Document:

exhibit103

STOCK PURCHASE AGREEMENT  THIS STOCK PURCHASE AGREEMENT (this "Agreement"), dated effective as of  May 5, 2022 (the “Effective Date”), is entered into by and among Holthausen Clean Technology  Investments, B.V. a private limited liability company registered in the Netherlands (the "Seller");  Hyzon Motors USA Inc., a Delaware corporation (the "Buyer"); CGH Junior Holding B.V., a  private limited liability company registered in the Netherlands (“CGH”); MCB Holthausen  Holding B.V., a private limited liability company registered in the Netherlands (“MCB”); Hyzon  Motors Europe, B.V., a private limited liability company registered in the Netherlands (the  “Company”); and Holthausen Clean Technology, B.V., a private limited liability company  registered in the Netherlands (“HCT”). Each of the above entities may be referred to as a  “Party,” and collectively as the “Parties.”  WHEREAS, Seller owns one million four hundred eighty-five thousand (1,485,000)  shares of A Shares, par value one eurocent (€0.01), of Company;  WHEREAS, Buyer owns one million five hundred fifteen thousand (1,515,000) shares of  B Shares, par value one eurocent (€0.01), of Company;  WHEREAS, Buyer, Seller and Company are parties to that certain Joint Venture  Agreement dated December 30, 2020 pertaining to the ownership, organization, operation, and  management of the Company (the “JVA”);  WHEREAS, Seller desires to sell and Buyer desires to purchase seven hundred thirty-five  thousand (735,000) shares of A Shares of the Company from Seller (the “Purchased Shares”),  which Purchased Shares shall be converted to B Shares upon Closing (defined below);  WHEREAS, Buyer changed its legal name from “Hyzon Motors Inc.” to “Hyzon Motors  USA Inc.” on July 16, 2021 in connection with a de-SPAC merger with Buyer’s parent company,  Decarbonization Plus Acquisition Corporation, a Delaware corporation, which then changed its  name to “Hyzon Motors Inc.” on July 16, 2021, and which entity is now publicly traded on the  NASDAQ under symbol “HYZN” (to be referred to herein as “HMI”);  WHEREAS, CGH and MCB are each fifty percent (50%) owners of Seller;  WHEREAS, HCT is an operating company owned 50% by CGH and 50% by MCB; and  WHEREAS, in conjunction with the sale of the Purchased Shares from Seller to Buyer,  CGH and MCB desire to transfer all of their shares in HCT to the Company.  NOW, THEREFORE, in consideration of the mutual covenants and agreements  hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of  which are hereby acknowledged, the Parties hereto agree as follows:  1. Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing (as defined in Section 1(a)), Seller shall sell, transfer and assign to Buyer, and Buyer shall purchase from Seller, all of Seller's right, title and interest in and to the Purchased Shares. The aggregate purchase price for the Purchased Shares and transfer of HCT (as set forth below in Section 3) shall be twenty-seven million Euro (€27,000,000) (the "Purchase Price"), payable in a combination of cash and common stock of HMI as further provided herein. Exhibit 10.3 

 

2  (a) Payment of Purchase Price. The Purchase Price shall be paid by Buyer as  follows: (i) eleven million Euro (€11,000,000) in cash or cash equivalent at Closing, less one  million Euro (€1,000,000) that was paid as a deposit to Seller on December 31, 2021 pursuant to  a Letter of Intent signed by the Parties on December 31, 2021; and (ii) sixteen million Euro  (€16,000,000) in common stock of HMI, valued at the volume-weighted average price of HMI’s  common stock as traded on the NASDAQ for the ten trading days up to and including December  31, 2021 (the “HMI Shares”). Seller understands and acknowledges that the HMI Shares shall  have no lockup and shall be unregistered shares of HMI, the Seller representing herein to Buyer  that Seller is an “Accredited Investor” within the meaning of the U.S. securities laws and  regulations and is thereby entitled to receive such unregistered HMI Shares Seller further  understands and acknowledges that HMI shall have no obligation to register the HMI Shares.  (i) Right of First Refusal – Sale of HMI Shares. In the event (i) the HMI  Shares become registered and unrestricted for sale on the open market (Seller acknowledging that  Buyer and HMI are under no obligation to do so), and (ii) Seller desires to sell any of the HMI  Shares in the open market, Seller shall notify Buyer in writing of its intent to sell such HMI  Shares (the “Sale Notice”). Buyer shall have thirty (30) days from the Sale Notice to exercise its  right of first refusal to purchase (or have HMI purchase) such HMI Shares by written notice to  Seller (the “Purchase Notice”). Seller, Buyer and HMI shall negotiate in good faith the purchase  price and transfer date of any such HMI Shares that HMI agrees to purchase. If (i) Buyer does not  exercise its right hereunder within thirty (30) days of the Sale Notice; (ii) Buyer otherwise  notifies Seller in writing that it does not intend to purchase such HMI Shares subject to the Sale  Notice; or (iii) Buyer and Seller cannot agree on the purchase price of such HMI Shares within  thirty (30) days of the Purchase Notice, then Seller is free to sell such HMI Shares.   2. Conversion of Purchased Shares and Management of Company. Buyer, Seller, and  Company agree that upon Closing, (i) the Purchased Shares transferred to Buyer shall be  converted from A Shares to B Shares; and (ii) that the Company’s Articles of Association as well  as the JVA shall be amended or amended and restated as further provided in this Agreement such  that the management of the Company shall be changed so that Buyer shall have the right to  appoint three (3) directors, and Seller shall have the right to appoint two (2) directors.  (a) Amendment to Articles of Association of Company. In accordance with the  changes above and other mutually agreeable changes, Buyer, Seller, and Company agree to  amend the Articles of Association of Company substantially as set forth in the draft Amended and  Restated Articles of Association as set forth in Exhibit A, which is incorporated into this  Agreement by reference (the “Amended Articles”). At Closing, Buyer, Seller, and Company  shall executed the Amended Articles and have them translated into Dutch and filed with the  appropriate authorities.  (b) Amendment to the JVA. In accordance with the changes above and other  mutually agreeable changes, Buyer, Seller, and Company agree to amend the JVA substantially as  set forth in the draft Amended and Restated Joint Venture Agreement as set forth in Exhibit B,  which is incorporated into this Agreement by reference (the “Amended JVA”).  3. Sale and Transfer of HCT. CGH and MCB agree to sell and transfer, collectively, one  hundred percent (100%) of the equity interests, whether represented by shares or membership  interests, of HCT to Company at Closing. The Parties intend for this transfer to be a cash-free and  debt-free transaction at Closing, meaning that there shall be no cash or debt on the financial books  of HCT as of Closing.  The Parties expressly agree that the amount of the Purchase Price  allocated to the value of HCT shall be and is two million Euro (€2,000,000) for which the Parties  

 

3  further agree that one million three hundred thousand Euro (€1,300,000) shall be allocable to  HCT shares, and seven hundred thousand Euro (€700,000) shall specifically be allocable for  paying off any and all HCT debt and liabilities which CGH and MCB shall cause to be fully paid  prior to Closing.   4. Closing. Subject to the terms and conditions contained in this Agreement, the purchase  and sale of the Purchased Shares contemplated hereby shall take place at a closing (the  "Closing") to be held at a time, date and place as the Parties may mutually agree upon in writing  (the "Closing Date").   (a) Closing Deliverables. At the Closing, the following deliverables shall be  delivered as set forth below:  (i) Seller shall deliver to Buyer a stock certificate or certificates evidencing  the Purchased Shares, free and clear of all Encumbrances (as defined herein), duly endorsed in  blank or accompanied by stock powers or other instruments of transfer duly executed in blank;  (ii) CGH and MCB shall deliver to HME a stock certificate(s) or other  evidence of the shares or membership interests in HCT, free and clear of all Encumbrances (as  defined herein), duly endorsed in blank or accompanied by stock powers or other instruments of  transfer duly executed in blank;  (iii) CGH and MCB shall deliver sufficient evidence to Buyer and the  Company that any and all of the debts and liabilities of HCT have been paid off;  (iv) Buyer shall deliver to Seller ten million Euro (€10,000,000) (representing  the cash consideration of 11,000,000 Euro less the 1,000,000 Euro paid as a deposit by Buyer to  Seller on December 31, 2021) by wire transfer of immediately available funds to an account  designated in writing by Seller to Buyer no later than five (5) business days before the Closing;  (v) Buyer shall deliver or cause its stock transfer agent to deliver to Seller   evidence of the HMI Shares, free and clear of all Encumbrances (as defined herein) but bearing a  restrictive legend indicating that such HMI Shares are unregistered and are thereby restricted  from sale or transfer in the open market, statement evidencing in book entry form; Buyer, Seller  and Company shall execute a resolution approving the Amended Articles and shall have  Company’s attorneys file the translated Amended Articles with the appropriate Dutch authorities  as soon as practicable at or immediately following Closing;  (vi) Buyer, Seller and Company shall execute the Amended JVA; and  (vii) Seller shall deliver to Buyer Accredited Investor certifications, a form of  which is attached to and incorporated into this Agreement as Exhibit C, duly executed by each  beneficial owner of Seller.  (b) Notary as Escrow Agent. Regarding the exchange of funds and shares as  set forth above, the Parties agree to use a notary as escrow agent in accordance with  Dutch laws (the “Notary”). The Parties will work together in good faith to determine (i)  the selection of the Notary; and (ii) the terms and scope of the Notary’s escrow agency,  including where and how to direct funds per this Agreement.  

 

4  5. Representations and Warranties of each Party. Each Party hereby represents and warrants  to the other Parties as follows:  (a) The Party is a legal entity duly organized, validly existing and in good standing  under the laws of its jurisdiction as set forth in the Preamble to this Agreement.  (b) The Party has all requisite power and authority to execute and deliver this  Agreement, to carry out its obligations hereunder, and to consummate the transactions  contemplated hereby. The Party has obtained all necessary corporate approvals for the execution  and delivery of this Agreement, the performance of its obligations hereunder, and the  consummation of the transactions contemplated hereby. This Agreement has been duly executed  and delivered by the Party and constitutes the Party’s legal, valid and binding obligation,  enforceable against the Party in accordance with its terms.  (c) The execution, delivery and performance by the Party of this Agreement does not  conflict with, violate or result in the breach of any agreement, instrument, order, judgment,  decree, law or governmental regulation to which the Party is a party or is subject.  (d) No governmental, administrative or other third-party consents or approvals are  required by or with respect to the Party in connection with the execution and delivery of this  Agreement and the consummation of the transactions contemplated hereby.  (e) There are no actions, suits, claims, investigations or other legal proceedings  pending or, to the knowledge of the Party, threatened against or by the Party that challenge or  seek to prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement.  (f) No broker, finder or investment banker is entitled to any brokerage, finder's or  other fee or commission in connection with the transactions contemplated by this Agreement  based upon arrangements made by or on behalf of the Party.  6. Representations and Warranties of Seller. Seller hereby represents and warrants to the  other Parties as follows:  (a) The Purchased Shares have been duly authorized, are validly issued, fully paid  and non-assessable, and are owned of record and beneficially by Seller, free and clear of all liens,  pledges, security interests, charges, claims, encumbrances, agreements, options, voting trusts,  proxies and other arrangements or restrictions of any kind ("Encumbrances"). Upon  consummation of the transactions contemplated by this Agreement, Buyer shall own the  Purchased Shares, free and clear of all Encumbrances.  (b) Seller is acquiring the HMI Shares solely for its own account for investment  purposes and not with a view to, or for offer or sale in connection with, any distribution thereof.  Seller acknowledges that the HMI Shares are not registered under the Securities Act of 1933, as  amended, or any state securities laws, and that the HMI Shares may not be transferred or sold  except pursuant to the registration provisions of the Securities Act of 1933, as amended or  pursuant to an applicable exemption therefrom and subject to state securities laws and  regulations, as applicable. Seller acknowledges and understands that neither Buyer nor HMI are  under any obligation to register the HMI Shares.  

