Document:

Exhibit 10.6

 

THIRD AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

This Third Amended and
Restated Employment Agreement (“Agreement”) is made and entered into as of October 14, 2021 (the
 “Amendment Effective Date”) by and between Enviva Management Company, LLC, a Delaware limited liability company
(the “Company”), and Shai S. Even (“Executive”) and supersedes and replaces in its entirety
the Second Amended and Restated Employment Agreement (the “Prior Agreement”) dated November 24, 2020 by and
between the Company and Executive.

 

1.             Employment.
During the period commencing on the Amendment Effective Date and for the duration of the Employment Period (as defined in Section 4
below) (the “Specified Employment Period”), the Company shall continue to employ Executive, and Executive shall continue
to serve, as Executive Vice President and Chief Financial Officer of the Company, Enviva Holdings GP, LLC, a Delaware limited liability
company (“Holdings GP”) and the general partner of Enviva Holdings, LP, a Delaware limited partnership (“Holdings”),
and such other Affiliates of the Company as may be designated by Holdings from time to time.

 

2.             Duties
and Responsibilities of Executive.

 

(a)            During
the Employment Period, Executive shall devote Executive’s full business time and attention to the business of the Company and its
Affiliates, as applicable, and will not hold any outside employment or consulting position. Executive’s duties pursuant to this
Agreement will include those normally incidental to the position identified in Section 1, as well as such additional duties as may
be assigned to Executive by Holdings from time to time.

 

(b)           Executive
represents and covenants that Executive is not the subject of or a party to any employment agreement, non-competition or non-solicitation
covenant, non-disclosure agreement, or any other agreement, covenant, understanding, or restriction that would prohibit Executive from
executing this Agreement and fully performing Executive’s duties and responsibilities hereunder, or would in any manner, directly
or indirectly, limit or affect the duties and responsibilities that may now or in the future be assigned to Executive hereunder.

 

(c)           Executive
acknowledges and agrees that Executive owes the Company and its Affiliates fiduciary duties, including duties of care, loyalty, fidelity,
and allegiance, such that Executive shall act at all times in the best interests of the Company and its Affiliates and shall not appropriate
any business opportunity of the Company or its Affiliates for Executive. Executive agrees that the obligations described in this Agreement
are in addition to, and not in lieu of, the obligations Executive owes the Company and its Affiliates under common law. The Parties acknowledge
and agree that Executive may provide services (including as an executive, employee, director, or otherwise) to multiple Affiliates of
the Company and, in providing such services, Executive will not be violating Executive’s obligations hereunder so long as Executive
abides by the terms of Sections 7, 8, and 9 below in the course of performing such services.

 

3.             Compensation.

 

(a)            Base
Salary. During the Specified Employment Period, the Company shall pay to Executive an annualized base salary of $464,000 (the “Base
Salary”) in consideration for Executive’s services under this Agreement, payable on a not less than biweekly basis, in
conformity with the Company’s customary payroll practices for executives as in effect from time to time.

 

    

     

    

 

(b)            Annual
Bonus. During the Specified Employment Period, Executive shall be eligible for discretionary bonus compensation for the 2021 calendar
year and for each subsequent complete calendar year that Executive is employed by the Company hereunder (each, a “Bonus Year”)
pursuant to the applicable incentive or bonus compensation plan of the Company, if any, that is applicable to similarly situated executives
of the Company (each, an “Annual Bonus”). Each Annual Bonus shall have a target value that is not less than 120% of
Executive’s Base Salary as in effect on the first day of the Bonus Year to which such Annual Bonus relates (the “Minimum
Target Annual Bonus”); provided, however, that the Minimum Target Annual Bonus for the 2021 calendar year shall not
be less than 120% of Executive’s Base Salary as in effect on the Amendment Effective Date. The performance targets that must be
achieved in order to realize certain bonus levels shall be established by the Board of Directors of Holdings GP (the “Holdings
Board”) or a committee thereof annually, in its sole discretion, and communicated to Executive in accordance with terms of
the applicable incentive or bonus plan, if any, or if no such plan has been adopted, within the first 90 days of each applicable Bonus
Year following 2021 (the most recently established target value for Executive’s Annual Bonus is referred to herein as the “Target
Annual Bonus”). Each Annual Bonus, if any, will be paid as soon as administratively feasible after the Holdings Board or a
committee thereof certifies whether the applicable performance targets for the applicable Bonus Year have been achieved, but in no event
later than March 15 following the end of such Bonus Year.

 

(c)            Long-Term
Incentive Plan. With respect to the 2021 calendar year and each subsequent calendar year during the Specified Employment Period,
Executive shall be eligible to receive annual awards under the Enviva Partners, LP equity compensation plan as in effect from time to
time (the “LTIP”) with a target value equal to 250% of Executive’s Base Salary as in effect on the first day
of such calendar year (the “Target Annual LTIP Award”). All awards granted to Executive under the LTIP, if any, shall
be on such terms and conditions as the board of directors (the “Partners Board”) of Enviva Partners GP, LLC, a Delaware
limited liability company and the general partner of Enviva Partners, LP (the “MLP”), or a committee thereof shall
determine from time to time and shall be subject to and governed by the terms and provisions of the LTIP as in effect from time to time
and the award agreements evidencing such awards. Nothing herein shall be construed to give Executive any rights to any amount or type
of grant or award except as provided in such award to Executive provided in writing and authorized by the Partners Board (or a committee
thereof).

 

4.             Term
of Employment. The current term of Executive’s employment under this Agreement is the period commencing on the Amendment
Effective Date and ending on the first anniversary of the Amendment Effective Date (the “Current Term”). On the first
anniversary of the Amendment Effective Date and on each subsequent anniversary of the Amendment Effective Date thereafter, the term of
Executive’s employment under this Agreement shall automatically renew and extend for a period of 12 months (each such 12-month
period being a “Renewal Term”) unless written notice of non-renewal is delivered by either party to the other not
less than 60 days prior to the expiration of the then-existing Current Term or Renewal Term, as applicable. Notwithstanding any other
provision of this Agreement to the contrary, Executive’s employment pursuant to this Agreement may be terminated at any time in
accordance with Section 6. The period from the Amendment Effective Date through the expiration of this Agreement or, if sooner,
the termination of Executive’s employment pursuant to this Agreement, regardless of the time or reason for such termination, shall
be referred to herein as the “Employment Period.

 

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5.             Reimbursement
of Business Expenses; Benefits. Subject to the terms and conditions of this Agreement, Executive shall be entitled to the following
reimbursements and benefits during the Employment Period:

 

(a)            Reimbursement
of Business Expenses. The Company agrees to reimburse Executive for Executive’s reasonable business-related expenses incurred
in the performance of Executive’s duties under this Agreement; provided that Executive timely submits all documentation
for such reimbursement, as required by Company policy in effect from time-to-time. Any reimbursement of expenses under this Section 5(a) or
Section 12 shall be made by the Company upon or as soon as practicable following receipt of supporting documentation reasonably
satisfactory to the Company (but in any event not later than the close of Executive’s taxable year following the taxable year in
which the expense is incurred by Executive); provided, however, that, upon the termination of Executive’s employment
with the Company, in no event shall any additional reimbursement be made prior to the date that is six months after the date of such
termination (or, if earlier, prior to the date of Executive’s death) to the extent such payment delay is required under Section 409A(a)(2)(B) of
the Internal Revenue Code. In no event shall any reimbursement be made to Executive for such expenses incurred after the date that is
five years after the date of the termination of Executive’s employment with the Company. Executive is not permitted to receive
a payment in lieu of reimbursement under this Section 5(a) or Section 12.

 

(b)           Benefits.
Executive shall be eligible to participate in the same benefit plans or fringe benefit policies in which other similarly situated Company
employees are eligible to participate, subject to applicable eligibility requirements and the terms and conditions of such plans and
policies as in effect from time to time. The Company shall not, by reason of this Section 5(b), be obligated to institute, maintain,
or refrain from changing, amending, or discontinuing, any such plan or policy, so long as such changes are similarly applicable to similarly
situated Company employees generally.

 

6.             Termination
of Employment.

 

(a)            Company’s
Right to Terminate Executive’s Employment for Cause. The Company shall have the right to terminate Executive’s employment
at any time for Cause. For purposes of this Agreement, “Cause” shall mean Executive’s:

 

(i)             material
breach of any policy established by the Company or any of its Affiliates that (x) pertains to health and safety and (y) is
applicable to Executive;

 

(ii)            engaging
in acts of disloyalty to the Company or its Affiliates, including fraud, embezzlement, theft, commission of a felony, or proven dishonesty;
or

 

(iii)           willful
misconduct in the performance of, or willful failure to perform a material function of, Executive’s duties under this Agreement.

 

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(b)           Company’s
Right to Terminate for Convenience. The Company shall have the right to terminate Executive’s employment without Cause, at
any time and for any reason or no reason at all.

 

(c)            Executive’s
Right to Terminate for Good Reason. Executive shall have the right to terminate Executive’s employment with the Company at
any time for Good Reason. For purposes of this Agreement, “Good Reason” shall mean:

 

(i)             a
material diminution in Executive’s authority, duties, title, or responsibilities;

 

(ii)            a
material diminution in Executive’s Base Salary, Minimum Target Annual Bonus, or Target Annual LTIP Award;

 

(iii)           the
relocation of the geographic location of Executive’s principal place of employment by more than 100 miles from the location of
Executive’s principal place of employment as of the Amendment Effective Date; or

 

(iv)          the
Company’s delivery of a written notice of non-renewal of this Agreement to Executive.

 

Notwithstanding the foregoing provisions of this
Section 6(c) or any other provision of this Agreement to the contrary, any assertion by Executive of a termination for Good
Reason shall not be effective unless all of the following conditions are satisfied: (A) the condition described in Section 6(c)(i),
(ii), (iii), or (iv) giving rise to Executive’s termination of Executive’s employment must have arisen without Executive’s
written consent; (B) Executive must provide written notice to the Company of such condition within 30 days of the date on which
Executive knew of the existence of the condition; (C) the condition specified in such notice must remain uncorrected for 30 days
after receipt of such notice by the Company; and (D) the date of Executive’s termination of Executive’s employment must
occur within 30 days after the end of such cure period.

