Document:

Exhibit 10.1

 

AMENDED AND RESTATED

 

KIMBELL ROYALTY GP, LLC

 

2017 LONG-TERM INCENTIVE PLAN

 

(Adopted Effective May 18,
2022)

 

1.            Purpose
of the Plan.

 

The Amended and Restated Kimbell
Royalty GP, LLC 2017 Long-Term Incentive Plan (the “Plan”) has been adopted by Kimbell Royalty GP, LLC, a Delaware
limited liability company (the “Company”), the general partner of Kimbell Royalty Partners, LP, a Delaware limited
partnership (the “Partnership”), and is intended to promote the interests of the Partnership and the Company and their
Affiliates (as defined below) by providing to employees, consultants, and directors of the Company and its Affiliates who perform services
for or on behalf of the Partnership and its subsidiaries incentive compensation awards for superior performance that are based on Units
(as defined below). The Plan is also contemplated to enhance the ability of the Company and its Affiliates to attract and retain the services
of individuals who are essential for the growth and profitability of the Partnership and its subsidiaries and to encourage them to devote
their best efforts to advancing the business of the Partnership and its subsidiaries.

 

The Plan amends and restates
the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan, which was originally adopted on January 31, 2017 and subsequently amended
on September 23, 2018 (the “Original Plan”).

 

2.            Definitions.

 

As used in the Plan, the following
terms shall have the meanings set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls, is controlled
by, or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct
or indirect, 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.

 

“Award”
means a Unit, Restricted Unit, Phantom Unit, Option, Unit Appreciation Right, DER, or Substitute Award granted under the Plan.

 

“Award
Agreement” means the written agreement or other instrument by which an Award shall be evidenced.

 

“Board”
means the Board of Directors of the Company.

 

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

 

“Committee”
means the Conflicts Committee of the Board or, if none, the Board or such committee of the Board, if any, as may be appointed by the Board
to administer the Plan.

 

“Consultant”
means an individual, other than an Employee, providing bona fide services to the Partnership or any of its subsidiaries as a consultant
or advisor, as applicable, provided that such individual is a natural person. For the avoidance of doubt, an individual may, in the discretion
of the Committee, receive awards in his or her capacity as a Consultant and as a Director, if applicable.

 

    

     

    

 

“DER”
 or “Distribution Equivalent Right” means a right to receive an amount in cash or additional Awards equal
to the cash distributions made by the Partnership with respect to a Unit during a specified period.

 

“Director”
means a member of the Board who is not an Employee.

 

“Employee”
means any employee of the Company or an Affiliate who performs services for the Partnership or its Affiliates.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” of a Unit means the closing sales price of a Unit on the principal national securities exchange or other
market in which trading in Units occurs on the applicable date (or if there is no trading in the Units on such date, on the next preceding
date on which there was trading) as reported in The Wall Street Journal (or other reporting service approved by the Committee). In the
event Units are not traded on a national securities exchange or other market at the time a determination of Fair Market Value is required
to be made hereunder, the determination of Fair Market Value shall be made in good faith by the Committee and in compliance with Section 409A
of the Code. Notwithstanding the foregoing, with respect to an Award granted on the effective date of the initial public offering of Units,
Fair Market Value on such date shall mean the initial offering price per Unit as stated on the cover page of the prospectus which
is part of the registration statement on Form S-1 for such offering.

 

“Option”
means an option to purchase Units granted under the Plan.

 

“Participant”
means any Employee, Consultant or Director granted an Award under the Plan.

 

“Person”
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association,
government agency or political subdivision thereof or other entity.

 

“Phantom
Unit” means a phantom (notional) Unit granted under the Plan which entitles the Participant to receive, in the discretion
of the Committee, a Unit or an amount of cash equal to the Fair Market Value of a Unit.

 

“Restricted
Period” means the period established by the Committee with respect to an Award during which the Award remains nontransferable
and subject to forfeiture or is either not exercisable by or payable to the Participant, as the case may be.

 

“Restricted
Unit” means a Unit granted under the Plan that is subject to a Restricted Period.

 

“SEC”
means the United States Securities and Exchange Commission, or any successor thereto.

 

“Substitute
Award” shall have the meaning set forth in Section 6(g) of the Plan.

 

“UAR” or
 “Unit Appreciation Right” means an Award that, upon exercise, entitles the holder to receive, in cash or Units in the
discretion of the Committee, the excess of the Fair Market Value of a Unit on the exercise date over the exercise price established for
such Unit Appreciation Right.

 

“Unit”
means a common unit of the Partnership.

 

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3.            Administration.

 

(a)            General.
The Plan shall be administered by the Committee. Subject to the terms of the Plan and applicable law, and in addition to other express
powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Units
to be covered by Awards; (iv) determine the terms and conditions of any Award (including but not limited to performance requirements
for such Award); (v) determine whether, to what extent, and under what circumstances Awards may be settled, exercised, canceled,
or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vii) establish,
amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration
of the Plan; and (viii) make any other determination and take any other action that the Committee deems necessary or desirable for
the administration of the Plan. The Committee may, in its discretion, provide for the extension of the exercisability of an Award, accelerate
the vesting or exercisability of an Award, eliminate or make less restrictive any restrictions applicable to an Award, waive any restriction
or other provision of the Plan or an Award or otherwise amend or modify an Award in any manner that is either (i) not adverse to
the Participant to whom such Award was granted; or (ii) consented to by such Participant. Unless otherwise expressly provided in
the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall
be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons,
including the Company, the Partnership, any Affiliate, any Participant, and any beneficiary of any Award. No member of the Committee or
officer of the Company to whom the Committee has delegated authority in accordance with the provisions of Section 3(b) of the
Plan shall be liable for anything done or omitted to be done by him or her, by any member of the Committee, or by any officer of the Company
in connection with the performance of any duties under the Plan, except for his or her own willful misconduct or as expressly provided
by statute.

 

(b)            Delegation.
The Board or the Committee may authorize a committee of one or more members of the Board to grant individual Awards pursuant to such conditions
or limitations as the Board or the Committee may establish. The Committee may also delegate to the Chief Executive Officer and to other
employees of the Company (i) the authority to grant individual Awards to Consultants and to Employees who are not subject to Section 16(b) of
the Exchange Act; and (ii) other administrative duties under the Plan pursuant to such conditions or limitations as the Committee
may establish. The Committee may engage or authorize the engagement of a third party administrator to carry out administrative functions
under the Plan.

