to any adjustments as necessary to implement any Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that
may be issued pursuant to the exercise of Incentive Stock Options is 60,000,000 shares.

 

(c) Share
Reserve Operation.

 

(i) Limit
Applies to Common Stock Issued Pursuant to Awards. For clarity, the Share Reserve is a limit
on the number of shares of Common Stock that may be issued pursuant to Awards and does not limit the granting of Awards, except that
the Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy its obligations to issue
shares pursuant to such Awards. Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq
Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, NYSE American Company Guide Section 711 or other applicable rule, or
any successor rule to any of the foregoing, as each may be amended from time to time, and such issuance will not reduce the number of
shares available for issuance under the Plan.

 

     

     

    

 

(ii) Actions
that Do Not Constitute Issuance of Common Stock and Do Not Reduce Share Reserve. The following
actions do not result in an issuance of shares under the Plan and accordingly do not reduce the number of shares subject to the Share
Reserve and available for issuance under the Plan: (1) the expiration or termination of any portion of an Award without the shares covered
by such portion of the Award having been issued, (2) the settlement of any portion of an Award in cash (i.e., the Participant receives
cash rather than Common Stock), (3) the withholding of shares that would otherwise be issued by the Company to satisfy the exercise,
strike or purchase price of an Award; or (4) the withholding of shares that would otherwise be issued by the Company to satisfy a tax
withholding obligation in connection with an Award.

 

(iii) Reversion
of Previously Issued Shares of Common Stock to Share Reserve. The following shares of Common
Stock previously issued pursuant to an Award and accordingly initially deducted from the Share Reserve will be added back to the Share
Reserve and again become available for issuance under the Plan: (1) any shares that are forfeited back to or repurchased by the Company
because of a failure to meet a contingency or condition required for the vesting of such shares; (2) any shares that are reacquired by
the Company to satisfy the exercise, strike or purchase price of an Award; and (3) any shares that are reacquired by the Company to satisfy
a tax withholding obligation in connection with an Award.

 

3. Eligibility
and Limitations.

 

(a) Eligible
Award Recipients. Subject to the terms of the Plan, Employees, Directors and Consultants are
eligible to receive Awards.

 

(b) Specific
Award Limitations.

 

(i) Limitations
on Incentive Stock Option Recipients. Incentive Stock Options may be granted only to Employees
of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections
424(e) and (f) of the Code).

 

(ii) Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined
at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the
Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such
limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory
Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(iii) Limitations
on Incentive Stock Options Granted to Ten Percent Stockholders. A Ten Percent Stockholder may
not be granted an Incentive Stock Option unless (i) the exercise price of such Option is at least 110% of the Fair Market Value on the
date of grant of such Option and (ii) the Option is not exercisable after the expiration of five years from the date of grant of such
Option.

 

(iv) Limitations
on Nonstatutory Stock Options and SARs. Nonstatutory Stock Options and SARs may not be granted
to Employees, Directors and Consultants unless the stock underlying such Awards is treated as “service recipient stock” under
Section 409A or unless such Awards otherwise comply with the requirements of Section 409A.

 

(c) Non-Employee
Director Compensation Limit.  The aggregate value of all compensation granted or paid, as applicable,
to any individual for service as a Non-Employee Director with respect to any calendar year, including Awards granted and cash fees paid
by the Company to such Non-Employee Director, will not exceed $1,000,000 in total value, calculating the value of any equity awards based
on the grant date fair value of such equity awards for financial reporting purposes. For the avoidance of doubt, neither Awards granted,
nor cash compensation paid, to an individual for his or her service as an Employee or Consultant, but not as a Non-Employee Director,
shall count towards the aforementioned limitations. The limitations in this Section 3(c) shall apply commencing with the first calendar
year that begins following the Effective Date.

 

    2 

     

    

 

4. Options
and Stock Appreciation Rights.

 

Each
Option and SAR will have such terms and conditions as determined by the Board. Each Option will be designated in writing as an Incentive
Stock Option or Nonstatutory Stock Option at the time of grant; provided, however, that if an Option is not so designated or if an Option
designated as an Incentive Stock Option fails to qualify as an Incentive Stock Option, then such Option will be a Nonstatutory Stock
Option, and the shares purchased upon exercise of each type of Option will be separately accounted for. Each SAR will be denominated
in shares of Common Stock equivalents. The terms and conditions of separate Options and SARs need not be identical; provided, however,
that each Option Agreement and SAR Agreement will conform (through incorporation of provisions hereof by reference in the Award Agreement
or otherwise) to the substance of each of the following provisions:

 

(a) Term.
Subject to Section 3(b)(iii) regarding Ten Percent Stockholders, no Option or SAR will be exercisable
after the expiration of ten years from the date of grant of such Award or such shorter period specified in the Award Agreement.

 

(b) Exercise
or Strike Price. Subject to Section 3(b)(iii) regarding Ten Percent Stockholders, the exercise
or strike price of each Option or SAR will not be less than 100% of the Fair Market Value on the date of grant of such Award. Notwithstanding
the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value on the date
of grant of such Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation
right in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the Code.

 

(c) Exercise
Procedure and Payment of Exercise Price for Options. In order to exercise an Option, the Participant
must provide notice of exercise to the Plan Administrator in accordance with the procedures specified in the Option Agreement or otherwise
provided by the Company. The Board has the authority to grant Options that do not permit all of the following methods of payment (or
otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to utilize a particular
method of payment. The exercise price of an Option may be paid, to the extent permitted by Applicable Law and as determined by the Board,
by one or more of the following methods of payment to the extent set forth in the Option Agreement:

 

(i) by
cash or check, bank draft or money order payable to the Company;

 

(ii) pursuant
to a “cashless exercise” program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to
the issuance of the Common Stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt
of irrevocable instructions to pay the exercise price to the Company from the sales proceeds;

 

(iii) by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock that are already owned by the Participant
free and clear of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date of exercise that does not
exceed the exercise price, provided that (1) at the time of exercise the Common Stock is publicly traded, (2) any remaining balance of
the exercise price not satisfied by such delivery is paid by the Participant in cash or other permitted form of payment, (3) such delivery
would not violate any Applicable Law or agreement restricting the redemption of the Common Stock, (4) any certificated shares are endorsed
or accompanied by an executed assignment separate from certificate, and (5) such shares have been held by the Participant for any minimum
period necessary to avoid adverse accounting treatment as a result of such delivery;

 

    3 

     

    

 

(iv) if
the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the
number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value on the date of
exercise that does not exceed the exercise price, provided that (1) such shares used to pay the exercise price will not be exercisable
thereafter and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid by the Participant in cash
or other permitted form of payment; or

 

(v) in
any other form of consideration that may be acceptable to the Board and permissible under Applicable Law.

 

(d) Exercise
Procedure and Payment of Appreciation Distribution for SARs. In order to exercise any SAR, the
Participant must provide notice of exercise to the Plan Administrator in accordance with the SAR Agreement. The appreciation distribution
payable to a Participant upon the exercise of a SAR will not be greater than an amount equal to the excess of (i) the aggregate Fair
Market Value on the date of exercise of a number of shares of Common Stock equal to the number of Common Stock equivalents that are vested
and being exercised under such SAR, over (ii) the strike price of such SAR. Such appreciation distribution may be paid to the Participant
in the form of Common Stock or cash (or any combination of Common Stock and cash) or in any other form of payment, as determined by the
Board and specified in the SAR Agreement.