 

(d)           Death
or Disability. Executive’s employment with the Company shall terminate upon the death or Disability of Executive. For purposes
of this Agreement, a “Disability” shall exist if Executive is unable to perform the essential functions of Executive’s
position, with reasonable accommodation (if applicable), due to an illness or physical or mental impairment or other incapacity that
continues for a period in excess of 90 days, whether consecutive or not, in any period of 365 consecutive days. The determination of
a Disability will be made by the Company after obtaining an opinion from a doctor of the Company’s choosing. Executive agrees to
provide such information and participate in such examinations as may be reasonably required by said doctor in order to form his or her
opinion. If requested by the Company, Executive shall submit to a mental or physical examination to be performed by an independent physician
selected by the Company to assist the Company in making such determination.

 

(e)            Executive’s
Right to Terminate for Convenience. Executive shall have the right to terminate Executive’s employment with the Company for
convenience at any time upon 60 days’ advance written notice to the Company; provided that if Executive provides a notice
of termination pursuant to this Section 6(e), the Company may designate an earlier termination date than that specified in Executive’s
notice. The Company’s designation of such an earlier date will not change the nature of Executive’s termination, which will
still be deemed a voluntary resignation by Executive pursuant to this Section 6(e).

 

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(f)            Effect
of Termination.

 

(i)             If
Executive’s employment hereunder shall terminate (1) pursuant to Section 4 at the expiration of the then-existing Current
Term or Renewal Term, as applicable, as a result of a non-renewal of this Agreement by Executive or (2) pursuant to Section 6(a) or
6(e), then all compensation and all benefits to Executive hereunder shall terminate contemporaneously with such termination of employment,
except that Executive shall be entitled to (x) payment of all earned, unpaid Base Salary within 30 days of Executive’s last
day of employment, or earlier if required by law, (y) reimbursement for all incurred but unreimbursed expenses for which Executive
is entitled to reimbursement in accordance with Section 5(a) and Section 12, and (z) benefits to which Executive
may be entitled pursuant to the terms of any plan or policy described in Section 5(b).

 

(ii)            If
Executive’s employment terminates (1) pursuant to Section 6(b) or 6(c) or (2) due to Executive’s
death or Disability pursuant to Section 6(d), then all compensation and all benefits to Executive hereunder shall terminate contemporaneously
with such termination of employment, except that (I) Executive shall be entitled to receive the compensation and benefits described
in clauses (x) through (z) of Section 6(f)(i); and (II) if Executive executes, on or before the Release Expiration
Date (as defined below), and does not revoke within the time provided by the Company to do so, a release of all claims in a form satisfactory
to the Company (which shall be substantially similar to the form of release attached hereto as Exhibit A) (the “Release”)),
then, provided that Executive abides by the terms of Sections 7, 8, 9, 10, and 12:

 

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(A)          The
Company shall pay to Executive an amount (the “Severance Payment”) equal to the greater of (x) the product of
(A) 1.0 (or, if such termination occurs within 12 months following a Change in Control (as defined below), 1.5) and (B) sum
of Executive’s Base Salary as in effect on the date of the termination of Executive’s employment (the “Termination
Date”) and Executive’s Target Annual Bonus as of the Termination Date or (y) the Current Term Multiplier (as defined
below), multiplied by the sum of Executive’s Base Salary as in effect on the Termination Date and Executive’s Target
Annual Bonus as of the Termination Date. As used herein, the “Current Term Multiplier” means the number of complete
calendar months remaining in the Current Term, if any, divided by 12. The Severance Payment will be divided into 12 (or, if greater,
a number equal to the number of complete calendar months remaining in the Current Term) substantially equal installments; provided,
however, that if such termination occurs within 12 months following a Change in Control, the Severance Payment will be divided into
18 substantially equal installments. On the Company’s first regularly scheduled pay date that is on or after the date that is 60
days after the Termination Date, the Company shall pay to Executive, without interest, a number of such installments equal to the number
of such installments that would have been paid during the period beginning on the Termination Date and ending on the Company’s
first regularly scheduled pay date that is on or after the date that is 60 days after the Termination Date had the installments been
paid on a biweekly basis commencing on the Company’s first regularly scheduled pay date coincident with or next following the Termination
Date, and each of the remaining installments shall be paid on a biweekly basis thereafter; provided, however, that (1) to
the extent, if any, that the aggregate amount of the installments of the Severance Payment and any payments under Section 6(f)(ii)(C) that
would otherwise be paid pursuant to the preceding provisions of this Section 6(f)(ii)(A) or Section 6(f)(ii)(C), as applicable,
after March 15 of the calendar year following the calendar year in which the Termination Date occurs (the “Applicable March 15”)
exceeds the maximum exemption amount under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to
Executive in a lump sum on the Applicable March 15 (or the first business day preceding the Applicable March 15 if the Applicable
March 15 is not a business day) and the installments of the Severance Payment payable after the Applicable March 15 shall be
reduced by such excess (beginning with the installment first payable after the Applicable March 15 and continuing with the next
succeeding installment until the aggregate reduction equals such excess), and (2) all remaining installments of the Severance Payment,
if any, that would otherwise be paid pursuant to the preceding provisions of this Section 6(f)(ii)(A) after December 31
of the calendar year following the calendar year in which the Termination Date occurs shall be paid with the installment of the Severance
Payment, if any, due in December of the calendar year following the calendar year in which the Termination Date occurs.

 

(B)           All
outstanding awards granted to Executive pursuant to the LTIP prior to the Termination Date that remain unvested as of the Termination
Date shall immediately become fully vested as of the Termination Date; provided, however, that with respect to any such
LTIP awards that were granted subject to a performance requirement (other than continued service by Executive) that has not been satisfied
and certified by the Partners Board (or a committee thereof) as of the Termination Date, then (1) if the Termination Date occurs
within six months prior to the expiration of the performance period applicable to such LTIP award, such LTIP award shall become vested
based on actual performance upon the expiration of such performance period; and (2) if the Termination Date occurs at any other
time during the performance period applicable to such LTIP award, such LTIP award shall become vested as of the Termination Date based
on target performance.

 

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(C)           If
Executive timely and properly elects to continue coverage for Executive and Executive’s spouse and eligible dependents, if any,
under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
similar in the amounts and types of coverage provided by the Company to Executive prior to the Termination Date, then during the COBRA
Continuation Period (as defined below), the Company shall promptly reimburse Executive on a monthly basis for the entire amount Executive
pays to effect and continue such coverage (“COBRA Benefit”). Each payment of the COBRA Benefit shall be paid to Executive
on the Company’s first regularly scheduled pay date in the calendar month immediately following the calendar month in which Executive
submits to the Company documentation of the applicable premium payment having been paid by Executive, which documentation shall be submitted
by Executive to the Company within 30 days following the date on which the applicable premium payment is paid. Notwithstanding anything
in the preceding provisions of this Section 6(f)(ii)(C) to the contrary, (x) the election of COBRA continuation coverage
and the payment of any premiums due with respect to such COBRA continuation coverage will remain Executive’s sole responsibility,
and the Company will assume no obligation for payment of any such premiums relating to such COBRA continuation coverage and (y) if
the provision of the benefit described in this Section 6(f)(ii)(C) cannot be provided in the manner described above without
penalty, tax, or other adverse impact on the Company, then the Company and Executive shall negotiate in good faith to determine an alternative
manner in which the Company may provide a substantially equivalent benefit to Executive without such adverse impact on the Company. As
used herein, the “COBRA Continuation Period” shall mean the period beginning on the first day of the first calendar
month following the Termination Date and continuing for a number of months thereafter equal to the greater of (A) 12 months (or,
if such termination occurs within 12 months following a Change in Control, 18 months) or (B) the number of months remaining in the
Current Term, up to a maximum of 18 months; provided, however, that the COBRA Continuation Period shall immediately terminate
upon the earlier of (1) the time Executive becomes eligible to be covered under a group health plan sponsored by another employer
(and Executive shall promptly notify the Company in the event that Executive becomes so eligible) or (2) the date Executive is no
longer eligible to receive COBRA continuation coverage.

 

For purposes of this Section 6(f)(ii),
in the event of Executive’s death, references to Executive (other than in Section 6(f)(ii)(C)) shall include Executive’s
estate, and references to Executive in Section 6(f)(ii)(C) shall include Executive’s spouse and eligible dependents,
if any, who are “qualified beneficiaries” (within the meaning of COBRA and the regulations thereunder) with respect to Executive’s
death.

 

(iii)           Executive
acknowledges Executive’s understanding that if the Release is not executed and returned to the Company on or before the Release
Expiration Date, and the required revocation period has not fully expired without revocation of the Release by Executive, then Executive
shall not be entitled to any payments or benefits pursuant to Section 6(f)(ii). As used herein, the “Release Expiration
Date” is that date that is 21 days following the date upon which the Company delivers the Release to Executive (which shall
occur no later than seven days after the Termination Date) or, in the event that such termination of employment is “in connection
with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment
Act of 1967, as amended), the date that is 45 days following such delivery date.

 

(iv)          For
purposes of this Agreement, a “Change in Control” shall mean the occurrence of one or more of the following transactions:

 

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(A)          the
sale or disposal by Holdings of all or substantially all of its assets to any person other than an Affiliate of Holdings;

 

(B)           the
merger or consolidation of Holdings with or into another partnership, corporation, or other entity, other than a merger or consolidation
in which the unitholders in Holdings immediately prior to such transaction retain a greater than 50% equity interest in the surviving
entity; or

 

(C)           the
acquisition by any person or group (as defined in Section 13d(d)(3) of the Securities Exchange Act of 1934 (the “Exchange
Act”)),  other than Riverstone Holdings LLC, of the beneficial ownership (as defined in Section 13d(d)(3) of
the Exchange Act) of more than 50% of the equity of Enviva entitled to vote in the election of Enviva’s directors (or the persons
performing the functions of directors).

