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Exhibit 10.1

AMENDED AND RESTATED
ANNUAL INCENTIVE PLAN
OF
KINDER MORGAN, INC.

ARTICLE 1.
GENERAL

1.1    Purpose

The Amended and Restated Annual Incentive Plan (the “Plan”) of Kinder Morgan, Inc. (the “Company”) is intended to advance the best interests of the Company and its Affiliates by providing certain employees with additional incentives through the discretionary payment of annual cash bonuses based on individual and Company performance, thereby increasing the personal stake of such employees in the continued success and growth of the Company and encouraging them to remain in the employ of the Company.  The Plan shall provide for Awards (as defined below) to executives (the “Executive Sub-Plan”) and non-executives (the “Non-Executive Sub-Plan”). 

The Plan was originally adopted by the Board as the Annual Incentive Plan of Kinder Morgan, Inc., effective as of January 1, 2011.  The Plan was previously amended and restated on January 21, 2015.  The Plan is hereby amended and restated as of January 20, 2021.

1.2    Definitions

(a)    “Affiliate” means any entity in which the Company has a direct or indirect ownership interest; provided, that, for purposes of the definition of “Change in Control,” “Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control with, the Person in question.  As used in this definition of “Affiliate,” referred to in the last proviso of the preceding sentence, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.
(b)    “Award” means any award granted under the Plan to an Eligible Employee by the Committee subject to such terms and conditions as the Committee may establish under the terms of the Plan.
(c)    “Benefit Plan” means any employee benefit plan of the Company or any subsidiary of the Company, and any trust or Person organized, appointed or established by the Company for or pursuant to the terms of any such plan, which plan, trust or Person was maintained prior to a Change in Control.
(d)    “Board” means the Board of Directors of the Company.
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(e)    “Bonus Opportunity” means a cash amount established with respect to an Executive Sub-Plan Award, which will form the basis for determining the amount payable under such Award, subject to the level of achievement of the applicable Performance Goals and other factors determined by the Committee in its discretion.
(f)    “Change in Control” means:
(i)    the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than the Permitted Holder, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 20% of either the then outstanding shares of common stock of the Company or the total voting power of the then outstanding Voting Stock of the Company; provided that for purposes of this clause (i), the following acquisitions shall not constitute a Change in Control: (a) any acquisition directly or indirectly by the Company; (b) any acquisition directly from the Company; (c) any acquisition by a Benefit Plan; or (d) any reorganization, merger, consolidation, sale or similar transaction or series of related transactions which complies with clauses (a), (b) and (c) of clause (ii) of this definition of Change in Control;
(ii)    a reorganization, merger or consolidation involving the Company, or sale of all or substantially all of the assets of the Company, or similar transaction or series of related transactions, in each case, unless, following such reorganization, merger, consolidation, sale or transaction, (a) 50% or more of the then outstanding shares of common stock of the corporation, or common equity securities of an entity other than a corporation, resulting from such reorganization, merger, consolidation, sale or transaction (including an entity or ultimate parent of an entity which as a result of such transaction owns the Company or all or substantially all of the assets of the Company) and of the combined voting power of the then outstanding Voting Stock of such corporation or other entity are beneficially owned, directly or indirectly, by all or substantially all of the Persons who were the beneficial owners of the outstanding common stock of the Company immediately prior to such reorganization, merger, consolidation, sale or transaction in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, consolidation, sale or transaction, of the outstanding common stock of the Company; (b) no Person (excluding the Permitted Holder or a Benefit Plan or any Person beneficially owning, immediately prior to such reorganization, merger, consolidation, sale or transaction, directly or indirectly, 20% or more of the common stock of the Company then outstanding or 20% or more of the combined voting power of the Voting Stock of the Company then outstanding) beneficially owns, directly or indirectly, 20% or more of the then outstanding shares of common stock of such corporation, or common equity securities of such entity other than a corporation, resulting from such reorganization, merger, consolidation, sale or transaction or the combined voting power of the then outstanding Voting Stock of such corporation or other entity; and (c) at least a majority of the members of the board of directors of the corporation, or the body which is most analogous to the board of directors of a corporation if not a corporation, resulting 
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from such reorganization, merger, consolidation, sale or transaction were members of the Incumbent Board (defined below) at the time of the initial agreement or initial action by the Board providing for such reorganization, merger, consolidation, sale or transaction;
(iii)    individuals who as of the Effective Date constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board then in office; provided that the Incumbent Board (a) shall include, except as provided in clause (b), any individual becoming a director after the Effective Date whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then comprising the Incumbent Board, and (b) shall exclude any director whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, or any agreement intended to avoid or settle the results of any such actual or threatened solicitation; and
(iv)    the approval by the stockholders of the Company of a plan of complete liquidation of the Company.
Notwithstanding anything herein to the contrary, and only to the extent that an Award is subject to Code Section 409A and payment of the Award pursuant to the application of the definition of “Change in Control” above would cause such Award not to otherwise comply with Code Section 409A, payment of an Award may occur upon a “Change in Control” only to the extent that the event constitutes both a “Change in Control” as defined above and a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5).
(g)    “Code” means the Internal Revenue Code of 1986, as amended.
(h)    “Committee” means the Board or the Compensation Committee, as administrator of the Plan.
(i)    “Compensation Committee” means a committee of one or more members of the Board that may be appointed by the Board to administer the Plan in accordance with Section 1.3(c).
(j)    “Effective Date” means January 20, 2021.
(k)    “Eligible Employee” means any employee of the Company or its Affiliates, except an employee who is included in a unit of employees covered by a collective bargaining agreement unless such agreement expressly provides for eligibility under this Plan.
(l)    “Exchange Act” means the Securities Exchange Act of 1934, as amended.
(m)    “Mandatory Minimum” means the minimum amount of bonus to be paid under the Plan for each calendar year, as determined by the Committee pursuant to Section 2.8.
(n)    “Participant” means an Eligible Employee who has been granted an Award under the Plan.
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(o)    “Performance Criteria” means the criterion or criteria upon which the Performance Goal(s) for a Performance Year are based, which may include any of the following, or such other criteria as determined by the Committee:
(i)    the price of a share of Stock;
(ii)    the basic or diluted earnings per share of Stock of the Company or earnings of a subsidiary or business unit designated by the Committee;
(iii)    the total stockholders’ equity of the Company or a subsidiary or business unit designated by the Committee;
(iv)    dividends or distributions of the Company or a subsidiary or business unit designated by the Committee, in aggregate or per-share basis;
(v)    revenues of the Company or a subsidiary or business unit designated by the Committee;
(vi)    debt to equity, net debt, interest coverage, or net debt to adjusted or unadjusted earnings before interest, taxes, depreciation and amortization ratios of the Company or a subsidiary or business unit designated by the Committee;
(vii)    other leverage ratios of the Company or a subsidiary or business unit designated by the Committee;
(viii)    cash coverage ratio of the Company or a subsidiary or business unit designated by the Committee;
(ix)    net income (or income before  income taxes) of the Company or a subsidiary or business unit designated by the Committee;
(x)    return on investment, free cash flow, or cash flow from operating, investing or financing activities of the Company or a subsidiary or business unit designated by the Committee;
(xi)    adjusted or unadjusted earnings before interest, taxes, depreciation, and amortization of the Company or a subsidiary or business unit designated by the Committee;
(xii)    distributable cash flow, in aggregate or per share, of the Company or a subsidiary or business unit designated by the Committee;
(xiii)    capital expenditures of the Company or a subsidiary or business unit designated by the Committee;
(xiv)    operations and maintenance expense or general and administrative expense of the Company or a subsidiary or business unit designated by the Committee;

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(xv)    return on stockholders’ equity, return on assets or return on invested capital achieved by the Company or a subsidiary or business unit designated by the Committee; or
(xvi)    environmental, health and/or safety performance, other operating performance and/or compliance with Company policies, of the Company or a subsidiary or business unit designated by the Committee. 
Any one or more of the Performance Criteria may be used on an absolute or relative basis to measure the performance of the Company and/or an Affiliate as a whole or any division, business unit or operational unit of the Company and/or an Affiliate or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria as compared to the performance of a group of comparable companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Committee may select Performance Criterion (i) above as compared to various stock market indices or one or more peer groups.  To the extent that applicable tax and/or securities laws permit Committee discretion to alter the governing Performance Criteria without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining stockholder approval.

