Document:

Exhibit 10.392 

 

NEITHER THIS WARRANT NOR THE SECURITIES
ISSUABLE UPON THE EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION
STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) THE COMPANY RECEIVES
AN OPINION OF COUNSEL TO THE HOLDER OF THIS WARRANT OR SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY,
THAT THIS WARRANT OR SUCH SECURITIES, AS APPLICABLE, MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS.

HUMBL, INC.

 

WARRANT TO PURCHASE SHARES OF COMMON STOCK

 

1. Issuance. For good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by HUMBL,
Inc., a Delaware corporation, its successors and assigns (“Company”), Hahanakai, LLC, a Hawaii limited liability
company, its successors and/or registered assigns (“Investor”), is hereby granted the right to purchase at any time
on or after the Issue Date (as defined below) until the two-year anniversary of the Issue Date (as defined below) (the “Expiration
Date”), 375,000 fully paid and non-assessable shares (the “Warrant Shares”) of Company’s common stock,
par value $0.00001 per share (the “Common Stock”), as such number may be adjusted from time to time pursuant to the
terms and conditions of this Warrant to Purchase Shares of Common Stock (this “Warrant”).

 

This Warrant is being issued pursuant
to the terms of that certain Securities Purchase Agreement dated August 30, 2021, to which Company and Investor are parties (as the same
may be amended from time to time, the “Purchase Agreement”). Certain capitalized terms used herein are defined in Attachment
1 attached hereto and incorporated herein by this reference. This Warrant was issued to Investor on August 30, 2021 (the “Issue
Date”).

 

2. Exercise of Warrant.

 

2.1. General.

 

(a) This Warrant is exercisable
in whole or in part at any time and from time to time commencing on the Issue Date and ending on the Expiration Date. Such exercise shall
be effectuated by submitting to Company (either by delivery to Company or by email or facsimile transmission) a completed and signed Notice
of Exercise substantially in the form attached to this Warrant as Exhibit A (the “Notice of Exercise”). The
date a Notice of Exercise is delivered to Company shall be the “Exercise Date,” provided that, if such exercise represents
the full exercise of the outstanding balance of this Warrant, Investor shall tender this Warrant to Company within five (5) Trading Days
thereafter, but only if the Warrant Shares to be delivered pursuant to the Notice of Exercise have been delivered to Investor as of such
date. The Notice of Exercise shall be executed by Investor and shall indicate the number of Warrant Shares to be issued pursuant to such
exercise

 

(b) The Exercise Price per share
of Common Stock for the Warrant Shares shall be payable, at the election of Investor, in cash or by certified or official bank check or
by wire transfer in accordance with instructions provided by Company at the request of Investor.

 

(c) Upon the appropriate payment
to Company of the Exercise Price for the Warrant Shares, Company shall promptly, but in no case later than the date that is ten (10) Trading
Days following the date the Exercise Price is paid to Company (the “Delivery Date”), deliver or cause Company’s
Transfer Agent to deliver the applicable Warrant Shares electronically via the DWAC system to the account designated by Investor on the
Notice of Exercise. If for any reason Company is not able to so deliver the Warrant Shares via the DWAC system, Company shall instead,
on or before the applicable date set forth above in this subsection, issue and deliver to Investor or its broker (as designated in the
Notice of Exercise), via reputable overnight courier, a certificate, registered in the name of Investor or its designee, representing
the applicable number of Warrant Shares.

 

(d) In no event may this Warrant
be net cash settled.

 

2.2. Ownership Limitation.
Notwithstanding anything to the contrary contained in this Warrant, if at any time Lender shall or would be issued shares of Common Stock
under this Warrant, but such issuance would cause Lender (together with its affiliates) to beneficially own a number of shares exceeding
4.99% of the number of shares of Common Stock outstanding on such date (including for such purpose the shares of Common Stock issuable
upon such issuance) (the “Maximum Percentage”), then Borrower shall not issue to Lender shares of Common Stock which
would exceed the Maximum Percentage. The ownership limitation is enforceable, unconditional and non-waivable and shall apply to all affiliates
and assigns of Lender.

 

    	 

     

     

3. Mutilation or Loss of Warrant.
Upon receipt by Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case
of loss, theft or destruction) receipt of reasonably satisfactory indemnification, and (in the case of mutilation) upon surrender and
cancellation of this Warrant, Company will execute and deliver to Investor a new Warrant of like tenor and date and any such lost, stolen,
destroyed or mutilated Warrant shall thereupon become void.

 

4. Rights of Investor.
Investor shall not, by virtue of this Warrant alone, be entitled to any rights of a stockholder in Company, either at law or in equity,
and the rights of Investor with respect to or arising under this Warrant are limited to those expressed in this Warrant and are not enforceable
against Company except to the extent set forth herein

 

5. Adjustments. If Company
shall issue any shares of Common Stock as a stock dividend or subdivide the number of outstanding shares of Common Stock into a greater
number of shares, then, in either such case, the Exercise Price in effect before such dividend or subdivision shall be proportionately
reduced and the number of Warrant Shares at that time issuable pursuant to the exercise of this Warrant shall be proportionately increased;
and, conversely, if Company shall contract the number of outstanding shares of Common Stock by combining such shares into a smaller number
of shares, then the Exercise Price in effect before such combination shall be proportionately increased and the number of Warrant Shares
at that time issuable pursuant to the exercise or conversion of this Warrant shall be proportionately decreased. Each adjustment in the
number of shares of Warrant Stock issuable shall be to the nearest whole share.

 

6. Certificate as to Adjustments.
In the case of any adjustment in the Exercise Price or Warrant Shares, Company will promptly give written notice to Investor in the form
of a certificate, certified and confirmed by an officer of the Company, setting forth the adjustment in reasonable detail.

 

7. Transfer to Comply with
the Securities Act. This Warrant and the Warrant Shares have not been registered under the Securities Act of 1933, as amended (the
“1933 Act”). The Warrant Shares may not be sold, transferred, pledged or hypothecated without (a) an effective registration
statement under the 1933 Act relating to such security or (b) an opinion of counsel reasonably satisfactory to Company that registration
is not required under the 1933 Act. Until such time as registration has occurred under the 1933 Act, each certificate for this Warrant
and any Warrant Shares shall contain a legend, in form and substance satisfactory to counsel for Company, setting forth the restrictions
on transfer contained in this Section 7. This Warrant may be transferred by Investor so long as such transfer is done in compliance with
applicable securities laws. Upon receipt of a duly executed assignment of this Warrant, Company shall register the transferee thereon
as the new holder on the books and records of Company and such transferee shall be deemed a “registered holder” or “registered
assign” for all purposes hereunder, and shall have all the rights of Investor under this Warrant. Until this Warrant is transferred
on the books of Company, Company may treat Investor as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary

 

8. Notices. Any notice
required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices” in the Purchase Agreement,
the terms of which are incorporated herein by reference. Company shall provide Investor with prompt written notice of all actions taken
pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality
of the foregoing, Company will give written notice to Investor (i) as soon as practicable upon each adjustment of the Exercise Price and
the number of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s), (ii) at least
fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution
upon the Common Stock, or (B) for determining rights to vote with respect to any Change of Control, dissolution or liquidation, provided
in each case that such information, and (iii) at least ten (10) Trading Days prior to the consummation of any Change of Control.

