Document:

Exhibit 10.16

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT
(this “Agreement”), dated as of July 9, 2021, is made and entered into by and among Sunlight Financial
Holdings Inc., a Delaware corporation f/k/a Spartan Acquisition Corp. II (the “Company”), Spartan Acquisition
Sponsor II LLC, a Delaware limited liability company (the “Spartan Sponsor”), Tiger Infrastructure Partners
Sunlight Feeder LP, a Delaware limited partnership (“Tiger IPSF”), Tiger Infrastructure Partners Co-Invest B
LP, a Delaware limited partnership (together with Tiger IPSF, “Tiger”), FTV V, L.P., a Delaware limited partnership
(“FTV”), and the undersigned parties listed under Holder on the signature pages hereto (each such party,
together with the Spartan Sponsor, FTV, Tiger and any Person (as defined below) who hereafter becomes a party to this Agreement pursuant
to Section 7.2 of this Agreement, a “Holder” and collectively, the “Holders”).

 

RECITALS

 

WHEREAS, on November 24,
2020, the Company, the Spartan Sponsor and certain other security holders named therein (the “Existing Holders”)
entered into that certain Registration Rights Agreement (the “Existing Registration Rights Agreement”), pursuant
to which the Company granted the Spartan Sponsor and such other Existing Holders certain registration rights with respect to certain securities
of the Company;

 

WHEREAS, on January 23,
2021, the Company, SL Invest I Inc., a Delaware corporation, SL Invest II LLC, a Delaware limited liability company, SL Financial Investor
I LLC, a Delaware limited liability company, SL Financial Investor II LLC, a Delaware limited liability company, SL Financial Holdings
Inc., a Delaware corporation, SL Financial LLC, a Delaware limited liability company, Sunlight Financial LLC, a Delaware limited liability
company (“Sunlight”), FTV-Sunlight, Inc., a Delaware corporation, and Tiger Co-Invest B Sunlight Blocker
LLC, a Delaware limited liability company, entered into that certain Business Combination Agreement and Plan of Reorganization (the “BCA”),
pursuant to which, among other things, the parties to the BCA will undertake certain merger transactions as contemplated thereby and,
as a result of such transactions, Sunlight will become an indirectly controlled subsidiary of the Company (the “Business Combination”);

 

WHEREAS, after the
closing of the Business Combination, certain Holders will own shares of the Company’s Class A common stock, par value $0.0001
per share (the “Class A Common Stock”), the Spartan Sponsor will own warrants to purchase shares of Class A
Common Stock (the “Private Placement Warrants”) and certain Holders will own Class EX Units of Sunlight
(“Class EX Units”), which will be exchangeable for shares of Class A Common Stock pursuant to the
terms of that certain Fifth Amended and Restated Limited Liability Company Agreement of Sunlight, dated as of the date hereof; and

 

WHEREAS, the Company
and the Existing Holders desire to terminate the Existing Registration Rights Agreement and enter into this Agreement with the Holders,
pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company and
certain board nomination rights, as set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1            Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Affiliate”
means, with respect to any specified Person, a Person that directly or indirectly Controls or is Controlled by, or is under common Control
with, such specified Person. For purposes of this Agreement, no party to this Agreement shall be deemed to be an Affiliate of another
party to this Agreement solely by reason of the execution and delivery of this Agreement and the Company and its subsidiaries will not
be deemed to be an Affiliate of Spartan Sponsor, Tiger or FTV.

 

    

     

    

 

“Agreement”
shall have the meaning given in the Preamble.

 

“BCA”
shall have the meaning given in the Recitals hereto.

 

“Beneficially
Own” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act, and any Person’s beneficial
ownership of securities shall be calculated in accordance with the provisions of such Rule as in effect as of such time. The terms
 “Beneficial Owner” and “Beneficially Own” and “Beneficial Ownership”
shall have correlative meanings. For the avoidance of doubt, for purposes of this Agreement, each of the Principal Stockholders is deemed
to Beneficially Own the shares of Common Stock owned by it, notwithstanding the fact that such shares or other securities are subject
to this Agreement.

 

“Board”
shall mean the board of directors of the Company.

 

“Board Observer”
shall have the meaning given in Section 5.2 of this Agreement.

 

“Business Combination”
shall have the meaning given in the Recitals hereto.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Control”
(including the terms “Controls,” “Controlled,” “Controlled by”
and “under common Control with”) means the possession, direct or indirect, of the power to (a) direct
or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or
otherwise or (b) vote ten percent (10%) or more of the securities having ordinary voting power for the election of directors of an
entity.

 

“Class A
Common Stock” shall have the meaning given in the Recitals hereto.

 

“Class C
Common Stock” means the shares of Class C common stock, par value $0.0001 per share, of the Company.

 

“Closing”
shall have the meaning given such term in the BCA.

 

“Common Stock”
means the Class A Common Stock and the Class C Common Stock, collectively.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demanding Holder”
shall mean any of Spartan Sponsor, FTV and Tiger.

 

“Effectiveness
Period” shall have the meaning given in subsection 3.1.1 of this Agreement.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Existing Holders”
shall have the meaning given in the Recitals hereto.

 

“Existing Registration
Rights Agreement” shall have the meaning given in the Recitals hereto.

 

“Form S-3”
shall mean a Registration Statement on Form S-3 or any similar short-form registration statement that may be available at such time.

 

“FTV”
shall have the meaning given in the Preamble.

 

“FTV Director”
shall have the meaning given in Section 5.1(b)(ii).

 

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“Holder Indemnified
Persons” shall have the meaning given in subsection 4.1.1 of this Agreement.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Maximum Number
of Securities” shall have the meaning given in subsection 2.1.4 of this Agreement.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus only, in the
light of the circumstances under which they were made) not misleading.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization,
any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic
or foreign and any subdivision thereof or other entity, and also includes any managed investment account.

 

“Piggyback Registration”
shall have the meaning given in subsection 2.2.1 of this Agreement.

 

“Private Placement
Warrants” shall have the meaning given in the Recitals hereto.

 

“Pro Rata”
shall have the meaning given in subsection 2.1.4 of this Agreement.

 

“Principal Stockholders”
shall mean the Spartan Sponsor, FTV and Tiger.

 

“Principal Stockholder
Trigger Event” means, with respect to any Principal Stockholder, such Principal Stockholder and its Affiliates collectively
having Beneficial Ownership of less than fifty percent (50%) of the number of shares of Common Stock as such Persons owned immediately
following the Closing (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like).

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable Security”
shall mean (a) the Private Placement Warrants (including any shares of Common Stock issued or issuable upon the exercise of any such
Private Placement Warrants), (b) any outstanding shares of Class A Common Stock held by a Holder at any time, whether held on
the date hereof or acquired after the date hereof, (c) any equity securities (including the shares of Common Stock issued or issuable
upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans in an amount up to
$1,500,000 made to the Company by a Holder, (d) any shares of Class A Common Stock issued or issuable upon exchange of Class EX
Units and Class C Common Stock issued to a Holder under the BCA and (e) any other equity security of the Company issued or issuable
with respect to any such shares of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Securities,
such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in
accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such
securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding;
or (D) such securities have been sold without registration pursuant to Rule 144 (or any successor rule promulgated thereafter
by the Commission) and the transferee thereof does not receive “restricted securities” as defined in Rule 144.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and any such registration statement having
been declared effective by, or become effective pursuant to rules promulgated by, the Commission.

 

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“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A)            all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority
and any securities exchange on which the Class A Common Stock is then listed);

 

(B)            fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);

 

(C)            printing,
messenger, telephone and delivery expenses;

 

(D)            reasonable
fees and disbursements of counsel for the Company;

 

(E)            reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration;

 

(F)            reasonable
fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating an Underwritten
Demand to be registered for offer and sale in the applicable Underwritten Offering or in the case of a Piggyback Registration, by the
holders of fifty percent (50%) or more of the Registrable Securities participating in the offering;

 

(G)            all
expenses with respect to a road show that the Company is obligated to participate in pursuant to the terms of this Agreement; and

 

(H)            any
liability insurance or other premiums for insurance obtained for the benefit of the Company purchased by the Company (but not the Holders)
in connection with any Registration or offering pursuant to the terms of this Agreement, regardless of whether such Registration Statement
is declared effective.

 

“Registration
Statement” shall mean any registration statement under the Securities Act that covers the Registrable Securities pursuant
to the provisions of this Agreement, 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.

 

“Requesting Holder”
shall have the meaning given in subsection 2.1.3 of this Agreement.

 

“Rule 144”
shall mean Rule 144 promulgated under the Securities Act.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf Registration”
shall have the meaning given in subsection 2.1.1.

 

“Spartan Sponsor”
shall have the meaning given in the Preamble.

 

“Spartan Sponsor
Director” shall have the meaning given in Section 5.1(b)(i).

 

“Sunlight”
shall have the meaning given in the Recitals.

 

“Suspension Event”
shall have the meaning given in Section 3.4 of this Agreement.

 

“Tiger”
shall have the meaning given in the Preamble.

 

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“Tiger Director”
shall have the meaning given in Section 5.1(b)(iii).

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Demand” shall have the meaning given in subsection 2.1.3 of this Agreement.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting
for distribution to the public.

 

“VWAP”
means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for such security on the principal
national securities exchange on which Registrable Securities are listed for the five (5) trading days immediately preceding, but
excluding, such date.

 

ARTICLE II

REGISTRATIONS

 

2.1            Registration.

 

2.1.1            Shelf
Registration. The Company agrees that, within thirty (30) calendar days after the consummation of the Business Combination, the Company
will file with the Commission (at the Company’s sole cost and expense) a Registration Statement registering the Registrable Securities
for resale from time to time pursuant to Rule 415(a)(1)(i) (a “Shelf Registration”).

 

2.1.2            Effective
Registration. The Company shall use its reasonable best efforts to cause such Registration Statement to become effective by the Commission
as soon as reasonably practicable after the initial filing of the Registration Statement in accordance with Section 2.1.1
of this Agreement. Subject to the limitations contained in this Agreement, the Company shall effect any Shelf Registration on such appropriate
registration form of the Commission (a) as shall be selected by the Company and (b) as shall permit the resale or other disposition
of the Registrable Securities by the Holders from time to time. If the initial Registration Statement (the “Initial Shelf”)
filed by the Company pursuant to subsection 2.1.1 is on Form S-1, upon the Company becoming eligible to register the Registrable
Securities for resale by the Holders on Form S-3, the Company shall use its reasonable best efforts to amend the Initial Shelf to
a Registration Statement on Form S-3 or file a Registration Statement on Form S-3 in substitution of the Initial Shelf (the
 “Replacement S-3 Shelf”) and cause the Replacement S-3 Shelf to be declared effective as soon as practicable
thereafter. The Company shall use its reasonable best efforts to cause a Registration Statement filed pursuant to subsection 2.1.1
to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available
or, if not available, that another registration statement is available, for the resale of all the Registrable Securities held by the Holders
until all such Registrable Securities have ceased to be Registrable Securities.

 

2.1.3            Underwritten
Offering. Subject to the provisions of subsection 2.1.4 of this Agreement, any Demanding Holder may make a written demand
to the Company for an Underwritten Offering pursuant to a Registration Statement filed with the Commission in accordance with subsection
2.1.1 of this Agreement or a new Registration Statement if such Demanding Holders’ Registrable Securities are not then registered
by a Registration Statement filed with the Commission in accordance with subsection 2.1.1 or permitted to be offered in an Underwritten
Offering pursuant to a Registration Statement filed with the Commission in accordance with subsection 2.1.1 (an “Underwritten
Demand”). The Company shall, within ten (10) days of the Company’s receipt of the Underwritten Demand, notify,
in writing, all other Holders of such demand, and each Holder who thereafter wishes to include all or a portion of such Holder’s
Registrable Securities of the same class to be sold by the initiating Holder in such Underwritten Offering pursuant to an Underwritten
Demand (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Underwritten Offering, a
 “Requesting Holder”) shall so notify the Company, in writing, within two (2) days (one (1) day if
such offering is an overnight or bought Underwritten Offering) after the receipt by the Holder of the notice from the Company. Upon receipt
by the Company of any such written notification from a Requesting Holder(s), such Requesting Holder(s) shall be entitled to have
their Registrable Securities of the same class to be sold by the initiating Holder included in the Underwritten Offering pursuant to an
Underwritten Demand. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this
subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such
Underwritten Offering by the Demanding Holders initiating the Underwritten Offering; provided, however that no such Holder
shall be required to make any representations or warranties to or agreements with the Company or the Underwriters other than representations,
warranties or agreements that are customary or required by the Underwriters, regarding such Holder’s authority to enter into such
underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution
and any other representation required by law. Notwithstanding the foregoing, the Company is not obligated to effect more than (a) one
(1) Underwritten Demand for Spartan Sponsor, (b) three (3) Underwritten Demands for FTV and Tiger in the aggregate and
(c) is not obligated to effect an Underwritten Offering pursuant to this subsection 2.1.3 within ninety (90) days after the
closing of an Underwritten Offering. Notwithstanding the foregoing, no Underwritten Demand will be effective hereunder unless the net
proceeds (net of underwriting fees and commissions) to the Holders from the sale of the Registrable Securities included in such request
exceed $40,000,000 based on the VWAP as of the time of such request or such request includes
all Registrable Securities owned by the requesting Holders at such time.

