SEC Contract Filing

Filing Date: 2021-12-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>15
<FILENAME>tm2134759d1_ex10-12.htm
<DESCRIPTION>EXHIBIT 10.12
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<P STYLE="margin: 0pt; text-align: right"><B>Exhibit 10.12</B></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal; text-transform: uppercase">P3
HEALTH PARTNERS INC.</FONT></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF 2021 INCENTIVE AWARD PLAN&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
I.<BR>
Purpose</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan&#8217;s purpose
is to enhance the Company&#8217;s ability to attract, retain and motivate persons who make (or are expected to make) important
contributions to the Company and P3 Health Group, LLC (the &#8220;<B><I>Operating Company</I></B>&#8221;) by providing these
individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Capitalized terms used in the Plan
are defined in Article&nbsp;XI.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
II.<BR>
Eligibility</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Service Providers are eligible
to be granted Awards under the Plan, subject to the limitations described herein.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
III.<BR>
Administration and Delegation</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Administration</U>. The Plan is administered by the Administrator. The Administrator has authority to determine which Service
Providers receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The
Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements
and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct
defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award Agreement as it deems necessary or appropriate
to administer the Plan and any Awards. The Administrator&#8217;s determinations under the Plan are in its sole discretion and will be
final and binding on all persons having or claiming any interest in the Plan or any Award.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Committees</U>. To the extent Applicable Laws permit, the Board or the Administrator may delegate any or all
of its powers under the Plan to one or more Committees or committees of officers of the Company or any of its Affiliates. The Board or
the Administrator, as applicable, may rescind any such delegation, abolish any such committee or Committee and/or re-vest in itself any
previously delegated authority at any time.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IV.<FONT STYLE="font-weight: normal"><BR>
</FONT>Stock Available for Awards</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Number of Shares</U>. Subject to adjustment under Article&nbsp;VIII and the terms of this Article&nbsp;IV, the maximum number
of Shares that may be iss