Document:

Exhibit 10.1 

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER THIS NOTE NOR ANY INTEREST THEREIN MAY BE OFFERED,
SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER
OF THIS NOTE, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

 

REVOLVING CREDIT NOTE

 

 

	$1,500,000.00	May 25th, 2022

Effective May 12th, 2022

 

FOR VALUE RECEIVED, the
undersigned, LAREDO OIL, INC., a Delaware corporation (the “Borrower”) hereby unconditionally promises to pay to the
order of AEI MANAGEMENT, INC., a Colorado corporation (the “Lender”) or its assigns, in lawful money of the United
States of America, and in immediately payable funds, on May 1, 2023, or such later date as requested by Borrower and agreed to
in writing by the Lender in its sole discretion (the “Maturity Date”), the principal sum of One Million Five Hundred
Thousand Dollars ($1,500,000.00) (the “Commitment Amount”) or such lesser amount as may be outstanding under this Revolving
Credit Promissory Note (the “Note”), together with accrued unpaid interest as set forth herein.

 

1.       Revolving
Facility.

 

1.1    Subject
to the terms hereof, the Lender may, at its sole discretion, agree to make advances (each an “Advance”) to the Borrower
upon the Borrower’s request in an aggregate amount not to exceed in a 30-day period One Hundred Fifty Thousand dollars ($150,000.00)
or such lesser amounts that when combined, shall not exceed the Commitment Amount. The Lender agrees that any Borrowing Notice Requests
will be submitted to the Lender at least seven (7) days prior to any advances. Borrower understands that the intent of this Note is to
assist the Borrower with funds for payroll and ordinary trade payables incurred in the ordinary
course of business and hereby agrees that Lender will only consider Borrowing Notice Requests on a bi-monthly basis. Borrower
acknowledges and agrees that the Lender has no obligation of any kind to make any Advance and may elect at any time and without cause
to not make any Advances. The Borrower and the Lender shall agree upon mutually acceptable borrowing notice procedures.

 

1.2    The
Lender’s records of all Advances and payments made hereunder shall, absent manifest error, be binding on the Borrower for all purposes.

 

1.3    Principal
amounts repaid or prepaid hereunder, subject to the terms hereof, may be reborrowed.

 

    

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2.       Interest;
Net Payments.

 

2.1    All
loans outstanding hereunder shall bear interest, upon any net balance outstanding at the close of each day, which interest will be payable
by the Borrower every ninety (90) days following the date of the first drawdown on May 12, 2022. This Note shall bear interest equal
to eight and three quarters percent (8.75%) per annum. Interest shall be calculated on a 360-day calendar. All principal and accrued
interest shall be due on the Maturity Date. If the Borrower does not pay the outstanding principal and any accrued interest due and owed
by the Maturity Date, such amount(s) shall automatically be compounded at the Default Rate (defined below). Principal shall be repaid
in full on the Maturity Date or upon such earlier date upon which demand therefor may be made by the Lender as a result of an Event of
Default; provided however, that two (2) days advance notice of any such demand is given to the Borrower.

 

2.2    Any
amounts outstanding on the earliest of (i) the occurrence of an Event of Default and the passage of any applicable cure period or (ii)
the Maturity Date, to the extent permitted by applicable law, shall accrue interest equal to the lesser of sixteen percent (16%) per annum
(calculated on a year of 360 days) compounded quarterly (the “Default Rate”) or the maximum rate of interest permitted
by applicable law.

 

2.3    All
payments hereunder shall be made to the account specified by the Lender to the Borrower in immediately available funds in United States
Dollars without setoff, defense or counterclaim or withholding on account of taxes, levies, duties or any other deduction whatsoever.
Whenever any payment to be made hereunder shall be otherwise due on a day which is not a business day, such payment shall be made on the
next succeeding business day, unless such date falls into the next calendar month (in which case payment is to be made on the preceding
date) and such extension of time shall in such case be included in the computation of interest.

 

3.       Conversion Rights. 

 

3.1
Subject to, and in compliance with, the provisions contained herein, Lender is entitled, at its option, at any time before maturity, to
convert all or any part of the outstanding and unpaid principal and accrued interest amount of this Note into fully paid and non-assessable
shares of common stock, par value $0.0001, of the Borrower (calculated as to each conversion to nearest share, the “Conversion
Shares”) evidenced by the submission of a Conversion Notice form attached hereto as Exhibit B; but, in
no event shall the Holder be entitled to convert any portion of this Convertible Note in excess of that portion of this Convertible Note
upon conversion of which the sum of (i) the number of shares of common stock beneficially owned by the Holder and its affiliates prior
to conversion, and (ii) the number of Conversion Shares of the portion of this Convertible Note with respect to which the determination
of this provision is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the issued
and outstanding shares of common stock of the Company. For purposes of the provision to the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (i) of this proviso; however, this limitation
on conversion may be waived by the Lender upon, at the election of the Lender, with not less than 61 days’ prior written notice
to the Company, and the provisions of this limitation on conversion shall continue. The conversion price per Conversion Share (the “Conversion
Price”) shall be determined as follows:

 

(a)       if
the Borrower’s common stock is not listed for trading on an exchange or quoted for trading on the OTC Bulletin Board or
OTC Markets, the Conversion Price shall be the lesser of (i) par value of the Borrower’s common stock or (2) the cost basis of
the most recent, non-affiliate issuance of common stock

 

    

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(b)       if
the Borrower’s common stock is listed for trading on an exchange or quoted for trading on the OTC Bulletin Board or OTC Markets,
the Conversion Price shall be:

 

		·	a 20% discount to the closing price of the
common stock as reported by the Borrower’s primary market on the trading day immediately preceding the issuance of the Conversion
Notice by the Lender to the Borrower

 

In connection
with the conversion of any amounts due under this Note, the Lender shall execute and deliver to the Borrower all subscription agreements
and any other related documents that the Borrower may reasonably require.

 

4.       Conversion
Operation.

 

Lender shall affect
the conversion of this Note pursuant to this Section 4 by providing notice to the Borrower of its intent to convert. Not later than three
(3) trading days after receipt of such notice from Lender, Borrower shall deliver to Lender or instruct its transfer agent to deliver
to Lender, a certificate, certificates or book entry statement representing the number of shares of common stock being acquired upon the
conversion of this Note.

 

In case Borrower shall,
after the original issue date of this Note (i) subdivide its outstanding shares of common stock into a greater number of shares or issue
additional shares of common stock for no consideration as a stock dividend, (ii) combine its outstanding shares of common stock into a
smaller number of shares of common stock, or (iii) issue any shares of its capital stock in a reclassification of the common stock, then
the number of common shares receivable upon conversion of this Note immediately prior thereto shall be adjusted so that Lender shall be
entitle to receive the kind and number of common shares of other securities of Borrower which it would have owned or have been entitled
to receive had this Note been converted in advance thereof. An adjustment made pursuant to this paragraph shall become effective immediately
after the effective date of such event retroactive to the record date, if any, for such event.

 

5.        
Limitation on Conversion.

 

Notwithstanding anything
to the contrary herein, in no event shall this Note be converted into shares of common stock or other securities of the Borrower to the
extent that such conversion would result in Lender and its affiliates together beneficially owning more than 4.99% of the outstanding
shares of the Borrower’s common stock. For purposes of this Section 5, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13D-G thereunder.

  

6.       Consent Requirements.

 

So long as any Principal
Amount remains outstanding hereunder, Borrower shall not, in each case without first obtaining the prior written consent of the Lender:

 

a.       redeem,
repurchase or otherwise acquire, or declare or pay any cash dividend or distribution on any capital stock of Borrower;

b.       increase
the par value of Borrower’s common stock;

 

    

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       c.       create
or issue any debt instrument or incur any indebtedness or redeem, repurchase, prepay or otherwise acquire any outstanding debt securities
or indebtedness of Borrower (other than trade payables incurred in the ordinary course of business consistent with past practice), except
as expressly required by the terms of such securities or indebtedness;

d.       sell
all or substantially all of Borrower’s assets or stock, or consolidate or merge with another entity;

e.       liquidate,
dissolve, recapitalize or reorganize;

f.       enter
into any agreement, commitment, understanding or other arrangement to take any of the foregoing actions; or

g.       cause
or authorize any subsidiary of Borrower to engage in any of the foregoing actions.

  

7.        Satisfaction
and Discharge of the Note.

 

This Note shall cease to be of
further effect (except as to any surviving rights of conversion, transfer of exchange herein expressly provided for) when the Borrower
has:

 

(a)       paid
or caused to be paid all sums payable hereunder by the Borrower including all principal and accrued interest under the Note; and

 

(b)       complied
with all conditions precedent herein relating to the satisfaction and discharge of this Note.

 

Upon satisfaction of this Note,
the Lender shall furnish a Satisfaction of Note confirming the Borrower has paid in full all principal and accrued interest owed
to the Lender.

 

8.        Prepayment.

 

This Note may be prepaid, in whole or in
part, without penalty within five (5) business days prior written notice to the Lender. Any prepayments received will be attributable
to any outstanding interest first and outstanding principal second.

  

9.       Events
of Default.

 

4.1    In
the event of any of the following (each, an “Event of Default”):

 

(a)    the
Borrower fails to pay any principal amount when due hereunder whether at maturity or upon demand or otherwise;

 

(b)    the
Borrower fails to pay any interest or other amount when due hereunder;

 

(c)    the
Borrower shall have made a material misrepresentation herein or in any other document or agreement delivered to the Lender in connection
with this Note;

 

(d)    the
Borrower fails to perform any agreement or covenant contained herein or under any other document or agreement delivered to the Lender
in connection with this Note;

 

    

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(e)    (i)
the Borrower voluntarily commences a case or proceeding seeking liquidation, reorganization or other relief with respect to the Borrower
or any of its debts under any bankruptcy, insolvency or other similar law or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its property (hereinafter, a “Proceeding”), or (ii) an
involuntary Proceeding is commenced against the Borrower, and such involuntary Proceeding shall remain undismissed and unstayed for a
period of thirty (30) days, or (iii) an order for relief shall be entered against the Borrower with respect to the disposition of any
of its respective property under the bankruptcy laws as now or hereafter in effect, or (iv) the Borrower makes an assignment for the benefit
of its creditors or admits in writing its inability to pay its debts;

 

(f)    the
Borrower fails to pay any other indebtedness (on account of borrowed money or similar liability) when due, and such failure continues
unremedied for more than five (5) business days following notice of the failure to pay;

 

(g)    one
or more judgments or decrees shall be entered by a court or courts against the Borrower or any of its properties;

 

(h)    the
Borrower sells, transfers or assigns the Note or any of the loans or Advances thereunder without the prior written consent of Lender;
or

 

(i)    Borrower
terminates or dissolves its business or takes any actions designed or intended to impair or limit in any material respect the ability
of Borrower to conduct its business in the ordinary course consistent with past practices;

 

(j)       A
Change of Control of the Company occurs. For the purpose of this Note, a “Change of Control” shall mean a change
in control (i) as set forth in Section 280G of the Internal Revenue Code or (ii) of a nature that would be required to be reported in
response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Exchange
Act; provided that, without limitation, such a change in control shall be deemed to have occurred at such time as:

 

(i)       any
"person", after the execution of this Note, other than the Lender becomes the "beneficial owner" (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power
of the Company's outstanding securities then having the right to vote at elections of directors; or,

 

(ii)
       the individuals who at the date of this Note constitute the Board of Directors cease for
any reason to constitute a majority thereof unless the election, or nomination for election, of each new director was approved by a
vote of at least two thirds of the directors then in office who were directors at the date of this Note then, and in any such event,
the Noteholder may by written notice to the Company declare the entire unpaid
principal amount of this Note outstanding together with accrued interest thereon due and payable, and the same shall, unless such
default be cured within 20 business days after such notice, forthwith become due and payable upon the expiration of such 20 day
period, without presentment, demand, protest, or other notice of any kind, all of which are expressly waived.

 

    

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(k)       The
Company sells all or substantially all of its assets or merges or is consolidated with another corporation in which the Company is not
the surviving corporation, or the accounting acquiror in the event of a reverse merger; or

 

the obligations hereunder shall immediately and automatically
become due and payable in full without further demand or notice, and the Lender shall be entitled to exercise all of its rights and remedies
under this Note, and as otherwise provided under applicable law.

