Document:

Exhibit 10.5

 

Amended and restated
PLEDGE AGREEMENT

 

THIS AMENDED AND RESTATED
PLEDGE AGREEMENT (“Pledge Agreement”) dated as of May 5, 2022, is made by CEPTON
TECHNOLOGIES, INC., a Delaware corporation (“Pledgor”), in favor of TRINITY CAPITAL INC., a Maryland corporation
(“Lender”) (hereinafter, the “Parties”).

 

RECITALS

 

A.           
Pledgor has entered into a Loan and Security Agreement with Lender, dated as of January 4, 2022 (as amended, restated, or otherwise
modified from time to time, the “Loan Agreement”).

 

B.           
Pursuant to the Loan Agreement, Pledgor has agreed to grant to Lender a security interest in all of Pledgor’s right, title,
and interest the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Pledgor of any Subsidiary
which shares entitle the holder thereof to vote for directors or any other matter and 100% of all other equity interests owned by Pledgor
in any Subsidiary.

 

C.           
Pledgor is the record and beneficial owner of the equity interests shown on Schedule I attached hereto, which Schedule
I is incorporated herein by reference, and may be amended or supplemented pursuant to the terms of this Pledge Agreement. For purposes
of this Pledge Agreement, the term “Pledged Interests” shall mean 100% of the equity interests owned by Pledgor in
each of Pledgor’s Subsidiaries.

 

D.           
Because the entities listed on Schedule I attached hereto (each, a “Company”, collectively the “Companies”)
are, except as set forth on Schedule I, wholly-owned subsidiaries of Pledgor and, if applicable, have certificated their ownership interests
by issuing the certificates identified on Schedule I attached hereto, and because Pledgor agreed to grant security and pledge to
Lender the Pledged Interests pursuant to the Loan Agreement, Lender requires, and Pledgor wishes to execute and deliver to Lender, this
Pledge Agreement.

 

E.           
The Parties are amending and restating this Pledge Agreement to add the shares of Cepton Technologies Holdings LLC to the Pledge
Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
Pledgor hereby represents, warrants, covenants and agrees as follows:

 

1.            
Definitions. All capitalized terms used but not defined herein shall have the respective meanings given to them in the Loan
Agreement. In addition, the following terms not otherwise defined in the preamble or recitals of this Pledge Agreement shall have the
following meanings:

 

 

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

 

“Pledge Supplement”
shall have the meaning set forth in Section 5(d) below.

 

“Pledged Collateral”
shall have the meaning set forth in Section 2 below.

 

2.            
Pledge. As security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration
or otherwise) of all Obligations arising under the Loan Documents, together with, without limitation, the prompt payment of all of Lender’s
Expenses, Pledgor hereby pledges to Lender, and grants to Lender a security interest in all of the following (collectively, the “Pledged
Collateral”), except as specifically provided in Section 6, below:

 

    

     

    

 

(i)           
the Pledged Interests owned or held by Pledgor and the certificates representing such Pledged Interests, including without limitation,
all of Pledgor’s right, title and interest in, to and under all (A) proceeds, distributions of profits and income associated with
the Pledged Interests, (B) capital distributions from each Company, (C) distributions of cash flow by each Company, (D) proceeds of any
liquidation upon the dissolution of any Company and winding up of the affairs of any Company, and (E) all other rights of Pledgor as a
stockholder or member of each Company including, without limitation, rights to reports, accounting, information and voting to the extent
permitted by law, in each case whether presently existing or hereafter arising;

 

(ii)          
all voting trust certificates held by Pledgor evidencing the right to vote any Pledged Interests subject to any voting trust; and

 

(iii)         
all additional shares or other equity interests and voting trust certificates from time to time acquired by Pledgor in any manner
(which additional shares or other equity interests shall be deemed to be part of the Pledged Interests), and the certificates representing
such additional shares or other equity interests, and all dividends, distributions, cash, instruments, and other property or proceeds
from time to time received, receivable, or otherwise distributed in respect of or in exchange for any or all of such shares or other equity
interests.

 

3.            
Delivery of Pledged Collateral. Pledgor shall deliver to Lender concurrently with the execution hereof (or, in the case
of any such certificates or instruments that hereafter come into existence, promptly following receipt of the same by Pledgor) all certificates
or other instruments representing or evidencing any Pledged Interests, accompanied by appropriate duly executed instruments of transfer
or assignment (including, without limitation, stock powers) in blank, all in form and substance satisfactory to Lender. Schedule I
identifies which Pledged Interests are certificated and which Pledged Interests are not certificated. Except as specifically provided
in Section 6 below, Pledgor shall receive all certificates, cash, instruments, and other property or proceeds from time to time
received, receivable, or otherwise distributed in respect of or in exchange for any or all of the Pledged Interests in trust for Lender,
and shall immediately upon receipt deliver to Lender such certificates, cash, instruments, and other property and proceeds, together with
any necessary endorsement.

 

4.            
Representations and Warranties. Pledgor hereby represents and warrants to Lender as follows:

 

(a)          
Pledgor is the sole holder of record and the sole beneficial owner of the Pledged Collateral pledged to Lender by Pledgor under
Section 2 of this Pledge Agreement, free and clear of any lien thereon or affecting title thereto, except for the lien created
by this Pledge Agreement or the other Loan Documents.

