Document:

Exhibit 10.1

 

SPONSOR AGREEMENT

 

This SPONSOR AGREEMENT
(the “Sponsor Agreement”), dated as of July 10, 2020, is entered into by and between Spartan Energy Acquisition
Sponsor LLC, a Delaware limited liability company (“Sponsor”), and Spartan Energy Acquisition Corp., a Delaware
corporation (“Spartan”).

 

W I T N E S
E T H:

 

WHEREAS,
concurrently with the execution of this Sponsor Agreement, Spartan, Spartan Merger Sub Inc., a Delaware corporation and wholly
owned subsidiary of Spartan, and Fisker Inc., a Delaware corporation, will enter into that certain Business Combination Agreement
and Plan of Reorganization, dated as of the date hereof (the “BCA”); and

 

WHEREAS,
in connection with the BCA, Sponsor has agreed to surrender to Spartan, for no consideration and as a contribution to the capital
of Spartan, 441,176 shares of Class B Common Stock, par value $0.0001 per share, of Spartan (“Class B Common Stock”
and such shares, the “Surrendered Shares”), whereupon the Surrendered Shares shall be cancelled.

 

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

 

		1.	Definitions.  Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the BCA.

 

		2.	Surender and Waiver. Immediately prior to, and conditioned upon, the Effective Time:

 

		a.	the Sponsor shall automatically and irrevocably surrender and forfeit to Spartan, for no consideration
and as a contribution to the capital of Spartan, the Surrendered Shares; and

 

		b.	Spartan shall immediately cancel the Surrendered Shares.

 

		3.	Sponsor Representations and Warranties. The Sponsor hereby represents and warrants as of
the date hereof as follows:

 

		a.	The Sponsor owns the Surrendered Shares free and clear of all Liens.

 

		b.	The Sponsor has all requisite power and authority to execute and deliver this Sponsor Agreement
and to consummate the transactions contemplated hereby and to perform all of its obligations hereunder. The execution and delivery
of this Sponsor Agreement have been, and the consummation of the transactions contemplated hereby has been, duly authorized by
all requisite action by the Sponsor. This Sponsor Agreement has been duly and validly executed and delivered by the Sponsor and,
assuming this Sponsor Agreement has been duly authorized, executed and delivered by the other parties hereto, this Sponsor Agreement
constitutes, and upon its execution will constitute, a legal, valid and binding obligation of the Sponsor enforceable against it
in accordance with its terms.

 

     

     

    

 

		4.	Successors and Assigns.  Sponsor acknowledges and agrees that the terms of this Sponsor
Agreement are binding on and shall inure to the benefit of Sponsor’s beneficiaries, heirs, legatees and other statutorily
designated representatives. Sponsor also understands that this Sponsor Agreement, once executed, is irrevocable and binding,
and if Sponsor transfers, sells or otherwise assigns any shares of Class B Common Stock held by it as of the date of this Agreement,
the transferee of such shares of Class B Common Stock shall be bound by the terms of this Sponsor Agreement as if such transferee
were a party hereto.  Any holder of Class B Common Stock that subsequently desires to transfer, sell or otherwise assign any
shares of Class B Common Stock shall, in addition to any other existing obligations or restrictions applicable to such proposed
transfer, sale or assignment that may exist, provide the proposed transferee with a copy of this Sponsor Agreement and obtain from
such proposed transferee a written acknowledgment that such proposed transferee acknowledges and agrees to the terms and the other
matters set forth in this Sponsor Agreement.

 

		5.	Tax Treatment. For U.S. federal and applicable state and local income tax purposes, the
surrender and forfeiture of the Surrendered Shares will be treated as a capital contribution by Sponsor to Spartan.

 

		6.	Termination.  This Sponsor Agreement shall terminate, and have no further force and
effect, as of the earlier to occur of (a) the Effective Time and (b) the termination of the BCA in accordance with its terms prior
to the Effective Time.  This Sponsor Agreement may be executed in counterparts (including by electronic means), all of which
shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered to the
other parties, it being understood that all parties need not sign the same counterpart.

 

		7.	Governing Law. All issues and questions concerning the construction, validity, interpretation
and enforceability of this Sponsor Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

		8.	Waiver of Jury Trial.  EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF A PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH 8.

 

[signature page
follows]

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Sponsor Agreement as of the date first written above.

 

	 	SPARTAN ENERGY ACQUISITION SPONSOR LLC
	 	 	 
	 	By	/s/ Geoffrey Strong
	 	Name:	Geoffrey Strong
	 	Title:	Chief Executive Officer
	 	 	 
	 	SPARTAN ENERGY ACQUISITION CORP.
	 	 
	 	By	/s/ Geoffrey Strong
	 	Name:	Geoffrey Strong
	 	Title:	Chief Executive Officer

 

[Signature Page to Sponsor Agreement]Exhibit 10.2

 

Execution Version

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this 10th day of July, 2020, by and between Spartan Energy Acquisition
Corp., a Delaware corporation (the “Issuer”), and the undersigned (“Subscriber”).

