Exhibit 10.1


 


FUSION FUEL GREEN PLC 2021 EQUITY INCENTIVE
PLAN 


 


1. Purpose;
Eligibility.


 


1.1 General
Purpose. The name of this plan is the Fusion Fuel Green plc 2021 Equity Incentive Plan (the “Plan”). The purposes
of the Plan are to (a) enable Fusion Fuel Green plc, a public limited company incorporated under the laws of Ireland (the “Company”),
and any Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company’s long
range success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders
of the Company; and (c) promote the success of the Company’s business. This Plan shall not constitute an employee benefits plan
and the Awards granted hereunder are not to constitute any form of employee benefit under any employment laws of Portugal. This Plan is
to be administered in the sole discretion of the Board, subject to the Board’s authority to delegate administration of the Plan
to the Committee pursuant to Section 3.2.


 


1.2  Eligible
Award Recipients. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company and its Affiliates,
and any and all such Awards are to be granted, and the terms of such Awards shall be established, by the Board in its sole and absolute
discretion.


 


1.3 Available
Awards. Awards that may be granted under the Plan include: (a) Incentive Share Options, (b) Non-qualified Share Options, (c) Share
Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Cash Awards, and (g) Other Equity-Based Awards.


 


2. Definitions.


 


“Affiliate” means
a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common control
with, the Company.


 


“Award” means any
right granted under the Plan, including an Incentive Share Option, a Non-qualified Share Option, a Share Appreciation Right, a Restricted
Award, a Performance Share Award, a Cash Award, or an Other Equity-Based Award.


 


“Award Agreement”
means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual
Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award
Agreement shall be subject to the terms and conditions of the Plan.


 


“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership
of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such 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 a corresponding meaning.


 






     


     


    

 


“Board” means the
Board of Directors of the Company, as constituted at any time.


 


“Cash Award” means
an Award denominated in cash that is granted under Section 10 of the Plan.


 


“Cause” means:


 


With respect to any Employee or Consultant,
unless the applicable Award Agreement states otherwise:


 


(a) If the Employee or Consultant is
a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of Cause,
the definition contained therein; or


 


(b) If no such agreement exists, or if
such agreement does not define Cause: (i) the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude
or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate;
(ii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace, embarrassment,
or disrepute; (iii) gross negligence or willful misconduct with respect to the Company or an Affiliate; (iv) material violation of state
or federal securities laws; (v) material violation of the Company’s written policies or codes of conduct, including written policies
related to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct, or (vi) theft, material
dishonesty, or falsification of any documents or records related to the Company or any Affiliate.


 


With respect to any Director, unless
the applicable Award Agreement states otherwise, a determination by a majority of the disinterested Board members that the Director has
engaged in any of the following: (a) malfeasance in office; (b) gross misconduct or neglect; (c) false or fraudulent misrepresentation
inducing the director’s appointment; (d) willful conversion of corporate funds; or (e) repeated failure to participate in Board
meetings on a regular basis despite having received proper notice of the meetings in advance.


 


The Committee, in its absolute discretion,
shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause except to the
extent the Participant is party to an employment or service agreement or Award Agreement with the Company providing for a definition of
Cause, in which case the Board, in its absolute discretion, shall determine the effect of all matters and questions relating to whether
a Participant has been discharged for Cause.






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“Change in Control”
means:


 


(a) The direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any Person that is not a subsidiary
of the Company;


 


(b) Individuals who, on the date the
Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least
a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new
Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member
shall, for purposes of this Plan, be considered as a member of the Incumbent Board;


 


(c) The date which is 10 business days
prior to the consummation of a complete liquidation or dissolution of the Company;


 


(d) The acquisition by any Person of
Beneficial Ownership of 50% or more (on a fully diluted basis) of either (i) the then outstanding Ordinary Shares of the Company, taking
into account as outstanding for this purpose such Ordinary Shares issuable upon the exercise of options or warrants, the conversion of
convertible shares (including the Company’s Class B Ordinary Shares) or debt, and the exercise of any similar right to acquire such
Ordinary Shares (the “Outstanding Company Ordinary Shares”) or (ii) the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition
by the Company or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary,
(C) any acquisition which complies with clauses, (i), (ii) and (iii) of subsection (e) of this definition or (D) in respect of an Award
held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity
controlled by the Participant or any group of persons including the Participant); or


 


(e) The consummation of a reorganization,
merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company that requires the approval
of the Company’s shareholders, whether for such transaction or the issuance of securities in the transaction (a “Business
Combination”), unless immediately following such Business Combination: (i) more than 50% of the total voting power of (A) the entity
resulting from such Business Combination (the “Surviving Company”), or (B) if applicable, the ultimate parent entity that
directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board
of directors (or the analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding
Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares
into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among
the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the
holders thereof immediately prior to the Business Combination; (ii) no Person (other than any employee benefit plan sponsored or maintained
by the Surviving Company or the Parent Company) is or becomes the Beneficial Owner, directly or indirectly, of 50% or more of the total
voting power of the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous
governing body) (or, if there is no Parent Company, the Surviving Company); and (iii) at least a majority of the members of the board
of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following
the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution of the initial
agreement providing for such Business Combination.


 






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“Code” means the Internal
Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed to include a reference
to any regulations promulgated thereunder.


 


“Committee” means
the Compensation Committee appointed by the Board from time to time.


 


“Committee Charter”
means the Compensation Committee Charter adopted on December 4, 2020, as may be amended from time to time.


 


“Company” means Fusion
Fuel Green plc, a public limited company incorporated under the laws of Ireland, and any successor thereto.


 


“Consultant” means
any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director, and
who may be offered securities registerable pursuant to a registration statement on Form S-8 under the Securities Act.


 


“Continuous Service”
means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted
or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity
in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity
for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s
Continuous Service; provided further that if any Award is subject to Section 409A of the Code, this sentence shall only be given effect
to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director
of an Affiliate will not constitute an interruption of Continuous Service. The Board or the Committee as its delegate, in its sole discretion,
may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including
sick leave, military leave or any other personal or family leave of absence. The Board or the Committee as its delegate, in its sole discretion,
may determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall
be deemed to result in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive
and binding.