 

(b)          
None of the Pledged Interests has been transferred in violation of the securities registration, securities disclosure or similar
laws of any jurisdiction to which such transfer may be subject with respect to which such transfer could reasonably be expected to result
in a Material Adverse Change.

 

(c)          
No consent, approval, authorization or other order of any Person and no consent or authorization of any governmental authority
or regulatory body is required to be made or obtained by Pledgor either (i) for the pledge by Pledgor of the Pledged Collateral pursuant
to this Pledge Agreement or for the execution, delivery, or performance of this Pledge Agreement by such Pledgor; or (ii) for the exercise
by Lender of the voting or other rights provided for in this Pledge Agreement or the remedies in respect of the Pledged Collateral pursuant
to this Pledge Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities
generally and laws under applicable jurisdictions outside of the United States and except as such approval or consent has been obtained.

 

    

     

    

 

(d)          
Subject to the terms and conditions of the Loan Agreement and the laws under the applicable jurisdictions of any foreign Subsidiaries,
the pledge, grant of a security interest in, and delivery of the Pledged Collateral pursuant to this Pledge Agreement will create a valid
first priority lien on and in the Pledged Collateral pledged by each Pledgor, and the proceeds thereof, securing the payment of the Obligations
assuming (i) continued possession of the certificates or other instruments representing or evidencing the Pledged Interests by Lender
and (ii) that Lender has no notice prior to or on the date of delivery of such Pledged Interests of an adverse claim within the meaning
of the UCC.

 

(e)          
This Pledge Agreement has been duly executed and delivered by Pledgor and constitutes a legal, valid, and binding obligation of
such Pledgor, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, or other similar
laws affecting the rights of creditors generally or by the application of general equity principles.

 

(f)           
All information with respect to the Pledged Collateral set forth in any schedule, certificate or other writing at any time furnished
by Pledgor to Lender, and all other written information at any time furnished by Pledgor to Lender, is and shall be true and correct in
all material respects as of the date furnished.

 

(g)          
Pledgor covenants, warrants, and represents to Lender that all representations and warranties contained in this Pledge Agreement
are true at the time of Pledgor’s execution of this Pledge Agreement, and shall continue to be true in all material respects until
the Obligations have been paid or otherwise satisfied in full (or, if any of such representations change, Pledgor shall give prompt notice
to Lender of such change).

 

5.            
Covenants of Pledgor. Pledgor covenants and agrees that until the Obligations have been paid and performed in full (other
than contingent indemnity obligations for which no claim has been asserted) or otherwise terminated pursuant to Section 8, below:

 

(a)          
Without the prior written consent of Lender or except as permitted by the Loan Agreement, Pledgor shall not sell, assign, transfer,
exchange, pledge, or otherwise encumber or restrict any of such Pledgor’s rights in or to the Pledged Collateral pledged by such
Pledgor or any unpaid dividends or other distributions or payments with respect thereto or grant a lien therein except as otherwise permitted
by this Pledge Agreement or the Loan Agreement.

 

(b)          
Pledgor shall, at such Pledgor’s own expense, promptly execute, acknowledge, and deliver all such instruments and take all
such action as Lender from time to time may reasonably request in order to ensure to Lender the benefits of the lien in and to, the Pledged
Collateral intended to be created by this Pledge Agreement.

 

(c)          
Except as otherwise permitted by the Loan Agreement, Pledgor shall maintain, preserve and defend the title to the Pledged Collateral
and the lien of Lender thereon against the claim of any other Person.

 

(d)          
Pledgor shall, upon obtaining any additional shares of stock or other equity interest of any Subsidiary not evidenced on Schedule
I attached hereto, promptly (and in any event within 15 days or such longer period as acceptable to Lender in its sole discretion)
deliver to Lender (except as noted in the proviso below), to the extent applicable, all share certificates and voting trust certificates
respecting such stock or other equity interest, and deliver to Lender a Pledge Supplement duly executed by such Pledgor supplementing
Schedule I attached hereto, in form and substance reasonably acceptable to Lender (a “Pledge Supplement”), and
executed instruments of transfer or assignment (including, without limitation, stock powers), executed in blank, in respect of the additional
shares of stock or other equity interests which are to be pledged pursuant hereto. Pledgor hereby authorizes Lender to attach each such
Pledge Supplement hereto and agrees that all shares or other equity interests listed on any Pledge Supplement delivered to Lender shall
for all purposes hereunder be considered Pledged Collateral.

 

    

     

    

 

(e)          
Pledgor shall furnish Lender such information concerning the Pledged Collateral as it may from time to time reasonably request,
and will permit Lender and its designees, from time to time during normal business hours upon reasonable prior notice, to inspect, audit
and make copies of and extracts from all records and all other papers in the possession of such Pledgor which pertain to the Pledged Collateral,
and shall upon the request of Lender, deliver to Lender copies of all of such records and papers.

 

(f)           
Pledgor agrees that a breach of any covenants contained in this Section 5 will cause irreparable injury to Lender, that
Lender has no adequate remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in
this Section 5 shall be specifically enforceable against such Pledgor. and Pledgor hereby waives and agrees not to assert any defenses
against an action for specific performance of such covenants except for a defense that the Obligations are not then due and payable.