 

(e) Transferability.
Options and SARs may not be transferred to third-party financial institutions for value. The
Board may impose such additional limitations on the transferability of an Option or SAR as it determines. In the absence of any such
determination by the Board, the following restrictions on the transferability of Options and SARs will apply, provided that, except as
explicitly provided herein, neither an Option nor a SAR may be transferred for consideration and provided, further, that if an Option
is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer:

 

(i) Restrictions
on Transfer. An Option or SAR will not be transferable, except by will or by the laws of descent
and distribution, and will be exercisable during the lifetime of the Participant only by the Participant or, to the extent permitted
by Applicable Law, such Participant’s guardian or legal representative; provided, however, that the Board may permit
transfer of an Option or SAR in a manner that is not prohibited by applicable tax and securities laws upon the Participant’s request,
including to a trust if the Participant is considered to be the sole beneficial owner of such trust (as determined under Section 671
of the Code and applicable state law) while such Option or SAR is held in such trust, provided that the Participant and the trustee enter
into a transfer and other agreements required by the Company.

 

(ii) Domestic
Relations Orders. Notwithstanding the foregoing, subject to the execution of transfer documentation
in a format acceptable to the Company and subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be
transferred pursuant to a domestic relations order.

 

(f) Vesting.
The Board may impose such restrictions on or conditions to the vesting and/or exercisability
of an Option or SAR as determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between
a Participant and the Company or an Affiliate, vesting of Options and SARs will cease upon termination of the Participant’s Continuous
Service.

 

(g) Termination
of Continuous Service for Cause. Except as explicitly otherwise provided in the Award Agreement
or other written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service is terminated
for Cause, the Participant’s Options and SARs will terminate and be forfeited immediately upon such termination of Continuous Service,
and the Participant will be prohibited from exercising any portion (including any vested portion) of such Awards on and after the date
of such termination of Continuous Service and the Participant will have no further right, title or interest in such forfeited Award,
the shares of Common Stock subject to the forfeited Award, or any consideration in respect of the forfeited Award.

 

    4 

     

    

 

(h) Post-Termination
Exercise Period Following Termination of Continuous Service for Reasons Other than Cause. Subject
to Section 4(i), if a Participant’s Continuous Service terminates for any reason other than for Cause, the Participant may exercise
his or her Option or SAR to the extent vested, but only within the following period of time or, if applicable, such other period of time
provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate:

 

(i) three
months following the date of such termination if such termination is a termination without Cause (other than any termination due to the
Participant’s Disability or death);

 

(ii) 12
months following the date of such termination if such termination is due to the Participant’s Disability;

 

(iii) 18
months following the date of such termination if such termination is due to the Participant’s death; or

 

(iv) 18
months following the date of the Participant’s death if such death occurs following the date of such termination but during the
period such Award is otherwise exercisable (as provided in (i) or (ii) above);

 

provided,
however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)).
Following the date of such termination, to the extent the Participant does not exercise such Award within the applicable Post-Termination
Exercise Period (or, if earlier, prior to the expiration of the maximum term of such Award), such unexercised portion of the Award will
terminate, and the Participant will have no further right, title or interest in terminated Award, the shares of Common Stock subject
to the terminated Award, or any consideration in respect of the terminated Award.

 

(i) Restrictions
on Exercise; Extension of Exercisability. A Participant may not exercise an Option or SAR at
any time that the issuance of shares of Common Stock upon such exercise would violate Applicable Law. Except as otherwise provided in
the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous
Service terminates for any reason other than for Cause and, at any time during the last thirty days of the applicable Post-Termination
Exercise Period: (i) the exercise of the Participant’s Option or SAR would be prohibited solely because the issuance of shares
of Common Stock upon such exercise would violate Applicable Law, or (ii) the immediate sale of any shares of Common Stock issued upon
such exercise would violate the Company’s Trading Policy, then the applicable Post-Termination Exercise Period will be extended
to the last day of the calendar month that commences following the date the Award would otherwise expire, with an additional extension
of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions apply at any time during
such extended exercise period, generally without limitation as to the maximum permitted number of extensions); provided, however, that
in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)).

 

    5 

     

    

 

(j) Non-Exempt
Employees. No Option or SAR, whether or not vested, granted to an Employee who is a non-exempt
employee for purposes of the Fair Labor Standards Act of 1938, as amended, will be first exercisable for any shares of Common Stock until
at least six months following the date of grant of such Award. Notwithstanding the foregoing, in accordance with the provisions of the
Worker Economic Opportunity Act, any vested portion of such Award may be exercised earlier than six months following the date of grant
of such Award in the event of (i) such Participant’s death or Disability, (ii) a Corporate Transaction in which such Award is not
assumed, continued or substituted, (iii) a Change in Control, or (iv) such Participant’s retirement (as such term may be defined
in the Award Agreement or another applicable agreement or, in the absence of any such definition, in accordance with the Company’s
then current employment policies and guidelines). This Section 4(j) is intended to operate so that any income derived by a non-exempt
employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay.

 

(k) Whole
Shares. Options and SARs may be exercised only with respect to whole shares of Common Stock
or their equivalents.

 

5. Awards
Other Than Options and Stock Appreciation Rights.

 

(a) Restricted
Stock Awards and RSU Awards. Each Restricted Stock Award and RSU Award will have such terms
and conditions as determined by the Board; provided, however, that each Restricted Stock Award Agreement and RSU Award Agreement will
conform (through incorporation of the provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of
the following provisions:

 

(i) Form
of Award.

 

(1) Restricted
Stock Awards: To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of Common Stock subject
to a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until such shares become vested
or any other restrictions lapse, or (ii) evidenced by a certificate, which certificate will be held in such form and manner as determined
by the Board. Unless otherwise determined by the Board, a Participant will have voting, dividend, and other rights as a stockholder of
the Company with respect to any shares subject to a Restricted Stock Award.

 

(2) RSU
Awards: An RSU Award represents a Participant’s right to be issued on a future date the number of shares of Common Stock (or cash
or other form of payment, as determined by the Board and specified in the applicable RSU Award Agreement) that is equal (or in the case
of a cash payment or other form of payment, with an equivalent value equal) to the number of restricted stock units subject to the RSU
Award. As a holder of an RSU Award, a Participant is an unsecured creditor of the Company with respect to the Company’s unfunded obligation,
if any, to issue shares of Common Stock in settlement of such Award and nothing contained in the Plan or any RSU Agreement, and no action
taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between a Participant
and the Company or an Affiliate or any other person. A Participant will not have voting or any other rights as a stockholder of the Company
with respect to any RSU Award (unless and until shares are actually issued in settlement of a vested RSU Award).

 

(ii) Consideration.

 

(1) Restricted
Stock Awards: A Restricted Stock Award may be granted in consideration for (A) cash or check, bank draft or money order payable to the
Company, (B) services to the Company or an Affiliate, or (C) any other form of consideration as the Board may determine and permissible
under Applicable Law.

 

    6 

     

    

 

(2) RSU
Awards: Unless otherwise determined by the Board at the time of grant, an RSU Award will be granted in consideration for the Participant’s
services to the Company or an Affiliate, such that the Participant will not be required to make any payment to the Company (other than
such services) with respect to the grant or vesting of the RSU Award, or the issuance of any shares of Common Stock pursuant to the RSU
Award. If, at the time of grant, the Board determines that any consideration must be paid by the Participant (in a form other than the
Participant’s services to the Company or an Affiliate) upon the issuance of any shares of Common Stock in settlement of the RSU
Award, such consideration may be paid in any form of consideration as the Board may determine and permissible under Applicable Law.

 

(iii) Vesting.
The Board may impose such restrictions on or conditions to the vesting of a Restricted Stock
Award or RSU Award as determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between
a Participant and the Company or an Affiliate, vesting of Restricted Stock Awards and RSU Awards will cease upon termination of the Participant’s
Continuous Service.

