Document:

Exhibit
10.33

 

PLAYBOY ENTERPRISES,
INC.

 

2018 EQUITY
INCENTIVE PLAN

 

		1.	PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and
motivate eligible persons whose present and potential contributions are important to the success of Playboy Enterprises, Inc. (the
 “Company”), and any Parents, Subsidiaries and Affiliates that exist now or in the future, by offering
them an opportunity to participate in the Company’s future performance through the grant of Awards. Capitalized terms not
defined elsewhere in the text are defined in Section 28.
	 	 	 
		2.	SHARES SUBJECT TO THE PLAN.
	 	 	 

		2.1.	Number of Shares Available. Subject to Sections 2.5 and 21 and any other applicable
provisions hereof, the total number of Shares reserved and available for grant and issuance pursuant to this Plan as of the date
of adoption of the Plan by the Board, is One Million One Hundred Twenty-Two Thousand One Hundred Sixty-Nine (1,122,169) Shares.
	 	 	 

		2.2.	Lapsed, Returned Awards. Shares subject to Awards, and Shares issued under the Plan
under any Award, will again be available for grant and issuance in connection with subsequent Awards under this Plan to the extent
such Shares: (a) are subject to issuance upon exercise of an Option or SAR granted under this Plan but which cease to be subject
to the Option or SAR for any reason other than exercise of the Option or SAR; (b) are subject to Awards granted under this
Plan that are forfeited or are repurchased by the Company at the original issue price; (c) are subject to Awards granted under
this Plan that otherwise terminate without such Shares being issued; or (d) are surrendered pursuant to an Exchange Program.
To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the
number of Shares available for issuance under the Plan. Shares used to pay the exercise price of an Award or withheld to satisfy
the tax withholding obligations related to an Award will become available for future grant or sale under the Plan. For the avoidance
of doubt, Shares that otherwise become available for grant and issuance because of the provisions of this Section 2.2 will
not include Shares subject to Awards that initially became available because of the substitution clause in Section 21.2 hereof.
	 	 	 

		2.3.	Minimum Share Reserve. At all times the Company will reserve and keep available a
sufficient number of Shares as will be required to satisfy the requirements of all outstanding Awards granted under this Plan.
	 	 	 

		2.4.	Limitations. No more than One Million One Hundred Twenty-Two Thousand One Hundred
Sixty-Nine (1,122,169) Shares will be issued pursuant to the exercise of ISOs.
	 	 	 

		2.5.	Adjustment of Shares. If the number of outstanding Shares is changed by a stock dividend,
extraordinary dividends or distributions (whether in cash, shares or other property, other than a regular cash dividend) recapitalization,
stock split, reverse stock split, subdivision, combination, consolidation, reclassification, spin-off or similar change in the
capital structure of the Company, without consideration, then (a) the number and class of Shares reserved for issuance and
future grant under the Plan set forth in Section 2.1, including shares reserved under subclauses (a) through (e) of Section 2.1,
(b) the Exercise Prices of and number and class of Shares subject to outstanding Options and SARs, (c) the number and
class of Shares subject to other outstanding Awards, (d) the maximum number and class of Shares that may be issued as ISOs
set forth in Section 2.4, (e) the maximum number and class of Shares that may be issued to an individual or to a new
Employee in any one calendar year set forth in Section 3, and (f) the number and class of Shares that may be granted
as Awards to Non-Employee Directors as set forth in Section 12, will be proportionately adjusted, subject to any required
action by the Board or the stockholders of the Company and in compliance with applicable securities laws; provided that fractions
of a Share will not be issued.
	 	 	 

If, by
reason of an adjustment pursuant to this Section 2.5, a Participant’s Award Agreement or other agreement related to
any Award or the Shares subject to such Award covers additional or different shares of stock or securities, then such additional
or different shares, and the Award Agreement or such other agreement in respect thereof, will be subject to all of the terms, conditions
and restrictions which were applicable to the Award or the Shares subject to such Award prior to such adjustment.

 

     

     

    

 

		3.	ELIGIBILITY. ISOs may be granted only to Employees. All other Awards may be granted
to Employees, Consultants, Directors and Non-Employee Directors, provided that such Consultants, Directors and Non-Employee
Directors render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction.
	 	 	 
		4.	ADMINISTRATION.
	 	 	 

		4.1.	Committee Composition; Authority. This Plan will be administered by the Committee
or by the Board acting as the Committee. Subject to the general purposes, terms and conditions of this Plan, and to the direction
of the Board, the Committee will have full power to implement and carry out this Plan, except, however, the Board will establish
the terms for the grant of an Award to Non-Employee Directors. The Committee will have the authority to:
	 	 	 

		(a)	construe and interpret this Plan, any Award Agreement and any other agreement or document executed
pursuant to this Plan;
	 	 	 

		(b)
	prescribe, amend and rescind rules and regulations relating to this Plan or any Award;
	 	 	 

		(c)	select persons to receive Awards;
	 	 	 

		(d)	determine the form and terms and conditions, not inconsistent with the terms of the Plan, of any
Award granted hereunder. Such terms and conditions include, but are not limited to, the Exercise Price, the time or times when
Awards may vest and be exercised (which may be based on performance criteria) or settled, any vesting acceleration or waiver of
forfeiture restrictions, the method to satisfy tax withholding obligations or any other tax liability legally due and any restriction
or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Committee will determine;
	 	 	 

		(e)	determine the number of Shares or other consideration subject to Awards;
	 	 	 

		(f)	determine the Fair Market Value in good faith and interpret the applicable provisions of this Plan
and the definition of Fair Market Value in connection with circumstances that impact the Fair Market Value, if necessary;
	 	 	 

		(g)	determine whether Awards will be granted singly, in combination with, in tandem with, in replacement
of, or as alternatives to, other Awards under this Plan or any other incentive or compensation plan of the Company or any Parent,
Subsidiary or Affiliate;
	 	 	 

		(h)	grant waivers of Plan or Award conditions;
	 	 	 

		(i)	determine the vesting, exercisability and payment of Awards;

 

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		(j)	correct any defect, supply any omission or reconcile any inconsistency in this Plan, any Award
or any Award Agreement;
	 	 	 

		(k)	determine whether an Award has been vested and/or earned;
	 	 	 

		(l)	institute and determine the terms and conditions of any Exchange Program;
	 	 	 

		(m)	reduce or waive any criteria with respect to Performance Factors;
	 	 	 

		(n)	adjust Performance Factors to take into account changes in law and accounting or tax rules as the
Committee deems necessary or appropriate to reflect the impact of extraordinary or unusual items, events or circumstances to avoid
windfalls or hardships provided that such adjustments are consistent with the regulations promulgated under Section 162(m)
of the Code with respect to persons whose compensation is subject to Section 162(m) of the Code;
	 	 	 

		(o)	adopt rules and/or procedures (including the adoption of any subplan under this Plan) relating
to the operation and administration of the Plan to accommodate requirements of local law and procedures outside of the United States;
	 	 	 

		(p)	exercise negative discretion on Performance Awards, reducing or eliminating the amount to be paid
to Participants;
	 	 	 

		(q)	make all other determinations necessary or advisable for the administration of this Plan; and
	 	 	 

		(r)	delegate any of the foregoing to one or more executive officers pursuant to a specific delegation
as permitted by applicable law, including Section 157(c) of the Delaware General Corporation Law.

 

		4.2.	Committee Interpretation and Discretion. Any determination made by the Committee
with respect to any Award will be made in its sole discretion at the time of grant of the Award or, unless in contravention of
any express term of the Plan or Award, at any later time, and such determination will be final and binding on the Company and all
persons having an interest in any Award under the Plan. Any dispute regarding the interpretation of the Plan or any Award Agreement
will be submitted by the Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee
will be final and binding on the Company and the Participant. The Committee may delegate to one or more executive officers the
authority to review and resolve disputes with respect to Awards held by Participants who are not Insiders, and such resolution
will be final and binding on the Company and the Participant.
	 	 	 

		4.3.	Section 162(m) of the Code and Section 16 of the Exchange Act. When necessary
or desirable for an Award to qualify as “performance-based compensation” under Section 162(m) of the Code, the
Committee administering the Plan in accordance with the requirements of Rule 16b-3 and Section 162(m) of the Code will consist
of at least two individuals, each of whom qualifies as (a) a Non-Employee Director under Rule 16b-3, and (b) an “outside
director” pursuant to Code Section 162(m) and the regulations issued thereunder. At least two (or a majority if more
than two then serve on the Committee) such “outside directors” will approve the grant of such Award and timely determine
(as applicable) the Performance Period and any Performance Factors upon which vesting or settlement of any portion of such Award
is to be subject. When required by Section 162(m) of the Code, prior to settlement of any such Award at least two (or a majority
if more than two then serve on the Committee) such “outside directors” then serving on the Committee will determine
and certify in writing the extent to which such Performance Factors have been timely achieved and the extent to which the Shares
subject to such Award have thereby been earned. Awards granted to Participants who are subject to Section 16 of the Exchange
Act must be approved by two or more “non-employee directors” (as defined in the regulations promulgated under Section 16
of the Exchange Act). With respect to Participants whose compensation is subject to Section 162(m) of the Code, and provided
that such adjustments are consistent with the regulations promulgated under Section 162(m) of the Code, the Committee may
adjust the performance goals to account for changes in law and accounting and to make such adjustments as the Committee deems necessary
or appropriate to reflect the impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships,
including without limitation (a) restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring
charges, (b) an event either not directly related to the operations of the Company or not within the reasonable control of
the Company’s management, or (c) a change in accounting standards required by generally accepted accounting principles.

 

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		4.4.	Documentation. The Award Agreement for a given Award, the Plan and any other documents
may be delivered to, and accepted by, a Participant or any other person in any manner (including electronic distribution or posting)
that meets applicable legal requirements.
	 	 	 
		4.5.	Foreign Award Recipients. Notwithstanding any provision of the Plan to the contrary,
in order to comply with the laws and practices in other countries in which the Company, its Subsidiaries and Affiliates operate
or have Employees or other individuals eligible for Awards, the Committee, in its sole discretion, will have the power and authority
to: (a) determine which Subsidiaries and Affiliates will be covered by the Plan; (b) determine which individuals outside
the United States are eligible to participate in the Plan, which may include individuals who provide services to the Company, Subsidiary
or Affiliate under an agreement with a foreign nation or agency; (c) modify the terms and conditions of any Award granted
to individuals outside the United States or foreign nationals to comply with applicable foreign laws, policies, customs and practices;
(d) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines
such actions to be necessary or advisable (and such subplans and/or modifications will be attached to this Plan as appendices);
provided, however, that no such subplans and/or modifications will increase the share limitations contained in Section 2.1
hereof; and (e) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable
to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the
Committee may not take any actions hereunder, and no Awards will be granted, that would violate the Exchange Act or any other applicable
United States securities law, the Code, or any other applicable United States governing statute or law.
	 	 	 

