Exhibit 10.9


 


GLOBAL BUSINESS
TRAVEL GROUP, INC.


 


EMPLOYEE STOCK
PURCHASE PLAN


 


Adopted by the Board
of Directors May 27, 2022


 


Approved by the
Stockholders May 25, 2022


 



    


     


    

 





GLOBAL BUSINESS TRAVEL GROUP, INC.

EMPLOYEE STOCK PURCHASE PLAN


 


SECTION
1.     PURPOSE OF THE PLAN.


 


The Global Business Travel
Group, Inc. Employee Stock Purchase Plan (the “Plan”) is intended to provide Eligible Employees (as defined below)
the opportunity to increase their proprietary interest in Global Business Travel Group, Inc. (the “Company”) by
conveniently purchasing shares of the Company’s Class A common stock (the “Stock”).


 


The Plan is composed of two
components: a 423 Component and a Non-423 Component. The 423 Component is intended to qualify under Section 423 of the Internal Revenue
Code of 1986, as amended (the “Code”). Accordingly, the provisions of the 423 Component will be construed in a manner
consistent with the requirements of Section 423 of the Code. The Plan also authorizes participation in the Plan under the Non-423
Component under terms that do not meet the requirements of Section 423 of the Code.


 


The Company shall be permitted
to grant rights to purchase Stock under separate offerings not having identical terms (provided that such terms are not inconsistent with
the terms of the Plan and, with respect to an offering under the 423 Component, the requirements of Section 423 of the Code), and
offerings may run concurrently (in whole or in part) with each other.


 


Each offering under the Non-423
Component shall be separate and distinct from (and shall not be included in or be part of) any offering under the 423 Component, and each
offering to a Participating Company shall be treated as an offering that is separate from any other offering made to another Participating
Company, in each case, even if such offerings are running concurrently (in whole or in part) and/or have common terms and conditions.


 


The Plan and any offering
under the Plan shall be deemed to be a separate opportunity provided by the Company to Eligible Employees under the terms of the Plan
and not part of any employment agreement with the Company or any of its Subsidiaries, Qualifying Subsidiaries or Affiliates.


 


SECTION 2.    DEFINITIONS.


 


(a)          “423
Component” means the portion of the Plan under which any right to purchase Stock shall be granted in a manner that is intended
to satisfy the requirements of Section 423 of the Code.


 


(b)           “Affiliate”
means any branch or representative office or other disregarded entity of the Company or a Qualifying Subsidiary or Subsidiary, as determined
by the Committee, whether now or hereafter existing.


 


(c)            “Board”
means the Board of Directors of the Company, as constituted from time to time.


 






    


     


    

 


(d)            “Change
in Control” shall have the meaning set forth in the Company’s most recently adopted equity incentive plan as of the date
of determination, as in effect from time to time.


 


(e)            “Committee”
means the duly constituted committee appointed by the Board to administer the Plan, as described in Section 3 of the Plan.
If no such committee is appointed, the Compensation Committee of the Board shall be the Committee.


 


(f)             “Compensation”
means all of an Eligible Employee’s base salary or hourly wages. “Compensation” shall exclude (i) commissions,
bonuses and special incentive payments (such as, without limitation, those under the annual incentive plan, sales incentive plan and the
long-term incentive award plan), (ii) equity compensation and income attributable to equity-based awards (including, without limitation,
amounts realized from the exercise of any stock option and any dividends paid with respect to equity awards), (iii) all non-cash
items, (iv) pre-tax contributions made by the Participant under Sections 401(k) or 125 of the Code or under any similar arrangements
available under laws outside the United States and (v) allowances and other miscellaneous payments, including, without limitation,
moving or relocation allowances, cost-of-living equalization payments, car allowances, tuition reimbursements, imputed income attributable
to cars or life insurance, severance pay, fringe benefits and benefits received under employee benefit plans. The Committee shall determine
whether a particular item not listed in this Section 2(f) is included in Compensation. In addition, and notwithstanding
the foregoing, with respect to any Offering Period, the Committee may modify the definition of Compensation for such Offering Period,
provided that (i) such definition satisfies the requirements of Section 423 of the Code with respect to the 423 Component, (ii) such
definition is established in writing and made available to Eligible Employees prior to the commencement of such Offering Period and (iii) such
modified definition shall apply only for that Offering Period unless otherwise specified in writing by the Committee.


