Document:

Exhibit 10.7

 

Xos,
Inc.

2021 Employee Stock Purchase Plan

 

Adopted
by the Board of Directors: August 20, 2021

Approved
by the Stockholders: August 20, 2021

 

1. General;
Purpose.

 

(a) The
Plan provides a means by which Eligible Employees of the Company and certain Designated Companies may be given an opportunity to purchase
shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock
Purchase Plan. In addition, the Plan permits the Company to grant a series of Purchase Rights to Eligible Employees that do not meet the
requirements of an Employee Stock Purchase Plan.

 

(b) The
Plan includes two components: a 423 Component and a Non-423 Component. The Company intends (but makes no undertaking or representation
to maintain) the 423 Component to qualify as an Employee Stock Purchase Plan. The provisions of the 423 Component, accordingly, will be
construed in a manner that is consistent with the requirements of Section 423 of the Code. Except as otherwise provided in the Plan or
determined by the Board, the Non-423 Component will operate and be administered in the same manner as the 423 Component.

 

(c) The
Company, by means of the Plan, seeks to retain the services of Eligible Employees, to secure and retain the services of new Employees
and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations.

 

2. Administration.

 

(a) The
Board or the Committee will administer the Plan. References herein to the Board shall be deemed to refer to the Committee except where
context dictates otherwise.

 

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

 

(i) To
determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not be identical).

 

(ii) To
designate from time to time (A) which Related Corporations will be eligible to participate in the Plan as Designated 423 Corporations,
(B) which Related Corporations or Affiliates will be eligible to participate in the Plan as Designated Non-423 Corporations, and (C) which
Designated Companies will participate in each separate Offering (to the extent that the Company makes separate Offerings).

 

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

 

(iv) To
settle all controversies regarding the Plan and Purchase Rights granted under the Plan.

 

     

     

    

 

(v) To
suspend or terminate the Plan at any time as provided in Section 12.

 

(vi) To
amend the Plan at any time as provided in Section 12.

 

(vii) Generally,
to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the Company and its
Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan with respect to the 423 Component.

 

(viii) To
adopt such rules, procedures and sub-plans as are necessary or appropriate to permit or facilitate participation in the Plan by Employees
who are foreign nationals or employed or located outside the United States. Without limiting the generality of, and consistent with, the
foregoing, the Board specifically is authorized to adopt rules, procedures, and sub-plans regarding, without limitation, eligibility to
participate in the Plan, the definition of eligible “earnings,” handling and making of Contributions, establishment of bank
or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination
of beneficiary designation requirements, withholding procedures and handling of share issuances, any of which may vary according to applicable
requirements, and which, if applicable to a Designated Non-423 Corporation, do not have to comply with the requirements of Section 423
of the Code.

 

(c) The
Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to a Committee,
the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been
delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized
to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such
resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Further, to the extent
not prohibited by Applicable Law, the Board or Committee may, from time to time, delegate some or all of its authority under the Plan
to one or more officers of the Company or other persons or groups of persons as it deems necessary, appropriate or advisable under conditions
or limitations that it may set at or after the time of the delegation. The Board may retain the authority to concurrently administer the
Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether or not the Board
has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions of policy and
expediency that may arise in the administration of the Plan.

 

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

 

3. Shares
of Common Stock Subject to the Plan.

 

(a) Subject
to the provisions of Section 11(a) relating to Capitalization Adjustments, the maximum number of shares of Common Stock that may be issued
under the Plan will not exceed 3,284,383 shares of Common Stock, plus the number of shares of Common Stock that are automatically added
on January 1st of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1,
2031, in an amount equal to the lesser of (i) 1.5% of the total number of shares of Common Stock outstanding on December 31st
of the preceding calendar year, and (ii) 6,000,000 shares of Common Stock. Notwithstanding the foregoing, the Board may act prior to the
first day of any calendar year to provide that there will be no January 1st increase in the share reserve for such calendar
year or that the increase in the share reserve for such calendar year will be a lesser number of shares of Common Stock than would otherwise
occur pursuant to the preceding sentence. For the avoidance of doubt, up to the maximum number of shares of Common Stock reserved under
this Section 3(a) may be used to satisfy purchases of Common Stock under the 423 Component and any remaining portion of such maximum number
of shares may be used to satisfy purchases of Common Stock under the Non-423 Component.

 

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(b) If
any Purchase Right granted under the Plan terminates without having been exercised in full, the shares of Common Stock not purchased under
such Purchase Right will again become available for issuance under the Plan.

 

(c) The
stock purchasable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by
the Company on the open market.

 

4. Grant
of Purchase Rights; Offering.

 

(a) The
Board may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering (consisting of one
or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will contain
such terms and conditions as the Board will deem appropriate, and, with respect to the 423 Component, will comply with the requirement
of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and conditions
of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings
need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference in the document
comprising the Offering or otherwise) the period during which the Offering will be effective, which period will not exceed 27 months beginning
with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive.

 

(b) If
a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms delivered to
the Company or a third party designated by the Company (each, a “Company Designee”): (i) each form will apply
to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an earlier-granted Purchase
Right, if different Purchase Rights have identical exercise prices) will be exercised to the fullest possible extent before a Purchase
Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical exercise prices) will
be exercised.

 

(c) The
Board will have the discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on the first Trading
Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a share of Common Stock on the Offering
Date for that Offering, then (i) that Offering will terminate immediately as of that first Trading Day, and (ii) the Participants in such
terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day of such new Purchase Period.

 

5. Eligibility.

 

(a) Purchase
Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b), to Employees of
a Related Corporation or an Affiliate. Except as provided in Section 5(b) or as required by Applicable Law, an Employee will not be eligible
to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company, the Related Corporation
or an Affiliate, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event
will the required period of continuous employment be equal to or greater than two years. In addition, the Board may (unless prohibited
by Applicable Law) provide that no Employee will be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date,
such Employee’s customary employment with the Company, the Related Corporation, or the Affiliate is more than 20 hours per week
and more than five months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code
with respect to the 423 Component. The Board may also exclude from participation in the Plan or any Offering Employees who are "highly
compensated employees" (within the meaning of Section 423(b)(4)(D) of the Code) of the Company or a Related Corporation or a subset
of such highly compensated employees.

 

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(b) The
Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or dates
specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive
a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of that Offering. Such Purchase Right
will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that:

 

(i) the
date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes, including
determination of the exercise price of such Purchase Right;

 

(ii) the
period of the Offering with respect to such Purchase Right will begin on its Offering Date and end coincident with the end of such Offering;
and

 

(iii) the
Board may provide that if such person first becomes an Eligible Employee within a specified period of time before the end of the Offering,
he or she will not receive any Purchase Right under that Offering.

 

(c) No
Employee will be eligible for the grant of any Purchase Rights under the 423 Component if, immediately after any such Purchase Rights
are granted, such Employee owns stock possessing five percent or more of the total combined voting power or value of all classes of stock
of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d) of the Code will apply in
determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase Rights and
options will be treated as stock owned by such Employee.