		5.	OPTIONS. An Option is the right but not the obligation to purchase a Share, subject
to certain conditions, if applicable. The Committee may grant Options to eligible Employees, Consultants and Directors and will
determine whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”)
or Nonqualified Stock Options (“NSOs”), the number of Shares subject to the Option, the Exercise Price
of the Option, the period during which the Option may vest and be exercised, and all other terms and conditions of the Option,
subject to the following terms of this section.
	 	 	 

		5.1.	Option Grant. Each Option granted under this Plan will identify the Option as an
ISO or an NSO. An Option may be, but need not be, awarded upon satisfaction of such Performance Factors during any Performance
Period as are set out in advance in the Participant’s individual Award Agreement. If the Option is being earned upon the
satisfaction of Performance Factors, then the Committee will: (a) determine the nature, length and starting date of any Performance
Period for each Option; and (b) select from among the Performance Factors to be used to measure the performance, if any. Performance
Periods may overlap and Participants may participate simultaneously with respect to Options that are subject to different performance
goals and other criteria.
	 	 	 
		5.2.	Date of Grant. The date of grant of an Option will be the date on which the Committee
makes the determination to grant such Option, or a specified future date. The Award Agreement and a copy of this Plan will be delivered
to the Participant within a reasonable time after the granting of the Option.

 

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		5.3.	Exercise Period. Options may be vested and exercisable within the times or upon the
conditions as set forth in the Award Agreement governing such Option; provided, however, that no Option
will be exercisable after the expiration of ten (10) years from the date the Option is granted; and provided further that
no ISO granted to a person who, at the time the ISO is granted, directly or by attribution owns more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary (“Ten Percent
Stockholder”) will be exercisable after the expiration of five (5) years from the date the ISO is granted. The
Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such
number of Shares or percentage of Shares as the Committee determines.
	 	 	 

		5.4.	Exercise Price. The Exercise Price of an Option will be determined by the Committee
when the Option is granted; provided that: (a) the Exercise Price of an Option will be not less than one hundred percent (100%) of
the Fair Market Value of the Shares on the date of grant and (b) the Exercise Price of any ISO granted to a Ten Percent Stockholder
will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment
for the Shares purchased may be made in accordance with Section 11 and the Award Agreement and in accordance with any procedures
established by the Company.
	 	 	 

		5.5.	Method of Exercise. Any Option granted hereunder will be vested and exercisable according
to the terms of the Plan and at such times and under such conditions as determined by the Committee and set forth in the Award
Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives:
(a) notice of exercise (in such form as the Committee may specify from time to time) from the person entitled to exercise
the Option (and/or via electronic execution through the authorized third-party administrator), and (b) full payment for the
Shares with respect to which the Option is exercised (together with applicable withholding taxes). Full payment may consist of
any consideration and method of payment authorized by the Committee and permitted by the Award Agreement and the Plan. Shares issued
upon exercise of an Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends
or any other rights as a stockholder will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company
will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend
or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.5 of
the Plan. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the
Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.
	 	 	 

		5.6.	Termination of Service. If the Participant’s Service terminates for any reason
except for Cause or the Participant’s death or Disability, then the Participant may exercise such Participant’s Options
only to the extent that such Options would have been exercisable by the Participant on the date Participant’s Service terminates
no later than three (3) months after the date Participant’s Service terminates (or such shorter time period not less
than thirty (30) days or longer time period as may be determined by the Committee, with any exercise beyond three (3) months
after the date Participant’s Service terminates deemed to be the exercise of an NSO), but in any event no later than the
expiration date of the Options.

 

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		5.6.1.	Death. If the Participant’s Service terminates because of the Participant’s
death (or the Participant dies within three (3) months after Participant’s Service terminates other than for Cause or
because of the Participant’s Disability), then the Participant’s Options may be exercised only to the extent that such
Options would have been exercisable by the Participant on the date Participant’s Service terminates and must be exercised
by the Participant’s legal representative, or authorized assignee, no later than eighteen (18) months after the date
Participant’s Service terminates (or such shorter time period not less than six (6) months or longer time period as
may be determined by the Committee), but in any event no later than the expiration date of the Options.
	 	 	 

		5.6.2.	Disability. If the Participant’s Service terminates because of the Participant’s
Disability, then the Participant’s Options may be exercised only to the extent that such Options would have been exercisable
by the Participant on the date Participant’s Service terminates and must be exercised by the Participant (or the Participant’s
legal representative or authorized assignee) no later than twelve (12) months after the date Participant’s Service terminates
(or such shorter time period not less than six (6) months or longer time period as may be determined by the Committee, with
any exercise beyond (a) three (3) months after the date Participant’s Service terminates when the termination of
Service is for a Disability that is not a “permanent and total disability” as defined in Section 22(e)(3) of the
Code, or (b) twelve (12) months after the date Participant’s Service terminates when the termination of Service
is for a Disability that is a “permanent and total disability” as defined in Section 22(e)(3) of the Code, deemed
to be exercise of an NSO), but in any event no later than the expiration date of the Options.
	 	 	 

		5.6.3.	Cause. If the Participant’s Service terminates for Cause, then Participant’s
Options will expire on such Participant’s date of termination of Service, or at such later time and on such conditions as
are determined by the Committee, but in any event no later than the expiration date of the Options. Unless otherwise provided in
an employment agreement or Award Agreement, Cause will have the meaning set forth in the Plan.
	 	 	 

		5.7.	Limitations on Exercise. The Committee may specify a minimum number of Shares that
may be purchased on any exercise of an Option, provided that such minimum number will not prevent any Participant from exercising
the Option for the full number of Shares for which it is then exercisable.
	 	 	 
		5.8.	Limitations on ISOs. With respect to Awards granted as ISOs, to the extent that the
aggregate Fair Market Value of the Shares with respect to which such ISOs are exercisable for the first time by the Participant
during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000),
such Options will be treated as NSOs. For purposes of this Section 5.8, ISOs will be taken into account in the order in which
they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares
is granted. In the event that the Code or the regulations promulgated thereunder are amended to provide for a different limit on
the Fair Market Value of Shares permitted to be subject to ISOs, such different limit will be automatically incorporated herein
and will apply to any Options granted after the effective date of such amendment.

 

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		5.9.	Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding
Options and authorize the grant of new Options in substitution therefor, provided that any such action may not, without the written
consent of a Participant, impair any of such Participant’s rights under any Option previously granted. Any outstanding ISO
that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject
to Section 18 of this Plan, by written notice to affected Participants, the Committee may reduce the Exercise Price of outstanding
Options without the consent of such Participants; provided, however, that the Exercise Price may not be
reduced below the Fair Market Value on the date the action is taken to reduce the Exercise Price.
	 	 	 

		5.10.	No Disqualification. Notwithstanding any other provision in this Plan, no term of
this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan
be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the Participant affected,
to disqualify any ISO under Section 422 of the Code.
	 	 	 

		6.	RESTRICTED STOCK AWARDS. A Restricted Stock Award is an offer by the Company to sell
to an eligible Employee, Consultant, or Director Shares that are subject to restrictions (“Restricted Stock”).
The Committee will determine to whom an offer will be made, the number of Shares the Participant may purchase, the Purchase Price,
the restrictions under which the Shares will be subject and all other terms and conditions of the Restricted Stock Award, subject
to the Plan.
	 	 	 

		6.1.	Restricted Stock Purchase Agreement. All purchases under a Restricted Stock
Award will be evidenced by an Award Agreement. Except as may otherwise be provided in an Award Agreement, a Participant accepts
a Restricted Stock Award by signing and delivering to the Company an Award Agreement with full payment of the Purchase Price, within
thirty (30) days from the date the Award Agreement was delivered to the Participant. If the Participant does not accept such
Award within thirty (30) days, then the offer of such Restricted Stock Award will terminate, unless the Committee determines
otherwise.
	 	 	 

		6.2.	Purchase Price. The Purchase Price for a Restricted Stock Award will be determined
by the Committee and may be less than Fair Market Value on the date the Restricted Stock Award is granted. Payment of the Purchase
Price must be made in accordance with Section 11 of the Plan and the Award Agreement and in accordance with any procedures
established by the Company.
	 	 	 

		6.3.	Terms of Restricted Stock Awards. Restricted Stock Awards will be subject to such
restrictions as the Committee may impose or are required by law. These restrictions may be based on completion of a specified number
of years of service with the Company or upon completion of Performance Factors, if any, during any Performance Period as set out
in advance in the Participant’s Award Agreement. Prior to the grant of a Restricted Stock Award, the Committee will: (a) determine
the nature, length and starting date of any Performance Period for the Restricted Stock Award; (b) select from among the Performance
Factors to be used to measure performance goals, if any; and (c) determine the number of Shares that may be awarded to the
Participant. Performance Periods may overlap and a Participant may participate simultaneously with respect to Restricted Stock
Awards that are subject to different Performance Periods and having different performance goals and other criteria.
	 	 	 

		6.4.	Termination of Service. Except as may be set forth in the Participant’s Award
Agreement, vesting ceases on such date Participant’s Service terminates (unless determined otherwise by the Committee).

 

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		7.	STOCK BONUS AWARDS. A Stock Bonus Award is an award to an eligible Employee, Consultant,
or Director of Shares for Services to be rendered or for past Services already rendered to the Company or any Parent, Subsidiary
or Affiliate. All Stock Bonus Awards will be made pursuant to an Award Agreement. No payment from the Participant will be required
for Shares awarded pursuant to a Stock Bonus Award.
	 	 	 

		7.1.	Terms of Stock Bonus Awards. The Committee will determine the number of Shares to
be awarded to the Participant under a Stock Bonus Award and any restrictions thereon. These restrictions may be based upon completion
of a specified number of years of service with the Company or upon satisfaction of performance goals based on Performance Factors
during any Performance Period as set out in advance in the Participant’s Stock Bonus Agreement. Prior to the grant of any
Stock Bonus Award the Committee will: (a) determine the nature, length and starting date of any Performance Period for the
Stock Bonus Award; (b) select from among the Performance Factors to be used to measure performance goals; and (c) determine
the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a Participant may participate
simultaneously with respect to Stock Bonus Awards that are subject to different Performance Periods and different performance goals
and other criteria.
	 	 	 

