Document:

Exhibit 10.1

 

EXECUTION
VERSION

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is made and entered into as of this 1st day of December, 2021 (the “Effective Date”),
by and between Total Community Options, Inc., d/b/a InnovAge, a Colorado corporation (the “Company”), and Patrick
Blair (the “Executive”).

 

RECITALS

 

The Company desires to offer
to the Executive employment on the terms and conditions set forth in this Agreement. In consideration of the foregoing premises and the
mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree:

 

1.             Employment.
The Executive’s employment shall be subject to the terms and conditions set forth in this Agreement.

 

2.             Term.
This Agreement will continue in effect from the Effective Date until terminated in accordance with Section 5 hereof. The term
of this Agreement is hereafter referred to as “the term of this Agreement” or “the term hereof”.

 

3.             Capacity
and Performance.

 

(a)            During
the term hereof, the Executive shall be employed by the Company on a full-time basis and shall serve the Company as its President. In
such capacity, the Executive shall report to the Board of Directors of the Company (the “Board”), and the Executive
shall have such duties as are consistent with the Executive’s position and as may from time to time be assigned to the Executive
by the Board. Without limitation of the foregoing, the Executive will be in charge of all of the Company’s centers and their employees
and for all clinical functions of the Company. The Chief Medical Officer of the Company, the Chief People Officer of the Company, the
Chief Technology Officer of the Company, all employees involved in center operations, all sales and marketing employees and all personnel
responsible for developing new sites will report to the Executive. The Chief Financial Officer of the Company, the General Counsel of
the Company, all employees involved in investor relations and all personnel solely responsible for acquisitions will not report to the
Executive. Notwithstanding anything to the contrary in the foregoing, the Executive will take on additional responsibilities and direct
reports in his first role of operations, such that, by the end of the Executive’s first nine (9) months of employment, the
Executive will have responsibility for the finance, legal, investor relations and mergers and acquisitions functions, including, without
limitation, having the related employees report in to the Executive.

 

(b)            During
the term hereof, the Executive shall devote substantially all of the Executive’s business time and the Executive’s
reasonable best efforts, business judgment, skill and knowledge to the advancement of the business and interests of the Company and
its Affiliates (as defined below) and to the discharge of the Executive’s duties and responsibilities hereunder. The Executive
shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position
during the term of this Agreement, except as may be expressly approved in advance by the Board in writing, which approval
shall not be unreasonably withheld; provided, however, that the Executive may, without advance consent, participate in
charitable activities and passive personal investment activities, provided that such activities do not, individually or in the
aggregate, interfere with the performance of the Executive’s duties under this Agreement, are not in conflict with the
business interests of the Company or any of its Affiliates and do not violate Sections 7, 8 or 9 of this
Agreement. The Company acknowledges and agrees that the Executive currently serves on the Board of Directors of Kepro and may
continue such service subject to the foregoing limitations.

 

     

     

    

 

(c)            During
the term hereof, the Executive shall comply with all of the Company’s written policies, practices and codes of conduct applicable
to the Executive’s position and made available to the Executive, as in effect from time to time.

 

(d)            The
Executive acknowledges and agrees that the Executive must reside within driving distance of the Company’s headquarters in Denver,
Colorado during the term hereof.

 

4.             Compensation
and Benefits. As compensation for all services performed by the Executive hereunder during the term hereof, and subject to performance
of the Executive’s duties and responsibilities to the Company and its Affiliates, pursuant to this Agreement or otherwise, the Company
shall pay certain compensation and provide certain benefits to the Executive, as follows:

 

(a)            Base
Salary. During the term of this Agreement, the Company will pay the Executive an annual base salary commensurate with the Executive’s
performance and experience within the compensation philosophy established by the Company; the Executive’s initial annual base salary
rate will be $750,000. The Executive will be paid the Executive’s annual base salary in accordance with the normal payroll practices
of the Company as in effect from time to time (but no less frequently than monthly); the Executive’s annual base salary, as from
time to time adjusted, is hereafter referred to as the “Base Salary”. The Board shall review the Base Salary each year for
increase, but shall not decrease the Base Salary.

 

(b)            Annual
Bonus Compensation. For each fiscal year of the Company occurring during the term hereof, beginning with the 2022 fiscal year,
the Executive shall be eligible, but not entitled, to receive a discretionary annual bonus (the “Annual Bonus”),
targeted at one hundred percent (100%) of the Executive’s Base Salary (the “Target Bonus”). The actual
amount of the Annual Bonus due for a given fiscal year, if any, will be determined by the Board, acting in good faith and based on
the achievement of pre-established performance criteria. The performance criteria shall be established by the Board no later than
the sixtieth (60th) day of the fiscal year and shall be communicated in writing to the Executive within fifteen (15) days
of the date on which the Board establishes the performance criteria. Any Annual Bonus earned for a fiscal year shall be paid within
thirty (30) days after the Board has received, reviewed and approved the applicable fiscal year’s final audited statements,
and in any event no later than December 31st of the calendar year in which such fiscal year ends. In order to
receive the Annual Bonus for any fiscal year, the Executive must be employed by the Company through the last day of the fiscal year
to which performance relates. Notwithstanding anything to the contrary in the foregoing, the Annual Bonus for the 2022 fiscal year
will be prorated, based on the number of days the Executive was employed by the Company during the 2022 fiscal year, to
reflect the Executive’s commencement of employment following the commencement of the 2022 fiscal year.

 

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(c)            Incentive
Equity Grants under the 2021 Omnibus Incentive Plan. The Board has approved the following grants to the Executive: (i) an award
of options (“Options”), with respect to a number of shares of Company common stock equal to the quotient of (A) $10,500,000
and (B) the closing price of a share of Company common stock on November 10, 2021, and (ii) an award of restricted stock
units (“RSUs”), with respect to a number of shares of Company common stock equal to the quotient of (A) $3,500,000
and (B) the closing price of a share of Company common stock on November 10, 2021. The Option award will be subject to an Option
agreement, substantially in the form attached as Exhibit A hereto, and the RSU award will be subject to an RSU agreement,
substantially in the form attached as Exhibit B hereto. Both the Option award and the RSU award will be subject to the InnovAge
Holding Corp. 2021 Omnibus Incentive Plan, as the same may be amended from time to time (the “Omnibus Plan”), and any
other restrictions and limitations generally applicable to the equity of the Company or otherwise imposed by law. For the avoidance of
doubt, the Executive’s entitlement to the foregoing Options and RSUs is subject to the Executive’s commencement of employment
on the Effective Date.

 

(d)           One-Time
Sign-On Bonus. The Executive will be eligible for a one-time cash payment in the amount of $600,000, payable as soon as administratively
possible following the Effective Date, but in no event later than the fourteenth (14th) day immediately following the Effective
Date, provided that either (i) the Executive is still employed with the Company on the payment date or (ii) the Executive’s
employment with the Company was terminated by the Company without Cause or by the Executive for Good Reason (each, as defined below),
in each case, prior to the payment date. Should the Executive terminate the Executive’s employment with the Company without Good
Reason (and provided, that, such termination is not due to the Executive’s death or Disability (as defined below)), or should the
Company terminate the Executive’s employment for Cause, in each case, prior to the first anniversary of the Effective Date, the
Executive will be required to repay the Sign-On Bonus in full (less any taxes previously withheld).

 

(e)            Paid
Time Off. During the term hereof, the Executive shall be entitled to earn four (4) weeks (i.e., twenty (20) days) of paid
time off (“PTO”) per annum (in addition to Company holidays), to be taken at such times and intervals as shall be determined
by the Executive, subject to the reasonable business needs of the Company. PTO shall otherwise be governed by the policies of the Company,
as in effect from time to time.

 

(f)             Employee
Benefit Plans. During the term hereof and subject to any contribution therefore generally required of similarly-situated
employees of the Company, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in
effect for employees of the Company generally (the “Employee Benefit Plans”), except to the extent any Employee
Benefit Plan provides for benefits otherwise provided to the Executive hereunder (e.g., a severance pay plan). For the
avoidance of doubt, the clause at the end of the preceding sentence shall not preclude the Executive from potentially receiving
grants under the Omnibus Plan that are in addition to those specified in Section 4(c) above, in all respects as
determined by the Board. Such participation shall be subject to (i) the terms of the applicable Employee Benefit Plan
documents, (ii) generally applicable Company policies and (iii) the discretion of the Company or any administrative or
other committee provided for under, or contemplated by, such Employee Benefit Plan.

 

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(g)           Business
Expenses. The Company shall pay or reimburse the Executive for reasonable, customary and appropriate business expenses incurred or
paid by the Executive in the performance of the Executive’s duties and responsibilities hereunder, subject to such reasonable substantiation
and documentation and to travel and other policies as may be required by the Company from time to time.

 

(h)           Annual
Physical Exam. The Company will pay for an annual physical exam for the Executive.

 

5.             Termination
of Employment and Severance Benefits. The Executive’s employment hereunder shall terminate under the following circumstances:

 

(a)            Death.
In the event of the Executive’s death during the term hereof, the date of death shall be the date of termination, and the Company
shall pay or provide to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive in a notice
received by the Company, to the Executive’s estate: (i) any Base Salary earned but not paid through the date of termination,
(ii) pay in lieu of any PTO accrued but not used as of the date of termination, (iii) any business expenses incurred by the
Executive but unreimbursed as of the date of termination, provided, that, such expenses and required substantiation and documentation
are submitted no later than one hundred twenty (120) days following the date of termination, that such expenses are reimbursable under
Company policy and that any such expenses subject to Section 5(g)(iv) shall be paid not later than the deadline specified
therein, (iv) any Annual Bonus earned but unpaid in respect of the fiscal year completed immediately prior to the date of termination
(the “Prior Year Bonus,” and all of the foregoing, payable subject to the timing limitations described herein, “Final
Compensation”) and (v) a pro-rata portion of the Executive’s Annual Bonus for the year in which the termination occurs,
based on the Executive’s actual performance through the date of such termination and determined in accordance with Section 4(b) hereof,
with such proration determined based on the number of days the Executive was employed during the fiscal year in which such termination
occurs, payable at the time specified in and in accordance with Section 4(b) hereof (the “Pro-Rata Bonus”).
In the event of such termination, the Company shall have no further obligation or liability to the Executive under this Agreement, other
than for payment of any Final Compensation and Pro-Rata Bonus due to the Executive. Other than business expenses described in Section 5(a)(iii),
Final Compensation shall be paid to the Executive’s designated beneficiary or estate at the time prescribed by applicable law and
in all events within thirty (30) days following the date of death.

 

(b)           Disability.

 

(i)            The
Company may terminate the Executive’s employment hereunder, upon notice to the Executive, in the event that the Executive becomes
disabled during the Executive’s employment hereunder through any illness, injury, accident or condition of either a physical or
psychological nature and, as a result, is unable to perform substantially all of the Executive’s duties and responsibilities hereunder
(notwithstanding the provision of any reasonable accommodation exclusive of the leave of absence provided hereunder) for ninety (90) consecutive
days, or one hundred and eighty (180) non-consecutive days, during any period of three hundred and sixty-five (365) consecutive calendar
days (“Disability”). In the event of such termination, the Company shall have no further obligation or liability to
the Executive under this Agreement, other than for payment of any Final Compensation and Pro-Rata Bonus due to the Executive. Other than
business expenses described in Section 5(a)(iii), Final Compensation shall be paid to the Executive at the time prescribed
by applicable law and in all events within thirty (30) days following the date of termination of employment.

 

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(ii)           The
Board may designate another employee to act in the Executive’s place during any period of the Executive’s Disability. Notwithstanding
any such designation, the Executive shall continue to receive the Base Salary in accordance with Section 4(a) and to
participate in Employee Benefit Plans in accordance with Section 4(d), to the extent permitted by the then-current terms of
the applicable Employee Benefit Plans, until the Executive becomes eligible for disability income benefits under the Company’s disability
income plan, if any, or until the termination of the Executive’s employment, whichever shall first occur. If the Executive receives
any disability income payments under the Company’s disability income plan, the Base Salary under Section 4(a) shall
be reduced by the amount of such disability income.

 

(iii)          If
any question shall arise as to whether the Executive is disabled through any illness, injury, accident or condition of either a physical
or psychological nature so as to be unable to perform substantially all of the Executive’s duties and responsibilities hereunder,
the Executive may, and at the reasonable request of the Company shall, submit to a medical examination by a physician mutually agreed
to by the Company and the Executive (or the Executive’s duly appointed guardian, if any), and such determination for the purposes
of this Agreement shall be conclusive. If such question shall arise and the Executive shall fail to submit to such medical examination,
the Company’s determination of the issue shall be binding on the Executive.

 

(c)            By
the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause at any time upon delivery of
written notice to the Executive. The following, as determined in the Company’s reasonable discretion, shall constitute Cause for
termination:

 

(i)            The
Executive’s failure to perform the Executive’s duties and responsibilities to the Company or any of its Affiliates that are
consistent with Executive’s title and authorities;

 

(ii)           The
Executive’s material breach of any of the provisions of this Agreement or any other written agreement between the Executive and
the Company or any of its Affiliates, resulting in material harm to the Company or any of its Affiliates;

 

(iii)          The
Executive’s material breach of any fiduciary duty that the Executive has to the Company or any of its Affiliates;

 

(iv)          The
Executive’s gross negligence, intentional misconduct or unethical or improper behavior by the Executive resulting in material harm
to the business, interests or reputation of the Company or any of its Affiliates;

 

(v)           The
Executive’s intentional or willful failure to comply with applicable PACE, Medicare or Medicaid rules or regulations;

 

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(vi)          The
Executive’s failure to comply with the Company’s Code of Conduct or Corporate Compliance Program;

 

(vii)         The
Executive’s commission of a felony or any other crime involving moral turpitude; or

 

(viii)        The
Executive’s commission of conduct involving fraud, embezzlement, sexual harassment, material misappropriation of property or other
substantial misconduct with respect to the Company or any of its Affiliates.

 

Any termination of the Executive’s employment
for bases set forth in clauses (i) - (iii) and (vi) shall not constitute a termination for Cause unless the Company shall
have provided written notice to the Executive no later than fifteen (15) days after the Board first obtained actual knowledge of the Executive’s
act or omission constituting Cause, setting forth in reasonable detail such acts or omissions, and the Executive shall have failed to
cure (to the extent capable of cure) such acts or omissions within fifteen (15) days following receipt of written notice. In the event
of a termination of the Executive’s employment hereunder for Cause, the Company shall have no further obligation or liability to
the Executive under this Agreement, other than for any Final Compensation (excluding the Prior Year Bonus) due to the Executive. Other
than business expenses described in Section 5(a)(iii), Final Compensation shall be paid to the Executive at the time prescribed
by applicable law and in all events within thirty (30) days following the date of termination of employment.

 

(d)           By
the Company Other Than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at
any time upon thirty (30) days’ prior written notice to the Executive. If the Company terminates the Executive’s
employment other than for Cause after the Effective Date, then in addition to any Final Compensation and Pro-Rata Bonus due to the
Executive, the Company will (i) pay to the Executive severance pay, at the same rate as the Base Salary, for a period of
twenty-four (24) months following the date of termination of the Executive’s employment, (ii) pay to the Executive an
amount equal to two (2) times the Executive’s Target Bonus for the fiscal year in which such termination occurs, in substantially
equal installments over the twenty-four (24)-month period following the date of termination of the Executive’s employment
(clauses (i) and (ii), collectively, the “Severance Payments”) and
(iii) continue to pay, on the Executive’s behalf, the premiums required to be paid for the Executive’s continued
participation in the Company’s health care benefit plan, including existing spousal or family health care coverage, if
selected, for a period of eighteen (18) months following termination, unless the Executive becomes employed by another company and
eligible for coverage under such company’s group health care plans, and in such instance, future payment for the health
insurance premiums will cease (the “Healthcare Payments” and, collectively with the Severance Payments and the
Pro-Rata Bonus, the “Severance Benefits”). Other than business expenses described in Section 5(a)(iii),
Final Compensation shall be paid to the Executive at the time prescribed by applicable law and in all events within thirty (30) days
following the date of termination of employment. Any obligation of the Company to provide the Severance Benefits is conditioned,
however, on the Executive signing and returning to the Company (without revoking) a timely and effective general release of claims
in substantially the form attached hereto as Exhibit C (the “Release of Claims”), all of which
(including the lapse of the period for revoking the Release of Claims as specified in the Release of Claims) shall have occurred no
later than the sixtieth (60th) day following the date of termination, and on the Executive’s continued compliance
with the obligations of the Executive to the Company and its Affiliates that survive termination of the Executive’s
employment, including, without limitation, under Sections 7, 8 and 9 of this Agreement. Subject to Section 5(g) below,
(A) the Severance Payments to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll
practices of the Company; (B) the Healthcare Payments shall be paid monthly, and in both cases of (A) and (B), with the
first payment, which shall be retroactive to the day immediately following the date on which the Executive’s employment
terminated, being due and payable on the Company’s next regular payday for executives that follows the expiration of sixty
(60) calendar days from the date on which the Executive’s employment terminates; and (C) the Pro-Rata Bonus will be
payable as set forth in Section 5(a)(v) above. Notwithstanding the foregoing, in the event the Healthcare Payments
would, in the determination of the Board or its delegate, subject the Executive, the Company or any of its Affiliates to any tax or
penalty under the Patient Protection and Affordable Care Act (as amended from time to time, the “ACA”) or
Section 105(h) of the Internal Revenue Code of 1986, as amended (“Section 105(h)”), or applicable
regulations or guidance issued under the ACA or Section 105(h), the Healthcare Payments shall be treated as taxable payments
and be subject to imputed income tax treatment to the extent necessary to eliminate any such adverse consequences under the ACA or
Section 105(h).

 

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(e)            By
the Executive for Good Reason. The Executive may terminate the Executive’s employment hereunder for Good Reason by
providing (1) written notice to the Company, specifying in reasonable detail the condition giving rise to the Good Reason, no
later than the thirtieth (30th) day following the date on which the Executive first learned or should have first learned
of that condition, and (2) the Company a period of thirty (30) days in which to remedy the condition in all material respects.
The Executive’s termination of employment for Good Reason will be effective on the thirty-first (31st) calendar day
following the expiration of the Company’s period to remedy, if the Company has failed to remedy the condition in all material respects.
The following, if occurring without the Executive’s written consent, shall constitute “Good Reason” for
termination by the Executive:

 

(i)            a
material reduction in the Executive’s Base Salary (unless such reduction affects all similarly situated employees of the Company
on a proportionate basis);

 

(ii)           a
requirement that the Executive relocate to a location more than fifty (50) miles from the location where the Executive is then providing
services (provided, that, a relocation shall not include: (A) the Executive’s travel for business in the course of performing
the Executive’s duties for the Company or any of its Affiliates, (B) the Executive working remotely or (C) the Company
or any of its Affiliates requiring the Executive to report to the office within the Executive’s principal place of employment (instead
of working remotely));

 

(iii)          a
material diminution in the nature or scope of the Executive’s duties, authority and/or responsibilities; or

 

(iv)          a
material breach by the Company of (A) any of the terms of this Agreement or (B) any other material written agreement between
the Company and the Executive.

 

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In the event of termination
of the Executive’s employment in accordance with this Section 5(e), the Executive will be entitled to all amounts the
Executive would have been entitled to receive had the Executive’s employment been terminated by the Company other than for Cause
pursuant to Section 5(d) above, provided, that, the Executive signs and returns (without revoking) a timely and
effective Release of Claims as set forth in Section 5(d).

 

(f)            By
the Executive without Good Reason. The Executive may terminate the Executive’s employment hereunder without Good Reason at any
time upon sixty (60) days’ prior written notice to the Company. In the event of termination of the Executive’s employment
in accordance with this Section 5(f), the Board may elect to waive the period of notice, or any portion thereof, and, if the
Board so elects, the Company will pay the Executive the Base Salary for the period so waived. The Company shall also pay the Executive
any Final Compensation due to the Executive (other than business expenses described in Section 5(a)(iii)) at the time prescribed
by applicable law and in all events within thirty (30) days following the date of the termination of employment.

 

(g)           Timing
of Payments and Section 409A.

 

(i)            Notwithstanding
anything to the contrary in this Agreement, if, at the time of the Executive’s termination of employment, the Executive is a
 “specified employee,” as defined below, any and all amounts payable under this Section 5 on account of such
separation from service that constitute deferred compensation, and would (but for this provision) be payable within six
(6) months following the date of termination, shall instead be paid on the next business day following the expiration of such
six (6)-month period or, if earlier, upon the Executive’s death; except (A) with respect to any amounts that do
not constitute a deferral of compensation within the meaning of Treasury Regulation Section 1.409A-1(b) (including,
without limitation, by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its
reasonable good faith discretion); (B) benefits that qualify as excepted welfare benefits pursuant to Treasury Regulation
Section 1.409A-1(a)(5); and (C) other amounts or benefits that are not subject to the requirements of Section 409A of
the Internal Revenue Code of 1986, as amended (“Section 409A”).

 

(ii)           This
Agreement is intended to either comply with, or be exempt from, Section 409A, and this Agreement shall be construed and administered
in accordance with such intent.

 

(iii)          For
purposes of this Agreement and solely to the extent that Section 409A applies to compensation or a benefit, all references to “termination
of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of
the Treasury Regulations, after giving effect to the presumptions contained therein), and the term “specified employee” means
an individual determined by the Company to be a specified employee under Treasury Regulation Section 1.409A-1(i).

 

(iv)          Each
payment made under this Agreement shall be treated as a separate payment, and the right to a series of installment payments under this
Agreement is to be treated as a right to a series of separate payments.

 

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(v)           Any
payment of, or reimbursement for, expenses that would constitute nonqualified deferred compensation subject to Section 409A shall
be subject to the following additional rules: (A) no reimbursement or payment of any such expense shall affect the Executive’s
right to reimbursement or payment of any such expense in any other calendar year; (B) reimbursement or payment of the expense shall
be made, if at all, promptly, but not later than the end of the calendar year following the calendar year in which the expense was incurred;
and (C) the right to reimbursement or payment shall not be subject to liquidation or exchange for any other benefit.

