Document:

Document

Exhibit 10.4

SUPPLEMENTAL SPLIT-DOLLAR AGREEMENT
This SUPPLEMENTAL SPLIT-DOLLAR AGREEMENT (this “Agreement”) is made and entered into effective as of the 7th day of July, 2021, by and between Red River Bank, a Louisiana banking corporation located in Alexandria, Louisiana (the “Bank”) and Isabel V. Carriere, an individual (“Insured”).
R E C I T A L S:
A.Insured is currently an executive of the Bank and provides valuable service to the Bank.
B.Insured and the Bank are parties to the Split-Dollar Agreement dated October 1, 2004, which continues in effect for purposes of providing certain death benefits to the Insured’s beneficiaries in the event of the Insured’s death.
C.As an additional inducement to Insured to utilize her best efforts on behalf of the Bank, the Bank desires to provide Insured with additional death benefits under a life insurance policy purchased by the Bank on the life of Insured.
NOW, THEREFORE, the parties hereto, for and in consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound hereby, do hereby agree as follows:
1.Identification of Policy.  This Agreement pertains to the life insurance policy or policies (the “Policy”) listed on Exhibit C, attached and made a part hereto.
2.Ownership of Policy.  The Bank shall own all of the right, title and interest in the Policy and shall control all rights of ownership with respect thereto.  The Bank, in its sole discretion, may exercise its right to borrow against or withdraw the cash value of the Policy.  In the event coverage under the Policy is increased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.  The Bank shall be the beneficiary of the remaining death proceeds of the Policy after payment of the Death Benefit as provided for in Section 6.
3.Designation of Beneficiary.  Insured may designate one or more beneficiaries (on the Beneficiary Designation Form attached hereto as Exhibit B) to receive a portion of the death proceeds of the Policy payable pursuant hereto upon the death of the Insured subject to any right, title or interest the Bank may have in such proceeds as provided herein.  In the event Insured fails to designate a beneficiary, any benefits payable pursuant hereto shall be paid to the estate of Insured.
4.Maintenance of Policy.  It is the Bank’s intention to maintain a life insurance policy for the benefit of the Insured.  Accordingly, the Bank shall be responsible for making any 
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required premium payments and to take all other actions within the Bank’s reasonable control in order to keep the Policy in full force and effect; provided, however, that the Bank may replace the Policy with a comparable policy or policies so long as Insured’s beneficiaries will be entitled to receive an amount of death proceeds under Section 6 substantially equal to those that the beneficiaries would be entitled to if the original Policy were to remain in effect.  If any such replacement is made, all references herein to the “Policy” shall thereafter be references to such replacement policy or policies.  If the Policy contains any premium waiver provision, any such waived premiums shall be considered for the purposes of this Agreement as having been paid by the Bank.  The Bank shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay its obligations under this Agreement, including, but not limited to, payment of Policy premiums.
a.Notwithstanding anything in this Agreement to the contrary, in the event that for any reason:
i.the Insurer identified in Exhibit C, or any successor Insurer or substitute or replacement Insurer, denies a claim under the Policy;
ii.the Insurer or any successor Insurer or substitute or replacement Insurer fails to pay a claim under the Policy, including but not limited to the bankruptcy, insolvency or other similar proceeding being instituted by or against the Insurer or any successor Insurer or substitute or replacement Insurer; or
iii.no death benefits have been paid under the Policy to Bank (or to the extent of any endorsement agreed to by Bank to the Insured, the Insured’s estate or the Beneficiaries), 
then no amounts shall be due hereunder by Bank to Insured, Insured’s estate or beneficiaries.
Insured and beneficiaries hereby and will in the future, hold Bank                             harmless from any payment obligation hereunder to the extent an event                 described in subsections (i), (ii) or (iii) occurs or a claim under the Policy                 has not been paid for any reason by the Insurer or death benefits have not                 been paid under the Policy to Bank (or to the extent of any endorsement                 agreed to by Bank to the Insured, the Insured’s estate or the beneficiaries)                 by Insurer.
b.It is the intent of the parties that this Agreement provides for a death benefit only and provides Insured with no right to any policy cash value and no retirement or deferred compensation benefits or rights.
c.It is the intent of the parties that any of Insured’s rights to payment hereunder shall be funded solely from the Policy proceeds and Bank shall 
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have no liability or obligation to Insured in the event of non-payment of Policy death proceeds or default of Insurer for any reason.
5.Reporting Requirements.  The Bank will report on an annual basis to Insured the economic benefit of the death benefits under the Policy payable to the Insured’s beneficiary attributable to this Agreement on IRS Form W-2, or if applicable Form 1099, so that Insured can properly include said amount in his or her taxable income.  Insured agrees to accurately report and pay all applicable taxes on such amount as income reportable hereunder to Insured.  Insured acknowledges and understands that no “group term life” or similar income tax exclusion applies to benefits provided hereunder.
6.Policy Proceeds.  Subject to Section 8, upon the death of Insured, the death proceeds of the Policy shall be divided in the following manner:
a.The Insured’s beneficiary(ies) designated in accordance with Section 3 shall be entitled to an amount equal to the Death Benefit as defined in Exhibit A attached to and made a part hereof.
b.The Bank shall be entitled to any death proceeds payable under the Policy remaining after payment to the Insured’s beneficiary(ies) under Section 6(a) above.
c.The Bank and Insured shall share in any interest due on the death proceeds of the Policy on a pro rata basis based upon the amount of proceeds due each party divided by the total amount of proceeds, excluding any such interest.
d.The Bank shall be entitled to a certified copy of the Insured’s death certificate prior to providing the Insurer the amount to be paid to the Insured’s beneficiary(ies) as set forth in this Section 6.
7.Cash Surrender Value of the Policy.  The “Cash Surrender Value of the Policy” shall be equal to the cash value of the Policy at the time of the Insured’s death or upon surrender of the Policy, as applicable, less (i) any policy or premium loans or withdrawals or any other indebtedness secured by the Policy, and any unpaid interest thereon, previously incurred or made by the Bank, and (ii) any applicable surrender charges, as determined by the Insurer or agent servicing the Policy. The Bank shall at all times be entitled to 100% of the Cash Surrender Value of the Policy.
8.Termination of Agreement.
a.This Agreement shall terminate immediately upon the first to occur of the following:
i.the distribution of the death benefit proceeds in accordance with Section 6 above;
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ii.the termination of Insured’s employment with the Bank for any reason other than death; or  
iii.the surrender or termination of the Policy by the Bank.
b.Insured acknowledges and agrees that the termination of this Agreement pursuant to subsections (a)(ii) and (a)(iii) above shall terminate any rights of the Insured’s beneficiary(ies) to receive any death proceeds of the Policy under this Agreement, and such termination shall be without any liability of any nature to Bank.
9.Assignment.  Insured shall not make any assignment of Insured’s rights, title or interest in or to the death proceeds of the Policy whatsoever without the prior written consent of the Bank (which may be withheld for any reason or no reason in its sole and absolute discretion) and acknowledgment by the Insurer.
10.Administration.
a.This Agreement shall be administered by the Board of Directors of the Bank (the “Board”).
b.As the administrator, the Board shall have the powers, duties and full discretionary authority to:
i.Construe and interpret the provisions of this Agreement;
ii.Adopt, amend or revoke rules and regulations for the administration of this Agreement, provided they are not inconsistent with the provisions of this Agreement;
iii.Provide appropriate parties with such returns, reports, descriptions and statements as may be required by law, within the times prescribed by law and to make them available to the Insured (or the Insured’s beneficiary) when required by law;
iv.Take such other action as may be reasonably required to administer this Agreement in accordance with its terms or as may be required by law;
v.Withhold applicable taxes and file with the Internal Revenue Service appropriate information returns with respect to any payments and/or benefits provided hereunder; and
vi.Appoint and retain such persons as may be necessary to carry out its duties as administrator.
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c.The Board shall serve as the “named fiduciary,” as such term is defined in Section 402(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), with respect to this Agreement (the “Named Fiduciary”).  The Named Fiduciary shall be responsible for the management, control and administration of the Policy’s death proceeds.  The Named Fiduciary may, in its reasonable discretion, delegate certain aspects of its management and administrative responsibilities.  Upon the death of the Insured, the Named Fiduciary will contact the Insurer in order to complete a claim form and determine what other steps need to be taken.  The Insurer will evaluate and make a decision as to payment.  If the claim is eligible for payment under the Policy, a check will be issued to the Beneficiary.  If the Insurer determines that a claim is not eligible for payment under the Policy, the Beneficiary may, in its sole discretion, contest such claim denial by contacting the Insurer in writing.
d.Any decision or action of the Board with respect to any question arising out of or in connection with the administration, interpretation, and application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement.
e.The Bank shall indemnify and hold harmless the members of the Board, and those to whom management and operation responsibilities of this Agreement have been delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Board or any of its members.
11.Claims Procedures.
a.For purposes of these claims procedures, the Board shall serve as the “Claims Administrator.”
b.If the Insured or any beneficiary of the Insured should have a claim for benefits hereunder he or she shall file such claim by notifying the Claims Administrator in writing.  The Claims Administrator shall make all determinations as to the right of any person or persons to a benefit hereunder.  Benefit claims shall be made by the Insured, his beneficiary or beneficiaries or a duly authorized representative thereof (the “claimant”).
c.If the claim is wholly or partially denied, the Claims Administrator shall provide written or electronic notice thereof to the claimant within a reasonable period of time, but not later than ninety (90) days after receipt of the claim.  An extension of time for processing the claim for benefits is allowable if special circumstances require an extension, but such an extension shall not extend beyond one hundred eighty (180) days from the 
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date the claim for benefits is received by the Claims Administrator.  Written notice of any extension of time shall be delivered or mailed within ninety (90) days after receipt of the claim and shall include an explanation of the special circumstances requiring the extension and the date by which the Claims Administrator expects to render the final decision.
d.The notice of adverse benefit determination shall (i) specify the reason for the denial; (ii) reference the provisions of this Agreement on which the denial is based; (iii) describe the additional material or information, if any, necessary for the claimant to receive benefits and explain why such information is necessary; (iv) indicate the steps to be taken by the claimant if a review of the denial is desired, including the time limits applicable thereto; and (v) contain a statement of the claimant’s right to bring a civil action under ERISA in the event of an adverse determination on review.
e.If a claim is denied and a review is desired, the claimant shall notify the Claims Administrator in writing within sixty (60) days after receipt of written notice of a denial of a claim.  In requesting a review, the claimant may submit any written comments, documents, records, and other information relating to the claim that the claimant feels are appropriate.  The claimant shall, upon request and free of charge, be provided reasonable access to, and copies of, all documents, records and other information “relevant” to the claimant’s claim for benefits.  The Claims Administrator shall review the claim taking into account all comments, documents, records and other information submitted by the claimant, without regard to whether such information was submitted or considered in the initial benefit determination.
f.The Claims Administrator shall provide the claimant with written or electronic notification of the benefit determination upon review.  In the event of an adverse benefit determination on review, the notice thereof shall (i) specify the reason or reasons for the adverse determination; (ii) reference the specific provisions of this Agreement on which the benefit determination is based; (iii) contain a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of all records and other information “relevant” to the claimant’s claim for benefits; and (iv) inform the claimant of the right to bring a civil action under the provisions of ERISA.
g.For purposes hereof, documents, records and information shall be considered “relevant” to the claimant’s claim if it (i) was relied upon in making the benefit determination, (ii) was submitted, considered, or generated in the course of making the benefit determination, whether or not actually relied upon in making the determination; or (iii) demonstrates 
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compliance with the administrative processes and safeguards of this claims procedure.
h.After exhaustion of the claims procedure as provided herein, nothing shall prevent the claimant from pursuing any other legal or equitable remedy otherwise available, including the right to bring a civil action under Section 502(a) of ERISA, if applicable.  Notwithstanding the foregoing, no legal action may be commenced or maintained against the Bank, the Board, any member of the Board or the Claims Administrator more than ninety (90) days after the claimant has exhausted the administrative remedies set forth in this Section 11.
12.Confidentiality.  Except to the extent disclosure of this Agreement is required by federal securities laws and regulations or other state or federal laws and regulations, Insured agrees that the terms and conditions of this Agreement, except as such may be disclosed in financial statements and tax returns, or in connection with estate planning, are and shall forever remain confidential, and Insured agrees that he shall not reveal the terms and conditions contained in this Agreement at any time to any person or entity, other than his financial and professional advisors, unless required to do so by a court of competent jurisdiction.
13.Other Agreements.  The benefits provided for herein for Insured are supplemental life insurance benefits and shall not be deemed to modify, affect or limit any salary or salary increases, bonuses, profit sharing or any other type of compensation of Insured in any manner whatsoever.  No provision contained in this Agreement shall in any way affect, restrict or limit any existing employment agreement between the Bank and Insured, nor shall any provision or condition contained in this Agreement create specific rights of Insured or limit the right of the Bank to discharge Insured with or without cause.  Except as otherwise provided therein, nothing contained in this Agreement shall affect the right of Insured to participate in or be covered by or under any qualified or non-qualified pension, profit sharing, group, bonus or other supplemental compensation, retirement or fringe benefit plan constituting any part of the Bank’s compensation structure whether now or hereinafter existing.
14.Withholding.  Notwithstanding any of the provisions hereof, the Bank may withhold from any payment to be made hereunder such amount as it may be required to withhold under any applicable federal, state or other law, and transmit such withheld amounts to the applicable taxing authority.
15.Miscellaneous Provisions.
a.Counterparts.  This Agreement may be executed simultaneously in any number of counterparts.  Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument.  This Agreement may be executed and delivered by facsimile transmission of an executed counterpart.
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b.Survival.  The provisions of Sections 12 and 15 of this Agreement shall survive the termination of this Agreement indefinitely, regardless of the cause of, or reason for, such termination.
c.Construction.  As used in this Agreement, the neuter gender shall include the masculine and the feminine, the masculine and feminine genders shall be interchangeable among themselves and each with the neuter, the singular numbers shall include the plural, and the plural the singular.  The term “person” shall include all persons and entities of every nature whatsoever, including, but not limited to, individuals, banks, corporations, partnerships, governmental entities and associations.  The terms “including,” “included,” “such as” and terms of similar import shall not imply the exclusion of other items not specifically enumerated.
d.Severability.  If any provision of this Agreement or the application thereof to any person or circumstance shall be held to be invalid, illegal, unenforceable or inconsistent with any present or future law, ruling, rule or regulation of any court, governmental or regulatory authority having jurisdiction over the subject matter of this Agreement, such provision shall be rescinded or modified in accordance with such law, ruling, rule or regulation and the remainder of this Agreement or the application of such provision to the person or circumstances other than those as to which it is held inconsistent shall not be affected thereby and shall be enforced to the greatest extent permitted by law.
e.Governing Law.  This Agreement is made in the State of Louisiana and shall be governed in all respects and construed in accordance with the laws of the State of Louisiana, without regard to its conflicts of law principles, except to the extent superseded by the Federal laws of the United States.
f.Binding Effect.  This Agreement is binding upon the parties, their respective successors, permitted assigns, heirs and legal representatives. Without limiting the foregoing, the terms of this Agreement shall be binding upon Insured’s estate, administrators, personal representatives and heirs.  This Agreement may be assigned by Bank to any party to which Bank assigns or transfers the Policy.  This Agreement has been approved by the Bank’s Board of Directors and the Bank agrees to maintain an executed counterpart of this Agreement in a safe place as an official record of the Bank.
g.No Trust.  Nothing contained in this Agreement and no action taken pursuant to the provisions of this Agreement shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Bank and the Insured, Insured’s designated beneficiary or any other person.
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h.Assignment of Rights.  None of the payments provided for by this Agreement shall be subject to seizure for payment of any debts or judgments against the Insured or any beneficiary; nor shall the Insured or any beneficiary have any right to transfer, modify, anticipate or encumber any rights or benefits hereunder; provided, however, that the undistributed portion of any benefit payable hereunder shall at all times be subject to set-off for debts owed by Insured to Bank.
i.Entire Agreement.  This Agreement (together with its exhibits, which are incorporated herein by reference) constitutes the entire agreement of the parties with respect to the subject matter hereof and supercedes all prior or contemporaneous negotiations, agreements and understandings, whether oral or written, relating to the subject matter hereof.
j.Notice.  Any notice to be delivered under this Agreement shall be given in writing and delivered by hand, or by first class, certified or registered mail, postage prepaid, addressed to the Bank or the Insured, as applicable, at the address for such party set forth below or such other address designated by notice.
Bank:        Red River Bank
        1412 Centre Court, Suite 301                
        Alexandria, Louisiana 71301
        Attention:  General Counsel
    