 

10.       Suits
for Enforcement and Remedies.

 

If any one or more Events of Default
shall occur, the Lender may proceed to (i) protect and enforce Lender’s rights either by suit in equity or by action at law, or
both, whether for the specific performance of any covenant, condition or agreement contained in this
Note or in any agreement or document referred to herein or in aid of the exercise of any power granted in this Note or in any agreement
or document referred to herein, (ii) enforce the payment of this Note, or (iii) enforce any other legal or equitable right of the Lender.
No right or remedy herein or in any other agreement or instrument conferred upon the Lender is intended to be exclusive of any other right
or remedy, and each and every such right or remedy shall be cumulative and shall be in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or by statute or otherwise.

 

11.       Lender’s
Expenses.

 

The Borrower agrees to pay or
reimburse the Lender for all its reasonable costs and expenses incurred in connection with the enforcement, collection or preservation
of any rights under this Note including, without limitation, reasonable fees and disbursements of counsel to the Lender. The agreements
in this Section 9 shall survive repayment of the Note.

 

12.       Governing
Law and Jurisdiction

 

This Note shall be governed by
and construed and interpreted in accordance with the laws of the State of Texas applicable to contracts made and to be performed entirely
therein, without giving effect to the rules and conflicts of law. The Borrower agrees that there are sufficient minimum contacts of the
Borrower with the State of Texas for the purpose of conferring jurisdiction upon the federal and state courts presiding in any such county
and state. The Borrower consents that any legal action or proceeding arising hereunder may be brought in the District and County Courts
of the State of Texas or the United States District Court for the Northern District of Texas and assents and submits to personal jurisdiction
of any such court in any action or proceeding involving the Borrower or this Note.

 

THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT, COMMON STOCK ISSUANCE OR LEGEND
REMOVAL AND FOR ANY COUNTERCLAIM THEREIN.

 

13.       
Representations and Warranties of the Borrower.

 

The Borrower covenants and agrees
that for so long as any portion of the indebtedness evidenced by this Note, whether principal, accrued and unpaid interest or any other
amount at any time due hereunder, remains unpaid, the Borrower represents and acknowledges:

 

(a)       it
is a Delaware Corporation duly organized, existing and in good standing;

 

    

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(b)       do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights and franchises
and to comply in all material respects with all laws, regulations and orders of each governmental authority having jurisdiction over the
Borrower;

 

(c)        it
has the authority to and has taken all necessary actions in order to execute and deliver this Note and to perform the terms and provisions
set forth herein;

 

(d)       the
Borrower’s obligations under this Note are legal, valid and binding and enforceable against the Borrower in accordance with their
terms;

 

(e)        the
Borrower shall provide the Lender with such financial and operational information regarding the Borrower, its affiliates and their respective
business operations as the Lender may from time to time request;

 

(f)       without
the prior written consent of the Lender, the Borrower shall not amend its governing documents in any manner that would be adverse to the
Lender;

 

(g)        without
the prior written consent of the Lender, the Borrower shall not directly or indirectly encumber, pledge, hypothecate or charge, any of
its assets or properties or sell substantially all of its assets or properties;

 

(h)       agree
that it will not discharge any principal or accrued interest through the US Bankruptcy Courts;

 

(i)       promptly
following the occurrence of an Event of Default furnish to the Noteholder a written statement of the Borrower’s President or Chief
Financial Officer setting forth the details of such Event of Default and the action which the Borrower proposes to take with respect thereto;

 

(j)       at
all times maintain true and complete records and books of account in which all of the financial transactions of the Borrower are duly
recorded in conformance with U.S. generally accepted accounting principles;

 

(k)       after
becoming a fully reporting publicly traded company, maintain the registration of the Company’s Common Stock under Section 12(g)
of the Securities Exchange Act of 1934 (the “Exchange Act”), and to timely file (or obtain extensions in respect thereof and
file within the applicable grace period) all reports, and other filings required to be filed by the Company after the date hereof pursuant
to the Exchange Act; 

 

(l)       in
the event the Company should issue the Lender Conversion Shares, for as long as the Lender owns any Conversion Shares, the Borrower will
take such further action as any holder of Conversion Shares may reasonably request, to the extent required from time to time to enable
such holder to sell such Conversion Shares without registration under the Act, including without limitation, within the requirements of
the exemption provided by Rule 144;

 

(m)       furnish
the Lender and the Borrower’s transfer agent with all reasonably necessary documents to remove any restrictive legends affixed to
any Conversion Shares;

 

(n)       notify
the Lender of any pending civil or regulatory action or investigation;

 

(o)       the
Lender is not registered with the U.S. Securities and Exchange Commission (the “Commission”), is not deemed a
‘dealer’ and is not required to comply with Section 15(a)(1) of the Securities Exchange Act of 1934. The Lender agrees
that is will not make any such claims that the Note or any of the covenants contained in the Note are invalid due to the
Lender’s failure to comply with Section 15(a)(1).

 

    

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14.       Notices.

 

All notices required to be
given to any of the parties hereunder shall be in writing and shall be deemed to have been sufficiently given
for all purposes when presented personally to such party, sent by telecopier (with the original timely mailed), or sent by registered,
certified or express mail, return receipt requested, to such party at its address set forth below:

 

	If to the Borrower to:	Laredo Oil, Inc.

2021 Guadalupe Street

Suite 260

Austin, TX 78705

ATTENTION: Bradley Sparks

 

	If to the Lender to:	AEI Management, Inc.

2600 E. Southlake Blvd.,

Ste 120-366

Southlake, TX 76092

ATTENTION: Harry McMillan

 

or hereafter given to the other party hereto pursuant
to the provisions of this Note.

 

15.       Representations
of the Lender. 

 

(a)              
Accredited Investor; Investment IntentSection 1.02. Lender
is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. This
Note and any Conversion Shares are being acquired by Lender for its own account for investment purposes only and not with a view to resale
or distribution; Lender has no present intention of selling, granting any participation in, or otherwise distributing the same. Lender
does not have any contract with any person to sell, transfer or grant participations to such person with respect to any portion of this
Note or any Conversion Shares. Lender has such knowledge and experience in financial and business matters and is capable of evaluating
the merits and risks of this Note and any Conversion Shares, is able to incur a complete loss of its investment and is able to bear the
economic risk of such investment for an indefinite period of time. Lender has had an opportunity
to complete its due diligence review of the Borrower and to ask questions of and receive answers from
the Borrower and its representatives, and all such questions have been answered to the full
satisfaction of Lender. Lender acknowledges that this Note and any Conversion Shares are not registered under the Securities Act
of 1933, as amended, or any state securities laws, and that this Note and any Conversion Shares may not be transferred or sold except
pursuant to the registration provisions of the Securities Act of 1933, as amended or pursuant to an applicable exemption therefrom and
subject to state securities laws and regulations, as applicable. 

(b)                               
Lender understands that Borrower
is relying upon the truth and accuracy of the representations herein. Lender
will, upon providing any Conversion Notice, deliver an executed Lender questionnaire that reaffirms its representations and warranties
herein with respect to its acquisition of any Conversion Shares.

 

    

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16.       Conformity with Usury Laws.

 

It is the intent of the Lender
and the Borrower to comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts called
for under this Note, then it is the express intention of the Borrower and the Lender that such excess amount be immediately credited on
the principal balance of this Note (or, if this Note has been fully paid, refunded by the Lender to the Borrower, and the Borrower shall
accept such refund), and the provisions hereof be immediately deemed to be reformed and the amounts thereafter collectible hereunder reduced
to comply with the then applicable laws, without the necessity of the execution of any further documents, but so as to permit the recovery
of the fullest amount otherwise called for hereunder.

 

17.       Assignability.

 

This Note shall be binding upon
the Borrower and its successors and assigns and shall inure to be the benefit of the Lender and its successors and assigns. Each transferee
of this Note must be an “accredited investor” (as defined in Rule 501(a) of the 1933 Act). Notwithstanding anything in this
Note to the contrary, this Note may be pledged as collateral in connection with a bona fide margin account or other lending arrangement.

 

18.       Amendment;
Entire Agreement.

 

(a)    This
Note may not be changed, waived, modified or discharged orally but only by an agreement in writing, signed by the party against whom enforcement
of any such change, waiver, modification or discharge is sought. This Note may not be assigned by the Borrower. This Note shall be binding
on the Borrower and shall inure to the benefit of the Lender.

 

(b)    This
Note represents the agreement of the Borrower and the Lender with respect to the subject matter hereof, and there are no promises, undertakings,
representations or warranties by the Lender relative to the subject matter hereof not expressly
set forth or referred to herein or under any other document or agreement delivered to the Lender in connection with this Note.

 

19.       Severability.

 

If any term or provision of this
Note or the application thereof to any person or circumstance shall to any extent be invalid, illegal or unenforceable, the remainder
of this Note or the application of such term or provision to persons or circumstances other than those as to which it is invalid or unenforceable
shall not be affected thereby.

 

 

 

 

- SIGNATURE
PAGE FOLLOWS -

 

    

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IN WITNESS WHEREOF, the parties hereto have caused
this Note to be executed by their duly authorized officers as of the date and year first written above.

 

	 	BORROWER:
	 	 
	 	Laredo Oil, Inc., a Delaware Corporation
	 	 
	 	/s/ Bradley Sparks
	 	Name: Bradley
Sparks
Title:   Chief
Financial Officer

 

 

	 	LENDER:
	 	 
	 	AEI Management, Inc., a Colorado
Corporation
	 	 
	 	/s/ Harry McMillan
	 	Name: Harry
McMillan
Title:   President

 

    

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EXHIBIT ‘A’

BORROWING NOTICE REQUEST

 

	To:	AEI Management, Inc.

 

2600 E. Southlake Blvd.

Ste 120-366

Southlake, TX 76092

 

	 	ATTENTION: 	Harry McMillan

President

 

The Borrower hereby requests to draw upon funds
provided by the Lender according to the Revolving Credit Note dated May 9, 2022.

	Draw Amount:	$

 

	Prior Draw Date:	 

 

	Request No.:	 

 

	Description of Use of Proceeds: 	 
	 	 
	 	 
	 	 

 

This draw request has been approved
by the Borrower’s Board of Directors and is requested by an authorized representative of the Borrower.

 

	Date: 	 

 

	By: 	 

	Name: 	 

	Title: 	 

 

Laredo Oil, Inc.

 

 

I hereby ___ approve / ___ disapprove this draw
request in the amount of $                                             .

 

 

	Date: 	 

 

	By: 	 

	Name: 	 

	Title: 	 

AEI Management, Inc.

 

    

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EXHIBIT ‘B’

CONVERSION NOTICE

 

 

	To:	Laredo Oil, Inc.

2021 Guadalupe Street

Suite 260

Austin, TX 78705

 

	 	Attn:	Bradley Sparks

Chief Financial Officer

 

The Noteholder hereby irrevocably exercises its
right to convert $                                      principal
amount and accrued interest of $                                     ,
of the Revolving Credit Note (the “Note”) dated May 9, 2022, into                                      shares
of restricted common stock of the Borrower at the conversion price of $                    
per share in accordance with the terms of the Note and directs that the Conversion Shares issuable and deliverable upon such
conversion be registered in the name of the Noteholder on the books and records of the Borrower and delivered to the Noteholder.

 

The Noteholder hereby (i) acknowledges that the Conversion
Shares have not been and, at the time of issuance to the undersigned, be registered under the Securities Act of 1933, as amended, or under
any state securities laws, and (ii) hereby represents and warrants to the Borrower that the Noteholder is acquiring the Conversion Shares
for its own account, for investment purposes only, and not with a view to or for sale in connection with any distribution of such Common
Shares; and are transferrable only in accordance federal securities laws.

 

 

Dated:_____________________

 

 

 

 

_________________________________________

Signature of Noteholder

 

_________________________________________

Printed Name of Noteholder

 

 

________________________________________

Address of Noteholder

 

________________________________________

City, State, Zip

 

 

________________________________________

SSN, TIN, EIN

 

    

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AEI Mangagement, Inc. Revolving Credit Note - Laredo Oil, Inc.

    	 

    

 

REVOLVING CREDIT NOTE

Ledger

 

	Date	Revolver Draw	Revolver Payment	Principal Balance	Notes
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

    

			 13	 
			 	 

AEI Mangagement, Inc. Revolving Credit Note - Laredo Oil, Inc.Exhibit 10.1

 

VICARIOUS SURGICAL INC.

 

2021 EQUITY INCENTIVE PLAN, AS AMENDED

 

(As approved by the stockholders on June 1, 2022)

 

	 	1.	DEFINITIONS.

 

Unless otherwise specified
or unless the context otherwise requires, the following terms, as used in this Vicarious Surgical Inc. 2021 Equity Incentive Plan, have
the following meanings:

 

Administrator means the Board of Directors,
unless it has delegated power to act on its behalf to the Committee, in which case the term “Administrator” means the Committee.