 

For purposes of the definition of “Change
in Control,” references to Enviva shall include the MLP and any entity that succeeds to substantially all of the assets of the
MLP and which becomes a Delaware corporation (by way of conversion, merger, or otherwise) in connection with the Conversion (as defined
below), in each such case whose common stock is issued in exchange for MLP common units.  Notwithstanding the foregoing, Executive
acknowledges and agrees that the transactions contemplated by that certain Agreement and Plan of Merger dated as of the date hereof by
and among Holdings, Enviva Partners Merger Sub, LLC, and the other parties named therein, shall not be deemed a “Change in Control”
for purposes of this Section 6.

 

As
used herein, the “Conversion” means, subject to the requisite approval of the holders of MLP common units, the
conversion of the MLP into a Delaware corporation pursuant to a plan of conversion or pursuant to such other alternative transaction
or series of transactions adopted by the MLP pursuant to which the MLP or its Affiliate or other entity that succeeds to substantially
all of the assets of the MLP becomes a Delaware corporation (by way of reorganization, conversion, merger, or otherwise, or any combination
of the foregoing), and in any such case whose common stock is issued in exchange for MLP common units.

 

(g)           Meaning
of Termination of Employment. For all purposes of this Agreement, Executive shall be considered to have terminated employment with
the Company when Executive incurs a “separation from service” with the Company within the meaning of Section 409A(a)(2)(A)(i) of
the Internal Revenue Code; provided, however, that whether such a separation from service has occurred shall be determined
based upon a reasonably anticipated permanent reduction in the level of bona fide services to be performed to no more than 25% of the
average level of bona fide services provided in the immediately preceding 36 months.

 

7.             Conflicts
of Interest; Disclosure of Opportunities. Executive agrees that Executive shall promptly disclose to the Holdings Board any conflict
of interest involving Executive upon Executive becoming aware of such conflict. Executive further agrees that, throughout the Employment
Period and for one year thereafter, Executive shall offer to the Company and its Affiliates, as applicable, all business opportunities
relating to the acquisition, development, ownership, and operation of facilities that collect, process, and transform wood-based biomass
into renewable energy feedstock, including wood pellets, regardless of where such business opportunities arise.

 

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8.             Confidentiality.
Executive acknowledges and agrees that, in the course of Executive’s employment with the Company, Executive has been provided with
and had access to (and during the Employment Period, Executive will continue to be provided with, and have access to) valuable Confidential
Information (as defined below). In consideration of Executive’s receipt of and access to such Confidential Information and in exchange
for other valuable consideration provided hereunder, and as a condition of Executive’s employment hereunder, Executive agrees to
comply with this Section 8.

 

(a)            Executive
covenants and agrees, both during the Employment Period and thereafter that, except as expressly permitted by this Agreement or by directive
of the Holdings Board, Executive shall not disclose any Confidential Information to any Person and shall not use any Confidential Information
except for the benefit of the Company or any of its Affiliates. Executive shall take all reasonable precautions to protect the physical
security of all documents and other material containing Confidential Information (regardless of the medium on which the Confidential
Information is stored). The covenants in this Section 8(a) shall apply to all Confidential Information, whether now known or
later to become known to Executive during the Employment Period.

 

(b)           Notwithstanding
Section 8(a), Executive may make the following disclosures and uses of Confidential Information:

 

(i)             disclosures
to other executives or employees of the Company or its Affiliates who have a need to know the information in connection with the business
of the Company or its Affiliates;

 

(ii)            disclosures
and uses that are incidental to Executive’s provision of services to the Company and its Affiliates consistent with the terms of
this Agreement or that are approved by the Holdings Board;

 

(iii)           disclosures
for the purpose of complying with any applicable laws or regulatory requirements; or

 

(iv)          disclosures
that Executive is legally compelled to make by deposition, interrogatory, request for documents, subpoena, civil investigative demand,
order of a court of competent jurisdiction, or similar process, or otherwise by law.

 

(c)            Upon
the expiration of the Employment Period and at any other time upon request of the Company, Executive shall surrender and deliver to the
Company all documents (including electronically stored information) and other material of any nature containing or pertaining to all
Confidential Information in Executive’s possession and shall not retain any such document or other material. Within 10 days of
any such request, Executive shall certify to the Company in writing that all such materials have been returned to the Company.

 

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(d)           All
non-public information, designs, ideas, concepts, improvements, product developments, discoveries, and inventions, whether patentable
or not, that are conceived, made, developed, or acquired by Executive, individually or in conjunction with others, during the period
Executive is or has been employed or affiliated with the Company or any of its Affiliates (whether during business hours or otherwise
and whether on the Company’s premises or otherwise) that relate to the Company’s or any of its Affiliates’ business
or properties, products, or services (including all such information relating to corporate opportunities, business plans, trade secrets,
strategies for developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations,
acquisition prospects, the identity of customers or their requirements, the identity of key contacts within customers’ organizations
or within the organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks) is defined
as “Confidential Information.” Moreover, all documents, videotapes, written presentations, brochures, drawings, memoranda,
notes, records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voicemail, electronic databases, maps,
drawings, architectural renditions, models, and all other writings or materials of any type including or embodying any of such information,
ideas, concepts, improvements, discoveries, inventions, and other similar forms of expression are and shall be the sole and exclusive
property of the Company or its Affiliates and be subject to the same restrictions on disclosure applicable to all Confidential Information
pursuant to this Agreement.

 

(e)            Nothing
in this Agreement shall prohibit or restrict Executive from lawfully (i) initiating communications directly with, cooperating with,
providing information to, causing information to be provided to, or otherwise assisting in an investigation by any governmental or regulatory
agency, entity, or official(s) (collectively, “Governmental Authorities”) regarding a possible violation of any
law, (ii) responding to any inquiry or legal process directed to Executive individually from any such Governmental Authorities,
(iii) testifying, participating, or otherwise assisting in an action or proceeding by any such Governmental Authorities relating
to a possible violation of law, or (iv) making any other disclosures that are protected under the whistleblower provisions of any
applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that (x) is made (A) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose
of reporting or investigating a suspected violation of law, or (y) is made to Executive’s attorney in relation to a lawsuit
for retaliation against Executive for reporting a suspected violation of law, or (z) is made in a complaint or other document filed
in a lawsuit or other proceeding, if such filing is made under seal. Nor does this Agreement require Executive to obtain prior authorization
from the Company or its Affiliates before engaging in any conduct described in this Section 8(e), or to notify the Company or its
Affiliates that Executive has engaged in any such conduct.

 

9.             Non-Competition;
Non-Solicitation.

 

(a)            The
Company shall continue to provide Executive access to Confidential Information for use only during the Employment Period, and Executive
acknowledges and agrees that the Company will be entrusting Executive, in Executive’s unique and special capacity, with continuing
to develop the goodwill of the Company, and in consideration thereof and in consideration of the continued access to Confidential Information,
and as a condition of Executive’s employment hereunder, Executive has voluntarily agreed to the covenants set forth in this Section 9.
Executive further agrees and acknowledges that the limitations and restrictions set forth herein, including the geographical and temporal
restrictions on certain competitive activities, are reasonable in all respects and are material and substantial parts of this Agreement
intended and necessary to protect the Company’s legitimate business interests, including the preservation of its Confidential Information
and goodwill.

 

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(b)           Executive
agrees that, during the period set forth in Section 9(c) below, Executive shall not, without the prior written approval of
the Company, directly or indirectly, for Executive or on behalf of or in conjunction with any other person or entity of whatever nature:

 

(i)             engage
or participate within the Market Area in competition with the Company in any business in which either the Company or its Protected Affiliates
engaged in, or had plans to become engaged in of which Executive was aware during the Employment Period or the period set forth in Section 9(c) below,
which business includes the acquisition, development, ownership, and operation of facilities that collect, process, and transform wood-based
biomass into renewable energy feedstock, including wood pellets (the “Business”). As used herein, the term “Protected
Affiliates” means any Affiliate of the Company for which Executive provided services during the Employment Period, or about
which Executive obtained Confidential Information during the Employment Period.

 

(ii)            appropriate
any Business Opportunity of, or relating to, the Company or its Affiliates located in the Market Area, or engage in any activity that
is detrimental to the Company or its Affiliates or that limits the Company’s or an Affiliate’s ability to fully exploit such
Business Opportunities or prevents the benefits of such Business Opportunities from accruing to the Company or its Affiliates; or

 

(iii)           solicit
any employee of the Company or its Affiliates to terminate his or her employment therewith.

 

(c)            Timeframe
of Non-Competition and Non-Solicitation Agreement. Executive agrees that the covenants of this Section 9 shall be enforceable
during the Employment Period and for a period of one year following the termination of the Employment Period, regardless of the
reason for such termination.

 

(d)           Because
of the difficulty of measuring economic losses to the Company and its Affiliates as a result of a breach of the foregoing covenants,
and because of the immediate and irreparable damage that could be caused to the Company and its Affiliates for which they would have
no other adequate remedy, Executive agrees that the foregoing covenant may be enforced by the Company and its Affiliates, in the event
of breach by Executive, by injunctions and restraining orders and that such enforcement shall not be the Company’s and its Affiliates’
exclusive remedy for a breach but instead shall be in addition to all other rights and remedies available to the Company and its Affiliates,
both at law and in equity.

 

(e)            The
covenants in this Section 9 are severable and separate, and the unenforceability of any specific covenant (or any portion thereof)
shall not affect the provisions of any other covenant (or any portion thereof). Moreover, in the event any court of competent jurisdiction
or arbitrator, as applicable, shall determine that the scope, time, or territorial restrictions set forth in this Section 9 are
unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent that the court or arbitrator
deems reasonable, and this Agreement shall thereby be reformed.

 

    11

     

    

 

(f)            For
purposes of this Section 9, the following terms shall have the following meanings:

 

(i)             “Business
Opportunity” shall mean any commercial, investment, or other business opportunity relating to the Business.

 

(ii)            “Market
Area” shall mean any location or geographic area within 75 miles of a location where the Company or its Affiliates conducts
Business, or has plans to conduct Business of which Executive is aware, during the Employment Period.

 

(g)           All
of the covenants in this Section 9 shall be construed as an agreement independent of any other provision in this Agreement, and
the existence of any claim or cause of action of Executive against the Company, whether predicated on this Agreement or otherwise, shall
not constitute a defense to the enforcement by the Company of such covenants.

