Exhibit 10.4








 


OUTBRAIN
Inc.



2021 LONG-TERM INCENTIVE PLAN


 






    


     


    







 





TABLE OF CONTENTS


 





	 	 	Page
	 	 	 
	SECTION 1	GENERAL	1
	1.1.	Purpose	1
	1.2.	Participation	1
	1.3.	Foreign Participants	1
	1.4.	Operation and Administration	1
	1.5.	History	1
	SECTION 2	DEFINITIONS	1
	SECTION 3	SHARES AND PLAN LIMITS	4
	3.1.	Shares of Stock and Other Amounts Subject to Plan	4
	3.2.	Adjustments	6
	3.3.	Plan Limitations	6
	SECTION 4	OPTIONS	6
	4.1.	Grant of Options	6
	4.2.	Option Agreement	7
	4.3.	Term of Option	7
	4.4.	Exercise Price	7
	4.5.	Payment of Option Exercise Price	7
	4.6.	No Repricing	8
	SECTION 5	FULL VALUE AWARDS	8
	5.1.	Grant of Full Value Award	8
	5.2.	Full Value Award Agreement	8
	5.3.	Conditions	8
	SECTION 6	CHANGE IN CONTROL	8
	6.1.	Change in Control	9
	6.2.	Committee Actions on a Change in Control	9
	SECTION 7	COMMITTEE	9
	7.1.	Administration	9
	7.2.	Selection of Committee	9
	7.3.	Powers of Committee	10
	7.4.	Delegation by Committee	10
	7.5.	Information to be Furnished to Committee	11
	7.6.	Liability and Indemnification of Committee	11
	SECTION 8	AMENDMENT AND TERMINATION	12
	SECTION 9	GENERAL PROVISIONS	12
	9.1.	General Restrictions	12
	9.2.	Tax Withholding	12


 






    i


     


    










 


Table of
Contents


(continued)





 


	 	 	Page
	 	 	 
	9.3.	Grant and Use of Awards	12
	9.4.	Dividends and Dividend Equivalents	13
	9.5.	Settlement of Awards	13
	9.6.	Transferability	13
	9.7.	Form and Time of Elections	14
	9.8.	Agreement With Company	14
	9.9.	Action by Company or Subsidiary	14
	9.10.	Gender and Number	14
	9.11.	Limitation of Implied Rights	14
	9.12.	Evidence	15
	9.13.	Limitations under Section 409A	15
	EXHIBIT A.	Israeli Exhibit	A-1
	EXHIBIT B	UK Tax-Qualified Options	B-1


 






    ii


     


    










 





Outbrain
Inc.

2021 OMNIBUS LONG-TERM INCENTIVE PLAN


 


SECTION 1


 


GENERAL


 


1.1            Purpose.
The Outbrain Inc. 2021 Omnibus Long-Term Incentive Plan (the “Plan”) has been established by Outbrain Inc., a Delaware corporation,
(the “Company”) to (i) attract and retain persons eligible to participate in the Plan; (ii) motivate Participants,
by means of appropriate incentives, to achieve long-range goals; (iii) provide incentive compensation opportunities that are competitive
with those of other similar companies; and (iv) further align the interests of Participants with those of the Company’s other
stockholders through compensation that is based on the Company’s shares; and thereby promote the long-term financial interest of
the Company and the Related Companies, including the growth in value of the Company’s shares and enhancement of long-term stockholder
return. Capitalized terms in the Plan are defined in Section 2.


 


1.2            Participation.
Subject to the terms and conditions of the Plan, the Committee shall determine and designate, from time to time, from among the Eligible
Individuals, those persons who will be granted one or more Awards under the Plan, and thereby become “Participants” in the
Plan.


 


1.3            Foreign
Participants. In order to assure the viability of Awards granted to Participants who are subject to taxation in foreign jurisdictions,
the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law,
tax policy, or custom. Moreover, the Committee may approve such appendixes, supplements to, or amendments, restatements, or alternative
versions of the Plan, as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as
in effect for any other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall
increase the share limitations contained in Section 3.1 of the Plan.


 


1.4            Operation
and Administration. The operation and administration of the Plan, including the Awards made under the Plan, shall be subject to the
provisions of Section 7 (relating to operation and administration).


 


1.5            History.
The Plan was adopted by the Company on [________], 2021, subject to approval by stockholders. To the extent not prohibited by Applicable
Laws, Awards which are to use shares of Stock reserved under the Plan that are contingent on the approval by the Company’s stockholders
may be granted prior to that meeting contingent on such approval. The Plan shall be unlimited in duration and, in the event of Plan termination,
shall remain in effect as long as any Awards under it are outstanding; provided, however, that no Awards may be granted under the Plan
after the ten-year anniversary of the date on which the stockholders approved the Plan.


 





 


SECTION 2


 


Definitions


 


2.1            “Applicable
Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal
and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable
laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.


 





2.2            “Award
Agreement” means the written agreement, including an electronic agreement, setting forth the terms and conditions applicable to
each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.


 


2.3            “Award”
means any award or benefit granted under the Plan, including, without limitation, the grant of Options and Full Value Awards.


 


2.4            “Board”
means the Board of Directors of the Company.


 


2.5            “Change
in Control” means the first to occur of any of the following:


 


(a)            the
consummation of a purchase or other acquisition by any person, entity or group of persons (within the meaning of Section 13(d) or
14(d) of the Exchange Act or any comparable successor provisions, other than an acquisition by a trustee or other fiduciary holding
securities under an employee benefit plan or similar plan of the Company or a Related Company), of “beneficial ownership”
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the outstanding shares of Stock or
the combined voting power of the Company’s then outstanding voting securities entitled to vote generally;


 


(b)            the
consummation of a reorganization, merger, consolidation, acquisition, share exchange or other corporate transaction of the Company, in
each case with respect to which persons who were stockholders of the Company immediately prior to such reorganization, merger or consolidation
do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors
of the reorganized, merged or consolidated company’s then outstanding securities;


 


(c)            the
consummation of any plan of liquidation or dissolution of the Company providing for the sale or distribution of substantially all of the
assets of the Company and its Subsidiaries or the consummation of a sale of substantially all of the assets of the Company and its Subsidiaries;
or


 


(d)            at
any time during any period of two consecutive years, individuals who at the beginning of such period were members of the Board cease for
any reason to constitute at least a majority thereof (unless the election, or the nomination for election by the Company’s stockholders,
of each new director was approved by a vote of at least two-thirds of the directors still in office at the time of such election or nomination
who were directors at the beginning of such period).


 






    1


     


    

 


2.6            “Code”
means the United States Internal Revenue Code of 1986, as amended. A reference to any provision of the Code shall include reference to
any successor provision of the Code.


 


2.7            “Committee”
has the meaning set forth in Section 7.1.





 


2.8            “Common
Stock” or “Stock” means the common stock of the Company.


 


2.9            “Company”
has the meaning set forth in Section 1.1.


 


2.10            “Consultant”
means any natural person engaged as a consultant or advisor by the Company or a Parent or Subsidiary or other Related Company (as determined
by the Committee) to render bona fide services to such entity and such services are not in connection with the sale of shares of Stock
in a capital-raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s securities.


 


2.11            “Director”
means a member of the Board.


 


2.12            “Eligible
Individual” means any Employee, Consultant or Director; provided, however, that to the extent required by the Code, an ISO may only
be granted to an Employee of the Company or a Parent or Subsidiary. An Award may be granted to an Employee, Consultant or Director, in
connection with hiring, retention or otherwise, prior to the date the Employee, Consultant or Director first performs services for the
Company or the Subsidiaries, provided that such Awards shall not become vested prior to the date the Employee, Consultant or Director
first performs such services.


 


2.13            “Employee”
means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company or a Related Company
(as determined by the Committee). Neither service as a Director nor payment of a director’s fee by the Company will be sufficient
to constitute “employment” by the Company.


 


2.14            “Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


2.15            “Exercise
Price” of each Option granted under this Plan shall be established by the Committee or shall be determined by a method established
by the Committee at the time the Option is granted.


 


2.16            “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:


 


(a)            If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New York Stock
Exchange, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted
on such exchange or system on the last previous trading day prior to such date of determination, as reported in The Wall Street Journal
or such other source as the Committee deems reliable;


 






    2


     


    

 


(b)            If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a
share of Stock will be the mean between the high bid and low asked prices for the Common Stock on the last previous trading day prior
to such date of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and
asks were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or





 


(c)            In
the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Committee.


 


2.17            A
 “Full Value Award” is a grant of one or more shares of Stock or a right to receive one or more shares of Stock in the future,
with such grant subject to one or more conditions, as determined by the Committee.


 


2.18            An
 “Incentive Stock Option” or an “ISO” is an Option that is intended to satisfy the requirements applicable to an
 “incentive stock option” described in Section 422(b) of the Code.


 


2.19            A
 “Non-Qualified Option” or an “NQO” is an Option that is not intended to be an “incentive stock option”
as that term is described in Section 422(b) of the Code.


 


2.20            An
 “Option” entitles the Participant to purchase shares of Stock at an Exercise Price established by the Committee. Any Option
granted under this Plan may be either an ISO or an NQO as determined in the discretion of the Committee.


 


2.21            “Outside
Director” means a Director of the Company who is not an officer or employee of the Company or the Related Companies.


 


2.22            “Parent”
means a parent corporation within the meaning of Section 424(e) of the Code.


 


2.23            “Participant”
means the holder of an outstanding Award.


 


2.24            “Period
of Restriction” means the period during which the transfer of shares of Stock are subject to restrictions and therefore, the shares
of Stock are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target
levels of performance, or the occurrence of other events as determined by the Committee.


 


2.25            “Plan”
has the meaning set forth in Section 1.1.


 


2.26            “Related
Company” means any corporation, partnership, joint venture, limited liability company or other entity during any period in which
a controlling interest in such entity is owned, directly or indirectly, by the Company (or by any entity that is a successor to the Company),
and any other business venture designated by the Committee in which the Company (or any entity that is a successor to the Company) has,
directly or indirectly, a significant interest (whether through the ownership of securities or otherwise), as determined in the discretion
of the Committee.


 






    3


     


    

 


2.27            “Securities
Act” means the Securities Act of 1933, as amended.


 


2.28            “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.


