Document:

Exhibit 10.1

 

January
29, 2021

 

Dear
Ken,

 

By
this offer letter (this “Offer Letter”), SMART Global Holdings, Inc. (“SMART” and,
together with its subsidiaries and affiliates, the “Company”) is delighted to offer you the exempt position
of Senior Vice President and Chief Financial Officer of SMART (collectively, “CFO”). In this position, you
will be reporting directly to me as the Chief Executive Officer of SMART.

 

		1.	Term.
                                         Your start date will be Monday, February 15, 2021 or sooner as mutually agreed (the “Start
                                         Date”). Your employment hereunder will commence on the Start Date and continue
                                         until terminated pursuant to Section 8 below (the “Term”).
                                         You will have duties and responsibilities consistent with your position as CFO. During
                                         the Term, you will devote your full business time and attention to the performance of
                                         your duties for the Company and you will not engage in any other business, profession
                                         or occupation for compensation or otherwise which would conflict or interfere with those
                                         duties, either directly or indirectly; provided that you may (i) participate in
                                         professional, civic or charitable activities, as long as such activities do not interfere
                                         with the performance of your responsibilities hereunder, and (ii) serve on a reasonable
                                         number of corporate boards or committees, subject to the prior written approval of the
                                         Board of Directors of SMART (the “Board”) in its discretion.

 

		2.	Base
                                         Salary. During the Term, you will receive an annualized base salary of $475,000 per
                                         year (the “Base Salary”), payable in accordance with the normal payroll
                                         policies of the Company and subject to the usual withholdings and deductions. You agree
                                         to serve, without additional compensation, if requested by the Company, as an officer
                                         and/or director of any other member of the Company Group (as defined in Exhibit
                                         A).

 

		3.	Sign-On
                                         Bonus. On your first normal Company payroll date following the Start Date, you will
                                         receive a sign-on bonus of $50,000 (the “Sign-On Bonus”); provided
                                         that you must immediately repay the Sign-On Bonus to the Company if, prior to the
                                         first anniversary of the Start Date, either (i) your employment is terminated for Cause
                                         (as defined in Exhibit A) or (ii) you resign from employment without Good
                                         Reason (as defined in Exhibit A).

 

		4.	Performance
                                         Bonus. Beginning with SMART’s fiscal year ending 2021, with respect to each
                                         SMART fiscal year ending during the Term and subject to the achievement of the applicable
                                         performance goals and methodologies determined by the Board, you will be entitled to
                                         participate in the Company’s annual bonus program pursuant to which you will be
                                         eligible to earn an annual bonus (the “Annual Bonus”) with a target
                                         amount equal to 80% of the Base Salary. The Annual Bonus, if any, earned for a fiscal
                                         year will be paid no later than two and one-half (21⁄2) months following the beginning
                                         of the fiscal year following the fiscal year to which the Annual Bonus relates. Currently,
                                         the Annual Bonus is determined on a semi-annual basis (with 50% of the target Annual
                                         Bonus a

 

     

     

    

 

pplying
to each semi-annual period), with a maximum first-half payout of 100% of the target bonus applicable to the first half, and with
any additional portion being held back for the year-end review. Notwithstanding the foregoing, in the event that you begin employment
with the Company on or before February 15, 2021 and are employed continually through the date of payment by the Company of the
year-end bonus to other executives, then your Annual Bonus applicable to the Company’s fiscal 2021 ending August 2021, will
be $380,000. The Company and/or the Board will have the right, but not the obligation, at its sole discretion, to change (i) the
periods of the Annual Bonus to be annual, quarterly or otherwise (with appropriate holdbacks), (ii) the performance goals and
methodologies of calculating bonus achievement, and/or (iii) the Company’s fiscal year.

 

		5.	Equity
                                         Awards. As an inducement to your agreeing to the employment contained herein and
                                         as soon as reasonably practical after you commence employment with the Company, you
                                         will receive the initial equity awards described in Exhibit B 
                                         subject to the terms of the applicable SGH award agreement and the equity award plan
                                         (as amended from time to time, the “Stock Plan”).  Starting
                                         in SMART’s fiscal year ending 2022, you will also be eligible to participate in
                                         SMART’s equity compensation program in a manner generally consistent with other
                                         similarly-situated senior executive officers, as determined by the Board, or the Compensation
                                         Committee of the Board, from time to time.

 

		6.	Benefits.
                                         During the Term, you will be eligible to participate in employee benefit plans and programs
                                         that are available to similarly-situated senior executive officers of SMART from time
                                         to time; provided that the Company may terminate or modify any benefit plan or
                                         program at any time in its discretion.  Unless you elect otherwise, after three
                                         months of employment you will automatically be enrolled in the Company’s 401(k)
                                         program at the automatic enrollment rate of 5% of your base salary. More details about
                                         the Company’s employee benefit plans and programs, including but not limited to
                                         the Company’s 401(k) plan, will be provided to you as soon as reasonably practicable
                                         after the Start Date.

 

		7.	Indemnification.
                                         You will be entitled to an indemnification agreement and liability insurance on terms
                                         available to other similarly-situated officers (and, as applicable, directors) of SMART,
                                         which indemnification and insurance coverage will survive your termination of employment.

 

		8.	Termination
                                         of Employment. Your employment may be terminated by you or the Company for any reason
                                         (including, without limitation, with or without Cause), at any time. Neither you nor
                                         your estate, as applicable, will accrue any additional compensation (including, without
                                         limitation, any Base Salary or Annual Bonus) or other benefits following any termination
                                         of your employment other than as set forth in this Offer Letter.

 

(a)  
If your employment is terminated due to your death or Disability (as defined in Exhibit A), then you will only be
entitled to receive (i) your Base Salary through the date of termination (the “Accrued Salary”), which will
be paid within 15 days following the date of termination or such earlier date as may be required by law, (ii) any other accrued
and vested employee benefits that are required to be paid to you under the Company’s employee benefit plans and in accordance
with the Company’s policies, excluding for

 

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the
avoidance of doubt, any severance plans, policies or programs (the “Accrued Benefits”), and (iii) any earned
but unpaid Annual Bonus for any fiscal year preceding the fiscal year in which the date of termination occurs (the “Accrued
Bonus” and, collectively with the Accrued Salary and the Accrued Benefits, the “Accrued Amounts”),
which will be paid at the same time as bonuses are paid to other senior executive officers, generally.

 

(b)  
If your employment is terminated by the Company without Cause (and other than due to your death or Disability) or if you resign
from your employment for Good Reason, in each case outside the Change in Control Protection Period (as defined in Exhibit
A), then you will be entitled to the Accrued Amounts and, subject to Section 10 below, the following additional
payments and benefits: (i) an aggregate amount equal to 75% of your then-current Base Salary (the “Cash Severance”),
payable in accordance with the schedule set forth in Section 10 below; (ii) to the extent any Annual Bonus could be earned
in the fiscal year in which the termination occurs under the terms of the Company’s annual bonus program but such Annual
Bonus has not yet been earned, a prorated bonus (based on the Board’s determination of Company performance through the date
of termination), prorated through the date of termination, payable at the same time as bonuses are paid to other senior executive
officers, generally (the “Pro-Rated Bonus”); and (iii) to the extent that you and/or members of your family
are covered under Company-provided health plans, payment or reimbursement of health benefit continuation coverage under COBRA
or otherwise (“Health Care Continuation”) from the termination date through the earlier of (x) 9 months following
the termination date or (y) the date you become eligible for health benefits with another employer, which will be paid no later
than the due date of payments for such coverage; provided that if you are no longer eligible for COBRA continuation
coverage, the Company may provide a lump sum payment calculated based on the monthly premiums in effect immediately prior to the
expiration of COBRA coverage.

 

(c)  
If, during the Change in Control Protection Period, (i) your employment is terminated by the Company without Cause (and other
than due to your death or Disability) or (ii) you resign from employment for Good Reason, then, in lieu of any payments or benefits
pursuant to Section 8(b) above, you will be entitled to the Accrued Amounts and, subject to Section 10 below, the
following additional payments and benefits: (i) an aggregate amount equal to 150% of your then-current Base Salary plus an
amount equal to 150% of the Annual Bonus paid or payable for the most recently completed fiscal year (together, the “Change
in Control Cash Severance”), payable in accordance with the schedule set forth in Section 10 below; (ii) a Pro-Rated
Bonus; (iii) Health Care Continuation from the termination date through the earlier of (x) 18 months following the termination
date or (y) the date you become eligible for health benefits with another employer, which will be paid no later than the due date
of payments for such coverage; provided that if you are no longer eligible for COBRA continuation coverage, the
Company may provide a lump sum payment calculated based on the monthly premiums in effect immediately prior to the expiration
of COBRA coverage; and (iv) except to the extent otherwise specifically provided in the award agreement governing any particular
equity award, 100% vesting of all outstanding equity awards (including, without limitation, any equity awards subject to performance
conditions, after giving application to Section 9 below).

 

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(d)  
If your employment is terminated or you resign for any reason other than as described in clauses (a) through (c) above, you will
not be entitled to any payments or benefits, other than the Accrued Salary and the Accrued Benefits.

 

		9.	Treatment
                                         of Performance-Based Equity on Change in Control. Except to the extent otherwise
                                         specifically provided in the award agreement governing any particular equity award, upon
                                         a Change in Control, to the extent you hold any equity awards that remain subject to
                                         issuance or vesting based on performance (the “Performance Awards”),
                                         to the extent not already vested, a prorated portion of the Performance Awards (based
                                         on the Board’s determination of performance measured through the Change in Control),
                                         prorated through the date of the Change in Control, will become issued and/or vested
                                         upon the Change in Control, and the remainder of the Performance Awards (the “Remainder
                                         Awards”) will issue and/or vest in equal monthly installments over the remainder
                                         of the original performance period (unless accelerated under Section 8 above);
                                         provided that if the successor to SMART does not assume or substitute the Remainder
                                         Awards with a substantially equivalent award, the full amount of the Remainder Awards
                                         will become issued and/or vested upon the Change in Control.

