Exhibit 10.2


 


BELITE BIO, INC


2022 PERFORMANCE INCENTIVE PLAN


 


		1.	PURPOSE OF PLAN



 


The purpose of this Belite Bio, Inc 2022 Performance
Incentive Plan (this “Plan”) of Belite Bio, Inc, an exempted company organized under the Companies Law, Cap 22
(Law 3 of 1961, as consolidated and revised) of the Cayman Islands (the “Company”), is to promote the success of the
Company by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other
eligible persons and to enhance the alignment of the interests of the selected participants with the interests of the Company’s
shareholders.


 


		2.	ELIGIBILITY



 


The Administrator (as such term is defined in Section 3.1)
may grant awards under this Plan only to those persons that the Administrator determines to be Eligible Persons. An “Eligible
Person” is any person who is either: (a) an officer (whether or not a director) or employee of the Company or one of its
Subsidiaries; (b) a director of the Company or one of its Subsidiaries; or (c) an individual consultant or advisor who renders
or has rendered bona fide services (other than services in connection with the offering or sale of securities of the Company or one of
its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the Company or one of its Subsidiaries)
to the Company or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator; provided, however, that
a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would
not adversely affect either the Company’s eligibility to use Form S-8 to register under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), the offering and sale of shares issuable under this Plan by the Company or the Company’s
compliance with any other applicable laws. An Eligible Person who has been granted an award (a “participant”) may, if otherwise
eligible, be granted additional awards if the Administrator shall so determine. As used herein, “Subsidiary” means
any company or other entity a majority of whose outstanding voting shares or voting power is beneficially owned directly or indirectly
by the Company; and “Board” means the Board of Directors of the Company.


 



    1


     


    

 


		3.	PLAN ADMINISTRATION



 


		3.1	The Administrator. This Plan shall be administered by and all awards under this Plan shall be authorized by the Administrator.
The “Administrator” means the Board or one or more committees (or subcommittees, as the case may be) appointed by the
Board or another committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall
be comprised solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate
some or all of its authority to another committee so constituted. The Board or a committee comprised solely of directors may also delegate,
to the extent permitted by the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands and any other
applicable law, to one or more officers of the Company, its authority under this Plan. The Board or another committee (within its delegated
authority) may delegate different levels of authority to different committees or persons with administrative and grant authority under
this Plan. Unless otherwise provided in the Memorandum and Articles of Association of the Company or the applicable charter of any Administrator:
(a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the vote of a majority of the members
present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute action
by the acting Administrator.



 


		3.2	Powers of the Administrator. Subject to the express provisions of this Plan, the Administrator is authorized and empowered
to do all things necessary or desirable in connection with the authorization of awards and the administration of this Plan (in the case
of a committee or delegation to one or more officers, within any express limits on the authority delegated to that committee or person(s)),
including, without limitation, the authority to:



 


		(a)	determine eligibility and, from among those persons determined to be eligible, determine the particular Eligible Persons who will
receive an award under this Plan;



 


		(b)	grant awards to Eligible Persons, determine the price (if any) at which securities will be offered or awarded and the number of securities
to be offered or awarded to any of such persons (in the case of securities-based awards), determine the other specific terms and conditions
of awards consistent with the express limits of this Plan, establish the installment(s) (if any) in which such awards shall become
exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed
exercisability or vesting is required, establish any applicable performance-based exercisability or vesting requirements, determine the
circumstances in which any performance-based goals (or the applicable measure of performance) will be adjusted and the nature and impact
of any such adjustment, determine the extent (if any) to which any applicable exercise and vesting requirements have been satisfied, establish
the events (if any) on which exercisability or vesting may accelerate (which may include, without limitation, retirement and other specified
terminations of employment or services, or other circumstances), and establish the events (if any) of termination, expiration or reversion
of such awards;



 


		(c)	approve the forms of any award agreements (which need not be identical either as to type of award or among participants);



 



    2


     


    

 


		(d)	construe and interpret this Plan and any agreements defining the rights and obligations of the Company, its Subsidiaries, and participants
under this Plan, make any and all determinations under this Plan and any such agreements, further define the terms used in this Plan,
and prescribe, amend and rescind rules and regulations relating to the administration of this Plan or the awards granted under this
Plan;



 


		(e)	cancel, modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding
awards, subject to any required consent under Section 8.6.5;



 


		(f)	accelerate, waive or extend the vesting or exercisability, or modify or extend the term of, any or all such outstanding awards (in
the case of options or share appreciation rights, within the maximum term of such awards) in such circumstances as the Administrator may
deem appropriate (including, without limitation, in connection with a retirement or other termination of employment or services, or other
circumstances) subject to any required consent under Section 8.6.5;



 


		(g)	adjust the number of Ordinary Shares subject to any award, adjust the price of any or all outstanding awards (including the exercise
or base price of any outstanding option or share appreciation right as contemplated by Section 3.6), or otherwise waive or change
previously imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject to Sections
4 and 8.6;



 