 

5  (c) Seller and its beneficial owners are “Accredited Investors” within the meaning of  Rule 501 of Regulation D of the U.S. Security and Exchange Commission. Seller (and its  beneficial owners) agrees to execute an Accredited Investor certification acceptable to Buyer.  7. Representation and Warranties of Buyer. Buyer hereby represents and warrants to the  other Parties as follows:  (a) Buyer is acquiring the Purchased Shares solely for its own account for  investment purposes and not with a view to, or for offer or sale in connection with, any  distribution thereof. Buyer acknowledges that the Purchased Shares are not registered under the  Securities Act of 1933, as amended, or any state securities laws, and that the Purchased Shares  may not be transferred or sold except pursuant to the registration provisions of the Securities Act  of 1933, as amended or pursuant to an applicable exemption therefrom and subject to state  securities laws and regulations, as applicable.  (b) The HMI Shares have been duly authorized, are validly issued, fully paid and  non-assessable, and are issued by HMI free and clear of all Encumbrances, except that the HMI  Shares are not registered under the Securities Act of 1933 and Buyer and HMI shall have no  obligation to register the HMI Shares. Upon consummation of the transactions contemplated by  this Agreement, Seller shall own the HMI Shares, free and clear of all Encumbrances, except as  noted above.  8. Representation and Warranties of HCT, CGH and MCB. HCT, CGH and MCB each  hereby represent and warrant to the other Parties as follows:  (a) The shares of HCT have been duly authorized, are validly issued, fully paid and  non-assessable, and are owned of record and beneficially by CGH and MCB, free and clear of all  Encumbrances. Upon consummation of the transactions contemplated by this Agreement,  Company shall own all of the shares of HCT, free and clear of all Encumbrances.  (b) Complete copies of the HCT's financial statements consisting of the balance sheet  of HCT as at December 31 in each of the years 2021, 2020 and 2019, and the first quarter of  2022, and the related statements of income and retained earnings, stockholders' equity and cash  flow for the years then ended (the "Financial Statements"), have been delivered to Buyer (or in  the case of 1Q 2022 shall be delivered to Buyer as soon as available, but not later than fifteen  days prior to Closing). The Financial Statements have been prepared in accordance with generally  accepted accounting principles in effect from time to time in the Netherlands (“GAAP”) applied  on a consistent basis throughout the period involved. The Financial Statements are based on the  books and records of HCT, and fairly present in all material respects the financial condition of  HCT as of the respective dates they were prepared and the results of the operations of HCT for  the periods indicated. The balance sheet of HCT as of December 31, 2021 is referred to herein as  the "Balance Sheet" and the date thereof as the "Balance Sheet Date" and the balance sheet of  the Company as of March 31, 2022 is referred to herein as the "Interim Balance Sheet" and the  date thereof as the "Interim Balance Sheet Date". HCT maintains a standard system of  accounting established and administered in accordance with GAAP.  (c) HCT has no liabilities, obligations or commitments of any nature whatsoever,  asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured  or unmatured or otherwise ("Liabilities"), except (a) those which are adequately reflected or  reserved against in the Balance Sheet as of the Balance Sheet Date, and (b) those which have  been incurred in the ordinary course of business consistent with past practice since the Balance  

 

6  Sheet Date and which are not, individually or in the aggregate, material in amount; provided,  however, that all known Liabilities of HCT shall be paid by the Closing Date.   (d) Since the Balance Sheet Date, and other than in the ordinary course of business  consistent with past practice, there has not been, with respect to HCT, any:  (i) event, occurrence or development that has had, or could reasonably be  expected to have, individually or in the aggregate, a material adverse effect;  (ii) amendment of the charter, by-laws or other organizational documents of  HCT;  (iii) declaration or payment of any dividends or distributions on or in respect  of any of its capital stock or redemption, purchase or acquisition of its capital stock;  (iv) material change in any method of accounting or accounting practice of  HCT, except as required by GAAP or as disclosed in the notes to the Financial Statements;  (v) entry into any Material Contract;  (vi) incurrence, assumption or guarantee of any indebtedness for borrowed  money except unsecured current obligations and Liabilities incurred in the ordinary course of  business consistent with past practice;  (vii) transfer, assignment, sale or other disposition of any of the assets shown  or reflected in the Balance Sheet or cancellation of any debts or entitlements;  (viii) material damage, destruction or loss (whether or not covered by  insurance) to its property;  (ix) any capital investment in, or any loan to, any other party;  (x) acquisition by merger or consolidation with, or by purchase of a  substantial portion of the assets or stock of, or by any other manner, any business or any third  party or any division thereof;  (e) Section 8(e) of the Disclosure Schedules lists each of the following contracts of  HCT (such contracts, together with all contracts concerning the occupancy, management or  operation of any real property listed or otherwise disclosed in Section 8(j)(ii) of the Disclosure  Schedules being “Material Contracts”):  (i) each contract of HCT involving aggregate consideration in excess of  €10,000 and which, in each case, cannot be cancelled by HCT without penalty or without more  than 90 days' notice;  (ii) all contracts that require HCT to purchase its total requirements of any  product or service from a third party or that contain "take or pay" provisions;  (iii) all contracts that provide for the indemnification by HCT of any person  or legal entity or the assumption of any tax, environmental or other Liability of any person or  legal entity;  

 

7  (iv) all contracts that relate to the acquisition or disposition of any business, a  material amount of stock or assets of any other person or legal entity or any real property  (whether by merger, sale of stock, sale of assets or otherwise);  (v) all broker, distributor, dealer, manufacturer's representative, franchise,  agency, sales promotion, market research, marketing consulting and advertising contracts to  which HCT is a party;  (vi) all employment agreements and contracts with independent contractors  or consultants (or similar arrangements) to which HCT is a party and which are not cancellable  without material penalty or without more than 90 days' notice;  (vii) except for contracts relating to trade payables, all contracts relating to  indebtedness (including, without limitation, guarantees) of HCT;  (viii) all contracts with any governmental authority to which HCT is a party  ("Government Contracts");  (ix) all contracts that limit or purport to limit the ability of HCT to compete  in any line of business or with any third party or in any geographic area or during any period of  time;  (x) any contracts to which HCT is a party that provide for any joint venture,  partnership or similar arrangement by HCT;  (xi) all contracts between or among HCT on the one hand and CGH and/or  MCB, or their affiliates, on the other hand;  (xii) all collective bargaining agreements or contracts with any union to which  HCT is a party; and  (xiii) any other contract that is material to HCT and not previously disclosed  pursuant to this Section 8.  (f) Each Material Contract is valid and binding on HCT in accordance with its terms  and is in full force and effect. None of HCT or any other party thereto is in breach of or default  under (or is alleged to be in breach of or default under), or has provided or received any notice of  any intention to terminate, any Material Contract. No event or circumstance has occurred that,  with notice or lapse of time or both, would constitute an event of default under any Material  Contract or result in a termination thereof or would cause or permit the acceleration or other  changes of any right or obligation or the loss of any benefit thereunder. Complete and correct  copies of each Material Contract (including all modifications, amendments and supplements  thereto and waivers thereunder) have been made available to Buyer.  (g) HCT has good and valid (and, in the case of owned real property, good and  marketable fee simple) title to, or a valid leasehold interest in, all real property and personal  property and other assets reflected in the Financial Statements or acquired after the Balance Sheet  Date, other than properties and assets sold or otherwise disposed of in the ordinary course of  business consistent with past practice since the Balance Sheet Date. All such properties and assets  (including leasehold interests) are free and clear of Encumbrances except for the following  (collectively referred to as "Permitted Encumbrances"):  

 

8  (i) liens for taxes not yet due and payable;  (ii) mechanics, carriers', workmen's, repairmen's or other like liens arising or  incurred in the ordinary course of business consistent with past practice or amounts that are not  delinquent and which are not, individually or in the aggregate, material to the business of HCT;  (iii) easements, rights of way, zoning ordinances and other similar  encumbrances affecting real property which are not, individually or in the aggregate, material to  the business of HCT; or  (iv) other than with respect to owned real property, liens arising under  original purchase price conditional sales contracts and equipment leases with third parties entered  into in the ordinary course of business consistent with past practice which are not, individually or  in the aggregate, material to the business of HCT.  (h) Section 8(h) of the Disclosure Schedules lists (i) the street address of each parcel  of real property; (ii) if such property is leased or subleased by HCT, the landlord under the lease,  the rental amount currently being paid, and the expiration of the term of such lease or sublease for  each leased or subleased property; and (iii) the current use of such property. With respect to  owned real property, HCT has delivered or made available to the Company true, complete and  correct copies of the deeds and other instruments (as recorded) by which HCT acquired such real  property, and copies of all title insurance policies, opinions, abstracts and surveys in the  possession of CGH, MCB or HCT and relating to the real property. With respect to leased real  property, CGH or MCB has delivered or made available to the Company true, complete and  correct copies of any leases affecting the real property. HCT is not a sublessor or grantor under  any sublease or other instrument granting to any other party any right to the possession, lease,  occupancy or enjoyment of any leased real property. The use and operation of the real property in  the conduct of the Company's business do not violate in any material respect any law, covenant,  condition, restriction, easement, license, permit or agreement. No material improvements  constituting a part of the real property encroach on real property owned or leased by a party other  than HCT. There are no actions pending nor threatened against or affecting the real property or  any portion thereof or interest therein in the nature or in lieu of condemnation or eminent domain  proceedings.  (i) The buildings, plants, structures, furniture, fixtures, machinery, equipment,  vehicles and other items of tangible personal property of HCT are structurally sound, are in good  operating condition and repair, and are adequate for the uses to which they are being put, and  none of such buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and  other items of tangible personal property is in need of maintenance or repairs except for ordinary,  routine maintenance and repairs that are not material in nature or cost.  (j) Intellectual Property.  (i) The term "Intellectual Property" means any and all of the following in  any jurisdiction throughout the world: (i) issued patents and patent applications; (ii) trademarks,  service marks, trade names, and other similar indicia of source or origin, together with the  goodwill connected with the use of and symbolized by, and all registrations, applications for  registration, and renewals of, any of the foregoing; (iii) copyrights, including all applications and  registrations; (iv) trade secrets, know-how, inventions (whether or not patentable), technology,  and other confidential and proprietary information and all rights therein; (v) internet domain  

 

9  names and social media accounts and pages; and (vi) other intellectual or industrial property and  related proprietary rights, interests, and protections.  (ii) Section 8(j)(ii) of the Disclosure Schedules lists all issued patents,  registered trademarks, domain names and copyrights, and pending applications for any of the  foregoing and all material unregistered Intellectual Property that are owned by HCT (the "HCT  IP Registrations"). HCT owns or has the valid and enforceable right to use all Intellectual  Property used in or necessary for the conduct of HCT's business as currently conducted (the  "HCT Intellectual Property"), free and clear of all Encumbrances. All of the HCT Intellectual  Property is valid and enforceable, and all HCT IP Registrations are subsisting and in full force  and effect. HCT has taken all reasonable and necessary steps to maintain and enforce the HCT  Intellectual Property.  (iii) The conduct of HCT's business as currently and formerly conducted has  not infringed, misappropriated, or otherwise violated the Intellectual Property or other rights of  any other party. To the knowledge of HCT, CGH and MCB, no third party has infringed,  misappropriated, or otherwise violated any HCT Intellectual Property.  (k) Material Customers and Suppliers.  (i) Section 8(k)(i) of the Disclosure Schedules sets forth each customer who  has paid aggregate consideration to HCT for goods or services rendered in an amount greater than  or equal to €10,000 for the most recent completed fiscal year (collectively, the "Material  Customers"). HCT has not received any notice, and has no reason to believe, that any of its  Material Customers has ceased, or intends to cease after the Closing, to purchase or use its goods  or services or to otherwise terminate or materially reduce its relationship with HCT.  (ii) Section 8(k)(ii) of the Disclosure Schedules sets forth each supplier to  whom HCT has paid consideration for goods or services rendered in an amount greater than or  equal to €10,000 for the most recent completed fiscal year (collectively, the "Material  Suppliers"). HCT has not received any notice, and has no reason to believe, that any of its  Material Suppliers has ceased, or intends to cease, to supply goods or services to HCT or to  otherwise terminate or materially reduce its relationship with HCT.  (l) Section 8(l) of the Disclosure Schedules sets forth a true and complete list of all  current policies or binders of insurance maintained by CGH or MCB, or their affiliates (including  HCT) and relating to the assets, business, operations, employees, officers, and directors of HCT  (collectively, the "Insurance Policies"). Such Insurance Policies: (a) are in full force and effect;  (b) are valid and binding in accordance with their terms; (c) are provided by carriers who are  financially solvent; and (d) have not been subject to any lapse in coverage. Neither CGH, MCB or  their affiliates (including HCT) has received any written notice of cancellation of, premium  increase with respect to, or alteration of coverage under, any of such Insurance Policies. All  premiums due on such Insurance Policies have been paid. None of CGH, MCB or their affiliates  (including HCT) is in default under, or has otherwise failed to comply with, in any material  respect, any provision contained in any Insurance Policy. The Insurance Policies are sufficient for  compliance with all applicable laws and contracts to which HCT is a party or by which it is  bound.       