 


(g)            “Effective
Date” means May 27, 2022.


 


(h)            “Eligible
Employee” means any individual who (i) is an Employee of a Participating Company and (ii) does not own 5% or more
of the total combined voting power or value of all classes of stock of the Company or any Parent or Qualifying Subsidiary, including,
for purposes of this provision, through application of the rules of Section 424(d) of the Code. The foregoing notwithstanding,
an individual who is a citizen or resident of a jurisdiction other than the United States (even if he or she is also a citizen of the
United States or a resident alien) shall not be considered an Eligible Employee if, as determined in the sole discretion of the Committee,
(i) his or her participation in the Plan is prohibited by the laws or regulations of any country which has jurisdiction over him
or her or (ii) compliance with the laws and regulations of the foreign country that has jurisdiction over him or her would cause
the Plan or an offering under the 423 Component to violate Section 423 of the Code. In addition, and notwithstanding the foregoing,
with respect to any Offering Period, the Committee may modify the definition of Eligible Employee for such Offering Period by excluding
the following class or classes of Employees: (i) Employees who have been employed for less than two (2) years (or such lesser
period of time as may be determined by the Committee in its discretion); (ii) Employees whose customary employment is for twenty
(20) hours or less per week (or such lesser period of time as may be determined by the Committee in its discretion); (iii) Employees
who are customarily employed for five (5) months or less in any calendar year (or such lesser period of time as may be determined
by the Committee in its discretion), (iv) Employees who are “highly compensated employees” (within the meaning of Section 414(q) of
the Code) of a Participating Company and (v) Employees who are “highly compensated employees” (within the meaning of
Section 414(q) of the Code) of a Participating Company with compensation above a certain level; provided that (i) such
definition satisfies the requirements of Section 423 of the Code with respect to the 423 Component, (ii) such definition is
established in writing and made available to Employees prior to the commencement of such Offering Period, (iii) such modified definition
shall apply only for that Offering Period unless otherwise specified in writing by the Committee and (iv) such definition shall be
applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e).


 






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(i)            “Employee”
means an individual who is a common-law employee of a Participating Company and, if such employee is employed in the United States, whose
earnings are reported on a Form W-2. For the avoidance of doubt, the term “Employee” shall not include any consultant,
independent contractor or non-employee director of a Participating Company.


 


(j)            “Fair
Market Value” means, on any given date (i) if the Stock is listed on any established U.S. stock exchange or a U.S. national
market system, the closing sales price for such Stock as quoted on such exchange or system on the day of determination, as reported in
The Wall Street Journal or such other source as the Committee deems reliable (or, if no closing sales price was reported on that
date, as applicable, on the last preceding trading date such closing sales price was reported); (ii) if the foregoing clause (i) does
not apply, then if the Stock is regularly quoted by a recognized U.S. securities dealer but selling prices are not reported, the mean
between the high bid and low asked prices for the Stock on the day of determination (or, if no bids and asks were reported on that date,
as applicable, on the last preceding trading date such bids and asks were reported); or (iii) if the foregoing clauses (i) and
(ii) do not apply, such value as the Committee in its discretion may in good faith determine in accordance with Section 423
of the Code.


 


(k)           “Non-423
Component” means the portion of the Plan under which the right to purchase Stock may be granted in a manner that is not intended
to satisfy the requirements of Section 423 of the Code.


 


(l)            “Offering
Period” means a period with respect to which the right to purchase Stock may be granted under the Plan, as determined pursuant
to Section 4(a) of the Plan, which shall not exceed twenty-seven (27) months.


 


(m)          “Parent”
has the meaning given to such term under U.S. Treasury Regulation Section 1.424-1(f). As used in the Plan, “Parent” shall
mean a Parent of the Company.


 


(n)           “Participant”
means an Eligible Employee who elects to participate in the Plan, as provided in Section 4(b) of the Plan.


 


(o)           “Participating
423 Company” means any of the following that is designated by the Committee as participating in the 423 Component: (i) the
Company, (ii) any present or future Parent and/or (iii) any present or future Qualifying Subsidiary.


 






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(p)            “Participating
Company” means each Participating 423 Company and Participating Non-423 Company.