 






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“Director” means a
member of the Board.


 


“Disability” means,
unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment; provided, however, for purposes of determining the term of
an Incentive Share Option pursuant to Section 6.10 hereof, the term Disability shall have the meaning ascribed to it under Section 22(e)(3)
of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee.
Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Share Option pursuant to Section
6.10 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is disabled
for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates.


 


“Disqualifying Disposition”
has the meaning set forth in Section 17.12.


 


“Effective Date” shall
mean August 5, 2021.


 


“Employee” means any
person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of determining
eligibility to receive Incentive Share Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation
within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate
shall not be sufficient to constitute “employment” by the Company or an Affiliate.


 


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


 


“Fair Market Value”
means, as of any date, the closing price of an Ordinary Share on the Nasdaq Stock Market or any established stock exchange or a national
market system on which the Ordinary Shares are listed (or if no sales were reported the closing price on the date immediately preceding
such date) as quoted on such exchange or system on the day of determination, as reported in the Wall Street Journal. In the absence
of an established market for the Ordinary Shares, the Fair Market Value shall be determined in good faith by the Committee, as approved
by the Board, and such determination shall be conclusive and binding on a Participant.


 


“Fiscal Year” means
the Company’s fiscal year.


 


“Free Standing Rights”
has the meaning set forth in Section 7.


 


“Good Reason” means,
unless the applicable Award Agreement states otherwise:


 


(a) If an Employee, Director or Consultant
is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of Good
Reason, the definition contained therein; or


 






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(b) If no such agreement exists or if
such agreement does not define Good Reason:


 


(i) the occurrence of one or more of
the following without the Participant’s express written consent, which circumstances are not remedied by the Company within thirty
(30) days of its receipt of a written notice from the Participant describing the applicable circumstances (which notice must be provided
by the Participant within ninety (90) days of the Participant’s knowledge of the applicable circumstances): (x) any material, adverse
change in the Participant’s duties, responsibilities, authority, title, status or reporting structure; (y) a material reduction
in the Participant’s base salary or bonus opportunity or hours of work; or (z) a geographical relocation of the Participant’s
principal office location by more than fifty (50) miles;


 


(ii) a Participant’s voluntary
election to terminate Continuous Service upon at least one month’s prior written notice to the Company on or after such time as
the Participant attains the age of sixty (60); or


 


(iii) the termination of a Participant’s
Continuous Service by the Company due to a reduction in the work force of the Company or an Affiliate, the elimination of a Participant’s
position, the shutdown of such Participant’s site of service or employment, or a restructuring of the Company’s operations,
facilities, or corporate structure resulting in the elimination or reduction of a Participant’s unit or department.


 


“Grant Date” means
the date on which the Board adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that
specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set forth
in such resolution.


 


“Incentive Share Option”
means an Option that is designated by the Board as an Incentive Share Option within the meaning of Section 422 of the Code and that meets
the requirements set out in the Plan.


 


“Non-Employee Director”
means a Director who is a “non-employee director” within the meaning of Rule 16b-3.


 


“Non-qualified Share Option”
means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Share Option.


 


“Officer” means a
person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.


 


“Option” means an
Incentive Share Option or a Non-qualified Share Option granted pursuant to the Plan.


 


“Optionholder” means
a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.


 






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“Option Exercise Price”
means the price at which an Ordinary Share may be issued upon the exercise of an Option.


 


“Ordinary Shares”
means the Class A Ordinary Shares, $0.0001 par value per share, of the Company, or such other securities of the Company as may be designated
by the Board from time to time in substitution thereof.


 


“Other Equity-Based Award”
means an Award that is not an Option, Share Appreciation Right, Restricted Share, Restricted Share Unit, or Performance Share Award that
is granted under Section 10 and is payable by delivery of Ordinary Shares and/or which is measured by reference to the value of Ordinary
Shares.


 


“Participant” means
an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.


 


“Performance Goals”
means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon business criteria
or other performance measures determined by the Committee in its discretion.


 


“Performance Period”
means the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant’s right to and the payment of a Performance Share Award or a Cash Award.


 


“Performance Share Award”
means any Award granted pursuant to Section 9 hereof.


 


“Performance Share”
means the grant of a right to receive a number of actual Ordinary Shares or units based upon the performance of the Company during a Performance
Period, as determined by the Committee.


 


“Permitted Transferee”
means: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons
(or the Optionholder) control the management of assets, and any other entity in which these persons (or the Optionholder) own more than
50% of the voting interests; (b) third parties designated by the Committee in connection with a program established and approved by the
Committee pursuant to which Participants may receive a cash payment or other consideration in consideration for the transfer of a Non-qualified
Share Option; and (c) such other transferees as may be permitted by the Committee in its sole discretion.


 


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


 


“Plan” means this
Fusion Fuel plc 2021 Equity Incentive Plan, as amended and/or amended and restated from time to time.


 






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“Related Rights” has
the meaning set forth in Section 7.


 


“Restricted Award”
means any Award granted pursuant to Section 8.


 


“Restricted Period”
has the meaning set forth in Section 8.


 


“Rule 16b-3” means
Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.


 


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


 


“Share Appreciation Right”
means the right pursuant to an Award granted under Section 7 to receive, upon exercise, an amount payable in cash or shares equal to the
number of shares subject to the Share Appreciation Right that is being exercised multiplied by the excess of (a) the Fair Market Value
of an Ordinary Share on the date the Award is exercised, over (b) the exercise price specified in the Share Appreciation Right Award Agreement.


 


“Substitute Award”
has the meaning set forth in Section 4.6.


 


“Ten Percent Shareholder”
means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) shares possessing more than 10% of the total combined
voting power of all share classes of the Company or of any of its Affiliates.


 


“Total Share Reserve”
has the meaning set forth in Section 4.1.


