Document:

Exhibit 10.1

    

    

    EXECUTION VERSION

    

    

    

    

    

    PG&E FIRE VICTIM TRUST SHARE EXCHANGE

    AND TAX MATTERS AGREEMENT

    

    

    This PG&E Fire Victim Trust Share Exchange and Tax Matters Agreement (this “Agreement”)

      is made this eighth day of July, 2021 among PG&E Corporation (“HoldCo”), Pacific Gas and Electric Company (“Utility,” and together with HoldCo, the “Debtors”), PG&E ShareCo LLC, a wholly-owned subsidiary of HoldCo (“ShareCo,” and together with the Debtors, “PG&E”), and the PG&E Fire Victim Trust (the “Trust”, and together with PG&E, the “Parties”).

    

    

    WHEREAS, on June 20, 2020, the U.S. Bankruptcy Court for the Northern District of California (the “Bankruptcy Court”) confirmed the Debtors’ and Shareholder Proponents’ Joint Chapter 11 Plan of Reorganization, dated June 19, 2020 (the “Plan”);

    

    

    WHEREAS, the Plan provided that the Trust shall be funded with the Aggregate Fire Victim Consideration (as defined in the Plan);

    

    

    WHEREAS, pursuant to the Plan and related agreements, HoldCo (i) on July 1, 2020 (the effective date of the Plan), contributed 476,995,175 shares of
      HoldCo common stock to Utility which Utility immediately transferred to the Trust, and (ii) on August 3, 2020, in order to maintain the fully diluted ownership of the Trust, contributed an additional 748,415 shares of HoldCo common stock to Utility,
      which Utility immediately transferred to the Trust (the aggregate 477,743,590 shares of HoldCo common stock transferred by Utility to the Trust on July 1, 2020 and August 3, 2020, together with any additional shares of HoldCo common stock that the
      Debtors may hereafter transfer to the Trust pursuant to the Plan and related documents, and subject to adjustment as provided in Section 4.03,the “Plan Shares”);

    

    

    WHEREAS, PG&E desires to make a “grantor trust” election under Treasury Regulation section 1.468B-1(k) with respect to the Trust for U.S. federal
      income tax purposes (the “Grantor Trust Election”), and the Trust desires that PG&E make the Grantor Trust Election;

    

    

    WHEREAS, in furtherance of the Grantor Trust Election, the Parties agree that to the extent the Trust disposes of its economic interest in the Plan
      Shares, it shall do so subject to the terms and conditions set forth herein, which include the ability of the Trust to first exchange such Plan Shares with Utility for shares of HoldCo common stock issued for the purposes of implementing this
      Agreement (such shares, “New Shares”), and then disposing of such New Shares in accordance with the terms of this Agreement;

    

    

    WHEREAS, in order to further facilitate the Exchanges (as defined herein) in the event the Trust is unable to timely dispose of New Shares in certain
      cases, HoldCo will also authorize a reserve of up to 250,000,000 additional shares of HoldCo common stock (such shares, subject to adjustment in accordance with Section 4.03, the “Replacement

          Shares”);

    

    

    WHEREAS, HoldCo has formed ShareCo solely to hold New Shares and Replacement Shares (if applicable) and to facilitate the delivery on behalf of HoldCo of
      such shares for the Exchanges if and when required pursuant to the terms and conditions of this Agreement;

    

    

    WHEREAS, the Parties intend to document certain further agreements relating to tax matters arising in connection with the Grantor Trust Election;

    

    

    

    

    
      
        

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    WHEREAS, on April 5, 2021 the Debtors and the Trust filed a joint motion with the Bankruptcy Court seeking entry of an order (the “Order”) that, among other things, approves entry into this Agreement and confirms that the Trust’s execution and performance of this Agreement is consistent with the
      authorizations provided under the Plan, the order confirming the Plan, and the PG&E Fire Victim Trust Agreement dated as of July 1, 2020 (the “Trust Agreement”) and
      related documents; and

    

    

    WHEREAS, on April 29, 2021 the Bankruptcy Court entered the Order; and

    

    

    WHEREAS, on May 18, 2021, the California Department of Financial Protection and Innovation held a fairness hearing and determined that the terms and
      conditions of the Exchanges are fair to the Trust (the “Fairness Determination”), which determination the Parties intend to form the basis for exemption from registration
      pursuant to Section 3(a)(10) of the Securities Act of 1933, as amended (the “Securities Act”).

    

    

    NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Parties hereby agree as follows:

    

    

    ARTICLE I

    

    

    Definitions

    

    

    For purposes of this Agreement, the following terms have the following meanings.

    

    

    “Amended Articles” means HoldCo’s and Utility’s Amended Articles of
      Incorporation.

    

    

    “Agreement” has the meaning ascribed thereto in the preamble.

    

    

    “April 2021 NDA” has the meaning ascribed thereto in Section 7.04(f).

    

    

    “Bankruptcy Code” means title 11 of the United States Code, as the same now
      exists or may from time to time hereafter be amended, modified, recodified, replaced, or supplemented.

    

    

    “Bankruptcy Court” has the meaning ascribed thereto in the preamble.

    

    

    “Business Day” means a weekday on which banks are open for general banking
      business in San Francisco, California.

    

    

    “Code” means the U.S. Internal Revenue Code of 1986, as amended.

    

    

    “Communications” has the meaning ascribed thereto in Section 7.03.

    

    

    “Confidential Information” has the meaning ascribed thereto in Section 7.04.

    

    

    “Debtors” has the meaning ascribed thereto in the preamble.

    

    

    
      
        

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    “Designated Brokerage Firm” means Morgan Stanley & Co. LLC or such other
      nationally recognized brokerage firm as the Trust may designate in writing, subject to the approval of PG&E, such approval not to be unreasonably withheld or delayed.

    

    

    “dispose” and any variation thereof, including “disposition,” means any direct or indirect sale, transfer, pledge or other disposition (including derivative transactions or similar arrangements that have the effect of transferring economic or
      voting power over the underlying shares) which, in each case, results in a disposition for U.S. federal income tax purposes.  For the avoidance of doubt, transactions such as a merger, consolidation or recapitalization of HoldCo shall be governed by
      Section 4.03.

    

    

    “Disposition Period” has the meaning ascribed thereto in Section 2.06(a).

    

    

    “Disregarded Transfer” has the meaning ascribed thereto in Section 2.08.

    

    

    “Disregarded Entity” has the meaning ascribed thereto in Section 2.08.

    

    

    “Effective Date” means the date of this Agreement.

    

    

    “Exchange” has the meaning ascribed thereto in Section 2.05(a).

    

    

    “Exchange Execution Instructions” has the meaning ascribed thereto in
      Section 2.05(c).

    

    

    “Exchange Procedures” has the meaning ascribed thereto in Section 2.05(c).

    

    

    “Fairness Determination” has the meaning ascribed thereto in the preamble.

    

    

    “Grantor Trust Election” has the meaning ascribed thereto in the preamble.

    

    

    “HoldCo” has the meaning ascribed thereto in the preamble.

    

    

    “Intervening Event” has the meaning ascribed thereto in Section 2.06(e).

    

    

    “IRS” means the U.S. Internal Revenue Service.

    

    

    “Mandatory Mitigation Notice” has the meaning ascribed thereto in Section
      2.07(b).

    

    

    “Mitigation Dispute Notice” has the meaning ascribed thereto in Section
      2.07(b).

    

    

    “New Share Trust Accounts” has the meaning ascribed thereto in
      Section 2.02(b).

    

    

    “New Shares” has the meaning ascribed thereto in the preamble.

    

    

    “Nonconforming Disposition” means (a) with respect to Plan Shares and
      Nonconforming New Shares, any disposition entered into by the Trust with respect to Plan Shares or Nonconforming New Shares, other than a Permissible Transaction or an Exchange, and (b) with respect to New Shares or Replacement Shares, any
      disposition entered into by the Trust with respect to the New Shares or Replacement Shares that is not a Permitted Disposition.  For the avoidance of doubt, if any New Shares or Replacement Shares are properly designated as Nonconforming New Shares
      and set aside in accordance with Section 2.07(b) or Section 2.07(c), clause (a) of this definition of Nonconforming Disposition shall apply from and after such designation with respect to such shares.

    

    

    
      
        

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    “Nonconforming New Share Trust Accounts” has the meaning ascribed thereto in
      Section 2.02(a).

    

    

    “Nonconforming New Shares” means any New Shares or Replacement Shares that
      are not sold by the Trust within the Disposition Period applicable to such New Shares or Replacement Shares, as the case may be.

    

    

    “Optional Mitigation Notice” has the meaning ascribed thereto in Section
      2.07(c).

    

    

    “Order” has the meaning ascribed thereto in the preamble.

    

    

    “Original Plan Share Trust Account” has the meaning ascribed thereto in
      Section 2.02(a).

    

    

    “Parties” has the meaning ascribed thereto in the preamble.

    

    

    “Permissible Transaction” means any of the transactions the Trust is
      permitted to undertake in accordance with the Tax Guidelines.

    

    

    “Permitted Disposition” has the meaning ascribed thereto in Section 2.06(a).

    

    

    “PG&E” has the meaning ascribed thereto in the preamble.

    

    

    “Plan” has the meaning ascribed thereto in the preamble.

    

    

    “Plan Share Trust Accounts” has the meaning ascribed thereto in
      Section 2.02(a).

    

    

    “Plan Share Trust Accounts Instructions” has the meaning ascribed thereto in
      Section 2.05(b).

    

    

    “Plan Shares” has the meaning ascribed thereto in the preamble.

    

    

    “Registration Rights Agreement” means the Registration Rights Agreement
      dated as of July 1, 2020, between HoldCo and the Trust, as amended as of the date hereof, in compliance with the provisions thereof.

    

    

    “Related Parties” has the meaning ascribed thereto in Section 7.04(b).

    

    

    “Remaining Replacement Shares” means, as of any date, a number of
      Replacement Shares equal to (a) 250,000,000, subject to adjustment as provided in Section 4.03, less (b) the aggregate number of Replacement Shares that PG&E has theretofore made or become required to make available hereunder pursuant to Section
      2.07(b) or Section 2.07(c).

    

    

    
      
        

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    “Replacement Shares” has the meaning ascribed thereto in the preamble.

