Document:

Exhibit 4.15

 

THE ANGHAMI INC. LONG-TERM INCENTIVE PLAN

 

 

 

 

 

 

 

 

     

     

    

 

THE ANGHAMI INC. LONG-TERM INCENTIVE PLAN

 

Contents

 

	 	Page No
	 	 
	Part A:  Making Awards	2
	 	 
	Part B:  Impact of Leaving	6
	 	 
	Part C:  General Provisions	7
	 	 
	Part D:  Additional Provisions for US Participants	15
	 	 
	Part E:  Definitions, Interpretation and Administration	21

 

     

     

    

 

THE ANGHAMI INC. LONG-TERM
INCENTIVE PLAN 

 

PART A: MAKING AWARDS

 

		1.	ELIGIBILITY

 

		1.1	An Award may only be granted to a Participant.

 

		2.	grant process

 

		2.1	An Award shall be granted by the Company executing a deed.

 

		2.2	No monetary consideration shall be payable for the grant of an Award.

 

		3.	FORM OF AWARDS

 

		3.1	The Committee shall specify on or before the Award Date whether an Award is a Performance Share Award,
a Restricted Stock Award or a Market Value Stock Option.

 

		3.2	A Performance Share Award and/or a Restricted Stock Award may take the form of:

 

		3.2.1	a Nil-Cost Option Award; and/or

 

		3.2.2	a Contingent Share Award.

 

		3.3	The Committee shall specify the form which any Performance Share Award and/or Restricted Stock Award shall
take but, if it fails to do so, the default position shall be that each relevant Award shall be a Contingent Share Award.

 

		3.4	An Award may, alternatively, be granted on the basis that it will be settled in accordance with Rule 4
of Part C.

 

		4.	GRANT OF AWARDS 

 

		4.1	The Committee may, in its absolute discretion, determine which Participants (if any) will be selected
for the grant of an Award. The Committee may consider recommendations made by the executive directors of the Company as to which Participants
should be selected. Awards may then be granted to selected Participants at any time.

 

		4.2	No Award may be made in breach of any Dealing Restriction.

 

		4.3	No Award may be made after February 3, 2032.

 

		5.	Performance Targets

 

		5.1	When an Award is made, the Committee shall determine whether, subject to Rule 5.2 of this Part A, the
Vesting of all or part of the Award shall be subject to a Performance Target.

 

		5.2	All Performance Share Awards must be granted subject to a Performance Target.

 

		5.3	The terms of the Performance Target applying to any Award shall be set out in the deed of grant.

 

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		5.4	The Committee reserves the discretion to reduce the number of Award Shares which would otherwise Vest
as a result of the formulaic outcome of any Performance Target. Notwithstanding the extent to which any Performance Target is satisfied,
the number of Vested Award Shares may be reduced by the Committee to ensure that the number of Vested Award Shares is reflective of the
underlying business performance of the Group, a Subsidiary or division(s) and/or wider circumstances. Where the Committee exercises its
discretion under this Rule 5.4 of Part A no individual shall have any right of appeal or cause of action in relation to the exercise of
that discretion.

 

		5.5	The Committee may amend a Performance Target if an event occurs which causes the Committee to consider
it appropriate to do so. The amended Performance Target shall not be materially more or less demanding to satisfy than the original Performance
Target was when first set and must be a fairer measure of performance than the original Performance Target.

 

		5.6	If, before the end of the Performance Period, the Award Vests pursuant to any of Rules 3.1, 3.2 or 3.6
of Part C, the Committee shall determine whether and to what extent any Performance Target shall then be deemed to be satisfied.

 

		5.7	If an Award Vests before the Normal Vesting Date because the Awardholder Leaves the Committee shall determine
whether and to what extent a Performance Target shall then be deemed to be satisfied.

 

		6.	dividend equivalents

 

		6.1	The Committee shall determine on or before the Award Date whether a Dividend Equivalent shall apply to
any Award.

 

		6.2	If a Dividend Equivalent applies then, subject to Rule 6.3 of this Part A, the Awardholder shall
be entitled to receive a number of Shares calculated in accordance with Rule 6.4 of this Part A when the relevant Award is settled.

 

		6.3	The Committee may decide that the Dividend Equivalent shall be delivered as a cash payment.

 

		6.4	Subject to Rule 6.5 of this Part A, the number of Shares referred to in Rule 6.2 of this Part
A or the cash payment referred to in Rule 6.3 of this Part A (as applicable) shall have a value equal to the aggregate dividends
on or after the Award Date and prior to:

 

		6.4.1	the date of Vesting; or

 

		6.4.2	if the Award is a Nil-Cost Option Award or Market Value Stock Option in respect of which a Post-Vesting
Holding Period applies, the earlier of:

 

		(i)	the expiry of the Post-Vesting Holding Period; and

 

		(ii)	the date of the exercise of the Nil-Cost Option Award or Market Value Stock Option (as appropriate)

 

on the number of
Shares in respect of which the relevant Award Vests. If the Dividend Equivalent is to be provided in Shares the calculation of the number
of Shares to be so received by the Awardholder may assume the re-investment of dividends. In no circumstances shall any compensation of
any form be awarded in respect of any dividends with a record date which occurred prior to the Award Date or after the relevant date for
the purposes of Rule 6.4.1 or Rule 6.4.2 of this Part A (as applicable).

 

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		6.5	The Committee may determine that the value of any special dividend (or the amount of any other dividend)
shall be excluded from any Dividend Equivalent.

 

		6.6	The settlement of a Dividend Equivalent shall be subject to Rule 5 of Part C.

 

		7.	DILUTION LIMITS

 

		7.1	The aggregate number of Shares which may be issued or transferred pursuant to Awards under the Plan shall
be equal to 1,288,000 Shares, which is approximately equal to 5% of the total issued share capital of the Company in issue on the date
of adoption of the Plan.

 

		7.2	If any Shares subject to an Award are forfeited or expire, are converted to shares of another person in
connection with a recapitalisation, reorganisation, merger, consolidation, split-up, spin-off, combination, exchange of shares or other
similar event, or such Award is settled for cash (in whole or in part), the Shares subject to such Award shall, to the extent of such
forfeiture, expiration, conversion or cash settlement, again be available for future grants of Awards under the Plan. The payment of Dividend
Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the
Plan.

 

		7.3	The Committee may make such adjustments as it sees fit to how it assesses compliance with Rule 7.1 of
this Part A in the event of any variation in the share capital of the Company.

 

		7.4	If an Award is purported to be granted in breach of the limit in Rule 7.1 of this Part A it shall be limited
and will take effect in such manner as the Committee may determine to be consistent with the relevant Rule (which, for the avoidance of
doubt, may involve the Committee reducing the number of Shares under the Award (including to nil)).

 

		8.	POST-VESTING HOLDING PERIODS

 

		8.1	On or before the grant of an Award,
                                            the Committee shall determine whether the Award shall be subject to a Post-Vesting Holding
                                            Period. If so, and to the extent that the Committee considers it appropriate, the Committee
                                            shall also determine the basis upon which the Post-Vesting Holding Period will operate. Notwithstanding
                                            any other provision of this Plan, the Committee may, unless doing so would cause an Award
                                            to a US Participant to be in violation of Section 409A, make the Vesting and/or exercise
                                            of an Award subject to the Awardholder complying with any requirements the Committee may
                                            impose in order to give effect to the imposition, operation and/or intention of the Post-Vesting
                                            Holding Period.

 

		8.2	If
                                            an Award is subject to a Post-Vesting Holding Period the Committee shall, subject to Rule
                                            7 of Part C, be empowered consistent with Rule 3 of Part E to interpret the Rules and/or
                                            make regulations etc. to give effect to the imposition, operation and/or intention of the
                                            Post-Vesting Holding Period.

 

		9.	INDIVIDUAL LIMIT

 

The
aggregate market value (as determined by the Committee at or prior to the Award Date) of Shares in respect of which Awards are made to
a Participant in any Financial Year shall not be greater than 200 per cent of the Participant ’s annual base salary at the Award
Date.

 

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		10.	COMMUNICATION of DETAILS OF AWARDS

 

		10.1	As soon as practicable after an Award has been made the Company shall provide to the Awardholder (in hard
copy, by e-mail or in such other electronic format as it sees fit) the following details:

 

		10.1.1	the type of Award;

 

		10.1.2	the Award Date;

 

		10.1.3	the number of Award Shares;

 

		10.1.4	the Option Price (if any);

 

		10.1.5	the applicable Performance Target (if any);

 

		10.1.6	the Normal Vesting Date(s);

 

		10.1.7	whether a Dividend Equivalent will apply;

 

		10.1.8	whether a Post-Vesting Holding Period applies and, if so, such details (if any) as to the terms of the
Post-Vesting Holding Period as the Committee sees fit;

 

		10.1.9	that it is a condition of the Award that the Awardholder indemnifies the Company and (if different) the
Awardholder’s Employer in respect of any Award Tax Liability; and

 

		10.1.10	in the case of a Nil-Cost Option Award or Market Value Stock Option, the last date on which it may be
exercised.

