Document:

EX-10.5

 Exhibit 10.5 

Execution 
 FIRST AMENDMENT,
CONSENT AND JOINDER TO 
 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT  

THIS FIRST AMENDMENT, CONSENT AND JOINDER TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Amendment”) is entered into September 9, 2021 (the “First Amendment Effective Date”), by and among INTELSAT JACKSON HOLDINGS SA (“Intelsat”), as lender, SEAHAWK SPV INVESTMENT LLC,
as lender, the other lenders from time to time party hereto (such lenders, together with their respective successors and assigns are referred to herein each, individually, as a “Lender” and, collectively, as the
“Lenders”), Intelsat, as collateral agent for the Lenders (in its capacity as collateral agent for benefit of the Lenders, the “Collateral Agent”), BLACKSKY TECHNOLOGY INC., a Delaware corporation (“New
Parent”), BLACKSKY INTERNATIONAL LLC, a Delaware limited liability company (“Blacksky International” and together with New Parent, the “New Co-Borrowers” and each
a “New Co-Borrower”), BLACKSKY HOLDINGS, INC., a Delaware corporation (“Blacksky Holdings”), SPACEFLIGHT SYSTEMS, INC., a Washington corporation (“Spaceflight
Systems”), BLACKSKY GLOBAL LLC, a Delaware limited liability company (“Blacksky Global”), BLACKSKY GEOSPATIAL SOLUTIONS, INC., a Delaware corporation (“Blacksky Geospatial”), and SFI IP HOLDCO, LLC, a
Delaware limited liability company (“IP Holdco”, and together with New Parent, Blacksky International, Blacksky Holdings, Spaceflight Systems, Blacksky Global and Blacksky Geospatial, each, a
“Co-Borrower” and collectively, the “Co-Borrowers”). 

RECITALS 

A.     The Co-Borrowers, other than the New
Co-Borrowers, Intelsat and Seahawk are party to that certain Amended and Restated Loan and Security Agreement, dated as of October 31, 2019 (as amended, restated, amended and restated, supplemented or
otherwise modified prior to the date hereof, the “Loan Agreement” and the Loan Agreement as amended by this Amendment, the “Amended Loan Agreement”). 

B.     The Lenders have extended credit to the Co-Borrowers for the purposes
permitted in the Loan Agreement. 
 C.     The Co-Borrowers have requested that
the Collateral Agent and the Lenders amend the Loan Agreement to (i) make certain conforming changes to account for Blacksky Holdings and its subsidiaries becoming subsidiaries of New Parent, which is a publicly traded company,
(ii) consent to the extension of the timeline for the joinder of BlackSky Europe Limited, a company organized under the laws of England and Wales (“UK Subsidiary”) and (iii) add the New
Co-Borrowers as Co-Borrowers under the Loan Agreement. 

D.     The Lenders and the Collateral Agent have agreed to (i) amend the Loan Agreement to account for Blacksky
Holdings and its subsidiaries becoming subsidiaries of a publicly traded company, (ii) consent to the extension of the joinder timeline for the UK Subsidiary, and (iii) amend the Loan Agreement to add each New Co-Borrower as a Co-Borrower under the Loan Agreement, each in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set
forth below. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
    Definitions. Capitalized terms used but not defined in this Amendment, including its preamble and recitals, shall have the meanings given to them in the Amended Loan Agreement. 

2.     Amendments to Loan Agreement. 

2.1     All references in the Loan Documents to “Co-Borrowers”
shall hereafter include each New Co-Borrower. 
 2.2     All references
in the Loan Documents, to “Parent” shall hereafter be a reference to BlackSky Technology Inc., except for such references to Parent in Sections 2.1.1, 3, 5.11, 13.3 and 14 (with respect to the definitions of “Launch Business”,
“Mitsui Intercreditor Agreement”, Mitsui Loan Agreement”, “Mitsui Priority Collateral”, “Mitsui Share Purchase Agreement” and “Stock Purchase Agreement”) of the Loan Agreement, which shall hereafter be
amended to read and refer to “Blacksky Holdings”. 
 2.3     Section 6.2(a) (Financial Statements,
Reports, Certificates; Access to Collateral and Books and Records. Section 6.2(a) of the Loan Agreement is hereby amended and restated it in its entirety to read as follows:  

