Document:

Exhibit 10.5

 

LORDSTOWN
MOTORS CORP.

 

2019 INCENTIVE
COMPENSATION PLAN

 

(Effective
September 1, 2019)

 

     

     

    

 

LORDSTOWN MOTORS CORP.

 

2019 INCENTIVE COMPENSATION PLAN

 

TABLE OF CONTENTS

 

	1.	Purpose	1
	2.	Definitions	1
	3.	Administration	5
	 	3.1	Committees of
    the Board	5
	 	3.2	Committee Procedures	5
	 	3.3	Authority of the Committee	5
	 	3.4	Committee Liability	5
	4.	Eligibility	5
	5.	Stock Subject
    to Plan	5
	 	5.1	Basic Limitation	5
	 	5.2	Additional Shares	6
	6.	Terms and Conditions
    of Grants	6
	 	6.1	Form and Amount of Stock
    Grant	6
	 	6.2	Stock Grant Agreement	6
	 	6.3	Exercisability	6
	 	6.4	Vesting	6
	 	6.5	Duration of Stock Grant	6
	 	6.6	Purchase Price	6
	 	6.7	Effect of Change in Control	7
	 	6.8	Rights as Stockholder	7
	7.	Terms and Conditions
    of Options	7
	 	7.1	Stock Option
    Agreement	7

 

    	 	i	 

     

    

 

	 	7.2	Number of Shares; Nature
    of Option	7
	 	7.3	Purchase Price	7
	 	7.4	Exercisability	8
	 	7.5	Vesting	8
	 	7.6	Early Exercise	8
	 	7.7	Effect of Change in Control	8
	 	7.8	Term	8
	 	7.9	Exercise of Options on Termination
    of Service	8
	 	7.10	No Rights as Stockholder	9
	 	7.11	Modification, Extension
    and Assumption of Options	9
	8.	Cash Awards	9
	 	8.1	Granting of Cash Awards	9
	9.	Forms of Payment	9
	 	9.1	General Rule	9
	 	9.2	Surrender of Stock	9
	 	9.3	Promissory Notes	9
	 	9.4	Cashless Exercise	9
	 	9.5	Other Forms of Payment	10
	10.	Adjustments
    upon Changes in Common Stock	10
	 	10.1	General	10
	 	10.2	Merger, Consolidation or
    Other Reorganization	10
	 	10.3	Reservation of Rights	10
	11.	Withholding
    Taxes	11
	 	11.1	General	11
	 	11.2	Stock Withholding	11

 

    	 	ii	 

     

    

 

	 	11.3	Cashless Exercise/Pledge	11
	 	11.4	Other Forms of Payment	11
	12.	Legal Requirements	11
	 	12.1	Restrictions
    on Issuance	11
	 	12.2	Restrictions on Transfer	11
	 	12.3	Financial Reports	11
	13.	Assignment or Transfer of Awards 	12
	 	13.1	General	12
	 	13.2	Trusts	12
	14.	No Employment
    Rights	12
	15.	Duration and
    Amendments	12
	 	15.1	Term of the Plan	12
	 	15.2	Right to Amend or Terminate
    the Plan	12
	 	15.3	Effect of Amendment or Termination	13
	16.	Code Section
    409A Compliance	13
	17.	Execution	13

 

    	 	iii	 

     

    

 

LORDSTOWN MOTORS CORP.

 

2019 INCENTIVE COMPENSATION PLAN

 

1.                 
Purpose.
The purpose of the Plan is to offer selected employees, directors and consultants an opportunity to acquire a proprietary interest
in the success of the Company, or to increase such interest, to encourage such persons to remain in the employ of the Company
and to attract new employees with outstanding qualifications. The Plan seeks to achieve this purpose by providing for the direct
grant or sale of Shares of the Company’s Stock for the grant of Options to purchase Shares of the Company’s Stock
and for the granting of cash awards under the Plan. Options granted under the Plan may include Nonstatutory Stock Options as well
as Incentive Stock Options intended to qualify under Section 422 of the Code. While this Plan is intended to satisfy Rule 701
under the Securities Act and the DGCL, Options may be granted and Shares may be awarded or sold under this Plan in reliance upon
other federal and state securities law exemptions and to the extent another exemption is relied upon, the terms of this Plan which
are required only because of Rule 701 or the DGCL need not apply to the extent provided by the Board in the Stock Option Agreement
or Stock Grant Agreement, as the case may be.

 

2.                 
Definitions.
The following terms shall have the meanings set forth in this Section 2.

 

“Award”
shall mean any right awarded under the Plan, including a Stock Grant, an Incentive Stock Option, a Non-qualified Stock Option
or a Cash Award.

 

“Board”
shall mean the Board of Directors of the Company, as constituted from time to time.

 

“Cash
Award” shall mean an Award denominated in cash that is granted under Section 8 of the Plan.

 

“Cash
Award Agreement” shall mean the agreement between the Company and a Cash Award Recipient that contains the terms, conditions
and restrictions pertaining to a Cash Award.

 

“Cash
Award Recipient” shall mean the holder of a Cash Award.

 

“Cause”
shall mean the reasons for terminating a Key Contributor’s Service, as set forth in a Stock Option Agreement, Stock Acquisition
Agreement, Cash Award Agreement or Employment Agreement between the Company and such Key Contributor.

 

“Change
in Control” shall mean:

 

(a)           One
Person (or more than one Person acting as a group) acquires ownership of stock of the Company that, together with the stock held
by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company;
provided, that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50%
of the total fair market value or total voting power of the Company’s stock and acquires additional stock;

 

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(b)         
A majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election
is not endorsed by a majority of the Board before the date of appointment or election; or

 

(c)
           One person (or more than one person acting as a group), acquires (or has acquired during
the twelve-month period ending on the date of the most recent acquisition) assets from the Company that have a total gross fair
market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately before
such acquisition(s).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Committee”
shall mean a committee consisting of one or more members of the Board that is appointed by the Board to administer the Plan under
Section 3.

 

“Common-Law
Employee” shall mean an individual paid from W-2 Payroll of the Company or a Subsidiary. If, during any period, the
Company (or a Subsidiary, as applicable) has not treated an individual as a Common-Law Employee and, for that reason, has not
paid such individual in a manner which results in the issuance of a Form W-2 and withheld taxes with respect to him or her, then
that individual shall not be an eligible Common-Law Employee for that period, even if any person, court or government agency determines,
retroactively, that such individual is or was a Common-Law Employee during all or any portion of that period.

 

“Company”
shall mean Lordstown Motors Corp., a Delaware corporation. “Consultant” shall mean an individual who performs bona
fide Service other than as a Common-Law Employee, a member of the Board, or a member of the board of directors of a Subsidiary.

 

“DGCL”
shall mean the Delaware General Corporation Law (Title 8, Chapter 1 of the Delaware Code), as amended.

 

“Exchange
Act” shall mean the Securities and Exchange Act of 1934, as amended.

 

“Fair
Market Value” shall mean the determination of the market price of Shares of the Company’s Stock made by the Board,
which in all cases shall be conclusive and binding on all persons in accordance with the following guidelines:

 

(a)           If
the Shares are traded over-the-counter on the Valuation Date but are not traded on the Nasdaq Stock Market or the Nasdaq National
Market System, the Fair Market Value shall be equal to the mean between the last reported representative bid and asked prices
quoted for the Valuation Date by the principal automated inter-dealer quotation system on which the Shares are quoted or, if the
Shares are not quoted on any such system, by the “Pink Sheets” published by the National Quotation Bureau, Inc.;

 

(b)           If
the Shares are traded over-the-counter on the Valuation Date and are traded on the Nasdaq Stock Market or the Nasdaq National
Market System, the Fair Market Value shall be equal to the last-transaction price quoted for the Valuation Date by the Nasdaq
Stock Market or the Nasdaq National Market;

 

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(c)           If
the Shares are traded on a stock exchange on the Valuation Date, the Fair Market Value shall be equal to the closing price reported
by the applicable composite transactions report for the Valuation Date; and

 

(d)           If
none of the foregoing provisions is applicable, the Fair Market Value shall be determined by the Board in good faith on such basis
as it deems appropriate.

 

“Grantee” shall mean the
holder of a Stock Grant.

 

“Incentive Stock Option”
shall mean an incentive stock option described in Section 422(b) of the Code.

 

“Key Contributor” shall
mean: (i) an individual who is a Common-Law Employee of the Company, a Parent or a Subsidiary; (ii) a member of the Board, including
(without limitation) a Non-Employee Director, or an affiliate of a member of the Board; (iii) a member of the board of directors
of a Subsidiary; or (iv) a Consultant.

 

“Non-Employee Director”
shall mean a member of the Board who is not a Common-Law Employee of the Company or a Subsidiary and who is otherwise not disqualified
from being a “non-employee director,” as set forth in Rule 16b-3 promulgated under the Exchange Act.

 

“Nonstatutory Stock Option”
shall mean a stock option that is not an Incentive Stock Option.

 

“Option” shall mean an
Incentive Stock Option or Nonstatutory Stock Option granted under the Plan entitling the holder to purchase Shares.

 

“Optionee” shall mean holder
of an Option.

 

“Parent” shall have the
meaning set forth in Section 424(e) of the Code.

 

“Participant” shall mean
an individual or estate that holds an Option, Stock Grant or Cash Award.

 

“Plan” shall mean this
2019 Incentive Compensation Plan of Lordstown Motors Corp.

 

“Purchase Price” shall
mean the consideration for which one Share may be acquired under the Plan.

 

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

 

“Share” shall mean one
share of Stock, as adjusted in accordance with Section 9 of the Plan.

 

“Service” shall mean any
service that the Company employs or engages a Person to perform.

 

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“Stock” shall mean the
Company’s common stock.

 

“Stock Acquisition Agreement”
shall mean the agreement between the Company and a person who acquires Shares under the Plan whether pursuant to an Option or a
Stock Grant.

 

“Stock Grant” shall mean
a right to acquire Shares under the Plan other than by the exercise of an Option.

 

“Stock Grant Agreement”
shall mean the agreement between the Company and a Grantee that contains the terms, conditions and restrictions pertaining to a
Stock Grant.

 

“Stock Option Agreement”
shall mean the agreement between the Company and an Optionee that contains the terms, conditions and restrictions pertaining to
an Option.

 

“Subsidiary” shall have
the meaning set forth in Section 424(f) of the Code.

 

“Ten Percent Stockholder”
shall mean an individual who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company,
its Parent or any of its Subsidiaries. In determining stock ownership, the attribution rules of Section 424(d) of the Code shall
be applied and “outstanding stock” shall include all stock actually issued and outstanding immediately after granting
of an Option or Stock Grant, but shall not include Shares authorized for issuance under outstanding Options held by a Key Contributor
or by any other person.