 

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2.1.4            Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Offering pursuant to an Underwritten Demand,
in good faith, advises or advise the Company, the Demanding Holders, the Requesting Holders and other Persons holding Class A Common
Stock or other equity securities of the Company that the Company is obligated to include pursuant to separate written contractual arrangements
with such Persons (if any) in writing that the dollar amount or number of Registrable Securities or other equity securities of the Company
requested to be included in such Underwritten Offering exceeds the maximum dollar amount or maximum number of equity securities of the
Company that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution
method or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable,
the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows:
(i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective
number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten
Offering and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included
in such Underwritten Offering (such proportion is referred to herein as “Pro Rata”)) that can be sold without
exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (i), Class A Common Stock or other equity securities of the Company that the Company desires to sell
and that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (i) and (ii), Class A Common Stock or other equity securities
of the Company held by other Persons that the Company is obligated to include pursuant to separate written contractual arrangements with
such Persons and that can be sold without exceeding the Maximum Number of Securities. Notwithstanding anything to the contrary in this
Agreement, any Demanding Holders initiating an Underwritten Offering pursuant to subsection 2.1.3 of this Agreement that is
not able to sell at least seventy percent (70%) of the Registrable Securities requested to be included in such Underwritten Demand shall
not have such Underwritten Demand counted towards such Person’s maximum number of Underwritten Demands the Company is obligated
to effect pursuant to Section 2.1.3.

 

2.1.5            Registration
Withdrawal. The Demanding Holders initiating an Underwritten Offering pursuant to subsection 2.1.3 of this Agreement shall have the
right to withdraw from such Underwritten Offering for any or no reason whatsoever upon written notification to the Company of their intention
to withdraw from such Underwritten Offering prior to the pricing of such Underwritten Offering or, if applicable, at least three (3) business
days prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Underwritten Offering. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
an Underwritten Offering prior to its withdrawal under this subsection 2.1.5 and if a Holder determines to withdraw prior to launch
of such Underwritten Offering, its Demand for an Underwritten Offering shall not count as an Underwritten Demand by such Holder for purposes
of the penultimate sentence of subsection 2.1.3.

 

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2.2            Piggyback
Registration.

 

2.2.1            Piggyback
Rights. If the Company proposes to (i) file a Registration Statement under the Securities Act with respect to an offering of
equity securities of the Company, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities
of the Company, for its own account or for the account of stockholders of the Company, other than a Registration Statement (A) filed
in connection with any employee stock option or other benefit plan, (B) for an exchange offer or offering of securities solely to
the Company’s existing stockholders, (C) for an offering of debt that is convertible into equity securities of the Company
or (D) for a dividend reinvestment plan, or (ii) consummate an Underwritten Offering for its own account or for the account
of stockholders of the Company other than the Holders pursuant to a then-effective Registration Statement, then the Company shall give
written notice of such proposed action to all of the Holders of Registrable Securities as soon as practicable (but in the case of filing
a Registration Statement, not less than ten (10) days before the anticipated filing date of such Registration Statement), which notice
shall (x) describe the amount and type of securities to be included, the intended method(s) of distribution and the name of
the proposed managing Underwriter or Underwriters, if any, and (y) offer to all of the Holders of Registrable Securities the opportunity
to register the sale of such number of Registrable Securities as such Holders may request in writing within (a) five (5) days
in the case of filing a Registration Statement and (b) two (2) days in the case of an Underwritten Offering (unless such offering
is an overnight or bought Underwritten Offering, then one (1) day), in each case after receipt of such written notice (such Registration,
a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included
in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten
Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in
a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Piggyback Registration
and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof. All such Holders proposing to include Registrable Securities in an Underwritten Offering under this subsection 2.2.1
shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the
Company; provided, however, that no such Holder shall be required to make any representations or warranties to or agreements
with the Company or the Underwriters other than representations, warranties or agreements that are customary or required by the Underwriters,
regarding such Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being
registered on its behalf, its intended method of distribution and any other representation required by law.

 

2.2.2            Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of shares of the equity securities of the Company that the Company desires to sell, taken together with (i) the
shares of equity securities of the Company, if any, as to which Registration or Underwritten Offering has been demanded pursuant to separate
written contractual arrangements with Persons other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities
as to which Registration or Underwritten Offering has been requested pursuant to subsection 2.2.1 of this Agreement and (iii) the
shares of equity securities of the Company, if any, as to which Registration or Underwritten Offering has been requested pursuant to separate
written contractual piggyback registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

 

(a)            If
the Registration or Underwritten Offering is undertaken for the Company’s account, the Company shall include in any such Registration
or Underwritten Offering (A) first, the Class A Common Stock or other equity securities of the Company that the Company desires
to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their
rights to register their Registrable Securities pursuant to subsection 2.2.1 of this Agreement, Pro Rata, which can be sold
without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (A) and (B), Class A Common Stock or other equity securities of
the Company, if any, as to which Registration or Underwritten Offering has been requested pursuant to written contractual piggyback registration
rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities; or

 

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(b)            If
the Registration or Underwritten Offering is pursuant to a request by Persons other than the Holders of Registrable Securities, then the
Company shall include in any such Registration or Underwritten Offering (A) first, Class A Common Stock or other equity securities
of the Company, if any, of such requesting Persons, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to subsection 2.2.1 of this Agreement, Pro Rata, which can be sold without exceeding the Maximum Number of Securities;
(C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B),
Class A Common Stock or other equity securities of the Company that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (A), (B) and (C), Class A Common Stock or other equity securities
of the Company for the account of other Persons (other than those specified in clause (A)) that the Company is obligated to register pursuant
to separate written contractual arrangements with such Persons, which can be sold without exceeding the Maximum Number of Securities.

 

2.2.3            Piggyback
Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any
or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention
to withdraw from such Piggyback Registration at least three (3) business days prior to the effectiveness of the Registration Statement
filed with the Commission with respect to such Piggyback Registration or prior to the launch of the Underwritten Offering with respect
to such Piggyback Registration, as applicable. The Company (whether on its own good faith determination or as the result of a request
for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission
in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement or abandon an Underwritten
Offering in connection with a Piggyback Registration at any time prior to the launch of such Underwritten Offering. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback
Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4            Unlimited
Piggyback Registration Rights. For purposes of clarity, any Registration or Underwritten Offering effected pursuant to Section 2.2
of this Agreement shall not be counted as an Underwritten Offering pursuant to an Underwritten Demand effected under Section 2.1
of this Agreement.

 

2.3            Restrictions
on Registration Rights. If (A) the Holders have requested an Underwritten Offering pursuant to an Underwritten Demand and the
Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (B) the Holders have
requested an Underwritten Offering pursuant to an Underwritten Demand and in the good faith judgment of the Board that such Underwritten
Offering would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of
such Registration Statement or the undertaking of such Underwritten Offering at such time, then in each case the Company shall furnish
to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously
detrimental to the Company for such Registration Statement to be filed or to undertake such Underwritten Offering in the near future and
that it is therefore essential to defer the filing of such Registration Statement or undertaking of such Underwritten Offering. In such
event, the Company shall have the right to defer such filing or offering for a period of not more than thirty (30) days; provided,
however, that the Company shall not defer its obligation in this manner more than once in any twelve (12) month period.

 

ARTICLE III

COMPANY PROCEDURES

 

3.1            General
Procedures. The Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities
in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible and
to the extent applicable:

 

3.1.1            prepare
and file with the Commission, within the time frame required by subsection 2.1.1 or in the case of a Registration Statement filed
pursuant to subsection 2.1.3, as soon as practicable, a Registration Statement with respect to such Registrable Securities and
use its reasonable best efforts to cause such Registration Statement to become effective and remain effective, including filing a replacement
Registration Statement, if necessary, until all Registrable Securities covered by such Registration Statement have been sold or are no
longer outstanding (such period, the “Effectiveness Period”);

 

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3.1.2            prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be reasonably requested by the Demanding Holders or any Underwriter or as may be required by the rules, regulations
or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder
to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance
with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or are no longer outstanding;

 

3.1.3            prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration or Underwritten Offering, and such Holders’ legal
counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in
each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus (including each preliminary
Prospectus) and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the
legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned by
such Holders; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available
on the Commission’s EDGAR system;

 

3.1.4            prior
to any Registration of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders
of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take
such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by
such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other
acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement
to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company
shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take
any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise
so subject;

 

3.1.5            cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued
by the Company are then listed;

 

3.1.6            provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of
such Registration Statement;

 

3.1.7            advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if
such stop order should be issued;

 

3.1.8            during
the Effectiveness Period, furnish a conformed copy of each filing of any Registration Statement or Prospectus or any amendment or supplement
to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement
or Prospectus, promptly after such filing of such documents with the Commission to each seller of such Registrable Securities or its counsel;
provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the
Commission’s EDGAR system;

 

3.1.9            notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act;

 

3.1.10            subject
to the provisions of this Agreement, notify the Holders at any time when a Prospectus relating to such Registration Statement is required
to be delivered under the Securities Act of the happening of any event as a result of which a Misstatement exists, and then to use best
efforts to correct such Misstatement as soon as possible and otherwise as set forth in Section 3.4 of this Agreement;

 

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3.1.11            permit
a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate,
at each such Person’s own expense, in the preparation of the Registration Statement or the Prospectus, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into
a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such
information;

 

3.1.12            obtain
comfort letters from the Company’s independent registered public accountants in the event of an Underwritten Offering, in customary
form and covering such matters of the type customarily covered by comfort letters as the managing Underwriter may reasonably request,
and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.13            on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and customary negative assurance
letter, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the placement agent or
sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such
opinion is being given as the placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such
opinions and negative assurance letters, and reasonably satisfactory to such placement agent, sales agent or Underwriter;

 

3.1.14            in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

3.1.15            make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the Commission);

 

3.1.16            use
its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.17            otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.

 

3.2            Registration
Expenses. The Registration Expenses in respect of all Registrations shall be borne by the Company. It is acknowledged by the Holders
that the Holders shall bear all Underwriters’ commissions and discounts, brokerage fees and all reasonable fees and expenses of
any legal counsel representing the Holders, other than as set forth in the definition of Registration Expenses.

 

3.3            Requirements
for Participation in Underwritten Offerings. No Person may participate in any Underwritten Offering for equity securities of the Company
pursuant to a Registration initiated by the Company hereunder unless such Person (i) agrees to sell such Person’s securities
on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements.

 

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3.4            Suspension
of Sales. Notwithstanding anything to the contrary in this Agreement, the Company shall be entitled to (A) delay or postpone
the (i) initial effectiveness of any Registration Statement or (ii) launch of any Underwritten Offering, in each case, filed
or requested pursuant to this Agreement, and (B) from time to time to require the Holders not to sell under any Registration Statement
or Prospectus or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries
is pending or an event has occurred, which negotiation, consummation or event, the Board reasonably believes, upon the advice of legal
counsel, would require additional disclosure by the Company in the applicable Registration Statement or Prospectus of material information
that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement
or Prospectus would be expected, in the reasonable determination of the Board, upon the advice of legal counsel, to cause the Registration
Statement or Prospectus to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”);
provided, however, that the Company may not delay or suspend a Registration Statement, Prospectus or Underwritten Offering
on more than two occasions, for more than sixty (60) consecutive calendar days, or more than ninety (90) total calendar days, in each
case during any twelve-month period. Upon receipt of any written notice from the Company of a Suspension Event while a Registration Statement
or Prospectus filed pursuant to this Agreement is effective or if as a result of a Suspension Event a Misstatement exists, each Holder
agrees that (i) it will immediately discontinue offers and sales of Registered Securities under each Registration Statement filed
pursuant to this Agreement until the Holder receives copies of a supplemental or amended Prospectus (which the Company agrees to promptly
prepare) that corrects the relevant Misstatements or omissions 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 (ii) it will maintain the confidentiality
of information included in such written notice delivered by the Company unless otherwise required by law or subpoena. If so directed by
the Company, the Holders will deliver to the Company or, in Holders’ sole discretion destroy, all copies of each Prospectus covering
Registrable Securities in Holders’ possession; provided, however, that this obligation to deliver or destroy shall
not apply (A) to the extent the Holders are required to retain a copy of such Prospectus (x) to comply with applicable legal,
regulatory, self-regulatory or professional requirements or (y) in accordance with a bona fide pre-existing document retention policy
or (B) to copies stored electronically on archival servers as a result of automatic data back-up.