 

WHEREAS, concurrently
with the execution and delivery of this Subscription Agreement, the Issuer is entering into that certain Business Combination Agreement
and Plan of Reorganization, dated as of the date of this Subscription Agreement (as may be amended or supplemented from time to
time, the “Combination Agreement”), among the Issuer, Spartan Merger Sub Inc., a Delaware corporation and a
wholly owned subsidiary of the Issuer and Fisker Inc., a Delaware corporation (“Fisker”), pursuant to which
the Issuer will acquire Fisker, on the terms and subject to the conditions set forth therein (the “Transaction”);

 

WHEREAS, in connection
with the Transaction, on the terms and subject to the conditions set forth in this Subscription Agreement, Subscriber desires to
subscribe for and purchase from the Issuer the number of shares of the Issuer’s Class A common stock, par value $0.0001 per
share (the “Class A Shares”), set forth on the signature page hereto (the “Acquired Shares”)
for a purchase price of $10.00 per share (the “Share Purchase Price”), or the aggregate purchase price set forth
on the signature page hereto (the “Purchase Price”), and the Issuer desires to issue and sell to Subscriber
the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Issuer at or prior
to the Closing Date; and

 

WHEREAS, in connection
with the Transaction, certain other institutional “accredited investors” (as such term is defined in Rule 501 under
the Securities Act of 1933, as amended (the “Securities Act”, and each such institutional “accredited
investor”, an “Other Subscriber”)), have entered into subscription agreements with the Issuer substantially
similar to this Subscription Agreement, pursuant to which such Other Subscribers have agreed to subscribe for and purchase, and
the Issuer has agreed to issue and sell to such Other Subscribers, on the Closing Date, Class A Shares at the Share Purchase Price
(the “Other Subscription Agreements”).

 

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

 

1. Subscription.
Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and the Issuer hereby agrees
to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such subscription and issuance, the
“Subscription”).

 

    

    	 

    

 

2. Closing.

 

a. Subject
to the satisfaction or waiver of the conditions set forth in Section 2(c), the closing of the Subscription contemplated
hereby (the “Closing”) shall occur on the date of, and at a time immediately prior to, the closing of the Transaction
(such date, the “Closing Date”). Not less than five (5) business days prior to the Closing Date, the Issuer
shall provide written notice to Subscriber (the “Closing Notice”) of the Closing Date.

 

b. On
the Closing Date, subject to the satisfaction or waiver of the conditions set forth in Section 2(c) (other than those conditions
that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or
waived at Closing):

 

(i) Subscriber
shall deliver to the Issuer on the Closing Date the Purchase Price for the Acquired Shares by wire transfer of U.S. dollars in
immediately available funds to the account specified by the Issuer in the Closing Notice; and

 

(ii) The
Issuer shall deliver to Subscriber the Acquired Shares against and upon payment by the Subscriber in book-entry form, free
and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), in the
name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as
applicable. Each book entry for the Acquired Shares shall contain a notation in substantially the following form:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS
OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.

 

c. The
Closing shall be subject to the satisfaction on the Closing Date, or the waiver by each of the parties hereto, of each of the following
conditions:

 

(i) no suspension of the qualification
of the Acquired Shares for offering or sale or trading in any jurisdiction, or initiation or threatening of any proceedings
for any of such purposes, shall have occurred;

 

(ii) all
representations and warranties of the Issuer and Subscriber contained in this Subscription Agreement shall be true and correct
in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect
(as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date, and consummation
of the Closing shall constitute a reaffirmation by each of the Issuer and Subscriber of each of the representations, warranties
and agreements of each such party contained in this Subscription Agreement as of the Closing Date (other than those representations
and warranties expressly made as of an earlier date, which shall be true and correct in all material respects as of such earlier
date);

 

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(iii) the
Issuer and Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and
conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing,
except where the failure of such performance or compliance would not or would not reasonably be expected to prevent, materially
delay, or materially impair the ability of the Issuer to consummate the Closing;

 

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

 

(v) with
respect to Subscriber, no amendment, modification or waiver of the Combination Agreement shall have occurred that would reasonably
be expected to materially and adversely affect the economic benefits that Subscriber or the Issuer would reasonably expect to receive
under this Subscription Agreement, including, without limitation, any material amendment or waiver of any representation or covenant
of the Issuer or Fisker relating to the financial position or outstanding indebtedness of the Issuer or Fisker;

 

(vi) no
Company Material Adverse Effect or Spartan Material Adverse Effect (each as defined in the Combination Agreement) shall have occurred
between the date hereof and the Closing Date; and

 

(vii) all
conditions precedent to the closing of the Transaction, including all necessary approvals of the Issuer’s stockholders and
regulatory approvals, if any, shall have been satisfied or waived (other than those conditions that may only be satisfied at the
closing of the Transaction, but subject to satisfaction of such conditions as of the closing of the Transaction).

 

d. At
the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties
reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription
Agreement.

 

e. In
the event the Transaction does not occur within one (1) business day of the Closing, the Issuer shall promptly (but not later than
two (2) business days thereafter) return the Purchase Price to Subscriber, and any book entries shall be deemed cancelled.

 

3. Issuer
Representations and Warranties. The Issuer represents and warrants that as of the Closing Date:

 

a. The
Issuer has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and
to enter into, deliver and perform its obligations under this Subscription Agreement.

 

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b. The
Acquired Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the Acquired Shares
in accordance with the terms of this Subscription Agreement, the Acquired Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under the Issuer’s certificate
of incorporation and bylaws or under the laws of the State of Delaware.

 

c. This
Subscription Agreement, the Other Subscription Agreements and the Combination Agreement (collectively, the “Transaction
Documents”) have been duly authorized, executed and delivered by the Issuer and are enforceable against the Issuer in
accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles
of equity, whether considered at law or equity.