(p)    “Performance Goals” means, for a Performance Year, one or more goals established by the Committee for the Performance Year based upon one or more Performance Criteria.  With respect to an Executive Sub-Plan Award, Performance Goals may include a threshold level of performance below which no Award will be paid and levels of performance at which specified percentages of the Bonus Opportunity will be paid and may also include a maximum level of performance above which no additional Award amount will be paid.  The Committee is authorized, in its sole and absolute discretion, to adjust or modify the calculation of a Performance Goal for a Performance Year in connection with any one or more of the following events or such other events as determined by the Committee:
(i)    asset write-downs;
(ii)    litigation or claim judgments or settlements;
(iii)    the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results;
(iv)    any reorganization and restructuring programs;
(v)    unusual or infrequently occurring items as described in Income Statement—Unusual or Infrequently Occurring Items (Subtopic 225-30) (or any successor or pronouncement thereto) and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year;
(vi)    acquisitions or divestitures;

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(vii)    any other specific unusual or infrequently occurring events, or objectively determinable category thereof;
(viii)    foreign exchange gains and losses; and
(ix)    a change in the Company’s fiscal year.
(q)    “Performance Year” means, with respect to an Executive Sub-Plan Award, the calendar year within which the Performance Goals relating to that Award are to be achieved.  With respect to a Non-Executive Sub-Plan Award, the Performance Year is the calendar year applicable to the Executive Sub-Plan except that, for non-exempt Eligible Employees, the Performance Year shall be the period containing all time worked and used to determine pay beginning with the first pay period that begins in November of the prior calendar year and ending in October of the calendar year applicable for the Executive Sub-Plan.
(r)    “Permitted Holder” means Richard D. Kinder.
(s)    “Person” means a natural person or an entity.
(t)    “Stock” means Class P common stock of the Company, $0.01 par value.
(u)    “Voting Stock” means, (i) with respect to a corporation, all securities of such corporation of any class or series that are entitled to vote generally in the election of, or to appoint by contract, directors of such corporation (excluding any class or series that would be entitled so to vote by reason of the occurrence of any contingency, so long as such contingency has not occurred) and (ii) with respect to an entity which is not a corporation, all securities of any class or series that are entitled to vote generally in the election of, or to appoint by contract, members of the body which is most analogous to the board of directors of a corporation.
1.3    Administration Of The Plan 

(a)    The Plan shall be administered by the Board unless and until the Board delegates administration to a Compensation Committee, as provided in paragraph (c).
(b)    The Board shall have the power and authority: (i) to construe and interpret the Plan and apply its provisions; (ii) to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan; (iii) to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; (iv) to delegate its authority to one or more officers of the Company with respect to Awards under the Non-Executive Sub-Plan; (v) to determine when Awards are to be granted under the Plan; (vi) from time to time to select, subject to the limitations set forth in this Plan, those Eligible Employees to whom Awards shall be granted and to make any such grants; (vii) to prescribe the terms and conditions of each Award; (viii) to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting of any outstanding Award; (ix) to select the Performance Criteria that will be used to establish the Performance Goals for a Performance Year; (x) to determine the duration and purpose of leaves of absence which may be granted to an Eligible Employee without constituting termination of his or her employment for purposes of the Plan, which periods shall be no shorter 
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than the periods generally applicable to employees under the Company’s employment policies; (xi) to make decisions with respect to outstanding Awards that may become necessary upon a Change in Control or an event that triggers anti-dilution adjustments; (xii) to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and (xiii) to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for administration of the Plan.  
(c)    The Board may delegate administration of the Plan to a Compensation Committee of one or more members of the Board.  If administration is delegated to a Compensation Committee, the Compensation Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board as described in paragraph (b) above, including the power to delegate to a subcommittee any of the administrative powers the Compensation Committee is authorized to exercise, subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.  The Board may rescind any delegation to the Compensation Committee at any time and revest in the Board the administration of the Plan.  
(d)    The interpretation and construction of any provision of the Plan or of any Award granted under it by the Committee shall be final, conclusive and binding upon all parties, including the Company, its stockholders and directors, and the executives and employees of the Company and its Affiliates.  No member of the Committee shall be liable to the Company, any stockholder, any Participant or any employee of the Company or its Affiliates for any action or determination made in good faith with respect to the Plan or any Award granted under it.  No member of the Committee may vote on any Award to be granted to him or her.  The Committee may appoint agents to assist in administering the Plan. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to it or him by any officer or employee of the Company, the Company's certified public accountants, consultants or any other agent assisting in the administration of the Plan. Members of the Committee and any officer or employee of the Company acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination.
(e)    The expenses of administering the Plan shall be borne by the Company.
1.4    Eligibility

The Chief Executive Officer of the Company and all Eligible Employees who are “officers” of the Company within the meaning of Rule 16a-1(f) under the Exchange Act, or who are otherwise  designated by the Compensation Committee, shall be eligible to participate in the Executive Sub-Plan.  All other Eligible Employees shall be eligible to participate in the Non-Executive Sub-Plan.

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1.5    Awards Under The Plan

The Committee (or its delegate(s) in accordance with Section 1.3) shall designate the Eligible Employees, if any, to be granted Awards under the Plan.  No employee shall be a Participant or be entitled to any payment hereunder unless such employee is designated as a Participant and granted an Award by the Committee.  All Awards granted under the Plan shall be on the terms and subject to the conditions hereinafter provided. A Participant’s participation in the Plan with respect to one Performance Period does not connote any right to become a Participant in the Plan with respect to any future Performance Period.

1.6    Other Compensation Programs

The existence and terms of the Plan shall not limit the authority of the Board or the Committee in compensating employees of the Company or its Affiliates in such other forms and amounts, including compensation pursuant to any other plans as may be in effect currently or adopted in the future, as the Board or the Committee may determine from time to time.

ARTICLE 2.
TERMS AND CONDITIONS OF AWARDS

2.1    Bonus Pool

At the beginning of each Performance Year, the Committee will establish (a) a budgeted pool for the payment of Awards under the Executive Sub-Plan and the Non-Executive Sub-Plan for such Performance Year, and (b) Performance Goals for determining the extent to which such pool will be funded for such Performance Year.  After the end of each Performance Year, the Committee will determine the degree to which the bonus pool for such Performance Year will be funded, based on (i) the level of achievement of the Performance Goals established by the Committee at the beginning of such Performance Year, and (ii) other factors, in the Committee’s discretion, including the performance of the Company or its Affiliates for such Performance Year in areas such as environmental, health and safety, operations, and other financial measures.

2.2    Executive Sub-Plan

(a)    Establishment Of Performance Goals And Bonus Opportunity

Prior to, or reasonably promptly following, the commencement of each Performance Year, the Committee shall establish written Performance Goals and a Bonus Opportunity for each Award granted to a Participant in the Executive Sub-Plan for such Performance Year.  The Performance Goals shall be based on one or more Performance Criteria.  The Bonus Opportunity shall be expressed as an amount of cash.

At the time of establishing the Performance Goals for a Performance Year, the Committee shall establish the threshold, target and maximum amounts payable to a Participant in the Executive Sub-Plan, which shall depend primarily on the extent to which 
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the Performance Goals for such Performance Year are satisfied.  The Performance Goals and Bonus Opportunity relating to any particular Award need not be the same as those relating to any other Award, whether made at the same or a different time.  Notwithstanding the terms of any Award, the maximum payout under this Plan to any individual for any Performance Year shall not exceed $3,000,000.

(b)    Earning Of Award

Promptly after the date on which the necessary information for a particular Performance Year becomes available, and prior to payment of any Award relating to such Performance Year, the Committee shall determine the extent to which the Bonus Opportunity for such Performance Year has been earned by each Participant for such Performance Year.  Such determination shall be based primarily on the extent to which the Performance Goals have been achieved, but the Committee may also base such determination on other factors, in the Committee’s discretion, including the performance of the Company or its Affiliates for such Performance Year in areas such as environmental, health and safety, operations, compliance with Company policies and other financial measures, and the individual performance of the Participant.  

2.3    Non-Executive Sub-Plan

For each Performance Year, the Committee may grant Awards to Participants in the Non-Executive Sub-Plan.  The Awards shall be determined by the Committee, in its sole discretion, based on the degree to which the bonus pool for such Performance Year is funded in accordance with Section 2.1 and on recommendations made by the Company's management. In addition to the Performance Goals and other factors utilized to determine the degree to which the bonus pool is funded, such recommendations may be based on a number of factors, or any combination of them, including but not limited to, market data, financial, EHS and operating performance and compliance with Company policies, of one or more business segments or assets, and the performance of individual Participants.  The Committee shall have the sole discretion to determine whether any Eligible Employee will be designated a Participant and may be granted an Award.

2.4    Discretionary Adjustments

At any time after an Award has been granted but before the Award has been paid, the Committee, in its sole and absolute discretion, may reduce, eliminate or increase the Award granted to any Participant for any reason or for no reason, including, without limitation, the Committee's judgment that the Performance Goals have become an inappropriate measure of achievement, a change in the employment status, position or duties of the Participant, the performance of the Participant, or the Participant's service for less than the entire Performance Year, for example.  In no event will the bonuses that are to be paid fall below the Mandatory Minimum amount described in Section 2.8.