 

(iv) Termination
of Continuous Service. Except as otherwise provided in the Award Agreement or other written
agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates for any reason,
(i) the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the
Participant under his or her Restricted Stock Award that have not vested as of the date of such termination as set forth in the Restricted
Stock Award Agreement and the Participant will have no further right, title or interest in the Restricted Stock Award, the shares of
Common Stock subject to the Restricted Stock Award, or any consideration in respect of the Restricted Stock Award and (ii) any portion
of his or her RSU Award that has not vested will be forfeited upon such termination and the Participant will have no further right, title
or interest in the RSU Award, the shares of Common Stock issuable pursuant to the RSU Award, or any consideration in respect of the RSU
Award.

 

(v) Dividends
and Dividend Equivalents. Dividends or dividend equivalents may be paid or credited, as applicable,
with respect to any shares of Common Stock subject to a Restricted Stock Award or RSU Award, as determined by the Board and specified
in the Award Agreement.

 

(vi) Settlement
of RSU Awards. An RSU Award may be settled by the issuance of shares of Common Stock or cash
(or any combination thereof) or in any other form of payment, as determined by the Board and specified in the RSU Award Agreement. At
the time of grant, the Board may determine to impose such restrictions or conditions that delay such delivery to a date following the
vesting of the RSU Award.

 

(b) Performance
Awards. With respect to any Performance Award, the length of any Performance Period, the Performance
Goals to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what
degree such Performance Goals have been attained will be determined by the Board.

 

(c) Other
Awards. Other Awards may be granted either alone or in addition to Awards provided for under
Section 4 and the preceding provisions of this Section 5. Subject to the provisions of the Plan, the Board will have sole and complete
discretion to determine the persons to whom and the time or times at which such Other Awards will be granted, the number of shares of
Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions of such
Other Awards.

 

    7 

     

    

 

6. Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a) Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and
proportionately adjust: (i) the class(es) and maximum number of shares of Common Stock subject to the Plan, (ii) the class(es) and maximum
number of shares that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 2(b), and (iii) the class(es)
and number of securities and exercise price, strike price or purchase price of Common Stock subject to outstanding Awards. The Board
shall make such adjustments, and its determination shall be final, binding and conclusive. Notwithstanding the foregoing, no fractional
shares or rights for fractional shares of Common Stock shall be created in order to implement any Capitalization Adjustment. The Board
shall determine an equivalent benefit, if any, for any fractional shares or rights to fractional shares that might be created by the
adjustments referred to in the preceding provisions of this Section.

 

(b) Dissolution
or Liquidation. Except as otherwise provided in the Award Agreement, in the event of a dissolution
or liquidation of the Company, all outstanding Awards (other than Awards consisting of vested and outstanding shares of Common Stock
not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion
of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture
condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Award is providing Continuous
Service; provided, however, that the Board may determine to cause some or all Awards to become fully vested, exercisable and/or no longer
subject to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation
is completed but contingent on its completion.

 

(c) Corporate
Transaction. The following provisions will apply to Awards in the event of a Corporate Transaction
unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate
and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award.

 

(i) Awards
May Be Assumed. In the event of a Corporate Transaction, any surviving corporation or acquiring
corporation (or the surviving or acquiring corporation’s parent company) may assume or continue any or all Awards outstanding under
the Plan or may substitute similar awards for Awards outstanding under the Plan (including but not limited to, awards to acquire the
same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction), and any reacquisition or repurchase
rights held by the Company in respect of Common Stock issued pursuant to Awards may be assigned by the Company to the successor of the
Company (or the successor’s parent company, if any), in connection with such Corporate Transaction. A surviving corporation or
acquiring corporation (or its parent) may choose to assume or continue only a portion of an Award or substitute a similar award for only
a portion of an Award, or may choose to assume or continue the Awards held by some, but not all Participants. The terms of any assumption,
continuation or substitution will be set by the Board.

 

    8 

     

    

 

(ii) Awards
Held by Current Participants. In the event of a Corporate Transaction in which the surviving
corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar
awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held
by Participants whose Continuous Service has not terminated prior to the effective time of the Corporate Transaction (referred to as
the “Current Participants”), the vesting of such Awards (and, with respect to Options and Stock Appreciation Rights,
the time when such Awards may be exercised) will be accelerated in full to a date prior to the effective time of such Corporate Transaction
(contingent upon the effectiveness of the Corporate Transaction) as the Board determines (or, if the Board does not determine such a
date, to the date that is five days prior to the effective time of the Corporate Transaction), and such Awards will terminate if not
exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition or repurchase rights
held by the Company with respect to such Awards will lapse (contingent upon the effectiveness of the Corporate Transaction). With respect
to the vesting of Performance Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant to this subsection
(ii) and that have multiple vesting levels depending on the level of performance, unless otherwise provided in the Award Agreement, the
vesting of such Performance Awards will accelerate at 100% of the target level upon the occurrence of the Corporate Transaction in which
the Awards are not assumed in accordance with Section 6(c)(i). With respect to the vesting of Awards that will accelerate upon the occurrence
of a Corporate Transaction pursuant to this subsection (ii) and are settled in the form of a cash payment, such cash payment will be
made no later than 30 days following the occurrence of the Corporate Transaction or such later date as required to comply with Section
409A of the Code.

 

(iii) Awards
Held by Persons other than Current Participants. In the event of a Corporate Transaction in
which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards
or substitute similar awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted
and that are held by persons other than Current Participants, such Awards will terminate if not exercised (if applicable) prior to the
occurrence of the Corporate Transaction; provided, however, that any reacquisition or repurchase rights held by the Company with respect
to such Awards will not terminate and may continue to be exercised notwithstanding the Corporate Transaction.

 

(iv) Payment
for Awards in Lieu of Exercise. Notwithstanding the foregoing, in the event an Award will terminate
if not exercised prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder
of such Award may not exercise such Award but will receive a payment, in such form as may be determined by the Board, equal in value,
at the effective time, to the excess, if any, of (1) the value of the property the Participant would have received upon the exercise
of the Award (including, at the discretion of the Board, any unvested portion of such Award), over (2) any exercise price payable by
such holder in connection with such exercise.

 

(d) Appointment
of Stockholder Representative. As a condition to the receipt of an Award under this Plan, a
Participant will be deemed to have agreed that the Award will be subject to the terms of any agreement governing a Corporate Transaction
involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized
to act on the Participant’s behalf with respect to any escrow, indemnities and any contingent consideration.

 

(e) No
Restriction on Right to Undertake Transactions. The grant of any Award under the Plan and the
issuance of shares pursuant to any Award does not affect or restrict in any way the right or power of the Company or the stockholders
of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure
or its business, any merger or consolidation of the Company, any issue of stock or of options, rights or options to purchase stock or
of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof
or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer
of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

    9 

     

    

 

7. Administration.

 

(a) Administration
by Board. The Board will administer the Plan unless and until the Board (or an authorized Committee)
delegates administration of the Plan to a Committee or Committees, as provided in subsection (c) below.