 

(d) As
specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights under the 423 Component only if such Purchase
Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do
not permit such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation to accrue at a rate which,
when aggregated, exceeds US $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with
respect to the Plan, will be determined as of their respective Offering Dates) for each calendar year in which such rights are outstanding
at any time.

 

(e) Officers
of the Company and any Designated Company, if they are otherwise Eligible Employees, will be eligible to participate in Offerings under
the Plan. Notwithstanding the foregoing, the Board may (unless prohibited by Applicable Law) provide in an Offering that Employees who
are highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to participate.

 

(f) Notwithstanding
anything in this Section 5 to the contrary, in the case of an Offering under the Non-423 Component, an Eligible Employee (or group of
Eligible Employees) may be excluded from participation in the Plan or an Offering if the Board has determined, in its sole discretion,
that participation of such Eligible Employee(s) is not advisable or practical for any reason.

 

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6. Purchase
Rights; Purchase Price.

 

(a) On
each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be granted a Purchase Right to purchase
up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the
Board (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board determines
for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end of the Offering.

 

(b) The
Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will be exercised
and shares of Common Stock will be purchased in accordance with such Offering.

 

(c) In
connection with each Offering made under the Plan, the Board may specify (i) a maximum number of shares of Common Stock that may be purchased
by any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate number of shares of Common Stock that may be purchased
by all Participants pursuant to such Offering and/or (iii) a maximum aggregate number of shares of Common Stock that may be purchased
by all Participants on any Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise
of Purchase Rights granted under the Offering would exceed any such maximum aggregate number, then, in the absence of any Board action
otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the shares of Common Stock (rounded
down to the nearest whole share) available will be made in as nearly a uniform manner as will be practicable and equitable.

 

(d) The
purchase price of shares of Common Stock acquired pursuant to Purchase Rights will be specified by Board prior to the commencement of
an Offering and will not be less than the lesser of:

 

(i) an
amount equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date; or

 

(ii) an
amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date.

 

7. Participation;
Withdrawal; Termination.

 

(a) An
Eligible Employee may elect to participate in an Offering and authorize payroll deductions as the means of making Contributions by completing
and delivering to the Company or a Company Designee, within the time specified for the Offering, an enrollment form provided by the Company
or Company Designee. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified by the Board.
Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be deposited
with the general funds of the Company except where Applicable Law requires that Contributions be deposited with a third party. If permitted
in the Offering, a Participant may begin such Contributions with the first payroll occurring on or after the Offering Date (or, in the
case of a payroll date that occurs after the end of the prior Offering but before the Offering Date of the next new Offering, Contributions
from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter reduce (including
to zero) or increase his or her Contributions. If required under Applicable Law or if specifically provided in the Offering and to extent
permitted by Section 423 of the Code with respect to the 423 Component, in addition to or instead of making Contributions by payroll deductions,
a Participant may make Contributions through payment by cash, check or wire transfer prior to a Purchase Date.

 

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(b) During
an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company or a Company Designee
a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal,
such Participant’s Purchase Right in that Offering will immediately terminate and the Company will distribute as soon as practicable
to such Participant all of his or her accumulated but unused Contributions and such Participant’s Purchase Right in that Offering
shall thereupon terminate. A Participant’s withdrawal from that Offering will have no effect upon his or her eligibility to participate
in any other Offerings under the Plan, but such Participant will be required to deliver a new enrollment form to participate in subsequent
Offerings.

 

(c) Unless
otherwise required by Applicable Law, Purchase Rights granted pursuant to any Offering under the Plan will terminate immediately if the
Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation period required
by Applicable Law) or (ii) is otherwise no longer eligible to participate. The Company will distribute as soon as practicable to such
individual all of his or her accumulated but unused Contributions.

 

(d) Unless
otherwise determined by the Board, a Participant whose employment transfers or whose employment terminates with an immediate rehire (with
no break in service) by or between the Company and a Designated Company or between Designated Companies will not be treated as having
terminated employment for purposes of participating in the Plan or an Offering; however, if a Participant transfers from an Offering under
the 423 Component to an Offering under the Non-423 Component, the exercise of the Participant’s Purchase Right will be qualified
under the 423 Component only to the extent such exercise complies with Section 423 of the Code. If a Participant transfers from an Offering
under the Non-423 Component to an Offering under the 423 Component, the exercise of the Purchase Right will remain non-qualified under
the Non-423 Component. The Board may establish different and additional rules governing transfers between separate Offerings within the
423 Component and between Offerings under the 423 Component and Offerings under the Non-423 Component.

 

(e) During
a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not transferable by
a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation
as described in Section 10.

 

(f) Unless
otherwise specified in the Offering or as required by Applicable Law, the Company will have no obligation to pay interest on Contributions.

 

8. Exercise
of Purchase Rights.

 

(a) On
each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock, up to
the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price specified in the
Offering. No fractional shares will be issued unless specifically provided for in the Offering.

 

(b) Unless
otherwise provided in the Offering, if any amount of accumulated Contributions remains in a Participant’s account after the purchase
of shares of Common Stock on the final Purchase Date of an Offering, then such remaining amount will not roll over to the next Offering
and will instead be distributed in full to such Participant after the final Purchase Date of such Offering without interest (unless otherwise
required by Applicable Law).

 

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(c) No
Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon such exercise under the Plan are covered
by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable U.S.
federal and state, foreign and other securities, exchange control and other laws applicable to the Plan. If on a Purchase Date the shares
of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on such Purchase Date,
and, subject to Section 423 of the Code with respect to the 423 Component, the Purchase Date will be delayed until the shares of Common
Stock are subject to such an effective registration statement and the Plan is in material compliance, except that the Purchase Date will
in no event be more than 27 months from the Offering Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the
shares of Common Stock are not registered and the Plan is not in material compliance with all Applicable Laws, as determined by the Company
in its sole discretion, no Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed to the Participants
without interest (unless the payment of interest is otherwise required by Applicable Law).

 

9. Covenants
of the Company.

 

The Company will seek to obtain
from each U.S. federal or state, foreign or other regulatory commission, agency or other Governmental Body having jurisdiction over the
Plan such authority as may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder unless the Company
determines, in its sole discretion, that doing so is not practical or would cause the Company to incur costs that are unreasonable. If,
after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for
the grant of Purchase Rights or the lawful issuance and sale of Common Stock under the Plan, and at a commercially reasonable cost, the
Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon exercise of
such Purchase Rights.

 

10. Designation
of Beneficiary.

 

(a) The
Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares of Common
Stock and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or Contributions
are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to change such designation of beneficiary.
Any such designation and/or change must be on a form approved by the Company.

 

(b) 
If a Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock and/or
Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed (to
the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Common Stock and/or Contributions, without
interest (unless the payment of interest is otherwise required by Applicable Law), to the Participant’s spouse, dependents or relatives,
or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

 

11. Adjustments
upon Changes in Common Stock; Corporate Transactions.

 

(a) In
the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number
of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by which the share reserve
is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and number of securities subject to, and the purchase
price applicable to outstanding Offerings and Purchase Rights, and (iv) the class(es) and number of securities that are the subject of
the purchase limits under each ongoing Offering. The Board will make these adjustments, and its determination will be final, binding and
conclusive.