“(a)     Deliver to each Lender: (i) as soon as available and in any event on or before the date
on which such financial statements are required to be filed with the SEC (or, if such financial statements are not required to be filed with the SEC, no later than forty-five (45) days after the last day of each of the first three fiscal
quarters of each fiscal year of Parent), a company prepared consolidated balance sheet and income statement covering Parent and each of its Subsidiary’s operations during the period in a form compliant with SEC rules and regulations (or, if
such financial statements are not required to be filed with the SEC, then in a form reasonably acceptable to Collateral Agent (at the direction of the Required Lenders)); (ii) with respect to each fiscal year of Parent, as soon as available and in
any event on or before the date on which such financial statements are required to be filed with the SEC (or, if such financial statements are not required to be filed with the SEC, no later than ninety (90) days after the last day of such
fiscal year), audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (other than any exception, explanatory paragraph, or qualification, that is expressly solely with respect to, or
expressly resulting solely from, an upcoming maturity date under any indebtedness) on the financial statements from an independent certified public accounting firm; (iii) within five (5) days of filing, copies of all periodic and other
reports, proxy statements and other materials filed by Parent with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may
be 

  
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(documents required to be delivered pursuant to the terms of Section 6.2(a)(i), (ii) and (iii) (to the extent any such documents are included in materials otherwise filed with the SEC,
including pursuant to an 8-K, 10-Q or 10-K) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date on which Parent posts such documents, or provides a link thereto, on Parent’s website on the internet at Parent’s website address, or are available at www.sec.gov (or any successor site maintained by the SEC for
similar purposes)); (iv) a prompt report of any legal actions pending or threatened against any Co-Borrower or any Subsidiary that could reasonably be expected to result in damages or costs to any Co-Borrower or any Subsidiary of One Hundred Thousand Dollars ($100,000) or more; (v) as soon as available, but no later than the earlier of (I) fifteen (15) days after approval by Parent’s Board of
Directors or (II) January 31st of each year, annual financial projections approved by Parent’s Board of Directors; and (vi) such other budgets, sales projections, operating plans or other financial information reasonably requested by
Collateral Agent (at the direction of the Required Lenders).” 
 2.4     Section 7.2 (Changes
in Business, Management, Ownership, Control, Business Locations, Operating Documents, Fiscal Year). The first paragraph of Section 7.2 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 

“7.2     Changes in Business, Management, Ownership, Control, Business Locations,
Operating Documents, Fiscal Year. (a) Engage in or permit any of their Subsidiaries to engage in any business other than the businesses currently engaged in by Co-Borrowers and their Subsidiaries, as
applicable, and any other business activities which are extensions thereof or otherwise incidental, complimentary or reasonably related or incidental thereto or ancillary to the foregoing; (b) liquidate or dissolve; (c)(i) at any time
consummate any transaction in which any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), shall become, or obtain rights (whether by means or warrants, options or otherwise) to become,
the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d) 5 under the Exchange Act), directly or indirectly, of forty percent (40%) or more of the ordinary voting power for the election of
directors of Parent (determined on a fully diluted basis), (ii) consummate any transaction or series of related transactions which result in the sale or disposition of all or substantially all assets of the
Co-Borrowers, taken as a whole, or (iii) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Parent
cease to be composed of individuals (x) who were members of that board or equivalent governing body on the first day of such period, (y) whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (x) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (z) whose election or nomination to that board or other equivalent governing body was
approved by individuals referred to in clauses (x) and (y) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (the transaction or series of transactions described by this
clause (c), a “Change of Control”); (d) 

  
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amend or modify in any manner materially adverse to the Lenders (solely in their capacity as lenders hereunder): (i) any Operating Document of a
Co-Borrower or (ii) the Industrial JV LLC Agreement (except to the extent modified by or in connection with the consent contemplated in Section 3.1(l) hereof), or (e) change the fiscal year of
the Co-Borrowers.” 
 2.5     Section 14
(Definitions). The definitions of the terms “Material Adverse Change” or “Material Adverse Effect” set forth in Section 14 of the Loan Agreement is hereby amended and restated in its entirety to read
as follows: 
 “ “Material Adverse Change” or “Material Adverse Effect” is: (a) a
material adverse impairment in the perfection or priority of Collateral Agent’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of
the Co-Borrowers, taken as a whole; or (c) a material adverse impairment of the prospect of repayment of any material portion of the Obligations.” 