 

10  (m) Legal Proceedings; Governmental Orders.  (i) There are no claims, actions, causes of action, demands, lawsuits,  arbitrations, inquiries, audits, notices of violation, proceedings, litigation, citations, summons,  subpoenas, or investigations of any nature, whether at law or in equity (collectively, "Actions")  pending or threatened against or by HCT, CGH, MCB, or any of their affiliates: (i) relating to or  affecting HCT or any of HCT's operations, properties or assets; or (ii) that challenge or seek to  prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement. No event  has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.  (ii) There are no outstanding, and HCT is in compliance with all,  Governmental Orders against, relating to, or affecting HCT or any of its properties or assets.  “Governmental Order” shall mean any order, writ, judgment, injunction, decree, determination,  penalty, or award entered by or with any governmental authority.  (n) Compliance with Laws; Permits.  (i) HCT has complied, and is now complying, with all Laws applicable to it  or its business, properties, or assets. “Laws” means any statute, law, ordinance, regulation, rule,  code, treaty, or other requirement of any governmental authority.  (ii) All permits, licenses, franchises, approvals, registrations, certificates,  variances, and similar rights obtained, or required to be obtained, from governmental authorities  (collectively, "Permits") in order for HCT to conduct its business, including, without limitation,  owning or operating any of the real property, have been obtained and are valid and in full force  and effect. Section 8(n)(ii) of the Disclosure Schedules lists all current Permits issued to HCT and  no event has occurred that would reasonably be expected to result in the revocation or lapse of  any such Permit.  (o) Environmental Matters.  (i) The terms: (i) "Environmental Laws" means all Laws, now or hereafter  in effect, in each case as amended or supplemented from time to time, relating to the regulation  and protection of human health, safety, the environment, and natural resources, including any  federal, state, or local transfer of ownership notification or approval statutes; and (ii) "Hazardous  Substances" means: (A) "hazardous materials," "hazardous wastes," "hazardous substances,"  "industrial wastes," or "toxic pollutants," as such terms are defined under any Environmental  Laws; (B) any other hazardous or radioactive substance, contaminant, or waste; and (C) any other  substance with respect to which any Environmental Law or governmental authority requires  environmental investigation, regulation, monitoring, or remediation.  (ii) HCT has complied, and is now complying, with all Environmental Laws.  Neither HCT nor CGH or MCB has received notice from any party that HCT, its business or  assets, or any real property currently or formerly owned, leased, or used by HCT is or may be in  violation of any Environmental Law or any applicable Law regarding Hazardous Substances.  (iii) There has not been any spill, leak, discharge, injection, escape, leaching,  dumping, disposal, or release of any kind of any Hazardous Substances in violation of any  Environmental Law: (i) with respect to the business or assets of HCT; or (ii) at, from, in, adjacent  to, or on any real property currently or formerly owned, leased, or used by HCT. There are no  Hazardous Substances in, on, about, or migrating to any real property currently or formerly  

 

11  owned, leased, or used by HCT, and such real property is not affected in any way by any  Hazardous Substances.  (p) Employment Matters.   (i) Section 8(p)(i) of the Disclosure Schedules lists: (i) all employees,  independent contractors, and consultants of HCT; and (ii) for each individual described in clause  (i), (A) the individual's title or position, hire date, and compensation, (B) any contracts entered  into between HCT and such individual, and (C) the fringe benefits provided to each such  individual. All compensation payable to all employees, independent contractors, or consultants of  HCT for services performed on or prior to the Closing Date have been paid in full.  (ii) HCT is not, and has not been, a party to or bound by any collective  bargaining agreement or other contract with a union or similar labor organization (collectively,  "Union"), and no Union has represented or purported to represent any employee of HCT. There  has never been, nor has there been any threat of, any strike, work stoppage, slowdown, picketing,  or other similar labor disruption or dispute affecting HCT or any of its employees.  (iii) HCT is and has been in compliance with: (i) all applicable employment  Laws and agreements regarding hiring, employment, termination of employment, plant closings  and mass layoffs, employment discrimination, harassment, retaliation, and reasonable  accommodation, leaves of absence, terms and conditions of employment, wages and hours of  work, employee classification, employee health and safety, engagement and classification of  independent contractors, payroll taxes, and immigration with respect to all employees,  independent contractors, and contingent workers; and (ii) all applicable Laws relating to the  relations between it and any labor organization, trade union, work council, or other body  representing employees of HCT.  (q) Section 8(p)(iii) of the Disclosure Schedules contains a true and complete list of  each "employee benefit plan" as defined in the applicable Laws of the Netherlands and/or the  European Union that are similar in nature to the U.S. Employee Retirement Income Security Act  of 1974 (such applicable Laws to be referred to as "Employee Benefit Laws"), whether or not  written and whether or not subject to Employee Benefit Laws, and each supplemental retirement,  compensation, employment, consulting, profit-sharing, deferred compensation, incentive, bonus,  equity, change in control, retention, severance, salary continuation, and other similar agreement,  plan, policy, program, practice, or arrangement which is or has been established, maintained,  sponsored, or contributed to by HCT or under which HCT has or may have any Liability (each, a  "Benefit Plan"). For each Benefit Plan, Seller has made available to the Company accurate,  current, and complete copies of each of the following: (i) the plan document with all amendments,  or if not reduced to writing, a written summary of all material plan terms; (ii) any written  contracts and arrangements related to such Benefit Plan, including trust agreements or other  funding arrangements, and insurance policies, certificates, and contracts; and (iii) any material  notices, audits, inquiries, or other correspondence from, or filings with, any Governmental  Authority relating to the Benefit Plan. Each Benefit Plan and related trust has been established,  administered, and maintained in accordance with its terms and in compliance with all applicable  Employee Benefit Laws. Nothing has occurred with respect to any Benefit Plan that has subjected  or could reasonably be expected to subject HCT or, with respect to any period on or after the  Closing Date, the Company or any of its affiliates, to a civil action, penalty, surcharge, or Tax  under applicable Law or which would jeopardize the previously-determined qualified status of  any Benefit Plan. All benefits, contributions, and premiums relating to each Benefit Plan have  been timely paid in accordance with the terms of such Benefit Plan and all applicable Laws and  

 

12  accounting principles. Benefits accrued under any unfunded Benefit Plan have been paid,  accrued, or adequately reserved for to the extent required by GAAP. Neither the execution of this  Agreement nor any of the transactions contemplated by this Agreement will, either alone or in  combination with any other event: (i) entitle any current or former director, officer, employee,  independent contractor, or consultant of HCT to any severance pay, increase in severance pay, or  other payment; (ii) accelerate the time of payment, funding, or vesting, or increase the amount of  compensation (including stock-based compensation) due to any such individual; or (iii) limit or  restrict the right of HCT to amend or terminate any Benefit Plan. Taxes.  (i) All returns, declarations, reports, information returns and statements, and  other documents relating to Taxes (including amended returns and claims for refund)  (collectively, "Tax Returns") required to be filed by HCT on or before the Closing Date have  been timely filed. Such Tax Returns are true, correct, and complete in all respects. All Taxes due  and owing by HCT (whether or not shown on any Tax Return) have been timely paid. No  extensions or waivers of statutes of limitations have been given or requested with respect to any  Taxes of HCT. HCT has delivered to the Company copies of all Tax Returns and examination  reports of HCT and statements of deficiencies assessed against, or agreed to by, HCT, for all Tax  periods ending after December 31, 2018. The term "Taxes" means all federal, state, local, foreign,  and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise,  registration, profits, license, lease, service, service use, withholding, payroll, employment,  unemployment, estimated, excise, severance, environmental, stamp, occupation, premium,  property (real or personal), real property gains, windfall profits, customs, duties, or other taxes,  fees, assessments, or charges of any kind whatsoever, together with any interest, additions, or  penalties with respect thereto.  (ii) There are no liens for Taxes (other than for current Taxes not yet due and  payable) upon the assets of HCT.  (r) Books and Records. The minute books and share record and transfer books of  HCT, all of which are in the possession of HCT and have been made available to the Company,  are complete and correct.  9. Survival. All representations and warranties contained herein shall survive the execution  and delivery of this Agreement and the Closing hereunder.  10. Indemnification.   (a) Seller shall indemnify, defend and hold harmless Buyer and HMI against and in  respect of any and all losses, liabilities, damages, obligations, claims, Encumbrances, costs and  expenses (including, without limitation, reasonable attorneys' fees) incurred by Buyer resulting  from any breach of any representation, warranty, covenant or agreement made by Seller herein or  in any instrument or document delivered to Buyer pursuant hereto.  (b) Seller, CGH, MCB, and the beneficial owners of CGH and MCB, jointly and  severally (the “HCT Indemnitors”), shall indemnify, defend, and hold harmless the Company,  Buyer and HMI against and in respect of any and all losses, liabilities, damages, obligations,  claims, Encumbrances, costs and expenses (including, without limitation, reasonable attorneys'  fees) (individually and collectively, “Losses”) incurred by the Company resulting from (i) any  breach of any representation, warranty, covenant or agreement made by HCT, CGH and MCB  herein or in any instrument or document delivered to the Company pursuant hereto; or (ii) any  

 

13  actions or omissions of HCT, CGH, or MCB occurring prior to the Closing Date and relating to  the business of HCT.   (c) Notwithstanding the obligations set forth in Section 10(b) above, the Parties  agree that (i) the obligations of the HCT Indemnitors shall arise only to the extent that the  aggregate Losses exceed one hundred thousand Euro (€100,000); (ii) the HCT Indemnitors shall  not have any indemnity obligations in the event such Loss was actually known by Buyer prior to  Closing (Buyer’s actual knowledge shall be deemed the actual knowledge of Craig Knight or  George Gu); (iii) the HCT Indemnitors aggregate liability for indemnity obligations shall be  capped at eleven million Euro (€11,000,000); and (iv) any claims for Losses shall be initiated by  written notice to the HCT Indemnitors within twenty-four (24) months following the Closing  Date and the HCT Indemnitors shall not be responsible for any claims initiated following such  period.  11. Further Assurances. Following the Closing, each of the Parties shall execute and deliver  such additional documents, instruments, conveyances and assurances, and take such further  actions as may be reasonably required to carry out the provisions hereof and give effect to the  transactions contemplated by this Agreement.  12. Termination. This Agreement may be terminated at any time prior to the Closing (a) by  the mutual written consent of Buyer and Seller or (b) by either Buyer or Seller if (i) a breach of  any provision of this Agreement has been committed by the other Party and such breach has not  been cured within thirty (30) days following receipt by the breaching Party of written notice of  such breach, or (ii) the Closing does not occur by July 31, 2022. Upon termination, all further  obligations of the Parties shall terminate without liability of any Party to the other Parties to this  Agreement, except that no such termination shall relieve any Party from liability for any fraud or  willful breach of this Agreement. In the event of termination of this Agreement for any reason,  Seller shall refund the deposit of €1,000,000 to Buyer by wire transfer within fifteen (15) days of  the effective date of such termination.  13. Expenses. All costs and expenses incurred in connection with this Agreement and the  transactions contemplated hereby shall be paid by the Party incurring such costs and expenses.  14. Confidentiality. The term “Confidential Information,” as used in this Agreement shall  mean any and all information disclosed or conveyed by one Party or its agents (the “Disclosing  Party”) to another Party or its agents (the “Recipient”) in or via any conference, conversation or  meeting (face-to-face, video, telephone, web or otherwise); document (e-mail, facsimile, instant  message, presentation, regular mail, request for proposal, letter, memorandum, writing, or  otherwise); or any other type of conveyance including but not limited to information pertaining to  or related to: (i) current or future products and services; accounting, asset, business, commercial,  corporate, developmental, distribution, financial, growth, human resources, intellectual property,  investment, licensing, marketing, manufacturing, operations, pricing, production, real estate,  research, or technical data, methods, plans, policies, presentations, processes, programs,  procedures, records or strategies; customer and prospective customer accounts and lists; and any  other business, commercial or technical information relating to the Disclosing Party’s current or  prospective businesses, facilities or properties; (ii) this Agreement or its terms or subject matter;  (iii) anything marked or otherwise identified by the Disclosing Party as confidential, restricted,  proprietary, or secret; and (iv) anything disclosed or observed under circumstances under which a  reasonable person would understand that such information is or should be confidential or  proprietary to the Disclosing Party. Each Party agrees to hold all Confidential Information in  strict confidence and to not use or disclose it to any entity or individual for any purpose other than  