		(h)	determine the date of grant of an award, which may be a designated date after but not before the date of the Administrator’s
action to approve the award (unless otherwise designated by the Administrator, the date of grant of an award shall be the date upon which
the Administrator took the action approving the award);



 


		(i)	determine whether, and the extent to which, adjustments are required pursuant to Section 7.1 hereof and take any other actions
contemplated by Section 7 in connection with the occurrence of an event of the type described in Section 7;



 


		(j)	acquire or settle (subject to Sections 7 and 8.6) rights under awards in cash, shares of equivalent value, or other consideration;



 


		(k)	determine the fair market value of the Ordinary Shares or awards under this Plan from time to time and/or the manner in which such
value will be determined; and



 


		(l)	take any actions necessary to alter the method of option exercise and the exchange and transmittal of proceeds with respect to participants
reside outside the U.S. in order to comply with applicable foreign exchange and tax regulations and any other applicable laws and regulations.



 



    3


     


    

 


		3.3	Binding Determinations. Any determination or other action taken by, or inaction of, the Company, any Subsidiary, or
the Administrator relating or pursuant to this Plan (or any award made under this Plan) and within its authority hereunder or under applicable
law shall be within the absolute discretion of that entity or body and shall be conclusive and binding upon all persons. Neither the Board
nor any other Administrator, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection with this Plan (or any award made under this Plan), and
all such persons shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense
(including, without limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under
any directors and officers liability insurance coverage that may be in effect from time to time. Neither the Board nor any other Administrator,
nor any member thereof or person acting at the direction thereof, nor the Company or any of its Subsidiaries, shall be liable for any
damages of a participant should an option intended as an ISO (as defined below) fail to meet the requirements of the U.S. Internal Revenue
Code of 1986, as amended (the “Code”), applicable to ISOs, should any other award(s) fail to qualify for any intended
tax treatment, should any award grant or other action with respect thereto not satisfy Rule 16b-3 promulgated under the U.S. Securities
Exchange Act of 1934, as amended, or otherwise for any tax or other liability imposed on a participant with respect to an award.



 


		3.4	Reliance on Experts. In making any determination or in taking or not taking any action under this Plan, the Administrator
may obtain and may rely upon the advice of experts, including employees and professional advisors to the Company. No director, officer
or agent of the Company or any of its Subsidiaries shall be liable for any such action or determination taken or made or omitted in good
faith.



 


		3.5	Delegation. The Administrator may delegate ministerial, non-discretionary functions to individuals who are officers
or employees of the Company or any of its Subsidiaries or to third parties.



 


		3.6	Option and SAR Repricing. Subject to Section 4 and Section 8.6.5, the Administrator, from time to time and
in its sole discretion, may provide for (1) the amendment of any outstanding option or SAR to reduce the exercise price or base price
of the award, (2) the cancellation, exchange, or surrender of an outstanding option or SAR in exchange for cash or other awards (for
the purpose of repricing the award or otherwise), or (3) the cancellation, exchange, or surrender of an outstanding option or SAR
in exchange for an option or SAR with an exercise or base price that is less than the exercise or base price of the original award. For
avoidance of doubt, the Administrator may take any or all of the foregoing actions under this Section 3.6 without shareholder approval.



 



    4


     


    

 


		4.	ORDINARY SHARES SUBJECT TO
THE PLAN; SHARE LIMITS



 


		4.1	Shares Available. Subject to the provisions of Section 7.1, the shares that may be delivered under this Plan shall
be the Company’s authorized but unissued Ordinary Shares and any of its Ordinary Shares held as treasury shares. For purposes of
this Plan, “Ordinary Shares” shall mean the ordinary shares of the Company and such other securities or property as
may become the subject of awards under this Plan, or may become subject to such awards, pursuant to an adjustment made under Section 7.1.



 


		4.2	Aggregate Share Limit. The maximum number of Ordinary Shares that may be delivered pursuant to awards granted to Eligible
Persons under this Plan (the “Share Limit”) is equal to the sum of the following:



 


		(1)	1,748,667 Ordinary Shares, plus



 


		(2)	the number of any shares subject to options granted under the Belite Bio, Inc Amended and Restated Share Incentive Plan (the
 “Share Incentive Plan”) and outstanding on the date of shareholder approval of this Plan (the “Shareholder
Approval Date”) which expire, or for any reason are cancelled or terminated, after the Shareholder Approval Date without being
exercised.



 


In addition, the Share Limit shall automatically increase on
the first trading day in January of each calendar year during the term of this Plan, commencing with January 2023, by an amount
equal to (i) four percent (4%) of the total number of Ordinary Shares issued and outstanding on December 31 of the immediately
preceding calendar year or (ii) such lesser number of Ordinary Shares as may be established by the Board.


 


		4.3	ISO Share Limit. The maximum number of Ordinary Shares that may be delivered pursuant to options qualified as incentive
stock options granted under this Plan is 5,000,000 shares. This sub-limit is in addition to, not in lieu of, the aggregate Share Limit
in Section 4.2.