    

    

    “Securities Act” has the meaning ascribed thereto in the preamble.

    

    

    “ShareCo” has the meaning ascribed thereto in the preamble.

    

    

    “ShareCo Accounts” has the meaning ascribed thereto in Section 2.03(a).

    

    

    “ShareCo Accounts Instructions” has the meaning ascribed thereto in Section
      2.05(b).

    

    

    “Specified Agreement” means an agreement between PG&E and the IRS, if
      and when entered into, providing for an initial tax basis in any Plan Shares or New Shares that are disposed of by the Trust equal to the fair market value of such shares on the date such shares were contributed to Utility for transfer to the Trust.

    

    

    “Specified Confidential Information” means any statistical, financial or
      other information of a type described in Schedule A which is (i) provided by the Trust to PG&E pursuant to this Agreement, (ii) is not of a historical nature, and (iii) represents estimates or projections or is otherwise of a forward-looking
      nature.

    

    

    “Specified Tax Items” has the meaning ascribed thereto in Section 3.02.

    

    

    “Suspension Notice” has the meaning ascribed thereto in the Registration
      Rights Agreement.

    

    

    “Tax Guidelines” means the terms set forth in Schedule B.

    

    

    “Tax Payment Amount” means the amount, not less than zero, equal to:

    

    

    (i) the highest combined federal, state and local marginal tax rate imposed on or measured by income (including any applicable net
      income, gross income or gross receipts taxes) applicable to a corporation resident in the city in which PG&E is headquartered (initially, San Francisco, California) as in effect for the then-current taxable year for the date of the disposition,
      multiplied by

    

    

    (ii) (A) to the extent a Specified Agreement applies with respect to such disposition of HoldCo common stock to cause the tax basis of
      such shares to equal their fair market value on the date of their contribution to Utility:

    

    

    (x) the amount realized as determined for federal income tax purposes from such disposition of HoldCo common stock, minus

    

    

    (y) the fair market value of such HoldCo common stock at the time of their contribution to Utility, as reasonably determined by
      PG&E (which shall be, in the case of the Plan Shares contributed on July 1, 2020, $9.50 per share, and in the case of the Plan Shares contributed on August 3, 2020, $9.20 per share),

    

    

    or (B) in all other cases, the amount realized as determined for federal income tax purposes from such disposition of HoldCo common stock.

    

    

    
      
        

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    For the avoidance of doubt, the amount realized for federal income tax purposes is determined taking into account applicable selling expenses and the Tax
      Payment Amount is determined without regard to the availability of any offsetting deductions, losses, or other tax attributes (e.g., tax credits).

    

    

    “Treasury Regulations” means the Treasury regulations promulgated under the
      Code or any successor Treasury regulations.

    

    

    “Trust” has the meaning ascribed thereto in the preamble.

    

    

    “Trust Agreement” has the meaning ascribed thereto in the preamble.

    

    

    “Utility” has the meaning ascribed thereto in the preamble.

    

    

    “Utility Accounts” has the meaning ascribed thereto in Section 2.03(b).

    

    

    ARTICLE II

    

    

    Election and Exchange

    

    

    SECTION 2.01.          Grantor Trust Election; Consistent Reporting.  Utility has, simultaneously with the
        execution of this Agreement, provided the Trust with a properly completed Grantor Trust Election statement in accordance with Treasury Regulation section 1.468B-1(k)(2), a copy of which is attached hereto as Annex I, and the Trust shall file such statement with its timely filed IRS Form 1041 for the taxable year ending December 31, 2020. Utility shall make a comparable Grantor Trust Election for state
        and local income tax purposes, to the extent applicable.  Subject to Section 7.04, the Trust shall provide Utility with such information as Utility may reasonably request in connection with the making of the Grantor Trust Election.  From and after
        the date of this Agreement (provided the Grantor Trust Election is timely made), all Parties shall report consistent with such election, including for state and local tax purposes, to the extent applicable.

    

    

    SECTION 2.02.          Trust Accounts.

    

    

    (a)          From and after the
        Effective Date, the Trust shall maintain one or more brokerage accounts (collectively, the “Plan Share Trust Accounts”) with the Designated Brokerage Firm, including one
        dedicated solely for the purposes of holding of Plan Shares (the “Original Plan Share Trust Account”) and, if and when applicable, one or more separate accounts dedicated
        solely for the purposes of holding Nonconforming New Shares (if applicable) (the “Nonconforming New Share Trust Accounts”).

    

    

    (b)          From and after the
        Effective Date, the Trust shall maintain one or more separate accounts (collectively, the “New Share Trust Accounts”) dedicated solely for the purpose of receiving New
        Shares or Replacement Shares in an Exchange and holding such shares pending a disposition in accordance with this Agreement.

    

    

    (c)          The account number,
        address and telephone number of the initial Plan Share Trust Accounts and New Share Trust Accounts are set forth on Schedule C.  In the event of any changes to the Plan Share Trust Accounts or New Share Trust Accounts (including the establishment
        of a new account), the Trust will update Schedule C in a manner reasonably acceptable to PG&E.

    

    

    
      
        

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    SECTION 2.03.          PG&E Accounts.

    

    

    (a)          HoldCo shall cause
        ShareCo to, and ShareCo shall, maintain one or more brokerage accounts (collectively, the “ShareCo Accounts”) with the Designated Brokerage Firm dedicated solely for the
        purpose of holding the New Shares and, if and to the extent issued, any Replacement Shares.

    

    

    (b)          Utility shall maintain
        one or more brokerage accounts (collectively, the “Utility Accounts”) with the Designated Brokerage Firm dedicated solely for the purpose of holding the Plan Shares and
        any Nonconforming New Shares received from the Trust.  For the avoidance of doubt, following receipt of any Plan Shares or any Nonconforming New Shares in the Utility Accounts, Utility may, following consummation of the corresponding Exchange
        transaction and delivery of the New Shares or Replacement Shares related thereto to the Trust, remove such shares from the Utility Accounts within its sole discretion.

    

    

    (c)          The account number,
        address and telephone number of the initial ShareCo Accounts and Utility Accounts are set forth on Schedule C.  In the event of any changes to the ShareCo Accounts or Utility Accounts (including the establishment of a new account), PG&E will
        update Schedule C in a manner reasonably acceptable to the Trust.

    

    

    SECTION 2.04.          Issuance of New Shares.  Upon the Effective Date, HoldCo will issue 477,743,590 New Shares to ShareCo, which will be delivered to a ShareCo Account no later than two Business
        Days following the Effective Date and which, pending an Exchange in accordance with this Agreement, will be held by ShareCo in the ShareCo Accounts.

    

    

    SECTION 2.05.          Exchange Procedures.

    

    

    (a)          From time to time after
        the Effective Date, the Trust may cause Plan Shares (or, if set aside in accordance with clause (b) or (c) of Section 2.07, Nonconforming New Shares) to be exchanged for a corresponding number of New Shares (or, if available in accordance with
        Section 2.07(d), Replacement Shares)  issued by HoldCo (an “Exchange”), in a manner consistent with clause (a)(ii) of this Section 2.05 and the other provisions of this
        Agreement.  Each Exchange will consist of (i) the transfer by the Trust from a Plan Share Trust Account of a number of Plan Shares or Nonconforming New Shares (as applicable) to the designated Utility Account and (ii) the substantially concurrent
        transfer by HoldCo from a ShareCo Account of an equal number of New Shares or Replacement Shares, on behalf of Utility, to the designated New Share Trust Account.  This section is subject to Section 2.05(g) hereof in the event of a transaction
        pursuant to which PG&E would repurchase Plan Shares or Nonconforming New Shares from the Trust for cash or other consideration (other than New Shares or Replacement Shares).

    

    

    (b)          On or prior to the
        Effective Date, (i) PG&E shall have provided standing instructions (the “ShareCo Accounts Instructions”) to the Designated Brokerage Firm for the ShareCo Accounts in
        the form attached hereto as Schedule D and (ii) the Trust shall have provided to the Designated Brokerage Firm standing instructions (the “Plan Share Trust Accounts Instructions”)

        for each Plan Share Trust Account in the form attached hereto as Schedule E.  No standing instructions may be modified without the express written consent of each Party.

    

    

    
      
        

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    (c)          To initiate an Exchange,
        (i) pursuant to the Plan Share Trust Accounts Instructions, a Trust representative who is an authorized party on the Plan Share Trust Accounts shall contact the Designated Brokerage Firm and issue instructions to transfer a specified number of Plan
        Shares or Nonconforming New Shares from a Plan Share Trust Account to a Utility Account and (ii) pursuant to the ShareCo Accounts Instructions, such authorized party, on behalf of PG&E, shall issue instructions to the Designated Brokerage Firm
        to transfer, upon delivery of the specified number of Plan Shares or Nonconforming New Shares, as applicable, into a Utility Account, an equal number of New Shares or Replacement Shares from a ShareCo Account to a New Share Trust Account (the
        instructions in this subsection (c) collectively, the “Exchange Execution Instructions”).  Substantially concurrently with the delivery of the Exchange Execution
        Instructions, the Trust shall give notice (which may be by email as described in the Exchange Procedures) to PG&E as provided for in Schedule F that it has initiated an Exchange, which notice shall specify the number of shares to be exchanged. 
        The Designated Brokerage Firm shall thereafter effect the Exchange in accordance with this Agreement and the procedures agreed among the Parties and the Designated Brokerage Firm.  Set forth on Schedule F is a description of the expected procedures
        for each Exchange (the “Exchange Procedures”); such description is intended to memorialize the procedures for each Exchange, but is not intended as a guarantee by any
        Party of the performance of the Designated Brokerage Firm.

    

    

    (d)          PG&E shall fully cooperate in any Exchange and shall take no action to delay, impede or otherwise hinder such Exchange.  Without limiting the foregoing, PG&E covenants and agrees
        that (i) HoldCo has formed ShareCo solely to hold New Shares and Replacement Shares (if applicable) and to facilitate the delivery on behalf of HoldCo of such shares for the Exchanges if and when required pursuant to the terms and conditions of
        this Agreement, and (ii) for so long as the ShareCo is required to hold any New Shares or Replacement Shares for delivery in an Exchange pursuant to this Agreement, (A) ShareCo will not engage in any business or hold any assets or incur any
        liabilities other than in connection with its obligations under this Agreement, and (B) ShareCo will remain a direct or indirect wholly owned subsidiary of HoldCo.