 

		11.	Acceptance of aN Award

 

The Committee may require the Awardholder
to accept the grant of an Award on such basis as it sees fit. For the avoidance of doubt, this means that the Committee may provide for
the lapse of an Award if the Awardholder fails to accept the grant of the Award on any terms so specified by the Committee.

 

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THE ANGHAMI INC. LONG-TERM INCENTIVE PLAN 

 

PART B: IMPACT OF LEAVING

 

		1.	IMPACT OF LEAVING 

 

		1.1	Subject
                                            to Rules 1.2 to 1.5 of this Part B (inclusive), and the additional Rules set forth in Part
                                            D with respect to US Participants, if an Awardholder Leaves for any reason then any Award
                                            held by him shall lapse when he Leaves.

 

		1.2	If
                                            an Awardholder Leaves by reason of:

 

		1.2.1	death;

 

		1.2.2	ill-health,
                                            injury or disability evidenced to the satisfaction of the Committee;

 

		1.2.3	redundancy
                                            within the meaning of the Employment Rights Act 1996 or overseas equivalent;

 

		1.2.4	his
                                            office, employment or service being with either a company which ceases to be a member of
                                            the Group or relating to a business or part of a business which is transferred to a person
                                            who is not a member of the Group;

 

		1.2.5	retirement
                                            with the agreement of the Awardholder’s Employer; or

 

		1.2.6	for
                                            any other reason, if the Committee so decides,

 

then,
subject to Rule 1.3 of this Part B and Rules 1.3, 3 and 5 of Part C, his Award shall Vest on the Normal Vesting Date subject to, unless
the Committee determines otherwise, a Time Pro-Rata Reduction and, if it has been granted as a Nil-Cost Option Award or Market Value
Stock Option, it may be exercised within 12 months of Vesting and it shall lapse at the end of that period to the extent that it has
not been exercised.

 

		1.3	If
                                            an Awardholder Leaves by reason of any of the circumstances set out in Rules 1.2.1 to 1.2.6
                                            of this Part B (inclusive) the Committee may determine that, subject to Rules 1.3, 3 and
                                            5 of Part C, his Award shall Vest when he Leaves or on such other date after the date of
                                            Leaving but before the Normal Vesting Date as the Committee may determine in accordance with
                                            Rule 1.4 of this Part B. If the Award has been granted as a Nil-Cost Option Award or Market
                                            Value Stock Option it may be exercised within 12 months of Vesting and it shall lapse at
                                            the end of that period to the extent that it has not been exercised.

 

		1.4	If
                                            an Award Vests in accordance with Rule 1.3 of this Part B the number of Vested Award Shares
                                            shall be calculated taking into account Rule 5.7 of Part A and, unless the Committee determines
                                            otherwise, subject to a Time Pro-Rata Reduction.

 

		1.5	If
                                            an Awardholder Leaves by reason of any of the circumstances set out in Rules 1.2.1 to 1.2.6
                                            of this Part B (inclusive) after the Vesting of an Award granted as a Nil-Cost Option Award
                                            or Market Value Stock Option, and that Nil-Cost Option Award or Market Value Stock Option
                                            has not been exercised on the date he Leaves, it may be exercised at any time within 12 months
                                            of Leaving (subject always to Rules 1.2, 1.3, 3 and 5 of Part C and, with respect to US Participants,
                                            the additional Rules of Part D) and it shall lapse at the end of that period to the extent
                                            that it has not been exercised.

 

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THE ANGHAMI INC. LONG-TERM INCENTIVE PLAN

 

PART C: GENERAL PROVISIONS

 

		1.	VESTING AND EXERCISE OF AWARDS

 

		1.1	Subject to Rule 1.3 of this Part C, an Award will Vest (in whole or in part) on the Normal Vesting
Date except where earlier Vesting occurs pursuant to Rule 1.3 of Part B, Rule 3 of this Part C, or Rule 3.1 of Part D.

 

		1.2	An Award granted as a Nil-Cost Option Award or Market Value Stock Option may, subject to Rules 1.3
and 5 of this Part C, be exercised on or after the date of Vesting up to and including the day before the tenth anniversary of the Award
Date (or such earlier date as the Committee may specify on grant) subject to it lapsing earlier under any other Rule of this Plan.

 

		1.3	An Award may not Vest or be exercised, nor may any Vested Award Shares be issued or transferred to or
to the order of the Awardholder following the Vesting or exercise of an Award, if such Vesting, exercise, issue or transfer is prevented
by a Dealing Restriction. If any Vesting, exercise, issue or transfer is prevented by any Dealing Restriction the relevant event will
be delayed until the Dealing Restriction no longer applies.

 

		1.4	Subject to Rules 1.3 and 5 of this Part C, the Company shall issue, transfer, or procure the issue
or transfer, to (or to the order of) the Awardholder the Vested Award Shares in respect of which a Nil-Cost Option Award or Market Value
Stock Option is exercised or in respect of which a Contingent Share Award Vests within 30 days of the date of exercise or Vesting (as
applicable), except to the extent that the Committee determines that Shares will be issued or transferred to the Awardholder following
the Post-Vesting Holding Period. Notwithstanding the foregoing, for United States tax purposes, the Awardholder’s income inclusion
event upon the exercise of a Nonqualified Stock Option will be the date on which such Awardholder exercises such option and nothing in
this Rule 1.4 of Part C is intended to alter that treatment for United States tax purposes.

 

		1.5	To exercise a Nil-Cost Option Award or Market Value Stock Option, the Awardholder shall serve a notice
on the Company which:

 

		1.5.1	specifies the number of Award Shares over which the Award is exercised on that occasion, which shall not
exceed the number of Vested Award Shares;

 

		1.5.2	is accompanied by the payment of the Option Price (if any) or, if the Committee so permits (and, with
respect to a US Awardholder, without violating Section 409A), an undertaking to pay that amount; and

 

		1.5.3	is otherwise in such form as the Committee may from time to time determine and notify to the Awardholder.

 

For the avoidance of doubt, any notice
so provided by an Awardholder may be submitted in an electronic format.

 

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		1.6	As soon as reasonably practicable after the issue or transfer of any Shares upon the exercise or Vesting
of an Award the Company shall procure:

 

		1.6.1	the issue of a definitive share certificate or such acknowledgement of shareholding as is prescribed from
time to time for the Shares issued or transferred to the Awardholder; and

 

		1.6.2	if Shares are to be issued and, on the date of issue, Shares of the same class are listed on the official
list of the SEC, that any Shares so issued are admitted thereto.

 

		1.7	If any Award Shares do not become Vested Award Shares in consequence of a Performance Target not being
satisfied in full the Award shall lapse in respect of such unvested Award Shares.

 

		1.8	Subject to the operation of any Post-Vesting Holding Period and Rule 5 of this Part C, if the Awardholder
requests, some or all of the Shares he acquires pursuant to an Award may be issued or transferred to a nominee of the Awardholder, provided
that beneficial ownership of the Shares vests in the Awardholder.

 

		2.	RECOVERY AND WITHHOLDING PROVISIONS

 

		2.1	Notwithstanding any other Rule of the Plan, if circumstances occur which in the reasonable opinion of
the Committee justify such determination, the Committee may, prior to the second anniversary of the date on which an Award Vests or, if
later, the fifth anniversary of the Date of Grant, determine (acting fairly and reasonably having taken into account the scale of loss
or damage to the Company or the extent of the risk taken by the Company) to take one or more of the following actions in relation to any
one or more Awardholders:

 

		2.1.1	reduce (including to nil) the number of Shares in respect of which any future Award is granted to an Awardholder;

 

		2.1.2	reduce (including to nil) the number of Shares and/or Dividend Equivalents under an unvested Award or
under a Vested but unexercised Nil-Cost Option or Market Value Stock Option held by an Awardholder, by such number as the Committee considers
appropriate in the circumstances; or

 

		2.1.3	in relation to a Vested Award or exercised Nil-Cost Option or Market Value Stock Option require an Awardholder
to pay to the Company or such other person as the Company may direct within 30 days of a written demand from the Company such number of
Shares or such monetary amount with a value to be determined in the Committee’s absolute discretion provided such value on the date
of demand is no greater than the value of the Vested Award Shares and Dividend Equivalents under the Award at the Vesting Date, less any
amount paid by or in respect of the Awardholder in respect of an Award Tax Liability incurred as a result of the Vesting of the relevant
Award (except to the extent the Awardholder is able to recover amounts paid in respect of such Award Tax Liability).