 

4.            Units.

 

(a)            Limits
on Units Deliverable. Subject to adjustment as provided in Section 4(c), the maximum number of Units that may be delivered or
reserved for delivery or underlying Awards in the aggregate issued under the Plan is 8,241,600 (which number includes 4,541,600 Units
that were previously reserved for delivery or underlying Awards under the Original Plan plus an additional 3,700,000 Units that may be
delivered or reserved for delivery or underlying Awards upon the effectiveness of the Plan). If any Award expires, is canceled, exercised,
paid, or otherwise terminates without the delivery of Units to a Participant, then the Units covered by such Award, to the extent of such
expiration, cancellation, exercise, payment or termination, shall again be Units with respect to which Awards may be granted. Notwithstanding
the foregoing, any Units (i) that are delivered by a Participant to the Company, or withheld by the Company, in satisfaction of the
exercise or other purchase price of an Award; (ii) that are delivered by a Participant to the Company, or withheld by the Company,
in satisfaction of any tax withholding obligations associated with an Award; (iii) that were subject to a unit-settled Unit Appreciation
Right that were not issued upon the settlement of such Unit Appreciation Right; or (iv) that were purchased by a Participant on the
open market upon the exercise of an Option shall not, in any case be available for future issuances of Awards, or delivery pursuant to
other Awards, under the Plan. No Director may be granted during any calendar year Awards in his capacity as a Director having a value
determined on the date of grant in excess of $500,000, or, in the first year that such individual becomes a Director, $600,000. The Committee
may, from time to time, adopt and observe such rules and procedures concerning the counting of Units against the Plan maximum or
any sublimit as it may deem appropriate, including rules more restrictive than those set forth above to the extent necessary to satisfy
the requirements of any national stock exchange on which the Units are listed or any applicable regulatory requirement. The Board and
the appropriate officers of the Company are authorized to take from time to time whatever actions are necessary, and to file any required
documents with governmental authorities, stock exchanges and transaction reporting systems, to ensure that Units are available for issuance
pursuant to Awards.

 

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(b)            Sources
of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of Units acquired
in the open market, common units already owned by the Company, common units acquired by the Company directly from the Partnership or any
other person or any combination of the foregoing.

 

(c)            Adjustments.
In the event that any distribution (whether in the form of cash, Units, other securities, or other property), recapitalization, split,
reverse split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Units or other securities
of the Partnership, issuance of warrants or other rights to purchase Units or other securities of the Partnership, or other similar transaction
or event affects the Units, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number
and type of Units (or other securities or property) with respect to which Awards may be granted; (ii) the number and type of Units
(or other securities or property) subject to outstanding Awards; and (iii) the grant or exercise price with respect to any Award
or, make provision for a cash payment to the holder of an outstanding Award; provided, that the number of Units subject to any Award shall
always be a whole number. No adjustment pursuant to this Section 4(c) shall be made in a manner that results in noncompliance
with the requirements of Section 409A of the Code, to the extent applicable.

 

5.            Eligibility.

 

Any Employee, Consultant or
Director shall be eligible to be designated a Participant and receive an Award under the Plan.

 

6.            Awards.

 

Awards may, in the discretion
of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for, any other Award granted under the
Plan, or any award granted under any other plan of the Company or any Affiliate. Awards granted in addition to or in tandem with other
Awards or awards granted under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different
time from the grant of such other Awards or awards.

 

(a)            Units.
The Committee shall have the discretion to determine the Employees, Consultants and Directors to whom Units shall be granted and the number
of Units to be granted. All Units granted shall be fully vested upon grant and shall not be subject to forfeiture.

 

(b)            Restricted
Units. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Restricted Units shall
be granted, the number of Restricted Units to be granted to each such Participant, the Restricted Period, the conditions under which the
Restricted Units may become vested or forfeited, and such other terms and conditions as the Committee may establish with respect to such
Awards. To the extent provided by the Committee, in its discretion, a grant of Restricted Units may provide that distributions made by
the Partnership with respect to the Restricted Units shall be subject to the same forfeiture and other restrictions as the Restricted
Unit and, if restricted, such distributions shall be held, without interest, until the Restricted Unit vests or is forfeited with the
accumulated distributions being paid or forfeited (as applicable) at the same time, as the case may be. Absent such a restriction on the
distributions in the Award Agreement, distributions during the Restricted Period shall be paid to the holder of the Restricted Unit without
restriction.

 

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(c)            Phantom
Units. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Phantom Units shall be
granted, the number of Phantom Units to be granted to each such Participant, the Restricted Period, the time or conditions under which
the Phantom Units may become vested or forfeited, which may include, without limitation, the accelerated vesting upon the achievement
of specified performance goals, and such other terms and conditions as the Committee may establish with respect to such Awards, including
whether DERs are granted with respect to such Phantom Units.

 

(d)            Options.
The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Options shall be granted, the number
of Units to be covered by each Option, whether DERs are granted with respect to such Option, the purchase price therefor and the conditions
and limitations applicable to the exercise of the Option as the Committee shall determine, that are not inconsistent with the provisions
of the Plan. The term of an Option may not exceed 10 years. The purchase price per Unit purchasable under an Option shall be determined
by the Committee at the time the Option is granted, provided that, other than with respect to Options that are Substitute Awards, such
purchase price may not be less than 100% of its Fair Market Value as of the date of grant. The Committee shall determine the time or times
at which an Option may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement
of specified performance goals, and the method or methods by which payment of the exercise price with respect thereto may be made or deemed
to have been made, which may include, without limitation, cash, check acceptable to the Company, a broker-assisted cashless exercise through
procedures approved by the Committee, delivery of previously owned Units having a Fair Market Value on the exercise date equal to the
relevant exercise, or any combination thereof.

 

(e)            Unit
Appreciation Rights. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Unit Appreciation
Rights shall be granted, the number of Units to be covered by each grant and the conditions and limitations applicable to the exercise
of the Unit Appreciation Right as the Committee shall determine, that are not inconsistent with the provisions of the Plan. Except for
Substitute Awards, the exercise price per Unit Appreciation Right shall be not less than 100% of its Fair Market Value as of the date
of grant. The term of a Unit Appreciation Right may not exceed 10 years.

 

(f)            Distribution
Equivalent Rights. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom DERs are granted,
whether such DERs are tandem or separate Awards, whether the DERs shall be paid directly to the Participant, be credited to a bookkeeping
account (with or without interest in the discretion of the Committee) the vesting restrictions and payment provisions applicable to the
Award, and such other provisions or restrictions as determined by the Committee in its discretion all of which shall be specified in the
Award Agreements.

 

(g)            Substitute
Awards. Awards may be granted under the Plan in assumption of, or substitution for, outstanding awards previously granted by the Company
or by an entity that is acquired by the Partnership or one of its Affiliates (or of which substantially all of the assets are acquired
by the Partnership or one of its Affiliates), or with which the Partnership or one of its Affiliates combines or merges (any such award,
a “Substitute Award”). Such Substitute Awards that are Options or Unit Appreciation Rights may have exercise prices
that are less than the Fair Market Value of one Unit on the date of the substitution if such substitution complies with Section 409A
of the Code and all other applicable laws and rules of the exchange upon which the Units are listed at such time. Any Units underlying
Substitute Awards shall not count against the limit on Units deliverable pursuant to Awards set forth in Section 4(a) of the
Plan.

 

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7.            Limits
on Transfer of Awards.

 

Each Award shall be exercisable
or payable only to the Participant during the Participant’s lifetime, or to the person to whom the Participant’s rights shall
pass by will or the laws of descent and distribution. No Award and no right under any such Award may be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment,
sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate. Notwithstanding the foregoing, to
the extent specifically provided by the Committee with respect to an Award, an Award may be transferred by a Participant without consideration
to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the
Committee may from time to time establish.