Insured:        Isabel V. Carriere                
            [Address]            
        

k.Non-waiver.  No delay or failure by either party to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right.
l.Headings.  Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions.
m.Amendment.  No amendments or additions to this Agreement shall be binding unless in writing and signed by both parties.  No waiver of any provision contained in this Agreement shall be effective unless it is in writing and signed by the party against whom such waiver is asserted.  Notwithstanding the foregoing, the Bank may amend, modify or terminate this Agreement (and may do so retroactively) without the consent and or approval of the Insured or any beneficiary of the Insured if such amendment, modification or termination is necessary to ensure compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the 
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“Code”), or in order to avoid the application of any penalties that may be imposed upon the Insured and any beneficiary of the Insured pursuant to the provisions of Code Section 409A.
n.Seal.  The parties hereto intend this Agreement to have the effect of an agreement executed under the seal of each.
o.Purpose.  The primary purpose of this Agreement is to provide certain death benefits to the Insured as a member of a select group of management or highly compensated employees of the Bank.
p.Compliance with Section 409A of the Code.  This Agreement is intended to be exempt from the provisions of Section 409A of the Code and the rules and regulations promulgated thereunder.  However, the Bank does not warrant to Insured that all amounts payable under this Agreement will be exempt from, or paid in compliance with, Section 409A.  Executive understands and agrees that he bears the entire risk of any adverse federal, state or local tax consequences and penalty taxes which may result from payment of compensation for his services on a basis contrary to the provisions of Section 409A or comparable provisions of any applicable state or local income tax laws.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed effective as of the day and year set forth above.