 

		2.2	The circumstances in which the Committee may consider that it is appropriate to exercise its discretion
under Rule 2.1 of Part C may, without limitation, include the following:

 

		2.2.1	a material financial misstatement of the Company’s audited financial accounts (other than as a result
of a change in accounting practice);

 

		2.2.2	the Misconduct of an Awardholder;

 

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		2.2.3	conduct or behaviour by the Awardholder that, following an investigation, is reasonably considered by
the Committee to constitute a breach of the Company’s values as stipulated by the Company’s code of conduct in force from
time to time;

 

		2.2.4	the member of the Group that employs or employed (or appointed or engaged, as applicable) the Awardholder,
or for which the Awardholder is responsible, having suffered a material corporate failure or a failure of risk management; and

 

		2.2.5	evidence that an Award was granted or Vested based on erroneous or misleading data.

 

		2.3	If the Committee exercises its discretion under this Rule 2 of Part C, it will confirm this in writing
to each affected Awardholder.

 

		2.4	For the purposes of these Rules, if the Committee exercises its discretion under Rule 2.1.2 of Part C
before an Award vests:

 

		2.4.1	the Award will be deemed to have been granted with respect to the reduced number of Shares; and

 

		2.4.2	any subsequent Vesting of the Award will be determined by reference to this reduced number of Shares,
save that if the number of Shares is reduced to nil, the Award will be treated as if it had never been granted and such Awardholder (including
an Awardholder Leaves the Company before the Vesting Date) will have no rights to any cash amount, Dividend Equivalents or Shares.

 

		2.5	By accepting an Award, an Awardholder will be bound by this Rule 2 of Part C notwithstanding that it may
only be applicable after the issue or transfer of Shares under these Rules.

 

		3.	corporate events

 

		3.1	Subject to Rules 3.5 and 3.6 of this Part C, all Awards will Vest on a Takeover to the extent set out
in Rule 3.3 of this Part C.

 

		3.2	If the Company is or may be affected by a demerger, delisting, special dividend or other event which,
in the opinion of the Committee, would affect the market price of a Share to a material extent, the Committee may allow Awards to Vest
at such time as it sees fit to the extent set out in Rule 3.3 of this Part C or, alternatively, determine that Rule 3.5 of this Part C
shall apply.

 

		3.3	If an Award Vests in accordance with any of Rules 3.1, 3.2 or 3.6 of this Part C then the number
of Vested Award Shares shall be calculated taking into account Rule 5.6 of Part A and subject, unless the Committee determines otherwise,
to a Time Pro-Rata Reduction.

 

		3.4	An Award granted as a Nil-Cost Option Award or Market Value Stock Option may be exercised in respect of
Vested Award Shares within one month of Vesting in accordance with either of Rules 3.1 or 3.2 of this Part C or during such period
as the Committee may determine under Rule 3.6 of this Part C and shall (regardless of any other provision of this Plan) lapse at the end
of that period to the extent it has not been exercised or, if earlier, its natural expiration date.

 

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		3.5	If there is an Internal Reorganisation, a Takeover or an event falling within Rule 3.2 of this Part
C and Awardholders are invited to accept an Exchange of Awards, or the Committee determines that there will be an automatic Exchange of
Awards, Awards shall not Vest as a result of the Internal Reorganisation, Takeover or other event and at the end of the period in which
Awardholders may accept such an invitation or upon an automatic Exchange of Awards (as applicable) the Awards shall lapse in full.

 

		3.6	If, in the reasonable opinion of the Committee, a Takeover is likely to occur, then the Committee may
determine that any Award(s) will Vest to the extent set out in Rule 3.3 of this Part C on such date shortly before the Takeover as it
sees fit and, in the case of a Nil-Cost Option Award or Market Value Stock Option, the Committee shall also determine the period during
which such Awards may be exercised if it determines that such earlier Vesting would be advantageous to the Awardholder or any member of
the Group.

 

		4.	cash awards

 

		4.1	The Committee may, if it sees fit, settle any Award by making a cash payment to the Awardholder equal
to the market value (as determined by the Committee) of the Shares in respect of which it Vests (in the case of a Contingent Share Award)
or is exercised (in case of a Nil-Cost Option Award or Market Value Stock Option), less the amount of any Option Price.

 

		4.2	The Company may settle any right to a cash payment under this Rule 4 of Part C by issuing or transferring,
or procuring the issue or transfer of, Shares to the Awardholder of an equivalent value.

 

		4.3	The Rules of this Plan will apply to any Award subject to this Rule 4 of Part C and the Committee
shall interpret the Rules accordingly.

 

		4.4	This Rule 4 of Part C shall not apply to an Award if its application would cause any adverse issues
for any member of the Group or an Awardholder. Such adverse issues may relate, but shall not be limited to, securities law, exchange control,
tax or social security.

 

		5.	Recovery of Award Tax Liability AND RELATED MATTERS

 

		5.1	It shall be a condition of every Award that the Awardholder indemnifies the Company and (if different)
the Awardholder’s Employer against any Award Tax Liability and that, if required by the Committee, he shall enter into such tax election
as the Committee may reasonably determine.

 

		5.2	The Awardholder authorises the Company to sell or procure the sale of sufficient Shares on or following
the Vesting or exercise of any Award on his behalf to ensure that the Awardholder’s Employer receives the amount required to discharge
the Award Tax Liability which arises on Vesting or exercise of the relevant Award, except to the extent that the Committee decides that
all or part of the Award Tax Liability shall be funded in a different manner.

 

		5.3	If, on any occasion, an Award Tax Liability arises in relation to a payment of cash pursuant to an Award
the Awardholder authorises the Company to withhold from that payment an amount not exceeding the Award Tax Liability (or to procure the
withholding of such amount).

 

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		6.	Variation of Share Capital

 

The number of Award Shares subject
to an Award and the Option Price (if any) may be adjusted in such manner as the Committee sees fit in the event of a demerger or payment
of a special dividend or similar event that would otherwise materially affect the value of an Award, or if there is any variation in the
share capital of the Company.

 

		7.	Alteration of the Plan

 

		7.1	Subject to Rule 7.2 and Rule 7.3 of this Part C, the Committee may alter or amend any of the provisions
of the Plan in any respect.

 

		7.2	No alteration or amendment may be made to any of the provisions of the Plan if it would adversely affect
the rights of an existing Awardholder, except where the alteration or amendment has been approved by the Awardholder who would be adversely
affected by the alteration or amendment.

 

		7.3	All alterations and amendments to the Plan are subject to any approvals required pursuant to the rules
of the applicable stock exchange or any listing, regulatory or governmental authority and taking into account any exemptions provided
by such rules.

 

		8.	Service of Documents

 

		8.1	Except as otherwise provided in this Plan, any notice or document to be given by, or on behalf of, the
Company or any administrator of this Plan to any Participant or Awardholder in accordance or in connection with this Plan may be given
in such electronic format as the Company decides and communicates to the Participant or Awardholder or by hand or sent by pre-paid first
class post (airmail if overseas), facsimile transmission or email to the Participant’s or Awardholder’s home or work address, facsimile
number or email address last known to the Company to be the Participant or Awardholder’s address, facsimile number or email address. Subject
to Rule 8.4 of this Part C, any notice or document given in accordance with this Rule 8.1 of Part C shall be deemed to have
been given:

 

		8.1.1	if delivered in electronic format (other than email), at such time as the Committee determines;

 

		8.1.2	upon delivery, if delivered by hand;

 

		8.1.3	after 24 hours, if sent by post;

 

		8.1.4	after 4 hours, if sent by facsimile transmission; and

 

		8.1.5	at the time of transmission, if sent by email SAVE THAT a notice or document shall not be duly
given by email unless that person is known by his employer to have personal access during his normal business hours to information sent
to him by email.

 

		8.2	Any notice or document so sent to a Participant or Awardholder shall be deemed to have been duly given
notwithstanding that such person is then deceased (and whether or not the Company or any administrator of the Plan (as applicable) has
notice of his death) except where his Personal Representatives have supplied the Company or any administrator of the Plan (as applicable)
an alternative address to which documents are to be sent.

 

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		8.3	Any notice or document to be submitted or given to the Company or any administrator of this Plan in accordance
or in connection with this Plan may be given in such electronic format as the Company or administrator (as applicable) allows, by hand
or sent by pre-paid first class post (airmail if overseas), facsimile transmission or email but shall not in any event be duly given unless
it is actually received by such individual as may from time to time be nominated by the Company or administrator (as applicable) and whose
name and address, facsimile number, email address or other relevant contact details are notified to the Participant or Awardholder (as
applicable).

 

		8.4	For the purposes of this Plan, an email shall be treated as not having been duly sent or received if the
recipient of such email notifies the sender that it has not been opened because it contains, or is accompanied by a warning or caution
that it could contain or be subject to, a virus or other computer programme which could alter, damage or interfere with any computer software
or email.

 

		8.5	By participating in this Plan, the Awardholder agrees that the Company and any administrator of the Plan
may treat the electronic submission of any document, instruction or other communication as being equivalent to having received a signed
hard copy of the relevant document, instruction or other communication from him, including in relation to (without limitation) the Vesting
or exercise of an Award or the sale of some or all of the Vested Award Shares acquired on the Vesting or exercise of an Award.