 


3. Administration.


 


3.1 Authority
of Board. The Plan shall be administered by and in the sole and absolute discretion of the Board. Subject to the terms of the Plan,
the Committee Charter and applicable laws, and in addition to other express powers and authorization conferred by the Plan, the Board
shall have the authority:


 


(i) To determine from time to time (A)
which of the persons eligible under the Plan will be granted Awards; (B) when and how each Award will be granted; (C) what type or combination
of types of Award will be granted; (D) the provisions of each Award granted (which need not be identical), including the time or times
when a person will be permitted to exercise or otherwise receive cash or Ordinary Shares under such Award; (E) the number of Ordinary
Shares with respect to which an Award shall be granted to each such person; and (F) the Fair Market Value applicable to an Award.


 


(ii) To construe and interpret the Plan
and Awards granted under it, to establish, amend and revoke rules and regulations for its administration, and to settle all controversies
regarding the Plan and Awards granted under it. The Board or the Committee, in the exercise of this power, may correct any defect, omission
or inconsistency in the Plan or in any Award Agreement or in the written terms of a Cash Award, in a manner and to the extent it will
deem necessary or expedient to make the Plan or Award fully effective.


 






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(iii) To prohibit the exercise of any
exercisable Award during a period of up to thirty days prior to the consummation of any pending share dividend, share split, combination
or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to shareholders,
or any other change affecting the Ordinary Shares or the share price of the Ordinary Shares, including any Change in Control, for reasons
of administrative convenience.


 


(iv) To accelerate the time at which
an Award may be exercised or the time during which an Award or any part thereof will vest.


 


(v) To approve forms of Award Agreements
for use under the Plan and to amend the terms of any one or more Awards; provided however, that a Participant’s rights under any
Award will not be materially impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and
(B) such Participant consents in writing. Notwithstanding the foregoing, and subject to the limitations of applicable law, if any, the
Board or the Committee may amend the terms of any one or more Awards without the affected Participant’s consent (w) to maintain
the qualified status of the Award as an Incentive Share Option under Section 422 of the Code; (x) to change the terms of an Incentive
Share Option, if such change results in impairment of the Award solely because it impairs the qualified status of the Award as an Incentive
Share Option under Section 422 of the Code; (y) to clarify the manner of exemption from, or to bring the Award into compliance with, Section
409A of the Code; or (z) to comply with other applicable laws.


 


(vi) To amend, suspend or terminate the
Plan as provided hereunder.


 


(vii) To effect, with the consent of
any adversely affected Participant, (A) the alteration of the exercise, purchase or strike price of any outstanding Award (unless this
is in the context of an adjustment as set forth in Section 14 in which case Participant consent is not required); (B) the cancellation
of any outstanding Award and the grant in substitution therefor of a new Incentive Share Option, a Non-qualified Share Option, a Share
Appreciation Right, a Restricted Award, a Performance Share Award, a Cash Award, or an Other Equity-Based Award and/or other valuable
consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number
of Ordinary Shares as the cancelled Award and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C)
any other action that is treated as a repricing under generally accepted accounting principles or applicable stock exchange rules. For
the avoidance of doubt, shareholder approval will not be required to give effect to any action approved by the Board pursuant to this
Section 3.1(b)(vii).


 


(viii) Generally, to exercise such powers
and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and any Affiliates and
that are not in conflict with the provisions of the Plan or Awards. The Board also may modify the purchase price or the exercise price
of any outstanding Award, provided that if the modification effects a repricing, shareholder approval shall be required before
the repricing is effective.


 






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3.2 Delegation.
The Board may delegate some or all of the administration of the Plan to the Committee. The Committee shall have the power to delegate
to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board or
the Committee shall thereafter be to the committee or subcommittee), subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in
the Board the administration of the Plan or any portion of the Plan, subject to meeting the requirements of its listing on the Nasdaq
Stock Market or any established stock exchange or a national market system on which the Ordinary Shares are listed. The members of the
Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size
of the Committee, add additional members, remove members (with or without cause) from, appoint new members in substitution therefor, and
fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the
case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent
of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject
to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct
of its business as it may determine to be advisable.


 


3.3 Committee
Composition. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee Directors.
The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3. However,
if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange Act, the
Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors. Within
the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not Non-Employee
Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein
shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation
committee of the Board that does not at all times consist solely of two or more Non-Employee Directors.


 


3.4 Indemnification.
In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed
by applicable laws, the Board and the Committee shall be indemnified by the Company against the reasonable expenses, including attorney’s
fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Board
and/or the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted
under the Plan, and against all amounts paid by the Board and/or the Committee in settlement thereof (provided, however, that the
settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Board and/or the Committee
in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in
such action, suit or proceeding that the Board and/or the Committee did not act in good faith and in a manner which such person reasonably
believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct
complained of was unlawful; provided, however, that within 60 days after the institution of any such action, suit or proceeding,
the Board and/or Committee, as applicable, shall, in writing, offer the Company the opportunity at its own expense to handle and defend
such action, suit or proceeding.


 






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4. Shares
Subject to the Plan.


 


4.1 Subject
to adjustment in accordance with Section 14 and subject to Section 4.3, no more than 1,000,000 Ordinary Shares shall be available
for the grant of Awards under the Plan (the “Total Share Reserve”). During the terms of the Awards, the Company shall
keep available at all times the number of Ordinary Shares required to satisfy such Awards.


 


4.2 Ordinary
Shares available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares
or shares reacquired by the Company in any manner.


 


4.3 Subject
to adjustment in accordance with Section 14, no more than 1,000,000 Ordinary Shares may be issued in the aggregate pursuant to
the exercise of Incentive Share Options (the “ISO Limit”).


 


4.4 The
maximum number of Ordinary Shares subject to Awards granted during a single Fiscal Year to any Director, in each case in their capacity
as a Director only, shall not exceed a total value of $500,000 (calculating the value of any Awards based on the grant date fair value
for financial reporting purposes).


 


4.5 Any
unissued Ordinary Shares under an Award that expires or is canceled, forfeited, or terminated will again be available for issuance under
the Plan. Notwithstanding anything to the contrary contained herein: Ordinary Shares subject to an Award under the Plan shall not again
be made available for issuance or delivery under the Plan if such Ordinary Shares are (a) Ordinary Shares tendered in payment of an Option,
(b) Ordinary Shares delivered or withheld by the Company to satisfy any tax or social security withholding obligation, or (c) Ordinary
Shares covered by a share-settled Share Appreciation Right or other Awards that were issued upon the settlement of the Award.