Date: _____________________    Red River Bank

By: _____________________________
Andrew B. Cutrer
Its: Senior Vice President and Director of Human Resources
						
	

Date: 
	

By:     
Andrew B. Cutrer
Its:  Senior Vice President and Director of Human Resources 

	

Date: _______________________ 
	Insured

________________________________
Isabel V. Carriere

-11-Exhibit 10.2

 

RAPID
MICRO BIOSYSTEMS, INC.

2021 INCENTIVE AWARD PLAN

 

ARTICLE
I.

Purpose

 

The Plan’s purpose is
to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions
to the Company by providing these individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Capitalized
terms used in the Plan are defined in Article XI.

 

ARTICLE
II.

Eligibility

 

Service Providers are eligible
to be granted Awards under the Plan, subject to the limitations described herein.

 

ARTICLE
III.

Administration and Delegation

 

3.1              
Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service
Providers receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The
Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements
and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct
defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award Agreement as it deems necessary or appropriate
to administer the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be
final and binding on all persons having or claiming any interest in the Plan or any Award.

 

3.2              
Appointment of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the
Plan to one or more Committees or officers of the Company or any of its Subsidiaries. The Board may abolish any Committee or re-vest in
itself any previously delegated authority at any time.

 

ARTICLE
IV.

Stock Available for Awards

 

4.1              
Number of Shares. Subject to adjustment under Article VIII and the terms of this Article IV, Awards may be made
under the Plan covering up to the Overall Share Limit. As of the Plan’s effective date under Section 10.3, the Company will cease
granting awards under the Prior Plan; however, Prior Plan Awards will remain subject to the terms and conditions of the Prior Plan. Shares
issued under the Plan may consist of authorized but unissued Shares, Shares purchased on the open market or treasury Shares.

 

4.2               Share
Recycling. If all or any part of an Award or Prior Plan Award expires, lapses or is terminated, exchanged for or settled in
cash, surrendered, repurchased, canceled without having been fully exercised/settled or forfeited, in any case, in a manner that
results in the Company acquiring Shares covered by the Award or Prior Plan Award at a price not greater than the price (as adjusted
to reflect any Equity Restructuring) paid by the Participant for such Shares or not issuing any Shares covered by the Award or Prior
Plan Award, the unused Shares covered by the Award or Prior Plan Award will, as applicable, become or again be available for Award
grants under the Plan. Further, Shares delivered (either by actual delivery or attestation) to the Company by a Participant to
satisfy the applicable exercise or purchase price of an Award or Prior Plan Award and/or to satisfy any applicable tax withholding
obligation (including Shares retained by the Company from the Award or Prior Plan Award being exercised or purchased and/or creating
the tax obligation) will, as applicable, become or again be available for Award grants under the Plan. The payment of Dividend
Equivalents in cash in conjunction with any outstanding Awards or Prior Plan Awards shall not count against the Overall Share
Limit.

 

     

     

    

 

4.3              
Incentive Stock Option Limitations. Notwithstanding anything to the contrary herein, no more than 33,900,000 Shares may
be issued pursuant to the exercise of Incentive Stock Options.

 

4.4              
Substitute Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s
acquisition of an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other stock
or stock-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on
such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count
against the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the
Plan as provided above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum
number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Additionally, in the event that
a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a
pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for
grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment
or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common
stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares
authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the
Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have
been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were
not Service Providers prior to such acquisition or combination.

 

4.5              
Non-Employee Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish
compensation for non-employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from time to
time determine the terms, conditions and amounts of all such non-employee Director compensation in its discretion and pursuant to the
exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time
to time; provided that, the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance
with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of Awards granted to
a non-employee Director as compensation for services as a non-employee Director during any fiscal year of the Company may not exceed $750,000,
increased to $1,000,000 in the fiscal year in which the Plan’s effective date occurs or in the fiscal year of a non-employee Director’s
initial service as a non-employee Director. The Administrator may make exceptions to this limit for individual non-employee Directors
in extraordinary circumstances, as the Administrator may determine in its discretion, provided that the non-employee Director receiving
such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions
involving non-employee Directors.

 

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ARTICLE
V.

Stock Options and Stock Appreciation Rights

 

5.1              
General. The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations
in the Plan, including any limitations in the Plan that apply to Incentive Stock Options. The Administrator will determine the number
of Shares covered by each Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the
conditions and limitations applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right will entitle
the Participant (or other person entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of the exercisable
portion of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share
on the date of exercise over the exercise price per Share of the Stock Appreciation Right by the number of Shares with respect to which
the Stock Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator may impose and payable in
cash, Shares valued at Fair Market Value or a combination of the two as the Administrator may determine or provide in the Award Agreement.

 

5.2              
Exercise Price. The Administrator will establish each Option’s and Stock Appreciation Right’s exercise price
and specify the exercise price in the Award Agreement. Unless otherwise determined by the Administrator, the exercise price will not be
less than 100% of the Fair Market Value on the grant date of the Option or Stock Appreciation Right.

 

5.3              
Duration. Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement,
provided that the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless determined
otherwise by the Company, in the event that on the last business day of the term of an Option or Stock Appreciation Right (other than
an Incentive Stock Option) (i) the exercise of the Option or Stock Appreciation Right is prohibited by Applicable Laws, as determined
by the Company, or (ii) Shares may not be purchased or sold by the applicable Participant due to any Company insider trading policy (including
blackout periods) or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the term
of the Option or Stock Appreciation Right shall be automatically extended until the date that is thirty (30) days after the end of the
legal prohibition, black-out period or lock-up agreement, as determined by the Company; provided, however, in no event shall the extension
last beyond the ten year term of the applicable Option or Stock Appreciation Right. Notwithstanding the foregoing, if the Participant,
prior to the end of the term of an Option or Stock Appreciation Right, violates the non-competition, non-solicitation, confidentiality
or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement
between the Participant and the Company or any of its Subsidiaries, the right of the Participant and the Participant’s transferees
to exercise any Option or Stock Appreciation Right issued to the Participant shall terminate immediately upon such violation, unless the
Company otherwise determines. In addition, if, prior to the end of the term of an Option or Stock Appreciation Right, the Participant
is given notice by the Company or any of its Subsidiaries of the Participant’s Termination of Service by the Company or any of its
Subsidiaries for Cause, and the effective date of such Termination of Service is subsequent to the date of the delivery of such notice,
the right of the Participant and the Participant’s transferees to exercise any Option or Stock Appreciation Right issued to the
Participant shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or
otherwise agreed that the Participant’s service as a Service Provider will not be terminated for Cause as provided in such notice
or (ii) the effective date of the Participant’s Termination of Service by the Company or any of its Subsidiaries for Cause (in which
case the right of the Participant and the Participant’s transferees to exercise any Option or Stock Appreciation Right issued to
the Participant will terminate immediately upon the effective date of such Termination of Service).

 

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5.4              
 Exercise. Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise,
in a form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation
Right, together with, as applicable, payment in full (i) as specified in Section 5.5 for the number of Shares for which the Award
is exercised and (ii) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option
or Stock Appreciation Right may not be exercised for a fraction of a Share.

 

5.5              
Payment Upon Exercise. Subject to Section 10.8, any Company insider trading policy (including blackout periods) and
Applicable Laws, the exercise price of an Option must be paid by:

 

(a)               
cash, wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may
limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

 

(b)               
if there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery (including
telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company
to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s delivery to the Company
of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash
or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required by the
Administrator;

 

(c)               
to the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant
valued at their Fair Market Value;

 

(d)               
to the extent permitted by the Administrator, surrendering Shares then issuable upon the Option’s exercise valued at their
Fair Market Value on the exercise date;

 

(e)               
to the extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines
is good and valuable consideration; or

 

(f)                
to the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.

 

ARTICLE
VI.

Restricted Stock; Restricted Stock Units

 

6.1              
General. The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider,
subject to the Company’s right to repurchase all or part of such Shares at their issue price or other stated or formula price from
the Participant (or to require forfeiture of such Shares) if conditions the Administrator specifies in the Award Agreement are not satisfied
before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator
may grant to Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable
restriction period or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement
the terms and conditions for each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations contained
in the Plan.

 

    4

     

    

 

6.2              
Restricted Stock.

 

(a)               
 Dividends. Participants holding Shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect
to such Shares, unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise,
if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common Stock of property
other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability
as the Shares of Restricted Stock with respect to which they were paid.

 

(b)               
Stock Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any
stock certificates issued in respect of Shares of Restricted Stock, together with a stock power endorsed in blank.

 

6.3              
Restricted Stock Units.

 

(a)               
Settlement. The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably
practicable after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election,
in a manner intended to comply with Section 409A.

 

(b)               
Stockholder Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted
Stock Unit unless and until the Shares are delivered in settlement of the Restricted Stock Unit.

 

(c)               
Dividend Equivalents. If the Administrator provides, a grant of Restricted Stock Units may provide a Participant with the
right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled
in cash or Shares and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect
to which the Dividend Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.

 

ARTICLE
VII.