 

9. Supplements and Amendments;
Whole Agreement. This Warrant may be amended or supplemented only by an instrument in writing signed by the parties hereto. This Warrant,
together with the Purchase Agreement, contains the full understanding of the parties hereto with respect to the subject matter hereof
and thereof and there are no representations, warranties, agreements or understandings with respect to the subject matter hereof and thereof
other than as expressly contained herein and therein.

 

    	 

     

     

10. Governing Law; Venue.
This Warrant shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation
and performance of this Warrant shall be governed by, the internal laws of the State of Delaware, without giving effect to any choice
of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of Delaware.
Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only
in the state and federal courts in San Diego County, California. The parties to this Agreement hereby irrevocably waive any objection
to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or
based upon forum non conveniens. The prevailing party in any dispute arising under this Agreement shall be entitled to recover from the
other party its reasonable attorney’s fees and costs.

 

11. Waiver of Jury Trial.
EACH OF COMPANY AND INVESTOR IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR IN ANY WAY RELATED TO THIS WARRANT OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND
ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, COMPANY ACKNOWLEDGES
THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT TO DEMAND TRIAL BY JURY.

 

12. Counterparts. This
Warrant may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. Electronic signatures shall be considered original
signatures for all purposes hereof.

 

13. Attorneys’ Fees.
In the event of any litigation or dispute arising from this Warrant, the parties agree that the prevailing party shall be entitled to
an additional award of the full amount of the reasonable attorneys’ fees and expenses paid by said prevailing party in connection
with litigation or dispute.

 

14. Severability. Whenever
possible, each provision of this Warrant shall be interpreted in such a manner as to be effective and valid under applicable law, but
if any provision of this Warrant shall be invalid or unenforceable in any jurisdiction, such provision shall be modified to achieve the
objective of the parties to the fullest extent permitted and such invalidity or unenforceability shall not affect the validity or enforceability
of the remainder of this Warrant or the validity or enforceability of this Warrant in any other jurisdiction.

 

[Remainder of page intentionally left blank; signature
page follows]

 

IN WITNESS WHEREOF, Company has caused this Warrant
to be duly executed as of the Issue Date.

 

	 	COMPANY:
	 	 
	 	HUMBL, Inc.
	 	 	 
	 	By: 	 
	 	 	Brian Foote, CEO

 

ATTACHMENT 1

DEFINITIONS

 

For purposes of this Warrant,
the following terms shall have the following meanings:

A7. “Change of Control”
means a merger or consolidation with another entity in which the Company’s stockholders do not own more than 50% of the outstanding
voting power of the surviving entity, or the disposition of all or substantially all of the Company’s assets.

 

A8. “DTC” means
the Depository Trust Company or any successor thereto.

 

    	 

     

     

A9. “DTC Eligible”
means, with respect to the Common Stock, that such Common Stock is eligible to be deposited in certificate form at the DTC, cleared and
converted into electronic shares by the DTC and held in the name of the clearing firm servicing Investor’s brokerage firm for the
benefit of Investor.

 

A10. “DTC/FAST Program”
means the DTC’s Fast Automated Securities Transfer program.

 

A11. “DWAC”
means the DTC’s Deposit/Withdrawal at Custodian system.

 

A12. “Exercise Price”
means $0.90 per share of Common Stock, as the same may be adjusted from time to time pursuant to the terms and conditions of this Warrant.

 

A13. “Trading Day”
means any day the New York Stock Exchange is open for trading.

 

EXHIBIT A

 

NOTICE OF EXERCISE OF WARRANT

 

	TO:	HUMBL, INC.	 
	 	ATTN: _______________
	 	VIA FAX TO: ( )______________ EMAIL: ______________

 

The undersigned hereby irrevocably
elects to exercise the right, represented by the Warrant to Purchase Shares of Common Stock dated as of August 30, 2021 (the “Warrant”),
to purchase shares of the common stock, $0.00001 par value (“Common Stock”), of HUMBL, Inc., and tenders herewith payment
in accordance with Section 2 of the Warrant, as follows:

 

Warrant Shares: _______________________

 

Exercise Price: $_______________________

 

Purchase Price: $___________________
= (Exercise Price x Warrant Shares)

 

Payment is being made by:

 

_____         enclosed
check

_____         wire
transfer

_____         other

 

Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed to them in the Warrant.

 

It is the intention of Investor
to comply with the provisions of Section 2.2 of the Warrant regarding certain limits on Investor’s right to receive shares thereunder.
Investor believes this exercise complies with the provisions of such Section 2.2. Nonetheless, to the extent that, pursuant to the exercise
effected hereby, Investor would receive more shares of Common Stock than permitted under Section 2.2, Company shall not be obligated and
shall not issue to Investor such excess shares until such time, if ever, that Investor could receive such excess shares without violating,
and in full compliance with, Section 2.2 of the Warrant.

 

As contemplated by the Warrant,
this Notice of Exercise is being sent by email to the officer indicated above.

 

If this Notice of Exercise represents
the full exercise of the entire Warrant, Investor will surrender (or cause to be surrendered) the Warrant to Company at the address indicated
above by express courier within five (5) Trading Days after the Warrant Shares to be delivered pursuant to this Notice of Exercise have
been delivered to Investor.

 

To the extent the Warrant Shares
are not able to be delivered to Investor via the DWAC system, please deliver certificates representing the Warrant Shares to Investor
via reputable overnight courier after receipt of this Notice of Exercise (by facsimile transmission or otherwise) to:

 

_____________________________________

_____________________________________

_____________________________________

 

Dated: _____________________

 

___________________________

[Name of Investor]

 

By:________________________Exhibit 4.6

 

NEXTNAV
HOLDINGS, LLC

 

2011 UNIT
OPTION AND PROFITS INTEREST
PLAN

Initially
Adopted: June 8, 2011

Initially
Approved by Members: June 13, 2011 

Amended
and Restated (“2020 Amendment Date”): October 21, 2020

2020
Amendment and Restatement Approved by Members: October 21, 2020 

Further
Amended and Restated on October 27, 2021 (“2021 Amendment Date”)

Termination
Date: October 20, 2030

 

 1. General.

 

(a) Eligible
Award Recipients. The persons eligible to receive Awards are Employees, Directors, and eligible Consultants and Other Service Providers
of the Company and its Affiliates.