 

(vi)          In
the event of any change in the payroll schedule of the Company, each installment or payment to be made under this Agreement shall be made
(according to such new payroll schedule) within thirty (30) days of the payroll date that would apply pursuant to the payroll schedule
in effect on the Effective Date to the extent necessary to avoid a violation of applicable requirements under Section 409A.

 

(vii)         In
the event the Company or the Executive determines that any compensation or benefit payable hereunder may violate applicable requirements
of Section 409A, the Company and the Executive shall cooperate in good faith to amend this Agreement or take any other actions as
are necessary or appropriate for such compensation or benefit to either (A) be exempt from the requirements of Section 409A
or (B) comply with the applicable requirements of Section 409A; provided, that, no such amendment will be made to the extent
it would result in an increased cost to the Company.

 

(viii)        In
no event shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement
to comply with, or be exempt from, the requirements of Section 409A.

 

(h)           Exclusive
Right to Severance. The Executive agrees that the Severance Benefits to be provided to the Executive in accordance with the terms
and conditions set forth in this Agreement are intended to be exclusive. The Executive hereby knowingly and voluntarily waives any right
the Executive might otherwise have to participate in or receive payments or benefits under any other plan, program or policy of the Company
providing for severance or termination pay or other termination benefits (other than any benefits payable pursuant to a long-term disability
or other similar insurance program, which shall be governed by the terms and provisions of the applicable plan or program).

 

6.             Effect
of Termination. The provisions of this Section 6 shall apply to any termination of the Executive’s employment under
this Agreement, whether pursuant to Section 5 or otherwise.

 

(a)            Provision
by the Company of Final Compensation, the Pro-Rata Bonus, if any, and the Severance Benefits, if any, that are due to the Executive, in
each case, under the applicable termination provisions of Section 5, shall constitute the entire obligation of the Company
to the Executive under this Agreement. For the avoidance of doubt, the Options, RSUs, and any other grants held by the Executive under
the Omnibus Plan shall be governed by the terms of the Omnibus Plan and the applicable documentation for the Options, the RSUs and/or
any other grants.

 

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(b)            Except
for any right of the Executive to continue group health plan participation in accordance with applicable law, the Executive’s participation
in all Employee Benefit Plans shall terminate pursuant to the terms of the applicable Employee Benefit Plan documents based on the date
of termination of the Executive’s employment, without regard to any Base Salary for notice waived pursuant to Section 5(e) hereof
or to any Severance Benefits or other payment made to or on behalf of the Executive following such termination date.

 

(c)            Provisions
of this Agreement shall survive any termination of the Executive’s employment if so provided herein or if necessary or desirable
fully to accomplish the purposes of other surviving provisions, including, without limitation, the obligations of the Executive under
Sections 7, 8 and 9 hereof. The obligation of the Company to provide Severance Benefits hereunder, and the Executive’s
right to retain such payments, is expressly conditioned on the Executive’s continued performance in accordance with Sections 7,
8 and 9 hereof.

 

7.            Confidential
Information.

 

(a)            The
Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, that the Executive will develop
Confidential Information for the Company or its Affiliates and that the Executive will learn of Confidential

Information during the course of the
Executive’s employment. The Executive agrees that all Confidential Information which the Executive creates or to which the Executive
has access as a result of the Executive’s employment or other associations with the Company or any of its Affiliates since the Effective
Date is and shall remain the sole and exclusive property of the Company or its Affiliate, as applicable. The Executive shall comply with
the policies and procedures of the Company and its Affiliates for protecting Confidential Information and shall never disclose to any
Person (except as required by applicable law or for the proper performance of the Executive’s duties and responsibilities to the
Company and its Affiliates), or use for the Executive’s own benefit or gain or the benefit or gain of any other Person, any Confidential
Information obtained by the Executive incident to the Executive’s employment or any other association with the Company or any of
its Affiliates. The Executive understands that this restriction shall continue to apply after the Executive’s employment terminates,
regardless of the reason for such termination. Further, the Executive agrees to furnish prompt notice to the Company, to the extent permitted
by applicable law, of any required disclosure of Confidential Information sought pursuant to subpoena, court order or any other legal
process or requirement, and agrees to provide the Company a reasonable opportunity to seek protection of the Confidential Information
prior to any such disclosure. The confidentiality obligation under this Section 7 shall not apply to information that has
become generally known through no wrongful act on the part of the Executive or any other Person having an obligation of confidentiality
to the Company or any of its Affiliates. For the avoidance of doubt, the Executive acknowledges that nothing contained herein limits,
restricts or in any other way affects the Executive’s communicating with any governmental agency or entity, or communicating with
any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity.

 

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(b)            All
documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the
Company or any of its Affiliates and any copies or derivatives (including, without limitation, electronic), in whole or in part,
thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of
the Company and its Affiliates. Except as necessary for the proper performance of the Executive’s regular duties for the
Company or as expressly authorized in writing in advance by the Company or its expressly authorized designee, the Executive will not
copy any Documents or remove any Documents or copies or derivatives thereof from the premises of the Company. The Executive shall
safeguard all Documents and shall surrender to the Company, at the time the Executive’s employment terminates, or at such
earlier time or times as the Company or its designee may specify, all Documents and other property of the Company or any of its
Affiliates and all documents, records and files of the customers and other Persons with whom the Company or any of its Affiliates
does business (collectively, “Third Party Documents” and each individually, a “Third Party
Document”) then in the Executive’s possession or control and not accessible by the Company; provided, however,
that if a Document or Third-Party Document is on electronic media, the Executive may, in lieu of surrendering the Document or
Third-Party Document, provide a copy to the Company on electronic media and delete and overwrite all other electronic media copies
thereof. The Executive also agrees that, upon request of any duly authorized officer of the Company, the Executive shall disclose
all passwords and passcodes necessary or desirable to enable the Company or any of its Affiliates or the Persons with whom the
Company or any of its Affiliates do business to obtain access to the Documents and Third-Party Documents. Notwithstanding anything
to the contrary in the foregoing, the Executive may retain the Executive’s personnel and compensation information
following the termination of his employment, subject to the confidentiality obligations hereunder.

 

(c)            18
U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly liable under any Federal or State trade
secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local
government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating
a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal.” Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for
disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the
right to disclose in confidence trade secrets to federal, state and local government officials, or to an attorney, for the sole purpose
of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed
in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

 

8.            Assignment
of Rights to Intellectual Property. The Executive shall promptly and fully disclose all Intellectual Property to the Company. The
Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s full right,
title and interest in and to all Intellectual Property. The Executive agrees to execute any and all applications for domestic and foreign
patents, copyrights or other proprietary rights and to do such other acts (including, without limitation, the execution and delivery of
instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company (or as otherwise
directed by the Company) and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual
Property. The Executive will not charge the Company for time spent in complying with these obligations but shall be reimbursed for reasonable
expenses incurred in connection therewith, subject to the Company’s expense reimbursement policies as in effect from time to time.
All copyrightable works that the Executive creates shall be considered “work made for hire” and shall, upon creation, be owned
exclusively by the Company.

 

    11 

     

    

 

9.            Restricted
Activities. The Executive acknowledges and agrees that (1) the Executive is an executive or management employee of the Company
and is provided access to the Company’s “Trade Secrets,” defined as the whole or any portion or phase of any scientific
or technical information, design, process, procedure, formula, improvement, confidential business or financial information, listing of
names, addresses or telephone numbers, or other information relating to the Company which is secret and of value, and (2) the following
restrictions on the Executive’s activities during and after employment with the Company are necessary to protect the Company’s
Trade Secrets and other legitimate interests of the Company and its Affiliates:

 

(a)            Non-Competition.
While the Executive is employed by the Company and during the two (2)-year period immediately following termination of the
Executive’s employment with the Company for any or no reason (the “Restricted Period”), the
Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, independent
contractor, co-venturer or otherwise, whether with or without compensation, compete with the Business (as defined below), or any
portion of the Business, in the United States of America (the “Restricted Area”) or undertake any planning for
any business competitive with all or a portion of the Business in the Restricted Area. Specifically, but without limiting the
foregoing, the Executive agrees not to work or provide services, in any capacity, whether as an employee, independent contractor or
otherwise, whether with or without compensation, to any Person that is engaged in all or any portion of the Business, as conducted
or in active planning to be conducted during the Executive’s employment with the Company or, with respect to the portion of
the Restricted Period that follows the termination of the Executive’s employment, at the time the Executive’s employment
terminates, in the Restricted Area. Notwithstanding the foregoing, nothing in this Agreement shall (i) prevent the Executive
from providing services to a consulting firm that provides services to any business that competes with the Business,
(ii) preclude the Executive from owning up to two percent (2%) of the publicly traded securities of any business or
(iii) prevent the Executive from providing services to an entity that contains a business that competes with the Business, provided,
that, the Executive is not responsible for (and does not engage or participate in) the day-to-day management, oversight or
supervision of such business, and provided, further, that the Executive does not have direct supervision over the
individual or individuals who are so responsible for such day-to-day management, oversight or supervision.

 

(b)            Non-Solicitation.

 

(i)            During
the Restricted Period, the Executive will not, directly or indirectly, (A) solicit or encourage any customer of the Company or any
of its Affiliates to terminate or diminish its relationship with them; or (B) seek to persuade any such customer or prospective customer
of the Company or any of its Affiliates to conduct with anyone else any business or activity which such customer or prospective customer
conducts or could conduct with the Company or any of its Affiliates; provided, however, that these restrictions shall apply
(I) only with respect to any Person who is or has been a customer of the Company or any of its Affiliates at any time within the
immediately preceding two (2)-year period or whose business has been solicited on behalf of the Company or any of its Affiliates by any
of their officers, employees or agents within such two (2)-year period, other than by form letter, blanket mailing or published advertisement,
and (II) only if the Executive has performed work for such Person during the Executive’s employment with the Company or one
of its Affiliates or been introduced to, or otherwise had contact with, such Person as a result of the Executive’s employment or
other associations with the Company or one of its Affiliates or has had access to Confidential Information which would assist in the Executive’s
solicitation of such Person. Notwithstanding anything in this Section 9(b) to the contrary, the Executive may solicit
customers and prospective customers for purposes of providing or selling products or services that do not compete with the Business.

 

    12 

     

    

 

(ii)            During
the Restricted Period, the Executive will not, and will not assist any other Person to, (A) hire or solicit for hiring any
employee of the Company or any of its Affiliates or seek to persuade any employee of the Company or any of its Affiliates to
discontinue employment or (B) solicit or encourage any independent contractor providing services to the Company or any of its
Affiliates to terminate or diminish such independent contractor’s relationship with them. For the purposes of this Agreement,
an “employee” or an “independent contractor” of the Company or any of its Affiliates is any Person who was
such at any time within the preceding two (2) years.

 

(c)            Non-Disparagement.
The Executive agrees that the Executive will never disparage or criticize the Company, its Affiliates, their business, their management
or their products or services, and that Executive will not otherwise do or say anything that could disrupt the good morale of employees
of the Company or any of its Affiliates or harm the interests or reputation of the Company or any of its Affiliates. For the avoidance
of doubt, the foregoing shall not prevent the Executive from performing the Executive’s duties during the term hereof, as it relates
to performance evaluations and the like.

 

10.            Whistleblower
Protection. Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to
impede the Executive (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency
or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the Congress and any agency
Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Executive does not
need the prior authorization of the Company to make any such reports or disclosures, and the Executive shall not be required to notify
the Company that such reports or disclosures have been made.

 

11.            Enforcement
of Covenants. The Executive acknowledges that the Executive has carefully read and considered all the terms and conditions of
this Agreement, including the restraints imposed upon the Executive pursuant to Sections 7, 8 and 9
hereof. The Executive agrees without reservation that each of the restraints contained herein is necessary for the reasonable and
proper protection of the goodwill, Confidential Information and other legitimate interests of the Company and its Affiliates; that
each and every one of these restraints is reasonable in respect to subject matter, length of time and geographic area; and that
these restraints, individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during
the period in which the Executive is bound by them. The Executive further agrees that the Executive will never assert, or permit to
be asserted on the Executive’s behalf, in any forum, any position contrary to the foregoing. The Executive further
acknowledges that, were the Executive to breach any of the covenants contained in Sections 7, 8 or 9
hereof, the damage to the Company and its Affiliates would be irreparable. The Executive therefore agrees that the Company, in
addition and not in the alternative to any other remedies available to it, shall be entitled to seek preliminary and permanent
injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond.
The parties further agree that, in the event that any provision of Sections 7, 8 or 9 hereof shall be
determined by any court of competent jurisdiction to be unenforceable, such provision shall be deemed to be modified to permit its
enforcement to the maximum extent permitted by law. The Executive agrees that the Restricted Period shall be tolled, and shall not
run, during any period of time in which the Executive is in violation of the terms thereof, in order that the Company and its
Affiliates shall have all of the agreed-upon temporal protection recited herein. No breach of any provision of this Agreement
by the Company, or any other claimed breach of contract or violation of law, or change in the nature or scope of the
Executive’s employment relationship with the Company, shall operate to extinguish the Executive’s obligation to comply
with Sections 7, 8 and 9 hereof. Each of the Company’s Affiliates shall have the right to enforce
all of the Executive’s obligations to that Affiliate under this Agreement, including, without limitation, pursuant to Sections 7, 8
or 9 hereof.

 

    13 

     

    

  

12.            No
Conflicting Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance of the
Executive’s obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or
by which the Executive is bound, and that the Executive is not now subject to any covenants against competition or any similar covenants
or other obligations to any Person or to any court order, judgment or decree that would affect the performance of the Executive’s
obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party
without such party’s consent.

 

13.            Definitions.
Capitalized words or phrases shall have the meanings provided in this Section 13 and as provided elsewhere herein:

 

(a)            “Affiliate”
means any person or entity directly or indirectly controlling or controlled by the Company, where control may be by either management
authority or equity interest.

 

(b)            “Business”
means the business of delivery of services to the frail and elderly population through the operation of PACE Programs and any other business
conducted by the Company or any of its Affiliates as of the relevant date.

 

(c)            “Confidential
Information” means any and all information of the Company and its Affiliates that is not generally available to the public,
and any and all information, which, if disclosed by the Company or any of its Affiliates, would assist in competition against any of them.
Confidential Information includes, without limitation, such information relating to (i) the development, research, testing, manufacturing,
marketing and financial activities of the Company and its Affiliates, (ii) the Services, (iii) the costs, sources of supply,
financial performance and strategic plans of the Company and its Affiliates, (iv) the identity and special needs of the patients
of the Company and its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have business relationships
and the nature and substance of those relationships. Confidential Information also includes information that the Company or any of its
Affiliates has received, or may receive hereafter, belonging to others or that was received by the Company or any of its Affiliates with
any understanding, express or implied, that it would not be disclosed.

 

    14 

     

    

 

(d)            “Intellectual
Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas
(whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to
practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises)
during the Executive’s employment and during the period of six (6) months immediately following termination of the
Executive’s employment that relate either to the Services or to any prospective activity of the Company or any of its
Affiliates or that result from any work performed by the Executive for the Company or any of its Affiliates or that make use of
Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates.

 

(e)            “Person”
means a natural person, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity
or organization, other than the Company or any of its Affiliates.

 

(f)            “Services”
means all services planned, researched, developed, tested, sold, licensed, leased or otherwise distributed or put into use by the Company
or any of its Affiliates, together with all products provided or otherwise planned by the Company or any of its Affiliates, during the
Executive’s employment.

 

14.            Indemnification.
During the Executive’s employment with the Company and thereafter, the Company shall indemnify, and hold the Executive and the Executive’s
heirs and representatives harmless against, any and all damages, costs, liabilities, losses and expenses (including reasonable attorneys’
fees) as a result of any claim or proceeding (whether civil, criminal, administrative or investigative) against the Executive that arises
out of or relates to the Executive’s service as an officer, director or employee, as the case may be, of the Company, or the Executive’s
service in any such capacity or similar capacity with any Affiliate of the Company or other entity at the Company’s request and/or
pursuant to this Agreement, except, however, the Company’s indemnity shall not apply with respect to matters where the Executive
has been grossly negligent, reckless or intentionally violated the rights of the Company or of any third party, unless at the direction
of the Company, or where the Executive fails to reasonably cooperate with the Company in the Company’s defense of any claim or proceeding.
The Company agrees to promptly advance to the Executive or the Executive’s heirs or representatives the expenses, including attorneys’
fees and litigation costs, upon written request, with documentation of such expenses satisfactory to the Company (subject to reasonable
attorney-client privilege and attorney work product considerations) and upon receipt of an undertaking by the Executive or on the Executive’s
behalf that such amounts will be promptly repaid should it ultimately be determined that the Executive is not entitled to be indemnified
by the Company. The Executive agrees to assist and cooperate with the Company, both during the Executive’s employment with the Company
and thereafter, in the defense of any legal action related to the Executive’s employment upon reasonable notice and at reasonable
times and places. During the Executive’s employment with the Company and thereafter, the Company also shall provide the Executive
with coverage under its then-current directors’ and officers’ liability policy to the same extent that it provides such coverage
to its other executive officers or directors, and the Executive shall be entitled to the same rights of indemnification provided to such
other executive officers or directors under the Company’s by-laws, certificate of incorporation or other governing documents. This
Section 14 shall continue in effect after the termination of the Executive’s employment or the termination of this Agreement.

 

    15 

     

    

  

15.            Withholding.
All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company
under applicable law.

 

16.            Assignment.
Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise,
without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations
under this Agreement without the consent of the Executive to one of its Affiliates or in the event that the Company shall hereafter effect
a reorganization with, consolidate with or merge into an Affiliate or any Person or transfer all or substantially all of its properties,
stock or assets to an Affiliate or any Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive,
and their respective successors, executors, administrators, heirs and permitted assigns.

 

17.            Severability.
If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it
is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid
and enforceable to the fullest extent permitted by law.

 

18.            Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party
to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

19.            Notices.
Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective
when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid, registered
or certified, and addressed to the Executive at the Executive’s last known address on the books of the Company or, in the case of
the Company, at its principal place of business, attention of the Board, or to such other address as either party may specify by notice
to the other actually received.

 

20.            Entire
Agreement. This Agreement, the Exhibits hereto and the documents referenced herein, such as the Omnibus Plan, constitute the
entire agreement between the parties and supersedes and terminate all prior communications, agreements and understandings, written or
oral, with respect to the terms and conditions of the Executive’s employment with the Company.

 

    16 

     

    

 

21.            Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly authorized representative
of the Company.

  

22.            Headings.
The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision
of this Agreement.

 

23.            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be an original and all of which together shall
constitute one and the same instrument.

 

24.            Governing
Law. This is a Colorado contract and shall be construed and enforced under and be governed in all respects by the laws of the State
of Colorado, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction.

 

[Signature Page Follows]

 

    17 

     

    

  

IN WITNESS WHEREOF, this Agreement
has been executed as a sealed instrument by the Company, by its duly authorized representative, and by the Executive, as of the date first
above written.

 

	THE EXECUTIVE:	 	THE COMPANY:
	 	 	 
	/s/ Patrick Blair	 	/s/ Andrew Cavanna 
	Patrick Blair	 	By:	Andrew Cavanna      
	 	 	Title:	Board Chair       

 

     

     

    

 

Exhibit A

 

Option Agreement

 

[See attached.]

 

    A-1

     

    

 

EXECUTION
VERSION

 

INNOVAGE
HOLDING CORP.

Stock Option Grant Notice

(2021 omnibus INCENTIVE PLAN)

 

InnovAge Holding Corp. (the “Company”),
pursuant to its 2021 Omnibus Incentive Plan (the “Plan”), hereby grants to Participant an option to purchase
the number of shares of the Company’s Stock set forth below (the “Award”). The Award is subject to
all of the terms and conditions as set forth in this Stock Option Grant Notice (this “Grant Notice”) and the
Option Agreement (attached hereto as Attachment I), the Plan, which has been made available to you,
and the Vesting Schedule (attached hereto as Attachment II), all of which are incorporated herein in their entirety. Capitalized terms
not otherwise defined herein but defined in the Plan or the Option Agreement will have the same meaning as in the Plan or the Option Agreement.
If there is any conflict between the terms in this Grant Notice and the Plan, the terms of the Plan will control.

 

	Name of Participant:	
    Patrick Blair

	Date of Grant:	
    November 10,
    2021

	Number of Shares of Stock Subject to Option:	

    1,330,798

	Exercise Price (Per Share):	
    $7.89

	Expiration Date:	
    November 9,
    2031

 

	Type of Grant:	Nonqualified Stock Option
	 	 
	Exercise Schedule:	Same as Vesting Schedule
	 	 
	Vesting Schedule:	Attached hereto as Attachment II

 

Additional Terms/Acknowledgements: Participant
acknowledges receipt of, and understands and agrees to, this Grant Notice, the Option Agreement and the Plan. Participant acknowledges
and agrees that this Grant Notice and the Option Agreement may not be modified, amended or revised except as provided in the Plan. Participant
further acknowledges that, as of the Date of Grant, this Grant Notice, the Option Agreement and the Plan set forth the entire agreement
and understanding between Participant and the Company regarding this Award and supersede all prior oral and written agreements, promises
and/or representations on that subject with the exception of (i) Awards previously granted and delivered to the Participant and (ii) 
any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law. By accepting this Award, Participant
consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established
and maintained by the Company or another third party designated by the Company.

 

    

     

    

 

	InnovAge Holding Corp.	 	Participant:
	 	 	 
	By:	 	 	 
	Signature	 	Signature
	 	 	 
	Title:	               	 	Date:	                  
	 	 	 	 	 
	Date:	 	 	 

 

Attachments:
Option Agreement and Vesting Schedule

 

    -2-

     

    

 

Attachment
I

 

Innovage
holding corp.