 

3.5            Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange
Act. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell shares of Registrable Securities held by such Holder without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 (or any successor rule promulgated thereafter by the Commission),
including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification
of a duly authorized officer as to whether it has complied with such requirements.

 

ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1            Indemnification.

 

4.1.1            The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each
Person who controls such Holder (within the meaning of the Securities Act) (collectively, the “Holder Indemnified Persons”)
against all losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and inclusive of all reasonable
attorneys’ fees arising out of the enforcement of each such Persons’ rights under this Section 4.1) resulting
from any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except insofar
as the same are caused by or contained in any information furnished in writing to the Company by or on behalf of such Holder Indemnified
Person specifically for use therein.

 

4.1.2            In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to
the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall, severally and not jointly, indemnify the Company, its directors and
officers and agents and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses (including reasonable attorneys’ fees and inclusive of all reasonable attorneys’ fees arising out
of the enforcement of each such Persons’ rights under this Section 4.1) resulting from any untrue or alleged untrue
statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, but only to the extent that the same are made in reliance
on and in conformity with information relating to the Holder so furnished in writing to the Company by or on behalf of such Holder specifically
for use therein. In no event shall the liability of any selling Holder hereunder be greater in amount than the net proceeds received by
such Holder from the sale of Registrable Securities pursuant to such Registration Statement giving rise to such indemnification obligation.

 

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4.1.3            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 materially prejudiced the indemnifying party; provided, further,
that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to an indemnified
party otherwise than under subsections 4.1.1 and 4.1.2 above)) and (ii) unless in such indemnified party’s reasonable
judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim or there may be
reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party,
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
its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or 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 any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without
the consent of the indemnified party, 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 and does not include a statement as to, or an admission of fault, culpability
or a failure to act by or on behalf of any indemnified party.

 

4.1.4            The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer
of securities.

 

4.1.5            If
the indemnification provided under Section 4.1 of this Agreement is held by a court of competent jurisdiction to be unavailable
to 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 to the extent permitted by law 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 a court of law by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by such indemnifying party or such 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; provided, however, that the
liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder
in such offering giving rise to such liability. 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 subsections 4.1.1, 4.1.2 and 4.1.3
of this Agreement, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation
or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5
were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this subsection 4.1.5. 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 subsection 4.1.5 from any Person who was not guilty
of such fraudulent misrepresentation.

 

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ARTICLE V

GOVERNANCE RIGHTS

 

5.1            Designees.

 

(a)            Upon
the Closing, the Board shall initially consist of nine (9) directors, including Matthew Potere, Jennifer D. Nordquist, Kenneth Shea,
Emil W. Henry, Jr., Brad Bernstein, Jeanette Gorgas, Toan Huynh, Phillip Ryan and Joshua Siegel (the “Initial Directors”).
The Board will be divided into three (3) classes serving staggered three-year terms. Class I, Class II and Class III
directors will serve until the Company’s annual meetings of shareholders in 2022, 2023 and 2024, respectively. Jeanette Gorgas,
Kenneth Shea and Joshua Siegel will be assigned to Class I, Brad Bernstein, Emil W. Henry, Jr. and Jennifer D. Nordquist will
be assigned to Class II, and Toan Huynh, Matthew Potere and Phillip Ryan will be assigned to Class III. From and after the Closing,
the rights of the Principal Stockholders to designate directors to the Board and its committees shall be as set forth in the remainder
of this Section 5.1.

 

(b)            From
and after the Closing, the Company will use reasonable best efforts, including taking all
necessary action (to the extent permitted by applicable law and to the extent such action is consistent with the fiduciary duties of the
directors under Delaware law) to cause the following nominees to be elected to serve as directors
on the Board:

 

(i)            if
the Spartan Sponsor and its Affiliates collectively Beneficially Own at least fifty percent (50%)
of the number of shares of Common Stock as such Persons owned immediately following the Closing (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like), two (2)  nominees designated by the Spartan Sponsor (the “Spartan Sponsor
Directors”);

 

(ii)            if
FTV and its Affiliates collectively Beneficially Own at least fifty percent (50%) of the
number of shares of Common Stock as such Persons owned immediately following the Closing (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like), one (1) nominee designated by FTV (the “FTV Director”);
and

 

(iii)            if
Tiger and its Affiliates collectively Beneficially Own at least fifty percent (50%) of the
number of shares of Common Stock as such Persons owned immediately following the Closing (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like), one (1) nominee designated by Tiger (the “Tiger Director”).

 

The
initial Spartan Sponsor Directors shall be Jennifer D. Nordquist and Kenneth Shea. The initial
FTV Director shall be Brad Bernstein. The initial Tiger Director shall be Emil W.
Henry, Jr..

 

For
the avoidance of doubt, the rights granted to the Principal Stockholders to designate members of the Board are additive to, and not intended
to limit in any way, the rights that Principal Stockholders or any of their respective Affiliates may have to nominate, elect or remove
directors under the Company’s certificate of incorporation, bylaws or the Delaware General Corporation Law.

 

The
Company agrees, to the fullest extent permitted by applicable law (including with respect to any applicable fiduciary duties under Delaware
law), that taking all necessary corporate action to effectuate the above will include (A) including the Persons designated pursuant
to this Section 5.1(b) in the slate of nominees recommended by the Board for election at any meeting of stockholders
called for the purpose of electing directors, (B) nominating and recommending each such individual to be elected as a director as
provided herein, (C) soliciting proxies or consents in favor thereof, and (D) without limiting the foregoing, otherwise using
its reasonable best efforts to cause such nominees to be elected to the Board, including providing at least as high a level of support
for the election of such nominees as it provides to any other individual standing for election as a director.

 

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(c)            In
the event that a vacancy is created on the Board at any time by the death, disability, resignation or removal of a Spartan Sponsor Director,
a FTV Director or a Tiger Director, then (i) the Spartan Sponsor, with respect to a vacancy created by the death, disability, resignation
or removal of a Spartan Sponsor Director, (ii) FTV, with respect to a vacancy created by the death, disability, resignation or removal
of a FTV Director, or (iii) Tiger, with respect to a vacancy created by the death, disability, resignation or removal of a Tiger
Director, will be entitled to designate an individual to fill the vacancy so long as the total number of Persons that will serve on the
Board as designees of the Spartan Sponsor, FTV or Tiger, as applicable, immediately following the filling of such vacancy will not exceed
the total number of Persons the Spartan Sponsor, FTV or Tiger, as applicable, is entitled to designate pursuant to Section 5.1(b) on
the date of such replacement designation. The Company will take all necessary action (to the extent permitted by applicable law and to
the extent such action is consistent with the fiduciary duties of the directors under Delaware law) to cause such replacement designee
to become a member of the Board.

 

(d)            In
the event that a Spartan Sponsor Director, a FTV Director or a Tiger Director is then on
the Board and Spartan, FTV or Tiger, respectively, is no longer entitled to designate a director pursuant to Section 5.1(b),
to the extent requested by the Board, Spartan, FTV or Tiger, as applicable, shall promptly use its reasonably best efforts to cause the
Spartan Sponsor Director, FTV Director or Tiger Director, as applicable, to resign from service
on the Board (and all committees thereof on which such director serves), and promptly thereafter the Company shall take all necessary
action to cause the Board to reduce the size of the Board by one (1).

 

5.2            Observer
Rights. Each Principal Stockholder shall have the right to appoint one (1) non-voting board observer (each, a “Board
Observer”) for so long as each Principal Stockholder, respectively, is entitled to designate a director pursuant to Section 5.1(b).
Each Board Observer shall have the right to (i) attend all meetings of the Board in a non-voting, observer capacity and (ii) receive
copies of all notices, minutes, consents and other materials that the Company provides to the Board in the same manner as such materials
are provided to the Board; provided, that, (x) a Principal Stockholder’s right to appoint a Board Observer is non-transferable
and shall automatically be terminated without any further action required upon the occurrence of a Principal
Stockholder Trigger Event, (y) a Board Observer shall not be entitled to vote on any matter submitted to the Board nor to
offer any motions or resolutions to the Board, and a Board Observer's presence or absence at any meeting of the Board will not be relevant
for purposes of determining whether there is a quorum, and (z) the Company may withhold information or materials from a Board Observer
and exclude a Board Observer from any executive sessions and/or all or any portion of any meeting or discussion of the Board, in each
case of this clause (z), if the Board determines in good faith that access to such information and/or materials or attendance at such
meeting or portion thereof would (A) adversely affect the attorney-client privilege between the Company and its counsel or (B) adversely
affect the Company or its Affiliates under governmental regulations or other applicable laws. The Company shall provide virtual access
to any meeting of the Board for any Board Observer. Each Board Observer shall be subject to the same obligations as the members of the
Board with respect to confidentiality and conflicts of interest (and shall provide, prior to attending any meetings or receiving any information
or materials, such reasonable assurances to such effect as may be requested by the Company).

 

5.3            Restrictions
on Other Agreements. No Principal Stockholder will, directly or indirectly, grant any proxy or enter into or agree to be bound by
any voting trust, agreement or arrangement of any kind with respect to its shares of Common Stock if and to the extent the terms thereof
conflict with the provisions of this Agreement (whether or not such proxy, voting trust, agreement or agreements are with other Principal
Stockholders, holders of shares of Common Stock that are not parties to this Agreement or others).

 

ARTICLE VI

LOCK-UP

 

6.1            Lock-Up.
Each of Tiger and FTV agrees that (A) eighty percent (80%) of the Registrable Securities received by it pursuant to the Business
Combination shall be restricted from Transfer (as defined below) under this Agreement until the date that is one (1) year after Closing
or earlier if, subsequent to Closing, (i) the last sale price of the Class A Common Stock equals or exceeds $12.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within
any 30-trading day period commencing at least 150 days after Closing or (ii) the Company consummates a liquidation, merger, stock
exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares
of Common Stock for cash, securities or other property; and (B) the remaining twenty percent (20%) of Registrable Securities received
by it pursuant to the Business Combination shall be restricted from Transfer under this Agreement until the date that is six (6) months
after the date of Closing or earlier if, subsequent to Closing, (i) the last sale price of the Class A Common Stock equals or
exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any twenty
(20) trading days within any 30-trading day period ending at least ninety (90) days after Closing or (ii) the Company consummates
a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the
right to exchange their shares of Common Stock for cash, securities or other property. For purposes of this Section 6.1, “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or
otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the
rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any
such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b).

 

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ARTICLE VII

MISCELLANEOUS

 

7.1            Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or
by courier service providing evidence of delivery or (iii) transmission by hand delivery, facsimile or email. Each notice or communication
that is mailed, delivered or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received,
in the case of mailed notices, on the third (3rd) business day following the date on which it is mailed, in the case of notices delivered
by courier service or hand delivery, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger)
or at such time as delivery is refused by the addressee upon presentation, and in the case of notices delivered by facsimile or email,
at such time as it is successfully transmitted to the addressee. Any notice or communication under this Agreement must be addressed, if
to the Company, to: Attention: General Counsel, 101 N. Tryon Street, Suite 1000, Charlotte, NC 28246, or by email at: notices@sunlightfinancial.com,
and, if to any Holder, to the address of such Holder as it appears in the applicable register for the Registrable Securities or such other
address as may be designated in writing by such Holder (including on the signature pages hereto). Any party may change its address
for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective
thirty (30) days after delivery of such notice as provided in this Section 7.1.

 

7.2            Assignment;
No Third Party Beneficiaries.

 

7.2.1            This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or
in part.

 

7.2.2            This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors.

 

7.2.3            This
Agreement shall not confer any rights or benefits on any Persons that are not parties hereto or do not hereafter become a party to this
Agreement pursuant to Section 7.2 of this Agreement.

 

7.2.4            No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice provided in accordance with Section 7.1 of this Agreement,
(ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement) and (iii) such assignee
is transferred at least twenty-five percent (25%) of the number of Registrable Securities as such
Persons owned immediately following the Closing. Any transfer or assignment made other than as provided in this Section 7.2
shall be null and void.

 

7.3            Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced.