 

(b) Powers
of Board. The Board will have the power, subject to, and within the limitations of, the express
provisions of the Plan:

 

(i) To
determine from time to time: (1) which of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will
be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award granted (which need not
be identical), including the time or times when a person will be permitted to receive an issuance of Common Stock or other payment pursuant
to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which an Award will be granted to each such
person; (6) the Fair Market Value applicable to an Award; and (7) the terms of any Performance Award that is not valued in whole or in
part by reference to, or otherwise based on, the Common Stock, including the amount of cash payment or other property that may be earned
and the timing of payment;

 

(ii) To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in
a manner and to the extent it deems necessary or expedient to make the Plan or Award fully effective;

 

(iii) To
settle all controversies regarding the Plan and Awards granted under it;

 

(iv) To
accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest, notwithstanding
the provisions in the Award Agreement stating the time at which it may first be exercised or the time during which it will vest;

 

(v) To
determine whether, when and to what extent an Award has become vested and/or exercisable and whether any performance-based vesting conditions
have been satisfied;

 

(vi) To
prohibit the exercise of any Option, SAR or other exercisable Award during a period of up to 30 days prior to the consummation of any
pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal
cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock or the share price of the
Common Stock including any Corporate Transaction, for reasons of administrative convenience;

 

(vii) To
suspend or terminate the Plan at any time. Suspension or termination of the Plan will not Materially Impair rights and obligations under
any Award granted while the Plan is in effect except with the written consent of the affected Participant;

 

(viii) To
amend the Plan in any respect the Board deems necessary or advisable; provided, however, that stockholder approval will be required for
any amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted before amendment of
the Plan will not be Materially Impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant,
and (2) such Participant consents in writing;

 

(ix) To
submit any amendment to the Plan for stockholder approval;

 

(x) To
approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited
to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified
limits in the Plan that are not subject to Board discretion; provided however, that, a Participant’s rights under any Award will
not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such
Participant consents in writing;

 

    10 

     

    

 

(xi) To
impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant
of any shares of Common Stock issued pursuant to an Award, including restrictions under a Trading Policy and restrictions as to the use
of a specified brokerage firm for such resales;

 

(xii) Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company
and that are not in conflict with the provisions of the Plan or Awards;

 

(xiii) To
adopt, amend and rescind such rules and procedures and sub-plans as are necessary or appropriate, as may be determined by the Board,
to permit and facilitate participation in the Plan by, or take advantage of specific tax treatment for Awards granted to, Employees,
Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary
for immaterial modifications to the Plan or any Award Agreement to ensure or facilitate compliance with the laws of the relevant foreign
jurisdiction); and

 

(xiv)
To effect, at any time and from time to time, subject to the consent of any Participant whose
Award is Materially Impaired by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or SAR;
(2) the cancellation of any outstanding Option or SAR and the grant in substitution therefor of (A) a new Option, SAR, Restricted Stock
Award, RSU Award or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number of shares
of Common Stock, (B) cash and/or (C) other valuable consideration (as determined by the Board); or (3) any other action that is treated
as a repricing under generally accepted accounting principles.

 

(c) Delegation
to Committee.

 

(i) General.
The Board may delegate some or all of the administration of the Plan to a Committee or Committees.
If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan,
and to the extent permitted by Applicable Law, the powers theretofore possessed by the Board that have been delegated to the Committee,
including the power to delegate to another Committee or a subcommittee of the Committee any of the administrative powers the Committee
is authorized to exercise (and references in this Plan to the Board or the Plan Administrator will thereafter be to the Committee or
subcommittee, as applicable), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted
from time to time by the Board. Each Committee may retain the authority to concurrently administer the Plan with Committee or subcommittee
to which it has delegated its authority hereunder and may, at any time, revest in such Committee some or all of the powers previously
delegated. The Board may retain the authority to concurrently administer the Plan with any Committee and may, at any time, revest in
the Board some or all of the powers previously delegated. The Plan Administrator shall comply with rules and regulations applicable to
it, including the rules of any exchange on which shares of Common Stock are traded, and shall have the authority and be responsible for
such functions as have been assigned to it.

 

(ii) Rule
16b-3 Compliance. To the extent an Award is intended to qualify for the exemption from Section
16(b) of the Exchange Act that is available under Rule 16b-3 of the Exchange Act, the Award will be granted by the Board or a Committee
that consists solely of two or more Non-Employee Directors, as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter any
action establishing or modifying the terms of the Award will be approved by the Board or a Committee meeting such requirements to the
extent necessary for such exemption to remain available.

 

    11 

     

    

 

(d) Effect
of Board’s Decision. All determinations, interpretations and constructions made by the
Board or any Committee in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

 

(e) Delegation
to an Officer. The Board or any Committee may delegate to one or more Officers the authority
to do one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent
permitted by Applicable Law, other types of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and (ii) determine
the number of shares of Common Stock to be subject to such Awards granted to such Employees; provided, however, that the resolutions
or charter adopted by the Board or any Committee evidencing such delegation will specify the total number of shares of Common Stock that
may be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards
will be granted on the applicable form of Award Agreement most recently approved for use by the Board or the Committee, unless otherwise
provided in the resolutions approving the delegation authority. Notwithstanding anything to the contrary herein, neither the Board nor
any Committee may delegate to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) the authority
to determine the Fair Market Value.

 

8. Tax
Withholding.

 

(a) Withholding
Authorization. As a condition to acceptance of any Award under the Plan, a Participant authorizes
withholding from payroll and any other amounts payable to such Participant, and otherwise agrees to make adequate provision for (including),
any sums required to satisfy any U.S. federal, state, local and/or foreign tax or social insurance contribution withholding obligations
of the Company or an Affiliate, if any, which arise in connection with the exercise, vesting or settlement of such Award, as applicable.
Accordingly, a Participant may not be able to exercise an Award even though the Award is vested, and the Company shall have no obligation
to issue shares of Common Stock subject to an Award, unless and until such obligations are satisfied.

 

(b) Satisfaction
of Withholding Obligation. To the extent permitted by the terms of an Award Agreement, the Company
may, in its sole discretion, satisfy any U.S. federal, state, local and/or foreign tax or social insurance withholding obligation relating
to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii)
withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with
the Award; (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant;
(v) by allowing a Participant to effectuate a “cashless exercise” pursuant to a program developed under Regulation T as promulgated
by the Federal Reserve Board, or (vi) by such other method as may be set forth in the Award Agreement.

 

(c) No
Obligation to Notify or Minimize Taxes; No Liability to Claims. Except as required by Applicable
Law the Company has no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Award.
Furthermore, the Company has no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of
an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences
of an Award to the holder of such Award and will not be liable to any holder of an Award for any adverse tax consequences to such holder
in connection with an Award. As a condition to accepting an Award under the Plan, each Participant (i) agrees to not make any claim against
the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from such Award or other Company
compensation and (ii) acknowledges that such Participant was advised to consult with his or her own personal tax, financial and other
legal advisors regarding the tax consequences of the Award and has either done so or knowingly and voluntarily declined to do so. Additionally,
each Participant acknowledges any Option or SAR granted under the Plan is exempt from Section 409A only if the exercise or strike price
is at least equal to the “fair market value” of the Common Stock on the date of grant as determined by the Internal Revenue
Service and there is no other impermissible deferral of compensation associated with the Award. Additionally, as a condition to accepting
an Option or SAR granted under the Plan, each Participant agrees not make any claim against the Company, or any of its Officers, Directors,
Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise price or strike price is less than
the “fair market value” of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.

 

    12 

     

    

 

(d) Withholding
Indemnification.  As a condition to accepting an Award under the Plan, in the event that the
amount of the Company’s and/or its Affiliate’s withholding obligation in connection with such Award was greater than the
amount actually withheld by the Company and/or its Affiliates, each Participant agrees to indemnify and hold the Company and/or its Affiliates
harmless from any failure by the Company and/or its Affiliates to withhold the proper amount.

 

9. Miscellaneous.

 

(a) Source
of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired
Common Stock, including shares repurchased by the Company on the open market or otherwise.

 

(b) Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant
to Awards will constitute general funds of the Company.

 

(c) Corporate
Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of
an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board,
regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by,
the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action
approving the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the
Award Agreement or related grant documents as a result of a clerical error in the Award Agreement or related grant documents, the corporate
records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant
documents.

 

(d) Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a
holder with respect to, any shares of Common Stock subject to such Award unless and until (i) such Participant has satisfied all requirements
for exercise of the Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock subject to such Award is reflected
in the records of the Company.