2021 omnibus INCENTIVE PLAN

 

Nonqualified
Stock Option Agreement

 

Pursuant to the Stock Option
Grant Notice (the “Grant Notice”) and this Option Agreement (this “Agreement”), InnovAge
Holding Corp. (the “Company”) has granted you an Award under its 2021 Omnibus Incentive Plan (the “Plan”)
to purchase the number of shares of the Company’s Stock indicated in your Grant Notice at the exercise price indicated in your Grant
Notice. The Option is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”).
Capitalized terms not explicitly defined in this Agreement or in the Grant Notice but defined in the Plan will have the same meaning as
in the Plan.

 

If there is any conflict between
the terms in this Agreement and the Plan, the terms of the Plan will control. The details of your option (this or your “Option”),
in addition to those set forth in the Grant Notice and the Plan, are as follows:

 

1.            Vesting.
Subject to the limitations contained herein, your Option will vest as provided in your Grant Notice. Vesting
will cease upon your Termination. Upon your Termination, the portion of the Option that is not vested on the date of such Termination
will be forfeited at no cost to the Company, and you will have no further right, title or interest in or to such underlying shares of
Stock.

 

2.            Number
of Shares and Exercise Price. The number of shares of Stock subject to your Option and the exercise
price per share set forth in your Grant Notice will be adjusted from time to time for capitalization adjustments, as provided in the Plan.
Any additional shares that become subject to the Option pursuant to this Section 2, if any, shall be subject, in a manner determined
by the Committee, to the same forfeiture restrictions, restrictions on transferability and time and manner of delivery as applicable to
the other shares covered by your Option. Notwithstanding the provisions of this Section 2, no fractional shares or rights for fractional
shares of Stock shall be created pursuant to this Section 2. Any fraction of a share will be rounded down to the nearest whole share.

 

3.            Method
of Payment. You must pay the full amount of the exercise price for the shares you wish to acquire
upon exercise of the Option. You may pay the exercise price in a manner approved by the Committee and in accordance with applicable law,
which may include any of the following payment methods: (a) in immediately available funds in U.S. dollars, or by certified
or bank cashier’s check, (b)  by delivery of shares of Stock having an aggregate Fair Market Value equal to the exercise price,
(c) by a broker-assisted cashless exercise in accordance with procedures approved by the Committee, whereby payment of the Option
exercise price or tax withholding obligations may be satisfied, in whole or in part, with shares of Stock subject to the Option by delivery
of an irrevocable direction to a securities broker (on a form prescribed by the Committee) to sell shares of Stock and to deliver all
or part of the sale proceeds to the Company in payment of the aggregate exercise price and, if applicable, the amount necessary to satisfy
the Company’s withholding obligations, or (d) by any other means approved by the Committee. Notwithstanding anything herein
to the contrary, if the Committee determines that any form of payment available hereunder would be in violation of Section 402 of
the Sarbanes-Oxley Act of 2002, such form of payment shall not be available.

 

    

     

    

 

4.            Whole
Shares. You may exercise your Option only for whole shares of Stock.

 

5.            Securities
Law Compliance. In no event may you exercise your Option unless the shares of Stock issuable
upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the
issuance of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your Option also must
comply with all other applicable laws and regulations governing your Option and the Company’s policies, and you may not exercise
any portion of your Option if the Company determines that such exercise would not be in material compliance with such laws, regulations
or Company policies, if applicable.

 

6.            Term.
You may not exercise your Option before the Date of Grant or after the expiration of the Option’s
term. The term of your Option shall expire upon a Termination in accordance with Section 5(f) of the Plan, and such Section 5(f) of
the Plan is incorporated herein by reference and made a part hereof. For the avoidance of doubt, if your employment with Total Community
Options, Inc., d/b/a InnovAge (“InnovAge”), is terminated due to your resignation for Good Reason (as defined
in that certain Employment Agreement, by and between you and InnovAge), your Option will be treated in accordance with Section 5(f)(1) of
the Plan.

 

7.            Exercise.

 

(a)            You
may exercise the vested portion of your Option during its term by (i) completing such documents and/or procedures designated by the
Company, or a third party designated by the Company, for exercise, and (ii) paying the exercise price and any applicable withholding
taxes, together with such additional documents as the Company may then require.

 

(b)            By
exercising your Option, you agree that, as a condition to any exercise of your Option, the Company may require you to enter into an arrangement
providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise
of your Option or (ii) the disposition of shares of Stock acquired upon such exercise.

 

8.            Transferability
of Options. Except as set forth in the following sentences, your Option is not transferable,
except by will or by the laws of descent and distribution, and is exercisable during your life only by you. Upon receiving written permission
from the Committee or its duly authorized designee, you may, by delivering written notice to the Company, in a form approved by the Company
and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled
to exercise this Option and receive the Stock or other consideration resulting from such exercise. In the absence of such a designation,
your executor or administrator of your estate will be entitled to exercise this Option and receive, on behalf of your estate, the Stock
or other consideration resulting from such exercise

 

    2

     

    

 

9.            Dividends.
You shall receive no benefit or adjustment to your Option with respect to any cash dividend,
stock dividend or other distribution that does not result from the adjustment provided in Section 10(a) of the Plan.

 

10.            Restrictive
Legends. The shares of Stock issued under your Option shall be endorsed with appropriate legends,
if applicable, as determined by the Company.

 

11.            Award
Not A Service Contract. This Agreement is not an employment or service contract, and nothing
in this Agreement will be deemed to create in any way whatsoever any obligation on your part to continue in the employ or service of the
Company or an Affiliate, or of the Company or an Affiliate to continue your employment or service.

 

12.            Withholding
Obligations.

 

(a)            At
the time you exercise your Option, in whole or in part, and at any other time as reasonably requested by the Company in accordance with
applicable tax laws, you hereby authorize any required withholding from the shares of Stock issuable to you and/or otherwise agree to
make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of
the Company or any Affiliate that arise in connection with your exercise (the “Withholding Taxes”). Additionally,
the Company or any Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your
exercise by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable
to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting or requiring you to enter into
a “same day sale” commitment, whereby Withholding Taxes may be satisfied with a portion of the shares of Stock to be delivered
in connection with your exercise by delivery of an irrevocable direction to a securities broker (on a form prescribed by the Committee)
to sell a portion of the shares of Stock and to deliver all or part of the sale proceeds to the Company and/or its Affiliates in payment
of the amount necessary to satisfy the Withholding Taxes obligation; (iv) withholding shares of Stock from the shares of Stock issued
or otherwise issuable to you in connection with the Option with an aggregate Fair Market Value (measured as of the date of exercise) equal
to the amount of such Withholding Taxes; provided, that to the extent necessary to qualify for an exemption from application of Section 16(b) of
the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Committee; or (v) such
other arrangements as are satisfactory to the Committee.

 

(b)            You
may not exercise your Option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly, you
may not be able to exercise your Option when desired even though your Option is vested, and the Company will have no obligation to issue
a certificate for such shares of Stock or release such shares of Stock from any escrow provided for herein, if applicable, unless such
obligations are satisfied.

 

(c)            In
the event the Company’s obligation to withhold arises prior to the delivery to you of shares of Stock or it is determined after
the delivery of shares of Stock to you that the amount of the Company’s withholding obligations was greater than the amount withheld
by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

    3

     

    

 

13.            Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer
the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company,
or any of its officers, directors, employees or Affiliates, related to tax liabilities arising from your Option or your other compensation.
In particular, you acknowledge that this Option is exempt from Section 409A of the Code only if the exercise price per share specified
in the Grant Notice is at least equal to the “fair market value” per share of the Stock on the Date of Grant, and there is
no other impermissible deferral of compensation associated with the Option.

 

14.            Notices.
Any notices provided for in your Option or the Plan will be given in writing (including electronically) and will be deemed effectively
given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United
States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion,
decide to deliver any documents related to participation in the Plan and this Option by electronic means or to request your consent to
participate in the Plan by electronic means. By accepting this Option, you consent to receive such documents by electronic delivery and
to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated
by the Company.

 

15.            Governing
Plan Document. Your Option is subject to all the provisions of the Plan, the provisions of which
are hereby made a part of your Option, and is further subject to all interpretations, amendments, rules and regulations which may
from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your Option and
those of the Plan, the provisions of the Plan will control. This Agreement shall be governed by
and construed in accordance with the laws of the State of delaware. Any dispute, controversy or claim between YOU and the Company arising
out of or related to this Agreement shall be resolved by arbitration in accordance with THE PROVISIONS RELATING TO ARBITRATION
SET FORTH IN THe PLAN.

 

16.            Clawback/Recoupment
Policy. Your Option (and any compensation paid or shares issued under your Option) is subject
to recoupment in accordance with The Dodd Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder,
any other clawback policy adopted by the Company and any compensation recovery policy otherwise required by applicable law.

 

17.            Other
Documents. You hereby acknowledge receipt of and
the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which
includes the Plan prospectus.

 

18.            Effect
On Other Employee Benefit Plans. The value of this Option will not be included as compensation,
earnings, salaries or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company
or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify or terminate
any of the Company’s or any Affiliate’s employee benefit plans.

 

    4

     

    

 

19.            Voting
Rights. You will not have voting or any other rights
as a stockholder of the Company with respect to the shares to be issued pursuant to this Option until such shares are issued to you. Upon
such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Option, and no
action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between
you and the Company or any other person.

 

20.            Severability.
If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of
this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will
give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

21.            Data
Privacy. You explicitly and unambiguously consent to the collection, use and transfer, in electronic
or other form, of personal data as described in Section 20(g) of the Plan (such Section 20(g) of the Plan is incorporated
herein by reference and made a part hereof) by and among, as applicable, the Company, its Affiliates, third-party administrator(s) and
other possible recipients for the exclusive purpose of implementing, administering and managing the Plan and Awards and your participation
in the Plan. You acknowledge, understand and agree that Data may be transferred to third parties, which will assist the Company with the
implementation, administration and management of the Plan.

 

22.            Miscellaneous.

 

(a)            The
rights and obligations of the Company under your Option will be transferable to any one or more persons or entities, and all covenants
and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.

 

(b)            You
agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to
carry out the purposes or intent of your Option.

 

(c)            You
acknowledge and agree that you have reviewed your Option in its entirety, have had an opportunity to obtain the advice of counsel prior
to executing and accepting your Option and fully understand all provisions of your Option.

 

(d)            This
Agreement will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

 

(e)            All
obligations of the Company under the Plan and this Agreement will be binding on any successor to the Company, whether the existence of
such successor is the result of a direct or indirect purchase, merger, consolidation or other acquisition of all or substantially all
of the business and/or assets of the Company.

 

*        *        *

 

    5

     

    

 

This Agreement will be deemed to be signed by you
upon the signing by you of the Stock Option Grant Notice to which it is attached.

 

    6

     

    

 

Attachment
II

 

Vesting
Schedule

 

		1.	412⁄3% of the shares of Stock subject to the Award
shall be subject to vesting pursuant to this Section 1 (the “Time-Vesting Award”). Provided that you have not
incurred a Termination prior to the relevant vesting date, (i) 25% of the Time-Vesting Award will vest on the first anniversary of
the Vesting Commencement Date, and (ii) an additional 6.25% of the Time-Vesting Award will vest at the end of each three (3)-month
period thereafter, such that the Time-Vesting Award is fully vested on the fourth anniversary of the Vesting Commencement Date. Notwithstanding
anything to the contrary in the foregoing, 100% of any unvested portion of the Time-Vesting Award will accelerate upon the consummation
of a Change in Control, provided that you have not incurred a Termination prior to such Change in Control. For purposes hereof, the “Vesting
Commencement Date” is the date on which you commenced employment with InnovAge.

 

		2.	412⁄3% of the shares of Stock subject to the Award
shall be subject to vesting pursuant to this Section 2 (the “Performance-Vesting Award”). Provided that you have
not incurred a Termination prior to the vesting date, 100% of the Performance-Vesting Award will vest on the first date as of which the
volume-weighted average price of a share of Stock (the “VWAP”) over the ninety (90)-consecutive trading day period
ending on such date (the “VWAP Measurement Period”) equals or exceeds $15.00 per share.

 

		3.	162⁄3% of the shares of Stock subject to the Award
shall be subject to vesting pursuant to this Section 3 (the “Super Performance-Vesting Award”). Provided that
you have not incurred a Termination prior to the vesting date, 100% of the Super Performance-Vesting Award will vest on the first date
as of which the VWAP over the VWAP Measurement Period equals or exceeds $21.00 per share.

 

    

     

    

 

Exhibit B

  

RSU Agreement

 

[See attached.]

 

    B-1

     

    

 

EXECUTION
VERSION

 

INNOVAGE HOLDING CORP.

Restricted Stock Unit Notice

(2021 omnibus INCENTIVE PLAN)

 

InnovAge Holding Corp. (the “Company”),
pursuant to its 2021 Omnibus Incentive Plan (the “Plan”), hereby grants to Participant an Award of Restricted
Stock Units for the number of shares of Stock set forth below (the “Award”). The Award is subject to all of
the terms and conditions as set forth in this Restricted Stock Unit Notice (this “Grant Notice”) and in the
RSU Agreement (attached hereto as Attachment I) and the Plan, both of which are incorporated herein in their entirety. Capitalized terms
not otherwise defined herein but defined in the Plan or the RSU Agreement will have the same meaning as in the Plan or the RSU Agreement.
If there is any conflict between the terms in this Grant Notice and the Plan, the terms of the Plan
will control. For the avoidance of doubt, if you do not commence employment with InnovAge on December 1, 2021, the Award will
be forfeited and you will have no rights hereunder.

 

	Name of Participant:	Patrick
Blair
	Date of Grant:	November 10, 2021
	Vesting Commencement Date:	Date on which Participant commenced employment with Total Community Options, Inc., d/b/a InnovAge
	Number of Shares of Stock Subject to the Award:	443,599

 

		Vesting Schedule:	1. 412⁄3% of the shares of Stock subject to the Award shall
be subject to vesting pursuant to this Section 1 (the “Time-Vesting Award”). Provided that you have not incurred
a Termination prior to the relevant vesting date, (i) 25% of the Time-Vesting Award will vest on the first anniversary of the Vesting
Commencement Date, and (ii) an additional 6.25% of the Time-Vesting Award will vest at the end of each three (3)-month period thereafter,
such that the Time-Vesting Award is fully vested on the fourth anniversary of the Vesting Commencement Date. Notwithstanding anything
to the contrary in the foregoing, 100% of any unvested portion of the Time-Vesting Award will accelerate upon the consummation of a Change
in Control, provided that you have not incurred a Termination prior to such Change in Control.

 

2. 412⁄3% of the shares of Stock
subject to the Award shall be subject to vesting pursuant to this Section 2 (the “Performance-Vesting Award”).
Provided that you have not incurred a Termination prior to the vesting date, 100% of the Performance-Vesting Award will vest on the first
date as of which the volume-weighted average price of a share of Stock (the “VWAP”) over the ninety (90)-consecutive
trading day period ending on such date (the “VWAP Measurement Period”) equals or exceeds $15.00 per share.

 

    

     

    

 

3. 162⁄3% of the shares of Stock
subject to the Award shall be subject to vesting pursuant to this Section 3 (the “Super Performance-Vesting Award”).
Provided that you have not incurred a Termination prior to the vesting date, 100% of the Super Performance-Vesting Award will vest on
the first date as of which the VWAP over the VWAP Measurement Period equals or exceeds $21.00 per share.

 

		Issuance Schedule:	Subject to any adjustment as provided in Section 10(a) of
the Plan, one share of Stock will be issued for each Restricted Stock Unit that vests, with the time of issuance set forth in Section ‎6
of the RSU Agreement.

 

Additional Terms/Acknowledgements: Participant
acknowledges receipt of, and understands and agrees to, this Grant Notice, the RSU Agreement and the Plan. Participant acknowledges and
agrees that this Grant Notice and the RSU Agreement may not be modified, amended or revised except as provided in the Plan. Participant
further acknowledges that, as of the Date of Grant, this Grant Notice, the RSU Agreement and the Plan set forth the entire agreement and
understanding between Participant and the Company regarding the acquisition of Stock pursuant to the Award specified above and supersede
all prior oral and written agreements, promises and/or representations on that subject, with the exception of (i) Awards previously
granted and delivered to the Participant, and (ii)  any compensation recovery policy that is adopted by the Company or is otherwise
required by applicable law. By accepting this Award, Participant consents to receive such documents by electronic delivery and to participate
in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the
Company.

 

	InnovAge Holding Corp.	 	Participant:
	 	 	 
	By:	 	 	 
	Signature	 	Signature
	 	 	 
	Title:	               	 	Date:	                  
	 	 	 	 	 
	 	 	 	 
	Date:	 	 	 
	 	 	 	 

 

Attachments:
RSU Agreement

 

    -2-

     

    

 

Attachment
I

 

INNOVAGE HOLDING CORP.

2021 omnibus INCENTIVE PLAN

 

RSU
Agreement

 

Pursuant to the Restricted
Stock Unit Grant Notice (the “Grant Notice”) and this RSU Agreement (this “Agreement”), InnovAge
Holding Corp. (the “Company”) has granted you an Award of Restricted Stock Units under its 2021 Omnibus Incentive
Plan (the “Plan”), with respect to the number of shares of Stock indicated in the Grant Notice. Capitalized
terms not explicitly defined in this Agreement or in the Grant Notice but defined in the Plan will have the same meaning as in the Plan.

 

If
there is any conflict between the terms in this Agreement and the Plan, the terms of the Plan will control. The details of your
Award of Restricted Stock Units (this or your “Award”), in addition to those set forth in the Grant Notice and
the Plan, are as follows:

 

1.            Grant
of the Award. This Award represents the right to be issued on a future date one (1) share
of Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section ‎3
below) as indicated in the Grant Notice. As of the Date of Grant, the Company will credit to a bookkeeping account maintained by or on
behalf of the Company for your benefit (the “Account”) the number of shares of Stock subject to the Award. This
Award was granted in consideration of your services to the Company.

 

2.            Vesting.
Subject to the limitations contained herein, your Award will vest as provided in your Grant Notice. Vesting
will cease upon your Termination. Upon your Termination, the Restricted Stock Units credited to the Account that were not vested on the
date of such Termination will be forfeited at no cost to the Company, and you will have no further right, title or interest in or to such
underlying shares of Stock.

 

3.            Number
of Shares. The number of shares of Stock subject to your Award may be adjusted from time to time
for capitalization adjustments, as provided in the Plan. Any additional Restricted Stock Units, shares, cash or other property that becomes
subject to the Award pursuant to this Section ‎3, if any, shall be subject, in a manner determined by the Committee, to
the same forfeiture restrictions, restrictions on transferability and time and manner of delivery as applicable to the other Restricted
Stock Units covered by your Award. Notwithstanding the provisions of this Section ‎3, no fractional shares or rights for
fractional shares of Stock shall be created pursuant to this Section ‎3. Any fraction of a share will be rounded down
to the nearest whole share.

 

4.            Securities
Law Compliance. You may not be issued any shares of Stock under your Award unless the shares
of Stock underlying the Restricted Stock Units are then registered under the Securities Act or, if not registered, the Company has determined
that such issuance of the shares would be exempt from the registration requirements of the Securities Act. The issuance of shares of Stock
must also comply with all other applicable laws and regulations governing the Award and the Company’s policies, and you shall not
receive such Stock if the Company determines that such receipt would not be in material compliance with such laws, regulations or Company
policies, if applicable.

 

    

     

    

 

5.            Transfer
Restrictions. Prior to the time that shares of Stock have been delivered to you, you may not
transfer, pledge, sell or otherwise dispose of this Award or the shares issuable in respect of your Award, except that, upon receiving
written permission from the Committee or its duly authorized designee, you may, by delivering written notice to the Company, in a form
approved by the Company, designate a third party who, on your death, will thereafter be entitled to receive the shares issuable in respect
of your Award, and in the absence of such a designation, your executor or administrator of your estate will be entitled to receive any
Stock or other consideration that vested but was not issued before your death. For example, you may not use shares that may be issued
in respect of your Restricted Stock Units as security for a loan. The restrictions on transfer set forth herein will lapse upon delivery
to you of shares in respect of your vested Restricted Stock Units.

 

6.            Date
of Issuance.

 

a.            The
issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulation Section 1.409A-1(b)(4) and
will be construed and administered in such a manner. The Company shall issue to you one (1) share of Stock for each Restricted Stock
Unit that vests, if any, as soon as practicable following the applicable vesting date(s) (subject to any adjustment under Section ‎3
above) and in any event within thirty (30) days following the vesting date.

 

b.            The
form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company.

 

7.            Dividends.
You shall receive no benefit or adjustment to your Award with respect to any cash dividend, stock dividend
or other distribution that does not result from the adjustment provided in Section 10(a) of the Plan.

 

8.            Restrictive
Legends. The shares of Stock issued under your Award shall be endorsed with appropriate legends,
if applicable, as determined by the Company.

 

9.            Award
Not a Service Contract. This Agreement is not an employment or service contract, and nothing
in this Agreement will be deemed to create in any way whatsoever any obligation on your part to continue in the employ or service of the
Company or an Affiliate, or of the Company or an Affiliate to continue your employment or service.

 

    

     

    

 

10.            Withholding
Obligations.

 

a.            On
or before the time you receive a distribution of the shares of Stock underlying your Award, and at any other time as reasonably requested
by the Company in accordance with applicable tax laws, you hereby authorize any required withholding from the shares of Stock issuable
to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign
tax withholding obligations of the Company or any Affiliate that arise in connection with your Award (the “Withholding Taxes”).
Additionally, the Company or any Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation
relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise
payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting or requiring you to enter
into a “same day sale” commitment, whereby Withholding Taxes may be satisfied with a portion of the shares of Stock to be
delivered in connection with your Restricted Stock Units by delivery of an irrevocable direction to a securities broker (on a form prescribed
by the Committee) to sell a portion of the shares of Stock and to deliver all or part of the sale proceeds to the Company and/or its Affiliates
in payment of the amount necessary to satisfy the Withholding Taxes obligation; (iv) withholding shares of Stock from the shares
of Stock issued or otherwise issuable to you in connection with the Award with an aggregate Fair Market Value (measured as of the date
shares of Stock are issued to pursuant to Section ‎6) equal to the amount of such Withholding Taxes; provided,
that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable,
such share withholding procedure will be subject to the express prior approval of the Committee; or (v) such other arrangements as
are satisfactory to the Committee.