2.5    Distributions

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As soon as administratively feasible after the Committee has (i) determined the extent to which the Bonus Opportunity relating to an Award under the Executive Sub-Plan has been earned pursuant to Section 2.2(b), or (ii) granted an Award under the Non-Executive Sub-Plan, such Award shall be distributed in one lump sum either in cash or in such other form of payment that the Committee, in its discretion, may determine, provided that no such other form shall result in a deferral of compensation to which Code Section 409A applies.  

2.6    Change In Control

Notwithstanding any other provision of this Plan (other than in the last sentence of this Section 2.6) or contained in any Award granted hereunder (including any provision for deferred payment thereof), upon the occurrence of a Change in Control, the Committee, in its discretion, may take any action with respect to outstanding Awards that it deems appropriate, which action may vary among Awards granted to individual Participants.  In the event that such action is to distribute an Award, the Award shall be distributed in a lump sum no later than 30 days after the Change in Control.  If a Change in Control occurs and, in connection with or as a result of such Change in Control, Richard D. Kinder no longer holds or does not continue to hold the office of Chairman of the Board of the Company, (i) each Participant under the Executive Sub-Plan shall be deemed to have earned 100% of the Bonus Opportunities contained in any outstanding Awards for which the determination described in Section 2.2(b) has not been made, or, if such determination described in Section 2.2(b) has been made, the full amount of the portion of the Bonus Opportunity which was determined to have been earned, (ii) each Participant under the Non-Executive Sub-Plan shall be deemed to have earned an Award equal to the Award most recently paid to such Participant under the Plan (or, if no Awards have yet been paid under the Plan, (A) an Award equal to the most recent award paid to such Participant under any prior Annual Incentive Plan, or (B) if such Participant has not received an award under any prior Annual Incentive Plan, an Award equal to the average Award paid to all similarly situated Participants under this clause (ii)), and (iii) the amount of such Bonus Opportunities or Awards under (i) or (ii), as applicable, shall be paid promptly (and no later than 30 days after the Change in Control) in a cash lump sum.  Notwithstanding the foregoing, a Participant shall forfeit all rights to a distribution of an Award upon a Change in Control if the Participant ceases to be employed by the Company or an Affiliate for any reason prior to the date of the Change in Control.

2.7     Termination of Employment

Except in the case of a Participant's death under the circumstances described below or a payment made in connection with a Change in Control under Section 2.6, a Participant shall forfeit all rights to a distribution of an Award if the Participant ceases to be employed by the Company or an Affiliate for any reason prior to the date the Award is distributed.  For greater certainty, the Participant ceases to be employed by the Company or an Affiliate on the later of the date on which the Participant receives written notice of termination or the last date on which the Participant provides services to the Company or Affiliate.  Notwithstanding the foregoing, if a Participant's employment with the Company or an Affiliate ceases because of the Participant's death on or after January 1 of the calendar year immediately following the last day of a Performance Year and 
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before the date an Award, if any, relating to such Performance Year is distributed to the Participant, the Participant shall not forfeit his or her rights to such Award and the Award, if any, shall be distributed in accordance with Sections 2.5 and 3.3.

ARTICLE 3.
ADDITIONAL PROVISIONS

3.1    Amendments

The Board may, in its sole discretion, amend the Plan from time to time or terminate the Plan at any time.  Any such amendment may be made without stockholder approval unless required to satisfy any applicable laws or securities exchange rules. Notwithstanding this or any other provision of this Plan to the contrary, in connection with a Change in Control (a) neither the Committee nor the Board may adjust any Award in effect immediately prior to such Change in Control in a manner adverse to the Participant, and (b) the Board may not amend the provisions of this Plan relating to such Change in Control or any such Award in a manner adverse to a Participant, in either case without the consent of the affected Participant.  In the event the Plan is terminated, the Plan shall remain in effect for purposes of administering the payment of Awards granted under the Plan until such payments have been completed.

3.2    Withholding

The Company shall have the right to withhold from any Award any federal, state, local or provincial income and/or payroll taxes required by law to be withheld and to take such other action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to an Award.

3.3    Non-Assignability; Death Of Participant

No Award under the Plan shall be assignable or transferable by the holder thereof except by will or by the laws of descent and distribution.  In the event of the death of a Participant, any payments due to such Participant shall be paid to his beneficiary designated in writing to the Committee, or, if none has been designated or survives the Participant, to his estate.

3.4    Non-Uniform Determinations

Determinations by the Committee under the Plan (including, without limitation, determinations of the persons to receive Awards; the terms and provisions of such Awards; the relevant Performance Goals; the amount of Bonus Opportunity; and the amount of any adjustment) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated.

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3.5    No Guarantee Of Employment

The grant of an Award under the Plan shall not confer upon any person the right to continue in the employment of the Company or an Affiliate or affect the right of the Company or any Affiliate to terminate the employment of any Participant.
    
3.6    Unfunded Status Of Awards; Creation Of Trusts

The Plan is intended to constitute an “unfunded” plan.  With respect to any amounts payable to a Participant pursuant to an Award, nothing contained in the Plan (or in any documents related thereto), nor the creation or adoption of the Plan, the grant of any Award, or the taking of any other action pursuant to the Plan, shall give any such Participant any rights that are greater than those of a general creditor of the Company.  The Committee may authorize the creation of trusts or make other arrangements to meet the Company's obligations under the Plan; however, such trusts or other arrangements shall be consistent with the “unfunded” status of the Plan.  All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.

3.7    Clawbacks

    To the extent required by Company policy or applicable laws, rules, regulations or securities exchange listing requirements, the Company shall have the right, and shall take all actions necessary, to recover any amounts paid to any individual under this Plan.

3.8    Code Section 409A

The Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from, Code Section 409A. The Plan and all awards shall be administered, interpreted, and construed in a manner consistent with Code Section 409A or an exemption therefrom.  Should any provision of the Plan, any Award hereunder, or any other agreement or arrangement contemplated by the Plan be found not to comply with, or otherwise be exempt from, the provisions of Code Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Committee, and without the consent of the Participant, in such manner as the Committee determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Code Section 409A.

3.9    Severability

If any of the provisions of the Plan or any Award is held to be invalid, illegal or unenforceable, whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby.

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3.10    Successors

All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding upon any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the assets of the Company.

3.11    Governing Law

The Plan shall be construed, administered and enforced in accordance with the laws of Texas, applied without giving effect to any conflicts-of-law principles.

-13-Exhibit 10.1 

 

REGISTRATION
RIGHTS AND LOCK-UP AGREEMENT

 

This Registration Rights
and Lock-Up Agreement (this “Agreement”) dated as of January 21, 2021 is among Acamar Partners Acquisition Corp.,
a Delaware corporation (the “Company”), and the parties listed on Schedule A (each, a “Holder”
and collectively, the “Holders”). Capitalized terms used but not defined herein have the meanings assigned to
them in the Merger Agreement dated as of October 21, 2020 (as amended pursuant to amendment No. 1, dated December 16, 2020, the
 “Merger Agreement”), among the Company, Acamar Partners Sub, Inc., a Delaware corporation (“Merger
Sub”), and CarLotz, Inc., a Delaware corporation (“CarLotz”).

 

WHEREAS, the Company,
Merger Sub and CarLotz are parties to the Merger Agreement, pursuant to which, among other things, on the Closing Date, Merger
Sub will merge (the “Merger”) with and into CarLotz, with CarLotz surviving the Merger as a wholly-owned subsidiary
of the Company;

 

WHEREAS, the Company
and the Holder designated as an “Original Holder” on Schedule A (the “Original Holder”) are
parties to the Registration Rights Agreement dated as of February 21, 2019 (the “Prior Agreement”);

 

WHEREAS, the Original
Holder (i) holds an aggregate of 7,639,330 shares of the Company’s Class B common stock as of immediately prior to the consummation
of the Merger, par value $0.0001 per share (the “Class B Common Stock”), which shares are convertible into shares
of the Company’s Class A Common Stock (as defined below) in connection with the merger, and (ii) an aggregate of 6,074,310
warrants (the “Private Placement Warrants”) to purchase shares of the Company’s Class A common stock,
par value $0.0001 per share (the “Class A Common Stock”), at an exercise price of $11.50 per share;

 

WHEREAS, the Holders
designated as “New Holders” on Schedule A (the “New Holders”) have received upon consummation
of the Merger shares of Class A Common Stock on the Closing Date pursuant to the Merger Agreement; and

 

WHEREAS, the parties
to the Prior Agreement desire to terminate the Prior Agreement and to provide for certain rights and obligations included herein
and to include the New Holders.