		7.2.	Form of Payment to Participant. Payment may be made in the form of cash, whole Shares,
or a combination thereof, based on the Fair Market Value of the Shares earned under a Stock Bonus Award on the date of payment,
as determined in the sole discretion of the Committee.
	 	 	 

		7.3.	Termination of Service. Except as may be set forth in the Participant’s Award
Agreement, vesting ceases on such date Participant’s Service terminates (unless determined otherwise by the Committee).
	 	 	 

		8.	STOCK APPRECIATION RIGHTS. A Stock Appreciation Right (“SAR”)
is an award to an eligible Employee, Consultant, or Director that may be settled in cash, or Shares (which may consist of Restricted
Stock), having a value equal to (a) the difference between the Fair Market Value on the date of exercise over the Exercise
Price multiplied by (b) the number of Shares with respect to which the SAR is being settled (subject to any maximum number
of Shares that may be issuable as specified in an Award Agreement). All SARs will be made pursuant to an Award Agreement.
	 	 	 

		8.1.	Terms of SARs. The Committee will determine the terms of each SAR including, without
limitation: (a) the number of Shares subject to the SAR; (b) the Exercise Price and the time or times during which the
SAR may be settled; (c) the consideration to be distributed on settlement of the SAR; and (d) the effect of the Participant’s
termination of Service on each SAR. The Exercise Price of the SAR will be determined by the Committee when the SAR is granted,
and may not be less than Fair Market Value of the Shares on the date of grant. A SAR may be awarded upon satisfaction of Performance
Factors, if any, during any Performance Period as are set out in advance in the Participant’s individual Award Agreement.
If the SAR is being earned upon the satisfaction of Performance Factors, then the Committee will: (x) determine the nature,
length and starting date of any Performance Period for each SAR; and (y) select from among the Performance Factors to be used
to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously with respect
to SARs that are subject to different Performance Factors and other criteria.
	 	 	 

		8.2.	Exercise Period and Expiration Date. A SAR will be exercisable within the times or
upon the occurrence of events determined by the Committee and set forth in the Award Agreement governing such SAR. The SAR Agreement
will set forth the expiration date; provided that no SAR will be exercisable after the expiration of ten (10) years from the
date the SAR is granted. The Committee may also provide for SARs to become exercisable at one time or from time to time, periodically
or otherwise (including, without limitation, upon the attainment during a Performance Period of performance goals based on Performance
Factors), in such number of Shares or percentage of the Shares subject to the SAR as the Committee determines. Except as may be
set forth in the Participant’s Award Agreement, vesting ceases on the date Participant’s Service terminates (unless
determined otherwise by the Committee). Notwithstanding the foregoing, the rules of Section 5.6 also will apply to SARs.

 

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		8.3.	Form of Settlement. Upon exercise of a SAR, a Participant will be entitled to receive
payment from the Company in an amount determined by multiplying (a) the difference between the Fair Market Value of a Share
on the date of exercise over the Exercise Price; times (b) the number of Shares with respect to which the SAR is exercised.
At the discretion of the Committee, the payment from the Company for the SAR exercise may be in cash, in Shares of equivalent value,
or in some combination thereof. The portion of a SAR being settled may be paid currently or on a deferred basis with such interest
or Dividend Equivalent Right, if any, as the Committee determines, provided that the terms of the SAR and any deferral satisfy
the requirements of Section 409A of the Code.
	 	 	 

		8.4.	Termination of Service. Except as may be set forth in the Participant’s Award
Agreement, vesting ceases on such date Participant’s Service terminates (unless determined otherwise by the Committee).
	 	 	 

		9.	RESTRICTED STOCK UNITS. A Restricted Stock Unit (“RSU”)
is an award to an eligible Employee, Consultant, or Director covering a number of Shares that may be settled in cash, or by issuance
of those Shares (which may consist of Restricted Stock). All RSUs will be made pursuant to an Award Agreement.
	 	 	 

		9.1.	Terms of RSUs. The Committee will determine the terms of an RSU including, without
limitation: (a) the number of Shares subject to the RSU; (b) the time or times during which the RSU may be settled; (c) the
consideration to be distributed on settlement; and (d) the effect of the Participant’s termination of Service on each
RSU; provided that no RSU will have a term longer than ten (10) years. An RSU may be awarded upon satisfaction of such performance
goals based on Performance Factors during any Performance Period as are set out in advance in the Participant’s Award Agreement.
If the RSU is being earned upon satisfaction of Performance Factors, then the Committee will: (x) determine the nature, length
and starting date of any Performance Period for the RSU; (y) select from among the Performance Factors to be used to measure
the performance, if any; and (z) determine the number of Shares deemed subject to the RSU. Performance Periods may overlap
and participants may participate simultaneously with respect to RSUs that are subject to different Performance Periods and different
performance goals and other criteria.
	 	 	 

		9.2.	Form and Timing of Settlement. Payment of earned RSUs will be made as soon as practicable
after the date(s) determined by the Committee and set forth in the Award Agreement. The Committee, in its sole discretion, may
settle earned RSUs in cash, Shares, or a combination of both. The Committee may also permit a Participant to defer payment under
a RSU to a date or dates after the RSU is earned provided that the terms of the RSU and any deferral satisfy the requirements of
Section 409A of the Code.
	 	 	 

		9.3.	Termination of Service. Except as may be set forth in the Participant’s Award
Agreement, vesting ceases on such date Participant’s Service terminates (unless determined otherwise by the Committee).

 

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		10.	PERFORMANCE AWARDS. A Performance Award is an award to an eligible Employee, Consultant,
or Director of a cash bonus or an award of Performance Shares or Performance Units denominated in Shares that may be settled in
cash, or by issuance of those Shares (which may consist of Restricted Stock). Grants of Performance Awards will be made pursuant
to an Award Agreement.
	 	 	 

		10.1.	Types of Performance Awards. Performance Awards will include Performance Shares,
Performance Units, and cash-based Awards as set forth in Sections 10.1(a), 10.1(b), and 10.1(c) below.
	 	 	 

		10.1.1.	Performance Shares. The Committee may grant Awards of Performance Shares, designate the
Participants to whom Performance Shares are to be awarded and determine the number of Performance Shares and the terms and conditions
of each such Award. Performance Shares will consist of a unit valued by reference to a designated number of Shares, the value of
which may be paid to the Participant by delivery of Shares or, if set forth in the instrument evidencing the Award, of such property
as the Committee will determine, including, without limitation, cash, Shares, other property, or any combination thereof, upon
the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee.
The amount to be paid under an Award of Performance Shares may be adjusted on the basis of such further consideration as the Committee
will determine in its sole discretion.
	 	 	 

		10.1.2.	Performance Units. The Committee may grant Awards of Performance Units, designate the Participants
to whom Performance Units are to be awarded and determine the number of Performance Units and the terms and conditions of each
such Award. Performance Units will consist of a unit valued by reference to a designated amount of property other than Shares,
which value may be paid to the Participant by delivery of such property as the Committee will determine, including, without limitation,
cash, Shares, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee,
and other terms and conditions specified by the Committee.
	 	 	 

		10.1.3.	Cash Performance Awards. The Committee may also grant cash-based Performance Awards to Participants
under the terms of this Plan. Such awards will be based on the attainment of performance goals using the Performance Factors within
this Plan that are established by the Committee for the relevant performance period.
	 	 	 

		10.2.	Terms of Performance Awards. The Committee will determine, and each Award Agreement
will set forth, the terms of each Performance Award including, without limitation: (a) the amount of any cash bonus, (b) the
number of Shares deemed subject to an award of Performance Shares; (c) the Performance Factors and Performance Period that
will determine the time and extent to which each award of Performance Shares will be settled; (d) the consideration to be
distributed on settlement, and (e) the effect of the Participant’s termination of Service on each Performance Award.
In establishing Performance Factors and the Performance Period the Committee will: (x) determine the nature, length and starting
date of any Performance Period; (y) select from among the Performance Factors to be used; and (z) determine the number
of Shares deemed subject to the award of Performance Shares. Each Performance Share will have an initial value equal to the Fair
Market Value of a Share on the date of grant. Prior to settlement the Committee will determine the extent to which Performance
Awards have been earned. Performance Periods may overlap and Participants may participate simultaneously with respect to Performance
Awards that are subject to different Performance Periods and different performance goals and other criteria.

 

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		10.3.	Termination of Service. Except as may be set forth in the Participant’s Award
Agreement, vesting ceases on the date Participant’s Service terminates (unless determined otherwise by the Committee).

 

		11.	PAYMENT FOR SHARE PURCHASES. Payment from a Participant for Shares purchased pursuant
to this Plan may be made in cash or by check or, where expressly approved for the Participant by the Committee and where permitted
by law (and to the extent not otherwise set forth in the applicable Award Agreement):

 

		(a)	by cancellation of indebtedness of the Company to the Participant;

 

		(b)	by surrender of shares of the Company held by the Participant that have a Fair Market Value on
the date of surrender equal to the aggregate exercise price of the Shares as to which said Award will be exercised or settled;

 

		(c)	by waiver of compensation due or accrued to the Participant for services rendered or to be rendered
to the Company or a Parent or Subsidiary;

 

		(d)	by consideration received by the Company pursuant to a broker-assisted or other form of cashless
exercise program implemented by the Company in connection with the Plan;

 

		(e)	by any combination of the foregoing; or

 

		(f)	by any other method of payment as is permitted by applicable law.

 

		12.	GRANTS TO NON-EMPLOYEE DIRECTORS. Non-Employee Directors are eligible to receive
any type of Award offered under this Plan except ISOs. Awards pursuant to this Section 12 may be automatically made pursuant
to policy adopted by the Board, or made from time to time as determined in the discretion of the Board. The aggregate number of
Shares subject to Awards granted to a Non-Employee Director pursuant to this Section 12 in any calendar year will not exceed
such number of Shares with an aggregate grant date value of Three Hundred Thousand Dollars ($300,000); provided, however, that
with respect to a Non-Employee Director’s first year of Service, Awards granted pursuant to this Section 12 will not
exceed such number of Shares with an aggregate grant date value of Six Hundred Thousand Dollars ($600,000).

 

		12.1.	Eligibility. Awards pursuant to this Section 12 will be granted only to Non-Employee
Directors. A Non-Employee Director who is elected or re-elected as a member of the Board will be eligible to receive an Award under
this Section 12.

 

		12.2.	Vesting, Exercisability and Settlement. Except as set forth in Section 21, Awards
will vest, become exercisable and be settled as determined by the Board. With respect to Options and SARs, the exercise price granted
to Non-Employee Directors will not be less than the Fair Market Value of the Shares at the time that such Option or SAR is granted.