 

b.            Unless
the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to
you any shares of Stock.

 

c.            In
the event the Company’s obligation to withhold arises prior to the delivery to you of shares of Stock or it is determined after
the delivery of shares of Stock to you that the amount of the Company’s withholding obligations was greater than the amount withheld
by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

11.            Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer
the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company,
or any of its officers, directors, employees or Affiliates, related to tax liabilities arising from your Award or your other compensation.

 

12.            Notices.
Any notices provided for in your Award or the Plan will be given in writing (including electronically) and will be deemed effectively
given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United
States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion,
decide to deliver any documents related to participation in the Plan and this Award by electronic means or to request your consent to
participate in the Plan by electronic means. By accepting this Award, you consent to receive such documents by electronic delivery and
to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated
by the Company.

 

13.            Unsecured
Obligation. Your Award is unfunded, and as a holder of a vested Award, you shall be considered
a general, unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares or other property
pursuant to this Agreement.

 

    

     

    

 

14.            Governing
Plan Document. Your Award is subject to all the provisions of the Plan, the provisions of which
are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may
from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your Award and those
of the Plan, the provisions of the Plan will control. This Agreement shall be governed by and
construed in accordance with the laws of the State of delaware. Any dispute, controversy or claim between YOU and the Company arising
out of or related to this Agreement shall be resolved by arbitration in accordance with THE PROVISIONS RELATING TO ARBITRATION
SET FORTH IN THe PLAN.

 

15.            Clawback/Recoupment
Policy.  Your Award (and
any compensation paid or shares issued under your Award) is subject to recoupment in accordance with The Dodd-Frank Wall Street Reform
and Consumer Protection Act and any implementing regulations thereunder, any other clawback policy adopted by the Company and any compensation
recovery policy otherwise required by applicable law.

 

16.            Other
Documents. You hereby acknowledge receipt of and
the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which
includes the Plan prospectus.

 

17.            Effect
on Other Employee Benefit Plans. The value of this
Award will not be included as compensation, earnings, salaries or other similar terms used when calculating your benefits under any employee
benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves
its rights to amend, modify or terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

18.            Voting
Rights. You will not have voting or any other rights
as a stockholder of the Company with respect to the shares of Stock to be issued pursuant to this Award until such shares are issued to
you. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Award,
and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship
between you and the Company or any other person.

 

19.            Severability.
If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be
unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be
unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible,
be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible
while remaining lawful and valid.

 

20.            Data
Privacy. You explicitly and unambiguously consent to the collection, use and transfer, in electronic
or other form, of personal data as described in Section 20(g) of the Plan (such Section 20(g) of the Plan is incorporated
herein by reference and made a part hereof) by and among, as applicable, the Company, its Affiliates, third-party administrator(s) and
other possible recipients for the exclusive purpose of implementing, administering and managing the Plan and Awards and your participation
in the Plan. You acknowledge, understand and agree that Data may be transferred to third parties, which will assist the Company with the
implementation, administration and management of the Plan.

 

    

     

    

 

21.            Miscellaneous.

 

a.            The
rights and obligations of the Company under your Award will be transferable to any one or more persons or entities, and all covenants
and agreements hereunder will inure to the benefit of, and be enforceable by, the Company’s successors and assigns.

 

b.            You
agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to
carry out the purposes or intent of your Award.

 

c.            You
acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior
to executing and accepting your Award and fully understand all provisions of your Award.

 

d.            This
Agreement will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

 

e.            All
obligations of the Company under the Plan and this Agreement will be binding on any successor to the Company, whether the existence of
such successor is the result of a direct or indirect purchase, merger, consolidation or other acquisition of all or substantially all
of the business and/or assets of the Company.

 

*        *        *

 

This RSU Agreement will be
deemed to be signed by you upon the signing by you of the Restricted Stock Unit Grant Notice to which it is attached.

 

    

     

    

 

Exhibit C

 

Release of Claims

 

Reference is hereby made to
that certain Employment Agreement, effective as of December 1, 2021, by and between Total Community Options, Inc., d/b/a InnovAge,
a Colorado corporation (and any successor entity thereto, the “Company”), and Patrick Blair (“Executive”)
(such agreement, the “Employment Agreement”). Capitalized terms used but not otherwise defined herein shall have the
meaning set forth in the Employment Agreement.

 

This release of claims (this
 “General Release”) is entered into by Executive in exchange for good and valuable consideration, and Executive, intended
to be legally bound, agrees as follows:

 

		1.	Separation of Employment. Executive’s employment or service with the Company and its Affiliates
terminated as of [DATE], and Executive hereby resigns from any position Executive
may hold as an officer, member of the board of managers or directors (as applicable) or fiduciary of the Company or any of its Affiliates
(or reaffirms any such resignation that may have already occurred) and agrees to execute any additional documentation as may be necessary
to effectuate such resignations.

 

		2.	Acknowledgment of Payments and Benefits. Executive understands that the Severance Benefits under
Section 5[(d)][(e)] of the Employment Agreement represent, in part, consideration for signing this General Release and are not salary,
wages or benefits to which Executive was already entitled. Executive understands and agrees that Executive will not receive the Severance
Benefits specified in Section 5[(d)][(e)] of the Employment Agreement unless Executive timely executes, and does not revoke, this
General Release within the time period permitted hereafter. Such Severance Benefits will not be considered compensation for purposes of
any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its Affiliates. In signing
this General Release, Executive also acknowledges and represents that, except as set forth in this General Release and except for
Final Compensation due under the Employment Agreement, Executive is not entitled to receive any additional compensation, bonuses, equity
compensation, payment in lieu of any paid time off, equity awards, severance payments or other payments or benefits of any kind from the
Company or any of the other Released Parties (as defined below), including, without limitation, any payments of any kind under the Employment
Agreement.

 

		3.	Release. Executive, on behalf of Executive and Executive’s heirs beneficiaries,
                                                           administrators, executors, trustees and assigns, shall, and hereby does, forever and irrevocably release and discharge the Company
                                                           and its subsidiaries and Affiliates, and each of their respective past, present and future shareholders, directors, officers,
                                                           employee benefit plans, administrators, trustees, agents, representatives, employees, consultants, parents, subsidiaries, divisions,
                                                           insurers, attorneys, predecessors, purchasers, successors and assigns, and all those connected with any of them, in their official
                                                           and individual capacities (each, a “Released Party” and, collectively, the “Released
                                                           Parties”), from any and all claims, suits, controversies, actions, causes of action, cross-claims, counterclaims,
demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’
fees or liabilities of any nature whatsoever, in law and in equity, both past and present and whether known or unknown, suspected, unsuspected
or claimed (collectively, “Claims”), which Executive or any of Executive’s beneficiaries, administrators, executors,
trustees and assigns may have from the beginning of time through the date upon which Executive executes this General Release (a) arising
out of, or relating to, any agreement and/or any awards, policies, plans, programs, procedures or practices of any of the Released Parties
that may apply to Executive or in which Executive may participate or may have participated, including, but not limited to, any rights
under bonus plans or programs of any of the Released Parties and/or any other short-term or long-term equity-based or cash-based incentive
plans or incentive programs of any of the Released Parties; (b) arising out of, or relating to, Executive’s termination of
employment with any of the Released Parties; and/or (c) arising out of, or relating to, Executive’s employment with any Released
Party or Executive’s status as an employee, member, officer or director of any of the Released Parties, including, without limitation,
any Claims or violations (i) arising under any federal, state or local civil or human rights law, including, but not limited to,
the Age Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of
1964, the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Family
and Medical Leave Act, the Employee Retirement Income Security Act of 1974, the Equal Pay Act of 1963, the Genetic Information Nondiscrimination
Act of 2008, and the Worker Adjustment and Retraining Notification Act, as all such laws have been amended from time to time and including
all of their respective implementing regulations, and/or any other federal, state, foreign or local labor law, wage and hour law, worker
safety law or employee relations or fair employment practices law, or public policy, contract or tort, or under common law; (ii) for
wrongful discharge, breach of contract, infliction of emotional distress or defamation; or (iii) for costs, fees or other expenses,
including attorneys’ fees, incurred in these matters.

 

    C-1 

     

    

 

		4.	Limitations. Nothing in Section 3 shall release or impair (a) any Claim or right that
may arise after the date Executive executes this General Release; (b) any vested benefits under the Company’s benefit plans;
(c) any Claim or right Executive may have for indemnification under the Employment Agreement or the Company’s D&O policy,
by-laws, certificate of incorporation, other governing documents or applicable law; or (d) any Claim which by law cannot be waived.
Nothing in this General Release is intended to prohibit or restrict Executive’s right to file a charge with or participate in a
charge by the Equal Employment Opportunity Commission, or any other local, state or federal administrative body or government agency;
provided, that, to the extent permitted by applicable law, Executive hereby waives the right to recover any monetary damages
or other relief against any Released Parties; provided, however, that nothing in this General Release shall prohibit Executive from receiving
any monetary award to which Employee becomes entitled pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act.

 

		5.	Later Discovered Claims. Executive understands that Executive may later discover Claims or facts
that may be different from, or in addition to, those which Executive now knows or believes to exist with regards to the
subject matter of this General Release and which, if known at the time of executing this General Release, may have materially affected
this General Release or Executive’s decision to enter into it. Executive hereby waives any right or Claim that might arise as a
result of such different or additional Claims or facts.

 

		6.	No Assignment. Executive represents that Executive has made no assignment or transfer of any right
or Claim covered by this General Release, and that Executive further agrees that Executive is not aware of any such right or Claim covered
by this General Release.

 

    C-2 

     

    

 

		7.	No Impact on Whistleblowing Rights. Executive understands that nothing contained in this General
Release shall be construed to limit, restrict or in any other way affect Executive’s right to communicate with any governmental
agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the Congress and any
agency Inspector General, or make other disclosures under the whistleblower provisions of federal law or regulation.

 

		8.	Third Party Beneficiary. The Released Parties are intended to be third-party beneficiaries of this
General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights
granted to such Released Parties hereunder.

 

		9.	No Admission of Liability. Executive agrees that neither this General Release, nor the furnishing
of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released
Party or Executive of any improper or unlawful conduct. Rather, this General Release expresses the intention of the parties to resolve
all issues and other Claims related to or arising out of the Executive’s employment by and termination of employment with the Company.

 

		10.	Subsequent Breach. Notwithstanding anything in this General Release to the contrary, this General
Release shall not relinquish, diminish or in any way affect any rights or Claims arising out of any breach by Employer of the Employment
Agreement after the date hereof, which are not subject to this General Release.

 

		11.	Severability. Whenever possible, each provision of this General Release shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or its validity and enforceability in any other jurisdiction, but this General Release shall be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

		12.	Continuing Obligations. Executive acknowledges that Executive will continue to be bound by Executive’s
obligations under the Employment Agreement that survive the termination of Executive’s employment by the terms thereof or by necessary
implication, including, without limitation, the restrictive covenant obligations set forth in Sections 7, 8 and 9 of the Employment
Agreement (all of the foregoing obligations, the “Continuing Obligations”). Executive further acknowledge that the
obligation of the Company to make payments to Executive or on Executive’s behalf
under Section 5[(d)][(e)] of the Employment Agreement, and Executive’s right to retain the same, are expressly conditioned
upon Executive’s continued performance of Executive’s obligations hereunder and with respect to the Continuing Obligations.

 

    C-3 

     

    

 

		13.	Confidentiality; Non-Disparagement. Subject to Section 7 of this General Release, Executive
agrees that Executive will not disclose this General Release or any of its terms or provisions, directly or by implication, except to
members of Executive’s immediate family and to Executive’s legal and tax advisors, and then only on condition that they agree
not to further disclose this General Release or any of its terms or provisions to others. Subject to Section 7 of this General
Release, Executive agrees that Executive will never disparage or criticize the Company, its Affiliates, their business, their management
or their products or services, and that Executive will not otherwise do or say anything that could disrupt the good morale of employees
of the Company or any of its Affiliates or harm the interests or reputation of the Company or any of its Affiliates. The Company has directed
the senior officers and directors of the Company and its Affiliates not to make or cause to be made any statements that disparage or criticize
Executive or Executive’s reputation.

 

		14.	No Cooperation with Non-Governmental Third Parties. Executive agrees that, to the maximum extent
permitted by law, Executive shall not knowingly encourage, counsel or assist any non-governmental attorneys or their clients in the presentation
or prosecution of any disputes, differences, grievances, claims, charges or complaints by any non-governmental third party against any
of the Released Parties.

 

		15.	Consultation; Voluntary Agreement. Executive acknowledges that the Company has advised Executive
of Executive’s right to consult with an attorney prior to executing this General Release. Executive has carefully read and fully
understands all of the provisions of this General Release. Executive is entering into this General Release knowingly, freely and voluntarily,
in exchange for good and valuable consideration to which Executive would not be entitled in the absence of executing and not revoking
this General Release.

 

		16.	Consideration and Revocation Period. Executive acknowledges that Executive has [twenty-one (21)]/[forty-five
(45)] calendar days to consider this General Release (the “Consideration Period”). Executive agrees that changes to
this General Release, whether material or immaterial, will not restart the Consideration Period. Executive understands that Executive
may, at Executive’s own election, execute this General Release before the expiration of the Consideration Period; provided,
however, that Executive may not execute this General Release prior to Executive’s final day of employment with the Company.
Executive has seven (7) calendar days after the date on which Executive executes this General Release to revoke Executive’s
consent to the General Release. Such revocation must be in writing and must be made to [●] at [●] via [●]. Notice of
such revocation must be received within the seven (7) calendar days referenced above. In the event of such revocation by Executive,
this General Release will be null and void, and Executive will have no entitlement to the Severance Benefits set forth in 5[(d)][(e)]
of the Employment Agreement. Provided that Executive does not revoke Executive’s execution of this General Release within such seven
(7) day period, this General Release shall become effective on the
eighth (8th) calendar day after the date on which Executive initially executes it.

 

		17.	Survival; Incorporation by Reference. Executive acknowledges that Sections 7 through 24 of the
Employment Agreement shall survive Executive’s execution of this General Release. Section 24 of the Employment Agreement is
incorporated herein by reference and shall apply hereto mutatis mutandis.

 

    C-4 

     

    

 

BY SIGNING THIS GENERAL RELEASE,
EXECUTIVE REPRESENTS AND AGREES THAT:

 

		1.	EXECUTIVE HAS READ IT CAREFULLY;

 

		2.	EXECUTIVE UNDERSTANDS ALL OF ITS TERMS AND KNOWS THAT EXECUTIVE IS GIVING UP IMPORTANT RIGHTS, INCLUDING,
BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964,
AS AMENDED; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED;

 

		3.	EXECUTIVE VOLUNTARILY CONSENTS TO EVERYTHING IN IT;

 

		4.	EXECUTIVE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND EXECUTIVE HAS DONE SO,
OR, AFTER CAREFUL READING AND CONSIDERATION, EXECUTIVE HAS CHOSEN NOT TO DO SO OF EXECUTIVE’S OWN VOLITION;

 

		5.	EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE MAY NOT SIGN THIS GENERAL RELEASE BEFORE THE DATE EXECUTIVE’S
EMPLOYMENT WITH THE COMPANY TERMINATES;

 

		6.	EXECUTIVE HAS BEEN GIVEN ALL TIME PERIODS REQUIRED BY LAW TO CONSIDER THIS GENERAL RELEASE (INCLUDING,
BUT NOT LIMITED TO, THE TIME PERIODS REQUIRED UNDER THE AGE DISCRIMINATION AND EMPLOYMENT ACT, AS AMENDED) SINCE THE DATE OF EXECUTIVE’S
RECEIPT OF THIS GENERAL RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON [DATE] TO
CONSIDER ITS TERMS AND TO CONSULT WITH AN ATTORNEY, IF EXECUTIVE WISHED TO DO SO, OR TO CONSULT WITH ANY OF THE OTHER PERSONS DESCRIBED
IN SECTION 3 OF THIS GENERAL RELEASE;

 

		7.	EXECUTIVE HAS SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY, WITH A FULL UNDERSTANDING OF ITS
TERMS AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE EXECUTIVE WITH RESPECT TO IT;

 

		8.	EXECUTIVE HAS NOT RELIED ON ANY PROMISES OR REPRESENTATIVES, EXPRESS OR IMPLIED, THAT ARE NOT SET FORTH
EXPRESSLY IN THIS GENERAL RELEASE; AND

 

		9.	EXECUTIVE AGREES THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED
OR MODIFIED, EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND EXECUTIVE.

 

	DATE:	 	 	 
	 	 	 	Patrick Blair

 

    C-5Document

Exhibit 10.1
UPSTART HOLDINGS, INC.
2020 EQUITY INCENTIVE PLAN
(As of July 19, 2021)  
1.Purposes of the Plan; Award Types.
(a)Purposes of the Plan. The purposes of this Plan are to attract and retain personnel for positions with the Company Group, to provide additional incentive to Employees, Directors, and Consultants (collectively, “Service Providers”), and to promote the success of the Company’s business.
(b)Award Types. The Plan permits the grant of Incentive Stock Options to any ISO Employee and the grant of Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, and Performance Awards to any Service Provider.
2.Definitions. The following definitions are used in this Plan:
(a)“Administrator” means Administrator as defined in Section 4(a).
(b)“Applicable Laws” means the legal and regulatory requirements relating to the administration of equity-based awards, including but not limited to the related issuance of Shares under U.S. federal and state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and, only to the extent applicable with respect to an Award or Awards, the tax, securities, exchange control, and other laws of any jurisdictions other than the United States where Awards are, or will be, granted under the Plan. Reference to a section of an Applicable Law or regulation related to that section shall include such section or regulation, any valid regulation issued under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
(c)“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, or Performance Awards.
(d)“Award Agreement” means the written or electronic agreement setting forth the terms applicable to an Award granted under the Plan. The Award Agreement is subject to the terms of the Plan.
(e)“Board” means the Board of Directors of the Company.
(f)“Change in Control” means the occurrence of any of the following events:
(i)A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, that for this subsection, the acquisition of additional stock by any one Person, who prior to such acquisition is considered to own more than 50% of the total voting 