 

		8.6	For the avoidance of doubt, notices and documents may be treated as given in electronic format if submitted
via any website operated by the Company or any administrator of the Plan for the purposes of communicating and administering the Plan.

 

		9.	Third Party Rights

 

		9.1	Except as otherwise expressly stated to the contrary, neither this Plan nor the making of any Award shall
have the effect of giving any third party any rights under this Plan pursuant to the Contracts (Rights of Third Parties) Act 1999 and
that Act shall not apply to this Plan or to the terms of any Award under it.

 

		10.	Rights Attaching to Shares

 

		10.1	The issue or transfer of any Shares under this Plan shall be subject to the Company’s articles of association
and to any necessary consents of any governmental or other authorities (whether in the United Kingdom or otherwise) under any enactments
or regulations from time to time in force.

 

		10.2	The Awardholder shall comply with any requirements to be fulfilled in order to obtain or obviate the necessity
of any such consent.

 

		10.3	All Shares issued or transferred under this Plan shall rank equally in all respects with the Shares then
in issue, except for any rights attaching to such Shares by reference to a record date prior to the date of such allotment or transfer.

 

    12

     

    

 

		11.	Relationship with Contract of Employment OR SERVICE 

 

		11.1	The making of an Award shall not form part of the Awardholder’s entitlement to remuneration or benefits
pursuant to his contract of employment or service and benefits under this Plan shall not be pensionable.

 

		11.2	The rights and obligations of an Awardholder under the terms of his contract of employment or service
with the Company or any present or past Subsidiary shall not be affected by the making of an Award or his participation in this Plan.

 

		11.3	The existence of a contract of employment or service between the Awardholder and the Company or any present
or past Subsidiary does not give the Awardholder any right or entitlement to have an Award made to him at any time in respect of any number
of Shares or cash amount, nor any expectation that an Award might be made to him, whether subject to any conditions or at all.

 

		11.4	Neither the existence of this Plan nor the fact that an individual has on any occasion been granted an
Award shall give such individual any right, entitlement or expectation that he has or will in future have any such right, entitlement
or expectation to participate in this Plan by being made an Award on any other occasion.

 

		11.5	The rights or opportunity granted to an Awardholder on the making of an Award shall not give the Awardholder
any rights or additional rights to compensation or damages in consequence of either:

 

		11.5.1	the Awardholder giving or receiving notice of termination of his office, employment or service; or

 

		11.5.2	the loss or termination of his office, employment or service with the Company or any present or past Subsidiary
for any reason whatsoever

 

whether or not the termination (and/or
giving of notice) is ultimately held to be wrongful or unfair.

 

		11.6	An Awardholder shall not be entitled to any compensation or damages for any loss or potential loss which
he may suffer by reason of being unable to acquire or retain Shares, or any interest in Shares, or to receive any cash amount pursuant
to an Award in consequence of:

 

		11.6.1	the Awardholder giving or receiving notice of termination of his office, employment or service (whether
or not the termination (and/or giving of notice) is ultimately held to be wrongful or unfair);

 

		11.6.2	the loss or termination of his office, employment or service with the Company or any present or past Subsidiary
for any reason whatsoever (whether or not the termination is ultimately held to be wrongful or unfair);

 

		11.6.3	the exercise by the Committee of, or any failure by the Committee to exercise, any discretion in accordance
with any Rule of this Plan,

 

or for any other reason.

 

    13

     

    

 

		12.	Non-Transferability of Awards

 

		12.1	An Award is personal to an Awardholder and may not be transferred during his lifetime.

 

		12.2	If an Awardholder:

 

		12.2.1	transfers, assigns, mortgages, charges or otherwise disposes of an Award or of any interest in or right
to acquire any Shares or to receive any cash amount (other than to his Personal Representatives);

 

		12.2.2	is adjudged bankrupt or an interim order is made because he intends to propose a voluntary arrangement
to his creditors under the Insolvency Act 1986 (or equivalent provisions of any overseas jurisdiction);

 

		12.2.3	makes or proposes a voluntary arrangement under the Insolvency Act 1986 (or equivalent provisions of any
overseas jurisdiction), or any other scheme or arrangement, in relation to his debts, with his creditors or any section of them; or

 

		12.2.4	is not, or ceases for any other reason (except on death) to be, the legal or beneficial owner of an Award
or of any interest in or right to acquire any Shares or to receive any cash amount

 

the Award shall lapse and the Awardholder
shall not have any right or entitlement to any Shares or any cash amount.

 

		13.	Jurisdiction

 

		13.1	This Plan and any Award shall be governed by and construed in all respects in accordance with the laws
of England and Wales.

 

		13.2	The courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference
concerning an Award and any matter arising from or in relation to this Plan.

 

    14

     

    

 

THE ANGHAMI INC. LONG-TERM INCENTIVE PLAN

 

PART D: ADDITIONAL PROVISIONS FOR US PARTICIPANTS

 

		1.	APPLICATION TO US PARTICIPANTS

 

		1.1	This Part D supplements, and shall be read in conjunction with, the other Parts of this Plan, provided
that, to the extent that the terms and conditions of the other Parts of this Plan differ from or conflict with the terms or conditions
of this Part D (as determined by the Committee), the terms and conditions of this Part D shall prevail with respect to any Award granted
to a US Participant.

 

		2.	FORM OF AWARDS

 

		2.1	The Committee may grant Contingent Share Awards and Market Value Stock Options to Participants that it
knows to be US Participants. However, the Committee shall not grant a Nil-Cost Option Award to a Participant that it knows to be a US
Participant unless such Award is structured to be exempt from or to comply with the requirements of Section 409A.

 

		3.	RESTRICTED STOCK AWARDS

 

		3.1	If a US Awardholder Leaves by reason of any of the circumstances set out in Rules 1.2.1, 1.2.2, 1.2.3,
1.2.4, or 1.2.6 of Part B, then the US Awardholder’s Restricted Stock Award shall Vest when he Leaves, subject to, unless the Committee
determines otherwise, a Time Pro-Rata Reduction, provided that none of the circumstances set out in Rules 1.2.1, 1.2.2, 1.2.3, 1.2.4,
and 1.2.6 of Part B will result in the US Awardholder Vesting in his Restricted Stock Award if such circumstance does not constitute a
“substantial risk of forfeiture” for purposes of Section 409A and Section 457A. A US Awardholder who Leaves by reason of the
circumstances set out in Rule 1.2.5 of Part B shall not Vest in his Restricted Stock Award as a result of such Leaving.

 

		3.2	Settlement of Restricted Stock Awards granted to a US Participant that Vest will be made within 30 days
following the date of Vesting.

 

		3.3	Rule 3.5 of Part C will not be applied to prevent the Vesting of a US Awardholder’s Restricted Stock
Award to the extent applying such Rule would result in a violation of the requirements of Section 409A.

 

		4.	MARKET VALUE STOCK OPTIONS

 

		4.1	Market Value Stock Options granted to a US Participant shall specify whether such Market Value Stock Option
is an Incentive Stock Option or a Nonqualified Stock Option. If no such specification is made, then the Market Value Stock Option will
be (i) an Incentive Stock Option if all of the requirements under the Code are satisfied with respect to such grant, or (ii) in all other
cases, a Nonqualified Stock Option.

 

		4.2	The Option Price for Market Value Stock Options granted to a US Participant will not be less than 100%
of the Market Value of a Share on the Grant Date of the applicable option. If the Shares are not readily tradeable on an established securities
market on the Grant Date, then the Market Value will be determined by the Committee by the reasonable application of a reasonable valuation
method, as contemplated under Section 409A, taking into consideration factors relevant to such valuation in accordance with Section
409A. Notwithstanding the foregoing, Market Value Stock Options may be granted to US Participants with an Option Price of less than 100%
of the Market Value of a Share on the Grant Date pursuant to a transaction described in, and in a manner consistent with, Section 424(a)
of the Code.

 

    15

     

    

 

		4.3	Market Value Stock Options granted to a US Participant will terminate and no longer be exercisable no
later than ten years after the Grant Date of such option, subject to such option lapsing earlier under any other Rule of this Plan (including,
without limitation, Rule 1 of Part B and Rule 3 of Part C).

 

		4.4	Market Value Stock Options granted to a US Participant may not, upon exercise, be settled in cash.

 

		4.5	Dividend Equivalents shall not apply to Market Value Stock Options granted to a US Participant.

 

		4.6	A US Participant may only be granted a Market Value Stock Option to the extent that the Shares underlying
the option qualify as “service recipient stock” (as defined under Section 409A) with respect to such US Participant.

 

		5.	INCENTIVE STOCK OPTIONS

 

		5.1	In addition to the other Rules of this Part D (and notwithstanding any other provision of this Part D
to the contrary), the limitations and requirements of this Rule 5 of Part D will apply to an Incentive Stock Option. This Rule 5 of Part
D shall be effective upon the approval of the stockholders of the Company, which approval must be obtained within twelve months before
or after this Plan is approved and adopted by the board of directors of the Company. If a Market Value Stock Option that is intended to
be an Incentive Stock Option is issued hereunder and stockholder approval is not obtained as set forth in this Rule 5.1 of Part D, then
the Market Value Stock Option shall not be treated as an Incentive Stock Option and shall instead be treated as a Nonqualified Stock Option.