2.6     Section 14 (Definitions). The new definition below is hereby added to the definitions in
Section 14 of the Loan Agreement in alphabetical order: 
 “ “SEC” means the Securities and
Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.” 
 3.
    Consent. Pursuant to Section 6.8 of the Loan Agreement, the Co-Borrowers are required to join the UK Subsidiary within thirty (30) days of the formation of
such entity. The UK Subsidiary was formed on August 17, 2021. Notwithstanding anything in Section 6.8 to the contrary, the Lenders and the Collateral Agent hereby consent to the extension of the deadline to join the UK Subsidiary as a “Co-Borrower” under the Loan Agreement until October 31, 2021.  
 4.
    Covenants of New Co-Borrower. 
 (a)     From and
after the date of this Amendment, each New Co-Borrower hereby absolutely and unconditionally: (i) joins as and becomes a party to the Loan Agreement as a
Co-Borrower thereunder, (ii) assumes, as a joint and several obligor thereunder, all of the obligations, liabilities and indemnities of a Co-Borrower under the
Amended Loan Agreement and all other Loan Documents, and (iii) covenants and agrees to be bound by and adhere to all of the terms, covenants, waivers, releases, agreements and conditions of or respecting a
Co-Borrower with respect to the Amended Loan Agreement and the other Loan Documents and all of the representations and warranties contained in the Amended Loan Agreement and the other Loan Documents with
respect to New Co-Borrower; and 
 (b)     Each New Co-Borrower hereby represents and warrants solely with respect to such New Co-Borrower that all of the representations and warranties contained in the Loan Documents are true
and correct on and as of the date hereof as if made on and as of such date, both before and after giving effect to this Amendment, and that no Event of Default has occurred and is continuing or exists or would occur or exist after giving effect to
this Amendment. 
 (c)     From and after the date of this Amendment, each New
Co-Borrower hereby 

  
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absolutely and unconditionally, collaterally assigns and transfers to the Collateral Agent for the benefit of the Lenders, and hereby grants to the Collateral Agent for the benefit of the
Lenders, a continuing security interest in all of such New Co-Borrower’s now owned and existing and hereafter acquired and arising Collateral, as collateral security for the prompt and complete payment
and performance when due (whether at the stated maturity, by acceleration or otherwise) of all Obligations under the Loan Documents. Each New Co-Borrower hereby authorizes the Collateral Agent to file at any
time uniform commercial code financing statements in such jurisdictions and offices as the Collateral Agent deems necessary in connection with the perfection of a security interest in all of such New
Co-Borrower’s now owned or hereafter arising or acquired Collateral as set forth in the Amended Loan Agreement and the other Loan Documents. Each New Co-Borrower
has read the Amended Loan Agreement and affirmatively grants to the Collateral Agent all rights to such New Co-Borrower’s Collateral as set forth in the Amended Loan Agreement and the Loan Documents. 

5.     Limitation of Amendments. 

5.1     The amendments set forth in Sections 2,3 and 4 above, respectively, are effective for the purposes set
forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy
which Collateral Agent or the Lenders may now have or may have in the future under or in connection with any Loan Document. 
 5.2
    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents are hereby ratified
and confirmed and shall remain in full force and effect. 
 6.     Representations and Warranties. To induce the
Collateral Agent and the Lenders to enter into this Amendment, each Co-Borrower hereby represents and warrants to the Lenders and the Collateral Agent as follows: 

6.1     Immediately after giving effect to this Amendment, the representations and warranties contained in the Loan
Documents, solely with respect to the Co-Borrowers that are not New Co-Borrowers, are true, accurate and complete in all material respects as of the date hereof (except
to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects as of such date); 

6.2     Each Co-Borrower has the power and due authority to execute and
deliver this Amendment and to perform its obligations under the Amended Loan Agreement; 
 6.3     The execution
and delivery by each Co-Borrower of this Amendment and the performance by each Co-Borrower of its obligations under the Amended Loan Agreement do not and will not
contravene (a) any material law or regulation binding on or affecting such Co-Borrower, (b) any material contractual restriction with a Person binding on such
Co-Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the Operating Documents of such Co-Borrower; 

  
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 6.4     The execution and delivery by each Co-Borrower of this Amendment and the performance by each Co-Borrower of its obligations under the Amended Loan Agreement do not require any order, consent, approval, license,
authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on such Co-Borrower, except as already
has been obtained or made; and 
 6.5     This Amendment has been duly executed and delivered by each Co-Borrower and is the binding obligation of each Co-Borrower, enforceable against each Co-Borrower in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

7.     Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and shall remain in full force and
effect. This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or inconsistency between this
Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. 