 

14  as set forth in this Agreement, without the prior written consent of the Disclosing Party. Recipient  shall obligate its employees or agents who have or shall receive any part of the Confidential  Information to not use or disclose it except as permitted herein. Upon written notice from the  Disclosing Party, or upon the termination of this Agreement, all copies of the Confidential  Information shall be returned to the Disclosing Party or destroyed/deleted within ten (10) days of  such request; provided, however, that Recipient shall have the right to maintain one archived  copy for its records and defense of claims and litigation and Recipient may destroy any archival  copies upon its scheduled destruction procedures in accordance with its retention schedule. If the  Disclosing Party elects to have the Confidential Information destroyed/deleted, Recipient shall  certify the destruction/deletion of same within the time period set forth in this Section. The  above-stated provisions on confidentiality and use shall not extend to any information that: (a) at  the time of disclosure to the Recipient, was already in the public domain; (b) after disclosure to  the Recipient, has been published or otherwise becomes part of the public domain through no  fault of the Recipient; (c) was known to the Recipient before disclosure by the Disclosing Party  on a nonconfidential basis; (d) is disclosed to Recipient by a third party subsequent to disclosure  by Disclosing Party, without restriction on disclosure and use, provided that the third party has  not received it from Disclosing Party; or (e) was independently developed by the Recipient  without using any of the Disclosing Party’s Confidential Information. In the event a court order or  governmental regulation requires the Recipient to disclose all or part of the Confidential  Information, Recipient shall give the Disclosing Party prior written notice of the scope of the  anticipated disclosure so as to enable the Disclosing Party to undertake all reasonable efforts to  have such court or governmental agency maintain the secrecy and confidentiality of the  Confidential Information. In addition to other remedies, each Party acknowledges that monetary  damages may be insufficient for any breach of this Section, and a Party shall be entitled to seek  specific performance and injunctive and equitable relief as a remedy if a material breach of this  Section is established. The Parties’ obligations under this confidentiality provision shall continue  for a period of two (2) years after the expiration or termination of this Agreement.  15. Publicity.  Notwithstanding the above Confidentiality provisions, Seller understands that  Buyer’s parent company is a publicly-traded company and may need to publicly disclose this  Agreement and certain of its provisions. Any such media or public releases regarding this  Agreement shall be jointly agreed upon by Buyer and Seller in writing prior to public release.  16. Notices. All notices, requests, consents, claims, demands, waivers and other  communications hereunder (each, a "Notice") shall be in writing and addressed to the Parties at  the addresses set forth below (or to such other address that may be designated by the receiving  Party from time to time in accordance with this section). All Notices shall be delivered by  personal delivery, nationally recognized overnight courier (with all fees pre-paid), e-mail of a  PDF document (with confirmation of transmission) or certified or registered mail (in each case,  return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a  Notice is effective only (a) upon receipt by the receiving Party, and (b) if the Party giving the  Notice has complied with the requirements of this Section.  To Seller:  Holthausen Clean Technology Investments B.V.   Attn: Max Holthausen  Produktieweg 2  9601 MA Hoogezand  The Netherlands  Email: max@holthausen.nl   

 

15  To Buyer:     with a copy to:  Hyzon Motors USA Inc.   Hyzon Motors USA Inc.  Attn: Craig Knight, CEO   Attn: John Zavoli, General Counsel  599 S. Schmidt Road    599 S. Schmidt Road  Bolingbrook, Illinois 60440   Bolingbrook, Illinois 60440  USA      USA  Email: craig.knight@hyzonmotors.com   Email: john.zavoli@hyzonmotors.com   To Company:     with a copy to:  Hyzon Motors Europe, B.V.   Hyzon Motors USA Inc.  Attn: Craig Knight, CEO    Attn: John Zavoli, General Counsel  Produktieweg 2     599 S. Schmidt Road  9601 MA Hoogezand    Bolingbrook, Illinois 60440  The Netherlands    USA  Email: craig.knight@hyzonmotors.com   Email: john.zavoli@hyzonmotors.com   To HCT:  Holthausen Clean Technology B.V.   Attn: Max Holthausen  Produktieweg 2  9601 MA Hoogezand  The Netherlands  Email: max@holthausen.nl   To CGH  CGH Junior Holding B.V.   Attn: Carl Holthausen  Produktieweg 2  9601 MA Hoogezand  The Netherlands  Email: carl@holthausen.nl   To MCB:  MCB Holthausen Holding B.V.   Attn: Max Holthausen  Produktieweg 2  9601 MA Hoogezand  The Netherlands  Email: max@holthausen.nl   17. Entire Agreement. This Agreement constitutes the sole and entire agreement of the  Parties to this Agreement with respect to the subject matter contained herein, and supersedes all  prior and contemporaneous understandings, agreements, representations and warranties, both  written and oral, with respect to such subject matter.  

 

16  18. Successor and Assigns. This Agreement shall be binding upon and shall inure to the  benefit of the Parties and their respective successors and permitted assigns. No Party may assign  any of its rights or obligations hereunder without the prior written consent of the other Parties  hereto, which consent shall not be unreasonably withheld or delayed.  19. Headings. The headings in this Agreement are for reference only and shall not affect the  interpretation of this Agreement.  20. Amendment and Modification; Waiver. This Agreement may only be amended, modified  or supplemented by an agreement in writing signed by each Party hereto. No waiver by any Party  of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed  by the Party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or  delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall  operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right,  remedy, power or privilege hereunder preclude any other or further exercise thereof or the  exercise of any other right, remedy, power or privilege.  21. Severability. If any term or provision of this Agreement is invalid, illegal or  unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect  any other term or provision of this Agreement or invalidate or render unenforceable such term or  provision in any other jurisdiction. Upon such determination that any term or other provision is  invalid, illegal or unenforceable, the Parties hereto shall negotiate in good faith to modify this  Agreement so as to effect the original intent of the Parties as closely as possible in a mutually  acceptable manner in order that the transactions contemplated hereby be consummated as  originally contemplated to the greatest extent possible.  22. Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and  construed in accordance with the internal laws of the Netherlands, without giving effect to any  choice or conflict of law provision or rule (whether of the Netherlands or any other jurisdiction).  Any legal suit, action or proceeding arising out of or based upon this Agreement or the  transactions contemplated hereby may be instituted in the federal courts of the United States or  the courts of the State of Illinois in each case located in the city of Chicago and County of Cook,  and each Party irrevocably submits to the exclusive jurisdiction of such courts in any such suit,  action or proceeding. Service of process, summons, notice or other document by mail to such  Party's address set forth herein shall be effective service of process for any suit, action or other  proceeding brought in any such court. The Parties irrevocably and unconditionally waive any  objection to the laying of venue of any suit, action or any proceeding in such courts and  irrevocably waive and agree not to plead or claim in any such court that any such suit, action or  proceeding brought in any such court has been brought in an inconvenient forum.  23. Execution. This Agreement may be executed in one or more counterparts, each of which  shall be deemed an original but all of which together shall constitute the same instrument. The  Parties may sign this Agreement using an electronic signature (whether by pdf scan or utilization  of an industry-standard electronic signature platform or application). Signing this Agreement  using an electronic signature shall be the legal equivalent of having placed a handwritten  signature on this Agreement and shall be binding in the same manner as if signed by hand.  [SIGNATURE PAGE FOLLOWS]  

 

17    IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date first  written above.  BUYER:      SELLER:  HYZON MOTORS USA INC. HOLTHAUSEN CLEAN   TECHNOLOGY INVESTMENTS B.V.    Signature:      Signature:      Name:     Craig Knight     Name:     Max Holthausen  Title:     CEO      Title:     CEO  Date:       Date: 05-05-2022     COMPANY:      HCT:  HYZON MOTORS EUROPE B.V HOLTHAUSEN CLEAN   TECHNOLOGY B.V.    Signature:      Signature:      Name:     Craig Knight     Name:     Carl Holthausen  Title:     CEO      Title:     CTO  Date:       Date: 05-05-2022       CGH:       MCB:  CGH JUNIOR HOLDING B.V MCB HOLTHAUSEN HOLDING B.V.    Signature:      Signature:       Name:     Carl Holthausen    Name:     Max Holthausen  Title:     CEO      Title:     CEO  Date: 05-05-2022     Date: 05-05-2022     With regards to their obligations set forth in Section 10(b):  CARL HOLTHAUSEN MAX HOLTHAUSEN     Signature:       Signature:       Name:     Carl Holthausen    Name:     Max Holthausen  Date: 05-05-2022     Date: 05-05-2022       5 May 2022 5 May 2022Exhibit 10.8

 

EXHIBIT
H

 

FORM
OF [AVANSEUS HOLDINGS CORPORATION] 2022 INCENTIVE EQUITY PLAN

 

		1.	PURPOSE
                                            OF THE PLAN

 

The
purpose of the [Avanseus Holdings Corporation] (the “Company”) Incentive Equity Plan (the “Incentive
Equity Plan”) is to promote the interests of the Company by providing the seven most senior officers of the Company with
an appropriate incentive to encourage them to continue in the employ of the Company and to improve the growth, profitability and financial
success of the Company.

 

A
total of 2,000,000 of the Company’s Ordinary Shares are approved and reserved for issuance pursuant to awards made pursuant
to the Incentive Equity Plan.

 

		2.	DEFINITIONS

 

“Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under direct or indirect
common control with such Person; provided, that no shareholder of the Company shall be deemed an Affiliate of any other shareholder solely
by reason of any investment in the Company, as applicable. For the purpose of this definition, the term “control” (including,
with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”),
as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Applicable
Law” shall mean applicable laws, rules, regulations and requirements, any stock exchange rules, regulations or guidelines,
the applicable laws, rules or regulations of any other country or jurisdiction where any Share Awards are granted under the Incentive
Equity Plan, or where Participants reside or provide services, and the orders and requirements of governmental authorities in any such
jurisdiction, as such laws, rules, regulations, orders and requirements shall be in effect from time to time.

 

“Articles”
shall mean the memorandum and articles of association of the Company (as may be amended or restated from time to time).

 

“Bad
Leaver” shall mean a termination of the Participant’s Employment by the Company or its subsidiary, as applicable,
for Cause.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Cause”
shall mean, when used in connection with the termination of a Participant’s Employment, unless otherwise defined in the Participant’s
employment agreement with the Company or any subsidiary of the Company or in the Participant’s Share Award Grant Agreement in which
case such definition shall govern:

 

		(a)	a
                                            material failure of the Participant to reasonably and substantially perform his or her duties
                                            to the Company or any of its Affiliates (other than as a result of physical or mental illness
                                            or injury);

 

    1

     

    

 

		(b)	the
                                            Participant’s willful misconduct or gross negligence which is injurious to the Company
                                            or any subsidiary of the Company or any of its Affiliates (whether financially, reputationally
                                            or otherwise);

 

		(c)	the
                                            Participant’s unauthorized removal from the premises of the Company or any subsidiary
                                            of the Company of any document (in any medium or form) relating to the Company or any subsidiary
                                            of the Company, any of its Affiliates, or the customers of the Company;

 

		(d)	the
                                            commission by the Participant of any felony or other serious crime;

 

		(e)	a
                                            breach by the Participant of the terms of any agreement with the Company or any subsidiary
                                            of the Company or any material policies of the Company or any subsidiary of the Company applicable
                                            to the Participant, including without limitation any provision of the Incentive Equity Plan
                                            and/or the Share Award Grant Agreement; or

 

		(f)	Competing.