 

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(b) In
the event of a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a right to acquire the
same consideration paid to the stockholders in the Corporate Transaction) for outstanding Purchase Rights, or (ii) if any surviving or
acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute similar rights for
such Purchase Rights, then the Participants’ accumulated Contributions will be used to purchase shares of Common Stock (rounded
down to the nearest whole share) within ten business days (or such other period specified by the Board) prior to the Corporate Transaction
under the outstanding Purchase Rights, and the Purchase Rights will terminate immediately after such purchase.

 

12. Amendment,
Termination or Suspension of the Plan.

 

(a) The
Board may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a)
relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval
is required by Applicable Law.

 

(b) The
Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is suspended or after
it is terminated.

 

Any benefits, privileges,
entitlements and obligations under any outstanding Purchase Rights granted before an amendment, suspension or termination of the Plan
will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom such
Purchase Rights were granted, (ii) as necessary to facilitate compliance with any laws, listing requirements, or governmental regulations
(including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance issued thereunder
relating to Employee Stock Purchase Plans) including without limitation any such regulations or other guidance that may be issued or amended
after the date the Plan is adopted by the Board, or (iii) as necessary to obtain or maintain favorable tax, listing, or regulatory treatment.
To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment is necessary to ensure
that the Purchase Right and/or the Plan complies with the requirements of Section 423 of the Code with respect to the 423 Component or
with respect to other Applicable Laws. Notwithstanding anything in the Plan or any Offering Document to the contrary, the Board will be
entitled to: (i) establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars; (ii) permit Contributions
in excess of the amount designated by a Participant in order to adjust for mistakes in the Company’s processing of properly completed
Contribution elections; (iii) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure
that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts withheld from the Participant’s
Contributions; (iv) amend any outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the
Purchase Rights to qualify under and/or comply with Section 423 of the Code with respect to the 423 Component; and (v) establish
other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions
of the Board pursuant to this paragraph will not be considered to alter or impair any Purchase Rights granted under an Offering as they
are part of the initial terms of each Offering and the Purchase Rights granted under each Offering.

 

13. Tax
Qualification; Tax Withholding.

 

(a) Although the Company
may endeavor to (i) qualify a Purchase Right for special tax treatment under the laws of the United States or jurisdictions outside of
the United States or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly disavows any
covenant to maintain special or to avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan.  The
Company will be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants.

 

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(b) Each Participant
will make arrangements, satisfactory to the Company and any applicable Related Corporation, to enable the Company or the Related Corporation
to fulfill any withholding obligation for Tax-Related Items. Without limitation to the foregoing, in the Company’s sole discretion
and subject to Applicable Law, such withholding obligation may be satisfied in whole or in part by (i) withholding from the Participant’s
salary or any other cash payment due to the Participant from the Company or a Related Corporation; (ii) withholding from the proceeds
of the sale of shares of Common Stock acquired under the Plan, either through a voluntary sale or a mandatory sale arranged by the Company;
or (iii) any other method deemed acceptable by the Board. The Company shall not be required to issue any shares of Common Stock under
the Plan until such obligations are satisfied.

 

(c) The
423 Component is exempt from the application of Section 409A of the Code, and any ambiguities herein shall be interpreted to so be exempt
from Section 409A of the Code. The Non-423 Component is intended to be exempt from the application of Section 409A of the Code under the
short-term deferral exception and any ambiguities shall be construed and interpreted in accordance with such intent. In furtherance of
the foregoing and notwithstanding any provision in the Plan to the contrary, if the Committee determines that an option granted under
the Plan may be subject to Section 409A of the Code or that any provision in the Plan would cause an option under the Plan to be subject
to Section 409A, the Committee may amend the terms of the Plan and/or of an outstanding option granted under the Plan, or take such other
action the Committee determines is necessary or appropriate, in each case, without the participant’s consent, to exempt any outstanding
option or future option that may be granted under the Plan from or to allow any such options to comply with Section 409A of the Code,
but only to the extent any such amendments or action by the Committee would not violate Section 409A of the Code. Notwithstanding the
foregoing, the Company shall have no liability to a participant or any other party if the option under the Plan that is intended to be
exempt from or compliant with Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee with respect
thereto.

 

14. Effective
Date of Plan.

 

The Plan will become effective
immediately prior to and contingent upon the Effective Date. No Purchase Rights will be exercised unless and until the Plan has been approved
by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or if required
under Section 12(a) above, materially amended) by the Board.

 

15. Miscellaneous
Provisions.

 

(a) Proceeds
from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company.

 

(b) A
Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common Stock subject
to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded
in the books of the Company (or its transfer agent).

 

(c) The
Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at will nature
of a Participant’s employment or amend a Participant’s employment contract, if applicable, or be deemed to create in any way
whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation or an Affiliate,
or on the part of the Company, a Related Corporation or an Affiliate to continue the employment of a Participant.

 

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(d) The
provisions of the Plan will be governed by the laws of the State of Delaware without resort to that state’s conflicts of laws rules.

 

(e) If
any particular provision of the Plan is found to be invalid or otherwise unenforceable, such provision will not affect the other provisions
of the Plan, but the Plan will be construed in all respects as if such invalid provision were omitted.

 

(f) If
any provision of the Plan does not comply with Applicable Law, such provision shall be construed in such a manner as to comply with Applicable
Law.

 

16. Definitions.

 

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

 

(a) “423
Component” means the part of the Plan, which excludes the Non-423 Component, pursuant to which Purchase Rights that satisfy
the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees.

 

(b) “Affiliate”
means any entity, other than a Related Corporation, whether now or subsequently established, which is at the time of determination, a
“parent” or “subsidiary” of the Company as such terms are defined in Rule 405 promulgated under the Securities
Act. The Board may determine the time or times at which “parent” or “subsidiary” status is determined within the
foregoing definition.

 

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

 

(d) “Board”
means the board of directors of the Company.

 

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

 

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

 

(g) “Committee”
means a committee of one or more members of the Board to whom authority has been delegated by the Board in accordance with Section 2(c).

 

    10

     

    

 

(h) “Common
Stock” means the Class A common stock of the Company.

 

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

 

(j) “Contributions”
means the payroll deductions and other additional payments specifically provided for in the Offering that a Participant contributes to
fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for
in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through
payroll deductions and, with respect to the 423 Component, to the extent permitted by Section 423 of the Code.

 

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

 

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

 

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

 

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

 

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

 

(l) “Designated
423 Corporation” means any Related Corporation selected by the Board to participate in the 423 Component.

 

(m) “Designated
Company” means any Designated Non-423 Corporation or Designated 423 Corporation, provided, however, that at any given time,
a Related Corporation participating in the 423 Component shall not be a Related Corporation participating in the Non-423 Component.

 

(n) “Designated
Non-423 Corporation” means any Related Corporation or Affiliate selected by the Board to participate in the Non-423 Component.

 

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

 

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

 

(q) “Eligible
Employee” means an Employee who meets the requirements set forth in the document(s) governing the Offering for eligibility
to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the
Plan.

