Exhibit 10.6


 


Gorilla
Technology Group Inc. 


 


2022
OMNIBUS INCENTIVE PLAN


 


		1.	PURPOSE



 


The Plan is intended to enhance
the Company’s and its Affiliates’ ability to attract and retain employees, Consultants and Non-Employee Directors, and to
motivate such employees, Consultants and Non-Employee Directors to serve the Company and its Affiliates and to expend maximum effort to
improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct
proprietary interest in the operations and future success of the Company. To this end, the Plan provides for the grant of Options, RSUs
or Phantom Shares. Any of these awards may, but need not, be made as performance incentives to reward attainment of performance goals
in accordance with the terms and conditions of the Plan.


 


		2.	DEFINITIONS



 


For purposes of interpreting
the Plan and related documents (including Award Agreements), the following definitions will apply to the maximum extent permitted under
applicable law:


 


“Affiliate”
means any company or other trade or business that “controls,” is “controlled by” or is “under common control
with” the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including any majority-owned subsidiary.


 


“Award”
means a grant, under the Plan, of an Option, RSUs, Phantom Shares or a Substitute Award. 


 


“Award
Agreement” means a written agreement between the Company and a Grantee, or notice from the Company
or an Affiliate to a Grantee that evidences and sets out the terms and conditions of an Award. 


 


“Beneficial
Owner” will have the meaning assigned to such term in Rules 13d-3 and 13d-5 under the Exchange
Act, except that in calculating the beneficial ownership of any particular Person, that Person will be deemed to have beneficial ownership
of all securities that the Person has the right to acquire by conversion or exercise of other securities, whether such right is currently
exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned”
have corresponding meanings.


 


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


 


“Business
Combination” means the consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company.


 


“Change
in Control” means, except as provided otherwise by the Board, the occurrence of any of the following
events: 


 


(1) The
acquisition by any Person of Beneficial Ownership of more than 50% of the outstanding voting power of the Company, provided that (i) any
acquisition directly from the Company, (ii) any acquisition by the Company or any of its Affiliates, (iii) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company or any of its Affiliates or (iv) any acquisition by any corporation
under a transaction that complies with clauses (i), (ii) and (iii) of paragraph (2) below will not constitute a Change in Control for
purposes of this paragraph.


 






     


     


    

 


(2) Consummation
of a Business Combination, unless after the Business Combination (i) the Persons who were the Beneficial Owners of the outstanding voting
securities immediately before the Business Combination own, directly or indirectly, more than 50% of the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors of the Company of the entity resulting from
the Business Combination (including an entity that as a result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries) (provided that for purposes of this clause (i) any ordinary
shares, common stock or voting securities of such resulting entity received by such Beneficial Owners in such Business Combination other
than as the result of such Beneficial Owners’ ownership of outstanding shares or outstanding voting securities immediately before
such Business Combination will not be considered to be owned by such Beneficial Owners for the purposes of calculating their percentage
of ownership of voting power of the resulting entity), and (ii) at least a majority of the members of the Board of the entity resulting
from such Business Combination were members of the incumbent Board at the time of the execution of the initial agreement, or the action
of the Board, providing for such Business Combination. For purposes of this paragraph, any Person who acquires outstanding voting securities
of the entity resulting from the Business Combination by virtue of ownership, before such Business Combination, of outstanding voting
securities of both the Company and the entity or entities with which the Company is combined will be treated as two Persons after the
Business Combination, who will be treated as owning outstanding voting securities of the entity resulting from the Business Combination
by virtue of ownership, before such Business Combination of, respectively, outstanding voting securities of the Company, and of the entity
or entities with which the Company is combined.


 


(3) Approval
by the Shareholders of a complete liquidation or dissolution of the Company.


 


Solely
to the extent required by Code § 409A, an event described above will not constitute a Change in Control for purposes of the payment
(but not vesting) terms and conditions of any Award subject to Code § 409A unless such event also constitutes a change in ownership
or effective control of the Company or a change in the ownership of a substantial portion of the Company’s assets within the meaning
of Code § 409A.


 


“Code”
means the United States Internal Revenue Code of 1986, as amended.


 


“Committee”
means any committee or other person or persons designated by the Board to administer the Plan. The Board will cause the Committee to satisfy
the applicable requirements of any securities exchange on which the Shares may then be listed. For purposes of Awards to Grantees who
are subject to Exchange Act § 16, the “Committee” means all of the members of the Committee who are “non-employee
directors” within the meaning of Rule 16b-3 under the Exchange Act. All references in the Plan to the Board will mean such Committee
or the Board.


 






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“Company”
means Gorilla Technology Group Inc., a Cayman Islands exempted company.


 


“Consultant”
means any person, except an employee or Non-Employee Director, engaged by the Company or any Affiliate, to render bona fide personal services
to such entity, including as an advisor, under a written agreement and who qualifies as a consultant or advisor under Form S-8.