 

6.            
Pledgor’s Rights. So long as no Event of Default shall have occurred and be continuing:

 

(a)          
Pledgor shall have the right to vote and give consents with respect to the Pledged Collateral or any part thereof for all purposes
not inconsistent with the provisions of this Pledge Agreement and the Loan Agreement; provided, however, that no vote shall be
cast, and no consent shall be given or action taken, which would have the effect of impairing the position or interest of Lender in respect
of the Pledged Collateral.

 

(b)          
Pledgor shall be entitled to collect and receive for such Pledgor’s own use, and shall not be required to pledge pursuant
to Section 2 above, any cash dividends, proceeds or distributions paid in respect of the Pledged Interests, except such dividends,
proceeds or distributions as are prohibited under the Loan Agreement or any other Loan Document; provided, however, that until
the Obligations are actually paid, all rights to any such permitted dividends, proceeds or distributions shall remain subject to the lien
created by this Pledge Agreement. All dividends, proceeds or distributions in respect of any of the Pledged Interests of such Pledgor
whenever paid or made (other than such cash dividends, proceeds or distributions as are permitted to be paid to such Pledgor in accordance
with this clause (b)) shall be delivered to Lender to hold as Pledged Collateral and shall, if recovered by such Pledgor, be received
in trust for the benefit of Lender, be segregated from the other property or funds of such Pledgor, and be forthwith delivered to Lender
as Pledged Collateral.

 

7.            
Defaults and Remedies.

 

(a)          
Events of Default. It shall be an Event of Default hereunder upon the occurrence of an Event of Default as defined in the
Loan Agreement or any other Loan Document.

 

(b)          
Remedies. Upon the occurrence of an Event of Default and so long as the same shall be continuing:

 

(i)           
All or any portion of the Obligations may, at the option of Lender and without demand, notice, or legal process of any kind (other
than as required by the Loan Agreement), be declared, and immediately shall become, due and payable.

 

(ii)          
Lender (personally or through an agent) is hereby authorized and empowered to transfer and register in its name or in the name
of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged
Interests for certificates or instruments of smaller or larger denominations, to exercise the voting rights with respect thereto, to collect
and receive all cash dividends and other distributions made thereon from and after such date, to sell in one or more sales after ten (10)
days’ notice of the time and place of any public sale or of the time after which a private sale is to take place (which notice Pledgor
agrees is commercially reasonable), but without any previous notice or advertisement, the whole or any part of the Pledged Collateral
and to otherwise act with respect to the Pledged Collateral as though Lender was the outright owner thereof, Pledgor hereby irrevocably
constituting and appointing Lender the proxy and attorney-in-fact of such Pledgor, with full power of substitution (which appointment
is coupled with an interest) to take all such actions permitted hereunder or otherwise permitted by law; provided, however, Lender
shall not have any duty to exercise any such right or to preserve the same and shall not be liable for any failure to do so or for any
delay in doing so. Any sale shall be made at a public or private sale at such location as Lender may reasonably select, and to the extent
permitted by law Lender may be the purchaser of the whole or any part of the Pledged Collateral so sold and hold the same thereafter in
its own right free from any claim of any Pledgor or any right of redemption. Each sale shall be made to the highest bidder, but Lender
reserves the right to reject any and all bids at such sale which it, in its sole discretion, shall deem inadequate. Except as otherwise
provided herein, Pledgor hereby waives demand of performance, notices of sale, advertisements, and the presence of the Pledged Collateral
at any sale thereof. Any sale hereunder may be conducted by an auctioneer or any officer or agent of Lender.

 

    

     

    

 

(iii)         
If, at the original time or times appointed for the sale of the whole or any part of the Pledged Collateral by public sale, the
highest bid shall be inadequate to discharge in full all the Obligations if there be but one sale, or if the Pledged Collateral be offered
for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would indicate to Lender, in its sole discretion,
the unlikelihood of the proceeds of the sales of the whole of the Pledged Collateral being sufficient to discharge all the Obligations,
Lender may, on one or more occasions and in its sole discretion, postpone any of said sales by public announcement at the time of sale,
and no other notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided, however,
that if a public sale is postponed for more than sixty (60) days, Lender shall re-notice such Pledgor of any subsequent public sale of
the affected Pledged Collateral in accordance with Section 7(b)(ii), above.

 

(iv)         
In the event of any sales hereunder, Lender shall, after deducting all reasonable costs or expenses of every kind (including, without
limitation, reasonable attorneys’ fees, costs and other reasonable legal expenses) for care, safekeeping, collection, sale, delivery,
or otherwise, apply the residue of the proceeds of the sales to the payment or reduction, either in whole or in part, of the Obligations
in accordance with the agreements and instruments governing and evidencing such Obligations, returning the surplus, if any, to such Pledgor
or to whosoever may be lawfully entitled to receive the same. Lender shall, in no event, be required to pay, in the aggregate taking into
account all other payments made to such Pledgor under this Section 7(b)(iv), more than the total value of such surplus, as reasonably
determined by Lender, and Lender shall not be responsible for the apportionment or payment of any surplus to such Pledgor except to such
Pledgor pursuant to this Section 7(b)(iv).