 


2.29            “Termination
Date” means the date on which a Participant both ceases to be an employee of the Company and the Related Companies and ceases to
perform material services for the Company and the Related Companies (whether as a director or otherwise), regardless of the reason for
the cessation; provided that a “Termination Date” shall not be considered to have occurred during the period in which the
reason for the cessation of services is a leave of absence approved by the Company or the Related Company which was the recipient of the
Participant’s services; and provided, further that, with respect to an Outside Director, “Termination Date” means the
date on which the Outside Director’s service as an Outside Director terminates for any reason. If, as a result of a sale or other
transaction, the entity for which the Participant performs services ceases to be a Related Company (and such entity is or becomes an entity
separate from the Company), the occurrence of such transaction shall be the Participant’s Termination Date. With respect to Awards
that constitute deferred compensation subject to Section 409A of the Code, references to the Participant’s termination of employment
(including references to the Participant’s employment termination, and to the Participant terminating employment, a Participant’s
separation from service, and other similar reference) and references to a Participant’s termination as a Director (including separation
from service and other similar references) shall mean the date that the Participant incurs a “separation from service” within
the meaning of Section 409A of the Code.





 


SECTION 3


 


shares
of Stock and plan limits


 


3.1            Shares
of Stock and Other Amounts Subject to Plan. The shares of Stock for which Awards may be granted under the Plan shall be subject to
the following:


 


(a)            Subject
to the following provisions of this Section 3.1, the maximum number of shares of Stock that may be delivered to Participants and
their beneficiaries under the Plan shall be [______] shares of Stock (which number includes all shares available for delivery under this
Section 3.1(a) since the establishment of the Plan, determined in accordance with the terms of the Plan). Shares of Stock issued
by the Company in connection with awards that are assumed or substituted in connection with a reorganization, merger, consolidation, acquisition,
share exchange or other corporate transaction shall not be counted against the number of shares of Stock that may be issued with respect
to Awards under the Plan.


 


(b)            The
aggregate number of shares of Stock that may be delivered pursuant to the Plan as specified in Section 3.1(a) will automatically
increase on January 1 of each year, for a period of not more than ten (10) years, commencing on January 1 of the year following
the year in which the Effective Date occurs and ending on (and including) January 1, 2031, in an amount equal to [__] percent ([__]%)
of the total number of shares of Stock outstanding on December 31 of the preceding calendar year. Notwithstanding the foregoing,
the Committee may act prior to January 1 of a given year to provide that there will be no January 1 increase for such year or
that the increase for such year will be a lesser number of Shares than provided herein.


 






    4


     


    

 


(c)            Only
shares of Stock, if any, actually delivered to the Participant or beneficiary on an unrestricted basis with respect to an Award shall
be treated as delivered for purposes of the determination under Section 3.1(a) above, regardless of whether the Award is denominated
in shares of Stock or cash. Consistent with the foregoing:


 





(i)            To
the extent any shares of Stock covered by an Award are not delivered to a Participant or beneficiary because the Award is forfeited or
cancelled, or the shares of Stock are not delivered on an unrestricted basis (including, without limitation, by reason of the Award being
settled in cash), such shares of Stock shall not be deemed to have been delivered for purposes of the determination under Section 3.1(a) above.


 


(ii)            Subject
to the provisions of paragraph (i) above, the total number of shares of Stock covered by an Award will be treated as delivered for
purposes of this Section 3.1(c) to the extent payments or benefits are delivered to the Participant with respect to such shares.
Accordingly, (A) if shares covered by an Award are used to satisfy the applicable tax withholding obligation or Exercise Price, the
number of shares held back by the Company to satisfy such withholding obligation or Exercise Price shall be considered to have been delivered;
(B) if the Exercise Price of any Option granted under the Plan is satisfied by tendering shares of Stock to the Company (by either
actual delivery or by attestation, including shares of Stock that would otherwise be distributable upon the exercise of the Option), the
number of shares tendered to satisfy such Exercise Price shall be considered to have been delivered; and (C) if shares of Stock are
repurchased by the Company with proceeds received from the exercise of an option issued under this Plan, the total number of such shares
repurchased shall be deemed delivered.


 


(d)            The
shares of Stock with respect to which Awards may be made under the Plan shall be: (i) shares currently authorized but unissued; (ii) to
the extent permitted by Applicable Law, shares currently held or acquired by the Company as treasury shares, including shares purchased
in the open market or in private transactions; or (iii) shares purchased in the open market by a direct or indirect wholly-owned
subsidiary of the Company (as determined by the Chief Executive Officer or the Chief Financial Officer of the Company). The Company may
contribute to the subsidiary or trust an amount sufficient to accomplish the purchase in the open market of the shares of Stock to be
so acquired (as determined by the Chief Executive Officer or the Chief Financial Officer of the Company).


 






    5


     


    

 


3.2            Adjustments.
In the event of a corporate transaction involving the Company (including, without limitation, any share dividend, share split, extraordinary
cash dividend, recapitalization, reorganization, merger, amalgamation, consolidation, share exchange split-up, spin-off, sale of assets
or subsidiaries, combination or exchange of shares), the Committee shall, in the manner it determines equitable in its sole discretion,
adjust Awards to reflect the transactions. Action by the Committee may include: (i) adjustment of the number and kind of shares which
may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment
of the Exercise Price of outstanding Options; and (iv) any other adjustments that the Committee determines to be equitable (which
may include, without limitation, (A) replacement of Awards with other Awards which the Committee determines have comparable value
and which are based on shares of a company resulting from the transaction, and (B) cancellation of the Award in return for cash payment
of the current value of the Award, determined as though the Award is fully vested at the time of payment, provided that in the case of
an Option, the amount of such payment will be the excess of value of the shares of Stock subject to the Option at the time of the transaction
over the Exercise Price). However, in no event shall this Section 3.2 be construed to permit a modification (including a replacement)
of an Option if such modification either: (i) would result in accelerated recognition of income or imposition of additional tax under
Section 409A of the Code; or (ii) would cause the Option subject to the modification (or cause a replacement Option) to be subject
to Section 409A of the Code, provided that the restriction of this clause (ii) shall not apply to any Option that, at the time
it is granted or otherwise, is designated as being deferred compensation subject to Section 409A of the Code.








 





3.3            Plan
Limitations. Subject to Section 3.2, the following additional maximums are imposed under the Plan: the maximum number of shares
of Stock that may be delivered to Participants and their beneficiaries with respect to ISOs granted under the Plan shall be [______] shares
of Stock (which number includes all shares of Stock available for delivery under this Section 3.3(a) since the establishment
of the Plan, determined in accordance with the terms of the Plan); provided, however, that to the extent that shares of Stock not delivered
must be counted against this limit as a condition of satisfying the rules applicable to ISOs, such rules shall apply to the
limit on ISOs granted under the Plan; [provided, further, that such limit will automatically increase on January 1 of each year,
for a period of not more than ten (10) years, commencing on January 1 of the year following the year in which the Effective
Date occurs and ending on (and including) January 1, 2031, in an amount equal to four percent (4%) of the total number of shares
of Stock outstanding on the date that this Plan is adopted].


 


SECTION 4


 


OPTIONS


 


4.1            Grant
of Options. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant Options to
an Eligible Individual in such amounts as the Committee, in its sole discretion, will determine. Each Option will be designated in the
Award Agreement as either an ISO or an NQO. Notwithstanding a designation for a grant of Options as ISOs, however, to the extent that
the aggregate Fair Market Value of the shares of Stock with respect to which ISOs are exercisable for the first time by the Participant
during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options will be treated
as NQOs. For purposes of this Section 4.1, ISOs will be taken into account in the order in which they were granted, the Fair
Market Value of the shares of Stock will be determined as of the time the Option with respect to such shares of Stock is granted and calculation
will be performed in accordance with Section 422 of the Code and Treasury Regulations promulgated thereunder.


 






    6


     


    

 


4.2            Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the date of grant of the Option, the
Exercise Price, the term of the Option, the number of shares of Stock subject to the Option, the exercise restrictions, if any, applicable
to the Option, including the dates upon which the Option is first exercisable in whole and/or part, and such other terms and conditions
as the Committee, in its sole discretion, may determine. Except as otherwise determined by the Committee in its sole discretion, subject
to the Participant not incurring a Termination Date prior to the applicable vesting date, one-fourth of the Option shall become vested
on the first anniversary of the date of grant and one-sixteenth of the Option shall become vested on the quarterly anniversary of the
date of grant thereafter until such Option is fully vested on the fourth anniversary of the date of grant.


 





4.3            Term
of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more than 10
years from the date of grant thereof. In the case of an ISO granted to a Participant who, at the time the ISO is granted, owns capital
stock representing more than 10% of the total combined voting power of all classes of capital stock of the Company or any Parent or Subsidiary,
the term of the ISO will be five years from the date of grant or such shorter term as may be provided in the Award Agreement.


 


4.4            Exercise
Price. The Exercise Price shall not be less than 100% of the Fair Market Value of a share of Stock on the date of grant (or, if greater,
the par value, if any, of a share of Stock). In addition, in the case of an ISO granted to an Employee who owns capital stock representing
more than 10% of the voting power of all classes of capital stock of the Company or any Parent or Subsidiary, the per share Exercise Price
will be no less than 110% of the Fair Market Value per share of Stock on the date of grant. Notwithstanding the foregoing provisions of
this Section 4.4, Options may be granted with a per share Exercise Price of less than 100% of the Fair Market Value per share of
Stock on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code.


 


4.5            Payment
of Option Exercise Price. The payment of the Exercise Price of an Option granted under this Section 4 shall be subject to the
following:


 


(a)            Subject
to the following provisions of this Section 4.5, the full Exercise Price for shares of Stock purchased upon the exercise of any Option
shall be paid at the time of such exercise (except that, in the case of an exercise arrangement approved by the Committee and described
in Section 4.5(c), payment may be made as soon as practicable after the exercise).


 


(b)            Subject
to Applicable Law, the full Exercise Price shall be payable in cash, by promissory note, or by tendering, by either actual delivery of
shares or by attestation, shares of Stock acceptable to the Committee (including shares otherwise distributable pursuant to the exercise
of the Option), and valued at Fair Market Value as of the day of exercise, or in any combination thereof, as determined by the Committee.