 

Affiliate means a corporation or other
entity, which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect.

 

Agreement means a written or electronic
document setting forth the terms of a Stock Right delivered pursuant to the Plan, in such form as the Administrator shall approve.

 

Agreement and Plan of Merger means that
certain Agreement and Plan of Merger, dated as of April 15, 2021 by and among D8 Holdings Corp., Snowball Merger Sub, Inc., Vicarious
Surgical Inc. and Adam Sachs, in his capacity as the Stockholder Representative.

 

Board of Directors
means the Board of Directors of the Company.

 

Cause means, with respect to a Participant
(a) dishonesty with respect to the Company or any Affiliate, (b) the Administrator’s determination that the Participant failed to
carry out, or comply with any lawful and reasonable directive of the Board of Directors or the Participant’s immediate supervisor or the
Participant’s insubordination, substantial malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential information
or trade secrets of the Company or any Affiliate, (d) breach by a Participant of any provision of any employment, severance, consulting,
advisory, nondisclosure, non-competition or similar agreement between the Participant and the Company or any Affiliate or any material
written policy of the Company or any Affiliate, including, without limitation, any award agreement entered into pursuant to this Plan,
(e) the occurrence of any act or omission by the Participant that could reasonably be expected to result in (or has resulted in)
the Participant’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or
indictable offense or crime involving moral turpitude, (f) the Participant’s commission of an act of fraud, embezzlement, misappropriation,
misconduct, or breach of fiduciary duty against the Company or any Affiliate, and (g) conduct substantially prejudicial to the business
of the Company or any Affiliate; provided, however, that any provision in an agreement between a Participant and the Company or an Affiliate,
which contains a conflicting definition of Cause for termination and which is in effect at the time of such termination, shall supersede
this definition with respect to that Participant. The determination of the Administrator as to the existence of Cause will be conclusive
on the Participant and the Company.

 

Class A Common Stock means shares of the
Company’s Class A common stock, $0.0001 par value per share.

 

Class B Common Stock means shares of the
Company’s Class B common stock, $0.0001 par value per share.

 

Closing means the date on which the transactions
contemplated by the Agreement and Plan of Merger are consummated.

 

Code means the United States Internal Revenue
Code of 1986, as amended including any successor statute, regulation and guidance thereto.

 

Committee means the committee of the Board
of Directors, if any, to which the Board of Directors has delegated power to act under or pursuant to the provisions of the Plan.

 

     

     

    

 

Common Stock means the Class A Common Stock
and the Class B Common Stock, individually or collectively, as the context requires.

 

Company means Vicarious Surgical Inc.,
a Delaware corporation.

 

Consultant means any natural person who
is an advisor or consultant who provides bona fide services to the Company or its Affiliates, provided that such services are not in connection
with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market
for the Company’s or its Affiliates’ securities.

 

Corporate Transaction means a merger, consolidation,
or sale of all or substantially all of the Company’s assets or the acquisition of all of the outstanding voting stock of the Company
(or similar transaction) in a single transaction or a series of related transactions by a single entity, other than a transaction to merely
change the state of incorporation or in which the Company is the surviving corporation. Where a Corporate Transaction involves a tender
offer that is reasonably expected to be followed by a merger (as determined by the Administrator), the Corporate Transaction will be deemed
to have occurred upon consummation of the tender offer.

 

Disability or Disabled means permanent
and total disability as defined in Section 22(e)(3) of the Code.

 

Employee means any employee of the Company
or of an Affiliate (including, without limitation, an employee who is also serving as an officer or director of the Company or of an Affiliate),
designated by the Administrator to be eligible to be granted one or more Stock Rights under the Plan.

 

Exchange Act
means the United States Securities Exchange Act of 1934, as amended.

 

Fair Market Value
of a Share of Class A Common Stock means:

 

If the Class A Common Stock is listed on a national
securities exchange or traded in the over-the-counter market and sales prices are regularly reported for the Class A Common Stock, the
closing or, if not applicable, the last price of the Class A Common Stock on the composite tape or other comparable reporting system for
the trading day on the applicable date and if such applicable date is not a trading day, the last market trading day prior to such date;

 

If the Class A Common Stock is not traded on a
national securities exchange but is traded on the over-the-counter market, if sales prices are not regularly reported for the Class A
Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Class A Common Stock are regularly
reported, the mean between the bid and the asked price for the Class A Common Stock at the close of trading in the over-the-counter market
for the most recent trading day on which Class A Common Stock was traded on the applicable date and if such applicable date is not a trading
day, the last market trading day prior to such date; and

 

If the Class A Common Stock is neither listed
on a national securities exchange nor traded in the over-the-counter market, such value as the Administrator, in good faith, shall determine
in compliance with applicable laws.

 

ISO means a stock option intended to qualify
as an incentive stock option under Section 422.

 

Non-Qualified Option
means a stock option which is not intended to qualify as an ISO.

 

Option means an ISO or Non-Qualified Option
granted under the Plan.

 

Participant means an Employee, director
or Consultant of the Company or an Affiliate to whom one or more Stock Rights are granted under the Plan. As used herein, “Participant”
shall include “Participant’s Survivors” where the context requires.

 

Performance-Based Award means a Stock Grant
or Stock-Based Award which vests based on the attainment of written Performance Goals as set forth in Paragraph 9 hereof.

 

    2

     

    

 

Performance Goals means performance goals
determined by the Committee in its sole discretion and set forth in an Agreement. The satisfaction of Performance Goals shall be subject
to certification by the Committee. The Committee has the authority to take appropriate action with respect to the Performance Goals (including,
without limitation, making adjustments to the Performance Goals or determining the satisfaction of the Performance Goals in connection
with a Corporate Transaction) provided that any such action does not otherwise violate the terms of the Plan.

 

Plan means this
Vicarious Surgical Inc. 2021 Equity Incentive Plan.

 

Prior Plan means
the Vicarious Surgical Inc. 2014 Stock Incentive Plan.

 

SAR means a
stock appreciation right.

 

Section 409A
means Section 409A of the Code.

 

Section 422
means Section 422 of the Code.

 

Securities Act
means the United States Securities Act of 1933, as amended.

 

Shares means shares of the Class A Common
Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital stock into which the Shares are changed
or for which they are exchanged within the provisions of Paragraph 3 of the Plan. The Shares issued under the Plan may be authorized
and unissued shares or shares held by the Company in its treasury, or both.

 

Stock-Based Award means a grant by the
Company under the Plan of an equity award or an equity based award, which is not an Option, or a Stock Grant.

 

Stock Grant
means a grant by the Company of Shares under the Plan.

 

Stock Right means an ISO, a Non-Qualified
Option, a Stock Grant or a Stock-Based Award or a right to Shares or the value of Shares of the Company granted pursuant to the Plan.

 

Substitute Award means an award issued
under the Plan in substitution for one or more equity awards of an acquired company that are converted, replaced or adjusted in connection
with the acquisition.

 

Survivor means a deceased Participant’s
legal representatives and/or any person or persons who acquired the Participant’s rights to a Stock Right by will or by the laws
of descent and distribution.

 

	 	2.	PURPOSES OF THE PLAN.

 

The Plan is intended to encourage
ownership of Shares by Employees and directors of and certain Consultants to the Company and its Affiliates in order to attract and retain
such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them to
promote the success of the Company or of an Affiliate. The Plan provides for the granting of ISOs, Non-Qualified Options, Stock Grants
and Stock-Based Awards.

 

	 	3.	SHARES SUBJECT TO THE PLAN.

 

(a) Commencing on June
1, 2022, the number of Shares that may be issued from time to time pursuant to this Plan shall be the sum of: (i) 10,051,717 shares of
Class A Common Stock, and (ii) 8,462,117 shares issuable upon exercise of outstanding options under the Prior Plan (as adjusted at the
Closing of the Business Combination).

 

    3

     

    

 

(b) If an Option ceases
to be “outstanding”, in whole or in part (other than by exercise), or if the Company shall reacquire (at not more than its
original issuance price) any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right expires or is forfeited,
cancelled, or otherwise terminated or results in any Shares not being issued, the unissued or reacquired Shares which were subject to
such Stock Right shall again be available for issuance from time to time pursuant to this Plan; provided, however, that the number of
Shares underlying any awards under the Plan that are retained or repurchased on the exercise of an Option or the vesting or issuance of
any Stock Right to cover the exercise price and/or tax withholding required by the Company in connection with vesting shall not be added
back to the Shares available for issuance under the Plan; and provided, further that, in the case of ISOs, the foregoing provisions shall
be subject to any limitations under the Code. In addition, any Shares repurchased using exercise price proceeds will not be available
for issuance under the Plan.

 

(d) The maximum number
of Shares available for grant under the Plan as ISOs will be equal to 24,974,074. The limits set forth in this Paragraph 3 will be construed
to comply with the applicable requirements of Section 422.

 

(e) The Administrator
may grant Substitute Awards under the Plan. To the extent consistent with the requirements of Section 422 and the regulations thereunder
and other applicable legal requirements (including applicable stock exchange requirements), Shares issued in respect of Substitute Awards
will be in addition to and will not reduce the shares available under the Plan. Notwithstanding the foregoing, if any Substitute Award
is settled in cash or expires, becomes unexercisable, terminates or is forfeited to or repurchased by the Company without the issuance
or retention of Shares, the Shares previously subject to such Award will not be available for future issuance under the Plan. The Administrator
will determine the extent to which the terms and conditions of the Plan apply to Substitute Awards, if at all; provided, however, that
Substitute Awards will not be subject to the limits described in Paragraph 4(c) below.

  

	 	4.	ADMINISTRATION OF THE PLAN.

 

The Administrator of the Plan
will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee, in which case the
Committee shall be the Administrator. Subject to the provisions of the Plan, the Administrator is authorized to:

 

(a) Interpret the provisions
of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable for the administration
of the Plan;

 

(b) Determine which Employees,
directors and Consultants shall be granted Stock Rights;

 

(c) Determine the number
of Shares for which a Stock Right or Stock Rights shall be granted; provided, however, that in no event shall the aggregate grant date
fair value (determined in accordance with ASC 718) of Stock Rights to be granted and any other cash compensation paid to any non-employee
director in any calendar year, exceed $750,000, increased to $1,000,000 in the year in which such non-employee director initially joins
the Board of Directors.

 

(d) Specify the terms
and conditions upon which a Stock Right or Stock Rights may be granted provided that no dividends or dividend equivalents shall be paid
on any Stock Right prior to the vesting of the underlying Shares.

 

(e) Amend any term or
condition of any outstanding Stock Right, provided that (i) such term or condition as amended is not prohibited by the Plan and (ii) any
such amendment shall not impair the rights of a Participant under any Stock Right previously granted without such Participant’s
consent or in the event of death of the Participant the Participant’s Survivors.

 

(f) Determine and make
any adjustments in the Performance Goals included in any Performance-Based Awards; and

 

(g) Adopt any sub-plans
applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with or take advantage of
any tax or other laws applicable to the Company, any Affiliate or to Participants or to otherwise facilitate the administration of the
Plan, which sub-plans may include additional restrictions or conditions applicable to Stock Rights or Shares issuable pursuant to a Stock
Right;

 

Subject to the foregoing, the interpretation and
construction by the Administrator of any provisions of the Plan or of any Stock Right granted under it shall be final, unless otherwise
determined by the Board of Directors, if the Administrator is the Committee. In addition, if the Administrator is the Committee, the Board
of Directors may take any action under the Plan that would otherwise be the responsibility of the Committee.

 

    4

     

    

 

To the extent permitted under
applicable law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities and powers to any one
or more of its members and may delegate all or any portion of its responsibilities and powers to any other person selected by it. The
Board of Directors or the Committee may revoke any such allocation or delegation at any time. Notwithstanding the foregoing, only the
Board of Directors or the Committee shall be authorized to grant a Stock Right to any director of the Company or to any “officer”
of the Company as defined by Rule 16a-1 under the Exchange Act.

  

	 	5.	ELIGIBILITY FOR PARTICIPATION.

 

The Administrator will, in
its sole discretion, name the Participants in the Plan; provided, however, that each Participant must be an Employee, director or Consultant
of the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator may authorize
the grant of a Stock Right to a person in anticipation of such person becoming an Employee, director or Consultant of the Company or of
an Affiliate, provided, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become a
Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. ISOs may be granted only to Employees.
Non-Qualified Options, Stock Grants and Stock-Based Awards may be granted to any Employee, director or Consultant of the Company or an
Affiliate. The granting of any Stock Right to any individual shall neither entitle that individual to, nor disqualify that individual
from, participation in any other grant of Stock Rights or any grant under any other benefit plan established by the Company or any Affiliate
for Employees, directors or Consultants.