 

		12.3.	Election to Receive Awards in Lieu of Cash. A Non-Employee Director may elect to
receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash or Awards or a combination
thereof, as determined by the Committee. Such Awards will be issued under the Plan. An election under this Section 12.3 will
be filed with the Company on the form prescribed by the Company.

 

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		13.	WITHHOLDING TAXES.

                                                                        

		13.1.	Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards
granted under this Plan or a tax event occurs, the Company may require the Participant to remit to the Company, or to the Parent,
Subsidiary or Affiliate, as applicable, employing the Participant, an amount sufficient to satisfy applicable U.S. federal,
state, local and international tax or any other tax or social insurance liability (the “Tax-Related Items”)
legally due from the Participant prior to the delivery of Shares pursuant to exercise or settlement of any Award. Whenever payments
in satisfaction of Awards granted under this Plan are to be made in cash, such payment will be net of an amount sufficient to satisfy
applicable withholding obligations for Tax-Related Items. Unless otherwise determined by the Committee, the Fair Market Value of
the Shares will be determined as of the date that the taxes are required to be withheld.

 

		13.2.	Stock Withholding. The Committee, or its delegate(s), as permitted by applicable
law, in its sole discretion and pursuant to such procedures as it may specify from time to time and to limitations of local law,
may require or permit a Participant to satisfy such Tax Related Items legally due from the Participant, in whole or in part by
(without limitation) (a) paying cash, (b) having the Company withhold otherwise deliverable cash or Shares having a Fair
Market Value equal to the Tax-Related Items to be withheld, (c) delivering to the Company already-owned shares having a Fair
Market Value equal to the Tax-Related Items to be withheld or (d) withholding from the proceeds of the sale of otherwise deliverable
Shares acquired pursuant to an Award either through a voluntary sale or through a mandatory sale arranged by the Company. The Company
may withhold or account for these Tax-Related Items by considering applicable statutory withholding rates or other applicable withholding
rates, including up to the maximum permissible statutory tax rate for the applicable tax jurisdiction, to the extent consistent
with applicable laws.

 

		14.	TRANSFERABILITY.

 

		14.1.	Transfer Generally. Unless determined otherwise by the Committee or pursuant to Section 14.2,
an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the
laws of descent or distribution. If the Committee makes an Award transferable, including, without limitation, by instrument to
an inter vivos or testamentary trust in which the Awards are to be passed to beneficiaries upon the death of the trustor (settlor)
or by gift or by domestic relations order to a Permitted Transferee, such Award will contain such additional terms and conditions
as the Committee deems appropriate. All Awards will be exercisable: (a) during the Participant’s lifetime only by (i) the
Participant, or (ii) the Participant’s guardian or legal representative; (b) after the Participant’s death,
by the legal representative of the Participant’s heirs or legatees; and (c) in the case of all awards except ISOs, by
a Permitted Transferee.

 

		14.2.	Award Transfer Program. Notwithstanding any contrary provision of the Plan, the Committee
will have all discretion and authority to determine and implement the terms and conditions of any Award Transfer Program instituted
pursuant to this Section 14.2 and will have the authority to amend the terms of any Award participating, or otherwise eligible
to participate in, the Award Transfer Program, including (but not limited to) the authority to (a) amend (including to extend)
the expiration date, post-termination exercise period and/or forfeiture conditions of any such Award, (b) amend or remove
any provisions of the Award relating to the Award holder’s continued Service to the Company or any Parent, Subsidiary or
Affiliate, (c) amend the permissible payment methods with respect to the exercise or purchase of any such Award, (d) amend
the adjustments to be implemented in the event of changes in the capitalization and other similar events with respect to such Award,
and (e) make such other changes to the terms of such Award as the Committee deems necessary or appropriate in its sole discretion.

 

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		15.	PRIVILEGES OF STOCK OWNERSHIP; RESTRICTIONS ON SHARES.

 

		15.1.	Voting and Dividends. No Participant will have any of the rights of a stockholder
with respect to any Shares until the Shares are issued to the Participant, except for any Dividend Equivalent Rights permitted
by an applicable Award Agreement. Any Dividend Equivalent Rights will be subject to the same vesting or performance conditions
as the underlying Award. In addition, the Committee may provide that any Dividend Equivalent Rights permitted by an applicable
Award Agreement will be deemed to have been reinvested in additional Shares or otherwise reinvested. After Shares are issued to
the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including
the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided,
that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled
to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital
structure of the Company will be subject to the same restrictions as the Restricted Stock; provided, further,
that the Participant will have no right to such stock dividends or stock distributions with respect to Unvested Shares, and any
such dividends or stock distributions will be accrued and paid only at such time, if any, as such Unvested Shares become vested
Shares. The Committee, in its discretion, may provide in the Award Agreement evidencing any Award that the Participant will be
entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Shares underlying an Award during the period
beginning on the date the Award is granted and ending, with respect to each Share subject to the Award, on the earlier of the date
on which the Award is exercised or settled or the date on which it is forfeited provided, that no Dividend Equivalent
Right will be paid with respect to the Unvested Shares, and such dividends or stock distributions will be accrued and paid only
at such time, if any, as such Unvested Shares become vested Shares. Such Dividend Equivalent Rights, if any, will be credited to
the Participant in the form of additional whole Shares as of the date of payment of such cash dividends on Shares.

 

		15.2.	Restrictions on Shares. At the discretion of the Committee, the Company may reserve
to itself and/or its assignee(s) a right to repurchase (a “Right of Repurchase”) a portion of any or
all Unvested Shares held by a Participant following such Participant’s termination of Service at any time within ninety (90) days
(or such longer or shorter time determined by the Committee) after the later of the date Participant’s Service terminates
and the date the Participant purchases Shares under this Plan, for cash and/or cancellation of purchase money indebtedness, at
the Participant’s Purchase Price or Exercise Price, as the case may be.

 

		16.	CERTIFICATES. All Shares or other securities whether or not certificated, delivered
under this Plan will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary
or advisable, including restrictions under any applicable U.S. federal, state or foreign securities law, or any rules, regulations
and other requirements of the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted
and any non-U.S. exchange controls or securities law restrictions to which the Shares are subject.

 

		17.	ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a Participant’s Shares,
the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other
instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by
the Company to hold in escrow until such restrictions have lapsed or terminated, and the Committee may cause a legend or legends
referencing such restrictions to be placed on the certificates. Any Participant who is permitted to execute a promissory note as
partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company
all or part of the Shares so purchased as collateral to secure the payment of the Participant’s obligation to the Company
under the promissory note; provided, however, that the Committee may require or accept other or additional
forms of collateral to secure the payment of such obligation and, in any event, the Company will have full recourse against the
Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or other collateral. In connection
with any pledge of the Shares, the Participant will be required to execute and deliver a written pledge agreement in such form
as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge
on a pro rata basis as the promissory note is paid.

 

    13 

     

    

 

		18.	REPRICING; EXCHANGE AND BUYOUT OF AWARDS. Without prior stockholder approval the
Committee may (a) reprice Options or SARs (and where such repricing is a reduction in the Exercise Price of outstanding Options
or SARs, the consent of the affected Participants is not required provided written notice is provided to them, notwithstanding
any adverse tax consequences to them arising from the repricing), and (b) with the consent of the respective Participants
(unless not required pursuant to Section 5.9 of the Plan), pay cash or issue new Awards in exchange for the surrender and
cancellation of any, or all, outstanding Awards.

 

		19.	SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be effective unless
such Award is in compliance with all applicable U.S. and foreign federal and state securities, exchange control or other laws,
rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which
the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise
or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver certificates
for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that the Company determines are
necessary or advisable; and/or (b) completion of any registration or other qualification of such Shares under any state or
federal or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. the Company
will be under no obligation to register the Shares with the SEC or to effect compliance with the registration, qualification or
listing requirements of any foreign or state securities laws, exchange control laws, stock exchange or automated quotation system,
and the Company will have no liability for any inability or failure to do so.

 

		20.	NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this Plan
will confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship
with, the Company or any Parent, Subsidiary or Affiliate or limit in any way the right of the Company or any Parent, Subsidiary
or Affiliate to terminate Participant’s employment or other relationship at any time.

 

		21.	CORPORATE TRANSACTIONS.

 

		21.1.	Assumption or Replacement of Awards by Successor. In the
event of a Corporate Transaction, any or all outstanding Awards may be assumed or replaced by the successor corporation, which
assumption or replacement will be binding on all Participants. In the alternative, the successor corporation may substitute equivalent
Awards or provide substantially similar consideration to Participants as was provided to stockholders (after taking into account
the existing provisions of the Awards). The successor corporation may also issue, in place of outstanding Shares of the Company
held by the Participant, substantially similar shares or other property subject to repurchase restrictions no less favorable to
the Participant. In the event such successor or acquiring corporation (if any) refuses to assume, convert, replace or substitute
Awards, as provided above, pursuant to a Corporate Transaction, then notwithstanding any other provision in this Plan to the contrary,
such Awards will have their vesting accelerate as to all shares subject to such Award (and any applicable right of repurchase fully
lapse) immediately prior to the Corporate Transaction. In addition, in the event such successor or acquiring corporation (if any)
refuses to assume, convert, replace or substitute Awards, as provided above, pursuant to a Corporate Transaction, the Committee
will notify the Participant in writing or electronically that such Award will be exercisable for a period of time determined by
the Committee in its sole discretion, and such Award will terminate upon the expiration of such period. Awards need not be treated
similarly in a Corporate Transaction.

 

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		21.2.	Assumption of Awards by the Company. The Company, from time to time, also may substitute
or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise,
by either; (a) granting an Award under this Plan in substitution of such other company’s award; or (b) assuming
such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under
this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been
eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant. In the event
the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged (except that
the Purchase Price or the Exercise Price, as the case may be, and the number and nature of Shares issuable upon exercise or settlement
of any such Award will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects
to grant a new Option in substitution rather than assuming an existing option, such new Option may be granted with a similarly
adjusted Exercise Price. Substitute Awards will not reduce the number of Shares authorized for grant under the Plan or authorized
for grant to a Participant in a calendar year.

 

		21.3.	Non-Employee Directors’ Awards. Notwithstanding any provision to the contrary
herein, in the event of a Corporate Transaction, the vesting of all Awards granted to Non-Employee Directors will accelerate and
such Awards will become exercisable (as applicable) in full prior to the consummation of such event at such times and on such conditions
as the Committee determines.

 

		22.	ADOPTION AND STOCKHOLDER APPROVAL. This Plan will be submitted for the approval of
the Company’s stockholders, consistent with applicable laws, within twelve (12) months before or after the date this
Plan is adopted by the Board.