 

8.            Minimum
Vesting Requirement.

 

Notwithstanding any other
provision of the Plan to the contrary, Awards granted under the Plan shall vest no earlier than the first anniversary of the date on which
the Award is granted (the “Minimum Vesting Requirement”); provided, that the following Awards shall not be subject
to the Minimum Vesting Requirement: any (i) Awards to Directors that vest on the one year anniversary of the date of grant, or, if
earlier and if applicable, the date of the next annual meeting, so long as such annual meeting is least 50 weeks after the immediately
preceding year’s annual meeting; (ii) Units delivered in lieu of fully vested cash Awards; (iii) Substitute Awards; and
(iv) other Awards covering an aggregate number of Units that does not exceed five percent (5%) of the available share reserve authorized
for issuance under the Plan pursuant to Section 4(a) (subject to adjustment under Section 4(c)); provided, further, that
the Minimum Vesting Requirement shall not restrict the Committee’s discretion to provide for accelerated exercisability or vesting
of any Award pursuant to its authority under the Plan, including in cases of retirement, death, legal disability, or a change of control,
pursuant to an Award Agreement or otherwise.

 

9.            Securities
Restrictions.

 

(a)            All
certificates (if any) for Units or other securities of the Partnership delivered under the Plan pursuant to any Award or the exercise
thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the
rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and
any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

 

(b)            Notwithstanding
anything in the Plan or any Award Agreement to the contrary, delivery of Units pursuant to the exercise or vesting of an Award may be
deferred for any period during which, in the good faith determination of the Committee, the Company is not reasonably able to obtain Units
to deliver pursuant to such Award without violating the rules or regulations of any applicable law or securities exchange. No Units
or other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan
or the applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the Company.

 

10.            Change
of Control.

 

The effect, if any, of a change
of control on outstanding Awards shall be set forth in the applicable Award Agreement.

 

11.            Amendment
and Termination.

 

Except as required by applicable
law or the rules of the principal securities exchange on which the Units are traded, the Board may amend, alter, suspend, discontinue,
or terminate the Plan in any manner, including increasing the number of Units available for Awards under the Plan, without the consent
of any Participant, any other holder or beneficiary of an Award or any other Person.

 

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12.            General
Provisions.

 

(a)            No
Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity
of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient.

 

(b)            Tax
Withholding. The Company or any Affiliate is authorized to withhold from any Award, from any payment due or transfer made under any
Award or from any compensation or other amount owing to a Participant the amount (in cash, Units, other securities, or other property)
of any applicable taxes payable up to the maximum statutory rate in respect of the grant of an Award, its exercise, the lapse of restrictions
thereon, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion
of the Company to satisfy its withholding obligations for the payment of such taxes.

 

(c)            Unitholder
Rights. A Participant shall not be deemed for any purpose to be a unitholder of the Partnership with respect to any of the Units subject
to an Award, unless and until such Units shall have been issued therefor and delivered to the Participant or his agent. Any Unit to be
issued pursuant to an Award granted under the Plan shall be subject to all restrictions upon the transfer thereof which may now or hereafter
by imposed by the limited partnership agreement of the Partnership or otherwise.

 

(d)            Claw-Back
Provisions. All Awards (including, without limitation, any proceeds, gains, or other economic benefit actually or constructively received
by a Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Units underlying an Award) shall be subject
to the provisions of any claw-back policy implemented by the Partnership or the Company, including, without limitation, any claw-back
policy adopted to comply with applicable law (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or
regulations promulgated thereunder) as and to the extent set forth in such claw-back policy or in an Award Agreement.

 

(e)            No
Right to Employment or Services. The grant of an Award shall not be construed as giving a Participant the right to be retained as
an Employee, Consultant or Director, as applicable. Further, the Company or an Affiliate may at any time dismiss a Participant from employment
or service at any time.

 

(f)            Governing
Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined
in accordance with the laws of the State of Delaware without regard to its conflict of laws principles.

 

(g)            Severability.
If any provision of the Plan or any award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as
to any Person or Award, or would disqualify the Plan or any award under any law deemed applicable by the Committee, such provision shall
be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination
of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person
or award and the remainder of the Plan and any such Award shall remain in full force and effect.

 

(h)            Other
Laws; Exemption from Section 16(b) Liability. The Committee may refuse to issue or transfer any Units or other consideration
under an Award if, in its sole discretion, it determines that the issuance or transfer of such Units or such other consideration might
violate any applicable law or regulation or the rules of the principal securities exchange on which the Units are then traded, or
entitle the Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered
to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded
to the relevant Participant, holder or beneficiary. Furthermore, it is the intent of the Company that the grant of any Awards to, or other
transaction by, a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16(b) of the
Exchange Act pursuant to Rule 16b-3 of the Exchange Act or another applicable exemption (except for transactions acknowledged by
the Participant in writing to be non-exempt). Accordingly, if any provision of the Plan or any Award Agreement does not comply with the
requirements of Rule 16b-3 of the Exchange Act or such other exemption as then applicable to such transaction, such provision shall
be construed or deemed amended or inoperative to the extent necessary to conform to the applicable requirements of Rule 16b-3 of
the Exchange Act so that such Participant shall avoid liability under Section 16(b) of the Exchange Act (unless the Committee
has expressly determined that the Plan or such Award should not comply with Rule 16b-3 of the Exchange Act).

 

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(i)            No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Partnership, Company or any participating Affiliate and a Participant or any other Person. To
the extent that any Person acquires a right to receive payments from the Partnership, Company or any Affiliate pursuant to an Award, such
right shall be no greater than the right of any general unsecured creditor of the Partnership, Company or any participating Affiliate.

 

(j)            No
Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine
whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional
Units or any rights thereto shall be canceled, terminated, or otherwise eliminated.

 

(k)            Facility
of Payment. Any amounts payable hereunder to any person under legal disability or who, in the judgment of the Committee, is unable
to properly manage his financial affairs, may be paid to the legal representative of such person, or may be applied for the benefit of
such person in any manner which the Committee may select, and the Partnership, Company and its Affiliates shall be relieved of any further
liability for payment of such amounts.

 

(l)            Participation
by Affiliates. In making Awards to Employees employed by an Affiliate of the Company, the Committee shall be acting on behalf of the
Affiliate, and to the extent the Partnership has an obligation to reimburse the Affiliate for compensation paid to Employees for services
rendered for the benefit of the Partnership, such payments or reimbursement payments may be made by the Partnership directly to the Affiliate,
and, if made to the Company, shall be received by the Company as agent for the Affiliate.

 

(m)            Gender
and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the singular
shall include the plural.

 

(n)            No
Guarantee of Tax Consequences. None of the Board, the Partnership, the Company, any Affiliate nor the Committee makes any commitment
or guarantee that any federal, state or local tax treatment will apply or be available to any person participating or eligible to participate
hereunder.

 

13.            Section 409A
of the Code.

 

(a)            Awards
made under the Plan are intended to comply with or be exempt from Section 409A of the Code, as applicable, and ambiguous provisions
hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit, or consideration shall
be substituted for an Award if such action would result in the imposition of taxes under Section 409A of the Code. Notwithstanding
anything in the Plan to the contrary, if any Plan provision or Award under the Plan would result in the imposition of an additional tax
under Section 409A of the Code, that Plan provision or Award shall be reformed, to the extent permissible under Section 409A
of the Code, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant’s
rights to an Award.

 

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(b)            Unless
the Committee provides otherwise in an Award Agreement, each DER, Restricted Unit or Phantom Unit (or portion thereof if the Award is
subject to a vesting schedule) shall be settled no later than the 15th day of the third month after the end of the first calendar
year in which the Award (or such portion thereof) is no longer subject to a “substantial risk of forfeiture” within the meaning
of Section 409A of the Code. If the Committee determines that a DER, Restricted Unit or Phantom Unit is intended to be subject to
Section 409A of the Code, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Section 409A
of the Code.