 


(q)           “Participating
Non-423 Company” means any of the following that is designated by the Committee as participating in the Non-423 Component: (i) the
Company, (ii) any present or future Parent, (iii) any present or future Subsidiary and/or (iv) any present or future Affiliate.
Unless determined otherwise by the Committee, only entities incorporated or formed outside of the United States shall be Participating
Non-423 Companies.


 


(r)             “Plan
Account” means the account established for each Participant pursuant to Section 8(a) of the Plan.


 


(s)           “Purchase
Price” means the price at which Participants may purchase Stock under the Plan, as determined pursuant to Section 8(b) of
the Plan.


 


(t)            "Qualifying
Subsidiary" means a "subsidiary," as defined under U.S. Treasury Regulation Section 1.424-1(f). As used in the
Plan, “Qualifying Subsidiary” shall mean a Qualifying Subsidiary of the Company.


 


(u)           “Subsidiary”
means any corporation, partnership, joint venture, company or other business entity of which 50% or more of the outstanding voting power
is beneficially owned, directly or indirectly, by the Company.


 


SECTION 3.     ADMINISTRATION
OF THE PLAN.


 


(a)           General.
The Plan shall be administered by the Committee. To the extent permitted by applicable law, the Committee may delegate some or all of
its authority with respect to the Plan to any executive officer of the Company or any other person or persons (or entity or entities)
designated by the Committee, in each case, acting individually or as a committee.


 


(b)           Committee
Authorities. The Committee shall have the exclusive power and authority to administer the Plan, including, without limitation, the
right and power to interpret the provisions of the Plan and make all determinations deemed necessary or advisable for the administration
of the Plan (including, without limitation, a determination as to whether a Change in Control has occurred, whether to designate the Company,
a Parent, a Qualifying Subsidiary or a Subsidiary as a Participating 423 Company or as a Participating Non-423 Company (as applicable)
and whether to establish separate offerings). All such actions, interpretations and determinations that are done or made by the Committee
shall be final, conclusive and binding on the Company, the Participating Companies, the Participants and all other persons and entities,
and shall not subject the Committee (or its members) to any liability.


 


SECTION 4.     ENROLLMENT
AND PARTICIPATION.


 


(a)           Offering
Periods. Two Offering Periods shall commence in each calendar year, which shall be the periods commencing on January 1 and ending
on June 30 and commencing on July 1 and ending on December 31; provided, however, that the first Offering Period may commence
on a different date as determined by the Committee, but shall end on June 30 of the year commenced if commenced prior to June 30
or on December 31 of the year commenced if commenced after June 30. Notwithstanding the foregoing, the Committee may establish
different beginning and ending dates for Offering Periods in its discretion.


 






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(b)            Enrollment.
Any individual who, on the day preceding the first day of an Offering Period, qualifies as an Eligible Employee may elect to become a
Participant in the Plan for such Offering Period by executing the enrollment form prescribed for this purpose by the Committee. The enrollment
form shall be filed with the Company or its designee according to procedures established by the Committee.


 


(c)            Duration
of Participation. Once enrolled in the Plan, a Participant shall continue to participate in the Plan (according to the elections made
on the Participant’s most recently-filed enrollment form) until he or she ceases to be an Eligible Employee, withdraws from the
Plan under Section 6(a) of the Plan or reaches the end of the Offering Period in which his or her contributions were
discontinued under Section 5(c) or Section 9(b) of the Plan. A Participant who discontinued his or her
contributions under Section 5(c) of the Plan or withdrew from the Plan under Section 6(a) of the Plan
may again become a Participant, if he or she then is an Eligible Employee, by following the procedure described in Section 4(b) of
the Plan. A Participant whose employee contributions were discontinued automatically under Section 9(b) of the Plan shall
automatically resume participation at the beginning of the next Offering Period in which such Participant’s participation would
not be limited by Section 9(b) of the Plan, if he or she then is an Eligible Employee.


 


SECTION 5.       EMPLOYEE
CONTRIBUTIONS.


 


(a)            Frequency
of Employee Contributions. A Participant may make contributions to the Plan for purchasing shares of Stock by means of payroll deductions
(unless payroll deductions are not permitted under applicable laws or regulations or unless the Company determines that another means
of making employee contributions is necessary or appropriate for legal or administrative reasons).