 

If,
subsequent to the termination of a Participant’s Employment, it is discovered that the Participant engaged in conduct which the
Committee determines in good faith could have resulted in Participant’s Employment being terminated for Cause, as such term is
defined above, or if the Participant Competes, the Participant’s Employment shall, at the election of the Committee, in its sole
discretion, be deemed to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred.

 

“Change
of Control” shall mean (a) any sale, transfer or other disposition of Ordinary Shares, in a single transaction or series
of related transactions, as a result of which a third party acquires more than 50% of the Ordinary Shares (and in such event, only with
respect to Ordinary Shares actually sold), (b) a sale, transfer, exclusive licensing or other disposition, in a single transaction or
series of related transactions, of more than 50% of the Company’s assets, including assets that are not and cannot be part of the
asset side of the balance sheet, to a third party, (c) a merger or any reorganization whereby the Company is not the surviving entity
(unless the holders of the share capital of the Company immediately prior to such event continue to hold more than 50% of the voting
and economic interest of the surviving entity following such event) or (d) any other transaction resulting in a change of control of
the Company (as used in this sub-clause (d), the term “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract
or otherwise).

 

“Committee”
shall mean the Compensation Committee of the Board or any other committee appointed by the Board pursuant to Section 3 from time
to time to administer the Incentive Equity Plan, and if no such committee exists or has been appointed, the Board.

 

“Compete”
shall mean any actions by a Participant that (i) are not authorized by the Company and are intended to further the business interests
of a company that is in the same or a similar line of business as the Company, or (ii) are prohibited in (a) the Participant’s
Employment agreement with the Company or any subsidiary of the Company, (b) the provisions in the Participant’s Share Award Grant
Agreement, or (c) any other agreement entered into between the Company or any subsidiary of the Company with the Participant pursuant
to which the Participant is subject to restrictive covenants. “Competed” and “Competing” shall have correlative
meanings.

 

    2

     

    

 

“Confidential
Information” shall mean, unless more broadly defined in the Participant’s employment agreement with the Company or
any subsidiary, all information regarding the Company or any of its subsidiaries or Affiliates, any activity of any of the Company, its
subsidiaries or its Affiliates, the business of any of its Affiliates or any customer or supplier of the Company, its subsidiaries or
its Affiliates that is not generally known by the public or to Persons not employed by the Company, its subsidiaries or its Affiliates,
including, without limiting the foregoing, information that would not be known to the public but for the actions of or disclosure by,
directly or indirectly, the Participant.

 

“Disability”
shall mean with respect to any Participant, unless otherwise defined in the Participant’s Share Award Grant Agreement, a permanent
disability as defined in the Company’s or its subsidiaries’ disability plans, or as defined from time to time by the Board,
in its sole discretion.

 

“Eligible
Individual” shall mean any of the Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Product
Officer, Chief Operations Officer or Chief Delivery Officer, Chief Revenue Officer and Chairman of the Company, or the person performing
the equivalent function of any of the foregoing positions regardless of title.

 

“Employment”
shall mean employment relationship with the Company or any of its subsidiaries and shall include the provision of services as an executive
director for the Company or any of its subsidiaries. “Employee” and “Employed” shall
have correlative meanings. Employment will be deemed to continue, unless the Committee expressly provides otherwise, so long as the Participant
is employed by the Company or one of its subsidiaries. If a Participant’s Employment is with a subsidiary and that entity ceases
to be a subsidiary of the Company, the Participant’s Employment will be deemed to have terminated when the entity ceases to be
a subsidiary of the Company unless otherwise determined by the Committee or if the Participant transfers Employment to the Company or
one of its remaining subsidiaries.

 

“Fair
Market Value” shall mean: (A) the closing price of the Ordinary Shares on the immediately preceding trading day (as reported
on the relevant securities exchange) or (B) if not so reported, the average of the closing bid and ask prices on such day as reported
on such securities exchange.

 

“Good
Leaver” shall mean with respect to any Participant the termination of his or her Employment by reason of: (a) redundancy,
(b) retirement at the earlier of (i) 65 years of age, and (ii) the mandatory retirement age as stipulated under Applicable Law in the
jurisdiction under which the Participant is employed, (c) retirement at the earlier of (i) 65 years of age, and (ii) the mandatory retirement
age as stipulated under Applicable Law in the jurisdiction under which the Participant is employed, (d) death or Disability by the Participant,
or (e) any other reason the Committee may determine in its absolute discretion.

 

“Leaver”
shall mean a termination of the Participant’s Employment for reasons other than those set out in the definitions of Good Leaver
and Bad Leaver.

 

    3

     

    

 

“Ordinary
Shares” shall mean ordinary shares in the share capital of the Company.

 

“Participant”
shall mean an Eligible Individual to whom a grant of a Share Award has been made, and, where applicable, shall include Permitted Transferees.

 

“Performance-Based
Restricted Securities” shall have the meaning set forth in Section 4.4.2.

 

“Permitted
Transferee” shall mean a transferee of Restricted Securities (where applicable) from a Participant, having obtained prior
written approval from the Committee (unless otherwise specified in the Participant’s Share Award Grant Agreement (where applicable))
and such transfer being in compliance with all applicable tax, securities and other laws for estate planning purposes or as may be necessary
to fulfil a domestic relations order.

 

“Person”
shall mean an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or
a governmental agency or political subdivision thereof.

 

“Restricted
Securities” shall have the meaning set forth in Section 4.4.

 

“Restricted
Securities Vesting Notice” shall have the meaning set forth in Section 4.5.

 

“Share
Award” shall mean a grant of Ordinary Shares made to any Participant under the Incentive Equity Plan.

 

“Share
Award Grant Agreement” shall mean an agreement, substantially in the form attached hereto as Exhibit A, entered into by
each Participant and the Company evidencing the grant of each Share Award pursuant to the Incentive Equity Plan, provided the Committee
may make such changes to the form of the Share Award Grant Agreement for any particular grant as the Committee may determine in its absolute
discretion, pursuant to its powers set forth in the Incentive Equity Plan.

 

“Share
Award Grant Date” shall have the meaning set forth in Section 4.2.

 

“Time-Based
Restricted Securities” shall have the meaning set forth in Section 4.4.1.

 

“Transfer”
shall mean any transfer, sale, assignment, hedge, gift, testamentary transfer, pledge, hypothecation or other disposition of any interest.
“Transferee” and “Transferor” shall have correlative meanings.

 

		3.	ADMINISTRATION
                                            OF THE PLAN

 

The
Board shall have the right to establish the Committee to administer the Incentive Equity Plan under the terms of the Company’s
constitution and to grant Share Awards. In addition, the Committee, in its absolute discretion, may delegate its authority
to grant Share Awards to an officer or committee of officers of the Company, subject to reasonable limits and guidelines established
by the Committee at the time of such delegation and subject to Applicable Law.

 

    4

     

    

 

		3.1.	Powers
                                            of the Committee. In addition to the other powers granted to the Committee under the
                                            Incentive Equity Plan, the Committee shall have the power, in its absolute discretion, to:

 

		3.1.1.	determine
                                            the Eligible Individuals to whom grants of Share Awards shall be made;

 

		3.1.2.	determine
                                            the time or times when grants of Share Awards shall be made;

 

		3.1.3.	determine
                                            the allocation methodology to be used in respect of calculating the number of Ordinary Shares
                                            to be subject to each such grant of Share Awards;

 

		3.1.4.	determine,
                                            modify or waive the terms and conditions of any grant of Share Awards;

 

		3.1.5.	prescribe
                                            the form and terms and conditions of any instrument evidencing a grant of Share Awards, so
                                            long as such terms and conditions are not otherwise inconsistent with the terms of the Incentive
                                            Equity Plan;

 

		3.1.6.	adopt,
                                            amend and rescind such rules and regulations as, in its opinion, may be advisable for the
                                            administration of the Incentive Equity Plan;

 

		3.1.7.	construe
                                            and interpret the Incentive Equity Plan, such rules and regulations and the instruments evidencing
                                            grants of Share Awards;

 

		3.1.8.	reconcile
                                            any inconsistency, correct any defect and/or supply any omission in the Incentive Equity
                                            Plan or any instrument evidencing any grant of Share Awards; and

 

		3.1.9.	make
                                            all other determinations necessary or advisable for the administration of the Incentive Equity
                                            Plan and otherwise do all things necessary to carry out the purposes of the Incentive Equity
                                            Plan,

 

provided
that such powers shall be subject to Applicable Law.

 

		3.2.	Determinations
                                            of the Committee. Any grant, determination, prescription or other act of the Committee
                                            shall be final and conclusively binding upon all Persons (including for the avoidance of
                                            doubt, any decisions pertaining to disputes as to the interpretation of the Incentive Equity
                                            Plan or any rule, regulation or procedure hereunder or as to any rights under the Plan).
                                            The Committee shall not be required to furnish any reasons for any decision or determination
                                            made by it.

 

		3.3.	Compliance
                                            with Applicable Law; Securities Matters; Effectiveness of Share Award Settlement. The
                                            Company shall be under no obligation to effect or procure the registration or effect similar
                                            compliance with respect to any applicable securities laws with respect to any awards or Ordinary
                                            Shares to be issued or transferred, as the case may be, hereunder. Any issuance or transfer,
                                            as the case may be, of Ordinary Shares to a Participant pursuant to the settlement of a Share
                                            Award shall only be effective once such Ordinary Shares have been registered in such Participant’s
                                            name in the Company’s Register of Members or recorded with the transfer agent or stock
                                            plan administrator of the Company for the benefit of the Participant (as the case may be).
                                            The Company may, in its sole discretion, defer the issuance or transfer of the Ordinary Shares
                                            pursuant to any Share Awards or to help ensure compliance under applicable securities laws
                                            and any exemptions therefrom on which the Company may be relying. The Company shall inform
                                            the Participant in writing of its decision to defer the effectiveness of the issuance or
                                            transfer of the Ordinary Shares pursuant to any Share Award.

 

    5

     

    

 

		3.4.	Inconsistent
                                            Terms. In the event of a conflict between the terms of the Incentive Equity Plan and
                                            the terms of any Share Award Grant Agreement, the terms of the Incentive Equity Plan shall
                                            govern except as otherwise expressly provided herein.

 

		3.5.	Incentive
                                            Equity Plan Term. The Committee shall not grant any Share Awards under the Incentive
                                            Equity Plan on or after the tenth anniversary of the Effective Date. All Share Awards which
                                            remain outstanding after such date shall continue to be governed by the Incentive Equity
                                            Plan and the applicable Share Award Grant Agreement(s).

 

		4.	SHARE
                                            AWARDS

 

		4.1.	Grant.
                                            The Committee may offer to grant Share Awards to such Eligible Individuals as it may
                                            select in its absolute discretion at any time during the period where the Incentive Equity
                                            Plan is in force, provided that such power shall be subject to Applicable Law. Each Share
                                            Award offered pursuant to the Incentive Equity Plan shall be subject to terms and conditions
                                            established by the Committee consistent with the Incentive Equity Plan.

 

		4.1.1.	Offer
                                            of Grant. An offer to grant Share Awards to the Eligible Individual shall be made by
                                            sending to such Eligible Individual a Share Award Grant Agreement confirming the grant of
                                            Share Awards.