 

(c)            If
the Participant is identified by the Company as a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of
the Code on the date on which the Participant has a “separation from service” (other than due to death) within the meaning
of Treasury Regulation § 1.409A-1(h), any Award payable or settled on account of such separation from service that is deferred compensation
subject to Section 409A of the Code shall be paid or settled on the earliest of (i) the first business day following the expiration
of six months from the Participant’s separation from service; (ii) the date of the Participant’s death; and (iii) such
earlier date as complies with the requirements of Section 409A of the Code.

 

14.            Term
of the Plan.

 

The Plan has been approved
by the limited partners of the Partnership and shall become effective on the later of the date of its approval by the Board or the initial
public offering of Units. The Plan shall terminate on, and no Awards may be granted after, the earliest of the date established by the
Board or the Committee, the 10th anniversary of the date the Plan was approved by the limited partners of the Partnership (or
such earlier anniversary, if any, required by the rules of the exchange on which Units are traded) or the date Units are no longer
available for delivery pursuant to Awards under the Plan. However, unless otherwise expressly provided in the Plan or in an applicable
Award Agreement, any Award granted prior to such termination, and the authority of the Committee to amend, alter, adjust, suspend, discontinue,
or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date.

 

    9Exhibit 10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into between P3 Health Group Management, LLC (“OpCo”),
P3 Health Partners Inc., a Delaware corporation (“TopCo” and, together with OpCo, the “Company”),
and Sherif Abdou, M.D. (the “Executive”).

 

W I T N E S S E T H

 

WHEREAS,
the Company desires to employ the Executive as the Founder and Chief Executive Officer of the Company;

 

WHEREAS,
the Company and the Executive desire to enter into this Agreement as to the terms of the Executive’s employment with the Company;
and

 

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

 

1.             POSITION
AND DUTIES.

 

(a)          The
Executive shall serve as the Founder and Chief Executive Officer of TopCo. Executive shall report to the Chairman and Board of Directors
of TopCo (the “Board of Directors”) and shall, subject to the control of the Board of Directors, be responsible for
the general supervision, direction and control of the business and officers of the Company and shall have the general powers and duties
of management usually vested in the office of chief executive officer of a corporation as may be prescribed by the Board of Directors
from time to time. For so long as the Executive serves as Chief Executive Officer of TopCo, at the expiration of each of the Executive’s
then-current term on the Board of Directors, TopCo shall nominate the Executive for re-election as a member of the Board of Directors.

 

(b)          The
Executive shall devote substantially all of the Executive’s working time and efforts to the business and affairs of the Company.

 

2.             EVERGREEN
EMPLOYMENT TERM. The Company agrees to employ the Executive, and the Executive agrees
to be employed, as of January 1, 2022. The initial term of this Agreement shall commence on January 1, 2022 and end on January 1,
2025 (the “Initial Term”). This Agreement shall automatically renew for successive one (1)-year terms (each, a “Renewal
Term”) beginning on January 1, 2025. Either the Company or the Executive may elect to terminate this Agreement at any
time during the Initial Term or any Renewal Term by giving the other party prior written notice. In the case of an Executive initiated
notice, the notice period shall be 90 days and the Company shall have the option of reducing the notice period to 60 days. In the case
of a Company initiated notice, the notice period shall be 90 days and the Executive shall have the option of reducing the notice period
to 60 days. The Executive’s employment hereunder may also be terminated during the Initial Term or any Renewal Term in accordance
with Section 7 of this Agreement. The period of time between January 1, 2022 and the termination of the Executive’s
employment hereunder shall be referred to herein as the “Employment Term.”

 

     

     

    

 

3.             BASE
SALARY. The Company agrees to pay the Executive an annual base salary (“Base Salary”)
of $800,000, payable in accordance with the regular payroll practices of the Company. The Compensation and Governance Committee of the
Board of Directors (the “Compensation and Governance Committee”) shall review the Base Salary annually.

 

4.             ANNUAL
BONUS. The Executive shall be eligible to receive an annual incentive bonus (“Bonus”)
targeted at 100% of the Executive’s Base Salary (the “Target Bonus”) based upon performance goals which shall
be determined by the Compensation and Governance Committee annually and approved by the Board of Directors. For the 2022 calendar year,
the performance goals have been communicated to Executive separately. The performance goals for each year shall be determined no later
than March 31 of the applicable year, commencing in 2023. Any Annual Bonus earned for a calendar year shall be paid, subject to
the Executive’s continued employment through December 31 of such calendar year, no later than March 15 in the immediately
following calendar year at the same time bonuses are paid by the Company to its employees generally.

 

5.             Intentionally
Omitted.

 

6.             EMPLOYEE
BENEFITS.

 

(a)           During
the Employment Term, the Executive shall be entitled to participate in any employee benefit plan that the Company adopts.

 

(b)          As
part of Executive’s benefit compensation under this Agreement, Company shall, following consultation with Executive, obtain, pay
for and maintain during the Employment Term short-term and long-term disability insurance coverage on Executive at a level commensurate
with Executive’s position and compensation (the “Disability Insurance Policies”).

 

7.             TERMINATION.
The Executive’s employment shall be subject to termination in the event of any of the following:

 

(a)           DISABILITY.
Upon thirty (30) days’ prior written notice by the Company or the Executive to the other party of termination due to Disability.
For purposes of this Agreement, “Disability” shall mean the Executive’s inability to perform the essential functions
and duties of the Executive’s position with the Company for an aggregate of one hundred twenty (120) days in any twelve (12)-month
period as a result of any physical or mental impairment, as determined by an independent physician in accordance with the terms of the
Disability Insurance Policies.

 

(b)           DEATH.
Automatically upon the date of death of the Executive.

 

(c)           CAUSE
BY COMPANY. The Company shall have the right, upon thirty (30) days written notice given to Executive, to terminate Executive’s
employment relationship for Cause by Company. For purposes of this Agreement, “Cause by Company” shall mean: (i) Executive
stole from, defrauded or embezzled from the Company or the Executive’s indictment for, or plea of guilty or nolo contendere
to, any felony or any other crime involving dishonesty; or (ii) the Executive’s willful and material violation of the Company’s
policies related to discrimination, harassment, ethics, corporate governance, insider trading, Regulation FD and other SEC compliance
and related party transactions.  In the event of termination for Cause by Company with respect to subsection (ii) of this Section 7(c),
the Company shall have provided Executive written notice with reasonable detail of the violation and, if the violation is curable, a
thirty (30) days opportunity to cure.

 

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(d)          TERMINATION
FOR CAUSE BY EXECUTIVE. Executive shall have the right, upon thirty (30) days written notice given to the Company, to terminate Executive’s
employment relationship for Cause by Executive. For purposes of this Agreement, “Cause by Executive” shall mean any
of the following: (i) a reduction in Executive’s Base Salary without the Executive’s consent, other than a reduction
of not more than five (5%) percent of the Base Salary in effect from time to time in connection with pro rata reductions made to the
Company’s senior management team; (ii) a material adverse change in the Executive’s duties or responsibilities (other
than temporarily while the Executive is physically or mentally incapacitated) without Executive’s consent, including the Company’s
failure to cause Executive to be nominated to stand for election to the Board in accordance with Section 1(a) hereof;
or (iii) relocation of the Executive’s principal place of employment outside the Las Vegas, Nevada metropolitan area without
the Executive’s consent; provided, in each case of (i), (ii) and (iii), that in order for there to be Cause by Executive,
the Executive must notify the Company in writing within 30 days of the initial occurrence of the circumstances giving rise to Cause by
Executive and the Company must have failed to cure such circumstances within such 30 days following the date of such notice (and the
termination of employment occurs within 30 days following the expiration of such cure period).