 

10.           Ownership
of Intellectual Property. Executive agrees that the Company or its applicable Affiliate shall own, and Executive agrees to assign
and does hereby assign, all right, title, and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark
rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions
(whether or not patentable), works of authorship, mask works, designs, know-how, ideas, and information authored, created, contributed
to, made, or conceived or reduced to practice, in whole or in part, by Executive during the period that Executive is or has been employed
or affiliated with the Company or any of its Affiliates that either (a) relate, at the time of conception, reduction to practice,
creation, derivation, or development, to the Company’s or any of its Affiliates’ business or actual or anticipated research
or development, or (b) were developed on any amount of the Company’s time or with the use of any of the Company’s or
its Affiliates’ equipment, supplies, facilities, or trade secret information (all of the foregoing collectively referred to herein
as “Company Intellectual Property”), and Executive will promptly disclose all Company Intellectual Property to the
Company. All of Executive’s works of authorship and associated copyrights created during the Employment Period and in the scope
of Executive’s employment shall be deemed to be “works made for hire” within the meaning of the Copyright Act.
Executive agrees to perform, during and after the Employment Period, all reasonable acts deemed necessary by the Company to assist the
Company or its applicable Affiliate, at the Company’s or such Affiliate’s expense, in obtaining and enforcing its rights
throughout the world in the Company Intellectual Property. Such acts may include, but are not limited to, execution of documents and
assistance or cooperation (i) in the filing, prosecution, registration, and memorialization of assignment of any applicable patents,
copyrights, mask work, or other applications, (ii) in the enforcement of any applicable patents, copyrights, mask work, moral rights,
trade secrets, or other proprietary rights, and (iii) in other legal proceedings related to the Company Intellectual Property.

 

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11.           Arbitration.

 

(a)            Subject
to Section 11(d), any dispute, controversy, or claim between Executive and the Company or any of its Affiliates arising out of or
relating to this Agreement or Executive’s employment with the Company or services provided to any Affiliate of the Company will
be finally settled by arbitration in New York, New York before, and in accordance with the rules for the resolution of employment
disputes then in effect of, the American Arbitration Association (“AAA”). The arbitration award shall be final and
binding on both parties.

 

(b)            Any
arbitration conducted under this Section 11 shall be heard by a single arbitrator (the “Arbitrator”) selected
in accordance with the then-applicable rules of the AAA. The Arbitrator shall expeditiously (and, if possible, within 90 days after
the selection of the Arbitrator) hear and decide all matters concerning the dispute. Except as expressly provided to the contrary in
this Agreement, the Arbitrator shall have the power to (i) gather such materials, information, testimony, and evidence as the Arbitrator
deems relevant to the dispute before him or her (and each party will provide such materials, information, testimony, and evidence requested
by the Arbitrator, except to the extent any information so requested is proprietary, subject to a third-party confidentiality restriction,
or to an attorney-client or other privilege), and (ii) grant injunctive relief and enforce specific performance. The decision of
the Arbitrator shall be rendered in writing, be final and binding upon the disputing parties, and the parties agree that judgment upon
the award may be entered by any court of competent jurisdiction; provided that the parties agree that the Arbitrator and any court
enforcing the award of the Arbitrator shall not have the right or authority to award punitive or exemplary damages to any disputing party.

 

(c)            Each
side shall share equally the cost of the arbitration and bear its own costs and attorneys’ fees incurred in connection with any
arbitration, unless the Arbitrator determines that compelling reasons exist for allocating all or a portion of such costs and fees to
the other side.

 

(d)           Notwithstanding
Section 11(a), an application for emergency or temporary injunctive relief by either party (including any such application to enforce
the provisions of Sections 8, 9, or 10 herein) shall not be subject to arbitration under this Section 11; provided, however,
that the remainder of any such dispute (beyond the application for emergency or temporary injunctive relief) shall be subject to arbitration
under this Section.

 

(e)           By
entering into this Agreement and entering into the arbitration provisions of this Section 11, THE PARTIES EXPRESSLY ACKNOWLEDGE
AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL.

 

(f)            Nothing
in this Section 11 shall prohibit a party to this Agreement from (i) instituting litigation to enforce any arbitration award
or (ii) joining another party to this Agreement in a litigation initiated by a person or entity that is not a party to this Agreement.

 

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12.           Defense
of Claims. Executive agrees that, during the Employment Period and thereafter, upon reasonable request from the Company, Executive
will cooperate with the Company or its Affiliates in the defense of any claims or actions that may be made by or against the Company
or its Affiliates that relate to Executive’s actual or prior areas of responsibility, except if Executive’s reasonable interests
are adverse to the Company or its Affiliate(s), as applicable, in such claim or action. The Company agrees to pay or reimburse Executive
for all of Executive’s reasonable travel and other direct expenses incurred, or to be reasonably incurred, to comply with Executive’s
obligations under this Section 12, provided Executive provides reasonable documentation of same and obtains the Company’s
prior approval for incurring such expenses.

 

13.           Withholdings.
The Company may withhold and deduct from any payments made or to be made pursuant to this Agreement (a) all federal, state, local,
and other taxes as may be required pursuant to any law or governmental regulation or ruling and (b) any deductions consented to
in writing by Executive.

 

14.           Title
and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference only and shall in no way
limit, define, or otherwise affect the provisions hereof. Any and all Exhibits or Attachments referred to in this Agreement are, by such
reference, incorporated herein and made a part hereof for all purposes. The words “herein,” “hereof,” “hereunder,”
and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision hereof. The
use herein of the word “including” following any general statement, term, or matter shall not be construed to limit such
statement, term, or matter to the specific items or matters set forth immediately following such word or to similar items or matters,
whether or not non-limiting language (such as “without limitation,” “but not limited to,” or words of similar
import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall
within the broadest possible scope of such general statement, term, or matter. Unless the context requires otherwise, all references
herein to an agreement, instrument, or other document shall be deemed to refer to such agreement, instrument, or other document as amended,
supplemented, modified, and restated from time to time to the extent permitted by the provisions thereof.  All references to “dollars”
or “$” in this Agreement refer to United States dollars.  Wherever the context so requires, the masculine gender includes
the feminine or neuter, and the singular number includes the plural and conversely.

 

15.            Applicable
Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to the laws of the State of New
York without regard to the conflict of law principles thereof. With respect to any claim or dispute related to or arising under this
Agreement, the parties hereby consent to the arbitration provisions of Section 11 above and recognize and agree that should any
resort to a court be necessary and permitted under this Agreement, then they consent to the exclusive jurisdiction, forum, and venue
of the state and federal courts located in New York, New York.

 

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16.           Entire
Agreement and Amendment. This Agreement contains the entire agreement of the parties with respect to the matters covered herein;
moreover, this Agreement supersedes all prior and contemporaneous agreements and understandings, oral or written, between the parties
hereto concerning the subject matter hereof. Without limiting the scope of the preceding sentence, except as otherwise expressly provided
in this Section 16, all understandings and agreements preceding the Amendment Effective Date and relating to the subject matter
hereof (including the Prior Agreement) are hereby null and void and of no further force or effect, and this Agreement shall supersede
all other agreements, written or oral, that purport to govern the terms of Executive’s employment (including Executive’s
compensation) with the Company or any of its Affiliates. Executive acknowledges and agrees that the Prior Agreement is hereby terminated
and has been satisfied in full, as has any other employment agreement between Executive and the Company or any of its Affiliates. In
entering into this Agreement, Executive expressly acknowledges and agrees that Executive has received all sums and compensation that
Executive has been owed, is owed, or ever could be owed pursuant to the agreement(s) referenced in the previous sentence and for
services provided to the Company and any of its Affiliates through the date that Executive signs this Agreement, with the exception of
any unpaid base salary for the pay period that includes the date on which Executive signs this Agreement. Notwithstanding anything in
the preceding provisions of this Section 16 to the contrary, the parties expressly acknowledge and agree that this Agreement does
not supersede or replace, but instead complements and is in addition to, all equity compensation agreements between Executive and the
Company or any of its Affiliates. This Agreement may be amended only by a written instrument executed by both parties hereto.

 

17.           Waiver
of Breach. Any waiver of this Agreement must be executed by the party to be bound by such waiver. No waiver by either party hereto
of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement
to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or any similar
or dissimilar provision or condition at the same or any subsequent time. The failure of either party hereto to take any action by reason
of any breach will not deprive such party of the right to take action at any time while such breach continues.

 

18.           Assignment.
This Agreement is personal to Executive, and neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise
transferred by Executive. The Company may assign this Agreement to any successor (whether by merger, purchase, or otherwise) to all or
substantially all of the equity, assets, or businesses of the Company, if such successor expressly agrees to assume the obligations of
the Company hereunder.

 

19.           Affiliates.
For purposes of this Agreement, the term “Affiliates” is defined as any person or entity Controlling, Controlled by,
or Under Common Control with the Company. The term “Control,” including the correlative terms “Controlling,”
 “Controlled By,” and “Under Common Control with,” means possession, directly or indirectly, of
the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other
ownership interest, by contract, or otherwise) of a person or entity. For the purposes of the preceding sentence, Control shall be deemed
to exist when a person or entity possesses, directly or indirectly, through one or more intermediaries (a) in the case of a corporation,
more than 50% of the outstanding voting securities thereof, (b) in the case of a limited liability company, partnership, limited
partnership, or joint venture, the right to more than 50% of the distributions therefrom (including liquidating distributions), or (c) in
the case of any other person or entity, more than 50% of the economic or beneficial interest therein.

 

20.           Notices.
Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in
person, (b) on the first business day after such notice is sent by air express overnight courier service, or (c) on the third
business day following deposit in the United States mail, registered or certified mail, return receipt requested, postage prepaid and
addressed, in each case, to the following address, as applicable:

 

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(1)            If
to the Company, addressed to:

 

Enviva Management Company, LLC

7272 Wisconsin Ave.

Suite 1800

Bethesda, MD 20814

Attention: General Counsel

 

		(2)	If to Executive, addressed to the most recent
                                            address the Company has in its employment records for Executive.

 

21.           Counterparts.
This Agreement may be executed in any number of counterparts, including by facsimile or “.pdf” or similar electronic format,
each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same
instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together
signed by both parties hereto.