 


		4.4	Share-Limit Counting Rules. The Share Limit shall be subject to the following provisions of this Section 4.4:



 


		(a)	Shares that are subject to or underlie awards granted under this Plan which expire or for any reason are cancelled or terminated,
are forfeited, fail to vest, or for any other reason are not paid or delivered under this Plan shall not be counted against the Share
Limit and shall be available for subsequent awards under this Plan.



 



    5


     


    

 


		(b)	Except as provided below, to the extent that Ordinary Shares are delivered pursuant to the exercise of a share appreciation right
granted under this Plan, the number of underlying shares which are actually issued in payment of the award shall be counted against the
Share Limit. (For purposes of clarity, if a share appreciation right relates to 100,000 shares and is exercised in full at a time when
the payment due to the participant is 15,000 shares, 15,000 shares shall be counted against the Share Limit with respect to such exercise
and the 85,000 shares not issued shall not be counted against the Share Limit and shall be available for subsequent awards under this
Plan.)



 


		(c)	Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award granted
under this Plan, as well as any shares exchanged by a participant or withheld by the Company or one of its Subsidiaries to satisfy the
tax withholding obligations related to any award granted under this Plan, shall not be counted against the Share Limit and shall be available
for subsequent awards under this Plan. In addition, shares that are exchanged by a participant or withheld by the Company after the Shareholder
Approval Date as full or partial payment in connection with any award granted under the Share Incentive Plan, as well as any shares exchanged
by a participant or withheld by the Company or one of its Subsidiaries after the Shareholder Approval Date to satisfy the tax withholding
obligations related to any award granted under the Share Incentive Plan, shall be available for new awards under this Plan.



 


		(d)	To the extent that an award granted under this Plan is settled in cash or a form other than Ordinary Shares, the shares that would
have been delivered had there been no such cash or other settlement shall not be counted against the Share Limit and shall be available
for subsequent awards under this Plan.



 


		(e)	In the event that Ordinary Shares are delivered in respect of a dividend equivalent right granted under this Plan, the number of shares
delivered with respect to the award shall be counted against the Share Limit. (For purposes of clarity, if 1,000 dividend equivalent rights
are granted and outstanding when the Company pays a dividend, and 50 shares are delivered in payment of those rights with respect to that
dividend, 50 shares shall be counted against the Share Limit).



 


		(f)	The Company may not increase the Share Limit by repurchasing Ordinary Shares on the market (by using cash received through the exercise
of options or otherwise).



 



    6


     


    

 


Refer to Section 8.10 for application of the share limits
of this Plan, including the limits in Sections 4.2 and 4.3, with respect to assumed awards. Each of the numerical limits and references
in Sections 4.2 and 4.3, and in this Section 4.4, is subject to adjustment as contemplated by Sections 7 and 8.10.


 


		4.5	No Fractional Shares; Minimum Issue. Unless otherwise expressly provided by the Administrator, no fractional shares
shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of awards under this
Plan. The Administrator may from time to time impose a limit (of not greater than 100 shares) on the minimum number of shares that may
be purchased or exercised as to awards (or any particular award) granted under this Plan unless (as to any particular award) the total
number purchased or exercised is the total number at the time available for purchase or exercise under the award.



 


		5.	AWARDS



 


		5.1	Type and Form of Awards. The Administrator shall determine the type or types of award(s) to be made to each
selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem
with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation plan
of the Company or one of its Subsidiaries. The types of awards that may be granted under this Plan are:



 


5.1.1   Options.
An option is the grant of a right to purchase a specified number of Ordinary Shares during a specified period as determined by the Administrator.
An option may be intended as an incentive stock option within the meaning of Section 422 of the Code (an “ISO”)
or a nonqualified stock option (an option not intended to be an ISO). The agreement evidencing the grant of an option to a U.S. resident
will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified stock option. The Administrator may
designate any option granted under this Plan to a non-U.S. resident in accordance with the rules and regulations applicable to the
options in the jurisdiction in which such person is a resident. The maximum term of each option (ISO or nonqualified) shall be ten (10) years.
The per share exercise price for each option shall be not less than 100% of the fair market value of an Ordinary Share on the date of
grant of the option; provided, however, that the Administrator may in its discretion establish a per share exercise price for any option
granted to an Eligible Person who is not subject to U.S. taxes that is less than 100% of the fair market value of an Ordinary Share on
the grant date. When an option is exercised, the exercise price for the shares to be purchased shall be paid in full in cash or such other
method permitted by the Administrator consistent with Section 5.4.