 

		4.1.2.	Acceptance
                                            of Grant. A grant of Share Awards offered to an Eligible Individual pursuant to Section 6.1.1
                                            may only be accepted by the Eligible Individual within thirty (30) days after the relevant
                                            Share Award Grant Date and not later than 5.00 p.m. on the thirtieth (30th) day
                                            from such Share Award Grant Date (a) by completing, signing and returning to the Company
                                            the Share Award Grant Agreement, subject to such modification as the Committee may from time
                                            to time determine, accompanied by the payment required by the Company or Applicable Law,
                                            or such other amount and such other documentation as the Committee may require as consideration
                                            and (b) if, at the date on which the Company receives from the Eligible Individual the Share
                                            Award Grant Agreement in respect of the Share Award as aforesaid, he or she remains eligible
                                            to participate in the Incentive Equity Plan in accordance with the terms and conditions set
                                            out therein. The Eligible Individual may accept or refuse the whole or part of the offer.
                                            The Committee shall, within fifteen (15) business days of receipt of the Share Award Grant
                                            Agreement and consideration, acknowledge receipt of the same.

 

    6

     

    

 

		4.1.3.	Lapse
                                            of Grant. Unless the Committee determines otherwise, an offer of a grant of a Share Award
                                            shall automatically lapse and become null, void and of no effect and shall not be capable
                                            of acceptance if:

 

		4.1.3.1.	it
                                            is not accepted in the manner as provided in Section 4.1.2 within the thirty
                                            (30) day period;

 

		4.1.3.2.	the
                                            Eligible Individual dies prior to his or her acceptance of the Share Award;

 

		4.1.3.3.	the
                                            Eligible Individual is adjudicated a bankrupt or enters into composition with his or her
                                            creditors prior to his or her acceptance of the Share Award;

 

		4.1.3.4.	the
                                            Eligible Individual, being an Employee of the Company, ceases to be in the Employment of
                                            the Company for any reason whatsoever prior to his or her acceptance of the Share Award;
                                            or

 

		4.1.3.5.	the
                                            Company is liquidated or wound-up prior to the Eligible Individual’s acceptance of
                                            the Share Award.

 

		4.1.4.	Rejection
                                            of Acceptance. The Company shall be entitled to reject any purported acceptance of a
                                            grant of a Share Award made pursuant to Section 4.1 which does not strictly comply
                                            with the terms of the Incentive Equity Plan.

 

		4.1.5.	Offer
                                            in Contravention of Law and Regulation. In the event that a grant of a Share Award results
                                            in the contravention of any Applicable Law, such grant shall be null and void and be of no
                                            effect and the relevant Participant shall have no claim whatsoever against the Company.

 

		4.2.	Share
                                            Award Grant Date. The date of grant of the Share Awards shall be the date designated
                                            by the Committee and specified in the Share Award Grant Agreement as of the date the Share
                                            Award is granted (the “Share Award Grant Date”).

 

		4.3.	Terms
                                            and Conditions. Subject to the specific terms of the Share Award Grant Agreement, each
                                            Share Award shall represent an unfunded unsecured promise to pay to the holder thereof a
                                            number of Ordinary Shares as set out in the Share Award Grant Agreement, subject to such
                                            trading and dealing restrictions (if any) as may be specified by the Committee in its absolute
                                            discretion, in the Share Award Grant Agreement.

 

		4.4.	Acceptance
                                            of Share Awards and Vesting of Restricted Securities. Subject to the terms of the Incentive
                                            Equity Plan, Section 5.2 and any conditions specified by the Committee in its
                                            sole discretion in the Share Award Grant Agreement, as soon as practicable upon the valid
                                            acceptance of the Share Award by the Participant, the Company shall issue or, as the case
                                            may be, transfer to the Participant such number of Ordinary Shares as determined in accordance
                                            with the Share Award Grant Agreement, subject to such trading and dealing restrictions (if
                                            any) as may be specified by the Committee in its absolute discretion in the relevant Share
                                            Award Grant Agreement (“Restricted Securities”). Ordinary Shares
                                            issued by the Company in accordance with this Section 4.4 and the relevant Share
                                            Award Grant Agreement shall be issued fully paid as to par value (if applicable) and recorded
                                            as such in the Company’s Register of Members. The Share Award Grant Agreement may,
                                            but the Committee shall not be required to, provide for conditions upon which the Restricted
                                            Securities shall become vested pursuant to this Section 4.4 or pursuant to such
                                            other conditions as the Committee shall deem appropriate in its sole discretion, and upon
                                            such vesting, the trading and dealing restrictions shall lapse.

 

    7

     

    

 

		4.4.1.	Time-Based
                                            Restricted Securities. The Committee may provide in the Share Award Grant Agreement that
                                            part or all of the Ordinary Shares issued or, as the case may be, transferred pursuant to
                                            a Share Award granted under the Incentive Equity Plan are Time-Based Restricted Securities.
                                            For the purposes of this plan, “Time-Based Restricted Securities”
                                            shall mean such number of Restricted Securities which are subject to time-based vesting conditions
                                            as set forth in the Share Award Grant Agreement. Unless the Committee provides otherwise,
                                            the vesting of the Time-Based Restricted Securities may be suspended during any leave of
                                            absence.

 

		4.4.2.	Performance-Based
                                            Restricted Securities. The Committee may provide in the Share Award Grant Agreement that
                                            part or all of the Ordinary Shares issued or, as the case may be, transferred pursuant to
                                            a Share Award granted under the Incentive Equity Plan are Performance-Based Restricted Securities.
                                            For the purposes of this plan, “Performance-Based Restricted Securities”
                                            shall mean such number of Restricted Securities that vest in accordance with the performance
                                            conditions set forth in the applicable Share Award Grant Agreement. The Committee may in
                                            its absolute discretion also additionally impose time-based vesting conditions on such Performance-Based
                                            Restricted Securities, which shall be set forth in the Share Award Grant Agreement. In addition,
                                            the Committee may, in its absolute discretion, adjust the performance conditions to some
                                            or all of the Performance-Based Restricted Securities as set forth in the Share Award Grant
                                            Agreement in the event of exceptional circumstances outside of management’s control
                                            which may materially affect the Company’s performance such that the Participants do
                                            not receive or suffer an undue advantage or disadvantage (as the case may be).

 

		4.4.3.	Accelerated
                                            Vesting upon occurrence of a Change of Control. Except as otherwise provided in the Share
                                            Award Grant Agreement or unless otherwise determined by the Committee in its absolute discretion
                                            pursuant to Section 4.4.4, upon the occurrence of a Change of Control or where
                                            a Change of Control is likely to occur (as determined by the Committee in its absolute discretion),
                                            all of the outstanding unvested Time-Based Restricted Securities and/or Performance-Based
                                            Restricted Securities shall immediately vest prior to the Change of Control.

 

		4.4.4.	Certain
                                            Other Adjustments. In the event of a corporate acquisition or similar corporate transaction
                                            involving the Company, its subsidiaries or their Affiliates, the Committee may, in its absolute
                                            discretion (i) provide for the cancellation of any such Share Awards exchange for either
                                            an amount of cash or other property with a value equal to the amount that could have been
                                            obtained upon the settlement of the vested portion of such Share Awards or realization of
                                            the Participant’s rights under the vested portion of such Share Award, as applicable;
                                            provided that, if the amount that could have been obtained upon the settlement of the vested
                                            portion of such Share Awards or realization of the Participant’s rights, in any case,
                                            is equal to or less than zero, then the Share Awards may be terminated without payment, (ii)
                                            provide that such Share Awards be assumed by the successor or survivor corporation, or a
                                            parent or subsidiary thereof, or shall be substituted for by awards covering the stock of
                                            the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate
                                            adjustments as to the number and kind of shares and/or applicable exercise or purchase price,
                                            in all cases, as determined by the Committee in its absolute discretion, (iii) replace such
                                            Share Awards with other rights or property selected by the Committee in its absolute discretion,
                                            (iv) provide that the Share Awards will terminate and cannot vest, be exercised or become
                                            payable after the applicable event or (v) make such adjustments to the vesting conditions
                                            applicable to any outstanding Share Awards as it reasonably determines in good faith are
                                            appropriate to avoid distortion in the value of such Share Awards.

 

    8

     

    

 

		4.5.	Vesting
Notice. Subject in all cases to the Participant’s active Employment, once the Committee has, in its absolute discretion, (a)
determined that the vesting conditions as set out in the Share Award Grant Agreement have been met or (b) waived the vesting conditions
in respect of some or all of the Restricted Securities, the Committee will notify the Participant of the number of Restricted Securities
that have vested via the issue of a vesting notice (the “Restricted Securities Vesting Notice”). The date of
the Restricted Securities Vesting Notice will be the date the Restricted Securities vest in the Participant, and no Restricted Securities
will vest until the Restricted Securities Vesting Notice has been issued. Upon vesting of some or all of the Restricted Securities,
all trading and dealing restrictions as set out in the Incentive Equity Plan and the Share Award Grant Agreement in respect of the relevant
Restricted Securities shall lapse and cease to be of effect. For the purposes of this Section 4.5, a Participant shall be deemed
to have ceased to be so actively Employed as of the date the notice of termination of Employment is tendered by or is given to him or
her, unless such notice shall be withdrawn prior to its effective date.

 

		4.6.	Malus.
                                            In the event of any circumstances which (a) would lead the Participant receiving or being
                                            eligible to receive an unfair benefit, or (b) the Committee determines in its absolute discretion
                                            that a clawback of the Restricted Securities is otherwise warranted, the Committee may, in
                                            its absolute discretion, by written notice to the relevant Participant require that Participant
                                            (i) pay to the Company the prevailing after-tax cash value of the Restricted Securities (with
                                            such payment to be made within 30 business days of receipt of such notice); or (ii) pay to
                                            the Company the proceeds (net of tax) arising from an on-market sale of Restricted Securities,
                                            within 30 business days of receipt of such notice. For the purposes of clause (a) of this
                                            Section4.6, an unfair benefit may, in the absolute discretion of the Committee, be
                                            considered to arise where the relevant Restricted Securities, which would not have otherwise
                                            vested, vest, or remain capable of vesting as a result of such circumstances. For the purposes
                                            of clause (b) of this Section 4.6, such circumstances are limited to (A) fraud
                                            or dishonesty on the part of the Participant, (B) bankruptcy of the Participant, or (C) any
                                            material misstatement of financial accounts by the Participant.

 

		4.7.	Termination
                                            of Employment. Unless otherwise specified in the Share Award Grant Agreement or unless
                                            the Committee determines otherwise, upon termination of the Participant’s Employment:

 

		4.7.1.	where
                                            the Participant is a Leaver or Bad Leaver, all unvested outstanding Restricted Securities
                                            held by such Participant shall be immediately forfeited; and

 

    9

     

    

 

		4.7.2.	where
                                            the Participant is a Good Leaver, the Committee may, at its absolute discretion, permit him
                                            or her to retain a portion of his or her unvested Restricted Securities, such retained unvested
                                            Restricted Securities to be pro-rated for the portion of the vesting period served at the
                                            time of cessation of Employment, and to vest subject to the terms and conditions of the Share
                                            Award Grant Agreement to which the Restricted Securities were first granted.

 

		4.8.	Limitation
                                            on Transfer. A Share Award granted to a Participant shall be personal to the Participant
                                            only and shall not be transferred to any other party other than the Participant’s personal
                                            representative on his or her death. Subject to the prior approval of the Committee, the Participant
                                            may assign or transfer his or her rights with respect to any or all of the Restricted Securities
                                            held by such Participant to a Permitted Transferee. In no event will transfers to a Person
                                            that the Committee determines provides services or financial or other support, directly or
                                            indirectly, to a competitor of the Company or a subsidiary of the Company be permitted. Unless
                                            otherwise determined by the Committee in its absolute discretion, all unvested Restricted
                                            Securities issued or transferred, as the case may be, to a Participant shall be subject to
                                            dealing and transfer restrictions as set out in the Incentive Equity Plan and Share Award
                                            Grant Agreement and which may, at the absolute discretion of the Committee, be enforced by
                                            a holding lock as administered by the Company’s share registry, which may require the
                                            Participant to hold the relevant Restricted Securities on the issuer sponsored sub-register
                                            or in such other manner as allows a holding lock to be applied to the relevant Restricted
                                            Securities. For the avoidance of doubt, Sections 4.8 and 4.9 and anything
                                            in relation to the dealing and transfer restrictions of unvested Restricted Securities do
                                            not apply to Restricted Securities which have vested pursuant to the terms and conditions
                                            set out in the Share Award Grant Agreement.