 


4.6 Awards
may, in the sole discretion of the Board, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously
granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”). Substitute Awards
shall not be counted against the Total Share Reserve; provided, that, Substitute Awards issued in connection with the assumption
of, or in substitution for, outstanding options intended to qualify as Incentive Share Options shall be counted against the ISO limit.
Subject to applicable stock exchange requirements, available shares under a shareholder-approved plan of an entity directly or indirectly
acquired by the Company or with which the Company combines (as appropriately adjusted to reflect such acquisition or transaction) may
be used for Awards under the Plan and shall not count toward the Total Share Limit.


 






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5. Eligibility.


 


5.1 Eligibility
for Specific Awards. Incentive Share Options may be granted only to Employees. Awards other than Incentive Share Options may be granted
to Employees, Consultants and Directors.


 


5.2 Ten
Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Share Option unless the Option Exercise Price is
at least 110% of the Fair Market Value of the Ordinary Shares on the Grant Date and the Option is not exercisable after the expiration
of five years from the Grant Date.


 


6. Option
Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject
to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the
applicable Award Agreement. All Options shall be separately designated Incentive Share Options or Non-qualified Share Options at the time
of grant, and, if certificates are issued, a separate certificate or certificates will be issued for Ordinary Shares issued on exercise
of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an
Option designated as an Incentive Share Option fails to qualify as such at any time or if an Option is determined to constitute “nonqualified
deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements
of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation
of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:


 


6.1 Term.
Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders and notwithstanding any other provision of this Plan or an
Award Agreement, no Incentive Share Option shall be exercisable after the expiration of 7 years from the Grant Date. The term of a Non-qualified
Share Option granted under the Plan shall be determined by the Board; provided, however, notwithstanding any other provision of
this Plan or an Award Agreement, no Non-qualified Share Option shall be exercisable after the expiration of 7 years from the Grant Date.
No Incentive Share Options may be granted after the tenth anniversary of the Effective Date.


 


6.2 Exercise
Price of an Incentive Share Option. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, the Option Exercise
Price of each Incentive Share Option shall be not less than 100% of the Fair Market Value of the Ordinary Shares subject to the Option
on the Grant Date. Notwithstanding the foregoing, an Incentive Share Option may be granted with an Option Exercise Price lower than that
set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner
satisfying the provisions of Section 424(a) of the Code, provided always that the Option Exercise Price shall not in any case be less
than the nominal value of each Ordinary Share, being $0.0001 per Ordinary Share as at the Effective Date.


 


6.3 Exercise
Price of a Non-qualified Share Option. The Option Exercise Price of each Non-qualified Share Option shall be not less than 100% of
the Fair Market Value of the Ordinary Shares subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified Share
Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant
to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code, provided always
that the Option Exercise Price shall not in any case be less than the aggregate nominal value of each Ordinary Share, being $0.0001 per
Ordinary Share as at the Effective Date.


 






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6.4 Consideration.
The Option Exercise Price of Ordinary Shares acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes
and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) subject to an amount equal
to the aggregate nominal value of the Ordinary Shares acquired being paid to the Company in cash, in the discretion of the Board, upon
such terms as the Board shall approve, the Option Exercise Price may be paid (i) by a “cashless” exercise program established
with a broker; (ii) by reduction in the number of Ordinary Shares otherwise deliverable upon exercise of such Option with a Fair Market
Value equal to the aggregate Option Exercise Price at the time of exercise; (iii) by any combination of the foregoing methods; or (iv)
in any other form of legal consideration that may be acceptable to the Board. Notwithstanding the foregoing, during any period for which
the Ordinary Shares are publicly traded (i.e., the Ordinary Shares are listed on any established stock exchange or a national market system)
an exercise by a 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.


 


6.5 Transferability
of an Incentive Share Option. An Incentive Share Option shall not be transferable except by will or by the laws of descent and distribution
and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder
may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of
the death of the Optionholder, shall thereafter be entitled to exercise the Option.


 


6.6 Transferability
of a Non-qualified Share Option. A Non-qualified Share Option may, in the sole discretion of the Board, be transferable to a Permitted
Transferee, upon written approval by the Board to the extent provided in the Award Agreement. If the Non-qualified Share Option does not
provide for transferability, then the Non-qualified Share Option shall not be transferable except by will or by the laws of descent and
distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing,
the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who,
in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.


 


6.7 Vesting
of Options. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but need not,
be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based
on performance or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options may vary. No Option
may be exercised for a fraction of an Ordinary Share. 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.


 






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6.8 Termination
of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have
been approved by the Board, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s
death or Disability), the Optionholder may exercise the vested portion of his or her Option (to the extent that the Optionholder was
entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the
date three months following the termination of the Optionholder’s Continuous Service or (b) the expiration of the term of the Option
as set forth in the Award Agreement; provided that, if Continuous Service terminates for Good Reason, the unvested portion of
such Option will continue to vest in accordance with the vesting schedule provided in the Award Agreement. If the termination of Continuous
Service is for Cause or reasons other than Good Reason, the unvested portion of the Option shall immediately terminate, be forfeited
and cease to be exercisable. If, after termination, the Optionholder does not exercise the vested portion of his or her Option within
the time specified in the Award Agreement (unless termination is for Good Reason, in which case the Option will continue to vest in accordance
with the vesting schedule provided in the Award Agreement), the Option shall terminate, be forfeited and cease to be exercisable.


 


6.9 Extension
of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option following
the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance of
Ordinary Shares would violate the registration requirements under the Securities Act or any other state or federal securities law or
the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the expiration
of the term of the Option in accordance with Section 6.1 or (b) the expiration of a period after termination of the Participant’s
Continuous Service that is three months after the end of the period during which the exercise of the Option would be in violation of
such registration or other securities law requirements.


 


6.10 Disability
of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent that the
Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending on the earlier
of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement.
If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the Award Agreement,
the Option shall terminate.