 

(e)          TERMINATION
WITHOUT CAUSE BY EXECUTIVE OR COMPANY. As is set forth in Section 2 above, the Company or the Executive may elect to terminate
this Agreement for no cause by giving the other party prior written notice of their desire to terminate the Agreement. In either case
whether by Company or Executive, the notice period shall be 90 days and the other party shall have the option of reducing the notice
period to 60 days.

 

(f)           CERTAIN
DEFINITIONS.

 

(i)             “Affiliate”
means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such specified Person.

 

(ii)            “Control”
(including the terms “Controlled by” and “under common Control with”) 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 the ownership of voting securities,
as trustee or executor, by contract or otherwise, including the ownership, directly or indirectly, of securities having the power to
elect a majority of the board of directors or similar body governing the affairs of such Person.

 

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(iii)           “Person”
means any individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity, as well as any
syndicate or group that would be deemed to be a person under Section 13(d)(3) of the United States Securities Exchange Act
of 1934, as amended.

 

8.            CONSEQUENCES
OF TERMINATION. Upon the termination of the Executive’s employment with the Company
for any reason, the Executive shall, unless otherwise determined by the Board of Directors, immediately resign from the Board of Directors
and from all other officer, director or other positions the Executive holds with the Company or any of its Affiliates. Termination of
the Executive shall result in the following.

 

(a)           DEATH.
In the event that the Executive’s employment and the Employment Term ends on account of the Executive’s death, the Executive
or the Executive’s estate, as the case may be, shall be entitled to the following:

 

(i)            any
unpaid Base Salary and accrued benefits through the date of termination including a pro-rated portion of the Target Bonus for the year
in which death occurs up to the date of death, payable within 30 days following the date of termination; and

 

(ii)           reimbursement
for any unreimbursed business expenses incurred through the date of termination.

 

(b)           DISABILITY.
In the event that the Executive’s employment and/or the Employment Term ends on account of the Executive’s Disability, the
Company shall pay or provide the Executive with any accrued benefits through the date of termination within 30 days following the date
of termination.

 

(c)          TERMINATION
FOR CAUSE BY COMPANY OR WITHOUT CAUSE BY EXECUTIVE. If the Executive’s employment is terminated and the Employment Term ends
(i) for Cause by the Company, or (ii) without Cause by the Executive, the Company shall pay to the Executive, within 30 days
following the date of termination, any accrued benefits through the date of termination following the applicable notice period. In addition,
if the Executive’s employment is terminated and the Employment Term ends without Cause by Executive, the Company shall pay to the
Executive an aggregate amount equal to one-and-one-half (1.5) times the sum of (A) the Executive’s Base Salary and (B) the
Target Bonus, such amount to be payable in equal installments over the eighteen (18)-month period following the date of termination (payable
in accordance with the Company’s normal pay-roll cycle).

 

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(d)          TERMINATION
WITHOUT CAUSE BY COMPANY OR TERMINATION FOR CAUSE BY EXECUTIVE.

 

(i)            If
the Executive’s employment is terminated and the Employment Term ends without Cause by the Company or by the Executive for Cause,
then the Executive shall be entitled to:

 

(1)           all
accrued benefits through the date of termination, payable within 30 days following the date of termination; and

 

(2)           the
payment by the Company of an aggregate amount equal to one-and-one-half (1.5) times the sum of (A) the Executive’s Base Salary
and (B) the Target Bonus, such amount to be payable in equal installments over the eighteen (18)-month period following the date
of termination (payable in accordance with the Company’s normal pay-roll cycle) (the “Cash Severance”) (for
clarity, the Target Bonus shall be calculated without regard to actual performance for the year of termination); and

 

(3)           if
and to the extent the Executive is eligible for and timely elects continuation coverage under the Company’s health plan pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), a reimbursement of a portion
of the premiums for such coverage for eighteen (18) months or until the Executive becomes eligible for health insurance through a new
employment, such portion to be equal to the amount of premiums the Company would have paid for the Executive’s active employee
health coverage had the Executive remained an active employee during such time, such amount to be payable monthly in substantially equal
installments during the eighteen (18) month period following termination.

 

(ii)            Release
Requirement. The amounts payable and benefits provided pursuant to this Section 8(d) other than accrued benefits
through the date of termination (the “Severance Benefits”) are conditioned upon and subject to the Executive’s
execution of a general release of claims and covenant not to sue substantially in a form attached hereto as Exhibit A (the
 “Separation Agreement”), within twenty-one (21) days (or forty-five (45) days, if required to comply with applicable
law) following the termination date and the Executive not revoking the Separation Agreement within the seven (7)-day period following
the execution date. In addition, the Company shall, within two business days following the date on which the Separation Agreement becomes
effective, execute a general release of claims substantially in the form attached hereto as Exhibit B. If the Executive timely
executes and does not revoke the Separation Agreement, the Cash Severance and if applicable COBRA portions of the Severance Benefits
shall begin to be paid within ten (10) days after the revocation period applicable to the Separation Agreement expires, with the
first payment to include any unpaid installments from the termination date; provided, that with respect to any payments subject to Section 409A
(as defined below), if the period during which the Separation Agreement may be executed and/or revoked could cross calendar years, the
first payment shall not be made until the later calendar year if necessary to comply with Section 409A. If the Executive does not
timely sign the Separation Agreement or revokes the Separation Agreement, the Executive shall forfeit any and all rights to the Severance
Benefits.

 

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9.            RESTRICTIVE
COVENANTS.

 

(a)           CONFIDENTIALITY.
During the course of the Executive’s employment with the Company the Executive will learn and develop confidential information
on behalf of the Company. The Executive agrees that the Executive shall not, directly or indirectly, use, make available, sell, disclose
or otherwise communicate to any person, other than in the course of the Executive’s assigned duties and for the benefit of the
Company, either during the period of the Executive’s employment or at any time thereafter, any confidential business or technical
information, trade secrets, or other nonpublic, proprietary or confidential information, knowledge or data relating to the Company, or
received from third parties subject to a duty on the Company’s part to maintain the confidentiality of such information and to
use it only for its intended and authorized purposes.