 

(c)          
If, at any time when Lender shall determine to exercise its right to sell the whole or any part of the Pledged Collateral hereunder,
such Pledged Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Act,
Lender may, in its discretion (subject only to applicable requirements of law), sell such Pledged Collateral or part thereof by private
sale in such manner and under such circumstances as Lender may deem necessary or advisable, but subject to applicable law and the other
requirements of this Section 7, and shall not be required to effect such registration or cause the same to be effected. Without
limiting the generality of the foregoing, in any such event Lender may, in its sole discretion, (i) in accordance with applicable securities
laws, proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Pledged Collateral
or part thereof could be or shall have been filed under the Act; (ii) approach and negotiate with a single possible purchaser to effect
such sale; and (iii) restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account,
for investment, and not with a view to the distribution or sale of such Pledged Collateral or part thereof. In addition to a private sale
as provided above in this Section 7, if any of the Pledged Collateral shall not be freely distributable to the public without registration
under the Act at the time of any proposed sale hereunder, then Lender shall not be required to effect such registration or cause the same
to be effected but may, in its sole discretion (subject only to applicable requirements of law), require that any sale hereunder (including
a sale at auction) be conducted subject to such restrictions as Lender may, in its sole discretion, deem necessary or appropriate in order
that such sale (notwithstanding any failure so to register) may be effected in compliance with the bankruptcy laws and other laws affecting
the enforcement of creditors’ rights and the Act and all applicable state securities laws.

 

    

     

    

 

8.            
Termination. Immediately following the full and complete payment, in cash, of all Obligations (other than contingent indemnity
obligations for which no claim has been asserted), except as otherwise provided herein, all of such Pledgor’s obligations hereunder
shall at such time fully and automatically terminate without requiring any further action on the part of Lender or Pledgor, and Lender
shall deliver to Pledgor the Pledged Collateral pledged by such Pledgor at the time subject to this Pledge Agreement and all instruments
of assignment executed in connection therewith, free and clear of the lien hereof.

 

9.            
Miscellaneous.

 

(a)          
Entire Agreement. This Pledge Agreement constitutes the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof, and supersedes and replaces in its entirety any prior proposals, term sheets, non-disclosure or confidentiality
agreements, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof.

 

(b)          
Assignability. The provisions of this Pledge Agreement shall inure to the benefit of and be binding on Pledgor and its permitted
assigns (if any). Pledgor shall not assign its obligations under this Pledge Agreement without Lender’s express prior written consent,
and any such attempted assignment shall be void and of no effect. Lender may assign, transfer, or endorse its rights hereunder pursuant
to the terms of the Loan Agreement without prior notice to Pledgor, and all of such rights shall inure to the benefit of Lender’s
successors and assigns.

 

(c)          
Notices. All notices and communications provided for hereunder shall be given in the manner provided for in the Loan Agreement.

 

(d)          
No Waiver; Amendments. The powers conferred upon Lender by this Pledge Agreement are solely to protect its rights hereunder
and its interest in the Collateral and shall not impose any duty upon Lender to exercise any such powers. No omission or delay by Lender
at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof
by Pledgor at any time designated, shall be a waiver of any such right or remedy to which Lender is entitled, nor shall it in any way
affect the right of Lender to enforce such provisions thereafter. Other than with respect to any Pledge Supplements properly delivered
pursuant to Section 5(d) hereof, this Pledge Agreement may not be amended or modified except by written agreement between Pledgor
and Lender, and no consent or waiver hereunder shall be valid unless in writing and signed by Lender.

 

(e)          
Severability. Whenever possible, each provision of this Pledge Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Pledge Agreement shall be prohibited by or invalid under such law, such provision
shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Pledge Agreement.

 

(f)           
Governing Law. This Pledge Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of California, without regard to conflict of law principles that would result in the application of any law other than the law of
the State of California.

 

(g)          
Execution. This Pledge Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number
of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original,
but all of which counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page
of this Pledge Agreement by facsimile, portable document format (.pdf) or other electronic transmission will be as effective as delivery
of a manually executed counterpart hereof.

 

(h)          
Recitals. The recitals set forth above are incorporated herein by reference.

  

[Remainder
of page intentionally left blank]

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Pledge Agreement to be executed and delivered by their duty authorized officer on the date first set forth above.

 

	
    PLEDGOR:

     

	
    CEPTON TECHNOLOGIES, INC.,

    a Delaware corporation

      

	By: /s/ Jun Pei
	Name:  Jun Pei 

Its: President and Chief Executive Officer

 

 

 

	
    Lender:

     

	
    TRINITY CAPITAL INC.,

    a Maryland corporation

      

	By: /s/ Sarah Stanton
	Name: Sarah Stanton
	Title: General Counsel

 

Agreed and acknowledged:

 

	CEPTON TECHNOLOGIES CANADA, Inc.
	 	 	 
	By:	/s/ Jun Pei	 
	Name:	Jun Pei	 
	Title:	Chief Executive Officer	 

 

	CEPTON TECHNOLOGIES (UK) LIMITED.