 

22.           Deemed
Resignations. Unless otherwise agreed to in writing by the Company and Executive prior to the termination of Executive’s
employment, any termination of Executive’s employment shall constitute (a) an automatic resignation of Executive as an officer
of the Company, Holdings GP, and each other Affiliate of the Company, as applicable, (b) an automatic resignation of Executive from
the board of directors (or similar governing body) of the Company or any Affiliate of the Company (if applicable), and (c) an automatic
resignation from the board of directors or any similar governing body of any corporation, limited liability entity, or other entity in
which the Company or any Affiliate holds an equity interest and with respect to which board or similar governing body Executive serves
as the Company’s or such Affiliate’s designee or other representative (if applicable).

 

23.           Effect
of Termination. The provisions of Sections 6(f), 7-12, 22, and 24 and those provisions necessary to interpret and enforce them,
shall survive any termination of the employment relationship between Executive and the Company.

 

24.           Third-Party
Beneficiaries. Each Affiliate of the Company shall be a third-party beneficiary of Executive’s obligations under Sections 7,
8, 9, 10, and 22 and shall be entitled to enforce such obligations as if a party hereto.

 

25.           Severability.
Subject to Section 9(e), if an arbitrator or court of competent jurisdiction determines that any provision of this Agreement (or
part thereof) is invalid or unenforceable, then the invalidity or unenforceability of that provision (or part thereof) shall not affect
the validity or enforceability of any other provision (or part thereof) of this Agreement, and all other provisions (or part thereof)
shall remain in full force and effect.

 

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26.           Section 409A.
Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement are intended to comply with Section 409A
of the Internal Revenue Code of 1986, as amended, and the applicable Treasury regulations and administrative guidance issued thereunder
(collectively, “Section 409A”) or an exemption therefrom and shall be construed and administered in accordance
with such intent. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary
separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes
of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Notwithstanding
any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and
interest under Section 409A if Executive’s receipt of such payment or benefit is not delayed until the earlier of (i) the
date of Executive’s death or (ii) the date that is six months after the Termination Date (such date, the “Section 409A
Payment Date”), then such payment or benefit shall not be provided to Executive (or Executive’s estate, if applicable)
until the Section 409A Payment Date. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits
provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall the Company or any of its Affiliates
be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive on account of
non-compliance with Section 409A.

 

[The remainder of this page was left blank
intentionally; the signature page follows.]

 

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IN WITNESS WHEREOF,
Executive and the Company each have caused this Agreement to be executed in its name and on its behalf, effective for all purposes as
provided above.

 

	 	EXECUTIVE
	 	 
	 	/s/ Shai S. Even
	 	Shai S. Even
	 	 
	 	ENVIVA MANAGEMENT COMPANY, LLC
	 	 
	 	 
	 	By:	/s/ William H. Schmidt, Jr.
	 	Name:  	 William H. Schmidt, Jr.
	 	Title:	 Executive Vice President, Corporate Development and General Counsel

 

Signature
Page To

Third Amended
and Restated

Employment Agreement

(Shai S. Even)Exhibit 10.7

 

BIOND PHOTONICS
INC.

 

FOUNDER’S
RESTRICTED STOCK PURCHASE AGREEMENT

 

This Agreement is made and
entered into as of October 27, 2020 (the “Effective Date”) by and between Biond Photonics Inc. (the “Company”),
a California corporation, and Jonathan Klamkin the “Purchaser”).

 

1. PURCHASE
OF SHARES. On the Effective Date and subject to the terms and conditions of this Agreement, Purchaser hereby purchases
from the Company, and Company hereby sells to Purchaser, an aggregate of One Million Two Hundred Fifty Thousand (1,250,000) shares of
the Company’s Common Stock, no par value per share (the “Shares”), at an aggregate purchase price of Ten
Thousand Dollars ($10,000.00) (the “Purchase Price”) or $0.0008 per Share (the “Purchase Price Per
Share”). As used in this Agreement, the term “Shares” refers to the Shares purchased under this
Agreement and includes all securities received (a) in substitution of the Shares, (b) as a result of stock dividends or stock splits
with respect to the Shares, and (c) in replacement of the Shares in a merger, recapitalization, reorganization or similar corporate transaction.

 

2. PAYMENT
OF PURCHASE PRICE; CLOSING.

 

2.1 Deliveries
by Purchaser. Purchaser hereby delivers to the Company: (a) a duly executed copy of this Agreement, (b) two (2) copies of a blank
Stock Power and Assignment Separate from Stock Certificate in the form of Exhibit 1 attached hereto (the “Stock
Powers”), both executed by Purchaser (and Purchaser’s spouse, if any), (c) if Purchaser is married, a Spouse Consent
in the form of Exhibit 2 attached hereto (the “Spouse Consent”) duly executed by Purchaser’s
spouse, and (d) payment of the Purchase Price by delivery to the Company of a check in the amount of $10,000.00, a copy of which is attached
hereto as Exhibit 4.

 

2.2 Deliveries
by the Company. Upon its receipt of the entire Purchase Price and all the documents to be executed and delivered by Purchaser
to the Company under Section 2.1, the Company will issue a duly executed stock certificate evidencing the Shares in the name of Purchaser,
registered in Purchaser’s name, with such certificate to be placed in escrow as provided in Section 8 until expiration or termination
of both the Company’s Right of First Refusal and Repurchase Option as described in Sections 5 and 6.

 

3. REPRESENTATIONS
AND WARRANTIES OF PURCHASER. Purchaser hereby represents and warrants to the Company as follows.

 

3.1 Purchase
for Own Account for Investment. Purchaser is purchasing the Shares for Purchaser’s own account for investment purposes only
and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act of 1933,
as amended (the “1933 Act”). Purchaser has no present intention of selling or otherwise disposing of all or
any portion of the Shares and no one other than Purchaser has any beneficial ownership of any of the Shares.

 

     

     

    

 

3.2 Access
to Information. Purchaser has had access to all information regarding the Company and its present and prospective business, assets,
liabilities and financial condition that Purchaser reasonably considers important in making the decision to purchase the Shares, and Purchaser
has had ample opportunity to ask questions of the Company’s representatives concerning such matters and this investment.

 

3.3 Understanding
of Risks. Purchaser is a founder of the Company and is fully aware of: (a) the highly speculative nature of the investment in
the Shares; (b) the financial hazards involved; (c) the lack of liquidity of the Shares and the restrictions on transferability of the
Shares, including those set forth in the Company’s Bylaws (the “Bylaws”) (e.g., that Purchaser
may not be able to sell or dispose of the Shares or use them as collateral for loans); (d) the qualifications and backgrounds of the management
of the Company; and (e) the tax consequences of investment in the Shares.

 

3.4 Purchaser’s
Qualifications. Purchaser has a preexisting personal or business relationship with the Company and/or certain of its officers
and/or directors of a nature and duration sufficient to make Purchaser aware of the character, business acumen and general business and
financial circumstances of the Company and/or such officers and directors. By reason of Purchaser’s business or financial experience,
Purchaser is capable of evaluating the merits and risks of this investment, has the ability to protect Purchaser’s own interests
in this transaction and is financially capable of bearing a total loss of this investment.

 

3.5 No
General Solicitation. At no time was Purchaser presented with or solicited by any publicly issued or circulated newspaper, mail,
radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Shares.

 

3.6 Compliance
with Securities Laws. Purchaser understands and acknowledges that, in reliance upon the representations and warranties made by
Purchaser herein, the Shares are not being registered with the Securities and Exchange Commission (“SEC”)
under the 1933 Act or being qualified under applicable state securities laws, but instead are being issued under an exemption or exemptions
from the registration and qualification requirements of the 1933 Act and applicable state securities laws which impose certain restrictions
on Purchaser’s ability to transfer the Shares.

 

3.7 Restrictions
on Transfer. Purchaser understands that Purchaser may not transfer any Shares unless such Shares are registered under the 1933
Act and qualified under applicable state securities laws or unless, in the opinion of counsel to the Company, exemptions from such registration
and qualification requirements are available. Purchaser understands that only the Company may file a registration statement with the SEC
or applicable state securities commissioners and that the Company is under no obligation to do so with respect to the Shares. Purchaser
has also been advised that exemptions from registration and qualification may not be available or may not permit Purchaser to transfer
all or any of the Shares in the amounts or at the times proposed by Purchaser. In addition, Purchaser acknowledges and agrees that the
Shares shall be subject to the restrictions on transferability and resale set forth in the Bylaws, and Purchaser may not transfer any
Shares unless such transfer is effected in compliance with the restrictions on transferability and resale set forth in the Bylaws and
the terms thereof.

 

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3.8 Rule 144.
In addition, Purchaser has been advised that SEC Rule 144 promulgated under the 1933 Act, which permits certain limited sales of
unregistered securities, is not presently available with respect to the Shares and, in any event, requires that the Shares be held for
a minimum of six months, and in certain cases one year, after they have been purchased and paid for (within the meaning of Rule 144),
before they may be resold under Rule 144. Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares
so long as Purchaser remains an “affiliate” of the Company and certain information about the Company (as defined in Rule 144)
is not publicly available.

 

4. MARKET
STANDOFF AGREEMENT. Purchaser agrees in connection with any registration of the Company’s securities under
the 1933 Act that, upon the request of the Company or the underwriters managing any registered public offering of the Company’s
securities, Purchaser will not sell or otherwise dispose of any Shares without the prior written consent of the Company or such underwriters,
as the case may be, for such period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration
requested by such managing underwriters and subject to all restrictions as the Company or the managing underwriters may specify for employee-shareholders
generally. For purposes of this Section 4, the term “Company” shall include any wholly owned subsidiary of the Company into
which the Company merges or consolidates. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive
legends on the certificates representing the Shares subject to this Section and to impose stop transfer instructions with respect to the
Shares until the end of such period. Purchaser further agrees to enter into any agreement reasonably required by the underwriters to implement
the foregoing and that such underwriters are express third party beneficiaries of this Section 4.