 

	 	6.	TERMS AND CONDITIONS OF OPTIONS.

 

Each Option shall be set forth
in an Option Agreement duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant.
The Administrator may provide that Options be granted subject to such terms and conditions, consistent with the terms and conditions specifically
required under this Plan, as the Administrator may deem appropriate including, without limitation, subsequent approval by the shareholders
of the Company of this Plan or any amendments thereto. The Option Agreements shall be subject to at least the following terms and conditions:

 

(a) Non-Qualified
Options: Each Option intended to be a Non-Qualified Option shall be subject to the terms and conditions which the Administrator determines
to be appropriate and in the best interest of the Company, subject to the following minimum standards for any such Non-Qualified Option:

 

(i) Exercise Price: Each
Option Agreement shall state the exercise price (per share) of the Shares covered by each Option which exercise price shall be determined
by the Administrator and shall be at least equal to the Fair Market Value per share of the Class A Common Stock on the date of grant of
the Option.

 

(ii) Number of Shares: Each
Option Agreement shall state the number of Shares to which it pertains.

 

(iii) Vesting: Each Option
Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised, and may
provide that the Option rights accrue or become exercisable in installments over a period of months or years, or upon the occurrence of
certain performance conditions or the attainment of stated goals or events.

 

(iv) Term of Option: Each
Option shall terminate not more than ten years from the date of the grant or at such earlier time as the Option Agreement may provide.

 

(b) ISOs: Each
Option intended to be an ISO shall be issued only to an Employee who is deemed to be a resident of the United States for tax purposes,
and shall be subject to the following terms and conditions, with such additional restrictions or changes as the Administrator determines
are appropriate but not in conflict with Section 422 and relevant regulations and rulings of the Internal Revenue Service:

 

(i) Minimum Standards: The
ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph 6(a) above, except clause (i) and (iv)
thereunder.

 

    5

     

    

 

(ii) Exercise Price: Immediately
before the ISO is granted, if the Participant owns, directly or by reason of the applicable attribution rules in Section 424(d) of
the Code:

 

	 	A.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be less than 100% of the Fair Market Value per share of the Class A Common Stock on the date of grant of the Option; or

 

	 	B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be less than 110% of the Fair Market Value per share of the Class A Common Stock on the date of grant of the Option.

 

(iii) Term of Option: For Participants
who own:

 

	 	A.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than ten years from the date of the grant or at such earlier time as the Option Agreement may provide; or

 

	 	B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than five years from the date of the grant or at such earlier time as the Option Agreement may provide.

 

(iv) Limitation on Yearly Exercise:
To the extent that aggregate Fair Market Value (determined on the date each ISO is granted) of the Shares with respect to which ISOs are
exercisable for the first time by the Participant in any calendar year exceeds $100,000, such Options shall be treated as Non-Qualified
Options even if denominated ISOs at grant.

 

(c) Except in connection
with a corporate transaction involving the Company (which term includes, without limitation, any stock dividend, stock split, extraordinary
cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares) or as otherwise
contemplated by Paragraph 24 below, the Company may not, without obtaining stockholder approval, (i) amend the terms of outstanding Options
to reduce the exercise price of such Options, (ii) cancel outstanding Options in exchange for Options that have an exercise price that
is less than the exercise price value of the original Options, or (iii) cancel outstanding Options that have an exercise price greater
than the Fair Market Value of a Share on the date of such cancellation in exchange for cash or other consideration.

 

	 	7.	TERMS AND CONDITIONS OF STOCK GRANTS.

 

Each Stock Grant to a Participant
shall state the principal terms in an Agreement duly executed by the Company and, to the extent required by law or requested by the Company,
by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator
determines to be appropriate and in the best interest of the Company, subject to the following minimum standards:

 

(a) Each Agreement shall
state the purchase price per Share, if any, of the Shares covered by each Stock Grant, which purchase price shall be determined by the
Administrator on the date of the grant of the Stock Grant;

 

(b) Each Agreement shall
state the number of Shares to which the Stock Grant pertains;

 

(c) Each Agreement shall
include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant, including the time period
or attainment of Performance Goals or such other performance criteria upon which such rights shall accrue and the purchase price therefor,
if any; and

 

(d) Dividends (other
than stock dividends to be issued pursuant to Paragraph 24 of the Plan) may accrue but shall not be paid prior to the time, and may be
paid only to the extent that, the restrictions or rights to reacquire the Shares subject to the Stock Grant lapse. Any entitlement to
dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance
with the applicable requirements of Section 409A.

 

    6

     

    

 

	 	8.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS.

 

The Administrator shall have
the right to grant other Stock-Based Awards based upon the Class A Common Stock having such terms and conditions as the Administrator
may determine, including, without limitation, the grant of Shares based upon certain conditions, the grant of securities convertible into
Shares and the grant of SARs, phantom stock awards or stock units. The principal terms of each Stock-Based Award shall be set forth in
an Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Agreement
shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate
and in the best interest of the Company. Each Agreement shall include the terms of any right of the Company including the right to terminate
the Stock-Based Award without the issuance of Shares, the terms of any vesting conditions, Performance Goals or events upon which Shares
shall be issued, provided that dividends (other than stock dividends to be issued pursuant to Paragraph 24 of the Plan) or dividend equivalents
may accrue but shall not be paid prior to and may be paid only to the extent that the Shares subject to the Stock-Based Award vest. Under
no circumstances may the Agreement covering SARs (a) have an exercise or base price (per share) that is less than the Fair Market Value
per share of Class A Common Stock on the date of grant or (b) expire more than ten years following the date of grant.

 

	 	9.	PERFORMANCE-BASED AWARDS.

 

The Committee shall determine
whether, with respect to a performance period, the applicable Performance Goals have been met with respect to a given Participant and,
if they have, to so certify and ascertain the amount of the applicable Performance-Based Award. No Performance-Based Awards will be issued
for such performance period until such certification is made by the Committee. The number of Shares issued in respect of a Performance-Based
Award determined by the Committee for a performance period shall be paid to the Participant at such time as determined by the Committee
in its sole discretion after the end of such performance period, and any dividends (other than stock dividends to be issued pursuant to
Paragraph 24 of the Plan) or dividend equivalents that accrue shall only be paid in respect of the number of Shares earned in respect
of such Performance-Based Award.

 

	 	10.	EXERCISE OF OPTIONS AND ISSUE OF SHARES.

 

An Option (or any part or
installment thereof) shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the Administrator,
which may include electronic notice), together with provision for payment of the aggregate exercise price in accordance with this Paragraph
for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set forth in the Option Agreement.
Such notice shall be signed by the person exercising the Option (which signature may be provided electronically in a form acceptable to
the Administrator), shall state the number of Shares with respect to which the Option is being exercised and shall contain any representation
required by the Plan or the Option Agreement. Payment of the exercise price for the Shares as to which such Option is being exercised
shall be made (a) in United States dollars in cash or by check; or (b) at the discretion of the Administrator, through delivery
of shares of Class A Common Stock held for at least six months (if required to avoid negative accounting treatment) having a Fair Market
Value equal as of the date of the exercise to the aggregate cash exercise price for the number of Shares as to which the Option is being
exercised; or (c) at the discretion of the Administrator, by having the Company retain from the Shares otherwise issuable upon exercise
of the Option, a number of Shares having a Fair Market Value equal as of the date of exercise to the aggregate exercise price for the
number of Shares as to which the Option is being exercised; or (d) at the discretion of the Administrator, in accordance with a cashless
exercise program established with a securities brokerage firm, and approved by the Administrator; or (e) at the discretion of the Administrator,
by any combination of (a), (b), (c) and (d) above or (f) at the discretion of the Administrator, by payment of such other lawful consideration
as the Administrator may determine. Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an
ISO as is permitted by Section 422.

 

The Company shall then reasonably
promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant’s Survivors, as the
case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery
of the Shares may be delayed by the Company if the Administrator determines it is necessary to comply with any law or regulation (including,
without limitation, federal securities laws) that requires the Company to take any action with respect to the Shares prior to their issuance.
The Shares shall, upon delivery, be fully paid, non-assessable Shares.

 

    7

     

    

 

	 	11.	PAYMENT IN CONNECTION WITH THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES.

 

Any Stock Grant or Stock-Based
Award requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being granted shall be
made (a) in United States dollars in cash or by check; or (b) at the discretion of the Administrator, through delivery of shares of Class
A Common Stock held for at least six months (if required to avoid negative accounting treatment) and having a Fair Market Value equal
as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award; or (c) by delivery of a promissory note, if the
Board of Directors has expressly authorized the loan of funds to the Participant for the purpose of enabling or assisting the Participant
to effect such purchase; (d) at the discretion of the Administrator, by any combination of (a) through (c) above; or (e) at the discretion
of the Administrator, by payment of such other lawful consideration as the Administrator may determine.

 

The Company shall when required
by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award was made to the
Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set forth in the applicable
Agreement. In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery
of the Shares may be delayed by the Company if the Administrator determines it is necessary to comply with any law or regulation (including,
without limitation, federal securities laws) which requires the Company to take any action with respect to the Shares prior to their issuance.

 

	 	12.	RIGHTS AS A SHAREHOLDER.

 

No Participant to whom a Stock
Right has been granted shall have rights as a shareholder with respect to any Shares covered by such Stock Right except after due exercise
of an Option or issuance of Shares as set forth in any Agreement, tender of the aggregate exercise or purchase price, if any, for the
Shares being purchased and registration of the Shares in the Company’s share register in the name of the Participant.

 

	 	13.	ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS.

 

By its terms, a Stock Right
granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution,
or (ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement provided that no Stock Right may
be transferred by a Participant for value. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i) above
shall no longer qualify as an ISO. The designation of a beneficiary of a Stock Right by a Participant, with the prior approval of the
Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Paragraph. Except
as provided above during the Participant’s lifetime a Stock Right shall only be exercisable by or issued to such Participant (or
his or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise)
and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other
disposition of any Stock Right or of any rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment
or similar process upon a Stock Right, shall be null and void.

 

    8

     

    

 

	 	14.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE, OR DEATH OR DISABILITY.

 

Except as otherwise provided
in a Participant’s Option Agreement in the event of a termination of service (whether as an Employee, director or Consultant) with
the Company or an Affiliate before the Participant has exercised an Option, the following rules apply:

 

(a) A Participant who
ceases to be an Employee, director or Consultant of the Company or of an Affiliate (for any reason other than termination for Cause, Disability,
or death for which events there are special rules in Paragraphs 15, 16, and 17, respectively), may exercise any Option granted to such
Participant to the extent that the Option is exercisable on the date of such termination of service, but only within such term as the
Administrator has designated in a Participant’s Option Agreement.

 

(b) Except as provided
in Subparagraph (c) below, or Paragraph 16 or 17, in no event may an Option intended to be an ISO, be exercised later than three months
after the Participant’s termination of employment.

 

(c) The provisions of
this Paragraph, and not the provisions of Paragraph 16 or 17, shall apply to a Participant who subsequently becomes Disabled or dies after
the termination of employment, director status or consultancy; provided, however, in the case of a Participant’s Disability or death
within three months after the termination of employment, director status or consultancy, the Participant or the Participant’s Survivors
may exercise the Option within one year after the date of the Participant’s termination of service, but in no event after the date
of expiration of the term of the Option.

 

(d) Notwithstanding anything
herein to the contrary, if subsequent to a Participant’s termination of employment, termination of director status or termination
of consultancy, but prior to the exercise of an Option, the Administrator determines that, either prior or subsequent to the Participant’s
termination, the Participant engaged in conduct which would constitute Cause, then such Participant shall forthwith cease to have any
right to exercise any Option.

 

(e) A Participant to
whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of temporary disability (any disability
other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period
of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status
or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide; provided, however,
that, for ISOs, any leave of absence granted by the Administrator of greater than three months, unless pursuant to a contract or statute
that guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified Option on the date that is six months following
the commencement of such leave of absence.

 

(f) Except as required
by law or as set forth in a Participant’s Option Agreement, Options granted under the Plan shall not be affected by any change of
a Participant’s status within or among the Company and any Affiliates, so long as the Participant continues to be an Employee, director
or Consultant of the Company or any Affiliate.

 

	 	15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise provided
in a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an Employee, director
or Consultant) with the Company or an Affiliate is terminated for Cause prior to the time that all his or her outstanding Options have
been exercised:

 

(a) All outstanding and
unexercised Options as of the time the Participant is notified his or her service is terminated for Cause will immediately be forfeited.