 

(b) Available
Awards. The Plan provides for the grant of Options, Profits Interests, and Standard Units.

 

(c) Purpose.
The Company, by means of the Plan, seeks to secure and retain the services of the group of persons eligible to receive Awards as set
forth in Section 1(a), to provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate,
and to provide a means by which such eligible recipients may be given an opportunity to benefit from increases in value of the Units through
the granting of Awards.

 

(d) Amendment
Date. This Plan was originally adopted as of June 8, 2011, was subsequently amended from time to time to increase the Unit Reserve,
was amended and restated as of the 2020 Amendment Date, and is hereby amended and restated as of the 2021 Amendment Date, to provide for
the adjustment of Awards in connection with the Merger. As of the consummation of the Merger, (i) all references to the number of Units
issued or issuable under the Plan shall be adjusted to reflect the conversion or exchange ratio in effect for the conversion or exchange
of applicable Units into Shares in connection with the consummation of the Merger, (ii) all references in the Plan to Units shall automatically
be converted into references to the number of Shares into which the Units are converted pursuant to the Merger and the Merger Agreement,
and (iii) all references to the Company shall automatically be converted into references to the Corporate Successor. Awards granted under
the Plan prior to the 2021 Amendment Date shall be subject to the terms of the Plan as hereby amended and restated, except to the extent
that the terms of the Plan are inconsistent with the terms of such Awards.

 

2. Administration.

 

(a) Administration
by Board. The Board shall administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees,
as provided in Section 2(c).

 

(b) Powers
of Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To
determine from time to time (A) which of the persons eligible under the Plan shall be granted Awards; (B) when and how each Award shall
be granted; (C) what type or combination of types of Award shall be granted; (D) the provisions of each Award granted (which need not
be identical), including the time or times when a person shall be permitted to settle or otherwise receive cash or Units pursuant to an
Award and when such Award is subject to forfeiture; (E) the number of Units with respect to which an Award shall be granted to each such
person; and (F) the Fair Market Value applicable to an Award.

 

(ii) To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration
of the Plan. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement,
in a manner and to the extent it shall deem necessary or expedient to make the Plan or Award fully effective.

 

     

     

    

 

(iii) To
settle all controversies regarding the Plan and Awards granted under it.

 

(iv) To
accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance
with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the time during which
it will vest.

 

(v) To
suspend or terminate the Plan at any time. Suspension or termination of the Plan shall not materially impair rights and obligations under
any Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vi) To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, amendments relating to certain nonqualified
deferred compensation under Section 409A of the Code and/or to bring the Plan or Awards granted under the Plan into compliance therewith,
subject to the limitations, if any, of applicable law, provided, however, that except as provided in Section 10(a) relating to
Capitalization Adjustments, no amendment shall be effective unless approved by the Members if such approval is required by the LLC Agreement
or, following the Merger, by the stockholders of the Corporate Successor if such approval is required by the Board or applicable law.

 

(vii) To
submit any amendment to the Plan for Member approval or, following the Merger, for approval by the stockholders of the Corporate Successor.

 

(viii) To
take such action as may be reasonably necessary or appropriate, in the event the Board determines, in its sole discretion, that it would
be desirable to convert the Company into a corporation, to convert each Participant’s Units granted pursuant to an Award into securities
of a corporation that preserve such Participant’s relative economic interest in the profits, losses, distributions and liquidation
proceeds and other rights, powers and privileges, if any, in the Company immediately prior to such conversion.

 

(ix) To
approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited
to, amendments to provide terms either more favorable to or not materially unfavorable to the Participant than previously provided in
the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided however, that,
the rights under any Award shall not be materially impaired by any such amendment unless (i) the Company requests the consent of the affected
Participant, and (ii) such Participant consents in writing. However, a Participant’s rights will not be deemed to have been materially
impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially
impair the Participant’s rights. In addition, notwithstanding the foregoing, subject to the limitations of applicable law, if any,
and without the affected Participant’s consent, the Board may amend the terms of any one or more Awards if necessary to bring the
Award into compliance with Section 409A of the Code.

 

(x) Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company
and that are not in conflict with the provisions of the Plan or Awards.

 

(xi) To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors, eligible
Consultants, and Other Service Providers who are foreign nationals or employed outside the United States.

 

(xii) To
effect, at any time and from time to time, with the consent of any adversely affected Participant, (A) the reduction of the exercise price
(or strike price) of any outstanding Option under the Plan, (B) the cancellation of any outstanding Option under the Plan and the grant
in substitution therefore of (1) a new Option under the Plan or another equity plan of the Company covering the same or a different number
of Units, (2) a Profits Interest or Standard Unit, (3) cash and/or (4) other valuable consideration (as determined by the Board, in its
sole discretion), or (C) any other action that is treated as a repricing under generally accepted accounting principles; provided, however,
that no such reduction or cancellation may be effected if it is determined, in the Company’s sole discretion, that such reduction
or cancellation would result in any such outstanding Option becoming subject to the requirements of Section 409A of the Code.

 

(c) Delegation
to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration
of the Plan is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any
of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be to
the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted
from time to time by the Board. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at
any time, revest in the Board some or all of the powers previously delegated.

 

(d) Effect
of Board’s Decision. All determinations, interpretations, and constructions made by the Board in good faith shall not be subject
to review by any person and shall be final, binding and conclusive on all persons.

 

    2

     

    

 

 3. Units Subject to the Plan.

 

(a) Unit
Reserve. Subject to the provisions of Section 10(a) relating to adjustments upon changes in Units, the aggregate number of Units that
may be issued pursuant to Awards beginning on the 2020 Amendment Date shall not exceed 21,456,000 Units (the “Unit Reserve”);
provided, however, that only up to 4,500,000 Units of the Unit Reserve shall be Class B-4 Common Units. Furthermore, if an Award (i) expires
or otherwise terminates without having been exercised in full or (ii) is settled in cash (i.e., the holder of the Award receives cash
rather than Units), such expiration, termination or settlement shall not reduce (or otherwise offset) the number of Units that may be
issued pursuant to the Plan. For clarity, the limitation in this Section 3(a) is a limitation in the number of Units that may be issued
pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Awards except as provided in Section 7(a).

 

(b) Reversion
of Units to the Unit Reserve. If any Units issued pursuant to an Award are forfeited back to the Company because of the failure to
meet a contingency or condition required to vest such Units in the Participant, then the Units which are forfeited shall revert to and
again become available for issuance under the Plan. Also, any Units reacquired by the Company pursuant to Section 9(f) or as consideration
for the exercise of an Option shall again become available for issuance under the Plan.