 






    7


     


    

 


(c)            Subject
to Applicable Law, if shares are publicly traded, the Committee may permit a Participant to elect to pay the Exercise Price upon the exercise
of an Option by irrevocably authorizing a third party to sell shares of Stock (or a sufficient portion of the shares of Stock) acquired
upon exercise of the Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any
tax withholding resulting from such exercise.


 


4.6            No
Repricing. Except for either adjustments pursuant to Section 3.2 (relating to the adjustment of shares of Stock), or reductions
of the Exercise Price approved by the Company’s stockholders, the Exercise Price for any outstanding Option may not be decreased
after the date of grant nor may an outstanding Option granted under the Plan be surrendered to the Company as consideration for the grant
of a replacement Option with a lower Exercise Price. Except as approved by Company’s stockholders, in no event shall any Option
granted under the Plan be surrendered to Company in consideration for a cash payment or the grant of any other Award if, at the time of
such surrender, the Exercise Price of the Option is greater than the then current Fair Market Value of a share of Stock. In addition,
no repricing of an Option shall be permitted without the approval of Company’s stockholders if such approval is required under the
rules of any stock exchange on which Stock is listed.





 


SECTION 5


 


FULL
VALUE AWARDS


 


5.1            Grant
of Full Value Award. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant
Full Value Awards to Eligible Individuals in such amounts as the Committee, in its sole discretion, will determine.


 


5.2            Full
Value Award Agreement. Each Full Value Award will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of shares of Stock granted and such other terms and conditions as the Committee, in its sole discretion, may determine. Except
as otherwise determined by the Committee in its sole discretion, subject to the Participant not incurring a Termination Date prior to
the applicable vesting date, one-fourth of the Full Value Award shall become vested on the first anniversary of the date of grant and
one-sixteenth of the Full Value Award shall become vested on the quarterly anniversary of the date of grant thereafter until such Full
Value Award is fully vested on the fourth anniversary of the date of grant.


 


5.3            Conditions.
A Full Value Award may be subject to one or more of the following, as determined by the Committee:


 


(a)            The
grant shall be in consideration of a Participant’s previously performed services, or surrender of other compensation that may be
due.


 


(b)            The
grant shall be contingent on the achievement of performance or other objectives during a specified period.


 






    8


     


    

 


(c)            The
grant shall be subject to a risk of forfeiture or other restrictions that will lapse upon the achievement of one or more goals relating
to completion of service by the Participant, or achievement of performance or other objectives.


 


The grant of Full Value Awards may also be subject
to such other conditions, restrictions and contingencies, as determined by the Committee.


 


SECTION 6


 


CHANGE
IN CONTROL


 


6.1            Change
in Control. Subject to the provisions of Section 3.2 and the authority of the Committee to take the actions permitted pursuant
to Section 6.2, the occurrence of a Change in Control shall have the effect, if any, with respect to any Award as set forth in the
Award Agreement or, to the extent not prohibited by the Plan or the Award Agreement, as provided by the Committee.


 





6.2            Committee
Actions on a Change in Control. On a Change in Control, if the Plan is terminated by the Company or its successor without provision
for the continuation of outstanding Awards hereunder, the Committee may cancel any outstanding Awards in return for cash payment of the
current value of the Award, determined with the Award fully vested at the time of payment, provided that in the case of an Option, the
amount of such payment will be the excess of value of the shares of Stock subject to the Option at the time of the transaction over the
Exercise Price; provided, further, that in the case of an Option, such Option will be cancelled with no payment if, as of the Change in
Control, the value of the shares of Stock subject to the Option at the time of the transaction are equal to or less than the Exercise
Price. However, in no event shall this Section 6.2 be construed to permit a payment if such payment would result in accelerated recognition
of income or imposition of additional tax under Section 409A of the Code.


 


SECTION 7


 


COMMITTEE


 


7.1            Administration.
The authority to control and manage the operation and administration of the Plan shall be vested in a committee (the “Committee”)
in accordance with this Section 7. The Committee shall be selected by the Board, and shall consist of two or more members of the
Board. Unless otherwise provided by the Board, the Compensation Committee of the Board shall serve as the Committee. As a committee of
the Board, the Committee is subject to the overview of the Board. If the Committee does not exist, or for any other reason determined
by the Board, and to the extent not prohibited by Applicable Law, the Board may take any action under the Plan that would otherwise be
the responsibility of the Committee.


 


7.2            Selection
of Committee. So long as the Company is subject to Section 16 of the Exchange Act, the Committee shall be selected by the Board
and shall consist of not fewer than two members of the Board or such greater number as may be required for compliance with Rule 16b-3
issued under the Exchange Act and shall be comprised of persons who are independent for purposes of applicable stock exchange listing
requirements and who would meet the requirements of a “non-employee director” within the meaning of Rule 16b-3 under
the Securities Exchange Act of 1934.


 






    9


     


    

 





7.3            Powers
of Committee. The Committee’s administration of the Plan shall be subject to the following:


 


(a)            Subject
to the provisions of the Plan, the Committee will have the authority and discretion to select individuals who shall be Eligible Individuals
and who, therefore, are eligible to receive Awards under the Plan. The Committee shall have the authority to determine the time or times
of receipt of Awards, to determine the types of Awards and the number of shares of Stock covered by the Awards, to establish the terms,
conditions, performance targets, restrictions and other provisions of such Awards, to cancel or suspend Awards and to accelerate the exercisability
or vesting of any Award under circumstances designated by it. In making such Award determinations, the Committee may take into account
the nature of services rendered by the respective employee, the individual’s present and potential contribution to the Company’s
or a Related Company’s success and such other factors as the Committee deems relevant.





 


(b)            To
the extent that the Committee determines that the restrictions imposed by the Plan preclude the achievement of the material purposes of
the Awards in jurisdictions outside the United States, the Committee will have the authority and discretion to modify those restrictions
as the Committee determines to be necessary or appropriate to conform to applicable requirements or practices of jurisdictions outside
of the United States.


 


(c)            The
Committee will have the authority and discretion to interpret the Plan, to establish, amend and rescind any rules and regulations
relating to the Plan, to determine the terms and conditions of any Award Agreement made pursuant to the Plan and to make all other determinations
that may be necessary or advisable for the administration of the Plan.


 


(d)            Any
interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding on all persons.


 


(e)            In
controlling and managing the operation and administration of the Plan, the Committee shall take action in a manner that conforms to applicable
corporate law.


 


(f)            Notwithstanding
any other provision of the Plan, no benefit shall be distributed under the Plan to any person unless the Committee, in its sole discretion,
determines that such person is entitled to benefits under the Plan.


 


7.4            Delegation
by Committee. Except to the extent prohibited by Applicable Law, the Committee may allocate all or any portion of its responsibilities
and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons
selected by it. Any such allocation or delegation may be revoked by the Committee at any time.


 






    10


     


    




 






7.5           Information
to be Furnished to Committee. The Company, Subsidiaries and any applicable Related Company shall furnish the Committee with such data
and information as it determines may be required for it to discharge its duties. The records of the Company, Subsidiaries and any applicable
Related Company as to an employee’s or Participant’s employment (or other provision of services), termination of employment
(or cessation of the provision of services), leave of absence, reemployment and compensation shall be conclusive on all persons unless
determined to be incorrect. Participants and other persons entitled to benefits under the Plan must furnish the Committee such evidence,
data or information as the Committee considers desirable to carry out the terms of the Plan.


 


7.6           Liability
and Indemnification of Committee. No member or authorized delegate of the Committee shall be liable to any person for any action taken
or omitted in connection with the administration of the Plan unless attributable to his own fraud or willful misconduct; nor shall the
Company or any Related Company be liable to any person for any such action unless attributable to fraud or willful misconduct on the part
of a director or employee of the Company or Related Company. The Committee, the individual members thereof and persons acting as the authorized
delegates of the Committee under the Plan, shall be indemnified by the Company against any and all liabilities, losses, costs and expenses
(including legal fees and expenses) of whatsoever kind and nature which may be imposed on, incurred by or asserted against the Committee
or its members or authorized delegates by reason of the performance of a Committee function if the Committee or its members or authorized
delegates did not act dishonestly or in willful violation of the law or regulation under which such liability, loss, cost or expense arises.
This indemnification shall not duplicate but may supplement any coverage available under any applicable insurance.


 


SECTION 8


 


AMENDMENT
AND TERMINATION


 


The Board may, at any time,
amend or terminate the Plan, and the Board or the Committee may amend any Award Agreement, provided that no amendment or termination may,
in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected beneficiary),
adversely affect the rights of any Participant or beneficiary under any Award granted under the Plan prior to the date such amendment
is adopted by the Board (or the Committee if applicable); and further provided that adjustments pursuant to Section 3.2 shall not
be subject to the foregoing limitations of this Section 8; and further provided that the provisions of Section 4.6 (relating
to Option repricing) cannot be amended unless the amendment is approved by the Company’s stockholders. Approval by the Company’s
stockholders will be required for any material revision to the terms of the Plan, with the Committee’s determination of “material
revision” to take into account the exemptions under applicable stock exchange rules. No amendment or termination shall be adopted
or effective if it would result in accelerated recognition of income or imposition of additional tax under Section 409A of the Code
or, except as otherwise provided in the amendment, would cause amounts that were not otherwise subject to Section 409A of the Code
to become subject to Section 409A of the Code.


 






    11


     


    

 


SECTION 9

general provisions


 


9.1           General
Restrictions. Delivery of shares of Stock or other amounts under the Plan shall be subject to the following:


 


(a)            Notwithstanding
any other provision of the Plan, the Company shall have no obligation to recognize an exercise of an Option or deliver any shares of Stock
or make any other distribution of benefits under the Plan unless such exercise, delivery or distribution complies with all Applicable
Laws (including, without limitation, the requirements of the United States Securities Act of 1933 and the securities laws of any other
applicable jurisdiction), and the applicable requirements of any securities exchange or similar entity or other regulatory authority with
respect to the issue of shares and securities by the Company.


 


(b)            To
the extent that the Plan provides for issuance of share certificates to reflect the issuance of shares of Stock, the issuance may be effected
on a non-certificated basis, to the extent not prohibited by Applicable Law, the By-laws of the Company.


 


(c)            To
the extent provided by the Committee, any Award may be settled in cash rather than shares of Stock.