 

(b) Cause is not limited
to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s
finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service
but prior to the exercise of an Option, that either prior or subsequent to the Participant’s termination the Participant engaged
in conduct which would constitute Cause, then the right to exercise any Option is forfeited.

 

    9

     

    

 

	 	16.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise provided
in a Participant’s Option Agreement:

 

(a) A Participant who
ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability may exercise any Option granted
to such Participant to the extent that the Option has become exercisable but has not been exercised on the date of the Participant’s
termination of service due to Disability; and in the event rights to exercise the Option accrue periodically, to the extent of a pro rata
portion through the date of the Participant’s termination of service due to Disability of any additional vesting rights that would
have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued
in the current vesting period prior to the date of the Participant’s termination of service due to Disability.

 

(b) A Disabled Participant
may exercise the Option only within the period ending one year after the date of the Participant’s termination of service due to
Disability, notwithstanding that the Participant might have been able to exercise the Option as to some or all of the Shares on a later
date if the Participant had not been terminated due to Disability and had continued to be an Employee, director or Consultant or, if earlier,
within the originally prescribed term of the Option.

 

(c) The Administrator
shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination
is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination).
If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination
shall be paid for by the Company.

 

	 	17.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

 

Except as otherwise provided
in a Participant’s Option Agreement:

 

(a) In the event of the
death of a Participant while the Participant is an Employee, director or Consultant of the Company or of an Affiliate, such Option may
be exercised by the Participant’s Survivors to the extent that the Option has become exercisable but has not been exercised on the
date of death; and in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date
of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The proration
shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.

 

(b) If the Participant’s
Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option within one year after the date of death
of such Participant, notwithstanding that the decedent might have been able to exercise the Option as to some or all of the Shares on
a later date if he or she had not died and had continued to be an Employee, director or Consultant or, if earlier, within the originally
prescribed term of the Option.

 

	 	18.	EFFECT OF TERMINATION OF SERVICE ON UNACCEPTED STOCK GRANTS AND STOCK-BASED AWARDS.

 

In the event of a termination
of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any reason before the Participant has
accepted a Stock Grant or a Stock-Based Award and paid the purchase price, if required, such grant shall terminate.

 

For purposes of this Paragraph
18 and Paragraph 19 below, a Participant to whom a Stock Grant or a Stock-Based Award has been issued under the Plan who is absent from
work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph
1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such
absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate,
except as the Administrator may otherwise expressly provide.

 

In addition, for purposes
of this Paragraph 18 and Paragraph 19 below, any change of employment or other service within or among the Company and any Affiliates
shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be an Employee,
director or Consultant of the Company or any Affiliate.

 

    10

     

    

 

	 	19.	EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE, DEATh or DISABILITY.

 

Except as otherwise provided
in a Participant’s Agreement, in the event of a termination of service for any reason (whether as an Employee, director or Consultant),
other than termination for Cause, death or Disability for which there are special rules in Paragraphs 20, 21, and 22 below, before all
forfeiture provisions or Company rights of repurchase shall have lapsed, then the Company shall have the right to cancel or repurchase
that number of Shares subject to a Stock Grant or Stock-Based Award as to which the Company’s forfeiture or repurchase rights have
not lapsed.

 

	 	20.	EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise provided
in a Participant’s Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or
Consultant) with the Company or an Affiliate is terminated for Cause:

 

(a) All Shares subject
to any Stock Grant or Stock-Based Award that remain subject to forfeiture provisions or as to which the Company shall have a repurchase
right shall be immediately forfeited to the Company as of the time the Participant is notified his or her service is terminated for Cause.

 

(b) Cause is not limited
to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the Administrator’s
finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service,
that either prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute Cause,
then all Shares subject to any Stock Grant or Stock-Based Award that remained subject to forfeiture provisions or as to which the Company
had a repurchase right on the date of termination shall be immediately forfeited to the Company.

 

	 	21.	EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise provided
in a Participant’s Agreement, the following rules apply if a Participant ceases to be an Employee, director or Consultant of the
Company or of an Affiliate by reason of Disability: to the extent the forfeiture provisions or the Company’s rights of repurchase
have not lapsed on the date of Disability, they shall be exercisable; provided, however, that in the event such forfeiture provisions
or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion of the Shares subject
to such Stock Grant or Stock-Based Award through the date of Disability as would have lapsed had the Participant not become Disabled.
The proration shall be based upon the number of days accrued prior to the date of Disability.

 

The Administrator shall make
the determination both as to whether Disability has occurred and the date of its occurrence (unless a procedure for such determination
is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination).
If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination
shall be paid for by the Company.

 

	 	22.	EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

 

Except as otherwise provided
in a Participant’s Agreement, the following rules apply in the event of the death of a Participant while the Participant is an Employee,
director or Consultant of the Company or of an Affiliate: to the extent the forfeiture provisions or the Company’s rights of repurchase
have not lapsed on the date of death, they shall be exercisable; provided, however, that in the event such forfeiture provisions or rights
of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion of the Shares subject to such
Stock Grant or Stock-Based Award through the date of death as would have lapsed had the Participant not died. The proration shall be based
upon the number of days accrued prior to the Participant’s date of death.

  

(b) At the discretion
of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued in compliance with the Securities
Act without registration thereunder.

 

    11

     

    

 

	 	23.	DISSOLUTION OR LIQUIDATION OF THE COMPANY.

 

Upon the dissolution or liquidation
of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based
Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate and become null and void; provided,
however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the Participant
or the Participant’s Survivors will have the right immediately prior to such dissolution or liquidation to exercise or accept any
Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date immediately prior to such dissolution
or liquidation. Upon the dissolution or liquidation of the Company, any outstanding Stock-Based Awards shall immediately terminate unless
otherwise determined by the Administrator or specifically provided in the applicable Agreement.

 

	 	24.	ADJUSTMENTS.

 

Upon the occurrence of any
of the following events, a Participant’s rights with respect to any Stock Right granted to such Participant hereunder shall be adjusted
as hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement.

 

(a) Changes with respect
to Shares of Common Stock.

 

(i) If (1) the
shares of Common Stock shall be subdivided or combined into a greater or smaller number of shares or if the Company shall issue any shares
of Common Stock as a stock dividend on its outstanding Common Stock, or (2) additional shares or new or different shares or other
securities of the Company or other non-cash assets are distributed with respect to such shares of Common Stock, each Stock Right and the
number of shares of Common Stock deliverable thereunder shall be appropriately increased or decreased proportionately, and appropriate
adjustments shall be made including, in the exercise, base or purchase price per share and in the Performance Goals applicable to outstanding
Performance-Based Awards to reflect such events. The number of Shares subject to the limitations in Paragraphs 3(a), 3(b), 3(d) and 4(c)
shall also be proportionately adjusted upon the occurrence of such events.

 

(ii) The Administrator may also
make adjustments of the type described in Paragraph 24(a) above to take into account distributions to stockholders other than those provided
for in Paragraphs 24(b) below, or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion
in the operation of the Plan or any Award, having due regard for the qualification of ISOs under Section 422, the requirements of Section
409A, to the extent applicable.

 

(ii) References in the Plan to Shares
will be construed to include any stock or securities resulting from an adjustment pursuant to this Paragraph 24(a).

 

(b) Corporate Transactions.
If the Company is to be consolidated with or acquired by another entity in a Corporate Transaction, the Administrator or the board of
directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), may, as to outstanding
Options, take any of the following actions: (i) make appropriate provision for the continuation of such Options by substituting on an
equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares of
Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity; or (ii) upon written notice
to the Participants, provide that such Options must be exercised (either (A) to the extent then exercisable or (B) at the discretion of
the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph), within a specified number
of days of the date of such notice, at the end of which period such Options which have not been exercised shall terminate; or (iii) terminate
such Options in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to
a holder of the number of shares of Common Stock into which such Option would have been exercisable (either (A) to the extent then exercisable
or, (B) at the discretion of the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph)
less the aggregate exercise price thereof. For purposes of determining the payments to be made pursuant to Subclause (iii) above,
in the case of a Corporate Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than
cash shall be valued at the fair value thereof as determined in good faith by the Board of Directors. For the avoidance of doubt, if the
per share exercise price of an Option or portion thereof is equal to or greater than the Fair Market Value of one Share of Common Stock,
such Option may be cancelled with no payment due hereunder or otherwise in respect thereof.

 

    12

     

    

 

With respect to outstanding
Stock Grants or Stock-Based Awards, the Administrator or the Successor Board, shall make appropriate provision for the continuation of
such Stock Grants or Stock-Based Awards on the same terms and conditions by substituting on an equitable basis for the Shares then subject
to such Stock Grants or Stock-Based Awards either the consideration payable with respect to the outstanding Shares of Common Stock in
connection with the Corporate Transaction or securities of any successor or acquiring entity. In lieu of the foregoing, in connection
with any Corporate Transaction, the Administrator may provide that each outstanding Stock Grant or Stock-Based Award shall be terminated
in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of
the number of shares of Common Stock comprising such Stock Grant or Stock-Based Award (to the extent such Stock Grant or Stock-Based Award
is no longer subject to any forfeiture or repurchase rights then in effect or, at the discretion of the Administrator, all forfeiture
and repurchase rights being waived). For the avoidance of doubt, if the purchase or base price of a Stock Grant or Stock-Based Award or
portion thereof is equal to or greater than the Fair Market Value of one Share of Common Stock, such Stock Grant or Stock-Based Award,
as applicable, may be cancelled with no payment due hereunder or otherwise in respect thereof.

 

In taking any of the actions
permitted under this Paragraph 24(b), the Administrator shall not be obligated by the Plan to treat all Stock Rights, all Stock Rights
held by a Participant, or all Stock Rights of the same type, identically.

 

(c) Recapitalization
or Reorganization. In the event of a recapitalization or reorganization of the Company other than a Corporate Transaction pursuant
to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant
upon exercising an Option or accepting a Stock Grant after the recapitalization or reorganization shall be entitled to receive for the
price paid upon such exercise or acceptance if any, the number of replacement securities which would have been received if such Option
had been exercised or Stock Grant accepted prior to such recapitalization or reorganization.

 

(d) Adjustments to
Stock-Based Awards. Upon the happening of any of the events described in Subparagraphs (a), (b) or (c) above, any outstanding Stock-Based
Award shall be appropriately adjusted to reflect the events described in such Subparagraphs. The Administrator or the Successor Board
shall determine the specific adjustments to be made under this Paragraph 24, including, but not limited to the effect of any, Corporate
Transaction and, subject to Paragraph 4, its determination shall be conclusive.

 

(e) Termination of
Awards upon Consummation of a Corporate Transaction. Except as the Administrator may otherwise determine, each Stock Right will automatically
terminate (and in the case of outstanding Shares of restricted Common Stock, will automatically be forfeited) immediately upon the consummation
of a Corporate Transaction, other than (i) any award that is assumed, continued or substituted pursuant to Paragraph 24(b) above, and
(ii) any cash award that by its terms, or as a result of action taken by the Administrator, continues following the consummation of the
Corporate Transaction.

 

	 	25.	ISSUANCES OF SECURITIES.

 

(a) Except as expressly
provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Rights.
Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation,
securities) of the Company prior to any issuance of Shares pursuant to a Stock Right.

 

(b) The Company will
not be obligated to issue any Shares pursuant to the Plan or to remove any restriction from Shares previously issued under the Plan until:
(i) the Company is satisfied that all legal matters in connection with the issuance of such Shares have been addressed and resolved; (ii)
if the outstanding Shares is at the time of issuance listed on any stock exchange or national market system, the Shares to be issued have
been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the award
have been satisfied or waived. The Company may require, as a condition to the exercise of an award or the issuance of Shares under an
award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act
of 1933, as amended, or any applicable state or non-U.S. securities law. Any Shares issued under the Plan will be evidenced in such manner
as the Administrator determines appropriate, including book-entry registration or delivery of stock certificates. In the event that the
Administrator determines that stock certificates will be issued in connection with Shares issued under the Plan, the Administrator may
require that such certificates bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company
may hold the certificates pending the lapse of the applicable restrictions.

 

    13

     

    

 

	 	26.	FRACTIONAL SHARES.

 

No fractional shares shall
be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares
equal to the Fair Market Value thereof.