 

(e) No
Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument
executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to
serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or affect the right of the Company or an
Affiliate to terminate at will and without regard to any future vesting opportunity that a Participant may have with respect to any Award
(i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the
terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws
of the Company or an Affiliate, and any applicable provisions of the corporate law of the state or foreign jurisdiction in which the
Company or the Affiliate is incorporated, as the case may be. Further, nothing in the Plan, any Award Agreement or any other instrument
executed thereunder or in connection with any Award will constitute any promise or commitment by the Company or an Affiliate regarding
the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or
service or confer any right or benefit under the Award or the Plan unless such right or benefit has specifically accrued under the terms
of the Award Agreement and/or Plan.

 

    13 

     

    

 

(f) Change
in Time Commitment. In the event a Participant’s regular level of time commitment in the
performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant
is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended
leave of absence) after the date of grant of any Award to the Participant, the Board may determine, to the extent permitted by Applicable
Law, to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled
to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction,
extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right
with respect to any portion of the Award that is so reduced or extended.

 

(g) Execution
of Additional Documents. As a condition to accepting an Award under the Plan, the Participant
agrees to execute any additional documents or instruments necessary or desirable, as determined in the Plan Administrator’s sole
discretion, to carry out the purposes or intent of the Award, or facilitate compliance with securities and/or other regulatory requirements,
in each case at the Plan Administrator’s request.

 

(h) Electronic
Delivery and Participation. Any reference herein or in an Award Agreement to a “written”
agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor
website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the
Participant has access). By accepting any Award the Participant consents to receive documents by electronic delivery and to participate
in the Plan through any on-line electronic system established and maintained by the Plan Administrator or another third party selected
by the Plan Administrator. The form of delivery of any Common Stock (e.g., a stock certificate or electronic entry evidencing such shares)
shall be determined by the Company.

 

(i) Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to
adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are
listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law and any clawback
policy that the Company otherwise adopts, to the extent applicable and permissible under Applicable Law. In addition, the Board may impose
such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including
but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the
occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a Participant’s right
to voluntary terminate employment upon a “resignation for good reason,” or for a “constructive termination” or
any similar term under any plan of or agreement with the Company.

 

(j) Securities
Law Compliance. A Participant will not be issued any shares in respect of an Award unless either
(i) the shares are registered under the Securities Act; or (ii) the Company has determined that such issuance would be exempt from the
registration requirements of the Securities Act. Each Award also must comply with other Applicable Law governing the Award, and a Participant
will not receive such shares if the Company determines that such receipt would not be in material compliance with Applicable Law. The
Company reserves the right to restrict, in whole or in part, the delivery of shares of Common Stock pursuant to any Award prior to the
satisfaction of all legal requirements relating to the issuance of such shares of Common Stock, to their registration, qualification
or listing or to an exemption from registration, qualification or listing. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed necessary by the Company’s counsel to be necessary to the lawful
issuance and sale of any shares of Common Stock hereunder, will relieve the Company of any liability in respect of the failure to issue
or sell such shares of Common Stock as to which such requisite authority will not have been obtained.

 

    14 

     

    

 

(k) Transfer
or Assignment of Awards; Issued Shares. Except as expressly provided in the Plan or the form
of Award Agreement, Awards granted under the Plan may not be transferred or assigned by the Participant. After the vested shares subject
to an Award have been issued, or in the case of Restricted Stock and similar awards, after the issued shares have vested, the holder
of such shares is free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any
such actions are in compliance with the provisions herein, the terms of the Trading Policy and Applicable Law.

 

(l) Effect
on Other Employee Benefit Plans.  The value of any Award granted under the Plan, as determined
upon grant, vesting or settlement, shall not be included as compensation, earnings, salaries, or other similar terms used when calculating
any Participant’s benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise
expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s
employee benefit plans.

 

(m) Deferrals.
To the extent permitted by Applicable Law, the Board, in its sole discretion, may determine
that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may
be deferred and may also establish programs and procedures for deferral elections to be made by Participants. Deferrals will be made
in accordance with the requirements of Section 409A.

 

(n) Section
409A. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements
will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section
409A, and, to the extent not so exempt, in compliance with the requirements of Section 409A. If the Board determines that any Award granted
hereunder is not exempt from and is therefore subject to Section 409A, the Award Agreement evidencing such Award will incorporate the
terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement
is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding
anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Common Stock
are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation” under Section 409A is
a “specified employee” for purposes of Section 409A, no distribution or payment of any amount that is due because of a “separation
from service” (as defined in Section 409A without regard to alternative definitions thereunder) will be issued or paid before the
date that is six months and one day following the date of such Participant’s “separation from service” or, if earlier,
the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A,
and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter
on the original schedule.

 

(o) Choice
of Law. This Plan and any controversy arising out of or relating to this Plan shall be governed
by, and construed in accordance with, the internal laws of the State of Delaware, without regard to conflict of law principles that would
result in any application of any law other than the law of the State of Delaware

 

    15 

     

    

 

(p) Whistleblower.
Notwithstanding anything to the contrary herein, nothing in this Plan or any Award Agreement will (i) prohibit a Participant from making
reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of
and rules promulgated under Section 21F of the Exchange Act or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower
protection provisions of federal law or regulation, or (ii) require prior approval by the Company or any of its Affiliates of any reporting
described in clause (i).

 

(q) Defend
Trade Secrets Act Acknowledgment. Notwithstanding anything to the contrary contained nothing
in this Plan or any Award Agreement, pursuant to the Defend Trade Secrets Act of 2016, no Participant shall be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if
such filing is made under seal. If a Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of
law, such Participant may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding,
if such Participant (x) files any document containing the trade secret under seal, and (y) does not disclose the trade secret, except
pursuant to court order.

 

10. Covenants
of the Company.

 

(a) Compliance
with Law. The Company will seek to obtain from each regulatory commission or agency, as may
be deemed to be necessary, having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell
shares of Common Stock upon exercise or vesting of the Awards; provided, however, that this undertaking will not require the Company
to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after
reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority
that counsel for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan, the Company
will be relieved from any liability for failure to issue and sell Common Stock upon exercise or vesting of such Awards unless and until
such authority is obtained. A Participant is not eligible for the grant of an Award or the subsequent issuance of Common Stock pursuant
to the Award if such grant or issuance would be in violation of any Applicable Law.

 

11. Additional
Rules for Awards Subject to Section 409A.

 

(a) Application.
 Unless the provisions of this Section of the Plan are expressly superseded by the provisions
in the form of Award Agreement, the provisions of this Section shall apply and shall supersede anything to the contrary set forth in
the Award Agreement for a Non-Exempt Award.

 

(b) Non-Exempt
Awards Subject to Non-Exempt Severance Arrangements. To the extent a Non-Exempt Award is subject
to Section 409A due to application of a Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply.

 

(i) If
the Non-Exempt Award vests in the ordinary course during the Participant’s Continuous Service in accordance with the vesting schedule
set forth in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement, in no event
will the shares be issued in respect of such Non-Exempt Award any later than the later of: (i) December 31st of the calendar
year that includes the applicable vesting date, or (ii) the 60th day that follows the applicable vesting date.

 

    16 

     

    

 

(ii) If
vesting of the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the Participant’s
Separation from Service, and such vesting acceleration provisions were in effect as of the date of grant of the Non-Exempt Award and,
therefore, are part of the terms of such Non-Exempt Award as of the date of grant, then the shares will be earlier issued in settlement
of such Non-Exempt Award upon the Participant’s Separation from Service in accordance with the terms of the Non-Exempt Severance
Arrangement, but in no event later than the 60th day that follows the date of the Participant’s Separation from Service.
However, if at the time the shares would otherwise be issued the Participant is subject to the distribution limitations contained in
Section 409A applicable to “specified employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not
be issued before the date that is six months following the date of such Participant’s Separation from Service, or, if earlier,
the date of the Participant’s death that occurs within such six-month period.