 

NOW, THEREFORE, in
consideration of the foregoing, the parties hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.1. Definitions. For purposes of this Agreement, the following terms and variations thereof have the meanings
set forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Board,
after consultation with outside counsel to the Company, (i) would be required to be made in any Registration Statement or
Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary
prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be
made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose
for not making such information public.

 

“Agreement”
shall have the meaning given in the Preamble, as amended from time to time in accordance herewith.

 

“Board”
shall mean the Board of Directors of the Company.

 

    

     

    

 

“Business
Day” means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to close.

 

“Change in
Control” means the transfer (whether by tender offer, merger, stock purchase, consolidation or other similar transaction),
in one transaction or a series of related transactions, to a person or group of affiliated persons of the Company’s voting
securities if, after such transfer, such person or group of affiliated persons would hold more than 50% of outstanding voting securities
of the Company (or surviving entity) or would otherwise have the power to control the Board or to direct the operations of the
Company.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
means the Class A Common Stock and the Class B Common Stock.

 

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

 

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

 

“Demand Requesting
Holder” shall have the meaning given in subsection 2.1.1.

 

“Demanding
Holders” shall have the meaning given in subsection 2.1.1.

 

“Effective
Time” shall have the meaning set forth in the Merger Agreement.

 

“Effectiveness
Deadline” shall have the meaning given in subsection 2.3.1.

 

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

 

“Form S-1”
means a Registration Statement on Form S-1 or any comparable successor form or forms thereto.

 

“Form S-3”
means a Registration Statement on Form S-3 or any comparable successor form or forms thereto.

 

“Holders”
shall have the meaning given in the Preamble (and, for the avoidance of doubt, any person or entity to whom rights under this Agreement
is assigned in accordance with Section 7.4).

 

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

 

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

 

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

 

“New Holder
Lock-up Period” shall have the meaning given in subsection 5.1.1.

 

“New Holders”
shall have the meaning given in the Recitals.

 

“New Registration
Statement” shall have the meaning given in subsection 2.3.4.

 

“Original
Holder” shall have the meaning given in the Recitals.

 

“Piggyback
Registration” shall have the meaning given in subsection 2.3.1.

 

    2

     

    

 

“PIPE Shares”
means shares of Common Stock issued in one or more “PIPE” transactions effected in connection with the transactions
contemplated by the Merger Agreement.

 

“Prior Agreement”
shall have the meaning given in the Recitals.

 

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

 

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

 

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

 

“Registrable
Security” or “Registrable Securities” shall mean (a) the shares of Class A Common Stock issued or
issuable upon the conversion of any shares of Class B Common Stock, (b) the Private Placement Warrants (including any shares of
Class A Common Stock issued or issuable upon the exercise of any such Private Placement Warrants), (c) any outstanding share of
Common Stock or any other equity security (including the shares of Common Stock issued or issuable upon the exercise of any other
equity security) of the Company held by a Holder as of the Effective Time (including the shares of Common Stock issued pursuant
to the Merger Agreement), (d) any equity securities (including the shares of Common Stock issued or issuable upon the exercise
of any such equity security) of the Company issuable upon conversion of any working capital loans in an amount up to $2,000,000
made to the Company by a Holder and (e) any other equity security of the Company or any of its subsidiaries, or any successor,
issued or issuable with respect to any such share of Common Stock by way of a stock dividend or stock split or in connection with
a combination of shares, recapitalization, merger, consolidation, spin-off or reorganization; provided, however, that, as
to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement
with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have
been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have
been otherwise transferred, and new certificates for such securities not bearing a legend restricting further transfer shall have
been delivered by the Company to the transferee; (C) such securities shall have ceased to be outstanding; (D) such securities have
been sold without registration pursuant to Section 4(a)(1) of the Securities Act or Rule 144 promulgated under the Securities Act
(or any successor rule promulgated thereafter by the Commission); or (E) such securities have been sold to, or through, a broker,
dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration
statement becoming effective.

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

(F) the Company’s
expenses with respect to any roadshow related to the Registration or Underwritten Offering;

 

(G) fees and expenses
of the Company’s transfer agent; and

 

(H) reasonable
fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders or the majority-in
interest of the Takedown Requesting Holders, as applicable.

 

Notwithstanding the
foregoing, under no circumstances shall the Company be obligated to pay any fees, discounts and/or commissions to any Underwriter
or broker with respect to the Registrable Securities.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of
this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.3.5.

 

“Resale Shelf
Registration Statement” shall have the meaning given in subsection 2.3.1.

 

“Rule 144”
shall have the meaning set forth in Section 7.3.

 

“Rule 144A”
shall have the meaning set forth in Section 7.3.

 

“SEC Guidance”
shall have the meaning given in subsection 2.3.4.

 

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

 

“Selling Holders”
means any Holder electing to sell any of its Registrable Securities in a Registration.

 

“Takedown
Requesting Holder” shall have the meaning given in subsection 2.3.5.

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any interest owned by a person or any interest (including
a beneficial interest) in, or the ownership, control or possession of, any interest owned by a person, establish or increase of
a put equivalent position or liquidate with respect to or decrease of a call equivalent position within the meaning of Section
16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any security, enter into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or publicly announce
any intention to effect any of the foregoing transactions..

 

“TRP”
means TRP Capital Partners, LP.

 

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

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the Company
are sold to an Underwriter in a firm commitment underwriting for distribution to the public, including for the avoidance of doubt
an Underwritten Shelf Takedown.

 

“Underwritten
Shelf Takedown” shall have the meaning given in subsection 2.3.5.

 

    4

     

    

 

Article
II 

REGISTRATION

 

Section
2.1. Demand Registration.

 

2.1.1          Request
for Registration.  Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any
time and from time to time following the Effective Time (but subject to Article V), (i) TRP, (ii) Michael W. Bor, or (iii)
the Original Holder (TRP, Michael W. Bor or the Original Holder, as the case may be, the “Demanding Holder”),
may make a written demand for Registration of all or part of their Registrable Securities on Form S-3 (or, if Form S-3
is not available to be used by the Company at such time, on Form S-1 or another appropriate form permitting Registration
of such Registrable Securities for resale by such Demanding Holders), which written demand shall describe the amount and type
of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand
a “Demand Registration”).  The Company shall, no later than (5) days following the initial filing
date of such Registration Statement, notify, in writing, all other Holders of Registrable Securities of such demand, and each
Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities
in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable
Securities in such Registration, a “Demand Requesting Holder”) shall so notify the Company, in writing, within
five (5) days after the receipt by the Holder of the notice from the Company.  Upon receipt by the Company of any such
written notification from a Demand Requesting Holder(s) to the Company, such Demand Requesting Holder(s) shall be entitled
to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect,
as soon thereafter as practicable, but not more than sixty (60) days immediately after the Company’s receipt of the Demand
Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Demand Requesting Holders
pursuant to such Demand Registration.  Under no circumstances shall the Company be obligated to effect more than an aggregate
of (i) two (2) Registrations pursuant to a Demand Registration under this subsection 2.1.1 initiated by TRP,
(ii) two (2)  Registrations pursuant to a Demand Registration under this subsection 2.1.1 initiated by Michael
W. Bor, or (iii) two (2) Registrations pursuant to a Demand Registration under this subsection 2.1.1 initiated
by the Original Holder.

 

2.1.2          Effective
Registration.  Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement,
a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration
Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective
by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto;
provided, further, however, that if, after such Registration Statement has been declared effective, an offering
of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order
or injunction of the Commission, federal or state court or any other governmental agency, the Registration Statement with respect
to such Registration shall be deemed not to have been declared effective for purposes of counting Registrations under subsection 2.1.1
above unless and until (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a
majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with
such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election;
provided, further, however, that the Company shall not be obligated or required to file another Registration
Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand
Registration becomes effective or has been terminated.

 

2.1.3          Underwritten
Offering.  Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if the Demanding
Holder advises the Company as part of its Demand Registration that the offering of the Registrable Securities pursuant to such
Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or any Demand Requesting
Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation
in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to
the extent provided herein.  All such Holders proposing to distribute their Registrable Securities through an Underwritten
Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering by the Company, which Underwriter(s) shall be reasonably acceptable to the Demanding Holder initiating
the Demand Registration.