 

	 	27.	WITHHOLDING.

 

In the event that any federal,
state, or local income taxes, employment taxes, Federal Insurance Contributions Act withholdings or other amounts are required by applicable
law or governmental regulation to be withheld from the Participant’s salary, wages or other remuneration in connection with the
issuance of a Stock Right or Shares under the Plan or for any other reason required by law, the Company may withhold from the Participant’s
compensation, if any, or may require that the Participant advance in cash to the Company, or to any Affiliate of the Company which employs
or employed the Participant, the statutory minimum amount of such withholdings unless a different withholding arrangement, including the
use of shares of the Company’s Common Stock or a promissory note, is authorized by the Administrator (and permitted by law). For
purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be determined in the manner set
forth under the definition of Fair Market Value provided in Paragraph 1 above, as of the most recent practicable date. If the Fair Market
Value of the shares withheld is less than the amount of payroll withholdings required, the Participant may be required to advance the
difference in cash to the Company or the Affiliate employer.

  

	 	28.	TERMINATION OF THE PLAN.

 

The Plan will terminate on
April 13, 2031, the date which is ten years from the earlier of the date of its adoption by the Board of Directors and the date
of its approval by the shareholders of the Company. The Plan may be terminated at an earlier date by vote of the shareholders or the Board
of Directors of the Company; provided, however, that any such earlier termination shall not affect any Agreements executed prior to the
effective date of such termination. Termination of the Plan shall not affect any Stock Rights theretofore granted.

 

	 	29.	AMENDMENT OF THE PLAN AND AGREEMENTS.

 

The Plan may be amended by
the shareholders of the Company. The Plan may also be amended by the Administrator; provided that any amendment approved by the Administrator
which the Administrator determines is of a scope that requires shareholder approval shall be subject to obtaining such shareholder approval
including, without limitation, to the extent necessary to qualify any or all outstanding Stock Rights granted under the Plan or Stock
Rights to be granted under the Plan for favorable federal income tax treatment as may be afforded ISOs under Section 422 and to the extent
necessary to qualify the Shares issuable under the Plan for listing on any national securities exchange or quotation in any national automated
quotation system of securities dealers. Any modification or amendment of the Plan shall not, without the consent of a Participant, adversely
affect his or her rights under a Stock Right previously granted to such Participant, unless such amendment is required by applicable law
or necessary to preserve the economic value of such Stock Right. With the consent of the Participant affected, the Administrator may amend
outstanding Agreements in a manner which may be adverse to the Participant but which is not inconsistent with the Plan. In the discretion
of the Administrator, outstanding Agreements may be amended by the Administrator in a manner which is not adverse to the Participant.
Nothing in this Paragraph 30 shall limit the Administrator’s authority to take any action permitted pursuant to Paragraph 24.

 

	 	30.	EMPLOYMENT OR OTHER RELATIONSHIP.

 

Nothing in this Plan or any
Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director status of a
Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status or to give any Participant
a right to be retained in employment or other service by the Company or any Affiliate for any period of time.

 

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	 	31.	SECTION 409A aND SECTION 422.

 

The Company intends that the
Plan and any Awards granted hereunder be exempt from or comply with Section 409A, to the extent applicable. The Company intends that ISOs
comply with Section 422, to the extent applicable. Any ambiguities in the Plan or any Award shall be construed to effect the intent as
described in this Paragraph 31.

 

If a Participant is a “specified
employee” as defined in Section 409A (and as applied according to procedures of the Company and its Affiliates) as of his or her
separation from service, to the extent any payment under this Plan or pursuant to an Award constitutes non-exempt deferred compensation
under Section 409A that is being paid by reason of separation from service, no payments due under this Plan or pursuant to an Award may
be made until the earlier of: (i) the first day of the seventh month following the Participant’s separation from service, or (ii)
the Participant’s date of death; provided, however, that any payments delayed during this six-month period shall be paid in the
aggregate in a lump sum, without interest, on the first day of the seventh month following the Participant’s separation from service.

 

The Administrator shall administer
the Plan with a view toward ensuring that Awards under the Plan that are subject to Section 409A or Section 422, as applicable, comply
with the requirements thereof and that Options under the Plan be exempt from the requirements of Section 409A or compliant with Section
422, as applicable, but neither the Administrator nor any member of the Board of Directors, nor the Company nor any of its Affiliates,
nor any other person acting hereunder on behalf of the Company, the Administrator or the Board of Directors shall be liable to a Participant
or any Survivor by reason of the acceleration of any income, or the imposition of any additional tax or penalty, with respect to any Award,
whether by reason of a failure to satisfy the requirements of Section 409A or Section 422 or otherwise.

 

	 	32.	INDEMNITY.

 

Neither the Board of Directors
nor the Administrator, nor any members of either, nor any employees of the Company or any parent, subsidiary, or other Affiliate, shall
be liable for any act, omission, interpretation, construction or determination made in good faith in connection with their responsibilities
with respect to this Plan, and the Company hereby agrees to indemnify the members of the Board or Directors, the members of the Committee,
and the employees of the Company and its parent or subsidiaries in respect of any claim, loss, damage, or expense (including reasonable
counsel fees) arising from any such act, omission, interpretation, construction or determination to the full extent permitted by law.

 

	 	33.	CLAWBACK.

 

Notwithstanding anything to
the contrary contained in this Plan, the Company may recover from a Participant any compensation received from any Stock Right (whether
or not settled) or cause a Participant to forfeit any Stock Right (whether or not vested) in the event that the Company’s Clawback
Policy as then in effect is triggered.

 

	 	34.	WAIVER OF JURY TRIAL.

 

By accepting or being deemed to have accepted an
award under the Plan, each Participant waives (or will be deemed to have waived), to the maximum extent permitted under applicable law,
any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or any award, or under any
amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith,
and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before a court and not before
a jury. By accepting or being deemed to have accepted an award under the Plan, each Participant certifies that no officer, representative,
or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding
or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be
construed as limiting the ability of the Company and a Participant to agree to submit any dispute arising under the terms of the Plan
or any ward to binding arbitration or as limiting the ability of the Company to require any individual to agree to submit such disputes
to binding arbitration as a condition of receiving an award hereunder.

 

	 	35.	UNFUNDED OBLIGATIONS.

 

The Company’s obligations under the Plan
are unfunded, and no Participant will have any right to specific assets of the Company in respect of any award under the Plan. Participants
will be general unsecured creditors of the Company with respect to any amounts due or payable under the Plan.

 

	 	36.	GOVERNING LAW.

 

This Plan shall be construed
and enforced in accordance with the law of the State of Delaware.

 

    15

     

    

 

VICARIOUS SURGICAL INC.

 

Stock Option Grant Notice

Stock Option Grant under the Company’s

2021 Equity Incentive Plan

 

	1.	Name of Participant:

 

	2.	Date of Option Grant:

 

	3.	Type of Grant:

 

	4.	Maximum Number of Shares for 

which this Option is exercisable:

 

	5.	Exercise (purchase) price per share:

 

	6.	Option Expiration Date:

 

	7.	Vesting Schedule: This Option shall become exercisable (and the Shares issued upon exercise shall be vested) as follows provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date:

 

[INSERT VESTING PROVISIONS]

 

The foregoing rights are cumulative
and are subject to the other terms and conditions of this Agreement and the Plan.

 

The Company and the Participant
acknowledge receipt of this Stock Option Grant Notice and agree to the terms of the Stock Option Agreement attached hereto and incorporated
by reference herein, the Company’s 2021 Equity Incentive Plan and the terms of this Option Grant as set forth above.

 

	 	VICARIOUS SURGICAL INC. 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 
	 	Participant

 

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VICARIOUS SURGICAL INC. 

 

STOCK OPTION AGREEMENT - INCORPORATED TERMS
AND CONDITIONS

 

AGREEMENT (this “Agreement”)
made as of the date of grant set forth in the Stock Option Grant Notice by and between Vicarious Surgical Inc. (the “Company”),
a Delaware corporation, and the individual whose name appears on the Stock Option Grant Notice (the “Participant”).

 

WHEREAS, the Company desires
to grant to the Participant an Option to purchase shares of its Class A common stock, $0.0001 par value per share (the “Shares”),
under and for the purposes set forth in the Company’s 2021 Equity Incentive Plan (the “Plan”);

 

WHEREAS, the Company and the
Participant understand and agree that any terms used and not defined herein have the same meanings as in the Plan; and

 

WHEREAS, the Company and the
Participant each intend that the Option granted herein shall be of the type set forth in the Stock Option Grant Notice.

 

NOW, THEREFORE, in consideration
of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

 

1. GRANT OF OPTION.
The Company hereby grants to the Participant the right and option to purchase all or any part of an aggregate of the number of Shares
set forth in the Stock Option Grant Notice, on the terms and conditions and subject to all the limitations set forth herein, under United
States securities and tax laws, and in the Plan, which is incorporated herein by reference. The Participant acknowledges receipt of a
copy of the Plan.

 

2. EXERCISE PRICE.
The exercise price of the Shares covered by the Option shall be the amount per Share set forth in the Stock Option Grant Notice, subject
to adjustment, as provided in the Plan, in the event of a stock split, reverse stock split or other events affecting the holders of Shares
after the date hereof (the “Exercise Price”). Payment shall be made in accordance with Paragraph 10 of the Plan.

 

3. EXERCISABILITY
OF OPTION. Subject to the terms and conditions set forth in this Agreement and the Plan, the Option granted hereby shall become vested
and exercisable as set forth in the Stock Option Grant Notice and is subject to the other terms and conditions of this Agreement and the
Plan.

 

4. TERM OF OPTION.
This Option shall terminate on the Option Expiration Date as specified in the Stock Option Grant Notice and, if this Option is designated
in the Stock Option Grant Notice as an ISO and the Participant owns as of the date hereof more than 10% of the total combined voting power
of all classes of capital stock of the Company or an Affiliate, such date may not be more than five years from the date of this Agreement,
but shall be subject to earlier termination as provided herein or in the Plan.

 

If the Participant ceases to
be an Employee, director or Consultant of the Company or of an Affiliate for any reason other than the death or Disability of the Participant,
or termination of the Participant for Cause (the “Termination Date”), the Option to the extent then vested and exercisable
pursuant to Section 3 hereof as of the Termination Date, and not previously terminated in accordance with this Agreement, may be exercised
within three months after the Termination Date, or on or prior to the Option Expiration Date as specified in the Stock Option Grant Notice,
whichever is earlier, but may not be exercised thereafter except as set forth below. In such event, the unvested portion of the Option
shall not be exercisable and shall expire and be cancelled on the Termination Date.

 

If this Option is designated
in the Stock Option Grant Notice as an ISO and the Participant ceases to be an Employee of the Company or of an Affiliate but continues
after termination of employment to provide service to the Company or an Affiliate as a director or Consultant, this Option shall continue
to vest in accordance with Section 3 above as if this Option had not terminated until the Participant is no longer providing services
to the Company. In such case, this Option shall automatically convert and be deemed a Non-Qualified Option as of the date that is three
months from termination of the Participant’s employment and this Option shall continue on the same terms and conditions set forth herein
until such Participant is no longer providing service to the Company or an Affiliate.

 

    17

     

    

 

Notwithstanding the foregoing,
in the event of the Participant’s Disability or death within three months after the Termination Date, the Participant or the Participant’s
Survivors may exercise the Option within one year after the Termination Date, but in no event after the Option Expiration Date as specified
in the Stock Option Grant Notice.

 

In the event the Participant’s
service is terminated by the Company or an Affiliate for Cause, the Participant’s right to exercise any unexercised portion of this
Option even if vested shall cease immediately as of the time the Participant is notified his or her service is terminated for Cause, and
this Option shall thereupon terminate. Notwithstanding anything herein to the contrary, if subsequent to the Participant’s termination,
but prior to the exercise of the Option, the Administrator determines that, either prior or subsequent to the Participant’s termination,
the Participant engaged in conduct which would constitute Cause, then the Participant shall immediately cease to have any right to exercise
the Option and this Option shall thereupon terminate.

 

In the event of the Disability
of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within one year after the Participant’s
termination of service due to Disability or, if earlier, on or prior to the Option Expiration Date as specified in the Stock Option Grant
Notice. In such event, the Option shall be exercisable:

 

	 	(a)	to the extent that the Option has become exercisable but has not been exercised as of the date of the Participant’s termination of service due to Disability; and

 

	 	(b)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of the Participant’s termination of service due to Disability of any additional vesting rights that would have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of the Participant’s termination of service due to Disability.

 

In the event of the death of
the Participant while an Employee, director or Consultant of the Company or of an Affiliate, the Option shall be exercisable by the Participant’s
Survivors within one year after the date of death of the Participant or, if earlier, on or prior to the Option Expiration Date as specified
in the Stock Option Grant Notice. In such event, the Option shall be exercisable:

 

	 	(x)	to the extent that the Option has become exercisable but has not been exercised as of the date of death; and

 

	 	(y)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.