 

		10.	Termination
                                         Payment Matters. Any payments made pursuant to Section 8 above, other than
                                         the Accrued Salary and the Accrued Benefits, will be subject to your execution, delivery
                                         and non-revocation of an effective release of all claims against the Company, in a form
                                         provided by the Company, within the 60-day period following the date that your employment
                                         terminates (such 60-day period, the “Release Period”). The Cash Severance
                                         or Change in Control Cash Severance, as applicable, will be paid in accordance with the
                                         Company’s regular payroll practices in substantially equal installments over the
                                         12-month period following the date of termination; provided that the first installment
                                         will be paid on the first or second Company payroll date following the date on which
                                         the Release has become effective and irrevocable; provided further, if the Release
                                         Period spans two calendar years, then the first installment of the severance pay will
                                         commence on the first or second Company payroll date that occurs in the second calendar
                                         year. Any installments that otherwise would have been prior to the date on which the
                                         first installment is paid will instead be paid on the first installment payment date.
                                         Upon the termination of your employment for any reason, you agree to resign, as of the
                                         date of your termination and to the extent applicable, from the Board (and any committees
                                         thereof) and all other board of directors (and any committees thereof), officer, and
                                         other fiduciary positions of or relating to each member of the Company Group. During
                                         the Term and at any time thereafter, you agree to cooperate (i) with the Company in the
                                         defense of any legal matter involving any matter that arose during your employment with
                                         any member of the Company Group and (ii) with all government authorities on matters pertaining
                                         to any investigation, litigation or administrative proceeding pertaining to any member
                                         of the Company Group; provided that the Company will reimburse you for any reasonable
                                         travel and out of pocket expenses you incur in providing such cooperation. You will promptly
                                         notify the Company if you become eligible for health benefits with another employer while
                                         still receiving payments or benefits hereunder.

 

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		11.	Conditions.
                                         This offer, and any employment pursuant to this offer, is contingent on you: (i)
                                         completing the Company’s standard employment application paperwork, (ii) providing
                                         the legally required proof of your identity and authorization to work in the United States,
                                         and (iii) executing and complying with the Company’s standard Employment,
                                         Confidential Information and Invention Assignment Agreement and the Company’s
                                         standard Arbitration and Class Action Waiver Agreement. At all times, you will be subject
                                         to, and abide by, all applicable Company policies and requirements, including but not
                                         limited to those relating to expense reimbursement, insider trading, corrupt practices,
                                         technology, publicity, safety, discrimination, and harassment.

 

		12.	Representations.
                                         By signing and accepting this offer, you represent and warrant to the Company that: (i)
                                         you are not subject to any pre-existing contractual or other legal obligation with any
                                         person, company or business enterprise which would prohibit or restrict your employment
                                         with, or your providing services to, the Company as its employee; and (ii) you have not
                                         and will not use in the course of your employment with the Company and to the benefit
                                         of the Company, any confidential or proprietary information of another person, company
                                         or business enterprise to whom you currently provide, or previously provided, services.

 

		13.	At
                                         Will Employment. You understand that your employment is “at will”
                                         at all times, which means that you or the Company may terminate your employment at any
                                         time, for any reason or no reason at all. This Offer Letter does not constitute, and
                                         may not be construed as, a commitment for employment for any specific duration.

 

		14.	Miscellaneous.
                                         No provision of this Offer Letter may be modified, waived or discharged unless such waiver,
                                         modification or discharge is agreed to in a writing signed by you and another duly authorized
                                         signatory of SMART. This Offer Letter is not assignable by you, and it will governed
                                         by, and construed in accordance with, the laws of the State of California without reference
                                         to principles of conflict of laws. The Company’s obligation to pay or provide any
                                         amounts or benefits hereunder is subject to set-off, counterclaim or recoupment of any
                                         amounts you owe to any member of the Company Group (except to the extent any such action
                                         would violate, or result in the imposition of tax under, Section 409A of the Internal
                                         Revenue Code of 1986, as amended (the “Code”)). This Offer Letter
                                         (together with its exhibits and schedules, as well as other documents and agreements
                                         to the extent referenced herein) constitutes the entire agreement between the parties
                                         as of the date hereof and supersedes all previous agreements and understandings between
                                         the parties with respect to the subject matter hereof. Any compensation paid to you by
                                         any member of the Company Group which is subject to recovery under any law, government
                                         regulation or stock exchange listing requirement, will be subject to such deductions
                                         and clawback as may be required to be made thereby (or by any policy adopted by any member
                                         of the Company Group). The Company is entitled to withhold from any payment due to you
                                         any amounts required to be withheld by applicable laws or regulations.

 

		15.	409A
                                         Matters. This Offer Letter is intended to comply with Section 409A of the Code
                                         or one or more exemptions therefrom. Without limiting the foregoing, if on the date of
                                         termination of employment you are a “specified employee” (within the meaning
                                         of 

 

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Section 409A
of the Code), then to the extent required in order to comply with Section 409A of the Code, amounts that constitute “nonqualified
deferred compensation” (as defined in Section 409A of the Code) and are not otherwise exempt from Section 409A of the Code
that would otherwise be payable during the six-month period immediately following the termination date will instead be paid (without
interest) on the earlier of (i) the first business day after the date that is six months following the termination date or
(ii) your death. All references herein to “termination date” or “termination of employment” mean
“separation from service” as an employee within the meaning of Section 409A of the Code. It is intended that
each installment of payments hereunder constitutes a separate “payment” for purposes of Section 409A of the Code.
To the extent that any provision hereof is ambiguous as to its compliance with Section 409A of the Code, the provision will
be interpreted so that all payments hereunder comply with Section 409A of the Code or one or more exemptions therefrom. To
the extent any expense reimbursement or in-kind benefit is subject to Section 409A of the Code, (1) the amount of any such
expenses eligible for reimbursement, or the provision of any in-kind benefit in one calendar year will not affect the expenses
eligible for reimbursement in any other taxable year, (2) in no event will any expenses be reimbursed after the last day of the
calendar year following the calendar year in which you incurred such expenses, and (3) in no event will any right to reimbursement
or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. The Company makes no representation
or warranty that, and will have no liability to you or any other person if, any payments or benefits are determined to constitute
deferred compensation subject to Section 409A of the Code but do not satisfy the conditions thereof or an exemption therefrom.

 

		16.	280G
                                         Matters. If payments or benefits owed to you by the Company are considered “parachute
                                         payments” under Section 280G of the Code, then such payments will be limited to
                                         the greatest amount which may be paid to you under Section 280G of the Code without causing
                                         any loss of deduction to the Company thereunder, but only if, by reason of such reduction,
                                         the net after tax benefit to you exceeds the net after tax benefit to you if such reduction
                                         were not made (in each case, taking into account all applicable income, employment, and
                                         excise taxes). These determinations will be made at the Company’s expense by a
                                         nationally recognized certified public accounting firm designated by the Company and
                                         reasonably acceptable to you (the “Accounting Firm”).  In
                                         the event of any mistaken underpayment or overpayment under this Section 16, as
                                         determined by the Accounting Firm, the amount thereof will be paid to you or refunded
                                         to the Company, as applicable, but only to the extent any such refund would result in
                                         (i) no portion of such payments being subject to the excise tax imposed by Section 4999
                                         of the Code and (ii) a dollar-for-dollar reduction in your taxable income and wages for
                                         purposes of all applicable income and employment taxes, with interest at the applicable
                                         Federal rate for purposes of Section 7872(f)(2) of the Code.  Any reduction
                                         in payments required by this Section 16 will, to the extent possible, be made
                                         in a manner does not violate the provisions of Section 409A of the Code and will occur
                                         in the following order: (1) any Cash Severance, (2) any other cash amount, (3) any benefit
                                         valued as a “parachute payment,” and (4) the acceleration of vesting of any
                                         equity-based awards.

 

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This
offer of employment expires on January 31, 2021 and supersedes any prior offer which prior offer is null and void. To confirm
your acceptance of this offer, please sign below. I look forward to your positive response, and I am very excited about having
you join us as our CFO.

 

Sincerely,

 

 

	/s/ Mark
Adams	 
	Mark
Adams 

President
& CEO

	 
	 	 

	Date:	1/29/2021	 

 

	 	 	 
	Accepted
and Agreed:	 	 
	 	 	 

 

	/s/ Ken
Rizvi	 
	Ken
Rizvi

	 
	 	 

 

	Date:	1/31/2021	 

 

 

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Exhibit
A 

Definitions

 

“Cause”
means the occurrence of one or more of the following, as determined in good faith by the Board: (A) your act of fraud or material
dishonesty against any member of the Company Group which the Board reasonably determines had or will have a materially detrimental
effect on the reputation or business of any member of the Company Group, (B) your conviction of, or plea of nolo contendere to ̧
(i) a felony (excluding minor traffic offenses) or (ii) any other crime which the Board reasonably determines had or will have
a materially detrimental effect on the reputation or business of any member of the Company Group, (C) your intentional or gross
misconduct, (D) your willful improper disclosure of confidential information, (E) your action or conduct that causes material
harm to any member of the Company Group (including, without limitation, the reputation of any member of the Company Group), or
that otherwise brings you or any member of the Company Group into public disrepute, (F) your material violation of any policy
of any member of the Company Group (including, without limitation, any policy relating to discrimination, sexual harassment or
misconduct) or of this Offer Letter (or any other material agreement between you and any member of the Company Group), after written
notice from the Company, and a reasonable opportunity of not less than 30 days to cure (to the extent curable) such violation,
(G) your failure to reasonably cooperate with any member of the Company Group in any investigation or formal proceeding, or (H)
your continued material violations of your duties, or repeated material failures or material inabilities to perform any reasonably
assigned duties (other than due to your Disability), after written notice from the Board and a reasonable opportunity of not less
than 30 days to cure (to the extent curable) such violations, failures or inabilities (and during which time you will be given
a reasonable opportunity to address any issues with the Board).

 

“Change
in Control” has the meaning set forth in the Stock Plan.

 

“Change
in Control Protection Period” means the period beginning 2 months prior to and ending 12 months following a Change in
Control.

 

“Company
Group” means SMART and each of its subsidiaries.