 



    7


     


    

 


5.1.2   Additional
Rules Applicable to ISOs. To the extent that the aggregate fair market value (determined
at the time of grant of the applicable option) of shares with respect to which ISOs first become exercisable by a participant in any calendar
year exceeds US$100,000, taking into account both Ordinary Shares subject to ISOs under this Plan and shares subject to ISOs under all
other plans of the Company or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the
meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified stock
options. In reducing the number of options treated as ISOs to meet the US$100,000 limit, the most recently granted options shall be reduced
first. To the extent a reduction of simultaneously granted options is necessary to meet the US$100,000 limit, the Administrator may, in
the manner and to the extent permitted by law, designate which Ordinary Shares are to be treated as shares acquired pursuant to the exercise
of an ISO. ISOs may only be granted to employees of the Company or one of its subsidiaries (for this purpose, the term “subsidiary”
is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership of at least 50% of
the total combined voting power of all classes of shares of each subsidiary in the chain beginning with the Company and ending with the
subsidiary in question). No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of
the Code) outstanding Ordinary Shares possessing more than 10% of the total combined voting power of all classes of shares of the Company,
unless the exercise price of such option is at least 110% of the fair market value of the shares subject to the option and such option
by its terms is not exercisable after the expiration of five years from the date such option is granted. If an otherwise-intended ISO
fails to meet the applicable requirements of Section 422 of the Code, the option shall be a nonqualified stock option.


 





5.1.3   Share
Appreciation Rights. A share appreciation right or “SAR” is a right to
receive a payment, in cash and/or Ordinary Shares, equal to the excess of the fair market value of a specified number of Ordinary Shares
on the date the SAR is exercised over the “base price” of the award, which base price shall be set forth in the applicable
award agreement and shall be not less than 100% of the fair market value of an Ordinary Share on the date of grant of the SAR; provided,
however, that the Administrator may in its discretion establish a per share base price for any SAR granted to an Eligible Person who is
not subject to U.S. taxes that is less than 100% of the fair market value of an Ordinary Share on the grant date. The maximum term of
a SAR shall be ten (10) years.


 


5.1.4   Other
Awards; Dividend Equivalent Rights. The other types of awards that may be granted under this
Plan include: (a) share bonuses, restricted shares, performance shares, share units, restricted share units, deferred shares, phantom
shares or similar rights to purchase or acquire shares, whether at a fixed or variable price (or no price) or fixed or variable ratio
related to the Ordinary Shares, and any of which may (but need not) be fully vested at grant or vest upon the passage of time, the occurrence
of one or more events, the satisfaction of performance criteria or other conditions, or any combination thereof; or (b) cash awards.
The types of cash awards that may be granted under this Plan include the opportunity to receive a payment for the achievement of one or
more goals established by the Administrator, on such terms as the Administrator may provide, as well as discretionary cash awards. Dividend
equivalent rights may be granted as a separate award or in connection with another award under this Plan; provided, however, that dividend
equivalent rights may not be granted as to an option or SAR granted under this Plan. In addition, any dividends and/or dividend equivalents
as to the portion of an award that is subject to unsatisfied vesting requirements will be subject to termination and forfeiture to the
same extent as the corresponding portion of the award to which they relate in the event the applicable vesting requirements are not satisfied.


 



    8


     


    

 


		5.2	Award Agreements. Each award shall be evidenced by a written or electronic award agreement or notice in a form approved
by the Administrator (an “award agreement”), and, in each case and if required by the Administrator, executed or otherwise
electronically accepted by the recipient of the award in such form and manner as the Administrator may require. The Administrator may
authorize any officer of the Company (other than the particular award recipient) to execute any or all award agreements on behalf of the
Company.



 


		5.3	Deferrals and Settlements. Payment of awards may be in the form of cash, Ordinary Shares, other awards or combinations
thereof as the Administrator shall determine, and with such restrictions (if any) as it may impose. The Administrator may also require
or permit participants to elect to defer the issuance of shares or the settlement of awards in cash under such rules and procedures
as it may establish under this Plan. The Administrator may also provide that deferred settlements include the payment or crediting of
interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are
denominated in shares.



 


		5.4	Consideration for Ordinary Shares or Awards. The purchase price (if any) for any award
granted under this Plan or the Ordinary Shares to be delivered pursuant to an award, as applicable, may be paid by means of any lawful
consideration as determined by the Administrator, including, without limitation, one or a combination of the following methods:



 


		(a)	services rendered by the recipient of such award;



 


		(b)	cash, check payable to the order of the Company, or electronic funds transfer;



 


		(c)	notice and third party payment in such manner as may be authorized by the Administrator;



 


		(d)	the delivery of previously owned Ordinary Shares;



 


		(e)	by a reduction in the number of shares otherwise deliverable pursuant to the award; or



 


		(f)	subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise” with a third party who provides
financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.



 



    9


     


    

 


In no event shall any shares newly-issued by the Company be
issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable
law. Ordinary Shares used to satisfy the exercise price of an option shall be valued at their fair market value . The Company will not
be obligated to record in the Company’s register of members or deliver any shares unless and until it receives full payment of the
exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise
or purchase have been satisfied, at which point the relevant shares shall be issued and noted in the Company’s register of members.
Unless otherwise expressly provided in the applicable award agreement, the Administrator may at any time eliminate or limit a participant’s
ability to pay any purchase or exercise price of any award or shares by any method other than cash payment to the Company. The Administrator
may take all actions necessary to alter the method of option exercise and the exchange and transmittal of proceeds with respect to participants
resident outside the U.S. in order to comply with applicable foreign exchange and tax regulations and any other applicable laws and regulations.