8.     Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter
and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and
the Loan Documents. 
 9.     Counterparts. This Amendment may be executed in any number of counterparts and all
of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 10.
    Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to the Collateral Agent and the Lenders of (i) this Amendment by each party hereto, (ii) a certificate of a
Responsible Officer or applicable manager of each New Co-Borrower, dated the First Amendment Effective Date, certifying as to the Operating Documents of such New
Co-Borrower (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of such New
Co-Borrower’s board of directors, members, or managers, as applicable, approving the Loan Documents and the transactions contemplated thereby, the good standing, existence or its equivalent of such New Co-Borrower and of the incumbency (including specimen signatures) of the Responsible Officers of such New Co-Borrower and (iii) a Perfection Certificate from each New Co-Borrower and (b) the delivery to the Collateral Agent and the Lenders of certified copies, dated no earlier than thirty (30) days prior to the date hereof, of financing statement searches for such New Co-Borrower, as Collateral Agent shall request. 

  
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 11.     Governing Law. This Amendment and the rights and
obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of New York. 
 [Signature
Page Follows.] 

  
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 IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

			
	BLACKSKY TECHNOLOGY INC., as a New Co-Borrower

			
		
	By:	 	 /s/ Brian O’Toole

			
	Name: Brian O’Toole
	Title: Chief Executive Officer and President

			
	
	BLACKSKY INTERNATIONAL LLC, as a New Co-Borrower

			
		
	By:	 	 /s/ Brian O’Toole

	Name: Brian O’Toole
	Title: Chief Executive Officer

			
	
	BLACKSKY HOLDINGS, INC., as a Co-Borrower

			
		
	By:	 	 /s/ Brian O’Toole

	Name: Brian O’Toole
	Title: President

			
	
	SPACEFLIGHT SYSTEMS, INC., as a Co-Borrower

			
		
	By:	 	 /s/ Nicholas Merski

	Name: Nicholas Merski
	Title: President

			
	
	BLACKSKY GLOBAL LLC, as a Co-Borrower

			
		
	By:	 	 /s/ Brian Daum

	Name: Brian Daum
	Title: Manager

  

  
 [Signature Page to First
Amendment] 

 BLACKSKY GEOSPATIAL SOLUTIONS, INC., as a Co-Borrower 

			
		
	By:	 	 /s/ Brian O’Toole

	Name: Brian O’Toole
	Title: President
	
	SFI IP HOLDCO, LLC, as a Co-Borrower

			
		
	By:	 	 /s/ Brian O’Toole

	Name: Brian O’Toole
	Title: President

  

  
 [Signature Page to First
Amendment] 

 INTELSAT JACKSON HOLDINGS SA, as a Lender and as the Collateral
Agent 
  

			
	By:	 	 /s/ David Tolley

	Name: David Tolley
	Title: Director

  

			
	SEAHAWK SPV INVESTMENT LLC, as a Lender

			
		
	By:	 	 /s/ Alan Kessler

	Name: Alan Kessler
	Title: President

 [Signature Page to First Amendment]EX-10.13

 Exhibit 10.13 

BLACKSKY HOLDINGS, INC. 

OUTSIDE DIRECTOR COMPENSATION POLICY 

BlackSky Holdings, Inc. (the “Company”) believes that the granting of equity and cash compensation to members of the
Company’s Board of Directors (the “Board,” and members of the Board, “Directors”) represents an effective tool to attract, retain and reward Directors who are not employees of the Company (“Outside
Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding cash compensation and grants of equity awards to its Outside Directors. Unless
otherwise defined herein, capitalized terms used in this Policy will have the meaning given such term in the Company’s 2021 Equity Incentive Plan, as amended from time to time, or if such plan no longer is in use at the time of the grant of an
equity award, the meaning given such term or similar term in the equity plan then in place under which the equity award is granted (the “Plan”). Each Outside Director will be solely responsible for any tax obligations incurred by
such Outside Director as a result of the equity awards and cash and other compensation such Outside Director receives under this Policy. 