Other Stock or Cash Based Awards

 

Other Stock or Cash Based
Awards may be granted to Participants, including Awards entitling Participants to receive Shares to be delivered in the future and including
annual or other periodic or long-term cash bonus awards (whether based on specified Performance Criteria or otherwise), in each case subject
to any conditions and limitations in the Plan. Such Other Stock or Cash Based Awards will also be available as a payment form in the settlement
of other Awards, as standalone payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock
or Cash Based Awards may be paid in Shares, cash or other property, or any combination of the foregoing, as the Administrator determines.
Subject to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Stock or Cash Based Award,
including any purchase price, performance goal(s) (which may be based on the Performance Criteria), transfer restrictions, and vesting
conditions, which will be set forth in the applicable Award Agreement.

 

ARTICLE
VIII.

Adjustments for Changes in Common Stock

and Certain Other Events

 

8.1              
Equity Restructuring. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article VIII,
the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may
include adjusting the number and type of securities subject to each outstanding Award and/or the Award’s exercise price or grant
price (if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under
this Section 8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the
Administrator will determine whether an adjustment is equitable.

 

    5

     

    

 

8.2              
Corporate Transactions. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other
securities, or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange
of Common Stock or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase Common Stock or
other securities of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting
the Company or its financial statements or any change in any Applicable Laws or accounting principles, the Administrator, on such terms
and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction
or event (except that action to give effect to a change in Applicable Laws or accounting principles may be made within a reasonable period
of time after such change), is hereby authorized to take any one or more of the following actions whenever the Administrator determines
that such action is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the
Company to be made available under the Plan or with respect to any Award granted or issued under the Plan, (y) to facilitate such transaction
or event or (z) give effect to such changes in Applicable Laws or accounting principles:

 

(a)               
To provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal
to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the
Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained
upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is
equal to or less than zero, then the Award may be terminated without payment;

 

(b)               
To provide that such Award shall vest and, to the extent applicable, be exercisable as to all Shares covered thereby, notwithstanding
anything to the contrary in the Plan or the provisions of such Award;

 

(c)               
To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be
substituted for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator;

 

(d)               
To make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards and/or with
respect to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article IV
hereof on the maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or exercise
price or applicable performance goals), and the criteria included in, outstanding Awards;

 

(e)               
To replace such Award with other rights or property selected by the Administrator; and/or

 

    6

     

    

 

(f)                
 To provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

8.3              
Non-Assumption of Awards. Notwithstanding Section 8.2 above, if a Change in Control occurs and a Participant’s Award(s)
are not continued, converted, assumed, or replaced with a substantially similar award by (i) the Company, or (ii) a successor entity or
its parent or subsidiary (an “Assumption”), and provided that the Participant has not had a Termination of Service,
then immediately prior to the Change in Control such Awards shall become fully vested, exercisable and/or payable, as applicable, and
all forfeiture, repurchase and other restrictions on such Awards shall lapse, in which case, such Awards shall be canceled upon the consummation
of the Change in Control in exchange for the right to receive the Change in Control consideration payable to other holders of Common Stock
(A) which may be on such terms and conditions as apply generally to holders of Common Stock under the Change in Control documents (including,
without limitation, any escrow, earn-out or other deferred consideration provisions) or such other terms and conditions as the Administrator
may provide, and (B) determined by reference to the number of Shares subject to such Awards and net of any applicable exercise price;
provided that to the extent that any Awards constitute “nonqualified deferred compensation” that may not be paid upon the
Change in Control under Section 409A without the imposition of taxes thereon under Section 409A, the timing of such payments shall be
governed by the applicable Award Agreement (subject to any deferred consideration provisions applicable under the Change in Control documents);
and provided, further, that if the amount to which a Participant would be entitled upon the settlement or exercise of such Award at the
time of the Change in Control is equal to or less than zero, then such Award may be terminated without payment. The Administrator shall
determine whether an Assumption of an Award has occurred in connection with a Change in Control.

 

8.4              
Administrative Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares,
merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary
transaction or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or any securities offering
or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up
to sixty days before or after such transaction.

 

8.5              
General. Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will
have any rights due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of
Shares of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided
with respect to an Equity Restructuring under Section 8.1 above or the Administrator’s action under the Plan, no issuance by
the Company of Shares of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made regarding,
the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any Award Agreements
and the Awards granted hereunder will not affect or restrict in any way the Company’s right or power to make or authorize (i) any
adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger,
consolidation dissolution or liquidation of the Company or sale of Company assets or (iii) any sale or issuance of securities, including
securities with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may
treat Participants and Awards (or portions thereof) differently under this Article VIII.

 

ARTICLE
IX.

General Provisions Applicable to Awards

 

9.1              
 Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other
than Incentive Stock Options, Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by
operation of law, except by will or the laws of descent and distribution, or, subject to the Administrator’s consent, pursuant to
a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant. References to a Participant,
to the extent relevant in the context, will include references to a Participant’s authorized transferee that the Administrator specifically
approves.

 

    7

     

    

 

9.2              
Documentation. Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator
determines. Each Award may contain terms and conditions in addition to those set forth in the Plan.

 

9.3              
Discretion. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other
Award. The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or
portions thereof) uniformly.

 

9.4              
Termination of Status. The Administrator will determine how a Participant’s Disability, death, retirement, authorized
leave of absence or any other change or purported change in a Participant’s Service Provider status affects an Award (including
whether and when a Termination of Service has occurred) and the extent to which, and the period during which, the Participant, the Participant’s
legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award, if applicable.

 

9.5              
Withholding. Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of,
any taxes required by Applicable Laws to be withheld in connection with such Participant’s Awards by the date of the event creating
the tax liability. The Company may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory withholding
rates (or such other rate as may be determined by the Company after considering any accounting consequences or costs) from any payment
of any kind otherwise due to a Participant. Subject to Section 10.8 and any Company insider trading policy (including blackout periods),
Participants may satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to the
order of the Company, provided that the Company may limit the use of the foregoing payment forms if one or more of the payment forms below
is permitted, (ii) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares retained
from the Award creating the tax obligation, valued at their fair market value, (iii) if there is a public market for Shares at the time
the tax obligations are satisfied, unless the Company otherwise determines, (A) delivery (including electronically or telephonically to
the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver
promptly to the Company sufficient funds to satisfy the tax obligations, or (B) delivery by the Participant to the Company of a copy of
irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient
to satisfy the tax withholding; provided that such amount is paid to the Company at such time as may be required by the Administrator,
or (iv) to the extent permitted by the Administrator, any combination of the foregoing payment forms approved by the Company. If any tax
withholding obligation will be satisfied under clause (ii) of the immediately preceding sentence by the Company’s retention of Shares
from the Award creating the tax obligation and there is a public market for Shares at the time the tax obligation is satisfied, the Company
may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on the applicable Participant’s
behalf some or all of the Shares retained and to remit the proceeds of the sale to the Company or its designee, and each Participant’s
acceptance of an Award under the Plan will constitute the Participant’s authorization to the Company and instruction and authorization
to such brokerage firm to complete the transactions described in this sentence.

 

    8

     

    

 

9.6              
 Amendment of Award; Repricing. The Administrator may amend, modify or terminate any outstanding Award, including by substituting
another Award of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a
Non-Qualified Stock Option. The Participant’s consent to such action will be required unless (i) the action, taking into account
any related action, does not materially and adversely affect the Participant’s rights under the Award, or (ii) the change is permitted
under Article VIII or pursuant to Section 10.6. Further, the Administrator may, without the approval of the stockholders of
the Company, reduce the exercise price per share of outstanding Options or Stock Appreciation Rights or cancel outstanding Options or
Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price per share
that is less than the exercise price per share of the original Options or Stock Appreciation Rights.

 

9.7              
Conditions on Delivery of Stock. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions
from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction,
(ii) as determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied,
including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the Participant has
executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy
any Applicable Laws. The Company’s inability to obtain authority from any regulatory body having jurisdiction, which the Administrator
determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue
or sell such Shares as to which such requisite authority has not been obtained.

 

9.8              
Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully or partially
exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable.

 

9.9              
Additional Terms of Incentive Stock Options. The Administrator may grant Incentive Stock Options only to employees of the
Company, any of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively,
and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive Stock Option
is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair Market Value on the Option’s
grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be subject to and construed consistently
with Section 422 of the Code. By accepting an Incentive Stock Option, the Participant agrees to give prompt notice to the Company
of dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired under the Option made within
(i) two years from the grant date of the Option or (ii) one year after the transfer of such Shares to the Participant, specifying the
date of the disposition or other transfer and the amount the Participant realized, in cash, other property, assumption of indebtedness
or other consideration, in such disposition or other transfer. Neither the Company nor the Administrator will be liable to a Participant,
or any other party, if an Incentive Stock Option fails or ceases to qualify as an “incentive stock option” under Section 422
of the Code. Any Incentive Stock Option or portion thereof that fails to qualify as an “incentive stock option” under Section 422
of the Code for any reason, including becoming exercisable with respect to Shares having a fair market value exceeding the $100,000 limitation
under Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option.

 

ARTICLE
X.

Miscellaneous

 

10.1           No
Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award
will not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The
Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any
liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement.

 

    9

     

    

 

10.2          
No Rights as Stockholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have
any rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares.
Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the Company
will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such
Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may
place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable
Laws.