    

    

    (e)          The Parties agree and
        acknowledge that the delivery of any New Shares or any Replacement Shares pursuant to an Exchange shall be a transfer to the Trust on behalf of Utility, and thus shall be treated by the Parties for all corporate law and tax purposes as a capital
        contribution by HoldCo to Utility, followed by Utility’s transfer of the New Shares or Replacement Shares, as the case may be, to the Trust in exchange for Plan Shares or Nonconforming New Shares, as applicable.

    

    

    (f)          The Parties further
        acknowledge that for U.S. federal income tax purposes, due to the treatment of the Trust as a grantor trust, Utility’s transfer of New Shares or Replacement Shares to the Trust and the Trust’s transfer of Plan Shares or Nonconforming New Shares to
        Utility will not be treated as an exchange of HoldCo common stock for other HoldCo common stock, in that Utility (the regarded owner of the HoldCo common stock held by the Trust) will continue to own the Plan Shares or Nonconforming New Shares (now
        directly rather than in the Trust).

    

    

    
      
        

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    (g)          In the event of a
        transaction pursuant to which PG&E would repurchase Plan Shares or Nonconforming New Shares from the Trust for cash or other consideration (other than New Shares or Replacement Shares), as may be agreed between PG&E and the Trust from time
        to time, the Trust shall deliver such Plan Shares or Nonconforming New Shares to Utility and shall receive the agreed cash or other consideration (instead of receiving New Shares or Replacement Shares in the Exchange), from Utility (or from HoldCo
        on behalf of Utility).  In such event, the number of New Shares (in the case of a repurchase of Plan Shares) or Replacement Shares (in the case of a repurchase of Nonconforming New Shares) to be transferred to the Trust pursuant to this Agreement
        shall be reduced by the number of Plan Shares or Nonconforming New Shares, as the case may be, that are repurchased.  Repurchases effected in accordance with this Section 2.05(g) shall not be considered Nonconforming Dispositions.

    

    

    SECTION 2.06.          Permitted Dispositions.

    

    

    (a)          Upon receipt of the New
        Shares or Replacement Shares following an Exchange, the Trust shall within two Business Days thereafter (the “Disposition Period”), dispose of such New Shares or
        Replacement Shares for cash or other property and in accordance with the other provisions of this Section 2.06 (each such disposition, a “Permitted Disposition”).  For the
        avoidance of doubt, to be considered a Permitted Disposition, (i) in the case of a sale on the market, it is sufficient that the trade date occur within the Disposition Period where such trade is to be settled within two Business Days thereafter in
        the ordinary course, and (ii) in the case of an underwritten offering, it is sufficient that the agreement to sell shares in the underwritten offering become binding on the Trust within the Disposition Period.  The Trust agrees that it shall not
        enter into a binding agreement to sell or otherwise dispose of any New Shares or Replacement Shares prior to receipt of such New Shares or Replacement Shares, as the case may be.  Any such entry, sale or disposition shall be a Nonconforming
        Disposition.

    

    

    (b)          The Trust agrees that it
        shall abide by the provisions set forth in the Tax Guidelines and shall not enter into any hedging, financing, securities lending short sale or other transaction with respect to the Plan Shares or the Nonconforming New Shares, except as
        specifically permitted hereunder (including the Tax Guidelines) or which is a Permissible Transaction.

    

    

    (c)          Subject to Section
        2.06(f), the disposition of any New Shares or Replacement Shares by the Trust in a transaction in which the acquirer would receive a substituted tax basis in the New Shares or Replacement Shares (as applicable) for U.S. federal, state and local
        income tax purposes shall not be a Permitted Disposition and shall be a Nonconforming Disposition.

    

    

    (d)          In the case of any
        Exchange, the Trust shall, and shall instruct any broker or other third party effecting a disposition on its behalf to, take reasonable steps to properly designate and identify only New Shares or Replacement Shares as being disposed of (so as not
        to have a Nonconforming Disposition).  For the avoidance of doubt, nothing herein shall preclude the Trust from effecting a Nonconforming Disposition, subject to compliance with the terms and conditions of this Agreement as it relates to such
        disposition.

    

    

    (e)          Subject to compliance
        with Section 2.07(b) and (c) (relating to the further Exchange of any Nonconforming New Shares for Replacement Shares), in the event that the Trust is unable to dispose of New Shares or Replacement Shares within the Disposition Period applicable to
        such shares (and thus, such shares become Nonconforming New Shares) as a result of any of the circumstances described in clauses (i) to (vi) below (an “Intervening Event”),

        a subsequent sale, disposition or other transaction with respect to such New Shares or Replacement Shares shall in all cases (other than clause (vi)) be a Permitted Disposition.  The following circumstances shall constitute an Intervening Event:

    

    

    
      
        

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    (i)          the
        delivery by HoldCo of a Suspension Notice to the Trust during any Disposition Period;

    

    

    (ii)          in
        the event that the Trust enters into an agreement with one or more underwriters for the underwritten offering of any New Shares or Replacement Shares, and prior to closing, the underwriters validly exercise a termination right or assert a failure
        of a condition to closing that is not due to the fault of the Trust;

    

    

    (iii)          the

        Designated Brokerage Firm is unable to timely effect an Exchange of Plan Shares or Nonconforming New Shares for New Shares or Replacement Shares due to any act or omission of PG&E in breach of this Agreement;

    

    

    (iv)          the

        commencement of any proceeding against or with respect to HoldCo, ShareCo or Utility under any chapter of the Bankruptcy Code, unless the Exchange of Plan Shares for New Shares (or Nonconforming New Shares for Replacement Shares) is permitted to
        continue in accordance with the terms of this Agreement pursuant to “Day 1” relief granted by the applicable bankruptcy court shortly after the commencement of any such proceeding;

    

    

    (v)          an
        injunction by a court of competent jurisdiction, or a regulatory ruling, order or similar restriction applicable to HoldCo, ShareCo or Utility that prohibits or delays the timely execution of the Exchange of Plan Shares for New Shares (or
        Nonconforming New Shares for Replacement Shares) or subsequent sale (it being understood that an adverse effect on HoldCo’s share price is not a cause for delay of a subsequent sale for purposes of this provision nor does this provision apply to an
        injunction or similar restriction by reason of the enforcement of the provisions of the Amended Articles); or

    

    

    (vi)          any

        other circumstances not due to the fault of the Trust that are not covered by clauses (i) through (v) above.

    

    

    (f)          Notwithstanding anything
        herein to the contrary, the Trust shall not dispose of any Plan Shares, New Shares or Replacement Shares in a transaction in which the acquirer would receive a substituted tax basis and the acquirer is or, as a result of the transaction, would (i)
        be included in a consolidated, combined or unitary tax return of PG&E for U.S. federal or state income tax purposes, or (ii) an entity (such as a partnership) whose income would be includible in a consolidated, combined or unitary tax return of
        PG&E for U.S. federal or state income tax purposes.  For the avoidance of doubt, this does not prohibit a Disregarded Transfer in accordance with Section 2.08.

    

    

    
      
        

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    SECTION 2.07.          Mitigation
          Mechanism.

    

    

    (a)          On or prior to the
        Effective Date, PG&E shall authorize a reserve of up to 250,000,000 Replacement Shares.

    

    

    (b)          In the event that the
        Trust is unable to dispose of New Shares or Replacement Shares within the Disposition Period applicable to such shares (and thus, such shares become Nonconforming New Shares for the purposes of this Agreement) as a result of an Intervening Event
        described in clauses (i) to (v) of Section 2.06(e), (i) the Trust shall promptly (and no later than five Business Days after the end of the Disposition Period) provide written notice (a “Mandatory Mitigation Notice”) to PG&E specifying the occurrence of such event and the number of affected shares and describing the circumstances giving rise to such occurrence (including by identifying which clause of
        Section 2.06(e) was implicated by such occurrence); provided, however, that if there are no
        longer any Remaining Replacement Shares as of the time of the expiration of the applicable Disposition Period, then the Trust shall not be required to provide a Mandatory Mitigation Notice and (ii) subject to there being a sufficient number of
        Remaining Replacement Shares, the Trust shall set aside such Nonconforming New Shares by promptly transferring such Nonconforming New Shares to the Nonconforming New Share Trust Account.  Within two Business Days of receipt of a Mandatory
        Mitigation Notice, PG&E shall make available an equal number of Replacement Shares to the Trust for future Exchange; provided that within three Business Days of receipt of a Mandatory Mitigation Notice, PG&E may give written notice (a “Mitigation Dispute Notice”) to the Trust that PG&E disputes the substance of the Mandatory Mitigation Notice (in which case Section 2.07(e) shall apply).

    

    

    (c)          In the event that the
        Trust is unable to dispose of New Shares or Replacement Shares within the Disposition Period applicable to such shares (and thus, such shares become Nonconforming New Shares) as a result of the Intervening Event described in clause (vi) of Section
        2.06(e), the Trust may (no later than five Business Days after the end of the Disposition Period) (i) provide written notice (an “Optional Mitigation Notice”) to PG&E
        specifying the occurrence of such event and the number of affected shares and describing the circumstances giving rise to such occurrence (including by identifying that clause Section 2.06(e)(vi) was implicated by such occurrence), (ii) subject to
        there being a sufficient number of Remaining Replacement Shares, promptly set aside such Nonconforming New Shares by transferring such Nonconforming New Shares to the Nonconforming New Share Trust Account and (iii) subject to there being a
        sufficient number of Remaining Replacement Shares, require PG&E to make available a number of Replacement Shares to the Trust for future Exchange (in which case PG&E shall be required to do so as provided in Section 2.07(d)).  Within three
        Business Days of receipt of an Optional Mitigation Notice, PG&E may give the Trust a Mitigation Dispute Notice if PG&E disputes the substance of the notice (in which case Section 2.07(e) shall apply).  For the avoidance of doubt, if there
        are not sufficient Remaining Replacement Shares available to replace the Nonconforming New Shares, then at any time any such excess Nonconforming New Shares are disposed, such disposition will be deemed a Nonconforming Disposition.