 

d. The
execution and delivery by the Issuer of the Transaction Documents, and the performance by the Issuer of its obligations under the
Transaction Documents, including the issuance and sale of the Acquired Shares and the consummation of the other transactions contemplated
herein, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets
of the Issuer pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
or instrument to which the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer
is subject, which would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business,
properties, financial condition, stockholders’ equity or results of operations of the Issuer (a “Material Adverse
Effect”) or materially affect the validity of the Acquired Shares or the legal authority of the Issuer to comply in all
material respects with the terms of this Subscription Agreement; (ii) the organizational documents of the Issuer; or (iii) any
statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over the Issuer or any of its properties that would reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect or materially affect the validity of the Acquired Shares or the legal authority of the Issuer to comply in all material
respects with this Subscription Agreement.

 

e. There
are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution or similar provisions that
will be triggered by the issuance of (i) the Acquired Shares or (ii) the Class A Shares to be issued pursuant to any Other Subscription
Agreement, in each case, that have not been or will not be validly waived on or prior to the Closing Date.

 

f. The Issuer is
not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a
default or violation) of any term, condition or provision of (i) the organizational documents of the Issuer, (ii) any loan or
credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which the Issuer
is now a party or by which the Issuer’s properties or assets are bound or (iii) any statute or any judgment, order,
rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or
any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would
not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

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g. The
Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in
connection with the execution, delivery and performance by the Issuer of this Subscription Agreement (including, without limitation,
the issuance of the Acquired Shares), other than (i) the filing with the Securities and Exchange Commission (the “Commission”)
of the Registration Statement (as defined below), (ii) filings required by applicable state or federal securities laws, (iii) the
filings required in accordance with Section 9(n), (iv) those required by the New York Stock Exchange (the “NYSE”),
including with respect to obtaining stockholder approval, and (v) the failure of which to obtain would not be reasonably expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

h. The
authorized capital stock of the Issuer consists of (i) 1,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred
Stock”), (ii) 200,000,000 Class A Shares and (iii) 20,000,000 shares of Class B common stock, par value $0.0001 per share
(“Class B Shares”). As of the date hereof and as of immediately prior to the Closing: (i) no shares of Preferred
Stock are issued and outstanding, (ii) 55,200,000 Class A Shares are issued and outstanding, (iii) 13,800,000 Class B Shares
are issued and outstanding, and (iv) 27,760,000 warrants, each entitling the holder thereof to purchase one Class A Share at an
exercise price of $11.50 per Class A Share, are outstanding.

 

i. The
Issuer has not received any written communication, from a governmental entity that alleges that the Issuer is not in compliance
with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not, individually
or in the aggregate, be reasonably expected to have a Material Adverse Effect.

 

j. The issued and
outstanding Class A Shares are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and are listed for trading on the NYSE. There is no suit, action, proceeding or
investigation pending or, to the knowledge of the Issuer, threatened against the Issuer by the NYSE or the Commission with
respect to any intention by such entity to deregister the Class A Shares or prohibit or terminate the listing of the Class A
Shares on the NYSE. The Issuer has taken no action that is designed to terminate the registration of the Class A Shares under
the Exchange Act.

 

k. Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 4, no registration under the Securities
Act is required for the offer and sale of the Acquired Shares by the Issuer to Subscriber in the manner contemplated by this Subscription
Agreement.

 

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

 

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m. The Issuer has
not entered into any side letter or similar agreement with any Other Subscriber or any other investor in connection with such
Other Subscriber’s or such other investor’s direct or indirect investment in the Issuer other than (i) the
Combination Agreement and (ii) the Other Subscription Agreements; provided, no Other Subscription Agreement includes terms
and conditions that are materially more advantageous to any such Other Subscriber than Subscriber hereunder. The Other
Subscription Agreements have not been amended in any material respect following the date of this Subscription Agreement and
reflect the same Share Purchase Price and terms that are no more favorable to any such Other Subscriber thereunder than the
terms of this Subscription Agreement.

 

n. The
Issuer has made available to Subscriber (including via the Commission’s EDGAR system) a copy of each form, report, statement,
schedule, prospectus, proxy, registration statement and other document, if any, filed by the Issuer with the Commission since its
initial registration of the Class A Shares (the “SEC Documents”), which SEC Documents, as of their respective
filing dates, complied in all material respects with the requirements of the Exchange Act applicable to the SEC Documents and the
rules and regulations of the Commission promulgated thereunder applicable to the SEC Documents. None of the SEC Documents filed
under the Exchange Act (except to the extent that information contained in any SEC Document has been superseded by a later timely
filed SEC Document) contained, when filed any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading; provided, that, with respect to the proxy statement to be filed by the Issuer with respect to the Transaction
or any of its affiliates included in any SEC Document or filed as an exhibit thereto, the representation and warranty in this sentence
is made to the Issuer’s knowledge. The Issuer has timely filed each report, statement, schedule, prospectus, and registration
statement that the Issuer was required to file with the Commission since its inception. There are no material outstanding or unresolved
comments in comment letters from the Staff of the Commission with respect to any of the SEC Documents.

 

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

 

p. Except
for placement fees payable to Cowen and Company, LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC, in their
capacity as placement agents for the offer and sale of the Acquired Shares (in such capacity, the “Placement Agents”),
the Issuer has not paid, and is not obligated to pay, any brokerage, finder’s or other commission or similar fee in connection
with its issuance and sale of the Acquired Shares, including, for the avoidance of doubt, any fee or commission payable to any
stockholder or affiliate of the Issuer.