 


		5.5	Definition of Fair Market Value. For purposes of this Plan, “fair market value” shall mean, unless otherwise
determined or provided by the Administrator in the circumstances, the closing price (in regular trading) for an Ordinary Share on the
Nasdaq Stock Market (the “Market”) for the date in question or, if no sales of Ordinary Shares were reported on the
Market on that date, the closing price (in regular trading) for an Ordinary Share on the Market on the last day preceding the date in
question on which sales of Ordinary Shares were reported on the Market. The Administrator may, however, provide with respect to one or
more awards that the fair market value shall equal the closing price (in regular trading) for an Ordinary Share on the Market on the last
trading day preceding the date in question or the average of the high and low trading prices of an Ordinary Share on the Market for the
date in question or the most recent trading day. If the Ordinary Shares are no longer listed or are no longer actively traded on the Market
as of the applicable date, the fair market value of the Ordinary Shares shall be the value as reasonably determined by the Administrator
for purposes of the award in the circumstances. The Administrator also may adopt a different methodology for determining fair market value
with respect to one or more awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or
other treatment for the particular award(s) (for example, and without limitation, the Administrator may provide that fair market
value for purposes of one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices)
for a specified period preceding the relevant date).



 


		5.6	Transfer Restrictions.



 


5.6.1   Limitations
on Exercise and Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 5.6
or required by applicable law: (a) all awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation,
alienation, assignment, pledge, encumbrance or charge; (b) awards shall be exercised only by the participant; and (c) amounts
payable or shares issuable pursuant to any award shall be delivered only to (or for the account of), and, in the case of Ordinary Shares,
registered in the name of, the participant.


 



    10


     


    

 


5.6.2   Exceptions.
The Administrator may permit awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant to
such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish
in writing. Any permitted transfer shall be subject to compliance with applicable securities laws and shall not be for value (other than
nominal consideration, settlement of marital property rights, or for interests in an entity in which more than 50% of the voting interests
are held by the Eligible Person or by the Eligible Person’s family members).


 


5.6.3   Further
Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 5.6.1
shall not apply to:


 


		(a)	transfers to the Company (for example, in connection with the expiration or termination of the award);



 


		(b)	the designation of a beneficiary to receive benefits in the event of the participant’s death or, if the participant has died,
transfers to or exercise by the participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by
will or the laws of descent and distribution;



 


		(c)	subject to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations
order if received by the Administrator;



 


		(d)	if the participant has suffered a disability, permitted transfers or exercises on behalf of the participant by his or her legal representative;
or



 


		(e)	the authorization by the Administrator of “cashless exercise” procedures with third parties who provide financing for
the purpose of (or who otherwise facilitate) the exercise of awards consistent with applicable laws and any limitations imposed by the
Administrator.



 


		5.7	International Awards. One or more awards may be granted to Eligible Persons who provide services to the Company or one
of its Subsidiaries outside of the United States. Any awards granted to such persons may be granted pursuant to the terms and conditions
of any applicable sub-plans, if any, appended to this Plan and approved by the Administrator from time to time. The awards so granted
need not comply with other specific terms of this Plan, provided that shareholder approval of any deviation from the specific terms of
this Plan is not required by applicable law or any applicable listing agency.



 



    11


     


    

 


		6.	EFFECT OF TERMINATION OF EMPLOYMENT
OR SERVICE ON AWARDS



 


		6.1	General. The Administrator shall establish the effect (if any) of a termination of employment or service on the rights
and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and
type of award. If the participant is not an employee of the Company or one of its Subsidiaries, is not a member of the Board, and provides
other services to the Company or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless
a contract or the award otherwise provides) of whether the participant continues to render services to the Company or one of its Subsidiaries
and the date, if any, upon which such services shall be deemed to have terminated.



 


		6.2	Events Not Deemed Terminations of Employment. Unless the express policy of the Company or one of its Subsidiaries, or
the Administrator, otherwise provides, or except as otherwise required by applicable law, the employment relationship shall not be considered
terminated in the case of: (a) sick leave, (b) military leave, or (c) any other leave of absence authorized by the Company
or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by
contract or law or the Administrator otherwise provides, such leave is for a period of not more than three months. In the case of any
employee of the Company or one of its Subsidiaries on an approved leave of absence, continued vesting of the award while on leave from
the employ of the Company or one of its Subsidiaries may be suspended until the employee returns to service, unless the Administrator
otherwise provides or applicable law otherwise requires. In no event shall an award be exercised after the expiration of any applicable
maximum term of the award.



 


		6.3	Effect of Change of Subsidiary Status. For purposes of this Plan and any award, if an entity ceases to be a Subsidiary
of the Company a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect
of such Subsidiary who does not continue as an Eligible Person in respect of the Company or another Subsidiary that continues as such
after giving effect to the transaction or other event giving rise to the change in status unless the Subsidiary that is sold, spun-off
or otherwise divested (or its successor or a direct or indirect parent of such Subsidiary or successor) assumes the Eligible Person’s
award(s) in connection with such transaction.