power of the stock of the Company will not be considered a Change in Control and provided, further, that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board also will not be considered a Change in Control. Further, if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of 50% or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall not be considered a Change in Control under this Section 2(f)(i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or
(ii)A change in the effective control of the Company which occurs on the date a majority of members of the Board is replaced during any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the appointment or election.  For purposes of this Section 2(f)(ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or
(iii)A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, that for this Section 2(f)(iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: 
(1)a transfer to an entity controlled by the Company’s stockholders immediately after the transfer, or 
(2)a transfer of assets by the Company to: 
(A)a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock,
(B)an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, 
(C)a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or 
(D)an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in Section 2(f)(iii)(2)(A) to Section 2(f)(iii)(2)(C). 
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For this definition, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. For this definition, persons will be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. For the avoidance of doubt, wholly-owned subsidiaries of the Company shall not be considered “Persons” for purposes of this Section 2(f).
1.    For purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.  For the avoidance of doubt, wholly-owned subsidiaries of the Company shall not be considered “Persons” for purposes of this Section 2(f). 
(iv)A transaction will not be a Change in Control:
(1)unless the transaction qualifies as a change in control event within the meaning of Code Section 409A; or
(2)if its primary purpose is to (1) change the jurisdiction of the Company’s incorporation, or (2) create a holding company owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
(g)“Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a section of the Code or regulation related to that section shall include such section or regulation, any valid regulation issued or other official applicable guidance of general or direct applicability promulgated under such section or regulation, and any comparable provision of any future legislation, regulation or official guidance of general or direct applicability amending, supplementing or superseding such section or regulation.  
(h)“Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board.
(i)“Common Stock” means the common stock of the Company.
(j)“Company” means Upstart Holdings, Inc., a Delaware corporation, or any of its successors.
(k)“Company Group” means the Company, any Parent or Subsidiary, and any entity that, from time to time and at the time of any determination, directly or indirectly, is in control of, is controlled by or is under common control with the Company.
(l)“Consultant” means any natural person engaged by a member of the Company Group to render bona fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital raising transaction, and (ii) do not directly promote or maintain a market for the Company’s securities. A Consultant must be a person to whom the issuance of Shares registered on Form S-8 under the Securities Act is permitted.
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(m)“Director” means a member of the Board.
(n)“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.
(o)“Employee” means any person, including Officers and Directors, providing services as an employee to the Company or any member of the Company Group. However, with respect to Incentive Stock Options, an Employee must be employed by the Company or any Parent or Subsidiary of the Company (such an Employee, an “ISO Employee”). Notwithstanding, Options awarded to individuals not providing services to the Company or a Subsidiary of the Company should be carefully structured to comply with the payment timing rule of Code Section 409A. Neither service as a Director nor payment of a director’s fee by the Company will constitute “employment” by the Company.
(p)“Exchange Act” means the U.S. Securities Exchange Act of 1934.
(q)“Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of the same type (which may have higher or lower Exercise Prices and different terms), awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the Exercise Price of an outstanding Award is increased or reduced. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.
(r)“Exercise Price” means the price payable per share to exercise an Award.
(s)“Expiration Date” means the last possible day on which an Option or Stock Appreciation Right may be exercised. Any exercise must be completed before midnight U.S. Pacific Time between the Expiration Date and the following date; provided, however, that any broker-assisted cashless exercise of an Option granted hereunder must be completed by the close of market trading on the Expiration Date.
(t)“Fair Market Value” means, as of any date, the value of a Share, determined as follows:
(i)If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market of The NASDAQ Stock Market, the Fair Market Value will be the closing sales price for a Share (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported by such source as the Administrator determines to be reliable. If the determination date for the Fair Market Value occurs on a non-Trading Day (i.e., a weekend or holiday), the Fair Market Value will be such price on the immediately preceding Trading Day, unless otherwise determined by the Administrator; 
(ii)If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high 
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bid and low asked prices for the Common Stock on the day of determination (or, if no bids and asks were reported on that date on the last Trading Day such bids and asks were reported), as reported by such source as the Administrator determines to be reliable; 
(iii)For any Awards granted on the Registration Date, the Fair Market Value will be the initial price to the public set forth in the final prospectus included within the registration statement on Form S-1 filed with the United States Securities and Exchange Commission for the initial public offering of the Common Stock; or 
(iv)Absent an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.
Notwithstanding the foregoing, if the determination date for the Fair Market Value occurs on a weekend, holiday or other day other than a Trading Day, the Fair Market Value will be the price as determined under subsections (t)(i) or (t)(ii) above on the immediately preceding Trading Day, unless otherwise determined by the Administrator. In addition, for purposes of determining the fair market value of shares for any reason other than the determination of the Exercise Price of Options or Stock Appreciation Rights, fair market value will be determined by the Administrator in a manner compliant with Applicable Laws and applied consistently for such purpose. Note that the determination of fair market value for purposes of tax withholding may be made in the Administrator’s sole discretion subject to Applicable Laws and is not required to be consistent with the determination of Fair Market Value for other purposes.
(u)“Fiscal Year” means a fiscal year of the Company.
(v)“Grant Date” means Grant Date as defined in Section 4(c).
(w)“Incentive Stock Option” means an Option that is intended to qualify and does qualify as an incentive stock option within the meaning of Code Section 422.
(x)“Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.
(y)“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.
(z)“Option” means a stock option to acquire Shares granted under Section 6.
(aa)“Outside Director” means a Director who is not an Employee.
(ab)“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).
(ac)“Participant” means the holder of an outstanding Award.
(ad)“Performance Awards” means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and 
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which may be cash- or stock-denominated and may be settled for cash, Shares or other securities or a combination of the foregoing under Section 10.
(ae)“Performance Period” means Performance Period as defined in Section 10(a)
(af)“Period of Restriction” means the period during which the transfer of Shares of Restricted Stock is subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.
(ag)“Plan” means this 2020 Equity Incentive Plan.
(ah)“Registration Date” means the effective date of the first Registration Statement.
(ai)“Registration Statement” means a registration statement filed by the Company and declared effective under Section 12(b) of the Exchange Act, with respect to any class of the Company’s securities. 
(aj)“Restricted Stock” means Shares issued under an Award granted under Section 8 or issued as a result of the early exercise of an Option.
(ak)“Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value, granted under Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.
(al)“Securities Act” means U.S. Securities Act of 1933.
(am)“Service Provider” means an Employee, Director or Consultant.
(an)“Share” means a share of the Common Stock as adjusted in accordance with Section 13 of the Plan.
(ao)“Stock Appreciation Right” means an Award granted under Section 7.
(ap)“Subsidiary” means a “subsidiary corporation” as defined in Code Section 424(f), in relation to the Company.
(aq)“Tax Withholdings” means tax, social insurance and social security liability or premium obligations in connection with the Awards, including, without limitation, (i) all federal, state, and local income, employment and any other taxes (including the Participant’s U.S. Federal Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company or a member of the Company Group, (ii) the Participant’s and, to the extent required by the Company, the fringe benefit tax liability of the Company or a member of the Company Group, if any, associated with the grant, vesting, or exercise of an Award or sale of Shares issued under the Award, and (iii) any other taxes or social insurance or social security liabilities or premium the responsibility for which the Participant has, or has agreed to bear, with respect to such Award, the Shares subject to, or other amounts or property payable under, an Award, or otherwise associated with or related to participation in the Plan and with 
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respect to which the Company or the applicable member of the Company Group has either agreed to withhold or has an obligation to withhold. 
(ar)“Ten Percent Owner” means Ten Percent Owner as defined in Section 6(b)(i).
(as)“Trading Day” means a day on which the primary stock exchange or national market system (or other trading platform, as applicable) on which the Common Stock trades is open for trading. 
(at)“Transaction” means Transaction as defined in Section 14(a).
3.Shares Subject to the Plan. 
(a)Allocation of Shares to Plan. The maximum aggregate number of Shares that may be issued under the Plan is: 
(i)5,520,000 Shares, plus
(ii)any Shares subject to awards granted under the Company’s 2012 Stock Plan (the “Existing Plan”) that, on or after the Registration Date, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of Shares to be added to the Plan under this clause (ii) equal to 23,000,000 Shares, plus 
(iii) any additional Shares that become available for issuance under the Plan under Sections 3(b) and 3(c). 
The Shares may be authorized but unissued Common Stock or Common Stock issued and then reacquired by the Company.
(b)Automatic Share Reserve Increase. The number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the 2021 Fiscal Year, in an amount equal to the least of:
(i)15,000,000 Shares,
(ii)5% of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding Fiscal Year, and
(iii)a lesser number of Shares determined by the Administrator.
(c)Share Reserve Return. 
(i)Options and Stock Appreciation Rights. If an Option or Stock Appreciation Right expires or becomes unexercisable without having been exercised in full or is surrendered under an Exchange Program, the unissued Shares subject to the Option or Stock Appreciation Right will become available for future issuance under the Plan. 
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(ii)Stock Appreciation Rights. Only Shares actually issued pursuant to a Stock Appreciation Right (i.e., the net Shares issued) will cease to be available under the Plan; all remaining Shares originally subject to the Stock Appreciation Right will remain available for future issuance under the Plan. 
(iii)Full-Value Awards. Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, or stock-settled Performance Awards that are reacquired by the Company due to failure to vest or are forfeited to the Company will become available for future issuance under the Plan. 
(iv)Withheld Shares. Shares used to pay the Exercise Price of an Award or to satisfy Tax Withholdings related to an Award will become available for future issuance under the Plan. 
(v)Cash-Settled Awards. If any portion of an Award under the Plan is paid to a Participant in cash rather than Shares, that cash payment will not reduce the number of Shares available for issuance under the Plan. 
(d)Incentive Stock Options. The maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal 200% of the aggregate Share number stated in Section 3(a) plus, to the extent allowable under Code Section 422, any Shares that become available for issuance under the Plan under Sections 3(b) and 3(c).
(e)Adjustment. The numbers provided in Sections 3(a), 3(b), and 3(d) will be adjusted as a result of changes in capitalization and any other adjustments under Section 13.
(f)Substitute Awards. If the Committee grants Awards in substitution for equity compensation awards outstanding under a plan maintained by an entity acquired by or becomes a part of any member of the Company group, the grant of those substitute Awards will not decrease the number of Shares available for issuance under the Plan.
(g)Share Reserve.  The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.
4.Administration of the Plan. 
(a)Procedure.
(i)The Plan will be administered by the Board or a Committee (the “Administrator”). Different Administrators may administer the Plan with respect to different groups of Service Providers. The Board may retain the authority to concurrently administer the Plan with a Committee and may revoke the delegation of some or all authority previously delegated.
(ii)To the extent permitted by Applicable Laws, the Board or a Committee may delegate to one or more subcommittees of the Board or a Committee or officers the authority to grant Awards to Employees of the Company or any of its Subsidiaries, provided that the delegation must comply with any limitations on the authority required by Applicable Laws, including the total number of 
8

Shares that may be subject to the Awards granted by such officer(s). This delegation may be revoked at any time by the Board or Committee.
(b)Powers of the Administrator. Subject to the terms of the Plan, any limitations on delegations specified by the Board, and any requirements imposed by Applicable Laws, the Administrator will have the authority, in its sole discretion, to make any determinations and perform any actions deemed necessary or advisable to administer the Plan including:
(i)to determine the Fair Market Value;
(ii)to approve forms of Award Agreements for use under the Plan;
(iii)to select the Service Providers to whom Awards may be granted and grant Awards to such Service Providers;
(iv)to determine the number of Shares to be covered by each Award granted;
(v)to determine the terms and conditions, consistent with the Plan, of any Award granted. Such terms and conditions may include, but are not limited to, the Exercise Price, the time(s) when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating to an Award;
(vi)to institute and determine the terms and conditions of an Exchange Program;
(vii)to construe interpret the Plan and make any decisions necessary to administer the Plan, including but not limited to determining whether and when a Change in Control has occurred; 
(viii)to establish, amend and rescind rules and regulations and adopt sub-plans relating to the Plan, including rules, regulations and sub-plans for the purposes of facilitating compliance with foreign laws, easing the administration of the Plan and/or obtaining tax-favorable treatment for Awards granted to Service Providers located outside the U.S., in each case as the Administrator may deem necessary or advisable;
(ix)to interpret, modify or amend each Award (subject to Section 18), including extending the Expiration Date and the post-termination exercisability period of such modified or amended Awards;
(x)to allow Participants to satisfy tax withholding obligations in any manner permitted by Section 15;
(xi)to delegate ministerial duties to any of the Company’s employees;
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(xii)to authorize any person to take any steps and execute, on behalf of the Company, any documents required for an Award previously granted by the Administrator to be effective; 
(xiii)to temporarily suspend the exercisability of an Award if the Administrator deems such suspension to be necessary or appropriate for administrative purposes, provided that, unless prohibited by Applicable Laws, such suspension shall be lifted in all cases not less than 10 Trading Days before the last date that the Award may be exercised;
(xiv)to allow Participants to defer the receipt of the payment of cash or the delivery of Shares otherwise due to any such Participants under an Award; and
(xv)to make any determinations necessary or appropriate under Section 13
(c)Grant Date. The grant date of an Award (“Grant Date”) will be the date that the Administrator makes the determination granting such Award or may be a later date if such later date is designated by the Administrator on the date of the determination or under an automatic grant policy. Notice of the determination will be provided to each Participant within a reasonable time after the Grant Date.
(d)Waiver. The Administrator may waive any terms, conditions or restrictions.
(e)Fractional Shares. Except as otherwise provided by the Administrator, any fractional Shares that result from the adjustment of Awards will be canceled. Any fractional Shares that result from vesting percentages will be accumulated and vested on the date that an accumulated full Share is vested.
(f)Electronic Delivery. The Company may deliver by e-mail or other electronic means (including posting on a website maintained by the Company or by a third party under contract with the Company or another member of the Company Group) all documents relating to the Plan or any Award and all other documents that the Company is required to deliver to its security holders (including prospectuses, annual reports and proxy statements).
(g)Choice of Law; Choice of Forum. The Plan, all Awards and all determinations made and actions taken under the Plan, to the extent not otherwise governed by the laws of the United States, will be governed by the laws of the State of Delaware without giving effect to principles of conflicts of law. For purposes of litigating any dispute that arises under this Plan, a Participant’s acceptance of an Award is his or her consent to the jurisdiction of the State of Delaware, and agreement that any such litigation will be conducted in Delaware Court of Chancery, or the federal courts for the United States for the District of Delaware, and no other courts, regardless of where a Participant’s services are performed.
(h)Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards.
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5.Eligibility.  Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and Performance Awards may be granted to Service Providers.  Incentive Stock Options may be granted only to Employees. 
6.Stock Options. 
(a)Stock Option Award Agreement. Each Option will be evidenced by an Award Agreement that will specify the number of Shares subject to the Option, per share Exercise Price, its Expiration Date, and such other terms and conditions as the Administrator determines. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. An Option not designated as an Incentive Stock Option is a Nonstatutory Stock Option.
(b)Exercise Price. The Exercise Price for the Shares to be issued upon exercise of an Option will be determined by the Administrator and stated in the Award Agreement, subject to the following:
(i)In the case of an Incentive Stock Option:
(1)granted to an ISO Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent or Subsidiary (a “Ten Percent Owner”), the Exercise Price for the Shares to be issued will be no less than 110% of the Fair Market Value per Share on the date of grant; and
(2)granted to any ISO Employee other than a Ten Percent Owner, the Exercise Price for the Shares to be issued will be no less than 100% of the Fair Market Value per Share on the date of grant.
(ii)In the case of a Nonstatutory Stock Option, the Exercise Price for the Shares to be issued will be no less than 100% of the Fair Market Value per Share on the date of grant.
(iii)Notwithstanding the foregoing, Options may be granted with an Exercise Price of less than 100% of the Fair Market Value per Share on the date of grant (i) pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code or (ii) to a Service Provider that is not a U.S. taxpayer.
(c)Form of Consideration. The Administrator will determine the acceptable form(s) of consideration for exercising an Option. Unless the Administrator determines otherwise, the consideration may consist of any one or more or combination of the following, to the extent permitted by Applicable Laws:
(i)cash; 
(ii)check or wire transfer;
(iii)promissory note, if and to the extent approved by the Company;
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(iv)other Shares that have a fair market value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which such Option will be exercised. To the extent not prohibited by the Administrator, this shall include the ability to tender Shares to exercise the Option and then use the Shares received on exercise to exercise the Option with respect to additional Shares;
(v)consideration received by the Company under a cashless exercise arrangement (whether through a broker or otherwise) implemented by the Company for the exercise of Options that has been approved by the Administrator, if and to the extent permitted by the Company with respect to a particular Award; 
(vi)consideration received by the Company under a net exercise program under which Shares are withheld from otherwise deliverable Shares that has been approved by the Administrator, if and to the extent permitted by the Company with respect to a particular Award; and 
(vii)any other consideration or method of payment to issue Shares (provided that other forms of considerations may only be approved by the Administrator).
2.The Administrator has the power to remove or limit any of the above forms of consideration for exercising an Option except for the payment of cash at any time in its sole discretion.
(d)Term of Option. The term of each Option will be determined by the Administrator and stated in the Award Agreement, provided that, in the case of an Incentive Stock Option:  (a) granted to a Ten Percent Owner, the Option may not be exercisable after the expiration of 5 years from the date such Option is granted, or such shorter term as may be provided in the Award Agreement; and (b) granted to an ISO Employee other than a Ten Percent Owner, the Option may not be exercisable after the expiration of 10 years from the date such Option is granted term, or such shorter term as may be provided in the Award Agreement. 
(e)Incentive Stock Option Limitations. 
(i)To the extent that the aggregate fair market value of the shares with respect to which incentive stock options under Code Section 422(b) are exercisable for the first time by a Participant during any calendar year (under all plans and agreements of the Company Group) exceeds $100,000, the incentive stock options whose value exceeds $100,000 will be treated as nonstatutory stock options. Incentive stock options will be considered in the order in which they were granted. For this purpose, the fair market value of the shares subject to an option will be determined as of the grant date of each option.
(ii)If an Option is designated in the Administrator action that granted it as an Incentive Stock Option but the terms of the Option do not comply with Sections 6(b) and 6(d), then the Option will not qualify as an Incentive Stock Option.
(f)Exercise of Option. An Option is exercised when the Company receives: (i) a notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholdings). Shares issued upon exercise of an Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the entry on the books 
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of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, despite the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. An Option may not be exercised for a fraction of a Share. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan (except as provided in Section 3(c) and for purchase under the Option, by the number of Shares as to which the Option is exercised. 
(i) Termination of Relationship as a Service Provider.  If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within thirty (30) days of termination, or such longer period of time as is specified in the Award Agreement or in writing by the Administrator (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of termination.  Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan.  If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(ii)Disability of Participant.  If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option within six (6) months of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent the Option is vested on the date of termination.  Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan.  If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(iii)  Death of Participant.  If a Participant dies while a Service Provider, the Option may be exercised within six (6) months following the Participant’s death, or within such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of death, by the Participant’s designated beneficiary, provided the Administrator has permitted the designation of a beneficiary and provided such beneficiary has been designated prior to the Participant’s death in a form (if any) acceptable to the Administrator.  If the Administrator has not permitted the designation of the beneficiary or if no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.  If the Option is exercised pursuant to this Section 6(f)(iii), Participant’s designated beneficiary or personal representative shall be subject to the terms of this Plan and the Award Agreement, including but not limited to the restrictions on transferability and forfeitability applicable to the Service Provider. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan.  If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.  
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(g)Expiration of Options. Subject to Section 6(d), an Option’s Expiration Date will be set forth in the Award Agreement. An Option may expire before its expiration date under the Plan (including pursuant to Sections 6(f), 13, 14, or 16(d)) or under the Award Agreement. 
(h)Tolling of Expiration. If exercising an Option prior to its expiration is not permitted because of Applicable Laws, other than the rules of any stock exchange or quotation system on which the Common Stock is listed or quoted, the Option will remain exercisable until 30 days after the first date on which exercise no longer would be prevented by such provisions; provided, however, that this tolling of expiration shall not apply if and to the extent the holder of such Option is a United States taxpayer and the tolling would result in a violation of Section 409A such that the Option would be subject to additional taxation or interest under Section 409A. If this would result in the Option remaining exercisable past its Expiration Date, then unless earlier terminated pursuant to Section 14, the Option will remain exercisable only until the end of the later of (x) the first day on which its exercise would not be prevented by Section 19(a) and (y) its Expiration Date. 
7.Stock Appreciation Rights. 
(a)Stock Appreciation Right Award Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the number of Shares subject to the Stock Appreciation Right, its per share Exercise Price, its Expiration Date, and such other terms and conditions as the Administrator determines. 
(b)Exercise Price. The Exercise Price of a Stock Appreciation Right will be determined by the Administrator, provided that in the case of a Stock Appreciation Right granted to a U.S. taxpayer, the Exercise Price will be no less than 100% of the Fair Market Value of a Share on the date of grant.
(c)Payment of Stock Appreciation Right Amount. Payment upon Stock Appreciation Right exercise may be made in cash, in Shares (which, on the date of exercise, have an aggregate Fair Market Value equal to the amount of payment to be made under the Award), or any combination of cash and Shares, with the determination of form of payment made by the Administrator. When a Participant exercises a Stock Appreciation Right, he or she will be entitled to receive a payment from the Company equal to:
(i)the excess, if any, between the fair market value on the date of exercise over the Exercise Price multiplied by
(ii)the number of Shares with respect to which the Stock Appreciation Right is exercised.
(d)Exercise of Stock Appreciation Right. A Stock Appreciation Right is exercised when the Company receives a notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Stock Appreciation Right. Shares issued upon exercise of a Stock Appreciation Right will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with 
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respect to the Shares subject to a Stock Appreciation Right, despite the exercise of the Stock Appreciation Right. The Company will issue (or cause to be issued) such Shares promptly after the Stock Appreciation Right is exercised. A Stock Appreciation Right may not be exercised for a fraction of a Share. Exercising a Stock Appreciation Right in any manner will decrease (x) the number of Shares thereafter available under the Stock Appreciation Right by the number of Shares as to which the Stock Appreciation Right is exercised and (y) the number of Shares thereafter available under the Plan by the number of Shares issued upon such exercise.
(e)Expiration of Stock Appreciation Rights. A Stock Appreciation Right’s Expiration Date will be set forth in the Award Agreement. A Stock Appreciation Right may expire before its expiration date under the Plan (including pursuant to Sections 13, 14, or 16(c)) or under the Award Agreement.  Notwithstanding the foregoing, the rules of Section 6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.
(f)Tolling of Expiration. If exercising a Stock Appreciation Right prior to its expiration is not permitted because of Applicable Laws, other than the rules of any stock exchange or quotation system on which the Common Stock is listed or quoted, the Stock Appreciation Right will remain exercisable until 30 days after the first date on which exercise no longer would be prevented by such provisions; provided, however, that this tolling of expiration shall not apply if and to the extent the holder of such Stock Appreciation Right is a United States taxpayer and the tolling would result in a violation of Section 409A such that the Stock Appreciation Right would be subject to additional taxation or interest under Section 409A. If this would result in the Stock Appreciation Right remaining exercisable past its Expiration Date, then unless earlier terminated pursuant to Section 14, the Stock Appreciation Right will remain exercisable only until the end of the later of (x) the first day on which its exercise would not be prevented by Section 19(a) and (y) its Expiration Date.
8.Restricted Stock.
(a)Restricted Stock Award Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the number of Shares subject to the Award of Restricted Stock and such other terms and conditions as the Administrator determines. For the avoidance of doubt, Restricted Stock may be granted without any Period of Restriction (e.g., vested stock bonuses). Unless the Administrator determines otherwise, Shares of Restricted Stock will be held in escrow while unvested.
(b)Restrictions. 
(i)Except as provided in this Section 8(b) or the Award Agreement, while unvested, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated.
(ii)While unvested, Service Providers holding Shares of Restricted Stock may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.
(iii)Service Providers holding a Share covered by an Award of Restricted Stock will not be entitled to receive dividends and other distributions paid with respect to such Shares 
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while such Shares are unvested, unless the Administrator provides otherwise. If the Administrator provides that dividends and distributions will be received and any such dividends or distributions are paid in cash they will be subject to the same provisions regarding forfeitability as the Shares with respect to which they were paid and if such dividend or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares with respect to which they were paid and, unless the Administrator determines otherwise, the Company will hold such dividends until the restrictions on the Shares with respect to which they were paid have lapsed.
(iv)Except as otherwise provided in this Section 8(b) or an Award Agreement, a Share covered by each Award of Restricted Stock made under the Plan will be released from escrow when practicable after the last day of the applicable Period of Restriction.
(v)The Administrator may impose, prior to grant, or remove any restrictions on Shares covered by an Award of Restricted Stock.
9.Restricted Stock Units.
(a)Restricted Stock Unit Award Agreement. Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will specify the number of Restricted Stock Units subject to the Award of Restricted Stock Units and such other terms and conditions as the Administrator determines.
(b)Vesting Criteria and Other Terms. The Administrator will set vesting criteria, if any, that, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals (that may include continued employment or service) or any other basis determined by the Administrator in its sole discretion.
(c)Earning Restricted Stock Units. Upon meeting any applicable vesting criteria, the Participant will have earned the Restricted Stock Units and will be paid as determined in Section 9(d). The Administrator may reduce or waive any criteria that must be met to earn the Restricted Stock Units. 
(d)Form and Timing of Payment. Payment of earned Restricted Stock Units will be made at the time(s) set forth in the Award Agreement and determined by the Administrator. Unless otherwise provided in the Award Agreement, the Administrator may settle earned Restricted Stock Units in cash, Shares, or a combination of both. 
10.Performance Awards.
(a)Award Agreement. Each Performance Award will be evidenced by an Award Agreement that will specify the specify any time period during which any performance objectives or other vesting provisions, if any, will be measured (“Performance Period”), and such other terms and conditions as the Administrator determines. 
(b)Objectives or Vesting Provisions and Other Terms. The Administrator will set objectives or vesting provisions that, depending on the extent to which the objectives or vesting 
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provisions are met, will determine the value of the payout for the Performance Awards. The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals (that may include continued employment or service) or any other basis determined by the Administrator in its sole discretion.
(c)Form and Timing of Payment. Payment of earned Performance Awards will be made at the time(s) specified in the Award Agreement. Payment with respect to earned Performance Awards will be made in cash, in Shares of equivalent value, or any combination of cash and Shares, with the determination of form of payment made by the Administrator at the time of payment or, in the discretion of the Administrator, at the time of grant.
(d)Value of Performance Awards. Each Performance Award’s threshold, target, and maximum payout values will be established by the Administrator on or before the Grant Date.
(e)Earning Performance Awards. After an applicable Performance Period has ended, the holder of a Performance Award will be entitled to receive a payout for the Performance Award earned by the Participant over the Performance Period. The Administrator may reduce or waive any performance objectives or other vesting provisions for such Performance Award.
11.Leaves of Absence/ Reduced or Part-time Work Schedule/Transfer Between Locations/Change of Status.
(a)Leaves of Absence/ Reduced or Part-time Work Schedule/Transfer Between Locations. Unless the Administrator provides otherwise or as otherwise required by Applicable Laws, vesting of Awards granted hereunder will be adjusted or suspended during any unpaid leave of absence in accordance with the Company’s leave of absence policy in effect at the time of such leave. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or within the Company Group. In addition, unless the Administrator provides otherwise or as otherwise required by Applicable Laws, if, after the date of grant of a Participant’s Award, the Participant commences working on a part-time or reduced work schedule basis, the vesting of such Award will be adjusted in accordance with the Company’s reduced work schedule/ part-time policy then in effect.  Adjustments or suspensions of vesting pursuant to this Section shall be accomplished in a manner that is exempt from or complies with the requirements of Code Section 409A and the regulations and guidance thereunder.  
(b)Employment Status. A Participant will not cease to be a Service Provider in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company (or member of the Company Group) or between the Company or any member of the Company Group.  
(c)Incentive Stock Options. With respect to Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave any Incentive Stock Option held by a Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.
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12.Transferability of Awards. Unless determined otherwise by the Administrator, or otherwise required by Applicable Laws, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, the Award will be limited by any additional terms and conditions imposed by the Administrator. Any unauthorized transfer of an Award will be void.
13.Adjustments; Dissolution or Liquidation.
(a)Adjustments. If any extraordinary dividend or other extraordinary distribution (whether in cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, reclassification, repurchase, or exchange of Shares or other securities of the Company, other change in the corporate structure of the Company affecting the Shares, or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any of its successors) affecting the Shares occurs (including a Change in Control), the Administrator, to prevent diminution or enlargement of the benefits or potential benefits intended to be provided under the Plan, will adjust the number and class of shares that may be delivered under the Plan and/or the number, class, and price of shares covered by each outstanding Award, and the numerical Share limits in Section 3.  Notwithstanding the foregoing, the conversion of any convertible securities of the Company and ordinary course repurchases of Shares or other securities of the Company will not be treated as an event that will require adjustment.
(b)Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant, at such time prior to the effective date of such proposed transaction as the Administrator determines. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.
14.Change in Control or Merger.  
(a)Administrator Discretion. If a Change in Control or a merger of the Company with or into another corporation or other entity occurs (each, a “Transaction”), each outstanding Award will be treated as the Administrator determines (subject to the provisions of this Section), without a Participant’s consent, including that such Award be continued by the successor corporation or a Parent or Subsidiary of the successor corporation (or an affiliate thereof) or that the vesting of any such Awards may accelerate automatically upon consummation of a Transaction.
(b)Identical Treatment Not Required. The Administrator need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Administrator may take different actions with respect to the vested and unvested portions of an Award. The Administrator will not be required to treat all Awards similarly in the Transaction. 
(c)Continuation. An Award will be considered continued if, following the Change in Control or merger: 
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(i)the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Transaction, the consideration (whether stock, cash, or other securities or property) received in the Transaction by holders of Shares for each Share held on the effective date of the Transaction (and if holders were offered a choice of consideration, the type of consideration received by the holders of a majority of the outstanding Shares) and the Award otherwise is continued in accordance with its terms (including vesting criteria, subject to Section 14(c)(iii) below and Section 13(a); provided that if the consideration received in the Transaction is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon exercising an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, or Performance Award, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Transaction; or
(ii)the Award is terminated in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the Transaction. Any such cash or property may be subjected to any escrow applicable to holders of Common Stock in the Change in Control. If as of the date of the occurrence of the Transaction the Administrator determines that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment. The amount of cash or property can be subjected to vesting and paid to the Participant over the original vesting schedule of the Award.
(iii)Notwithstanding anything in this Section 14(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent, in all cases, unless specifically provided otherwise under the applicable Award Agreement or other written agreement authorized by the Administrator between the Participant and the Company or any of its Subsidiaries or Parents, as applicable; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Transaction corporate structure will not invalidate an otherwise valid Award assumption.
(d)Modification. The Administrator will have authority to modify Awards in connection with a Change in Control or merger:
(i)in a manner that causes the Awards to lose their tax-preferred status,
(ii)to terminate any right a Participant has to exercise an Option prior to vesting in the Shares subject to the Option (i.e., “early exercise”), so that following the closing of the Transaction the Option may only be exercised only to the extent it is vested; 
(iii)to reduce the Exercise Price subject to the Award in a manner that is disproportionate to the increase in the number of Shares subject to the Award, as long as the amount that would be received upon exercise of the Award immediately before and immediately following the 
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closing of the Transaction is equivalent and the adjustment complies with U.S. Treasury Regulation Section 1.409A-1(b)(v)(D); and
(iv)to suspend a Participant’s right to exercise an Option during a limited period of time preceding and or following the closing of the Transaction without Participant consent if such suspension is administratively necessary or advisable to permit the closing of the Transaction.
(e)Non-Continuation. If the successor corporation does not continue an Award (or some portion such Award), the Participant will fully vest in (and have the right to exercise) 100% of the then-unvested Shares subject to his or her outstanding Options and Stock Appreciation Rights, all restrictions on 100% of the Participant’s outstanding Restricted Stock and Restricted Stock Units will lapse, and, regarding 100% of Participant’s outstanding Awards with performance-based vesting, all performance goals or other vesting criteria will be treated as achieved at 100% of target levels and all other terms and conditions met, in all cases, unless specifically provided otherwise under the applicable Award Agreement or other written agreement authorized by the Administrator between the Participant and the Company or any of its Subsidiaries or Parents, as applicable, as applicable. In no event will vesting of an Award accelerate as to more than 100% of the Award. Unless specifically provided otherwise under the applicable Award Agreement or other written agreement authorized by the Administrator between the Participant and the Company or any of its Subsidiaries or Parents, as applicable, if Options or Stock Appreciation Rights are not continued when a Change in Control or a merger of the Company with or into another corporation or other entity occurs, the Administrator will notify the Participant in writing or electronically that the Participant’s vested Options or Stock Appreciation Rights (after considering the foregoing vesting acceleration, if any) will be exercisable for a period of time determined by the Administrator in its sole discretion and all of the Participant’s Options or Stock Appreciation Rights will terminate upon the expiration of such period (whether vested or unvested).
(f)Outside Director Grants. 
(i)With respect to Awards granted to an Outside Director, in the event of a Change in Control, the Participant will fully vest in and have the right to exercise outstanding Options and/or Stock Appreciation Rights as to all of the Shares underlying such Award, including those Shares which otherwise would not be vested or exercisable, all restrictions on other outstanding Awards will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions met, unless specifically provided otherwise under the applicable Award Agreement, a Company policy related to Director compensation, or other written agreement authorized by the Administrator between the Participant and the Company or any of its Subsidiaries or Parents, as applicable, that specifically references this default rule.
(ii)No Outside Director may be paid, issued or granted, in any Fiscal Year, cash compensation and equity awards (including any Awards issued under this Plan) with an aggregate value greater than $1,000,000, increased to $2,000,000 in connection with his or her initial service (with the value of each equity award based on its grant date fair value (determined in accordance with U.S. generally accepted accounting principles)).  Any cash compensation paid or Awards granted to an 
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individual for his or her services as an Employee, or for his or her services as a Consultant (other than as an Outside Director), will not count for purposes of the limitation under this Section 14(f)(ii).
15.Tax Matters.
(a)Withholding Requirements. Prior to the delivery of any Shares or cash under an Award (or exercise thereof) or such earlier time as any Tax Withholding are due, the Company may deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy any Tax Withholding with respect to such Award or Shares subject to an Award (including upon exercise of an Award).
(b)Withholding Arrangements. The Administrator, in its sole discretion and under such procedures as it may specify from time to time, may elect to satisfy such Tax Withholding, in whole or in part (including in combination) by (without limitation) (i) requiring the Participant to pay cash, (ii) withholding otherwise deliverable cash (including cash from the sale of Shares issued to the Participant) or Shares having a fair market value equal to the amount required to be withheld or such greater amount (including up to a maximum statutory amount) as the Administrator may determine or permit if such amount does not result in unfavorable financial accounting treatment, as the Administrator determines in its sole discretion, (iii) forcing the sale of Shares issued pursuant to an Award (or exercise thereof) having a fair market value equal to the minimum statutory amount applicable in a Participant’s jurisdiction or a greater amount as the Administrator may determine or permit if such greater amount would not result in unfavorable financial accounting treatment, as the Administrator determines in its sole discretion, (iv) requiring the Participant to deliver to the Company already-owned Shares having a fair market value equal to the minimum statutory amount required to be withheld or a greater amount as the Administrator may determine or permit if such greater amount would not result in unfavorable financial accounting treatment, as the Administrator determines in its sole discretion, (v) requiring the Participant to engage in a cashless exercise transaction (whether through a broker or otherwise) implemented by the Company in connection with the Plan, (vi) having the Company or a Parent or Subsidiary withhold from wages or any other cash amount due or to become due to the Participant and payable by the Company or any Parent or Subsidiary, or (vii) such other consideration and method of payment for the meeting of Tax Withholding as the Administrator may determine to the extent permitted by Applicable Laws, provided that, in all instances, the satisfaction of the Tax Withholding will not result in any adverse accounting consequence to the Company, as the Administrator may determine in its sole discretion. The fair market value of the Shares to be withheld or delivered will be determined as of the date the amount of tax to be withheld is calculated or such other date as Administrator determines is applicable or appropriate with respect to the Tax Withholding calculation.
(c)Compliance With Code Section 409A. Unless the Administrator determines that compliance with Code Section 409A is not necessary, it is intended that Awards will be designed and operated so that they are either exempt or excepted from the application of Code Section 409A or comply with any requirements necessary to avoid the imposition of additional tax under Code Section 409A(a)(1)(B) so that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A and the Plan and each Award Agreement will be interpreted consistent with this intent. This Section 15(c) is not a guarantee to any Participant of the consequences of his or her Awards. In no event will the Company have any responsibility, liability or 
21