 

    5

     

    

 

2.1.4          
Reduction of Underwritten Offering.  If the managing Underwriter or Underwriters in an Underwritten Registration
pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holder and any other Demand Requesting Holders
(if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holder and the Demand Requesting
Holders (if any) desire to sell, taken together with all other Common Stock or other equity securities that the Company desires
to sell and the Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back
registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity
securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the
distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities,
as applicable, the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering,
as follows: (i) first, the Registrable Securities of the Demanding Holder and the Demand Requesting Holders (if any) (on a
pro rata basis based on the respective number of Registrable Securities then owned by such Demanding Holder and each Demand Requesting
Holder (if any) in relation to the aggregate number of Registrable Securities owned by such Demanding Holder and each Demand Requesting
Holder (if any) (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the
Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (i), Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (i) and (ii), Common Stock or other equity securities of other persons or entities that the Company
is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can
be sold without exceeding the Maximum Number of Securities.

 

2.1.5          
Demand Registration Withdrawal.  TRP, in the case of a Registration under subsection 2.1.1 initiated by TRP,
Michael W. Bor, in the case of a Registration under subsection 2.1.1 initiated by Michael W. Bor, or the Original Holder, in the
case of a Registration under subsection 2.1.1 initiated by the Original Holder, as the case may be, or a majority-in-interest of
the Demand Requesting Holders (if any) shall have the right to withdraw from a Registration pursuant to such Demand Registration
for any or no reason whatsoever upon written notification to the Company and the Underwriter(s) (if any) of their intention to
withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect
to the Registration of their Registrable Securities pursuant to such Demand Registration (or, in the case of an Underwritten Registration
pursuant to Rule 415 under the Securities Act, at least two (2) business days prior to the time of pricing of the applicable offering). 
If a Demanding Holder initiating a Demand Registration withdraws from a proposed offering pursuant to this Section 2.1.5,
then such registration shall not count as a Demand Registration provided for in Section 2.1. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a
Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

Section
2.2. Piggyback Registration.

 

2.2.1          
Piggyback Rights.  If the Company proposes to file a Registration Statement under the Securities Act with respect
to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity
securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of
the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed
in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of
the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed registration
to all of the Holders of Registrable Securities as soon as practicable but no later than (5) days following the initial filing
date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such
offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter(s), if any, in such offering,
and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable
Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration
a “Piggyback Registration”).  The Company shall, in good faith, cause such Registrable Securities to be
included in such Piggyback Registration and shall use its reasonable best efforts to cause the managing Underwriter(s) of a proposed
Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1
to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in
such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of
distribution thereof.  All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering
under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering by the Company.

 

    6

     

    

 

2.2.2        
Reduction of Piggyback Registration.  If the managing Underwriter(s) in an Underwritten Registration that is
to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the
Piggyback Registration in writing that the dollar amount or number of shares of Common Stock that the Company desires to sell,
taken together with (i) the shares of Common Stock, if any, as to which Registration has been demanded pursuant to separate
written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the
Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the
shares of Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back
registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

 

		(i)	If the Registration is undertaken for the Company’s account, the Company shall include in
any such Registration (A) first, Common Stock or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to subsection 2.2.1 hereof (on a pro rata basis based on the respective number of Registrable
Securities then owned by each such requesting Holder in relation to the aggregate number of Registrable Securities owned by all
such requesting Holders, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), Common Stock, if any,
as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders
of the Company, which can be sold without exceeding the Maximum Number of Securities; and

 

		(ii)	If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable
Securities, then the Company shall include in any such Registration (A) first, Common Stock or other equity securities, if
any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to subsection 2.2.1 hereof (on a pro rata basis based on the respective number of Registrable Securities
then owned by each such requesting Holder in relation to the aggregate number of Registrable Securities owned by all such requesting
Holders, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A) and (B), Common Stock or other equity securities that the
Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), Common Stock or other
equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written
contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

 

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

 

    7

     

    

 

2.2.4          
Unlimited Piggyback Registration Rights.  For purposes of clarity, any Registration effected pursuant to Section 2.2
hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof,
and there shall be no limit on the number of Piggyback Registrations.

 

2.2.5          
Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated
by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder of Registrable Securities
has elected to include securities in such registration.

 

Section
2.3. Resale Shelf Registration Rights

 

2.3.1          
Registration Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to
be prepared and filed with the Commission, no later than forty-five (45) days following the Closing Date (the “Filing
Deadline”), a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 of the
Securities Act or any successor thereto registering the resale from time to time by Holders of all of the Registrable Securities
held by the Holders (which may also include the PIPE Shares) (the “Resale Shelf Registration Statement”). The
Resale Shelf Registration Statement shall be on Form S-3 (or, if Form S-3 is not available to be used by the Company
at such time, on Form S-1 or another appropriate form permitting Registration of such Registrable Securities for resale).
If the Resale Shelf Registration Statement is initially filed on Form S-1 and thereafter the Company becomes eligible to use
Form S-3 for secondary sales, the Company shall, as promptly as practicable, cause such Resale Shelf Registration Statement
to be amended, or shall file a new replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement
is on Form S-3. The Company shall use reasonable best efforts to cause the Resale Shelf Registration Statement to be declared
effective as soon as possible after filing but no later than the earlier of (i) 90th day (or 120th day if the SEC notifies the
Company that it will “review” the Resale Shelf Registration Statement) following the Closing Date and (ii) the 10th
business day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Resale Shelf
Registration Statement will not be “reviewed” or will not be subject to further review; provided, however,
that the Company’s obligations to include the Registrable Securities held by a Holder in the Resale Shelf Registration Statement
are contingent upon such Holder furnishing in writing to the Company such information regarding the Holder, the securities of the
Company held by the Holder and the intended method of disposition of the Registrable Securities as shall be reasonably requested
by the Company to effect the registration of the Registrable Securities, and the Holder shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations.
Once effective, the Company shall use reasonable best efforts to keep the Resale Shelf Registration Statement and Prospectus included
therein continuously effective and to be supplemented and amended to the extent necessary to ensure that such Registration Statement
is available or, if not available, to ensure that another Registration Statement is available, under the Securities Act at all
times until the earliest of (i) the date on which all Registrable Securities and other securities covered by such Registration
Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement
and (ii) the date on which all Registrable Securities and other securities covered by such Registration Statement have ceased to
be Registrable Securities. The Registration Statement filed with the Commission pursuant to this subsection 2.3.1 shall
contain a prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the
Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective
date for such Registration Statement (subject to lock-up restrictions provided in Section 5.1 of this Agreement), and
shall provide that such Registrable Securities may be sold pursuant to any method or combination of methods legally available to,
and requested by, Holders.

 

    8

     

    

 

2.3.2          
Notification and Distribution of Materials. The Company shall notify the Holders in writing of the effectiveness
of the Resale Shelf Registration Statement as soon as practicable, and in any event within five (5) Business Days after the
Resale Shelf Registration Statement becomes effective, and shall furnish to them, without charge, such number of copies of the
Resale Shelf Registration Statement (including any amendments, supplements and exhibits), the Prospectus contained therein (including
each preliminary prospectus and all related amendments and supplements) and any documents incorporated by reference in the Resale
Shelf Registration Statement or such other documents as the Holders may reasonably request in order to facilitate the sale of the
Registrable Securities in the manner described in the Resale Shelf Registration Statement (to the extent that any of such documents
is not available on EDGAR).

 

2.3.3          
Amendments and Supplements. Subject to the provisions of Section 2.3.1 above, the Company shall promptly
prepare and file with the Commission from time to time such amendments and supplements to the Resale Shelf Registration Statement
and Prospectus used in connection therewith as may be necessary to keep the Resale Shelf Registration Statement effective and to
comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities. If any Resale
Shelf Registration Statement filed pursuant to Section 2.3.1 is filed on Form S-3 and thereafter the Company becomes
ineligible to use Form S-3 for secondary sales, the Company shall promptly notify the Holders of such ineligibility and use
its best efforts to file a shelf registration on an appropriate form as promptly as practicable to replace the shelf registration
statement on Form S-3 and have such replacement Resale Shelf Registration Statement declared effective as promptly as practicable
and to cause such replacement Resale Shelf Registration Statement to remain effective, and to be supplemented and amended to the
extent necessary to ensure that such Resale Shelf Registration Statement is available or, if not available, that another Resale
Shelf Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such
Registrable Securities have ceased to be Registrable Securities; provided, however, that at any time the Company
once again becomes eligible to use Form S-3, the Company shall cause such replacement Resale Shelf Registration Statement
to be amended, or shall file a new replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement
is once again on Form S-3.