 



    12


     


    

 


		7.	ADJUSTMENTS; ACCELERATION



 


		7.1	Adjustments.



 


		(a)	Subject to Section 7.2, upon (or, as may be necessary to effect the adjustment, immediately prior to): any reclassification,
recapitalization, share split (including a share split in the form of a share dividend) or reverse share split; any merger, combination,
consolidation, conversion or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of
the Ordinary Shares; or any exchange of Ordinary Shares or other securities of the Company, or any similar, unusual or extraordinary corporate
transaction in respect of the Ordinary Shares; then the Administrator shall equitably and proportionately adjust: (1) the number
and type of Ordinary Shares (or other securities) that thereafter may be made the subject of awards (including the specific share limits,
maximums and numbers of shares set forth elsewhere in this Plan); (2) the number, amount and type of Ordinary Shares (or other securities
or property) subject to any outstanding awards; (3) the grant, purchase, or exercise price (which term includes the base price of
any SAR or similar right) of any outstanding awards; and/or (4) the securities, cash or other property deliverable upon exercise
or payment of any outstanding awards, in each case to the extent necessary to preserve (but not increase) the level of incentives intended
by this Plan and the then-outstanding awards.



 


		(b)	Without limiting the generality of Section 3.3, any good faith determination by the Administrator as to whether an adjustment
is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive
and binding on all persons.



 


		7.2	Corporate Transactions -
Assumption and Termination of Awards.



 


		(a)	Upon any event in which the Company does not survive, or does not survive as a public company in respect of its Ordinary Shares (including,
without limitation, a dissolution, merger, combination, consolidation, conversion, amalgamation, exchange of securities, or other reorganization,
or a sale of all or substantially all of the business, shares or assets of the Company, in any case in connection with which the Company
does not survive or does not survive as a public company in respect of its Ordinary Shares), then the Administrator may make provision
for a cash payment in settlement of, or for the termination, assumption, substitution or exchange of any or all outstanding awards or
the cash, securities or property deliverable to the holder of any or all outstanding awards, based upon, to the extent relevant under
the circumstances, the distribution or consideration payable to holders of the Ordinary Shares upon or in respect of such event. Upon
the occurrence of any event described in the preceding sentence in connection with which the Administrator has made provision for the
award to be terminated (and the Administrator has not made a provision for the substitution, assumption, exchange or other continuation
or settlement of the award): (1) unless otherwise provided in the applicable award agreement, each then-outstanding option and SAR
shall become fully vested,all restricted shares then outstanding shall fully vest free of restrictions, and each other award granted
under this Plan that is then outstanding shall become payable to the holder of such award (with any performance goals applicable to the
award in each case being deemed met, unless otherwise provided in the award agreement, at the “target” performance level);
and (2) each award (including any award or portion thereof that, by its terms, does not accelerate and vest in the circumstances)
shall terminate upon the related event; provided that the holder of an option or SAR shall be given reasonable advance notice of the impending
termination and a reasonable opportunity to exercise his or her outstanding vested options and SARs (after giving effect to any accelerated
vesting required in the circumstances) in accordance with their terms before the termination of such awards (except that in no case shall
more than ten days’ notice of the impending termination be required and any acceleration of vesting and any exercise of any portion
of an award that is so accelerated may be made contingent upon the actual occurrence of the event).



 



    13


     


    

 


		(b)	Without limiting the preceding paragraph, in connection with any event referred to in the preceding paragraph or any change in control
event defined in any applicable award agreement, the Administrator may, in its discretion, provide for the accelerated vesting of any
award or awards as and to the extent determined by the Administrator in the circumstances.



 


		(c)	For purposes of this Section 7.2, an award shall be deemed to have been “assumed” if (without limiting other circumstances
in which an award is assumed) the award continues after an event referred to above in this Section 7.2, and/or is assumed and continued
by the surviving entity following such event (including, without limitation, an entity that, as a result of such event, owns the Company
or all or substantially all of the Company’s assets directly or through one or more subsidiaries (a “Parent”)),
and confers the right to purchase or receive, as applicable and subject to vesting and the other terms and conditions of the award, for
each Ordinary Share subject to the award immediately prior to the event, the consideration (whether cash, shares, or other securities
or property) received in the event by the shareholders of the Company for each Ordinary Share sold or exchanged in such event (or the
consideration received by a majority of the shareholders participating in such event if the shareholders were offered a choice of consideration);
provided, however, that if the consideration offered for an Ordinary Share in the event is not solely the ordinary shares of a successor
corporation or a Parent, the Administrator may provide for the consideration to be received upon exercise or payment of the award, for
each share subject to the award, to be solely ordinary shares of the successor corporation or a Parent equal in fair market value to the
per share consideration received by the shareholders participating in the event.



 


		(d)	The Administrator may adopt such valuation methodologies for outstanding
                                            awards as it deems reasonable in the event of a cash or property settlement and, in the case
                                            of options, SARs or similar rights, but without limitation on other methodologies, may base
                                            such settlement solely upon the excess if any of the per share amount payable upon or in
                                            respect of such event over the exercise or base price of the award. In the case of an option,
                                            SAR or similar right as to which the per share amount payable upon or in respect of such
                                            event is less than or equal to the exercise or base price of the award, the Administrator
                                            may terminate such award in connection with an event referred to in this Section 7.2
                                            without any payment in respect of such award.