 

“Disability”
means your inability, due to physical or mental incapacity, to perform your duties under this Offer Letter with substantially
the same level of quality as immediately prior to such incapacity for a period of 90 consecutive days or 120 days during any consecutive
six-month period. In conjunction with determining Disability for purposes of this Offer Letter, you hereby (i) consent to any
such examinations which are relevant to a determination of whether you are mentally and/or physically disabled and (ii) agree
to furnish such medical information as may be reasonably requested.

 

“Good
Reason” means the occurrence, without your written consent, of any of the following events: (A) a material reduction
in the nature or scope of your responsibilities, duties or authority from those contemplated as CFO (it being understood that
your failure to be elected, re-elected, or otherwise to serve on the Board will not contribute in any way to the existence of
Good Reason), (B) a material reduction in your then-current Base Salary (other than due to a general salary reduction program),
(C) you cease to report to

 

    A-1 

     

    

 

the Chief Executive Officer of SMART, or (D) you are required to permanently relocate your primary
home residence as a result of the Company’s relocation of your primary office location outside a 50-mile radius of the Company’s
current offices in Newark, California; provided that any such event described in clauses (A) through (D) above will not
constitute Good Reason unless (i) you deliver to the Board a notice of termination for Good Reason within 90 days after you first
learn of the existence of the circumstances giving rise to Good Reason, (ii) within 30 days following the delivery of such notice
of termination for Good Reason, the Company has failed to cure the circumstances giving rise to Good Reason, and (iii) following
such failure to cure, you resign your employment within 30 days thereof.

 

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    A-2 

     

    

Exhibit
B

Initial Equity Awards

 

The
terms of your initial equity awards will be consistent with those set forth in the summary below. Each of your initial equity
awards will be subject to the terms and conditions set forth in the Stock Plan and an award agreement issued to you in connection
with these grants (collectively, the “Award Documentation”), which will supersede and replace the summary set
forth below. Notwithstanding the foregoing, SMART may, in its sole discretion, choose to grant any or all of the following initial
equity awards (other than the Options) in the form of restricted share awards (which would not provide voting rights or dividend
payments prior to vesting) rather than restricted share unit awards.

 

		1.	Time-Based
                                         RSU Award. As soon as reasonably practicable following the Start Date, you
                                         will be granted restricted share units to acquire a number of ordinary shares of SMART
                                         with an aggregate grant date fair value of $2,000,000, based on the 30-day average closing
                                         price of an ordinary share of SMART ending on the trading day preceding the grant date
                                         (the “RSUs”). Subject to your continued service through each vesting
                                         date, (i) 25% of the RSUs will vest in an open trading window approximately one year
                                         after the grant date and (ii) the remainder will vest in equal quarterly installments
                                         (equal to 1/16th of the number of shares in the original award) in an
                                         open trading window approximately every three months thereafter (through the final vesting
                                         date on approximately the fourth annual anniversary of the grant date). The RSUs will
                                         be subject to “double-trigger” vesting acceleration upon a qualifying termination
                                         of your service following a Change in Control, as set forth in the Offer Letter.

 

		2.	1.5x
                                         PRSU Award.  As soon as reasonably practicable following the Start
                                         Date, you will be granted performance-based restricted share units to acquire a
                                         number of ordinary shares of SMART with an aggregate grant date fair value of $200,000,
                                         based on the 30-day average closing price of an ordinary share of SMART ending on the
                                         trading day preceding the grant date (the “1.5x PRSUs”). The 1.5x
                                         PRSUs will vest in four equal tranches of 25% each in an open trading window approximately
                                         on each of the first four annual anniversaries of the grant date, subject to (i) your
                                         continued service through each vesting date, and (ii) the closing price of an ordinary
                                         share of SMART equaling or exceeding 150% of the closing price of an ordinary share of
                                         SMART on the Start Date for at least 60 consecutive trading days at any time during the
                                         one-year period immediately preceding the applicable vesting date (the performance condition
                                         described in this clause (ii), the “150% Price Hurdle”); provided
                                         that if any 25% tranche of the 1.5x PRSUs did not vest on its originally-scheduled
                                         vesting date due solely to 150% Price Hurdle not being achieved as of such vesting date,
                                         then such 25% tranche will instead vest on the first subsequent annual vest date as of
                                         which the 150% Price Hurdle is achieved. If the 150% Price Hurdle is not achieved as
                                         of the fourth annual vest date, then any remaining unvested portion of the 1.5x PRSUs
                                         will be immediately forfeited and added back into the pool of shares available for grant
                                         under the Stock Plan.

 

    B-1 

     

    

 

		3.	2.0x
                                         PRSU Award.  As soon as reasonably practicable following the Start
                                         Date, you will be granted performance-based restricted share units to acquire a
                                         number of ordinary shares of SMART with an aggregate grant date fair value of $200,000,
                                         based on the 30-day average closing price of an ordinary share of SMART ending on the
                                         trading day preceding the grant date (the “2.0x PRSUs”). The 2.0x
                                         PRSUs will vest in four equal tranches of 25% each in an open trading window approximately
                                         on each of the first four annual anniversaries of the grant date, subject to (i) your
                                         continued service through each vesting date, and (ii) the closing price of an ordinary
                                         share of SMART equaling or exceeding 200% of the closing price of an ordinary share of
                                         SMART on the Start Date for at least 60 consecutive trading days at any time during the
                                         one-year period immediately preceding the applicable vesting date (the performance condition
                                         described in this clause (ii), the “200% Price Hurdle”); provided
                                         that if any 25% tranche of the 2.0x PRSUs did not vest on its originally-scheduled
                                         vesting date due solely to 200% Price Hurdle not being achieved as of such vesting date,
                                         then such 25% tranche will instead vest on the first subsequent annual vest date as of
                                         which the 200% Price Hurdle is achieved. If the 200% Price Hurdle is not achieved as
                                         of the fourth annual vest date, then any remaining unvested portion of the 2.0x PRSUs
                                         will be immediately forfeited and added back into the pool of shares available for grant
                                         under the Stock Plan.

 

		4.	Offer
                                         Letter Impact. With respect to the 1.5x PRSUs and the 2.0x PRSUs, as applicable,
                                         in the event of a Change in Control, to the extent not already vested, Section 9
                                         of the Offer Letter would result in a prorated portion of the equity award (based on
                                         the portion of the original performance period elapsed through the date of the Change
                                         in Control) becoming vested if the Board determines that a prorated portion of the applicable
                                         price hurdle (determined using linear interpolation based on the incremental portion
                                         of the applicable price hurdle over the original performance period) is achieved as of
                                         the Change in Control.

 

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    B-2Exhibit 10.1

 

SUBSCRIPTION
AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on _________, 2021, by and between
Holicity Inc., a Delaware corporation (the “Company”), and the undersigned subscriber (“Subscriber”).

 

RECITALS

 

WHEREAS,
concurrently with the execution of this Subscription Agreement, the Company is entering into an Agreement and Plan of Merger with
Holicity Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”)
and Astra Space, Inc., a Delaware corporation (the “Target”), pursuant to which (and subject to the terms and
conditions set forth therein) Merger Sub will merge with and into the Target, with the Target surviving the merger (such agreement
as amended, supplemented, restated or otherwise modified from time to time, the “Merger Agreement” and the
transactions contemplated by the Merger Agreement, collectively, the “Transaction”);

 

WHEREAS,
in connection with the Transaction, Subscriber desires to subscribe for and purchase from the Company, immediately prior to, and
contingent on, the consummation of the Transaction, that number of shares of the Company’s Class A common stock, par
value $0.0001 per share (the “Class A Shares”), set forth on the signature page hereto (the “Subscribed
Shares”) for a purchase price of $10.00 per share (the “Per Share Price” and the aggregate of such
Per Share Price for all Subscribed Shares being referred to herein as the “Purchase Price”), and the Company
desires to issue and sell to Subscriber the Subscribed Shares in consideration of the payment of the Purchase Price by or on behalf
of Subscriber to the Company; and

 

WHEREAS,
concurrently with the execution of this Subscription Agreement, the Company is entering into subscription agreements (the “Other
Subscription Agreements” and together with the Subscription Agreement, the “Subscription Agreements”)
with certain other investors (the “Other Subscribers” and together with the Subscriber, the “Subscribers”),
which are on substantially the same terms as the terms of this Subscription Agreement, pursuant to which such investors have agreed
to purchase on the closing date of the Transaction (the “Closing Date”), inclusive of the Subscribed Shares,
an aggregate amount of ____________ Class A Shares, at the Per Share Price (the shares of the Other Subscribers, the “Other
Subscribed Shares”).

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the
conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

AGREEMENT

 

1. Subscription.
Subject to the terms and conditions hereof, at the Closing (as defined below), Subscriber hereby agrees to subscribe for and purchase,
and the Company hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Subscribed Shares (such
subscription and issuance, the “Subscription”).

 

2. Closing.

 

(a) The
consummation of the Subscription contemplated hereby (the “Closing”) shall occur on the Closing Date immediately
prior to the consummation of the Transaction and is contingent on the completion of the Transaction.

 

     

     

    

 

(b) At
least five (5) Business Days before the anticipated Closing Date, the Company shall deliver written notice to Subscriber
(the “Closing Notice”) specifying (i) the anticipated Closing Date and (ii) the wire instructions
for delivery of the Purchase Price to the Company. No later than two (2) Business Days prior to the anticipated Closing Date
set forth in the Closing Notice, Subscriber shall deliver to the Company such information as is reasonably requested in the Closing
Notice in order for the Company to issue the Subscribed Shares to Subscriber. Subscriber shall deliver to the Company, on or prior
to 8:00 a.m. (Eastern time) (or as soon as practicable after the Company or its transfer agent delivers evidence of the issuance
to Subscriber of the Subscribed Shares on and as of the Closing Date) on the anticipated Closing Date specified in the Closing
Notice, the Purchase Price in cash via wire transfer to the account specified in the Closing Notice against (and concurrently
with) delivery by the Company to Subscriber of (i) the Subscribed Shares in book entry form, free and clear of any liens
or other restrictions (other than those arising under this Subscription Agreement or state or federal securities laws), in the
name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as
applicable, and (ii) written notice from the Company or its transfer agent evidencing the issuance to Subscriber of the Subscribed
Shares on and as of the Closing Date. In the event that the consummation of the Transaction does not occur within one (1) Business
Day after the anticipated Closing Date specified in the Closing Notice, the Company shall promptly (but in no event later than
one (1) Business Day after the anticipated Closing Date specified in the Closing Notice) return the funds so delivered by
Subscriber to the Company by wire transfer in immediately available funds to the account specified by Subscriber. For the purposes
of this Subscription Agreement, “Business Day” means any day other than a Saturday, Sunday or a day on which
the Federal Reserve Bank of New York is closed.