 


“Detrimental
Conduct” means, as determined by the Board, the Grantee’s serious misconduct or unethical
behavior, including (1) any violation by the Grantee of a restrictive covenant agreement that the Grantee has entered into with the Company
or an Affiliate (covering, for example, confidentiality, non-competition, non-solicitation and non-disparagement), (2) the commission
of a criminal act by the Grantee, whether or not performed in the workplace, that subjects, or if generally known would subject, the Company
or an Affiliate to public ridicule or embarrassment or other improper or intentional conduct by the Grantee causing reputational harm
to, or which is materially injurious to the financial condition of, the Company, an Affiliate or a client or former client of the Company
or an Affiliate, (3) the Grantee’s breach of a fiduciary duty owed to the Company or an Affiliate or a client or former client of
the Company or an Affiliate, (4) the Grantee’s intentional violation or grossly negligent disregard of the Company’s or an
Affiliate’s policies, rules or procedures or (5) the Grantee taking or maintaining trading positions that result in a need to restate
financial results in a subsequent reporting period or that result in a significant financial loss to the Company or its Affiliates.


 


“Disability”
means a disability, whether temporary or permanent, partial or total, as determined by the Committee. Notwithstanding the above, Disability
shall mean, with respect to an ISO, permanent and total disability as defined in Code § 22(e)(3) and, with respect to all Awards,
to the extent required by Code § 409A, “disability” within the meaning of Code § 409A.


 


“Effective
Date” means _______________, 2022. 


 


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


 


“Fair
Market Value” of a Share as of a particular date means: (1) if the Shares are readily tradable
on an established securities market, the average closing price of a Share as reported by such market for the 30 trading days ending on
the last business day immediately preceding the applicable date, (2) if the Shares are not then readily tradeable on an established securities
market, the closing price of a Share quoted by an established quotation service for over-the-counter securities for the first trading
day immediately preceding the applicable date or (3) if the Shares are not then readily tradeable on an established securities market
or quoted by an established quotation service for over-the-counter securities, or the value of the Shares is not otherwise determinable,
such value as determined by the Board in good faith, taking into account, to the extent appropriate, the requirements of Code § 409A.
Notwithstanding the foregoing, if the Board determines that an alternative definition of Fair Market Value should be used in connection
with the grant, exercise, vesting, settlement or payout of any Award, it may specify such alternative definition in the applicable Award
Agreement. Such alternative definition may include a price that is based upon a valuation report prepared by an independent and specialized
appraisal firm or, in the case of Shares that are listed on a securities exchange, the opening, actual, high, low or average selling prices
of a Share on the applicable securities exchange on the given date, the trading date preceding the given date, the trading date next succeeding
the given date, or an average of trading days, as the case may be. The Board’s determination of Fair Market Value shall be conclusive
and binding on all persons. 


 






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“Family
Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent,
grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law or sister-in-law,
including adoptive relationships, of the applicable individual.


 


“Grant
Date” means the latest to occur of (1) the date as of which the Board approves an Award, (2) the
date on which the recipient of an Award first becomes eligible to receive an Award under Section 6 or
(3) such other date as may be specified by the Board in the Award Agreement. 


 


“Grantee”
means a person who receives or holds an Award. 


 


“IFRS”
means International Financial Reporting Standards.


 


“ISO”
means an Option that is an “incentive stock option” within the meaning of Code § 422.


 


“Non-Employee
Director” means a member of the Board who is not an employee of the Company or an Affiliate. 


 


“NSO”
means an Option that is considered a nonstatutory stock option because it is not an ISO.


 


“Option”
means an option to purchase one or more Shares under the Plan. 


 


“Option
Price” means the exercise price to purchase each Share subject to an Option. 


 


“Performance
Award” means an Award made subject to the attainment of performance goals (as described in Section
11) over a performance period established by the Board. 


 


“Person”
means a person as defined in Exchange Act § 13(d)(3).


 


“Phantom
Shares” means a bookkeeping entry representing the equivalent of Shares, awarded to a Grantee
under Section 9.


 


“Plan”
means this Gorilla Technology Group Inc. 2022 Omnibus Incentive Plan. 


 


“Restricted
Period” will have the meaning set forth in Section 9.1.


 


“RSU”
means a bookkeeping entry representing the equivalent of Shares, awarded to a Grantee under Section 9.



 


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


 






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“Separation
from Service” means the termination of the applicable Grantee’s employment with, and performance
of services for, the Company and each Affiliate. Unless otherwise determined by the Board, if a Grantee’s employment or service
with the Company or an Affiliate terminates but the Grantee continues to provide services to the Company or an Affiliate in a non-employee
director capacity or as an employee, officer or consultant, as applicable, such change in status will not be deemed a Separation from
Service. A Grantee employed by, or performing services for, an Affiliate or a division of the Company or an Affiliate will not be deemed
to incur a Separation from Service if such Affiliate or division ceases to be an Affiliate or division of the Company, as the case may
be, and the Grantee immediately thereafter becomes an employee of (or service provider to) or member of the board of directors of the
Company or an Affiliate or a successor company or an affiliate or subsidiary thereof. Approved temporary absences from employment because
of illness, vacation or leave of absence and transfers among the Company and its Affiliates will not be considered Separations from Service.
Notwithstanding the foregoing, with respect to any Award that constitutes nonqualified deferred compensation under Code § 409A, “Separation
from Service” will mean a “separation from service” as defined under Code § 409A. The Board will have the exclusive
discretion to determine when there has been a Separation from Service, regardless of any notice period or period of pay in lieu of such
notice that may be required.


 


“Service
Provider” means an employee, officer, Non-Employee Director or Consultant of the Company or an
Affiliate, including any prospective employee, officer, Non-Employee Director, or Consultant who has accepted an offer of employment or
service and will be an employee, officer, Non-Employee Director, or Consultant after the commencement of their service.