 


9.2           Tax
Withholding. All distributions under the Plan are subject to withholding of all applicable taxes, and the Committee may condition
the delivery of any shares of Stock or other benefits under the Plan on satisfaction of the applicable withholding obligations. Except
as otherwise provided by the Committee and subject to Applicable Law, such withholding obligations may be satisfied (i) through cash
payment by the Participant; (ii) through the surrender of shares of Stock which the Participant already owns; or (iii) through
the surrender of shares of Stock to which the Participant is otherwise entitled under the Plan (including shares otherwise distributable
pursuant to the Award); provided, however, that such shares of Stock under this clause (iii) may be used to satisfy not more than
the maximum individual tax rate for the Participant in applicable jurisdiction for such Participant (based on the applicable rates of
the relevant tax authorities (for example, federal, state, and local), including the Participant’s share of payroll or similar taxes,
as provided in tax law, regulations, or the authority’s administrative practices, not to exceed the highest statutory rate in that
jurisdiction, even if that rate exceeds the highest rate that may be applicable to the specific Participant).


 


9.3           Grant
and Use of Awards. In the discretion of the Committee, an Eligible Individual may be granted any Award permitted under the provisions
of the Plan, and more than one Award may be granted to an Eligible Individual. Subject to Section 4.6 (relating to repricing), Awards
may be granted as alternatives to or replacement of awards granted or outstanding under the Plan, or any other plan or arrangement of
the Company or a Subsidiary or a Related Company (including a plan or arrangement of a business or entity, all or a portion of which is
acquired by the Company or a Subsidiary or a Related Company). Subject to the overall limitation on the number of shares of Stock that
may be delivered under the Plan, the Committee may use available shares of Stock as the form of payment for compensation, grants or rights
earned or due under any other compensation plans or arrangements of the Company or a Subsidiary or a Related Company, including the plans
and arrangements of the Company or a Subsidiary or a Related Company assumed in business combinations. Notwithstanding the provisions
of Section 4.4, Options granted under the Plan in replacement for awards under plans and arrangements of the Company or a Subsidiary
or a Related Company assumed in business combinations may provide for Exercise Prices that are less than the Fair Market Value of the
shares of Stock at the time of the replacement grants, if the Committee determines that such Exercise Price is appropriate to preserve
the economic benefit of the award. The provisions of this Section 9.3 shall be subject to the provisions of Section 9.13.


 






    12


     


    

 


9.4           Dividends
and Dividend Equivalents. An Award (other than an Option) may provide the Participant with the right to receive dividend or dividend
equivalent payments with respect to shares of Stock subject to the Award; provided, however, that no dividend or dividend equivalents
granted in relation to Full Value Awards that are subject to vesting shall be settled prior to the date that such Full Value Award (or
applicable portion thereof) becomes vested and is settled. Any such settlements, and any such crediting of dividends or dividend equivalents
or reinvestment in shares of Stock, will be subject to the Company’s By-laws as well as Applicable Law and further may be subject
to such conditions, restrictions and contingencies as the Committee shall establish, including the reinvestment of such credited amounts
in share of Stock equivalents. The provisions of this Section 9.4 shall be subject to the provisions of Section 9.13.


 


9.5           Settlement
of Awards. The obligation to make payments and distributions with respect to Awards may be satisfied through cash payments, the delivery
of shares of Stock, the granting of replacement Awards or combination thereof as the Committee shall determine. Satisfaction of any such
obligations under an Award, which is sometimes referred to as “settlement” of the Award, may be subject to such conditions,
restrictions and contingencies as the Committee shall determine. The Committee may permit or require the deferral of any Award payment
or distribution, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting
of interest or dividend equivalents, and may include converting such credits into deferred share of Stock equivalents. Except for Options
designated at the time of grant or otherwise as intended to be subject to Section 409A of the Code, this Section 9.5 shall not
be construed to permit the deferred settlement of Options, if such settlement would result in deferral of compensation under Treas. Reg.
 §1.409A-1(b)(5)(i)(A)(3) (except as permitted in Sections (i) and (ii) of that section). Each Subsidiary shall be
liable for payment of cash due under the Plan with respect to any Participant to the extent that such benefits are attributable to the
services rendered for that Subsidiary by the Participant. Any disputes relating to liability of a Subsidiary for cash payments shall be
resolved by the Committee. The provisions of this Section 9.5 shall be subject to the provisions of Section 9.13.


 


9.6           Transferability.
Except as otherwise provided by the Committee, Awards under the Plan are not transferable except as designated by the Participant by will
or by the laws of descent and distribution. If any benefits deliverable to the Participant under this Plan have not been delivered at
the time of the Participant’s death, such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions
of any applicable Award Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated
by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require. If a deceased Participant
fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable
by the Participant and any benefits distributable to the Participant shall be distributed to the legal representative of the estate of
the Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before
the complete distribution of benefits to the Designated Beneficiary under this Agreement, then any benefits distributable to the Designated
Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary.


 






    13


     


    

 


9.7           Form and
Time of Elections. Unless otherwise specified herein, each election required or permitted to be made by any Participant or other person
entitled to benefits under the Plan, and any permitted modification, or revocation thereof, shall be in writing filed with the Committee
at such times, in such form, and subject to such restrictions and limitations, not inconsistent with the terms of the Plan, as the Committee
shall require.


 


9.8           Agreement
With Company. An Award under the Plan shall be subject to such terms and conditions, not inconsistent with the Plan, as the Committee
shall, in its sole discretion, prescribe. The terms and conditions of any Award to any Participant shall be reflected in such form of
written (including electronic) document as is determined by the Committee. A copy of such document shall be provided to the Participant,
and the Committee may, but need not require that the Participant sign a copy of such document. Such document is referred to in the Plan
as an “Award Agreement” regardless of whether any Participant signature is required.


 


9.9           Action
by Company or Subsidiary. Any action required or permitted to be taken by the Company or any Subsidiary or Related Company shall be
by resolution of its board of directors, or by action of one or more members of the board (including a committee of the board) who are
duly authorized to act for the board, or (except to the extent prohibited by Applicable Law or applicable rules of any stock exchange)
by a duly authorized officer of such company.


 


9.10         Gender
and Number. Where the context admits, words in any gender shall include any other gender, words in the singular shall include the
plural and the plural shall include the singular.


 


9.11         Limitation
of Implied Rights.


 


(a)            Neither
a Participant nor any other person shall, by reason of participation in the Plan, acquire any right in or title to any assets, funds or
property of the Company or any Subsidiary or Related Company whatsoever, including, without limitation, any specific funds, assets, or
other property which the Company or any Subsidiary or Related Company, in its sole discretion, may set aside in anticipation of a liability
under the Plan. A Participant shall have only a contractual right to the shares of Stock or amounts, if any, payable under the Plan, unsecured
by any assets of the Company or any Subsidiary or Related Company, and nothing contained in the Plan shall constitute a guarantee that
the assets of the Company or any Subsidiary or Related Company shall be sufficient to pay any benefits to any person.


 






    14


     


    

 


(b)            The
Plan does not constitute a contract of employment, and selection as a Participant will not give any participating employee or other individual
the right to be retained in the employ of the Company or any Subsidiary or Related Company or the right to continue to provide services
to the Company or any Subsidiary or Related Company, nor any right or claim to any benefit under the Plan, unless such right or claim
has specifically accrued under the terms of the Plan. Except as otherwise provided in the Plan, no Award under the Plan shall confer upon
the holder thereof any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt
of such rights and is registered in the Company’s Register of share of stockholders.


 


(c)            All
Stock and shares issued under any Award or otherwise are to be held subject to the provisions of the Company’s By-laws and each
Participant is deemed to agree to be bound by the terms of the Company’s By-laws as they stand at the time of issue of any shares
of Stock under the Plan.


 


9.12         Evidence.
Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information which the person acting on
it considers pertinent and reliable, and signed, made or presented by the proper party or parties.


 


9.13         Limitations
under Section 409A. The provisions of the Plan shall be subject to the following:


 


(a)            Awards
will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of
Section 409A of the Code, except as otherwise determined in the sole discretion of the Committee. The Plan and each Award Agreement
under the Plan is intended to meet the requirements of Section 409A of the Code and will be construed and interpreted in accordance
with such intent, except as otherwise determined in the sole discretion of the Committee. To the extent that an Award or payment, or the
settlement or deferral thereof, is subject to Section 409A of the Code the Award will be granted, paid, settled or deferred in a
manner that will meet the requirements of Section 409A of the Code, such that the grant, payment, settlement or deferral will not
be subject to the additional tax or interest applicable under Section 409A of the Code.


 


(b)            Neither
Section 9.3 nor any other provision of the Plan shall be construed to permit the grant of an Option if such action would cause the
Option being granted or the option or stock appreciation right being replaced to be subject to Section 409A of the Code, provided
that this Section 9.13(b) shall not apply to any Option (or option or stock appreciation right granted under another plan) being
replaced that, at the time it is granted or otherwise, is designated as being deferred compensation subject to Section 409A of the
Code.


 


(c)            Except
with respect to an Option that, at the time it is granted or otherwise, is designated as being deferred compensation subject to Section 409A
of the Code, no Option shall condition the receipt of dividends with respect to an Option on the exercise of such Award, or otherwise
provide for payment of such dividends in a manner that would cause the payment to be treated as an offset to or reduction of the Exercise
Price of the Option pursuant Treas. Reg. §1.409A-1(b)(5)(i)(E).


 






    15


     


    

 


(d)            The
Plan shall not be construed to permit a modification of an Award, or to permit the payment of a dividend or dividend equivalent, if such
actions would result in accelerated recognition of taxable income or imposition of additional tax under Section 409A of the Code.


 






    16


     


    

 


OUTBRAIN INC. 


2021 OMNIBUS LONG-TERM INCENTIVE PLAN


 


ISRAELI EXHIBIT


 


This Israeli Exhibit (“Exhibit A”)
to the 2021 Omnibus Long-Term Incentive Plan (as amended from time to time, the “Plan”) of Outbrain Inc. (the “Company”)
shall apply only to Participants (as defined in the Plan) who are, or are deemed to be, residents of the State of Israel for Israeli tax
purposes. This Appendix is made pursuant to Section 1.3 of the Plan.