 

(b)           NONCOMPETITION.
The Executive acknowledges that (i) the Executive performs services of a unique nature for the Company that are irreplaceable, and
that the Executive’s performance of such services to a competing business will result in irreparable harm to the Company, (ii) the
Executive has had and will continue to have access to trade secrets and other confidential information of the Company, which, if disclosed,
would unfairly and inappropriately assist in competition against the Company, (iii) in the course of the Executive’s employment
by a competitor, the Executive would inevitably use or disclose such trade secrets and confidential information, and (iv) the Company
has substantial relationships with their customers, strategic partners, the health insurance providers with whom they enter into agreements,
patients and patient referral sources and the Executive has had and may continue to have access to these customers and referral sources.
Accordingly, during the Executive’s employment hereunder and for a period of eighteen (18) months thereafter, and except as set
forth in this Section 9(b), the Executive shall not either solely or in connection with or through others directly or indirectly,
engage in the business of developing, marketing, operating, managing and/or selling, services in the Medicare Advantage primary care
global risk business anywhere in the United States, including the District of Columbia. In addition, for a period of eighteen (18) months
after termination of employment, the Executive shall not either solely or in connection with or through others directly or indirectly,
engage in the business of developing, marketing, operating, managing and/or selling, services in Medicare Direct Contracting Entities
or in the Medicaid global risk primary care business undertaken by the Company during the term of this Agreement only in the counties
in the  United States where the Company is operating, provided the Company has been in such business for 18 months, and  such
business comprises 20% or more of the revenue of the Company at the time of termination. The foregoing activities in this Section 9(b) shall
be referred to as the “Competitive Business”. Notwithstanding the foregoing, (i) after July 1, 2023 the
Executive may hold a seat on a governing board with health care systems, so long as the health care system is not in the Competitive
Business and (ii) the Executive may own, finance, or invest in a Competitive Business as the passive holder of not more than 5%
of the outstanding stock of a publicly-held or non-publicly held company. During the twelve (12) month following the termination of the
Executive’s employment with the Company the Executive agrees to work in good faith to support the Company’s efforts to complete
any transaction for the Company that was subject to active business development activity by the Company during the nine (9) months
prior to termination of Executive’s employment, provided that the Company and Executive shall mutually agree to a reasonable consulting
agreement providing for compensation for such services at the hourly equivalent of the Base Salary as of the time of termination of employment.

 

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(c)           NONSOLICITATION;
NONINTERFERENCE. During the Executive’s employment with the Company and for a period of twenty-four (24) months thereafter,
the Executive agrees that the Executive shall not, except in the furtherance of the Executive’s duties hereunder, directly or indirectly,
individually or on behalf of any other person, firm, corporation or other entity (A) solicit, aid or induce any employee, representative
or agent of the Company to leave such employment or retention or to accept employment with or render services to or with any other person,
firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, representative or agent, or take
any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such
employee, representative or agent, or (B) interfere, or aid or induce any other person or entity in interfering with the relationship
between the Company and any of its payors, joint venturers, licensors or contractors with whom the Company has a contract relating to
its at-risk Medicare Advantage business.

 

(d)           NO
DISPARAGEMENT. Neither the Company nor the Executive shall, in any manner, directly or indirectly, make any oral or written statement
to any person that disparages or places any of the other party or its affiliates, or any of their respective members or advisors or any
member of the Board of Directors in a false or negative light; provided, however, that a party shall not be required to make any untruthful
statement or to violate any law. For purposes of this Section 9(d), the Company’s covenants shall apply to the Company’s
executive officers and members of the Board of Directors.

 

(e)           REFORMATION.
If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 9 is excessive
in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties hereto that such restriction
may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

 

(f)            SURVIVAL
OF PROVISIONS. The obligations contained in Section 9 hereof shall survive the termination or expiration of the Employment
Term and the Executive’s employment with the Company and shall be fully enforceable thereafter. Executive may request an amendment
to the provisions of Section 9 in the future which the Board of Directors may approve or decline in its sole discretion.
Notwithstanding the foregoing, the Board of Directors shall be under no obligation to amend this Agreement.

 

(g)           COMPANY.
For purposes of Section 7(c), Section 9 and Section 10 of this Agreement, “Company”
shall include direct and indirect subsidiaries of P3 Health Partners Inc.

 

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(h)           EXCEPTIONS.
Notwithstanding anything in this Agreement to the contrary, nothing contained in this Agreement shall prohibit the Company or the Executive
(or either party’s attorney(s)) from (i) filing a charge with, reporting possible violations of federal law or regulation
to, participating in any investigation by, or cooperating with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory
Authority, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration,
the U.S. Commodity Futures Trading Commission, the U.S. Department of Justice or any other securities regulatory agency, self-regulatory
authority or federal, state or local regulatory authority (collectively, “Government Agencies”), or making other disclosures
that are protected under the whistleblower provisions of applicable law or regulation, (ii) communicating directly with, cooperating
with, or providing information (including trade secrets) in confidence to any Government Agencies for the purpose of reporting or investigating
a suspected violation of law, or from providing such information to such party’s attorney(s) or in a sealed complaint or other
document filed in a lawsuit or other governmental proceeding, and/or (iii) receiving an award for information provided to any Government
Agency. Pursuant to 18 USC Section 1833(b), (1) the Executive will not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation
of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (2) the
Executive acknowledges that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law
may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the
individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court
order. Further, nothing in this Agreement is intended to or shall preclude the Company or the Executive from providing truthful testimony
in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required
by law. If the Executive is required to provide testimony, then unless otherwise directed or requested by a Government Agency or law
enforcement, the Executive shall notify the Company as soon as reasonably practicable after receiving any such request of the anticipated
testimony.

 

10.          EQUITABLE
RELIEF AND OTHER REMEDIES. The Executive acknowledges and agrees that the Company’s remedies
at law for a breach or threatened breach of any of the provisions of Section 9 hereof would be inadequate and, in recognition
of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the
Company shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary
or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages
or the posting of a bond or other security.

 

11.          NO
ASSIGNMENTS. This Agreement may not be assigned, including by change of control, merger, acquisition,
or any business combination, by any party without first obtaining the written consent of the other party, which consent shall not be
unreasonably withheld.

 

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12.          NOTICE.
For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered
by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed
overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered
or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If
to the Executive: at the Executive’s last known address on the records of the Company.

 

With a Copy to

 

Nutile Law

7395 S. Pecos Road, Ste 103

Las Vegas, NV 89120

Attn: Maria Nutile, Esq.

 

If
to the Company:

 

P3
Health Partners Inc.

c/o Mark Thierer, Chairman

2370 Corporate Cir. #300

Henderson, NV 89074

 

With a Copy to

 

P3
Health Partners Inc.

Attn: Chief Legal Officer

2370 Corporate Cir. #300

Henderson, NV 89074

 

or to such other address as either party may
have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon
receipt.

 

13.          SEVERABILITY.
The provisions of this Agreement shall be deemed severable and invalidity or unenforceability of any provision shall not affect the validity
or enforceability of the other provisions hereof.

 

14.          LEGAL
COUNSEL; MUTUAL DRAFTING. Each party recognizes that this is a legally binding contract
and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated
in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall
not be construed against the Company or the Executive on the basis of that party being the drafter of such language.

 

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15.          GOVERNING
LAW; JURISDICTION; NO TRIAL BY JURY. This Agreement,
the rights and obligations of the parties hereto, any claims or disputes relating thereto, or any proceeding relating to the Executive’s
employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof, shall be governed
by and construed in accordance with the laws of the State of Delaware without regard to its choice of law provisions. BECAUSE DISPUTES
ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES HERETO WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES HERETO DESIRE THAT THEIR
DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL
SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING
BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT
OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT AND/OR THE EXECUTIVE’S EMPLOYMENT BY THE COMPANY OR ANY AFFILIATE OF
THE COMPANY, OR THE EXECUTIVE’S OR THE COMPANY’S PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS AGREEMENT. ANY DISPUTE PERMITTED
TO BE BROUGHT IN COURT SHALL BE HEARD IN THE STATE OR FEDERAL COURTS SITTING IN LAS VEGAS, NEVADA AND THE PARTIES AGREE TO JURISDICTION
AND VENUE THEREIN.