 


“Share”
means one ordinary share of the Company, par value $.0001.


 


“Shareholder”
means a shareholder of the Company.


 


“Substitute
Award” means any Award granted in assumption of or in substitution for an award of a company or
business acquired by the Company or an Affiliate or with which the Company or an Affiliate combines. 


 


“10%
Shareholder” means an individual who owns more than 10% of the total combined voting power of
all classes of outstanding stock of the Company, its parent or any of its majority-owned subsidiaries. In determining share ownership,
the attribution rules of Code § 424(d) will be applied.


 


“Termination
Date” means the date that is ten years after the Effective Date, unless the Plan is earlier terminated
by the Board under Section 5.2.


 


		3.	ADMINISTRATION OF THE PLAN



 


3.1. General.


 


3.1.1. Board
Authority. The Board will have such powers and authorities related to the administration of the Plan
as are consistent with the Company’s organizing documents and applicable law. Except as specifically provided in Section 12 or as
otherwise may be required by applicable law, regulatory requirement, or the organizing documents of the Company, the Board will have full
power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award
Agreement, and will have full power and authority to take all such other actions and make all such other determinations not inconsistent
with the specific terms and conditions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan.
The Board will have the power to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations
relating to sub-plans established for the purpose of satisfying applicable foreign laws and/or qualifying for preferred tax treatment
under applicable tax laws.


 






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3.1.2. Board
Determinations. The interpretation and construction by the Board of the Plan, any Award or any Award
Agreement will be final, binding and conclusive. Without limitation, the Board will have full and final authority, subject to the other
terms and conditions of the Plan, to (1) designate Grantees, (2) determine the type or types of Awards to be made to a Grantee, (3) determine
the number of Shares to be subject to an Award, (4) establish the terms and conditions of each Award (including the Option Price of any
Option, the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer
or forfeiture of an Award or the Shares subject thereto, including any Restricted Period, and any terms or conditions that may be necessary
to qualify Options as ISOs), (5) prescribe the form of each Award Agreement and (6) amend, modify or supplement the terms and conditions
of any outstanding Award.


 


3.1.3. Committee
Authority. The Committee will administer the Plan, provided that the Board will retain the right to
exercise the authority of the Committee to the extent consistent with applicable law and the applicable requirements of any securities
exchange on which the Shares may then be listed. The Board will have the power and authority to delegate its powers and responsibilities
under the Plan to the Committee, which will have full authority to act in accordance with its charter, and with respect to the authority
of the Board to act under the Plan, all references to the Board will be deemed to include a reference to the Committee, to the extent
such power or responsibilities have been delegated.


 


3.1.4. Other
Delegation. To the extent permitted by applicable law, the Board may delegate its authority as identified
in the Plan to any individual or committee of individuals (who need not be directors), including the authority to make Awards to Grantees
who are not subject to Exchange Act § 16. To the extent that the Board delegates its authority to make Awards as provided by this
Section 3.1.4, all references in the Plan to the Board’s authority to make Awards and determinations
with respect thereto will be deemed to include the Board’s delegate. Any such delegate will serve at the pleasure of, and may be
removed at any time by the Board.


 


3.2. No
Repricing. Notwithstanding any other term or condition of the Plan, the repricing of Options is prohibited
without prior approval of the Shareholders. For this purpose, a “repricing” means (1) changing an Option to lower its Option
Price, (2) any other action that is treated as a “repricing” under IFRS, (3) repurchasing for cash or canceling an Option
at a time when its Option Price is greater than the Fair Market Value of the underlying Shares in exchange for another Award or (4) any
other action that has the same effect as clauses (1), (2) or (3), unless the actions contemplated in clauses (1), (2), or (3) occur in
connection with a change in capitalization or similar change under Section 13. A cancellation
and exchange under clause (3) would be considered a “repricing” regardless of whether it is treated as a “repricing”
under IFRS and regardless of whether it is voluntary on the part of the Grantee. 


 






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3.3. Separation
from Service, Clawbacks and Detrimental Conduct.


 


3.3.1. Separation
from Service. Unless otherwise provided under an Award Agreement and to the extent permitted under applicable
law, if a Grantee incurs a Separation from Service, the Company will annul and cancel the unvested portion of any Award.


 


3.3.2. Clawbacks.
All Awards, amounts or benefits received or outstanding under the Plan will be subject to clawback,
cancellation, recoupment, rescission, payback, reduction or other similar action in accordance with any Company clawback or similar policy
or any applicable law related to such actions. A Grantee’s acceptance of an Award will be deemed to constitute (1) the Grantee’s
acknowledgement of and consent to the Company’s application, implementation and enforcement of any applicable Company clawback or
similar policy that may apply to the Grantee, whether adopted before or after the Effective Date, and any applicable law relating to clawback,
cancellation, recoupment, rescission, payback or reduction of compensation, and (2) the Grantee’s agreement that the Company may
take any actions that may be necessary to effectuate any such policy or applicable law, without further consideration or action.