 

		5.2	The maximum number of Shares reserved for issuance upon the exercise of Incentive Stock Options awarded
under this Part D is 1,288,000 Shares.

 

		5.3	An Incentive Stock Option may be granted only to a US Participant who is an employee (including a director
or officer who is also an employee) of the Company or any Subsidiary. For this purpose, the term “employee” shall mean a person
who is an employee for purposes of Section 422 of the Code.

 

		5.4	To the extent that the aggregate fair market value of the Shares with respect to which Incentive Stock
Options are exercisable for the first time by any US Participant during any calendar year (under this Plan and all other plans of the
Company and of any Parent Company or Subsidiary Company) exceeds US$100,000 or any limitation subsequently set forth in Section 422(d)
of the Code, such excess shall be considered to be Nonqualified Stock Options. For this purpose, the “fair market value” of
the Shares subject to options shall be determined as of the Grant Date of the options. In reducing the number of options treated as Incentive
Stock Options to meet the US$100,000 limit, the most recently granted options shall be reduced first. To the extent that a reduction of
simultaneously granted options is necessary to meet the US$100,000 limit, the Committee may, in the manner and to the extent permitted
by law, designate which Shares are to be treated as shares acquired pursuant to the exercise of an Incentive Stock Option.

 

		5.5	The Option Price of an Incentive Stock Option will not be less than 100% of the fair market value of a
Share on the Grant Date of such Incentive Stock Option, provided that, in the case of the grant of an Incentive Stock Option to a US Participant
who, at the time such Incentive Stock Option is granted, is a 10% Shareholder, such Option Price will not be less than 110% of the fair
market value of a Share on the Grant Date of such Incentive Stock Option.

 

    16

     

    

 

		5.6	Notwithstanding Rule 4.3 of this Part D, in the case of an Incentive Stock Option granted to a US Participant
who, at the time such Incentive Stock Option is granted, is a 10% Shareholder, such Incentive Stock Option will terminate and no longer
be exercisable no later than five years after the Grant Date of such Incentive Stock Option, subject to such option lapsing earlier under
any other Rule of this Plan.

 

		5.7	The following Rules apply to the exercise of Incentive Stock Options, in addition to any other Rules of
this Plan that apply with respect to the exercise of Market Value Stock Options:

 

		5.7.1	Without in any way limiting the Rules of this Plan or any specific provision of any related Award documentation
that would require exercise of a Market Value Stock Option by an earlier date, (i) in the event that the holder of an Incentive Stock
Option has a termination of employment for any reason other than due to death or permanent and total disability (within the meaning of
Section 22(e)(3) of the Code), the Market Value Stock Option shall not be treated as an Incentive Stock Option if it is exercised
following the period ending on the day that is three months after such termination of employment, and (ii) in the event that the holder
of an Incentive Stock Option has a termination of employment due to permanent and total disability (as defined above), the Market Value
Stock Option shall not be treated as an Incentive Stock Option if it is exercised following the period ending on the day that is one year
after such termination of employment; and

 

		5.7.2	In the case of a US Awardholder’s death, the Market Value Stock Option may be exercised by the US Awardholder’s
estate or by a person who acquires the right to exercise the option by bequest or inheritance.

 

		5.8	An Incentive Stock Option granted to a US Participant may be exercised during such US Participant’s
lifetime only by such US Participant.

 

		5.9	An Incentive Stock Option granted to a US Participant may not be transferred, assigned, or pledged by
such US Participant, except by will or by the laws of descent and distribution.

 

		5.10	No Incentive Stock Option may be granted under this Plan on or after the date that is ten years after
the earlier of the date that this Plan is adopted by the board of directors of the Company or the date that this Plan is approved by the
shareholders of the Company.

 

		5.11	If any US Participant shall make any disposition of Shares issued to such US Participant pursuant to the
exercise of an Incentive Stock Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying
dispositions), then such US Participant shall notify the Company of such disposition within ten days thereof.

 

		5.12	No member of the Group shall have any liability to a US Participant or to any other person if a Market
Value Stock Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option, or for any
action taken by the Company (or its authorized designee or representative) to amend, modify, or terminate this Plan or any Market Value
Stock Option, including, without limitation, the conversion of an Incentive Stock Option to a Nonqualified Stock Option.

 

    17

     

    

 

		6.	OTHER PROVISIONS

 

		6.1	Any adjustment to an outstanding Award granted to a US Participant (including, but not limited to, an
Exchange of Awards or any adjustment contemplated under Rule 7.3 of Part A or Rule 6 of Part C) will be made so as to not create any adverse
tax consequences under Section 409A or Section 457A, and any such adjustment to a Market Value Stock Option shall be effected so as to
comply with Section 424(a) of the Code and to not constitute a modification within the meaning of Section 424(h) of the Code or Section
409A, as applicable.

 

		6.2	Any Post-Vesting Holding Period in respect of an Award to a US Participant will be limited to clause (a)
of the definition of “Post-Vesting Holding Period” set forth in Part E. For the avoidance of doubt, clauses (b) and (c) of
such definition will not be applicable to Awards granted to US Participants.

 

		6.3	If a Performance Share Award is granted to a US Participant, such Performance Share Award shall be settled
in accordance with the timing set forth in Rule 3.2 of this Part D or as soon as practicable thereafter once the Committee has determined
whether or not the Performance Target (s) has been satisfied, but in no event later than the latest date on which settlement of such Performance
Share Award may be made without violating the requirements of Section 409A.

 

		6.4	Any member of the Group will have the power and the right to deduct or withhold, or to require a US Participant
to remit to the member of the Group, an amount sufficient to satisfy federal, state, local, foreign, or other taxes (including any United
States FICA obligations under the Code) required to be withheld with respect to an Award (whether such liability arises upon the grant,
vesting, or exercise of the Award or upon the sale or transfer of the Shares underlying the Award). Regardless of any action taken by
any member of the Group, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, or other tax-related
items related to the US Participant’s participation in this Plan is and remains the US Participant’s responsibility and may exceed the
amount actually withheld.

 

		7.	SECTION 409A

 

		7.1	Awards granted to US Participants are intended to be exempt from or compliant with the requirements of
Section 409A. To the extent that any Award is subject to the requirements of Section 409A, then, with respect to such Award, (i)
this Plan and any related Award documentation will be interpreted to the maximum extent possible in a manner to comply with the requirements
of Section 409A, and (ii) the settlement of such Award may only be made upon an event and in a manner that complies with Section 409A.
If an Award to a US Participant is subject to, and not exempt from, the requirements of Section 409A, then:

 

		7.1.1	The Committee will not have the discretion to accelerate the settlement of such Award under any Rule of
this Plan (including accelerating the Vesting of such Award that also has the effect of accelerating the settlement of such Award) unless
such acceleration would not be in violation of Section 409A;

 

		7.1.2	If the occurrence of a Takeover is a settlement event for such Award, then such Takeover shall not be
a “Takeover” for purposes of such Award unless such Takeover also constitutes a “change in control event” as defined
in United States Treasury Regulation Section 1.409A-3(i)(5)(i);

 

		7.1.3	If the US Participant’s incurrence of a disability is a settlement event for such Award, then such
disability shall not be a settlement event for purposes of such Award unless such disability also constitutes a “disability”
as defined in United States Treasury Regulation Section 1.409A-3(i)(4); and

 

		7.1.4	If the US Participant’s Leaving is a settlement event for such Award, then such Leaving shall not
be a “Leaving” for purposes of such Award unless such Leaving also constitutes a “separation from service” as
defined in United States Treasury Regulation Section 1.409A-1(h).

 

    18

     

    

 

		7.2	The settlement of any Award granted to a US Participant that is subject to the requirements of Section
409A and which settlement is as a result of a “separation from service” (as defined under Section 409A) during the six-month
period immediately following a US Participant’s separation from service will not be made during that six-month period immediately
following such separation from service if the US Participant is then deemed to be a “specified employee” (as defined under and
determined in accordance with Section 409A) of a service provider whose stock is publicly traded on an established securities market or
otherwise. Such settlement will instead be made on the first day of the seventh month immediately following such separation from service.
This Rule 7.2 of Part D and the six-month delay contained herein will cease to be applicable in the event of and following the US Participant’s
death.

 

		7.3	Each payment made under an Award to a US Participant will be designated as a “separate payment”
within the meaning of and for purposes of Section 409A.

 

		7.4	Notwithstanding anything in this Plan or any related Award documentation to the contrary, no member of
the Group makes any representation to any Participant or any other person about the effect of Section 409A on the provisions of this
Plan or any Award, and no member of the Group will have any liability to any Participant or any other person in the event that such Participant
or person becomes subject to taxation (including taxes, penalties, and interest) under Section 409A (other than any reporting and/or withholding
obligations that the member of the Group may have under applicable tax law) or in the event that any Participant or other person incurs
other expenses on account of non-compliance or alleged non-compliance with Section 409A.