 

(iii) If
vesting of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant’s
Separation from Service, and such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt Award
and, therefore, are not a part of the terms of such Non-Exempt Award on the date of grant, then such acceleration of vesting of the Non-Exempt
Award shall not accelerate the issuance date of the shares, but the shares shall instead be issued on the same schedule as set forth
in the Grant Notice as if they had vested in the ordinary course during the Participant’s Continuous Service, notwithstanding the
vesting acceleration of the Non-Exempt Award. Such issuance schedule is intended to satisfy the requirements of payment on a specified
date or pursuant to a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4).

 

(c) Treatment
of Non-Exempt Awards Upon a Corporate Transaction for Employees and Consultants. The provisions
of this subsection (c) shall apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment
of any Non-Exempt Award in connection with a Corporate Transaction if the Participant was either an Employee or Consultant upon the applicable
date of grant of the Non-Exempt Award.

 

(i) Vested
Non-Exempt Awards. The following provisions shall apply to any Vested Non-Exempt Award in connection
with a Corporate Transaction:

 

(1) If
the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the
Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the Vested Non-Exempt Award will automatically be
accelerated and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company may instead
provide that the Participant will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued
to the Participant upon the Section 409A Change in Control.

 

(2) If
the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute
each Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the Participant by
the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had
not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute
a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
on such issuance dates, with the determination of the Fair Market Value of the shares made on the date of the Corporate Transaction.

 

    17 

     

    

 

(ii) Unvested
Non-Exempt Awards. The following provisions shall apply to any Unvested Non-Exempt Award unless
otherwise determined by the Board pursuant to subsection (e) of this Section.

 

(1) In
the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt Award. Unless
otherwise determined by the Board, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture restrictions
that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested Non-Exempt Award
shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant
if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring
Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would
otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market Value of the shares made on the
date of the Corporate Transaction.

 

(2) If
the Acquiring Entity will not assume, substitute or continue any Unvested Non-Exempt Award in connection with a Corporate Transaction,
then such Award shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration payable to any Participant
in respect of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and in compliance with
the requirements of Section 409A, the Board may in its discretion determine to elect to accelerate the vesting and settlement of the
Unvested Non-Exempt Award upon the Corporate Transaction, or instead substitute a cash payment equal to the Fair Market Value of such
shares that would otherwise be issued to the Participant, as further provided in subsection (e)(ii) below. In the absence of such discretionary
election by the Board, any Unvested Non-Exempt Award shall be forfeited without payment of any consideration to the affected Participants
if the Acquiring Entity will not assume, substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.

 

(3) The
foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and regardless of whether
or not such Corporate Transaction is also a Section 409A Change in Control.

 

(d) Treatment
of Non-Exempt Awards Upon a Corporate Transaction for Non-Employee Directors. The following
provisions of this subsection (d) shall apply and shall supersede anything to the contrary that may be set forth in the Plan with respect
to the permitted treatment of a Non-Exempt Director Award in connection with a Corporate Transaction.

 

(i) If
the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the
Non-Exempt Director Award. Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt Director Award will automatically
be accelerated and the shares will be immediately issued to the Participant in respect of the Non-Exempt Director Award. Alternatively,
the Company may provide that the Participant will instead receive a cash settlement equal to the Fair Market Value of the shares that
would otherwise be issued to the Participant upon the Section 409A Change in Control pursuant to the preceding provision.

 

(ii) If
the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute
the Non-Exempt Director Award. Unless otherwise determined by the Board, the Non-Exempt Director Award will remain subject to the same
vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in
respect of the Non-Exempt Director Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares
would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion,
in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal
to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination
of Fair Market Value made on the date of the Corporate Transaction.

 

    18 

     

    

 

(e) If
the RSU Award is a Non-Exempt Award, then the provisions in this Section 11(e) shall apply and supersede anything to the contrary that
may be set forth in the Plan or the Award Agreement with respect to the permitted treatment of such Non-Exempt Award:

 

(i) Any
exercise by the Board of discretion to accelerate the vesting of a Non-Exempt Award shall not result in any acceleration of the scheduled
issuance dates for the shares in respect of the Non-Exempt Award unless earlier issuance of the shares upon the applicable vesting dates
would be in compliance with the requirements of Section 409A.

 

(ii) The
Company explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance with the requirements
of Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).

 

(iii) To
the extent the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate Transaction, to the
extent it is required for compliance with the requirements of Section 409A, the Change in Control or Corporate Transaction event triggering
settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt Award provides that it will
be settled upon a termination of employment or termination of Continuous Service, to the extent it is required for compliance with the
requirements of Section 409A, the termination event triggering settlement must also constitute a Separation From Service. However, if
at the time the shares would otherwise be issued to a Participant in connection with a “separation from service” such Participant
is subject to the distribution limitations contained in Section 409A applicable to “specified employees,” as defined in Section
409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of the Participant’s
Separation From Service, or, if earlier, the date of the Participant’s death that occurs within such six month period.

 

(iv) The
provisions in this subsection (e) for delivery of the shares in respect of the settlement of an RSU Award that is a Non-Exempt Award
are intended to comply with the requirements of Section 409A so that the delivery of the shares to the Participant in respect of such
Non-Exempt Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.

 

12. Severability.

 

If
all or any part of the Plan or any Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such
unlawfulness or invalidity shall not invalidate any portion of the Plan or such Award Agreement not declared to be unlawful or invalid.
Any Section of the Plan or any Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible,
be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while
remaining lawful and valid.

 

13. Termination
of the Plan.

 

The
Board may suspend or terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier
of: (i) the Adoption Date, or (ii) the date the Plan is approved by the Company’s stockholders. No Awards may be granted under
the Plan while the Plan is suspended or after it is terminated.

 

    19 

     

    

 

14.
Definitions.

 

As
used in the Plan, the following definitions apply to the capitalized terms indicated below:

 

(a) “Acquiring
Entity” means the surviving or acquiring corporation (or its parent company) in connection with a Corporate Transaction.

 

(b) “Adoption
Date” means the date the Plan is first approved by the Board or Compensation Committee.

 

(c) “Affiliate”
means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in
Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which “parent” or “subsidiary”
status is determined within the foregoing definition.

 

(d) “Applicable
Law” means any applicable securities, federal, state, foreign, material local or municipal or other law, statute, constitution,
principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement
issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body (including
under the authority of any applicable self-regulating organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial
Industry Regulatory Authority).

 

(e) “Award”
means any right to receive Common Stock, cash or other property granted under the Plan (including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, an RSU Award, a SAR, a Performance Award or any Other Award).

 

(f) “Award
Agreement” means a written or electronic agreement between the Company and a Participant evidencing the terms and conditions
of an Award. The Award Agreement generally consists of the Grant Notice and the agreement containing the written summary of the general
terms and conditions applicable to the Award and which is provided, including through electronic means, to a Participant along with the
Grant Notice.

 

(g) “Board”
means the Board of Directors of the Company (or its designee). Any decision or determination made by the Board shall be a decision or
determination that is made in the sole discretion of the Board (or its designee), and such decision or determination shall be final and
binding on all Participants

 

(h) “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the
Plan or subject to any Award after the date the Plan is adopted by the Board without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large
nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change
in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards
Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible
securities of the Company will not be treated as a Capitalization Adjustment.