1.    Effective Date. This Policy will be effective as of immediately prior to the consummation of the transactions
contemplated by that certain Agreement and Plan of Merger dated as of February 17, 2021, by and among Osprey Technology Acquisition Corp., Osprey Technology Merger Sub, Inc., and the Company, as may be amended from time to time (such
transactions, the “Merger,” such date of consummation of the Merger, the “Closing Date,” and the effective date of this Policy, the “Effective Date”). 

2.    Cash Compensation. 

2.1    Board Member Annual Cash Retainer. Following the Effective Date, each Outside Director will be paid an
annual cash retainer of $90,000 for service on the Board. There are no additional retainers for service as a member (or chair) of a committee of the Board, as Chairperson of the Board, or as Lead Director and no
per-meeting attendance fees for attending Board meetings or meetings of any committee of the Board. 

2.2    Payment Timing and Proration. Each annual cash retainer under this Policy will be paid quarterly in arrears
on a prorated basis to each individual who has served as an Outside Director at any time during the immediately preceding fiscal quarter of the Company (“Fiscal Quarter”), and such payment will be made no later than 30 days
following the end of such immediately preceding Fiscal Quarter. For clarity, an individual who has served as an Outside Director during only a portion of the relevant Fiscal Quarter will receive a prorated payment of the quarterly installment of the
annual cash retainer, calculated based on the number of days during such Fiscal Quarter such individual has served as an Outside Director. For clarity, an individual who has served as an Outside Director from the Effective Date through the end of
the Fiscal Quarter containing the Effective Date (the “Initial Period”) will receive a prorated payment of the quarterly installment of the annual cash retainer, calculated based on the number of days during the Initial Period that
such individual has served as an Outside Director. 
 3.    Equity Compensation. Outside Directors will be
eligible to receive all types of Awards (except Incentive Stock Options) under the Plan, including discretionary Awards not covered 

 
under this Policy. All grants of Awards to Outside Directors pursuant to Sections 3.2 and 3.3 of this Policy will be automatic and nondiscretionary, except as otherwise provided herein, and
will be made in accordance with the following provisions: 
 3.1    No Discretion. No person will have any
discretion to select which Outside Directors will be granted Awards under this Policy or to determine the number of Shares to be covered by such Awards (except as provided in Sections 3.4.2 and 9 below). 

3.2    Initial Awards. Each individual who first becomes an Outside Director following the effectiveness of the
first Form S-8 registration statement filed with the U.S. Securities and Exchange Commission with respect to the Shares issuable under the Company’s 2021 Equity Incentive Plan automatically will be
granted an award of Restricted Stock Units (an “Initial Award”). The grant date of the Initial Award will be the first Trading Day on or after the date on which such individual first becomes an Outside Director (such first date as
an Outside Director, the “Initial Start Date”), whether through election by the stockholders of the Company or appointment by the Board to fill an existing vacancy or in connection with a Board-approved increase in the number of
members of the Board. The Initial Award will have an aggregate grant date fair value (determined in accordance with U.S. Generally Accepted Accounting Principles) (the “Value”) of $300,000 (with the number of Shares subject to the
Initial Award, to the extent any fractional Share results, rounded down to the nearest whole Share). If an individual was an Inside Director, becoming an Outside Director due to termination of the individual’s status as an Employee will not
entitle the Outside Director to an Initial Award. Each Initial Award will be scheduled to vest in three equal installments on each of the one-year, two-year and
three-year anniversaries of the Initial Award’s date of grant (or on the last day of the month, if there is no corresponding day in such month), in each case subject to the Outside Director remaining a Service Provider through the applicable
vesting date. 
 3.3    Annual Award. On the first Trading Day immediately following each Annual Meeting of the
Company’s stockholders (an “Annual Meeting”) that occurs after the Effective Date, each Outside Director who has served as an Outside Director for at least 6 months through the date of such Annual Meeting automatically will be
granted an award of Restricted Stock Units (the “Annual Award”) that will have a Value of $150,000 (with the number of Shares subject to the Annual Award, to the extent any fractional Share results, rounded down to the nearest whole
Share). The Annual Award will be scheduled to vest in full on the earlier of (i) the one-year anniversary of the Annual Award’s grant date, or (ii) the date of the next Annual Meeting following
the Annual Award’s grant date, subject to the Outside Director remaining a Service Provider through such vesting date. 