 


3.3.3. Detrimental
Conduct. Except as otherwise provided by the Board, notwithstanding any other term or condition of the
Plan, if a Grantee engages in Detrimental Conduct, whether during the Grantee’s service or after the Grantee’s Separation
from Service for any reason, in addition to any other penalties or restrictions that may apply under the Plan, applicable law or otherwise,
the Grantee will forfeit or pay to the Company (1) any and all outstanding Awards granted to the Grantee, including Awards that have become
vested or exercisable, (2) any cash or Shares received by the Grantee in connection with the Plan within the 36-month period immediately
before the date the Company determines the Grantee has engaged in Detrimental Conduct and (3) the profit realized by the Grantee from
the sale or other disposition for consideration of any Shares received by the Grantee in connection with the Plan within the 36-month
period immediately before the date the Company determines the Grantee has engaged in Detrimental Conduct.


 


3.4. Deferral
Arrangement. The Board may permit or require the deferral of any Award payment into a deferred compensation
arrangement, subject to such rules and procedures as it may establish and in accordance with Code § 409A, which may include terms
and conditions for the payment or crediting of interest or dividend equivalents, including converting such credits into deferred units.



 


3.5. No
Liability. No member of the Board will be liable for any action or determination made in good faith
with respect to the Plan, any Award or Award Agreement. 


 


3.6. Book
Entry. Notwithstanding any other term or condition of the Plan, the Company may elect to satisfy any
requirement under the Plan for the delivery of certificates through the registry of Shareholders or use of book-entry. 


 


		4.	shares SUBJECT TO THE PLAN



 


4.1. Authorized
Number of Shares. Subject to adjustment under Section 13, the
initial number of Shares authorized to be awarded under the Plan will be __________, of which __________ Shares available for issuance
under the Plan shall be available for issuance as ISOs. Shares issued under the Plan will consist in whole or in part of authorized but
unissued Shares, treasury Shares or Shares purchased on the open market or otherwise, all as determined by the Board from time to time.
At all times, the Company will reserve and keep available a sufficient number of Shares as will be required to satisfy the requirements
of all Awards granted and outstanding under this Plan.


 






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4.1.1 Automatic
Increases. The aggregate number of Shares authorized to be awarded under Section 4.1 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, 2033, in an amount equal to five percent (5%) of the total number of Shares outstanding
on December 31 of the preceding calendar year. Notwithstanding the foregoing, the Board 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.


 


4.2. Share
Counting.


 


4.2.1. General.
Each Share granted in connection with an Award will be counted as one Share against the limit in Section
4.1, subject to this Section 4.2. Share-based Performance Awards
will be counted assuming maximum performance results (if applicable) until such time as actual performance results can be determined.


 


4.2.2. Expired
or Terminated Awards. If any Award expires or is terminated, surrendered or forfeited, in whole or in
part, the unissued Shares covered by that Award will again be available for the grant of Awards. Notwithstanding the foregoing, any Share
that is surrendered, forfeited or otherwise disposed of pursuant to Section 10 or 15.3 will not
again become available for the grant of Awards. 


 


4.2.3. Substitute
Awards. In the case of any Substitute Award, such Substitute Award will not be counted against the number
of Shares reserved under the Plan.


 


		5.	EFFECTIVE DATE, DURATION, AND AMENDMENTS



 


5.1. Term.
The Plan will be effective as of the Effective Date, provided that it has been approved by the Board
and Shareholders. The Plan will terminate automatically on the ten-year anniversary of the Effective Date and may be terminated on any
earlier date as provided in Section 5.2. 


 


5.2. Amendment
and Termination of the Plan. The Board may, at any time and from time to time, amend, suspend or terminate
the Plan as to any Awards that have not been made. An amendment will be contingent on approval of the Shareholders to the extent stated
by the Board, required by applicable law or required by applicable securities exchange listing requirements. Notwithstanding the foregoing,
any amendment to Section 3.2 will be contingent on the approval of the Shareholders. No Awards
may be granted after the Termination Date. The applicable terms and conditions of the Plan and any terms and conditions applicable to
Awards granted before the Termination Date will survive the termination of the Plan and continue to apply to such Awards. No amendment,
suspension or termination of the Plan will, without the consent of the Grantee, materially impair rights or obligations under any Award
theretofore awarded. 


 






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		6.	AWARD ELIGIBILITY AND LIMITATIONS



 


6.1. Service
Providers. Awards may be made to any Service Provider as the Board may determine and designate from
time to time.


 


6.2. Successive
Awards. A Service Provider may receive more than one Award, subject to such restrictions as are provided
in the Plan.


 


6.3. Stand-Alone,
Additional, Tandem and Substitute Awards. The Board may grant Awards either alone or in addition to,
in tandem with, or, subject to Section 3.2, in substitution or exchange for, any other Award
or any award granted under another plan of the Company, any Affiliate or any business entity to be acquired by the Company or an Affiliate,
or any other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem and substitute or exchange
Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Board will have the right
to require the surrender of such other Award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu
of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Affiliate, in which the value
of Shares subject to the Award is equivalent in value to the cash compensation.


 


		7.	AWARD AGREEMENT



 


Each Award will be evidenced
by an Award Agreement, in such forms as the Board will from time to time determine. Without limiting the foregoing, an Award Agreement
may be provided in the form of a notice that provides that acceptance of the Award constitutes acceptance of all terms and conditions
of the Plan and the notice. Award Agreements granted from time to time or at the same time need not contain similar terms and conditions
but will be consistent with the terms and conditions of the Plan. Each Award Agreement evidencing an Award of Options will specify whether
such Options are intended to be NSOs or ISOs, and in the absence of such specification such Options will be deemed to be NSOs.