 

2.3.4          
SEC Cutback. Notwithstanding the registration obligations set forth in this Section 2.3, in the event
the Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415,
be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly (i) inform
each of the Holders thereof and use its reasonable best efforts to file amendments to the Resale Shelf Registration Statement as
required by the Commission and/or (ii) withdraw the Resale Shelf Registration Statement and file a new registration statement
(a “New Registration Statement”) on Form S-3, or if Form S-3 is not then available to the Company
for such registration statement, on such other form available to register for resale the Registrable Securities as a secondary
offering; provided, however, that prior to filing such amendment or New Registration Statement, the Company shall
use its reasonable best efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance
with any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff (the “SEC
Guidance”). Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation on the
number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and
notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater
number of Registrable Securities), unless otherwise directed in writing by a Holder as to further limit its Registrable Securities
to be included on the Registration Statement, the number of Registrable Securities to be registered on such Registration Statement
will be reduced on a pro rata basis based on the total number of Registrable Securities held by the Holders, subject to a determination
by the Commission that certain Holders must be reduced first based on the number of Registrable Securities held by such Holders.
In the event the Company amends the Resale Shelf Registration Statement or files a New Registration Statement, as the case may
be, under clauses (i) or (ii) above, the Company will use its reasonable best efforts to file with the Commission, as
promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more
registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that
were not registered for resale on the Resale Shelf Registration Statement, as amended, or the New Registration Statement.

 

    9

     

    

 

2.3.5          
Underwritten Shelf Takedown. At any time and from time to time after a Resale Shelf Registration Statement on Form
S-3 has been declared effective by the Commission, any of the Demanding Holders may request to sell all or any portion of the Registrable
Securities in an underwritten offering that is registered pursuant to such Resale Shelf Registration Statement (each, an “Underwritten
Shelf Takedown”); provided, however, that the Company shall only be obligated to effect an Underwritten Shelf Takedown
if such offering shall include securities with a total offering price (including piggyback securities and before deduction of underwriting
discounts) reasonably expected to exceed, in the aggregate, $15,000,000. All requests for Underwritten Shelf Takedowns shall be
made by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to
be sold in the Underwritten Shelf Takedown. Promptly upon receiving such notice (but no later than 10 days after receipt of such
notice), the Company shall notify all of the holders of Registrable Securities regarding the potential Underwritten Shelf Takedown.
The Company shall include in any Underwritten Shelf Takedown the securities requested to be included by any Holder (each a “Takedown
Requesting Holder”) within 5 days of receipt of notice of such Underwritten Shelf Takedown pursuant to written contractual
piggyback registration rights of such Holder (including those set forth herein). All such Holders proposing to distribute their
Registrable Securities through an Underwritten Shelf Takedown under this subsection 2.3.5 shall enter into an underwriting
agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company, with the consent
of the Demanding Holder who initiated the Underwritten Shelf Takedown.

 

2.3.6          
Reduction of Underwritten Shelf Takedown. If the managing
Underwriter(s) in an Underwritten Shelf Takedown, in good faith, advise the Company and the Takedown Requesting Holders in writing
that the dollar amount or number of Registrable Securities that the Takedown Requesting Holders desire to sell, taken together
with all other shares of the Common Stock or other equity securities that the Company desires to sell, exceeds the Maximum Number
of Securities, then the Company shall include in such Underwritten Shelf Takedown, as follows: (i) first, the Registrable Securities
of the Takedown Requesting Holders, on a Pro Rata basis, that can be sold without exceeding the Maximum Number of Securities; and
(ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Common
Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities.

 

2.3.7          
Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant
to Section 2.1. Under no circumstances shall the Company be obligated to effect more than an aggregate of four (4) Underwritten
Shelf Takedowns in any 12-month period.

 

2.3.8          Block
Trades. If a Demanding Holder wishes to consummate an overnight block trade (on either an SEC registered or non-registered
basis), then notwithstanding the time periods and piggyback rights otherwise provided herein, such Demanding Holder shall, if
it would like the assistance of the Company, endeavor to give the Company sufficient advance notice in order to prepare the appropriate
documentation for such transaction. Such Demanding Holder, if requesting an SEC registered underwritten block trade, (1) shall
give the Company written notice of the transaction and the anticipated launch date of the transaction at least two (2) business
days prior to the anticipated launch date of the transaction, (2) the Company shall be required to only notify the other Demanding
Holders of the transaction and none of the other Holders, (3) the other Demanding Holders shall have one (1) business day prior
to the launch of the transaction to determine if they wish to participate in the block trade, and (4) the Company shall include
in the block trade only shares held by the Demanding Holders. Any Registration effected pursuant to this Section 2.3.8 shall not
be counted as Demand Registrations effected pursuant to Section 2.1 but shall be deemed an Underwritten Shelf Takedown and within
the cap on Underwritten Shelf Takedowns provided in Section 2.3.7.

 

Section
2.4. Restrictions on Registration Rights. Notwithstanding anything to the contrary contained herein, the Company
shall not be obligated to (but may, at its sole option) file a Registration Statement pursuant to a Demand Registration request
made under Section 2.1 or effect an Underwritten Shelf Takedown made pursuant to Section 2.3.5 within 90 days after any other Demand
Registration or Underwritten Shelf Takedown, provided that the Company has delivered written notice to the Holders prior to receipt
of a Demand Registration pursuant to subsection 2.1.1 or a request for an Underwritten Shelf Takedown pursuant to Section
2.3.5. and that the Company continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration
Statement to become effective or Underwritten Shelf Takedown to be consummated.

 

    10

     

    

 

Article
III

COMPANY PROCEDURES

 

Section
3.1. General Procedures. If at any time on or after the Effective Time the Company is required to effect the
Registration of Registrable Securities, whether pursuant to the filing of a new Registration Statement, effecting an Underwritten
Shelf Takedown, or effecting an underwritten block trade, the Company shall use its reasonable best efforts to effect such Registration
to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto
the Company shall, as expeditiously as possible:

 

3.1.1          
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities
and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement have been sold;

 

3.1.2          
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such
supplements to the Prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as
may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities
Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered
by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement
or supplement to the Prospectus;

 

3.1.3          
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to
the Underwriters, if any, and the Holders of Registrable Securities included in such Registration that are Demanding Holders, and
such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement
to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the
Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters
and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in
order to facilitate the disposition of the Registrable Securities owned by such Holders;

 

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

 

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

 

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

 

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

 

    11

     

    

 

3.1.8          
advise each Holder of Registrable Securities covered by such Registration Statement, promptly after the Company receives
notice thereof, of the time when such registration statement has been declared effective (which may be satisfied by the issuance
of a press release by the Company);

 

3.1.9          
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under
the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement,
as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10       
permit a representative of the Holders, the Underwriter(s), if any, and any attorney or accountant retained by such Holders
or Underwriter(s) to participate, at each such person’s own expense, in the preparation of the Registration Statement, and
cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative,
Underwriter(s), attorney or accountant in connection with the Registration; provided, however, that such representatives
or Underwriter(s) enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to
the release or disclosure of any such information;

 

3.1.11       
obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event
of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter(s) may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
Holders and such managing Underwriter;

 

3.1.12       
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such
date, of counsel representing the Company for the purposes of such Registration, addressed to the Underwriter(s), if any, covering
such legal matters with respect to the Registration in respect of which such opinion is being given as the Underwriter(s) may reasonably
request and as are customarily included in such opinions and negative assurance letters; provided, however, that
counsel for the Company shall not be required to provide any opinions with respect to any Holder;

 

3.1.13       
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing Underwriter(s) of such offering;

 

3.1.14       
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of
at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective
date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder (or any successor rule promulgated thereafter by the Commission);

 

3.1.15       
in connection with an Underwritten Offering, cause its senior management, officers, employees and independent public accountants
(in the case of the independent public accountants, subject to any applicable accounting guidance regarding their participation
in the offering or the due diligence process) to participate in, make themselves available, supply such information as may reasonably
be requested and to otherwise facilitate and cooperate with the preparation of the Registration Statement and Prospectus and any
amendments or supplements thereto (including participating in meetings, drafting sessions, due diligence sessions and rating agency
presentations) taking into account the Company’s reasonable business needs;

 

3.1.16       
if a Registration relates to an Underwritten Offering with gross proceeds in excess of $25,000,000, use its reasonable efforts
to make available senior executives of the Company to participate in customary “road show” presentations that may be
reasonably requested by the Underwriter(s) in any Underwritten Offering; and

 

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

 

    12

     

    

 

Section
3.2. Registration Expenses. All Registration Expenses shall be borne by the Company, including as set forth in
Section 2.1.5.  It is acknowledged by the Holders that the Holders shall pay the Underwriters’ commissions and discounts
and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses
of any legal counsel representing the Holders.

