Document:

Exhibit 10.6

 

[Incentive
Stock] Option Agreement

under the Northern
Swan Holdings, Inc.

2018 Omnibus Incentive
Compensation

 

	Name of Grantee:	[●]	(the “Grantee”)
	 	 	 
	No. of Shares Underlying Options:	[●]	(the “Underlying Shares”)
	 	 	 
	Grant Date:	[●]	(the “Grant Date”)
	 	 	 
	Vesting Commencement Date:	[●]	(the “Vesting Commencement Date”)
	 	 	 
	Expiration Date:	[●]	(the “Expiration Date”)
	 	 	 
	Option Price/Share:	US$[●]	(the “Option Price”)

 

Pursuant to the Northern Swan Holdings,
Inc. 2018 Omnibus Incentive Compensation (the “Plan”), Northern Swan Holdings, Inc., a corporation organized under
the laws of the Province of British Columbia (together with all successors thereto, the “Company”), hereby grants to
the Grantee, an Option to purchase, on or prior to the Expiration Date (or such earlier date as provided in Section 3 below), all
or any part of the number of Shares of Common Stock of the Company indicated above (the “Underlying Shares,” with such
Shares once issued being referred to herein as “Option Shares”) at the Option Price per share indicated above. The
Option shall be issued in one tranche exercisable for [●] of the Underlying Shares and shall be subject to time-based vesting
criteria and the Option grant shall be referred to herein as the “Time-Vested Option.”

 

Notwithstanding anything in this [Incentive
Stock] Option Agreement (the “Agreement”) to the contrary, this Option and any Option Shares shall be subject to, and
governed by, all the terms and conditions of the Plan, including, without limitation, Section 18.5 thereof concerning certain restrictions
on transfer of Option Shares and related matters. To the extent there is any inconsistency between the terms of the Plan and of
this Agreement, the terms of the Plan shall control.

 

All capitalized terms used in this Agreement
and not otherwise defined shall have the respective meanings given such terms in the Plan.

 

1. Vesting
and Exercisability. The Option shall vest and become exercisable as follows:

 

(a) Time-Vested
Option. Subject to Section 1(b) below, [●]% of the Time-Vested Option shall vest and become exercisable on [●],
provided that the Grantee remains in continuous service with the Company or any of its Affiliates through each applicable vesting
date.

 

(b) Change
of Control. In the event that the Grantee incurs a Termination of Affiliation initiated by the Company (or any of its Affiliates)
without Cause during the one (1) year period commencing on the closing of a Change in Control, the Time-Vested Option (to the extent
not previously terminated) shall be fully vested and exercisable upon such Termination of Affiliation.

 

    

     

    

 

2. Exercise
of Option. Prior to the Expiration Date (or such earlier date provided in this Section 2), the Grantee may exercise this
Option by delivering an Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating
his or her election to purchase some or all of the Underlying Shares with respect to which this Option is then vested and exercisable
at the time of such notice. The Option may not be exercised with respect to any fractional shares.

 

(a) Termination
of Affiliation. Except as the Committee may otherwise expressly provide, or as may otherwise be expressly provided in any agreement
between the Company and the Grantee, if the Grantee has a Termination of Affiliation with the Company and all of its Affiliates,
the period within which the Grantee may exercise this Option to the extent then vested and exercisable may be subject to earlier
termination as set forth below:

 

(i) Termination
of Affiliation Due to Death or Disability. If the Grantee’s Termination of Affiliation occurs by reason of such Grantee’s
death or Disability, this Option may be exercised, to the extent vested and exercisable on the date of such termination, by the
Grantee or by the Grantee’s legal representative or legatee for a period of twelve (12) months from the date of such termination
or until the Expiration Date, if earlier.

 

(ii) Termination
for Cause. If the Grantee has a Termination of Affiliation for Cause, all Options (unvested and vested) shall terminate immediately.

 

(iii) Other
Termination. If the Grantee’s Termination of Affiliation occurs for any reason other than death or Disability or Cause,
this Option may be exercised, to the extent exercisable on the date of such termination, by the Grantee for a period of three months
from the date of termination or until the Expiration Date, if earlier.

 

(b) Treatment
of Unvested Options on Termination of Affiliation. Any portion of this Option that is not vested or exercisable on the date
of the Grantee’s Termination of Affiliation for any reason shall terminate immediately and be null and void and of no further
force and effect. For the purpose of this Section 2(b), the date of the Grantee’s Termination of Affiliation shall be calculated
without reference to any period of notice of termination under contract, statute or common law, regardless of whether such Termination
of Affiliation was lawful or whether notice of termination (or pay in lieu) was provided to the Grantee.

 

3.Status
of Option. This Option is intended to qualify as an “incentive stock option” as defined in Section 422(b)
of the Code. Notwithstanding any provision in this Agreement to the contrary, to the extent that any portion of this Option exceeds
$100,000 Limit (as described in Section 6.4(d) and (e) of the Plan) such portion of the Option shall not qualify as an “incentive
stock option.” In addition, this Option shall not qualify as an “incentive stock option” with respect to the
portion of the Option that is exercised more than 3 months after the Grantee ceases to be an employee of the Company or any Subsidiary
for any reason other than the Grantee’s death or Disability.