 

4. Subscriber
Representations and Warranties. Subscriber represents and warrants that as of the Closing Date:

 

a. Subscriber
has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation
or formation, with the requisite entity power and authority to enter into, deliver and perform its obligations under this Subscription
Agreement.

 

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b. This
Subscription Agreement has been duly authorized, executed and delivered by Subscriber. This Subscription Agreement is
enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i)
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights
of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

c. The
execution and delivery by Subscriber of this Subscription Agreement, and the performance by Subscriber of its obligations under
this Subscription Agreement, including the purchase of the Acquired Shares and the consummation of the other transactions contemplated
herein, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber
pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument
to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject,
which would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders’
equity or results of operations of Subscriber, taken as a whole (a “Subscriber Material Adverse Effect”), or
materially affect the legal authority of Subscriber to comply in all material respects with the terms of this Subscription Agreement;
(ii) the organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of Subscriber’s properties that
would reasonably be expected to have a Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber
to comply in all material respects with this Subscription Agreement.

 

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

 

e. Subscriber
understands that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands
that the Acquired Shares may not be resold, Transferred, pledged or otherwise disposed of by Subscriber absent an effective
registration statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons
pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities
Act, (iii) pursuant to Rule 144 under the Securities Act, provided that all of the applicable conditions thereof have been
met or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act (including
without limitation, a private resale pursuant to so-called Rule 4 (1 1⁄2)), and that any certificates or book-entry
records representing the Acquired Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired
Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and
agrees that the Acquired Shares will be subject to transfer restrictions and, as a result of these transfer restrictions,
Subscriber may not be able to readily resell the Acquired Shares and may be required to bear the financial risk of an
investment in the Acquired Shares for an indefinite period of time. Subscriber understands that it has been advised to
consult legal counsel prior to making any offer, resale, pledge or Transfer of any of the Acquired Shares. For purposes of
this Agreement “Transfer” shall mean any direct or indirect transfer, redemption, disposition or monetization in
any manner whatsoever, including, without limitation, through any derivative transactions.

 

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f. Subscriber
understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Issuer. Subscriber further acknowledges
that there have been no representations, warranties, covenants and agreements made to Subscriber by the Issuer or any of its officers
or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included in this
Subscription Agreement.

 

g. Subscriber’s
acquisition and holding of the Acquired Shares will not constitute or result in a non-exempt prohibited transaction under section
406 of the Employee Retirement Income Security Act of 1974, as amended, section 4975 of the Internal Revenue Code of 1986, as amended
(the “Code”), or any applicable similar law.

 

h. In
making its decision to subscribe for and purchase the Acquired Shares, Subscriber represents that it has relied solely upon its
own independent investigation. Without limiting the generality of the foregoing, Subscriber has not relied on any statements or
other information provided by the Placement Agents or any of their respective Affiliates, or any of their respective officers,
directors, employees or representatives, concerning the Issuer or the Acquired Shares or the offer and sale of the Acquired Shares.
Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make
an investment decision with respect to the Acquired Shares, including with respect to the Issuer and the Transaction. Subscriber
represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to
ask such questions, receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s),
if any, have deemed necessary to make an investment decision with respect to the Acquired Shares.

 

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

 

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j. Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Shares.
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of an investment in the Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber
has considered necessary to make an informed investment decision.

 

k. Subscriber
acknowledges and agrees that neither the Placement Agents nor any Affiliate of any of the Placement Agents (nor any officer, director,
employee or representative of any of the Placement Agent or any Affiliate thereof) has provided Subscriber with any information
or advice with respect to the Subscribed Shares nor is such information or advice necessary or desired. Subscriber acknowledges
that none of the Placement Agents, any Affiliate of any of the Placement Agents or any of their respective officers, directors,
employees or representatives (i) have not made any representation as to the Issuer or the quality of the Acquired Shares, (ii)
may have acquired non-public information with respect to the Issuer which Subscriber agrees need not be provided to it, (iii) have
made no independent investigation with respect to the Issuer or the Acquired Shares or the accuracy, completeness or adequacy of
any information supplied to Subscriber by the Issuer, (iv) have not acted as Subscriber’s financial advisor or fiduciary
in connection with the issue and purchase of the Acquired Shares and (v) have not prepared a disclosure or offering document in
connection with the offer and sale of the Acquired Shares.

 

l. Alone,
or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and
fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment
for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss
of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists.

 

m. Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Shares
or made any findings or determination as to the fairness of an investment in the Acquired Shares.

 

n. Subscriber is
not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons, the Executive Order 13599
List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by the
U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) (collectively “OFAC
Lists”), (ii) owned or controlled by, or acting on behalf of, a person, that is named on an OFAC List,
(iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the government,
including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea
region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions by the United
States, (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (v) a non-U.S.
shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited
Investor”). Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C.
section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT
Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber
maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act.
Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed to ensure
compliance with OFAC-administered sanctions programs, including for the screening of its investors against the OFAC Lists.
Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures reasonably
designed to ensure that the funds held by Subscriber and used to purchase the Acquired Shares were legally derived.