 


		1.	GENERAL



 


1.1.                  The
Committee, in its discretion, may grant Awards to eligible Participants and shall determine whether such Awards intended to be 102 Awards
or 3(9) Awards. Each Award shall be evidenced by an Award Agreement, which shall expressly identify the Award type, and be in such
form and contain such provisions, as the Committee shall from time to time deem appropriate.


 


1.2.                  The
Plan shall apply to any Awards granted pursuant to this Appendix, provided, that the provisions of this Appendix shall supersede and govern
in the case of any inconsistency or conflict, either explicit or implied, arising between the provisions of this Appendix and the Plan.


 


1.3.                  Unless
otherwise defined in this Appendix, capitalized terms contained herein shall have the same meanings given to them in the Plan.


 


		2.	DEFINITIONS.



 


2.1.                  “3(9) Award”
means any Award representing a right to purchase shares of Common Stock granted by the Company to any Participant who is not an Employee
pursuant to Section 3(9) of the Ordinance.


 


2.2.                  “102
Award” means any Award intended to qualify (as set forth in the Award Agreement) and which qualifies under Section 102, provided
it is settled only in shares of Common Stock.


 


2.3.                  “102
Capital Gain Track Award” means any Award granted by the Company to an Employee pursuant to Section 102(b)(2) or (3) (as
applicable) of the Ordinance under the capital gain track.


 


2.4.                  “102
Non-Trustee Award” means any Award granted by the Company to an Employee pursuant to Section 102(c) of the Ordinance without
a Trustee.


 


2.5.                  “102
Ordinary Income Track Award” means any Award granted by the Company to an Employee pursuant to Section 102(b)(1) of the
Ordinance under the ordinary income track.


 






    Exhibit A-1


     


    

 


2.6.                  “102
Trustee Awards” means, collectively, 102 Capital Gain Track Awards and 102 Ordinary Income Track Awards.


 


2.7.                  “Affiliate”
means, for purpose of 102 Trustee Award, an “employing company” within the meaning and subject to the conditions of Section 102(a) of
the Ordinance.


 


2.8.                  “Applicable
Law” shall mean any applicable law, rule, regulation, statute, pronouncement, policy, interpretation, judgment, order or decree
of any federal, provincial, state or local governmental, regulatory or adjudicative authority or agency, of any jurisdiction, and the
rules and regulations of any stock exchange, over-the-counter market or trading system on which the common stock of the Company are
then traded or listed.


 


2.9.                  “Controlling
Stockholder” means as to such term is defined in Section 32(9) of the Ordinance.


 


2.10.                “Election”
as defined in Section 3.2 below.


 


2.11.                “Employee”
means an “employee” within the meaning of Section 102(a) of the Ordinance (which as of the date of the adoption
of this Appendix means (i) an individual employed by an Israeli company being an Affiliate, and (ii) an individual who is serving
and is engaged personally (and not through an entity) as an “office holder” by an Affiliate, excluding, in any event, Controlling
Stockholders).


 


2.12.                “ITA”
means the Israel Tax Authority.


 


2.13.                “Ordinance”
means the Israeli Income Tax Ordinance (New Version), 1961, including the Rules and any other regulations, rules, orders or procedures
promulgated thereunder, as may be amended or replaced from time to time.


 


2.14.                “Required
Holding Period” as defined in Section 1(a) below.


 


2.15.                “Rules”
means the Income Tax Rules (Tax Reliefs in Stock Issuance to Employees) 5763-2003.


 


2.16.                “Section 102”
means Section 102 of the Ordinance.


 


2.17.                “Trust
Agreement” means the agreement to be signed between the Company, an Affiliate and the Trustee for the purposes of Section 102.


 


2.18.                “Trustee”
means the trustee appointed by the Company’s Board of Directors and/or by the Committee to hold the Awards and approved by the ITA.


 


2.19.                “Withholding
Obligations” as defined in Section 5.5 below.


 


		3.	102 AWARDS



 


3.1.                  Tracks.
Awards granted pursuant to this Section 3 are intended to be granted as either 102 Capital Gain Track Awards or 102 Ordinary Income
Track Awards. 102 Trustee Awards shall be granted subject to the special terms and conditions contained in this Section 3 and the
general terms and conditions of the Plan, except for any provisions of the Plan applying to Awards under different tax laws or regulations.


 






    Exhibit A-2


     


    

 


3.2.                  Election
of Track. Subject to Applicable Law, the Company may grant only one type of 102 Trustee Award at any given time to all Participants
who are to be granted 102 Trustee Awards pursuant to this Appendix, and shall file an election with the ITA regarding the type of 102
Trustee Award it elects to grant before the date of grant of any 102 Trustee Award (the “Election”). Such Election
shall also apply to any other securities received by any Participant as a result of holding the 102 Trustee Awards. The Company may change
the type of 102 Trustee Award that it elects to grant only after the expiration of at least 12 months from the end of the year in which
the first grant was made in accordance with the previous Election, or as otherwise provided by Applicable Law. Any Election shall not
prevent the Company from granting 102 Non-Trustee Awards.


 


3.3.                  Eligibility
for Awards. Subject to Applicable Law, 102 Awards may only be granted to Employees. Such 102 Awards may either be granted to a Trustee
or granted under Section 102 without a Trustee.


 


3.4.                  102
Award Grant Date.


 


(a)            Each
102 Award will be deemed granted on the date determined by the Committee, subject to the provisions of the Plan, provided that (i) the
Participant has signed all documents required by the Company or pursuant to Applicable Law, and (ii) with respect to any 102 Trustee
Award, the Company has provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA.


 


(b)            Unless
otherwise permitted by the Ordinance, any grants of 102 Trustee Awards that are made on or after the date of the adoption of the Plan
and this Appendix or an amendment to the Plan or this Appendix, as the case may be, that may become effective only at the expiration of
thirty (30) days after the filing of the Plan and this Appendix or any amendment thereof (as the case may be) with the ITA in accordance
with the Ordinance shall be conditional upon the expiration of such 30-day period, and such condition shall be read and is incorporated
by reference into any corporate resolutions approving such grants and into any Award Agreement evidencing such grants (whether or not
explicitly referring to such condition), and the date of grant shall be at the expiration of such 30-day period, whether or not the date
of grant indicated therein corresponds with this Section. In the case of any contradiction, this provision and the date of grant determined
pursuant hereto shall supersede and be deemed to amend any date of grant indicated in any corporate resolution or Award Agreement. Nevertheless,
this 30-day period may be waived subject to a special tax ruling to be obtained from the ITA and pursuant to its terms, or may not apply
to any exchange of equity pursuant to a special tax ruling and its terms.


 






    Exhibit A-3


     


    

 


3.5.                  102
Trustee Awards.


 


(a)            Each
102 Trustee Award, each share of Common Stock issued pursuant to the grant, exercise or vesting of any 102 Trustee Award and any rights
granted thereunder, shall be allocated or issued to and registered in the name of the Trustee and shall be held in trust or controlled
by the Trustee (pursuant to an approval from the ITA) for the benefit of the Participant for the requisite period prescribed by the Ordinance
or such longer period as set by the Committee (the “Required Holding Period”). In the event that the requirements under Section 102
to qualify an Award as a 102 Trustee Award are not met, then the Award may be treated as a 102 Non-Trustee Award or 3(9) Award (as
determined by the Company), all in accordance with the provisions of the Ordinance. After the expiration of the Required Holding Period,
the Trustee may release such 102 Trustee Awards and any such shares of Common Stock, provided that (i) the Trustee has received
an acknowledgment from the ITA that the Participant has paid any applicable taxes due pursuant to the Ordinance, or (ii) the Trustee
and/or the Company and/or the Affiliate withhold(s) all applicable taxes and compulsory payments due pursuant to the Ordinance arising
from the 102 Trustee Awards and/or any shares of Common Stock issued upon exercise or (if applicable) vesting of such 102 Trustee Awards.
The Trustee shall not release any 102 Trustee Awards or shares of Common Stock issued upon exercise or (if applicable) vesting thereof,
or any rights received with respect to such Awards, prior to the payment in full of the Participant’s tax and compulsory payments
arising from such 102 Trustee Awards and/or shares of Common Stock or the withholding referred to in (ii) above.


 


(b)            Each
102 Trustee Award shall be subject to the relevant terms of the Ordinance, the Rules and any determinations, rulings or approvals
issued by the ITA, which shall be deemed an integral part of the 102 Trustee Awards and shall prevail over any term contained in the Plan,
this Appendix or the Award Agreement that is not consistent therewith. Any provision of the Ordinance, the Rules and any determinations,
rulings or approvals by the ITA not expressly specified in the Plan, this Appendix or Award Agreement that are necessary to receive or
maintain any tax benefit pursuant to Section 102 shall be binding on the Participant. The Participant granted a 102 Trustee Award
shall comply with the Ordinance and the terms and conditions of the Trust Agreement entered into between the Company and the Trustee.
The Participant shall execute any and all documents that the Company and/or the Affiliate and/or the Trustee determine from time to time
to be necessary in order to comply with the Ordinance and the Rules.


 


(c)            During
the Required Holding Period, the Participant shall not release from trust or sell, assign, transfer or give as collateral, the shares
of Common Stock issuable upon the exercise or (if applicable) vesting of a 102 Trustee Award and/or any securities issued or distributed
with respect thereto, until the expiration of the Required Holding Period. Notwithstanding the above, if any such sale, release or other
action occurs during the Required Holding Period, it may result in adverse tax consequences to the Participant under Section 102
and the Rules, which shall apply to and shall be borne solely by such Participant. Subject to the foregoing, the Trustee may, pursuant
to a written request from the Participant, but subject to the terms of the Plan and this Appendix, release and transfer such shares of
Common Stock to a designated third party, provided that both of the following conditions have been fulfilled prior to such release or
transfer: (i) payment has been made to the ITA of all taxes and compulsory payments required to be paid upon the release and transfer
of the shares of Common Stock, and confirmation of such payment has been received by the Trustee and the Company; and (ii) the Trustee
has received written confirmation from the Company that all requirements for such release and transfer have been fulfilled according to
the terms of the Company’s corporate documents, any agreement governing the shares of Common Stock, the Plan, this Appendix, the
Award Agreement and any Applicable Law.