 


(b)            Amount
of Employee Contributions. An Eligible Employee shall designate on the enrollment form the portion of his or her Compensation that
he or she elects to contribute to the Plan with respect to the applicable Offering Period. Such portion shall be a whole percentage of
the Eligible Employee’s Compensation but not less than 1% nor more than 15% of the Eligible Employee’s Compensation with respect
to the applicable Offering Period. A Participant may not change the rate of his or her contributions during an Offering Period unless
the Participant seeks (i) to discontinue contributions under Section 5(c) of the Plan or (ii) to withdraw from
the Plan under Section 6(a) of the Plan, and, in either such case, the Company will cease contributions on behalf of
the Participant as soon as reasonably practicable (which may not be until the payroll period following receipt of the applicable form
or later). In addition, and notwithstanding the foregoing, with respect to any Offering Period, the Committee may modify the contribution
limits for such Offering Period, provided that (i) such modification satisfies the requirements of Section 423 of the Code with
respect to the 423 Component, (ii) such new contribution limits are established in writing and provided to Eligible Employees prior
to the commencement of such Offering Period and (iii) such new contribution limits shall apply only for that Offering Period unless
otherwise specified in writing by the Committee.


 






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(c)            Discontinuing
Employee Contributions. A Participant may discontinue contributions by filing a new enrollment form. Any contributions made from payroll
shall cease as soon as reasonably practicable (which may not be until the payroll period following receipt or later). A Participant who
has discontinued employee contributions may not resume such contributions until the next Offering Period. If a Participant discontinues
contributions, previously made contributions shall remain in the Participant’s Plan Account (and will be used to purchase Stock)
unless and until the Participant withdraws from the Plan in accordance with the provisions of Section 6 of the Plan.


 


SECTION 6.     WITHDRAWAL
FROM THE PLAN.


 


(a)            Withdrawal.
A Participant may elect to withdraw from the Plan by filing the prescribed form with the Company or its designee at any time before the
last day of an Offering Period. As soon as reasonably practicable thereafter, contributions shall cease and all employee contributions
made by the Participant for the then current Offering Period shall be refunded to the Participant in cash, without interest. No partial
withdrawals shall be permitted.


 


(b)            Re-enrollment
After Withdrawal. A former Participant who has withdrawn from the Plan shall not be a Participant until he or she re-enrolls in the
Plan under Section 4(b) of the Plan. Re-enrollment shall be effective only at the commencement of an Offering Period.


 


SECTION 7.     CHANGE
IN EMPLOYMENT STATUS.


 


(a)           Termination
of Employment. Termination of employment with a Participating Company, or otherwise ceasing to be an Eligible Employee, for any reason,
including death, shall be treated as an automatic withdrawal from the Plan under Section 6(a) of the Plan, unless, with
respect to an offering under the Non-423 Component, otherwise required by applicable laws or regulations. A transfer from one Participating
Company to another shall not be treated as a termination of employment unless required to comply with Section 423 of the Code with
respect to the 423 Component.


 


(b)           Leave
of Absence. For purposes of the Plan, employment shall not be deemed to terminate when the Participant goes on a military leave, a
sick leave or another bona fide leave of absence, if the leave was approved by a Participating Company in writing or if such leave
of absence is protected under applicable laws or regulations. Employment shall be deemed to terminate in any event when the approved leave
ends, unless the Participant immediately returns to work.


 


(c)            Death.
In the event of the Participant’s death, any amounts then held in the Participant’s Plan Account and any shares of Stock then
held in the Participant’s name by the Company or the broker designated by the Company shall be paid or transferred to the Participant’s
estate or as otherwise required by applicable laws of descent and distribution, or as may be otherwise provided pursuant to Section 8(e) of
the Plan.


 






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SECTION 8.     PLAN
ACCOUNTS AND PURCHASE OF SHARES.


 


(a)            Plan
Accounts. The Company shall maintain a Plan Account on its books in the name of each Participant. Whenever an amount is contributed
to the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts shall not be trust
funds and may be commingled with the general assets of the Company or any Parent, Qualifying Subsidiary, Subsidiary or Affiliate and applied
to general corporate purposes, unless otherwise required by applicable law or regulation. Unless required by applicable law or regulation,
no interest will be paid or credited with respect to any amounts held in a Participant’s Plan Account.


 


(b)            Purchase
Price. The Purchase Price for each share of Stock purchased at the close of an Offering Period shall be not less than the lesser of
(i) 85% of the Fair Market Value of such share on the last day of such Offering Period and (ii) 85% of the Fair Market Value
of such share on the first day of such Offering Period, as determined by the Committee prior to the commencement of the applicable Offering
Period.