 

    9

    	 

    

 

o. If
Subscriber is an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), a plan, an individual retirement account or other arrangement that is subject to section 4975 of
the Code or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined
in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the
foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are
similar to such provisions of ERISA or the Code (collectively, “Similar Laws”), or an entity whose underlying
assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”)
subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, then Subscriber represents
and warrants that (i) neither the Issuer, nor any of its respective affiliates (the “Transaction Parties”)
has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the
Acquired Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect
to any decision to acquire, continue to hold or Transfer the Acquired Shares; and (ii) the decision to invest in the Acquired Shares
has been made at the recommendation or direction of an “independent fiduciary” (“Independent Fiduciary”)
within the meaning of US Code of Federal Regulations 29 C.F.R. section 2510.3 21(c), as amended from time to time (the “Fiduciary
Rule”) who is (A) independent of the Transaction Parties; (B) is capable of evaluating investment risks independently,
both in general and with respect to particular transactions and investment strategies (within the meaning of the Fiduciary Rule);
(C) is a fiduciary (under ERISA and/or section 4975 of the Code) with respect to Subscriber’s investment in the Acquired
Shares and is responsible for exercising independent judgment in evaluating the investment in the Acquired Shares; and (D) is aware
of and acknowledges that (I) none of the Transaction Parties is undertaking to provide impartial investment advice, or to give
advice in a fiduciary capacity, in connection with the purchaser’s or transferee’s investment in the Acquired Shares,
and (II) the Transaction Parties have a financial interest in the purchaser’s investment in the Acquired Shares on account
of the fees and other remuneration they expect to receive in connection with transactions contemplated hereunder.

 

p. Subscriber
has, and at the Closing will have, sufficient funds to pay the Purchase Price pursuant to Section 2(b)(i).

 

5. Additional
Subscriber Agreement. Subscriber hereby agrees that, from the date of this Agreement, none of Subscriber, its controlled affiliates,
or any person or entity acting on behalf of Subscriber or any of its controlled affiliates or pursuant to any understanding with
Subscriber or any of its controlled affiliates will engage in any Short Sales with respect to securities of the Issuer prior to
the Closing. For purposes of this Section 5, “Short Sales” shall include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect
stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts,
options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers.

 

    10

    	 

    

 

6. Registration
Rights.

 

a. The
Issuer agrees that, within thirty (30) calendar days after the consummation of the Transaction (the “Filing Date”),
the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement registering the
resale of the Acquired Shares (the “Registration Statement”), and the Issuer shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than
the earlier of (i) the 60th calendar day (or 90th calendar day if the Commission notifies the Issuer that it will “review”
the Registration Statement) following the Closing and (ii) the 10th business day after the date the Issuer is notified (orally
or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will
not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however,
that the Issuer’s obligations to include the Acquired Shares in the Registration Statement are contingent upon Subscriber
furnishing in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and
the intended method of disposition of the Acquired Shares as shall be reasonably requested by the Issuer to effect the registration
of the Acquired Shares, and Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably
request that are customary of a selling stockholder in similar situations, including providing that the Issuer shall be entitled
to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period
or as permitted hereunder; provided further that Subscriber shall not in connection with the foregoing be required to execute
any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Acquired
Shares. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect
such Registration Statement by the Effectiveness Date shall not otherwise relieve the Issuer of its obligations to file or effect
the Registration Statement as set forth above in this Section 6. The Issuer will provide a draft of the Registration Statement
to the undersigned for review at least two (2) business days in advance of filing the Registration Statement. In no event shall
the undersigned be identified as a statutory underwriter in the Registration Statement unless requested by the SEC. Notwithstanding
the foregoing, if the SEC prevents the Issuer from including any or all of the shares proposed to be registered under the Registration
Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Acquired Shares by the applicable
stockholders or otherwise, such Registration Statement shall register for resale such number of Acquired Shares which is equal
to the maximum number of Acquired Shares as is permitted by the SEC. In such event, the number of Acquired Shares to be registered
for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders.
Upon notification by the Commission that the Registration Statement has been declared effective by the Commission, within one (1)
business day thereafter, the Issuer shall file the final prospectus under Rule 424 of the Securities Act.

 

    11

    	 

    

 

b. In
the case of the registration, qualification, exemption or compliance effected by the Issuer pursuant to this Subscription Agreement,
the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration, qualification, exemption and
compliance. At its expense the Issuer shall:

 

(i) except
for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement,
use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities
laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the applicable Registration
Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of
the following: (i) Subscriber ceases to hold any Acquired Shares or (ii) the date all Acquired Shares held by Subscriber may be
sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions which may be
applicable to affiliates under Rule 144 and without the requirement for the Issuer to be in compliance with the current public
information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (iii) two years from the Effective Date of the
Registration Statement. The period of time during which the Issuer is required hereunder to keep a Registration Statement effective
is referred to herein as the “Registration Period.”

 

(ii) advise
Subscriber within two (2) business days:

 

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

 

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

 

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

 

(4) of
the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Acquired Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

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

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any
material, nonpublic information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence
of the events listed in (1) through (5) above constitutes material, nonpublic information regarding the Issuer;

 

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

 

    12

    	 

    

 

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

 

(v) use
its commercially reasonable efforts to cause all Acquired Shares to be listed on each securities exchange or market, if any, on
which the Class A Shares issued by the Issuer have been listed; and

 

(vi) use
its commercially reasonable efforts to take all other steps necessary to effect the registration of the Acquired Shares contemplated
hereby and to enable Subscriber to sell the Acquired Shares under Rule 144.