 


6.11 Death
of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was entitled
to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within
the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option
as set forth in the Award Agreement. If, after the Optionholder’s death, the Option is not exercised within the time specified
herein or in the Award Agreement, the Option shall terminate.


 






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6.12 Incentive
Share Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of
Ordinary Shares with respect to which Incentive Share Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according
to the order in which they were granted) shall be treated as Non-qualified Share Options.


 


7. Share
Appreciation Rights. Each Share Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Share
Appreciation Right so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. Share Appreciation Rights may be granted alone (“Free Standing
Rights”) or in tandem with an Option granted under the Plan (“Related Rights”).


 


7.1 Grant
Requirements for Related Rights.  Any Related Right that relates to a Non-qualified Share Option may be granted at the
same time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that
relates to an Incentive Share Option must be granted at the same time the Incentive Share Option is granted.


 


7.2 Term.
The term of a Share Appreciation Right granted under the Plan shall be determined by the Board; provided, however,
no Share Appreciation Right shall be exercisable later than the seventh anniversary of the Grant Date.


 


7.3 Vesting.
 Each Share Appreciation Right may, but need not, vest and therefore become exercisable in periodic installments that may,
but need not, be equal. The Share Appreciation Right may be subject to such other terms and conditions on the time or times when it may
be exercised as the Board may deem appropriate. The vesting provisions of individual Share Appreciation Rights may vary. No Share Appreciation
Right may be exercised for a fraction of an Ordinary Share. The Board may, but shall not be required to, provide for an acceleration
of vesting and exercisability in the terms of any Share Appreciation Right upon the occurrence of a specified event.


 


7.4 Exercise
and Payment. Upon exercise of a Share Appreciation Right, the holder shall be entitled to receive from the Company an amount
equal to the number of Ordinary Shares subject to the Share Appreciation Right that is being exercised multiplied by the excess of (i)
the Fair Market Value of an Ordinary Share on the date the Award is exercised, over (ii) the exercise price specified in the Share Appreciation
Right Award Agreement. Payment with respect to the exercise of a Share Appreciation Right shall be made on the date of exercise. Payment
shall be made in the form of Ordinary Shares (with or without restrictions as to substantial risk of forfeiture and transferability,
as determined by the Board in its sole discretion), cash or a combination thereof, as determined by the Board, provided that such payment
shall be sufficient to ensure that the nominal value of Ordinary Shares issued is paid to the Company.


 






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7.5 Exercise
Price. The exercise price of a Free Standing Right shall be determined by the Board. A Related Right granted simultaneously
with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise
price as the related Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable
only to the same extent as the related Option; provided, however, that a Share Appreciation Right, by its terms, shall be exercisable
only when the Fair Market Value per Ordinary Share subject to the Share Appreciation Right and related Option exceeds the exercise price
specified in the Share Appreciation Right Award Agreement and no Share Appreciation Rights may be granted in tandem with an Option unless
the Board determines that the requirements of Section 7.1 are satisfied.


 


7.6 Reduction
in the Underlying Option Shares. Upon any exercise of a Related Right, the number of Ordinary Shares for which any related
Option shall be exercisable shall be reduced by the number of shares for which the Share Appreciation Right has been exercised. The number
of Ordinary Shares for which a Related Right shall be exercisable shall be reduced upon any exercise of any related Option by the number
of Ordinary Shares for which such Option has been exercised.


 


7.7 Termination
of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have
been approved by the Board, in the event the Continuous Service of a holder of a Share Appreciation Right terminates (other than upon
death or Disability), such holder may exercise the vested portion of his or her Share Appreciation Right (to the extent that such holder
was entitled to exercise such Share Appreciation Right as of the date of termination) but only within such period of time ending on the
earlier of (a) the date three months following the termination of the Share Appreciation Right holder’s Continuous Service or (b)
the expiration of the term of the Share Appreciation Right as set forth in the Award Agreement; provided that, if Continuous Service
terminates for Good Reason, the unvested portion of such Share Appreciation Right will continue to vest in accordance with the vesting
schedule provided in the Award Agreement. If the termination of Continuous Service is for Cause or reasons other than Good Reason, the
unvested portion of the Share Appreciation Right shall immediately terminate, be forfeited and cease to be exercisable. If, after termination,
the holder of a Share Appreciation Right does not exercise the vested portion of his or her Share Appreciation Right within the time
specified in the Award Agreement (unless termination is for Good Reason, in which case the Share Appreciation Right will continue to
vest in accordance with the vesting schedule provided in the Award Agreement), the Share Appreciation Right shall terminate, be forfeited
and cease to be exercisable.


 






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8. Restricted
Awards. A Restricted Award is an Award of actual Ordinary Shares (“Restricted Share”) or a right to be
issued Ordinary Shares on a future date (“Restricted Share Units”) that vest on an applicable vesting date, which
may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise disposed of, pledged or hypothecated
as collateral for a loan or as security for the performance of any obligation or for any other purpose for such period (the “Restricted
Period”) as the Board shall determine. Each Restricted Award granted under the Plan shall be evidenced by an Award Agreement.
Each Restricted Award so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement.


 


8.1 Restricted
Shares and Restricted Share Units.


 


(a) Each Participant
granted Restricted Shares shall execute and deliver to the Company an Award Agreement with respect to the Restricted Shares setting forth
the restrictions and other terms and conditions applicable to such Restricted Shares and shall pay to the Company an amount equal to
the aggregate nominal value of the Restricted Shares granted. If the Board determines that the Restricted Shares shall be held by the
Company, in escrow or in trust rather than delivered to the Participant pending the release of the applicable restrictions, the Board
may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Board, if
applicable, or an agreement pursuant to which the Restricted Shares shall be held in a trust established by the Company (such as an employee
benefit trust) or under such other arrangement as permitted by the Irish Revenue Commissioners, if applicable, and (B) the appropriate
blank stock power with respect to the Restricted Shares covered by such agreement. If a Participant fails to execute an agreement evidencing
an Award of a Restricted Share and, if applicable, an escrow agreement and stock power, the Award shall be null and void. Subject to
the restrictions set forth in the Award, the Participant generally shall have the rights and privileges of a shareholder as to such Restricted
Shares, including the right to vote such Restricted Shares and the right to receive dividends; provided that, any cash dividends
and share dividends with respect to the Restricted Shares shall be withheld by the Company for the Participant’s account, and interest
may be credited on the amount of the cash dividends withheld at a rate and subject to such terms as determined by the Board. The cash
dividends or share dividends so withheld by the Board and attributable to any particular Restricted Share (and earnings thereon, if applicable)
shall be distributed to the Participant in cash or, at the discretion of the Board, in Ordinary Shares having a Fair Market Value equal
to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant
shall have no right to such dividends.