 

		4.9.	Condition
                                            Precedent to Transfer of Any Unvested Restricted Securities. It shall be a condition
                                            precedent to any Transfer of any unvested Restricted Securities by any Participant that the
                                            Transferee shall agree prior to the Transfer in writing with the Company to be bound by the
                                            terms of the Incentive Equity Plan and the Share Award Grant Agreement as if he, she or it
                                            had been an original signatory thereto, except that any provisions of the Incentive Equity
                                            Plan based on the Employment (or termination thereof) shall continue to be based on the Employment
                                            (or termination thereof) of the original Participant.

 

		4.10.	Effect
                                            of Void Transfers. In the event of any purported Transfer of any Restricted Securities
                                            in violation of the provisions of the Incentive Equity Plan, such purported Transfer shall,
                                            to the extent permitted by Applicable Law, be void and of no effect.

 

		4.11.	Forfeiture
                                            of Restricted Securities. Where the Committee, in its absolute discretion, has determined
                                            that such number of Restricted Securities are to be forfeited in accordance with the provisions
                                            of the Incentive Equity Plan and/or the Share Award Grant Agreement, the Participant must
                                            execute any document and do anything that the Participant will be required to do to effect
                                            such forfeiture under this Incentive Equity Plan. The Committee has the absolute discretion
                                            in effecting the forfeiture of such Restricted Securities, including, among others, by way
                                            of transfer of Restricted Securities to a third party nominated by the Committee (including
                                            a trust), (subject to Applicable Law) a buyback of the Restricted Securities by the Company,
                                            a sale on-market by the Participant (with the proceeds delivered to the Company after the
                                            transfer price is delivered to the Participant). The transfer price payable to the Participant
                                            in consideration for the Participant’s forfeited Restricted Securities shall be determined
                                            by the Committee in its reasonable discretion.

 

    10

     

    

 

		5.	MISCELLANEOUS

 

		5.1.	Amendment
                                            of Terms of Share Awards. The Committee may, in its sole discretion, amend the Incentive
                                            Equity Plan or terms of any Share Award, provided, however, that any such amendment shall
                                            not impair or adversely affect the Participants’ existing rights under the Incentive
                                            Equity Plan in relation to outstanding grants or such Share Award without such Participant’s
                                            written consent, unless the Committee expressly reserved the right to make such amendment
                                            at the time the Share Award was granted. For purposes of this Section 5.1, the
                                            opinion of the Committee as to whether any amendment would impair or adversely affect the
                                            Participants’ existing rights under the Incentive Equity Plan in relation to outstanding
                                            grants of Share Awards shall be final, binding and conclusive.

 

		5.2.	No
                                            Special Employment Rights. Nothing contained in the Incentive Equity Plan shall confer
                                            upon the Participants any right with respect to the continuation of their Employment or interfere
                                            in any way with the right of the Company or any of its subsidiaries, subject to the terms
                                            of any separate employment agreements to the contrary, at any time to terminate such Employment
                                            or to increase or decrease the compensation of the Participants from the rate in existence
                                            at the time of grant.

 

		5.3.	Tax
                                            Withholding. The Committee is authorized to withhold from any delivery of Ordinary Shares
                                            pursuant to the Incentive Equity Plan or any other payment to a Participant such amounts
                                            as are required to be withheld by applicable tax law in connection with any Share Award.
                                            Each Participant shall be responsible for the payment of applicable withholding and other
                                            taxes in cash that may become due in connection with the grant, exercise or settlement of
                                            a Share Award. The Committee may permit a Participant to satisfy such obligation through
                                            the delivery of Ordinary Shares to the Company that have a Fair Market Value equal to the
                                            amount required to be paid, to the extent that the Committee determines that so satisfying
                                            such obligation would not adversely impact the Company’s ability to meet its cash obligations.

 

		5.4.	Coordination
                                            with Other Plans. Share Awards under the Incentive Equity Plan may be granted in tandem
                                            with, or in satisfaction of or substitution for, other grants under other plans or awards
                                            made under other compensatory plans or programs of the Company.

  

		5.5.	Notices.
                                            Each notice and other communication hereunder shall be in writing and shall be given
                                            and shall be deemed to have been duly given on the date it is delivered in person or by electronic
                                            mail, on the next business day if delivered by overnight mail or other reputable overnight
                                            courier, or the third business day if sent by registered mail, return receipt requested,
                                            to the parties as follows:

 

If
to the Company:

 

Avanseus
Holdings Corporation

230
Victoria Street, #15-01/08

Bugis
Junction

Singapore
188024

		Attention:	Bhargab
                                            Mitra
	 	 	MeiLan
                                            Ng
		Email:	Bhargab.mitra@avanseus.com
	 	 	Meilan.ng@avanseus.com

 

    11

     

    

 

With
copies to (which shall not constitute notice):

 

Eng
and Co. LLC

7
Straights View, #11-01

Marina
One East Tower

Singapore
018936

		Attention:	Rachel
                                            Eng (SG)
	 	 	Andrew
                                            Heng (SG)
		Email:	Rachel.eng@mail.engandcollc.com
	 	 	Andrew.heng@mail.engandcollc.com

 

If
to the Participant, to its most recent address shown on records of the Company or their subsidiaries or in each case to such other address
as any party may have furnished to the others in writing in accordance herewith, except that notices of change of address shall be effective
only upon receipt.

 

		5.6.	Descriptive
                                            Headings. The headings in the Incentive Equity Plan are for convenience of reference
                                            only and shall not limit or otherwise affect the meaning of the terms contained herein.

 

		5.7.	Severability.
                                            In the event that any one or more of the provisions, subdivisions, words, clauses, phrases
                                            or sentences contained herein, or the application thereof in any circumstances, is held invalid,
                                            illegal or unenforceable in any respect for any reason, the validity, legality and enforceability
                                            of any such provision, subdivision, word, clause, phrase or sentence in every other respect
                                            and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof
                                            shall not in any way be impaired, it being intended that all rights, powers and privileges
                                            of the Company, its subsidiaries and the Participants shall be enforceable to the fullest
                                            extent permitted by law.

 

		5.8.	Governing
                                            Law. The provisions of, and all claims or disputes arising out of or based upon the Incentive
                                            Equity Plan or any Share Award Grant Agreement or Share Award or relating to the subject
                                            matter hereof or thereof shall be governed by, and construed and enforced in accordance with,
                                            the laws of Singapore, without regard to the provisions governing choice or conflict of laws
                                            or rules that would cause the application of the laws of any other jurisdiction.

 

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		5.9.	Limitation
                                            of Liability. Notwithstanding anything to the contrary in the Incentive Equity Plan,
                                            neither the Company, nor any subsidiary or Affiliate of the Company, nor the Board or the
                                            Committee, nor any person acting on behalf of the Company, any subsidiary or Affiliate of
                                            the Company, the Board or the Committee, will be liable to any Participant or to the estate
                                            or beneficiary of any Participant or to any other holder of a Share Award under any circumstances
                                            for any costs, losses, expenses and damages whatsoever and howsoever arising in any event
                                            or by reason of any acceleration of income, or any additional tax (including any interest
                                            and penalties), asserted with respect to the Share Award.

  

		5.10.	Collection,
                                            Use and Disclosure of Personal Data. For the purposes of implementing and administering
                                            the Incentive Equity Plan, and in order to comply with any Applicable Laws, the Company will
                                            collect, use and disclose the personal data of the Participants, as contained in each Share
                                            Award Grant Agreement and/or any other notice or communication given or received pursuant
                                            to the Incentive Equity Plan, and/or which is otherwise collected from the Participants (or
                                            their authorized representatives). By participating in the Incentive Equity Plan, each Participant
                                            consents to the collection, use and disclosure of his or her personal data for all such purposes,
                                            including disclosure of data to related corporations of the Company and/or third parties
                                            who provide services to the Company in any country or jurisdiction, and to the collection,
                                            use and further disclosure by such parties for such purposes. Each Participant also warrants
                                            that where he or she discloses the personal data of third parties to the Company in connection
                                            with the Incentive Equity Plan, he or she has obtained the prior consent of such third parties
                                            for the Company to collect, use and disclose their personal data for the abovementioned purposes,
                                            in accordance with Applicable Law. Each Participant shall indemnify the Company in respect
                                            of any penalties, liabilities, claims, demands, losses and damages as a result of the Participant’s
                                            breach of this warranty.

 

		5.11.	Contracts
                                            (Rights of Third Parties) Act, Chapter 53B of Singapore. No person other than the Company
                                            or a Participant shall have any right to enforce any provision of the Incentive Equity Plan
                                            or any Share Award Grant Agreement and/or Share Award by virtue of the Contracts (Rights
                                            of Third Parties) Act, Chapter 53B of Singapore.

 

End
of Plan.

 

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EXHIBIT
A

 

FORM
OF SHARE AWARD GRANT AGREEMENT

 

THIS
AGREEMENT, made as of this ___ day of __________, 20__ between [Avanseus Holdings Corporation], a Cayman Islands exempted company
limited by shares, with company registration number 374480 (the “Company”) and (the “Participant”).

 

WHEREAS,
The Company has adopted and maintains the [Avanseus Holdings Corporation] Incentive Equity Plan (the “Incentive Equity Plan”)
to promote the interests of the Company by providing the seven most senior officers of the Company with an appropriate incentive to encourage
them to continue in the employ of the Company and to improve the growth, profitability and financial success of the Company, and the
Incentive Equity Plan provides for the grant to Participants of Share Awards;

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:

 

		1.	Grant
                                            of Share Awards. Pursuant to, and subject to, the terms and conditions set forth herein
                                            and in the Incentive Equity Plan, the Company hereby grants to the Participant a share award
                                            (the “Share Award”) with respect to [●] Ordinary Shares.
                                            [In consideration for the grant of Share Awards the Participant shall make a payment of [●]
                                            to the Company.] The Share Award comprises [(a) Time-Based Restricted Securities of up to
                                            [●] Restricted Securities (comprising approximately [●]% of this Share Award),
                                            and (b) Performance-Based Restricted Securities of up to [●] Restricted Securities
                                            (comprising approximately [●]% of this Share Award), in each case] as determined in
                                            Section 5 below.

 

		2.	Grant
                                            Date. The Grant Date of the Share Award hereby granted is [●].

 

		3.	Incorporation
                                            of Incentive Equity Plan. All terms, conditions and restrictions of the Incentive Equity
                                            Plan, as amended from time to time, are incorporated herein and made part hereof as if stated
                                            herein. If there is any conflict between the terms and conditions of the Incentive Equity
                                            Plan and this Agreement, the terms and conditions of the Incentive Equity Plan, as interpreted
                                            by the Committee, shall govern, except to the extent this Agreement expressly changes the
                                            default provisions contained in the Incentive Equity Plan, in which case the provisions of
                                            this Agreement shall govern. All capitalized terms used and not defined herein shall have
                                            the meaning given to such terms in the Incentive Equity Plan.

 

		4.	Issuance
                                            of Restricted Securities. As soon as practicable upon the Participant’s acceptance
                                            of the Share Awards, the Participant will receive [●] Ordinary Shares.

 

		5.	Additional
                                            Terms of the Restricted Securities.

 

		(a)	In
                                            relation to the Time-Based Restricted Securities for up to [●] Restricted Securities:
                                            [●]

 

		(b)	In
                                            relation to the Performance-Based Restricted Securities for up to [●] Restricted Securities:
                                            [●]

 

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		(c)	Subject
                                            in all cases to the Participant’s active Employment, once the Committee has, in its
                                            absolute discretion, (i) determined that the vesting conditions as set out in this Agreement
                                            have been met or (ii) waived the vesting conditions in respect of some or all of the Restricted
                                            Securities, the Committee will notify the Participant of the number of Restricted Securities
                                            that have vested via the issue of a vesting notice (the “Restricted Securities
                                            Vesting Notice”). The date of the Restricted Securities Vesting Notice will
                                            be the date the Restricted Securities vest in the Participant, and no Restricted Securities
                                            will vest until the Restricted Securities Vesting Notice has been issued. Upon vesting of
                                            some or all of the Restricted Securities, all trading and dealing restrictions as set out
                                            in the Incentive Equity Plan and this Agreement in respect of the relevant Restricted Securities
                                            shall lapse and cease to be of effect.