 

“Total
and Permanent Disability” shall mean a Key Contributor’s inability to effectively perform the essential
functions of his job by reason of any medically determinable physical or mental impairment that can be expected to result in death
or can be expected to last for not less than 90 consecutive days or 125 non-consecutive days, in either case during any 12-month
period, and in any case as determined in good faith by an independent doctor selected in good faith by the Board of Directors and
mutually acceptable to the Key Contributor.

 

“Valuation Date” shall
mean the date on which the Fair Market Value of Shares is determined.

 

“W-2 Payroll” shall mean
the mechanism or procedure the Company or a Subsidiary utilizes to pay any individual which results in the issuance of Internal
Revenue Service Form W-2 to the individual. “W-2 Payroll” does not include any mechanism or procedure which results
in the issuance of any Internal Revenue Service form other than Form W-2 to an individual, including, but not limited to, Form
1099. Whether a mechanism or procedure constitutes “W-2 Payroll” shall be determined in the absolute discretion of
the Company (or Subsidiary, as applicable), and such determination shall be conclusive and binding on all persons.

 

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3.            
Administration.

 

3.1          
Committees of the Board. The Plan
shall be administered by the Board (which, in the absence of a specific designation of a committee, shall be the Committee); however,
any or all administrative functions otherwise exercisable by the Board may be delegated to a Committee. Members of the Committee
shall serve for such period of time as the Board may determine and shall be subject to removal by the Board at any time. The Board
may also at any time terminate the functions of the Committee and reassume all powers and authority previously delegated to the
Committee. If a Committee has been appointed, any reference to the Board in the Plan shall be construed as a reference to the
Committee to whom the Board has assigned a particular function. If the Stock becomes publicly traded, the Board may appoint a
Committee which, if appointed, shall be comprised solely of two or more Non-Employee Directors (although Committee functions may
be delegated to officers to the extent the Options or Stock Grants are made to persons who are not subject to the reporting requirements
of Section 16 of the Exchange Act).

 

3.2          
Committee Procedures. The Board shall
designate one of the members of the Committee as chairperson. The Committee may hold meetings at such times and places as it shall
determine. The acts of a majority of the Committee members present at meetings at which a quorum exists, or acts reduced to or
approved in writing by all Committee members, shall be valid acts of the Committee.

 

3.3          
Authority of the Committee. Subject
to the provisions of the Plan, the Committee shall have full authority and discretion to take any actions it deems necessary or
advisable for the administration of the Plan. The Committee has authority to determine, in its sole discretion, to whom, and the
time or times at which, Options, Stock Grants or Cash Awards may be made and the number of Shares subject to each Option or Stock
Grant or the amount of any Cash Award. The Committee has authority to prescribe, amend and rescind rules and regulations relating
to the Plan and to make all other determinations necessary or advisable for Plan administration. All decisions, interpretations
and other actions of the Committee shall be final, conclusive and binding on all parties who have an interest in the Plan or any
Option or Shares issued thereunder.

 

3.4           
Committee Liability. No member of
the Board or the Committee will be liable for any action or determination made in good faith by the Committee with respect to
the Plan or any Award made under the Plan.

 

4.            
Eligibility. Only Key Contributors
shall be eligible for designation as Participants by the Board. In addition, only individuals who are Common-Law Employees shall
be eligible for the grant of Incentive Stock Options.

 

5.            
Stock Subject to Plan.

 

5.1          
Basic Limitation. The Shares issuable
under the Plan shall be authorized but unissued or reacquired Shares of Stock. The maximum number of Shares which may be issued
under the Plan shall not exceed 200,000 Shares, subject to adjustment pursuant to Section 10. In any event, (i) the number of
Shares subject to Options or Stock Grants outstanding at any time under the Plan shall not exceed the number of Shares which then
remain available for issuance under the Plan; and (ii) to the extent an award is made in reliance upon the exemption available
under the DGCL, the number of Shares subject to Options or Stock Grants outstanding at any time under the Plan (together with
other shares of Stock that must be aggregated for this purpose) shall not exceed the limitation imposed by the DGCL, if any. The
Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements
of the Plan. Subject to adjustment in accordance with Section 10, no more than 150,000 shares of Stock may be issued in the aggregate
pursuant to the exercise of Incentive Stock Options.

 

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5.2          
Additional Shares. If any outstanding
Option or Stock Grant expires or is canceled, forfeited or otherwise terminated, the Shares allocable to the unexercised portion
of such Option or Stock Grant shall again be available for issuance under the Plan. If Shares issued under the Plan are reacquired
by the Company pursuant to any right of repurchase or right of first refusal, such Shares shall again be available for issuance
under the Plan, except that the aggregate number of Shares that may be issued upon the exercise of Incentive Stock Options shall
in no event exceed the number of Shares reserved for issuance pursuant to Section 5.1 plus the number of Shares that revert to
the Plan pursuant to the first sentence of this Section 5.2, as adjusted pursuant to Section 10.

 

6.            
Terms and Conditions of Grants.

 

6.1          
Form and Amount of Stock Grant. Each
Stock Grant shall specify the number of Shares that are subject to the Stock Grant. A Stock Grant may be awarded in combination
with a Nonstatutory Stock Option and such a Stock Grant may provide that the Shares subject to the Stock Grant will be forfeited
in the event that the related Nonstatutory Stock Option is exercised.

 

6.2          
Stock Grant Agreement. Each Stock
Grant shall be evidenced by a Stock Grant Agreement between the Grantee and the Company. Each Stock Grant shall be subject to
all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent
with the Plan as the Board deems appropriate for inclusion in a Stock Acquisition Agreement. The provisions of the various Stock
Grant Agreements entered into under the Plan need not be identical.

 

6.3          
Exercisability. Each Stock Acquisition
Agreement shall specify the conditions upon which the Stock Grant shall become exercisable, if applicable, which shall be determined
by the Board in its sole discretion. If required by applicable law, however, including the DGCL or the regulations thereunder,
each Stock Grant shall become exercisable no less rapidly than the rate of 20% per year for each of the first five (5) years from
the date of the Stock Grant.

 

6.4          
Vesting. Each Stock Grant shall specify
the conditions upon which the Grantee’s rights in the Shares subject to the Stock Grant shall vest, which shall be determined
by the Board in its sole discretion. If required by applicable law, however, including the DGCL or the regulations thereunder,
the Shares subject to each Stock Grant shall vest no less rapidly than the rate of 20% per year for each of the first five (5)
years from the date of the Stock Grant.

 

6.5          
Duration of Stock Grant. Any Stock
Grant shall automatically expire thirty (30) days after the Stock Grant is communicated in writing to the Grantee if the Grantee
does not, within such thirty (30) day period, accept the Stock Grant by signing the Stock Grant Agreement.

 

6.6          
Purchase Price. The Purchase Price
of Shares offered under a Stock Grant shall be established by the Board and set forth in the Stock Grant Agreement. In no event
will the Purchase Price be less than the par value of a Share. The Purchase Price shall be payable in a form described in Section
9 or, in the discretion of the Board, in consideration for past services rendered to the Company or for its benefit.

 

    6

     

    

 

6.7          
Effect of Change in Control. The Board
may determine at the time of making a Stock Grant or thereafter, that upon a Change in Control such Stock Grant shall become exercisable
as to all or a portion of the Shares subject to the Stock Grant or that the vesting of a Grantee’s rights in all or a portion
of the Shares subject to such Stock Grant shall be accelerated.

 

6.8          
Rights as Stockholder. Holders of
Shares acquired under the Plan shall have the same voting, dividend and other rights as the Company’s other stockholders.
A Stock Grant, however, may require that the holder of Shares acquired under such Stock Grant invest any cash dividends received
in additional Shares. Such additional Shares shall be subject to the same conditions and restrictions as the Shares with respect
to which the dividends were paid. Such additional Shares shall not reduce the number of Shares available for issuance under the
Plan.

 

7.            
Terms and Conditions of Options.

 

7.1          
Stock Option Agreement. Each grant
of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. Such Option shall
be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not
inconsistent with the Plan and that the Board deems appropriate for inclusion in a Stock Option Agreement. The provisions of the
various Stock Option Agreements entered into under the Plan need not be identical.

 

7.2          
Number of Shares; Nature of Option.
Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall provide for the adjustment
of such number of Shares in accordance with Section 10. The Stock Option Agreement shall also specify whether the Option is an
Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent the aggregate
Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee
during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be
treated as Nonstatutory Stock Options. For purposes of this Section 7.2, Incentive Stock Options shall be taken into account in
the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect
to such Shares is granted.

 

7.3          
Purchase Price. The Purchase Price
of Shares subject to an Option shall be established by the Board and set forth in a Stock Option Agreement. The Purchase Price
of Shares subject to an Incentive Stock Option shall not be less than 100% of the Fair Market Value (110% for Ten Percent Stockholders)
on the date the Option is granted. The Purchase Price of Shares subject to a Nonstatutory Stock Option shall not be less than
100% of the Fair Market Value on the date the Option is granted. In no event shall the Purchase Price be less than the par value
of a Share. The Purchase Price shall be payable in a form described in Section 9. Notwithstanding the foregoing, an Option may
be granted with a Purchase Price lower than that prescribed in this Section 7.3 if the Option grant is attributable to the issuance
or assumption of an option in a transaction to which Section 424(a) of the Code applies.

 

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7.4          
Exercisability. Each Stock Option
Agreement shall specify the date when the Option becomes exercisable, which shall be determined by the Board in its sole discretion.
If required by applicable law, however, including the DGCL or the regulations thereunder, Options granted to Key Contributors
who are not officers shall become exercisable no less rapidly than the rate of 20% per year for each of the first five (5) years
from the date the Option is granted.

 

7.5          
Vesting. Each Stock Option Agreement
shall specify the date or events upon which the Optionee’s rights in the Shares subject to the Option shall vest, which
shall be determined by the Board in its sole discretion. If required by applicable law, however, including the DGCL or the regulations
thereunder, Shares subject to Options granted to Key Contributors who are not officers shall vest no less rapidly than the rate
of 20% per year for each of the first five (5) years from the date the Option is granted.