 


The Committee may
round the Purchase Price up (but not down) to a whole cent, and in no event shall the Purchase Price be less than the par value of the
shares of Stock being purchased.


 


(c)            Number
of Shares Purchased. As of the last day of each Offering Period, each Participant shall be deemed to have elected to purchase the
number of shares of Stock calculated in accordance with this Section 8(c), unless the Participant has withdrawn from the Plan
under Section 6(a) or Section 7 of the Plan. The amount then in the Participant’s Plan Account shall
be divided by the Purchase Price, and the number of shares that results shall be purchased with the funds in the Participant’s Plan
Account. The foregoing notwithstanding, no Participant shall purchase more than 10,000 shares of Stock (subject to adjustment pursuant
to Section 14(b) of the Plan) with respect to any Offering Period (or, if the Board determines that a different number
of Offering Periods shall commence in each calendar year in accordance with Section 4(a) of the Plan, a proportionate
number of shares of Stock (subject to adjustment pursuant to Section 14(b) of the Plan) with respect to any Offering
Period) nor more than the amounts of Stock set forth in Sections 9(b) and 14(a) of the Plan. Any fractional share,
as calculated under this Section 8(c), shall be rounded down to the next lower whole share (with the Purchase Price for such
fractional share to be carried over to the next Offering Period). To the extent permitted by law, the Committee may adjust the individual
share limit set forth in this Section 8(c) from time to time without stockholder or Participant approval, provided that
any such change shall not apply until the Offering Period commencing after such change is made (and such change shall automatically adjust
the share number set forth in Section 9(a)(iii) of the Plan to the same amount).


 


(d)           Available
Shares Insufficient. In the event that the aggregate number of shares of Stock that all Participants elect to purchase during an Offering
Period exceeds the maximum number of shares of Stock remaining available for issuance under Section 14(a) of the Plan,
then the number of shares of Stock a Participant shall purchase shall be determined by multiplying the number of shares of Stock available
for issuance by a fraction, the numerator of which is the number of shares of Stock that such Participant has elected to purchase and
the denominator of which is the number of shares of Stock that all Participants have elected to purchase.


 






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(e)           Issuance
of Shares. Shares of Stock shall be issued either in book entry form or in certificates. Certificates, if any, representing the shares
of Stock purchased by a Participant under the Plan shall be issued to the Participant, or book entry in the Participant’s name shall
be made, as soon as reasonably practicable after the close of the applicable Offering Period, except that the Committee may determine
that such certificates shall be held for each Participant’s benefit by a broker designated by the Committee. Shares may be registered
in the name of the Participant or jointly in the name of the Participant and his or her spouse as joint tenants with right of survivorship
or as community property or in such other manner of taking title as may be permitted under applicable law or regulation; provided, however,
that unless otherwise required by applicable law or specified by the Participant in writing, shares of Stock purchased under the Plan
will be registered in the name of the Participant.


 


(f)            Transfer
of Shares. If certificates representing shares of Stock are not otherwise issued to the Participant in connection with the purchase
of such shares at the end of an Offering Period, a Participant may elect to transfer any number of shares of Stock previously purchased
under the Plan by providing notification and transfer instructions to Company or the broker designated by the Company, in accordance with
procedures established under the Plan. As soon as administratively practicable following receipt of a Participant’s election to
transfer shares of Stock, the Company or the designated broker shall cause a transfer of the shares or a certificate representing the
number of shares to be transferred to be delivered to the Participant or a broker designated by the Participant.


 


(g)           Unused
Cash Balances. Any amount remaining in the Participant’s Plan Account that represents the Purchase Price for shares that could
not be purchased by reason of Section 9(b) or Section 14(a) of the Plan or otherwise shall be refunded
to the Participant in cash, without interest, promptly after the end of the applicable Offering Period (unless otherwise required by Section 8(c) with
respect to fractional shares).


 


SECTION 9.     LIMITATIONS
ON STOCK OWNERSHIP.