 






    Exhibit A-4


     


    

 


(d)            If
a 102 Trustee Award is exercised or (if applicable) vested, the shares of Common Stock issued upon such exercise or (if applicable) vesting
shall be issued in the name of the Trustee for the benefit of the Participant, or shall be deposited with the Trustee, or be subject to
the Trustee’s control, if approved by the ITA.


 


(e)            Upon
or after receipt of a 102 Trustee Award, if required, the Participant may be required to sign an undertaking to release the Trustee from
any liability with respect to any action or decision duly taken and executed in good faith by the Trustee in relation to the Plan, this
Appendix, or any 102 Trustee Awards granted to such Participant hereunder.


 


3.6.                  102
Non-Trustee Awards. The foregoing provisions of this Section 3 relating to 102 Trustee Awards shall not apply with respect to
102 Non-Trustee Awards, which shall, however, be subject to the relevant provisions of Section 102 and the applicable Rules. The
Committee may determine that 102 Non-Trustee Awards, the shares of Common Stock issuable upon the exercise or (if applicable) vesting
of a 102 Non-Trustee Award and/or any securities issued or distributed with respect thereto, shall be allocated or issued to the Trustee,
who shall hold such 102 Non-Trustee Award and all accrued rights thereon (if any) in trust for the benefit of the Participant and/or the
Company, as the case may be, until the full payment of tax arising from the 102 Non-Trustee Awards, the shares of Common Stock issuable
upon the exercise or (if applicable) vesting of a 102 Non-Trustee Award and/or any securities issued or distributed with respect thereto.
The Company may choose, alternatively, to require the Participant to provide the Company with a guarantee or other security, to the satisfaction
of each of the Trustee and the Company, until the full payment of the applicable taxes.


 


3.7.                  Written
Participant Undertaking. With respect to any 102 Trustee Award, as required by Section 102 and the Rules, by virtue of the receipt
of such Award, the Participant is deemed to have undertaken and confirmed in writing the following (and such undertaking is deemed incorporated
into any documents signed by the Participant in connection with the employment or service of the Participant and/or the grant of such
Award). The following written undertaking shall be deemed to apply and relate to all 102 Trustee Awards granted to the Participant, whether
under the Plan and this Appendix or other plans maintained by the Company, and whether prior to or after the date hereof:


 


(a)            The
Participant shall comply with all terms and conditions set forth in Section 102 with regard to the “Capital Gain Track”
or the “Ordinary Income Track”, as applicable, and the applicable rules and regulations promulgated thereunder, as amended
from time to time;


 


(b)            The
Participant is familiar with, and understands the provisions of, Section 102 in general, and the tax arrangement under the “Capital
Gain Track” or the “Ordinary Income Track” in particular, and its tax consequences; the Participant agrees that the
102 Trustee Awards and shares of Common Stock that may be issued upon exercise or (if applicable) vesting of the 102 Trustee Awards (or
otherwise in relation to the Awards), will be held by a trustee appointed pursuant to Section 102 for at least the duration of the
 “Holding Period” (as such term is defined in Section 102) under the “Capital Gain Track” or the “Ordinary
Income Track”, as applicable. The Participant understands that any release of such 102 Trustee Awards or shares of Common Stock
from trust, or any sale of the shares of Common Stock prior to the termination of the Holding Period, as defined above, will result in
taxation at the marginal tax rate, in addition to deductions of appropriate social security, health tax contributions or other compulsory
payments; and


 






    Exhibit A-5


     


    

 


(c)            The
Participant agrees to the trust deed signed between the Company, his employing company and the trustee appointed pursuant to Section 102.


 


		4.	3(9) AWARDS



 


4.1.                  Awards
granted pursuant to this Section 4 are intended to constitute 3(9) Awards and shall be granted subject to the general terms
and conditions of the Plan, except for any provisions of the Plan applying to Awards under different tax laws or regulations. In the event
of any inconsistency or contradictions between the provisions of this Section 4 and the other terms of the Plan, this Section 4
shall prevail.


 


4.2.                  To
the extent required by the Ordinance or the ITA or otherwise deemed by the Committee to be advisable, the 3(9) Awards and/or any
shares of Common Stock or other securities issued or distributed with respect thereto granted pursuant to the Plan and this Appendix shall
be issued to a trustee nominated by the Committee in accordance with the provisions of the Ordinance. In such event, the trustee shall
hold such Awards and/or any shares of Common Stock or other securities issued or distributed with respect thereto in trust, until exercised
by the Participant or (if applicable) vested, and the full payment of tax arising therefrom, pursuant to the Company’s instructions
from time to time as set forth in a trust agreement, which will have been entered into between the Company and the trustee. If determined
by the Committee, and subject to such trust agreement, the Trustee shall be responsible for withholding any taxes to which a Participant
may become liable upon issuance of shares of Common Stock, whether due to the exercise or (if applicable) vesting of Awards.


 


4.3.                  Shares
of Common Stock pursuant to a 3(9) Award shall not be issued, unless the Participant delivers to the Company payment in cash or by
bank check or such other form acceptable to the Committee of all withholding taxes due, if any, on account of the Participant acquiring
shares of Common Stock under the Award or the Participant provides other assurance satisfactory to the Committee of the payment of those
withholding taxes.


 


		5.	AGREEMENT REGARDING TAXES;
DISCLAIMER



 


5.1.                  If
the Committee shall so require, as a condition of exercise of an Award or the release of shares of Common Stock by the Trustee, a Participant
shall agree that, no later than the date of such occurrence, the Participant will pay to the Company (or the Trustee, as applicable) or
make arrangements satisfactory to the Committee and the Trustee (if applicable) regarding payment of any applicable taxes and compulsory
payments of any kind required by Applicable Law to be withheld or paid.


 






    Exhibit A-6


     


    

 


5.2.                  TAX
LIABILITY. ALL TAX CONSEQUENCES UNDER ANY APPLICABLE LAW WHICH MAY ARISE FROM THE GRANT OF ANY AWARDS OR THE EXERCISE THEREOF,
THE SALE OR DISPOSITION OF ANY SHARES OF COMMON STOCK GRANTED HEREUNDER OR ISSUED UPON EXERCISE OR (IF APPLICABLE) VESTING OF ANY AWARD,
THE ASSUMPTION, SUBSTITUTION, CANCELLATION OR PAYMENT IN LIEU OF AWARDS OR FROM ANY OTHER ACTION IN CONNECTION WITH THE FOREGOING (INCLUDING
WITHOUT LIMITATION ANY TAXES AND COMPULSORY PAYMENTS, SUCH AS SOCIAL SECURITY OR HEALTH TAX PAYABLE BY THE PARTICIPANT OR THE COMPANY
IN CONNECTION THEREWITH) SHALL BE BORNE AND PAID SOLELY BY THE PARTICIPANT, AND THE PARTICIPANT SHALL INDEMNIFY THE COMPANY, THE AFFILIATE
AND THE TRUSTEE, AND SHALL HOLD THEM HARMLESS AGAINST AND FROM ANY LIABILITY FOR ANY SUCH TAX OR PAYMENT OR ANY PENALTY, INTEREST
OR INDEXATION THEREON. EACH PARTICIPANT AGREES TO, AND UNDERTAKES TO COMPLY WITH, ANY RULING, SETTLEMENT, CLOSING AGREEMENT OR OTHER SIMILAR
AGREEMENT OR ARRANGEMENT WITH ANY TAX AUTHORITY IN CONNECTION WITH THE FOREGOING WHICH IS APPROVED BY THE COMPANY.


 


5.3.                  NO
TAX ADVICE. THE PARTICIPANT IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING, EXERCISING
OR DISPOSING OF AWARDS HEREUNDER. THE COMPANY DOES NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE PARTICIPANT ON SUCH MATTERS, WHICH SHALL
REMAIN SOLELY THE RESPONSIBILITY OF THE PARTICIPANT.


 


5.4.                  TAX
TREATMENT. THE COMPANY DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY TO THE EFFECT THAT ANY AWARD SHALL QUALIFY WITH
ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT, OR BENEFIT FROM ANY PARTICULAR TAX TREATMENT OR TAX ADVANTAGE
OF ANY TYPE AND THE COMPANY SHALL BEAR NO LIABILITY IN CONNECTION WITH THE MANNER IN WHICH ANY AWARD IS EVENTUALLY TREATED FOR TAX PURPOSES,
REGARDLESS OF WHETHER THE AWARD WAS GRANTED OR WAS INTENDED TO QUALIFY UNDER ANY PARTICULAR TAX REGIME OR TREATMENT. THIS PROVISION SHALL
SUPERSEDE ANY DESIGNATION OF AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL
TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW. THE COMPANY DOES NOT UNDERTAKE AND SHALL NOT BE REQUIRED TO TAKE ANY ACTION IN
ORDER TO QUALIFY ANY AWARD WITH THE REQUIREMENTS OF ANY PARTICULAR TAX TREATMENT AND NO INDICATION IN ANY DOCUMENT TO THE EFFECT THAT
ANY AWARD IS INTENDED TO QUALIFY FOR ANY TAX TREATMENT SHALL IMPLY SUCH AN UNDERTAKING. NO ASSURANCE IS MADE BY THE COMPANY OR THE AFFILIATE
THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF GRANT WILL CONTINUE TO EXIST OR THAT THE AWARD WILL QUALIFY AT THE TIME OF EXERCISE OR
DISPOSITION THEREOF WITH ANY PARTICULAR TAX TREATMENT. THE COMPANY AND THE AFFILIATE SHALL NOT HAVE ANY LIABILITY OR OBLIGATION OF ANY
NATURE IN THE EVENT THAT AN AWARD DOES NOT QUALIFY FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS WHETHER THE COMPANY COULD HAVE TAKEN ANY
ACTION TO CAUSE SUCH QUALIFICATION TO BE MET AND SUCH QUALIFICATION REMAINS AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK OF THE
PARTICIPANT. THE COMPANY DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN OR UNWRITTEN)
OF ANY TAX AUTHORITY, INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX
TREATMENT. IF THE AWARDS DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT, IT COULD RESULT IN ADVERSE TAX CONSEQUENCES TO THE PARTICIPANT.