 

5. RIGHT
OF FIRST REFUSAL. Unvested Shares (defined in Section 6.2 below) may not be sold or otherwise transferred by Purchaser
without the Company’s prior written consent. Subject to the restrictions on transfer set forth in the Bylaws, before any Vested
Shares (defined in Section 6.2 below) held by Purchaser or any transferee of such Vested Shares (either sometimes referred to herein as
the “Holder”) may be sold or otherwise transferred (including without limitation a transfer by gift or operation
of law), the Company and/or its assignee(s) will have a right of first refusal to purchase the Shares to be sold or transferred (the “Offered
Shares”) on the terms and conditions set forth in this Section (the “Right of First Refusal”).

 

5.1 Notice
of Proposed Transfer. The Holder of the Offered Shares will deliver to the Company a written notice (the “Notice”)
stating: (a) the Holder’s bona fide intention to sell or otherwise transfer the Offered Shares; (b) the name and address
of each proposed purchaser or other transferee (the “Proposed Transferee”); (c) the number of Offered Shares
to be transferred to each Proposed Transferee; (d) the bona fide cash price or other consideration for which the Holder proposes
to transfer the Offered Shares (the “Offered Price”); and (e) that the Holder acknowledges this Notice
is an offer to sell the Offered Shares to the Company and/or its assignee(s) pursuant to the Company’s Right of First Refusal at
the Offered Price as provided for in this Agreement.

 

5.2 Exercise
of Right of First Refusal. At any time within thirty (30) days after the date the Notice was effective in accordance with Section
12.1 hereof, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all (or, with the consent
of the Holder, less than all) the Offered Shares proposed to be transferred to any one or more of the Proposed Transferees named in the
Notice, at the purchase price determined in accordance with Section 5.3 below.

 

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5.3 Purchase
Price. The purchase price for the Offered Shares purchased under this Section will be the Offered Price, provided that if the
Offered Price consists of no legal consideration (as, for example, in the case of a transfer by gift), the purchase price will be the
fair market value of the Offered Shares as determined in good faith by the Company’s Board of Directors. If the Offered Price includes
consideration other than cash, then the value of the non-cash consideration, as determined in good faith by the Company’s Board
of Directors, will conclusively be deemed to be the cash equivalent value of such non-cash consideration.

 

5.4 Payment.
Payment of the purchase price for the Offered Shares will be payable, at the option of the Company and/or its assignee(s) (as applicable),
by check or by cancellation of all or a portion of any outstanding indebtedness owed by the Holder to the Company (or to such assignee,
in the case of a purchase of Offered Shares by such assignee) or by any combination thereof. The purchase price will be paid without interest
within sixty (60) days after the Company’s receipt of the Notice, or, at the option of the Company and/or its assignee(s), in the
manner and at the time(s) set forth in the Notice.

 

5.5 Holder’s
Right to Transfer. If all of the Offered Shares proposed in the Notice to be transferred to a given Proposed Transferee are not
purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Offered
Shares to each Proposed Transferee at the Offered Price or at a higher price, provided that (a) such sale or other transfer
is consummated within one hundred twenty (120) days after the date of the Notice, (b) any such sale or other transfer is effected
in compliance with all applicable securities laws, and (c) each Proposed Transferee agrees in writing that the provisions of this
Section will continue to apply to the Offered Shares in the hands of such Proposed Transferee. If the Offered Shares described in the
Notice are not transferred to each Proposed Transferee within such one hundred twenty (120) day period, then a new Notice must be given
to the Company, pursuant to which the Company will again be offered the Right of First Refusal before any Shares held by the Holder may
be sold or otherwise transferred.

 

5.6 Exempt
Transfers. Notwithstanding anything to the contrary in this Section, the following transfers of Vested Shares will be exempt from
the Right of First Refusal: (a) the transfer of any or all of the Vested Shares during Purchaser’s lifetime by gift or on Purchaser’s
death by will or intestacy to Purchaser’s “Immediate Family” (as defined below) or to a trust for the benefit of Purchaser
or Purchaser’s Immediate Family, provided that each transferee or other recipient agrees in a writing satisfactory to the Company
that the provisions of this Section will continue to apply to the transferred Vested Shares in the hands of such transferee or other recipient;
(b) except as provided in Section 5.7 clause (b) below, any transfer or conversion of Vested Shares made pursuant to a statutory
merger or statutory consolidation of the Company with or into another corporation or corporations; or (c) any transfer of Vested
Shares pursuant to the winding up and dissolution of the Company. As used herein, the term “Immediate Family”
will mean Purchaser’s spouse or Spousal Equivalent, the lineal descendant or antecedent, brother or sister, of Purchaser or Purchaser’s
spouse or Spousal Equivalent, or the spouse or Spousal Equivalent, of any lineal descendant or antecedent, brother or sister of Purchaser,
or Purchaser’s spouse or Spousal Equivalent, whether or not any of the above are adopted. As used herein, a person is deemed to
be a “Spousal Equivalent” if the relevant person and the related party are registered as “domestic partners”
under the laws of the State of New York or any other law having similar effect or provided the following circumstances are true: (a) irrespective
of whether or not the relevant person and the Spousal Equivalent are the same sex, they are the sole spousal equivalent of the other for
the last twelve (12) months, (b) they intend to remain so indefinitely, (c) neither are married to anyone else, (d) both
are at least eighteen (18) years of age and mentally competent to consent to contract, (e) they are not related by blood to a degree
of closeness that which would prohibit legal marriage in the state in which they legally reside, (f) they are jointly responsible
for each other’s common welfare and financial obligations, and (g) they reside together in the same residence for the last
twelve (12) months and intend to do so indefinitely.

 

    4

     

    

 

5.7 Termination
of Right of First Refusal. The Right of First Refusal will terminate as to all Shares (a) on the effective date of the first sale
of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the SEC
under the 1933 Act (other than a registration statement relating solely to the issuance of Common Stock pursuant to a business combination
or an employee incentive or benefit plan) or (b) on any transfer or conversion of Shares made pursuant to a statutory merger or statutory
consolidation of the Company with or into another corporation or corporations if the common stock of the surviving corporation or any
direct or indirect parent corporation thereof is registered under the Securities Exchange Act of 1934, as amended.

 

6. COMPANY’S
REPURCHASE OPTION. The Company and/or its assignees shall have the option to repurchase all or a portion of the
Unvested Shares (defined in Section 6.2 below) on the terms and conditions set forth in this Section (the “Repurchase Option”)
if Purchaser ceases to be employed by the Company (as defined herein) for any reason, or no reason, including without limitation Purchaser’s
death, disability, voluntary resignation or termination by the Company with or without cause.

 

6.1 Definition
of “Employed by the Company”; “Termination Date”. For purposes of this Agreement, Purchaser will be considered
to be “employed by the Company” if the Board of Directors of the Company (the “Board”) determines
that Purchaser is rendering substantial services as an officer, employee, consultant or independent contractor to the Company or to any
Affiliate of the Company. In case of any dispute as to whether Purchaser is employed by the Company, the Board shall have sole discretion
to determine whether Purchaser has ceased to be employed by the Company or any Affiliate and the effective date on which Purchaser’s
employment terminated (the “Termination Date”). An “Affiliate” means any entity that
owns, directly or indirectly, stock representing more than fifty percent (50%) of the total combined voting power of all classes of stock
of the Company or any entity in which the Company owns, directly or indirectly, equity interests representing more than fifty percent
(50%) of the voting power of such entity.

 

6.2 Unvested
and Vested Shares.

 

6.2.1 Vesting
Schedule. Shares that are vested pursuant to the schedule set forth herein are “Vested Shares”. Shares that
are not vested pursuant to the schedule set forth herein are “Unvested Shares.” Unvested Shares may not be sold
or otherwise transferred by Purchaser without the Company’s prior written consent. On the Effective Date twenty percent (20%) of
the Shares are Vested Shares and the remaining One Million Shares will be Unvested Shares. If Purchaser has continuously been employed
by the Company or any Affiliate, at all times from the Effective Date until November 30, 2020 (the “First Vesting Date”),
then on the First Vesting Date 1/48th of the Unvested Shares will become Vested Shares; and thereafter, for so long (and only
for so long) as Purchaser remains continuously employed by the Company or any Affiliate or successor (referred to collectively with the
Company in this Section 6.2 as the “Company”) at all times after the First Vesting Date, on the last day of
each succeeding calendar month after the First Vesting Date, an additional 1/48th of the Unvested Shares will become Vested Shares. No
Unvested Shares will become Vested Shares after the Termination Date. If the application of the vesting percentage results in a fractional
share, such share shall be rounded down to the nearest whole share for each month except for the last month in such vesting period, at
the end of which last month the balance of Unvested Shares shall become fully Vested Shares.

 

    5

     

    

 

6.2.2 Acceleration
of Vesting Following Change of Control and Termination. In addition to any Shares that have become Vested Shares pursuant to Section
6.2.1 hereof, if there is a Change of Control and if, during the period of time commencing ninety (90) days prior to the execution
of a definitive agreement providing for the consummation of such Change of Control and ending on the one-year anniversary of the consummation
of such Change of Control, Purchaser’s employment by the Company is terminated by the Company, other than for Cause, or is terminated
by Purchaser for Good Reason, then, effective as of such termination, 100% of the Shares that are Unvested Shares as of such termination
will become Vested Shares at the time of such termination.

 

As used in this Section 6.2.2,
as applicable:

 

“Cause”
means any of the following: (a) Purchaser willfully engages in conduct that is in bad faith and materially injurious to the Company, including
but not limited to, misappropriation of trade secrets, fraud or embezzlement; (b) Purchaser commits a material breach of any written agreement
between Purchaser and the Company that causes harm to the Company, which breach is not cured within thirty (30) days after receipt of
written notice to Purchaser from the Company describing in detail such breach; (c) Purchaser willfully refuses to implement or follow
a directive by Purchaser’s supervisor [(which shall be the Board during such time as Purchaser serves as the Chief Executive Officer
of the Company)] directly related to Purchaser’s duties, which breach is not cured within thirty (30) days after receipt of written
notice to Purchaser from the Company describing in detail such breach; or (d) Purchaser engages in material misfeasance or malfeasance
demonstrated by a continued pattern of material failure to perform the essential job duties associated with Purchaser’s position,
which breach is not cured within thirty (30) days after receipt of written notice to Purchaser from the Company describing in detail such
breach.