 

(c) The
Closing shall be subject to the satisfaction or valid waiver by the Company, on the one hand, or the Subscriber, on the other
hand, of the conditions that, on the Closing Date:

 

		(i)	all
                                         conditions precedent to the closing of the Transaction set forth in the Merger Agreement,
                                         including the approval of the Company’s stockholders, shall have been satisfied
                                         or waived, and the closing of the Transaction shall be scheduled to occur concurrently
                                         with or immediately following the Closing;

 

		(ii)	no
                                         governmental authority shall have enacted, issued, promulgated, enforced or entered any
                                         judgment, order, law, rule or regulation (whether temporary, preliminary or permanent)
                                         which is then in effect and has the effect of making consummation of the transactions
                                         contemplated hereby illegal or otherwise restraining or prohibiting consummation of the
                                         transactions contemplated hereby; and no such governmental authority shall have instituted
                                         or threatened in writing a proceeding seeking to impose any such restraint or prohibition;
                                         and

 

		(iii)	all
                                         consents, waivers, authorizations or orders of, any notice required to be made to, and
                                         any filing or registration with, any court or other federal, state, local or other governmental
                                         authority, self-regulatory organization or other person in connection with the execution,
                                         delivery and performance of this Subscription Agreement (including, without limitation,
                                         the issuance of the Subscribed Shares) required to be made in connection with the issuance
                                         and sale of the Subscribed Shares shall have been obtained or made, except where the
                                         failure to so obtain or make would not prevent the Company from consummating the transaction
                                         contemplated hereby, including the issuance and sale of the Subscribed Shares.

 

(d) The
obligation of the Company to consummate the Closing shall be subject to the satisfaction or valid waiver by the Company of the
additional conditions that, on the Closing Date:

 

		(i)	all
                                         representations and warranties of Subscriber contained in this Subscription Agreement
                                         shall be true and correct in all material respects (other than representations and warranties
                                         that are qualified as to materiality or Subscriber Material Adverse Effect (as defined
                                         below), which representations and warranties shall be true in all respects) at and as
                                         of the Closing Date, unless such representations and warranties specifically speak of
                                         an earlier date, in which case, they shall be true and correct in all material respects
                                         (other than representations and warranties that are qualified as to materiality or Subscriber
                                         Material Adverse Effect, which representations and warranties shall be true in all respects)
                                         as of such earlier date; and

 

    2

     

    

 

		(ii)	Subscriber
                                         shall have performed, satisfied and complied in all material respects with all covenants,
                                         agreements and conditions required by this Subscription Agreement to be performed, satisfied
                                         or complied with by it at or prior to the Closing.

 

(e) The
obligation of Subscriber to consummate the Closing shall be subject to the satisfaction or valid waiver by Subscriber of the additional
conditions that, on the Closing Date:

 

		(i)	all
                                         representations and warranties of the Company contained in this Subscription Agreement
                                         shall be true and correct in all material respects (other than representations and warranties
                                         that are qualified as to materiality or Company Material Adverse Effect (as defined below),
                                         which representations and warranties shall be true in all respects) at and as of the
                                         Closing Date, unless such representations and warranties specifically speak of an earlier
                                         date, in which case, they shall be true and correct in all material respects (other than
                                         representations and warranties that are qualified as to materiality or Company Material
                                         Adverse Effect, which representations and warranties shall be true in all respects) as
                                         of such earlier date;

 

		(ii)	the
                                         Company shall have performed, satisfied and complied in all material respects with all
                                         covenants, agreements and conditions required by this Subscription Agreement to be performed,
                                         satisfied or complied with by it at or prior to the Closing;

 

		(iii)	no
                                         suspension of the qualification of the Subscribed Shares for offering or sale or trading
                                         in any jurisdiction, or initiation or threatening of any proceedings for any of such
                                         purposes, shall have occurred, and the Subscribed Shares shall be listed for trading
                                         on The Nasdaq Capital Market (“NASDAQ”), subject to official notice
                                         issuance;

 

		(iv)	no
                                         amendment, modification or waiver of the Merger Agreement shall have occurred that would
                                         reasonably be expected to materially and adversely affect the economic benefits that
                                         Subscriber would reasonably expect to receive under this Subscription Agreement, including,
                                         without limitation, any material amendment or waiver of any representation or covenant
                                         of the Company or the Target relating to the financial position or outstanding indebtedness
                                         of the Company or the Target, unless the Subscriber has consented in writing thereto;

 

		(v)	any
                                         minimum cash condition that appears in the draft of the Merger Agreement made available
                                         to the undersigned prior to the execution of this Subscription Agreement will not be
                                         amended or waived through the Closing Date;

 

		(vi)	no
                                         Material Adverse Effect in respect of the Company or Material Adverse Effect in respect
                                         of the Target (each as defined in the Merger Agreement) shall have occurred and being
                                         continuing on the Closing Date; and

 

		(vii)	there
                                         shall have been no amendment, waiver or modification to the Other Subscription Agreements
                                         that materially benefits the investors thereunder unless the Subscriber has been offered
                                         substantially the same benefits.

 

(f)
In the event that a valid waiver is obtained by the Company from some of the Subscribers, but such waiver is not obtained unanimously
from all Subscribers, the Company may still consummate the Closing by relying on the consent from a portion of the Subscribers
and excluding the non-consenting Subscribers, provided that the closing conditions are otherwise satisfied with respect to the
consenting Subscribers.

 

(g) Prior
to or at the Closing, Subscriber shall, at the request of the Company, deliver to the Company a duly completed and executed Internal
Revenue Service Form W-9 or appropriate Form W-8.

 

    3

     

    

 

3. Company
Representations and Warranties. The Company represents and warrants to Subscriber that:

 

(a) The
Company (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation,
(ii) has the requisite power and authority to own, lease and operate its properties, to carry on its business as it is now
being conducted and to enter into and perform its obligations under this Subscription Agreement, and (iii) is duly licensed
or qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction (other than its
jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or assets requires such
license or qualification, except, with respect to the foregoing clause (iii), where the failure to be in good standing would not
reasonably be expected to have a Company Material Adverse Effect. For purposes of this Subscription Agreement, a “Company
Material Adverse Effect” means an event, change, development, occurrence, condition or effect with respect to the Company
and its subsidiaries, taken together as a whole (on a consolidated basis), that, individually or in the aggregate, would reasonably
be expected to have a material adverse effect on (i) the business, financial condition, stockholders equity or results of
operations of the Company and its subsidiaries, taken together as a whole (on a consolidated basis) or (ii) the Company’s
ability to consummate the transactions contemplated hereby, including (A) the issuance and sale of the Subscribed Shares
or (B) the Transaction.

 

(b) The
Subscribed Shares have been duly authorized and, when issued and delivered to Subscriber against full payment therefor, are free
and clear of any liens or other restrictions whatsoever (other than those specified hereunder) in accordance with the terms of
this Subscription Agreement and registered with the Company’s transfer agent, will be validly issued, fully paid and non-assessable
and will not have been issued in violation of any preemptive rights created under the Company’s organizational documents
or the laws of its jurisdiction of incorporation or otherwise. As of the Closing Date, the Subscribed Shares will be issued in
book entry form and cleared and settled through the Depositary Trust Company or one of its subsidiaries.

 

(c) Each
of this Subscription Agreement, the Other Subscription Agreements and the Merger Agreement (the “Transactional Documents”)
has been duly authorized, executed and delivered by the Company, and assuming the due authorization, execution and delivery of
the same by the other parties thereto, such Transaction Document shall constitute the valid and legally binding obligation of
the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

(d) The
execution and delivery of this Subscription Agreement, the Other Transaction Documents, the issuance and sale of the Subscribed
Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the other Transaction Documents
and the consummation of the transactions contemplated herein and therein will not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge
or encumbrance upon any of the property or assets of the Company pursuant to the terms of (i) any indenture, mortgage, deed
of trust, loan agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company
is bound or to which any of the property or assets of the Company is subject; (ii) the organizational documents of the Company;
or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or
foreign, having jurisdiction over the Company or any of its properties that, in the case of clauses (i) and (iii), would,
individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

 

    4

     

    

 

(e) Assuming
the accuracy of the representations and warranties of the Subscriber, the Company is not required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local
or other governmental authority, self-regulatory organization NASDAQ or other person in connection with the execution, delivery
and performance of this Subscription Agreement (including, without limitation, the issuance of the Subscribed Shares), other than
(i) notice filings required by applicable state securities laws, (ii) the filing of the Registration Statement pursuant
to Section 5, (iii) the filing of a Notice of Exempt Offering of Securities on Form D with the United States
Securities and Exchange Commission (“Commission”) under Regulation D under the Securities Act of 1933,
as amended (the “Securities Act”), if applicable, (iv) the filing of a supplemental listing application
with NASDAQ, (v) those required to consummate the Transaction as provided under the Merger Agreement, (vi) the filing
of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable, and (vii) the failure of which
to obtain would not be reasonably likely to have a Company Material Adverse Effect. There are no material outstanding or unresolved
comments in comment letters from the staff of the Division of Corporation Finance of the Commission with respect to any report,
statement, schedule, prospectus or registration statement filed by the Company with the Commission.

 

(f) As
of their respective dates, all reports, statements, schedules, registration statements, proxy statements, and other documents
filed by the Company with the Commission, since its initial registration of its Common Stock (as defined below) or to be filed
within four (4) Business Days after the date of this Subscription Agreement (the “SEC Reports”) complied, or
will comply, in all material respects with the requirements of the Securities Act and the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, and none
of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The financial statements of the Company included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the
time of filing and fairly present in all material respects the financial position of the Company as of and for the dates thereof
and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
year-end audit adjustments. There are no material outstanding or unresolved comments in comment letters from the Staff of the
Commission with respect to any of the SEC Reports.