 

		8.	SECTION 457A

 

		8.1	To the maximum extent permitted under applicable law, Awards granted to US Participants will be interpreted
to be exempt from the rules of Section 457A (whether because the relevant member of the Group is not a “nonqualified entity”
under Section 457A, the Award is a “short-term deferral” under Section 457A, or otherwise).

 

		8.2	Notwithstanding anything in this Plan or any related Award documentation to the contrary, no member of
the Group makes any representation to any Participant or any other person about the effect of Section 457A on the provisions of this
Plan or any Award, and no member of the Group will have any liability to any Participant or any other person in the event that such Participant
or person becomes subject to taxation (including taxes, penalties, and interest) under Section 457A (other than any reporting and/or withholding
obligations that the member of the Group may have under applicable tax law) or in the event that any Participant or other person incurs
other expenses on account of the applicability or alleged applicability of Section 457A.

 

    19

     

    

 

THE ANGHAMI INC. LONG-TERM INCENTIVE PLAN 

 

PART E: DEFINITIONS, INTERPRETATION
AND ADMINISTRATION

 

		1.	Definitions

 

In this Plan:

 

	
    “10% Shareholder”
	means a US Participant who, at the time the Market Value Stock Option is granted, owns, taking into account the constructive ownership rules set forth in Section 424(d) of the Code, more than 10% of the total combined voting power of all classes of stock of the Company (or any Parent Company or Subsidiary Company)

                                                                                 

	“Acquiring Company”	means a company which has acquired Control of the Company
	 	 
	“Award”	
    means:

     

    (a) a Performance Share Award;

     

    (b) a Restricted Stock Award;
    and/or

     

    (c) a Market Value Stock Option

     

    (as the context requires)

     

	“Award Date”	means the date on which an Award is made, is to be made or was made (as the context requires)
	 	 
	“Awardholder”	means a person to whom an Award has been or was made (as the context requires) or, if that person has died, his Personal Representatives
	 	 
	“Awardholder’s Employer”	means such member of the Group as is an Awardholder’s employer or, if he has ceased to be employed within the Group, was his employer or (where relevant) such other member of the Group, or other person, as may be obliged under any statutory or regulatory enactment to account for any Award Tax Liability
	 	 
	“Award Shares”	means the Shares over which an Award subsists

 

    20

     

    

 

	“Award Tax Liability”	
    means any amount of, or representing, income tax
    or employee social security contributions or any equivalent charge in the nature of tax or social security or similar contributions (whether
    in the US, United Kingdom or otherwise) which may arise on or in connection with:

     

    (a) the
    grant, Vesting, exercise, deemed exercise or release of, or the acquisition of Shares or of any interest in Shares pursuant to, an Award
    or any cash payment made under this Plan; or

     

    (b) the
    expiry of any statutory time period in relation to an Award

     

	“Code”	means the United States Internal Revenue Code, as amended from time to time
	 	 
	“Committee”	means the remuneration committee of the Directors or, following a change of Control of the Company, those persons who comprised the remuneration committee of the Directors immediately before such change of Control (or in either case any duly authorised person(s))
	 	 
	“Company”	means Anghami Inc., an exempted company registered in the Cayman Islands with registration number 372207, whose registered office is at PO Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands
	 	 
	“Contingent Share Award”	means a contingent right to acquire Shares granted under this Plan
	 	 
	“Control”	has the meaning given in section 995 of the Income Tax Act 2007
	 	 
	“Dealing Day”	means a day on which Nasdaq is open for business
	 	 
	“Dealing Restriction”	means a restriction imposed by any law, order, regulation or directive, the Share Dealing Code, the rules applying to any listing of the Company and/or any other code adopted by the Company regulating dealings in Shares
	 	 
	“Directors”	means the board of directors of the Company or a duly authorised committee of the board of directors of the Company
	 	 
	“Dividend Equivalent”	means a right to a cash payment or a number of Shares calculated in accordance with Rule 6 of Part A
	 	 
	“Exchange Company”	
    means a company which is or has Control of:

     

    (a) an
    Acquiring Company;

     

    (b) a
    member of a consortium owning an Acquiring Company; or

     

    (c) a
member of a consortium owning a company which has Control of an Acquiring Company 

 

    21

     

    

 

	“Exchange of Awards”	means the grant to the Awardholder, in consideration of the release of an Award, of rights to acquire shares in an Exchange Company, being rights which are, in the opinion of the Committee, substantially equivalent in value to the value of the Award so released and otherwise on terms approved by the Committee
	 	 
	“Financial Year”	means a financial year (within the meaning of section 390 of the Companies Act 2006) of the Company
	 	 
	“Grant Date”	means, with respect to Nonqualified Stock Options, the date specified in United States Treasury Regulation Section 1.409A-1(b)(5)(vi)(B), and, with respect to Incentive Stock Options, the date specified in United States Treasury Regulation Section 1.421-1(c)
	 	 
	“Group”	means the Company and any company which is for the time being a Subsidiary and “member of the Group” shall be construed accordingly
	 	 
	“Incentive Stock Option”	means an incentive stock option as defined in Section 422 of the Code
	 	 
	“Internal Reorganisation”	means any transaction(s) which result in a change of Control of the Company but where immediately after such change of Control all or substantially all of the shares in the Acquiring Company are held by persons who were shareholders in the Company immediately prior to the change of Control of the Company
	 	 
	“Leaves”	means ceases to hold any office, employment or service with any member of the Group and “Leaving” shall be construed accordingly
	 	 
	“Market Value”	means as of any given date, the closing sales price for a Share as quoted on Nasdaq for such date or, if there is no closing sales price for a Share on the date in question, the closing sales price for a Share on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable or, if the Committee determines it appropriate in any case, and, with respect to a US Participant, to the extent that it would not cause a violation of Section 409A, the average of the closing sales price over a period of up to 30 days before or after any such given date

 

    22

     

    

 

	“Market Value Stock Option”	means an option to acquire Shares at Market Value
	 	 
	“Misconduct”	
    means any of:

     

    (a) material
    misconduct in the course of an Awardholder’s employment, service, appointment or engagement;

     

    (b) conduct
    in which the Awardholder has participated or was responsible for which has resulted or could result in material financial loss or reputational
    harm to any member of the Group; and

     

    (c) any
    other misconduct as determined by the Committee in its discretion

     

	“Nasdaq” 	means the Nasdaq Stock Market or any successor body thereto
	 	 
	“Nil-Cost Option Award”	means a right to acquire Shares granted under this Plan in the form of an option
	 	 
	“Nonqualified Stock Option”	means an option granted to a US Participant that is not an Incentive Stock Option
	 	 
	“Normal Vesting Date”	
    means:

     

    (a) in
    respect of any Performance Share Award, the third anniversary of the Award Date or, if later, and other than with respect to a Performance
    Share Award to a US Participant, the date on which the Committee determines whether or not the Performance Target(s) has been satisfied;
    and

     

    (b) in
    respect of any Restricted Stock Award or Market Value Stock Option, such date(s) as the Committee may determine on or before the Award
    Date and specify in the relevant deed of grant

     

    subject to the operation of any Post-Vesting Holding
    Period

     

	“Option Price”	
    means the amount, if any, payable per Share on
    the exercise of

     

    (a) a
    Nil-Cost Option Award which shall not exceed the par value of a Share; and

     

    (b) a Market Value Stock
Option which shall be at Market Value 

 

    23

     

    

 

	“Parent Company”	means any parent, as defined in Section 424(e) of the Code, of the Company
	 	 
	“Participant”	means a person who is an employee (including an executive director), non-executive director or consultant of any member of the Group
	 	 
	“Performance Period”	means the period determined by the Committee over which a Performance Target is to be measured
	 	 
	“Performance Share Award”	means a Contingent Share Award or a Nil-Cost Option Award designated by the Committee under Rule 3.1 of Part A to be a Performance Share Award
	 	 
	“Performance Target”	means any performance-related condition(s) relating to the performance of any one or more of the Company, a Subsidiary, a division and/or the Awardholder measured over the Performance Period specified for the relevant Award
	 	 
	“Personal Representatives”	
    means the personal representatives of an Awardholder
    being either:

     

    (a) the
    executors of his will; or

     

    (b) if
    he dies intestate, the duly appointed administrator(s) of his estate; or

     

    (c) the
    relevant overseas equivalents

     

    who, in each case, have produced to the Company
    evidence of their appointment as such

     

	“Plan”	means the Anghami Inc. Long-Term Incentive Plan as set out in these Rules and amended from time to time
	 	 
	“Post-Vesting Holding Period”	
    means either:

     

    (a) a
    requirement imposed on the Awardholder to retain some or all (as determined by the Committee) of the net (i.e. after tax) number of Shares
    received on the Vesting of a Contingent Share Award or the exercise of a Nil-Cost Option Award or Market Value Stock Option;