 

10.3          
Effective Date and Term of Plan. Unless earlier terminated by the Board, the Plan will become effective on the day prior
to the Public Trading Date and will remain in effect until the tenth anniversary of the earlier of (i) the date the Board adopted the
Plan or (ii) the date the Company’s stockholders approved the Plan, but Awards previously granted may extend beyond that date in
accordance with the Plan. If the Plan is not approved by the Company’s stockholders, the Plan will not become effective, no Awards
will be granted under the Plan, and the Prior Plan will continue in full force and effect in accordance with its terms.

 

10.4          
Amendment of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment, other
than an increase to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without
the affected Participant’s consent. No Awards may be granted under the Plan during any suspension period or after Plan termination.
Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement,
as in effect before such suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary
to comply with Applicable Laws.

 

10.5          
Provisions for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals
or employed outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations
or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

 

10.6          
Section 409A.

 

(a)                General.
The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no adverse tax
consequences, interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement to
the contrary, the Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and
procedures, or take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary or
appropriate to preserve the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or
any Award from Section 409A, or (B) comply with Section 409A, including regulations, guidance, compliance programs
and other interpretative authority that may be issued after an Award’s grant date. The Company makes no representations or
warranties as to an Award’s tax treatment under Section 409A or otherwise. The Company will have no obligation under this
Section 10.6 or otherwise to avoid the taxes, penalties or interest under Section 409A with respect to any Award and will
have no liability to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined
to constitute noncompliant “nonqualified deferred compensation” subject to taxes, penalties or interest under
Section 409A. Notwithstanding any contrary provision of the Plan or any Award Agreement, any payment of “nonqualified
deferred compensation” under the Plan that may be made in installments shall be treated as a right to receive a series of
separate and distinct payments.

 

(b)               
Separation from Service. If an Award constitutes “nonqualified deferred compensation” under Section 409A,
any payment or settlement of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent
necessary to avoid taxes under Section 409A, be made only upon the Participant’s “separation from service” (within
the meaning of Section 409A), whether such “separation from service” occurs upon or after the termination of the Participant’s
Service Provider relationship. For purposes of this Plan or any Award Agreement relating to any such payments or benefits, references
to a “termination,” “termination of employment” or like terms means a “separation from service.”

 

    10

     

    

 

(c)               
Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s)
of “nonqualified deferred compensation” required to be made under an Award to a “specified employee” (as defined
under Section 409A and as the Administrator determines) due to his or her “separation from service” will, to the extent
necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such
 “separation from service” (or, if earlier, until the specified employee’s death) and will instead be paid (as set forth
in the Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable thereafter (without
interest). Any payments of “nonqualified deferred compensation” under such Award payable more than six months following the
Participant’s “separation from service” will be paid at the time or times the payments are otherwise scheduled to be
made.

 

10.7          
Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer,
other employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or
any other person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will
not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator,
director, officer, other employee or agent of the Company or any Subsidiary. The Company will indemnify and hold harmless each director,
officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating
to the Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including
any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission concerning this Plan unless
arising from such person’s own fraud or bad faith.

 

10.8          
Lock-Up Period. The Company may, at the request of any underwriter representative or otherwise, in connection with registering
the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise
transferring any Shares or other Company securities during a period of up to one hundred eighty days following the effective date of a
Company registration statement filed under the Securities Act, or such longer period as determined by the underwriter.

 

10.9           Data
Privacy. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection, use
and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its
Subsidiaries and affiliates exclusively for implementing, administering and managing the Participant’s participation in the
Plan. The Company and its Subsidiaries and affiliates may hold certain personal information about a Participant, including the
Participant’s name, address and telephone number; birthdate; social security number, insurance number or other identification
number; salary; nationality; job title(s); any Shares held in the Company or its Subsidiaries and affiliates; and Award details, to
implement, manage and administer the Plan and Awards (the “Data”). The Company and its Subsidiaries and
affiliates may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant’s
participation in the Plan, and the Company and its Subsidiaries and affiliates may transfer the Data to third parties assisting the
Company with Plan implementation, administration and management. These recipients may be located in the Participant’s country,
or elsewhere, and the Participant’s country may have different data privacy laws and protections than the recipients’
country. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data,
in electronic or other form, to implement, administer and manage the Participant’s participation in the Plan, including any
required Data transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares.
The Data related to a Participant will be held only as long as necessary to implement, administer, and manage the
Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding such
Participant, request additional information about the storage and processing of the Data regarding such Participant, recommend any
necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 10.9 in writing,
without cost, by contacting the local human resources representative. The Company may cancel Participant’s ability to
participate in the Plan and, in the Administrator’s discretion, the Participant may forfeit any outstanding Awards if the
Participant refuses or withdraws the consents in this Section 10.9. For more information on the consequences of refusing or
withdrawing consent, Participants may contact their local human resources representative.

 

    11

     

    

 

10.10       
Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality
or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid
provisions had been excluded, and the illegal or invalid action will be null and void.

 

10.11       
Governing Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between
a Participant and the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified
in such Award Agreement or other written document that a specific provision of the Plan will not apply.

 

10.12       
Governing Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware,
disregarding any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State
of Delaware.

 

10.13       
Claw-back Provisions. All Awards (including any proceeds, gains or other economic benefit the Participant actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company
claw-back policy, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and
Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such claw-back policy or the Award Agreement.

 

10.14       
Titles and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the
Plan’s text, rather than such titles or headings, will control.

 

10.15       
Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with
Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with
Applicable Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform
to Applicable Laws.

 

10.16       
 Relationship to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under
any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except
as expressly provided in writing in such other plan or an agreement thereunder.

 

10.17       
Broker-Assisted Sales. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by
a Participant under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5:
(a) any Shares to be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter
as practicable; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive
an average price; (c) the applicable Participant will be responsible for all broker’s fees and other costs of sale, and by accepting
an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to
any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will
pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under no
obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy
the Participant’s applicable obligation, the Participant may be required to pay immediately upon demand to the Company or its designee
an amount in cash sufficient to satisfy any remaining portion of the Participant’s obligation.

 

    12

     

    

 

ARTICLE
XI.

Definitions

 

As used in the Plan, the following
words and phrases will have the following meanings:

 

11.1          
“Administrator” means the Board or a Committee to the extent that the Board’s powers or authority
under the Plan have been delegated to such Committee.

 

11.2          
“Applicable Laws” means the requirements relating to the administration of equity incentive plans under
U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or
quotation system on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction
where Awards are granted.

 

11.3          
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units, Dividend Equivalents or Other Stock or Cash Based Awards.

 

11.4          
“Award Agreement” means a written agreement evidencing an Award, which may be electronic, that contains
such terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

 

11.5          
“Board” means the Board of Directors of the Company.

 

11.6           “Cause”
means (i) if a Participant is a party to a written employment or consulting agreement with the Company or any of its Subsidiaries or
an Award Agreement in which the term “cause” is defined (a “Relevant Agreement”),
 “Cause” as defined in the Relevant Agreement, and (ii) if no Relevant Agreement exists, (A) the Administrator’s
determination that the Participant failed to substantially perform the Participant’s duties (other than a failure resulting
from the Participant’s Disability); (B) the Administrator’s determination that the Participant failed to carry out, or
comply with any lawful and reasonable directive of the Board or the Participant’s immediate supervisor; (C) the occurrence of
any act or omission by the Participant that could reasonably be expected to result in (or has resulted in) the Participant’s
conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or indictable
offense or crime involving moral turpitude; (D) the Participant’s unlawful use (including being under the influence) or
possession of illegal drugs on the premises of the Company or any of its Subsidiaries or while performing the Participant’s
duties and responsibilities for the Company or any of its Subsidiaries; or (E) the Participant’s commission of an act of
fraud, embezzlement, misappropriation, misconduct, or breach of fiduciary duty against the Company or any of its Subsidiaries.

 

    13

     

    

 

11.7          
“Change in Control” means and includes each of the following:

 

(a)               
A transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i)
and (ii) of subsection (c) below) whereby any “person” or related “group” of “persons” (as such
terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, an employee
benefit plan maintained by the Company or any of its Subsidiaries or a “person” that, prior to such transaction, directly
or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership
(within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined
voting power of the Company’s securities outstanding immediately after such acquisition; or

 

(b)               
During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with
any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect
a transaction described in subsections (a) or (c)) whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the
two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority
thereof; or

 

(c)               
The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of
all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition
of assets or stock of another entity, in each case other than a transaction:

 

(i)                
which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly
or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately
after the transaction, and

 

(ii)              
after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the
Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially
owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior
to the consummation of the transaction.

 

Notwithstanding the foregoing,
if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for the deferral
of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under Section 409A,
the transaction or event described in subsection (a), (b) or (c) with respect to such Award (or portion thereof) shall only constitute
a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change in control event,”
as defined in Treasury Regulation Section 1.409A-3(i)(5).

 

The Administrator shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred
pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided
that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control event”
as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

 

    14

     

    

 

11.8          
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

11.9          
“Committee” means one or more committees or subcommittees of the Board, which may include one or more
Company directors or executive officers, to the extent Applicable Laws permit. To the extent required to comply with the provisions of
Rule 16b-3, it is intended that each member of the Committee will be, at the time the Committee takes any action with respect to an Award
that is subject to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s
failure to qualify as a “non-employee director” within the meaning of Rule 16b-3 will not invalidate any Award granted by
the Committee that is otherwise validly granted under the Plan.