    

    

    (d)          In the event that
        PG&E is required to make available any Replacement Shares pursuant to Section 2.07(b) or Section 2.07(c), HoldCo shall promptly (within three Business Days of the Mandatory Mitigation Notice or the Optional Mitigation Notice, as applicable)
        issue the number of Replacement Shares required by Section 2.07(b) or Section 2.07(c), as applicable, to ShareCo and deliver such Replacement Shares into the ShareCo Accounts.  From and after the Business Day after the date of such deposit, the
        Trust may request to Exchange such Replacement Shares in accordance with Section 2.05.

    

    

    
      
        

      12

    

    

    

    (e)          In the event that
        PG&E has timely given the Trust a Mitigation Dispute Notice under clause (b) or (c) of Section 2.07, the Parties shall attempt in good faith to resolve such dispute for a period of at least 30 days.  Such good faith efforts may include
        reasonable requests for additional information, supporting documentation and one or more live sessions with authorized representatives of each Party responsible for overseeing or carrying out this Agreement. The Parties may agree in writing to
        extend such 30 day period, if so desired. During such 30 day period (and any extension thereof), the Parties shall keep the existence of the dispute confidential, except as required by applicable law or legal process.  In the event that a dispute
        is resolved successfully, the Parties shall agree on the treatment of the affected New Shares or Replacement Shares as part of such resolution.  If the dispute is not resolved by the end of the 30 day period (or any extension thereof), each Party
        shall be permitted to seek available remedies, including legal actions or proceedings as contemplated by Section 7.01(b).

    

    

    (f)          In no event shall more
        than 250,000,000 Replacement Shares, which number shall be adjusted in accordance with Section 4.03, be made available under this Agreement, unless so determined by PG&E in its sole discretion.

    

    

    SECTION 2.08.          Transfers
          to Disregarded Entities of Trust.

    

    

    (a)          PG&E
        acknowledges the Trust may transfer Plan Shares or Nonconforming New Shares to an entity that is disregarded as an entity separate from the Trust for U.S. federal, state and local income tax purposes, and that such a transfer is accordingly not a
        regarded transaction under applicable U.S. federal, state and local income tax law (a “Disregarded Transfer,” and the transferee entity, the “Disregarded Entity”), provided that the Disregarded Entity agrees to be jointly liable for all obligations of the Trust
        under this Agreement with respect to Plan Shares or Nonconforming New Shares transferred to it as if it were the Trust (such that a Nonconforming Disposition by the Disregarded Entity would give rise to a Tax Payment Amount jointly payable by the
        Disregarded Entity and the Trust) and the Disregarded Entity agrees to be bound by the Tax Guidelines.

    

    

    (b)          A Disregarded Transfer
        made in accordance with this Section 2.08 shall not be treated as a disposition for purposes of this Agreement, including Section 2.06, and therefore shall be neither a Permitted Disposition nor a Nonconforming Disposition.

    

    

    (c)          Notwithstanding Section
        7.07, the Trust shall be permitted to assign its rights to enter into an Exchange to the Disregarded Entity, provided that the Disregarded Entity shall be jointly liable
        for all obligations of the Trust under this Agreement with respect to Plan Shares or Nonconforming New Shares transferred to it, including the payment of a Tax Payment Amount under Section 3.01 as a result of a Nonconforming Disposition.  In
        addition, the Disregarded Entity shall be subject to the Trust’s obligations under the Registration Rights Agreement and Confidentiality Agreement in the same manner as the Trust, mutatis mutandis.

    

    

    (d)          Without limiting the
        last sentence of Section 3.01 or Section 4.01, PG&E shall be permitted to require reasonable documentation from the Trust supporting the treatment of a Disregarded Transfer as such, including the treatment of the Disregarded Entity as such.  In
        addition, PG&E may require the Trust or the Disregarded Entity to execute documentation reflecting the terms and conditions set forth in clauses (a) and (c) of this Section.

    

    

    
      
        

      13

    

    

    

    (e)          In the event Plan Shares
        or Nonconforming New Shares are transferred pursuant to a Disregarded Transfer and subsequent to such Disregarded Transfer, the Disregarded Entity is no longer treated as an entity disregarded as an entity separate from the Trust for applicable
        U.S. federal, state or local income tax purposes, any deemed transaction arising for applicable U.S. federal, state or local income tax purposes as a result of the failure of such Disregarded Entity to remain a disregarded entity (including
        transactions described in Treasury Regulations section 301.7701-3) shall be treated as a disposition for all purposes of this Agreement, including Section 2.06, and, subject to Section 2.06(f), shall be a Permitted Disposition or Nonconforming
        Disposition as determined in accordance with the provisions of this Agreement.

    

    

    SECTION 2.09.          Specific
          Identification.

    

    

    (a)          The Trust shall, and
        shall cause the Designated Brokerage Firm to, maintain books and records allowing it to separately identify each block of shares of HoldCo common stock issued at different times and the tax basis of the shares in each block, including the Plan
        Shares issued in July 2020, the Plan Shares issued in August 2020 and any New Shares, any Nonconforming New Shares and any Replacement Shares, as applicable.

    

    

    (b)          The Trust shall, upon
        reasonable request from PG&E (including in connection with the determination of a Tax Payment Amount), provide PG&E with information identifying and documenting the calculation of the amount realized and other amounts, as determined for
        applicable tax purposes, from any disposition of shares of HoldCo common stock. Such other amounts include, but are not limited to, gross receipts (as determined for applicable state and local gross receipts tax purposes), net proceeds and
        expenses.

    

    

    ARTICLE III

    

    

    Payments

    

    

    SECTION 3.01.          Payment of Tax Payment Amount.  If a Nonconforming Disposition occurs in a fiscal quarter, the Trust shall pay to Utility, within 10 calendar days following the end of the
        fiscal quarter in which such Nonconforming Disposition occurs, the applicable Tax Payment Amount, if any, with respect to such Nonconforming Disposition and shall provide a schedule setting forth in reasonable detail the calculations used in
        determining the Tax Payment Amount. To the extent (if any) that an error in such calculation is identified, the Parties shall work in good faith to determine the final calculation and adjust the Tax Payment Amount accordingly. By March 31st of the
        year following the year in which such Nonconforming Disposition occurs, the Trust shall furnish to PG&E a statement from its third party accounting firm confirming the accuracy of the Trust’s calculation of the Tax Payment Amount.

    

    

    SECTION 3.02.          Documentation of Inclusion of Gain in Taxable Income; Potential Return of Portion of Tax Payment Amount.  Within 10 calendar days following the filing of the U.S. federal
        income tax return for any taxable year in which payment of a Tax Payment Amount has been made by the Trust, HoldCo shall furnish to the Trust a statement from a third party accounting firm confirming that Utility has included on its U.S. federal
        income tax return in calculating its taxable income (regardless of any available offsetting deductions or losses) the amount of any income or gain used to calculate a Tax Payment Amount for which payment was made by the Trust in accordance with
        Section 3.01 (such income or gain, the “Specified Tax Items”).  To the extent (if any) Utility has not taken Specified Tax Items into account on its U.S. federal income
        tax return, HoldCo shall return the applicable portion of the applicable Tax Payment Amount within 10 calendar days following the delivery of such statement.

    

    

    
      
        

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    ARTICLE IV

    

    

    Cooperation, Information Sharing and Trust Tax Filings

    

    

    SECTION 4.01.          General.  The Parties shall cooperate fully with each other in a commercially reasonable manner exchanging such information as provided in the Plan (including the list of
        information requirements provided on Schedule A hereto) and providing such assistance as the other Parties may reasonably request in connection with the implementation and effectuation of this Agreement and the Grantor Trust Election, including in
        connection with its regulatory, financial or tax reporting obligations.  In furtherance thereof, and without limiting the foregoing, the Parties shall cooperate with each other in a commercially reasonable manner in connection with the preparation
        and filing by PG&E of any tax returns, claims for refunds, or other tax filings, and the examination, defense or pursuit of any tax proceeding, financial statements and regulatory submissions to the extent relating to any transfers to,
        distributions by, or the operations of the Trust, including with respect to the Grantor Trust Election and in the defense of any claim by a holder of HoldCo common stock in connection with any purchase or sale of New Shares or Replacement Shares
        made in accordance with the terms of this Agreement.

    

    

    SECTION 4.02.          Trust Tax Filings. The Trust shall timely prepare and file (in accordance with any applicable extensions) (i) all tax filings required to be filed by the Trust as a grantor
        trust of which Utility is considered the grantor and owner, including any applicable state and local tax filings and annual IRS Form 1041 with accompanying schedules and statements, and (ii) all required tax information statements relating to all
        payments and distributions made by the Trust, e.g., all Forms 1099 to creditors and other payees.

    

    

    SECTION 4.03.          Extraordinary Transactions.  In the event that any shares of HoldCo common stock are issued in exchange for or with respect to any Plan Shares or Nonconforming New Shares by
        way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, such shares shall be treated as Plan Shares or Nonconforming New Shares, respectively under this
        Agreement and the number of Replacement Shares and Remaining Replacement Shares shall be equitably adjusted to reflect such transaction so as to preserve the economic benefits of this Agreement.  In the event of a merger, consolidation or
        recapitalization, the Parties shall use reasonable best efforts to cooperate in good faith to preserve the tax benefits of the Exchange structure; provided, that, subject to the foregoing,  changes to the Trust’s holdings of Plan Shares, New
        Shares, Nonconforming New Shares or Replacement Shares occurring in connection with, or as a result of, such merger, consolidation or recapitalization of HoldCo shall not constitute a Nonconforming Disposition for any purposes under this Agreement.

    

    

    
      
        

      15

    

    

    

    SECTION 4.04.          ShareCo Tax Status.  ShareCo is and shall be an entity disregarded as separate from HoldCo for federal and applicable state and local income Tax purposes.  No Party shall take
        or fail to take any action or any tax reporting position, in each case, inconsistent with such treatment.

    

    

    SECTION 4.05.          PG&E

        will diligently continue negotiations with the IRS to obtain the Specified Agreement as soon as practicable that provides for relief substantially in the form contained in the attachment to the application submitted by PG&E to the IRS on March
        19, 2021, with such modifications as shall not materially and adversely affect the treatment of the Trust in connection with the matters referred to therein.  PG&E will consult with the Trust prior to agreeing to any modification that would
        materially and adversely affect the treatment of the Trust in connection with such matters, and will cooperate with the Trust to provide updates on the status of its negotiations with the IRS.