 






    Exhibit A-7


     


    

 


5.5.                  The
Company or the Affiliate may take such action as it may deem necessary or appropriate, in its discretion, for the purpose of or in connection
with withholding of any taxes and compulsory payments which the Trustee, the Company or the Affiliate is required by any Applicable Law
to withhold in connection with any Awards (collectively, “Withholding Obligations”). Such actions may include (i) requiring
Participants to remit to the Company in cash an amount sufficient to satisfy such Withholding Obligations and any other taxes and compulsory
payments, payable by the Company in connection with the Award or the exercise or (if applicable) vesting thereof; (ii) subject to
Applicable Law, allowing the Participants to provide shares of Common Stock, in an amount that at such time, reflects a value that the
Committee determines to be sufficient to satisfy such Withholding Obligations; (iii) withholding shares of Common Stock otherwise
issuable upon the exercise of an Award at a value which is determined by the Committee to be sufficient to satisfy such Withholding Obligations;
or (iv) any combination of the foregoing. The Company shall not be obligated to allow the exercise of any Award by or on behalf of
a Participant until all tax consequences arising from the exercise of such Award are resolved in a manner acceptable to the Company.


 


(a)            Each
Participant shall notify the Company in writing promptly, and in any event within ten (10) days after the date on which such Participant
first obtains knowledge of any tax bureau inquiry, audit, assertion, determination, investigation, or question relating in any manner
to the Awards granted or received hereunder or shares of Common Stock issued thereunder and shall continuously inform the Company of any
developments, proceedings, discussions and negotiations relating to such matter, and shall allow the Company and its representatives to
participate in any proceedings and discussions concerning such matters. Upon request, a Participant shall provide to the Company any information
or document relating to any matter described in the preceding sentence, which the Company, in its discretion, requires.


 


(b)            With
respect to 102 Non-Trustee Awards, if the Participant ceases to be employed by the Company or any Affiliate, the Participant shall extend
to the Company and/or the Affiliate with whom the Participant is employed a security or guarantee for the payment of taxes due at the
time of sale of shares of Common Stock, all in accordance with the provisions of Section 102 and the Rules.


 






    Exhibit A-8


     


    

 


		6.	RIGHTS AND OBLIGATIONS AS A
STOCKHOLDER



 


6.1.                  A
Participant shall have no rights as a stockholder of the Company with respect to any shares of Common Stock covered by an Award until
the Participant exercises the Award, pays the exercise price therefor and becomes the record holder of the subject shares of Common Stock.
In the case of 102 Awards or 3(9) Awards (if such Awards are being held by a Trustee), the Trustee shall have no rights as a stockholder
of the Company with respect to the shares of Common Stock covered by such Award until the Trustee becomes the record holder for such Common
Stock for the Participant’s benefit, and the Participant shall not be deemed to be a stockholder and shall have no rights as a stockholder
of the Company with respect to the shares of Common Stock covered by the Award until the date of the release of such shares of Common
Stock from the Trustee to the Participant and the transfer of record ownership of such shares of Common Stock to the Participant (provided
however that the Participant shall be entitled to receive from the Trustee any cash dividend or distribution made on account of the shares
of Common Stock held by the Trustee for such Participant’s benefit, subject to any tax withholding and compulsory payment). No adjustment
shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distribution of other rights
for which the record date is prior to the date on which the Participant or Trustee (as applicable) becomes the record holder of the shares
of Common Stock covered by an Award, except as provided in the Plan.


 


6.2.                  With
respect to shares of Common Stock issued upon the exercise or (if applicable) vesting of Awards hereunder, any and all voting rights attached
to such Common Stock shall be subject to the provisions of the Plan, and the Participant shall be entitled to receive dividends distributed
with respect to such shares of Common Stock, subject to the provisions of the Company’s Certificate of Incorporation and By-laws,
as amended from time to time, and subject to any Applicable Law (after deduction of all applicable tax payments).


 


		7.	GOVERNING LAW



 


7.1.                  This
Appendix shall be governed by, construed and enforced in accordance with the laws of the State of Delaware, without reference to conflicts
of law principles, except that applicable Israeli laws, rules and regulations (as amended) shall apply to any mandatory tax matters
arising hereunder.


 


****


 






    Exhibit A-9


     


    

 


EXHIBIT B


 


UK TAX-QUALIFIED OPTIONS EXHIBIT


 


The purpose of this Exhibit B is to provide,
in accordance with Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003 of the United Kingdom (“Schedule 4”), benefits
for Employees in the form of Tax-Qualified Options. The Committee may, when granting an Option to an Employee, designate it as a Tax-Qualified
Option. If they do so, the provisions of the Outbrain Inc. Long-Term Incentive Plan (the “Plan”) will apply to it, as amended
by this Exhibit B. This Appendix is made pursuant to Section 1.3 of the Plan.


 


SECTION 1
of Exhibit B

Definitions


 


Words used in this Exhibit B have the
same meaning as in the Plan unless amended as stated below:


 


1.1. “Control”
has the meaning given in s995 Income Tax Act 2007 of the United Kingdom.


 


1.2. “Employee”
means an employee or director of a Participating Company but does not include anyone who is:


 


(a)            excluded
from participation because of paragraph 9 of Schedule 4 (material interests provisions); or


 


(b)            a
director who is required to work less than 25 hours a week (excluding meal breaks).


 


1.3. “HMRC” means
Her Majesty’s Revenue and Customs of the United Kingdom.


 


1.4. “Market Value”
in relation to a Share on a particular day means:


 


(a)            if
the Shares are listed on a Recognised Stock Exchange, the closing price of the shares on the immediately preceding day (or if more than
one price is shown, the lower price plus one half the difference between the two figures) if the exchange is open on that day, and if
the exchange is not open on that day the relevant price for the latest previous day it was open; and


 


(b)            if
the Shares are not listed on a Recognised Stock Exchange, the market value determined in accordance with the applicable provisions of
Part VIII of the Taxation of Chargeable Gains Act 1992 of the United Kingdom, and any relevant published HMRC guidance, on the relevant
day,


 


and any restriction referred
to in Section 4 of this Exhibit B will be ignored when determining Market Value.


 






    Exhibit B-1


     


    

 


1.5. “Ordinary Share
Capital” has the meaning given in s989 Income Tax Act 2007 of the United Kingdom.


 


1.6. “Participating
Company” means:


 


(a)            the
Company and any Subsidiary;


 


(b)            any
jointly-owned company (within the meaning of paragraph 34 of Schedule 4) designated by the Committee; and


 


(c)            any
other entity designated by the Committee so long its participation would not prevent the Plan as amended by this Exhibit B from being
a Schedule 4 Plan.


 


1.7. “Recognised Stock
Exchange” has the meaning given in s1005 of the Income Tax Act 2007 of the United Kingdom.


 


1.8. “Retirement”
shall be interpreted consistently with the interpretation of that term in s524 Income Tax (Earnings and Pensions) Act 2003 of the United
Kingdom and applicable guidance from HMRC.


 


1.9. “Schedule 4”
means Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003 of the United Kingdom.


 


1.10. “Schedule 4 Plan”
means a plan in relation to which the requirements of Parts 2 to 6 of Schedule 4 are (and are being) met.


 


1.11. “Shares”
means, subject to Section 2 of this Exhibit B, shares of Common Stock which satisfy paragraphs 16 to 20 of Schedule 4.


 


1.12. “Subsidiary”
means a company which is a subsidiary of the Company within the meaning of s1159 Companies Act 2006 of the United Kingdom which is under
the Control of the Company.


 


1.13. “Takeover Offer”
means either:


 


(a)            a
general offer to acquire the whole of the issued ordinary share capital of the Company which is either unconditional or which is made
on a condition such that if it is satisfied, the person making the offer will have Control of the Company; or


 


(b)            a
general offer to acquire all the Shares;


 


and for these purposes the
reference to the “whole of the issued ordinary share capital” and “all the Shares” shall not be taken to include
any capital or Shares held by the person making the offer or a person connected with that person (within the meaning of s718 Income Tax
(Earnings and Pensions) Act 2003 of the United Kingdom), and it does not matter whether the offer is made to different shareholders by
different means.


 


1.14. “Tax-Qualified
Option” means an Option to which this Exhibit B applies.


 






    Exhibit B-2


     


    

 


1.15. “Tax-Qualified
Option Expiration Date” has the meaning set forth in Section 9.4 of this Exhibit B.


 


SECTION 2
of Exhibit B

Shares


 


If any Shares which are subject to a Tax-Qualified
Option cease to satisfy paragraphs 16 to 20 of Schedule 4 and this Exhibit B ceases to be a Schedule 4 Plan, or the Tax-Qualified
Options become exercisable pursuant to Section 10.5 of this Exhibit B, the definition of “Shares” above is changed
automatically to “shares of Common Stock”. A Tax-Qualified Option may not otherwise be exercised after the Shares to which
it is subject cease to satisfy paragraphs 16 to 20 of Schedule 4.


 


SECTION 3
of Exhibit B

Restrictions on terms of Tax-Qualified Options


 


3.1. A Tax-Qualified Option
can only be satisfied by the delivery of Shares. The Committee may not permit or require the deferral of any settlement of a Tax-Qualified
Option, and the relevant Shares shall be delivered no later than 30 days from the date of exercise.


 


3.2. The Exercise Price of
a Tax-Qualified Option may not be paid by the tendering of shares of Stock.


 


3.3. If the Exercise Price
of a Tax-Qualified Option (or any tax or social security withholding obligation arising in connection with its exercise) is funded by
the sale of Shares acquired on exercise, the Shares must first be acquired by the Participant, and cannot be sold before the exercise
of the Option.


 


3.4. A Tax-Qualified Option
cannot be transferred during the Participant’s life, although it may be transmitted to the Participant’s personal representatives
on the Participant’s death.


 


3.5. Any provisions in the
Award Agreement for a Tax-Qualified Option shall comply with the requirements of Schedule 4.


 


3.6. The Company shall ensure
that the Participant has an enforceable right to a Tax-Qualified Option (in accordance with its terms) from its date of grant.