 

7.6          
Early Exercise. A Stock Option Agreement
may permit an Optionee to exercise an Option before it is vested (i.e., make an “early exercise”), subject to the
Company’s right to repurchase Shares acquired under the Option. The Company’s right to repurchase Shares shall lapse
at the same rate as the Optionee’s rights in the Shares would have vested in accordance with Section 7.5 had there been
no early exercise. If required by applicable law, including the DGCL or the regulations thereunder, the Company’s right
to repurchase Shares may be exercised only within ninety (90) days after the later of (i) the termination of the Optionee’s
Service or (ii) the date of exercise of the Option, and in any event for cash or for cancellation of indebtedness incurred in
purchasing the Shares.

 

7.7          
Effect of Change in Control. The Board
may determine, at the time of granting an Option or thereafter, that upon a Change in Control such Option shall become exercisable
as to all or a portion of the Shares subject to the Option or that the vesting of an Optionee’s rights in all or a portion
of the Shares subject to such Option shall be accelerated.

 

7.8          
Term. The Stock Option Agreement shall
specify the term of the Option. The term shall not exceed ten (10) years from the date of grant or, in the case of an Incentive
Stock Option granted to a Ten Percent Stockholder, five (5) years from the date of grant. In the case of a Nonqualified Stock
Option, the term of the Option shall not exceed ten (10) years from the date of the grant. Subject to the preceding sentence,
the Board in its sole discretion, shall determine when an Option will expire.

 

7.9          
Exercise of Options on Termination of Service.
Each Option shall set forth the extent to which the Optionee shall have the right to exercise the Option following termination
of the Optionee’s Service with the Company and its Subsidiaries. Such provisions shall be determined in the sole discretion
of the Board, need not be uniform among all Optionees, and may reflect distinctions based on the reasons for termination of Service.
If required by applicable law, however, including the DGCL or the regulations thereunder, each Stock Option Agreement shall provide
the Optionee with the right to exercise the Option following the Optionee’s termination of Service during the Option term
(x) for at least thirty (30) days if termination of Service is due to any reason other than Cause, death or Total and Permanent
Disability, and (y) for at least six (6) months after termination of Service if due to death or Total and Permanent Disability.

 

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7.10         
No Rights as Stockholder. An Optionee,
or a transferee of an Optionee, shall have no rights as a stockholder with respect to any Shares subject to an Option until such
person becomes entitled to receive such Shares by delivering to the Company a signed Stock Acquisition Agreement and any other
agreements required to be delivered pursuant to such Stock Acquisition Agreement and paying the Purchase Price pursuant to the
terms of such Option.

 

7.11        
Modification, Extension and Assumption of Options.
Within the limitations of the Plan, the Board may modify, extend or assume outstanding Options or may accept the cancellation
of outstanding Options (whether granted by the Company or another issuer) in return for the grant of new Options for the same
or a different number of Shares and at the same or a different Purchase Price. The foregoing notwithstanding and except as set
forth in Section 10.2, no modification of an Option shall, without the consent of the Optionee, impair the Optionee’s
rights or increase the Optionee’s obligations under such Option.

 

8.             
Cash Awards.

 

8.1           
Granting of Cash Awards. The Committee
may grant Cash Awards, either alone or in tandem with other Awards, in such amounts and subject to such conditions as the Committee
shall determine in its sole discretion. Cash Awards may be subject to performance goals, other vesting conditions, and such other
terms as the Committee determines in its discretion. Cash Awards shall be evidenced in a Cash Award Agreement.

 

9.             
Forms of Payment.

 

9.1          
General Rule. Except as otherwise
provided in this Section 9, the entire Purchase Price shall be payable in cash or cash equivalents acceptable to the Company at
the time of purchase.

 

9.2          
Surrender of Stock. To the extent
that a Stock Option Agreement or Stock Grant Agreement so provides, payment may be made wholly or in part with Stock that has
already been owned by the Optionee or Grantee, or the representative of either, for such time period as may be specified by the
Board and that is surrendered to the Company in good form for transfer. Such Stock shall be valued at Fair Market Value on the
date when the new Shares are acquired under the Plan.

 

9.3          
Promissory Notes. Unless expressly
set forth in an applicable Stock Option Agreement or Stock Grant Agreement, and subject to express ratification by the Board,
payment may not be made, wholly or in part, via use of promissory note or similar promise to pay. The interest rate and other
terms and conditions of such note shall be determined by the Board. In no event shall the stock certificate(s) representing such
Shares be released to the Optionee or Grantee until such note is paid in full, unless otherwise provided in the Stock Option Agreement,
Stock Grant Agreement or Stock Acquisition Agreement.

 

9.4          
Cashless Exercise. To the extent provided
in a Stock Option Agreement or Stock Grant Agreement, if a public market for the Stock exists, payment may be made by delivery
(on a form acceptable to the Board) of an irrevocable direction to a securities broker to sell Stock and to deliver all or part
of the sale proceeds to the Company in payment of the aggregate Purchase Price.

 

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9.5          
Other Forms of Payment. To the extent
provided in a Stock Option Agreement or Stock Grant Agreement, and subject to express approval by the Board, payment may be made
in any other form that is consistent with applicable laws, regulations and rules.

 

10.          
Adjustments upon Changes in Common Stock.

 

10.1         
General. In the event of a subdivision
of the outstanding Stock, a declaration of a dividend payable in Stock, a combination or consolidation of the outstanding Stock
into a lesser number of shares, a recapitalization, a reclassification of the outstanding Stock or such other event as the Board
may determine necessitates an adjustment be made, the Board shall make appropriate adjustments, subject to the limitations set
forth in Section 10.3, in one or more of (i) the number of Shares of Stock available for future grants of Options or Stock
Grants, (ii) the number of Shares of Stock covered by each outstanding Option or Stock Grant or (iii) the Purchase Price
of Shares subject to an Option or offered under a Stock Grant.

 

10.2         
Merger, Consolidation or Other Reorganization.
If the Company is a party to a merger, consolidation or other corporate reorganization, outstanding unexercised Options shall
be subject to the terms and conditions of the agreement between the Company and the other party to such merger, consolidation
or reorganization and such Options may be assumed, substituted, modified or cancelled, without the consent of any Optionee, as
the Board, in its sole discretion, may determine. By way of example only, and not in limitation of the Board’s authority,
any such agreement may provide for any of the following:

 

(i)             
The continuation of such outstanding Options by the Company (if the Company is the surviving corporation); or

 

(ii)            
The assumption of the Plan and such outstanding Options by the surviving corporation or its parent; or

 

(iii)           
The substitution by the surviving corporation or its parent of options with substantially the same terms for such outstanding
Options; or

 

(iv)           
The cancellation of the outstanding Options of the Company (if the Company is not the surviving corporation).

 

10.3       
Reservation of Rights. Except as set
forth in Section 10.1, an Optionee or Grantee shall have no rights by reason of (i) any subdivision or consolidation of shares
of Company stock of any class, (ii) the payment of any dividend by the Company, or (iii) any other increase or decrease in the
number of shares of Company stock of any class. Except as set forth in Section 10.1, any issuance by the Company of shares
of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number of Shares subject to an Option, the number of Shares subject to any Stock Grant
and/or the Purchase Price under any Option or Stock Grant. The grant of an Option or a Stock Grant pursuant to the Plan shall
not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of
its capital or business structure, to merge, consolidate or reorganize or to dissolve or liquidate or sell, transfer or otherwise
dispose of all or any part of its business, assets or securities.

 

    10

     

    

 

11.          
Withholding Taxes.

 

11.1        
General. To the extent required by
applicable federal, state, local or foreign law, a Participant shall make arrangements satisfactory to the Committee for the satisfaction
of any withholding tax obligations that arise in connection with the Plan. The Company shall not be required to issue any Shares
or make any cash payment under the Plan until such obligations are satisfied.

 

11.2        
Stock Withholding. The Committee may
permit a Participant to satisfy all or part of the withholding or income tax obligations by having the Company withhold all or
a portion of any Shares of Stock that otherwise would be issued or by surrendering all or a portion of any Shares of Stock previously
acquired. Shares of Stock that are withheld or surrendered pursuant to this Section 11 shall be valued at their Fair Market Value
on the date when taxes otherwise would be withheld in cash. Any payment of taxes by assigning Shares of Stock to the Company may
be subject to restrictions, including any restrictions required by rules of any federal or state regulatory body or other authority.

 

11.3        
Cashless Exercise/Pledge. The Committee
may provide that if Company Shares of Stock are publicly traded at the time of exercise, arrangements may be made to meet the
Optionee’s withholding obligation by cashless exercise or pledge.

 

11.4        
Other Forms of Payment. The Committee
may permit such other means of tax withholding as it determines to be appropriate.

 

12.          
Legal Requirements.

 

12.1        
Restrictions on Issuance. Shares shall
not be issued under the Plan unless the issuance and delivery of such Shares complies with (or is exempt from) all applicable
requirements of law, including (without limitation) the Securities Act, the rules and regulations promulgated thereunder, state
securities laws and regulations, and the regulations of any stock exchange on which the Company’s securities may then be
listed, and the Company has obtained the approval of or a favorable ruling from any governmental agency that the Company determines
to be necessary or advisable.

 

12.2        
Restrictions on Transfer. If the Company
or any managing underwriter of an offering of securities of the Company so determines, no Shares issued upon exercise of a Stock
Grant or an Option may be sold or otherwise transferred or disposed of during a period of up to one hundred eighty (180) days
following the effective date of a registration statement covering securities of the Company filed under the Securities Act. Any
Shares issued upon exercise of a Stock Grant or an Option shall be subject to such rights of repurchase, rights of first refusal
and other transfer restrictions as the Board may determine. Such restrictions shall apply in addition to any restrictions that
may apply to holders of Stock generally.

 

12.3        
Financial Reports. To the extent required
to comply with the DGCL or the regulations thereunder, not less often than annually the Company shall furnish to Optionees and
Grantees summary financial information, including a balance sheet, regarding the Company’s financial condition and results
of operations, unless such Optionees or Grantees have duties with the Company that assure them access to equivalent information.
Such financial statements need not be audited.

 

    11

     

    

 

13.          
Assignment or Transfer of Awards.

 

13.1       
General. No Stock Grant, Option or
Cash Award shall be anticipated, assigned, attached, garnished, optioned, transferred or made subject to any creditor’s
process, whether voluntarily, involuntarily or by operation of law, except as approved by the Committee. Notwithstanding the foregoing:

 

(i)             
while the Shares are subject to the DGCL, Grantees and Optionees may not transfer their rights hereunder except by will,
beneficiary designation or the laws of descent and distribution; and

 

(ii)             
Incentive Stock Options may not be transferred or alienated in any way.