 


		8.	TERMS AND CONDITIONS OF OPTIONS



 


8.1. Option
Price. The Option Price of each Option will be fixed by the Board and stated in the related Award Agreement.
The Option Price of each Option (except those that constitute Substitute Awards) will be at least the Fair Market Value on the Grant Date
of a Share or, to the extent set forth in the applicable Award Agreement, any other Option Price established by—or upon approval
by—the Shareholders. In no case will the Option Price of any Option be less than the par value of a Share. If a Grantee is a 10%
Shareholder as of the Grant Date, the Option Price of an Option granted to such Grantee that is intended to be an ISO will be not less
than 110% of the Fair Market Value of a Share on the Grant Date.


 


8.2. Vesting.
Subject to Section 8.3, each Option will become exercisable
at such times and under such terms and conditions (including performance requirements) as may be determined by the Board and stated in
the Award Agreement. The Board may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms
of any Award Agreement upon the occurrence of a specified event and at any time after the Grant Date of the Award.


 






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8.3. Term.
Each Option will terminate, and all rights to purchase Shares thereunder will cease, upon the expiration
of a period not to exceed ten years from the Grant Date or under such circumstances and on any date before ten years from the Grant Date
as may be set forth in the Plan or as may be fixed by the Board and stated in the Award Agreement. If the Grantee is a 10% Shareholder,
an Option granted to such Grantee that is intended to be an ISO at the Grant Date will not be exercisable after the expiration of five
years from its Grant Date.


 


8.4. Limitations
on Exercise of Option. Notwithstanding any other term or condition of the Plan, in no event may any
Option be exercised, in whole or in part, before the date the Plan is approved by the Board and Shareholders as provided in the Plan or
after the occurrence of an event that results in termination of the Option. 


 


8.5. Method
of Exercise. A vested Option may be exercised by the Grantee’s delivery of a notice of exercise
to the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for
the Shares being purchased and any applicable taxes. To be effective, notice of exercise must be made in accordance with procedures established
by the Board from time to time.


 


8.6. Rights
of Holders of Options. An individual holding or exercising an Option will have none of the rights of
a Shareholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct
the voting of the subject Shares) until the Shares covered thereby are fully paid and issued to such individual as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent or depositary of the Company. Except as provided in Section
13 or the related Award Agreement, no adjustment will be made for dividends, distributions or other
rights for which the record date is before the date of such Share issuance. 


 


8.7. Limitations
on Incentive Stock Options. An Option will constitute an ISO only (1) if the Grantee of the Option is
an employee of the Company or its “subsidiary corporation,” as defined in Code § 424(f), and (2) to the extent that the
aggregate Fair Market Value (determined at the time the Option is granted) of the Shares with respect to which all ISOs held by such Grantee
become exercisable for the first time during any calendar year (under the Plan and all other plans of the Grantee’s employer and
its Affiliates) does not exceed US$100,000. This limitation will be applied by taking Options into account in the order in which they
were granted. If for any reason an Option intended to be an ISO (or any portion thereof) shall not qualify as an ISO, then, to the extent
of such nonqualification, such Option or portion thereof shall be regarded as a NSO appropriately granted under this Plan.


 


		9.	TERMS AND CONDITIONS OF RSUs AND PHANTOM SHARES



 


9.1. Restrictions.
At the time of grant, the Board may establish a period of time (a “Restricted Period”)
and any additional restrictions including the satisfaction of corporate or individual performance objectives applicable to an Award of
RSUs or Phantom Shares in accordance with Section 3. Each Award of RSUs or Phantom Shares
may be subject to a different Restricted Period and additional restrictions. 


 


9.2. Rights
of Holders of RSUs and Phantom Shares.


 


9.2.1. Settlement
of RSUs. RSUs may be settled in Shares or cash, as determined by the Board. 


 






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9.2.2. Settlement
of Phantom Shares. Phantom Shares shall be settled in cash.


 


9.2.3. Deferred
Payment. The Award Agreement will set forth whether the RSUs or Phantom Shares will be settled within
the time period specified for “short term deferrals” under Code § 409A or otherwise within the requirements of Code §
409A, in which case the Award Agreement will specify upon which events such RSUs or Phantom Shares will be settled.


 


9.2.4. Voting
and Dividend Rights. Holders of RSUs will not have rights as Shareholders, including no voting or dividend
rights, unless and until the Restricted Period lapses, all conditions are satisfied for settlement of the Award, and Shares are issued
in settlement of the Award. Holders of Phantom Shares will not have rights as Shareholders, including no voting or dividend rights. Notwithstanding
the foregoing, prior to settlement, payment or forfeiture, RSUs and Phantom Shares awarded under the Plan may, at the Board’s discretion,
provide for a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all dividends paid
on one Share while each RSU or Phantom Share, as applicable, is outstanding. Dividend equivalents may be converted into additional RSUs
or Phantom Shares. Settlement of dividend equivalents may be made in the form of cash, Shares, other securities, other property, or in
a combination of the foregoing. Prior to distribution, any dividend equivalents shall be subject to the same conditions and restrictions
as the RSUs or Phantom Shares to which they attach.


 


9.2.5. Creditor’s
Rights. A holder of RSUs or Phantom Shares will have no rights other than those of a general creditor
of the Company or its Affiliates. RSUs and Phantom Shares represent an unfunded and unsecured obligation of the Company or its Affiliates,
subject to the applicable Award Agreement.