 


(a)            Five
Percent Limit. Any other provision of the Plan notwithstanding, no Participant shall be granted a right to purchase Stock under the
Plan if such Participant, immediately after his or her election to purchase such Stock, would own stock possessing 5% or more of the total
combined voting power or value of all classes of stock of the Company or any Parent or Qualifying Subsidiary. For purposes of this Section 9(a),
the following rules shall apply:


 


(i)            the
attribution rules of Section 424(d) of the Code shall be applied in determining ownership of Stock;


 


(ii)           each
Participant shall be deemed to own any stock that he or she has a right or option to purchase under this Plan or any other plan or arrangement;
and


 


(iii)        each
Participant shall be deemed to have the right to purchase under this Plan with respect to each Offering Period 10,000 shares of Stock
(as adjusted pursuant to Section 8(c) of the Plan), subject to adjustment pursuant to Section 14(b) of
the Plan.


 






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(b)            Dollar
Limit. Any other provision of the Plan notwithstanding, consistent with Treasury Regulation Section 1.423-2(i), no Participant
shall purchase Stock under this Plan and all other employee stock purchase plans of the Company or any Parent or Qualifying Subsidiary
at a rate that exceeds $25,000 in fair market value of the Stock (determined at the time the option is granted) for each calendar year
in which any option granted to the Participant is outstanding at any time.


 


For purposes of this Section 9(b),
the Fair Market Value of Stock shall be determined as of the first day of the Offering Period in which such Stock is purchased. Employee
stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Section 9(b) from
purchasing additional Stock under the Plan, then his or her employee contributions shall automatically be discontinued, and shall resume
(in accordance with the Participant’s most recently-filed enrollment form) on the first day of the earliest Offering Period in which
this Section 9(b) would not prohibit such participation, provided that he or she then is an Eligible Employee.


 


SECTION 10.    RIGHTS
NOT TRANSFERABLE.


 


The rights of any Participant
under the Plan, or the interest in any Stock or moneys to which any Participant may be entitled under the Plan, shall not be transferable
by voluntary or involuntary assignment or by operation of law, or in any manner other than by beneficiary designation or the laws of descent
and distribution. If a Participant attempts to transfer, assign or otherwise encumber his or her rights or interest under the Plan, other
than as permitted by this Section 10, such act shall be treated as an election by the Participant to withdraw from the Plan
under Section 6(a) of the Plan.


 


SECTION 11.    NO
RIGHTS AS AN EMPLOYEE.


 


Nothing in the Plan or in
any right granted under the Plan shall confer upon the Participant any right to continue in the employ of a Participating Company for
any period or interfere with or otherwise restrict in any way the rights of the Participating Companies or of the Participant, which rights
are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without cause, to the
fullest extent permitted by applicable laws or regulations.


 


SECTION 12.    NO
RIGHTS AS A STOCKHOLDER.


 


A Participant shall have no
rights as a stockholder with respect to any shares of Stock that he or she may have a right to purchase under the Plan until such shares
have been purchased and transferred or credited to the Participant.


 


SECTION 13.    SECURITIES
LAW REQUIREMENTS.


 


Shares of Stock shall not
be issued under the Plan unless the issuance and delivery of such shares comply with (or are exempt from) all applicable requirements
of law, including, without limitation, the U.S. Securities Act of 1933, as amended, the rules and regulations promulgated thereunder,
all state securities laws and regulations, any applicable non-U.S. securities laws and regulations, and the regulations of any stock exchange
or other securities market on which the Company’s securities are then traded or listed.


 






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SECTION 14.   STOCK
OFFERED UNDER THE PLAN.


 


(a)           Authorized
Shares. The aggregate number of shares of Stock available for purchase under the Plan as of the Effective Date shall be 11,068,989
and on January 1 of each year during which the Plan is in effect, commencing on January 1, 2023, the number of shares of Stock
available for purchase under the Plan shall be increased by the lesser of (x) 11,068,989 shares of Stock, (y) 1% of the number
of shares of all classes of common stock of the Company outstanding as of the immediately preceding December 31 (calculated on a
fully diluted basis, including derivative securities of the Company and securities of GBT JerseyCo Limited that may become convertible
for equity securities of the Company), and (z) such lesser number of shares of Stock as the Board may determine, in each case, as
subject to adjustment as provided in this Section 14. Shares of Stock issued under the Plan may be shares already outstanding or
newly issued or treasury shares. Notwithstanding the foregoing or anything contained in the Plan to the contrary, not more than 65,085,654
shares of Stock may be issued under the 423 Component, and not more than 65,085,654 shares of Stock may be issued under the Non-423 Component.