 


(b) The terms
and conditions of a grant of Restricted Share Units shall be reflected in an Award Agreement. No Ordinary Shares shall be issued at the
time a Restricted Share Unit is granted, and the Company will not be required to set aside funds for the payment of any such Award. A
Participant shall have no voting rights with respect to any Restricted Share Units granted hereunder. At the discretion of the Board
and set forth in an Award Agreement, each Restricted Share Unit (representing one Ordinary Share) may be credited with an amount equal
to the cash and share dividends paid by the Company in respect of one Ordinary Share (“Dividend Equivalents”). At
the sole discretion of the Board, such Dividend Equivalents may be converted into additional Ordinary Shares covered by the Restricted
Share Unit Award in such manner as determined by the Board. Any such Dividend Equivalents will be subject to all of the same terms and
conditions, including vesting and forfeiture provisions, of the underlying Award Agreement to which they relate.


 






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8.2 Restrictions.


 


(a) Restricted
Shares awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to
such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow or trust arrangement is used,
the Participant shall not be entitled to delivery of a share certificate; (B) the shares shall be subject to the restrictions on transferability
set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement;
and (D) to the extent such shares are forfeited, including in respect of a termination of Continuous Service that is not for Good Reason
prior to the expiration of the Restricted Period, the share certificates, if one has been issued by the Company in respect of the Restricted
Shares, shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such
shares shall terminate without further obligation on the part of the Company.


 


(b) Restricted Share Units awarded
to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period, and satisfaction of any applicable
Performance Goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such Restricted Share
Units are forfeited, all rights of the Participant to such Restricted Share Units shall terminate without further obligation on the part
of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement.


 


(c) The Board shall have the authority
to remove any or all of the restrictions on the Restricted Shares and Restricted Share Units whenever it may determine that, by reason
of changes in applicable laws or other changes in circumstances arising after the date the Restricted Shares or Restricted Share Units
are granted, such action is appropriate.


 


8.3 Restricted
Period. With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time or times
set forth on a schedule established by the Board in the applicable Award Agreement. No Restricted Award may be granted or settled for
a fraction of an Ordinary Share. The Board may, but shall not be required to, provide for an acceleration of vesting in the terms of
any Award Agreement upon the occurrence of a specified event.


 






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8.4 Delivery
of Restricted Shares and Settlement of Restricted Share Units Upon the expiration of the Restricted Period with respect to
any Restricted Shares, the restrictions set forth in Section 8.2 and the applicable Award Agreement shall be of no further force or effect
with respect to such Restricted Shares, except as set forth in the applicable Award Agreement. If an escrow or trust arrangement is used,
upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the share certificate,
if the Company customarily issues share certificates, evidencing the Restricted Shares which have not then been forfeited and with respect
to which the Restricted Period has expired (to the nearest full share) and any cash dividends or share dividends credited to the Participant’s
account with respect to such Restricted Shares and the interest thereon, if any. Upon the expiration of the Restricted Period with respect
to any outstanding Restricted Share Units, the Company shall deliver to the Participant, or his or her beneficiary, in return for payment
to the Company of the aggregate nominal value of the Ordinary Shares being delivered, one Ordinary Share for each such outstanding vested
Restricted Share Unit (“Vested Unit”) and cash equal to any Dividend Equivalents credited with respect to each such
Vested Unit in accordance with Section 8.1(b) hereof and the interest thereon or, at the discretion of the Board, in Ordinary Shares
having a Fair Market Value equal to such Dividend Equivalents and the interest thereon, if any; provided, however, that, if explicitly
provided in the applicable Award Agreement, the Board may, in its sole discretion, elect to pay cash or part cash and part Ordinary Shares
in lieu of delivering only Ordinary Shares for Vested Units. If a cash payment is made in lieu of delivering Ordinary Shares, the amount
of such payment shall be equal to the Fair Market Value of the Ordinary Shares as of the date on which the Restricted Period lapsed in
the case of Restricted Share Units.


 


8.5 Share
Restrictions Each certificate representing Restricted Shares awarded under the Plan shall bear a legend in such form as the
Company deems appropriate to the extent certificates are used.


 


9. Performance
Share Awards Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement. Each Performance
Share Award so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. The Board shall have the discretion to determine: (i) the number
of Ordinary Shares subject to a Performance Share Award granted to any Participant; (ii) the Performance Period applicable to any Award;
(iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms, conditions and restrictions
of the Award.


 


9.1 Earning
Performance Share Awards The number of Performance Shares earned by a Participant will depend on the extent to which the performance
goals established by the Board are attained within the applicable Performance Period, as determined by the Board.


 


10. Other
Equity-Based Awards and Cash Awards The Board may grant Other Equity-Based Awards, either alone or in tandem with other Awards,
in such amounts and subject to such conditions as the Board shall determine in its sole discretion. Each Other Equity-Based Award shall
be evidenced by an Award Agreement and shall be subject to such conditions, not inconsistent with the Plan, as may be reflected in the
applicable Award Agreement. The Board may grant Cash Awards in such amounts and subject to such Performance Goals, other vesting conditions,
and such other terms as the Board determines in its discretion. Cash Awards shall be evidenced in such form as the Board may determine.


 






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11. Securities
Law Compliance. Each Award Agreement shall provide that no Ordinary Shares shall be purchased or sold thereunder unless and
until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction
of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company
a letter of investment intent in such form and containing such provisions as the Board may require. The Company shall use reasonable
efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required
to grant Awards and to issue Ordinary Shares upon exercise of the Awards; provided, however, that this undertaking shall not require
the Company to register under the Securities Act the Plan, any Award or any Ordinary Shares issued or issuable pursuant to any such Award.
If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel
for the Company deems necessary for the lawful issuance of Ordinary Shares under the Plan, the Company shall be relieved from any liability
for failure to issue Ordinary Shares upon exercise of such Awards unless and until such authority is obtained.