 

(r) “Employee”
means any person, including an Officer or Director, who is “employed” for purposes of Section 423(b)(4) of the Code by the
Company or a Related Corporation, or solely with respect to the Non-423 Component, an Affiliate. However, service solely as a Director,
or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

    11

     

    

 

(s) “Employee
Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued under an “employee stock
purchase plan,” as that term is defined in Section 423(b) of the Code.

 

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

 

(u) “Fair
Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i) If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of
Common Stock will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest
volume of trading in the Common Stock) on the date of determination, as reported in such source as the Board deems reliable. Unless otherwise
provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value
will be the closing sales price on the last preceding date for which such quotation exists.

 

(ii) In
the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith in compliance with
Applicable Laws and regulations and, to the extent applicable as determined in the sole discretion of the Board, in a manner that complies
with Sections 409A of the Code

 

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

 

(w) “Non-423
Component” means the part of the Plan, which excludes the
423 Component, pursuant to which Purchase Rights that are not intended to satisfy the requirements for an Employee Stock Purchase Plan
may be granted to Eligible Employees.

 

(x) “Offering”
means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase Rights automatically occurring at the end
of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document”
approved by the Board for that Offering.

 

(y) “Offering
Date” means a date selected by the Board for an Offering to commence.

 

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

 

    12

     

    

 

(aa)  “Participant”
means an Eligible Employee who holds an outstanding Purchase Right.

 

(bb) “Plan”
means this Xos, Inc. 2021 Employee Stock Purchase Plan, as amended from time to time, including both the 423 Component and the Non-423
Component.

 

(cc) “Purchase
Date” means one or more dates during an Offering selected by the Board on which Purchase Rights will be exercised and on
which purchases of shares of Common Stock will be carried out in accordance with such Offering.

 

(dd) “Purchase
Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first Trading
Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods.

 

(ee) “Purchase
Right” means an option to purchase shares of Common Stock granted pursuant to the Plan.

 

(ff) “Related
Corporation” means any “parent corporation” or “subsidiary corporation” of the Company whether now
or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.

 

(gg) “Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

(hh) “Tax-Related
Items” means any income tax, social insurance, payroll tax, fringe benefit tax, payment on account or other tax-related
items arising out of or in relation to a Participant’s participation in the Plan, including, but not limited to, the exercise of
a Purchase Right and the receipt of shares of Common Stock or the sale or other disposition of shares of Common Stock acquired under the
Plan.

 

(ii) “Trading
Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed, including but not limited
to the New York Stock Exchange, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors thereto,
is open for trading.

 

 

13Exhibit 10.8

 

SUBLEASE

3550 Tyburn Street, Unit 100 and Unit 101, Los
Angeles, California 90065

 

This Sublease (this “Sublease”),
is entered by and between R.R. Donnelley & Sons Company, a Delaware corporation (“Sublessor”) and Xos, Inc., a
Delaware corporation (“Sublessee”) and is acknowledged by RIF V – Glendale Commerce Center, LLC, a California
limited liability company (“Master Lessor”) on February 2, 2021 but shall be of no force and effect unless and until
the Sublease Commencement Date occurs.

 

		1.	Reference Data and Preliminary Terms. All capitalized terms used in this Sublease shall
have the meanings ascribed to them in the Master Lease (as such term is defined below) unless otherwise defined in this Sublease. Each
reference in this Sublease to any of the following subjects shall be construed to incorporate the data stated for that particular subject
in this Section 1:

 

Master Lease: That certain Multi-Tenant
Industrial Net Lease, dated as of August 7, 2006, as amended by December 27, 2007 Commencement Date Memorandum, October 9, 2014 First
Amendment to Lease, and June 10, 2015 Commencement Date Memorandum (collectively, the “Master Lease”), by and between
Master Lessor, as Lessor, and Sublessor, as Lessor, a correct and complete copy of which is attached hereto as Exhibit A and incorporated
herein by reference.

 

Master Landlord: RIF V –
Glendale Commerce Center, LLC (with an address for notice purposes as set forth in the Master Lease or modified pursuant thereto).

 

Sublessor: R. R. Donnelley &
Sons Company (with the following address for payments of Rent: MacMunnis, Inc., 321 N. Clark St., Suite 940, Chicago, IL 60654; and the
following address for notices: 35 W. Wacker Dr., 36th Floor, Chicago, IL 60601, Attention: Director of Real Estate, with a copy to Vedder
Price, 222 N. LaSalle St., 26th Floor, Chicago, IL 60601, Attention: Danielle Cassel)

 

Sublessee: Xos, Inc. (with the
following addresses for notices: 11347 Vanowen St., North Hollywood, CA 91605 until the Sublease Commencement Date, and at the Premises,
thereafter.

 

Premises: The Premises under
the Master Lease, consisting of 85,142 rentable square feet.

 

FF&E: The furniture, fixtures
and equipment of Sublessor located in the Premises on the Sublease Commencement Date, which FF&E shall: (i) include, without limitation
one compressor and five office desks; and (ii) exclude the equipment and fixtures set forth in Schedule A hereto (the “Excluded
Fixtures and Equipment”).

 

Master Lease Termination Date:
The termination date under the Master Lease, whether by expiration or earlier termination, but in no event later than December 31, 2021.
For the avoidance of doubt, Sublessee is not hereby granted, and shall in no event hold or exercise, any option to renew the Master Lease
or this Sublease, including, without limitation, the option to renew set forth in Section 6 of the October 9, 2014 First Amendment to
the Master Lease.

 

Sublease Term: The Sublease Commencement
Date through the Sublease Termination Date.

 

Sublease Commencement Date: The
first date on which Sublessee and Sublessor have both executed this Sublease and Master Lessor has executed the acknowledgment hereto.
For the avoidance of doubt, Sublessee shall first transmit to Sublessor its executed signature page hereto, together with the Security
Deposit and a certificate reflecting Sublessee has obtained and is maintaining the required insurance coverages in the appropriate amounts
required hereunder. On the same or next Business Day of receipt, Sublessor shall countersign this Sublease and transmit to Master Lessor
for its signature. This Sublease shall be of no further force and effect in the event the Sublease Commencement Date has not occurred
prior to February 5, 2021 (or such later date to which Sublessor and Sublessee consent in writing, which written consent shall not be
deemed an amendment hereto).

 

    1 

     

    

 

Sublease Termination Date: The
earliest of (i) November 30, 2021 (“Initial Termination Date”); (ii) the date on which this Sublease is terminated
in accordance with its terms; and (iii) the Master Lease Termination Date; provided, however, the Initial Termination Date
may be extended to December 31, 2021, if (a) Sublessee, at Sublessee’s option but no later than October 31, 2021, provides Sublessor
with written notice requesting such extension, together with a detailed move-out plan in accordance with Sublessee’s obligations
hereunder and a copy of one or more written contracts evidencing that Sublessee has, through purchase, lease, or sublease, obtained replacement
premises that are vacant as of the notice date and that Sublessee may unconditionally occupy no later than December 23, 2021 (ii); and
(b) Sublessor determines, in its reasonable discretion, that such move-out plan, written contracts, and one-month extension of the Initial
Termination Date will not cause a holdover under either the Sublease or Master Lease.