 

		23.	TERM OF PLAN/GOVERNING LAW. Unless earlier terminated as provided herein, this Plan
will become effective on the Effective Date and will terminate ten (10) years after the Effective Date. This Plan and all
Awards granted hereunder will be governed by and construed in accordance with the laws of the State of Delaware (excluding its
conflict of laws rules).

 

		24.	AMENDMENT OR TERMINATION OF PLAN. The Board may at any time terminate or amend this
Plan in any respect, including, without limitation, amendment of any form of Award Agreement or instrument to be executed pursuant
to this Plan; provided, however, that the Board will not, without the approval of the stockholders of the
Company, amend this Plan in any manner that requires such stockholder approval; provided further, that a Participant’s
Award will be governed by the version of this Plan then in effect at the time such Award was granted. No termination or amendment
of the Plan will affect any then-outstanding Award unless expressly provided by the Committee. In any event, no termination or
amendment of the Plan or any outstanding Award may adversely affect any then outstanding Award without the consent of the Participant,
unless such termination or amendment is necessary to comply with applicable law, regulation or rule.

 

    15 

     

    

 

		25.	NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission
of this Plan to the stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any
limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without
limitation, the granting of stock awards and bonuses otherwise than under this Plan, and such arrangements may be either generally
applicable or applicable only in specific cases.

 

		26.	INSIDER TRADING POLICY. Each Participant who receives an Award will comply with any
policy adopted by the Company from time to time covering transactions in the Company’s securities by Employees, officers
and/or directors of the Company, as well as with any applicable insider trading or market abuse laws to which the Participant may
be subject.

 

		27.	ALL AWARDS SUBJECT TO COMPANY CLAWBACK OR RECOUPMENT POLICY. All Awards, subject
to applicable law, will be subject to clawback or recoupment pursuant to any clawback or recoupment policy adopted by the Board
or required by law during the term of Participant’s employment or other service with the Company that is applicable to executive
officers, employees, directors or other service providers of the Company, and in addition to any other remedies available under
such policy and applicable law, may require the cancellation of outstanding Awards and the recoupment of any gains realized with
respect to Awards.

 

		28.	DEFINITIONS. As used in this Plan, and except as elsewhere defined herein, the following
terms will have the following meanings:

 

		28.1.	“Affiliate” means (i) any entity that, directly or indirectly, is
controlled by, controls or is under common control with, the Company and (ii) any entity in which the Company has a significant
equity interest, in either case as determined by the Committee, whether now or hereafter existing.

 

		28.2.	“Award” means any award under the Plan, including any Option, Restricted
Stock, Stock Bonus, Stock Appreciation Right, Restricted Stock Unit or award of Performance Shares.

 

		28.3.	“Award Agreement” means, with respect to each Award, the written or electronic
agreement between the Company and the Participant setting forth the terms and conditions of the Award, and country-specific appendix
thereto for grants to non-U.S. Participants, which will be in substantially a form (which need not be the same for each Participant)
that the Committee (or in the case of Award agreements that are not used for Insiders, the Committee’s delegate(s)) has from
time to time approved, and will comply with and be subject to the terms and conditions of this Plan.

 

		28.4.	“Award Transfer Program” means any program instituted by the Committee
which would permit Participants the opportunity to transfer any outstanding Awards to a financial institution or other person or
entity approved by the Committee.

 

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

 

		28.6.	“Cause” means a determination by the Company that the Participant has
committed an act or acts constituting any of the following: (i) dishonesty, fraud, misconduct or negligence in connection
with his or her duties, (ii) unauthorized disclosure or use of the Company’s confidential or proprietary information,
(iii) misappropriation of a business opportunity of the Company, (iv) materially aiding a competitor of the Company,
(v) a felony conviction; or (vi) failure or refusal to attend to the duties or obligations of the Participant’s
position, or to comply with the Company’s rules, policies or procedures The determination as to whether a Participant is
being terminated for Cause will be made in good faith by the Company and will be final and binding on the Participant. The foregoing
definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship
at any time as provided in Section 20 above, and the term “Company” will be interpreted to include any Subsidiary
or Parent, as appropriate. Notwithstanding the foregoing, the foregoing definition of “Cause” may, in part or in whole,
be modified or replaced in each individual employment agreement, Award Agreement or other applicable agreement with any Participant,
provided that such document supersedes the definition provided in this Section 28.6.

 

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		28.7.	“Code” means the United States Internal Revenue Code of 1986, as amended,
and the regulations promulgated thereunder.

 

		28.8.	“Committee” means the Compensation Committee of the Board or those persons
to whom administration of the Plan, or part of the Plan, has been delegated as permitted by law.

 

		28.9.	“Common Stock” means the common stock of the Company.

 

		28.10.	“Company” means Playboy Enterprises, Inc., a Delaware corporation, or
any successor corporation.

 

		28.11.	“Consultant” means any natural person, including an advisor or independent
contractor, engaged by the Company or a Parent, Subsidiary or Affiliate to render services to such entity.

 

		28.12.	“Corporate Transaction” means the occurrence of any of the following
events: (a) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial
owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing
more than fifty percent (50%) of the total voting power represented by the Company’s then-outstanding voting securities;
provided, however, that for purposes of this subclause (a) the acquisition of additional securities by any one Person who
is considered to own more than fifty percent (50%) of the total voting power of the securities of the Company will not be
considered a Corporate Transaction; (b) the consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets; (c) the consummation of a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or
its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or
such surviving entity or its parent outstanding immediately after such merger or consolidation; (d) any other transaction
which qualifies as a “corporate transaction” under Section 424(a) of the Code wherein the stockholders of the
Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially
all of the outstanding shares of capital stock of the Company) or (e) a change in the effective control of the Company that
occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by members of the
Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment
or election. For purpose of this subclause (e), if any Person is considered to be in effective control of the Company, the acquisition
of additional control of the Company by the same Person will not be considered a Corporate Transaction. For purposes of this definition,
Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar business transaction with the Company. Notwithstanding the foregoing, to the extent
that any amount constituting deferred compensation (as defined in Section 409A of the Code) would become payable under this
Plan by reason of a Corporate Transaction, such amount will become payable only if the event constituting a Corporate Transaction
would also qualify as a change in ownership or effective control of the Company or a change in the ownership of a substantial portion
of the assets of the Company, each as defined within the meaning of Code Section 409A, as it has been and may be amended from
time to time, and any proposed or final Treasury Regulations and IRS guidance that has been promulgated or may be promulgated thereunder
from time to time.

 

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		28.13.	“Director” means a member of the Board.

 

		28.14.	“Disability” means in the case of incentive stock options, total and
permanent disability as defined in Section 22(e)(3) of the Code and in the case of other Awards, that the Participant is unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months.

 

		28.15.	“Dividend Equivalent Right” means the right of a Participant, granted
at the discretion of the Committee or as otherwise provided by the Plan, to receive a credit for the account of such Participant
in an amount equal to the cash, stock or other property dividends in amounts equal equivalent to cash, stock or other property
dividends for each Share represented by an Award held by such Participant.

 

		28.16.	“Effective Date” means the date on which the Plan is adopted by
the Board.

 

		28.17.	“Employee” means any person, including Officers and Directors, providing
services as an employee to the Company or any Parent, Subsidiary or Affiliate. Neither service as a Director nor payment of a director’s
fee by the Company will be sufficient to constitute “employment” by the Company.

 

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

 

		28.19.	“Exchange Program” means a program pursuant to which (a) outstanding
Awards are surrendered, cancelled or exchanged for cash, the same type of Award or a different Award (or combination thereof) or
(b) the exercise price of an outstanding Award is increased or reduced.

 

		28.20.	“Exercise Price” means, with respect to an Option, the price at which
a holder may purchase the Shares issuable upon exercise of an Option and with respect to a SAR, the price at which the SAR is granted
to the holder thereof.

 

		28.21.	“Fair Market Value” means, as of any date, the value of a share of the
Company’s Common Stock determined as follows:

 

	 	 	(a)	if such Common Stock is publicly traded and is then listed on a national securities exchange, its
closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or
admitted to trading as reported in The Wall Street Journal or such other source as the Committee deems reliable;

 

    18 

     

    

 

	 	 	(b)	if such Common Stock is publicly traded but is neither listed nor admitted to trading on a national
securities exchange, the average of the closing bid and asked prices on the date of determination as reported in The Wall
Street Journal or such other source as the Committee deems reliable; or

 
	 	 	(c)	if none of the foregoing is applicable, by the Board or the Committee in good faith.

 

		28.22.	“Insider” means an officer or director of the Company or any other person
whose transactions in the Company’s Common Stock are subject to Section 16 of the Exchange Act.

 

		28.23.	“IRS” means the United States Internal Revenue Service.

 

		28.24.	“Non-Employee Director” means a Director who is not an Employee of the
Company or any Parent, Subsidiary or Affiliate.

 

		28.25.	“Option” means an award of an option to purchase Shares pursuant to Section 5.

 

		28.26.	“Parent” means any corporation (other than the Company) in an unbroken
chain of corporations ending with the Company if each of such corporations other than the Company owns stock possessing fifty percent
(50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

		28.27.	“Participant” means a person who holds an Award under this Plan.

 

		28.28.	“Performance Award” means cash or Shares granted pursuant to Section 10
or Section 12 of the Plan.