    

    

    ARTICLE V

    

    

    Representations of PG&E

    

    

    SECTION 5.01.          HoldCo and
        Utility are each corporations duly organized, validly existing and in good standing under the laws of the State of California.  ShareCo is a limited liability company duly organized, validly existing and in good standing under the laws of the State
        of Delaware.  Each of HoldCo, Utility and ShareCo has the requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and each of HoldCo, Utility and ShareCo has duly authorized all
        requisite corporate action with respect to this Agreement and the consummation of the transactions contemplated hereby.  No authorization, approval or other consent is or will be required by HoldCo or any of its subsidiaries in order for HoldCo to
        perform its obligations under this Agreement, except for such authorizations, approvals and consents as have been obtained.

    

    

    SECTION 5.02.          No third-party
        consents or approvals (including governmental consents or approvals) are required to be obtained, made or given in order to permit PG&E to execute and deliver this Agreement and to perform its obligations hereunder except for any that have been
        received, including the Order and the Fairness Determination.

    

    

    SECTION 5.03.          The New Shares
        or Replacement Shares when issued and delivered to the Trust as set forth herein shall be validly issued, fully paid and nonassessable, free and clear of any and all liens of any kind, nature or description, including any mortgage, deed of trust,
        pledge, hypothecation, security interest, encumbrance, claim, lien or charge of any kind.

    

    

    SECTION 5.04.          The execution,
        delivery and performance of this Agreement by PG&E and the consummation of the transactions contemplated hereby shall not result in violation, breach or default by PG&E of and shall not conflict (and there is no current violation, breach,
        default or conflict) with (i) any term of its certificate of incorporation or bylaws or other organizational documents, as applicable or (ii) any applicable law.

    

    

    SECTION 5.05.          As a result of
        the Fairness Determination, all New Shares or Replacement Shares issued to the Trust shall be exempt from registration under the Securities Act pursuant to the exemption under Section 3(a)(10) of the Securities Act.  The New Shares and Replacement
        Shares issued to the Trust shall not bear any restrictive legend.

    

    

    
      
        

      16

    

    

    

    SECTION 5.06.          PG&E has not incurred or
        paid, and will not incur or pay, directly or indirectly, any obligation or liability, contingent or otherwise, for commission or other remuneration for soliciting the
        execution of this Agreement or an Exchange.

    

    

    SECTION 5.07.          HoldCo has not previously been
        a shell company or asset-backed issuer as described in Rule 144(i)(1)(i) of the Securities Act.

    

    

    ARTICLE VI

    

    

    Representations of the Trust

    

    

    SECTION 6.01.          The Plan
        Shares and the Nonconforming New Shares when delivered to Utility as set forth herein shall be free and clear of any and all liens of any kind, nature or description, including any mortgage, deed of trust, pledge, hypothecation, security interest,
        encumbrance, claim, lien or charge of any kind (other than those imposed by securities laws, the Registration Rights Agreement and any associated so called “lock-up agreements”).

    

    

    SECTION 6.02.          The Trust has
        the requisite power and authority under the Delaware Statutory Trust Act to execute and deliver this Agreement and to perform its obligations hereunder, and the consummation by the Trust of the transactions contemplated hereby have been duly
        authorized by all action required under the Delaware Statutory Trust Act.

    

    

    SECTION 6.03.          No third-party
        consents or approvals (including governmental consents or approvals) are required to be obtained, made or given in order to permit the Trust to execute and deliver this Agreement and to perform its obligations hereunder except for any that have
        been received, including the Order and the Fairness Determination.

    

    

    SECTION 6.04.          The execution,
        delivery and performance of this Agreement by the Trust and the consummation of the transactions contemplated hereby, shall not result in violation, breach or default by the Trust of and shall not conflict (and there is no current violation,
        breach, default or conflict) with (i) the Trust Agreement or (ii) any applicable law.

    

    

    SECTION 6.05.          As of the date
        hereof, the Trust has not engaged in any sale, disposition or other transaction of any kind (including a transaction that would be a Permissible Transaction) with respect to the Plan Shares.

    

    

    SECTION 6.06.          The Trust
        acknowledges that PG&E is under no obligation, and has indicated to the Trust that it does not intend, to disclose any material nonpublic information to the Trust in connection with this Agreement, any Exchange or otherwise.  The Trust
        represents that in making a decision to sell shares of HoldCo’s common stock to one or more third parties (by causing an Exchange), it desires to rely exclusively on PG&E’s public disclosure and information and analysis developed by the Trust,
        its advisors or third parties (other than PG&E) in order to trade on an “unrestricted” basis and has no expectation that PG&E will disclose any material nonpublic information in connection with any Exchange.

    

    

    SECTION 6.07.          The Trust has
        not incurred or paid, and will not incur or pay, directly or indirectly, any obligation or liability, contingent or otherwise, for commission or other remuneration for soliciting the execution of this Agreement or an Exchange. For the avoidance of
        doubt, nothing herein shall prohibit the Trust from paying commissions or other remuneration for the sale or disposition of Plan Shares, New Shares or Replacement Shares other than in an Exchange.

    

    

    
      
        

      17

    

    

    

    ARTICLE VII

    

    

    Miscellaneous

    

    

    SECTION 7.01.          Governing
          Law; Jurisdiction; Jury Trial.

    

    

    (a)          Except to the extent the
        Bankruptcy Code or other U.S. federal law is applicable, the rights, duties, and obligations arising hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State of California, without giving effect to the
        principles of conflicts of law thereof to the extent they would result in the application of the laws of any other jurisdiction.

    

    

    (b)          Each Party hereto: (i)
        submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the jurisdiction of the Bankruptcy Court, and to the extent the Bankruptcy
        Court does not have (or abstains from exercising) jurisdiction, the jurisdiction of state and federal courts with competent jurisdiction located in the State of California; (ii) consents that any such action or proceeding may be brought in such
        courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;
        (iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address set forth in
        Section 7.03 or at such other address which has been notified to the Parties hereto; and (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any
        other jurisdiction.

    

    

    (c)          TO THE FULLEST EXTENT
        PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT.

    

    

    SECTION 7.02.          Additional Terms.  This Agreement is made pursuant to, and is subject to the terms of, the Plan and the Registration Rights Agreement.  Nothing contained in this Agreement is
        intended to or shall be deemed to limit, restrict, modify, alter, amend or otherwise change in any manner the rights and obligations of the parties under the Plan or the Registration Rights Agreement, and in the event of any conflict between the
        terms and provisions hereof and the terms and provisions of the Plan or the Registration Rights Agreement, the terms and provisions of the Plan or the Registration Rights Agreement, as applicable, shall control.

    

    

    SECTION 7.03.          Notices.  Any notice, request, instruction, consent, document or other communication (“Communications”)

        required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently given or served for all purposes (a) upon delivery when personally delivered; (b) on the delivery date after having been sent
        by a nationally or internationally recognized overnight courier service (charges prepaid); (c) at the time received when sent by registered or certified mail, return receipt requested, postage prepaid; or (d) at the time when a “read receipt” is
        received (or the first Business Day following such receipt if the date of such receipt is not a Business Day) if sent by email, in each case, to the recipient at the address or email, as applicable, indicated below:

    

    

    
      
        

      18

    

    

    

    If to PG&E:

    

    

    PG&E Corporation

    77 Beale Street

    San Francisco, CA 94105

    Attention:  Brian Wong, Vice President, Deputy General Counsel and Corporate Secretary

    Email:  Disclosed in a separate document.

    

    

    with a copy to:

    

    

    Cravath, Swaine & Moore LLP

    825 8th Avenue

    New York, NY 10019

    Attention:  Nicholas A. Dorsey and C. Daniel Haaren

    Email:  NDorsey@cravath.com; DHaaren@cravath.com

    

    

    Weil, Gotshal & Manges LLP

    767 5th Avenue

    New York, NY 10153

    Attention: Stuart J. Goldring and Jessica Liou

    Email: Stuart.goldring@weil.com;

    Jessica.liou@weil.com;

    

    

    If to the Trust:

    PG&E Fire Victim Trust

    Two Embarcadero Center

    Suite 1500

    San Francisco, CA 94111

    Attention: Hon. John K. Trotter (Ret.), Trustee and Cathy Yanni, Claims Administrator

    Email: trustee@firevictimtrust.com;

      claimsadministrator@firevictimtrust.com

    

    

    with a copy to:

    Brown Rudnick LLP

    7 Times Square

    New York, NY 11036

    Attn: David J. Molton, Esq., Gerard T. Cicero, Esq.

    Email: dmolton@brownrudnick.com,

    gcicero@brownrudnick.com

    

    

    
      
        

      19

    

    

    

    SECTION 7.04.          Confidentiality.  The Parties will keep confidential and not disclose any information exchanged pursuant to this Agreement and its attachments, including information about the
        Trust’s Exchange and trading transactions, or any attempt to initiate an Exchange or trading transaction, (the “Confidential Information”), subject to the following
        exceptions:

    

    

    (a)          to the extent any of the
        Parties is advised by counsel that such disclosure is required pursuant to the order of any court or administrative agency or in any legal, judicial or administrative proceeding or other compulsory process or otherwise as required by applicable law
        or regulations (in which case each Party, as applicable, may disclose only the portion of such Confidential Information that such Party is advised by counsel is required to be disclosed, and provided that each Party shall promptly notify the other
        Parties, in advance, to the extent lawfully permitted to do so);

    

    

    (b)          to the directors,
        officers, employees, agents, representatives, controlling persons and advisors (including attorneys and accountants) (collectively, including those of affiliates, “Related Parties”)

        of such Party so long as such Party instructs its Related Parties to treat the Confidential Information in a confidential manner in accordance with the terms of this Section 7.04 (it being understood that such Party will be responsible for any
        breach of this Section 7.04, which by its terms applies to such party’s Related Parties, by any of such Party’s Related Parties);

    

    

    (c)          upon the request or
        demand of any regulatory or governmental authority or agency having jurisdiction over a Party or any of its Related Parties (in which case such Party or its Related Parties, as applicable, may disclose only the portion of such Confidential
        Information that such Party or its Related Parties is advised by counsel is required to be disclosed, and provided that such Party or its Related Parties shall, except with respect to any audit or examination conducted by bank accountants or any
        governmental regulatory authority or agency exercising examination or regulatory authority, promptly notify the other Parties, in advance, to the extent lawfully permitted to do so);

    

    

    (d)          to the extent any such
        Confidential Information becomes publicly available other than by reason of disclosure by any Party or any of its Related Parties in breach of this Section 7.04;

    

    

    (e)          to the extent such
        Confidential Information is available to, or internally developed by, a Party or its Related Parties (except to the extent received in a manner restricted by this Agreement), or is lawfully received by such Party or its Related Parties from a third
        party that is not, to such Party’s or any Related Parties’ knowledge, subject to a confidentiality obligation to the other Parties or any of their affiliates with respect to such information or is not, to such Party’s or any Related Parties’
        knowledge, prohibited from transmitting such information to such Party or any Related Parties; and

    

    

    (f)           to the extent that such
        Confidential Information is disclosed in accordance with Article IV and is used by PG&E to satisfy its tax or financial reporting obligations; provided,
      however, that the Parties agree that (i) Confidential Information shall include the information contained in Annex I and each of the Schedules to this Agreement
      (other than Schedule B), and (ii) the Specified Confidential Information shall be subject to the terms of the Confidentiality Agreement between HoldCo and the Trust dated
        April 21, 2021 (the “April 2021 NDA”) (which agreement shall be deemed to be amended hereby).