 


9.3. Delivery
of Shares. Upon the expiration or termination of any Restricted Period and the satisfaction of any other
terms and conditions prescribed by the Board, the restrictions applicable to RSUs settled in Shares will lapse, and, unless otherwise
provided in the Award Agreement, appropriate action will be taken to deliver such Shares, free of all such restrictions, to the Grantee
or the Grantee’s beneficiary or estate, as the case may be. 


 


		10.	FORM OF PAYMENT FOR OPTIONS



 


Payment
of the Option Price for an Option will be made in cash or in cash equivalents acceptable to the Company or its Affiliates, or, where expressly
approved for a Grantee’s Option by the Board and where permitted by law, by any other form of consideration. Notwithstanding any
provision of this Section 10, during any period for which the Shares are publicly traded (i.e.,
listed on any established stock exchange or a national market system) an exercise by a Non-Employee Director or officer that involves
or may involve a direct or indirect extension of credit or arrangement of an extension of credit by the Company, directly or indirectly,
in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited with respect to any Award under this Plan.


 


		11.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS



 


The
right of a Grantee to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance
terms and conditions as may be specified by the Board. The Board may use such business criteria and other measures of performance as it
may deem appropriate in establishing any performance terms or conditions. 


 






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		12.	REQUIREMENTS OF LAW



 


12.1. General.
The Company will not be required to sell or issue any Shares under any Award if the sale or issuance
of such Shares would constitute a violation by the Grantee, any other individual or the Company of any law or regulation of any governmental
authority, including any federal or state securities laws or regulations. If at any time the Company determines that the listing, registration
or qualification of any Shares subject to an Award on any securities exchange or under any governmental regulatory body is necessary or
desirable as a term or condition of, or in connection with, the issuance or sale of Shares under the Plan, no Shares may be issued or
sold to the Grantee unless such listing, registration, or qualification will have been effected or obtained free of any terms and conditions
not acceptable to the Company, and any delay caused thereby will in no way affect the date of termination of the Award. Specifically,
in connection with the Securities Act, upon the exercise of any Option or the delivery of any Shares underlying an Award, unless a registration
statement under the Securities Act is in effect with respect to the Shares covered by such Award, the Company will not be required to
sell or issue such Shares unless the Board has received evidence satisfactory to it that the Grantee may acquire such Shares under an
exemption from registration under the Securities Act. The Company may, but will not be obligated to, register any securities covered by
the Plan under the Securities Act. The Company will not be obligated to take any affirmative action to cause the exercise of an Option
or the issuance of Shares under the Plan to comply with any law or regulation of any governmental authority. As to any jurisdiction that
expressly imposes the requirement that an Option will not be exercisable until the Shares covered by such Option are registered or are
exempt from registration, the exercise of such Option (under circumstances in which the laws of such jurisdiction apply) will be deemed
conditioned upon the effectiveness of such registration or the availability of such an exemption. 


 


12.2. Rule
16b-3. During any time when the Company has a class of equity securities registered under Exchange Act
§ 12, it is the intent of the Company that Awards and the exercise of Options granted to officers and directors hereunder will qualify
for the exemption provided by Rule 16b-3 under the Exchange Act, to extent Exchange Act § 16 applies to such Grantees. To the extent
that any term or condition of the Plan or action by the Board does not comply with the requirements of Rule 16b-3, it will be deemed inoperative
to the extent permitted by law and deemed advisable by the Board, and will not affect the validity of the Plan. If Rule 16b-3 is revised
or replaced, the Board may modify the Plan in any respect necessary to satisfy the requirements of, or to take advantage of any features
of, the revised exemption or its replacement.


 


		13.	EFFECT OF CHANGES IN CAPITALIZATION



 


13.1. Changes
in Shares. If (1) the number of outstanding Shares is increased or decreased or the Shares are changed
into or exchanged for a different number or kind of shares or other securities of the Company on account of any recapitalization, reclassification,
share split, reverse split, combination of shares, exchange of shares, share dividend or other distribution payable in shares or other
increase or decrease in such Shares effected without receipt of consideration by the Company occurring after the Effective Date or (2)
there occurs any spin-off, split-up, extraordinary cash dividend or other distribution of assets by the Company, (i) the number and kinds
of shares for which grants of Awards may be made, (ii) the number and kinds of shares for which outstanding Awards may be exercised or
settled and (iii) the performance goals relating to outstanding Awards, will be equitably adjusted by the Board, provided that any such
adjustment will comply with Code § 409A. In addition, in the event of any such increase or decrease in the number of outstanding
shares or other transaction described in clause (2) above, the number and kind of shares for which Awards are outstanding and the Option
Price per share of outstanding Options will be equitably adjusted by the Board, provided that any such adjustment will comply with Code
§ 409A. This Section 13.1 will also be applicable to Shares of the Affiliates. 