 

13.2        
Trusts. Neither this Section 13 nor
any other provision of the Plan shall preclude a Participant from transferring or assigning Shares to (i) the trustee of a trust
that is revocable by such Participant alone, both at the time of the transfer or assignment and at all times thereafter prior
to such Participant’s death, or (ii) the trustee of any other trust to the extent approved by the Committee in writing.
A transfer or assignment of Shares from such trustee to any person other than such Participant shall be permitted only to the
extent approved in advance by the Committee in writing, and Shares held by such trustee shall be subject to all the conditions
and restrictions set forth in the Plan and in the applicable Stock Acquisition Agreement, as if such trustee were a party to such
Stock Acquisition Agreement.

 

14.          
No Employment Rights. No provision
of the Plan, nor any Option, Stock Grant or Cash Awards shall be construed to give any person any right to become, to be treated
as, or to remain a Key Contributor. The Company and its Subsidiaries reserve the right to terminate any Key Contributor’s
employment at any time and for any reason or for no reason, with or without Cause.

 

15.          
Duration and Amendments.

 

15.1        
Term of the Plan. The Plan, as set
forth herein, shall become effective on the date of its adoption by the Board, subject to the approval of the Company’s
stockholders. If the stockholders fail to approve the Plan within twelve (12) months after its adoption by the Board, any Options,
Stock Grants or Cash Awards granted within such twelve (12) month period shall be null and void, and no additional Options, Stock
Grants or Cash Awards shall be granted after the expiration of such twelve (12) month period. The Plan shall terminate automatically
ten (10) years after its adoption by the Board and may be terminated on any earlier date pursuant to Section 15.2 below.

 

15.2        
Right to Amend or Terminate the Plan.
The Board may amend or terminate the Plan at any time. An amendment of the Plan shall be subject to the approval of the Company’s
stockholders only to the extent required by applicable laws, regulations or rules.

 

    12

     

    

 

15.3        
Effect of Amendment or Termination.
No Shares shall be issued or sold under the Plan after the termination thereof, except upon exercise of an Option or Stock Grant
granted prior to such termination. Except as may be permitted under Section 10.2, the termination of the Plan, or any amendment
thereof, shall not affect any Shares previously issued or Option or Stock Grant previously granted under the Plan, or the payment
of any Cash Awards granted prior to the effective date of the termination.

 

16.           
Code Section 409A Compliance. The
Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent
permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that
are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated as deferred
compensation unless applicable laws require otherwise. Any payments under the Plan which constitute deferred compensation subject
to Code Section 409A and which are payable upon or following a Participant’s termination of employment or Services shall
only be payable following the Participant’s “separation from service” within the meaning of Treasury Regulation
 §1.409A-1(h). Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation
and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be
provided pursuant to the Plan during the six (6) month period immediately following the Participant’s separation from service
shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation from service
(or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have
any obligation to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section
409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.

 

17.          
Execution. To record the adoption
of the Plan, the Company has caused its authorized officer to execute the same.

 

	 	LORDSTOWN MOTORS CORP.
	 	 	 
	 	By:	 /s/ Stephen S. Burns
	 	 
	 	Its:	 Chief Executive Officer

 

    13

     

    

 

AMENDMENT NO. 1

TO

LORDSTOWN MOTORS CORP.

2019 INCENTIVE COMPENSATION PLAN

  

The Lordstown Motors
Corp. 2019 Incentive Compensation Plan effective September 1, 2019 (the “Plan”), was amended to decrease the shares
of Common Stock, $0.001 par value per share (the “Shares”), available under Section 5.1 of the Plan to 100,000 Shares.
The Board approved the decrease to the number of Shares on February 14, 2020:

 

1.       Definitions

 

All capitalized terms
used in this Amendment No. 1 which are not otherwise defined herein shall have the respective meanings given such terms in the
Plan.

 

2.       Shares
Available for Options

 

Section 5.1 of the
Plan is hereby amended and restated as follows:

 

“Basic Limitation.
The Shares issuable under the Plan shall be authorized but unissued or reacquired Shares of Stock. The maximum number of Shares
which may be issued under the Plan shall not exceed 100,000 Shares, subject to adjustment pursuant to Section 10. In any event,
(i) the number of Shares subject to Options or Stock Grants outstanding at any time under the Plan shall not exceed the number
of Shares which then remain available for issuance under the Plan; and (ii) to the extent an award is made in reliance upon the
exemption available under the DGCL, the number of Shares subject to Options or Stock Grants outstanding at any time under the Plan
(together with other shares of Stock that must be aggregated for this purpose) shall not exceed the limitation imposed by the DGCL,
if any. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the
requirements of the Plan. Subject to adjustment in accordance with Section 10, no more than 100,000 shares of Stock may be issued
in the aggregate pursuant to the exercise of Incentive Stock Options.”

 

3.       Effective
Date; Construction

 

The effective date
of this Amendment No. 1 is February 14, 2020, and this Amendment No. 1 shall be deemed to be a part of the Plan as of such date.
In the event of any inconsistencies between the provisions of the Plan and this Amendment No. 1, the provisions of this Amendment
No. 1 shall control. Except as modified by this Amendment No. 1, the Plan shall continue in full force and effect without change.

  

     

     

    

 

Doc. No.

 

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED
AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR IF THE COMPANY
IS PROVIDED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER FEDERAL AND STATE SECURITIES
LAWS IS NOT REQUIRED.

 

LORDSTOWN MOTORS CORP.

(“COMPANY”)

 

2019 STOCK PLAN

 

STOCK OPTION
AGREEMENT

 

1.                 
Notice of Stock Option Grant. You, the Optionee named below, have been granted an Option to purchase Common Stock of the
Company, subject to the terms and conditions of the Company’s 2019 Stock Plan (the “Plan”), as may be amended,
and this Stock Option Agreement. Unless otherwise defined herein, capitalized terms used in this Stock Option Agreement shall have
the same meanings as in the Plan. This Section 1 of this Stock Option Agreement sets forth the basic terms of your Option and your
rights with respect to the Shares subject to the Option. These basic terms are subject to and are to be interpreted in accordance
with the Plan and the Terms and Conditions attached hereto.

 

		1.1	Date of Grant (mm/dd/yy): [INSERT DATE]

 

		1.2	Optionee’s Name:         [INSERT NAME]

 

		1.3	Check Here if Optionee is a Ten Percent Stockholder:  	 	 

 

	 	Type of Option:	x	Nonstatutory Stock Option
	 	 	 	 
	 	 	 	Incentive Stock Option1

 

 

1 If
checked, then this Option is intended to be an “incentive stock option” within the meaning of Section 422A of the
Internal Revenue Code. This Option shall be construed and exercised consistent with that intention. It is acknowledged that
the United States Treasury Department may amend or modify from time to time its regulations governing “incentive stock
options.” Accordingly, it is understood and agreed by the Optionee that the Company may amend or modify the Plan and
this Agreement in any respect deemed by the Company to be necessary or desirable to comply with such regulations, as amended
or modified from time to time or to meet the requirements for an “incentive stock option.”

 

     

     

    

 

		1.3.1	Check Here if this is a Replacement Stock Option:	 	 
	 	 	 
	 	 	and identify Stock Option Agreement Replaced:	 	 

 

		1.4	Number of Shares Subject to Option:        [INSERT NUMBER]

 

		1.5	Purchase Price per Share (USD):          [INSERT STRIKE PRICE]

 

		1.6	Time of Exercise:	x	At
the time and to the extent your rights have vested under Section 1.10
	 	 	 	 	 
	 	 	 	 	At any time after the Date
of Grant (“Early Exercise”)
	 	 	 	 	 
	 	 	 	 	Other______________________________________________________________	 

 

		1.7	Vesting Start Date (dd/mm/yy): [INSERT DATE]

 

		1.8	Form of Payment for Exercise: as defined in Terms and Conditions Section 2.4.3

 

		1.9	Vesting Schedule: Subject to Sections 2.1 and 2.2 of the Terms and Conditions,
the Shares subject to the Option shall vest as follows:

 

		1.9.1	34% of the Shares subject to the Option shall vest on the date hereof;

		1.9.2	33% of the Shares subject to the Option shall vest on the first anniversary
of the date hereof; and

		1.9.3	33% of the Shares subject to the Option shall vest on the second anniversary
of the date hereof.

 

Notwithstanding the foregoing, the Option granted
hereunder will vest in full if there occurs with respect to the Company prior to the date the Option would become exercisable a
Change in Control.

 

THE
OPTION GRANTED HEREUNDER REPLACES AND SUPERSEDES ANY AND ALL OTHER RIGHTS, AGREEMENTS AND OPTIONS PREVIOUSLY PROMISED
TO YOU BY THE COMPANY UNDER THE PLAN OR REFERENCED IN ANY EMPLOYMENT AGREEMENT OR OFFER LETTERS OR OTHERWISE TO ACQUIRE SECURITIES
OF THE COMPANY UNDER THE PLAN. NOTWITHSTANDING THE FOREGOING, UNLESS EXPRESSLY STATED IN THIS AWARD, THIS OPTION DOES NOT REPLACE
ANY OPTIONS PREVIOUSLY GRANTED TO YOU PURSUANT TO AN EXISTING AUTHORIZED AND FULLY EXECUTED STOCK OPTION AWARD.

 

    	 	2	 

     

    

 

By signing below, you agree
to all of the terms and conditions of the Plan and this Stock Option Agreement, including the attached Terms and Conditions and
Stock Acquisition Agreement.

 

 

	 	OPTIONEE
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	LORDSTOWN MOTORS CORP.
	 	 
	 	 
	 	By:	           
	 	Stephen S. Burns, Chief Executive Officer

 

    	 	3	 

     

    

 

2.       Terms and Conditions.

 

		2.1	Vesting. Your rights in
                                         Shares subject to your Option vest during your Service as specified in Section 1.10 of
                                         this Stock Option Agreement. Vesting will cease if your Service terminates for any reason.

 

		2.2	Service; Leaves of Absence.
                                         Your Service shall cease when you cease to be in Service as a Key Contributor, as
                                         determined in the sole discretion of the Board. For purposes of your Option, your Service
                                         does not terminate when you take a bona fide  leave of absence that was approved
                                         by the Company in writing if the terms of the leave of absence provide for continued
                                         Service crediting or when continued Service crediting is required by applicable law.
                                         However, for purposes of determining whether your Option is entitled to Incentive Stock
                                         Option status, your Service will be treated as terminating ninety (90) days after your
                                         leave of absence began, unless your right to return to active work is guaranteed by law
                                         or by a contract. Your Service terminates in any event when the approved leave of absence
                                         ends, unless you immediately return to active work. The Company determines which leaves
                                         of absence count toward Service and when your Service terminates for all purposes under
                                         the Plan.