 

Rent: (i) monthly triple net
rent of $0.50 per rentable square foot of the Premises (“Sublease Base Rent”), (subject, however, to any potential
abatement under Section 2(b)(v) hereof) and prorated for the initial month if the Sublease Commencement Date is other than the
first day of the month; plus (ii) all amounts otherwise payable by Sublessor for taxes and operating expenses under the Master Lease incurred
after the Sublease Commencement Date; plus (iii) all other amounts owed by Sublessee to Sublessor pursuant to the terms of this Sublease,
including but not limited to those described in Section 3 hereof.

 

Sublessee Use: Office, inventory,
assembly, and warehouse space for Sublessee’s primary business, which is the development, design, sales, assembly and distribution
of electric commercial vehicles and their component parts. Sublessee will use the following common hazardous materials in the production
of its vehicles and component parts; (i) acetone; (ii) epoxy; (iii) fiberglass; (iv) isopropyl; (v) Loctite-435; (vi) silicone and (vii)
teroson (which may cause eye and skin irritation).

 

		2.	Premises.

 

		(a)	Subject to, and with the benefit of, the provisions of this Sublease, Sublessor hereby subleases the Premises
to Sublessee, and Sublessee hereby subleases the Premises from Sublessor, but only for the Sublease Term and Sublessee Use. Sublessee’s
employees, agents and visitors also may exercise Sublessor’s parking rights under the Master Lease, if any, and without representation
or warranty whatsoever by Sublessor, with respect to one hundred and one (101), common use, vehicular parking spaces.

 

		(b)	The Premises shall be subleased in their “as is” condition, without improvements or alterations
to the Premises and without express or implied representations, warranties, or covenants regarding the Premises from either Landlord or
Sublessor, except as set forth in this Section 2(b). Sublessor and Sublessee hereby covenant as set forth below:

 

		(i)	Sublessor covenants that those mechanical systems serving the Premises that are Sublessor’s responsibility
as lessee under the Master Lease will be in good working order on the Sublease Commencement Date.

 

		(ii)	Sublessor will not object to Sublessee modifying the entrance to one (1) of the Premises loading dock
entrances to accommodate a 14' x 14' clearance so long as such modification is undertaken and completed: (a) at Sublessee’s sole
cost and expense and in accordance with Section 5.2 hereof; (b) in accordance with prior written approval from Master Lessor and all conditions
of such written approval, including, if any, conditions related to removal of such modification and restoration of the Premises; (c) in
accordance with all applicable provisions of the Master Lease; and (d) in accordance with all applicable laws and regulations.

 

    2 

     

    

 

		(iii)	Sublessor will (a) leave the FF&E in the Premises on the Sublease Commencement Date for Sublessee’s
use, at no additional charge, during the Sublease Term; (b) remove the Excluded Fixtures and Equipment from the Premises prior to the
Sublease Commencement Date; and (c) on or about the Sublease Termination Date, convey the FF&E to Sublessee by quitclaim bill of sale,
without representation or warranty, for the nominal consideration of $1.00. Commencing on the Sublease Commencement Date, and at all times
thereafter, notwithstanding the termination of this Sublease, Sublessee shall indemnify and hold Sublessor harmless for all costs and
expenses associated with the location, use, removal and disposal of the FF&E, including but not limited to any costs and expenses
arising under the Master Lease or applicable laws. Without limiting the foregoing, it is expressly acknowledged and agreed that Sublessee
is and shall be obligated hereunder to remove the FF&E to the extent and in the manner required under the Master Lease.

 

		(iv)	Sublessor, and not Sublessee, shall be responsible for removing (but only to the extent required by Master
Lessor under the Master Lease) affixed improvements, trade fixtures and personal property (such personal property to include, without
limitation, the Excluded Fixtures and Equipment, but none of the FF&E), cabling and wiring existing in the Premises as of the date
of delivery of the Premises to Sublessee. All such removal, together with the associated restoration work (is referred to herein as the
“Removal Work”). In addition to the foregoing, Sublessor shall be responsible for the repair or restoration work defined
in Section 2(b)(v), below, as the Sublessor Work. Sublessee shall provide reasonable access to the Premises to Sublessor during
the months of November and December 2021 to allow Sublessor to perform the Removal Work, as well as reasonable access during October 2021
for planning purposes. Notwithstanding the foregoing, Sublessor shall only be allowed access in October or November if necessary to complete
the Removal Work by December 31, 2021. Sublessee covenants to and shall be solely liable for removing the FF&E and any affixed improvements,
personal property, trade fixtures, wiring or cabling installed by Sublessee, and for surrendering the Premises at the conclusion of the
Sublease Term in the condition required under the Master Lease for the Master Lease Termination Date.

 

		(v)	Sublessor shall deliver the Premises to Sublessee on the Sublease Commencement Date for Sublessee to install
furniture, fixtures and equipment, ready the Premises for occupancy, and otherwise commence occupying the Premises for the purposes of
conducting business therein. Notwithstanding the foregoing, Sublessor shall be allowed to complete leveling or removal of a raised equipment
pad and restoring the underlying flooring in an approximately 3,000 square foot area of the warehouse in Unit 100 (the “Flooring
Project”); (ii) painting certain walls of the Premises or portions thereof, if such painting is (A) required by Master Lessor
for the Premises to be in the surrender condition required under the Master Lease and such requirement is not the result of Sublessee’s
use or occupancy of the Premises (the “Surrender Painting”) or (B) the painting Sublessor has agreed to complete for
Sublessee, specifically, the painting for which quotes have already been received or where there are current holes or repair marks marked
on Premises walls by the parties (if any, the “Subtenancy Painting Project”) and (iii) repairing the exterior parking
lot wall no later than March 31, 2021 (the “Parking Wall Work”). To the extend the Parking Wall Work is Master Lessor’s
obligation to perform, Sublessor shall request Master Landlord complete the Parking Wall Work, and Sublessor shall not pass through any
cost for the Parking Wall Work to Sublessee. “Sublessor’s Work” shall mean, collectively, the Flooring Project,
the Subtenancy Painting Project, and, if applicable, the Surrender Painting. Sublessee acknowledges and agrees that it may not occupy
or use the subject portion of the Premises until the Flooring Project has been completed. Sublessee and Sublessor shall reasonably cooperate
through the completion of the Sublessor’s Work, and, without limiting the generality of the foregoing, Sublessee shall provide Sublessor
and its contractors reasonable access to the Premises to complete Sublessor’s Work, and Sublessor and its contractors shall use
commercially reasonable efforts to avoid interruption of Sublessee's business operations. Sublessor will use best efforts to complete
or have completed (i) the Flooring Project as soon as practicable and (ii) the Painting Project, if any, no later than February 19, 2021.
To the extent Master Lessor requires any Surrender Painting, Sublessee shall provide Sublessor reasonable access to the Premises commencing
December 1, 2021 to allow completion of same. Base Rent will be reduced by $3,000 per month and $7,500 per month, respectively, for that
portion of Unit 100 that is unusable due to the Flooring Project during (i) February 2021 or (ii) each month between March 2021 through
December 2021 (the “Flooring Project Rent Reduction”). The Flooring Project Rent Reduction shall be prorated in the
event the Flooring Project is completed on a day other than the final day of a month. For example, if the Flooring Project is completed
on February 14th, the Base Rent for February shall be reduced by only $1500 (the product of $3,000 and 14/28).