 






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13.2. Change
in Control. In the event of a Change in Control, all Shares acquired under the Plan and all Awards outstanding
on the effective date of the transaction will be treated in the manner described in the definitive transaction agreement (or, if there
is no definitive transaction agreement with the Company, in the manner determined by the Board). Such determination does not need to treat
all Awards (or all portions of an Award) in an identical manner. The treatment specified in the transaction agreement may include, without
limitation, one or more of the following with respect to each outstanding Award:


 


(1) Continuation
of the Award by the Company (if the Company is the surviving company);


 


(2) Assumption
of the Award by the surviving company or its parent;


 


(3) Substitution
by the surviving company or its parent of a new award;


 


(4) Cancellation
of the Award and a payment to the Grantee of the intrinsic value, if any, of the vested portion of the Award, as determined by the Board,
in cash, cash equivalents or equity, subject to any escrow, holdback, earn-out or similar provisions in the transaction agreement and
compliance with Code § 409A; or


 


(5) Suspension
of the Grantee’s right to exercise the Award during a limited period of time preceding the closing of the transaction if such suspension
is administratively necessary to permit the closing of the transaction.


 


13.3. Adjustments.
Adjustments under this Section 13 related to Share or other
securities of the Company will be made by the Board. No fractional Shares or other securities will be issued under any such adjustment,
and any fractions resulting from any such adjustment will be eliminated in each case by rounding downward to the nearest whole Share.


 


		14.	No Limitations on Company



 


The grant of Awards will not
affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure or to merge, consolidate, dissolve or liquidate or to sell or transfer all or any part of its business or
assets.


 






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		15.	TERMS APPLICABLE GENERALLY TO AWARDS



 


15.1. Disclaimer
of Rights. No term or condition of the Plan or any Award Agreement will be construed to confer on any
individual the right to remain in the employ or service of the Company or any Affiliate, or to interfere in any way with any contractual
or other right or authority of the Company or any Affiliate either to increase or decrease the compensation or other payments to any individual
at any time, or to terminate any employment or other relationship between any individual and the Company or any Affiliate. In addition,
notwithstanding any other term or condition of the Plan, unless otherwise stated in the applicable Award Agreement, no Award will be affected
by any change of duties or position of the Grantee, so long as such Grantee continues to be a Service Provider. The obligation of the
Company to pay any benefits under the Plan will be interpreted as a contractual obligation to pay only those amounts described in the
Plan, in the manner and under the terms and conditions prescribed in the Plan. The Plan will in no way be interpreted to require the Company
to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary
under the Plan. 


 


15.2. Nonexclusivity
of the Plan. Neither the adoption of the Plan nor the submission of the Plan to Shareholders for approval
will be construed as creating any limitations on the right and authority of the Board to adopt such other incentive compensation arrangements
(either applicable generally to classes of individuals or specifically to particular individuals), as the Board determines desirable.



 


15.3. Withholding
Taxes and Contributions. The Company or its Affiliate, as the case may be, will have the right to deduct
from payments of any kind otherwise due to a Grantee any federal, state or local taxes and contributions of any kind required by law,
in any jurisdiction, to be withheld (1) with respect to the grant of an Award, (2) the vesting of or other lapse of restrictions applicable
to an Award, (3) upon the issuance or any transfer of any Shares, upon the settlement of RSUs or Phantom Shares, or upon the exercise
of an Option or (4) otherwise due in connection with an Award. At the time of such grant, vesting, lapse, exercise, issuance, transfer,
settlement or other event, the Grantee will pay to the Company or the Affiliate, as the case may be, any amount that the Company or the
Affiliate may reasonably determine to be necessary to satisfy such withholding obligation. The Company may, in its discretion, permit
the Grantee to satisfy such obligation by remitting Shares freely owned by Grantee or having Shares from the Award withheld, in each case
with the Shares remitted or withheld having an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value
of the Shares used to satisfy such withholding obligation will be determined by the Company or the Affiliate as of the date that the amount
of tax or contribution to be withheld is to be determined. To the extent applicable, a Grantee may satisfy his withholding obligation
only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.


 


15.4. Other
Terms and Conditions and Employment Agreements. Each Award Agreement may contain such other terms and
conditions not inconsistent with the Plan as may be determined by the Board. In the event of any conflict between the terms and conditions
of an employment agreement and an Award Agreement, the terms and conditions of the employment agreement will govern, to the extent not
inconsistent with the Plan. 


 


15.5. No
Acquired Rights. The grant of any Award under the Plan is voluntary and occasional and does not give
the Grantee any contractual or other right to receive Awards or benefits in lieu of Awards in the future, even if a Grantee has have received
Awards repeatedly in the past. 


 






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15.6. Discretionary
Nature of Plan. The benefits and rights provided under the Plan are wholly discretionary and, although
provided by the Company, do not constitute regular or periodic payments. Unless otherwise required by applicable law, the benefits and
rights provided under the Plan are not to be considered part of a Grantee’s salary or compensation or for purposes of calculating
any severance, resignation, redundancy or other end of service payments, vacation, bonuses, long-term service awards, indemnification,
pension or retirement benefits, or any other payments, benefits or rights of any kind. By acceptance of an Award, a Grantee waives any
and all rights to compensation or damages as a result of the termination of employment with the Company or any Affiliate for any reason
whatsoever insofar as those rights result or may result from this Plan or any Award.


 


15.7. Separation
from Service. The Board will determine the effect of a Separation from Service on Awards, and such effect
will be set forth in the applicable Award Agreement. Without limiting the foregoing, the Board may provide in an Award Agreement at the
time of grant, or any time thereafter with the consent of the Grantee, the effect of and the actions that may be taken upon the occurrence
of a Separation from Service, including accelerated vesting or termination, depending on the circumstances surrounding the Separation
from Service. 