 

(c) Merger.
As of the consummation of the Merger, no new Awards may be granted under the Plan or otherwise from the Unit Reserve, and outstanding
Awards shall be equitably and proportionally converted into awards with respect to Shares as determined by the Board in its sole discretion.
In accordance with the terms of the Merger Agreement, upon the consummation of the Merger, all Awards granted under the Plan shall be
converted into (i) in the case of Options, an option to acquire a number of Shares, at an exercise price, as determined pursuant to the
terms of the Merger Agreement, and (ii) in the case of Profits Interests or a Standard Units, a number of unrestricted or restricted Shares,
as applicable, as determined pursuant to the terms of the Merger Agreement, in each case, with terms substantially equivalent to the terms
of the Awards they are intended to replace.

 

4. Eligibility of Consultants and Other Service Providers.

 

A Consultant or Other Service
Provider shall not be eligible for the grant of an Award if, at the time of grant, either the offer or the sale of the Company’s
securities to such Consultant or Other Service Provider is not exempt under Rule 701 because of the nature of the services that the Consultant
or Other Service Provider is providing to the Company, because the Consultant or Other Service Provider is not a natural person, or because
of any other provision of Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and
will satisfy another exemption under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions.

 

5. Option Terms.

 

Subject to the provisions
of the Plan, each Option Agreement shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate.
The provisions of separate Option Agreements need not be identical; provided, however, each Option Agreement shall conform to (through
incorporation of provisions hereof by reference in the applicable Option Agreement or otherwise) the substance of each of the following
provisions:

 

(a) Term.
No Option shall be exercisable after the expiration of ten (10) years from the date of its grant or such shorter period specified
in the Option Agreement.

 

(b) Exercise
Price. The exercise price (or strike price) of each Option shall be not less than one hundred percent (100%) of the Fair Market Value
of the Units subject to the Option on the date the Option is granted.

 

(c) Consideration.
The purchase price of Units acquired pursuant to the exercise of an Option shall be paid, to the extent permitted by applicable law
and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board shall have
the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain
methods) and to grant Options that require the consent of the Company to utilize a particular method of payment. The permitted methods
of payment are as follows:

 

(i) by
cash, check, bank draft or money order payable to the Company;

 

(ii) by
delivery to the Company (either by actual delivery or attestation) of Units;

 

    3

     

    

 

(iii) by
a “net exercise” arrangement pursuant to which the Company will reduce the number of Units issuable upon exercise by the largest
whole number of Units with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company
shall accept a cash or other payment from the Optionholder to the extent of any remaining balance of the aggregate exercise price not
satisfied by such reduction in the number of whole Units to be issued; provided, further, that Units will no longer be subject
to an Option and will not be exercisable thereafter to the extent that (A) Units issuable upon exercise are reduced to pay the exercise
price pursuant to the “net exercise,” (B) Units are delivered to the Optionholder as a result of such exercise, and (C) Units
are withheld to satisfy tax withholding obligations; or

 

(iv) according
to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest shall compound at least annually
and shall be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company and compensation
income to the Optionholder under any applicable provisions of the Code, and (B) the classification of the Option as a liability for financial
accounting purposes; or

 

(v) in
any other form of legal consideration that may be acceptable to the Board.

 

(d) Transferability.
The Board may, in its sole discretion, impose such limitations on the transferability of Options as the Board shall determine. In
the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options shall apply:

 

(i) Restrictions
on Transfer. An Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable
during the lifetime of the Optionholder only by the Optionholder; provided, however, that the Board may, in its sole discretion,
permit transfer of the Option to such extent as permitted by Rule 701 and in a manner consistent with applicable tax and securities laws
upon the Optionholder’s request.

 

(ii) Domestic
Relations Orders. Notwithstanding the foregoing, and subject to the approval of the Board or a duly authorized officer of the Company
designated by the Board, an Option may be transferred pursuant to a domestic relations order, official marital settlement agreement or
other divorce or separation instrument approved by the Board with the advice of counsel.

(iii) Beneficiary
Designation. Notwithstanding the foregoing, and subject to the approval of the Board or a duly authorized officer of the Company designated
by the Board, the Optionholder may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the
Company and any broker designated by the Company to effect Option exercises, designate a third party who, in the event of the death of
the Optionholder, shall thereafter be entitled to exercise the Option and receive the Units resulting from such exercise. In the absence
of such a designation, the executor or administrator of the Optionholder’s estate shall be entitled to exercise the Option and receive
the Units resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to the
conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

(e) Vesting
Generally. The total number of Units subject to an Option may vest and therefore become exercisable in periodic installments that
may or may not be equal. The Option may be subject to such other terms and conditions on the time or times when it may or may not be exercised
(which may be based on the satisfaction of performance goals or other criteria) as provided for in the Option Agreement or other agreement
between the Optionholder and the Company or an Affiliate, or as the Board may deem appropriate. The vesting provisions of individual Options
may vary. The provisions of this Section 5(e) are subject to any Option provisions governing the minimum number of Units as to which an
Option may be exercised.

 

(f) Termination
of Continuous Service. Except as otherwise provided in the applicable Option Agreement or other agreement between the Optionholder
and the Company or an Affiliate, in the event that an Optionholder’s Continuous Service terminates (other than for Cause or upon
the Optionholder’s death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was
entitled to exercise such Option as of the date of termination of Continuous Service) but only within such period of time ending on the
earlier of (i) the date three (3) months following the termination of the Optionholder’s Continuous Service (or such longer or shorter
period specified in the Option Agreement, which period shall not be less than thirty (30) days if necessary to comply with applicable
state laws unless such termination is for Cause) or (ii) the expiration of the term of the Option as set forth in the Option Agreement.
If, after termination of Continuous Service, the Optionholder does not exercise his or her Option within the time specified herein or
in the Option Agreement (as applicable), the Option shall terminate.

 

    4

     

    

 

(g) Extension
of Termination Date. Except as otherwise provided in the applicable Option Agreement or any other agreement between the Optionholder
and the Company or an Affiliate, if the exercise of an Option following the termination of the Optionholder’s Continuous Service
(other than for Cause or upon the Optionholder’s death or Disability) would be prohibited at any time solely because the issuance
of Units would violate the registration requirements under the Securities Act, then the Option shall terminate on the earlier of (i) the
expiration of a period of three (3) months after the termination of the Optionholder’s Continuous Service during which the exercise
of the Option would not be in violation of such registration requirements, or (ii) the expiration of the term of the Option as set forth
in the Option Agreement. In addition, unless otherwise provided in an Optionholder’s Option Agreement, if the sale of any Units
received upon exercise of an Option following the termination of the Optionholder’s Continuous Service (other than for Cause) would
violate the Company’s insider trading policy, then the Option shall terminate on the earlier of (i) the expiration of a period equal
to the applicable post-termination exercise period after the termination of the Optionholder’s Continuous Service during which the
exercise of the Option would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of
the Option as set forth in the applicable Option Agreement.