 

		2.3	Term of Option. Your Option
                                         expires on the day before the tenth (10th) anniversary of the Date of Grant
                                         (fifth (5th) anniversary for a Ten Percent Stockholder), and will expire earlier
                                         if your Service terminates as follows:

 

		2.3.1	Regular Termination.
                                         If your Service terminates for any reason except Cause, death or Total and Permanent
                                         Disability, your Option will expire at the close of business at Company headquarters
                                         on the date thirty (30) days after the date your Service terminates. During that thirty
                                         (30) day period, you may exercise your Option with respect to Shares in which your rights
                                         were vested on the date your Service terminated.

 

		2.3.2	Cause.
                                         If your Service terminates for Cause, your Option will expire at the close of business
                                         at Company headquarters on the date seven (7) days after the date your Service
                                         terminates. For purposes of this Section 2.3.2, "Cause" means any of the following:
                                         (i) "Cause" as defined in any employment agreement, engagement agreement or
                                         any other similar agreement between the Company and you and (ii) your breach of this
                                         Stock Option Agreement, which you do not cure within thirty (30) days of receiving written
                                         notice from the Company of such breach.

 

		2.3.3	Death.
                                         If you die while in Service, your Option will expire at the close of business at
                                         Company headquarters on the date six (6) months after the date of death. During
                                         that six (6) month period, your estate or heirs may exercise that portion of your Option
                                         that was vested on the date of death.

 

		2.3.4	Total
                                         and Permanent Disability. If your Service terminates because of your Total and Permanent
                                         Disability, your Option will expire at the close of business at Company headquarters
                                         on the date six (6) months after the date your Service terminates. During that six (6)
                                         month period, you may exercise your Option with respect to Shares in which your rights
                                         were vested on the date of your Total and Permanent Disability. If your Total and Permanent
                                         Disability is not expected to result in death or to last for a continuous period of at
                                         least six (6) months, your Option will be eligible for Incentive Stock Option tax treatment
                                         only if it is exercised within three (3) months following the termination of your Service.

 

    	 	4	 

     

    

 

		2.4	Exercise of
                                         Option.

 

		2.4.1	Restrictions
                                         on Exercise of Option and Transfer of Shares.

 

		i)	By signing this Stock Option Agreement, you agree not to exercise this Option or sell any Shares
acquired upon exercise of this Option at a time when applicable laws, regulations or the Company or underwriter trading policies
prohibit exercise or sale. In particular, the Company shall have the right to designate one or more periods of time, each of which
shall not exceed one hundred eighty (180) days in length, during which this Option shall not be exercisable if the Company determines
(in its sole discretion) that such limitation on exercise could in any way facilitate a lessening of any restriction on transfer
pursuant to the Securities Act or any state securities laws with respect to any issuance of securities by the Company, facilitate
the registration or qualification of any securities by the Company under the Securities Act or any state securities laws, or facilitate
the perfection of any exemption from the registration or qualification requirements of the Securities Act or any applicable state
securities laws for the issuance or transfer of any securities. Such limitation on exercise shall not alter the Vesting Schedule
set forth in Section 1.10 of this Stock Option Agreement, but shall only limit the periods during which this Option shall be exercisable.

 

		ii)	If the sale of Shares under the Plan is not registered under the Securities
Act, but an exemption is available which requires an investment representation or other representation, you shall represent and
agree at the time of Option exercise that the Shares are being acquired for investment, and not with a view to the sale or distribution
thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel.

 

		2.4.2	Method of
                                         Exercise. To exercise your Option, you must sign the Stock Acquisition Agreement,
                                         attached hereto as Exhibit A (the "Stock Acquisition Agreement"), and any Stockholders
                                         Agreement among the Company and its stockholders (as applicable, and as amended or modified
                                         from time to time, the "Stockholders Agreement"), and deliver the signed Stock
                                         Acquisition Agreement and Stockholders Agreement, together with full payment of the Purchase
                                         Price, to the Company at the address given on the Stock Acquisition Agreement. Without
                                         limitation, your Option and the Shares subject to your Option are subject to the terms
                                         and conditions of the Stock Acquisition Agreement and the Stockholders Agreement. Your exercise will be effective when
the signed Stock Acquisition Agreement, the signed Stockholders Agreement and the Purchase Price are received by the Company. If
someone else wants to exercise your Option after your death, that person must prove to the Company's satisfaction that he or she
is entitled to do so.

 

    	 	5	 

     

    

 

		2.4.3	Form of Payment. When you submit the Stock Acquisition
Agreement and the Stockholders Agreement, you must include payment of the aggregate Purchase Price for the Shares you are purchasing.
Payment may be made in one (or a combination) of the following forms:

 

		i)	Your personal check, a cashier's check or a money order.

 

		ii)	Shares of Stock which you have owned for six months and which are surrendered to the Company. The
value of such Stock, determined as of the effective date of the Option exercise, will be applied to the Purchase Price.

 

		iii)	To the extent that a public market for Stock exists as determined by the Company, by delivery (on
a form approved by the Company) of an irrevocable direction to a securities broker to sell Stock and to deliver all or part of
the sale proceeds to the Company in payment of the aggregate Purchase Price.

 

		2.4.4	Withholding Taxes. You will not be allowed to
exercise your Option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result
of the exercise of the Option or the sale of Shares acquired upon exercise of your Option.

 

		2.5	Exercise of Option Before Vesting ("Early Exercise").
If, under Section 1.8, you are permitted to exercise your
Option before your rights are vested in accordance with Section 1.10, and you exercise your Option before full vesting, the vesting
provisions set forth in Section 1.10 will apply to the Shares you acquire upon exercise of your Option. If you exercise your Option
before your rights are vested, you should consider making an election under Section 83(b) of the Code (the "Section 83(b)
Election"). The Section 83(b) Election must be filed within thirty (30) days after the date you acquire Shares in which your
rights are not vested.

 

		2.6	Market Stand-Off. In connection with any underwritten
public offering by the Company of its equity securities
pursuant to an effective registration statement filed under the Securities Act, including the Company's initial public offering,
you shall not, directly or indirectly, engage in any transaction prohibited by the underwriter, nor shall you sell, make any short
sale of, contract to sell, transfer the economic risk of ownership in, loan, hypothecate, pledge, grant any option for the purchase
of, or otherwise dispose of or transfer for value or agree to engage in any of the foregoing transactions with respect to any Shares
without the prior written consent of the Company or its underwriters, for such period of time after the effective date of such
registration statement as may be requested by the Company or such underwriters. Such period of time shall not exceed one hundred
eighty (180) days and may be required
by the underwriter as a market condition of the offering. By signing this Stock Option Agreement you agree to execute and deliver
such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing
or which are necessary to give further effect thereto. To enforce the provisions of this Section 2.6, the Company may impose stop-transfer
instructions with respect to the Shares until the end of the applicable stand-off period.

 

    	 	6	 

     

    

 

		2.7	Transfer of
                                         Option. Prior to your death, only you may exercise your Option. You have no right
                                         to transfer or assign your Option. For instance, you may not sell your Option or use
                                         it as security for a loan. If you attempt to do any of these things, your Option will
                                         immediately become invalid. You may, however, dispose of your Option in your will. Regardless
                                         of any marital property settlement agreement, the Company is not obligated to honor a
                                         notice of exercise from your spouse or former spouse, nor is the Company obligated to
                                         recognize such individual's interest in your Option in any other way.

 

		2.8	No Retention
                                         Rights. Your Option does not give you the right to be retained by the Company (or
                                         any Subsidiary) in any capacity. The Company reserves the right to terminate your Service
                                         at any time and for any reason or for no reason, with or without Cause.

 

		2.9	Stockholder
                                         Rights. You, or your estate or heirs, have no rights as a stockholder of the Company
                                         until you acquire Shares pursuant to the terms and subject to the conditions of the
                                         Stock Acquisition Agreement.

 

		2.10	Adjustments
                                         to Common Stock. Your rights upon a stock split, a stock dividend or a similar change
                                         in the Company's Stock or upon a merger, consolidation or other reorganization of the
                                         Company are set forth in the Plan.

 

		2.11	Non-Competition.
                                         You agree that, from and after the date hereof until the second anniversary of the
                                         date that you no longer own any Option or Shares, you will not, directly or indirectly,
                                         individually or as a shareholder, director, manager, member, officer, employee, agent,
                                         consultant or advisor of any Person: (i) acquire or hold any economic or financial interest
                                         in, act as a partner, member, shareholder, consultant, employee or representative of,
                                         render services to, or otherwise operate, engage in or hold an interest in any Person
                                         that engages in, or engages in the management or operation of any Person that engages
                                         in any business that competes with the Company Business (as defined herein); (ii) solicit
                                         orders from or seek or propose to do business with any customer or supplier of the business
                                         relating to the Company Business; or (iii) influence or attempt to influence any customer,
                                         supplier, employee, contractor, representative or advisor of the Company Business to
                                         curtail, terminate or refrain from maintaining its, his or her relationship with Company
                                         or any of its Subsidiaries. For purposes of this Section 2.11, "Company Business"
                                         shall mean the business in which the Company is engaged including, but not limited to,
                                         developing, designing and manufacturing battery-electric vehicles under 10,001 GVW, and
                                         related products and services.

 

    	 	7	 

     

    

 

		2.12	Remedy. You acknowledge and agree that the Company's
remedy at law for any breach of any of your obligations under this Stock Option Agreement would be inadequate, and agree and consent
that, to the extent permissible under applicable law, temporary and permanent injunctive relief may be granted in a proceeding
that may be brought to enforce any provision of this Stock Option Agreement without the necessity of proof of actual damage or
the posting of a bond or other security. Any provision of this Stock Option Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective, but only to the extent of such prohibition or unenforceability, without
invalidating the other provisions hereof or without affecting the validity or unenforceability of such provision in any other
jurisdiction.

 

		2.13	Legends. All certificates representing the Shares
issued upon exercise of your Option shall, where applicable, have endorsed thereon the following legends:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE AFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COMPANY COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCKUP PERIOD OF UP TO 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE INITIAL REGISTRATION STATEMENT OF THE CORPORATION
DECLARED EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL
HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH LOCKUP PERIOD IS BINDING ON
TRANSFEREES OF THESE SHARES.

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE
ARE SUBJECT TO THE TERMS AND CONDITIONS OF A STOCK OPTION AGREEMENT DATED AS OF                                    ,
              , A STOCK ACQUISITION AGREEMENT DATED
AS OF AND                 A STOCKHOLDERS AGREEMENT
DATED AS OF                       ,
                  . COPIES
OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE CORPORATE
SECRETARY OF THE COMPANY.