3.4    Additional Terms of Initial Awards and Annual Awards. The terms and conditions of each Initial Award and
Annual Award (each, a “Policy Award”) will be as follows. 
 3.4.1    Each Policy Award will be
granted under and subject to the terms and conditions of the Plan and the applicable form of Award Agreement previously approved by the Board or its Committee (as defined in Section 9 below), as applicable, for use thereunder. 

3.4.2    The Board or its Committee, as applicable and in its discretion, may change and otherwise revise the terms of
Policy Awards to be granted in the future pursuant to this Policy, including without limitation the number of Shares subject thereto and type of Award. 

  
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 4.    Change in Control. In the event of a Change in Control,
each Outside Director will fully vest in his or her outstanding Company equity awards that were granted to him or her while an Outside Director, as of immediately prior to the Change in Control, including any Policy Award, provided that the Outside
Director continues to be an Outside Director through the date of such Change in Control. 
 5.    Annual Compensation
Limit. Consistent with the Plan, no Outside Director may be granted, in any Fiscal Year, equity awards (including any Awards), the value of which will be based on their grant date fair value determined in accordance with U.S. generally accepted
accounting principles, and be provided any other compensation (including without limitation any cash retainers or fees) in amounts that, in any Fiscal Year, in the aggregate, exceed $500,000, provided that such amount is increased to $800,000 in the
Fiscal Year of his or her initial service as an Outside Director. Any Awards or other compensation provided to an individual (a) for his or her services as an Employee, or for his or her services as a Consultant other than as an Outside
Director, or (b) prior to the Closing Date, will be excluded for purposes of this Section 5. 

6.    Expenses. The Company will reimburse each Outside Director’s reasonable, customary and properly
documented expenses incurred in connection with meetings of the Board and any of its committees, as applicable, and other activities undertaken at the request of the Company. 

7.    Adjustments. In the event that any dividend or other distribution (whether in the form of 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, or other change in the corporate structure of the Company affecting the Shares occurs (other than any ordinary dividends or other ordinary distributions), the
Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under this Policy, will adjust the number and class of shares of stock that may be delivered pursuant to Policy Awards
and/or the number, class, and price of shares of stock covered by each outstanding Policy Award. 
 8.    Section
409A. In no event will cash compensation or expense reimbursement payments under this Policy be paid after the later of (a) the 15th day of the third month following the end of the Company’s taxable year in which the compensation is
earned or expenses are incurred, as applicable, or (b) the 15th day of the third month following the end of the calendar year in which the compensation is earned or expenses are incurred, as applicable, in compliance with the “short-term
deferral” exception under Section 409A. It is the intent of this Policy that this Policy and all payments hereunder be exempt from or otherwise comply with the requirements of Section 409A so that none of the compensation to be
provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply. In no event will the Company or any of its Parents or Subsidiaries
have any responsibility, liability, or obligation to reimburse, indemnify, or hold harmless an Outside Director (or any other person) for any taxes imposed, or other costs incurred, as a result of Section 409A. 

9.    Revisions. The Board or any committee of the Board that has been designated appropriate authority with
respect to Outside Director compensation (or, with respect to any applicable element or elements thereof, authority with respect to such element or elements) (the “Committee”) 

  
 - 3 - 

 
may amend, alter, suspend or terminate this Policy at any time and for any reason. Further, the Board may provide for cash, equity, or other compensation to Outside Directors in addition to the
compensation provided under this Policy. No amendment, alteration, suspension or termination of this Policy will materially impair the rights of an Outside Director with respect to compensation that already has been paid or awarded, unless otherwise
mutually agreed between the Outside Director and the Company. Termination of this Policy will not affect the Board’s or the Committee’s ability to exercise the powers granted to it with respect to Awards granted under the Plan pursuant to
this Policy before the date of such termination, including without limitation such applicable powers set forth in the Plan. 

*                *       
         * 

  
 - 4 -

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