 

    3 

     

    

 

		3.	Rent, Charges for Services and Utilities. Sublessee shall remit all Rent to Sublessor at
Sublessor’s Payment Address as set forth in Section 1 or to such other address(es) as Sublessor may designate by prior written notice
to Sublessee from time to time. Sublease Base Rent shall nonrefundable and paid in advance on the first (1st) day of each month during
the Sublease Term, provided, however, that Sublease Base Rent for February 2021 shall be paid upon Sublease execution by Sublessee. All
other Rent due and payable under this Sublease shall be paid within five (5) days of written demand. For the avoidance of doubt: (i) Sublessee
hereby assumes and shall be responsible for all property tax, direct and indirect operating expense, common area maintenance expense,
and maintenance, repair, and replacement obligations and costs imposed by the Master Lease upon Sublessor, as lessee thereunder, whether
with respect to the Premises or other portions of the property within which the Premises is located, incurred during the Sublease Term;
and (ii) in the event Sublessee causes Sublessor to incur additional liabilities or costs under the Master Lease through the actions or
inactions of Sublessee or those acting by or through Sublessee, the amount of such liabilities and costs shall be Rent hereunder. In furtherance
and not limitation of the foregoing, Sublessee shall be responsible for promptly obtaining a certificate of occupancy and for switching
electric, telephone/data service, and other utilities to its own name. To the extent Sublessee fails to perform its obligations under
this Sublease, including but not limited to this Section 3, and Sublessor incurs associated costs, those costs shall be Rent hereunder,
and, if such costs arise from construction that Sublessor must undertake or cause to be undertaken, Sublessee also shall be liable to
Sublessor for a five percent (5%) construction oversight fee as Rent hereunder, applicable, however, only to construction costs incurred
with third-party architects, engineers, contractors, suppliers of material and equipment, and governmental bodies requiring permits and/or
inspections (collectively, “Construction Costs,” and related legal costs are expressly excluded from such definition).
If Sublessee fails to pay any installment of Rent within five (5) days from the due date of such payment, in addition to the payment of
the late charge set out immediately above, Sublessee shall also pay to Sublessee, as Rent, interest at the Default Rate (hereinafter defined)
from the due date of such payment to the date payment is made. “Default Rate” shall mean a rate per annum equal to
the lesser of: (i) five percent (5%) in excess of the prime rate of The Wall Street Journal on the due date of such Rent and (ii)
the highest rate of interest permitted by applicable laws.

 

		4.	Additional Sublessor Representations, Covenants and Warranties. Sublessor represents, covenants
and warrants to Sublessee as follows:

 

		4.1.	Authority. Sublessor is the lawful and only tenant of the Premises and has the full and absolute
power and authority, upon receipt of Master Landlord’s written consent, to enter into this Sublease.

 

		4.2.	Master Lease. The copy of the Master Lease attached hereto as Exhibit A is true, accurate
and complete and is in full force and effect, and has not been further modified, amended, or supplemented except as expressly set out
herein.

 

		4.3.	No Uncured Default. Sublessor has not received any notice, and has no actual knowledge, of any
uncured default by Sublessor under the Master Lease.

 

		4.4.	Quiet Enjoyment. Subject to the other terms of this Sublease, if Sublessee performs all the provisions
in this Sublease to be performed by Sublessee prior to the expiration of all applicable notice and cure periods, Sublessor shall not disturb
Sublessee’s quiet and undisturbed possession of the Premises during the Sublease Term.

 

		5.	Additional Sublessee Representations, Covenants and Warranties. Sublessee hereby represents,
covenants and warrants to Sublessor (for the benefit of both Sublessor and Master Landlord) as follows, with respect to the Sublease Term
and such further time as Sublessee occupies any part of the Premises:

 

		5.1.	Payments and Security. Sublessee shall make all payments to Sublessor as and when required under
Section 3 hereof. As security for such obligation and for the other covenants of Sublessee hereunder, Sublessee has, on or
prior to the Sublease Commencement Date, delivered to Sublessor either (i) a cash security deposit equal $350,000.00 (a “Cash
Deposit”) or (ii) a letter of credit in a form reasonably approved by Sublessor in an amount equal to $350,000.00 (a “Letter
of Credit”) (the “Security Deposit”)[1].
In the event Sublessee delivers Sublessor a Cash Deposit in accordance with the foregoing, Sublessee may, within one (1) month of the
Sublease Commencement Date, provide Sublessor a Letter of Credit, and Sublessor shall return the balance of the Cash Deposit to Sublessee
within fourteen (14) days following the receipt of such Letter of Credit. Without limiting Sublessor’s rights to utilize the Security
Deposit hereunder, Sublessor shall return the balance to Sublessee within fourteen (14) days following the later of expiration of the
Sublease and satisfaction by Sublessee of its obligations hereunder.

 

		5.2.	Maintenance and Repair, Alterations. Excluding the Sublessor’s Work, Sublessee shall maintain,
repair and keep the Premises in the condition required under the Master Lease at Sublessee’s sole cost and expense at all times
during the Sublease Term. Sublessor may, upon reasonable prior notice to Sublessee, inspect the Premises to confirm that the foregoing
covenants have not been violated and may exercise self-help and draw upon the Security Deposit for the purpose of remedying such violations
to the reasonable satisfaction of Sublessor and the satisfaction of Master Landlord. Sublessee may not undertake any alterations or improvements
of the Premises without the prior written consent from Master Landlord required under the Master Lease and the prior written consent of
Sublessor, which consent shall not be unreasonably withheld, provided, however, if Sublessor determines in its reasonable discretion that
the proposed alterations or improvements could actually or potentially increase the time or expense for the Premises to be surrendered
on the Master Termination Date in the condition required under the Master Lease, Sublessor may condition its consent on Sublessee paying
an additional fee to Sublessor in an amount equal to 105% of the anticipated Construction Costs (as defined in Section 3.2) for
Sublessor to restore the Premises to the required condition. Without limiting the generality of the foregoing, Sublessee shall cooperate
with an inspection by Sublessor at or prior to the conclusion of the Sublease Term so that Sublessor may determine whether and to what
extent Sublessee is entitled to a release of the Security Deposit.

 

    4 

     

    

 

		5.3.	Occupancy and Use. Sublessee shall comply with all occupancy and use covenants imposed pursuant
to the Master Lease; Sublessee shall not use the Premises for any uses other than as described in Section 1, and Sublessee shall
not make any use of the Premises that is prohibited by any applicable law, ordinance, code, regulation, license, permit, variances or
governmental order. Sublessee also shall be liable for any breach of the foregoing covenants or any costs or liabilities incurred by Sublessor
arising from the actions or inactions of those acting by or through Sublessee, including but not limited to its agents, employees, contractors,
and invitees.