 

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

 

Section
3.4. Suspension of Sales; Adverse Disclosure.  The Company shall promptly notify each of the Holders in
writing if a Registration Statement or Prospectus contains a Misstatement and, upon receipt of such written notice from the Company,
each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it is advised in writing
by the Company that the use of the Prospectus may be resumed or has received copies of a supplemented or amended Prospectus correcting
the Misstatement, provided that the Company hereby covenants promptly to prepare and file any required supplement or amendment
correcting any Misstatement promptly after the time of such notice and, if necessary, to request the immediate effectiveness thereof. 
If the filing, initial effectiveness or continued use of a Registration Statement or Prospectus included in any Registration Statement
at any time (a) would require the Company to make an Adverse Disclosure, (b) would require the inclusion in such Registration Statement
of financial statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good
faith judgment of the Board, which judgment shall be documented in writing and provided to the Holders in the form of a written
certificate signed by the Chairman of the Board, such filing, initial effectiveness or continued use of a Registration Statement
would materially adversely affect the Company, the Company shall have the right to defer the filing, initial effectiveness or continued
use of any Registration Statement pursuant to (a), (b) or (c) for a period of not more than sixty (60) consecutive days and the
Company shall not defer any such filing, initial effectiveness or use of a Registration Statement pursuant to this Section 3.4
for more than three times or for more than a total of 120 days (in each case counting deferrals initiated pursuant to (a), (b)
and (c) in the aggregate) in any 12-month period.

 

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

 

Section
3.6. Limitations on Registration Rights. The Company shall not hereafter enter into any agreement with respect
to its securities which is inconsistent with or violates the rights granted to the Holders of Registrable Securities in this Agreement
and in the event of any conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall
prevail.

 

Article
IV

INDEMNIFICATION AND CONTRIBUTION

 

Section
4.1. Indemnification

 

4.1.1          
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and
directors and agents and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims,
damages, liabilities and expenses (including attorneys’ fees) resulting from any untrue or alleged untrue statement of material
fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by
such Holder expressly for use therein.  The Company shall indemnify the Underwriter(s), their officers and directors and each
person who controls (within the meaning of the Securities Act) such Underwriter(s) to the same extent as provided in the foregoing
with respect to the indemnification of the Holder.

 

    13

     

    

 

4.1.2          
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder
shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors
and officers and agents and each person who controls (within the meaning of the Securities Act) the Company against any losses,
claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue
statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof
or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished
in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be
several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable
Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities
pursuant to such Registration Statement.  The Holders of Registrable Securities shall indemnify the Underwriter(s), their
officers, directors and each person who controls (within the meaning of the Securities Act) such Underwriter(s) to the same extent
as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3          
Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any
claim with respect to which it seeks indemnification (provided, however, that the failure to give prompt notice shall
not impair any person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying
party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified
and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim
with counsel reasonably satisfactory to the indemnified party.  If such defense is assumed, the indemnifying party shall not
be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld, conditioned or delayed).  An indemnifying party who is not entitled to, or elects not to, assume the
defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by
such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest
may exist between such indemnified party and any other of such indemnified parties with respect to such claim.  No indemnifying
party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which
cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the
terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such indemnified party of a release from all liability in respect to such claim or litigation.

 

4.1.4          
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall
survive the transfer of securities.  The Company and each Holder of Registrable Securities participating in an offering also
agrees to make such provisions as are reasonably requested by any indemnified party for contribution (pursuant to subsection
4.1.5) to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason.

 

    14

     

    

 

4.1.5          
If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. 
The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall
be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability.  The
amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.  The parties hereto
agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata
allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this
subsection 4.1.5.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not
guilty of such fraudulent misrepresentation.

 

Article
V

LOCK-UP

 

Section
5.1. Lock-Up.

 

5.1.1          
Except as permitted by Section 5.2, each New Holder listed on Schedule B hereto shall not Transfer any
shares of Common Stock beneficially owned or owned of record by such Holder until the earliest of: (i) the date that is 180 days
from the Closing Date, (ii) the last consecutive trading day where the last reported sale price of the Common Stock equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the Closing Date, or (iii) such date on which the
Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the
Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property (the
 “New Holder Lock-up Period”).

 

Section
5.2. Exceptions. The provisions of Section 5.1 shall not apply to:

 

5.2.1          
transactions relating to (i) shares of Common Stock acquired in open market transactions and (ii) PIPE Shares;

 

5.2.2          
Transfers of shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock as
a bona fide gift;

 

5.2.3          
Transfers of shares of Common Stock to (i) a trust, or other entity formed for estate planning purposes for the primary
benefit of the spouse, domestic partner, parent, sibling, child or more remote descendant of the undersigned or any other person
with whom the undersigned has a relationship by blood, marriage or adoption not more remote than first cousin or (ii) a charitable
entity or trust of which the aforementioned individuals and/or charitable entities are beneficiaries;

 

5.2.4          
Transfers by will or intestate succession upon the death of the undersigned;

 

5.2.5          
the Transfer of shares of Common Stock pursuant to a qualified domestic order or in connection with a divorce settlement;

 

5.2.6          
if the undersigned is a corporation, partnership (whether general, limited or otherwise), limited liability company, trust
or other business entity, (i) Transfers to another corporation, partnership, limited liability company, trust or other business
entity that controls, is controlled by or is under common control or management with the undersigned, or (ii) distributions
of shares of Common Stock to partners, limited liability company members or stockholders of the undersigned;

 

    15

     

    

 

5.2.7          
Transfers to the Company’s officers, directors or their affiliates;

 

5.2.8          
Transfers pursuant to a bona fide third-party tender offer, merger, stock sale, recapitalization, consolidation or other
transaction involving a Change in Control of the Company; provided, however, that in the event that such tender offer,
merger, recapitalization, consolidation or other such transaction is not completed, the Common Stock subject to this Agreement
shall remain subject to this Agreement;

 

5.2.9          
the establishment of a trading plan pursuant to Rule 10b5-1 promulgated under the Exchange Act; provided, however,
that such plan does not provide for the Transfer of Common Stock or any securities convertible into or exercisable or exchangeable
for Common Stock during the New Holder Lock-Up Period;

 

5.2.10       
Transfers of shares of Common Stock to satisfy tax withholding obligations in connection with the exercise of options to
purchase shares of Common Stock or the vesting of stock-based awards; and

 

5.2.11       
Transfers of shares of Common Stock in payment on a “net exercise” or “cashless” basis of the exercise
or purchase price with respect to the exercise of options to purchase shares of Common Stock;

 

provided, however,
that in the case of any Transfer pursuant to Sections 5.2.2 through 5.2.7, each donee, distributee or other transferee
shall agree in writing, in form and substance reasonably satisfactory to the Company, to be bound by the provisions of this Agreement.

 

Section
5.3. Legends. The certificates evidencing the shares of Common Stock that are held by the New Holders listed
on Schedule B hereto shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

THE
SECURITIES EVIDENCED HEREIN ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND CERTAIN OTHER AGREEMENTS, SET FORTH IN THE REGISTRATION
RIGHTS AND LOCK-UP AGREEMENT, DATED AS OF JANUARY 21, 2021, BY AND AMONG THE HOLDER HEREOF AND THE OTHER PARTIES THERETO.

 

Article
VI

TERMINATION

 

Section
6.1. Termination. This Agreement shall terminate upon the date on which neither the Holders nor any of their
permitted assignees hold any Registrable Securities.

 

Article
VIII

GENERAL PROVISIONS

 

Section
7.1. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by e-mail or by registered or
certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses or e-mail addresses
(or at such other address or email address for a party as shall be specified in a notice given in accordance with this Section
7.1. ):

 

If to the Company, to it at:

 

CarLotz Inc.

611 Bainbridge Street, Suite 100

Richmond, Virginia 23220

Attn: Michael Bor

 

E-mail: mbor@carlotz.com

with a copy (which shall not constitute notice) to:

 

Freshfields Bruckhaus Deringer US LLP

601 Lexington Avenue

31st Floor

New York, New York 10022

Attention: Valerie Ford Jacob

Email: Valerie.Jacob@freshfields.com

 

If to a Holder,
to the address or email address set forth for Holder on the signature page hereof.

 

    16

     

    

 

Section
7.2. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.

 

Section
7.3. Rule 144. If the Company shall have filed a registration statement pursuant to the requirements of Section
12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the Common
Stock, the Company covenants that (i) so long as it remains subject to the reporting provisions of the Exchange Act, it will timely
file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports
under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1)(i) of Rule 144 under the Securities Act, as
such Rule may be amended (“Rule 144”)) or, if the Company is not required to file such reports, it will, upon
the request of any Holder, make publicly available other information so long as necessary to permit sales by such Holder under
Rule 144 or any similar rules or regulations hereafter adopted by the SEC, and (ii) it will take such further action as any Holder
may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 or (B) any similar rule
or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver
to such Holder a written statement as to whether it has complied with such requirements.