 

(h) Disability
of Optionholder. Except as otherwise provided in the applicable Option Agreement or other agreement between the Optionholder and the
Company, in the event that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s Disability, the
Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of
termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date twelve (12) months following
such termination of Continuous Service (or such longer or shorter period specified in the Option Agreement, which period shall not be
less than six (6) months if necessary to comply with applicable state laws), or (ii) the expiration of the term of the Option as set forth
in the Option Agreement. If, after termination of Continuous Service, the Optionholder does not exercise his or her Option within the
time specified herein or in the Option Agreement (as applicable), the Option shall terminate.

 

(i) Death
of Optionholder. Except as otherwise provided in the applicable Option Agreement or other agreement between the Optionholder and the
Company, in the event that (i) an Optionholder’s Continuous Service terminates as a result of the Optionholder’s death, or
(ii) the Optionholder dies within the period (if any) specified in the Option Agreement after the termination of the Optionholder’s
Continuous Service for a reason other than death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise
such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the Option by
bequest or inheritance or by a person designated to exercise the Option the Optionholder’s death, but only within the period ending
on the earlier of (i) the date eighteen (18) months following the date of death (or such longer or shorter period specified in the Option
Agreement, which period shall not be less than six (6) months if necessary to comply with applicable state laws), or (ii) the expiration
of the term of such Option as set forth in the Option Agreement. If, after the Optionholder’s death, the Option is not exercised
within the time specified herein or in the Option Agreement (as applicable), the Option shall terminate.

 

(j) Termination
for Cause. Except as explicitly provided otherwise in an Optionholder’s Option Agreement, if an Optionholder’s Continuous
Service is terminated for Cause, the Option shall terminate upon the termination date of such Optionholder’s Continuous Service,
and the Optionholder shall be prohibited from exercising his or her Option from and after the time of such termination of Continuous Service.

 

(k) Non-Exempt
Employees. No Option granted to an Employee who is a non- exempt employee for purposes of the Fair Labor Standards Act of 1938, as
amended, shall be first exercisable for any Units until at least six (6) months following the date of grant of the Option. Notwithstanding
the foregoing, consistent with the provisions of the Worker Economic Opportunity Act, in the event of the Optionholder’s death or
Disability, upon a Company Transaction or a change in control transaction in which the vesting of such Options accelerates, or upon the
Optionholder’s retirement (as such term may be defined in the Optionholder’s Option Agreement or in another applicable agreement
or in accordance with the Company’s then current employment policies and guidelines) any such vested Options may be exercised earlier
than six (6) months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt
employee in connection with the exercise or vesting of an Option will be exempt from his or her regular rate of pay.

 

(l) Early
Exercise. An Option may, but need not, include a provision whereby the Optionholder may elect at any time before the Optionholder’s
Continuous Service terminates to exercise the Option as to any part or all of the Units subject to the Option prior to the full vesting
of the Option. Any unvested Units so purchased may be subject to a repurchase right in favor of the Company or to any other restriction
the Board determines to be appropriate.

 

    5

     

    

 

(m) Right
of Repurchase. The Option may include a provision whereby the Company may elect to repurchase all or any part of the vested Units
acquired by the Optionholder pursuant to the exercise of the Option.

 

(n) Right
of First Refusal. The Option may include a provision whereby the Company may elect to exercise a right of first refusal following
receipt of notice from the Optionholder of the intent to transfer all or any part of the Units received upon the exercise of the Option.
Except as expressly provided in this Section 5(n) or in the Option Agreement, such right of first refusal shall otherwise comply with
any applicable provisions of the LLC Agreement.

 

6. Profits Interest Terms.

 

Subject to the provisions
of the Plan, each Profits Interest Agreement shall be in such form and shall contain such terms and conditions as the Board shall deem
appropriate. The provisions of separate Profits Interest Agreements need not be identical; provided, however, each Profits Interest
Agreement shall include (through incorporation of provisions hereof by reference in the Profits Interest Agreement or otherwise) the substance
of each of the following provisions:

 

(a) Consideration.
The Board may grant Profits Interests in consideration for past services, future services or any other form of lawful consideration
acceptable to the Board in its discretion.

 

(b) Transferability.
The Board may, in its sole discretion, impose such limitations on the transferability of Profits Interests as the Board shall determine.
In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Profits Interests
shall apply:

 

(i) Restrictions
on Transfer. A Profits Interest shall not be transferable except by will or by the laws of descent and distribution (or pursuant to
subparagraphs (ii) and (iii) below); provided, however, that the Board may, in its sole discretion, permit transfer of the Profits
Interest in a manner to such extent permitted by and consistent with applicable tax and securities laws and the LLC Agreement. Except
as explicitly provided by the LLC Agreement, Profits Interests may not be transferred for consideration.

 

(ii) Domestic
Relations Orders. Notwithstanding the foregoing, and subject to the approval of the Board or a duly authorized officer of the Company
designated by the Board, Profits Interests may be transferred pursuant to a domestic relations order, official marital settlement agreement
or other divorce or separation instrument approved by the Board with the advice of counsel.

 

(iii) Beneficiary
Designation. Notwithstanding the foregoing, and subject to the approval of the Board or a duly authorized officer of the Company designated
by the Board, a Participant may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the Company
and any broker designated by the Company, designate a third party who, in the event of the death of the Participant, shall thereafter
be entitled to receive the economic benefits of the Profits Interests held by the Participant. In the absence of such a designation, the
executor or administrator of the Participant’s estate shall be entitled to receive the economic benefits of the Profits Interests
held by the Participant. However, the Company may prohibit designation of a beneficiary at any time, including due to the conclusion by
the Company that such designation would be inconsistent with the provisions of applicable laws.

 

(c) Vesting.
The total number of Units subject to a Profits Interest Agreement may, but need not, vest in periodic installments (which may, but
need not, be equal). Such vesting conditions may be based on continued service, the satisfaction of performance goals, the occurrence
of a Company Transaction, and/or other criteria as the Board may deem appropriate. The vesting provisions of Units under individual Profits
Interest Agreements may vary.

 

(d) Termination
of Continuous Service. Except as otherwise provided in the applicable Profits Interest Agreement or other agreement between the Participant
and the Company or an Affiliate, in the event a Participant’s Continuous Service terminates, the Profits Interest Agreement with
the Participant shall terminate with respect to any unvested Units, and the unvested Units covered by such Profits Interest Agreement
shall be forfeited for no consideration and revert to and again become available for issuance under the Plan.