 

For
the purposes of this Section 5, a Participant shall be deemed to have ceased to be so actively Employed as of the date the
notice of termination of Employment is tendered by or is given to him or her, unless such notice shall be withdrawn prior to its effective
date.

 

		6.	Trading
                                            and Dealing Restrictions. The Participant agrees that he or she shall not cause or permit
                                            the unvested Restricted Securities or his or her interest in the unvested Restricted Securities
                                            to be transferred to any other party other than the Participant’s personal representative
                                            on his or her death. Subject to the prior approval of the Committee, the Participant may
                                            assign or transfer his or her rights with respect to any or all of the Restricted Securities
                                            held by such Participant to a Permitted Transferee. Each Permitted Transferee shall be subject
                                            to all the restrictions, obligations and responsibilities which apply to the Participant
                                            under the Incentive Equity Plan and this Agreement and shall be entitled to all the rights
                                            of the Participant under the Incentive Equity Plan, provided that in respect of any Permitted
                                            Transferee which is a trust or custodianship, the Restricted Securities shall vest or forfeit
                                            based on the Employment and termination of Employment of the Participant.

 

		7.	Compliance
                                            with Trading Moratorium. The Participant agrees that, in respect of any unvested Restricted
                                            Securities, notwithstanding anything in this Agreement and/or the Incentive Equity Plan to
                                            the contrary, he or she will:

 

		(a)	comply
                                            with any Restricted Securities trading moratorium or restriction requirements (including
                                            a holding lock) that are necessary, desirable or expedient in connection with the unvested
                                            Restricted Securities, as determined by the Committee in its absolute discretion; and

 

		(b)	not
                                            pledge, hedge, gift, hypothecate, sell, contract to sell, grant any option or other rights
                                            over or otherwise transfer or dispose of, directly or indirectly, any unvested Restricted
                                            Securities, options or other securities convertible into or exercisable or exchangeable for
                                            Restricted Securities, or enter into any swap or other agreement that transfers, in whole
                                            or in part, any of the economic consequences of ownership of the Restricted Securities.

 

In
the event of any purported Transfer of any Restricted Securities in violation of the provisions of the Incentive Equity Plan, such purported
Transfer shall, to the extent permitted by Applicable Law, be void and of no effect.

 

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		8.	Forfeiture
                                            of Restricted Securities. Where the Committee, in its absolute discretion, has determined
                                            that such number of Restricted Securities are to be forfeited in accordance with the provisions
                                            of this Agreement and/or the Incentive Equity Plan, the Participant agrees that he or she
                                            will execute any document and do anything that the Participant will be required to do to
                                            effect such forfeiture under the Incentive Equity Plan.

 

		9.	Construction
                                            of Agreement. Any provision of this Agreement (or portion thereof) which is deemed invalid,
                                            illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to
                                            this section, be ineffective to the extent of such invalidity, illegality or unenforceability,
                                            without affecting in any way the remaining provisions thereof in such jurisdiction or rendering
                                            that or any other provisions of this Agreement invalid, illegal, or unenforceable in any
                                            other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because
                                            its scope is considered excessive, such covenant shall be modified so that the scope of the
                                            covenant is reduced only to the minimum extent necessary to render the modified covenant
                                            valid, legal and enforceable. No waiver of any provision or violation of this Agreement by
                                            the Company shall be implied by the Company’s forbearance or failure to take action.

 

		10.	Delays
                                            or Omissions. No delay or omission to exercise any right, power or remedy accruing to
                                            any party hereto upon any breach or default of any party under this Agreement, shall impair
                                            any such right, power or remedy of such party nor shall it be construed to be a waiver of
                                            any such breach or default, or an acquiescence therein, or of or in any similar breach or
                                            default thereafter occurring nor shall any waiver of any single breach or default be deemed
                                            a waiver of any other breach or default theretofore or thereafter occurring. Any waiver,
                                            permit, consent or approval of any kind or character on the part of any party of any breach
                                            or default under this Agreement, or any waiver on the part of any party or any provisions
                                            or conditions of this Agreement, shall be in writing and shall be effective only to the extent
                                            specifically set forth in such writing.

 

		11.	Restrictive
                                            Covenants. In consideration of the Participant’s Employment with the Company and
                                            as a condition of the grant of a Share Award pursuant to this Agreement, the Participant
                                            makes the following covenants described in this Section 11. Notwithstanding anything
                                            in the Incentive Equity Plan or this Agreement to the contrary, in the event that the Participant
                                            violates any of the provisions of this Section 11, he or she shall forfeit the
                                            Restricted Securities in full (regardless of the extent to which the Restricted Securities
                                            are vested at the time of such violation).

 

		(a)	Non-Competition;
                                            Non-Solicitation; Confidential Information. In addition to what may otherwise be provided
                                            in the Participants’ Employment agreement with the Company or any subsidiary of the
                                            Company, the Participant, in consideration of the grant of Share Awards to him or her under
                                            the Incentive Equity Plan, undertakes that he or she shall not during the Participant’s
                                            Employment and for the 12-month period following the termination of the Participant’s
                                            Employment compete by doing or permitting any of the following without the prior written
                                            consent of the Company in countries where the Company has a business presence, and acknowledges
                                            and agrees that a violation of this restrictive covenant will entitle the Company to terminate
                                            all his or her rights under the Incentive Equity Plan and/or any outstanding grant:

 

		(i)	become
                                            an employee, director, or independent contractor of, or a consultant to, or perform any services
                                            for or on behalf of, any Person engaging in any business activity that competes with the
                                            business of the Company or any subsidiary of the Company at such time;

 

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		(ii)	solicit
                                            (including any communication of any kind, regardless of by whom it is initiated) or hire
                                            or attempt to solicit or hire (x) any customer or supplier of the Company or any subsidiary
                                            of the Company in connection with any business activity that then competes with the Company
                                            or any subsidiary of the Company or to terminate or alter in a manner adverse to the Company
                                            or its Affiliates such customer’s or supplier’s relationship with the Company
                                            or its Affiliates, or (y) any Employee or individual who was an Employee within the six-month
                                            period immediately prior thereto to terminate or otherwise alter his or her Employment, provided
                                            that Participant’s employer’s or business organization’s conducting general
                                            advertising for employees shall not in and of itself be a violation of this clause (ii);
                                            or

 

		(iii)	at
                                            any time during or following Employment, disclose or use any Confidential Information other
                                            than for the benefit of the Company and its Affiliates, except as required by legal process
                                            (provided that if the Participant receives legal process with regard to disclosure of such
                                            Confidential Information, he or she shall promptly notify the Company and cooperate with
                                            the Company in seeking a protective order with respect to such Confidential Information).

 

		(b)	Non-Disparagement.
                                            The Participant shall not, directly or indirectly, disparage (i) the Company, (ii) any
                                            subsidiaries or Affiliates of the Company, (iii) any employee, officer, shareholder or director
                                            of any of the entities described in clauses (i) or (ii), or (iv) the business or properties
                                            or assets of the Company or any of its subsidiaries. Notwithstanding the foregoing, nothing
                                            herein shall preclude the Participant from making truthful statements or disclosures that
                                            are required by Applicable Law.

 

		(c)	Enforceability
                                            of Covenants. The Participant acknowledges the reasonableness of the term, geographical
                                            territory, and scope of the covenants set forth in this Section 11, and the Participant
                                            agrees that he or she will not, in any action, suit or other proceeding, deny the reasonableness
                                            of, or assert the unreasonableness of, the premises, consideration or scope of the covenants
                                            set forth herein and the Participant hereby waives any such defense. The Participant further
                                            acknowledges that complying with the provisions contained in this Agreement will not preclude
                                            the Participant from engaging in a lawful profession, trade or business, or from becoming
                                            gainfully employed. The Participant agrees that the Participant’s covenants under this
                                            Section 11 are separate and distinct obligations under this Agreement, and the
                                            failure or alleged failure of the Company or the Board to perform obligations under any other
                                            provisions of this Agreement shall not constitute a defense to the enforceability of the
                                            Participant’s covenants and obligations under this Section 11. The Participant
                                            agrees that any breach of any covenant under this Section 11 will result in irreparable
                                            damage and injury to the Company or one of its subsidiaries and that the Company and/or its
                                            subsidiaries will be entitled to injunctive relief in any court of competent jurisdiction
                                            without the necessity of posting any bond.

 

    4

     

    

 

		(d)	Nonexclusive
                                            Remedy. In addition to any remedies that may be available in any agreement to which the
                                            Participant is a party, the remedies available for breach of any of the foregoing restrictive
                                            covenants shall include: (i) any rights or remedies available in law or in equity, (ii) the
                                            forfeiture of the Restricted Securities for no consideration; (iii) in respect of the Restricted
                                            Securities (or portion thereof) vested prior to any such breach or subsequent thereto and
                                            prior to the forfeiture of the Restricted Securities (or portion thereof) required by this
                                            Section 11, payment by the Participant to the Company of an amount equal to the
                                            higher of (1) the Fair Market Value of the Restricted Securities, and (2) the per-unit proceeds
                                            of any sale of Restricted Securities acquired upon such settlement multiplied by the number
                                            of Restricted Securities so sold; and (iv) payment by the Participant to the Company of an
                                            amount reimbursing the Company for all attorney’s fees it incurs enforcing its rights
                                            hereunder.

 

		12.	Integration.
                                            This Agreement, and the other documents referred to herein or delivered pursuant hereto
                                            which form a part hereof contain the entire understanding of the parties with respect to
                                            its subject matter. There are no restrictions, agreements, promises, representations, warranties,
                                            covenants or undertakings with respect to the subject matter hereof other than those expressly
                                            set forth herein and in the Incentive Equity Plan. This Agreement, including without limitation
                                            the Incentive Equity Plan, supersedes all prior agreements and understandings between the
                                            parties with respect to its subject matter.

 

		13.	Counterparts.
                                            This Agreement may be executed in two or more counterparts, each of which shall be deemed
                                            an original, but all of which shall constitute one and the same instrument.

 

		14.	Governing
                                            Law. This Agreement shall be governed by, and construed and enforced in accordance with,
                                            the laws of Singapore, without regard to the provisions governing choice or conflict of laws
                                            or rules that would cause the application of the laws of any other jurisdiction. Any provision
                                            of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable
                                            in any jurisdiction shall, as to that jurisdiction and subject to this Section 14, be
                                            ineffective to the extent of such invalidity, illegality or unenforceability, without affecting
                                            in any way the remaining provisions thereof in such jurisdiction or rendering that or any
                                            other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction.
                                            If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered
                                            excessive, such covenant shall be modified so that the scope of the covenant is reduced only
                                            to the minimum extent necessary to render the modified covenant valid, legal and enforceable.

 

		15.	Effect
                                            on Employment. Nothing contained in this Agreement shall confer upon the Participant
                                            any right with respect to the continuation of his or her Employment or interfere in any way
                                            with the right of the Company or any of its subsidiaries, subject to the terms of any separate
                                            employment agreements to the contrary, at any time to terminate such Employment or to increase
                                            or decrease the compensation of the Participant from the rate in existence at the time of
                                            the grant of any Share Award.

 

    5

     

    

 

		16.	Participant
                                            Representations; Acknowledgments. The Participant hereby acknowledges receipt of a copy
                                            of the Incentive Equity Plan. The Participant hereby acknowledges that all decisions, determinations
                                            and interpretations of the Committee in respect of the Incentive Equity Plan, this Agreement,
                                            the Share Award and the Restricted Securities shall be final and conclusive. The Participant
                                            further acknowledges that if, following the date the Participant receives the Share Award
                                            pursuant to this Agreement, the Company determines that any of the representations made by
                                            the Participant under this Section 16 is inaccurate, the grant of the Share Award to
                                            the Participant pursuant to this Agreement may, in the sole discretion of the Board, be rescinded
                                            and deemed null and void.

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized officer and said Participant has
hereunto signed this Agreement on his or her own behalf, thereby representing that he or she has carefully read and understands this
Agreement and the Incentive Equity Plan as of the day and year first written above.

 

	 	[Avanseus
    Holdings Corporation]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Participant:
	 	 	 
	 	Signature:	 
	 	Name:	 

 

    6

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