 

(g) As
of the date hereof and as of immediately prior to the Closing, the authorized share capital of the Company consists of (i) 1,000,000
shares of preferred stock, with a par value of $0.0001 per share (“Preferred Shares”), and (ii) 220,000,000
shares of common stock with a par value of $0.0001 per share, consisting of 200,000,000 Class A Shares, and 20,000,000 shares
of Class B common stock (“Class B Shares” and together with the Class A Shares, “Common
Stock”). As of the date hereof and immediately prior to the Closing and prior to giving effect to any of the transactions
contemplated by the Merger Agreement: (i) 30,000,000 Class A Shares, 7,500,000 Class B Shares and no Preferred
Shares are and will be issued and outstanding; (ii) 15,333,333 warrants, each exercisable to purchase one share of Class A
Common Stock at $11.50 per share (“Warrants”), are and will be issued and outstanding, including 5,333,333
private placement warrants; and (iii) no shares of Class A Common Stock are or will be subject to issuance upon exercise
of outstanding options. No Warrants are exercisable on or prior to the Closing. All (i) issued and outstanding Common Stock
has been duly authorized and validly issued, is fully paid and non-assessable and is not subject to preemptive rights and (ii) outstanding
Warrants have been duly authorized and validly issued, are fully paid and are not subject to, or issued in violation of, preemptive
rights. As of the date hereof, except as set forth above and pursuant to (i) the Other Subscription Agreements, or (ii) the
Merger Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company
any Common Stock or other equity interests in the Company (collectively, “Equity Interests”) or securities
convertible into or exchangeable or exercisable for Equity Interests. The Company has no subsidiaries other than the Merger Sub
and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person (other than the Merger
Sub), whether incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements or understandings
to which the Company is a party or by which it is bound relating to the voting of any Equity Interests, other than (A) the
letter agreements entered into by the Company in connection with the Company’s initial public offering on August 4, 2020
pursuant to which Pendrell Holicity Holdings Corporation and the Company’s executive officers and independent directors
agreed to vote in favor of any proposed Business Combination (as defined therein), which includes the Transaction, and (B) as
contemplated by the Merger Agreement. Other than Class B Shares, which have the anti-dilution rights described in the Company’s
amended and restated certificate of incorporation, there are no securities or instruments issued by or to which the Company is
a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Subscribed Shares
or (ii) the shares to be issued pursuant to any Other Subscription Agreement or (iii) any other shares of capital stock of
the Company to be issued pursuant to the Transaction. Except as disclosed in the SEC Reports, as of January 29, 2021, the Company
had no outstanding indebtedness.

 

    5

     

    

 

(h) Except
for such matters as, individually or in the aggregate, have not had and would not be reasonably expected to have a Company Material
Adverse Effect, there is no (i) suit, action, proceeding or arbitration before a governmental authority or arbitrator pending,
or, to the knowledge of the Company, threatened in writing against the Company or (ii) judgment, decree, injunction, ruling
or order of any governmental authority or arbitrator outstanding against the Company.

 

(i) The
issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act, and are listed for
trading on NASDAQ under the symbol “HOL.” There is no suit, action, proceeding or investigation pending or, to the
knowledge of the Company, threatened against the Company by NASDAQ or the Commission with respect to any intention by such entity
to deregister the Class A Shares or prohibit or terminate the listing of the Class A Shares on NASDAQ. The Company has
taken no action that is designed to terminate, or expected to result in the termination of, the registration of the Class A
Shares under the Exchange Act.

 

(j) Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 4 of this Subscription
Agreement, no registration under the Securities Act is required for the offer and sale of the Subscribed Shares by the Company
to Subscriber.

 

(k) Neither
the Company nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D) in connection with any offer or sale of the Subscribed Shares.

 

(l)
The Company has not received any written communication from a governmental authority that alleges that the Company is not in compliance
with, or is in default or violation of, any applicable antitrust or anticorruption law, except where such non-compliance, default
or violation would not be reasonably expected to have a Company Material Adverse Effect or have a material adverse effect on the
Company’s ability to consummate the transactions contemplated hereby, including the issuance and sale of the Subscribed
Shares.

 

(m)
Other than fees payable to the Placement Agents (as defined below), the Company has not entered into any agreement or arrangement
entitling any agent, broker, investment banker, financial advisor or other person to any broker’s or finder’s fee
or any other commission or similar fee in connection with the transactions contemplated by this Subscription Agreement for which
the undersigned could become liable. Other than the Placement Agents (as defined below), the Company is not aware of any person
that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale
of any Subscribed Shares.

 

(n)
The Company is in compliance with all applicable laws, except where such non-compliance would not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect. The Company has not received any written communication that
alleges that the Company is not in compliance with, or is in default or violation of, any applicable law, except where such non-compliance,
default or violation would not, individually or in the aggregate, be reasonably expected to have a Company Material Adverse Effect.

 

    6

     

    

 

(o)
The Company acknowledges and agrees that the Subscribed Shares may be pledged by the Subscriber in connection with a bona fide
margin agreement, and the Subscriber effecting a pledge of Subscribed Shares shall not be required to provide the Company with
any notice thereof or otherwise make any delivery to the Company pursuant to this Subscription Agreement. The Company hereby agrees
to execute and deliver such documentation as a pledgee of the Subscribed Shares may reasonably request in connection with a pledge
of the Subscribed Shares to such pledgee by the Subscriber, provided that the Subscriber shall be responsible for payment of reasonable
legal fees and expenses incurred by the Company in connection with such request.

 

(p)
The Company hereby represents and warrants that, as of the date hereof, and covenants and agrees that after the date hereof, none
of the Other Subscription Agreements or any other agreement with any Other Subscriber or other potential or actual investor in
respect of the Company includes or will include terms, rights or other benefits that are more favorable to any such other person
that the terms, rights and benefits in favor of the Subscriber under this Subscription Agreement, and the Company will not waive
any material obligation under the agreements with any such person unless, in any such case, the Subscriber has been offered in
writing the opportunity to concurrently receive the benefits of all such terms, rights and benefits or waiver. The Subscriber
shall notify the Company in writing, within five (5) Business Days after the date it has been offered the opportunity to receive
the benefit of such terms, rights, benefits or waiver, of its election to receive any such term, right, benefit or waiver so offered.

 

(q)
Other than the Other Subscription Agreements, the Company has not entered into any side letter or similar agreement with any Subscriber
in connection with such Subscriber’s direct or indirect investment in the Company, and no Other Subscription Agreement includes
terms and conditions that are materially more advantageous to any such Other Subscriber than the Subscriber hereunder (other than
terms particular to the regulatory requirements of such subscriber or its affiliates or related funds), and such Other Subscription
Agreements have not been amended or modified in any material respect following the date of this Subscription Agreement to include
any such terms and conditions.

 

(r)
The description of the business and financial information of the Target set forth in the presentation dated January 2020 made
available to Subscriber prior to the execution of this Subscription Agreement, and as amended through the Closing Date (the “Investor
Presentation”), shall be consistent and complete in all material respects with the description of the business and financial
information of the Target described or included in the proxy statement of the Company filed in connection with the approval of
the Merger Agreement by the shareholders of the Company.

 

(s)
The aggregate purchase price to be paid to the Company by the Subscribers shall be $200,000,000.

 

4. Subscriber
Representations and Warranties. Subscriber represents and warrants to the Company that:

 

(a) Subscriber
(i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and (ii) has
the requisite power and authority to enter into and perform its obligations under this Subscription Agreement.

 

(b) This
Subscription Agreement has been duly authorized, executed and delivered by Subscriber, and assuming the due authorization, execution
and delivery of the same by the Company, this Subscription Agreement shall constitute the valid and legally binding obligation
of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

    7

     

    

 

(c) The
execution and delivery of this Subscription Agreement, the purchase of the Subscribed Shares and the compliance by Subscriber
with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to
the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument
to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject;
(ii) the organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of
any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its properties that,
in the case of clauses (i) and (iii), would reasonably, individually or in the aggregate, be expected to have a Subscriber
Material Adverse Effect. For purposes of this Subscription Agreement, a “Subscriber Material Adverse Effect”
means an event, change, development, occurrence, condition or effect with respect to Subscriber that would reasonably be expected
to have a material adverse effect on Subscriber’s ability to consummate the transactions contemplated hereby, including
the purchase of the Subscribed Shares.

 

(d) Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional
“accredited investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable
requirements set forth on Annex A, (ii) is acquiring the Subscribed Shares only for its own account and not for the account
of others, or if Subscriber is subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor accounts,
each owner of such account is a qualified institutional buyer and Subscriber has full investment discretion with respect to each
such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of
each owner of each such account, and (iii) is not acquiring the Subscribed Shares with a view to, or for offer or sale in
connection with, any distribution thereof in violation of the Securities Act (and has provided the Company with the requested
information on Annex A following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring
the Subscribed Shares.

 

(e) Subscriber
understands that the Subscribed Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Subscribed Shares have not been registered under the Securities Act. Subscriber understands
that the Subscribed Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective
registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, or (ii) pursuant
to an applicable exemption from the registration requirements of the Securities Act, and, in each of cases (i) and (ii),
in accordance with any applicable securities laws of the states and other jurisdictions of the United States.

 

(f) Subscriber
understands and agrees that Subscriber is purchasing the Subscribed Shares directly from the Company. Subscriber further acknowledges
that there have not been, and Subscriber hereby agrees that it is not relying on, any representations, warranties, covenants or
agreements made to Subscriber by the Company, any other party to the Transaction or any other person or entity, expressly or by
implication, other than those representations, warranties, covenants and agreements of the Company set forth in this Subscription
Agreement. Subscriber acknowledges that certain information provided by the Company was based on projections, and such projections
were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant
business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained
in the projections.