 

(vii) cause
the Issuer’s transfer agent to remove the legend set forth above in Section 2(b)(ii), at the Subscriber’s request,
when the Acquired Shares are sold pursuant to Rule 144 under the Securities Act or the Registration Statement. In connection therewith,
if required by the Issuer’s transfer agent, the Issuer will promptly cause an opinion of counsel to be delivered to and maintained
with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that
authorize and direct the transfer agent to issue such Acquired Shares without any such legend.

 

c.
Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone
the effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the
Registration Statement or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the
Issuer or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event the Issuer’s
board of directors reasonably believes, upon the advice of legal counsel, would require additional disclosure by the Issuer
in the Registration Statement of material information that the Issuer has a bona fide business purpose for keeping
confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination
of the Issuer’s board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail to
comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however,
that the Issuer may not delay or suspend the Registration Statement on more than two occasions or for more than sixty (60)
consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon
receipt of any written notice from the Issuer of the happening of any Suspension Event during the period that the
Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus
contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the
prospectus) not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Acquired
Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until
Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare) that
corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has
become effective or unless otherwise notified by the Issuer that it may resume such offers and sales, and (ii) it will
maintain the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise
required by law or subpoena. If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber’s
sole discretion destroy, all copies of the prospectus covering the Acquired Shares in Subscriber’s possession; provided, however,
that this obligation to deliver or destroy all copies of the prospectus covering the Acquired Shares shall not apply (i) to
the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal,
regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document
retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

 

    13

    	 

    

 

d. Subscriber
may deliver written notice (an “Opt-Out Notice”) to the Issuer requesting that Subscriber not receive notices
from the Issuer otherwise required by this Section 6; provided, however, that Subscriber may later revoke
any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the
Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with
any such notice and (ii) each time prior to Subscriber’s intended use of an effective Registration Statement, Subscriber
will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension
Event was previously delivered (or would have been delivered but for the provisions of this Section 6(d)) and the related
suspension period remains in effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber’s notification
to the Issuer, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber
with the related notice of the conclusion of such Suspension Event immediately upon its availability.

 

e. The Issuer
shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless Subscriber (to the
extent a seller under the Registration Statement), the officers, directors and agents of Subscriber, and each person who
controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to
the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs
(including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”),
as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained
in the Registration Statement, any prospectus included in the Registration Statement or any form of prospectus or in any
amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged
omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of
any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not
misleading, or (ii) any violation or alleged violation by the Issuer of the Securities Act, Exchange Act or any state
securities law or any rule or regulation thereunder, in connection with the performance of its obligations under this Section 6,
except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged
omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use
therein or Subscriber has omitted a material fact from such information or otherwise violated the Securities Act, Exchange
Act or any state securities law or any rule or regulation thereunder; provided, however, that the indemnification
contained in this Section 6 shall not apply to amounts paid in settlement of any Losses if such settlement is effected
without the consent of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the
Issuer be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance
upon and in conformity with written information furnished by Subscriber, (B) in connection with any failure of such person to
deliver or cause to be delivered a prospectus made available by the Issuer in a timely manner or (C) in connection with any
offers or sales effected by or on behalf of Subscriber in violation of Section 6(c) hereof. The Issuer shall notify
Subscriber promptly of the institution, threat or assertion of any proceeding arising from or in connection with the
transactions contemplated by this Section 6 of which the Issuer is aware. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the Transfer of the
Shares by Subscriber.

 

    14

    	 

    

 

f. Subscriber
shall, severally and not jointly, indemnify and hold harmless the Issuer, its directors, officers, agents and employees, and each
person who controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, (i) arising out of or based
upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included
in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus,
or (ii) arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the
circumstances under which they were made) not misleading, with respect to (i) and/or (ii), to the extent, but only to the extent,
that such untrue or alleged untrue statements or omissions or alleged omissions are based upon information regarding Subscriber
furnished in writing to the Issuer by Subscriber expressly for use therein; provided, however, that the indemnification
contained in this Section 6(f) shall not apply to amounts paid in settlement of any Losses if such settlement is effected
without the consent of Subscriber (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall
the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale
of the Shares giving rise to such indemnification obligation. Subscriber shall notify the Issuer promptly of the institution, threat
or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 6(f)
of which Subscriber is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on
behalf of an indemnified party and shall survive the Transfer of the Shares by Subscriber.

 

7. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the
earlier to occur of (a) such date and time as the Combination Agreement is terminated in accordance with the terms therein,
(b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if any of
the conditions to Closing set forth in Section 2(c) are not satisfied on or prior to the Closing Date and, as a result
thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing or (d) at the
election of Subscriber, on or after the date that is 180 days after the date hereof if the Closing has not occurred on or
prior to such date; provided, that nothing herein will relieve any party from liability for any willful breach hereof
prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover
out-of-pocket losses, liabilities or damages arising from such breach. The Issuer shall promptly notify Subscriber of the
termination of the Combination Agreement promptly after the termination of such agreement.