    

    

    
      
        

      20

    

    

    

    SECTION 7.05.          Expenses.  Each Party will bear its own legal expenses in connection with the Exchanges and entry into this Agreement.

    

    

    SECTION 7.06.          Resale Registration Statement.  Promptly following the Effective Date, HoldCo will amend or supplement its registration statement on Form S-3ASR (Registration No. 333-253630)
        to the extent required to register the resale of the New Shares and any Replacement Shares by the Trust in a manner consistent with this Agreement and the Registration Rights Agreement.

    

    

    SECTION 7.07.          Assignability.  Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of applicable
        law or otherwise by either Party without the prior written consent of the other Party.  Any purported assignment without such consent shall be void.  Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of,
        and be enforceable by, the Parties and their respective successors and assigns.  Notwithstanding the foregoing, HoldCo, ShareCo or Utility may assign this Agreement without consent in connection with (a) a merger transaction in which it is not the
        surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets, (b) the sale of all or substantially all of its assets or (c) the acquisition of all of its capital stock, in each case subject to
        compliance with Section 4.03 of this Agreement; provided, however, that the assignee
        expressly assumes in writing all of the obligations of HoldCo, ShareCo or Utility, as applicable, under this Agreement, the Registration Rights Agreement and the Confidentiality Agreement referred to in Section 7.08, and the assigning Party
        provides written notice and evidence of such assignment and assumption to the Trust.

    

    

    SECTION 7.08.          Entire Agreement.  Other than the April 2021 NDA, this Agreement and the schedules hereto contain the entire agreement between the Parties with respect to the subject matter
        hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties with respect to
        the subject matter hereof other than those set forth or referred to herein or therein.

    

    

    SECTION 7.09.          Headings.  The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
        interpretation of this Agreement.

    

    

    SECTION 7.10.          Interpretation.  Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context
        requires.  The terms “hereof”, “herein”, “herewith”, “this Agreement” and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole (including all of the schedules hereto) and not to any particular
        provision of this Agreement.  Any capitalized terms used in any schedule to this Agreement but not otherwise defined therein shall have the meaning ascribed thereto in this Agreement.  Article, Section or Schedule references are to the articles,
        sections and schedules of or to this Agreement unless otherwise specified.  Any definition of or reference to any agreement, instrument or other document herein (including any reference herein to this Agreement) shall be construed as referring to
        such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified from time to time (subject to any restrictions on such amendments, supplements or modifications set forth herein).  The word “including”
        and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified.  The word “or” shall not be exclusive.  References to “written” or “in writing”
        include in electronic form.  Any reference to any provisions of the Code or Treasury Regulations or to other applicable law shall be deemed to include any amendments or successor provisions thereto as appropriate.  References to dollars or $ are
        references to the lawful currency from time to time of the United States of America.  Nothing herein shall alter the obligation of any acquirer of HoldCo common stock from the Trust to comply with the requirements of the Amended Articles.

    

    

    
      
        

      21

    

    

    

    SECTION 7.11.          Survival and Termination.  Article 4 and Article 7 shall survive termination of this Agreement for a period of seven years.  This Agreement shall terminate when the Trust no
        longer holds any Plan Shares, New Shares or Nonconforming New Shares.

    

    

    SECTION 7.12.          Amendment and Waiver. No provision of this Agreement may be amended, modified, waived or supplemented except upon the execution and delivery of a written agreement executed by
        a duly authorized representative or officer of each of the Parties.

    

    

    SECTION 7.13.          Counterparts; Facsimiles.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which taken together shall
        constitute one and the same Agreement.  All signatures of the parties may be transmitted by facsimile or electronic delivery, and each such facsimile signature or electronic delivery signature (including a PDF signature) will, for all purposes, be
        deemed to be the original signature of the party whose signature it reproduces and be binding upon such party.

    

    

    SECTION 7.14.          Representation.  Except where the context requires otherwise, Utility and ShareCo appoint HoldCo to act as their representative for purposes of Communications contemplated by
        this Agreement.

    

    

    

    

    

    

    [Signature Page Follows]

    

    

    

    

    
      
        

    

     

    

    IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized representatives as of the date first set
      forth above.

    

    

    	
            PG&E CORPORATION,

             

            

          
	
            By

          
	 	    /s/ DAVID S. THOMASON

          
	 	
            Name:

          	David S. Thomason

          
	 	
            Title:

          	Vice President and Controller

          

    

    

    

    

    	
            PACIFIC GAS AND ELECTRIC COMPANY,

             

            

          
	
            By

          
	 	    /s/ MARGARET K. BECKER

          
	 	
            Name:    

            

          	Margaret K. Becker

          
	 	
            Title:   

            

          	Vice President and Treasurer

          

    

    

    

    

    	
            PG&E SHARECO, LLC

             

            

          
	
            By

          
	 	     /s/ MONICA KLEMANN

          
	 	
            Name:

          	Monica Klemann

          
	 	
            Title:

          	Authorized Representative

          

    

    

    

    

    	
            PG&E FIRE VICTIM TRUST,

             

            

          
	
            
              By 

              

            

          
	 	
            /s/ JOHN K. TROTTER

            

          
	 	
            Name: 

            

          	Hon. John K. Trotter (Ret.)
	 	
            Title:

            

          	Trustee

    

    

    

    

    

    

    

    

    

    