 

    8

     

    

 

(g) In
making its decision to purchase the Subscribed Shares, Subscriber has relied solely upon independent investigation made by Subscriber,
the Company’s representations in Section 3 and the Investor Presentation. Subscriber acknowledges and agrees that Subscriber
has received such information as Subscriber deems necessary in order to make an investment decision with respect to the Subscribed
Shares, including with respect to the Company and the Transaction (including the Target and its respective subsidiaries (collectively,
the “Acquired Companies”)). Subscriber represents and agrees that Subscriber and Subscriber’s professional
advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber
and such undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect
to the Subscribed Shares. Subscriber acknowledges and agrees that BofA Securities Inc. and PJT Partners LP are acting as placement
agents to the Company (the “Placement Agents”), and that neither the Placement Agents nor any of their respective
affiliates have provided Subscriber with any information or advice with respect to the Subscribed Shares nor is such information
or advice necessary or desired and that none of the Placement Agents or any of their respective affiliates has prepared any disclosure
or offering document in connection with the offer and sale of the Subscribed Shares. Neither the Placement Agents nor their affiliates
has made or makes any representation as to the Company or the Acquired Companies or the quality or value of the Subscribed Shares
and the Placement Agents and any of their respective affiliates may have acquired non-public information with respect to the Company
or the Acquired Companies which Subscriber agrees need not be provided to it. In connection with the issuance of the Subscribed
Shares to Subscriber, neither the Placement Agents nor any of their respective affiliates has acted as a financial advisor or
fiduciary to Subscriber, and that PJT Partners LP acted as financial advisor to the Acquired Companies in addition to its role
as a Placement Agent.

 

(h) Subscriber
became aware of this offering of the Subscribed Shares solely by means of direct contact between Subscriber and the Company or
by means of contact from the Placement Agents and the Subscribed Shares were offered to Subscriber solely by direct contact between
Subscriber and the Company. Subscriber did not become aware of this offering of the Subscribed Shares, nor were the Subscribed
Shares offered to Subscriber, by any other means. Subscriber acknowledges that the Company represents and warrants that the Subscribed
Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered
in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws.

 

(i) Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Subscribed Shares.
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in the Subscribed Shares, and Subscriber has had an opportunity to seek such accounting, legal, business and
tax advice as Subscriber has considered necessary to make an informed investment decision. Subscriber understands and acknowledges
that the purchase and sale of the Shares hereunder is being made in reliance on (i) the exemptions from filing under FINRA Rule
5123(b)(1)(A) or (J) and (ii) the institutional customer exemption under FINRA Rule 2111(b).

 

(j) 
Subscriber (i) is a sophisticated investor, experienced in investing in private equity transactions and capable of evaluating
investment risks independently, both in general and with regard to all transactions and investment strategies involving a security
or securities, and (ii) has exercised independent judgment in evaluating its participation in the purchase of the Shares. Subscriber
has adequately analyzed and fully considered the risks of an investment in the Subscribed Shares and determined that the Subscribed
Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear
the economic risk of a total loss of Subscriber’s investment in the Company. Subscriber acknowledges specifically that a
possibility of total loss exists.

 

(k) Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed
Shares or made any findings or determination as to the fairness of this investment.

 

(l) Subscriber
is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the
U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued
by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited
by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515,
or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. Subscriber agrees to provide
law enforcement agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted
to do so under applicable law. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31
U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001 and its implementing regulations (collectively, the
“BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably designed to comply with applicable
obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures
reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. Subscriber
further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure
that the funds held by Subscriber and used to purchase the Subscribed Shares were legally derived.

 

    9

     

    

 

(m) Subscriber
does not have, as of the date hereof, and during the 30-day period immediately prior to the date hereof such Subscriber has not
entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or short
sale positions with respect to the securities of the Company. Notwithstanding the foregoing, (i) the representation set forth
above shall not apply to other entities under common management with the Subscriber that have no knowledge of this Subscription
Agreement or of the Subscriber’s participation in the Transactions (including the Subscriber’s controlled affiliates
and/or affiliates) and (ii) in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Subscriber’s assets and the portfolio managers have no direct knowledge of the
investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets, the representation
set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment
decision to purchase the Subscribed Shares covered by this Agreement.

 

(n) If
Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other
arrangement that is subject to section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or
an employee benefit plan that is a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in section
3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing
but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar
to such provisions of ERISA or the Code, or an entity whose underlying assets are considered to include “plan assets”
of any such plan, account or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction
provisions of ERISA or section 4975 of the Code, then Subscriber represents and warrants that neither the Company, nor any of
its respective affiliates (the “Transaction Parties”) has acted as the Plan’s fiduciary, or has been
relied on for advice, with respect to its decision to acquire and hold the Subscribed Shares, and none of the Transaction Parties
shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer
the Subscribed Shares.

 

(o) Subscriber
at the Closing will have sufficient funds to pay the Purchase Price pursuant to Section 2(b).

 

(p) Subscriber
agrees that, notwithstanding Section 9(i), the Placement Agents and, following the Closing, the Target may rely
upon the representations and warranties made by Subscriber to the Company in this Section 4.

 

    10

     

    

 

5. Registration
of Subscribed Shares.

 

(a) The
Company agrees that, prior to the Closing Date and no later than 10 business days following the Closing Date, the Company will
file with the Commission (at the Company’s sole cost and expense) a registration statement (including the prospectus included
in such registration statement, amendments (including post-effective amendments)) and supplements to such registration statement,
and all exhibits to and all material incorporated by reference in such registration statement, (the “Registration Statement”)
registering the offer and resale of the Subscribed Shares under the Securities Act, and the Company shall use its commercially
reasonable efforts to have the Registration Statement declared effective upon the Closing or as soon as practicable thereafter,
but in any event no later than the earlier of (1) sixty (60) calendar days following the Closing Date (or ninety (90) calendar
days after the Closing Date if the Registration Statement is reviewed by, and comments thereto are provided by, the Commission)
and (2) the tenth (10th) business day after the date the Company is notified (orally or in writing, whichever is earlier)
by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review.
The Company will provide a draft of the Registration Statement to the Subscriber for review at least two (2) business days
in advance of the filing of the Registration Statement. Notwithstanding the foregoing, if the Commission prevents the Company
from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use
of Rule 415 under the Securities Act for the resale of the Subscribed Shares by the applicable stockholders or otherwise,
such Registration Statement shall register for resale such number of Subscribed Shares which is equal to the maximum number of
Subscribed Shares as is permitted to be registered by the Commission. In such event, the number of Subscribed Shares to be registered
for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders
and as promptly as practicable after being permitted to register additional Subscribed Shares under Rule 415 under the Securities
Act, the Company shall amend the Registration Statement or file a new Registration Statement to register such additional Subscribed
Shares and cause such amendment or Registration Statement to become effective as promptly as practicable. The Company agrees that,
except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, the Company will use commercially reasonable efforts, at its expense, to cause such Registration Statement to remain
effective with respect to Subscriber, to keep any qualification, exemption or compliance under state securities laws which the
Company determines to obtain continuously effective with respect to the Subscriber and to keep the applicable Registration Statement
or any subsequent shelf registration statement free of any material misstatements or omissions until the earlier of (i) three
(3) years from the effective date of the Registration Statement, (ii) the date on which all of the Subscribed Shares
shall have been sold, or (iii) the first date on which the undersigned can sell all of its Subscribed Shares (or shares received
in exchange therefor) under Rule 144 under the Securities Act without restriction, including without limitation , any volume
and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Company
to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable).
For as long as the Registration Statement shall remain effective pursuant to the immediately preceding sentence, the Company will
file all reports, and provide all customary and reasonable cooperation, necessary to enable the undersigned to resell the Subscribed
Shares pursuant to the Registration Statement, qualify the Subscribed Shares for listing on the applicable stock exchange on which
the Company’s Class A Shares are then listed, update or amend the Registration Statement as necessary to include the
Subscribed Shares, and, upon request of the Subscriber, use commercially reasonable efforts to cause any restrictive legend on
the Subscribed Shares to be removed in connection with any sale pursuant to an effective Registration Statement or Rule 144, if
available. The undersigned agrees to disclose its beneficial ownership, as determined in accordance with Rule 13d-3 under
the Exchange Act, of Subscribed Shares to the Company (or its successor) upon request to assist the Company in making the determination
described above. The Company’s obligations to include the Subscribed Shares in the Registration Statement are contingent
upon Subscriber furnishing in writing to the Company such information regarding Subscriber, the securities of the Company held
by Subscriber and the intended method of disposition of the Subscribed Shares as shall be reasonably requested by the Company
to effect the registration of the Subscribed Shares, and Subscriber shall execute such documents in connection with such registration
as the Company may reasonably request that are customary for a selling stockholder in similar situations, including providing
that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary
blackout or similar period or as permitted hereunder; provided that the Subscriber shall not in connection with the foregoing
be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability
to transfer the Subscribed Shares. In the case of the registration, qualification, exemption, or compliance effected by the Company
pursuant to this Subscription Agreement, the Company shall, upon reasonable request, inform Subscriber as to the status of such
registration, qualification, exemption, or compliance. If the Commission requests that the Subscriber be identified as a statutory
underwriter in the Registration Statement, the Company shall promptly notify the Subscriber in writing and the Subscriber will
have an opportunity to withdraw from the Registration Statement. Notwithstanding anything to the contrary contained herein, the
Company may delay or postpone filing of such Registration Statement, and from time to time require Subscriber not to sell under
the Registration Statement or suspend the use or effectiveness of any such Registration Statement, if it determines that in order
for the registration statement to not contain a material misstatement or omission, an amendment thereto would be needed, or if
such filing or use could materially affect a bona fide business or financing transaction of the Company or would require premature
disclosure of information that could materially adversely affect the Company (each such circumstance, a “Suspension Event”);
provided that (x) the Company shall not so delay filing or so suspend the use of the Registration Statement for a period
of more than forty-five (45) consecutive days, or more than a total of ninety (90) days, or more than two (2) times, in each
case during in any three hundred sixty (360)-day period and (y) the Company shall use commercially reasonable efforts to
make such registration statement available for the sale by the undersigned of such securities as soon as practicable thereafter.

 

    11

     

    

 

(b) 
At its expense, the Company shall advise Subscriber as expeditiously as possible, but in any event within two (2) Business Days
or, in the case of (vi) below, immediately:

 

(i)
when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement
or any post-effective amendment thereto has become effective;

 

(ii)
of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein
or for additional information;

 

(iii)
of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation
of any proceedings for such purpose;

 

(iv)
of the receipt by the Company of any notification with respect to the suspension of the qualification of the Subscribed Shares
included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

(v)
subject to the provisions in this Subscription Agreement, of the occurrence of a Suspension Event or any other event that requires
the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not
misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein
(in the case of a prospectus, in the light of the circumstances under which they were made) not misleading; and

 

(vi)
when the legend has been removed from the Subscribed Shares, which shall be no later than one (1) hour after the Registration
Statement has been declared effective by the SEC.