 

5. METHOD OF EXERCISING
OPTION. Subject to the terms and conditions of this Agreement, the Option may be exercised by written notice to the Company or its
designee, in substantially the form of Exhibit A attached hereto (or in such other form acceptable to the Company, which may
include electronic notice). Such notice shall state the number of Shares with respect to which the Option is being exercised and shall
be signed by the person exercising the Option (which signature may be provided electronically in a form acceptable to the Company). Payment
of the Exercise Price for such Shares shall be made in accordance with Paragraph 10 of the Plan. The Company shall deliver such Shares
as soon as practicable after the notice shall be received, provided, however, that the Company may delay issuance of such Shares until
completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including, without limitation,
state securities or “blue sky” laws). The Shares as to which the Option shall have been so exercised shall be registered in
the Company’s share register in the name of the person so exercising the Option (or, if the Option shall be exercised by the Participant
and if the Participant shall so request in the notice exercising the Option, shall be registered in the Company’s share register
in the name of the Participant and another person jointly, with right of survivorship) and shall be delivered as provided above to or
upon the written order of the person exercising the Option. In the event the Option shall be exercised, pursuant to Section 4 hereof,
by any person other than the Participant, such notice shall be accompanied by appropriate proof of the right of such person to exercise
the Option. All Shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and nonassessable.

 

    18

     

    

 

6. PARTIAL EXERCISE.
Exercise of this Option to the extent above stated may be made in part at any time and from time to time within the above limits, except
that no fractional share shall be issued pursuant to this Option.

 

7. NON-ASSIGNABILITY.
The Option shall not be transferable by the Participant otherwise than by will or by the laws of descent and distribution. If this Option
is a Non-Qualified Option then it may also be transferred pursuant to a qualified domestic relations order as defined by the Code or Title
I of the Employee Retirement Income Security Act or the rules thereunder. Except as provided above in this paragraph, the Option
shall be exercisable, during the Participant’s lifetime, only by the Participant (or, in the event of legal incapacity or incompetency,
by the Participant’s guardian or representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge,
hypothecation or other disposition of the Option or of any rights granted hereunder contrary to the provisions of this Section 7, or the
levy of any attachment or similar process upon the Option shall be null and void.

 

8. NO RIGHTS AS STOCKHOLDER
UNTIL EXERCISE. The Participant shall have no rights as a stockholder with respect to Shares subject to this Agreement until registration
of the Shares in the Company’s share register in the name of the Participant. Except as is expressly provided in the Plan with respect
to certain changes in the capitalization of the Company, no adjustment shall be made for dividends or similar rights for which the record
date is prior to the date of such registration.

 

9. ADJUSTMENTS.
The Plan contains provisions covering the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions
in the Plan for adjustment with respect to stock subject to Options and the related provisions with respect to successors to the business
of the Company are hereby made applicable hereunder and are incorporated herein by reference.

 

10. TAXES. The
Participant acknowledges and agrees that (i) any income or other taxes due from the Participant with respect to this Option or the Shares
issuable pursuant to this Option shall be the Participant’s responsibility; (ii) the Participant was free to use professional advisors
of his or her choice in connection with this Agreement, has received advice from his or her professional advisors in connection with this
Agreement, understands its meaning and import, and is entering into this Agreement freely and without coercion or duress; (iii) the Participant
has not received and is not relying upon any advice, representations or assurances made by or on behalf of the Company or any Affiliate
or any employee of or counsel to the Company or any Affiliate regarding any tax or other effects or implications of the Option, the Shares
or other matters contemplated by this Agreement; and (iv) neither the Administrator, the Company, its Affiliates, nor any of its officers
or directors, shall be held liable for any applicable costs, taxes, or penalties associated with the Option if, in fact, the Internal
Revenue Service were to determine that the Option constitutes deferred compensation under Section 409A of the Code.

 

If this Option is designated
in the Stock Option Grant Notice as a Non-Qualified Option or if the Option is an ISO and is converted into a Non-Qualified Option and
such Non-Qualified Option is exercised, the Participant agrees that the Company may withhold from the Participant’s remuneration,
if any, the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that is considered compensation
includable in such person’s gross income. At the Company’s discretion, the amount required to be withheld may be withheld
in cash from such remuneration, or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option. The Participant
further agrees that, if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s
income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld.

 

11. PURCHASE FOR INVESTMENT.
Unless the offering and sale of the Shares to be issued upon the particular exercise of the Option shall have been effectively registered
under the Securities Act, the Company shall be under no obligation to issue the Shares covered by such exercise unless the Company has
determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act and until the following
conditions have been fulfilled:

 

    19

     

    

 

		(a)	The person(s) who exercise the Option shall warrant to the
Company, at the time of such exercise, that such person(s) are acquiring such Shares for their own respective accounts, for investment,
and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such
Shares shall be bound by the provisions of the following legend which shall be endorsed upon any certificate(s) evidencing the Shares
issued pursuant to such exercise:

 

“The shares represented by this
certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless
(1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or
(b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is then
available, and (2) there shall have been compliance with all applicable state securities laws;” and

 

		(b)	If the Company so requires, the Company shall have received
an opinion of its counsel that the Shares may be issued upon such particular exercise in compliance with the Securities Act without registration
thereunder. Without limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action
or obtaining of any consent, which the Company deems necessary under any applicable law (including without limitation state securities
or “blue sky” laws).

 

12. RESTRICTIONS ON
TRANSFER OF SHARES.

 

		(a)	The Participant agrees that in the event the Company proposes
to offer for sale to the public any of its equity securities and such Participant is requested by the Company and any underwriter engaged
by the Company in connection with such offering to sign an agreement restricting the sale or other transfer of Shares, then it will promptly
sign such agreement and will not transfer, whether in privately negotiated transactions or to the public in open market transactions
or otherwise, any Shares or other securities of the Company held by him or her during such period as is determined by the Company and
the underwriters, not to exceed 180 days following the closing of the offering, plus such additional period of time as may be required
to comply with FINRA rules or similar rules thereto promulgated by another regulatory authority (such period, the “Lock-Up Period”).
Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company and such underwriter and pursuant
to customary and prevailing terms and conditions. Notwithstanding whether the Participant has signed such an agreement, the Company may
impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions
until the end of the Lock-Up Period.

 

		(b)	The Participant acknowledges and agrees that neither the
Company, its stockholders nor its directors and officers, has any duty or obligation to disclose to the Participant any material information
regarding the business of the Company or affecting the value of the Shares before, at the time of, or following a termination of the
service of the Participant by the Company, including, without limitation, any information concerning plans for the Company to make a
public offering of its securities or to be acquired by or merged with or into another firm or entity.

 

13. NO OBLIGATION
TO MAINTAIN RELATIONSHIP. The Participant acknowledges that: (i) the Company is not by the Plan or this Option obligated to continue
the Participant as an employee, director or Consultant of the Company or an Affiliate; (ii) the Plan is discretionary in nature and may
be suspended or terminated by the Company at any time; (iii) the grant of the Option is a one-time benefit which does not create any contractual
or other right to receive future grants of options, or benefits in lieu of options; (iv) all determinations with respect to any such future
grants, including, but not limited to, the times when options shall be granted, the number of shares subject to each option, the option
price, and the time or times when each option shall be exercisable, will be at the sole discretion of the Company; (v) the Participant’s
participation in the Plan is voluntary; (vi) the value of the Option is an extraordinary item of compensation which is outside the scope
of the Participant’s employment or consulting contract, if any; and (vii) the Option is not part of normal or expected compensation
for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments.

 

    20

     

    

 

14. IF OPTION IS INTENDED
TO BE AN ISO. If this Option is designated in the Stock Option Grant Notice as an ISO so that the Participant (or the Participant’s
Survivors) may qualify for the favorable tax treatment provided to holders of Options that meet the standards of Section 422 of the Code
then any provision of this Agreement or the Plan which conflicts with the Code so that this Option would not be deemed an ISO is null
and void and any ambiguities shall be resolved so that the Option qualifies as an ISO. The Participant should consult with the Participant’s
own tax advisors regarding the tax effects of the Option and the requirements necessary to obtain favorable tax treatment under Section
422 of the Code, including, but not limited to, holding period requirements.

 

Notwithstanding the foregoing,
to the extent that the Option is designated in the Stock Option Grant Notice as an ISO and is not deemed to be an ISO pursuant to Section
422(d) of the Code because the aggregate Fair Market Value (determined as of the Date of Option Grant) of any of the Shares with respect
to which this ISO is granted becomes exercisable for the first time during any calendar year in excess of $100,000, the portion of the
Option representing such excess value shall be treated as a Non-Qualified Option and the Participant shall be deemed to have taxable income
measured by the difference between the then Fair Market Value of the Shares received upon exercise and the price paid for such Shares
pursuant to this Agreement.

 

Neither the Company nor any
Affiliate shall have any liability to the Participant, or any other party, if the Option (or any part thereof) that is intended to be
an ISO is not an ISO or for any action taken by the Administrator, including without limitation the conversion of an ISO to a Non-Qualified
Option.

 

15. NOTICE TO COMPANY
OF DISQUALIFYING DISPOSITION OF AN ISO. If this Option is designated in the Stock Option Grant Notice as an ISO then the Participant
agrees to notify the Company in writing immediately after the Participant makes a Disqualifying Disposition of any of the Shares acquired
pursuant to the exercise of the ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes any disposition
(including any sale) of such Shares before the later of (a) two years after the date the Participant was granted the ISO or (b) one year
after the date the Participant acquired Shares by exercising the ISO, except as otherwise provided in Section 424(c) of the Code. If the
Participant has died before the Shares are sold, these holding period requirements do not apply and no Disqualifying Disposition can occur
thereafter.

 

16. NOTICES. Any
notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered
or certified mail, return receipt requested, addressed as follows:

 

If to the Company:

 

Vicarious Surgical Inc.

78 Fourth Avenue

Waltham, MA 0245

Attention: General Counsel

 

If to the Participant at the Participant’s
most recent address as shown in the employment or stock records of the Company. Any such notice shall be deemed to have been given upon
the earlier of receipt, one business day following delivery to a recognized courier service or three business days following mailing by
registered or certified mail.

 

17. GOVERNING LAW.
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to
the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement, the parties hereby
consent to exclusive jurisdiction in Massachusetts and agree that such litigation shall be conducted in the state courts of Massachusetts
or the federal courts of the United States for the District of Massachusetts.

 

18. BENEFIT OF AGREEMENT.
Subject to the provisions of the Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding
upon the heirs, executors, administrators, successors and assigns of the parties hereto.

 

    21

     

    

 

19. ENTIRE AGREEMENT.
This Agreement, together with the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the
subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof (with
the exception of acceleration of vesting provisions contained in any other agreement with the Company). No statement, representation,
warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict, the
express terms and provisions of this Agreement. Notwithstanding the foregoing in all events, this Agreement shall be subject to and governed
by the Plan.

 

20. MODIFICATIONS
AND AMENDMENTS. The terms and provisions of this Agreement may be modified or amended as provided in the Plan.

 

21. WAIVERS AND CONSENTS.
Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be
deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.
Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

 

22. DATA PRIVACY.
By entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate
administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information
and data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the
Plan; (ii) to the extent permitted by applicable law waives any data privacy rights he or she may have with respect to such information,
and (iii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth
in this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    22

     

    

 

Exhibit A

 

NOTICE OF EXERCISE OF STOCK OPTION

 

Form for Shares registered in the United
States

 

	To:	Vicarious Surgical Inc.

 

IMPORTANT NOTICE: This form of Notice of Exercise may only be used
at such time as the Company has filed a Registration Statement with the Securities and Exchange Commission under which the issuance of
the Shares for which this exercise is being made is registered and such Registration Statement remains effective.

 

Ladies and Gentlemen:

 

I hereby exercise my Stock
Option to purchase _________ shares (the “Shares”) of the Class A common stock, $0.0001 par value, of Vicarious Surgical Inc.
(the “Company”), at the exercise price of $________ per share, pursuant to and subject to the terms of that Stock Option Grant
Notice dated _______________, 202_.

 

I understand the nature of
the investment I am making and the financial risks thereof. I am aware that it is my responsibility to have consulted with competent tax
and legal advisors about the relevant national, state and local income tax and securities laws affecting the exercise of the Option and
the purchase and subsequent sale of the Shares.