 

4.Disqualifying
Dispositions. Within 10 days after any Disqualifying Disposition (as defined in Section 6.4(f) of the Plan) of Option
Shares acquired upon exercise of this Option, the Grantee shall notify the Company of such Disqualifying Disposition.

 

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5.Requirements
Under Applicable Securities Laws. The Grantee represents and agrees for the Grantee and the Grantee’s transferees
by will or the laws of descent and distribution that, unless a registration statement under the U.S. Securities Act of 1933, as
amended, is in effect as to Option Shares purchased upon any exercise of this Option, (a) any and all Option Shares so purchased
will be acquired for the personal account of the Grantee (or such other person entitled to exercise this Option) and not with
a view to or for sale in connection with any distribution, and (b) each notice of the exercise of any portion of this Option is
accompanied by a representation and warranty in writing, signed by the Grantee (or such other person entitled to exercise this
Option), that the Option Shares are being so acquired in good faith for his or her personal account and not with a view to or
for sale in connection with any distribution. Such writing will be in a form as required by Company and its counsel to ensure
that the issuance of the Option Shares being purchased complies with all United States federal and relevant state securities laws.

 

6. Miscellaneous
Provisions.

 

(a) Shareholders’
Agreement and Power of Attorney. No Option Shares shall be issued to the Grantee pursuant to the exercise of this Option unless
and until the Grantee has executed and become party to the Shareholders’ Agreement, if any is then in effect, and has executed
a power of attorney in favor of the Company in the form attached to the Plan as Schedule A.

 

(b) Change
and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any oral waiver of any of its
terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company
and the Grantee, or as otherwise provided in the Plan.

 

(c) Notices.
All notices, requests, consents and other communications shall be in writing and be deemed given when delivered personally, by
electronic transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the
Company or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or addresses
as may have been furnished by such party in writing to the other.

 

(d) Counterparts.
For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which shall constitute one and the same document.

 

[The remainder of this page is
intentionally blank; signature page follows.]

 

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The foregoing Agreement
is hereby accepted, and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above written.

 

	 	NORTHERN SWAN HOLDINGS, INC.

 

	 	By: 	 
	 	 	Name:
	 	 	Title: 

 

	 	Address: 	 
	 	 	 

 

The undersigned hereby
acknowledges receiving and reviewing a copy of the Plan, including, without limitation, Section 18.5 thereof, and understands that
the Option granted hereby is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the
terms and conditions thereof and of the Plan hereby agreed to, by the undersigned as of the date first above written.

 

	 	GRANTEE:

 

	 	Name: 	 
	 	 	 
	 	Address: 	 
	 	 	 
	 	 	 

 

DESIGNATION OF BENEFICIARY:

 

	Beneficiary’s Address:   	 	 
	 	 	 
	 	 	 

 

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Appendix A

 

STOCK OPTION EXERCISE NOTICE

 

	Northern Swan Holdings, Inc. 
	Attention: Corporate Secretary
	 	 
	 	 

 

Pursuant to the terms
of the stock option agreement between myself and Northern Swan Holdings, Inc. (the “Company”) dated______________
(the “Agreement”), under the Company’s 2018 Omnibus Incentive Compensation Plan, I, [Insert Name] __________________,
hereby [Circle One] partially/fully exercise such Option by including herein payment in the amount of $________________ representing
the purchase price for [Fill in number of Underlying Shares] ________________Option Shares. I have chosen the following form(s)
of payment:

 

[..] 1. Cash

 

[..] 2. Personal,
certified or bank check payable to Northern Swan Holdings, Inc.

 

[..] 3. Wire transfer,
or

 

[..] 4. Other (as
described in the Plan (please describe))

 

__________________________________________.

 

In connection with
my exercise of the Option as set forth above, I hereby represent and warrant to the Company as follows:

 

(i) I have executed
the Power of Attorney in the form attached as Schedule A of the Plan (a copy of which is attached to this Exercise Notice) and
I have executed and become a party to the Shareholders’ Agreement.

 

(ii) I am purchasing
the Option Shares for my own account for investment only, and not for resale or with a view to the distribution thereof.

 

(iii) I have had such
an opportunity as I have deemed adequate to obtain from the Company such information as is necessary to permit me to evaluate the
merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company.

 

(iv) I have sufficient
experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the Option
Shares and to make an informed investment decision with respect to such purchase.

 

(v) I can afford a
complete loss of the value of the Option Shares and am able to bear the economic risk of holding such Option Shares for an indefinite
period of time.

 

(vi) I understand
that the Option Shares may not be registered under the U.S. Securities Act of 1933 (it being understood that the Option Shares
are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue
sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement
under the U.S. Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from
the registration requirements thereof). I further acknowledge that certificates representing Option Shares will bear restrictive
legends reflecting the foregoing.