 

    6

     

    

 

 7. Standard Unit Terms

 

Subject to the provisions
of the Plan, each Standard Unit Agreement shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate.
The provisions of separate Standard Unit Agreements need not be identical; provided, however, each Standard Unit Agreement shall
conform to (through incorporation of provisions hereof by reference in the applicable Standard Unit Agreement or otherwise) the substance
of each of the following provisions:

 

(a) Consideration.
The Board may grant Standard Units in consideration for (i) cash, check, bank draft or money order payable to the Company; (ii) past
or future services; or (iii) any other form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible
under applicable law.

 

(b) Transferability.
The Board may, in its sole discretion, impose such limitations on the transferability of Standard Units as the Board shall determine.
In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Standard Units
shall apply:

 

(i) Restrictions
on Transfer. A Standard Unit shall not be transferable except by will or by the laws of descent and distribution (or pursuant to subparagraphs
(ii) and (iii) below); provided, however, that the Board may, in its sole discretion, permit transfer of the Standard Unit in a
manner to such extent permitted by and consistent with applicable tax and securities laws and the LLC Agreement. Except as explicitly
provided by the LLC Agreement, Standard Units may not be transferred for consideration.

 

(ii) Domestic
Relations Orders. Notwithstanding the foregoing, and subject to the approval of the Board or a duly authorized officer of the Company
designated by the Board, Standard Units may be transferred pursuant to a domestic relations order, official marital settlement agreement
or other divorce or separation instrument approved by the Board with the advice of counsel.

 

(iii) Beneficiary
Designation. Notwithstanding the foregoing, and subject to the approval of the Board or a duly authorized officer of the Company designated
by the Board, a Participant may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the Company
and any broker designated by the Company, designate a third party who, in the event of the death of the Participant, shall thereafter
be entitled to receive the economic benefits of the Standard Units held by the Participant. In the absence of such a designation, the
executor or administrator of the Participant’s estate shall be entitled to receive the economic benefits of the Standard Units held
by the Participant. However, the Company may prohibit designation of a beneficiary at any time, including due to the conclusion by the
Company that such designation would be inconsistent with the provisions of applicable laws.

 

(c) Vesting
Generally. The total number of Units subject to a Standard Unit Agreement may, but need not, vest or be allotted in periodic installments
(which may, but need not, be equal). Such vesting conditions may be based on continued service, the satisfaction of performance goals,
the occurrence of a Company Transaction, and/or other criteria as the Board may deem appropriate. The vesting provisions of individual
Standard Units may vary.

 

(d) Termination
of Continuous Service. Except as otherwise provided in the applicable Standard Unit Agreement or other agreement between the Participant
and the Company or an Affiliate, in the event that a Participant’s Continuous Service terminates, the Standard Unit Agreement with
the Participant shall terminate with respect to any unvested Units, and the unvested Units covered by such Standard Unit Agreement shall
be forfeited for no consideration and revert to and again become available for issuance under the Plan.

 

(e) Right
of Repurchase. The Standard Unit Agreement may include a provision whereby the Company may elect to repurchase all or any part of
the Units acquired by the Participant pursuant to the Standard Unit Agreement.

 

    7

     

    

 

 8. Covenants of the Company.

 

(a) Availability
of Units. During the terms of the Awards, the Company shall keep available at all times the number of Units reasonably required to
satisfy such Awards.

 

(b) Securities
Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such
authority as may be required to grant Awards and to issue Units upon exercise of the Options; provided, however, that this undertaking
shall not require the Company to register under the Securities Act the Plan, any Award or any Units issued or issuable pursuant to any
such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority
that counsel for the Company deems necessary for the lawful issuance of Units under the Plan, the Company shall be relieved from any liability
for failure to issue Units upon exercise of such Options or vesting of such Profits Interest unless and until such authority is obtained.
A Participant shall not be eligible for the grant of an Award or the subsequent issuance of Units pursuant to the Award if such grant
or issuance would be in violation of any applicable securities law.

 

(c) No
Obligation to Notify. The Company shall have no duty or obligation to any Optionholder to advise such holder as to the time or manner
of exercising such Option. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise such holder of a pending
termination or expiration of an Option or a possible period in which the Option may not be exercised. The Company has no duty or obligation
to minimize the tax consequences of an Award to the holder of such Award.

 

 9. Miscellaneous.

 

(a) Use
of Proceeds from Sales of Units. Proceeds from the sale of Units pursuant to Awards shall constitute general funds of the Company.

 

(b) Company
Action Constituting Grant of Awards. Company action constituting a grant by the Company of an Award to any Participant shall be deemed
completed as of the date of such company action, unless otherwise determined by the Board, regardless of when the instrument, certificate,
or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant.

 

(c) Member
Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Units subject
to such Award unless and until (i) such Participant has satisfied all requirements for exercise of the Award pursuant to its terms, if
applicable, and (ii) the issuance of the Units subject to such Award has been entered into the books and records of the Company. A Participant
to whom a Unit is issued in accordance with the Plan shall have such rights with respect to such Unit as are provided in the LLC Agreement
or, following the Merger, the bylaws of the Company.

 

(d) No
Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection
with any Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in
the capacity in effect at the time the Award was granted or shall affect the right of the Company or an Affiliate to terminate (i) the
employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant or Other Service Provider
pursuant to the terms of such Consultant’s or Other Service Provider’s agreement with the Company or an Affiliate, or (iii)
the service of a Director pursuant to the LLC Agreement or, following the Merger, the bylaws and certificate of incorporation of the Company,
and any applicable provisions of the company law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

(e) Investment
Assurances; Execution of LLC Agreement. The Company may require a Participant, as a condition of exercising or acquiring Units under
any Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced
in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the
merits and risks of exercising the Award; (ii) to give written assurances satisfactory to the Company stating that the Participant is
acquiring Units subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise
distributing the Units; and (iii) to execute the LLC Agreement. The foregoing requirements, and any assurances given pursuant to such
requirements, shall be inoperative if (x) the issuance of the Units upon the exercise or acquisition of Units under the Award has been
registered under a then currently effective registration statement under the Securities Act, or (y) as to any particular requirement,
a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable
securities laws. The Company may, upon advice of counsel to the Company, place legends on certificates issued under the Plan (if any)
as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends
restricting the transfer of the Units.