 


(b)           Changes
in Capitalization. In the event of a reorganization, recapitalization, stock split, spin-off, split-off, split-up, stock or extraordinary
cash dividend or other distribution, combination of shares, merger, amalgamation, consolidation or any other change in the corporate structure
of the Company, or a sale by the Company of all or part of its assets, in any case, that occurs on or after the date the Plan is approved
by the Board (even if such date is prior to the Effective Date), the Committee shall make such adjustments to the aggregate number of
shares of Stock offered under the Plan, the number of shares set forth in clause (x) of Section 14(a) of the Plan,
the share limitation described in Section 8(c) of the Plan (and the corresponding number of shares specified in clause
(iii) of Section 9(a) of the Plan) and/or the price of shares that any Participant may elect to purchase under the
Plan as may be necessary to prevent the dilution or enlargement of Participants’ rights. The Plan shall in no event be construed
to restrict in any way the Company’s right to undertake a dissolution, liquidation, merger, amalgamation, consolidation or other
reorganization or corporate transaction of any kind or type.


 


(c)            Change
in Control. Any other provision of the Plan notwithstanding, immediately prior to the effective time of a Change in Control, the Plan
shall terminate and shares shall be purchased pursuant to Section 8 of the Plan as if the Offering Period during which such
Change in Control occurs was scheduled to end on the day immediately preceding such Change in Control, unless the Plan is expressly assumed
by the surviving corporation, the buyer or an affiliate of the foregoing. In addition, in anticipation of a Change in Control, the Committee
may take any action under the Plan as it deems necessary or appropriate, including, without limitation, terminating the Plan and preventing
Participants from continuing their contributions to the Plan.


 






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SECTION 15.   WITHHOLDING


 


To the extent any payments,
exercises, purchases or distributions under the Plan, or at the time a Participant disposes of some or all of the shares of Stock he or
she acquired under the Plan, are determined by any Participating Company to be subject to U.S. Federal, state or local taxes, or the taxes
of a jurisdiction other than the United States, the Participating Company (and each affiliate thereof) is authorized (but not obligated)
to withhold any required taxes. The withholding obligation may be satisfied by (i) withholding shares of Stock purchased under the
Plan; (ii) withholding from the proceeds from the sale of shares of Stock purchased under the Plan, either through a voluntary sale
or through a mandatory sale arranged by the Company; (iii) deducting cash from a Participant’s Plan Account; (iv) deducting
cash from a Participant’s other cash compensation payable to him or her by any Participating Company (or any affiliate thereof)
or (v) any other method deemed appropriate by the Participating Company (or any affiliate thereof), in each case, as approved by
the Committee. A Participant’s election to participate in the Plan authorizes any Participating Company (and any affiliate thereof)
to take any of the actions described in the preceding sentence. Withholding in shares of Stock shall occur at a rate that is less than
the rate that would result in liability or variable accounting treatment. Participants who are subject to Section 16 of the Securities
Exchange Act of 1934, as amended, with respect to the Company, any Parent or any Subsidiary may elect to have withholding occur by reducing
the number of shares of Stock otherwise to be received by them upon the purchase of shares of Stock under the Plan (or by using shares
of Stock otherwise credited to their Plan Account that have been held for more than six months).


 


SECTION 16.    GOVERNING
LAW; DISPUTE RESOLUTION; WAIVER OF JURY TRIAL


 


Except where U.S. Federal
law is applicable to or controls any part of this Plan, the validity, construction and effect of this Plan shall be construed and enforced
in accordance exclusively under the laws of the State of Delaware, without giving effect to the choice of law principles thereof. Any
dispute not amicably resolved between the Company or any of its Subsidiaries, Qualifying Subsidiaries or Affiliates on the one hand and
a Participant on the other shall be subject to the exclusive jurisdiction of the Federal courts located in the borough of Manhattan, New
York City, New York (or if Federal jurisdiction does not exist, then the state courts located in the borough of Manhattan, New York City,
New York). BY PARTICIPATING IN THIS PLAN, THE COMPANY, EACH SUBSIDIARY, QUALIFYING SUBSIDIARY AND AFFILIATE AND EACH PARTICIPANT
HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION
WITH, OR ARISING OUT OF, THIS PLAN, OR THE VALIDITY, PROTECTION, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF (WHETHER ARISING
IN CONTRACT, EQUITY, TORT OR OTHERWISE).