 


15.8. Severability.
If any term or condition of the Plan or any Award Agreement is determined to be illegal or unenforceable
by any court of law in any jurisdiction, the remaining terms and conditions of the Plan and the Award Agreement will be severable and
enforceable, and all terms and conditions will remain enforceable in any other jurisdiction. 


 


15.9. Governing
Law. The Plan and all Award Agreements will be construed in accordance with and governed by the laws
of the Cayman Islands without regard to the principles of conflicts of law that could cause the application of the laws of any jurisdiction
other than the Cayman Islands. For purposes of resolving any dispute that arises under the Plan or any Award Agreement, each Grantee will
be subject to venue, jurisdiction and other dispute resolution provisions set forth in the applicable Award Agreement. The Plan is not
intended to be subject to the United States Employee Retirement Income Security Act of 1974.


 


15.10. Code
§ 409A. The Plan is intended to comply with Code § 409A to the extent subject thereto, and,
accordingly, to the maximum extent permitted, the Plan will be interpreted and administered to be in compliance therewith. Any payments
described in the Plan that are due within the “short-term deferral period” as defined in Code § 409A will not be treated
as deferred compensation unless applicable laws require otherwise. For purposes of Code § 409A, each installment payment under the
Plan will be treated as a separate payment. Notwithstanding any other term or condition of the Plan, to the extent required to avoid accelerated
taxation or tax penalties under Code § 409A, amounts that would otherwise be payable and benefits that would otherwise be provided
under the Plan during the six-month period immediately after the Grantee’s Separation from Service will instead be paid on the first
payroll date after the six-month anniversary of the Grantee’s Separation from Service (or the Grantee’s death, if earlier).
Notwithstanding the foregoing, neither the Company nor the Board will have any obligation to take any action to prevent the assessment
of any additional tax or penalty on any Grantee under Code § 409A and neither the Company nor the Board will have any liability to
any Grantee or any other person for such tax or penalty.


 






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15.11. Transferability
of Awards.


 


15.11.1. Transfers
in General. Except as provided in Section 15.11.2, no Award
will be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution and,
during the lifetime of the Grantee, only the Grantee personally (or the Grantee’s personal representative) may exercise rights under
the Plan.


 


15.11.2. Family
Transfers. If authorized in the applicable Award Agreement, a Grantee may transfer, not for value, all
or part of an Award to any Family Member. For the purpose of this Section 15.11.2, a “not
for value” transfer is a transfer that is a gift, a transfer under a domestic relations order in settlement of marital property
rights or a transfer to an entity in which more than 50% of the voting interests are owned by Family Members (or the Grantee) in exchange
for an interest in that entity. After a transfer under this Section 15.11.2, any such Award will
continue to be subject to the same terms and conditions as were applicable immediately before transfer. Subsequent transfers of transferred
Awards are prohibited except, if permitted under the applicable Award Agreement, to Family Members of the original Grantee in accordance
with this Section 15.11.2 or by will or the laws of descent and distribution. 


 


15.12. Data
Protection. Where consent is required under applicable data privacy law, a Grantee’s acceptance
of an Award will be deemed to constitute the Grantee’s acknowledgement of and consent to the collection and processing of personal
data relating to the Grantee so that the Company can meet its obligations and exercise its rights under the Plan and generally administer
and manage the Plan. This data will include data about participation in the Plan and Shares offered or received, purchased, or sold under
the Plan and other appropriate financial and other data (such as the date on which the Awards were granted) about the Grantee and the
Grantee’s participation in the Plan.


 


15.13. Plan
Construction. In the Plan, unless otherwise stated, the following uses apply:


 


(1) References
to a statute or law refer to the statute or law and any amendments and any successor statutes or laws, and to all valid and binding governmental
regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder, as amended, or their successors,
as in effect at the relevant time;


 


(2) In
computing periods from a specified date to a later specified date, the words “from” and “commencing on” (and the
like) mean “from and including,” and the words “to,” “until” and “ending on” (and the
like) mean “to and including”;


 


(3) Indications
of time of day will be based on the time applicable to the location of the principal headquarters of the Company;


 


(4) The
words “include,” “includes” and “including” (and the like) mean “include, without limitation,”
“includes, without limitation” and “including, without limitation” (and the like), respectively;


 






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(5) All
references to sections are to sections in the Plan;


 


(6) All
words used will be construed to be of such gender or number as the circumstances and context require;


 


(7) The
captions and headings of sections have been inserted solely for convenience of reference and will not be considered a part of the Plan,
nor will any of them affect the meaning or interpretation of the Plan;


 


(8) Any
reference to an agreement, plan, policy, form, document or set of documents, and the rights and obligations of the parties under any such
agreement, plan, policy, form, document or set of documents, will mean such agreement, plan, policy, form, document or set of documents
as amended from time to time, and any and all modifications, extensions, renewals, substitutions or replacements thereof; and


 


(9) All
accounting terms not specifically defined will be construed in accordance with IFRS.


 


15.14. Language.
If the Plan, any Award Agreement or any other document related to thereto is translated into a language
other than English, and if the translated version is different from the English version, the English language version will take precedence.
By acceptance of the Award, the Grantee confirms having read and understood the documents relating to the Plan including, without limitation,
the Plan, the Award Agreement, which were provided in English, and waives any requirement for the Company or its Affiliates to provide
these documents in any other language. 


 


 


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