 

I am paying the option exercise
price for the Shares as follows:

 

_________________________________________

 

Please issue the Shares (check one):

 

☐ to me; or

 

☐ to me and ____________________________,
as joint tenants with right of survivorship,

 

at the following address:

 

	 	 
	 	 
	 	 

 

My mailing address for stockholder
communications, if different from the address listed above, is:

 

	 	 
	 	 
	 	 

 

	 	Very truly yours,
	 	 
	 	 
	 	Participant (signature)
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Date

 

    23

     

    

 

VICARIOUS SURGICAL INC.

 

Restricted Stock Unit Award Grant Notice

Restricted Stock Unit Award Grant under the Company’s

2021 Equity Incentive Plan

 

	1.	Name of Participant:

 

	2.	Date of Grant of

 

	 	Restricted Stock Unit Award:

 

	3.	Maximum Number of Shares underlying

 

	 	Restricted Stock Unit Award:

 

	4.	Vesting of Award: This Restricted Stock Unit Award shall vest as follows provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting:

 

	Number of Restricted Stock Units	 	Vesting Date
	 	 	 

 

[INSERT VESTING
PROVISIONS]

 

The Company and the Participant acknowledge receipt
of this Restricted Stock Unit Award Grant Notice and agree to the terms of the Restricted Stock Unit Agreement attached hereto and incorporated
by reference herein, the Company’s 2021 Equity Incentive Plan and the terms of this Restricted Stock Unit Award as set forth above.

 

	 	VICARIOUS SURGICAL INC.
	 	 	 
	 	By:	        
	 	Name: 	 
	 	Title:	 
	 	 
	 	 
	 	Participant

 

    24

     

    

 

VICARIOUS SURGICAL INC.

 

RESTRICTED STOCK UNIT AGREEMENT –

 

INCORPORATED TERMS AND CONDITIONS

 

AGREEMENT made as of the date
of grant set forth in the Restricted Stock Unit Award Grant Notice between Vicarious Surgical Inc. (the “Company”), a Delaware
corporation, and the individual whose name appears on the Restricted Stock Unit Award Grant Notice (the “Participant”).

 

WHEREAS, the Company has adopted
the 2021 Equity Incentive Plan (the “Plan”), to promote the interests of the Company by providing an incentive for Employees,
directors and Consultants of the Company and its Affiliates;

 

WHEREAS, pursuant to the provisions
of the Plan, the Company desires to grant to the Participant restricted stock units (“RSUs”) related to the Company’s
Class A common stock, $0.0001 par value per share (“Common Stock”), in accordance with the provisions of the Plan, all on
the terms and conditions hereinafter set forth; and

 

WHEREAS, the Company and the
Participant understand and agree that any terms used and not defined herein have the meanings ascribed to such terms in the Plan.

 

NOW, THEREFORE, in consideration
of the promises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Grant of Award.
The Company hereby grants to the Participant an award for the number of RSUs set forth in the Restricted Stock Unit Award Grant Notice
(the “Award”). Each RSU represents a contingent entitlement of the Participant to receive one share of Common Stock, on the
terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated herein by reference. The
Participant acknowledges receipt of a copy of the Plan.

 

2. Vesting of Award.

 

(a) Subject to the terms
and conditions set forth in this Agreement and the Plan, the Award granted hereby shall vest as set forth in the Restricted Stock Unit
Award Grant Notice and is subject to the other terms and conditions of this Agreement and the Plan. On each vesting date set forth in
the Restricted Stock Unit Award Grant Notice, the Participant shall be entitled to receive such number of shares of Common Stock equivalent
to the number of RSUs as set forth in the Restricted Stock Unit Award Grant Notice provided that the Participant is providing service
to the Company or an Affiliate on such vesting date. Such shares of Common Stock shall thereafter be delivered by the Company to the Participant
within five business days of the applicable vesting date and in accordance with this Agreement and the Plan.

 

(b) Except as otherwise
set forth in this Agreement, if the Participant ceases to be providing services for any reason by the Company or by an Affiliate (the
“Termination”) prior to a vesting date set forth in the Restricted Stock Unit Award Grant Notice, then as of the date on which
the Participant’s employment or service terminates, all unvested RSUs shall immediately be forfeited to the Company and this Agreement
shall terminate and be of no further force or effect.

  

3. Prohibitions on
Transfer and Sale. This Award (including any additional RSUs received by the Participant as a result of stock dividends, stock splits
or any other similar transaction affecting the Company’s securities without receipt of consideration) shall not be transferable
by the Participant otherwise than (i) by will or by the laws of descent and distribution, or (ii) pursuant to a qualified domestic relations
order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security Act or the rules thereunder. Except
as provided in the previous sentence, the shares of Common Stock to be issued pursuant to this Agreement shall be issued, during the Participant’s
lifetime, only to the Participant (or, in the event of legal incapacity or incompetence, to the Participant’s guardian or representative).
This Award shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject
to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of this Award
or of any rights granted hereunder contrary to the provisions of this Section 3, or the levy of any attachment or similar process upon
this Award shall be null and void.

 

    25

     

    

 

4. Adjustments.
The Plan contains provisions covering the treatment of RSUs and shares of Common Stock in a number of contingencies such as stock splits.
Provisions in the Plan for adjustment with respect to this Award and the related provisions with respect to successors to the business
of the Company are hereby made applicable hereunder and are incorporated herein by reference.

 

5. Securities Law
Compliance. The Participant specifically acknowledges and agrees that any sales of shares of Common Stock shall be made in accordance
with the requirements of the Securities Act of 1933, as amended. The Company currently has an effective registration statement on file
with the Securities and Exchange Commission with respect to the Common Stock to be granted hereunder. The Company intends to maintain
this registration statement but has no obligation to do so. If the registration statement ceases to be effective for any reason, Participant
will not be able to transfer or sell any of the shares of Common Stock issued to the Participant pursuant to this Agreement unless exemptions
from registration or filings under applicable securities laws are available. Furthermore, despite registration, applicable securities
laws may restrict the ability of the Participant to sell his or her Common Stock, including due to the Participant’s affiliation
with the Company. The Company shall not be obligated to either issue the Common Stock or permit the resale of any shares of Common Stock
if such issuance or resale would violate any applicable securities law, rule or regulation.

 

6. Rights as a Stockholder.
The Participant shall have no right as a stockholder, including voting and dividend rights, with respect to the RSUs subject to this Agreement.

 

7. Incorporation of
the Plan. The Participant specifically understands and agrees that the RSUs and the shares of Common Stock to be issued under the
Plan will be issued to the Participant pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has read and
understands and by which Plan he or she agrees to be bound. The provisions of the Plan are incorporated herein by reference.

 

8. Tax
Liability of the Participant and Payment of Taxes. The Participant acknowledges and agrees that any income or other taxes due from
the Participant with respect to this Award or the shares of Common Stock to be issued pursuant to this Agreement or otherwise sold shall
be the Participant’s responsibility. Without limiting the foregoing, the Participant agrees that if under applicable law the Participant
will owe taxes at each vesting date on the portion of the Award then vested the Company shall be entitled to immediate payment from the
Participant of the amount of any tax or other amounts required to be withheld by the Company by applicable law or regulation. Any taxes
or other amounts due shall be paid, at the option of the Administrator as follows:

 

(a) through reducing the
number of shares of Common Stock entitled to be issued to the Participant on the applicable vesting date in an amount equal to the statutory
minimum of the Participant’s total tax and other withholding obligations due and payable by the Company. Fractional shares will
not be retained to satisfy any portion of the Company’s withholding obligation. Accordingly, the Participant agrees that in the
event that the amount of withholding required would result in a fraction of a share being owed, that amount will be satisfied by withholding
the fractional amount from the Participant’s paycheck;

 

(b) requiring the Participant
to deposit with the Company an amount of cash equal to the amount determined by the Company to be required to be withheld with respect
to the statutory minimum amount of the Participant’s total tax and other withholding obligations due and payable by the Company
or otherwise withholding from the Participant’s paycheck an amount equal to such amounts due and payable by the Company; or

 

(c) if the Company believes
that the sale of shares can be made in compliance with applicable securities laws, authorizing, at a time when the Participant is not
in possession of material nonpublic information, the sale by the Participant on the applicable vesting date of such number of shares of
Common Stock as the Company instructs a registered broker to sell to satisfy the Company’s withholding obligation, after deduction
of the broker’s commission, and the broker shall be required to remit to the Company the cash necessary in order for the Company
to satisfy its withholding obligation. To the extent the proceeds of such sale exceed the Company’s withholding obligation the Company
agrees to pay such excess cash to the Participant as soon as practicable. In addition, if such sale is not sufficient to pay the Company’s
withholding obligation the Participant agrees to pay to the Company as soon as practicable, including through additional payroll withholding,
the amount of any withholding obligation that is not satisfied by the sale of shares of Common Stock. The Participant agrees to hold the
Company and the broker harmless from all costs, damages or expenses relating to any such sale. The Participant acknowledges that the Company
and the broker are under no obligation to arrange for such sale at any particular price. In connection with such sale of shares of Common
Stock, the Participant shall execute any such documents requested by the broker in order to effectuate the sale of shares of Common Stock
and payment of the withholding obligation to the Company. The Participant acknowledges that this paragraph is intended to comply with
Section 10b5-1(c)(1)(i)(B) under the Exchange Act.

 

    26

     

    

 

It is the Company’s
intention that the Participant’s tax obligations under this Section 8 shall be satisfied through the procedure of Subsection (c)
above, unless the Company provides notice of an alternate procedure under this Section, in its discretion. The Company shall not deliver
any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been made.

  

9. Participant Acknowledgements
and Authorizations.

 

The Participant acknowledges the following:

 

(a) The Company is not
by the Plan or this Award obligated to continue the Participant as an employee, director or consultant of the Company or an Affiliate.

 

(b) The Plan is discretionary
in nature and may be suspended or terminated by the Company at any time.

 

(c) The grant of this Award
is considered a one-time benefit and does not create a contractual or other right to receive any other award under the Plan, benefits
in lieu of awards or any other benefits in the future.

 

(d) The Plan is a voluntary
program of the Company and future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing
of any grant, the amount of any award, vesting provisions and the purchase price, if any.

 

(e) The value of this Award
is an extraordinary item of compensation outside of the scope of the Participant’s employment or consulting contract, if any. As
such the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end
of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. The future value of the shares
of Common Stock is unknown and cannot be predicted with certainty.

 

(f) The Participant (i)
authorizes the Company and each Affiliate and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping
services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request
in order to facilitate the grant of the Award and the administration of the Plan; and (ii) authorizes the Company and each Affiliate to
store and transmit such information in electronic form for the purposes set forth in this Agreement.

 

10. Notices.
Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile,
registered or certified mail, return receipt requested, addressed as follows:

 

If to the Company:

 

Vicarious Surgical Inc.

78 Fourth Avenue

Waltham, MA 0245

Attention: General Counsel

 

If to the Participant at the
Participant’s most recent address as shown in the employment or stock records of the Company. Any such notice shall be deemed to
have been given on the earliest of receipt, one business day following delivery by the sender to a recognized courier service, or three
business days following mailing by registered or certified mail.

 

    27

     

    

 

11. Assignment and
Successors.

 

(a) This Agreement is personal
to the Participant and without the prior written consent of the Company shall not be assignable by the Participant otherwise than by will
or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Participant’s legal
representatives.

 

(b) This Agreement shall
inure to the benefit of and be binding upon the Company and its successors and assigns.

 

12. Governing
Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to
the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement, whether at law or
in equity, the parties hereby consent to exclusive jurisdiction in Massachusetts and agree that such litigation will be conducted in the
state courts of Massachusetts or the federal courts of the United States for the District of Massachusetts.

 

13. Severability.
If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision or
provisions shall be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this is impossible,
then such provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability of the rest of this
Agreement shall not be affected thereby.

 

14. Entire Agreement.
This Agreement, together with the Plan, constitutes the entire agreement and understanding between the parties hereto with respect to
the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.
No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret,
change or restrict the express terms and provisions of this Agreement provided, however, in any event, this Agreement shall be subject
to and governed by the Plan.

 

15. Modifications
and Amendments; Waivers and Consents. The terms and provisions of this Agreement may be modified or amended as provided in the Plan.
Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be
deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.
Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

 

16. Section 409A.
The Award of RSUs evidenced by this Agreement is intended to be exempt from the nonqualified deferred compensation rules of Section 409A
of the Code as a “short term deferral” (as that term is used in the final regulations and other guidance issued under Section
409A of the Code, including Treasury Regulation Section 1.409A-1(b)(4)(i)), and shall be construed accordingly.

 

17. Data Privacy.
By entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate
administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information
and data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the
Plan; (ii) to the extent permitted by applicable law waives any data privacy rights he or she may have with respect to such information,
and (iii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth
in this Agreement.

 

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