     

    (b) the
    deferral of the Normal Vesting Date; or

     

    (c) the
    deferral of the issue or transfer of Shares following the Vesting of a Contingent Share Award

     

    in any case to a date which is no later than
the fifth anniversary of the Award Date

 

    24

     

    

 

	“Restricted Stock Award”	means a Contingent Share Award or Nil-Cost Option Award designated by the Committee under Rule 3.1 of Part A to be a Restricted Stock Award
	 	 
	“SEC”	means the Securities and Exchange Commission of the United States or any successor to that body
	 	 
	“Section 409A”	means Section 409A of the Code
	 	 
	“Section 457A”	means Section 457A of the Code
	 	 
	“Shares”	means ordinary shares in the capital of the Company
	 	 
	“Subsidiary”	means any company which is for the time being a subsidiary (as defined in section 1159 of the Companies Act 2006) of the Company
	 	 
	“Subsidiary Company”	means any subsidiary, as defined in Section 424(f) of the Code, of the Company
	 	 
	“Takeover”	
    means:

     

    (a) any
    person obtaining Control of the Company as a result of making a general offer to acquire Shares;

     

    (b) any
    person who has obtained Control of the Company making a general offer to acquire Shares;

     

    (c) any
    person obtaining Control of the Company in pursuance of a compromise or arrangement sanctioned by a court under applicable law;

     

    (d) the
    Company passing a resolution for its voluntary winding up; or

     

    (e) an
    order being made for the compulsory winding up of the Company

     

	“Time Pro-Rata Reduction”	means a reduction in the number of Shares which would otherwise be Vested Award Shares determined based on the period between the Award Date and the date of Leaving, the date of the Takeover or the date of Vesting under Rule 3.2 of Part C (as applicable) relative to the length of the period commencing on the Award Date and ending with the Normal Vesting Date (except that, for these purposes, the Normal Vesting Date of a Performance Share Award shall always be the third anniversary of the Award Date)

 

    25

     

    

 

	“US Awardholder”	means an Awardholder who is a US Participant
	 	 
	“US Participant”	means a Participant who is or becomes a United States citizen or tax resident or subject to the income tax provisions of the Code
	 	 
	“Vest”	
    means:

     

    (a) in
    the case of a Nil-Cost Option Award, or Market Value Stock Option, it becoming exercisable; or

     

    (b) in
    the case of a Contingent Share Award, the Awardholder becoming entitled to have Shares transferred to him subject (if applicable) to the
    operation of the Post-Vesting Holding Period

     

    in each case subject to the Rules and any Performance
    Target and “Vested” and “Vesting” shall be construed accordingly

     

	“Vested Award Shares”	means the number of Shares in respect of which an Award Vests
	 	 

		2.	Interpretation

 

		2.1	Any reference to any enactment includes a reference to that enactment as from time to time modified, extended
or re-enacted.

 

		2.2	Words denoting the masculine gender shall include the feminine.

 

		2.3	Words denoting the singular shall include the plural and vice versa.

 

		2.4	References to “Rules” are to the rules of this Plan and no account should be taken of the Rule
headings, which have been inserted for ease of reference only.

 

		2.5	References to Shares in respect of which an Award subsists at any time are to be read and construed as
references to the Shares over which the Award is then held (and in respect of which it has not then lapsed).

 

		2.6	No Award shall confer any beneficial interest in any Vested Award Shares prior to the Awardholder (or
his Personal Representatives) or his (or their) nominee being registered as the holder of such Vested Award Shares and, for the avoidance
of doubt, no Awardholder (nor his Personal Representatives) shall be entitled to any dividends paid or any other distribution made, or
to exercise or direct the exercise of any votes or any other rights, in respect of any such Vested Award Shares by reference to a record
date before he (or they) or his (or their) nominee is registered as the holder of the Shares.

 

    26

     

    

 

		3.	Administration

 

		3.1	The Plan shall be administered by the Committee. The Committee shall have full authority, consistent with
the Rules of this Plan, to administer the Plan, including authority to interpret and construe any provision of the Plan. The Committee
may also make and vary such rules and regulations not inconsistent with the Rules of this Plan and establish such procedures for its administration
and implementation as it thinks fit. Decisions of the Committee shall be final and binding on all parties.

 

		3.2	If any question, dispute or disagreement arises as to the interpretation of this Plan or of any rules,
regulations or procedures relating to it or as to any question or right arising from or related to this Plan, the decision of the Committee
shall be final and binding upon all persons.

 

		3.3	The exercise of, or failure to exercise, any discretion by the Committee shall not be open to question
by any person and an Awardholder or former Awardholder shall have no rights in relation to such exercise or omission to exercise any such
discretion.

 

 

27Exhibit 4.16

 

FORM OF INDEMNITY
AGREEMENT

 

THIS INDEMNITY AGREEMENT (this
“Agreement”) is made to be effective as of ___________, 2022, by and between Anghami Inc., a Cayman Islands
exempted company (the “Company”), and                 
(“Indemnitee”).

 

RECITALS

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of such corporations;

 

WHEREAS, the board
of directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
and its subsidiaries, if any, from certain liabilities;

 

WHEREAS, directors,
officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself;

 

WHEREAS, the amended
and restated memorandum and articles of association of the Company (the “Charter”) require indemnification of
the officers and directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law
and the Charter provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplates that contracts
may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification, hold harmless,
exoneration, advancement and reimbursement rights;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s
shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so protected against liabilities;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Charter and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
may not be willing to serve as an officer or director, advisor or in another capacity, without adequate protection, and the Company desires
Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf
of the Company on the condition that he or she be so indemnified;

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

    

     

    

 

TERMS AND CONDITIONS

 

1.
SERVICES TO THE COMPANY. Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or in
any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected, appointed or retained or until Indemnitee
tenders his or her resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force
and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company,
in each case, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company
to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments
of the parties, if any.

 

2.
DEFINITIONS. As used in this Agreement:

 

(a)
The term “agent” shall mean any person who is or was a director, officer or employee of the Company or
a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity
as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture,
trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the
Company.

 

(b)
The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings
set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

(c)
The term “Cayman Court” shall mean the courts of the Cayman Islands.

 

(d)
The term “Change in Control” shall mean the occurrence of the earliest to occur after the date of this
Agreement of any of the following events:

 

(i)
Acquisition of Shares by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly,
of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding
securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the
Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares entitled to vote
generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below)
and such acquisition would not constitute a Change in Control under part (iii) of this definition;

 

(ii)
Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election
by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors
then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

    2

     

    

 

(iii)
Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination involving the Company and one or more businesses (a “Business Combination”),
in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial
Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the Company entitled to
vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which
as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through
one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership immediately prior to such Business
Combination, of the securities entitled to vote generally in the election of directors; (2) no Person (excluding any corporation resulting
from such Business Combination) is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more of the combined voting
power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to
the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the
corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement,
or of the action of the Board of Directors, providing for such Business Combination; provided, however, that for the avoidance
of doubt, the Business Combination contemplated by that certain Business Combination Agreement, dated May 3, 2021, by and among Vistas
Media Acquisition Company Inc., the Company, Anghami, Anghami Vista 1 and Anghami Vista 2 shall not constitute a Change in Control for
purposes of this Agreement;

 

(iv)
Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or
series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than
factoring the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed
with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

(v)
Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated
under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

(e)
The term “Companies Act” shall mean the Companies Act (2021 Revision) of the Cayman Islands, as
amended from time to time.

 

(f)
The term “Corporate Status” describes the status of a person who is or was a director, officer, trustee,
general partner, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such
person is or was serving at the request of the Company.

 

(g)
The term “Disinterested Director” shall mean a director of the Company who is not and was not a party
to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

 

(h)
The term “Enterprise” shall mean the Company and any other corporation, constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries)
is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee
is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee
or agent.

 

    3

     

    

 

(i)
The term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(j)
The term “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature
whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees
of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements,
obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation
for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include
Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal,
premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses,
however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(k)
The term “Independent Counsel” shall mean a law firm or a member of a law firm with significant experience
in matters of corporate law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee
in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(l)
The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act
as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as
defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or
of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership
of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or
of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders of the Company
in substantially the same proportions as their ownership of shares of the Company.

 

(m)
The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise
by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken
by him or her or of any action (or failure to act) on his or her part while acting as a director or officer of the Company, or by reason
of the fact that he or she is or was serving at the request of the Company as a director, officer, trustee, general partner, managing
member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability
or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.

 

    4

     

    

 

(n)
The term “Serving at the request of the Company” shall include any service as a director, officer, employee,
agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary
with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be
deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

(o)
The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest
is owned, directly or indirectly, by that Person.

 

3.
INDEMNITY IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold
harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to
be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right
of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3,
Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses,
judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on his or her behalf in
connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause
to believe that his or her conduct was unlawful.