 

16.          ARBITRATION.
Any dispute, controversy, or claim arising out of relating to this Agreement, or Executive’s employment
with the Company, shall be resolved by binding arbitration before a single arbitrator in accordance with the then-current Employment
Arbitration Rules and Mediation Procedures of the American Arbitration Association (which are available at https://www.adr.org/sites/default/files/EmploymentRules_Web_2.pdf),
however, that any party may seek injunctive relief to protect his or its rights hereunder in court.

 

17.          MISCELLANEOUS.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing
and signed by the Executive and such officer or director as may be designated by the Board. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by any party which are not expressly set forth
in this Agreement.

 

18.           SECTION 409A.

 

(a)           General.
It is the intention of both the Company and the Executive that the benefits and rights to which the Executive could be entitled pursuant
to this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and other
guidance promulgated or issued thereunder (“Section 409A”), to the extent that the requirements of Section 409A
are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention. If the Executive
or the Company believes, at any time, that any such benefit or right that is subject to Section 409A does not so comply, he or it
shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such
that they comply with Section 409A (with the most limited possible economic effect on the Executive and on the Company).

 

(b)           Distributions
on Account of Separation from Service. If and to the extent required to comply with Section 409A, no payment or benefit required
to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive
incurs a “separation from service” within the meaning of Section 409A.

 

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(c)           6
Month Delay for Specified Employees. If the Executive is a “specified employee” (as determined by the Company in accordance
with Section 409A), then no payment or benefit that is payable on account of the Executive’s “separation from service”,
as that term is defined for purposes of Section 409A, shall be made before the date that is the later of six months after the Executive’s
 “separation from service” (or, if earlier, the date of the Executive’s death) and the 18-month anniversary of the date
hereof, if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation)
under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed
by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order
to catch up to the original payment schedule.

 

(d)           Treatment
of Each Installment as a Separate Payment. For purposes of applying the provisions of Section 409A to this Agreement, each separately
identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the
extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a
series of separate payments.

 

(e)           Taxable
Reimbursements and In-Kind Benefits. Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement
that are not excludable from the Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”)
shall be made by no later than the last day of the taxable year of the Executive following the year in which the expense was incurred.
The amount of any Taxable Reimbursements, and the value of any in-kind benefits to be provided to the Executive, during any taxable year
of the Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year
of the Executive. The right to Taxable Reimbursement, or in-kind benefits, shall not be subject to liquidation or exchange for another
benefit.

 

(f)            No
Guaranty of 409A Compliance. Notwithstanding anything to the contrary, the Company does not make any representation to the Executive
that the payments or benefits provided under this Agreement are exempt from, or satisfy, the requirements of Section 409A, and neither
the Company nor any Related Entity shall have any liability or other obligation to indemnify or hold harmless the Executive or any beneficiary
of the Executive for any tax, additional tax, interest or penalties that the Executive or any beneficiary of the Executive may incur
in the event that any provision of this Agreement or any other action taken with respect thereto is deemed to violate any of the requirements
of Section 409A.

 

19.          SURVIVAL
OF PROVISIONS. The obligations contained in Sections 7 through 19 of this
Agreement shall survive the termination or expiration of the Employment Term and the Executive’s employment with the Company.

 

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20.          ENTIRE
AGREEMENT. This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, upon its effectiveness, shall supersede all prior agreements, understandings and arrangements,
both oral and written, between the Executive, on the one hand, and the Company or any Affiliate of the Company or any predecessor of
any of the foregoing, on the other hand, with respect to such subject matter, and supersedes that certain Employment Agreement, dated
as of April 20, 2017, by and between P3 Health Group Holdings, LLC and the Executive (which shall no longer have any effect). In
addition, the parties hereto acknowledge and agree that the P3 Health Group, LLC Amended and Restated Limited Liability Company Agreement
has no force or effect with respect to this Agreement. This Agreement may not be modified in any way unless by a written instrument signed
by both an authorized officer of the Company (other than the Executive) and the Executive.

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the 16th day of May, 2022.

 

	 	“OPCO”

 

	 	By:	/s/ Jessica Puathasnanon

	 	Jessica Puathasnanon
	 	Title: Authorized Officer

 

	 	“TOPCO”

 

	 	By:	/s/ Mark Thierer

	 	Name: Mark Thierer
	 	Title: Chairman of the Board

 

	 	“EXECUTIVE”

 

	 	/s/ Sherif Abdou, M.D.

	 	Sherif Abdou, M.D.

 

     13

     

    

 

EXHIBIT A

 

FORM OF SEPARATION AGREEMENT

 

1.             Release.
For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever
discharge the “Releasees” hereunder, consisting of P3 Health Group Management, LLC (“OpCo”), P3
Health Partners Inc. (“TopCo” and, together with OpCo, the “Company”), and the Company’s
partners, subsidiaries, associates, affiliates, successors, heirs, assigns, agents, directors, officers, employees, representatives,
lawyers, insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner
of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability,
claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent
(hereinafter called “Claims”), which the undersigned now has or may hereafter have against the Releasees, or any of
them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof.  The Claims released herein
include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon, or related to the employment
or termination of employment of the undersigned by the Releasees, or any of them; any alleged breach of any express or implied contract
of employment; any alleged torts or other alleged legal restrictions on Releasees’ right to terminate the employment of the undersigned;
and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights
Act of 1964; the Age Discrimination In Employment Act (“ADEA”); the Americans With Disabilities Act; the Older Workers’
Benefit Protection Act of 1990; Title VII of the Civil Rights Act of 1964, as amended, by the Civil Rights Act of 1991, 42 U.S.C. §
2000 et seq.; Equal Pay Act, as amended, 29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and
Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq.; the False Claims Act, 31 U.S.C. § 3729 et seq.; the Employee Retirement
Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining Notification Act, as amended, 29
U.S.C. § 2101 et seq.; the Fair Labor Standards Act, 29 U.S.C. § 215 et seq.; and any federal, state or local laws of similar
effect.

 

2.             Claims
Not Released. Notwithstanding the foregoing, this general release (the “Release”) shall not operate to release
any rights or claims of the undersigned (i) to payments or benefits under Section 8(d) of that certain Executive Employment
Agreement between the Company and the undersigned (the “Employment Agreement”), with respect to the payments and benefits
provided in exchange for this Release, (ii) to payments or benefits under any equity award agreement between the undersigned and
TopCo (including with respect to the payments and benefits provided in exchange for this Release) or as a holder of any securities of
TopCo, (iii) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy,
practice, program, contract or agreement with the Company, (iv) to any Claims, including claims for indemnification and/or advancement
of expenses arising under any indemnification agreement between the undersigned and the Company or under the bylaws, certificate of incorporation
or other similar governing document of the Company, (v) to any Claims which cannot be waived by an employee under applicable law
or (vi) with respect to the undersigned’s right to communicate directly with, cooperate with, or provide information to, any
federal, state or local government regulator.

 

     

     

    

 

3.             Exceptions.
Notwithstanding anything in this Release to the contrary, nothing contained in this Release shall prohibit the undersigned from (i) filing
a charge with, reporting possible violations of federal law or regulation to, participating in any investigation by, or cooperating with
any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of applicable law
or regulation and/or (ii) communicating directly with, cooperating with, or providing information (including trade secrets) in confidence
to, any federal, state or local government regulator (including, but not limited to, the U.S. Securities and Exchange Commission, the
U.S. Commodity Futures Trading Commission, or the U.S. Department of Justice) for the purpose of reporting or investigating a suspected
violation of law, or from providing such information to the undersigned’s attorney or in a sealed complaint or other document filed
in a lawsuit or other governmental proceeding. Pursuant to 18 USC Section 1833(b), (1) the undersigned will not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting
or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if
such filing is made under seal and (2) the undersigned acknowledges that an individual who files a lawsuit for retaliation by an
employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade
secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not
disclose the trade secret, except pursuant to court order.