 

“Change of Control”
means (a) any transaction or series of related transactions resulting in a liquidation, dissolution or winding up of the Company, (b)
a sale of all or substantially all of the assets of the Company that is followed by a liquidation, dissolution or winding up of the Company,
(c) any sale or exchange of the capital stock of the Company by the stockholders of the Company in one transaction or a series of related
transactions where more than fifty percent (50%) of the outstanding voting power of the Company is acquired by a person or entity or
group of related persons or entities (other than pursuant to a recapitalization of the Company solely with its equity holders) or (d)
any merger or consolidation (each, a “combination transaction”), in which the Company is a constituent entity
or is a party with another entity if, as a result of such combination transaction, in one transaction or series of related transactions,
the voting securities of the Company that are outstanding immediately prior to the consummation of such combination transaction (other
than any such securities that are held by an “Acquiring Stockholder,” as defined below) do not represent, or are not
converted into, securities of the surviving entity in such combination transaction (or such surviving entity’s parent entity if
the surviving entity is owned by the parent) that, immediately after the consummation of such combination transaction, together possess
at least a majority of the total voting power of all voting securities of such surviving entity (or its parent, if applicable) that are
outstanding immediately after the consummation of such combination transaction, including securities of such surviving entity (or its
parent, if applicable) that are held by the Acquiring Stockholder. For purposes of this paragraph, an “Acquiring Stockholder”
means a stockholder or stockholders of the Company that (i) merges or combines with the Company in such combination transaction or (ii)
directly or indirectly owns or controls a majority of the voting power of another entity that merges or combines with the Company
in such combination transaction.

 

    6

     

    

 

“Good Reason”
means any of the following actions by the Company without Purchaser’s written consent: (a) a material reduction in Purchaser’s
duties or responsibilities that is inconsistent with Purchaser’s position, provided that a mere change of title alone shall not
constitute such a material reduction, and provided further, that such a material reduction shall not be deemed to occur if Purchaser is
employed by the Company or its successor with duties and responsibilities substantially similar to those held by Purchaser prior to the
Change in Control; (b) the requirement that Purchaser change his or her principal office to a facility that increases Purchaser’s
commute by more than thirty-five (35) miles from Purchaser’s commute to the location at which Purchaser is employed prior to such
change, or (c) a material reduction in Purchaser’s annual base salary or a material reduction in Purchaser’s employee benefits
(e.g., medical, dental, insurance, short- and long-term disability insurance and 401(k) retirement plan benefits, collectively, the “Employee
Benefits”) to which Purchaser is entitled immediately prior to such reduction (other than (i) in connection with a general
decrease in the salary or Employee Benefits of all similarly situated employees and (ii) following such Change of Control, to the extent
necessary to make Purchaser’s salary or Employee Benefits commensurate with those other employees of the Company or its successor
entity or parent entity who are similarly situated with Purchaser following such Change of Control).

 

6.3 Adjustments.
The number of Shares that are Vested Shares or Unvested Shares will be proportionally adjusted to reflect any stock dividend, stock split,
reverse stock split or recapitalization of the common stock of the Company occurring after the Effective Date.

 

6.4 Exercise
of Repurchase Option at Original Price. At any time within ninety (90) days after the Termination Date, the Company may elect
to repurchase any or all of the Unvested Shares by giving Purchaser written notice of exercise of the Repurchase Option. The Company and/or
its assignee(s) will then have the option to repurchase from Purchaser (or from Purchaser’s personal representative as the case
may be) any or all of the Unvested Shares at the Purchase Price Per Share specified in Section 1 above, as adjusted to reflect any
stock dividend, stock split, reverse stock split or recapitalization of the common stock of the Company occurring after the Effective
Date (the “Repurchase Price”). Notwithstanding anything to the contrary in the foregoing, unless the Company
notifies the Purchaser within ninety (90) days from the Termination Date that it does not intend to exercise its Repurchase Option with
respect to some or all of the Unvested Shares, the Repurchase Option shall be deemed automatically exercised by the Company at the end
of such ninety (90) day period from the Termination Date and the execution of this Agreement shall constitute deemed notice of the Company’s
intention to exercise its Repurchase Option with respect to all Unvested Shares to which its Repurchase Option applies (the “Deemed
Notice”). If the Company neither notifies Purchaser prior to the end of such ninety (90) day period of the Company’s
decision not to exercise its Repurchase Option, nor delivers payment of the aggregate Repurchase Price to Purchaser after the actual or
deemed exercise of the Repurchase Option, then the sole remedy of Purchaser thereafter shall be to receive the aggregate Repurchase Price
from the Company in the manner set forth above for the Unvested Shares that are deemed repurchased, and in no case shall Purchaser have
any claim of ownership as to any of such Unvested Shares.

 

    7

     

    

 

6.5 Payment
of Repurchase Price. The Repurchase Price will be payable, at the option of the Company and/or its assignee(s), as the case may
be, by check or by cancellation of all or a portion of any outstanding indebtedness owed by Purchaser to the Company (or to such assignee)
or by any combination thereof. The Repurchase Price will be paid without interest within ninety (90) days after the Company gives the
Purchaser written notice of the exercise of its Repurchase Option or the effectiveness of the Deemed Notice.

 

6.6 Right
of Termination Unaffected. Nothing in this Agreement will be construed to limit or otherwise affect in any manner whatsoever the
right or power of the Company (or any Affiliate) to terminate Purchaser’s employment with the Company (or any Affiliate) at any
time for any reason or no reason, with or without cause.

 

7. RIGHTS
AS OWNER OF SHARES.

 

7.1 Encumbrances
on Vested Shares. Purchaser may grant a lien or security interest in, or pledge, hypothecate or encumber Vested Shares only if
each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees
in a writing satisfactory to the Company that: (a) such lien, security interest, pledge, hypothecation or encumbrance will not apply to
such Vested Shares after they are acquired by the Company and/or its assignees under this Agreement; and (b) the provisions of this
Agreement will continue to apply to such Vested Shares in the hands of such party and any transferee of such party. Purchaser may not
grant a lien or security interest in, or pledge, hypothecate or encumber, any Unvested Shares.

 

7.2 Encumbrance
on Shares. Subject to the terms and conditions of this Agreement, Purchaser will have all of the rights to the Shares from and
after the date that Purchaser delivers payment of the Purchase Price until such time as Purchaser disposes of the Shares or the Company
and/or its assignee(s) exercise(s) the Right of First Refusal or the Repurchase Option. Upon an exercise of the Right of First Refusal
or the Repurchase Option, Purchaser will have no further rights as a holder of the Shares so purchased upon such exercise, except the
right to receive payment for the Shares so purchased in accordance with the provisions of this Agreement, and Purchaser will promptly
surrender the stock certificate(s) evidencing the Shares so purchased to the Company for transfer or cancellation.

 

    8

     

    

 

8. ESCROW.
As security for Purchaser’s faithful performance of this Agreement, Purchaser agrees, immediately upon receipt of the stock certificate(s)
evidencing the Shares, to deliver such certificate(s), together with the Stock Powers executed by Purchaser and by Purchaser’s spouse,
if any (with the date, transferee, stock certificate number and number of Shares left blank), to the Secretary of the Company or other
designee of the Company (the “Escrow Holder”), who is hereby appointed to hold such certificate(s) and Stock
Powers in escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares as are in accordance
with the terms of this Agreement. Escrow Holder will act solely for the Company as its agent and not as a fiduciary. Purchaser and the
Company agree that Escrow Holder will not be liable to any party to this Agreement (or to any other party) for any actions or omissions
unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Agreement.
Escrow Holder may rely upon any letter, notice or other document executed with any signature purported to be genuine and may rely on the
advice of counsel and obey any order of any court with respect to the transactions contemplated by this Agreement. The Shares will be
released from escrow upon termination of the Right of First Refusal and the Repurchase Option.

 

9. TAX
CONSEQUENCES. PURCHASER UNDERSTANDS THAT PURCHASER MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S
PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER REPRESENTS (a) THAT PURCHASER HAS CONSULTED WITH A TAX ADVISER THAT PURCHASER DEEMS
ADVISABLE IN CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES AND (b) THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY
TAX ADVICE. Purchaser hereby acknowledges that Purchaser has been informed that, in addition to receiving taxable income upon the
receipt of any Shares paid for by the cancellation of compensation for services rendered, unless an election is filed by the Purchaser
with the Internal Revenue Service (and, if necessary, the proper state taxing authorities) within 30 days after the purchase of
the Shares to be effective, electing pursuant to Section 83(b) of the Internal Revenue Code (and similar state tax provisions, if applicable)
to be taxed currently on any difference between the Purchase Price of the Shares and their fair market value on the date of purchase,
there will be a recognition of taxable income to the Purchaser, measured by the excess, if any, of the fair market value of the Shares,
at the time they cease to be Unvested Shares, over the Purchase Price for such Shares. Purchaser represents that Purchaser has consulted
any tax advisors Purchaser deems advisable in connection with Purchaser’s purchase of the Shares and the filing of the election
under Section 83(b) and similar tax provisions. A form of Election under Section 83(b) is attached hereto as Exhibit 3 for
reference. PURCHASER HEREBY ASSUMES ALL RESPONSIBILITY FOR PROPERLY COMPLETING AND TIMELY FILING SUCH ELECTION AND PAYING ANY TAXES
RESULTING FROM SUCH ELECTION OR FROM FAILURE TO FILE THE ELECTION AND PAYING TAXES RESULTING FROM THE LAPSE OF THE REPURCHASE RESTRICTIONS
ON THE UNVESTED SHARES.

 

    9

     

    

 

10. RESTRICTIVE
LEGENDS AND STOP-TRANSFER ORDERS.

 

10.1 Legends.
Purchaser understands and agrees that the Company will place the legends set forth below or similar legends on any stock certificate(s)
evidencing the Shares, together with any other legends that may be required by state or federal securities laws, the Company’s Certificate
of Incorporation or the Bylaws, any other agreement between Purchaser and the Company or any third party:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER
THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER
OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED
TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, INCLUDING THE RIGHTS OF REPURCHASE
AND FIRST REFUSAL HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S), AND A MARKET STANDOFF RESTRICTION, AS SET FORTH IN A FOUNDER’S RESTRICTED
STOCK PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL
OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS, INCLUDING THE RIGHTS OF REPURCHASE AND FIRST REFUSAL, AND THE MARKET
STANDOFF RESTRICTION, ARE BINDING ON TRANSFEREES OF THESE SHARES. 