 



    14


     


    

 


		(e)	In any of the events referred to in this Section 7.2, the Administrator
may take such action contemplated by this Section 7.2 prior to such event (as opposed to on the occurrence of such event) to the
extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with
respect to the underlying shares. Without limiting the generality of the foregoing, the Administrator may deem an acceleration
and/or termination to occur immediately prior to the applicable event and, in such circumstances, will reinstate the original terms of
the award if an event giving rise to an acceleration and/or termination does not occur.



 


		(f)	Without limiting the generality of Section 3.3, any good faith determination by the Administrator pursuant to its authority under
this Section 7.2 shall be conclusive and binding on all persons.



 


		(g)	The Administrator may override the provisions of this Section 7.2 by express provision in the award agreement and may accord
any Eligible Person a right to refuse any acceleration, whether pursuant to the award agreement or otherwise, in such circumstances as
the Administrator may approve. The portion of any ISO accelerated in connection with an event referred to in this Section 7.2 (or
such other circumstances as may trigger accelerated vesting of the award) shall remain exercisable as an ISO only to the extent the applicable
US$100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option shall be exercisable as a
nonqualified stock option under the Code.



 


		8.	OTHER PROVISIONS



 


		8.1	Compliance with Laws. This Plan, the granting and vesting of awards under this Plan, the offer, issuance and delivery
of Ordinary Shares, and/or the payment of money under this Plan or under awards are subject to compliance with all applicable federal,
state, local and foreign laws, rules and regulations (including, but not limited to,securities law and federal margin requirements)
and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary
or advisable in connection therewith. The person acquiring any securities under this Plan will, if requested by the Company or one of
its Subsidiaries, provide such assurances and representations to the Company or one of its Subsidiaries as the Administrator may deem
necessary or desirable to assure compliance with all applicable legal and accounting requirements.



 


		8.2	No Rights to Award. No person shall have any claim or rights to be granted an award (or additional awards, as the case
may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary.



 



    15


     


    

 


		8.3	No Employment/Service Contract. Nothing contained in this Plan (or in any other documents under this Plan or in any
award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the Company
or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee’s status as
an employee at will, nor shall interfere in any way with the right of the Company or one of its Subsidiaries to change a person’s
compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this Section 8.3,
however, is intended to adversely affect any express independent right of such person under a separate employment or service contract
other than an award agreement.



 


		8.4	Plan Not Funded. Awards payable under this Plan shall be payable in shares or from the general assets of the Company,
and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other
person shall have any right, title or interest in any fund or in any specific asset (including Ordinary Shares, except as expressly otherwise
provided) of the Company or one of its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or of any related
documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be
construed to create, a trust of any kind or a fiduciary relationship between the Company or one of its Subsidiaries and any participant,
beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant
to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company.



 


		8.5	Tax Withholding. Upon any exercise, vesting, or payment of any award, or upon the disposition of Ordinary Shares acquired
pursuant to the exercise of an ISO prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any
other tax withholding event with respect to any award, arrangements satisfactory to the Company shall be made to provide for any taxes
the Company or any of its Subsidiaries may be required or permitted to withhold with respect to such award event or payment. Such arrangements
may include (but are not limited to) any one of (or a combination of) the following:



 


		(a)	The Company or one of its Subsidiaries shall have the right torequire the participant (or the participant’s personal representative
or beneficiary, as the case may be) to pay or provide for payment of the amount of any taxes which the Company or one of its Subsidiaries
may be required or permitted to withhold with respect to such award event or payment.



 


		(b)	The Company or one of its Subsidiaries shall have the right to deduct from any amount otherwise payable in cash (whether related to
the award or otherwise) to the participant (or the participant’s personal representative or beneficiary, as the case may be) the
amount of any taxes which the Company or one of its Subsidiaries may be required or permitted to withhold with respect to such award event
or payment.



 



    16


     


    

 


		(c)	In any case where a tax is required to be withheld in connection with the delivery of Ordinary Shares under this Plan (including the
sale of Ordinary Shares as may be required to comply with applicable foreign or local foreign exchange rules), the Administrator may in
its sole discretion (subject to Section 8.1) require or grant (either at the time of the award or thereafter) to the participant
the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that the Company reduce
the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their
fair market value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy any applicable
withholding obligation on exercise, vesting or payment.



 


		8.6	Effective Date, Termination
and Suspension, Amendments.



 


8.6.1    Effective
Date. This Plan is effective as of April 16, 2022, the date of its approval by the
Board (the “Effective Date”). This Plan shall be submitted for and subject to shareholder approval no later than
twelve months after the Effective Date. Unless earlier terminated by the Board and subject to any extension that may be approved by
shareholders, this Plan shall terminate at the close of business on the day before the tenth anniversary of the Effective Date.
After the termination of this Plan either upon such stated termination date or its earlier termination by the Board, no additional
awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect thereto,
including the authority to amend such awards) shall remain outstanding in accordance with their applicable terms and conditions and
the terms and conditions of this Plan.