    [Signature Page to the PG&E Fire Victim Trust Share Exchange and Tax Matters
        Agreement]<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">MAXCYTE, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">LONG - TERM INCENTIVE
PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">(Formerly
known as MaxCyte, Inc. 2000 Long-Term Incentive Plan) Amended<BR>
and Restated as of May 17, 2016</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>. In this Plan, except where the context otherwise indicates, the following definitions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Affiliate</I></B>&#8221; means a corporation that is a parent or subsidiary corporation of the Company, as defined
in Sections 424(e) or (f) of the Code (but substituting &#8220;the Company&#8221; for &#8220;employer corporation&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Agreement</I></B>&#8221; means a written agreement evidencing an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Award</I></B>&#8221; means a grant of an Option or Performance Award or an award of Restricted Stock or Incentive
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Board</I></B>&#8221; means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Code</I></B>&#8221; means the Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Committee</I></B>&#8221; means such committee(s), subcommittee(s) or person(s) appointed by the Board to administer
this Plan or to make and/or administer specific Awards hereunder. If no such appointment is in effect at any time, &#8220;Committee&#8221;
shall mean the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Common Stock</I></B>&#8221; means the common stock, par value $.01 per share, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Company</I></B>&#8221; means MaxCyte, Inc. (formerly known as TheraMed, Inc.) and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Date of Exercise</I></B>&#8221; means the date on which the Company receives notice of the exercise of an Option in
accordance with the terms of Section 7.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Date of Grant</I></B>&#8221; means the date on which an Option, or Performance Award is granted or Restricted Stock
or Incentive Shares are awarded under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Eligible Person</I></B>&#8221; means (a) any person who is an Employee (b) any person who is hired to be an Employee,
(c) any Non-Employee Director and (d) any consultant or independent contractor to the Company or an Affiliate who is determined by the
Committee to render key services to the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Employee</I></B>&#8221; means any person determined by the Committee to be an employee of the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>EntreMed</I></B>&#8221; means EntreMed, Inc., a Delaware corporation, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &#8220;<B><I>Exchange Act</I></B>&#8221; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Exchange Stock</I></B>&#8221; means the capital stock of another corporation received by the stockholders of the Company,
as part of an Exchange Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Exchange Transaction</I></B>&#8221; means a merger (other than a merger of the Company in which the holders of the
Common Stock immediately prior to the merger have the same proportionate ownership of Common Stock in the surviving corporation immediately
after the merger), consolidation, acquisition or disposition of property or stock, separation, reorganization (other than a mere reincorporation
or the creation of a holding company), liquidation of the Company or any other similar transaction or event, in the case of each type
of transaction, so designated by the Board, acting in its discretion, as a result of which the stockholders of the Company receive cash,
stock or other property in exchange for or in connection with their Shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Fair Market Value</I></B>&#8221; means an amount equal to the then fair market value of a Share as determined by the
Committee pursuant to a reasonable method adopted in good faith for such purpose, or, unless otherwise determined by the Committee, if
the Shares become registered under the Securities Act of 1933 and the Shares are traded on a securities exchange or automated dealer quotation
system, fair market value shall be the last sale price for a Share on such securities exchange or automated dealer quotation system as
reported by such source as the Committee may select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Incentive Shares</I></B>&#8221; means an award providing for the contingent grant of Shares pursuant to the provisions
of Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Incentive Stock Option</I></B>&#8221; means an Option granted under this Plan that the Company designates as an incentive
stock option under Section 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Non-Employee Director</I></B>&#8221; means any member of the Company&#8217;s or an Affiliate&#8217;s Board of Directors
who is not an Employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Nonstatutory Stock Option</I></B>&#8221; means an Option granted under this Plan that is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Option</I></B>&#8221; means an option to purchase Shares granted under this Plan in accordance with the terms of Section
6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Option Period</I></B>&#8221; means the period during which an Option may be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Option Price</I></B>&#8221; means the price per Share at which an Option may be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Participant</I></B>&#8221; means an Eligible Person who has received an Award hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.26<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &#8220;<B><I>Performance Award</I></B>&#8221; means a performance award granted under the Plan in accordance with the terms of
Section 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Performance Goals</I></B>&#8221; means performance goals established by the Committee which may be based on earnings
or earnings growth, sales, return on assets, cash flow, total shareholder return, equity or investment, regulatory compliance, satisfactory
internal or external audits, improvement of financial ratings, achievement of balance sheet or income statement objectives, or any other
objective goals established by the Committee, and may be absolute in their terms or measured against or in relationship to other companies
comparably, similarly or otherwise situated. Such performance standards may be particular to an Eligible Person or the department, branch,
Affiliate or other division in which he or she works, or may be based on the performance of the Company generally, and may cover such
period as may be specified by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.28<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Plan</I></B>&#8221; means the MaxCyte, Inc. Long-Term Incentive Plan, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.29<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Restricted Stock</I></B>&#8221; means Shares awarded under the Plan pursuant to the provisions of Section 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Share</I></B>&#8221; means a share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B><I>Ten-Percent Stockholder</I></B>&#8221; means a Participant who (applying the rules of Section 424(d) of the Code)
owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purpose</U>. This Plan is intended to assist the Company and its Affiliates in attracting and retaining Eligible Persons of
outstanding ability and to promote the identification of their interests with those of the stockholders of the Company and its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Administration</U>. The Committee shall administer this Plan and shall have plenary authority, in its discretion, to award
Options, Restricted Stock, Incentive Shares and Performance Awards to Eligible Persons, subject to the provisions of this Plan. The Committee
shall have plenary authority and discretion, subject to the provisions of this Plan, to determine the Eligible Persons to whom Options,
or Performance Awards shall be granted and to whom Restricted Stock or Incentive Shares shall be awarded, the terms (which terms need
not be identical) of all Awards to Eligible Persons, including without limitation the Option Price of Options, the time or times at which
Awards are made, the number of Shares covered by Awards, whether an Option shall be an Incentive Stock Option or a Nonstatutory Stock
Option, any exceptions to non-transferability, any Performance Goals applicable to Awards, any provisions relating to vesting, and the
period during which Options may be exercised and Restricted Stock shall be subject to restrictions. In making these determinations, the
Committee may take into account the nature of the services rendered or to be rendered by the Award recipients, their present and potential
contributions to the success of the Company and its Affiliates, and such other factors as the Committee in its discretion shall deem
relevant. Subject to the provisions of the Plan, the Committee shall have plenary authority to interpret the Plan, prescribe, amend and
rescind rules and regulations relating to it, and make all other determinations deemed necessary or advisable for the administration
of this Plan. The determinations of the Committee on the matters referred to in this Section 3 shall be binding and final.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Eligibility</U>. Options, Restricted Stock, Incentive Shares and Performance Awards may be granted or awarded only to Eligible
Persons; provided, however, that Incentive Stock Options may not be granted to Eligible Persons who are not Employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Subject to Plan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to adjustment as provided in Section 11, the maximum number of Shares that may be issued under this Plan is a number of
Shares equal to the sum of (a) 6,264,682 Shares plus (b) ten percent (10%) of the Shares that are issued and outstanding at the time Awards
are made under the Plan from time to time, provided, however, that when the right to acquire Shares under an Award has been released,
lapsed, or otherwise become incapable of exercise, such Shares shall be capable of being issued under a new Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Option expires or terminates for any reason without having been fully exercised, if Shares of Restricted Stock are forfeited
or if Shares covered by an Incentive Share Award or Performance Award are not issued or are forfeited, the unissued or forfeited Shares
which had been subject to the Award shall become available for the grant of additional Awards. In no event shall Shares which, under this
Plan, are authorized to be used in payment of an Incentive Share or Performance Awards be deemed to be unavailable for purposes of the
Plan until such Shares have been issued in payment thereof in accordance with the provisions of Sections 9 and 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Options granted under this Plan to Eligible Persons shall be either Incentive Stock Options or Nonstatutory Stock Options, as designated
by the Committee; provided, however, that Incentive Stock Options may not be granted to Eligible Persons who are not Employees. Each Option
granted under this Plan shall be clearly identified either as a Nonstatutory Stock Option or an Incentive Stock Option and shall be evidenced
by an Agreement that specifies the terms and conditions of the grant. Options shall be subject to the terms and conditions set forth in
this Section 6 and such other terms and conditions not inconsistent with this Plan as the Committee may specify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The price per share of Common Stock at which an Option granted under this Plan may be exercised shall not be less than one hundred
percent (100%) of the Fair Market Value of the Common Stock on the Date of Grant. Notwithstanding the foregoing, in the case of an Incentive
Stock Option granted to a Participant who, at the time of grant, is a Ten Percent Shareholder, the exercise price per share shall not
be less than one hundred and ten percent (110%) of the Fair Market Value of the Common Stock on the date on which the Option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Option Period shall be determined by the Committee and specifically set forth in the Agreement; provided, however, that an
Option shall not be exercisable after ten years (five years in the case of an Incentive Stock Option granted to a Ten-Percent Stockholder)
from its Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The Committee, in its discretion, may provide in an Agreement for the right of a Participant to surrender to the Company an Option
(or a portion thereof) that has become exercisable and to receive upon such surrender, without any payment to the Company (other than
required tax withholding amounts) that number of Shares (equal to the highest whole number of Shares) having an aggregate fair market
value as of the date of surrender equal to that number of Shares subject to the Option (or portion thereof) being surrendered multiplied
by an amount equal to the excess of (i) the Fair Market Value on the date of surrender over (ii) the Option Price, plus an amount of cash
equal to the fair market value of any fractional Share to which the Participant would be entitled but for the parenthetical above relating
to whole number of Shares. Any such surrender shall be treated as the exercise of the Option (or portion thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise of Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An Option may, subject to the terms of the applicable Agreement under which it was granted, be exercised in whole or in part by
the delivery to the Company of written notice of the exercise, in such form as the Committee may prescribe, accompanied, in the case of
an Option, by (a) a full payment for the Shares with respect to which the Option is exercised or (b) irrevocable instructions to a broker
to deliver promptly to the Company cash equal to the exercise price of the Option. To the extent provided in the applicable Option Agreement,
payment may be made in whole or in part by delivery (including constructive delivery) of Shares (provided that such Shares have been held
by the Participant for at least six (6) months) valued at Fair Market Value on the Date of Exercise or by delivery of a promissory note
as provided in Section 7.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent provided in an Agreement and permitted by applicable law, the Committee may accept as partial payment of the Option
Price a promissory note executed by the Participant evidencing his or her obligation to make future cash payment thereof. Promissory notes
made pursuant to this Section 7.2 shall be payable upon such terms as may be determined by the Committee, shall be secured by a pledge
of the Shares received upon exercise of the Option, or other securities the Committee may deem to be acceptable for such purposes, and
shall bear interest at a rate fixed by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Options granted under this Plan shall not be transferable except by will, the laws of descent and distribution, or as provided
by the Committee in an Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the preceding
sentence, the Committee may determine at the time a Nonstatutory Stock Option is granted to a Participant or thereafter that the Option
is transferable by the Participant to such persons, including, without limitation, members of the Participant&#8217;s immediate family
or a trust created for the benefit of any members of the Participant&#8217;s immediate family, under such circumstances and subject to
such conditions as the Committee may prescribe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Stock Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Restricted
Stock awards under this Plan shall consist of Shares that are restricted against transfer, subject to forfeiture, and subject to
such other terms and conditions as may be determined by the Committee. Such terms and conditions may provide, in the discretion of
the Committee, for the vesting of such awards to be contingent upon the achievement of one or more specified Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Restricted Stock awards under this Plan shall be evidenced by Agreements specifying the terms and conditions of the Award. Each
Agreement evidencing an Award of Restricted Stock shall contain the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prohibitions against the sale, assignment, transfer, exchange, pledge, hypothecation, or other encumbrance of (i) the Shares awarded
as Restricted Stock under this Plan, (ii) the right to vote the Shares, and (iii) the right to receive dividends thereon, in each case
during, the restriction period applicable to the Shares; provided, however, that the Participant shall have all the other rights of a