obligation to reimburse, indemnify or hold harmless Participant for any taxes that may be imposed or other costs that may be incurred, as a result of Section 409A. 
16.Other Terms.
(a)No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right regarding continuing the Participant’s relationship as a Service Provider with the Company or member of the Company Group, nor will they interfere with the Participant’s right, or the Participant’s employer’s right, to terminate such relationship with or without cause, to the extent permitted by Applicable Laws.
(b)Interpretation and Rules of Construction. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.”
(c)Plan Governs. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of any Grant Agreement, the terms and conditions of the Plan will prevail.
(d)Forfeiture Events.
(i)All Awards granted under the Plan will be subject to recoupment under any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Laws. In addition, the Administrator may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Administrator determines necessary or appropriate, including to a reacquisition right regarding previously acquired Shares or other cash or property. Unless this Section 16(d)(i) is specifically mentioned and waived in an Award Agreement or other document, no recovery of compensation under a clawback policy or otherwise will be an event that triggers or contributes to any right of a Participant to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company or a member of the Company Group.
(ii)The Administrator may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but will not be limited to, termination of such Participant’s status as Service Provider for cause or any specified action or inaction by a Participant that would constitute cause for termination of such Participant’s status as a Service Provider. 
17.Term of Plan. Subject to Section 20, the Plan will become effective upon the business day immediately prior to the Registration Date. It will continue in effect until terminated under Section 18, but no Incentive Stock Options may be granted after ten (10) years from the date the Plan is adopted by 
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the Board and Section 3(b) will operate only until the tenth (10th) anniversary of the date the Plan is adopted by the Board. 
18.Amendment and Termination of the Plan.
(a)Amendment and Termination. The Administrator may amend, alter, suspend or terminate the Plan. 
(b)Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary or desirable to comply with Applicable Laws. 
(c)Consent of Participants Generally Required. Subject to Section 18(d) below, no amendment, alteration, suspension or termination of the Plan or an Award under it will materially impair the rights of any Participant without a signed, written agreement authorized by the Administrator between the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it regarding Awards granted under the Plan prior to such termination. 
(d)Exceptions to Consent Requirement. 
(i)A Participant’s rights will not be deemed to have been impaired by any amendment, alteration, suspension or termination if the Administrator, in its sole discretion, determines that the amendment, alteration, suspension or termination taken as a whole, does not materially impair the Participant’s rights; and 
(ii)Subject to any limitations of Applicable Laws, the Administrator may amend the terms of any one or more Awards without the affected Participant’s consent even if it does materially impair the Participant’s right if such amendment is done
(ii)in a manner specified by the Plan,
(iii)to maintain the qualified status of the Award as an Incentive Stock Option under Code Section 422, 
(iv)to change the terms of an Incentive Stock Option, if such change results in impairment of the Award only because it impairs the qualified status of the Award as an Incentive Stock Option under Code Section 422,
(v)to clarify the manner of exemption from Code Section 409A or compliance with any requirements necessary to avoid the imposition of additional tax or interest under Code Section 409A(a)(1)(B), or 
(vi)to comply with other Applicable Laws.
19.Conditions Upon Issuance of Shares.
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(a)Legal Compliance. The Company will make good faith efforts to comply with all Applicable Laws related to the issuance of Shares. Shares will not be issued pursuant to an Award, including without limitation upon exercise or vesting thereof, as applicable, unless the issuance and delivery of such Shares and exercise or vesting of the Award, as applicable, will comply with Applicable Laws. If required by the Administrator, issuance will be further subject to the approval of counsel for the Company with respect to such compliance. If the Company determines it to be impossible or impractical to obtain authority from any regulatory body having jurisdiction or to complete or comply with the requirements of any Applicable Laws, registration or other qualification of the Shares under any state, federal or foreign law or under the rules and regulations of the U.S. Securities and Exchange Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, the Company will be relieved of any liability regarding the failure to issue or sell such Shares as to which such authority, registration, qualification or rule compliance was not obtained and the Administrator reserves the authority, without the consent of a Participant, to terminate or cancel Awards with or without consideration in such a situation. 
(b)Investment Representations. As a condition to the exercise or vesting of an Award, the Company may require the person exercising such Award to represent and warrant during any such exercise or vesting that the Shares are being purchased only for investment and with no present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
(c)Failure to Accept Award. If a Participant has not accepted an Award to the extent such acceptance has been requested or required by the Company or has not taken all administrative and other steps (e.g., setting up an account with a broker designated by the Company) necessary for the Company to issue Shares upon the vesting, exercise, or settlement of the Award prior to the first date the Shares subject to such Award are scheduled to vest, then the portion of the Award scheduled to vest on such date will be cancelled on such date and such Shares subject to the Award immediately will revert to the Plan for no additional consideration unless otherwise provided by the Administrator.
20.Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within 12 months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 
21.Death. In the event a Participant ceases to be a Service Provider due to the Participant’s death, the Participant’s outstanding and unvested Awards will accelerate and fully vest. With respect to Awards with performance-based vesting that accelerate pursuant to this Section 21, unless specifically provided otherwise under the applicable Award Agreement, a Company policy applicable to the Participant, or other written agreement between the Participant and the Company, all performance goals or other vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions met.

(Adopted on October 23, 2020 and effective as of December 15, 2020; as  amended and restated on November 12, 2020; and further amended and restated on July 19, 2021)
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UPSTART HOLDINGS, INC.
2020 EQUITY INCENTIVE PLAN 
NOTICE OF RESTRICTED STOCK UNIT AWARD AND 
RESTRICTED STOCK UNIT AGREEMENT
Capitalized terms that are not defined in this Notice of Restricted Stock Unit Award and Restricted Stock Unit Agreement (the “Notice of Grant”), the Terms and Conditions of Restricted Stock Unit Award and all other exhibits to these documents (all together, the “Agreement”) have the meanings given to them in the Upstart Holdings, Inc. 2020 Equity Incentive Plan (the “Plan”).
The Participant has been granted this Restricted Stock Unit (“RSU”) award according to the terms below and subject to the terms and conditions of the Plan and this Agreement, as follows:
Participant        
Participant I.D.         
Grant Number        
Grant Date        
Vesting Commencement Date    
Number of RSUs Granted        
Vesting Schedule:
Subject to the acceleration of vesting provisions herein, the RSUs subject to this Agreement will vest as follows:
[_________________]

If the Participant ceases to be a Service Provider for any or no reason, other than due to the Participant’s death, before he or she fully vests in these RSUs, the unvested RSUs will terminate according to the terms of Section 5 of this Agreement. In the event the Participant ceases to be a Service Provider due to the Participant’s death, 100% of the then-outstanding and unvested RSUs subject to this Agreement will accelerate and fully vest.  
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The Participant’s signature below (or Participant’s electronic signature or other electronic acknowledgement or acceptance of this Agreement or Award)  indicates that:
(i)He or she agrees that this Restricted Stock Unit award is granted under and governed by the terms and conditions of the Plan and this Agreement, including their exhibits and appendices.
(ii)He or she understands that the Company is not providing any tax, legal, or financial advice and is not making any recommendations regarding his or her participation in the Plan or his or her acquisition or sale of Shares. 
(iii)He or she has reviewed the Plan and this Agreement, has had an opportunity to obtain the advice of personal tax, legal, and financial advisors prior to signing this Agreement, and fully understands all provisions of the Plan and Agreement.  He or she will consult with his or her own personal tax, legal, and financial advisors before taking any action related to the Plan.
(iv)He or she has read and agrees to each provision of Section 9 of this Agreement.
(v)He or she will notify the Company of any change to the contact address below.
(vi)He or she acknowledges and agrees that unless otherwise required to comply with Applicable Laws, these RSUs will be subject to recoupment under any clawback policy that the Company adopts pursuant to Section 16(d) of the Plan.
PARTICIPANT    
    
Signature
Address:    
                   