 

4.
INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was,
is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right
of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4,
Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee on his
or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration
for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought
or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances
of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

 

    5

     

    

 

5.
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this
Agreement, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in)
and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part,
the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses
actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but
is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company
shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually
and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. If
Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify,
hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to
any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of
any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as
to such claim, issue or matter.

 

6.
INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee is not a party, he or she shall,
to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by him or her or on his or her behalf in connection therewith.

 

7.
ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4,
or 5, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if
Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company
to procure a judgment in its favor) involving or relating to his or her Corporate Status or any action taken or omitted to be taken in
such capacity against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and
other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)
actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights
shall be available under this Section 7 on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s
duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct
or a knowing violation of the law.

 

8.
CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.

 

(a)
To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without
requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have
at any time against Indemnitee.

 

(b)
The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c)
The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may
be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

    6

     

    

 

9.
EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to
make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)
for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
provision or otherwise, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement,
other indemnity or advancement provision or otherwise;

 

(b)
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common
law; or

 

(c)
except as otherwise provided in Sections 14(e)-(f) hereof, prior to a Change in Control, in connection with any Proceeding
(or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any
part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment,
in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall seek payments or advances
from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.

 

10.
ADVANCES OF EXPENSES; DEFENSE OF CLAIM.

 

(a)
Notwithstanding any provision of this Agreement to the contrary, and to the fullest extent not prohibited by applicable law, the
Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three
months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting
such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by
law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s
ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated
under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to
enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances
claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding
shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to
the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company
under the provisions of this Agreement, the Charter, applicable law or otherwise. This Section 10(a) shall not apply to any claim
made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

(b)
The Company will be entitled to participate in the Proceeding at its own expense.

 

(c)
The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine,
penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

    7

     

    

 

11.
PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a)
Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification, hold harmless
or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

(b)
Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with
this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her
sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification
shall be determined according to Section 12(a) of this Agreement.

 

12.
PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.

 

(a)
A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made
in the specific case by one of the following methods: (i) if no Change in Control has occurred, (x) by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board, (y) by a committee of Disinterested Directors, even though less than a quorum
of the Board, or (z) if there are no Disinterested Directors, or if such Disinterested Directors so direct, by Independent Counsel in
a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control has occurred, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. The Company promptly will advise Indemnitee
in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any
reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment
to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons
or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including
reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification)
and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(b)
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a)
hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected
by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to
the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected
meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel
is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel
so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined
in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after
such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection
to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall
act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve
as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection
is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section
11(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the
Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of
Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect
to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel
shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct
then prevailing).

 

    8

     

    

 

(c)
The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such
Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its
engagement pursuant hereto.

 

13.
PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.

 

(a)
In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption
in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure
of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that
Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has
not met the applicable standard of conduct.

 

(b)
If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have
been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an
omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable
law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days,
if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional
time for the obtaining or evaluating of documentation and/or information relating thereto.

 

(c)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

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(d)
For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action
is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors, trustees, general partners, managers or managing members of the Enterprise in the course of their duties, or on the
advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or
managing member of the Enterprise, or on information or records given or reports made to the Enterprise, its Board, any committee of the
Board or any director, trustee, general partner, manager or managing member of the Enterprise, by an independent certified public accountant
or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general
partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any
way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this
Agreement.

 

(e)
The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under
this Agreement.

 

14.
REMEDIES OF INDEMNITEE.

 

(a)
In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made
pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant
to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv)
payment of indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of
this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made
in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4
of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification,
or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made within
ten (10) days after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by the Cayman
Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his or her
option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules and Mediation
Procedures of the American Arbitration Association. Except as set forth herein, the provisions of Cayman Islands law (without regard to
its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration.

 

(b)
In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in
all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to
be indemnified, held harmless, exonerated to receive advances of Expenses under this Agreement and the Company shall have the burden of
proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses, as the case may be,
and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse
to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee
shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with
respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

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(c)
If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law.

 

(d)
The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or
before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(e)
The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest
extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration
brought by Indemnitee (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification,
hold harmless, exoneration, advancement or contribution agreement or provision of the Charter now or hereafter in effect; or (ii) for
recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and
whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution
or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

(f)
Interest shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies,
holds harmless or exonerates, or is obliged to indemnify, hold harmless or exonerate for the period commencing with the date on which
Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending
with the date on which such payment is made to Indemnitee by the Company.

 

15.
SECURITY. Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board,
the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through
an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked
or released without the prior written consent of Indemnitee.

 

16.
NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)
The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may
at any time be entitled under applicable law, the Charter, any agreement, a vote of shareholders or a resolution of directors, or otherwise.
No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under
this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) arising out
of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or
repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold
harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Charter or this Agreement, then this
Agreement (without any further action by the parties hereto) shall automatically be deemed to be amended to require that the Company indemnify
Indemnitee to the fullest extent permitted by law. No right or remedy herein conferred is intended to be exclusive of any other right
or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other right or remedy.

 

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(b)
The Companies Act and the Charter permit the Company to purchase and maintain insurance or furnish similar protection or make other
arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”)
on behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or her or in such capacity
as a director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or not the Company would
have the power to indemnify him or her against such liability under the provisions of this Agreement or under the Companies Act, as it
may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit
or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the
execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations
of the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

(c)
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
trustees, partners, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves
at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such director, officer, trustee, partner, managing member, fiduciary, employee or agent under
such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party
or a participant (as a witness or otherwise), the Company has director and officer liability insurance in effect, the Company shall give
prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result
of such Proceeding in accordance with the terms of such policies.

 

(d)
In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary
to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e)
The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was
serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or
advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, (i) Indemnitee shall
have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution
or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance
of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard
to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance
coverage rights against any person or entity other than the Company.

 

    12

     

    

 

(f)
The Company hereby acknowledges that Indemnitee may have rights to indemnification or advancement of expenses or insurance provided
by one or more Persons other than the Company with whom or which the Indemnitee may be associated (collectively, the “Third
Party Indemnitors”). The Company hereby agrees that, notwithstanding the fact that Indemnitee may have rights or indemnification,
advancement of expenses or insurance against Third Party Indemnitors, (i) the Company is an indemnitor of first resort as to all matters
arising from or relating to the Indemnitee’s Corporate Status and that the obligations of the Company to Indemnitee in respect of
such matters are primary and (ii) the Indemnitee’s right to indemnification under this Agreement, including the right to advancement
of expenses, indemnification, and contribution, shall not be diminished, modified, qualified or otherwise affected by any right of Indemnitee
against any Third Party Indemnitor.

 

 

17.
DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee
serves as a director or officer of the Company or as a director, officer, trustee, partner, managing member, fiduciary, employee or agent
of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the
request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any
rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his
or her Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense is incurred for which indemnification
or advancement can be provided under this Agreement.

 

18.
SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary
to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall
be construed so as to give effect to the intent manifested thereby.

 

19.
ENFORCEMENT AND BINDING EFFECT.

 

(a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b)
Without limiting any of the rights of Indemnitee under the Charter as they may be amended from time to time, this Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

    13

     

    

 

(c)
The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall
continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or director or officer of any
other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives.

 

(d)
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

 

(e)
The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties
hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive
relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive
relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled.
The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance
and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity
of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking
may be required of Indemnitee by a court of competent jurisdiction, and the Company hereby waives any such requirement of such a bond
or undertaking to the fullest extent permitted by law.

 

20.
MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

21.
NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have
been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on
which it is so mailed:

 

(a)
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
in writing to the Company.

 

    14

     

    

 

(b)
If to the Company, to:

 

Anghami Inc.

16th Floor, Al-Khatem Tower, WeWork Hub71

Abu Dhabi Global Market Square, Al Maryah Island

Abu Dhabi, United Arab Emirates

Attn: Legal Department

 

With a copy, which shall not constitute notice, to

 

Norton Rose Fulbright US LLP

1301 Avenue of the Americas

New York, New York 10019-6022

Attn: Ayse Yuksel Mahfoud

 

or to any other address as may have been furnished
to Indemnitee in writing by the Company.

 

22.
APPLICABLE LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by,
and construed and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except
with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted
by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in
connection with this Agreement shall be brought only in the Cayman Court and not in any state or federal court in the United States of
America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any
action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action
or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought
in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial.

 

23.
IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by
the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. In the event that any
signature is delivered in pdf format via electronic mail, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

24.
MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

 

25.
PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the
Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two
years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed
released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period
of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

26.
ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other
procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other
procedure to be effected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

27.
MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during
the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance
with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions
and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered
by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director
or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner
as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors
and officers.

 

[Signature Page Follows]

 

    15

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	ANGHAMI INC.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Address:

 

	 	INDEMNITEE
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Address:

 

[Signature Page to Indemnity Agreement]

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