 

		5.4.	Assignment and Subletting. Sublessee shall not (a) assign, transfer, mortgage or pledge this Sublease,
(b) sublease (which term shall be deemed to include the granting of concessions and licenses and the like) all or any part of the
Premises, (c) suffer or permit this Sublease or the leasehold estate hereby created or any other rights arising under this Sublease to
be assigned, transferred or encumbered, in whole or in part, whether voluntarily, involuntarily or by operation of law, or (d) permit
the occupancy of the Premises by anyone other than Sublessee [the events listed in clauses (1) to (4) being hereinafter referred to as
a “Transfer”] without (i) prior written consent required from Master Landlord under the Master Lease; and (ii) unless
the Transfer is to an affiliate of Sublessee for which no Master Landlord consent is required, prior written consent from Sublessor, which
consent may be withheld, conditioned or delayed in Sublessor’s sole discretion. Sublessee shall have no claim against Sublessor,
and no right to undertake or permit any Transfer, in the event Master Landlord withholds consent to a Transfer, even if Master Landlord’s
failure to give consent is unreasonable or a violation of a covenant in the Master Lease. Any attempted Transfer in violation of this
Section 5.4 shall be void. Sublessor shall have the right, subject to all requirements for assignments under the Master Lease, to assign
its interest in the Master Lease and this Sublease without the consent of Sublessee, provided that the assignee of Sublessor assumes all
of the obligations of Sublessor under this Sublease that arise on and after the date of the assignment.

 

		6.	Casualty and Taking

 

		6.1.	Termination of Master Lease. In the event all or any part of the Premises are destroyed or damaged
by fire or other casualty or taken by eminent domain during the Sublease Term, and either Sublessor or Master Landlord terminates the
Master Lease because of such damage, destruction or taking, this Sublease shall likewise terminate on the same date the Master Lease terminates.
Sublessor shall give Sublessee prompt written notice of any such termination and the date on which it shall occur.

 

		6.2.	Repair, Restoration and Abatement. In the event any such damage, destruction or taking of the Premises
occurs, but this Sublease is not terminated pursuant to Section 6.1 above, Sublessor shall, upon written request from Sublessee,
promptly request that Master Landlord repair and restore the Premises and abate Rent to the extent required by the terms of the Master
Lease. Sublessor shall have no liability hereunder for Master Landlord’s failure to do so.

 

		6.3.	Reservation of Award. Any and all rights to receive awards made for damages to the Premises or
the leasehold estate hereby created accruing by reason of exercise of eminent domain or by reason of anything lawfully done in pursuance
of public or other authority, are reserved to Sublessor and Master Landlord. Sublessee hereby releases and assigns to Sublessor and Master
Landlord all Sublessee’s rights to such awards and covenants to deliver such further assignments and assurances thereof as Sublessor
or Master Landlord may from time to time in writing request. However, Sublessee shall retain the right to pursue a separate award for
relocation expenses and damages to its trade fixtures so long as such separate claim does not reduce or adversely affect the amount of
Master Landlord’s or Sublessor’s awards.

 

		7.	Master Lease

 

		7.1.	Sublease Subject to Master Lease. This Sublease and Sublessee’s interest hereunder shall
be subject and subordinate to the Master Lease, and to the lien of any mortgage or deed of trust or the interest of any ground lessor
of the land on which the Premises is situated (the “Land”). Within ten (10) days after receipt of a written request
therefor from Sublessor, Sublessee shall execute and deliver an instrument confirming the foregoing if required by Master Landlord, mortgagee,
beneficiary under the deed of trust or ground lessor. Sublessor and Sublessee will not, by any act or omission to act, cause a default
under the Master Lease. This Sublease neither imposes any additional obligations on Master Landlord under the Master Lease nor waives
or limits any rights of Master Landlord under the Master Lease.

 

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		7.2.	Compliance with Master Lease. Except as otherwise provided (or reasonably inferred) within this
Sublease, all of the terms, provisions, covenants and conditions of the Master Lease are incorporated herein by reference and hereby made
a part of and are superior to this Sublease. As between Sublessor and Sublessee, Sublessee hereby assumes and agrees to fully perform
all of the obligations of Sublessor as the Tenant under the Master Lease other than (i) the payment of Base Rent thereunder; (ii) the
Sublessor obligations referenced in Section 2; and (iii) obligations, if any, referenced on Schedule 7.2 attached hereto and by
this reference made a part hereof. Neither Sublessee nor Sublessor shall have any liability to one another, however, for a breach of any
covenant, condition or agreement to be observed by Master Landlord under the Master Lease. Sublessee shall obtain and maintain all insurance
of the type and coverages specified in the Master Lease to be obtained by the Sublessor under the Master Lease, in the amounts not less
than those specified in the Master Lease. All liability policies of insurance obtained by Sublessee shall name Master Landlord and Sublessor
and any mortgagee or beneficiary under a deed of trust or mortgage encumbering the Premises or the Land and any ground lessor of the Land
as additional insureds, and all property policies shall name Master Landlord as additional loss payee. Sublessee’s insurance shall
be primary over Master Landlord’s and Sublessor’s insurance. In addition to its delivery prior to the Sublease Commencement
Date, Sublessee shall deliver to Sublessor, upon written request, certificates reflecting that Sublessee has obtained and is maintaining
the required insurance coverages in the appropriate amounts.

 

		7.3.	Services. Sublessor shall have no duty to Sublessee to provide any services to the Premises or
the property on which the Premises is located, nor shall Sublessor have any liability to Sublessee for Master Landlord’s failure
to provide services required under the Master Lease other than to promptly deliver requests and notices of default to Master Landlord
upon the request of Sublessee.

 

		7.4.	Rights of Sublessor. Except as otherwise provided within this Sublease, in the event of any default
of Sublessee under this Sublease, Sublessor shall have all of the rights and remedies of Master Landlord under the Master Lease as against
Sublessee. Any provision of the Master Lease requiring the consent of Master Landlord shall be deemed to require: (i) the consent of Master
Landlord, in its sole discretion; and (ii) except for any provisions listed on Schedule 7.4 attached hereto and by this reference
made a part hereof, the consent of Sublessor.

 

		7.5.	Indemnification of Sublessor by Sublessee. Sublessee shall and hereby does indemnify and hold Master
Landlord and Sublessor harmless from and against any and all actions, claims, demands, damages, liabilities and expenses (including, without
limitation, reasonable attorneys’ fees) asserted against, imposed upon or incurred by Sublessor or Master Landlord by reason of
(a) any violation caused, suffered or permitted by Sublessee, its agents, servants, employees or invitees, of any of the terms, covenants
or conditions of the Master Lease to be observed by Sublessee pursuant to the provisions of this Sublease, and (b) any damage or injury
to persons or property occurring upon or in connection with the use or occupancy of the Premises, except as a result of the intentional
or negligent acts or omissions of Sublessor or its respective agents, servants, employees or invitees.

 

		7.6.	Indemnification of Sublessee by Sublessor. Sublessor shall and hereby does indemnify and hold Sublessee
harmless from and against any and all actions, claims, demands, damages, liabilities and expenses (including, without limitation, reasonable
attorneys’ fees) asserted against, imposed upon or incurred by Sublessee by reason of any violation caused, suffered or permitted
by Sublessor, its agents, servants, employees or invitees, of any of the terms, covenants or conditions of (a) the Master Lease (other
than those terms, covenants, or conditions of the Master Lease to be observed by Sublessee under the terms of this Sublease) and/or (b)
this Sublease.