 

Notwithstanding
anything to the contrary set forth herein, the Company shall not, when so advising the Subscriber of such events, provide the
Subscriber with any material, nonpublic information regarding the Company other than to the extent providing notice to the Subscriber
of the occurrence of the events listed in (i) through (vi) above constitutes material, nonpublic information regarding the Company.

 

(c) The
Company shall:

 

(i)
use its commercially reasonably efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

 

    12

     

    

 

(ii)
except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part
of a Registration Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably practicable prepare
a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required
document, so that, as thereafter delivered to purchasers of the Subscribed Shares included therein, such prospectus will not include
any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading;

 

(iii)
use its commercially reasonable efforts to cause all Subscribed Shares to be listed on each securities exchange or market, if
any, on which the Subscribed Shares have been listed and to cause the transfer agent for the Subscribed Shares to remove all legends
and restrictions relating to transfer of the Subscribed Shares prior to the effectiveness of the Registration Statement and facilitate
deposit of the Subscribed Shares in book entry form, free of any restriction on resale, into such account and pursuant to such
instruction as the Subscriber has provided to the transfer agent in writing;

 

(iv)
cause its legal counsel or other counsel satisfactory to the transfer agent: (i) while the Registration Statement is effective,
to issue to the transfer agent a “blanket” legal opinion to allow (A) the legend on the Subscribed Shares to be removed,
or (B) sales without restriction pursuant to the effective Registration Statement, and (ii) provide all other opinions as may
reasonably be required by the transfer agent in connection with the removal of legends; and

 

(v)
use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Subscribed Shares
required hereby.

 

(d) Upon
receipt of written notice from the Company of the happening of any Suspension Event during the period that the Registration Statement
is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made (in the case of the prospectus), not misleading, the undersigned agrees
that (1) it will promptly discontinue offers and sales of the Subscribed Shares under the Registration Statement (excluding,
for the avoidance of doubt, sales conducted pursuant to Rule 144) until the undersigned receives copies of a supplemental
or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred
to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company
that it may resume such offers and sales, and (2) it will maintain the confidentiality of any information included in such
written notice delivered by the Company unless otherwise required by law, subpoena or regulatory request or requirement.

 

(e) For
purposes of this Section 5 of this Subscription Agreement, “Subscribed Shares” shall mean, as of any date of
determination, the Subscribed Shares (as defined in the recitals to this Subscription Agreement) and any other equity security
issued or issuable with respect to the Subscribed Shares by way of share split, dividend, distribution, recapitalization, merger,
exchange, replacement or similar event, and “Subscriber” shall include any affiliate of the undersigned Subscriber
to which the rights under this Section 5 shall have been duly assigned.

 

    13

     

    

 

(f)
The Company shall, notwithstanding the termination of this Subscription Agreement, indemnify, defend and hold harmless Subscriber
(to the extent a seller under the Registration Statement), its officers, directors, employees, members, managers, partners, advisors,
trustees, stockholders, affiliates, investment advisors and agents, and each person who controls Subscriber (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, employees, members,
managers, partners, advisors, trustees, stockholders, affiliates, investment advisors and agents of such controlling persons to
the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including
reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, (i) that arise out
of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement (or incorporated
by reference therein), any prospectus included in the Registration Statement or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form
of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent,
that such untrue statements or alleged untrue statements, omissions or alleged omissions are based upon information regarding
Subscriber furnished in writing to the Company by Subscriber expressly for use therein or Subscriber has omitted a material fact
from such information and (ii) for any losses due to the Company’s failure to comply with this Section 5.
The Company shall notify the Subscriber promptly of the institution, threat or assertion of any proceeding arising from or in
connection with the transactions contemplated by this Section 5 of which the Company is aware.

 

(g) The
Subscriber shall, severally and not jointly with any Other Subscriber, indemnify and hold harmless the Company, its directors,
officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses,
as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus
or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the
extent, that such untrue statements or omissions are based upon information regarding Subscriber furnished in writing to the Company
by the Subscriber expressly for use therein. In no event shall the liability of Subscriber be greater in amount than the dollar
amount of the net proceeds received by Subscriber upon the sale of the Subscribed Shares giving rise to such indemnification obligation.
The Subscriber and the Company shall notify the other party promptly of the initiation, threat or assertion of any proceeding
arising from or in connection with the transactions contemplated by this Section 5 of which the notifying
party is aware. Notwithstanding the forgoing, Subscriber’s indemnification obligations shall not apply to amounts paid in
settlement of any losses or action if such settlement is effected without the prior written consent of Subscriber (which consent
shall not be unreasonably withheld or delayed).

 

(h) Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If
such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified
party without the consent of the indemnifying party; however, the indemnified party may continue to participate in such defense.
Notwithstanding the foregoing, the defense may not be assumed for claims caused by or arising out of the indemnified party’s
own gross negligence, intentional or criminal misconduct. An indemnifying party who elects not to assume the defense of a claim
shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying
party with respect to such claim, unless in the reasonable judgment of legal counsel to any indemnified party a conflict of interest
exists between such indemnified party and any other of the indemnified parties with respect to such claim. No indemnifying party
shall, without the consent of the indemnified party (which consent shall not be unreasonably withheld, denied or conditioned),
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

    14

     

    

 

(i)
If the indemnification provided under this Section 5 from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by
the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to
correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred
to above shall be deemed to include, subject to the limitations set forth in this Section 5, any legal or other
fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
pursuant to this Section 5 from any person who was not guilty of such fraudulent misrepresentation. Each
indemnifying party’s obligation to make a contribution pursuant to this Section 5(e) shall be individual,
not joint and several, and in no event shall the liability of any Subscriber hereunder be greater in amount than the dollar amount
of the net proceeds received by such Subscriber upon the sale of the Subscribed Shares giving rise to such indemnification obligation.

 

(j)
Subscriber shall not execute any short sales or engage in other hedging transactions (“Short Sales”) of the Subscribed
Shares during the period from the date of this Subscription Agreement through the Closing. For the avoidance of doubt, this Section 5(j)
shall not apply to (i) any sale (including the exercise of any redemption right) of securities of the Company (A) held by
the Subscriber, its controlled affiliates or any person or entity acting on behalf of the Subscriber or any of its controlled
affiliates prior to the execution of this Subscription Agreement or (B) purchased by the Subscriber, its controlled affiliates
or any person or entity acting on behalf of the Subscriber or any of its controlled affiliates in an open market transaction after
the execution of this Subscription Agreement, or (ii) ordinary course, non-speculative hedging transactions. Notwithstanding
the foregoing, (i) nothing herein shall prohibit other entities under common management or control with Subscriber that have
no knowledge of this Subscription Agreement or of Subscriber’s participation in the Subscription (including the Subscriber’s
controlled affiliates and/or affiliates) from entering into any Short Sales, and (ii) in the case of a Subscriber that is
a multi-managed investment vehicle in which separate portfolio managers manage separate portions of such Subscriber’s assets
and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions
of such Subscriber’s assets, the representation set forth above shall only apply with respect to the portion of assets managed
by the portfolio manager that made the investment decision to purchase the Subscribed Shares covered by this Subscription Agreement.

 

(k)
Subscriber may deliver written notice (an “Opt-Out Notice”) to the Company requesting that Subscriber not receive
notices from the Company otherwise required by this Section 5; provided, however, that Subscriber may later revoke any such Opt-Out
Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Company shall
not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice
and (ii) each time prior to Subscriber’s intended use of an effective Registration Statement, Subscriber will notify the
Company in writing at least two (2) days after the Business Days in advance of such intended use, and if a notice of a Suspension
Event was previously delivered (or would have been delivered but for the provisions of this Section 5(k)) and the related suspension
period remains in effect, the Company will so notify Subscriber within one (1) Business Day of Subscriber’s notification
to the Company, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber
with the related notice of the conclusion of such Suspension Event immediately upon its availability.

 

    15

     

    

 

6. Other
Covenants.

 

(a) For
so long as Subscriber holds Subscribed Shares, the Company agrees to:

 

		(i)	make
                                         and keep public information available, as those terms are understood and defined in Rule 144;

 

		(ii)	file
                                         with the Commission in a timely manner all reports and other documents required of the
                                         Company under the Securities Act and the Exchange Act so long as the Company remains
                                         subject to such requirements and the filing of such reports and other documents is required
                                         for the applicable provisions of Rule 144; and

 

		(iii)	furnish
                                         to Subscriber so long as it owns Subscribed Shares, as promptly as practicable upon request,
                                         (x) a written statement by the Company, if true, that it has complied with the reporting
                                         requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy
                                         of the most recent annual or quarterly report of the Company and such other reports and
                                         documents so filed by the Company with the Commission and (z) such other information
                                         as may be reasonably requested to permit Subscriber to sell such securities pursuant
                                         to Rule 144 without registration.

 

		(iv)	provide
                                         all other customary and reasonable cooperation necessary to enable Subscriber to resell
                                         the Subscribed Shares pursuant to Rule 144.

 

7. Termination.
Except for the provisions of Sections 5(b), 5(c), 5(f), 9 and 10, which shall survive any termination hereunder, this Subscription
Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder
shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such
date and time as the Merger Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of
the Company and the Subscriber to terminate this Subscription Agreement, (c) if, on the Closing Date of the Transaction,
any of the conditions to Closing set forth in Section 2 of this Subscription Agreement have not been satisfied
as of the time required hereunder to be so satisfied or waived by the party entitled to grant such waiver and, as a result thereof,
the transactions contemplated by this Subscription Agreement are not consummated at the Closing Date, or at any time any of the
conditions to Closing set forth in Section 2 of this Subscription Agreement become incapable of being satisfied on or prior to
August 1, 2021, or (d) August 1, 2021 if the Closing has not yet occurred; provided that nothing herein
will relieve any party hereto from liability for any willful breach hereof prior to the time of termination, and each party hereto
will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. The Company
shall notify Subscriber of the termination of the Merger Agreement promptly after the termination thereof.