 

		2.14	Applicable Law. This Stock Option Agreement will
be interpreted and enforced under the laws of the State of Delaware.

 

		2.15	Incorporation of Plan by Reference. The text of
the Plan is incorporated in this Stock Option Agreement by reference.

  

	 	2.16	Tax Withholding. The Company can recover or withhold the
    applicable income tax on any taxable benefit arising to the Optionee in respect of stock options granted under this Stock Option Agreement, to comply with its tax withholding obligation under
the tax regulations of the United States of America.

 

    	 	8	 

     

    

 

		2.17	Change in
                                         Control. If a Change in Control occurs and if the agreements effectuating the Change
                                         in Control do not provide for the assumption or substitution of your Option, you agree
                                         that the Company, in its sole and absolute discretion, may take either or both of the
                                         following actions to be effective as of the date of the Change in Control (or as of any
                                         other date fixed by the Company occurring within the thirty (30) day period immediately
                                         preceding the date of the Change in Control but only if such action remains contingent
                                         upon the consummation of the transaction resulting in a Change in Control) (such date
                                         referred to as the "Action Effective Date"):

 

		2.17.1	unilaterally
                                         cancel this Option in exchange for:

 

		i)	whole and/or fractional Shares (or for whole Shares and cash in lieu of
any fractional Share) or whole and/or fractional shares of a successor (or for whole shares of a successor and cash in lieu of
any fractional share) which, in the aggregate, are equal in value to the Option Cash Out Amount (as defined herein); or

 

		ii)	cash or other property equal in value to the Option Cash Out Amount; or

 

		2.17.2	unilaterally cancel this Option after providing you a
reasonable period (which period shall not be less than thirty (30) days) to exercise your Option.

 

"Option
Cash Out Amount" means with respect to a Change in Control, the amount that would have been payable as of the Action Effective
Date with respect to the unexercised portion of any Option if such Option had been exercised immediately prior to the Change in
Control, as reasonably determined by the Board, less the aggregate option exercise price relating to the unexercised portion of
such Option.

 

This
Stock Option Agreement (including all Exhibits hereto) and the Plan constitute the entire understanding between you and the Company
regarding your Option. Any other agreements, commitments or negotiations concerning your Option are superseded.

 

By signing this Stock
Option Agreement, you agree to all of the terms and conditions described above and in the Plan. You also acknowledge that you
have read Section 6 of the Stock Acquisition Agreement, entitled "Purchaser's Investment Representations," and that
you can and hereby do make the same representations with respect to the grant of this Option.

 

    	 	9Exhibit 10.6

 

Amended
and Restated Employment Agreement

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”), made and entered into as of November 1, 2019 (the “Effective Date”),
is by and between Lordstown Motors Corp., a Delaware corporation (“Company”), and Stephen S. Burns (“Executive”).
Certain capitalized terms shall have the meaning given to them in Section 7 below.

 

WHEREAS, Company and
Executive entered into an Employment Agreement, dated as of July 1, 2019 (the “Original Employment Agreement”);

 

WHEREAS, Company and
Executive desire to amend the Original Employment Agreement on the terms and conditions set forth herein;

 

WHEREAS, Company considers
Executive a “key executive” and agrees to provide Executive the significant consideration described in this Agreement
as and for Company’s retention of Executive; and

 

WHEREAS, Company and
Executive desire to enter into this Agreement as of the Effective Date and this Agreement shall supersede all prior employment
terms and conditions, including without limitation, the Original Employment Agreement, whether or not in writing.

 

NOW, THEREFORE, in
consideration of the premises and of the covenants and agreements hereinafter contained, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:

 

1.            Employment Period. Subject to the terms and conditions of this Agreement, Company hereby agrees to employ Executive as the
Chief Executive Officer (“CEO”) of Company during the Employment Period, and Executive hereby agrees to be employed
by Company and provide services for and on behalf of Company during the Employment Period subject to and in accordance with this
Agreement. The period from the date of this Agreement until the Termination Date shall be referred to as the “Employment
Period.”

 

2.            Duties. Executive agrees that, during the Employment Period, Executive will serve Company diligently and in good faith and
will, subject to the exceptions below, devote his full business time, energies and talents to serving as the Chief Executive Officer
of Company, subject to and at the direction of Company’s board of directors (the “Board of Directors”). Executive
shall: (a) have such duties and responsibilities commensurate with his position as Chief Executive Officer and as may be reasonably
assigned to Executive from time to time by the Board of Directors; (b) perform all lawful duties assigned to Executive in good
faith, subject to the reasonable direction of the Board of Directors; and (c) act in accordance with written Company policies as
may be in effect from time to time. Notwithstanding the foregoing, during the Employment Period Executive may devote reasonable
time to activities other than those required under this Agreement, including activities of a charitable, educational, religious
or similar nature (including professional associations); provided such activities do not inhibit, prohibit, interfere with or breach
any of Executive’s duties under this Agreement or common law, or otherwise conflict in any material way with the Company
Business. 

 

     

     

    

 

3.            Compensation and Benefits. Subject to the terms and conditions of this Agreement, Company shall pay Executive, and Executive
agrees to accept from Company, as compensation in full for his services to be performed hereunder and for the faithful performance
and observance of all of his obligations to Company hereunder, the following annual salary and other compensation during the Employment
Period:

 

(a)     Base Salary. Company shall pay to Executive a base salary in the amount of $250,000 per annum (the “Annual Base
Salary”), payable in equal periodic installments less all customary payroll deductions (with such annual salary for any
part of a month to be paid on a pro-rated basis), in accordance with customary policies and normal payroll practices of Company.

 

(b)     Benefits. During the Employment Period, Executive and Executive’s dependents, as the case may be, shall be eligible
to participate in all executive plans and programs as in effect from time to time thereof generally available to other executives
of Company and subject to the terms and conditions thereof, including a 401(k) Plan, medical and dental, and disability benefits.
Notwithstanding the foregoing, Company shall be permitted to amend, add to or eliminate the benefit plans at any time and at Company’s
sole discretion.

 

(c)     Vacation.
Executive shall be entitled to vacation time consistent with Company’s established programs and policies as may be in effect
during the Employment Period; provided that Executive shall be entitled to four (4) weeks of vacation per year (which, if not used
in a fiscal year, will not be carried to the next fiscal year).

 

(d)     Expense
Reimbursement. Executive shall be reimbursed by Company, on terms and conditions that are substantially similar to those that
apply to other similarly situated executives of Company, for reasonable out-of-pocket expenses for entertainment, travel, meals,
lodging and similar items which are actually incurred by Executive in connection with the Company Business, provided that Executive
complies with the policies, practices and procedures of Company for incurring expenses and submitting expense reports, receipts,
or similar documentation of any such expenses.

 

4.            Term and Termination.

 

(a)     Term.
The term of Executive’s employment hereunder shall commence on the Effective Date and continue until terminated. The effective
date of any termination hereunder shall be referred to as the “Termination Date”.

 

(b)     Termination.
Executive’s employment hereunder may be terminated on the following terms and conditions:

 

(i)      by
Company for Cause, effective upon written notice from Company to Executive, following the expiration, without cure, of any applicable
cure period;

 

(ii)     by
Company for any reason other than for Cause, effective 30 days following written notice from Company to Executive;

 

    	 	2	 

     

    

 

(iii)    by
Executive, effective one (1) year following written notice from Executive to Company; or

 

(iv)    by
Change of Control as defined herein.

 

(c)     Death/Disability.
This Agreement and Executive’s employment hereunder shall terminate immediately and automatically by reason of Executive’s
death or Disability. In the event Executive's employment with Company terminates, for any reason whatsoever, including death or
Disability, Executive shall be entitled to the benefits described in Section 4(h).

 

(d)     Severance
Payment.

 

(i)      In
the event of a Termination Upon Change of Control, Executive shall be entitled to receive an amount equal to twelve (12) months
of Executive's Annual Base Salary which shall be paid according to the following schedule (subject to Section 4(d)(iv)): (a) a
lump sum payment equal to one-half of such amount shall be payable within ten (10) days of following the Termination Date, and
(b) one-fourth of the balance of such amount shall be payable within ten (10) days of each of the three-month, six-month, nine-month
and twelve month anniversaries of the Termination Date (and in each case no interest shall accrue on such amount); provided, however,
that if Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) would otherwise apply to such cash
severance payment, it instead shall be paid at such time as permitted by Section 409A of the Code. In addition to the foregoing
severance payment, in the event of Executive's Termination Upon Change of Control, Executive shall be entitled to receive, within
ten (10) days following the Termination Upon Change of Control, a lump sum payment equal to one hundred percent (100%) of (a) any
actual bonus amount earned with respect to a previous year to the extent that all the conditions for payment of such bonus have
been satisfied (excluding any requirement to be in employment with Company as of a given date which is after the Termination Date)
and any such bonus was earned but is unpaid on the Termination Date; and (b) the target bonus then in effect for Executive for
the year in which such termination occurs, such payment to be prorated to reflect the full number of months Executive remained
in the employ of Company; provided, however, that if Section 409A of the Code would otherwise apply to such cash payment, it instead
shall be paid at such time as permitted by Section 409A of the Code. To illustrate, if Executive's target bonus at 100% equals
$120,000 for the calendar year and Executive is terminated on October 15th, then the foregoing payment shall equal $100,000 (i.e.,
ten (10) months' prorated bonus at one hundred percent (100%) with October counting as a full month worked).

 

(ii)     If
Company terminates Executive's employment other than for Cause, Executive shall be entitled to receive an amount equal to six (6)
months of Executive's Annual Base Salary which shall be paid according to the following schedule (subject to Section 4(d)(iv)):
one-sixth (1/6th) of such amount shall be payable each month during the (6) month period following such termination
in accordance with Company’s regular payroll schedule; provided, however, that if
Section 409A of the Code would otherwise apply to such cash severance payment, it instead shall be paid at such time as permitted
by Section 409A of the Code.

 

    	 	3	 

     

    

 

(iii)    Notwithstanding
anything in this Agreement to the contrary, payments to be made upon a termination of employment under this Agreement will be made
upon a “separation from service” within the meaning of Section 409A of the Code.

 

(iv)    Executive
shall forfeit all rights to payment of severance pursuant to this Section 4(d) or otherwise unless he signs and delivers a general
release and separation agreement, in form and substance reasonably acceptable to Company within 60 days after Executive’s
termination of employment. Notwithstanding anything to the contrary contained herein, no severance payment will be due and payable
until Executive executes and delivers such general release and separation agreement and it is not subject to revocation, if applicable.