 

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7.4            Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW
YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

 

7.5            Amendments
and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities
at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the
foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of
the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require
the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure
or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of
any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a
party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

7.6            Other
Registration Rights. The Company represents and warrants that no Person, other than (a) a Holder of Registrable Securities, (b) the
parties to those certain Subscription Agreements, dated as of January 21, 2021, by and between the Company and certain investors,
and (c) the holders of the Company’s warrants pursuant to that certain Warrant Agreement, dated as of November 24, 2020,
by and between the Company and Continental Stock Transfer & Trust Company, has any right to require the Company to register any
securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for the sale
of securities for its own account or for the account of any other Person. Further, the Company represents and warrants that this Agreement
supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between
any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail. The
Company shall not, without the prior consent of each of the Principal Stockholders that as of the time of determination Beneficially Own
at least fifty percent (50%) of the number of shares of Common Stock as such Persons owned immediately following the Closing (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like), hereafter enter into any agreement with respect to
its securities that is inconsistent in any material respect with, or provides registration rights that are senior in priority to, the
rights granted to the Holders by this Agreement.

 

7.7            Term.
This Agreement shall terminate upon the earlier of (i) the tenth (10th) anniversary of the date of this Agreement and (ii) with
respect to any Holder, the date as of which such Holder ceases to hold any Registrable Securities. The provisions of Article IV
shall survive any termination.

 

[SIGNATURE PAGES FOLLOW]

 

    16

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	SUNLIGHT FINANCIAL HOLDINGS INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/
    Matthew Potere
	 	 	Name:	Matthew Potere
	 	 	Title:	Chief Executive Officer

 

Signature
Page to Investor Rights Agreement

 

     

     

    

 

	 	HOLDERS:
	 	 	 
	 	SPARTAN ACQUISITION SPONSOR II LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
    Geoffrey Strong
	 	 	Name:	Geoffrey Strong
	 	 	Title:	Chief Executive Officer
	 	 	 
	 	/s/ John M. Stice
	 	John M. Stice
	 	 	 
	 	/s/ Jan C. Wilson
	 	Jan C. Wilson
	 	 	 
	 	Tiger Infrastructure
    Partners Sunlight Feeder LP, a Delaware limited partnership
	 	By Tiger Infrastructure Associates GP LP, its general partner
	 	By: Emil Henry IV LLC, its general partner
	 	By: Henry Tiger Holdings II LLC, its sole member
	 	By: Emil Henry LLC, its managing member
	 	 	 
	 	By:	/s/
    Emil W. Henry, Jr.
	 	Name:	Emil W. Henry, Jr.
	 	Title:	Managing Member
	 	 	 
	 	Tiger Infrastructure Partners Co-Invest B LP,
    a Delaware limited partnership
	 	By: Tiger Infrastructure Associates GP Co-Invest B LP, its general partner
	 	By: Emil Henry VI LLC, its general partner
	 	By: Henry Tiger Holdings III LLC, its sole member
	 	By: Emil Henry LLC, its managing member
	 	 	 
	 	By:	/s/
    Emil W. Henry, Jr.
	 	 	Name:	Emil W. Henry, Jr.
	 	 	Title:	Managing Member
	 	 	 
	 	FTV V, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By: FTV Management V, L.L.C., its general partner
	 	 	 
	 	By:	/s/
    David A. Haynes
	 	 	Name:	David A. Haynes
	 	 	Title:	Managing Member

 

Signature
Page to Investor Rights Agreement

 

     

     

    

 

	 	/s/ Matthew Potere
	 	Matthew Potere
	 	 
	 	/s/ Barry Edinburg
	 	Barry Edinburg
	 	 
	 	/s/ Nora Dahlman
	 	Nora Dahlman
	 	 
	 	/s/ Scott Mulloy
	 	Scott Mulloy
	 	 
	 	/s/ Timothy Parsons
	 	Timothy Parsons

 

Signature
Page to Investor Rights AgreementStock Option Plan dated July 13, 2021

  EXHIBIT 10.1
  
 RED METAL RESOURCES LTD.
 (the “Company”)
  
 2021 STOCK OPTION PLAN
  
  
 1.PURPOSE 
  
 1.1Purpose. The purpose of this Plan is to attract and retain Directors, Officers, Employees and Consultants and to motivate them to advance the interests of the Company by encouraging equity participation in the Company through the acquisition of Common Shares of the Company. It is the intention of the Company that, if and so long as the Company’s shares are listed on an Exchange (as defined herein), this Plan will at all times be in compliance with Applicable Securities Laws and Exchange Policies (as defined herein) and any inconsistencies between this Plan, Applicable Securities Laws and the Exchange Policies whether due to inadvertence or changes in Applicable Securities Laws and Exchange Policies will be resolved in favour of the Exchange Policies and Applicable Securities Laws. 
  
 2.INTERPRETATION 
  
 2.1Definitions. For the purposes of this Plan, the following terms have the respective meanings set forth below: 
  
 (a)“Affiliate” means a Company that is affiliated with another company. A Company is an “Affiliate” of another Company if: 
  
 (i)one of them is the subsidiary of the other, or 
  
 (ii)each of them is controlled by the same Person; 
  
 (b)“Applicable Securities Laws” means the Securities Act, policies, bylaws, rules and regulations of the securities commissions governing the granting of Options by the Company as amended from time to time; 
  
 (c)“Associate” has the same meaning as ascribed to that term as set out in the Securities Act; 
  
 (d)“Board” means the board of directors of the Company or any committee thereof duly empowered or authorized to grant options under this Plan; 
  
 (e)“Common Shares” means the common shares without par value in the capital of the Company as constituted on the Grant Date, provided that, in the event of any adjustment pursuant to subsection 4.9, “Common Shares” shall thereafter mean the shares or other property resulting from the events giving rise to the adjustment; 
  
 (f)“Company” means Red Metal Resources Ltd. and includes, unless the context otherwise requires, all of its subsidiaries or Affiliates and successors according to law; 
  
 (g)“Consultant” means an individual or Consultant Company, other than an Employee or Director of the Company or its Affiliate that: 
  
 (i)is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services to the Company or an Affiliate of the  
 
 1
 
  
Company, other than services provided in relation to a Distribution;
  
 (ii)provides the services under a written contract between the Company or an Affiliate of the Company and the individual or the Consultant Company; 
  
 (iii)in the reasonable opinion of the Board, spends or will spend a significant amount of time and attention on the business and affairs of the Company or an Affiliate of the Company; and 
  
 (iv)has a relationship with the Company or an Affiliate of the Company that enables the individual to be knowledgeable about the business and affairs of the Company; 
  
 (h)“Consultant Company” means for an individual consultant, a company or partnership of which the individual is an employee, shareholder or partner; 
  
 (i)“Director” means any director of the Company or of any of its subsidiaries; 
  
 (j)“Disability” means any disability with respect to an Optionee which the Board in its sole and unfettered discretion, considers likely to prevent permanently the Optionee from: 
  
 (i)being employed or engaged by the Company, its subsidiaries or another employer, in a position the same as or similar to that in which he was last employed or engaged by the Company or its subsidiaries; or 
  
 (ii)acting as a director or officer of the Company or its subsidiaries; 
  
 and “date of “Disability” means the effective date of the Disability as determined by the Board in its sole and unfettered discretion;
  
 (k)“Disinterested Shareholder Approval” means approval by a majority of the votes cast by all the Company’s shareholders at a duly constituted shareholders’ meeting, excluding votes attached to shares beneficially owned by Insiders to whom Options may be granted under this Plan and their Associates; 
  
 (l)“Distribution” has the same meaning ascribed to that term as set out in the Securities Act; 
  
 (m)“Eligible Person” means, from, time to time, any bona fide Director, Employee or Consultant of the Company or an Affiliate of the Company or Management Company Employee; 
  
 (n)“Employee” means: 
  
 (i)an individual who is considered an employee of the Company or its Affiliate under the Income Tax Act (Canada) (and for whom income tax, employment insurance and CP deductions must be made at source); 
  
 (ii)an individual who works full-time for the Company or its Affiliate providing services normally provided by an employee and who is subject to the same control and direction by the Company over the details and methods of works as an employee of the Company, but for whom income tax deductions are not made at source; or 
  
 (iii)an individual who works for the Company or its Affiliate on a continuing and regular basis for a minimum amount of time per week providing  
 
 2
 
  
services normally provided by an employee and who is subject to the same control and discretion by the Company over the details and methods of work as an employee of the Company, but for whom income tax deductions are not made at source;
  
 (o)“Exchange” means the Canadian Securities Exchange, and any other recognized stock exchange on which the Common Shares are listed for trading; 
  
 (p)“Exchange Policies” means the rules and policies of any Exchange on which the Common Shares are listed for trading; 
  
 (q)“Exercise Price” means the amount payable per Common Share on the exercise of an Option, as determined in accordance with the terms hereof; 
  
 (r)“Expiry Date” means 5:00 p.m. (Vancouver time) on the day on which an Option expires as specified in the Option Agreement therefor or in accordance with the terms of this Plan; 
  
 (s)“Grant Date” for an Option means the date of grant thereof by the Board, whether or not the grant is subject to any Regulatory Approval; 
  
 (t)“Insider” means: 
  
 (i)a director or senior officer of the Company; 
  
 (ii)a director of senior officer of a person that is itself an insider or subsidiary of the Company; 
  
 (iii)a person that beneficially owns or control, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all outstanding voting securities of the Company; or 
  
 (iv)the Company itself if it holds any of its own securities; 
  
 (u)“Investor Relations Activities” means any activities, by or on behalf of the Company or shareholder of the Company, that promote or reasonably could be expected to promote the purchase or sale of securities of the Company, but does not include: 
  
 (i)the dissemination of information provided, or records prepared, in the ordinary course of business of the Company 
  
 A.to promote the sale of products or services of the Company, or 
  
 B.to raise public awareness of the Company, 
  
 that cannot reasonably be considered to promote the purchase or sale of securities of the Company;
  
 (ii)activities or communications necessary to comply with the requirements of: 
  
 A.applicable securities laws; 
  
 B.Exchange requirements or the by-laws, rules or other regulatory instruments of any other self-regulatory body or exchange having jurisdiction over the Company; 
 
 3
 
  
 
 (iii)communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication, that is of general and regular paid circulation, distributed only to subscribers to it for value or to purchasers of it, if: 
  
 A.the communication is only through the newspaper, magazine or publication, and 
  
 B.the publisher or writer receives no commission or other consideration other than for acting in the capacity of publisher or writer; or 
  
 (iv)activities or communications that may be otherwise specified by the Exchange. 
  
 (v)“Management Company Employee” means an individual employed by a Person providing management services to the Company, which are required for the ongoing successful operation of the business enterprise of the Company, but excluding a Person engaged in Investor Relations Activities; 
  
 (w)“Notice of Exercise” means a written notice in substantially the form attached as Exhibit A1 to Schedule “A” hereto or as Exhibit B1 to Schedule “B” hereto, as applicable; 
  
 (x)“Officer” means any senior officer of the Company or of any of its subsidiaries as defined in the Securities Act; 
  
 (y)“Option” means the right to purchase Common Shares granted hereunder to an Eligible Person; 
  
 (z)“Option Agreement” means the stock option agreement between the Company and an Eligible Person whereby the Company provides notice of grant of an Option to such Eligible Person substantially in the form of Schedule “A” hereto for Eligible Persons not engaged in Investor Relations Activities and substantially in the form of Schedule “B” hereto for Eligible Persons engaged in Investor Relations Activities; 
  
 (aa)“Optioned Shares” means Common Shares that may be issued in the future to an Eligible Person upon the exercise of an Option; 
  
 (bb)“Optionee” means the recipient of an Option hereunder, their heirs, executors and administrators; 
  
 (cc)“Person” means a corporation or an individual; 
  
 (dd)“Plan” means this Stock Option Plan, the terms of which are set out herein or as may be amended and/or restated from time to time; 
  
 (ee)“Plan Shares” means the total number of Common Shares which may be reserved for issuance as Optioned Shares under the Plan as provided in subsection 3.2; 
  
 (ff)“Regulatory Approval” means the approval of the Exchange and any other securities regulatory authority that may have lawful jurisdiction over the Plan and any Options issued hereunder, as may be required; 
  
 (gg)“Regulatory Authorities” means all stock exchanges or stock quotation systems or other organized trading facilities on which the Common Shares are listed, and all  
 
 4
 
  
securities commissions or similar securities regulatory bodies having jurisdiction over the Company, this Plan or the Options granted from time to time hereunder;
  
 (hh)“Regulatory Rules” means all corporate and securities laws, regulations, rules, policies, notices, instruments and other orders of any kind whatsoever which may, from time to time, apply to the Company or the implementation, operation or amendment of this Plan or the options granted from time to time hereunder including, without limitation, those of the applicable Regulatory Authorities; 
  
 (ii)“Securities Act” means the Securities Act, R.S.B.C. 1996, c.418, as amended from time to time; and 
  
 (jj)“Share Compensation Arrangement” means any Option under this Plan but also includes any other stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Common Shares, including a share purchase from treasury which is financially assisted by the Company by way of a loan, guarantee or otherwise. 
  