 


SECTION 17.    NON-423
COMPONENT AND SUB-PLANS


 


The Board and/or the Committee
may adopt procedures and sub-plans to this Plan that are necessary or appropriate to permit or facilitate participation in the Plan by
Eligible Employees who are employed or located in a jurisdiction other than the United States or to generally operate the Plan in jurisdictions
outside the United States (provided that such procedures or sub-plans would not result in (i) the Plan failing to be eligible to
qualify under Section 423 of the Code or (ii) any offering under the 423 Component not complying with Section 423 of the
Code). Without limiting the generality of, but consistent with, the foregoing, the Board and/or the Committee are expressly authorized
to adopt rules, procedures, and sub-plans, which, for purposes of the Non-423 Component, may be beyond the scope of Section 423 of
the Code, regarding, without limitation, eligibility to participate in the Plan, excluding Employees in certain countries under the Non-423
Component (even if employed by a Participating Company), handling and making of employee contributions under the Plan, satisfying payroll
taxes, determining beneficiaries, withholding procedures and issuances of Stock, any of which may vary from time to time and between jurisdictions,
as determined by the Board and/or the Committee.


 






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SECTION 18.   TAX
QUALIFICATION.


 


The 423 Component is intended
to be exempt from the application of Section 409A of the Code under Section 1.409A-1(b)(5)(ii) of the U.S. Treasury Regulations.
Purchases of Stock by Participants who are U.S. taxpayers participating in the Non-423 Component are intended to be exempt from the application
of Section 409A of the Code under the short-term deferral exception and any ambiguities will be construed and interpreted in accordance
with such intent. Subject to the provisions of this Section 18, Participants who are U.S. taxpayers participating in the Non-423
Component shall be subject to such terms and conditions as shall permit his or her participation in the Plan to satisfy the requirements
of the short-term deferral exception to Section 409A of the Code, including the requirement that the shares subject to the right
to purchase Stock under the Plan be delivered within the short-term deferral period. Notwithstanding the foregoing or any other provision
of the Plan to the contrary, neither the Company nor any Parent, Qualifying Subsidiary or Subsidiary shall have any liability to a Participant
or any other person or entity if the right to purchase Stock under the Plan that is intended to be exempt from or compliant with Section 409A
of the Code is not so exempt or compliant or for any action taken by the Committee, the Board, the Company or any Parent, Qualifying Subsidiary
or Subsidiary in relation thereto. Notwithstanding the foregoing or any other provision of the Plan to the contrary, although the Company
may endeavor to (i) qualify the 423 Component or Non-423 Component for special tax treatment under the laws and regulations of the
United States or of a jurisdiction other than the United States or (ii) avoid adverse tax treatment (e.g., under Section 409A
of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain special, or to avoid
unfavorable, tax treatment. The Company and each Parent, Qualifying Subsidiary, Subsidiary and Affiliate shall be unconstrained in their
activities without regard to any potentially negative tax impact on any one or more Participants.


 


SECTION 19.   SEVERABILITY.


 


If any particular provision
of the Plan is found to be invalid or otherwise unenforceable, such provision shall not affect the other provisions of the Plan, and the
Plan shall be construed in all respects as if such invalid provision were omitted. Any provision of the Plan that would cause an offering
under the 423 Component to violate Section 423 of the Code shall be null and void ab initio.


 


SECTION 20.   AMENDMENT
AND TERMINATION.


 


The Board shall have the right
to amend, suspend or terminate the Plan, and to shorten an Offering Period (and refund Participant contributions in the event of any such
shortening, suspension or termination) at any time and without notice. Any increase in the aggregate number of shares of Stock to be issued
under the Plan shall be subject to approval by a vote of the stockholders of the Company. In addition, any other amendment of the Plan
shall be subject to approval by a vote of the stockholders of the Company to the extent required by applicable law, rule or regulation,
including, without limitation, Section 423 of the Code, or by the rules of any applicable stock exchange. No amendment, termination
or suspension of the Plan shall require the consent of any Participant unless otherwise required by applicable law or the rules of
any applicable stock exchange. The Plan shall terminate on the earlier to occur of (i) a termination of the Plan by the Board (pursuant
to this Section 20), (ii) the tenth anniversary of the date the Plan is approved by the Board or (iii) the tenth
anniversary of the date the Plan is approved by the stockholders of the Company.


 


[End of Plan]


 






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