 


SECTION 4
of Exhibit B

Notification of terms of Tax-Qualified Option


 


4.1. The Company will ensure
that the Participant is notified of the following (which must be determined on the date of grant of the Option) as soon as practicable
after grant of a Tax-Qualified Option:


 


(a)            the
number and description of the Shares subject to the Option;


 


(b)            the
Exercise Price;


 






    Exhibit B-3


     


    

 


(c)            whether
or not the Shares subject to the Option are subject to any restriction (as defined in paragraph 36(3) of Schedule 4) and, if so,
the details of any such restrictions;


 


(d)            the
times at which the Option may be exercised (in whole or in part);


 


(e)            the
circumstances under which the Option will lapse or be cancelled (in whole or in part), including any conditions to which the exercise
of the Option (in whole or in part) is subject; and


 


(f)            any
mechanism by way of which any terms referred to in sub-paragraphs (a) and (c) to (e) above can be changed.


 


4.2. The notification may
be given wholly or partly through the Award Agreement relating to the Tax-Qualified Option.


 


SECTION 5
of Exhibit B

Exercise Price


 


The Exercise Price of a Tax-Qualified Option will
not be less than Market Value of a Share on the date of grant.


 


SECTION 6
of Exhibit B

HMRC limit


 


The aggregate Market Value
of:


 


(a)            the
Shares subject to a Tax-Qualified Option held by a Participant; and


 


(b)            the
Shares which the Participant may acquire on exercising other Tax-Qualified Options; and


 


(c)            the
shares which the Participant may acquire on exercising his options under any other Schedule 4 Plan established by the Company or by any
of its associated companies (as defined in paragraph 35 of Schedule 4),


 


must not be more than the amount permitted under
paragraph 6(1) of Schedule 4 (currently £30,000). To the extent that a Tax-Qualified Option is purportedly granted over a number
of Shares which would result in this limit being exceeded the Option shall be automatically limited and take effect so that this limit
is not exceeded, and the Tax-Qualified Option shall be deemed not to have been granted to the extent that it exceeds this limit. For the
purposes of this Section, Market Value is calculated as at the date of grant of the relevant option.


 


SECTION 7
of Exhibit B

Adjustment of Options


 


7.1. Adjustments may be made
to Tax-Qualified Options under Section 3.2 of the Plan only where there is a variation of the share capital of which Shares form
part and:


 






    Exhibit B-4


     


    

 


(a)            the
total Exercise Price after adjustment must be substantially the same as before adjustment; and


 


(b)            the
total Market Value of the Shares subject to the Option must remain substantially the same; and


 


(c)            the
Plan (as amended by this Exhibit B) must continue to be a Schedule 4 Plan.


 


7.2. An annual return relating
to the Plan (as amended by this Exhibit B) submitted to HMRC following any such adjustment must include a declaration that the Plan
(as amended by this Exhibit B) continues to comply with Schedule 4.


 


SECTION 8
of Exhibit B

Material interest


 


A Participant may not exercise a Tax-Qualified
Option while he is excluded from participation in a Schedule 4 Plan under paragraph 9 of Schedule 4 (material interest provisions).


 


SECTION 9
of Exhibit B

Exercise – additional provisions


 


9.1. A Tax-Qualified Option
shall vest and become exercisable on the third anniversary of the date of grant of the Option (or such later date as may be provided in
the Award Agreement) save where it may be exercised earlier in accordance with the other provisions of this Section 9, Section 10
of this Exhibit B or Section 8 of the Plan. A Tax-Qualified Option shall not be exercisable before any such date or time.


 


9.2. Except to the extent
otherwise prohibited by any other provision of the Plan (as amended by this Exhibit B), a Participant may exercise a Tax-Qualified
Option for the period of six months after ceasing to be an Employee for any of the following reasons:


 


(a)            injury;


 


(b)            ill
health;


 


(c)            Disability;


 


(d)            Retirement;


 


(e)            redundancy
(within the meaning of the Employment Rights Act 1996 of the United Kingdom);


 


(f)            the
Participant’s employer ceasing to be a Participating Company;


 


(g)            the
transfer of the business that employs the Participant to a person that is not a Participating Company; or


 


(h)            any
other reason with the consent of the Committee.


 






    Exhibit B-5


     


    

 


9.3. If a Participant dies
before the lapse of a Tax-Qualified Option, his Tax-Qualified Option may be exercised by his personal representatives at any time within
12 months after his death, notwithstanding any earlier lapse in accordance with the rules of the Plan.


 


9.4. A Tax-Qualified Option
shall not be exercisable after the Company’s close of business on the last business day that occurs prior to the Tax-Qualified Option
Expiration Date. The Tax-Qualified Option Expiration Date shall be the earliest to occur of the following:


 


(a)            the
date on which any applicable period provided in Section 9.2 of this Exhibit B expires;


 


(b)            the
date on which the Participant ceases to be an Employee for any reason other than those set out in Section 9.2 of this Exhibit B;


 


(c)            the
date on which the Option lapses in accordance with Section 10.4(c) of this Exhibit B, if applicable;


 


(d)            the
last day of the period specified in Section 10.5 of this Exhibit B, if applicable;


 


(e)            any
date on which the Option lapses in accordance with Section 10.6 of this Exhibit B;


 


(f)            any
other date on which the Option lapses in accordance with the Plan (other than Section 4 of the Plan) or the Award Agreement; or


 


(g)            the
last day of the term of the Option,


 


in each case save where Section 9.3 of this
Exhibit B applies in which case the Tax-Qualified Option Expiration Date shall be the last day of the period referred to in that
Section 9.3.


 


9.5. Except for rights determined
by reference to a date before the date of issue, or any restriction notified in accordance with Section 4.1(c) of this Exhibit B,
Shares issued in satisfaction of the exercise of an Option shall rank equally in all respects with Shares of the same class in issue at
the date of issue.


 


SECTION 10
of Exhibit B

Corporate events


 


10.1. Change in Control.
The provisions of this Section 10 of Exhibit B have effect in addition to any provisions provided in the Award Agreement or
by the Committee pursuant to Section 6 of the Plan. Notwithstanding the foregoing, no such provision provided in the Award Agreement
shall have effect if it would affect the status of the Plan as amended by this Exhibit B as a Schedule 4 Plan, and no such provision
provided by the Committee shall have effect if it would affect such status as a Schedule 4 Plan unless it is determined that the Plan
as amended by this Exhibit B should cease to be a Schedule 4 Plan. Section 6.2 of the Plan shall not apply unless it is determined
that the Plan as amended by this Exhibit B should cease to be a Schedule 4 Plan.


 






    Exhibit B-6


     


    

 


10.2. Takeover Offer.
If any person obtains Control of the Company as a result of making a Takeover Offer (other than pursuant to a Reorganisation), any Tax-Qualified
Options that are not exchanged pursuant to Section 10.4 of this Exhibit B may, subject to Section 10.4, be exercised within
[40] days after the time when the person making the offer has obtained Control of the Company and any conditions subject to which the
Takeover Offer is made have been satisfied.


 


10.3. Non-UK Company Reorganisation
Arrangement. If a non-UK company reorganisation arrangement (as defined in Schedule 4) applicable to or affecting:


 


(a)            all
the ordinary share capital of the Company, or all the Shares; or


 


(b)            all
the ordinary share capital of the Company, or all the Shares, which are held by a class of shareholders identified otherwise than by reference
to their employment or directorships or their participation in a Schedule 4 Plan,


 


becomes binding on the shareholders covered by
it, then any Options that are not exchanged pursuant to Section 10.4 of this Exhibit B may be exercised within [40] days of
the arrangement becoming binding.


 


10.4. Option Exchange.


 


(a)            If,
as a result of the events specified in Section 10.2 or 10.3 of this Exhibit B, a company has obtained Control of the Company,
the Participant may, by agreement with that other company (the “Acquiring Company”), within the applicable period provided
in paragraph 26(3) of Schedule 4, release each Option (the “Old Option”) in consideration of the grant of an Option (the
 “New Option”) which satisfies the conditions set out in paragraph 27 of Schedule 4.


 


(b)            Where,
in accordance with this Section 10.4, Options are released and New Options granted, the New Options shall not be exercisable in accordance
with Sections 10.2 or 10.3 above by virtue of the event by reason of which the New Options were granted.


 


(c)            Where
New Options are, or are to be, offered in exchange for the release of Old Options in accordance with the above provisions of this Section 10.4,
the Committee may determine that the Old Options will not become exercisable or lapse as a result of the relevant event under Section 10.2
or 10.3. In such cases, the Old Options will, if the Committee so specifies, lapse at the end of the period for acceptance of the offer,
provided that Option Holders have a period of at least 14 days in which to accept the offer.


 


10.5. Shares Ceasing to
Be Subject to Schedule 4. If Section 10.2 or 10.3 of this Exhibit applies and, as a result of the event by virtue of which
that paragraph applies, Shares in the Company would no longer meet the requirements of Part 4 of Schedule 4, the Committee, acting
fairly and reasonably, may decide that the Tax-Qualified Options may be exercised under that Section only within a 20-day period
after the relevant event.


 






    Exhibit B-7


     


    

 


10.6. Lapse Following Corporate
Event. Where a Tax-Qualified Option becomes exercisable pursuant to this Section 10 of Exhibit B, if it is not exercised
by the end of the period specified for exercise it shall then lapse (save where Section 9.3 of this Exhibit B applies).


 


10.7. Extent of Exercise
Following Corporate Event. Where a Tax-Qualified Option becomes exercisable pursuant to this Section 10, it shall be exercisable
in full, subject to any contrary provision in the Award Agreement.


 


SECTION 11
of Exhibit B

Board and Committee’s powers


 


11.1. The Board and the Committee’s
powers under the Plan are further restricted in relation to Tax-Qualified Options as described in this Section.


 


11.2. No amendment to the
Plan or this Exhibit B shall apply in relation to Tax-Qualified Options if it would result in the Plan as amended by this Exhibit B
ceasing to be a Schedule 4 Plan, unless it is determined that it should so cease.


 


11.3. This Exhibit B,
and the Plan as amended by this Exhibit B, shall at all times be interpreted in a manner consistent with Schedule 4 and any other
legislative provisions applying to Schedule 4 Plans, save where it is determined that the Plan as amended by this Exhibit B should
cease to be a Schedule 4 Plan.


 


11.4. Any exercise of discretion
in relation to an outstanding Tax-Qualified Option must be done in a fair and reasonable manner.


 


11.5. An annual return submitted
to HMRC following any change to a term of a Tax-Qualified Option which is necessary to comply with Parts 2 to 6 of Schedule 4 must include
a declaration that the Plan continues to comply with Schedule 4 from the date of the change.


 






    Exhibit B-8