 


8.6.2   Board
Authorization. The Board may, at any time, terminate or, from time to time, amend, modify
or suspend this Plan, in whole or in part. No awards may be granted during any period that the Board suspends this Plan.


 


8.6.3    Shareholder
Approval. To the extent then required by applicable law or deemed necessary or advisable
by the Board, any amendment to this Plan shall be subject to shareholder approval.


 


8.6.4    Amendments
to Awards. Without limiting any other express authority of the Administrator under (but subject
to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on awards to
participants that the Administrator in the prior exercise of its discretion has imposed, without the consent of a participant, and (subject
to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards.


 


8.6.5    Limitations
on Amendments to Plan and Awards. No amendment, suspension or termination of this Plan or
amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially adverse
to the participant any rights or benefits of the participant or obligations of the Company under any award granted under this Plan prior
to the effective date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed to constitute
changes or amendments for purposes of this Section 8.6.


 



    17


     


    

 


		8.7	Privileges of Share Ownership. Except as otherwise expressly authorized by the Administrator, a participant shall not
be entitled to any privilege of share ownership as to any Ordinary Shares not actually delivered to and held of record by the participant.
Except as expressly required by Section 7.1 or otherwise expressly provided by the Administrator, no adjustment will be made for
dividends or other rights as a shareholder for which a record date is prior to such date of delivery.



 


		8.8	Governing Law; Severability.



 


8.8.1    Choice
of Law. This Plan, the awards, all documents evidencing awards and all other related documents
shall be governed by, and construed in accordance with the laws of the Cayman Islands, notwithstanding any conflict of law provision to
the contrary.


 


8.8.2    Severability.
If a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue
in effect.


 


		8.9	Captions. Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate
reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any
provision thereof.



 


		8.10	Share-Based Awards in Substitution for Options or Awards Granted by Other Company. Awards
may be granted to Eligible Persons in substitution for or in connection with an assumption of employee options, SARs, restricted shares
or other share-based awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Company
or one of its Subsidiaries, in connection with a distribution, merger, amalgamation or other reorganization by or with the granting entity
or an affiliated entity, or the acquisition by the Company or one of its Subsidiaries, directly or indirectly, of all or a substantial
part of the shares or assets of the employing entity. The awards so granted need not comply with other specific terms of this Plan, provided
the awards reflect adjustments giving effect to the assumption or substitution consistent with any conversion applicable to the ordinary
shares (or the securities otherwise subject to the award) in the transaction and any change in the issuer of the security. Any shares
that are delivered and any awards that are granted by, or become obligations of, the Company, as a result of the assumption by the Company
of, or in substitution for, outstanding awards previously granted or assumed by an acquired company (or previously granted or assumed
by a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Company or one of
its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit
or other limits on the number of shares available for issuance under this Plan.



 



    18


     


    

 


		8.11	Non-Exclusivity of Plan. Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator
to grant awards or authorize any other compensation, with or without reference to the Ordinary Shares, under any other plan or authority.



 


		8.12	No Corporate Action Restriction. The existence of this Plan, the award agreements and the awards granted hereunder shall
not limit, affect, or restrict in any way the right or power of the Company or any Subsidiary (or any of their respective shareholders,
boards of directors or committees thereof (or any subcommittees), as the case may be) to make or authorize: (a) any adjustment, recapitalization,
reorganization or other change in the capital structure or business of the Company or any Subsidiary, (b) any merger, amalgamation,
consolidation or change in the ownership of the Company or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred
or prior preference shares ahead of or affecting the authorized shares (or the rights thereof) of the Company or any Subsidiary, (d) any
dissolution or liquidation of the Company or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business
of the Company or any Subsidiary, (f) any other award, grant, or payment of incentives or other compensation under any other plan
or authority (or any other action with respect to any benefit, incentive or compensation) of the Company or any Subsidiary, or (g) any
other corporate act or proceeding by the Company or any Subsidiary. No participant, beneficiary or any other person shall have any claim
under any award or award agreement against any member of the Board or the Administrator, or the Company or any employees, officers or
agents of the Company or any Subsidiary, as a result of any such action. Awards need not be structured so as to be deductible for tax
purposes.



 


		8.13	Other Company Benefit and Compensation Programs. Payments and other benefits received by a participant under an award
made pursuant to this Plan shall not be deemed a part of a participant’s compensation for purposes of the determination of benefits
under any other employee welfare or benefit plans or arrangements, if any, provided by the Company or any Subsidiary, except where the
Administrator expressly otherwise provides or authorizes in writing. Awards under this Plan may be made in addition to, in combination
with, as alternatives to or in payment of grants, awards or commitments under any other plans, arrangements or authority of the Company
or its Subsidiaries.



 


		8.14	Clawback Policy. The awards granted under this Plan
are subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well
as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of awards or
any Ordinary Shares or other cash or property received with respect to the awards (including any value received from a disposition of
the shares acquired upon payment of the awards).



 



    19