 

 

(e)     Equity
Compensation Acceleration. Upon a Termination Upon Change of Control, the vesting and exercisability of all then outstanding
stock options (or any other equity award, including, without limitation, stock appreciation rights and restricted stock units)
granted to Executive under any equity incentive plan adopted by the Board of Directors (the “Company Plans”) shall
be accelerated as to 100% of the shares subject to any such equity awards granted to Executive.

 

(f)      COBRA.
If Executive timely elects coverage under the Consolidated Budget Reconciliation Act of 1985, as amended ("COBRA"), Company
shall continue to provide to Executive, at Company's expense, Company's health-related executive insurance coverage for Executive
only as in effect immediately prior to the Termination Upon Change of Control for a period of twelve (12) months following such
Termination Upon Change of Control. The date of the "qualifying event" for Executive and any dependents shall be the
Termination Date.

 

(g)     Indemnification.
In the event of a Termination Upon Change of Control, (a) Company shall continue to indemnify Executive against all claims related
to actions arising prior to the termination of Executive's employment to the fullest extent permitted by law, and (b) if Executive
was covered by Company's directors' and officers' insurance policy, or an equivalent thereto (the "D&O Insurance Policy"),
immediately prior to the Change of Control, Company or its successor shall continue to provide coverage under a D&O Insurance
Policy for not less than twenty-four (24) months following the Termination Upon Change of Control on substantially the same terms
of the D&O Insurance Policy in effect immediately prior to the Change of Control.

 

(h)     Rights
and Payments Upon Termination. In connection Executive’s termination from Company, regardless of the reason, Executive
shall be entitled to the Minimum Payments, in addition to any payments or benefits to which Executive may be entitled under the
express terms of any executive benefit plan or as required by law. Any payments to be made to Executive pursuant to this Section 4
shall be made in accordance with Company's customary policies and normal payroll practices.

 

    	 	4	 

     

    

 

5.            Restrictive Covenants.

 

(a)     Confidential Information. Executive recognizes and acknowledges that he may receive certain confidential and proprietary
information and trade secrets of Company, its Affiliates and Subsidiaries, including (i) internal business information (including,
information relating to strategic plans and practices, business, accounting, financial or marketing plans, practices or programs,
training practices and programs, salaries, bonuses, incentive plans and other compensation and benefits information and accounting
and business methods); (ii) identities of, individual requirements of, specific contractual arrangements with, and information
about, Company, its Affiliates and Subsidiaries and their respective confidential information; (iii) industry research compiled
by, or on behalf of Company and its Affiliates and Subsidiaries, including, without limitation, identities of potential target
companies, management teams, and transaction sources identified by, or on behalf of, Company and its Affiliates and Subsidiaries;
(iv) compilations of data and analyses, processes, methods, track and performance records, data and data bases relating thereto;
and (v) computer software documentation, data and data bases and updates of any of the foregoing; (collectively, “Confidential
Information”). Executive will not, during or after the term of this Agreement, whether through an Affiliate or otherwise,
take commercial or proprietary advantage of or profit from any Confidential Information or disclose Confidential Information to
any Person for any reason or purpose whatsoever, except (i) to authorized representatives and employees of Company or its
Affiliates and Subsidiaries and as otherwise may be proper in the course of performing Executive’s obligations under this
Agreement or (ii) as is required to be disclosed by order of a court of competent jurisdiction, administrative body or governmental
body, or by subpoena, summons or legal process, or by law, rule or regulation; provided that, unless otherwise prohibited by law,
rule or regulation, Executive shall provide to the Board of Directors prompt notice of any such disclosure. For purposes of this
Section 5(a), Confidential Information does not include any information that is or becomes generally known to the other participants
in the industry in which Company and its Subsidiaries operate other than as a result of any breach of nondisclosure by any Person.
The limitations in this Section 5(a) are in addition to, and not in lieu of, any other restrictions that Executive may be bound
by (whether by contract or otherwise), including Company’s Proprietary Information and Inventions Agreement.

 

(b)     Documents and Property. All records, files, documents and other materials or copies thereof relating to the Company Business,
which Executive shall prepare, receive, or use shall be and remain the sole property of Company, shall not be used by Executive
in any manner that would be adverse to Company’s interests, and, other than in connection with the performance by Executive
of his duties hereunder, shall not be removed from the premises of Company or any Subsidiary without Company’s prior written
consent, and shall be promptly returned to Company upon Executive’s termination of employment hereunder for any reason whatsoever,
together with all copies (including copies or recordings in electronic form), abstracts, notes or reproductions of any kind made
from or about the records, files, documents or other materials.

 

(c)     Non-Competition/Non-Solicitation. During the Employment Period and for a two (2) year period thereafter (the “Restricted
Period”), Executive will not, directly or indirectly, individually or as a shareholder, director, manager, member, officer,
employee, agent, consultant or advisor of any Person: (i) acquire or hold any economic or financial interest in, act as a partner,
member, shareholder, consultant, employee or representative of, render services to, or otherwise operate, engage in or hold an
interest in any Person that engages in, or engages in the management or operation of any Person that engages in any business that
competes with the Company Business; (ii) solicit orders from or seek or propose to do business with any customer or supplier of
the business relating to the Company Business; or (iii) influence or attempt to influence any customer, supplier, employee, contractor,
representative or advisor of the Company Business to curtail, terminate or refrain from maintaining its, his or her relationship
with Company or any of its Subsidiaries.

 

    	 	5	 

     

    

 

(d)     Non-Disparagement. During and after Executive’s employment with Company, neither Company nor Executive will make any
adverse or derogatory statements, remarks or comments, oral or written, directly or indirectly, to any individual or entity about
or with reference to or with respect to Executive or Company, or any of its executives, officers, managers, members, directors
or agents. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony
or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

 

(e)     Remedies for Breach of Covenants. Executive acknowledges and expressly agrees that the covenants contained in this Section 5
are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that, in light of his
position with Company and access to Confidential Information during the Employment Period, the restrictions contained in this Section 5
are reasonable and necessary for the protection of the legitimate business interests of Company, that they create no undue hardships,
that any violation of these restrictions would cause substantial injury to Company and such interests, and that such restrictions
were a material inducement to Company to enter into this Agreement. In the event of any violation or threatened violation of these
restrictions, Company, in addition to and not in limitation of, any other rights, remedies or damages available to Company under
this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief, to prevent or
restrain any such violation by Executive and any and all Persons directly or indirectly acting for or with his, as the case may
be.

 

6.            Inventions and Innovations. Executive acknowledges and agrees that he is separately bound by the Proprietary Information
and Invention Agreement with Company. In addition, and notwithstanding anything to the contrary in the Proprietary Information
and Invention Agreement, Executive acknowledges and agrees that all right, title and interest in and to any past, present and future
inventions, business applications, know-how, customer lists, trade secrets, innovations, methods, designs, ideas, improvements,
copyrights, patents, domain names, trademarks, trade dress and other intellectual property which Executive personally develops
or creates in whole or in part at any time and at any place during his employment with Company, and which is, directly or indirectly,
related to or usable in connection with, the business activities of Company (all items set forth above are hereafter collectively
referred to as the “Inventions and Innovations”), shall be and remain forever the sole and exclusive property
of Company, and Executive thus automatically assigns and agrees to assign any such right, title and interest in his possession,
or that he acquires, to Company. In this regard, Executive acknowledges and agrees that any Inventions and Innovations embodying
copyrightable subject matter are “works made for hire,” and Executive automatically assigns and agrees to assign all
right, title and interest to Company in the same if such Inventions and Innovations are not “works made for hire.”
Executive agrees to promptly reveal all information relating to the Inventions and Innovations to Company and cooperate with Company
to execute such documents as may be necessary to establish ownership and protection in Company’s name for the Inventions
and Innovations. Notwithstanding the foregoing, Inventions and Innovations shall not include any publicly available information
or any information that was developed by Executive on his own time with his own tools and/or materials and without the resources
of Company or any Subsidiary thereof.

 

    	 	6	 

     

    

 

7.            Definitions. As used throughout this Agreement, all of the terms defined in this Section 7 shall have the meanings
given below.

 

“Affiliate”
shall mean each individual, company, corporation, partnership, limited liability company, joint venture or other business entity,
which is, directly or indirectly, controlled by, controls, or is under common control with, Company, where “control”
means (i) the ownership of a majority of the voting securities or other voting interests or other equity interests of any company,
corporation, partnership, limited liability company, joint venture or other business entity, or (ii) the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such company, corporation, partnership,
limited liability company, joint venture or other business entity.

 

“Agreement”
shall have the meaning set forth in the preamble.

 

“Annual Base
Salary” shall have the meaning set forth in Section 3(a).

 

“Board of Directors”
shall have the meaning set forth in Section 2.

 

“Cause”
shall mean the Board of Directors’ determination in good faith that Executive has:

 

(i)      failed,
disregarded or refused to substantially perform his duties and obligations to Company as required by this Agreement and the Board
of Directors (other than any such failure resulting from his Disability or Executive’s termination of his employment with
Company for any reason);

 

(ii)     breached
a fiduciary responsibility to Company in any material respect;

 

(iii)    commission
of an act of fraud, embezzlement or other misappropriation of funds;

 

(iv)    breached
any confidentiality or proprietary information agreement in any material respect between Executive and Company;

 

(v)     acted
with gross negligence or willful misconduct when undertaking Executive’s duties;

 

(vi)    breached
this Agreement;

 

(vii)   Executive’s
excessive and unreasonable absences from Executive’s duties for any reason (other than authorized leave or leave required
by law or as a result of Executive’s Disability); or

 

    	 	7	 

     

    

 

(viii)  Executive’s
indictment for, conviction of, or plea of guilty or nolo contendere to, (A) a felony, (B) a misdemeanor (other than
traffic or motor vehicle violations), or (C) any other act, omission or event that, in any such case, has caused or is likely
to cause economic harm to Company or any of its Subsidiaries or the image, reputation and/or goodwill of Company or its Subsidiaries
or that Company in good faith believes is reasonably likely to cause material harm to the image, reputation and/or goodwill of
Company or its Subsidiaries, their respective products, services and/or trade/service marks;

 

Notwithstanding the foregoing,
prior to Company’s termination of Executive for Cause under clauses (i) or (vi) above, Company shall give Executive written
notice specifying in reasonable detail the existence of any condition and Executive shall have 30 days from the date of Executive’s
receipt of such notice in which to cure the condition giving rise to Cause.