	 	 	 
	By:	/s/ Jun Pei	 
	Name:	Jun Pei	 
	Title:	Chief Executive Officer	 

 

	CEPTON TECHNOLOGIES GMBH

	 	 	 
	By:	/s/ Jun Pei	 
	Name:	Jun Pei	 
	Title:	Chief Executive Officer	 

 

    [Signature Page to Pledge Agreement]

     

    

 

	CEPTON HONG KONG LIMITED

	 	 	 
	By:	/s/ Jun Pei	 
	Name:	Jun Pei	 
	Title:	Chief Executive Officer	 

 

	CEPTON TECHNOLOGIES HOLDINGS LLC

	 	 	 
	By:	/s/ Jun Pei	 
	Name:	Jun Pei	 
	Title:	Chief Executive Officer	 

 

    [Signature Page to Pledge Agreement]

     

    

  

SCHEDULE I

 

	Issuer 	Jurisdiction of Organization of Pledged Entity	Class of Stock or Other Equity Interest	Certificate 

Number	Number of Shares or Percentage Interest Pledged*
	Cepton Technologies Canada, Inc.	Canada	10,000 Common Shares without Par Value	N/A	100%
	Cepton Technologies (UK) Limited	United Kingdom	1 Ordinary Share of £1.00 each	N/A	100%
	Cepton Technologies GmbH	Germany	Common Shares (EUR 25,000)	N/A	100%
	Cepton Hong Kong Limited	Hong Kong	100 Ordinary Shares	N/A	100%
	Cepton Technologies Holdings LLC	United States	100% Membership Interest	N/A	100%Exhibit 10.6

 

CEPTON, INC.

DIRECTOR COMPENSATION POLICY

 

(Adopted June 30, 2022)

 

Members of the Board of Directors (the “Board”)
of Cepton, Inc., a Delaware corporation (the “Company”), who are not employed by the Company or one of its subsidiaries and
are determined by the Board to be independent under applicable listing rules (“Independent Directors”) are entitled to the
compensation set forth below for their service as a member of the Board. This Director Compensation Policy (this “Policy”)
is effective as of February 10, 2022 (the “Effective Date”). The Board (or any committee of the Board within the authority
delegated to it) has the right to amend this Policy from time to time.

 

Cash Compensation

 

	Annual Retainer	 	$	40,000	 
	Additional Committee Chair Retainers:	 	 	 	 
	Audit Committee Chair	 	$	15,000	 
	Compensation Committee Chair	 	$	10,000	 
	Nominating and Corporate Governance Committee Chair	 	$	8,000	 
	Additional Committee Retainers:	 	 	 	 
	Audit Committee	 	$	10,000	 
	Compensation Committee	 	$	8,000	 
	Nominating and Corporate Governance Committee	 	$	5,000	 

 

The retainers set forth above are expressed as
annualized amounts. These retainers will be paid on a quarterly basis, in arrears after the end of each fiscal quarter, to the Independent
Directors serving on the Board (or in the applicable position, in the case of an Additional Committee or Committee Chair Retainer) during
such fiscal quarter. Retainers will be retroactive to the Effective Date, and retainers for the fiscal quarter in which the Effective
Date occurs will be paid on a pro-rated basis together with the retainers for the fiscal quarter in which this Policy is adopted. If an
individual serves as an Independent Director or Chair or member of a Board committee, as the case may be, for only a portion of a fiscal
quarter, the Independent Director will be paid a pro-rata portion of the applicable retainer for such quarter based on the time the individual
served in the applicable position.

 

Equity Compensation

 

Annual Equity Awards for Continuing Board Members

 

On a date in 2022 to be determined by the Board,
and thereafter (commencing in 2023) on the date of each annual meeting of the Company’s stockholders at which one or more directors
are to be elected to the Board (an “Annual Meeting”), each Independent Director continuing in office after that date will
be granted an award of Company restricted stock units (“RSUs”). The number of RSUs covered by any such award will be determined
by dividing (i) $120,000 (the “Annual Equity Award Value”) by (ii) the closing market price (in regular trading on the principal
exchange or market on which the Company’s common stock is then listed or admitted to trade) for a share of the Company’s common
stock on the grant date of the award (or for the immediately preceding trading day if that date is not a trading day) (the “Closing
Price”), and rounding such quotient down to the nearest whole share. Each such award of RSUs will be scheduled to vest on the first
to occur of (i) the first anniversary of the date of grant of the award, or (ii) on the day immediately preceding the first Annual Meeting
to occur after the date of grant of the award.

 

     

     

    

 

Initial Equity Award for New Board Members

 

In addition, if a new Independent Director is
appointed or elected to the Board (other than at an Annual Meeting in connection with which the Independent Director receives an annual
equity award as described above), the Independent Director will receive an RSU award on or promptly after the date of such election or
appointment. The number of RSUs covered by any such award will be determined by dividing a pro-rata portion of the Annual Equity Award
Value for awards granted to Independent Directors at the last Annual Meeting by the Closing Price on the date of grant and rounding down
to the nearest whole share. For these purposes, the pro-rata portion of the Annual Equity Award Value will equal the Annual Equity Award
Value multiplied by a fraction (not greater than one and not less than zero), the numerator of which is 365 minus the number of calendar
days that had elapsed as of the date the director’s appointment or election to the Board since the date of the last Annual Meeting
and the denominator of which is 365. The RSUs subject to any such pro-rated equity award will be scheduled to vest on the same vesting
date as the equity awards granted to Independent Directors in connection with the Company’s last Annual Meeting.

 

Unless otherwise provided by the Board, an employee
or former employee of the Company or one of its subsidiaries who ceases or has ceased to be so employed and becomes an Independent Director
will not be eligible for an initial equity award grant pursuant to the immediately preceding paragraph, but will otherwise be eligible
for cash compensation and annual equity awards on the same basis as other Independent Directors.