 

		28.29.	“Performance Factors” means any of the factors selected by the Committee
and specified in an Award Agreement, from among the following objective measures, either individually, alternatively or in any
combination, applied to the Company as a whole or any business unit or Subsidiary, either individually, alternatively, or in any
combination, on a GAAP or non-GAAP basis, and measured, to the extent applicable on an absolute basis or relative to a pre-established
target, to determine whether the performance goals established by the Committee with respect to applicable Awards have been satisfied:

 

		(a)	Profit before tax;

 

		(b)	Billings;

 

		(c)	Revenue;

 

		(d)	Net revenue;

 

		(e)	Earnings (which may include earnings before interest and taxes, earnings before taxes, net earnings,
stock-based compensation expenses, depreciation and amortization);

 

		(f)	Operating income;

 

		(g)	Operating margin;

 

		(h)	Operating profit;

 

    19 

     

    

 

		(i)	Controllable operating profit, or net operating profit;

 

		(j)	Net profit;

 

		(k)	Gross margin;

 

		(l)	Operating expenses or operating expenses as a percentage of revenue;

 

		(m)	Net income;

 

		(n)	Earnings per share;

 

		(o)	Total stockholder return;

 

		(p)	Market share;

 

		(q)	Return on assets or net assets;

 

		(r)	The Company’s stock price;

 

		(s)	Growth in stockholder value relative to a pre-determined index;

 

		(t)	Return on equity;

 

		(u)	Return on invested capital;

		(v)	Cash flow (including free cash flow or operating cash flows);

 

		(w)	Cash conversion cycle;

 

		(x)	Economic value added;

 

		(y)	Individual confidential business objectives;

 

		(z)	Contract awards or backlog;

 

		(aa)	Overhead or other expense reduction;

 

		(bb)	Credit rating;

 

		(cc)	Strategic plan development and implementation;

 

		(dd)	Succession plan development and implementation;

 

		(ee)	Improvement in workforce diversity;

 

		(ff)	Customer indicators and/or satisfaction;

 

		(gg)	New product invention or innovation;

 

		(hh)	Attainment of research and development milestones;

 

    20 

     

    

 

		(ii)	Improvements in productivity;

 

		(jj)	Bookings;

 

		(kk)	Attainment of objective operating goals and employee metrics;

 

		(ll)	Sales;

 

		(mm)	Expenses;

 

		(nn)	Balance of cash, cash equivalents and marketable securities;

 

		(oo)	Completion of an identified special project;

 

		(pp)	Completion of a joint venture or other corporate transaction;

 

		(qq)	Employee satisfaction and/or retention;

 

		(rr)	Traffic to the Company’s website and/or mobile application;

 

		(ss)	Measures of agent efficiency and/or productivity;

 

		(tt)	Brokerage transaction costs;

 

		(uu)	Customer satisfaction;

 

		(vv)	Research and development expenses;

 

		(ww)	Working capital targets and changes in working capital; and

 

		(xx)	Any other metric that is capable of measurement as determined by the Committee.

 

The
Committee may, in recognition of unusual or non-recurring items such as acquisition-related activities or changes in applicable
accounting rules, provide for one or more equitable adjustments (based on objective standards) to the Performance Factors to preserve
the Committee’s original intent regarding the Performance Factors at the time of the initial award grant. It is within the
sole discretion of the Committee to make or not make any such equitable adjustments.

 

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

 

		28.31.	“Performance Share” means an Award granted pursuant to Section 10
or Section 12 of the Plan, the payment of which is contingent upon achieving certain performance goals established by the
Committee.

 

		28.32.	“Performance Unit” means a right granted to a Participant pursuant
to Section 10 or Section 12, to receive Shares, the payment of which is contingent upon achieving certain performance
goals established by the Committee.

 

    21 

     

    

 

		28.33.	“Permitted Transferee” means any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law (including adoptive relationships) of the Employee, any person sharing the Employee’s household
(other than a tenant or employee), a trust in which these persons (or the Employee) have more than 50% of the beneficial interest,
a foundation in which these persons (or the Employee) control the management of assets, and any other entity in which these persons
(or the Employee) own more than 50% of the voting interests.

 

		28.34.	“Plan” means this Playboy Enterprises, Inc. 2018 Equity Incentive Plan.

 

		28.35.	“Purchase Price” means the price to be paid for Shares acquired under
the Plan, other than Shares acquired upon exercise of an Option or SAR.

 

		28.36.	“Restricted Stock Award” means an award of Shares pursuant
to Section 6 or Section 12 of the Plan, or issued pursuant to the early exercise of an Option.

 

		28.37.	“Restricted Stock Unit” means an Award granted pursuant to Section 9
or Section 12 of the Plan.

 

		28.38.	“SEC” means the United States Securities and Exchange Commission.

 

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

 

		28.40.	“Service” will mean service as an Employee, Consultant, Director or Non-Employee
Director, to the Company or a Parent, Subsidiary or Affiliate, subject to such further limitations as may be set forth in the Plan
or the applicable Award Agreement. An Employee will not be deemed to have ceased to provide Service in the case of (a) sick
leave, (b) military leave, or (c) any other leave of absence approved by the Company; provided, that such
leave is for a period of not more than 90 days unless reemployment upon the expiration of such leave is guaranteed by contract
or statute. Notwithstanding anything to the contrary, an Employee will not be deemed to have ceased to provide Service if a formal
policy adopted from time to time by the Company and issued and promulgated to employees in writing provides otherwise. In the case
of any Employee on an approved leave of absence or a reduction in hours worked (for illustrative purposes only, a change in schedule
from that of full-time to part-time), the Committee may make such provisions respecting suspension or modification of vesting of
the Award while on leave from the employ of the Company or a Parent, Subsidiary or Affiliate or during such change in working hours
as it may deem appropriate, except that in no event may an Award be exercised after the expiration of the term set forth in the
applicable Award Agreement. In the event of military or other protected leave, if required by applicable laws, vesting will continue
for the longest period that vesting continues under any other statutory or Company-approved leave of absence and, upon a Participant’s
returning from military leave, he or she will be given vesting credit with respect to Awards to the same extent as would have applied
had the Participant continued to provide Service to the Company throughout the leave on the same terms as he or she was providing
Service immediately prior to such leave. An Employee will have terminated employment as of the date he or she ceases to provide
Service (regardless of whether the termination is in breach of local employment laws or is later found to be invalid) and employment
will not be extended by any notice period or garden leave mandated by local law, provided however, that a change in
status from an Employee to a Consultant or a Non-Employee Director (or vice versa) will not terminate a Participant’s Service,
unless determined by the Committee, in its discretion. The Committee will have sole discretion to determine whether a Participant
has ceased to provide Service and the effective date on which the Participant ceased to provide Service.

 

    22 

     

    

 

		28.41.	“Shares” means shares of the Company’s Common Stock and the common
stock of any successor entity.

 

		28.42.	“Stock Appreciation Right” means an Award granted pursuant to Section 8
or Section 12 of the Plan.

 

		28.43.	“Stock Bonus” means an Award granted pursuant to Section 7
or Section 12 of the Plan.

 

		28.44.	“Subsidiary” means any corporation (other than the Company) in an unbroken
chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain
owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain.

 

		28.45.	“Treasury Regulations” means regulations promulgated by the United States
Treasury Department.

 

		28.46.	“Unvested Shares” means Shares that have not yet vested or are subject
to a right of repurchase in favor of the Company (or any successor thereto).

 

    23Exhibit 10.34 

 

PLAYBOY ENTERPRISES, INC. 

2018 EQUITY
INCENTIVE PLAN

NOTICE OF STOCK
OPTION GRANT

 

Unless
otherwise defined herein, the terms defined in the Playboy Enterprises, Inc. (“Playboy”) 2018 Equity
Incentive Plan (the “Plan”) will have the same meanings in this Notice of Stock Option Grant and the
electronic representation of this Notice of Stock Option Grant established and maintained by Playboy or a third party designated
by Playboy (this “Notice”).

 

Name: [_____________]

Address: [____________]

 

You
(the “Participant”) have been granted an option to purchase shares of Common Stock of Playboy under
the Plan subject to the terms and conditions of the Plan, this Notice and the Stock Option Award Agreement (the “Option
Agreement”), including any applicable country-specific provisions in any appendix attached hereto (the “Appendix”),
which constitutes part of the Option Agreement.

 

	Grant Number:	 	[__]
	 	 
	Date of Grant: 	 	[____________]
	 	 
	Vesting Commencement Date:	 	[____________]
	 	 
	Exercise Price per Share:	 	[_____]
	 	 
	Total Number of Shares:	 	[____________]
	 	 
	Type of Option:	 	x Non-Qualified Stock Option    ̈
    Incentive Stock Option
	 	 
	Expiration Date:	 	[________
    2029]; This Option expires earlier if Participant’s Service terminates earlier, as described in the Option Agreement.
	 	 

 

	Vesting
    Schedule:	Date	Number
    of Shares	 
	 	[____________]	[____________]	 
	 	The
    [__ th] day of each of the [__] calendar months commencing with [_____] of [2019]	[____________]	 

 

	 	 	Notwithstanding the foregoing: (i) if a Corporate Transaction closes or the Company successfully  completes an offering of Common Stock pursuant to a registration statement filed in accordance with the Securities Act (an “IPO”) at any time during your employment, then any unvested Options shall become vested and exercisable immediately prior to the closing of the Corporate Transaction or completion of the IPO; or (ii) if your employment is terminated by Playboy other than for Cause, death or Disability, and if a Corporation Transaction closes or IPO is completed within the forty-five (45) day period immediately following your Termination Date, then any unvested Options shall become vested and exercisable immediately prior to closing of the Corporate Transaction or completion of the IPO.

 

By
accepting (whether in writing, electronically or otherwise) the Option, Participant acknowledges and agrees to the following:

 

Participant
understands that Participant’s employment or consulting relationship or Service with Playboy or a Parent or Subsidiary or
Affiliate is for an unspecified duration, can be terminated at any time (i.e., is “at-will”), except where
otherwise prohibited by applicable law and that nothing in this Notice, the Option Agreement or the Plan changes the nature of
that relationship. Participant acknowledges that the vesting of the Options pursuant to this Notice is subject to Participant’s
continuing Service as an Employee, Director or Consultant. Participant acknowledges that the Vesting Schedule may change prospectively
in the event that Participant’s service status changes between full- and part-time status and/or in the event Participant
is on a leave of absence, in accordance with Playboy’s policies relating to work schedules and vesting or as determined
by the Committee. Furthermore, the period during which Participant may exercise the Option after a termination of Service will
commence on the Termination Date (as defined in the Option Agreement). Participant also understands that this Notice is subject
to the terms and conditions of both the Option Agreement and the Plan, both of which are incorporated herein by reference. Participant
has read both the Option Agreement and the Plan. By accepting the Option, Participant consents to electronic delivery as set forth
in the Option Agreement. 

	 	 	 	 	 	 	 
	PARTICIPANT	 	PLAYBOY ENTERPRISES, INC.

 

	Signature:	 	 	By:	 
	Print Name:	 	 	Its:	 

 

     

     

    

 

PLAYBOY ENTERPRISES,
INC.

2018 EQUITY
INCENTIVE PLAN

STOCK OPTION
AWARD AGREEMENT

 

Unless
otherwise defined in this Stock Option Award Agreement (this “Option Agreement”), any capitalized terms
used herein will have the meaning ascribed to them in the Playboy Enterprises, Inc. 2018 Equity Incentive Plan (the “Plan”).

 

Participant
has been granted an option to purchase Shares (the “Option”) of Playboy Enterprises, Inc. (“Playboy”),
subject to the terms and conditions of the Plan, the Notice of Stock Option Grant (the “Notice”) and
this Option Agreement, including any applicable country-specific provisions in any appendix attached hereto (the “Appendix”),
which constitutes part of this Option Agreement.