 

11.10       
“Common Stock” means the Class A common stock of the Company.

 

11.11       
“Company” means Rapid Micro Biosystems, Inc., a Delaware corporation, or any successor.

 

11.12       
 “Consultant” means any person, including any adviser, engaged by the Company or its parent or Subsidiary
to render services to such entity if the consultant or adviser: (i) renders bona fide services to the Company; (ii) renders
services not in connection with the offer or sale of securities in a capital-raising transaction and does not directly or indirectly promote
or maintain a market for the Company’s securities; and (iii) is a natural person.

 

11.13       
“Designated Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner
the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated.
Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

 

11.14       
“Director” means a Board member.

 

11.15       
“Disability” means a permanent and total disability under Section 22(e)(3) of the Code, as amended.

 

11.16       
“Dividend Equivalents” means a right granted to a Participant under the Plan to receive the equivalent
value (in cash or Shares) of dividends paid on Shares.

 

11.17       
“Employee” means any employee of the Company or its Subsidiaries.

 

11.18       
 “Equity Restructuring” means a nonreciprocal transaction between the Company and its stockholders, such
as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend, that affects the number or
kind of Shares (or other Company securities) or the share price of Common Stock (or other Company securities) and causes a change in the
per share value of the Common Stock underlying outstanding Awards.

 

11.19       
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

    15

     

    

 

11.20       
“Fair Market Value” means, as of any date, the value of a Share determined as follows: (i) if the
Common Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock
as quoted on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred,
as reported in The Wall Street Journal or another source the Administrator deems reliable; (ii) if the Common Stock is not traded
on a stock exchange but is quoted on a national market or other quotation system, the closing sales price on such date, or if no sales
occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal
or another source the Administrator deems reliable; or (iii) without an established market for the Common Stock, the Administrator will
determine the Fair Market Value in its discretion. Notwithstanding the foregoing, with respect to any Award granted on the pricing date
of the Company’s initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth
in the Company’s final prospectus relating to its initial public offering filed with the Securities and Exchange Commission.

 

11.21       
“Greater Than 10% Stockholder” means an individual then owning (within the meaning of Section 424(d)
of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation,
as defined in Section 424(e) and (f) of the Code, respectively.

 

11.22       
“Incentive Stock Option” means an Option intended to qualify as an “incentive stock option”
as defined in Section 422 of the Code.

 

11.23       
“Non-Qualified Stock Option” means an Option not intended or not qualifying as an Incentive Stock Option.

 

11.24       
“Option” means an option to purchase Shares, which will either be an Incentive Stock Option or a Non-Qualified
Stock Option.

 

11.25       
“Other Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly
or partially by referring to, or are otherwise based on, Shares or other property.

 

11.26       
“Overall Share Limit” means the sum of (i) 4,200,000 Shares; (ii) any Shares which are subject to Prior
Plan Awards which become available for issuance under the Plan pursuant to Article IV and (iii) an annual increase on the first day of
each calendar year beginning January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (A) 5% of the aggregate
number of Shares outstanding on the final day of the immediately preceding calendar year and (B) such smaller number of Shares as is determined
by the Board.

 

11.27       
 “Participant” means a Service Provider who has been granted an Award.

 

    16

     

    

 

11.28        “Performance
Criteria” means the criteria (and adjustments) that the Administrator may select for an Award to establish performance
goals for a performance period, which may include (but is not limited to) the following: net earnings or losses (either before or
after one or more of interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net
sales or revenue or sales or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including
but not limited to gross profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or
operating margin; budget or operating earnings (either before or after taxes or before or after allocation of corporate overhead and
bonus); cash flow (including operating cash flow and free cash flow or cash flow return on capital); return on assets; return on
capital or invested capital; cost of capital; return on stockholders’ equity; total stockholder return; return on sales;
costs, reductions in costs and cost control measures; expenses; working capital; earnings or loss per share; adjusted earnings or
loss per share; price per share or dividends per share (or appreciation in or maintenance of such price or dividends); regulatory
achievements or compliance; implementation, completion or attainment of objectives relating to research, development, regulatory,
commercial, or strategic milestones or developments; market share; economic value or economic value added models; division, group or
corporate financial goals; customer satisfaction/growth; customer service; employee
satisfaction; recruitment and maintenance of personnel; human resources
management; supervision of litigation and other legal matters; strategic
partnerships and transactions; financial ratios (including those measuring liquidity,
activity, profitability or leverage); debt levels or reductions; sales-related
goals; financing and other capital raising transactions; cash
on hand; acquisition activity; investment
sourcing activity; and marketing initiatives, any of which may be measured in absolute terms or as compared to any
incremental increase or decrease. Such performance goals also may be based solely by reference to the Company’s performance or
the performance of a Subsidiary, division, business segment or business unit of the Company or a Subsidiary, or based upon
performance relative to performance of other companies or upon comparisons of any of the indicators of performance relative to
performance of other companies. The Administrator may provide for exclusion of the impact of an event or occurrence which the
Administrator determines should appropriately be excluded, including (a) restructurings, discontinued operations, extraordinary
items, and other unusual, infrequently occurring or non-recurring charges or events, (b) asset write-downs, (c) litigation or claim
judgments or settlements, (d) acquisitions or divestitures, (e) reorganization or change in the corporate structure or capital
structure of the Company, (f) an event either not directly related to the operations of the Company, Subsidiary, division, business
segment or business unit or not within the reasonable control of management, (g) foreign exchange gains and losses, (h) a change in
the fiscal year of the Company, (i) the refinancing or repurchase of bank loans or debt securities, (j) unbudgeted capital
expenditures, (k) the issuance or repurchase of equity securities and other changes in the number of outstanding shares, (l)
conversion of some or all of convertible securities to Common Stock, (m) any business interruption event (n) the cumulative effects
of tax or accounting changes in accordance with U.S. generally accepted accounting principles, or (o) the effect of changes in other
laws or regulatory rules affecting reported results.

 

11.29       
“Plan” means this 2021 Incentive Award Plan.

 

11.30       
“Prior Plan” means the Rapid Micro Biosystems, Inc. 2010 Stock Option and Grant Plan, as amended from
time to time.

 

11.31       
 “Prior Plan Award” means an award outstanding under the Prior Plan as of the Plan’s effective
date in Section 10.3.

 

11.32       
“Public Trading Date” means the first date upon which the Common Stock is listed (or approved for listing)
upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market
security on an interdealer quotation system, or, if earlier, the date on which the Company becomes a “publicly held corporation”
for purposes of Treasury Regulation Section 1.162-27(c)(1).

 

11.33       
 “Restricted Stock” means Shares awarded to a Participant under Article VI subject to certain vesting
conditions and other restrictions.

 

11.34       
“Restricted Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date,
one Share or an amount in cash or other consideration determined by the Administrator to be of equal value as of such settlement date
awarded to a Participant under Article VI, subject to certain vesting conditions and other restrictions.

 

11.35       
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act.

 

    17

     

    

 

11.36       
“Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs
and other interpretative authority thereunder.

 

11.37       
“Securities Act” means the Securities Act of 1933, as amended.

 

11.38       
“Service Provider” means an Employee, Consultant or Director.

 

11.39       
“Shares” means shares of Common Stock.

 

11.40       
“Stock Appreciation Right” means a stock appreciation right granted under Article V.

 

11.41       
“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain
of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at
the time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes of
securities or interests in one of the other entities in such chain.

 

11.42       
“Substitute Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution
or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the
Company or any Subsidiary or with which the Company or any Subsidiary combines.

 

11.43       
“Termination of Service” means Participant ceasing to be a Service Provider.

 

* * * * *

 

    18

     

    

 

RAPID
MICRO BIOSYSTEMS, INC.

2021 INCENTIVE AWARD PLAN

 

RESTRICTED STOCK
Unit Grant Notice

 

Capitalized terms not specifically
defined in this Restricted Stock Unit Grant Notice (the “Grant Notice”) have the meanings given to them in the
2021 Incentive Award Plan (as amended from time to time, the “Plan”) of Rapid Micro Biosystems, Inc. (the “Company”).

 

The Company has granted to
the participant listed below (“Participant”) the Restricted Stock Units described in this Grant Notice (the
“RSUs”), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached as
Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.

 

	Participant:	 
	Grant Date:	 
	Number of RSUs:	 
	Vesting Commencement Date:	 
	Vesting Schedule:	 

 

By Participant’s signature
below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan,
this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this
Grant Notice or the Agreement.

 

	RAPID MICRO BIOSYSTEMS, INC.	 	PARTICIPANT
	 	 	 
	By:	 	 	 
	Name: 	                	 	 
	Title:	 	 	 	 

 

     

     

    

 

Exhibit A

 

RESTRICTED STOCK
UNIT AGREEMENT

 

Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

 

Article
I.

general

 

1.1              
Award of RSUs and Dividend Equivalents.

 

(a)               
The Company has granted the RSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant
Date”). Each RSU represents the right to receive one Share or, at the option of the Company, an amount of cash, in either
case, as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment of any cash until the
time (if ever) the RSUs have vested.