 

    8

     

    

 

(f) Withholding
Obligations. Unless prohibited by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any federal, state
or local tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) requiring
the Participant to tender a cash payment; (ii) withholding Units from the Units issued or otherwise issuable to the Participant in connection
with the Award; provided, however, that no Units are withheld with a value exceeding the minimum amount of tax required to be withheld
by law (or such lesser amount as may be necessary to avoid classification of the Award as a liability for financial accounting purposes);
(iii) withholding payment from any amounts otherwise payable to the Participant; (iv) withholding cash from an Award settled in cash;
or (v) by such other method as may be set forth in the Award Agreement.

 

(g) Electronic
Delivery. Any reference herein to a “written” agreement or document shall include any agreement or document delivered
electronically or posted on the Company’s intranet.

 

(h) Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Units or the payment
of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures
for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code.
Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise
providing services to the Company. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages,
Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous Service, and
implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.

 

(i) Compliance
with Section 409A. To the extent that the Board determines that any Award granted hereunder is subject to Section 409A of the Code,
the Award Agreement evidencing such Award shall incorporate the terms and conditions necessary to avoid the consequences specified in
Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section
409A of the Code.

 

(j) Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company or any Affiliate
or successor-in-interest is required to adopt pursuant to the listing standards of any national securities exchange or association on
which the Company’s, Affiliate’s, or successor’s securities are listed or as is otherwise required by the Dodd-Frank
Wall Street Reform and Consumer Protection Act or other applicable law. The Board may impose such other clawback, recovery or recoupment
provisions in an Award Agreement as the Board determines necessary or appropriate, including, but not limited to, a reacquisition right
in respect of previously acquired Units or other cash or property upon the occurrence of Cause, whether or not the Participant’s
Continuous Service was terminated for Cause. The Board may also impose such other clawback, recovery or recoupment provisions in an Award
Agreement as the Board determines necessary or appropriate, including, but not limited to, a reacquisition right in respect of previously
acquired Units or other cash or property upon the breach of a restrictive covenant intended to protect the business of the Company or
an Affiliate, including any restrictive covenants set forth in a confidentiality agreement, non-disclosure agreement, proprietary information
and inventions agreement, or any other similar agreement to which the Participant is a signatory or set forth in a policy of the Company
or an Affiliate. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good
reason” or “constructive termination” (or similar term) under any agreement with the Company or an Affiliate.

 

 10. Adjustments upon Changes in Capitalization; Other Company Events.

 

(a) Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es)
and maximum number of securities subject to the Plan pursuant to Section 3(a), and (ii) the class(es) and number of securities and price
per Unit subject to outstanding Awards. The Board shall make such adjustments, and its determination shall be final, binding and conclusive.

 

(b) Dissolution
or Liquidation. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company,
all outstanding Awards (other than Awards consisting of vested and outstanding Units not subject to a forfeiture condition or the Company’s
right of repurchase) shall terminate immediately prior to the completion of such dissolution or liquidation, and the Units subject to
the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding
the fact that the holder of such Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion,
cause some or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such
Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

 

    9

     

    

 

(c) Company
Transaction. The following provisions shall apply to Awards in the event of a Company Transaction unless otherwise provided in the
instrument evidencing the Award or any other written agreement between the Company or any Affiliate and the holder of the Award or unless
otherwise expressly provided by the Board at the time of grant of an Award. Except as otherwise stated in the Award Agreement, in the
event of a Company Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following
actions with respect to Awards, contingent upon the closing or completion of the Company Transaction:

 

(i) arrange
for the surviving Entity or acquiring Entity (or the surviving or acquiring Entity’s parent company) to assume or continue the Award
or to substitute a similar award for the Award (including, but not limited to, an award to acquire the same consideration paid to the
Members of the Company pursuant to the Company Transaction);

 

(ii) arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Units issued pursuant to the Award to the
surviving Entity or acquiring Entity (or the surviving or acquiring Entity’s parent company);

 

(iii) accelerate
the vesting of the Award (and, if applicable, the time at which the Award may be exercised) to a date prior to the effective time of such
Company Transaction as the Board shall determine (or, if the Board shall not determine such a date, to the date that is five (5) days
prior to the effective date of the Company Transaction), with such Award terminating if not exercised (if applicable) at or prior to the
effective time of the Company Transaction;

 

(iv) arrange
for the lapse of any reacquisition or repurchase rights held by the Company with respect to the Award;

 

(v) cancel
or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Company Transaction,
in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; or

 

(vi) make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the holder of
the Award would have received upon the exercise of the Award, over (B) any exercise price payable by such holder in connection with such
exercise.

 

The Board need not take the same action with respect
to all Awards or with respect to all Participants.

 

(d) Change
in Control. An Award may be subject to additional acceleration of vesting and exercisability upon or after a change in control transaction,
as may be provided and defined in the Award Agreement or grant notice for such Award or as may be provided and defined in any other written
agreement between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration shall occur.

 

 11. Termination or Suspension of the Plan.

 

(a) Plan Term. The
Board may suspend or terminate the Plan at any time. Unless sooner terminated by the Board pursuant to Section 2(b)(v), the Plan
shall automatically terminate on the day before the tenth (10th) anniversary of the 2020 Amendment Date. No Awards may be granted
under the Plan while the Plan is suspended or after it is terminated, and as of the consummation of the Merger, no new Awards may be
granted under the Plan.

 

(b) No
Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Award granted while
the Plan is in effect except with the written consent of the affected Participant.

 

    10

     

    

 

 12. Effective Date of Plan.

 

This Plan originally became
effective on the Effective Date, and the Plan as hereby amended and restated shall become effective on the 2021 Amendment Date.

 

 13. Choice of Law.

 

The law of the State of Delaware
shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s
conflict of laws rules.

 

14. Definitions.
As used in the Plan, the following definitions shall apply to the capitalized
terms indicated below:

 

(a) “Affiliate”
means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such
terms are defined in Rule 405 of the Securities Act. The Board shall have the authority to determine the time or times at which “parent”
or “majority-owned subsidiary” status is determined within the foregoing definition.

 

(b) “Award”
means any right to receive Units granted under the Plan, including an Option, a Profits Interest or a Standard Unit, and any right
to receive any securities into which such Units may hereafter be converted.

 

(c) “Award
Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award
grant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

 

(d) “Board”
means the Board of Directors of the Company.

 

(e) “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Units subject to the Plan
or subject to any Award after the 2021 Amendment Date without the receipt of consideration by the Company (through merger, consolidation,
reorganization, recapitalization, incorporation, change in state of organization, distribution (whether in property or cash), equity split,
liquidating distribution, combination of Units, exchange of Units, change in form of organization or structure, or other transaction not
involving the receipt of consideration by the Company). Notwithstanding the foregoing, the conversion of any convertible securities of
the Company shall not be treated as a Capitalization Adjustment.