 

Provisions Applicable to All Independent Director
Equity Awards

 

Each RSU award granted to an Independent Director
pursuant to this Policy will be granted under and subject to the terms and conditions of the Company’s 2022 Equity Incentive Plan
or any successor equity compensation plan approved by the Company’s stockholders and in effect at the time of grant.

 

Unless otherwise provided by the Board in connection
with a particular award, each award of RSUs granted to an Independent Director pursuant to this Policy will vest (to the extent then outstanding
and otherwise unvested) if a change in control of the Company (as defined in the applicable award agreement) occurs, and will be evidenced
by and subject to the terms and conditions of the Company’s standard form of RSU award agreement for Independent Director grants
as in effect on the date of grant of the award. The number of shares subject to the award is subject to adjustment for stock splits and
similar events as provided in the applicable award agreement.

 

The Board (or any committee of the Board within
the authority delegated to it) may approve other grants of equity-based awards to Independent Directors from time to time, on such terms
as the Board (or committee) may determine and subject to the applicable provisions of the Company’s equity compensation plan then
in effect.

 

Expense Reimbursement. All Independent
Directors are entitled to reimbursement from the Company for their reasonable travel (including airfare and ground transportation), lodging
and meal expenses incident to meetings of the Board or committees thereof or in connection with other Board-related business. The Company
will make reimbursement to an Independent Director within a reasonable period of time following submission by the Independent Director
of reasonable written substantiation for the expenses.

 

     

     

    

 

Form of Director RSU Grant

 

________________________________________________________________________________________________

 

Notice of Grant of Director Restricted Stock Unit Award 

and

Terms and Conditions of Director Restricted Stock Unit Award

________________________________________________________________________________________________

	
     

    Director:
	[Name]	Award Number:	[_________]
	 	[Address]	Plan:	2022 Plan
	 	[Address]	ID:	[_________]

 

________________________________________________________________________________________________

 

Effective [___________] (the “Award
Date”), you (the “Director”) have been granted an award (the “Award”) of [________][1]
restricted stock units with respect to the Common Stock of Cepton, Inc. (the “Corporation”).

 

The Award will become vested as to 100% of the total number of restricted
stock units subject to the Award on the first to occur of (i) the first anniversary of the Award Date, or (ii) the day immediately preceding
the Corporation’s first annual meeting of stockholders to occur after the Award Date; provided, however, that the Award, to the
extent then outstanding and unvested, will vest in full on a Change in Control Event (as defined in Exhibit A to the Terms).

 

_______________________________________________________________________________________________

 

By your signature and the Corporation’s signature below, you
and the Corporation agree that the Award is granted under and governed by the terms and conditions of the Corporation's 2022 Equity Incentive
Plan (the “Plan”) and the Terms and Conditions of Director Restricted Stock Unit Award (the “Terms”), which are
attached and incorporated herein by this reference. This Notice of Grant of Director Restricted Stock Unit Award, together with the Terms,
will be referred to as your Award Agreement. The Award has been granted to you in addition to, and not in lieu of, any other form of compensation
otherwise payable or to be paid to you. Capitalized terms are defined in the Plan if not defined herein or in the Terms. You acknowledge
receipt of a copy of the Terms, the Plan and the Prospectus for the Plan.

 

________________________________________________________________________________________________

 

 

	___________________________________________________	 	_________________________________
	Cepton, Inc.	 	Date
	___________________________________________________	 	_________________________________
	[Director Name]	 	Date

 

 

[1] Subject to adjustment under Section 7.1 of the Plan.

 

     

     

    

 

CEPTON, INC.

2022 EQUITY INCENTIVE PLAN

 

TERMS AND CONDITIONS OF DIRECTOR RESTRICTED
STOCK UNIT AWARD 

 

1. General.
These Terms and Conditions of Director Restricted Stock Unit Award (these “Terms”) apply to a particular grant of restricted
stock units (the “Award”) under the Cepton, Inc. 2022 Equity Incentive Plan (the “Plan”) if incorporated
by reference in the Notice of Grant of Director Restricted Stock Unit Award (the “Notice”) corresponding to that particular
award. Capitalized terms used in these Terms are used as defined in the Notice or, if not defined in the Notice, as defined in the Plan.

 

The Award has been granted to the Director in addition
to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Director. The Notice and these Terms are
collectively referred to as the “Award Agreement” applicable to the Award.

 

As used in this Award Agreement, the term “stock
unit” means a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share
of the Corporation’s Common Stock (subject to adjustment as provided in Section 7.1 of the Plan) solely for purposes of the Plan
and this Award Agreement. The Stock Units shall be used solely as a device for the determination of the payment to eventually be made
to the Director if such Stock Units vest pursuant to this Award Agreement. The Stock Units shall not be treated as property or as a trust
fund of any kind.

 

2. Vesting;
Continuance of Service Required; No Service Commitment. Subject to Section 6 below, the Stock Units subject to the Award shall
vest and become nonforfeitable in accordance with the Vesting Schedule set forth in the Notice. The Vesting Schedule requires continued
service on the Board through each applicable vesting date as a condition to the vesting of the applicable installment of the Award and
the rights and benefits under this Award Agreement. Service for only a portion of the vesting period, even if a substantial portion, will
not entitle the Director to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination
of services as provided in Section 6 below.