 

(b)               
The Company hereby grants to Participant, with respect to each RSU, a Dividend Equivalent for ordinary cash dividends paid to substantially
all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable RSU is settled, forfeited
or otherwise expires. Each Dividend Equivalent entitles Participant to receive the equivalent value of any such ordinary cash dividends
paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account (a “Dividend Equivalent
Account”) for each Dividend Equivalent and credit the Dividend Equivalent Account (without interest) on the applicable dividend
payment date with the amount of any such cash paid.

 

1.2              
Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan,
which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan
will control.

 

1.3              
Unsecured Promise. The RSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured Company
obligation payable only from the Company’s general assets.

 

Article
II.

VESTING; forfeiture AND SETTLEMENT

 

2.1              
Vesting; Forfeiture. The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of
an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. In the event of Participant’s
Termination of Service for any reason, all unvested RSUs will immediately and automatically be cancelled and forfeited, except as otherwise
determined by the Administrator or provided in a binding written agreement between Participant and the Company. Dividend Equivalents (including
any Dividend Equivalent Account balance) will vest or be forfeited, as applicable, upon the vesting or forfeiture of the RSU with respect
to which the Dividend Equivalent (including the Dividend Equivalent Account) relates.

 

2.2              
Settlement.

 

(a)                RSUs
and Dividend Equivalents (including any Dividend Equivalent Account balance) will be paid in Shares or cash at the Company’s
option as soon as administratively practicable after the vesting of the applicable RSU, but in no event more than sixty (60) days
after the RSU’s vesting date. Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the
Company reasonably determines would violate Applicable Laws until the earliest date the Company reasonably determines the making of
the payment will not cause such a violation (in accordance with Treasury Regulation Section 1.409A-2(b)(7)(ii)), provided the
Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A.

 

     

     

    

 

(b)               
If an RSU is paid in cash, the amount of cash paid with respect to the RSU will equal the Fair Market Value of a Share on the day
immediately preceding the payment date. If a Dividend Equivalent is paid in Shares, the number of Shares paid with respect to the Dividend
Equivalent will equal the quotient, rounded down to the nearest whole Share, of the Dividend Equivalent Account balance divided by the
Fair Market Value of a Share on the day immediately preceding the payment date.

 

Article
III.

TAXATION AND TAX WITHHOLDING

 

3.1              
Representation. Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors
the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely
on such advisors and not on any statements or representations of the Company or any of its agents.

 

3.2              
Tax Withholding.

 

(a)               
The Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in
accordance with the Plan of any withholding tax arising in connection with the RSUs or Dividend Equivalents as Participant’s election
to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under the Award.

 

(b)               
Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs and
the Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations
that arise in connection with the RSUs or Dividend Equivalents. Neither the Company nor any Subsidiary makes any representation or undertaking
regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the Dividend Equivalents
or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure the RSUs or
Dividend Equivalents to reduce or eliminate Participant’s tax liability.

 

Article
IV.

other provisions

 

4.1              
Adjustments. Participant acknowledges that the RSUs, the Shares subject to the RSUs and the Dividend Equivalents are subject
to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.

 

4.2              
Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the
Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address
or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant
at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files. By a notice
given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will
be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited
with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by
a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.

 

    A-2

     

    

 

4.3              
 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

4.4              
Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended
to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary
to conform to Applicable Laws.

 

4.5              
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and
this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth
in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto.

 

4.6              
Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant
is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs and the Dividend Equivalents will be
subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment
to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement
will be deemed amended as necessary to conform to such applicable exemptive rule.

 

4.7              
Entire Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement
of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the
subject matter hereof.

 

4.8              
Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the
provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining
provisions of the Grant Notice or this Agreement.

 

4.9              
Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed
as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights
of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs
and Dividend Equivalents, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect
to the RSUs and Dividend Equivalents, as and when settled pursuant to the terms of this Agreement.

 

4.10          
Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right
to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company
and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for
any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company
or a Subsidiary and Participant.

 

4.11          
Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature,
subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.

 

* * * * *

 

    A-3

     

    

 

 

RAPID
MICRO BIOSYSTEMS, INC.

2021 INCENTIVE AWARD PLAN

 

RESTRICTED
STOCK GRANT NOTICE

 

Capitalized terms not specifically
defined in this Restricted Stock Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021
Incentive Award Plan (as amended from time to time, the “Plan”) of Rapid Micro Biosystems, Inc. (the “Company”).

 

The Company has granted to
the participant listed below (“Participant”) the shares of Restricted Stock described in this Grant Notice (the
“Restricted Shares”), subject to the terms and conditions of the Plan and the Restricted Stock Agreement attached
as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.

 

	Participant:	 
	Grant Date:	 
	Number of Restricted Shares:	 
	Vesting Commencement Date:	 
	Vesting Schedule:	 

 

By Participant’s signature
below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan,
this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this
Grant Notice or the Agreement.

 

	RAPID MICRO BIOSYSTEMS, INC.	 	PARTICIPANT
	 	 	 
	By:	                  	 	 
	Name:	 	 	 
	Title:	 	 	 	 

 

    

     

    

 

Exhibit A

 

RESTRICTED
STOCK AGREEMENT

 

Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

 

ARTICLE I.

GENERAL

 

1.1              
Issuance of Restricted Shares. The Company will issue the Restricted Shares to the Participant effective as of the grant
date set forth in the Grant Notice and will cause (a) a stock certificate or certificates representing the Restricted Shares to be registered
in Participant’s name or (b) the Restricted Shares to be held in book-entry form. If a stock certificate is issued, the certificate
will be delivered to, and held in accordance with this Agreement by, the Company or its authorized representatives and will bear the restrictive
legends required by this Agreement. If the Restricted Shares are held in book-entry form, then the book-entry will indicate that the Restricted
Shares are subject to the restrictions of this Agreement.

 

1.2              
Incorporation of Terms of Plan. The Restricted Shares are subject to the terms and conditions set forth in this Agreement
and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms
of the Plan will control.

 

ARTICLE II.

VESTING, FORFEITURE AND ESCROW

 

2.1              
Vesting. The Restricted Shares will become vested Shares (the “Vested Shares”) according to the
vesting schedule in the Grant Notice except that any fraction of a Share that would otherwise become a Vested Share will be accumulated
and will become a Vested Share only when a whole Vested Share has accumulated.

 

2.2              
Forfeiture. In the event of Participant’s Termination of Service for any reason, Participant will immediately and
automatically forfeit to the Company any Shares that are not Vested Shares (the “Unvested Shares”) at the time
of Participant’s Termination of Service, except as otherwise determined by the Administrator or provided in a binding written agreement
between Participant and the Company. Upon forfeiture of Unvested Shares, the Company will become the legal and beneficial owner of the
Unvested Shares and all related interests and Participant will have no further rights with respect to the Unvested Shares.

 

2.3              
Escrow.

 

(a)               
Unvested Shares will be held by the Company or its authorized representatives until (i) they are forfeited, (ii) they become Vested
Shares or (iii) this Agreement is no longer in effect. By accepting this Award, Participant appoints the Company and its authorized representatives
as Participant’s attorney(s)-in-fact to take all actions necessary to effect any transfer of forfeited Unvested Shares (and Retained
Distributions (as defined below), if any, paid on such forfeited Unvested Shares) to the Company as may be required pursuant to the Plan
or this Agreement and to execute such representations or other documents or assurances as the Company or such representatives deem necessary
or advisable in connection with any such transfer. The Company, or its authorized representative, will not be liable for any good faith
act or omission with respect to the holding in escrow or transfer of the Restricted Shares.

 

(b)                All
cash dividends and other distributions made or declared with respect to Unvested Shares (“Retained
Distributions”) will be held by the Company until the time (if ever) when the Unvested Shares to which such Retained
Distributions relate become Vested Shares. The Company will establish a separate Retained Distribution bookkeeping account
(“Retained Distribution Account”) for each Unvested Share with respect to which Retained Distributions
have been made or declared in cash and credit the Retained Distribution Account (without interest) on the date of payment with the
amount of such cash made or declared with respect to the Unvested Share. Retained Distributions (including any Retained Distribution
Account balance) will immediately and automatically be forfeited upon forfeiture of the Unvested Share with respect to which the
Retained Distributions were paid or declared.

 

    A-2

     

    

 

(c)               
As soon as reasonably practicable following the date on which an Unvested Share becomes a Vested Share, the Company will (i) cause
the certificate (or a new certificate without the legend required by this Agreement, if Participant so requests) representing the Share
to be delivered to Participant or, if the Share is held in book-entry form, cause the notations indicating the Share is subject to the
restrictions of this Agreement to be removed and (ii) pay to Participant the Retained Distributions relating to the Share.

 

2.4              
Rights as Stockholder. Except as otherwise provided in this Agreement or the Plan, upon issuance of the Restricted Shares
by the Company, Participant will have all the rights of a stockholder with respect to the Restricted Shares, including the right to vote
the Restricted Shares and to receive dividends or other distributions paid or made with respect to the Restricted Shares.

 

ARTICLE III.

TAXATION AND TAX WITHHOLDING

 

3.1              
Representation. Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors
the tax consequences of the Restricted Shares and the transactions contemplated by the Grant Notice and this Agreement. Participant is
relying solely on such advisors and not on any statements or representations of the Company or any of its agents.