 

1.      
Vesting Rights.  Subject to the applicable provisions of the Plan and this Option Agreement, this Option
may be exercised, in whole or in part, in accordance with the Vesting Schedule set forth in the Notice. Participant acknowledges
and agrees that the Vesting Schedule may change prospectively in the event Participant’s service status changes between full-time
and part-time status and/or in the event Participant is on an approved leave of absence in accordance with Playboy policies relating
to work schedules and vesting of awards or as determined by the Committee. Participant acknowledges that the vesting of the Options
pursuant to this Notice and Agreement is subject to Participant’s continuing Service.

 

2.      
Grant of Option.  Participant has been granted an Option for the number of Shares set forth in the Notice
at the exercise price per Share in U.S. Dollars set forth in the Notice (the “Exercise Price”). In the
event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms
and conditions of the Plan will prevail. If designated in the Notice as an Incentive Stock Option (“ISO”),
this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is
intended to be an ISO, to the extent that it exceeds the U.S. $100,000 rule of Code Section 422(d), it will be treated as
a Nonqualified Stock Option (“NSO”).

 

3.      
Termination Period.

 

(a)         
General Rule. If Participant’s Service terminates for any reason except death or Disability, and other than
for Cause (as defined in the Plan), then this Option will expire at the close of business at Playboy headquarters on the date three
(3) months after Participant’s Termination Date (as defined below) (or such shorter time period not less than thirty
(30) days or longer time period as may be determined by the Committee, with any exercise beyond three (3) months after
the date Participant’s Service terminates deemed to be the exercise of an NSO). If Participant’s Service is terminated
for Cause, this Option will expire upon the date of such termination. Playboy determines when Participant’s Service terminates
for all purposes under this Option Agreement.

 

(b)         
Death; Disability. If Participant dies before Participant’s Service terminates (or Participant dies within
three months of Participant’s termination of Service other than for Cause, then this Option will expire at the close of business
at Playboy headquarters on the date 18 months after the date of death (or such shorter time period not less than six (6) months
or longer time period as may be determined by the Committee, subject to the expiration details in Section 7). If Participant’s
Service terminates because of Participant’s Disability, then this Option will expire at the close of business at Playboy
headquarters on the date 12 months after Participant’s Termination Date (or such shorter time period not less than six (6) months
or longer time period as may be determined by the Committee, subject to the expiration details in Section 7).

 

    1 

     

    

 

(c)         
No Notice. Participant is responsible for keeping track of these exercise periods following Participant’s termination
of Service for any reason. Playboy will not provide further notice of such periods. In no event will this Option be exercised later
than the Expiration Date set forth in the Notice.

 

(d)        
Termination. For purposes of this Option, Participant’s Service will be considered terminated as of the date
Participant is no longer providing Services to Playboy, its Parent or one of its Subsidiaries or Affiliates (regardless of the
reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where
Participant is employed or the terms of Participant’s employment agreement, if any) (the “Termination Date”).
The Committee will have the exclusive discretion to determine when Participant is no longer actively providing services for purposes
of Participant’s Option (including whether Participant may still be considered to be providing services while on an approved
leave of absence). Unless otherwise provided in this Option Agreement or determined by Playboy, Participant’s right to vest
in this Option under the Plan, if any, will terminate as of the Termination Date and will not be extended by any notice period
(e.g., Participant’s period of services would not include any contractual notice period or any period of “garden
leave” or similar period mandated under employment laws in the jurisdiction where Participant is employed or the terms of
Participant’s employment agreement, if any). Following the Termination Date, Participant may exercise the Option only as
set forth in the Notice and this Section, provided that the period (if any) during which Participant may exercise the Option after
the Termination Date, if any, will commence on the date Participant ceases to provide services and will not be extended by any
notice period mandated under employment laws in the jurisdiction where Participant is employed or terms of Participant’s
employment agreement, if any. If Participant does not exercise this Option within the termination period set forth in the Notice
or the termination periods set forth above, the Option will terminate in its entirety. In no event may any Option be exercised
after the Expiration Date of the Option as set forth in the Notice.

 

4.      
Exercise of Option.

 

(a)         
Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set forth in
the Notice and the applicable provisions of the Plan and this Option Agreement. In the event of Participant’s death, Disability,
termination for Cause or other cessation of Service, the exercisability of the Option is governed by the applicable provisions
of the Plan, the Notice and this Option Agreement. This Option may not be exercised for a fraction of a Share.

 

(b)          
Method of Exercise. This Option is exercisable by delivery of an exercise notice in a form specified by Playboy (the
 “Exercise Notice”), which will state the election to exercise the Option, the number of Shares in respect
of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements
as may be required by Playboy pursuant to the provisions of the Plan. The Exercise Notice will be delivered in person, by mail,
via electronic mail or facsimile or by other authorized method to the Secretary of Playboy or other person designated by Playboy.
The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any
applicable Tax-Related Items (as defined in Section 8 below). This Option will be deemed to be exercised upon receipt by Playboy
of such fully executed Exercise Notice accompanied by such aggregate Exercise Price and payment of any Tax-Related Items. No Shares
will be issued pursuant to the exercise of this Option unless such issuance and exercise complies with all relevant provisions
of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Assuming such compliance,
for income tax purposes the Exercised Shares will be considered transferred to Participant on the date the Option is exercised
with respect to such Exercised Shares.

 

    2 

     

    

 

(c)         
Exercise by Another. If another person wants to exercise this Option after it has been transferred to him or her
in compliance with this Agreement, that person must prove to Playboy’s satisfaction that he or she is entitled to exercise
this Option. That person must also complete the proper Exercise Notice form (as described above) and pay the Exercise Price (as
described below) and any applicable Tax-Related Items (as described below).

 

5.      
Method of Payment.  Payment of the aggregate Exercise Price will be by any of the following, or a combination
thereof, at the election of Participant:

 

(a)         
Participant’s personal check (or readily available funds), wire transfer, or a cashier’s check;

 

(b)         
certificates for shares of Playboy stock that Participant owns, along with any forms needed to effect a transfer of those
shares to Playboy; the value of the shares, determined as of the effective date of the Option exercise, will be applied to the
Option Exercise Price. Instead of surrendering shares of Playboy stock, Participant may attest to the ownership of those shares
on a form provided by Playboy and have the same number of shares subtracted from the Option shares issued to Participant. However,
Participant may not surrender, or attest to the ownership of, shares of Playboy stock in payment of the Exercise Price of Participant’s
Option if Participant’s action would cause Playboy to recognize compensation expense (or additional compensation expense)
with respect to this Option for financial reporting purposes; or

 

(c)         
other method authorized by Playboy.

 

6.      
Non-Transferability of Option.  This Option may not be sold, assigned, transferred, pledged, hypothecated,
or otherwise disposed of other than by will or by the laws of descent or distribution or court order and may be exercised during
the lifetime of Participant only by Participant or unless otherwise permitted by the Committee on a case-by-case basis. The terms
of the Plan and this Option Agreement will be binding upon the executors, administrators, heirs, successors and assigns of Participant.

 

7.      
Term of Option.  This Option will in any event expire on the expiration date set forth in the Notice, which
date is 10 years after the Date of Grant (five years after the Date of Grant if this option is designated as an ISO in the Notice
of Stock Option Grant and Section 5.3 of the Plan applies).

 

8.      
Tax Consequences.

 

(a)         
Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by Playboy or, if different,
a Parent, Subsidiary or Affiliate employing or retaining Participant (the “Employer”), the ultimate liability
for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to
Participant’s participation in the Plan and legally applicable to Participant (“Tax-Related Items”)
is and remains Participant’s responsibility and may exceed the amount actually withheld by Playboy or the Employer. Participant
further acknowledges that Playboy and/or the Employer (i) make no representations or undertakings regarding the treatment
of any Tax-Related Items in connection with any aspect of this Option, including, but not limited to, the grant, vesting or exercise
of this Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends; and (ii) do
not commit to and are under no obligation to structure the terms of the grant or any aspect of this Option to reduce or eliminate
Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to
Tax-Related Items in more than one jurisdiction, Participant acknowledges that Playboy and/or the Employer (or former employer,
as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.  PARTICIPANT
SHOULD CONSULT A TAX ADVISER APPROPRIATELY QUALIFIED IN THE COUNTRY OR COUNTRIES IN WHICH PARTICIPANT RESIDES OR IS SUBJECT TO
TAXATION BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES.

 

    3 

     

    

 

(b)         
Withholding. Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate
arrangements satisfactory to Playboy and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes
Playboy and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related
Items by one or a combination of the following:

 

		i.	withholding from Participant’s wages or other cash compensation paid to Participant by Playboy
and/or the Employer; or

 

		ii.	withholding from proceeds of the sale of Shares acquired at exercise of this Option either through
a voluntary sale or through a mandatory sale arranged by Playboy (on Participant’s behalf pursuant to this authorization);
or

 

		iii.	withholding in Shares to be issued upon exercise of the Option, provided Playboy only withholds
the number of Shares necessary to satisfy no more than the maximum applicable statutory withholding amounts; or

 

		iv.	Participant’s payment of a cash amount (including by check representing readily available
funds or a wire transfer); or

 

		v.	any other arrangement approved by the Committee and permitted by applicable law;

 

all under such
rules as may be established by the Committee and in compliance with Playboy’s Insider Trading Policy and 10b5-1 Trading Plan
Policy, if applicable.

 

Depending
on the withholding method, Playboy may withhold or account for Tax-Related Items by considering applicable statutory withholding
rates or other applicable withholding rates, including up to maximum applicable rates, in which case Participant will receive a
refund of any over-withheld amount in cash and will have no entitlement to the Common Stock equivalent. If the obligation for Tax-Related
Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares
issued upon exercise of the Options, notwithstanding that a number of the Shares are held back solely for the purpose of paying
the Tax-Related Items. The Fair Market Value of these Shares, determined as of the effective date of the Option exercise, will
be applied as a credit against the Tax-Related Items withholding.

 

Finally,
Participant agrees to pay to Playboy or the Employer any amount of Tax-Related Items that Playboy or the Employer may be required
to withhold or account for as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously
described. Playboy may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if Participant fails to comply
with his or her obligations in connection with the Tax-Related Items.

 

(c)         
Notice of Disqualifying Disposition of ISO Shares. For U.S. taxpayers, if Participant sells or otherwise disposes
of any of the Shares acquired pursuant to an ISO on or before the later of (i) two years after the grant date, or (ii) one
year after the exercise date, Participant will immediately notify Playboy in writing of such disposition. Participant agrees that
he or she may be subject to income tax withholding by Playboy on the compensation income recognized from such early disposition
of ISO Shares by payment in cash or out of the current earnings paid to Participant.