 

Nothing contained in this Award Agreement (including
the Notice) or the Plan constitutes a service commitment by the Corporation or any of its Subsidiaries, confers upon the Director any
right to remain in service to the Corporation or any of its Subsidiaries, or affects the right of the Corporation or any of its Subsidiaries
to increase or decrease the Director’s other compensation or benefits. Nothing in this Award Agreement (including the Notice),

 

3. Dividend
and Voting Rights.

 

(a) Limitations on Rights Associated
with Units. The Director shall have no rights as a stockholder of the Corporation, no dividend rights (except as expressly provided
in Section 3(b) with respect to dividend equivalent rights) and no voting rights, with respect to the Stock Units and any shares of Common
Stock underlying or issuable in respect of such Stock Units until such shares of Common Stock are actually issued to and held of record
by the Director. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date
of issuance of such shares.

 

    -1-

     

    

 

(b) Dividend Equivalent Rights Distributions.
As of any date that the Corporation pays a cash dividend on its Common Stock, the Corporation shall credit the Director with an additional
number of Stock Units equal to (i) the per share cash dividend paid by the Corporation on its Common Stock on such date, multiplied by
(ii) the total number of Stock Units (including any dividend equivalents previously credited hereunder) (with such total number adjusted
pursuant to Section 7.1 of the Plan) subject to the Award as of the related dividend payment record date, divided by (iii) the fair market
value of a share of Common Stock on the date of payment of such dividend. Any Stock Units credited pursuant to the foregoing provisions
of this Section 3(b) shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Stock
Units to which they relate. No crediting of Stock Units shall be made pursuant to this Section 3(b) with respect to any Stock Units which,
as of such record date, have either been paid pursuant to Section 5 or terminated pursuant to Section 6.

 

4. Restrictions
on Transfer. Neither the Award, nor any interest therein or amount or shares payable in respect thereof may be sold, assigned,
transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily, except as set forth in Section
5.6 of the Plan.

 

5. Timing
and Manner of Payment of Stock Units. On or as soon as administratively practical following each vesting of the applicable portion
of the total Award pursuant to this Award Agreement or Section 7.2 of the Plan (and in all events not later than two and one-half months
after the applicable vesting date), the Corporation shall deliver to the Director a number of shares of Common Stock (either by delivering
one or more certificates for such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion)
equal to the number of Stock Units subject to this Award that vest on the applicable vesting date, unless such Stock Units terminate prior
to the given vesting date pursuant to Section 6. Fractional share interests may, in the Corporation’s discretion, be disregarded
or settled in cash. The Corporation’s obligation to deliver shares of Common Stock or otherwise make payment with respect to vested
Stock Units is subject to the condition precedent that the Director or other person entitled under the Plan to receive any shares with
respect to the vested Stock Units deliver to the Corporation any representations or other documents or assurances required pursuant to
Section 8.1 of the Plan. The Director shall have no further rights with respect to any Stock Units that are paid or that terminate pursuant
to Section 6.

 

6. Effect
of Termination of Service. The Director’s Stock Units shall terminate to the extent such units have not become vested prior
to the first date the Director is no longer a member of the Board, regardless of the reason for the termination of the Director’s
service. If any unvested Stock Units are terminated hereunder, such Stock Units shall automatically terminate and be cancelled as of the
date of such termination of the Director’s service, without payment of any consideration by the Corporation and without any other
action by the Director, or the Director’s beneficiary or personal representative, as the case may be.

 

7. Adjustments
Upon Specified Events. Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section
7.1 of the Plan, the Administrator shall make adjustments in accordance with such section in the number of Stock Units then outstanding
and the number and kind of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any
cash dividend for which dividend equivalents are credited pursuant to Section 3(b).

 

    -2-

     

    

 

8. Tax
Withholding. Subject to Section 8.1 of the Plan, upon any distribution of shares of Common Stock in respect of the Stock Units,
the Corporation shall automatically reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of
whole shares, valued at their then fair market value, to satisfy any withholding obligations of the Corporation or its Subsidiaries with
respect to such distribution of shares. In the event that the Corporation cannot legally satisfy such withholding obligations by such
reduction of shares, or in the event of a cash payment or any other withholding event in respect of the Stock Units, the Corporation (or
a Subsidiary) shall be entitled to require a cash payment by or on behalf of the Director and/or to deduct from other compensation payable
to the Director any sums required by federal, state or local tax law to be withheld with respect to such distribution or payment.

 

9. Notices.
Any notice to be given under the terms of this Award Agreement shall be in writing and addressed to the Corporation at its principal office
to the attention of the Secretary, and to the Director at the Director’s last address reflected on the Corporation’s records,
or at such other address as either party may hereafter designate in writing to the other. Any such notice shall be given only when received,
but if the Director is no longer a member of the Board, shall be deemed to have been duly given by the Corporation when enclosed in a
properly sealed envelope addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid)
in a post office or branch post office regularly maintained by the United States Government.

 

10. Plan.
The Award and all rights of the Director under this Award Agreement are subject to the terms and conditions of the provisions of the Plan,
incorporated herein by reference. The Director agrees to be bound by the terms of the Plan and this Award Agreement (including the Notice).
The Director acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Award Agreement (including the
Notice). Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary
authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Director unless such rights are
expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action
of the Board or the Administrator under the Plan after the date hereof.