    
            _______________________
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EXHIBIT A
TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD
1.Grant.  The Company grants the Participant an award of RSUs as described in the Notice of Grant.  If there is a conflict between the Plan, this Agreement, or any other agreement with the Participant governing these RSUs, those documents will take precedence and prevail in the following order: (a) the Plan, (b) the Agreement, and (c) any other agreement between the Company and the Participant governing these RSUs.  
2.Company’s Obligation to Pay.  Each RSU is a right to receive a Share or, in the sole discretion of the Administrator, an amount in cash equal to the Fair Market Value of one Share, on the date it vests.  Until an RSU vests, the Participant has no right to payment of the Share.  Before a vested RSU is paid, the RSU is an unsecured obligation of the Company, payable (if at all) only from the Company’s general assets.  A vested RSU will be paid to the Participant (or in the event of his or her death, to his or her estate or such other person as specified in Section 6 below) in whole Shares or cash.  Subject to the provisions of Section 4(b) and notwithstanding anything in the Plan to the contrary, each vested RSU that has met all requirements for settlement under this Agreement (including with respect to RSUs that the Administrator determines will be settled in cash) will be settled no later than the applicable Settlement Deadline.  “Settlement Deadline” with respect to a particular vested RSU means as soon as practicable after vesting (but no later than sixty (60) days following the vesting date (or, if earlier, no later than March 15 of the calendar year following the calendar year in which occurs the first date on which the applicable RSU is no longer subject to a substantial risk of forfeiture for purposes of Section 409A)).  If any RSU has not met all the requirements for settlement under this Agreement in a manner that would allow it to be settled by the applicable Settlement Deadline, such RSU will be forfeited as of immediately following the applicable Settlement Deadline. In no event will Participant be permitted, directly or indirectly, to specify the taxable year or date of settlement of any RSUs under this Agreement.  For the avoidance of doubt, there may be multiple Settlement Deadlines, with each such Settlement Deadline corresponding to a particular RSU.  
3.Vesting.  These RSUs will vest only under the Vesting Schedule in the Notice of Grant, Section 4 of this Agreement, or Section 13 of the Plan.  RSUs scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest unless the Participant continues to be a Service Provider until the time such vesting is scheduled to occur.  
4.Acceleration; Amendment.  
(a)Discretionary Acceleration or Amendment.  The Administrator may, pursuant to its authority under, and in accordance with, Section 4(b)(v), Section 4(b)(ix), Section 4(b)(xiv) and Section 9(c) of the Plan, in its discretion, unilaterally (x) accelerate, in whole or in part, the vesting of these RSUs, (y) waive or decrease some or all of the requirements required for vesting of unvested RSUs at any time, or (z) waive or decrease some or all of the requirements for settlement of RSUs at any time, in each case, subject to the terms of the Plan but without the need for Participant consent in any instance, and subject to Section 13(j) of this Agreement; provided, however, that no such acceleration, 
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waiver or decrease shall occur or be effective unless such modification would result in this RSU award remaining exempt or excepted from the requirements of Code Section 409A pursuant to the “short-term deferral” exception or another exception or exemption under Code Section 409A, or otherwise complying with Code Section 409A, in each case such that none of this Agreement, the RSUs provided under this Agreement, or Shares issuable hereunder will be subject to the additional tax imposed under Code Section 409A. If so modified, the vesting date with respect to the applicable RSUs will be deemed for all purposes of this Agreement to be the date specified by the Administrator (provided, that, for purposes of determining the applicable settlement deadline under Section 1 of this Agreement with respect to such RSUs, the vesting date will be deemed to be no later than the first date on which the RSUs are no longer subject to a substantial risk of forfeiture for purposes of Code Section 409A).  The settlement of RSUs through Shares pursuant to this Section 4(a) shall in all cases be no later than the applicable settlement deadline as set forth in Section 1 of this Agreement and at a time or in a manner that is exempt from, or complies with, Code Section 409A.  The prior sentence may be superseded in a future agreement or amendment to this Agreement only by direct and specific reference to such sentence. 
(b)The Company’s intent is that this RSU award be exempt or excepted from the requirements of Code Section 409A.  However, in an abundance of caution, the Company is including in this subsection, certain Code Section 409A rules that only apply if these RSUs are not exempt or excepted, and then only in certain circumstances.  Specifically, Code Section 409A contains rules that must apply to these RSUs if (a) they are not exempt or excepted from Code Section 409A, (b) the Company has any stock that is publicly traded on an established securities market or otherwise at the time Participant’s service terminates, (c) Participant receives acceleration of vesting of these RSUs in connection with a termination of service, and (d) at the time of such termination, Participant is considered a “specified employee” under the Code Section 409A rules. Should these rules ever become applicable to Participant’s RSUs, then notwithstanding anything in the Plan, this Agreement or any other agreement (whether entered into before, on or after the Grant Date) to the contrary, if the vesting of these RSUs is accelerated in connection with Participant’s termination as a Service Provider (provided that such termination is a “separation from service” within the meaning of Code Section 409A, as determined by the Company), other than due to Participant’s death, and if (x) Participant is a U.S. taxpayer and a “specified employee” within the meaning of Code Section 409A at the time of such termination as a Service Provider and (y) the settlement of such accelerated RSUs will result in the imposition of additional tax under Code Section 409A if such settlement is on or within the six (6) month period following Participant’s termination as a Service Provider, then the settlement of such accelerated RSUs will not occur until the date six (6) months and one (1) day following the date of Participant’s termination as a Service Provider, unless the Participant dies following his or her termination as a Service Provider, in which case, the Shares subject to these RSUs will be settled and issued to the Participant’s administrator or executor of his or her estate as soon as practicable following his or her death (subject to Section 6).  
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5.Forfeiture upon Cessation of Status as a Service Provider.  Upon the Participant’s termination as a Service Provider for any reason, other than due to the Participant’s death, these RSUs will immediately stop vesting and any of these RSUs that have not yet vested will be forfeited by the Participant for no consideration upon the date that Participant ceases to be a Service Provider for any reason, in all cases, subject to Applicable Laws.  For the avoidance of doubt, service during any portion of the vesting period shall not entitle the Participant to vest in a pro rata portion of unvested RSUs.  For purposes of the RSUs, the Participant’s status as a Service Provider will be considered to be terminated as of the date the Participant is no longer providing services to the Company, or if different, the Participant’s employer (the “Employer”) or the Subsidiary or Parent to which the Participant is providing services (the Employer, Subsidiary or Parent, as applicable, the “Service Recipient”) or other member of the Company Group (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is a Service Provider or the terms of the Participant’s employment or service agreement, if any).  The Administrator shall have the exclusive discretion to determine when the Participant is no longer providing services for purposes of the RSUs (including whether the Participant may still be considered to be providing services while on a leave of absence). 
6.Death of Participant.  Any distribution or delivery to be made to the Participant under this Agreement will, if he or she is then deceased, be made to the administrator or executor of his or her estate or, if the Administrator permits, his or her designated beneficiary, unless otherwise required to comply with Applicable Laws.  Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations that apply to the transfer. 
7.Tax Obligations. 
(a)Tax Withholding. 
(i)No Shares will be issued to the Participant until he or she makes satisfactory arrangements (as determined by the Administrator) for the payment of Tax Withholdings.  If the Participant is a non-U.S. employee, the method of payment of Tax Withholdings may be restricted by any Appendix (as defined below).  If the Participant fails to make satisfactory arrangements for the payment of any Tax Withholdings under this Agreement when any of these RSUs otherwise are supposed to vest or Tax Withholdings related to RSUs otherwise are due, he or she will permanently forfeit the applicable RSUs and any right to receive Shares under such RSUs, and such RSUs will be returned to the Company at no cost to the Company, to the extent permitted by Applicable Laws. 
(ii)The Company has the right (but not the obligation) to satisfy any Tax Withholdings by withholding from proceeds of a sale of Shares acquired upon payment of these RSUs arranged by the Company (on the Participant’s behalf pursuant to this authorization without further consent), and this will be the method 
29

by which such tax withholding obligations are satisfied until the Company determines otherwise, subject to Applicable Laws.
(iii)The Company also has the right (but not the obligation) to satisfy any Tax Withholdings: (a) by reducing the number of Shares otherwise deliverable to the Participant; (b) by requiring payment by cash or check made payable to the Company and/or any Service Recipient with respect to which the withholding obligation arises; (c) by deduction of such amount from salary, wages or other compensation payable to the Participant; or (d) in any combination of the foregoing, or any other method determined by the Administrator to be compliance with Applicable Laws.
(iv)The Company may withhold or account for Tax Withholdings by considering statutory or other withholding rates, including minimum or maximum rates applicable in the Participant’s jurisdiction(s). In the event of over-withholding, the Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Common Stock), or if not refunded, the Participant may seek a refund from the local tax authorities.  In the event of under-withholding, the Participant may be required to pay any additional Tax Withholdings directly to the applicable tax authority or to the Company and/or the Employer(s).  If the obligation for Tax Withholdings is satisfied by withholding in Shares, for tax purposes, the Participant will be deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax Withholdings.
(v)Further, if the Participant is subject to taxation in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, the Company or the Employer(s) or former Employer(s) may withhold or account for tax in more than one jurisdiction. 
(vi)Regardless of any action of the Company or the Employer(s), the Participant acknowledges that the ultimate liability for all Tax Withholdings and any and all additional taxes related to the Award, the Shares or other amounts or property delivered under the Award and the Participant’s participation in the Plan is and remains his or her responsibility and may exceed the amount actually withheld by the Company or the Employer(s).  The Participant further acknowledges that the Company and the Employer(s) (1) make no representations or undertakings regarding the treatment of any Tax Withholdings in connection with any aspect of these RSUs and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of these RSUs to reduce or eliminate his or her liability for Tax Withholdings or achieve any particular tax result. 
(b)Code Section 409A.  It is the intent of this Agreement that it and all issuances and benefits to U.S. taxpayers hereunder be exempt or excepted from the requirements of Code Section 409A pursuant to the “short-term deferral” exception under Code Section 409A, or otherwise be exempted or excepted from, or comply with, Code Section 409A, 
30

so that none of this Agreement, the RSUs provided under this Agreement, or Shares issuable thereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or excepted, or to so comply.  Each issuance upon settlement of the RSUs under this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).  In no event will any member of the Company Group have any liability or obligation to reimburse, indemnify, or hold harmless Participant for any taxes that may be imposed, or other costs incurred, on Participant as a result of Code Section 409A.  
8.Rights as Stockholder.  The Participant’s or any other person’s rights as a stockholder of the Company (including the right to vote and to receive dividends and distributions) will not begin until Shares have been issued and recorded on the records of the Company or its transfer agents or registrars. 
9.Acknowledgements and Agreements.  The Participant’s signature on the Notice of Grant accepting these RSUs indicates that:
(a)HE OR SHE ACKNOWLEDGES AND AGREES THAT THE VESTING OF THESE RSUS IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AND THAT BEING HIRED OR BEING GRANTED THESE RSUS WILL NOT RESULT IN VESTING. 
(b)HE OR SHE FURTHER ACKNOWLEDGES AND AGREES THAT THESE RSUS AND THIS AGREEMENT DO NOT CREATE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL AND WILL NOT INTERFERE IN ANY WAY WITH HIS OR HER RIGHT OR THE RIGHT OF THE EMPLOYER(S) TO TERMINATE HIS OR HER RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE, SUBJECT TO APPLICABLE LAWS.
(c)The Participant agrees that this Agreement and its incorporated documents reflect all agreements on its subject matters and that he or she is not accepting this Agreement based on any promises, representations, or inducements other than those reflected in the Agreement.
(d)The Participant agrees that the Company’s delivery of any documents related to the Plan or these RSUs (including the Plan, the Agreement, the Plan’s prospectus, and any reports of the Company provided generally to the Company’s stockholders) to him or her may be made by electronic delivery, which may include but does not necessarily include the delivery of a link to a Company intranet or to the Internet site of a third party involved in administering the Plan, the delivery of the document via email, or any other means of electronic delivery specified by the Company.  If the attempted electronic delivery of such documents fails, the Participant will be provided with a paper copy of the documents.  The Participant acknowledges that he or she may receive from the Company a paper copy of any documents that were delivered electronically at no cost to him or her 
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by contacting the Company by telephone or in writing.  The Participant may revoke his or her consent to the electronic delivery of documents or may change the electronic mail address to which such documents are to be delivered (if the Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised email address by telephone, postal service or electronic mail.  Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents.
(e)The Participant may deliver any documents related to the Plan or these RSUs to the Company by e-mail or any other means of electronic delivery approved by the Administrator, but he or she must provide the Company or any designated third party administrator with a paper copy of any documents if his or her attempted electronic delivery of such documents fails.  
(f)The Participant accepts that all good faith decisions or interpretations of the Administrator regarding the Plan and Awards under the Plan are binding, conclusive, and final.  No member of the Administrator will be personally liable for any such decisions or interpretations.
(g)The Participant agrees that the Plan is established voluntarily by the Company, is discretionary in nature, and may be amended, suspended, or terminated by the Company at any time, to the extent permitted by the Plan.
(h)The Participant agrees that the grant of these RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of restricted stock units or benefits in lieu of restricted stock units, even if restricted stock units have been granted in the past.
(i)The Participant agrees that any decisions regarding future Awards will be in the Company’s sole discretion.
(j)The Participant agrees that he or she is voluntarily participating in the Plan.
(k)The Participant agrees that these RSUs and any Shares acquired under these RSUs, and the income from and value of same, are not intended to replace any pension rights or compensation.
(l)The Participant agrees that these RSUs, any Shares acquired under these RSUs, and the income from and value of same, are not part of normal or expected compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, long-service awards, pension or retirement or welfare benefits, or similar payments.
(m)The Participant agrees that the future value of the Shares underlying these RSUs is unknown, indeterminable, and cannot be predicted with certainty. 
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(n)The Participant agrees that no member of the Company Group is liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of these RSUs or of any amounts due to him or her from the payment of these RSUs or the subsequent sale of any Shares acquired upon such payment.
(o)Unless otherwise provided in the Plan or by the Administrator in its discretion, the RSUs and the benefits evidenced in this Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company, nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares. 
(p)The Participant agrees that he or she has no claim or entitlement to compensation or damages from any forfeiture of these RSUs resulting from the termination of his or her status as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where he or she is a Service Provider or the terms of his or her service agreement, if any).
10.Data Privacy. 
(a)The Participant voluntarily consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this Agreement and any other Award materials (“Data”) by and among, as applicable, the Employer(s), the Company and any member of the Company Group for the exclusive purpose of implementing, administering, and managing his or her participation in the Plan.
(b)The Participant understands that the Company and the Employer(s) may hold certain personal information about him or her, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all equity awards or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in his or her favor, for the exclusive purpose of implementing, administering, and managing the Plan. 
(c)The Participant understands that Data will be transferred to one or more stock plan service provider(s) selected by the Company, which may assist the Company with the implementation, administration, and management of the Plan.  The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections than his or her country.  The Participant understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.  The Participant authorizes the Company and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and 
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transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing his or her participation in the Plan. 
(d)The Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan.  The Participant understands that if he or she resides in certain jurisdictions outside the United States, to the extent required by Applicable Laws, he or she may, at any time, request access to Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents given by accepting these RSUs, in any case without cost, by contacting in writing his or her local human resources representative.  Further, the Participant understands that he or she is providing these consents on a purely voluntary basis.  If the Participant does not consent or if he or she later seeks to revoke his or her consent, his or her engagement as a Service Provider with the Employer(s) will not be adversely affected; the only consequence of refusing or withdrawing his or her consent is that the Company will not be able to grant him or her awards under the Plan or administer or maintain awards.  Therefore, the Participant understands that refusing or withdrawing his or her consent may affect his or her ability to participate in the Plan (including the right to retain these RSUs).  The Participant understands that he or she may contact his or her local human resources representative for more information on the consequences of his or her refusal to consent or withdrawal of consent.
11.Insider Trading Restrictions/Market Abuse Laws. The Participant acknowledges that he or she may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions including, but not limited to, the United States and the Participant’s country of residence, which may affect the Participant’s ability to acquire or sell Shares or rights to Shares (e.g., RSUs) under the Plan during such time as the Participant is considered to have “inside information” regarding the Company (as defined by the laws in the applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before the Participant possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party and (ii) “tipping” third parties or causing them otherwise to buy or sell securities. The Participant should keep in mind third parties includes fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable insider trading policy of the Company. The Participant is responsible for ensuring compliance with any applicable restrictions and should consult with his or her personal legal advisor on this matter.
12.Foreign Asset/Account Reporting Requirements.  Depending on the Participant’s country, the Participant may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the vesting of the RSUs, the acquisition, holding and/or transfer of Shares or cash resulting from participation in the Plan and/or the opening and maintaining of a brokerage or bank account in connection with the Plan. The Participant may be required to report such assets, accounts, account balances and values, and/or related transactions to the applicable authorities in his or her country. The Participant may also be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country 
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through a designated bank or broker and/or within a certain time after receipt. The Participant acknowledges that he or she is responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting and other requirements. The Participant further understands that he or she should consult the Participant's personal tax and legal advisors, as applicable on these matters.
13.Miscellaneous.
(a)Address for Notices.  Any notice to be given to the Company under the terms of this Agreement must be addressed to the Company at Upstart Holdings, Inc., 2950 S. Delaware Street, Suite 300, San Mateo, CA 94403, USA, and a copy of such notice must be delivered to the Company through electronic mail addressed to notice@upstart.com, until the Company designates another address in writing.  
(b)Non-Transferability of RSUs.  These RSUs may not be transferred other than by will or the applicable laws of descent or distribution. 
(c)Binding Agreement.  If any RSUs are transferred, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors, and assigns of the parties to this Agreement.
(d)Additional Conditions to Issuance of Stock.  If at any time the Company determines, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any U.S. or non-U.S. federal, state or local law the tax Code and related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission or any other governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant hereunder, such issuance will not occur unless and until such listing, registration, qualification, rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company.  If any such listing, registration, qualification, rule compliance, clearance, consent or approval has not been completed by the applicable Settlement Deadline with respect to a Restricted Stock Unit in a manner that would allow it to be settled by the applicable Settlement Deadline, such Restricted Stock Unit will be forfeited as of immediately following the Settlement Deadline for no consideration and at no cost to the Company.  Subject to the terms of this Agreement and the Plan, the Company shall not be required to issue any certificate or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the date of vesting of a Restricted Stock Unit as the Administrator may establish from time to time for reasons of administrative convenience and any such certificate may be in book entry form.  
(e)Captions.  Captions provided in this Agreement are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
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(f)Agreement Severable.  If any provision of this Agreement is held invalid or unenforceable, that provision will be severed from the remaining provisions of this Agreement and the invalidity or unenforceability will have no effect on the remainder of the Agreement.
(g)Non-U.S. Appendix.  These RSUs are subject to any special terms and conditions set forth in any appendix to this Agreement for the Participant’s country (the “Appendix”).  If the Participant relocates to a country included in such Appendix, the special terms and conditions for that country will apply to him or her to the extent the Company determines that applying such terms and conditions is necessary or advisable for legal or administrative reasons.
(h)Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing; provided, however, that no such imposition of other requirements shall occur or be effective unless such imposition would result in these RSUs remaining exempt or excepted from the requirements of Code Section 409A pursuant to the “short-term deferral” exception or another exception or exemption under Code Section 409A, or otherwise complying with Code Section 409A, in each case such that none of this Agreement, the RSUs provided under this Agreement, or Shares, cash or other property issuable hereunder will be subject to the additional tax imposed under Code Section 409A. 
(i)Choice of Law; Choice of Forum.  The Plan, this Agreement, these RSUs, and all determinations made and actions taken under the Plan, to the extent not otherwise governed by the laws of the United States, will be governed by the laws of the State of Delaware without giving effect to principles of conflicts of law.  For purposes of litigating any dispute that arises under the Plan, the Participant's acceptance of these RSUs is his or her consent to the jurisdiction of the State of Delaware and his or her agreement that any such litigation will be conducted in the Delaware Court of Chancery or the federal courts for the United States for the District of Delaware and no other courts, regardless of where he or she is performing services.
(j)Modifications to the Agreement.  The Plan and this Agreement constitute the entire understanding of the parties on the subjects covered.  The Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein.  Modifications to this Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything in the Plan or this Agreement to the contrary, but subject to Section 13(h), the Administrator may, without the consent of the Participant, modify this Agreement in any of the following manners:  (a) take any action permitted by Section 4 of this Agreement, including to waive or decrease, in whole or in part, some or all of the requirements required for vesting of all or 
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a portion of the unvested RSUs; or (b) waive or decrease some or all of the requirements for settlement of RSUs.   The Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole discretion and without the consent of the Participant, to comply with Code Section 409A, to otherwise avoid imposition of any additional tax or income recognition under Code Section 409A in connection with these RSUs, or to comply with other Applicable Laws.
(k)Waiver.  The Participant acknowledges that a waiver by the Company of a breach of any provision of this Agreement will not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent breach of this Agreement by him or her.
(l)Language.  The Participant acknowledges that the Participant is sufficiently proficient in English, or has consulted with an advisor who is sufficiently proficient in English, so as to allow the Participant to understand the terms of this Agreement.  If Participant has received this Agreement, or any other document related to these RSUs and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

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UPSTART HOLDINGS, INC.
2020 EQUITY INCENTIVE PLAN
NOTICE OF STOCK OPTION GRANT AND STOCK OPTION AGREEMENT
Capitalized terms that are not defined in this Notice of Stock Option Grant and Stock Option Agreement (the “Notice of Grant”), the Terms and Conditions of Stock Option Grant and all other exhibits to these documents (all together, the “Agreement”) have the meanings given to them in the Upstart Holdings, Inc. 2020 Equity Incentive Plan (the “Plan”).
The Participant has been granted an Option according to the terms below and subject to the terms and conditions of the Plan and this Agreement: 
Participant        
Participant I.D.         
Grant Number        
Grant Date        
Vesting Commencement Date    
Number of Shares Granted        
Exercise Price per Share        
Total Exercise Price        
Type of Option         Incentive Stock Option
         Nonstatutory Stock Option
Expiration Date        
Vesting Schedule:
Subject to the conditions set forth in this Agreement, this Option shall be exercisable, in whole or in part, according to the following vesting schedule (as such vesting schedule may be amended or modified from time to time in accordance with this Agreement and the Plan):
[______________] 
Notwithstanding the foregoing, in the event the Participant ceases to be a Service Provider due to the Participant’s death, 100% of the then-outstanding and unvested Shares subject to this Option will accelerate and fully vest.
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For the avoidance of doubt, in the event of any conflict, discrepancy, or inconsistency between the vesting schedule set forth above and the document or action of the Board or its authorized committee approving this Option pursuant to the Plan (the “Approval”), the Approval shall govern the initial vesting terms.  Any portion of this Option that shall vest on a monthly basis per such vesting schedule shall vest on the same day of the applicable vesting month as the Vesting Commencement Date set forth above (and if there is no corresponding day, on the last day of such month), subject to Participant continuing to be a Service Provider through each such date.  
In addition to the vesting terms set forth above for this award, this Option’s vesting will be accelerated in accordance with any vesting acceleration provisions approved by the Administrator.  If the Participant ceases to be a Service Provider for any or no reason before he or she fully vests in this Option, the unvested portion of this Option will terminate according to the terms of Section 4 of this Agreement.
Adjustments to Vesting Schedule:
Notwithstanding the aforementioned vesting schedule, in accordance with Section 11 of the Plan, unless the Administrator provides otherwise or as otherwise required by Applicable Laws, (a) the vesting schedule of this Option will be adjusted or suspended during any leave of absence in accordance with the Company’s leave of absence and/or reduced work schedule and/or part-time policy in effect at the time of such leave and (b) if, after the Grant Date of this Option, Participant commences working on a part-time or reduced work schedule basis, the vesting schedule will be adjusted in accordance with the Company’s reduced work schedule/ part-time policy then in effect.
Exercise of Option:    
(a)If the Participant dies or his or her status as a Service Provider is terminated due to his or her Disability, the vested portion of this Option will remain exercisable for twelve (12) months after the Participant ceases to be a Service Provider.  For any other termination of status as a Service Provider, the vested portion of this Option will remain exercisable for three (3) months after the Participant ceases to be a Service Provider.
(b)If a Transaction occurs, Section 14 of the Plan may further limit this Option’s exercisability.
(c)This Option will not be exercisable after the Expiration Date, except as may be permitted in accordance with Section 6(h) of the Plan (which tolls expiration in very limited cases when there are legal restrictions on exercise).
The Participant’s signature below (or Participant’s electronic signature or other electronic acknowledgement or acceptance of this Agreement or Award) indicates that:
(vii)He or she agrees that this Option is granted under and governed by the terms and conditions of the Plan and this Agreement, including their exhibits and appendices.
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(viii)He or she understands that the Company is not providing any tax, legal, or financial advice and is not making any recommendations regarding his or her participation in the Plan or his or her acquisition or sale of Shares. 
(ix)He or she has reviewed the Plan and this Agreement, has had an opportunity to obtain the advice of personal tax, legal, and financial advisors prior to signing this Agreement, and fully understands all provisions of the Plan and Agreement.  He or she will consult with his or her own personal tax, legal, and financial advisors before taking any action related to the Plan.
(x)He or she has read and agrees to each provision of Section 10 of this Agreement.
(xi)He or she will notify the Company of any change to the contact address below.
(xii)He or she acknowledges and agrees that this Option will be subject to recoupment under any clawback policy that the Company adopts pursuant to Section 16(d) of the Plan.
PARTICIPANT    
    