stockholder including without limitation the right to receive dividends and the right to vote the Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a requirement that each certificate representing Shares of Restricted Stock shall be deposited with the Company, or its designee,
and shall bear the following legend:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 1.5in; text-align: justify; text-indent: 0in">&#8220;This certificate
and the shares of stock represented hereby are subject to the terms and conditions (including the risks of forfeiture and restrictions
against transfer) contained in the MaxCyte, Inc. 2000 Long-Term Incentive Plan, and an Agreement entered into between the registered owner
and MaxCyte, Inc. Release from such terms and conditions shall be made only in accordance with the provisions of this Plan and the Agreement,
a copy of each of which is on file in the office of the Secretary of MaxCyte, Inc.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the terms and conditions upon which any restrictions applicable to Shares of Restricted Stock shall lapse and new certificates
free of the foregoing legend shall be issued to the Participant or his or her legal representative; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such other terms, conditions and restrictions as the Committee in its discretion may specify, including without limitation terms
that condition the lapse of forfeiture and transfer restrictions upon the achievement of Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incentive Share Awards</U>. Incentive Shares awarded under this Plan shall be evidenced by an Agreement specifying the terms
and conditions of such Award. Incentive Share Awards shall provide for the issuance of Shares to a Participant at such times and subject
to such terms and conditions as determined by the Committee, including without limitation terms that condition the issuance of Shares
upon the achievement of Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Performance
Awards</U>. Performance Awards granted under this Plan shall be evidenced by an Agreement specifying the terms and conditions of
such Award. Performance Awards shall become payable on account of attainment of one or more Performance Goals established by the
Committee. Performance Awards may be paid by the delivery of Common Stock or cash, or any combination of Common Stock and cash, as
specified in the Agreement. If a Performance Award is paid in cash, the Award shall be deemed, for purposes of Section 5.1 hereof,
to cover a number of shares of Common Stock equal to the quotient obtained by dividing the dollar amount of the Award payment by the
Fair Market Value of a Share as of the date of payment, rounded to the next highest whole number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capital Changes; Other Transactions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Recapitalizations</U>. If any change is made to the Common Stock by reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Company&#8217;s
receipt of consideration, appropriate corresponding adjustments shall be made to: (1) the maximum number and/or class of securities issuable
under the Plan, and (2) the number and/or class of securities covered by each outstanding Award, and (3) the exercise price per share
in effect under each outstanding Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Extension of Exercise Period</U>. The Committee, at the time an Option is granted or thereafter, may provide for an extended
exercise period with respect to Options held by Participants whose employment with the Company is terminated for any reason other than
by the Company for &#8220;cause&#8221; (as such term is defined by the Committee in the Option agreement), provided that the extended
post-termination exercise period may not extend beyond the earlier of (a) the seventh anniversary of such date, or (b) the tenth anniversary
of the date the Option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Exchange Transactions</U>. In the event of and in connection with an Exchange Transaction, the Board may take such
actions as it deems necessary or appropriate in order to provide for the orderly disposition of outstanding Options in a manner which
is in the best interests of the Company and its stockholders. Such actions may include, without limitation, (a) accelerating the vesting
of outstanding Options, in whole or in part, so that the holders of such Options may participate in or be cashed out in connection with
the Exchange Transaction, or (b) if, as part of an Exchange Transaction, the stockholders of the Company receive Exchange Stock in exchange
for their Shares (whether or not such Exchange Stock is the sole consideration), converting outstanding Options in whole or in part into
Options to purchase Shares of Exchange Stock. Any such conversion shall be made in a manner that is consistent with the requirements of
Treasury Regulations Section 1.424-1(a)(3) and Section 409A of the Code. Unless the Board determines otherwise, the vesting conditions
with respect to the converted options shall be substantially the same as the vesting conditions set forth in the original option agreement.
Any vested Options that are neither converted into options to purchase Exchange Stock nor exercised or cashed out prior to the Exchange
Transaction will thereupon terminate. For the purposes hereof, a &#8220;change in control&#8221; within the meaning of a participant&#8217;s
award agreement will be deemed to be an Exchange Transaction and the provisions of the participant&#8217;s agreement relating to the effect
of a change in control will be disregarded if and to the extent such provisions are not consistent with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Drag
 &#8211; Along Right.</U>&#9;In the event of an Exchange Transaction, the Company may require each Participant who has exercised all
or part of an Option to participate in such Exchange Transaction with respect to all or a proportionate number of the
Participant&#8217;s Shares. In order to exercise its Drag-Along Right, the Company shall deliver to each affected Participant
written notice (the &#8220;<B><I>Drag &#8211;Along Notice</I></B>&#8221;) specifying the material terms of the Exchange Transaction,
including the identity of the purchaser, the terms of the transaction and the costs expected to be incurred in connection with such
transaction. The Committee shall establish such rules and procedures as it deems necessary or advisable in order to administer the
Drag-Along Right of the Company in a uniform and non-discriminatory manner with respect to the affected participants. Each affected
participant will be required to acknowledge the Company&#8217;s Drag-Along Right and to abide by the terms and conditions thereof as
a condition to the exercise of the Participant&#8217;s Option. This Section 12 shall terminate immediately prior to an initial
public offering of the Company&#8217;s Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination or Amendment</U>. The Board may amend, alter or terminate this Plan in any respect at any time; provided, however,
that, after this Plan has been approved by the stockholders of the Company, no amendment, alteration or termination of this Plan shall
be made by the Board without approval of (a) the Company&#8217;s stockholders to the extent stockholder approval of the amendment is required
by applicable law or regulations or the requirements of the principal exchange or interdealer quotation system on which the Common Stock
is listed or quoted, if any, and (b) each affected Participant if such amendment, alteration or termination would adversely affect his
or her rights or obligations under any Award made prior to the date of such amendment, alteration or termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Modification, Extension, Renewal, Substitution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">14.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the terms and conditions of this Plan, the Committee may modify, extend or renew outstanding Options, or accept the
surrender of outstanding Options granted under this Plan or options granted under any other plan of the Company or an Affiliate (to the
extent not theretofore exercised), and authorize the granting of new Options pursuant to this Plan in substitution therefor. Any substituted
Options may specify a lower exercise price than the surrendered options, a longer term than the surrendered options, or have any other
provisions that are authorized by this Plan. Subject to the terms and conditions of this Plan, the Committee may modify the terms of any
outstanding Awards. Notwithstanding the foregoing, however, no modification of an Award shall, without the consent of the Participant,
alter or impair any of the Participant&#8217;s rights or obligations under such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">14.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Anything contained herein to the contrary notwithstanding, Options, Restricted Stock, Incentive Shares and Performance Awards may,
at the discretion of the Committee, be granted under this Plan in substitution for options and such other awards covering capital stock
of another corporation which is merged into, consolidated with, or all or a substantial portion of the property or stock of which is acquired
by, the Company or one of its Affiliates. The terms and conditions of the substitute Awards so granted may vary from the terms and conditions
set forth in this Plan to such extent as the Committee may deem appropriate in order to conform, in whole or part, to the provisions of
the awards in substitution for which they are granted. Such substitute Awards granted hereunder shall not be counted toward the Share
limit imposed clause (b) of the first sentence of Section 5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effectiveness of this Plan</U>. This Plan and any amendments hereto requiring stockholder approval pursuant to Section 12 are
subject to approval by vote of the stockholders of the Company at the next annual or special meeting of stockholders following adoption
by the Board. Subject to such stockholder approval, this Plan and any amendments hereto are effective on the date on which they are adopted
by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Withholding</U>. The Company&#8217;s obligation to deliver Shares or pay any amount pursuant to the terms of any Award hereunder
shall be subject to satisfaction of applicable federal, state and local tax withholding requirements. To the extent provided in the applicable
Agreement and in accordance with rules prescribed by the Committee, a Participant may satisfy any such withholding tax obligation by any
of the following means or by a combination of such means: (a) tendering a cash payment, (b) authorizing the Company to withhold Shares
otherwise issuable to the Participant, or (c) delivering to the Company already owned and unencumbered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Terms of this Plan</U>. Unless sooner terminated by the Board pursuant to Section 12, this Plan shall terminate on December
31, 2026, and no Awards may be granted or awarded after such date. The termination of this Plan shall not affect the validity of any Award
outstanding on the date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification of Committee</U>. In addition to such other rights of indemnification as they may have as Directors or as members
of the Committee, the members of the Committee shall be indemnified by the Company against all reasonable expenses, including attorneys&#8217;
fees, actually and reasonably incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal
therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with this
Plan or any Option, Restricted Stock, Incentive Shares or Performance Awards granted or awarded hereunder, and against all amounts reasonably
paid by them in settlement thereof or paid by them in satisfaction of a judgment in any such action, suit or proceeding, if such members
acted in good faith and in a manner which they believed to be in, and not opposed to, the best interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>General Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The establishment of this Plan shall not confer upon any Eligible Person any legal or equitable right against the Company, any
Affiliate or the Committee, except as expressly provided in this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Plan does not constitute inducement or consideration for the employment or service of any Eligible Person, nor is it a contract
between the Company or any Affiliate and any Eligible Person. Participation in this Plan shall not give a an Eligible Person any right
to be retained in the service of the Company or any Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the adoption of this Plan nor its submission to the stockholders, shall be taken to impose any limitations on the powers
of the Company or its Affiliates to issue, grant, or assume options, warrants, rights, or restricted stock, or other awards otherwise
than under this Plan, or to adopt other stock option, restricted stock, or other plans or to impose any requirement of stockholder approval
upon the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The interests of any Eligible Person under this Plan are not subject to the claims of creditors and may not, in any way, be assigned,
alienated or encumbered except as provided in an Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Plan shall be governed, construed and administered in accordance with the laws of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The Committee may require each person acquiring Shares pursuant to Awards hereunder to represent to and agree with the Company
in writing that such person is acquiring the Shares without a view to distribution thereof. The certificates for such Shares may include
any legend which the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares issued pursuant
to this Plan shall be subject to such stock transfer orders and other restrictions as the Committee may deem advisable under the rules,
regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed
or interdealer quotation system upon which the Common Stock is then quoted, and any applicable federal or state securities laws. The Committee
may place a legend or legends on any such certificates to make appropriate reference to such restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">19.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be required to issue any certificate or certificates for Shares with respect to Awards under this Plan, or
record any person as a holder of record of such Shares, without obtaining, to the complete satisfaction of the Committee, the approval
of all regulatory bodies deemed necessary by the Committee, and without complying to the Board&#8217;s or Committee&#8217;s complete satisfaction,
with all rules and regulations, under federal, state or local law deemed applicable by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>MaxCyte, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>LONG TERM INCENTIVE PLAN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>UK SUB-PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Board has adopted this sub-plan
for the purposes of the Long Term Incentive Plan&#8217;s operation in the UK. Any Awards granted under the Plan to a Participant who is
resident in the UK shall be subject to the following additional limitations, terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The definition in section 1.1 (<B>Affiliate</B>) shall be amended in relation to Awards granted pursuant
to this Sub-Plan so that it reads as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<B><I>Affiliate</I></B>&#8221;
means the Company and/or any member of the Company&#8217;s group (as defined in sections 554Z(5) and (6) of part 7A of the Income Tax
(Earnings &amp; Pensions) Act 2003).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The definition in section 1.11 (<B>Eligible Person</B>) shall be amended in relation to Awards granted
pursuant to this Sub-Plan so that it reads as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Eligible
Person</I></B>&#8221; means any person who is an Employee of the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The definition in section 1.12 (<B>Employee</B>) shall be amended in relation to Awards granted pursuant
to this Sub-Plan so that it reads as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="text-indent: 1.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&#8220;<B><I>Employee</I></B>&#8221;
means any person who is a bona fide employee of the Company or an Affiliate (including any director who is also an employee) as determined
by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The grant of Awards in the form of Options to Eligible Persons in the UK will be implemented in accordance
with the rules of the Plan (as amended by this Sub-Plan) and the terms and conditions of the UK Option Agreement attached to this Sub-Plan
(as amended by the Committee in its absolute discretion from time to time).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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