 

		7.7.	Notice. The foregoing indemnification obligations are conditioned on the indemnified party promptly
notifying the indemnifying party in writing after any of the indemnified parties receives notice of a claim or loss for which indemnification
is or may be sought under this Sublease. Failure to provide such notice will relieve the indemnifying party of its indemnity obligations
to the extent that such failure prejudices the indemnifying party. The indemnifying party will have the right to control, in a manner
not adverse to the indemnified parties, the defense and settlement of any claims. The indemnified parties may employ counsel, at their
own expense, with respect to any such claim (provided that if counsel is employed due to a conflict of interest or because the indemnifying
party does not assume control of the defense, the indemnifying party will bear such expense). The indemnifying party will not admit liability
or enter into any settlement of a claim that adversely affects the indemnified parties’ rights or interests without the indemnified
parties’ prior written approval. The indemnifications set forth in this Section 7 shall survive the expiration or earlier termination
of this Sublease with respect to any claims or liability occurring prior to such expiration or termination.

 

		7.8.	Master Landlord’s Rights. Master Landlord shall have all rights with respect to the Premises
that it has reserved to itself as Landlord under the Master Lease.

 

    6 

     

    

 

		7.9.	Termination of Master Lease. In the event Master Landlord terminates the Master Lease pursuant
to its terms, or the Master Lease otherwise terminates or expires, this Sublease shall likewise and simultaneously terminate.

 

		7.10.	Master Landlord’s Consent. This Sublease shall not be effective unless and until the Master
Landlord consents to it in writing.

 

		8.	Miscellaneous

 

		8.1.	Notices. All notices required or permitted hereunder shall be in writing and addressed, if to the
Sublessee, at Sublessee’s Address in Section 1 or such other address as Sublessee shall have last designated by written notice
to Sublessor and, if to Sublessor, at Sublessor’s Address in Section 1 or such other address as Sublessor shall have last
designated by written notice to Sublessee. Any notice shall be deemed duly given when delivered to such address, postage prepaid, registered
or certified mail, return receipt requested.

 

		8.2.	Estoppel Certificate. Upon not less than six (6) days’ prior written notice from a requesting
Party, the other Party shall execute, acknowledge and deliver a written statement, addressed to such person(s) as the requesting Party
shall not unreasonably designate, certifying (a) that this Sublease is unmodified and in full force and effect, (b) the dates to which
Rent and any other charges have been paid, and (c) that the requesting Party is not in default hereunder (or, if in default, specifying
the nature of such default in reasonable detail). Any such certificate may be relied upon by the person to which it is addressed as to
the facts stated therein.

 

		8.3.	Brokerage. Sublessor and Sublessee each represents and warrants it has dealt with no broker in
connection with this transaction other than CBRE as broker for both Parties. Each party agrees to defend, indemnify and save the other
harmless from and against any and all cost, expense or liability for any compensation, commissions or charges claimed by any broker or
agent with respect to the indemnifying party’s dealings in connection with this Sublease, to include reasonable attorney’s
fees other than CBRE, and Sublessor shall pay the commission owed to CBRE pursuant to a separate agreement.

 

		8.4.	Applicable Law and Construction. This Sublease shall be governed by and construed in accordance
with the laws of the State of California. If any term, covenant, condition or provision of this Sublease or the application thereof to
any person or circumstances shall be declared invalid or unenforceable by the final ruling of a court of competent jurisdiction having
final review, the remaining terms, covenants, conditions and provisions of this Sublease and their application to persons or circumstances
shall not be affected thereby and shall continue to be enforced and recognized as valid agreements of the parties. There are no other
oral or written agreements between Sublessor and Sublessee affecting this Sublease. This Sublease may be amended, and the provisions hereof
may be waived or modified, only by instruments in writing executed by both Sublessor and Sublessee and consented to by Master Landlord.
The titles of the several Sections contained herein are for convenience only and shall not be considered in construing this Sublease.
Unless repugnant to the context, the words “Sublessor” and “Sublessee” appearing in this Sublease shall be construed
to mean those named above and their respective heirs, executors, administrators, successors and assigns and those claiming by, through
or under them respectively. If there be more than one Sublessee, the obligations imposed by this Sublease upon Sublessee shall be joint
and several.

 

		8.5.	Execution. This Sublease may be executed in one or more counterparts, each of which will be an
original and all of which counterparts, taken together, will constitute one and the same agreement, binding upon all parties. For purposes
of this Sublease, electronic and scanned signatures will be deemed originals. Each party to this Sublease hereby represents to the other
party that it is has caused this Sublease to be executed by an authorized signatory.

 

SIGNATURE PAGES FOLLOW

 

    7 

     

    

 

SIGNATURE PAGES SUBLEASE

3550 Tyburn Street, Unit 100 and Unit 101, Los
Angeles, California 90065

 

IN WITNESS WHEREOF, Sublessor and Sublessee
have executed this Sublease on January 27, 2021.

 

	 	SUBLESSOR:
	 	R. R. DONNELLEY & SONS COMPANY
	 	 	 
	 	By:	/s/ Deborah Steiner
	 	Name:	Deborah Steiner
	 	Its:	Corporate Secretary

 

	 	SUBLESSEE:
	 	XOS, INC.
	 	 
	 	By:	/s/ Christen T. Romero
	 	Name:	Christen T. Romero
	 	Its:	Senior Corporate Counsel and Authorized Signatory

 

Schedule A: Excluded Fixtures and Equipment

 

Exhibit A: Master Lease

 

    8 

     

    

 

MASTER LESSOR ACKNOWLEDGEMENT

 

Master Lessor hereby acknowledges and consents
to the foregoing Sublease, including, without limitation, the Sublease Use.

 

MASTER LESSOR:

 

RIF V – GLENDALE COMMERCE CENTER, LLC, a
California Limited Liability Company

 

	By:	Rexford Industrial Realty, L.P., a Maryland limited partnership, Its Managing Member

 

	By:	 	 
	Name	Printed: Howard Schwimmer	 
	Title:	Co-Chief Executive Officer	 
	Date of Execution: ________________, 2021	 

 

    9 

     

    

 

Schedule A

Excluded Fixtures and Equipment

 

(3) Vutek 5000 large printers

(1) Baler

(1) Muller Martini Stitcher

(1) Padding Machine

(2) Heidelberg Cylinders

(1) Forklift

(1) Propane Storage Rack

(1) Industrial Scale

(1) Shrinkwrap Machine

 

Schedule 7.2

 

Master Lease Lessee Obligations to be performed
by Sublessor (in addition to the payment of Base

Rent, and without limiting Sublessor’s
continuing liability under the Master Lease to Master Lessor)

 

	Obligation	 	Master Lease Section
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Schedule 7.4

Master Lessor Consent Right Matters under Master
Lease

for which Sublessor will not have a Consent
Right

 

 

	Consent Right	 	Master Lease Section
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

10

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