 2.2Currency. Unless otherwise indicated, all dollar amounts referred to in this Plan are in Canadian funds. 
  
 2.3Gender. As used in this Plan and any Schedules hereto, words importing the masculine gender shall include the feminine and neuter genders and words importing the singular shall include the plural and vice versa, unless the context otherwise requires. 
  
 2.4Interpretation.   This Plan will be governed by and construed in accordance with the laws of the Province of British Columbia without giving effect to any choice or conflict of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 
  
 3.STOCK OPTION PLAN 
  
 3.1Establishment of Plan. This Plan is hereby established to recognize contributions made by Eligible Persons and to create an incentive for their continuing assistance to the Company and its Affiliates. 
  
 3.2Rolling Maximum Number of Plan Shares. The aggregate number of Plan Shares reserved for issuance under the Plan, including any other plan or agreement of the Company, shall not exceed ten (10%) percent of the total number of issued Common Shares of the Company (calculated on a non-diluted basis) at the time an Option is granted. For greater clarity, the aggregate number of Plan Shares reserved for issuance under this Plan will be calculated on the day an Option is granted. The number of Optioned Shares granted under the Plan cannot exceed the number of Plan Shares. 
  
 3.3Eligibility. Options to purchase Common Shares may be granted hereunder to Eligible Persons from time to time by the Board. 
  
 3.4Options Granted Under the Plan. All Options granted under the Plan will be evidenced by an Option Agreement in substantially the form attached hereto as Schedule “A” in the case of Optionees not engaged in Investor Relations Activities or Schedule “B” in the case of Optionees engaged in Investor Relations Activities, as applicable, showing the number of Optioned Shares, the term of the Option, a reference to vesting terms, if any, and the Exercise Price. 
  
 3.5Terms Incorporated. Subject to specific variations approved by the Board, all terms and conditions set out herein will be deemed to be incorporated into and form part of an Option  
 
 5
 
  
Agreement made hereunder. In the event of any discrepancy between this Plan and an Option Agreement, the provisions of this Plan shall govern.
  
 3.6Limitations on Option Grants. If the Common Shares are listed on an Exchange, the following restrictions on the granting of Options are applicable under the Plan: 
  
 (a)Individuals. The aggregate number of Optioned Shares that may be reserved for issuance pursuant to Options granted must not exceed 5% of the issued Common Shares of the Company (determined at the Grant Date) to any one individual in a 12-month period, (unless the Company has obtained Disinterested Shareholder Approval pursuant to subparagraph 3.10(c). 
  
 (b)Consultants. The aggregate number of Options granted to any one Consultant in a 12-month period must not exceed 2% of the issued Common Shares of the Company (determined at the Grant Date) without the prior consent of Exchange. 
  
 3.7Options Not Exercised. In the event an Option granted under the Plan expires unexercised, is terminated or is otherwise lawfully cancelled prior to exercise of the Option, the Optioned Shares that were issuable thereunder will be returned to the Plan and will be available again for an Option grant under this Plan. 
  
 3.8Acceleration of Unvested Options. If there is a takeover bid made for all or any of the outstanding Common Shares, then all outstanding Options, whether fully vested and exercisable or remaining subject to vesting provisions or other limitations on exercise, shall be exercisable in full to enable the Optioned Shares subject to such Options to be issued and tendered to such bid. 
  
 3.9Powers of the Board. The Board will be responsible for the general administration of the Plan and the proper execution of its provisions, the interpretation of the Plan and the determination of all questions arising hereunder. Without limiting the generality of the foregoing, the Board has the power to: 
  
 (a)allot Common Shares for issuance in connection with the exercise of Options; 
  
 (b)grant Options hereunder; 
  
 (c)subject to appropriate shareholder and Regulatory Approval if required, amend, suspend, terminate or discontinue the Plan, or revoke or alter any action taken in connection therewith, except that no general amendment or suspension of the Plan will, without the written consent of all Optionees, alter or impair any Option previously granted under the Plan unless as a result of a change in Exchange Policies; 
  
 (d)delegate all or such portion of its powers hereunder as it may determine to one or more committees of the Board, either indefinitely or for such period of time as it may specify, and thereafter each such committee may exercise the powers and discharge the duties of the Board in respect of the Plan so delegated to the same extent as the Board is hereby authorized so to do; 
  
 (e)determine the terms, limitations, restrictions and conditions respecting each grant of Options; and 
  
 (f)may in its sole discretion amend this Plan (except for previously granted and outstanding Options) to reduce the benefits that may be granted to Eligible Persons (before a particular Option is granted) subject to the other terms hereof. 
 
 6
 
  
3.10Terms Requiring Disinterested Shareholder Approval.   If the Common Shares are listed on an Exchange and if required by the Exchange Policies, the Company will obtain Disinterested Shareholder Approval of Options if the Plan, together with any other Share Compensation Arrangement, could result at any time in: 
  
 (a)the number of shares reserved for issuance under stock options granted to Insiders exceeding 10% of the issued Common Shares of the Company; 
  
 (b)the grant to Insiders, within a 12-month period, of options exceeding 10% of the issued Common Shares of the Company; or 
  
 (c)the issuance to any one Optionee, within a 12-month period, of a number of shares exceeding 5% of the issued Common Shares of the Company. 
  
 3.11Effective Date of Plan. This Plan is effective as of the date first written above, subject to applicable Regulatory Approval and if the Common Shares are listed on an Exchange and if required by such Exchange Policies, approval of the shareholders of the Company. 
  
 4.TERMS AND CONDITIONS OF OPTIONS 
  
 4.1Exercise Price. The Board shall establish the Exercise Price at the time each Option is granted, subject to the following conditions: 
  
 (a)if the Common Shares are listed on the Exchange, then the Exercise Price for the Options granted then will not be less than the minimum prevailing price permitted by the Exchange Policies; 
  
 (b)if the Common Shares are not listed, posted and trading on any Exchange or bulletin board, then the Exercise Price for the Options granted will be determined by the Board at the time of granting; 
  
 (c)if an Option is granted within 90 calendar days of a Distribution by a prospectus, the Exercise Price will not be less than the price that is the greater of the minimum prevailing price permitted by the Exchange policies and the per share price paid by the public investors for shares acquired under the Distribution by the prospectus, with the 90 day period beginning on the date a final receipt is issued for the prospectus; and 
  
 (d)in all other cases, the Exercise Price shall be determined in accordance with the rules and regulations of any applicable regulatory bodies. 
  
 The Exercise Price shall be subject to adjustment in accordance with the provisions of subsection 4.9.
  
 4.2Issue of Share Certificates or DRS Statements. As soon as reasonably practicable following the receipt of the Notice of Exercise, the Board shall deliver or cause to be delivered to the Optionee a certificate or DRS statement for the Common Shares so purchased. If the number of Common Shares so purchased is less than the number of Common Shares subject to the option certificate surrendered, the Board shall also provide or cause to provide a new option certificate for the balance of Common Shares available under the Option to the Optionee concurrent with delivery of the certificate or DRS statement for the Common Shares purchased. 
  
 4.3No Rights as Shareholder. Until the date of the issuance of the certificate or DRS statement for the Common Shares purchased pursuant to the exercise of an Option, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to such  
 
 7
 
  
Common Shares, notwithstanding the exercise of the Option, unless the Board determines otherwise. In the event of any dispute over the date of the issuance of the certificate or DRS statement, the decision of the Board shall be final, conclusive and binding.
  
 4.4Term of Option. The Board shall establish the Expiry Date at the time each Option is granted, subject to the following conditions: 
  
 (a)the Option will expire upon the occurrence of any event set out in subsection 4.8 and at the time period set out therein; and 
  
 (b)an Option can be exercisable for a maximum 10 years from the Grant Date or such shorter period as may be required under Applicable Securities Laws or any applicable Exchange Policies. 
  
 4.5Hold Period. 
  
 (a)Any Optioned Shares will be subject to a hold period expiring on the date that is four months and a day after the later of the Grant Date, and the certificates representing any Optioned Shares issued prior to the expiry of the hold period will bear a legend in substantially the following form: 
  
 “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED HEREBY MUST NOT TRADE THE SECURITIES BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE DATE OF GRANT].”
  
 4.6Non Assignable. Subject to paragraph 4.9(e), all Options will be exercisable only by the Optionee to whom they are granted and will not be assignable or transferable. 
  
 4.7Option Amendment. 
  
 (a)Disinterested Shareholder Approval. If the Common Shares are listed on an Exchange, any proposed reduction in the exercise price of Options for Optionees that are Insiders will be subject to Exchange Policies, including Disinterested Shareholder Approval if required. 
  
 (b)Term. The term of an Option cannot be extended so that the effective term of the Option exceeds ten (10) years in total.   If the Common Shares are traded on an Exchange, an option must be outstanding for the minimum period required by the Exchange before the Company can extend its term and the Exchange treats any extension of the length of the term of the Option as a grant of a new Option, which must comply with pricing and other requirements of this Plan. 
  
 (c)Exchange Approval. If the Common Shares of the Company are listed on an Exchange, any proposed amendment to the terms of an Option must, if required under Exchange Policies, be approved by such Exchange prior to the exercise of such Option as amended. 
  
 4.8Termination of Option. The Option will terminate in the following circumstances: 
  
 (a)Termination of Services For Cause. If the engagement of the Optionee as a Director, Officer, Employee or Consultant is terminated for cause any Option granted hereunder to such Optionee shall terminate and cease to be exercisable immediately upon the Optionee ceasing to be a Director, Officer, Employee or Consultant by reason of termination for cause. 
 
 8
 
  
 
 (b)Termination of Services Without Cause or Upon Resignation. If the engagement of the Optionee as a Director, Officer, Employee or Consultant of the Company is terminated as a result of such Director, Officer, Employee or Consultant’s resignation or for any reason other than cause, disability or death, the Optionee may exercise any Option granted hereunder to the extent that such Option was exercisable and had vested on the date of termination until the date that is the earlier of (i) the Expiry Date, and (ii) the date that is 90 calendar days after the effective date of the Optionee ceasing to be a Director, Officer, Employee or Consultant for that other reason or such other date as may be determined by the Board and set out in the Option Agreement. 
  
 (c)Investor Relations. Notwithstanding paragraph 4.8(b), if the Optionee is a Consultant engaged in Investor Relations Activities and the engagement of the Optionee as a Consultant is terminated for any reason other than cause, resignation, disability or death, the Optionee may exercise any Option granted hereunder to the extent that such Option was exercisable and had vested on the date of termination until the date that is the earlier of (i) the Expiry Date, and (ii) the date that is 30 calendar days after the effective date of the Optionee ceasing to be a Consultant for that other reason. 
  
 (d)Death. If the Optionee dies, the Optionee’s lawful personal representatives, heirs or executors may exercise any Option granted hereunder to the Optionee to the extent such Option was exercisable and had vested on the date of death until the earlier of (i) the Expiry Date, and (ii) one year after the date of death of such Optionee. 
  
 (e)Disability. If the Optionee ceases to be an Eligible Person, due to his Disability, or, in the case of an Optionee that is a company, the Disability of the person who provides management or consulting services to the Company or to an Affiliate of the Company, the Optionee may exercise any Option granted hereunder to the extent that such Option was exercisable and had vested on the date of Disability until the earlier of (i) the Expiry Date, and (ii) the date that is one year after the date of Disability. 
  
 (f)Changes in Status of Eligible Person. If the Optionee ceases to be one type of Eligible Person but concurrently is or becomes one or more other type of Eligible Person, the Option will not terminate but will continue in full force and effect and the Optionee may exercise the Option until the earlier of (i) the Expiry Date, and (ii) the applicable date set forth in paragraphs 4.8(a) to 4.8(e) above where the Optionee ceases to be any type of Eligible Person. If the Optionee is an Employee, the Option will not be affected by any change of the Optionee’s employment where the Optionee continues to be employed by the Company or an Affiliate of the Company. 
  