 

    20 

     

    

 

(i) “Cause”
has the meaning ascribed to such term in any written agreement between a Participant and the Company defining such term and, in the absence
of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) the Participant’s
dishonest statements or acts with respect to the Company or any Affiliate of the Company, or any current or prospective customers, suppliers,
vendors or other third parties with which such entity does business; (ii) the Participant’s commission of (A) a felony or (B) any
misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the Participant’s failure to perform the Participant’s
assigned duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment
of the Company, after written notice given to the Participant by the Company; (iv) the Participant’s gross negligence, willful
misconduct or insubordination with respect to the Company or any affiliate of the Company; or (v) the Participant’s material violation
of any provision of any agreement(s) between the Participant and the Company relating to noncompetition, nonsolicitation, nondisclosure
and/or assignment of inventions. The determination that a termination of the Participant’s Continuous Service is either for Cause
or without Cause will be made by the Board with respect to Participants who are executive officers of the Company and by the Company’s
Chief Executive Officer with respect to Participants who are not executive officers of the Company. Any determination by the Company
that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such
Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other
purpose.

 

(j) “Change
in Control” or “Change of Control” means the occurrence, in a single transaction or in a series
of related transactions, of any one or more of the following events:

 

(i) any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined
voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction.
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition of securities of the
Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof
or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the
primary purpose of which is to obtain financing for the Company through the issuance of equity securities, or (C) solely because the
level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage
threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing
the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result
of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any
additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then
outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control shall be
deemed to occur;

 

(ii) there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the
consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own,
directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power
of the Acquiring Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting
power of the parent of the Acquiring Entity in such merger, consolidation or similar transaction, in each case in substantially the same
proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction;

 

    21 

     

    

 

(iii) there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company
and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned
by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such sale, lease, license or other disposition; or

 

(iv) individuals
who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or
nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board
then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

 

Notwithstanding
the foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Change in Control (or
any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing
definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous
term is set forth in such an individual written agreement, the foregoing definition shall apply, and (C) respect to any nonqualified
deferred compensation that becomes payable on account of the Change in Control, the transaction or event described in clause (i), (ii),
(iii) or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A of the
Code.

 

(k) “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(l) “Committee”
means the Compensation Committee and any other committee of one or more Directors to whom authority has been delegated by the Board or
Compensation Committee in accordance with the Plan.

 

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

 

(n) “Company”
means Xos, Inc., a Delaware corporation.

 

(o) “Compensation
Committee” means the Compensation Committee of the Board.

 

(p) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and
is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services.
However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant”
for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration
Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.

 

(q) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director
or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or
an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, provided
that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate
a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases
to qualify as an Affiliate, as determined by the Board, such Participant’s Continuous Service will be considered to have terminated
on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant
of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board
or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be
considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave,
military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding
the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may
be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable
to the Participant, or as otherwise required by law. In addition, to the extent required for exemption from or compliance with Section
409A, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed,
in a manner that is consistent with the definition of “separation from service” as defined under Treasury Regulation Section
1.409A-1(h) (without regard to any alternative definition thereunder).

 

    22 

     

    

 

(r) “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i) a
sale or other disposition of all or substantially all, as determined by the Board, of the consolidated assets of the Company and its
Subsidiaries;

 

(ii) a
sale or other disposition of at least 50% of the outstanding securities of the Company;

 

(iii) a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv) a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock
outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger,
consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

Notwithstanding
the foregoing or any other provision of this Plan, (A) the term Corporate Transaction shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Corporate Transaction
(or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the
foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Corporate Transaction
or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply, and (C) respect to
any nonqualified deferred compensation that becomes payable on account of the Corporate Transaction, the transaction or event described
in clause (i), (ii), (iii) or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate
Section 409A of the Code.

 

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

 

(t) “determine”
or “determined” means as determined by the Board or the Committee (or its designee) in its sole
discretion.

 

(u) “Disability”
means, with respect to a Participant, such Participant is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for
a continuous period of not less than 12 months, as provided in Section 22(e)(3) of the Code, and will be determined by the Board on the
basis of such medical evidence as the Board deems warranted under the circumstances.

 

(v) “Effective
Date” means the effective date of this Plan, which is the date of the closing of the transactions contemplated by the Agreement
and Plan of Merger by and among NextGen Acquisition Corporation, Sky Merger Sub I, Inc. and the Company, dated as of February 21, 2021,
provided that this Plan is approved by the Company’s stockholders prior to such date.

 

    23 

     

    

 

(w) “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(x) “Employer”
means the Company or the Affiliate of the Company that employs the Participant.

 

(y) “Entity”
means a corporation, partnership, limited liability company or other entity.

 

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

 

(aa) “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the
Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii)
any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant
to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or “group”
(within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities.

 

(bb) “Fair
Market Value” means, as of any date, unless otherwise determined by the Board, the value of the Common Stock (as determined
on a per share or aggregate basis, as applicable) determined as follows:

 

(i) If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value will be the closing
sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the
Common Stock) on the date of determination, as reported in a source the Board deems reliable.

 

(ii) If
there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling
price on the last preceding date for which such quotation exists.

 

(iii) In
the absence of such markets for the Common Stock, or if otherwise determined by the Board, the Fair Market Value will be determined by
the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

 

(cc) “Governmental
Body” means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction
of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental
body of any nature (including any governmental division, department, administrative agency or bureau, commission, authority, instrumentality,
official, ministry, fund, foundation, center, organization, unit, body or Entity and any court or other tribunal, and for the avoidance
of doubt, any Tax authority) or other body exercising similar powers or authority; or (d) self-regulatory organization (including the
Nasdaq Stock Market, New York Stock Exchange, and the Financial Industry Regulatory Authority).

 

    24 

     

    

 

(dd)
“Grant Notice” means the notice provided to a Participant that he
or she has been granted an Award under the Plan and which includes the name of the Participant, the type of Award, the date of grant
of the Award, number of shares of Common Stock subject to the Award or potential cash payment right, (if any), the vesting schedule for
the Award (if any) and other key terms applicable to the Award.

 

(ee) “Incentive
Stock Option” means an option granted pursuant to Section 4 of the Plan that is intended to be, and qualifies as, an “incentive
stock option” within the meaning of Section 422 of the Code.

 

(ff) “Materially
Impair” means any amendment to the terms of the Award that materially adversely affects the Participant’s rights
under the Award. A Participant’s rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the
Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant’s rights.
For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant’s rights under
the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option or SAR that may be exercised,
(ii) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii) to change the terms
of an Incentive Stock Option in a manner that disqualifies, impairs or otherwise affects the qualified status of the Award as an Incentive
Stock Option under Section 422 of the Code; (iv) to clarify the manner of exemption from, or to bring the Award into compliance with
or qualify it for an exemption from, Section 409A; or (v) to comply with other Applicable Laws.

 

(gg) “Non-Employee
Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not
receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any
capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation
S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other
transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship
for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee
director” for purposes of Rule 16b-3.

 

(hh) “Non-Exempt
Award” means any Award that is subject to, and not exempt from, Section 409A, including as the result of (i) a deferral
of the issuance of the shares subject to the Award which is elected by the Participant or imposed by the Company or (ii) the terms of
any Non-Exempt Severance Agreement.

 

(ii) “Non-Exempt
Director Award” means a Non-Exempt Award granted to a Participant who was a Director but not an Employee on the applicable
grant date.

 

(jj) Non-Exempt
Severance Arrangement means a severance arrangement or other agreement between the Participant
and the Company that provides for acceleration of vesting of an Award and issuance of the shares in respect of such Award upon the Participant’s
termination of employment or separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without regard
to any alternative definition thereunder) (“Separation from Service”) and such severance benefit does not satisfy
the requirements for an exemption from application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9)
or otherwise.

 

(kk) “Nonstatutory
Stock Option” means any option granted pursuant to Section 4 of the Plan that does not qualify as an Incentive Stock Option.