 

8. Trust
Account Waiver. Subscriber hereby acknowledges that the Company has established a trust account (the “Trust Account”)
containing the proceeds of its initial public offering (the “IPO”) and from certain private placements occurring
simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of the Company’s public
stockholders and certain other parties (including the underwriters of the IPO). For and in consideration of the Company entering
into this Subscription Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Subscriber hereby (i) agrees that it does not now and shall not at any time hereafter have any right, title,
interest or claim of any kind in or to any assets held in the Trust Account, and shall not make any claim against the Trust Account,
that arises as a result of, in connection with or relating in any way to this Subscription Agreement, and regardless of whether
such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively
referred to hereafter as the “Released Claims”), (ii) irrevocably waives any Released Claims that it may
have against the Trust Account now or in the future as a result of, or arising out of, any negotiations, contracts or agreements
with the Company, and (iii) will not seek recourse against the Trust Account for any reason whatsoever; provided however,
that nothing in this Section 8 shall (x) be deemed to limit the Subscriber’s right to distributions
from the Trust Account in accordance with the Company’s amended and restated certificate of incorporation in respect of
any redemptions by Subscriber of its shares of public Common Stock acquired by any means other than pursuant to this Subscription
Agreement, (y) serve to limit or prohibit Subscriber’s right to pursue a claim against the Company for legal relief against
assets held outside the Trust Account, for specific performance or other equitable relief or (z) serve to limit or prohibit any
claims that Subscriber may have in the future against the Company’s assets or funds that are not held in the Trust Account.

 

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9. Miscellaneous.

 

(a) All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim,
or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when
sent by electronic mail, on the date of transmission to such recipient; provided, that such notice, request, demand, claim or
other communication is also sent to the recipient pursuant to clauses (i), (iii) or (iv) of this Section 9(a),
(iii) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid), or
(iv) four (4) Business Days after being mailed to the recipient by certified or registered mail, return receipt requested
and postage prepaid, and, in each case, addressed to the intended recipient at its address specified on the signature page hereof
or to such electronic mail address or address as subsequently modified by written notice given in accordance with this Section 9(a).

 

(b) Subscriber
acknowledges that the Company will rely on the acknowledgments, understandings, agreements, representations and warranties expressly
contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if it becomes
aware that any of the acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein
are no longer accurate in all material respects. The Company acknowledges that Subscriber and others will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, the
Company agrees to promptly notify Subscriber if it becomes aware that any of the acknowledgments, understandings, agreements,
representations and warranties of the Company set forth herein are no longer accurate in all material respects.

 

(c) Each
of the Company and Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby to the extent required
by law or regulatory bodies.

 

(d) Each
of the Company and the Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions
contemplated herein.

 

(e) Neither
this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Subscribed Shares acquired
hereunder, if any) may be transferred or assigned. Neither this Subscription Agreement nor any rights that may accrue to the Company
hereunder may be transferred or assigned (provided, that, for the avoidance of doubt, the Company may transfer the Subscription
Agreement and its rights hereunder solely in connection with the consummation of the Transaction and exclusively to another entity
under the control of, or under common control with, the Company). Notwithstanding the foregoing, Subscriber may assign its rights
and obligations under this Subscription Agreement to one or more of its affiliates (including other investment funds or accounts
managed or advised by the investment manager who acts on behalf of Subscriber) or, with the Company’s prior written consent,
to another person, provided that no such assignment shall relieve Subscriber of its obligations hereunder if any such assignee
fails to perform such obligations.

 

    17

     

    

 

(f) All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

(g) The
Company may request from Subscriber such additional information as the Company may deem reasonably necessary to evaluate the eligibility
of Subscriber to acquire the Subscribed Shares, and Subscriber shall provide such information as may be reasonably requested,
to the extent readily available and to the extent consistent with its internal policies and procedures and provided that the Company
keeps any such information provided in connection herewith confidential.

 

(h) This
Subscription Agreement may not be amended, modified, waived or terminated except by an instrument in writing, signed by the party
against whom enforcement of such modification, waiver, or termination is sought. Notwithstanding the foregoing, (i) no amendment,
modification, or waiver of this Subscription Agreement, and (ii) no consent to termination of this Subscription Agreement
pursuant to Section 7(b), shall be effective unless and until consented to in writing by the Company.

 

(i) This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties hereto, with respect to the subject matter
hereof.

 

(j) Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

(k) If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

(l) This
Subscription Agreement may be executed and delivered in one or more counterparts (including by facsimile or electronic mail or
in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same
document. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(m) This
Subscription Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns
and is not for the benefit of, nor may any provision hereof be enforced by, any other person; provided, however,
that the Placement Agents shall be intended third party beneficiaries of the representations and warranties of the Company
in Section 3 hereof and of the Subscriber in Section 4 hereof.

 

(n) This
Subscription Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without regard
to the principles of conflicts of laws that would otherwise require the application of the law of any other state.

 

(o) EACH
PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION
OF ANY TYPE BROUGHT BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH
RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES HERETO AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE
TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER AGREE THAT THEIR RESPECTIVE
RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS,
IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.

 

    18

     

    

 

(p) The
parties hereto agree that all disputes, legal actions, suits and proceedings arising out of or relating to this Subscription Agreement
must be brought exclusively in the Court of Chancery of the State of Delaware and any state appellate court therefrom within the
State of Delaware (or, if the Court of Chancery of the state of Delaware declines to accept jurisdiction over a particular matter,
any federal court within the State of Delaware or, in the event each federal court within the State of Delaware declines to accept
jurisdiction over a particular matter, any state court within the state of Delaware) (collectively the “Designated Courts”).
Each party hereto hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or
proceeding with respect to this subscription agreement may be brought in any other forum. Each party hereto hereby irrevocably
waives all claims of immunity from jurisdiction and any objection which such party may now or hereafter have to the laying of
venue of any suit, action or proceeding in any Designated Court, including any right to object on the basis that any dispute,
action, suit or proceeding brought in the Designated Courts has been brought in an improper or inconvenient forum or venue. Each
of the parties hereto also agrees that delivery of any process, summons, notice or document to a party hereof in compliance with Section 9(a) of
this Subscription Agreement shall be effective service of process for any action, suit or proceeding in a Designated Court with
respect to any matters to which the parties hereto have submitted to jurisdiction as set forth above.

 

(q) 
This Subscription Agreement may only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising
out of, or related to this Subscription Agreement, or the negotiation, execution or performance of this Subscription Agreement,
may only be brought against, the entities that are expressly named as parties hereto and then only with respect to the specific
obligations set forth herein with respect to such party. No past, present or future director, officer, employee, incorporator,
manager, member, partner, stockholder, affiliate, agent, attorney or other representative of any party hereto or of any affiliate
of any party hereto, or any of their successors or permitted assigns, shall have any liability for any obligations or liabilities
of any party hereto under this Subscription Agreement or for any claim, action, suit or other legal proceeding based on, in respect
of or by reason of the transactions contemplated hereby.

 

(r)
The Company shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately following the date of this
Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively,
the “Disclosure Document”) disclosing, to the extent not previously publicly disclosed, all material terms
of the transactions contemplated hereby (and by the Other Subscription Agreements), the Transaction and any other material, nonpublic
information that the Company has provided to Subscriber at any time prior to the filing of the Disclosure Document. From and after
the issuance of the Disclosure Document, Subscriber shall not be in possession of any material, non-public information received
from the Company or any of its officers, directors or employees or the Placement Agents. Notwithstanding the foregoing, the Company
shall not publicly disclose the name of Subscriber or any affiliate or investment adviser of Subscriber, or include the name of
Subscriber or any affiliate or investment adviser of Subscriber in any press release or in any filing with the Commission or any
regulatory agency or trading market, without the prior written consent (including by e-mail) of Subscriber, except as required
by the federal securities laws, rules or regulations and to the extent such disclosure is required by other laws, rules or regulations,
at the request of the staff of the Commission or regulatory agency or under NASDAQ regulations, in which case the Company shall
provide Subscriber with prior written notice (including by e-mail) of such permitted disclosure, and shall reasonably consult
with Subscriber regarding such disclosure.

 

    19

     

    

 

(s) The
obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber
or any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance
of the obligations of any Other Subscriber under this Subscription Agreement or any other investor under the Other Subscription
Agreements. The decision of Subscriber to purchase Subscribed Shares pursuant to this Subscription Agreement has been made by
Subscriber independently of any Other Subscriber or any other investor and independently of any information, materials, statements
or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial
or otherwise) or prospects of the Company or any of its subsidiaries which may have been made or given by any Other Subscriber
or investor or by any agent or employee of any Other Subscriber or investor, and neither Subscriber nor any of its agents or employees
shall have any liability to any Other Subscriber or investor (or any other person) relating to or arising from any such information,
materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber
or investor pursuant hereto or thereto, shall be deemed to constitute the Subscriber and other investors as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the Subscriber and other investors are
in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription
Agreement and the Other Subscription Agreements. Subscriber acknowledges that no Other Subscriber has acted as agent for the Subscriber
in connection with making its investment hereunder and no Other Subscriber will be acting as agent of the Subscriber in connection
with monitoring its investment in the Subscribed Shares or enforcing its rights under this Subscription Agreement. Subscriber
shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this
Subscription Agreement, and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party
in any proceeding for such purpose.

 

[The
remainder of this page is intentionally left blank.]

 

    20

     

    

 

IN
WITNESS WHEREOF, each of the Company and Subscriber has executed or caused this Subscription Agreement to be executed by its duly
authorized representative as of the date first set forth above.

 

	 	Holicity Inc.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	Address for Notices:
	 	 	 
	 	[SUBSCRIBER]
	 	 
	 	By:	 
	 	 	Name: 	        
	 	 	Title:	 
	 	 	Address for Notices:

 

	Name in
    which shares are to be registered:	 
	 	 
	 	 

 

	Number of Subscribed Shares subscribed for:	 	 	 
	Price Per Subscribed Share:	 	$	10.00	 
	Aggregate Purchase Price:	 	$	 	 

 

 

21

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