 4.9Adjustment of the Number of Optioned Shares. The number of Common Shares subject to an Option will be subject to adjustment in the events and in the manner following: 
  
 (a)Following the date an Option is granted, the exercise price for and the number of Optioned Shares which are subject to an Option will be adjusted, with respect to the then unexercised portion thereof, in the events and in accordance with the provisions and rules set out in this subsection 4.9, with the intent that the rights of Optionees under their Options are, to the extent possible, preserved and maintained notwithstanding the occurrence of such events. Any dispute that arises at any time with respect to any adjustment pursuant to such provisions and rules will be conclusively determined by the Board, and any such determination will be binding on the Company, the Optionee and all other affected parties. 
 
 9
 
  
(b)If there is a change in the outstanding Common Shares by reason of any share consolidation or split, reclassification or other capital reorganization, or a stock dividend, arrangement, amalgamation, merger or combination, or any other change to, event affecting, exchange of or corporate change or transaction affecting the Common Shares, the Board shall make, as it shall deem advisable and subject to the requisite approval of the relevant regulatory authorities, appropriate substitution and/or adjustment in: 
  
 (i)the number and kind of shares or other securities or property reserved or to be allotted for issuance pursuant to this Plan; 
  
 (ii)the number and kind of shares or other securities or property reserved or to be allotted for issuance pursuant to any outstanding unexercised Options, and in the exercise price for such shares or other securities or property; and 
  
 (iii)the vesting of any Options, including the accelerated vesting thereof on conditions the Board deems advisable, and if the Company undertakes an arrangement or is amalgamated, merged or combined with another corporation, the Board shall make such provision for the protection of the rights of Optionees as it shall deem advisable. 
  
 (c)If the outstanding Common Shares are changed into or exchanged for a different number of shares or into or for other securities of the Company or securities of another Company or entity, in a manner other than as specified in paragraph 4.9(b), then the Board, in its sole discretion, may make such adjustment to the securities to be issued pursuant to any exercise of the Option and the exercise price to be paid for each such security following such event as the Board in its sole and absolute discretion determines to be equitable to give effect to the principle described in paragraph 4.9(a), and such adjustments shall be effective and binding upon the Company and the Optionee for all purposes. 
  
 (d)No adjustment provided in this subsection 4.9 shall require the Company to issue a fractional share and the total adjustment with respect to each Option shall be limited accordingly. 
  
 (e)The grant or existence of an Option shall not in any way limit or restrict the right or power of the Company to effect adjustments, reclassifications, reorganizations, arrangements or changes of its capital or business structure, or to amalgamate, merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or assets. 
  
 5.COMMITMENT AND EXERCISE PROCEDURES 
  
 5.1Option Agreement. Upon grant of an Option hereunder, an authorized director or officer of the Company will deliver to the Optionee an Option Agreement detailing the terms of such Options and upon such delivery the Optionee will be subject to the Plan and have the right to purchase the Optioned Shares at the Exercise Price set out therein subject to the terms and conditions hereof. 
  
 5.2Manner of Exercise. An Optionee who wishes to exercise his Option, in its entirety or any portion thereof, may do so by delivering: 
  
 (a)a Notice of Exercise to the Company specifying the number of Optioned Shares being acquired pursuant to the Option; and 
  
 (b)cash, a certified cheque or a bank draft payable to the Company for the aggregate  
 
 10
 
  
Exercise Price for the Optioned Shares being acquired.
  
 5.3Subsequent Exercises. If an Optionee exercises only a portion of the total number of his Options, then the Optionee may, from time to time, subsequently exercise all or part of the remaining Options until the Expiry Date. 
  
 5.4Delivery of Certificate and Hold Periods. As soon as practicable after receipt of the Notice of Exercise described in subsection 5.2 and payment in full for the Optioned Shares being acquired, the Company will or will direct its transfer agent to issue a certificate to the Optionee for the appropriate number of Optioned Shares. Such certificate issued will bear a legend stipulating any resale restrictions required under applicable securities laws and Exchange Policies. 
  
 6.SECURITIES LAWS AND EXCHANGE POLICIES 
  
 6.1This Plan and the granting and exercise of any Options hereunder are also subject to such other terms and conditions as are set out from time to time in applicable Securities Laws and Exchange Policies and such terms and conditions shall be deemed to be incorporated into and become a part of this Plan. In the event of an inconsistency between such terms and conditions and this Plan, such terms and conditions shall govern. In the event that the Shares are listed on a new stock exchange, in addition to the terms and conditions set out from time to time in applicable Securities Laws, the granting or cancellation of Options shall be governed by the terms and conditions set out from time to time in the policies, bylaws, rules and regulations of the new stock exchange and unless inconsistent with the terms of this Plan, the Company shall be able to grant or cancel options pursuant to the policies, bylaws, rules and regulations of such new stock exchange without requiring shareholder approval. In the event that the Plan is approved by a majority of the votes cast at a meeting of the shareholders of the Company, pursuant to section 2.25 of National Instrument 45-106, the Board may grant a number of options that exceeds the limits set out in section 3.6 of the Plan subject to compliance with applicable Securities Laws, Regulatory Rules, and Exchange Policies. 
  
 7.AMENDMENT 
  
 7.1Shareholder Approval of Plan. If required by a Regulatory Authority or by the Board, this Plan may be made subject to the approval of a majority of the votes cast at a meeting of the shareholders of the Company or by a majority of votes cast by disinterested shareholders at a meeting of shareholders of the Company. Any such options granted under this Plan will not be exercisable or binding on the Company unless and until such shareholder approval is obtained. 
  
 7.2Amendment of the Plan. The Board reserves the right, in its absolute discretion, to at any time amend, modify or terminate the Plan with respect to all Common Shares in respect of Options which have not yet been granted hereunder. Any amendment to any provision of the Plan will be subject to shareholder approval, if required under Applicable Securities Laws and/or Exchange Policies, and any necessary Regulatory Approvals. If this Plan is suspended or terminated, the provisions of this Plan and any administrative guidelines, rules and regulations relating to this Plan shall continue in effect for the duration of such time as any Option remains outstanding. 
  
 7.3Amendment of Outstanding Options. The Board may amend the terms of any Option previously granted by the Company with the consent of the affected Optionee subject to compliance with Applicable Securities Laws and the Exchange on which the Company’s Common Shares are listed, if required, including any shareholder approval required by such Exchange. For greater certainty, Disinterested Shareholder Approval is required by the Exchange for any reduction in the exercise price of an Option if the Participant is an Insider  
 
 11
 
  
at the time of the proposed amendment.
  
 7.4Amendment Subject to Approval. If the amendment of an Option requires shareholder or Regulatory Approval, such amendment may be made prior to such approvals being given, but no such amended Options may be exercised unless and until such approvals are given. 
  
 8.FINANCIAL ASSISTANCE 
  
 8.1The Company is authorized, in its sole discretion, to provide financial assistance to Optionees to purchase Optioned Shares under this Plan, subject to applicable laws and the rules and policies of any securities regulatory authority, stock exchange or quotation system with jurisdiction over the Company or a trade in securities of the Company. Any financial assistance so provided will be repayable with full recourse and the term of any such financing shall not exceed the term of the Option to which the financing applies. 
 9.GENERAL 
  
 9.1Exclusion from Severance Allowance. Retirement Allowance or Termination Settlement. If the Optionee retires, resigns or is terminated from employment or engagement with the Company or any subsidiary of the Company, the loss or limitation, if any, pursuant to the Option Agreement with respect to the right to purchase Optioned Shares, shall not give rise to any right to damages and shall not be included in the calculation of nor form any part of any severance allowance, retiring allowance or termination settlement of any kind whatsoever in respect of such Optionee. 
  
 9.2Employment and Services. Nothing contained in the Plan will confer upon or imply in favour of any Optionee any right with respect to office, employment or provision of services with the Company, or interfere in any way with the right of the Company to lawfully terminate the Optionee’s office, employment or service at any time pursuant to the arrangements pertaining to same. Participation in the Plan by an Optionee is voluntary. 
  
 9.3No Rights as Shareholder. Nothing contained in this Plan nor in any Option granted thereunder shall be deemed to give any Optionee any interest or title in or to any Common Shares of the Company or any rights as a shareholder of the Company or any other legal or equitable right against the Company whatsoever other than as set forth in this Plan and pursuant to the exercise of any Option in accordance with the provisions of the Plan and the Option Agreement. 
  
 9.4Withholding.   The Company may withhold from any amount payable to an Optionee, either under this Plan or otherwise, such amount as it reasonably believes is necessary to enable the Company to comply with the applicable requirements of any federal, provincial, local or foreign law, or any administrative policy of any applicable tax authority, relating to the withholding of tax or any other required deductions with respect to options (“Withholding Obligations”). The Company may also satisfy any liability for any such Withholding Obligations, on such terms and conditions as the Company may determine in its discretion, by: 
  
 (a)requiring an Optionee, as a condition to the exercise of any Options, to make such arrangements as the Company may require so that the Company can satisfy such Withholding Obligations including, without limitation, requiring the Optionee to remit to the Company in advance, or reimburse the Company for, any such Withholding Obligations; or 
  
 (b)selling on the Optionee’s behalf, or requiring the Optionee to sell, any Optioned Shares acquired by the Optionee under the Plan, or retaining any amount which would otherwise be payable to the Optionee in connection with any such sale. 
 
 12
 
  
9.5No Representation or Warranty. The Company makes no representation or warranty as to the future market value of Optioned Shares issued in accordance with the provisions of the Plan or to the effect of the Income Tax Act (Canada) or any other taxing statute governing the Options or the Optioned Shares issuable thereunder or the tax consequences to a Optionee. Compliance with applicable securities laws as to the disclosure and resale obligations of each Optionee is the responsibility of such Optionee and not the Company. 
  
 9.6Other Arrangements. Nothing contained herein shall prevent the Board from adopting other or additional compensation arrangements, subject to any required approval. 
  
 9.7No Fettering of Discretion. The awarding of Options under this Plan is a matter to be determined solely in the discretion of the Board. This Plan shall not in any way fetter, limit, obligate, restrict or constrain the Board with regard to the allotment or issue of any Common Shares or any other securities in the capital of the Company or any of its Affiliates other than as specifically provided for in this Plan. 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 13
 
  
Schedule “A”
  
 STOCK OPTION AGREEMENT
 (Non-Investor Relations)
  
 THIS STOCK OPTION AGREEMENT made as of the _____________ day of _____________, 20______.
  
  
 BETWEEN:
  
 RED METAL RESOURCES LTD., with an office at 278 Bay Street, Suite 102, Thunder Bay, Ontario, P7B 1R8
  
 (the “Company”)
  
 AND:
  
 _________________, of ___________________
  
 (the “Optionee”)
  
 WHEREAS:
  
 A.The Company’s board of directors (the “Board”) has approved and adopted a stock option plan (the “Plan”) dated for reference, 201 as may be amended or restated from time to time, whereby the Board is authorized to grant Options (as defined herein) to Eligible Persons to acquire up to a maximum of 10% of the number of issued and outstanding common shares in the capital stock of the Company at the time of grant; 
  
 B.The Optionee provides services to the Company as a [director/officer/employee/consultant] of the Company (the “Services”); and 
  
 C.The Company wishes to grant the Options to the Optionee as an incentive for the continued provision of the Services; 
  
 NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual promises contained herein and other good and valuable consideration, it is hereby agreed by and between the parties as follows:
  
 1.In this Agreement, the following terms shall have the following meanings: 
  
 1.1“Date of Grant” means the date of this Agreement; 
  
 1.2“Exercise Payment” means the amount of money equal to the Exercise Price multiplied by the number of Optioned Shares specified in the Notice of Exercise; 
  
 1.3“Exercise Price” means per Optioned Share; 
  
 1.4”Expiry Date” means the date which is ________( _____ ) years after the Date of Grant; 
  
 1.5“Notice of Exercise” means a notice in writing addressed to the Company at its address first recited (or such other address of the Company as may from time to time be notified to the Optionee in writing), substantially in the form attached as Exhibit  
 
 A-1
 
  
A1 hereto, which notice shall specify therein the number of Optioned Shares in respect of which the Options are being exercised;
  
 1.6“Options” means the irrevocable right and option to purchase, from time to time, all, or any part of the Optioned Shares granted to the Optionee by the Company pursuant to Section 3 of this Agreement; 
  
 1.7“Optioned Shares” means the Shares subject to the Options; 
  
 1.8“Personal Information” means any information about the Optionee contained in this Agreement or as required to be disclosed about the Optionee by the Company to the Exchange or any securities regulatory authority for any purpose; 
  
 1.9“Securities” means, collectively, the Options and the Optioned Shares; 
  
 1.10“Shareholders” means holders of record of the Shares; and 
  
 1.11“Shares” means the common shares in the capital of the Company. 
  
 2.All capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Plan. 
  