 

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(vii) I understand
and agree that the Option Shares when issued will continue to be subject to the transfer and other restrictions imposed under the
Company’s corporate charter or by-laws and under Section 18.5 of the Plan and that certificates representing Option Shares
will bear restrictive legends reflecting such transfer and other restrictions.

 

	 	Sincerely yours,
	 	 
	 	 
	 	Name:
	 	 
	 	Address: 
	 	 
	 	 
	 	 
	 	 

 

 

6Exhibit 10.1

 

AMENDMENT NO. 1 TO WARRANT AGREEMENT

 

This Amendment (this “Amendment”) is made
as of December 24, 2020 by and between Shift Technologies, Inc., a Delaware corporation f/k/a Insurance Acquisition Corp. (the
“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”), and constitutes an amendment to that certain Warrant Agreement, dated as of March 19,
2019 (the “Existing Warrant Agreement”), between the Company and the Warrant Agent. Capitalized terms used but
not otherwise defined in this Amendment shall have the meanings given to such terms in the Existing Warrant Agreement.

 

WHEREAS, Section 9.8 of the Existing Warrant Agreement
provides that the Company and the Warrant Agent may amend the Existing Warrant Agreement with the written consent of the Registered
Holders of 65% of the outstanding Public Warrants;

 

WHEREAS, the Company desires to amend the Existing Warrant Agreement
to provide the Company with the right to require the holders of Public Warrants to exchange all of the outstanding Public Warrants
for shares of the Company’s Class A common stock, par value $0.0001 per share, and cash on the terms and subject to
the conditions set forth herein; and

 

WHEREAS, following a consent solicitation undertaken by the
Company, the Registered Holders of more than 65% of the outstanding Public Warrants have consented to and approved this Amendment.

 

NOW, THEREFORE, in consideration of the mutual agreements contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to
be legally bound hereby, the parties hereto agree to amend the Existing Warrant Agreement as set forth herein.

 

1. Amendment of Existing Warrant Agreement.    The
Existing Warrant Agreement is hereby amended by adding the new Section 6A thereto:

 

“6A Mandatory Exchange.

 

6A.1 Company Election to Exchange.    Notwithstanding
any other provision in this Agreement to the contrary, not less than all of the outstanding Warrants may be exchanged, at the option
of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon
notice to the Registered Holders of the Warrants, as described in Section 6A.2 below, for shares of Common
Stock, at the exchange rate of 0.225 shares of Common Stock and $0.90 in cash for every Warrant held by the holder thereof
(the “Consideration”) (subject to equitable adjustment by the Company in the event of any stock splits, stock
dividends, recapitalizations or similar transaction with respect to the Common Stock). The aggregate Consideration payable to each
former Registered Holder shall be rounded up to the nearest whole share after multiplying the aggregate number of outstanding Warrants
held by such former Registered Holder by the Consideration.

 

6A.2 Date Fixed for, and Notice of, Exchange.    In
the event that the Company elects to exchange all of the Warrants, the Company shall fix a date for the exchange (the “Exchange
Date”). Notice of exchange shall be mailed by first class mail, postage prepaid, by the Company not less than fifteen
(15) days prior to the Exchange Date to the Registered Holders of the Warrants at their last addresses as they shall appear on
the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given
whether or not the Registered Holder received such notice.

 

6A.3 Exercise After Notice of Exchange.    The
Warrants may be exercised, for cash (or on a “cashless basis” in accordance with subsection 3.3.1(b) of
this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6A.2 hereof
and prior to the Exchange Date. On and after the Exchange Date, the record holder of the Warrants shall have no further rights
except to receive, upon surrender of the Warrants, the Consideration.

 

2. Miscellaneous Provisions.

 

2.1 Severability.    This Amendment
shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms
to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

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2.2 Applicable Law and Exclusive Forum.    The
validity, interpretation and performance of this Amendment shall be governed in all respects by the laws of the State of New York,
without giving effect to conflict of laws. The parties hereby agree that any action, proceeding or claim against it arising out
of or relating in any way to this Amendment shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Notwithstanding the foregoing, this Section 2.2 will not apply to suits brought to enforce
any liability or duty created by the Securities Act or the Exchange Act or any other claim for which the federal courts have exclusive
jurisdiction.

 

2.3 Counterparts.    This Amendment
may be executed in any number of counterparts, and by facsimile or portable document format (pdf) transmission, and each of such
counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute but one and
the same instrument.

 

2.4 Effect of Headings.    The
Section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

 

2.5 Entire Agreement.    The
Existing Warrant Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all
prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating
to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby
canceled and terminated.

 

[Signatures Appear on Following Page]

 

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IN WITNESS WHEREOF, each of the parties has caused this Amendment
to be duly executed as of the date first above written.

 

	 	SHIFT TECHNOLOGIES, INC.
	 	 	 
	 	By:	/s/
George Arison
	 	Name: 	George
Arison
	 	Title:	Co-CEO

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/
Douglas Reed
	 	Name: 	Douglas
Reed
	 	Title:	Vice
President

 

[Signature Page to Warrant Agreement
Amendment] 

 

 

3

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