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS PROVIDED IN THE BYLAWS OF THE CORPORATION. 

 

10.2 Stop-Transfer
Instructions. Purchaser agrees that, to ensure compliance with the restrictions imposed by this Agreement and the Bylaws, the
Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records. The Company will not be required (a) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement
or the Bylaws or (b) to treat as owner of such Shares, or to accord the right to vote or pay dividends, to any purchaser or other
transferee to whom such Shares have been so transferred.

 

    10

     

    

 

11. COMPLIANCE
WITH LAWS AND REGULATIONS. The issuance and transfer of the Shares will be subject to and conditioned upon compliance
by the Company and Purchaser with all applicable state and federal laws and regulations and with all applicable requirements of any stock
exchange or automated quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance
or transfer.

 

12. GENERAL
PROVISIONS.

 

12.1 Notices.
Any and all notices required or permitted to be given to a party pursuant to the provisions of this Agreement will be in writing and will
be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (a) at the
time of personal delivery, if delivery is in person; (b) at the time an electronic confirmation of receipt is received, if delivery
is by email (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after
such deposit for deliveries outside of the United States; or (d) three (3) business days after deposit in the United States mail
by certified mail (return receipt requested) for United States deliveries. All notices for delivery outside the United States will be
sent by express courier. All notices not delivered personally will be sent with postage and/or other charges prepaid and properly addressed
to the party to be notified at the address set forth below the signature lines of this Agreement or at such other address as such other
party may designate by one of the indicated means of notice herein to the other party hereto. A “business day”
shall be a day, other than Saturday or Sunday, when the banks in the city of San Francisco are open for business.

 

12.2 Further
Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably
necessary to carry out the purposes and intent of this Agreement.

 

12.3 Titles
and Headings. The titles, captions and headings of this Agreement are included for ease of reference only and will be disregarded
in interpreting or construing this Agreement. Unless otherwise specifically stated, (a) all references herein to “sections”
and “exhibits” will mean “sections” and “exhibits” to this Agreement and (b) all references herein
to “days” will mean “calendar days.”

 

12.4 Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the State of California, without giving effect
to that body of laws pertaining to conflict of laws.

 

12.5 Assignments;
Successors and Assigns. The Company may assign any of its rights and obligations under this Agreement, including but not limited
to its rights to repurchase Shares under the Right of First Refusal and the Repurchase Option. Any assignment of rights and obligations
by any other party to this Agreement requires the Company’s prior written consent. This Agreement, and the rights and obligations
of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators
and legal representatives.

 

12.6 Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement and understanding of the parties
with respect to the subject matter of this Agreement, and supersede all prior and contemporaneous understandings and agreements, whether
oral or written, between or among the parties hereto with respect to the specific subject matter hereof.

 

    11

     

    

 

12.7 Amendment
and Waivers. This Agreement may be amended only by a written agreement executed by each of the parties hereto. No amendment of
or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the party
against which enforcement is sought. Any amendment effected in accordance with this Section will be binding upon all parties hereto and
each of their respective successors and assigns. No delay or failure to require performance of any provision of this Agreement shall constitute
a waiver of that provision as to that or any other instance. No waiver granted under this Agreement as to any one provision herein shall
constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance
other than the actual performance specifically waived.

 

12.8 Severability.
If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable
in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause
or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be
enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in
this Agreement. Notwithstanding the forgoing, if the value of this Agreement based upon the substantial benefit of the bargain for any
party is materially impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding,
then both parties agree to substitute such provision(s) through good faith negotiations.

 

12.9 Counterparts;
Signatures. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be
deemed an original, and all of which together shall constitute one and the same agreement. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying

with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission

method and any counterpart so delivered shall be deemed to have been duly and validly delivered and
be valid and effective for all purposes.

 

[Signature
page follows]

 

    12

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Founder’s Restricted Stock Purchase Agreement to be executed by its duly authorized representative and
Purchaser has executed this Agreement, each as of the Effective Date.

 

	“COMPANY”	 	“PURCHASER”
	 	 	 	 	 
	BIOND PHOTONICS INC.	 	JONATHAN/LEE
	 	 	 	 	 
	By:	/s/ Jonathan Klamkin	 	By:	/s/ Jonathan Klamkin
	Name: 	Jonathan Klamkin	 	Address:
	Title:	President	 	 	 
	Address:	 	Email: 
	 	 	 	 	 
	Email:	 	 	 
	 	 	 	 	 

 

[Signature
Page to Founder’s Restricted Stock Purchase Agreement]

 

     

     

    

 

EXHIBIT 1

 

STOCK POWER AND
ASSIGNMENT

 

SEPARATE FROM STOCK
CERTIFICATE

 

     

     

    

 

STOCK POWER AND
ASSIGNMENT

 

SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED and pursuant
to that certain Founder’s Restricted Stock Purchase Agreement dated as of October 27, 2020 (the “Agreement”),
the undersigned hereby sells, assigns and transfers unto ______________________________, __________ shares of the Common Stock, no par
value per share, of Biond Photonics Inc., a California corporation (the “Company”), standing in the undersigned’s
name on the books of the Company represented by Certificate No(s). ____ delivered herewith, and does hereby irrevocably constitute and
appoint the Secretary of the Company as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock
on the books of the Company. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO.

 

	Dated: 	 	 	 
	 	 	PURCHASER
	 	 	 
	 	 	(Signature)
	 	 	 
	 	 	(Please Print Name)
	 	 	 
	 	 	(Spouse’s Signature, if any)
	 	 	 
	 	 	(Please Print Spouse’s Name)

 

Instructions to Purchaser: Please
do not fill in any blanks other than the signature line. The purpose of this Stock Power and Assignment is to enable the Company
and/or its assignee(s) to acquire the shares upon exercise of its “Right of First Refusal” and/or “Repurchase Option”
set forth in the Agreement without requiring additional signatures on the part of the Purchaser or Purchaser’s Spouse, if any.

 

     

     

    

 

EXHIBIT 2

 

SPOUSE CONSENT

 

     

     

    

 

SPOUSE CONSENT

 

The undersigned spouse of
Jonathan/Lee(the “Purchaser”) has read, understands and hereby approves all the terms and conditions of the
Founder’s Restricted Stock Purchase Agreement dated October ___, 2020 (the “Agreement”), by and between
Purchaser and Biond Photonics Inc., a California corporation (the “Company”), pursuant to which Purchaser has
purchased One Million Two Hundred Fifty Thousand (1,250,000) shares of the Company’s common stock (the “Shares”)
in connection with the Agreement.

 

In consideration of the Company
granting my spouse the right to purchase the Shares under the Agreement, I hereby agree to be irrevocably bound by all the terms and conditions
of the Agreement (including but not limited to the Company’s Repurchase Option, the Right of First Refusal and the market standoff
agreements contained therein) and further agree that any community property interest I may have in the Shares will be similarly bound
by the Agreement.

 

I hereby appoint Purchaser
as my attorney-in-fact, to act in my name, place and stead with respect to any amendment of the Agreement and with respect to the making
and filing of an election under Internal Revenue Code Section 83(b) in connection with the purchase of the Shares.

	Dated: 	 	 	 
	 	 	Signature of Spouse [Sign Here]
	 	 	 
	 	 	 
	 	 	Name of Spouse [Please Print]
	 	 	 
	 	 	☐Check
this box if you do not have a spouse.

 

     

     

    

 

EXHIBIT 3

 

ELECTION UNDER
SECTION 83(b) OF THE

INTERNAL REVENUE CODE

 

     

     

    

 

ELECTION UNDER
SECTION 83(b) OF THE

INTERNAL REVENUE CODE

 

The undersigned Taxpayer hereby elects, pursuant
to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income for the Taxpayer’s current taxable
year the excess, if any, of the fair market value of the property described below at the time of transfer over the amount paid for such
property, as compensation for services.

 

	1.	TAXPAYER’S NAME:	Jonathan/Lee

 

TAXPAYER’S ADDRESS:

 

	 	SOCIAL SECURITY NUMBER:	__________________

 

TAXABLE YEAR:Calendar Year 2020

 

		2.	The property with respect to which the election is made is described as follows: 1,000,000 shares of Common
Stock, no par value per share, of Biond Photonics Inc., a California corporation (the “Company”), which is Taxpayer’s
employer or the corporation for whom the Taxpayer performs services.

 

		3.	The date on which the shares were transferred was October ___, 2020.

 

		4.	The shares are subject to the following restrictions: The Company may repurchase all or a portion of the
shares at the Taxpayer’s original purchase price under certain conditions at the time of Taxpayer’s termination of employment
or services.

 

		5.	The fair market value of the shares at the time of transfer (without regard to restrictions other than
a non-lapse restriction as defined in § 1.83-3(h) of the Income Tax Regulations) was $0.008 per share x 1,000,000 shares = $8,000.00.

 

		6.	The amount paid for such shares was $0.008 per share x 1,000,000 shares = $8,000.00.

 

		7.	The amount to include in the Taxpayer’s gross income for the Taxpayer’s current taxable year
is $0.

 

THIS ELECTION MUST BE FILED WITH THE INTERNAL
REVENUE SERVICE (“IRS”), AT THE OFFICE WHERE THE TAXPAYER FILES ANNUAL INCOME TAX RETURNS, WITHIN 30 DAYS AFTER
THE DATE OF TRANSFER OF THE PROPERTY, AND MUST ALSO BE FILED WITH THE TAXPAYER’S INCOME TAX RETURNS FOR THE CALENDAR YEAR. A COPY
OF THE ELECTION HAS ALSO BEEN FURNISHED TO THE COMPANY. THE ELECTION CANNOT BE REVOKED WITHOUT THE CONSENT OF THE IRS.

 

	Dated:	 	 	 
	 	 	Taxpayer’s Signature

 

     

     

    

 

EXHIBIT 4

 

PAYMENT FOR SHARES

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