 

3.2              
Section 83(b) Election. If Participant makes an election under Section 83(b) of the Code with respect to the Restricted
Shares, Participant will deliver a copy of the election to the Company promptly after filing the election with the Internal Revenue Service.

 

3.3              
Tax Withholding.

 

(a)               
The Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in
accordance with the Plan of any withholding tax arising in connection with the Restricted Shares as Participant’s election to satisfy
all or any portion of the withholding tax by requesting the Company retain Shares otherwise deliverable under the Award.

 

(b)               
Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Restricted
Shares, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection
with the Restricted Shares. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of
any tax withholding in connection with the awarding, vesting or payment of the Restricted Shares or the subsequent sale of the Restricted
Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure this Award to reduce or eliminate Participant’s
tax liability.

 

ARTICLE IV.

RESTRICTIVE LEGENDS AND TRANSFERABILITY

 

4.1              
Legends. Any certificate representing a Restricted Share will bear the following legend until the Restricted Share becomes
a Vested Share:

 

    A-3

     

    

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO FORFEITURE IN FAVOR OF THE COMPANY AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A RESTRICTED STOCK AGREEMENT
BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

4.2              
Transferability. The Restricted Shares and any Retained Distributions are subject to the restrictions on transfer in the
Plan and may not be sold, assigned or transferred in any manner unless and until they become Vested Shares. Any attempted transfer or
disposition of Unvested Shares or related Retained Distributions prior to the time the Unvested Shares become Vested Shares will be null
and void. The Company will not be required to (a) transfer on its books any Restricted Share that has been sold or otherwise transferred
in violation of this Agreement or (b)  treat as owner of such Restricted Share or accord the right to vote or pay dividends to any
purchaser or other transferee to whom such Restricted Share has been so transferred. The Company may issue appropriate “stop transfer”
instructions to its transfer agent, if any, or make appropriate notations to the same effect in its records.

 

ARTICLE V.

OTHER PROVISIONS

 

5.1              
Adjustments. Participant acknowledges that the Restricted Shares are subject to adjustment, modification and termination
in certain events as provided in this Agreement and the Plan.

 

5.2              
Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the
Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address
or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant
at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files. By a notice
given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will
be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited
with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by
a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.

 

5.3              
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

5.4              
Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended
to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary
to conform to Applicable Laws.

 

5.5              
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and
this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth
in this Agreement or the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives,
successors and assigns of the parties hereto.

 

5.6               Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject
to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Restricted Shares will be subject to any
additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to
Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement
will be deemed amended as necessary to conform to such applicable exemptive rule.

 

    A-4

     

    

 

5.7              
Entire Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire
agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect
to the subject matter hereof.

 

5.8              
Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the
provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining
provisions of the Grant Notice or this Agreement.

 

5.9              
Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed
as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights
of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Award.

 

5.10          
Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right
to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company
and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for
any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company
or a Subsidiary and Participant.

 

5.11          
Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature,
subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.

 

* * * * *

 

    A-5

     

    

 

 

RAPID
MICRO BIOSYSTEMS, INC.

2021 INCENTIVE AWARD PLAN

 

STOCK
OPTION GRANT NOTICE

 

Capitalized terms not specifically
defined in this Stock Option Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Incentive
Award Plan (as amended from time to time, the “Plan”) of Rapid Micro Biosystems, Inc. (the “Company”).

 

The Company has granted to
the participant listed below (“Participant”) the stock option described in this Grant Notice (the “Option”),
subject to the terms and conditions of the Plan and the Stock Option Agreement attached as Exhibit A (the “Agreement”),
both of which are incorporated into this Grant Notice by reference.

 

	Participant:	 
	Grant Date:	 
	Exercise Price per Share:	 
	Shares Subject to the Option:	 
	Final Expiration Date:	 
	Vesting Commencement Date:	 
	Vesting Schedule:	 
	Type of Option	 

 

By Participant’s signature
below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan,
this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this
Grant Notice or the Agreement.

 

	RAPID MICRO BIOSYSTEMS, INC.	 	PARTICIPANT
	 	 	 
	By:	                   	 	       
	Name:	 	 	 
	Title:	 	 	 	 

 

    

     

    

 

Exhibit A

 

STOCK OPTION AGREEMENT

 

Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

 

ARTICLE
I.

GENERAL

 

1.1              
Grant of Option. The Company has granted to Participant the Option effective as of the grant date set forth in the Grant
Notice (the “Grant Date”).

 

1.2              
Incorporation of Terms of Plan. The Option is subject to the terms and conditions set forth in this Agreement and the Plan,
which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan
will control.

 

ARTICLE
II.

PERIOD OF EXERCISABILITY

 

2.1              
Commencement of Exercisability. The Option will vest and become exercisable according to the vesting schedule in the Grant
Notice (the “Vesting Schedule”) except that any fraction of a Share as to which the Option would be vested or
exercisable will be accumulated and will vest and become exercisable only when a whole Share has accumulated. Notwithstanding anything
in the Grant Notice, the Plan or this Agreement to the contrary, unless the Administrator otherwise determines, the Option will immediately
expire and be forfeited as to any portion that is not vested and exercisable as of Participant’s Termination of Service for any
reason.

 

2.2              
Duration of Exercisability. The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable
will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.

 

2.3              
Expiration of Option. The Option may not be exercised to any extent by anyone after, and will expire on, the first of the
following to occur:

 

(a)               
The final expiration date in the Grant Notice;

 

(b)               
Except as the Administrator may otherwise approve, the expiration of three (3) months from the date of Participant’s
Termination of Service, unless Participant’s Termination of Service is for Cause or by reason of Participant’s death or Disability;

 

(c)               
Except as the Administrator may otherwise approve, the expiration of one (1) year from the date of Participant’s Termination
of Service by reason of Participant’s death or Disability; and

 

(d)               
Except as the Administrator may otherwise approve, Participant’s Termination of Service for Cause.

 

ARTICLE
III.

EXERCISE OF OPTION

 

3.1              
Person Eligible to Exercise. During Participant’s lifetime, only Participant may exercise the Option. After Participant’s
death, any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant’s Designated
Beneficiary as provided in the Plan.

 

    

     

    

 

3.2              
 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised,
in whole or in part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except
that the Option may only be exercised for whole Shares.

 

3.3              
Tax Withholding.

 

(a)               
The Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment
in accordance with the Plan of any withholding tax arising in connection with the Option as Participant’s election to satisfy all
or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under the Option.

 

(b)               
Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the
Option, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection
with the Option. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding
in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries
do not commit and are under no obligation to structure the Option to reduce or eliminate Participant’s tax liability.

 

ARTICLE
IV.

OTHER PROVISIONS

 

4.1              
Adjustments. Participant acknowledges that the Option is subject to adjustment, modification and termination in certain
events as provided in this Agreement and the Plan.

 

4.2              
Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the
Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address
or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant
(or, if Participant is then deceased, to the person entitled to exercise the Option) at Participant’s last known mailing address,
email address or facsimile number in the Company’s personnel files. By a notice given pursuant to this Section, either party may
designate a different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when
sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post
office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or
upon receipt of a facsimile transmission confirmation.

 

4.3              
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

4.4              
Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended
to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary
to conform to Applicable Laws.

 

4.5              
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and
this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth
in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto.

 

    A-2

     

    

 

4.6              
 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant
is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3)
that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed
amended as necessary to conform to such applicable exemptive rule.

 

4.7              
Entire Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire
agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect
to the subject matter hereof.

 

4.8              
Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the
provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining
provisions of the Grant Notice or this Agreement.

 

4.9              
Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed
as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights
of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option,
and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised
pursuant to the terms hereof.

 

4.10          
Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right
to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company
and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for
any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company
or a Subsidiary and Participant.

 

4.11          
Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature,
subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.

 

4.12          
Incentive Stock Options. If the Option is designated as an Incentive Stock Option:

 

(a)                Participant
acknowledges that to the extent the aggregate fair market value of shares (determined as of the time the option with respect to the
shares is granted) with respect to which stock options intended to qualify as “incentive stock options” under
Section 422 of the Code, including the Option, are exercisable for the first time by Participant during any calendar year
exceeds $100,000 or if for any other reason such stock options do not qualify or cease to qualify for treatment as “incentive
stock options” under Section 422 of the Code, such stock options (including the Option) will be treated as non-qualified
stock options. Participant further acknowledges that the rule set forth in the preceding sentence will be applied by taking the
Option and other stock options into account in the order in which they were granted, as determined under Section 422(d) of the
Code. Participant acknowledges that amendments or modifications made to the Option pursuant to the Plan that would cause the Option
to become a Non-Qualified Stock Option will not materially or adversely affect Participant’s rights under the Option, and that
any such amendment or modification shall not require Participant’s consent. Participant also acknowledges that if the Option
is exercised more than three (3) months after Participant’s Termination of Service as an Employee, other than by reason of
death or disability, the Option will be taxed as a Non-Qualified Stock Option.

 

    A-3

     

    

 

(b)               
Participant will give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under
this Agreement if such disposition or other transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after
the transfer of such Shares to Participant. Such notice will specify the date of such disposition or other transfer and the amount realized,
in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

 

* * * * *

 

    A-4

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