 

    25 

     

    

 

(ll) “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

(mm) “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(nn) “Option
Agreement” means a written or electronic agreement between the Company and the Optionholder evidencing the terms and conditions
of the Option grant. The Option Agreement includes the Grant Notice for the Option and the agreement containing the written summary of
the general terms and conditions applicable to the Option and which is provided, including through electronic means, to a Participant
along with the Grant Notice. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(oo) “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

(pp) “Other
Award” means an award valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation
in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value at the
time of grant) that is not an Incentive Stock Options, Nonstatutory Stock Option, SAR, Restricted Stock Award, RSU Award or Performance
Award.

 

(qq) “Other
Award Agreement” means a written or electronic agreement between the Company and a holder of an Other Award evidencing
the terms and conditions of an Other Award grant. Each Other Award Agreement will be subject to the terms and conditions of the Plan.

 

(rr) “Own,”
“Owned,” “Owner,” “Ownership” means that a person or Entity
will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(ss) “Participant”
means an Employee, Director or Consultant to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds
an outstanding Award.

 

(tt) “Performance
Award” means an Award that may vest or may be exercised or a cash award that may vest or become earned and paid contingent
upon the attainment during a Performance Period of certain Performance Goals and which is granted under the terms and conditions of Section
5(b) pursuant to such terms as are approved by the Board. In addition, to the extent permitted by Applicable Law and set forth in the
applicable Award Agreement, the Board may determine that cash or other property may be used in payment of Performance Awards. Performance
Awards that are settled in cash or other property are not required to be valued in whole or in part by reference to, or otherwise based
on, the Common Stock.

 

    26 

     

    

 

(uu)
“Performance Criteria” means the one or more criteria that the Board
will select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to
establish such Performance Goals may be based on any one of, or combination of, the following as determined by the Board: earnings (including
earnings per share and net earnings); earnings before interest, taxes and depreciation; earnings before interest, taxes, depreciation
and amortization; total stockholder return; return on equity or average stockholder’s equity; return on assets, investment, or
capital employed; stock price; margin (including gross margin); income (before or after taxes); operating income; operating income after
taxes; pre-tax profit; operating cash flow; sales or revenue targets; increases in revenue or product revenue; expenses and cost reduction
goals; improvement in or attainment of working capital levels; economic value added (or an equivalent metric); market share; cash flow;
cash flow per share; share price performance; debt reduction; customer satisfaction; stockholders’ equity; capital expenditures;
debt levels; operating profit or net operating profit; workforce diversity; growth of net income or operating income; billings; financing;
regulatory milestones; stockholder liquidity; corporate governance and compliance; intellectual property; personnel matters; progress
of internal research; progress of partnered programs; partner satisfaction; budget management; partner or collaborator achievements;
internal controls, including those related to the Sarbanes-Oxley Act of 2002; investor relations, analysts and communication; implementation
or completion of projects or processes; employee retention; number of users, including unique users; strategic partnerships or transactions
(including in-licensing and out-licensing of intellectual property); establishing relationships with respect to the marketing, distribution
and sale of the Company’s products; supply chain achievements; co-development, co-marketing, profit sharing, joint venture or other
similar arrangements; individual performance goals; corporate development and planning goals; and other measures of performance selected
by the Board or Committee whether or not listed herein.

 

(vv) “Performance
Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period based
upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions,
Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or
the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award
is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the
Board will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as
follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects
of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates;
(5) to exclude the effects of items that are “unusual” in nature or occur “infrequently” as determined under
generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any
business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following
such divestiture; (8) to exclude the effect of any change in the outstanding shares of Common Stock of the Company by reason of any stock
dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares
or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the
effects of stock based compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs incurred in
connection with potential acquisitions or divestitures that are required to be expensed under generally accepted accounting principles;
and (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting
principles. In addition, the Board may establish or provide for other adjustment items in the Award Agreement at the time the Award is
granted or in such other document setting forth the Performance Goals at the time the Performance Goals are established. In addition,
the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals
and to define the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement of
the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Award Agreement
or the written terms of a Performance Cash Award.

 

    27 

     

    

 

(ww) “Performance
Period” means the period of time selected by the Board over which the attainment of one or more Performance Goals will
be measured for the purpose of determining a Participant’s right to vesting or exercise of an Award. Performance Periods may be
of varying and overlapping duration, at the sole discretion of the Board.

 

(xx) “Plan”
means this Xos, Inc. 2021 Equity Incentive Plan.

 

(yy) “Plan
Administrator” means the person, persons, and/or third-party administrator designated by the Company to administer the
day-to-day operations of the Plan and the Company’s other equity incentive programs.

 

(zz) “Post-Termination
Exercise Period” means the period following termination of a Participant’s Continuous Service within which an Option
or SAR is exercisable, as specified in Section 4(h).

 

(aaa) “Restricted
Stock Award” or “RSA” means an Award of shares of Common Stock which is granted pursuant to the
terms and conditions of Section 5(a).

 

(bbb) “Restricted
Stock Award Agreement” means a written or electronic agreement between the Company and a holder of a Restricted Stock Award
evidencing the terms and conditions of a Restricted Stock Award grant. The Restricted Stock Award Agreement includes the Grant Notice
for the Restricted Stock Award and the agreement containing the written summary of the general terms and conditions applicable to the
Restricted Stock Award and which is provided, including by electronic means, to a Participant along with the Grant Notice. Each Restricted
Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

(ccc) “RSU
Award” or “RSU” means an Award of restricted stock units representing the right to receive an
issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

 

(ddd) “RSU
Award Agreement” means a written or electronic agreement between the Company and a holder of an RSU Award evidencing the
terms and conditions of an RSU Award. The RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement containing
the written summary of the general terms and conditions applicable to the RSU Award and which is provided, including by electronic means,
to a Participant along with the Grant Notice. Each RSU Award Agreement will be subject to the terms and conditions of the Plan.

 

(eee) “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

(fff) “Rule
405” means Rule 405 promulgated under the Securities Act.

 

(ggg) “Section
409A” means Section 409A of the Code and the regulations and other guidance thereunder.

 

(hhh) “Section
409A Change in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial
portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder).

 

(iii) “Securities
Act” means the Securities Act of 1933, as amended.

 

(jjj) “Share
Reserve” means the number of shares available for issuance under the Plan as set forth in Section 2(a).

 

(kkk) “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is
granted pursuant to the terms and conditions of Section 4.

 

    28 

     

    

 

(lll) “SAR
Agreement” means a written or electronic agreement between the Company and a holder of a SAR evidencing the terms and conditions
of a SAR grant. The SAR Agreement includes the Grant Notice for the SAR and the agreement containing the written summary of the general
terms and conditions applicable to the SAR and which is provided, including by electronic means, to a Participant along with the Grant
Notice. Each SAR Agreement will be subject to the terms and conditions of the Plan.

 

(mmm) “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting
power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class
or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly
or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct
or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

 

(nnn) “Substitute
Awards” means Awards or shares of Common Stock issued by the Company in assumption of, or substitution or exchange for,
awards previously granted, or the right or obligation to make future awards, in each case by a corporation acquired by the Company or
any Affiliate or with which the Company or any Affiliate combines to the extent permitted by the applicable exchange listing requirements.

 

(ooo) “Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

(ppp) “Trading
Policy” means the Company’s policy permitting certain individuals to sell Company shares only during certain “window”
periods and/or otherwise restricts the ability of certain individuals to transfer or encumber Company shares, as in effect from time
to time.

 

(qqq) “Unvested
Non-Exempt Award” means the portion of any Non-Exempt Award that had not vested in accordance with its terms upon or prior
to the date of any Corporate Transaction.

 

(rrr) “Vested
Non-Exempt Award” means the portion of any Non-Exempt Award that had vested in accordance with its terms upon or prior
to the date of a Corporate Transaction.

 

29

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