 

4.             Representations.
The undersigned represents and warrants that there has been no assignment or other transfer of any interest in any Claim (other than
Unreleased Claims) which the undersigned may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold
Releasees, and each of them, harmless from any liability, Claims, demands, damages, costs, expenses and attorneys’ fees incurred
by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. 
It is the intention of the parties that this indemnity does not require payment as a condition precedent to recovery by the Releasees
against the undersigned under this indemnity.

 

5.             No
Action. The undersigned agrees that if the undersigned hereafter commences any suit arising out of, based upon, or relating to any
of the Claims released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then
the undersigned agrees to pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all attorneys’
fees incurred by Releasees in defending or otherwise responding to said suit or Claim. Notwithstanding the foregoing, this provision
shall not apply to any suit or Claim to the extent it challenges the effectiveness of this release with respect to a claim under the
ADEA.

 

6.             No
Admission. The undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this
Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently
taken the position that they have no liability whatsoever to the undersigned.

 

     

     

    

 

7.             OWBPA.
The undersigned agrees and acknowledges that this Release constitutes a knowing and voluntary waiver and release of all Claims the undersigned
has or may have against the Company and/or any of the Releasees as set forth herein, including, but not limited to, all Claims arising
under the Older Worker’s Benefit Protection Act and the ADEA. In accordance with the Older Worker’s Benefit Protection Act,
the undersigned is hereby advised as follows:

 

		(i)	the
                                            undersigned has read the terms of this Release, and understands its terms and effects, including
                                            the fact that the undersigned agreed to release and forever discharge the Company and each
                                            of the Releasees, from any Claims released in this Release;

 

		(ii)	the undersigned understands that, by
                                            entering into this Release, the undersigned does not waive any Claims that may arise after
                                            the date of the undersigned’s execution of this Release, including without limitation
                                            any rights or claims that the undersigned may have to secure enforcement of the terms and
                                            conditions of this Release;

 

		(iii)	the undersigned has signed this Release
                                            voluntarily and knowingly in exchange for the consideration described in this Release, which
                                            the undersigned acknowledges is adequate and satisfactory to the undersigned and which the
                                            undersigned acknowledges is in addition to any other benefits to which the undersigned is
                                            otherwise entitled;

 

		(iv)	the Company advises the undersigned to
                                            consult with an attorney prior to executing this Release;

 

		(v)	the undersigned has been given at least
                                            [21]1 days in which to review and consider this Release. To the extent that
                                            the undersigned chooses to sign this Release prior to the expiration of such period, the
                                            undersigned acknowledges that the undersigned has done so voluntarily, had sufficient time
                                            to consider the Release, to consult with counsel and that the undersigned does not desire
                                            additional time and hereby waives the remainder of the [21]-day period; and

 

		(vi)	the undersigned may revoke this Release
                                            within seven days from the date the undersigned signs this Release and this Release will
                                            become effective upon the expiration of that revocation period if the undersigned has not
                                            revoked this Release during such seven-day period. If the undersigned revokes this Release
                                            during such seven-day period, this Release will be null and void and of no force or effect
                                            on either the Company or the undersigned and the undersigned will not be entitled to any
                                            of the payments or benefits which are expressly conditioned upon the execution and non-revocation
                                            of this Release. Any revocation must be in writing and sent to [name], via electronic
                                            mail at [email address], on or before [11:59 p.m. Pacific time] on the seventh
                                            day after this Release is executed by the undersigned.

 

 

1 NTD: Use 45 days in a group termination, and include
information regarding terminated positions.

 

     

     

    

 

8.             Acknowledgement.
The undersigned acknowledges that different or additional facts may be discovered in addition to what is now known or believed to be
true by the undersigned with respect to the matters released in this Release, and the undersigned agrees that this Release shall be and
remain in effect in all respects as a complete and final release of the matters released, notwithstanding any different or additional
facts.

 

9.             Governing
Law. This Release is deemed made and entered into in the State of Delaware, and in all respects shall be interpreted, enforced and
governed under the internal laws of the State of Delaware, to the extent not preempted by federal law.

 

* * * * *

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has executed this Release this
____ day of ___________, ____.

 

	 	 
	 	Sherif Abdou

 

     

     

    

 

EXHIBIT B

 

COMPANY RELEASE

 

1.             Release.
In exchange for the consideration set forth in that Executive Employment Agreement by and among P3 Health Group Management, LLC (“OpCo”),
P3 Health Partners Inc. (“TopCo” and, together with OpCo, the “Company”) and Sherif Abdou (the
 “Executive”), the receipt and adequacy of which is hereby acknowledged, the Company does hereby release and forever
discharge the “Releasees” hereunder, consisting of the Executive and his heirs and assigns, of and from any and all
manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability,
claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent
(hereinafter called “Claims”), which the Company or any it subsidiaries now has or may hereafter have against the
Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof.

 

2.             Claims
Not Release. Notwithstanding the foregoing, this general release (the “Release”) shall not operate to release
any Claims which the Company or its affiliates may have relating to or arising out of (i) the Executive’s fraud or breach
of fiduciary duty, or (ii) any acts or omissions by the Executive that are not covered by the Company’s director and officer
insurance coverage or not properly the subject of defense or indemnity by the Company (the “Unreleased Claims”).

 

3.             Representations.
The Company represents and warrants that there has been no assignment or other transfer of any interest in any Claim (other than Unreleased
Claims) which it may have against Releasees, or any of them, and the Company agrees to indemnify and hold Releasees, and each of them,
harmless from any liability, Claims, demands, damages, costs, expenses and attorneys’ fees incurred by Releasees, or any of them,
as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is the intention of
the parties that this indemnity does not require payment as a condition precedent to recovery by the Releasees against the Company under
this indemnity.

 

4.             No
Action. The Company agrees that if it hereafter commences any suit arising out of, based upon, or relating to any of the Claims released
hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the Company agrees to
pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all reasonable attorneys’ fees
incurred by Releasees in defending or otherwise responding to said suit or Claim.

 

5.             No
Admission. The Company further understands and agrees that neither the payment of any sum of money nor the execution of this Release
shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently
taken the position that they have no liability whatsoever to the Company.

 

     

     

    

 

6.             Acknowledgement.
The Company acknowledges that different or additional facts may be discovered in addition to what is now known or believed to be true
by the Company with respect to the matters released in this Release, and the Company agrees that this Release shall be and remain in
effect in all respects as a complete and final release of the matters released, notwithstanding any different or additional facts.

 

7.             Governing
Law. This Release is deemed made and entered into in the State of Delaware, and in all respects shall be interpreted, enforced and
governed under the internal laws of the State of Delaware, to the extent not preempted by federal law.

 

* * * * *

 

     

     

    

 

IN WITNESS
WHEREOF, the Company has executed this Release as of this ___ day of ________, 20__.

 

	 	“OPCO”

 

	 	By:	 

	 	Name:	 

	 	Title:	 

 

	 	“TOPCO”

 

	 	By:	 

	 	Name:	 

	 	Title:

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