 

“Change of Control”
means:

 

(i)      one
Person (or more than one Person acting as a group) acquires ownership of stock of Company that, together with the stock held by
such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of Company; provided,
that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total
fair market value or total voting power of Company’s stock and acquires additional stock;

 

(ii)     a majority of the members of the Board of Directors are replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the Board of Directors before the date of appointment or election; or

 

(iii)    one Person (or more than one person acting as a group), acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition) assets from Company that have a total gross fair market value equal
to or more than 50% of the total gross fair market value of all of the assets of Company immediately before such
acquisition(s).

 

A transaction shall not
constitute a Change in Control if: (a) its sole purpose is to change the state of Company’s incorporation; (b) its sole purpose
is to create a holding company that will be owned in substantially the same proportions by the persons who held Company’s
securities immediately before such transaction; or (c) it constitutes Company’s initial public offering of its securities.

 

“Code”
shall have the meaning set forth in Section 4(d).

 

“Company”
shall have the meaning set forth in the preamble.

 

“Company Business”
shall mean the business in which Company is engaged including, but not limited to, developing, designing and manufacturing battery-electric
vehicles under 10,001 GVW, and related products and services.

 

“Confidential
Information” shall have the meaning set forth in Section 5(a).

 

“Disability”
shall mean that Executive is unable to effectively perform the essential functions of his job by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for not less than 90 consecutive
days or 125 non-consecutive days, in either case during any 12-month period (unless a longer period is required under applicable
law, then during such longer period), and in any case as determined in good faith by an independent doctor selected in good faith
by the Board of Directors and mutually acceptable to Executive.

 

    	 	8	 

     

    

 

“Effective Date”
shall have the meaning set forth in the preamble.

 

“Executive”
shall have the meaning set forth in the preamble.

 

“Employment
Period” shall have the meaning set forth in Section 1.

 

“Good Reason”
is defined as the occurrence of any of the following: (i) a material breach of this Agreement by Company; or (ii) Executive
has a material reduction in position, status, duties or responsibilities, or is assigned duties materially inconsistent with his
position. If Executive wishes to terminate his employment for Good Reason, he shall first give Company thirty (30) days prior written
notice of the circumstances constituting Good Reason and an opportunity to cure.

 

 

“Inventions
and Innovations” shall have the meaning set forth in Section 6.

 

“Minimum Payments”
shall mean, as applicable, the following amounts:

 

(i)      Executive’s
earned but unpaid Annual Base Salary for the period ending on the Termination Date, with such payments to be made in accordance
with Section 3(a);

 

(ii)     Executive’s
accrued but unpaid vacation days for the period ending on the Termination Date; and

 

(iii)    Executive’s
unreimbursed business expenses and all other items earned and owed to Executive through and including, the Termination Date.

 

“Person”
shall mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated association, corporation, limited
liability company, entity or governmental entity (whether federal, state, county, city or otherwise and including any instrumentality,
division, agency or department thereof).

 

“Restricted
Period” shall have the meaning set forth in Section 5(c).

 

“Subsidiary”
shall mean, with respect to any Person, any corporation, partnership, limited liability company, association or business entity
of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (irrespective of whether,
at the time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if
a partnership, limited liability company, association or other business entity, either (A) a majority of partnership or other similar
ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries
of that Person or a combination thereof or (B) that Person is a general partner, managing member, manager or managing director
of such partnership, limited liability company, or other business entity. For purposes hereof and unless otherwise indicated, the
term “Subsidiary” refers to a Subsidiary of Company.

 

    	 	9	 

     

    

 

“Termination
Date” shall mean the date of termination of Executive’s employment as determined in accordance with Section
3.

 

“Termination
Upon Change of Control” means:

 

(i)      any
termination of the employment of Executive by Company without Cause during the period commencing on or after the date that Company
enters into a definitive agreement that results in a Change of Control (even though still subject to approval by Company's stockholders
and other conditions and contingencies, but provided that the Change of Control actually occurs) and ending on the date which is
twelve (12) months following the Change of Control; or

 

(ii)     any
resignation by Executive for Good Reason where (i) such Good Reason occurs during the period commencing on or after the date that
Company enters into a definitive agreement that results in a Change of Control (even though still subject to approval by Company's
stockholders and other conditions and contingencies, but provided that the Change of Control actually occurs) and ending on the
date which is twelve (12) months following the Change of Control, and (ii) such resignation occurs at or after such Change of Control
and in any event within six (6) months following the occurrence of such Good Reason.

 

(iii)    Notwithstanding
the foregoing, the term "Termination Upon Change of Control" shall not include any termination of the employment of Executive:
(1) by Company for Cause; (2) by Company as a result of the Disability of Executive; (3) as a result of the death of Executive;
or (4) as a result of the voluntary termination of employment by Executive for any reason other than Good Reason.

 

8.            Notices. Notices and all other communications under this Agreement shall be in writing and shall be deemed given if (i)
delivered personally, (ii) delivered by a recognized overnight courier service, or (iii) mailed by United States registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to Company to:

 

Lordstown Motors Corp.

2300 Hallock Young Road, S.W.

Lordstown, OH 44481

Attention: General Counsel

 

    	 	10	 

     

    

 

If to Executive, to:

 

[                                ]

 

or to such other address as either party
may furnish to the other in writing, except that notices of changes of address shall be effective only upon receipt.

 

9.            Applicable Law. All questions concerning the construction, validity and interpretation of this Agreement and the performance
of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Ohio applicable to agreements
made and wholly to be performed in such state without regard to conflicts of law provisions of any jurisdiction.

 

 

10.          FORUM SELECTION. ALL ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS AGREEMENT
SHALL BE LITIGATED IN COURTS HAVING SITUS WITHIN TRUMBULL COUNTY, OHIO EXECUTIVE HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION
OF THE STATE AND FEDERAL COURTS LOCATED WITHIN TRUMBULL COUNTY, OHIO. EXECUTIVE HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER
OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST EXECUTIVE BY COMPANY IN ACCORDANCE WITH THIS SECTION.

 

11.          WAIVER OF JURY TRIAL. EXECUTIVE AND COMPANY HEREBY IRREVOCABLY WAIVE ANY AND ALL
RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
TRANSACTIONS OR EVENTS CONTEMPLATED HEREBY OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO. THE PARTIES HERETO EACH AGREE THAT ANY AND ALL SUCH CLAIMS AND CAUSES OF ACTION TRIED BY A COURT
SHALL BE TRIED WITHOUT A JURY. EACH OF THE PARTIES HERETO FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH LEGAL PROCEEDING
IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED.

 

12.          Entire Agreement; Severability. This Agreement amends and restates the Original Employment Agreement in its entirety. The
Original Employment Agreement will be of no further force or effect. This Agreement, together with the Proprietary Information
and Inventions Agreement and the Company Plans, constitute the entire agreement between Executive and Company concerning the subject
matter hereof, and supersedes all prior negotiations, undertakings, agreements and arrangements with respect thereto, whether written
or oral. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then
the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of
this Agreement and all other provisions shall remain in full force and effect. The various covenants and provisions of this Agreement
are intended to be severable and to constitute independent and distinct binding obligations. Without limiting the generality of
the foregoing, if the scope of any covenant contained in this Agreement is too broad to permit enforcement to its full extent,
such covenant shall be enforced to the maximum extent permitted by law, and Executive hereby agrees that such scope may be judicially
modified accordingly.

 

    	 	11	 

     

    

 

13.          Withholding of Taxes. Company may withhold from any amounts or other benefits payable under this Agreement all federal,
state, city or other taxes as may be required pursuant to any law, governmental regulation or ruling.

 

14.          No Assignment. Executive’s rights to receive payments or benefits under this Agreement shall not be assignable or
transferable whether by pledge, creation of a security interest or otherwise, other than a transfer by will, by the laws of descent
or distribution or to a revocable living trust of Executive. In the event of any attempted assignment or transfer contrary to this
Section 14, Company shall have no liability to pay any amount so attempted to be assigned or transferred. This Agreement
shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

 

15.          Successors. This Agreement shall be binding upon and inure to the benefit of Company, its successors and assigns (including
any company into or with which Company may merge or consolidate).

 

16.          Survival. The provisions of Sections 4, 5, 6, 7, 9, 10, 11, 12,
13, and 14 shall survive the termination of this Agreement.

 

17.          Amendment; Waivers. This Agreement may not be amended or modified except by written agreement signed by Executive and Company.
No waiver of any provision or condition of this Agreement by any party shall be valid unless set forth in a writing signed by such
party. No such waiver shall be deemed to be a waiver of any other or similar provision or condition, or of any future event, act,
breach or default, and no course of dealing shall be implied or arise from any waiver or series of waivers (written or otherwise)
of any right or remedy hereunder.

 

18.          Joint Participation. The parties hereto participated jointly in the negotiation and preparation of this Agreement, and each
party has had the opportunity to obtain the advice of legal counsel and to review and comment upon the Agreement. Accordingly,
it is agreed that no rule of construction shall apply against any party or in favor of any party. This Agreement shall be construed
as if the parties jointly prepared this Agreement, and any uncertainty or ambiguity shall not be interpreted against one party
and in favor of the other.

 

19.          No Conflicting Agreement. Executive hereby represents and warrants to Company that he is not subject to any existing non-competition
or other restrictive agreements, clauses or arrangements, written or oral, that in any way prohibit or constrain in any material
respect his acceptance of and/or performance of duties pursuant to this Agreement, or that in any manner circumscribe the scope
of activities or other business that he is entitled to pursue and consummate on behalf of Company.

 

    	 	12	 

     

    

 

20.          Construction; Miscellaneous. Whenever used in this Agreement, the singular shall include the plural and vice versa (where
applicable), the use of the masculine, feminine or neuter gender shall be deemed to include the other genders (unless the context
otherwise requires), the words “hereof,” “herein,” “hereto,” “hereby,” “hereunder,”
and other words of similar import refer to this Agreement as a whole (including exhibits), the words “include,” “includes”
and “including” means “include, without limitation,” “includes, without limitation” and “including,
without limitation,” respectively. The headings used in this Agreement are for convenience only, shall not be deemed to constitute
a part hereof, and shall not be deemed to limit, characterize or in any way affect the construction or enforcement of the provisions
of this Agreement. This Agreement may be executed in any number of identical counterparts, any of which may contain the signatures
of less than all parties, and all of which together shall constitute a single agreement. All remedies of any party hereunder are
cumulative and not alternative, and are in addition to any other remedies available at law, in equity or otherwise.

 

[Signature page follows.]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 	 
	 	LORDSTOWN MOTORS CORP.
	 	 	 
	 	By: 	/s/
Stephen S. Burns        
	 	Name:	Stephen
S. Burns
	 	Its:	Chief
Executive Officer    
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Stephen S. Burns
	 	Stephen S. Burns

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