 

    4 

     

    

 

9.      
Nature of Grant.  By accepting the Option, Participant acknowledges, understands and agrees that:

 

(a)         
the Plan is established voluntarily by Playboy, it is discretionary in nature, and it may be modified, amended, suspended
or terminated by Playboy at any time, to the extent permitted by the Plan;

 

(b)         
the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future
grants of options, or benefits in lieu of options, even if options have been granted in the past;

 

(c)         
all decisions with respect to future Option or other grants, if any, will be at the sole discretion of Playboy;

 

(d)         
the Option grant and Participant’s participation in the Plan will not create a right to employment or be interpreted
as forming an employment or services contract with Playboy, the Employer or any Parent or Subsidiary or Affiliate;

(e)         
Participant is voluntarily participating in the Plan;

 

(f)          
the Option and the Shares acquired under the Plan are not intended to replace any pension rights or compensation;

 

(g)       
the Option and any Shares acquired under the Plan and the income and value of same, are not part of normal or expected compensation
for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service
awards, pension or retirement or welfare benefits or similar payments;

 

(h)         
the future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty;

 

(i)          
if the underlying Shares do not increase in value, the Option will have no value;

 

(j)          
if Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease in value, even
below the Exercise Price;

 

(k)        
no claim or entitlement to compensation or damages will arise from forfeiture of the Option resulting from Participant’s
termination of Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in
the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), and in consideration
of the grant of the Option to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any
claim against Playboy, or any Parent or Subsidiary or Affiliate or the Employer, waives his or her ability, if any, to bring any
such claim, and releases Playboy, any Parent or Subsidiary or Affiliate and the Employer from any such claim; if, notwithstanding
the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant
will be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request
dismissal or withdrawal of such claim;

 

    5 

     

    

 

(l)        
unless otherwise provided in the Plan or by Playboy in its discretion, the Option and the benefits evidenced by this Option
Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company
nor to be exchanged, cashed out or substituted for, in connection with any Corporate Transaction affecting the Shares; and

 

(m)       
the following provisions apply only if Participant is providing services outside the United States:

 

		i.	the Option and the Shares subject to the Option are not part of normal or expected compensation
or salary for any purpose;

 

		ii.	Participant acknowledges and agrees that neither Playboy, the Employer nor any Parent or Subsidiary
or Affiliate will be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United
States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the exercise of the Option
or the subsequent sale of any Shares acquired upon exercise.

 

10.  
No Advice Regarding Grant.  Playboy is not providing any tax, legal or financial advice, nor is Playboy
making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale
of the underlying Shares. Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors
regarding his or her participation in the Plan before taking any action related to the Plan.

 

11.  
Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in
electronic or other form, of Participant’s personal data as described in this Option Agreement and any other Option grant
materials by and among, as applicable, the Employer, Playboy and any Parent, Subsidiary or Affiliate for the exclusive purpose
of implementing, administering and managing Participant’s participation in the Plan.

 

Participant
understands that Playboy and the Employer may hold certain personal information about Participant, including, but not limited to,
Participant’s name, home address, email address and telephone number, date of birth, social insurance number, passport number
or other identification number, salary, nationality, job title, any shares of stock or directorships held in Playboy, details of
all Options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s
favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

 

Participant
understands that Data may be transferred to a stock plan service provider as may be designated by Playboy from time to time, which
would be assisting Playboy with the implementation, administration and management of the Plan. Participant understands that the
recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United
States) may have different data privacy laws and protections than Participant’s country. Participant understands that if
he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients
of the Data by contacting his or her local human resources representative. Participant authorizes Playboy, the stock plan service
provider as may be designated by Playboy from time to time, and its affiliates, and any other possible recipients which may assist
Playboy (presently or in the future) with implementing, administering and managing the Plan, to receive, possess, use, retain and
transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation
in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s
participation in the Plan. Participant understands that if he or she resides outside the United States, he or she may, at any time,
view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.
Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does
not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service and career with
the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant’s consent
is that Playboy would not be able to grant Participant options or other equity awards or administer or maintain such awards. Therefore,
Participant understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in
the Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant
understands that he or she may contact his or her local human resources representative.

 

    6 

     

    

 

12.  
Language.  If Participant has received this Option Agreement, or any other document related to the Option
and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the
English version, the English version will control.

 

13.  
Appendix.  Notwithstanding any provisions in this Option Agreement, the Option grant will be subject to
any special terms and conditions set forth in any Appendix to this Option Agreement for Participant’s country. Moreover,
if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will
apply to Participant, to the extent Playboy determines that the application of such terms and conditions is necessary or advisable
for legal or administrative reasons. The Appendix constitutes part of this Option Agreement.

 

14.  
Imposition of Other Requirements.  Playboy reserves the right to impose other requirements on Participant’s
participation in the Plan, on the Option and on any Shares purchased upon exercise of the Option, to the extent Playboy determines
it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements
or undertakings that may be necessary to accomplish the foregoing.

 

15.  
Acknowledgement.  Playboy and Participant agree that the Option is granted under and governed by the Notice,
this Option Agreement and by the provisions of the Plan (incorporated herein by reference). Participant: (a) acknowledges
receipt of a copy of the Plan, (b) represents that Participant has carefully read and is familiar with its provisions, and
(c) hereby accepts the Option subject to all of the terms and conditions set forth herein and those set forth in the Plan
and the Notice.

 

16.  
Entire Agreement; Enforcement of Rights.  This Option Agreement, the Plan and the Notice constitute the
entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between
them. Any prior agreements, commitments or negotiations concerning the purchase of the Shares hereunder are superseded. No modification
of or amendment to this Option Agreement, nor any waiver of any rights under this Option Agreement, will be effective unless in
writing and signed by the parties to this Option Agreement. The failure by either party to enforce any rights under this Option
Agreement will not be construed as a waiver of any rights of such party.

 

17.  
Compliance with Laws and Regulations.  The issuance of Shares and any restriction on the sale of Shares
will be subject to and conditioned upon compliance by Playboy and Participant with all applicable state, federal and local laws
and regulations and with all applicable requirements of any stock exchange or automated quotation system on which Playboy’s
Common Stock may be listed or quoted at the time of such issuance or transfer. Participant understands that Playboy is under no
obligation to register or qualify the Common Stock with any state, federal or foreign securities commission or to seek approval
or clearance from any governmental authority for the issuance or sale of the Shares. Further, Participant agrees that Playboy will
have unilateral authority to amend the Plan and this Option Agreement without Participant’s consent to the extent necessary
to comply with securities or other laws applicable to issuance of Shares. Finally, the Shares issued pursuant to this Option Agreement
will be endorsed with appropriate legends, if any, determined by Playboy.

 

    7 

     

    

 

18.  
Severability.  If one or more provisions of this Option Agreement are held to be unenforceable under applicable
law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable
and enforceable replacement for such provision, then (a) such provision will be excluded from this Option Agreement, (b) the
balance of this Option Agreement will be interpreted as if such provision were so excluded, and (c) the balance of this Option
Agreement will be enforceable in accordance with its terms.

 

19.  
Governing Law and Venue.  This Option Agreement and all acts and transactions pursuant hereto and the rights
and obligations of the parties hereto will be governed, construed and interpreted in accordance with the laws of the State of Delaware,
without giving effect to principles of conflicts of law.

 

20.  
No Rights as Employee, Director or Consultant.  Nothing in this Option Agreement will affect in any manner
whatsoever the right or power of Playboy, or a Parent or Subsidiary or Affiliate, to terminate Participant’s Service, for
any reason, with or without Cause.

 

21.  
Consent to Electronic Delivery of All Plan Documents and Disclosures.  By Participant’s acceptance
(whether in writing, electronically or otherwise) of the Notice, Participant and Playboy agree that this Option is granted under
and governed by the terms and conditions of the Plan, the Notice and this Option Agreement. Participant has reviewed the Plan,
the Notice and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing
this Agreement, and fully understands all provisions of the Plan, the Notice and this Option Agreement. Participant hereby agrees
to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the
Plan, the Notice and the Option Agreement. Participant further agrees to notify Playboy upon any change in Participant’s
residence address indicated on the Notice. By acceptance of this Option, Participant agrees to participate in the Plan through
an on-line or electronic system established and maintained by Playboy or a third party designated by Playboy and consents to the
electronic delivery of the Notice, this Option Agreement, the Plan, account statements, Plan prospectuses required by the U.S.
Securities and Exchange Commission, U.S. financial reports of Playboy, and all other documents that Playboy may be required to
deliver to its security holders (including, without limitation, annual reports and proxy statements) or other communications or
information related to the Option and current or future participation in the Plan. Electronic delivery may include the delivery
of a link to Playboy intranet or the internet site of a third party involved in administering the Plan, the delivery of the document
via e-mail or such other delivery determined at Playboy’s discretion. Participant acknowledges that Participant may receive
from Playboy a paper copy of any documents delivered electronically at no cost if Participant contacts Playboy by telephone, through
a postal service or electronic mail. Participant further acknowledges that Participant will be provided with a paper copy of any
documents delivered electronically if electronic delivery fails; similarly, Participant understands that Participant must provide
on request to Playboy or any designated third party a paper copy of any documents delivered electronically if electronic delivery
fails. Also, Participant understands that Participant’s consent may be revoked or changed, including any change in the electronic
mail address to which documents are delivered (if Participant has provided an electronic mail address), at any time by notifying
Playboy of such revised or revoked consent by telephone, postal service or electronic mail. Finally, Participant understands that
Participant is not required to consent to electronic delivery if local laws prohibit such consent.

 

22.  
Insider Trading Restrictions/Market Abuse Laws. Participant acknowledges that, depending on Participant’s
country, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant’s
ability to acquire or sell the Shares or rights to Shares under the Plan during such times as Participant is considered to have
 “inside information” regarding Playboy (as defined by the laws in Participant’s country). Any restrictions under
these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Playboy
insider trading policy. Participant acknowledges that it is Participant’s responsibility to comply with any applicable restrictions,
and Participant is advised to speak to Participant’s personal advisor on this matter.

 

23.  
23. Award Subject to Playboy Clawback or Recoupment.  To the extent permitted by applicable law, the
Option will be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board
or required by law during the term of Participant’s employment or other Service that is applicable to Participant. In addition
to any other remedies available under such policy and applicable law, Playboy may require the cancellation of Participant’s
Option (whether vested or unvested) and the recoupment of any gains realized with respect to Participant’s Option.

 

BY ACCEPTING
THIS OPTION, PARTICIPANT AGREES TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 

    8

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