 


12. Use
of Proceeds from Shares. Proceeds from the issue of Ordinary Shares pursuant to Awards, or upon exercise thereof, shall constitute
general funds of the Company.


 


13. Miscellaneous.


 


13.1 Acceleration
of Exercisability and Vesting. The Board shall have the power to accelerate the time at which an Award may first be exercised
or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award
stating the time at which it may first be exercised or the time during which it will vest.


 


13.2 Shareholder
Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of, or to have
any of the rights of a holder with respect to, any Ordinary Shares subject to such Award unless and until such Participant has satisfied
all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary or extraordinary,
whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Ordinary
Share is issued, except as provided in Section 14 hereof.


 


13.3 No
Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award
was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice
and with or without Cause or (b) the service of a Director pursuant to the Articles and Memorandum of Association of the Company, as
may be amended from time to time, or of an Affiliate (or the applicable equivalent document), and any applicable provisions of the corporate
law of the jurisdiction in which the Company or the Affiliate is incorporated, as the case may be.


 


13.4 Transfer;
Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result
from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate
to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if
the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the
leave of absence was granted or if the Board otherwise so provides in writing, in either case, except to the extent inconsistent with
Section 409A of the Code if the applicable Award is subject thereto.


 






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13.5 Withholding
Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Board, the Participant
may satisfy any federal, state, local or other tax or social security withholding obligation relating to the issue of Ordinary Shares
under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the
Participant by the Company) or by a combination of such means: (a) tendering a cash payment; or (b) authorizing the Company to withhold
Ordinary Shares from the Ordinary Shares otherwise issuable to the Participant as a result of the exercise of the Award, provided,
however, that no Ordinary Shares are withheld with a value exceeding the maximum amount of tax or social security required to be
withheld by law. Where no withholding obligation is required to be operated at a time that a taxable event related to the Plan occurs,
the Participant will directly discharge any income tax, social security or other tax liability in relation to such taxable event to the
relevant tax authority and will comply with any related reporting requirements imposed by the relevant jurisdiction.


 


13.6 Non-Exempt
Employees under U.S. Law. If an Award is granted to an Employee who is a non-exempt employee for purposes of the U.S. Fair Labor
Standards Act of 1938, as amended, the Award will not be first exercisable for any Ordinary Shares until at least six months following
the date of grant of the Award (although the Award may vest prior to such date). Consistent with the provisions of the U.S. Worker Economic
Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Change in Control or (iii) upon the Participant’s
retirement (as such term may be defined in the Participant’s Award Agreement or in another agreement between the Participant and
the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the
vested portion of any Award may be exercised earlier than six months following the date of grant. The foregoing provision is intended
to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Award will be exempt
from his or her regular rate of pay. To the extent permitted and/or required for compliance with the U.S. Worker Economic Opportunity
Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under
any other Award will be exempt from the employee’s regular rate of pay, the provisions of this Section 13.6 will apply to all Awards
and are hereby incorporated by reference into such Award Agreements.


 


13.7 Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Ordinary Shares under any Award, (i)
to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business
matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial
and business matters and that the Participant is capable of evaluating, alone or together with the purchaser representative, the merits
and risks of exercising the Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring
Ordinary Shares subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise
distributing the Ordinary Shares. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative
if (A) the issuance of the shares upon the exercise or acquisition of Ordinary Shares under the Award has been registered under a then
currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made
by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The
Company may, upon advice of counsel to the Company, place legends on any share certificates, book entry shares issued or entries on the
register of members of the Company under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities
laws, including, but not limited to, legends restricting the transfer of the Ordinary Shares.


 






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14. Adjustments
Upon Changes in Shares. In the event of changes in the outstanding Ordinary Shares or in the capital structure of the Company
by reason of any share or extraordinary cash dividend, share split, reverse share split, an extraordinary corporate transaction such
as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring
after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and Share Appreciation
Rights, the Performance Goals to which Performance Share Awards and Cash Awards are subject, the maximum number of Ordinary Shares subject
to all Awards stated in Section 4 will be equitably adjusted or substituted, as to the number, price or kind of Ordinary Share or other
consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award. In the case of adjustments
made pursuant to this Section 14, unless the Board specifically determines that such adjustment is in the best interests of the Company
or its Affiliates, the Board shall, in the case of Incentive Share Options, ensure that any adjustments under this Section 14 will not
constitute a modification, extension or renewal of the Incentive Share Options within the meaning of Section 424(h)(3) of the Code and
in the case of Non-qualified Share Options, ensure that any adjustments under this Section 14 will not constitute a modification of such
Non-qualified Share Options within the meaning of Section 409A of the Code. Any adjustments made under this Section 14 shall be made
in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give
each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.


 


15. Effect
of Change in Control.


 


15.1 In the
event of a Change in Control, the Board may take one or more of the following actions in its sole discretion in respect of any Award
or part of an Award that has not yet vested upon at least 10 days’ advance notice to the affected persons:


 


(a) cancel
or arrange for the cancellation of the Award, to the extent not exercised prior to the effective time of the Change in Control, in exchange
for a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the per share amount (or value of property
per share) payable to holders of Ordinary Shares in connection with the Change in Control, over (B) the per share exercise price under
the applicable Award, multiplied by the number of vested shares subject to the Award. For clarity, this payment may be zero (U.S. $0)
if the amount per share (or value of property per share) payable to the holders of Ordinary Shares is equal to or less than the per share
exercise price of the Award. In addition, any escrow, holdback, earnout or similar provisions in a definitive agreement for the Change
in Control may apply to such payment to the holder of the Award to the same extent and in the same manner as such provisions apply generally
to the holders of Ordinary Shares.