 

11. Entire
Agreement. This Award Agreement (including the Notice) and the Plan together constitute the entire agreement and supersede all
prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this
Award Agreement (including the Notice) may be amended pursuant to Section 8.7 of the Plan. Such amendment must be in writing and
signed by the Corporation. The Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver
does not adversely affect the interests of the Director hereunder, but no such waiver shall operate as or be construed to be a subsequent
waiver of the same provision or a waiver of any other provision hereof.

 

12. Limitation
on Director’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Award
Agreement (including the Notice) creates only a contractual obligation on the part of the Corporation as to amounts payable and shall
not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Director shall
have only the rights of a general unsecured creditor of the Corporation with respect to amounts credited and benefits payable, if any,
with respect to the Stock Units, and rights no greater than the right to receive the Common Stock as a general unsecured creditor with
respect to Stock Units, as and when payable hereunder.

 

    -3-

     

    

 

13. Counterparts;
Electronic Signature. This Award Agreement may be signed and/or transmitted in one or more counterparts by facsimile, e-mail of
a .PDF, .TIF, .GIF, .JPG or similar attachment or using electronic signature technology (e.g., via DocuSign or similar electronic signature
technology), all of which will be considered one and the same agreement and will become effective when one or more counterparts have been
signed by each of the parties hereto and delivered to the other parties, it being understood that all parties need not sign the same counterpart,
and that any such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party’s
hand-written signature. To the extent a party signs this Award Agreement using electronic signature technology, by clicking “sign,”
“accept,” or similar acknowledgement of acceptance, such party is signing this Award Agreement electronically, and electronic
signatures appearing on this Award Agreement (or entered as to this Award Agreement using electronic signature technology) shall be treated,
for purposes of validity, enforceability and admissibility, the same as hand-written signatures.

 

14. Section
Headings. The section headings of this Award Agreement are for convenience of reference only and shall not be deemed to alter
or affect any provision hereof.

 

15. Governing
Law. This Award Agreement (including the Notice) shall be governed by and construed and enforced in accordance with the laws of
the State of Delaware without regard to conflict of law principles thereunder. The Director does not have to accept the Award. If the
Director does not agree to the terms of the Award, the Director should promptly return this Award Agreement to the Corporation’s
Stock Plan Administrator indicating that the Director does not wish to accept the Award, and the Stock Units will be cancelled.

 

16. Construction.
It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code.
This Award Agreement (including the Notice) shall be construed and interpreted consistent with that intent.

 

17. Clawback
Policy. The Stock Units are subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be
in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require
repayment or forfeiture of the Stock Units or any shares of Common Stock or other cash or property received with respect to the Stock
Units (including any value received from a disposition of the shares acquired upon payment of the Stock Units).

 

18. No
Advice Regarding Grant. The Director is hereby advised to consult with his or her own tax, legal and/or investment advisors with
respect to any advice the Director may determine is needed or appropriate with respect to the Stock Units (including, without limitation,
to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Award). Neither the Corporation nor any
of its officers, directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in
this Award Agreement, including the Notice) or recommendation with respect to the Award. Except for the withholding rights set forth in
Section 8 above, the Director is solely responsible for any and all tax liability that may arise with respect to the Award.

 

* * *

 

    -4-

     

    

 

EXHIBIT A

 

DEFINITION OF CHANGE IN CONTROL EVENT

 

For purposes of the Award, “Change in Control
Event” means any of the following has occurred:

 

		(i)	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 50% or more of either (1) the then-outstanding common stock of the Corporation (the “Outstanding Company
Common Stock”) or (2) the combined voting power of the then-outstanding voting securities of the Corporation entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for
purposes of this paragraph (i), the following acquisitions shall not constitute a Change in Control Event; (A) any acquisition directly
from the Corporation, (B) any acquisition by the Corporation, (C) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Corporation or any affiliate of the Corporation or a successor, or (D) any acquisition by any entity pursuant to
a transaction that complies with Sections (iii)(1), (2) and (3) below;

 

		(ii)	Individuals who, as of the Award Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Award Date whose election,
or nomination for election by the Corporation’s stockholders, was approved by a vote of at least two-thirds of the directors then
comprising the Incumbent Board (including for these purposes, the new members whose election or nomination was so approved, without counting
the member and his predecessor twice) shall be considered as though such individual were a member of the Incumbent Board, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board;

 

		(iii)	Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the
Corporation or any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly
or indirectly by the Corporation (a “Subsidiary”), a sale or other disposition of all or substantially all of the assets
of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries (each, a “Business
Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and
entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock
and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the
case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such
transaction, owns the Corporation or all or substantially all of the Corporation’s assets directly or through one or more subsidiaries
(a “Parent”)), in substantially the same proportions as their ownership immediately prior to such Business Combination
of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any
entity resulting from such Business Combination or a Parent or any employee benefit plan (or related trust) of the Corporation or such
entity resulting from such Business Combination or Parent) beneficially owns, directly or indirectly, 50% or more of, respectively, the
then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the then-outstanding
voting securities of such entity, except to the extent that the ownership in excess of 50% existed prior to the Business Combination,
and (3) at least a majority of the members of the board of directors or trustees of the entity resulting from such Business Combination
or a Parent were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing
for such Business Combination; or

 

		(iv)	Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation other than in the context
of a transaction that does not constitute a Change in Control Event under clause (iii) above.

 

 

-5-

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