 3.Upon the execution and delivery of this Agreement by the Optionee to the Company, the Company hereby grants to the Optionee, subject to the terms and conditions hereinafter set forth, Options to purchase a total of [write out the number] ([provide numerical amount]) Optioned Shares at the Exercise Price. 
  
 4.The Options shall vest as follows   [revise as applicable]: 
  
 4.1[provide] on the Date of Grant; 
  
 4.2[provide] on the first anniversary of the Date of Grant; and 
  
 4.3[provide] on the second anniversary of the Date of Grant. 
  
 5.The Options shall, at 5:00 p.m. (Vancouver time) on the Expiry Date, forthwith expire and be of no further force or effect whatsoever. 
  
 6.Subject to the provisions hereof, the Options shall be exercisable in whole or in part (at any time and from time to time as aforesaid) by the Optionee or his personal representative giving a Notice of Exercise together with the Exercise Payment by cash, certified cheque or bank draft, made payable to the Company. 
  
 7.Upon the exercise of all or any part of the Options and upon receipt by the Company of the Exercise Payment, the Company shall cause to be delivered to the Optionee or his personal representative, within ten (10) business days following receipt by the Company of the Notice of Exercise, a certificate in the name of the Optionee or his personal representative representing, in aggregate, the number of Optioned Shares specified in the Notice of Exercise. 
  
 8.Nothing in this Agreement shall obligate the Optionee to purchase any Optioned Shares except those Optioned Shares in respect of which the Optionee shall have exercised the Options in the manner provided in this Agreement. 
  
 9.In the event the Plan does not set out the rights and obligations of the Optionee and the Company in respect of a consolidation or subdivision of the Shares, or an amalgamation, merger, business combination or similar event, the terms of the Options shall be subject to  
 
 A-2
 
  
adjustment as follows:
  
 9.1In case the Company shall (i) subdivide its outstanding Shares into a greater number of Shares, 
 (ii) combine its outstanding Shares into a smaller number of shares, or (iii) issue by reclassification, recapitalization, stock dividend or other similar event a different number or kind of securities of the Company in exchange for its Shares, (A) the Exercise Price shall be increased or decreased, as the case may be, to any amount which shall bear the same relation to the Exercise Price in effect immediately prior to such action as the total number of Shares outstanding immediately prior to such action shall bear to the total number of Shares outstanding immediately after such action, and (B) the Options shall automatically be adjusted so that it shall thereafter evidence the right to purchase the kind and number of Optioned Shares or other securities which the Optionee would have owned and would have been entitled to receive after such action if the Options had been exercised immediately prior to such action or any record date with respect thereto. An adjustment made pursuant to this subparagraph 9.1 shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification.
  
 9.2In case of any consolidation or merger of the Company with or into another corporation or the sale of all or substantially all of the assets of the Company to another corporation, the Options thereafter shall be exercisable for the kind and amount of shares of stock or other securities or property to which a holder of the number of Shares of the Company deliverable upon exercise of the Options would have been entitled upon such consolidation, merger or sale; and, in such case, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of the provisions in this Section 9, to the end that the provisions set forth in this Section 9 (including provisions with respect to changes in and adjustments of the Exercise Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other securities or property thereafter deliverable upon the exercise of the Options. 
  
 10.The Company agrees that prior to the earlier of the expiration of the Options and the exercise and purchase of the total number of Optioned Shares represented by the Options, there shall be reserved for issuance and delivery upon exercise of the Options such number of the Company’s authorized and unissued Shares as shall be necessary to satisfy the terms and conditions of this Agreement. 
  
 11.The Optionee acknowledges, represents and warrants to the Company that: 
  
 (a)the Company has advised the Optionee that the Company is relying on an exemption from the requirements to provide the Optionee with a prospectus and to sell the Securities through a person registered to sell securities under applicable securities legislation and, as a consequence of acquiring the Securities pursuant to this exemption, certain protections, rights and remedies provided by applicable securities legislation, including, in most circumstances, statutory rights of rescission or damages, will not be available to the Optionee; and 
  
 (b)the Optionee is not a U.S. person as such term is defined in Regulation S promulgated under the United States Securities Act of 1933. 
  
 12.The Optionee hereby covenants and agrees with the Company that the Optionee will execute and deliver any documents and instruments and provide any information as may be reasonably requested by the Company, from time to time, to establish the availability of exemptions from prospectus and registration requirements and to comply with any applicable securities legislation and Exchange Policies, including without limitation those provisions of  
 
 A-3
 
  
any applicable securities legislation and Exchange Policies relating to escrow requirements.
  
 13.The Optionee hereby acknowledges and agrees to the Company making a notation on its records or giving instructions to the registrar and transfer agent of the Company in order to implement the restrictions on transfer set forth and described in this Agreement. 
  
 14.Unless the Company permits otherwise, the Optionee shall pay the Company in cash all local, provincial and federal withholding taxes applicable to the grant or exercise of the Options, or the transfer or other disposition of Shares acquired upon exercise of the Options. Any such payment must be made promptly when the amount of such obligation becomes determinable. In addition to any remedies available to the Company under the Plan to comply with Withholding Obligations, the Company may in its discretion sell on the Optionee’s behalf, or require the Optionee to sell, any Shares acquired by the Optionee under the Plan, or retain any amount which would otherwise be payable to the Optionee in connection with any such sale. 
  
 15.This Agreement shall enure to the benefit of and be binding upon the Company, its successors and assigns, and the Optionee and his personal representative, if applicable. 
  
 16.Other than in the event of death of the Optionee in which case the Option may be transferred or assigned by will or by the law governing the devolution of property to the Optionee’s executor, administrator or other person representative, this Agreement shall not be transferable or assignable by the Optionee or his personal representative and the Options may be exercised only by the Optionee or his personal representative provided that, subject to the prior approval of the Board and, if necessary, any applicable stock exchange, the Optionee may assign the Options to a company of which all of the voting securities are beneficially owned by the Optionee, which ownership will continue for as long as any portion of the Options remain unexercised. 
  
 17.The granting of the Options and the terms and conditions hereof shall be subject to Regulatory Approval as required. 
  
 18.The Optionee and the Company represent that the Optionee is a Director, Officer, Employee or Consultant of the Company or any Affiliate of the Company or of a company of which all of the voting securities are beneficially owned by one or more of the foregoing. 
  
 19.The Optionee represents that he has not been induced to enter into this Agreement by the expectation of employment or continued employment or retention or continued retention by the Company or any Affiliate of the Company. 
  
 20.The Option will terminate in accordance with the Plan. 
  
 21.Reference is made to the Plan for particulars of the rights and obligations of the Optionee and the Company in respect of the terms and conditions on which the Option is granted, all to the same effect as if the provisions of the Plan were set out in this Agreement and to all of which the Optionee assents. 
  
 22.The Company will give a copy of the Plan to the Optionee on request. 
  
 23.Time is of the essence of this Agreement. 
  
 24.The terms of the Option are subject to the provisions of the Plan, as the same may from time to time be amended, and any inconsistencies between this Agreement and the Plan, as the same may be from time to time amended, shall be governed by the provisions of the Plan. 
  
 25.If at any time during the term of this Agreement the parties deem it necessary or expedient to  
 
 A-4
 
  
make any alteration or addition to this Agreement, they may do so by means of a written agreement between them which shall be supplemental hereto and form part hereof and which shall be subject to Regulatory Approval if required.
  
 26.Wherever the plural or masculine are used throughout this Agreement, the same shall be construed as meaning singular or feminine or neuter or the body politic or corporate where the context of the parties thereto require. 
  
 27.This Agreement may be executed in several parts in the same form and such parts as so executed shall together constitute one original agreement, and such parts, if more than one, shall be read together and construed as if all the signing parties hereto had executed one copy of this Agreement. 
  
 28.Delivery of an executed copy of this Agreement by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Agreement as of the date first above written. 
  
 29.Unless otherwise expressly stated, all amounts set out in this Agreement are stated in Canadian dollars. 
  
 30.If the Company completes an initial public offering of its common shares (an “IPO”) , the Options and/or the Option Shares may be required to be pooled or escrowed, either at the request of the Company’s selling agent or underwriter in an IPO, or pursuant to applicable securities legislation as amended from time to time and regulations and rules prescribed thereto, pursuant to the policies of the applicable securities commissions, pursuant to the policies of a stock exchange or trading system on which the Company may seek to list its securities, or any other securities regulatory body having jurisdiction. The Optionee hereby agrees to sign any such pooling or escrow agreement and abide by any such restrictions as may be so imposed or requested by the Company pursuant to standard escrow terms. 
  
 31.This Agreement shall be exclusively governed by and construed in accordance with the laws of the Province of British Columbia without giving effect to any choice or conflict of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction, and shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
  
  
  
 
 A-5
 
  
 
  
 IN WITNESS WHEREOF the parties have executed this Agreement as of the date first set forth above.
  
 RED METAL RESOURCES LTD.
  
 Per:
 	  
	  
	  

	 Authorized Signatory
	  
	  

	  
	  
	  

	 SIGNED by __________________  in the presence of:
	 )
	  

	  
	 )
	  

	  
	 )
	  

	 Signature
	 )
	  

	  
	 )
	  

	 Print Name
	 )
	  

	  
	 )
	  

	 Address
	 )
	  

	  
	 )
	  

	  
	 )
	  

	  
	 )
	  

	 Occupation
	 )
	  

  
  
 [or if a company is the optionee, the following:]
  
 [provide name of company]
 Per:  _____________________________________
 Authorized Signatory
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 A-6
 
  
EXHIBIT A1
  
 TO:Red Metal Resources Ltd. (the “Company”) 
 278 Bay Street, Suite 102
 Thunder Bay, Ontario P7B 1R8
  
 NOTICE OF EXERCISE
  
 This Notice of Exercise shall constitute proper notice pursuant to Section 6 of that certain Stock Option Agreement (the “Agreement”) dated as of the _____ day of ________________, 20____, between the Company and the undersigned.
  
 The undersigned hereby elects to exercise Optionee’s option to purchase __________________ common shares of the Company at a price of $___________per share, for aggregate consideration of $___________, on the terms and conditions set forth in the Agreement and the Plan. Such aggregate consideration, in the form specified in Section 6 of the Agreement, accompanies this notice. The undersigned reconfirms the representations and warranties set out in the Agreement as of the date hereof.
  
 The Optionee hereby directs the Company to issue, register and deliver the certificates representing the shares as follows:
  
 	 Registration Information:
	  
	 Delivery Instructions:

	 Name to appear on certificates
	 Name

	 Address
	 Address

	  
	  

	  
	 Telephone Number

  
 DATED at _______________________, the _________ day of _________________________________.
  
 	  
	  

	  
	 Name of Optionee (Please type or print)

	  
	  

	  
	  

	  
	 Signature of Optionee or Authorized Signatory

	  
	  

	  
	  

	  
	 Name and Office of Authorized Signatory

	  
	  

	  
	  

	  
	 Address of Optionee

	  
	  

	  
	  

	  
	 Address of Optionee

	  
	  

	  
	  

	  
	 Facsimile Number

 
 A-7
 
  
Schedule “B”
  
 STOCK OPTION AGREEMENT
 (Investor Relations)
  
 THIS STOCK OPTION AGREEMENT made as of the ________ day of __________________, 20_____.
  
 BETWEEN:
  
 Red Metal Resources Ltd., with an office at 278 Bay Street, Suite 102,
 Thunder Bay, Ontario, P7B 1R8 (the “Company”)
 AND:
  
 _________________ , of _____________________
  
 (the “Optionee”)
  
 WHEREAS:
  
 A.The Company’s board of directors (the “Board”) has approved and adopted an incentive stock option plan (the “Plan”) dated for reference ___________, 201____ as may be amended or restated from time to time, whereby the Board is authorized to grant Options (as defined herein) to Eligible Person to acquire up to a maximum of 10% of the number of issued and outstanding common shares in the capital stock of the Company at the time of grant; 
  
 B.The Optionee provides investor relations services to the Company as a consultant (the “Services”); and 
  
 C.The Company wishes to grant the Options to the Optionee as an incentive for the continued provision of the Services; 
  
 NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of other good and valuable consideration and the sum of One ($1.00) dollar now paid by the Optionee to the Company (the receipt and sufficiency whereof is hereby acknowledged), it is hereby agreed by and between the parties as follows:
  
 1.In this Agreement, the following terms shall have the following meanings: 
  
 1.1“Date of Grant” means the date of this Agreement; 
  
 1.2“Exercise Payment” means the amount of money equal to the Exercise Price multiplied by the number of Optioned Shares specified in the Notice of Exercise; 
  
 1.3”Exercise Price” means _______ per Optioned Share; 
  
 1.4”Expiry Date” means the date which is ____________(______) years after the Date of Grant; 
  
 1.5“Notice of Exercise” means a notice in writing addressed to the Company at its address first recited (or such other address of the Company as may from time to time be notified to the Optionee in writing), substantially in the form attached as Exhibit B1 hereto, which notice shall specify therein the number of Optioned Shares in respect of which the Options are being exercised; 
 
 B-1
 
  
 
 1.6“Options” means the irrevocable right and option to purchase, from time to time, all, or any part of the Optioned Shares granted to the Optionee by the Company pursuant to Section 3 of this Agreement; 
  
 1.7“Optioned Shares” means the Shares subject to the Options; 
  
 1.8“Personal Information” means any information about the Optionee contained in this Agreement or as required to be disclosed about the Optionee by the Company to the Exchange or any securities regulatory authority for any purpose; 
  
 1.9“Securities” means, collectively, the Options and the Optioned Shares; 
  
 1.10“Shareholders” means holders of record of the Shares; and 
  
 1.11“Shares” means the common shares in the capital of the Company. 
  