Signature
Address:    
        
        

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EXHIBIT A
TERMS AND CONDITIONS OF STOCK OPTION GRANT
14.Grant.  The Company grants the Participant an Option to purchase Shares of Common Stock as described in the Notice of Grant.  If there is a conflict between the Plan, this Agreement, or any other agreement with the Participant governing this Option, those documents will take precedence and prevail in the following order: (a) the Plan, (b) the Agreement, and (c) any other agreement between the Company and the Participant governing this Option.
If the Notice of Grant designates this Option as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an ISO under Code Section 422.  Even if this Option is designated an ISO, to the extent it first become exercisable as to more than $100,000 in any calendar year, the portion in excess of $100,000 is not an ISO under Code Section 422(d) and that portion will be a Nonstatutory Stock Option (“NSO”).  In addition, if the Participant exercises this Option after three (3) months have passed since he or she ceased to be an employee of the Company or a Parent or Subsidiary of the Company, it generally will no longer be an ISO (however, different rules apply to cessation of employee status due to death or Disability).  If there is any other reason this Option (or a portion of it) will not qualify as an ISO, to the extent of such nonqualification, this Option will be an NSO.  The Participant understands that he or she will have no recourse against the Administrator, any member of the Company Group, or any officer or director of a member of the Company Group if any portion of this Option is not an ISO.
15.Vesting.  This Option will only be exercisable (also referred to as vested) under the Vesting Schedule in the Notice of Grant, Section 3 of this Agreement, or Section 14 of the Plan.  Shares scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest unless the Participant continues to be a Service Provider until the time such vesting is scheduled to occur.  
16.Administrator Discretion.  The Administrator has the discretion to accelerate the vesting of any portion of this Option.  In that case, this Option will be vested as of the date and to the extent specified by the Administrator.
17.Forfeiture upon Cessation of Status as a Service Provider.  Upon the Participant’s termination as a Service Provider for any reason, this Option will immediately stop vesting and any portion of this Option that has not yet vested will be immediately forfeited for no consideration upon the date that Participant ceases to be a Service Provider for any reason, in all cases, subject to Applicable Laws.  For purposes of this Option, the Participant’s status as a Service Provider will be considered to be terminated as of the date the Participant is no longer providing services to the Company, or if different, the Participant’s employer (the “Employer”) or the Subsidiary or Parent to which the Participant is providing services (the Employer, Subsidiary or Parent, as applicable, the “Service Recipient”) or other member of the Company Group (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is a Service Provider or the terms of the Participant’s employment or service agreement, if any).  The Administrator shall have the exclusive discretion 
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to determine when the Participant is no longer providing services for purposes of this Option (including whether the Participant may still be considered to be providing services while on a leave of absence). 
18.Death of Participant.  Any distribution or delivery to be made to the Participant under this Agreement will, if he or she is then deceased, be made to the administrator or executor of his or her estate or, if the Administrator permits, his or her designated beneficiary, unless otherwise required to comply with Applicable Laws.  Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations that apply to the transfer.
19.Exercise of Option. 
(a)Right to Exercise.  This Option may be exercised only before its Expiration Date and only under the Plan and this Agreement.
(b)Method of Exercise.  To exercise this Option, the Participant must deliver and the Administrator must receive an exercise notice according to procedures determined by the Administrator.  The exercise notice must:
(i)state the number of Shares as to which this Option is being exercised (“Exercised Shares”),
(ii)make any representations or agreements required by the Company,
(iii)be accompanied by a payment of the total exercise price for all Exercised Shares, and
(iv)be accompanied by a payment of all required Tax Withholdings for all Exercised Shares.
This Option is exercised when both the exercise notice and payments due under Sections 6(b)(iii) and 6(b)(iv) have been received by the Company for all Exercised Shares.  The Administrator may designate a particular exercise notice to be used, but until a designation is made, the exercise notice attached to this Agreement as Exhibit B may be used.
20.Method of Payment.  The Participant may pay the total exercise price for Exercised Shares by any of the following methods or a combination of methods:
(a)cash; 
(b)check;
(c)wire transfer; 
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(d)consideration received by the Company under a formal cashless exercise program adopted by the Company; or
(e)surrender of other Shares, as long as the Company determines that accepting such Shares does not result in any adverse accounting consequences to the Company.  If Shares are surrendered, the value of those Shares will be the fair market value for those Shares on the date they are surrendered.
A non-U.S. resident’s methods of exercise may be restricted by the terms and condition of any appendix to this Agreement for the Participant’s country (the “Appendix”).    
21.Tax Obligations. 
(a)Tax Withholding. 
(i)No Shares will be issued to the Participant until he or she makes satisfactory arrangements (as determined by the Administrator) for the payment of Tax Withholdings. If the Participant is a non-U.S. employee, the method of payment of Tax Withholdings may be restricted by any Appendix.  If the Participant fails to make satisfactory arrangements for the payment of any Tax Withholdings under this Agreement at the time of an attempted Option exercise, the Company may refuse to honor the exercise and refuse to deliver the Shares, to the extent permitted by Applicable Laws.
(ii)The Company also has the right (but not the obligation) to satisfy any Tax Withholdings: (a) by reducing the number of Shares otherwise deliverable to the Participant; (b) by requiring payment by cash or check made payable to the Company and/or any Service Recipient with respect to which the withholding obligation arises; (c) by deduction of such amount from salary, wages or other compensation payable to the Participant; or (d) in any combination of the foregoing, or any other method determined by the Administrator to be compliance with Applicable Laws.
(iii)The Company may withhold or account for Tax Withholdings by considering statutory or other withholding rates, including minimum or maximum rates applicable in the Participant’s jurisdiction(s). In the event of over-withholding, the Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Common Stock), or if not refunded, the Participant may seek a refund from the local tax authorities.  In the event of under-withholding, the Participant may be required to pay any additional Tax Withholdings directly to the applicable tax authority or to the Company and/or the Employer(s).   If the obligation for Tax Withholdings is satisfied by withholding in Shares, for tax purposes, the Participant will be deemed to have been issued the full number of Shares exercised, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax Withholdings.
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(iv)Further, if the Participant is subject to taxation in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, the Company or the Employer(s) or former Employer(s) may withhold or account for tax in more than one jurisdiction. 
(v)Regardless of any action of the Company or the Employer(s), the Participant acknowledges that the ultimate liability for all Tax Withholdings and any and all additional taxes related to the Option, the Shares or other amounts or property delivered under the Option and the Participant’s participation in the Plan is and remains his or her responsibility and may exceed the amount actually withheld by the Company or the Employer(s).  The Participant further acknowledges that the Company and the Employer(s) (1) make no representations or undertakings regarding the treatment of any Tax Withholdings in connection with any aspect of this Option; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of this Option to reduce or eliminate his or her liability for Tax Withholdings or achieve any particular tax result. 
(vi)For U.S. taxpayers, under Code Section 409A, a stock right (such as this Option) that vests after December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per share exercise price that is determined by the U.S. Internal Revenue Service (the “IRS”) to be less than the fair market value of an underlying share on the date of grant (a “discount option”) may be considered “deferred compensation.”  A stock right that is a “discount option” may result in (1) income recognition by the recipient of the stock right prior to the exercise of the stock right, (2) an additional 20% U.S. federal income tax, and (3) potential penalty and interest charges.  The “discount option” may also result in additional U.S. state income, penalty and interest tax to the recipient of the stock right.  Participant is hereby notified that the Company cannot and has not guaranteed that the IRS and/or applicable state tax enforcement agencies will agree that the per Share exercise price of this Option equals or exceeds the fair market value of a Share on the Grant Date in a later examination.  Participant is hereby notified that if the IRS and/or applicable state tax enforcement agencies determine that this Option was granted with a per Share exercise price that was less than the fair market value of a Share on the Grant Date, Participant shall be solely responsible for Participant’s costs related to such a determination.
(b)Tax Reporting.  This Section 8(b) applies if the Participant is a U.S. income taxpayer.  If this Option is partially or wholly an ISO, and if the Participant sells or otherwise disposes of any the Shares acquired by exercising the ISO portion on or before the later of (i) the date two (2) years after the Grant Date, or (ii) the date one (1) year after the date of exercise, he or she may be subject to withholding of Tax Withholdings by the Company on the compensation income recognized by him or her and must immediately notify the Company in writing of the disposition. 
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22.Rights as Stockholder.  The Participant’s or any other person’s rights as a stockholder of the Company (including the right to vote and to receive dividends and distributions) will not begin until Shares have been issued and recorded on the records of the Company or its transfer agents or registrars. 
23.Acknowledgements and Agreements.  The Participant’s signature on the Notice of Grant accepting this Option indicates that:
(a)HE OR SHE ACKNOWLEDGES AND AGREES THAT THE VESTING OF THIS OPTION IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AND THAT BEING HIRED, GRANTED THIS OPTION, AND EXERCISING THIS OPTION WILL NOT RESULT IN VESTING. 
(b)HE OR SHE FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AND AGREEMENT DO NOT CREATE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH HIS OR HER RIGHT OR THE RIGHT OF THE EMPLOYER(S) TO TERMINATE HIS OR HER RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE, SUBJECT TO APPLICABLE LAWS.
(c)The Participant agrees that this Agreement and its incorporated documents reflect all agreements on its subject matters and that he or she is not accepting this Agreement based on any promises, representations, or inducements other than those reflected in the Agreement.
(d)The Participant understands that exercise of this Option is governed strictly by Sections 6, 7, and 8 of this Agreement and that failure to comply with those Sections could result in the expiration of this Option, even if an attempt was made to exercise.
(e)The Participant agrees that the Company’s delivery of any documents related to the Plan or this Option (including the Plan, the Agreement, the Plan’s prospectus and any reports of the Company provided generally to the Company’s stockholders) to him or her may be made by electronic delivery, which may include but does not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail, or any other means of electronic delivery specified by the Company.  If the attempted electronic delivery of such documents fails, the Participant will be provided with a paper copy of the documents.  The Participant acknowledges that he or she may receive from the Company a paper copy of any documents that were delivered electronically at no cost to him or her by contacting the Company by telephone or in writing.  The Participant may revoke his or her consent to the electronic delivery of documents or may change the electronic mail address to which such documents are to be delivered (if the Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised email address by telephone, postal service or electronic mail.  Finally, the 
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Participant understands that he or she is not required to consent to electronic delivery of documents.
(f)The Participant may deliver any documents related to the Plan or this Option to the Company by e-mail or any other means of electronic delivery approved by the Administrator, but he or she must provide the Company or any designated third party administrator with a paper copy of any documents if his or her attempted electronic delivery of such documents fails.
(g)The Participant accepts that all good faith decisions or interpretations of the Administrator regarding the Plan and Awards under the Plan are binding, conclusive, and final.  No member of the Administrator will be personally liable for any such decisions or interpretations.
(h)The Participant agrees that the Plan is established voluntarily by the Company, is discretionary in nature, and may be amended, suspended, or terminated by the Company at any time, to the extent permitted by the Plan.
(i)The Participant agrees that the grant of this Option is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past.
(j)The Participant agrees that any decisions regarding future Awards will be in the Company’s sole discretion.
(k)The Participant agrees that he or she is voluntarily participating in the Plan.
(l)The Participant agrees that this Option and any Shares acquired under the Plan are not intended to replace any pension rights or compensation.
(m)The Participant agrees that this Option, any Shares acquired under the Plan, and their income and value are not part of normal or expected compensation for any purpose, including for calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, long-service awards, pension or retirement or welfare benefits, or similar payments.
(n)The Participant agrees that the future value of the Shares underlying this Option is unknown, indeterminable, and cannot be predicted with certainty.
(o)The Participant understands that if the underlying Shares do not increase in value, this Option will have no intrinsic monetary value.
(p)The Participant understands that if this Option is exercised, the value of each Share received on exercise may increase or decrease in value, even below the Exercise Price.
(q)The Participant agrees that no member of the Company Group is liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States 
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Dollar that may affect the value of this Option or of any amounts due to him or her from the exercise of this Option or the subsequent sale of any Shares acquired upon exercise.
(r)Unless otherwise provided in the Plan or by the Administrator in its discretion, this Option and the benefits evidenced in this Agreement do not create any entitlement to have this Option or any such benefits transferred to, or assumed by, another company, nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares. 
(s)The Participant agrees that he or she has no claim or entitlement to compensation or damages from any forfeiture of this Option resulting from the termination of his or her status as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where he or she is a Service Provider or the terms of his or her service agreement, if any).
24.Data Privacy. 
(a)The Participant voluntarily consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this Agreement and any other Award materials (“Data”) by and among, as applicable, the Employer(s), the Company and any member of the Company Group for the exclusive purpose of implementing, administering, and managing his or her participation in the Plan.
(b)The Participant understands that the Company and the Employer(s) may hold certain personal information about him or her, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all equity awards or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in his or her favor, for the exclusive purpose of implementing, administering, and managing the Plan. 
(c)The Participant understands that Data will be transferred to one or more a stock plan service provider(s) selected by the Company, which may assist the Company with the implementation, administration, and management of the Plan.  The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections than his or her country.  The Participant understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.  The Participant authorizes the Company and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing his or her participation in the Plan. 
(d)The Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan.  The Participant understands that if he or she resides in certain jurisdictions outside the United States, to the extent required by 
47

Applicable Laws, he or she may, at any time, request access to Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents given by accepting this Option, in any case without cost, by contacting in writing his or her local human resources representative.  Further, the Participant understands that he or she is providing these consents on a purely voluntary basis.  If the Participant does not consent or if he or she later seeks to revoke his or her consent, his or her engagement as a Service Provider with the Employer(s) will not be adversely affected; the only consequence of refusing or withdrawing his or her consent is that the Company will not be able to grant him or her awards under the Plan or administer or maintain awards.  Therefore, the Participant understands that refusing or withdrawing his or her consent may affect his or her ability to participate in the Plan (including the right to retain this Option).  The Participant understands that he or she may contact his or her local human resources representative for more information on the consequences of his or her refusal to consent or withdrawal of consent.
25.Insider Trading Restrictions/Market Abuse Laws.  The Participant acknowledges that he or she may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions including, but not limited to, the United States and the Participant’s country of residence, which may affect the Participant’s ability to acquire or sell Shares or rights to Shares (e.g., this Option) under the Plan during such time as the Participant is considered to have “inside information” regarding the Company (as defined by the laws in the applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before the Participant possessed inside information. Furthermore, the Participant could be prohibited from             (i) disclosing the inside information to any third party and (ii) “tipping” third parties or causing them otherwise to buy or sell securities. The Participant should keep in mind third parties includes fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable insider trading policy of the Company. The Participant is responsible for ensuring compliance with any applicable restrictions and should consult with his or her personal legal advisor on this matter.
26.Foreign Asset/Account Reporting Requirements.  Depending on the Participant’s country, the Participant may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the vesting or exercise of this Option, the acquisition, holding and/or transfer of Shares or cash resulting from participation in the Plan and/or the opening and maintaining of a brokerage or bank account in connection with the Plan. The Participant may be required to report such assets, accounts, account balances and values, and/or related transactions to the applicable authorities in his or her country. The Participant may also be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. The Participant acknowledges that he or she is responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting and other requirements. The Participant further understands that he or she should consult the Participant's personal tax and legal advisors, as applicable on these matters.
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27.Miscellaneous
(a)Address for Notices.  Any notice to be given to the Company under the terms of this Agreement must be addressed to the Company at Upstart Holdings, Inc., 2950 S. Delaware Street, Suite 300, San Mateo CA 94403, USA, and a copy of such notice must be delivered to the Company through electronic mail addressed to notice@upstart.com, until the Company designates another address in writing.
(b)Non-Transferability of Option.  This Option may not be transferred other than by will or the applicable laws of descent or distribution and may be exercised during the lifetime of the Participant only by him or her or his or her representative following a Disability.
(c)Binding Agreement.  If this Option is transferred, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors, and assigns of the parties to this Agreement.
(d)Additional Conditions to Issuance of Stock.  If at any time the Company determines, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any U.S. or non-U.S. federal, state or local law the tax Code and related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission or any other governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant hereunder, such issuance will not occur unless and until such listing, registration, qualification, rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company. 
(e)Captions.  Captions provided in this Agreement are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
(f)Agreement Severable.  If any provision of this Agreement is held invalid or unenforceable, that provision will be severed from the remaining provisions of this Agreement and the invalidity or unenforceability will have no effect on the remainder of the Agreement.
(g)Non-U.S. Appendix.  This Option is subject to any special terms and conditions set forth in any Appendix.  If the Participant relocates to a country included in such Appendix, the special terms and conditions for that country will apply to him or her to the extent the Company determines that applying such terms and conditions is necessary or advisable for legal or administrative reasons.
(h)Imposition of Other Requirements.  The Company reserves the right to impose other requirements on this Option and the Shares subject to this Option, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and 
49

to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
(i)Choice of Law; Choice of Forum.  The Plan, this Agreement, this Option, and all determinations made and actions taken under the Plan, to the extent not otherwise governed by the laws of the United States, will be governed by the laws of the State of Delaware without giving effect to principles of conflicts of law.  For purposes of litigating any dispute that arises under the Plan, the Participant's acceptance of this Option is his or her consent to the jurisdiction of the State of Delaware and his or her agreement that any such litigation will be conducted in the Delaware Court of Chancery or the federal courts for the United States for the District of Delaware and no other courts, regardless of where he or she is performing services.
(j)Modifications to the Agreement.  The Plan and this Agreement constitute the entire understanding of the parties on the subjects covered.  The Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein.  Modifications to this Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company.  The Company reserves the right to revise the Agreement as it deems necessary or advisable, in its sole discretion and without the consent of the Participant, to comply with Code Section 409A, to otherwise avoid imposition of any additional tax or income recognition under Code Section 409A in connection with this Option, or to comply with other Applicable Laws.
(k)Waiver.  The Participant acknowledges that a waiver by the Company of a breach of any provision of this Agreement will not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent breach of this Agreement by him or her.
(l)Language.  If Participant has received this Agreement, or any other document related to this Option and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
50

EXHIBIT B
UPSTART HOLDINGS, INC.
2020 EQUITY INCENTIVE PLAN

EXERCISE NOTICE
Upstart Holdings, Inc.
2950 S. Delaware Street, Suite 300, 
San Mateo CA 94403
notice@upstart.com

Attention: Stock Administration

						
	Purchaser Name:	
	Grant Date of Stock Option (the “Option”):
	
	Grant Number:	
	Exercise Date:	
	Number of Shares Exercised:	
	Per Share Exercise Price:	
	Total Exercise Price:	
	Exercise Price Payment Method:	
	Tax Withholdings Payment Method:	

The information in the table above is incorporated in this Exercise Notice.
1.Exercise of Option.  Effective as of the Exercise Date, I elect to purchase the Number of Shares Exercised (“Exercised Shares”) under the Stock Option Agreement for this Option (the “Agreement”) for the Total Exercise Price.  Capitalized terms used but not defined in this Exercise Notice have the meanings given to them in the 2020 Equity Incentive Plan (the “Plan”) and/or the Agreement.
2.Delivery of Payment.  With this Exercise Notice, I am delivering the Total Exercise Price and any required Tax Withholdings to be paid in connection with the purchase of the Exercised Shares.  I am paying my total purchase price by the Exercise Price Payment Method and the Tax Withholdings by the Tax Withholdings Payment Method.
3.Representations of Purchaser.  I acknowledge that:

(a)I have received, read, and understood the Plan and the Agreement and agree to be bound by their terms and conditions.
(b)The exercise will not be completed until this Exercise Notice, Total Exercise Price, and all Tax-Related Payments are received by the Company.
(c)I have no rights as a stockholder of the Company (including the right to vote and receive dividends and distributions) on the Exercised Shares until the Exercised Shares have been issued and recorded on the records of the Company or its transfer agents or registrars. 
(d)No adjustment will be made for a dividend or other right for which the record date is before the date of issuance, except for adjustments under Section 13 of the Plan.
(e)There may be adverse tax consequences to exercising this Option, and I am not relying on the Company for tax advice and have had an opportunity to obtain the advice of personal tax, legal, and financial advisors prior to exercising.
(f)The modification and choice of law provisions of the Agreement also govern this Exercise Notice.
4.Entire Agreement; Choice of Law; Choice of Forum.  The Plan and the Agreement are incorporated by reference.  This Exercise Notice, the Plan, and the Agreement are the entire agreement of the parties with respect to this Options and this exercise and supersede in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to their subject matter.  The Plan, the Agreement, and this Exercise Notice, to the extent not otherwise governed by the laws of the United States, will be governed by the laws of the State of Delaware without giving effect to principles of conflicts of law.  For purposes of litigating any dispute that arises under the Plan (including without limitation under this Exercise Notice), the Participant consents to the jurisdiction of the State of Delaware and any such litigation being conducted in the Delaware Court of Chancery or the federal courts for the United States for the District of Delaware and no other courts, regardless of where he or she is performing services.
Submitted by:    
PURCHASER    
        
Signature        
        
Address:    
        
        
2

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