 

(f) “Cause”
shall have the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term
and, in the absence of such agreement, such term means with respect to a Participant, the occurrence of any of the following events: (i)
such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United
States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty
against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant
and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the Company’s
confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the
Participant’s Continuous Service is either for Cause or without Cause shall be made by the Company in its sole discretion. Any determination
by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards
held by such Participant shall have no effect upon any determination of the rights or obligations of the Company or such Participant for
any other purpose.

 

(g) “Class
B-4 Common Unit” shall have the meaning ascribed to such term in the LLC Agreement. References to Class B-4 Common Units
shall be deemed to refer to Shares upon the consummation of the Merger.

 

(h)
“Code” means the Internal Revenue Code of 1986, as amended, as well as any applicable regulations and guidance
thereunder.

 

(i) “Committee”
means a committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(j) “Company”
means NextNav Holdings, LLC, a Delaware limited liability company, or any successor entity that assumes the Plan. Upon the consummation
of the Merger, all references in the Plan to the Company shall automatically be converted to refer to the Corporate Successor.

 

    11

     

    

 

(k) “Company
Transaction” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of
the following events:

 

(i) the
consummation of a sale, lease or other disposition of all or substantially all, as determined by the Board in its sole discretion, of
the consolidated assets of the Company and its Subsidiaries;

 

(ii) the
consummation of a sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company;

 

(iii) the
consummation of a merger, consolidation, or similar transaction following which the Company is not the surviving Entity;

 

(iv) the
consummation of a merger, consolidation or similar transaction following which the Company is the surviving Entity but the Units outstanding
immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger consolidation
or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(l) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such
services. However, the term “Consultant” shall not include Members, and service solely as a Director, or payment of a fee
for such service, shall not cause a Director to be considered a “Consultant” for purposes of the Plan.

 

(m) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Member, Director
or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an
Affiliate as an Employee, Member, Director, or Consultant or a change in the Entity for which the Participant renders such service, provided
that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, shall not terminate
a Participant’s Continuous Service; provided, however, if the Entity for which a Participant is rendering service ceases
to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s Continuous Service shall be considered
to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the
Company to a Consultant of an Affiliate or to a Director shall not constitute an interruption of Continuous Service. To the extent permitted
by law, the Board or an officer of the Company designated by the Board, in that party’s sole discretion, may determine whether Continuous
Service shall be considered interrupted in the case of (i) any leave of absence approved by that party, including sick leave, military
leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing,
a leave of absence shall be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in
the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant,
or as otherwise required by law.

 

(n) “Corporate
Successor” means the corporation which shall succeed to all or a substantial portion of the assets and liabilities of the
Company upon the Merger, including any corporation that directly or indirectly owns all the outstanding equity securities of the Company
after the consummation of the Merger (which, immediately after the consummation of the Merger, shall be NextNav Inc.).

 

(o) “Director”
of any Entity means a member of the board of directors or the equivalent governing body of such Entity.

 

(p) “Disability”
means the inability of a Participant to engage in any substantially gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of
not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code and shall be determined by the Board
on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

    12

     

    

 

(q) “Effective
Date” means the initial effective date of this Plan, which was June 8, 2011.

 

(r) “Employee”
means any person actively providing services as an employee of the Company or an Affiliate. However, service solely as a Director,
or payment of a fee for such services, shall not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(s) “Entity”
means a corporation, partnership, limited liability company, or other entity.

 

(t) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(u) “Fair
Market Value” means, as of any date, the value of the Units determined reasonably and in good faith by the Board.

 

(v) “LLC
Agreement” means the Sixth Amended and Restated Operating Agreement of the Company, dated as of December 27, 2019, as the
same may be amended from time to time.

 

(w) “Member”
means a Member of the Company, as defined in the LLC Agreement.

 

(x) “Merger”
means the consummation of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of June 9, 2021, by and
among NextNav, LLC, NextNav Holdings, LLC, Spartacus Acquisition Corporation, Spartacus Acquisition Shelf Corp., and the other parties
listed therein (the “Merger Agreement”).

 

(y) “Option”
means an option to purchase Units granted pursuant to the Plan.

 

(z) “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option
grant. Each Option Agreement shall be subject to the terms and conditions of the Plan.

 

(aa) “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(bb) “Other
Service Provider” means any provider of services to the Company or an Affiliate other than an Employee, Director or Consultant.
Other Service Providers shall include, without limitation, a Member who is providing services to the Company either in such Member’s
capacity as a Member or in some other capacity; a “manager” of the Company or an Affiliate as such term may be defined in
the applicable governing documents of such Entity; or a partner of an Affiliate organized as a partnership if such partner is providing
services to the Affiliate either in such partner’s capacity as a partner, or in some other capacity.

 

(cc) “Participant”
means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

 

(dd) “Plan”
means this NextNav Holdings, LLC 2011 Unit Option and Profits Interest Plan, as amended and restated as of the 2021 Amendment
Date and as it may be further amended and/or restated.

 

    13

     

    

 

(ee) “Profits
Interest” means a Unit granted under the Plan pursuant to a Profits Interest Agreement that does not give the holder a share
of the proceeds if the Company’s assets were sold at fair market value and then the proceeds were distributed in a complete liquidation
of the Company and which is intended to be a “profits interest” within the meaning of IRS Revenue Procedures 93-27 and 2001--43.
This determination generally is made at the time of receipt of the Profits Interest.

 

(ff) “Profits
Interest Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions
of an individual grant of Profits Interest. Each Profits Interest Agreement shall be subject to the terms and conditions of the Plan.

 

(gg) “Rule
701” means Rule 701 promulgated under the Securities Act.

 

(hh) “Securities
Act” means the Securities Act of 1933, as amended.

 

(ii)
“Share” means a share of the common stock of the Corporate Successor.

 

(jj) “Standard
Unit” means a Unit granted under the Plan pursuant to a Standard Unit Agreement that satisfies the definition of a “capital
interest” within the meaning of IRS Revenue Procedure 93-27 and gives the holder a share of
the proceeds if the Company’s assets were sold at fair market value and then the proceeds were distributed in a complete liquidation
of the Company. This determination generally is made at the time of receipt of the Standard Unit.

 

(kk) “Standard
Unit Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of an
individual grant of Standard Units. Each Standard Unit Agreement shall be subject to the terms and conditions of the Plan.

(ll) “Units”
means the Common Units of the Company, as defined in the LLC Agreement, and the Class B-4 Common Units of the Company, as defined
in the LLC Agreement, in each case which may include different classes and series of Units as designated by the Board in its discretion
in accordance with the LLC Agreement without amendment of this Plan, and any securities into which such Units may hereafter be converted.
References to Units, including Class B-4 Common Units, shall be deemed to refer to Shares upon the consummation of the Merger.

 

 

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