 

    15

    	 

    

 

8. Trust
Account Waiver. Subscriber acknowledges that the Issuer is a blank check company with the powers and privileges to effect a
merger, asset acquisition, reorganization or similar business combination involving the Issuer and one or more businesses or assets.
Subscriber further acknowledges that, as described in the Issuer’s prospectus relating to its initial public offering dated
August 9, 2018 (the “Prospectus”), available at www.sec.gov, substantially all of the Issuer’s assets
consist of the cash proceeds of the Issuer’s initial public offering and private placements of its securities, and substantially
all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of the Issuer,
its public stockholders and the underwriters of the Issuer’s initial public offering. Except with respect to interest earned
on the funds held in the Trust Account that may be released to the Issuer to pay its tax obligations, if any, the cash in the Trust
Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of the Issuer entering into
this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and
its representatives, hereby irrevocable waives any and all right, title and interest, or any claim of any kind they have or may
have in the future arising out of this Subscription Agreement, in or to any monies held in the Trust Account, and agrees not to
seek recourse against the Trust Account as a result of, or arising out of, this Subscription Agreement; provided, however,
that nothing in this Section 8 shall be deemed to limit any Subscriber’s right, title, interest or claim to the Trust
Account by virtue of such Subscriber’s record or beneficial ownership of securities of the Issuer acquired by any means other
than pursuant to this Subscription Agreement, including but not limited to any redemption right with respect to any such securities
of the Issuer.

 

9. Miscellaneous.

 

a. Each
party hereto acknowledges that the other party hereto, the Placement Agents and others will rely on the acknowledgments, understandings,
agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, each party hereto agrees
to promptly notify the other party hereto if any of the acknowledgments, understandings, agreements, representations and warranties
made by such party as set forth herein are no longer accurate in all material respects. Subscriber further acknowledges and agrees
that the Placement Agents are third-party beneficiaries of the representations and warranties of Subscriber contained in Section
4.

 

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

 

c. Notwithstanding anything to the contrary
in this Subscription Agreement, prior to the Closing, Subscriber may transfer or assign all or a portion of its rights under this
Subscription Agreement; provided, that, such transferee or assignee agrees in writing to be bound by and subject to the
terms and conditions of this Subscription Agreement, makes the representations and warranties in Section 4 and completes
Schedule A hereto. In the event of such a transfer or assignment, Subscriber shall update Schedule B to provide
the information required therein.

 

    16

    	 

    

 

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

 

e. The
Issuer may request from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility
of Subscriber to acquire the Acquired Shares, and Subscriber shall provide such information as may be reasonably requested, to
the extent readily available and to the extent consistent with its internal policies and procedures; provided, that the
Issuer agrees to keep any such information provided by Subscriber confidential.

 

f. This
Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against
whom enforcement of such modification, waiver, or termination is sought.

 

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

 

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

 

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

 

j. This
Subscription Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which shall be considered
one and the same agreement and shall become effective when signed by each of the parties and delivered to the other parties, it
being understood that all parties need not sign the same counterpart.

 

k. Each
party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

    17

    	 

    

 

l. Notices.
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or
telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage
prepaid, and shall be deemed to be given and received (a) when so delivered personally, (b) upon receipt of an appropriate
electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or
numbers as such person may subsequently designate by notice given hereunder), (c) when sent, with no mail undeliverable or
other rejection notice, if sent by email, or (d) five (5) business days after the date of mailing to the address below or to
such other address or addresses as such person may hereafter designate by notice given hereunder:

 

(i) if
to Subscriber, to such address or addresses set forth on the signature page hereto;

 

(ii)if to the Issuer,
to:

 

Spartan Energy Acquisition Corp.

9 West 57th Street, 43rd Floor

New York, NY 10019

Attention: Geoffrey Strong; Joseph Romeo

Email: gstrong@apollo.com; jromeo@apollo.com

 

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

 

Vinson & Elkins L.L.P.

1114 Avenue of the Americas

32nd Floor

New York, NY 10036

Attention: James Fox; Ramey Layne; Brenda Lenahan

Email: jfox@velaw.com; rlayne@velaw.com; blenahan@velaw.com;
and

 

(iii)if to the Placement
Agents, to:

 

Cowen and Company, LLC

599 Lexington Avenue

20th Floor

New York, NY 10022

Attn: Brad Friedman

Email: Bradley.friedman@cowen.com

 

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, NY 10010-3629

Attn: IBCM-Legal

Fax: (212) 325-4296

 

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Attn: Olympia McNerney

Email: Olympia.McNerney@gs.com

 

m. This
Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription
Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution,
performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the Laws of
the State of New York, without giving effect to the principles of conflicts of law thereof.

 

    18

    	 

    

 

THE PARTIES HERETO
IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE
SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK
SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED
TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT,
AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT
THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF
MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE
PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED
BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON
OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH
SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 9(l) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW
SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

EACH PARTY ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) 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 THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING
WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 9(m).

 

    19

    	 

    

 

n. The Issuer
shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the
“Disclosure Document”) disclosing all material terms of the transactions contemplated hereby, the
Transaction, and any other material, nonpublic information that the Issuer has provided to Subscriber at any time prior to
the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, to the Issuer’s
knowledge, Subscriber shall not be in possession of any material, nonpublic information received from the Issuer or any of
its officers, directors or employees. Notwithstanding anything in this Subscription Agreement to the contrary, the Issuer
shall not publicly disclose the name of Subscriber or any of its affiliates, or include the name of Subscriber or any of its
affiliates in any press release or in any filing with the Commission or any regulatory agency or trading market, without the
prior written consent of Subscriber, except (i) as required by the federal securities law in connection with the Registration
Statement, (ii) in a press release or marketing materials of the Issuer in connection with the Transaction if agreeable by
Subscriber and in a manner acceptable to Subscriber and (iii) to the extent such disclosure is required by law, at the
request of the Staff of the Commission or regulatory agency or under the regulations of the NYSE, in which case the Issuer
shall provide Subscriber with prior written notice of such disclosure permitted under this subclause (iii).