 2.All capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Plan. 
  
 3.Upon the execution and delivery of this Agreement by the Optionee to the Company, the Company hereby grants to the Optionee, subject to the terms and conditions hereinafter set forth, Options to purchase a total of [write out the number] ([provide numerical amount]) Optioned Shares at the Exercise Price. 
  
 4.The Options shall vest as follows [Exchange rules require the options to vest in stages over 12 months with no more than one quarter of the options vesting in any 3 month period]: 
  
 4.1[provide] on the date that is 3 months after the Date of Grant; 
  
 4.2[provide] on the date that is 6 months after the Date of Grant; 
  
 4.3[provide] on the date that is 9 months after the Date of Grant; and 
  
 4.4[provide] on the date that is 12 months after the Date of Grant. 
  
 5.The Options shall, at 5:00 p.m. (Vancouver time) on the Expiry Date, forthwith expire and be of no further force or effect whatsoever. 
  
 6.Subject to the provisions hereof, the Options shall be exercisable in whole or in part (at any time and from time to time as aforesaid) by the Optionee or his personal representative giving a Notice of Exercise together with the Exercise Payment by cash or by certified cheque, made payable to the Company. 
  
 7.Upon the exercise of all or any part of the Options and upon receipt by the Company of the Exercise Payment, the Company shall cause to be delivered to the Optionee or his personal representative, within ten (10) business days following receipt by the Company of the Notice of Exercise, a certificate in the name of the Optionee or his personal representative representing, in aggregate, the number of Optioned Shares specified in the Notice of Exercise. 
  
 8.Nothing in this Agreement shall obligate the Optionee to purchase any Optioned Shares except those Optioned Shares in respect of which the Optionee shall have exercised the Options in the manner provided in this Agreement. 
  
 9.In the event the Plan does not set out the rights and obligations of the Optionee and the  
 
 B-2
 
  
Company in respect of a consolidation or subdivision of the Shares, or an amalgamation, merger, business combination or similar event, the terms of the Options shall be subject to adjustment as follows:
  
 9.1In case the Company shall (i) subdivide its outstanding Shares into a greater number of Shares, 
 (ii) combine its outstanding Shares into a smaller number of shares, or (iii) issue by reclassification, recapitalization, stock dividend or other similar event a different number or kind of securities of the Company in exchange for its Shares, (A) the Exercise Price shall be increased or decreased, as the case may be, to any amount which shall bear the same relation to the Exercise Price in effect immediately prior to such action as the total number of Shares outstanding immediately prior to such action shall bear to the total number of Shares outstanding immediately after such action, and (B) the Options shall automatically be adjusted so that it shall thereafter evidence the right to purchase the kind and number of Optioned Shares or other securities which the Optionee would have owned and would have been entitled to receive after such action if the Options had been exercised immediately prior to such action or any record date with respect thereto. An adjustment made pursuant to this subparagraph 9.1 shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification.
  
 9.2In case of any consolidation or merger of the Company with or into another corporation or the sale of all or substantially all of the assets of the Company to another corporation, the Options thereafter shall be exercisable for the kind and amount of shares of stock or other securities or property to which a holder of the number of Shares of the Company deliverable upon exercise of the Options would have been entitled upon such consolidation, merger or sale; and, in such case, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of the provisions in this Section 9, to the end that the provisions set forth in this Section 9 (including provisions with respect to changes in and adjustments of the Exercise Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other securities or property thereafter deliverable upon the exercise of the Options. 
  
 10.The Company agrees that prior to the earlier of the expiration of the Options and the exercise and purchase of the total number of Optioned Shares represented by the Options, there shall be reserved for issuance and delivery upon exercise of the Options such number of the Company’s authorized and unissued Shares as shall be necessary to satisfy the terms and conditions of this Agreement. 
  
 11.The Optionee acknowledges, represents and warrants to the Company that: 
  
 (c)the Company has advised the Optionee that the Company is relying on an exemption from the requirements to provide the Optionee with a prospectus and to sell the Securities through a person registered to sell securities under applicable securities legislation and, as a consequence of acquiring the Securities pursuant to this exemption, certain protections, rights and remedies provided by applicable securities legislation, including, in most circumstances, statutory rights of rescission or damages, will not be available to the Optionee; and 
  
 (d)the Optionee is not a U.S. person as such term is defined in Regulation S promulgated under the United States Securities Act of 1933. 
  
 12.The Optionee hereby covenants and agrees with the Company that the Optionee will execute and deliver any documents and instruments and provide any information as may be reasonably requested by the Company, from time to time, to establish the availability of  
 
 B-3
 
  
exemptions from prospectus and registration requirements and to comply with any applicable securities legislation and Exchange Policies, including without limitation those provisions of any applicable securities legislation and Exchange Policies relating to escrow requirements.
  
 13.The Optionee hereby acknowledges and agrees to the Company making a notation on its records or giving instructions to the registrar and transfer agent of the Company in order to implement the restrictions on transfer set forth and described in this Agreement. 
  
 14.Unless the Company permits otherwise, the Optionee shall pay the Company in cash all local, provincial and federal withholding taxes applicable to the grant or exercise of the Options, or the transfer or other disposition of Shares acquired upon exercise of the Options. Any such payment must be made promptly when the amount of such obligation becomes determinable. In addition to any remedies available to the Company under the Plan to comply with Withholding Obligations, the Company may in its discretion sell on the Optionee’s behalf, or require the Optionee to sell, any Shares acquired by the Optionee under the Plan, or retain any amount which would otherwise be payable to the Optionee in connection with any such sale. 
  
 15.This Agreement shall enure to the benefit of and be binding upon the Company, its successors and assigns, and the Optionee and his personal representative, if applicable. 
  
 16.Other than in the event of death of the Optionee in which case the Option may be transferred or assigned by will or by the law governing the devolution of property to the Optionee’s executor, administrator or other person representative, this Agreement shall not be transferable or assignable by the Optionee or his personal representative and the Options may be exercised only by the Optionee or his personal representative provided that, subject to the prior approval of the Board and, if necessary, any applicable stock exchange, the Optionee may assign the Options to a company of which all of the voting securities are beneficially owned by the Optionee, which ownership will continue for as long as any portion of the Options remain unexercised. 
  
 17.The granting of the Options and the terms and conditions hereof shall be subject to Regulatory Approval as required. 
  
 18.The Optionee and the Company represent that the Optionee is a Director, Officer, Employee or Consultant of the Company or any Affiliate of the Company or of a company of which all of the voting securities are beneficially owned by one or more of the foregoing. 
  
 19.The Optionee represents that he has not been induced to enter into this Agreement by the expectation of employment or continued employment or retention or continued retention by the Company or any Affiliate of the Company. 
  
 20.The Option will terminate in accordance with the Plan. 
  
 21.Neither this Agreement nor the Plan confers on the Optionee the right to continue in the employment of or association with the Company or any Affiliate of the Company, nor do they interfere in any way with the right of the Optionee or the Company or any Affiliate of the Company to terminate the Optionee’s employment at any time. 
  
 22.Reference is made to the Plan for particulars of the rights and obligations of the Optionee and the Company in respect of the terms and conditions on which the Option is granted, all to the same effect as if the provisions of the Plan were set out in this Agreement and to all of which the Optionee assents. 
  
 23.The Company will give a copy of the Plan to the Optionee on request. 
 
 B-4
 
  
24.Time is of the essence of this Agreement. 
  
 25.The terms of the Option are subject to the provisions of the Plan, as the same may from time to time be amended, and any inconsistencies between this Agreement and the Plan, as the same may be from time to time amended, shall be governed by the provisions of the Plan. 
  
 26.If at any time during the term of this Agreement the parties deem it necessary or expedient to make any alteration or addition to this Agreement, they may do so by means of a written agreement between them which shall be supplemental hereto and form part hereof and which shall be subject to Regulatory Approval if required. 
  
 27.Wherever the plural or masculine are used throughout this Agreement, the same shall be construed as meaning singular or feminine or neuter or the body politic or corporate where the context of the parties thereto require. 
  
 28.This Agreement may be executed in several parts in the same form and such parts as so executed shall together constitute one original agreement, and such parts, if more than one, shall be read together and construed as if all the signing parties hereto had executed one copy of this Agreement. 
  
 29.Delivery of an executed copy of this Agreement by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Agreement as of the date first above written. 
  
 30.Unless otherwise expressly stated, all amounts set out in this Agreement are stated in Canadian dollars. 
  
 31.If the Company completes an initial public offering of its common shares (an “IPO”) , the Options and/or the Option Shares may be required to be pooled or escrowed, either at the request of the Company’s selling agent or underwriter in an IPO, or pursuant to applicable securities legislation as amended from time to time and regulations and rules prescribed thereto, pursuant to the policies of the applicable securities commissions, pursuant to the policies of a stock exchange or trading system on which the Company may seek to list its securities, or any other securities regulatory body having jurisdiction. The Optionee hereby agrees to sign any such pooling or escrow agreement and abide by any such restrictions as may be so imposed or requested by the Company pursuant to standard escrow terms. 
  
 32.This Agreement shall be exclusively governed by and construed in accordance with the laws of the Province of British Columbia without giving effect to any choice or conflict of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction, and shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
  
  
 
 B-5
 
  
 
  
 IN WITNESS WHEREOF the parties have executed this Agreement as of the date first set forth above.
  
 RED METAL RESOURCES LTD.
  
 Per:
 	  
	  
	  

	 Authorized Signatory
	  
	  

	  
	  
	  

	 SIGNED by __________________  in the presence of:
	 )
	  

	  
	 )
	  

	  
	 )
	  

	 Signature
	 )
	  

	  
	 )
	  

	 Print Name
	 )
	  

	  
	 )
	  

	 Address
	 )
	  

	  
	 )
	  

	  
	 )
	  

	  
	 )
	  

	 Occupation
	 )
	  

  
  
 [or if a company is the optionee, the following:]
  
 [provide name of company]
  
  
 Per:  _____________________________________
 Authorized Signatory
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 B-6
 
 

  EXHIBIT B1
  
 TO:Red Metal Resources Ltd. (the “Company”) 
 278 Bay Street, Suite 102
 Thunder Bay, ON P7B 1R8
  
 NOTICE OF EXERCISE
  
 This Notice of Exercise shall constitute proper notice pursuant to Section 6 of that certain Stock Option Agreement (the “Agreement”) dated as of the ______ day of _______________, 20____, between the Company and the undersigned.
  
 The undersigned hereby elects to exercise Optionee’s option to purchase _________________ common shares of the Company at a price of $_________per share, for aggregate consideration of $________________, on the terms and conditions set forth in the Agreement and the Plan. Such aggregate consideration, in the form specified in Section 6 of the Agreement, accompanies this notice. The undersigned reconfirms the representations and warranties set out in the Agreement as of the date hereof.
  
 The Optionee hereby directs the Company to issue, register and deliver the certificates representing the shares as follows:
  
 	 Registration Information:
	  
	 Delivery Instructions:

	 Name to appear on certificates
	 Name

	 Address
	 Address

	  
	  

	  
	 Telephone Number

  
 DATED at____________________, the_____ day of ___________________ , ___________.
  
  
 	  
	  

	  
	 Name of Optionee (Please type or print)

	  
	  

	  
	  

	  
	 Signature of Optionee or Authorized Signatory

	  
	  

	  
	  

	  
	 Name and Office of Authorized Signatory

	  
	  

	  
	  

	  
	 Address of Optionee

	  
	  

	  
	  

	  
	 Address of Optionee

	  
	  

	  
	  

	  
	 Facsimile Number

 
 B1-1

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