 

Section
7.4. Entire Agreement; Assignment. This Agreement constitutes the entire agreement among the parties with respect
to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties, or
any of them, with respect to the subject matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by
operation of law or otherwise), by any party without the prior express written consent of the other parties hereto, except that
a Holder may, without consent, assign such Holder’s rights under this Agreement to any transferee of Common Stock permitted
under Sections 5.2.2-5.2.7 (such transferees, “Permitted Transferees”).

 

Section
7.5. Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party
hereto (and its respective permitted assigns), and nothing in this Agreement, express or implied, is intended to or shall confer
upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
7.6. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out
of or relating to this Agreement shall be heard and determined exclusively in any Delaware Chancery Court; provided, however,
that if jurisdiction is not then available in the Delaware Chancery Court, then any such legal action may be brought in any federal
court located in the State of Delaware or any other Delaware state court. The parties hereto hereby (a) irrevocably submit to the
exclusive jurisdiction of the aforesaid courts for themselves and with respect to their respective properties for the purpose of
any action arising out of or relating to this Agreement brought by any party hereto, and (b) agree not to commence any action relating
thereto except in the courts described above in Delaware, other than actions in any court of competent jurisdiction to enforce
any judgment, decree or award rendered by any such court in Delaware as described herein. Each of the parties further agrees that
notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that such service
is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion
or as a defense, counterclaim or otherwise, in any action arising out of or relating to this Agreement or the transactions contemplated
hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any
reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced
in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution
of judgment or otherwise) and (c) that (i) the action in any such court is brought in an inconvenient forum, (ii) the venue of
such action is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

    17

     

    

 

Section
7.7. Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest
extent permitted by applicable law any right it may have to a trial by jury with respect to any litigation directly or indirectly
arising out of, under or in connection with this Agreement. Each of the parties hereto (i) certifies that no representative, agent
or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation,
seek to enforce that foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to enter into
this Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications
in this Section 7.7. .

 

Section
7.8. Headings; Interpretation. The descriptive headings contained in this Agreement are included for convenience
of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The parties have participated
jointly in the negotiation and drafting of this Agreement. If any ambiguity or question of intent arises, this Agreement will be
construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party
because of the authorship of any provision of this Agreement. Unless the context of this Agreement clearly requires otherwise,
use of the masculine gender shall include the feminine and neutral genders and vice versa, and the definitions of terms contained
in this Agreement are applicable to the singular as well as the plural forms of such terms. The words “includes” or
 “including” shall mean “including without limitation.” The words “hereof,” “hereby,”
 “herein,” “hereunder” and similar terms in this Agreement shall refer to this Agreement as a whole and
not any particular section or article in which such words appear, the word “extent” in the phrase “to the extent”
shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply “if.” Any reference
to a law shall include any rules and regulations promulgated thereunder, and shall mean such law as from time to time amended,
modified or supplemented. References herein to any contract (including this Agreement) mean such contract as amended, supplemented
or modified from time to time in accordance with the terms thereof.

 

Section
7.9. Counterparts. This Agreement may be executed and delivered (including by facsimile or portable document
format (pdf) transmission) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

Section
7.10. Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision
of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance
of the terms hereof, in addition to any other remedy at law or in equity. Each of the parties hereby further waives (a) any defense
in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any Law to post security
or a bond as a prerequisite to obtaining equitable relief.

 

Section
7.11. Expenses. Except as otherwise provided herein, all costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not
the transactions contemplated hereby are consummated.

 

    		18 	 

     

    

 

Section
7.12. Amendment. Following the Effective Time, this Agreement may not be amended except by an instrument in writing
signed by (i) the Company, (ii) the Original Holder (provided the Original Holder or its Permitted Transferee(s) holds Registrable
Securities at the time of such amendment), (iii) TRP (provided TRP or its Permitted Transferee(s) holds Registrable Securities
at the time of such amendment), and (iv) Michael W. Bor (provided Michael W. Bor or his Permitted Transferee(s) holds Registrable
Securities at the time of such amendment).

 

Section
7.13. Waiver. At any time, the Company may (a) extend the time for the performance of any obligation or other
act of any Holder, (b) waive any inaccuracy in the representations and warranties of any Holder contained herein or in any document
delivered by such Holder pursuant hereto and (c) waive compliance with any agreement of such Holder (other than with respect to
Section 5.1) or any condition to its own obligations contained herein. At any time, any Holder may, in respect of itself
and not other Holders, (a) extend the time for the performance of any obligation or other act of the Company, (b) waive any inaccuracy
in the representations and warranties of the Company contained herein or in any document delivered by the Company pursuant hereto
and (c) waive compliance with any agreement of the Company or any condition to their own obligations contained herein. Any such
extension or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound thereby.

 

Section
7.14. No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by
the parties to express their mutual intent and no rule of strict construction shall be applied against any party.

 

(Next Page is Signature Page)

 

    		19 	 

     

    

 

IN WITNESS WHEREOF,
each of the parties has executed this Agreement as of the date first written above.

 

	 	COMPANY:
	 	Acamar Partners Acquisition Corp.
	 	 
	 	 
	 	By 	/s/ Joseba Picaza
	 	 	Name: Joseba Picaza 
	 	 	Title: Chief Financial Officer

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	TRP Capital Partners, LP
	 	 
	 	 
	 	By 	/s/ TRP Capital Partners, LP 
	 	 	Name: David R. Mitchell
	 	 	Title: Managing Director

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	 
	 	Michael W. Bor
	 	 
	 	 
	 	
        By:
	/s/ Michael W. Bor
	 	Print Name:	Michael W. Bor
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	 
	 	AARON S. MONTGOMERY
	 	 
	 	 
	 	
        By:
	/s/ Aaron S. Montgomery
	 	Print Name:	Aaron S. Montgomery
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	 
	 	WILLIAM S. BOLAND 
	 	 
	 	 
	 	By:	 /s/ William S. Boland
	 	Print Name:	William S. Boland
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	Automotive Finance Corporation 
	 	 
	 	 
	 	By 	/s/Eric M. Loughmiller
	 	 	Name: Eric M. Loughmiller
	 	 	Title: Executive Vice President

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	KAR AUCTION SERVICES, INC. 
	 	 
	 	 
	 	By 	/s/ Eric M. Loughmiller
	 	 	Name: Eric M. Loughmiller
	 	 	Title: EVP and CFO

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	Michael W. Bor 2020 Family Trust
	 	 
	 	 
	 	By 	/s/ Katherine G. Bor
	 	 	Name: Katherine G. Bor
	 	 	Title: Trustee

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	Aaron S. Montgomery 2020 Family Trust
	 	 
	 	 
	 	By 	/s/Nimisha Parikh
	 	 	Name: Nimisha Parikh
	 	 	Title: Trustee 

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	William S. Boland 2020 Family Trust
	 	 
	 	 
	 	By 	/s/ Mary Virginia Boland
	 	 	Name: Mary Virginia Boland
	 	 	Title: Trustee

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	HOLDER:
	 	Michael W. Bor 2020 Qualified Grantor 

Retained Annuity Trust
	 	 
	 	 
	 	By 	/s/ Michael W. Bor
	 	 	Name: Michael Bor
	 	 	Title: Trustee

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement as of the date first written above.

 

	 	
        

        HOLDER:

         

        Acamar
        Partners Sponsor I LLC

         

	 	 
	 	By 	/s/ Joseba Picaza
	 	 	
        Name: Joseba Picaza

        Title: Chief Financial Officer

 

[Signature Page to Registration Rights Agreement]

 

    			 

     

    

 

Schedule A

 

Original Holder

 

Acamar Partners Sponsor I LLC

 

New Holders

 

	Name of Holder	Number of Shares 
	TRP Capital Partners, LP	 
	Michael W. Bor	 
	Aaron S. Montgomery	 
	William S. Boland	 
	Automotive Finance Corporation	 
	KAR Auction Services, Inc.	 
	Michael W. Bor 2020 Family Trust	 
	Aaron S. Montgomery 2020 Family Trust	 
	William S. Boland 2020 Family Trust	 
	Michael W. Bor 2020 Qualified Grantor Retained Annuity Trust	 

 

    			 

     

    

 

Schedule B

 

TRP Capital Partners, LP

Michael W. Bor

Aaron S. Montgomery

William S. Boland

Automotive Finance Corporation

KAR Auction Services, Inc.

Michael W. Bor 2020 Family Trust

Aaron S. Montgomery 2020 Family Trust

William S. Boland 2020 Family Trust

Michael W. Bor 2020 Qualified Grantor Retained Annuity Trust

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