 

o.Remedies.The
parties agree that irreparable damage would occur if any provision of this Subscription Agreement were not performed in accordance
with the terms hereof, and accordingly, that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches
of this Subscription Agreement or to enforce specifically the performance of the terms and provisions of this Subscription Agreement
in an appropriate court of competent jurisdiction as set forth in Section 9(m), in addition to any other remedy to which
any party is entitled at law or in equity.

 

[Signature pages follow.]

 

    20

    	 

    

 

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

 

	 	SPARTAN ENERGY ACQUISITION CORP.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date: _____________________, 2020

 

Signature Page to 

Subscription Agreement

    

    	 

    

  

	SUBSCRIBER:	 
	 	 
	Signature of Subscriber:	 
	 	 
	[SUBSCRIBER]	 

 

	By:	 	 
	Name:	 
	Title:   	 

 

	Date:                                                , 2020	 

 

	Name of Subscriber:	 
	 	 
		 
	(Please print.  Please indicate name and	 
	capacity of person signing above)	 
	 	 
	 	 
	Name in which securities are to be registered

(if different):	 

 

	Email Address:	 
	 	 
	Subscriber’s EIN: _______________	 
	 	 
	Address:	 
	 	 
		 
	 	 
		 

 

	Attn:	 	 

 

	Telephone No.:	 	 
	 	 	 
	Facsimile No.:	 	 

 

Signature Page to 

Subscription Agreement

    

    	 

    

 

	
        Aggregate Number of Acquired Shares subscribed for:

        
	 
	 	 
	[●]	 
	

 

	Aggregate Purchase Price: $[●]	 

 

You must pay the Purchase Price by wire transfer of United States
dollars in immediately available funds to the account specified by the Issuer in the Closing Notice.

 

Signature Page to 

Subscription Agreement

    

    	 

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

This Schedule must be completed by
Subscriber and forms a part of the Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined
in this Schedule have the meanings given to them in the Subscription Agreement. Subscriber must check the applicable box in either
Part A or Part B below and the applicable box in Part C below.

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

		☐	Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

		☐	Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, and each owner
of such accounts is a QIB.

 

*** OR ***

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

Subscriber is an institutional “accredited investor”
(within the meaning of Rule 501(a) under the Securities Act) and has checked below the box(es) for the applicable provision under
which Subscriber qualifies as such:

 

		☐	Subscriber is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation,
Massachusetts or similar business trust, or partnership that was not formed for the specific purpose of acquiring the securities
of the Issuer being offered in this offering, with total assets in excess of $5,000,000.

 

		☐	Subscriber is a “private business development company” as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940.

 

		☐	Subscriber is a “bank” as defined in Section 3(a)(2) of the Securities Act.

 

		☐	Subscriber is a “savings and loan association” or other institution as defined in Section 3(a)(5)(A) of the Securities
Act, whether acting in its individual or fiduciary capacity.

 

		☐	Subscriber is a broker or dealer registered pursuant to Section 15 of the Exchange Act.

 

		☐	Subscriber is an “insurance company” as defined in Section 2(a)(13) of the Securities Act.

 

		☐	Subscriber is an investment company registered under the Investment Company Act of 1940.

 

    Schedule A-1

    	 

    

 

		☐	Subscriber is a “business development company” as defined in Section 2(a)(48) of the Investment Company Act of
1940.

 

		☐	Subscriber is a “Small Business Investment Company” licensed by the U.S. Small Business Administration under either
Section 301(c) or (d) of the Small Business Investment Act of 1958.

 

		☐	Subscriber is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions, for the benefit of its employees, and such plan has total assets in excess of $5,000,000.

 

		☐	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment
decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is one of the following.

 

		☐	A bank;

 

		☐	A savings and loan association;

 

		☐	A insurance company; or

 

		☐	A registered investment adviser.

 

		☐	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 with total
assets in excess of $5,000,000.

 

		☐	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 that is a
self-directed plan with investment decisions made solely by persons that are accredited investors.

 

		☐	Subscriber is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities
offered by the Issuer in this offering, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii)
under the Securities Act.

 

*** AND ***

 

		C.	AFFILIATE STATUS

(Please check the applicable box)

SUBSCRIBER:

 

		☐	is:

 

		☐	is not:

an “affiliate” (as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate
of the Issuer.

 

    Schedule A-2

    	 

    

 

SCHEDULE B

SCHEDULE OF TRANSFERS

 

Subscriber’s Subscription was in the
amount of [●] shares of Class A Shares. The following transfers of a portion of the Subscription have been made:

 

	
         

        Date of Transfer or

Reduction
	Transferee	Number of Transferee

Acquired Shares Transferred 

or Reduced	Subscriber Revised

Subscription Amount
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

Schedule B as of ______________, 20__, accepted and agreed to
as of this ____ day of ____________, 20__ by:

 

	SPARTAN ENERGY ACQUISITION CORP.	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

	Signature of Subscriber:
	 
	[SUBSCRIBER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

Schedule B-1

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