 






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(b) to the
extent applicable, arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company) to assume or continue the Award or to substitute a similar award for the Award (including, but not limited to, an award
to acquire the same consideration paid to the shareholders of the Company pursuant to the Change in Control);


 


(c) to the
extent applicable, arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Ordinary Shares
issued pursuant to the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company);


 


(d) accelerate
the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised) to a date prior to
the effective time of such Change in Control as the Board determines (or, if the Board does not determine such a date, to the date that
is five days prior to the effective date of the Change in Control), with such Award terminating if not exercised (if applicable) at or
prior to the effective time of the Change in Control; provided, however, that the Board may require Participants to complete and deliver
to the Company a notice of exercise before the effective date of a Change in Control, which exercise is contingent upon the effectiveness
of such Change in Control; provided, however, that the Board may require Participants to complete and deliver to the Company a notice
of exercise before the effective date of a Change in Control;


 


(e) arrange
for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Award; and


 


(f) cancel
or arrange for the cancellation of the Ordinary Shares, to the extent not vested or not exercised prior to the effective time of the
Change in Control, in exchange for no consideration (U.S. $0) or such cash consideration, if any, as the Board, in its sole discretion,
may consider appropriate.


 


The Board need not take the
same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Board may take different
actions with respect to the vested and unvested portions of an Award.


 


15.2 The obligations
of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation
or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the
assets and business of the Company and its Affiliates, taken as a whole.


 






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16. Amendment
of the Plan and Awards.


 


16.1 Amendment
of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided in Section
14 relating to adjustments upon changes in Ordinary Shares and Section 16.3, no amendment shall be effective unless approved by the shareholders
of the Company to the extent shareholder approval is necessary to satisfy any applicable laws. At the time of such amendment, the Board
shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.


 


16.2 Shareholder
Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.


 


16.3 Contemplated
Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable
to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of
the Code and the regulations promulgated thereunder relating to Incentive Share Options or to the nonqualified deferred compensation
provisions of Section 409A of the Code or any other relevant tax regime and/or to bring the Plan and/or Awards granted under it into
compliance therewith.


 


16.4 No
Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of
the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.


 


16.5 Amendment
of Awards. The Board at any time, and from time to time, may amend the terms of any one or more Awards; provided, however,
that the Board may not effect any amendment which would otherwise constitute an impairment of the rights under any Award unless (a) the
Company requests the consent of the Participant and (b) the Participant consents in writing.


 


17. General
Provisions.


 


17.1 Forfeiture
Events. The Board may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect
to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition
to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation,
confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant,
a termination of the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the
business or reputation of the Company and/or its Affiliates.


 


17.2 Clawback.
Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement of any Award by a Participant,
and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Company policies
that may be adopted and/or modified from time to time (“Clawback Policy”). In addition, a Participant may be required
to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in accordance with
the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect or as may be
adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with applicable
law or stock exchange listing requirements).


 






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17.3 Other
Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable
or applicable only in specific cases.


 


17.4 Sub-Plans.
The Board may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax or other laws of various
jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions
as the Board determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only
to the Participants in the jurisdiction for which the sub-plan was designed.


 


17.5 Deferral
of Awards. The Board may establish one or more programs under the Plan to permit selected Participants the opportunity to
elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the
election would entitle the Participant to payment or receipt of Ordinary Shares or other consideration under an Award. The Board may
establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings,
if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Board
deems advisable for the administration of any such deferral program.


 


17.6 Unfunded
Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special
or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.


 


17.7 Recapitalizations.
Each Award Agreement shall contain provisions required to reflect the provisions of Section 14.


 


17.8 Delivery.
Upon exercise of a right granted under this Plan, the Company shall issue Ordinary Shares or pay any amounts due within a reasonable
period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan,
thirty (30) days shall be considered a reasonable period of time.


 


17.9 No
Fractional Shares. No fractional Ordinary Shares shall be issued or delivered pursuant to the Plan. The Board shall determine
whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional Ordinary Shares or whether
any fractional shares should be rounded, forfeited or otherwise eliminated.


 


17.10 Other
Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan,
including, without limitation, restrictions upon the exercise of Awards, as the Board may deem advisable.


 






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17.11 Section
409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the
maximum extent permitted, the Plan shall 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 Section 409A of the Code shall not be treated as
deferred compensation unless applicable laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required
to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits
that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s termination
of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation
from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Board shall have
any obligation to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section 409A of
the Code and neither the Company nor the Board will have any liability to any Participant for such tax or penalty.


 


17.12 Disqualifying
Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code) of all or
any portion of Ordinary Shares acquired upon exercise of an Incentive Share Option within two years from the Grant Date of such Incentive
Share Option or within one year after the issuance of the Ordinary Shares acquired upon exercise of such Incentive Share Option (a “Disqualifying
Disposition”) shall be required to immediately advise the Company in writing as to the occurrence of the sale and the price
realized upon the sale of such Ordinary Shares.


 


17.13 Section
16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements
of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3,
or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16
of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in this Section
17.13, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.


 


17.14 Beneficiary
Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right
under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations by the
same Participant, shall be in a form reasonably prescribed by the Board and shall be effective only when filed by the Participant in
writing with the Company during the Participant’s lifetime.


 


17.15 Expenses.
The costs of administering the Plan shall be paid by the Company.


 


17.16 Severability.
If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether in whole or in part,
such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and
the remaining provisions shall not be affected thereby.


 






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17.17 Plan
Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction
of the provisions hereof.


 


17.18 Non-Uniform
Treatment. The Board’s determinations under the Plan need not be uniform and may be made by it selectively among persons
who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Board shall be entitled
to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements.


 


18. Effective
Date of Plan. The Plan shall become effective as of the Effective Date.


 


19. Termination
or Suspension of the Plan. The Plan shall terminate automatically on August 5, 2031. No Award shall be granted pursuant to
the Plan after such date, but Awards theretofore granted may extend beyond that date. The Board may suspend or terminate the Plan at
any earlier date pursuant to Section 16.1 hereof. No Awards may be granted under the Plan while the Plan is suspended or after it is
terminated.


 


20. Choice
of Law. This Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware, without
regard to its principles of conflicts of laws.


 


As adopted by the Board of
Directors of Fusion Fuel Green plc on August 5, 2021.


 






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