Document:

Exhibit
10.14

 

PROMOTIONAL
SERVICES AGREEMENT

 

This
PROMOTIONAL SERVICES AGREEMENT (this “Agreement”), dated as of and effective as of July 20, 2020 (the “Effective
Date”), by and between Motorsport Gaming US LLC, a Florida limited liability company (the “Company”), and Fernando
Alonso Diaz (“Consultant”).

 

WHEREAS,
Consultant has qualifications to assist the Company by promoting its services and activity, serving as a consultant and desires
to provide such assistance to the Company.

 

NOW,
THEREFORE, in consideration of Consultant’s engagement with the Company, and any compensation now or hereafter paid to Consultant,
the parties hereby agree as follows:

 

AGREEMENT

 

1.
Promotional Services. Subject to the provision set forth in Section 2(b) below, Consultant agrees to (i) make commercially
reasonable efforts to promote the Company and its affiliated entities, whether now existing or established in the future, including,
where time permits, producing videos, interviews and other materials as necessary to promote the Company and known affiliated
entities, making introductions to major motorsport and automotive industry participants as Consultant finds appropriate and (ii)
perform promotional and consulting services as may reasonably be requested by the Company and as agreed from time to time between
the Company and Consultant (collectively, the “Services”). The parties acknowledge and agree that to the extent possible
Consultant shall render the Services preferably from the Consultant’s personal residence or such other jurisdiction as agreed
to by the parties. The parties agree that Consultant will provide services in the United States only residually, if at all, that
Consultant has no obligation to provide services in any particular jurisdiction or for any specific period of time, that Consultant
has no obligation to perform services in the United States or any other jurisdiction that Consultant reasonably concludes could
result in that jurisdiction exercising regulatory or taxing authority over Consultant and that Consultant’s refusal to provide
services in such a jurisdiction shall not constitute a breach of this Agreement. The parties agree to use their best efforts to
ensure that the majority of Consultant’s activities can be and are performed in a jurisdiction that Consultant selects or
where Consultant resides. Consultant hereby grants the Company and its affiliated entities the right to use his image and likeness
for promotional purposes, subject to his approval, which approval shall not be unreasonably withheld.

 

As
of the Effective Date, and taking into account Consultant’s knowledge and experience in the motorsport business, pursuant
to the terms of this Agreement the Company’s board of directors or the persons serving that function if Company is not incorporated
(the “board”) can request his advice on related matters, but Consultant’s participation shall be in an advisory
capacity only and not as a director or officer, either personally or via his representative, of the Company. To the extent Consultant’s
schedule permits, he shall make himself available by electronic means to participate in the Company’s management calls and
to consult with management of the Company on an as needed basis. For the avoidance of doubt, Consultant’s advisory role
to Company executives or board members is a non-executive title of a non-employee strategic advisor to the board and management
of the Company. Consultant’s advisory role does not confer any voting, veto or approval rights as to any Company matter
or otherwise, and Consultant shall not serve or be eligible to serve as a director or officer of the Company during the Term (as
defined below).

 

2.
Compensation; Expenses. As compensation to Consultant for the Services provided pursuant to this Agreement, Consultant
shall be entitled to:

 

(a)
Grant Shares. If (i) the Company has consummated an initial public offering (the “IPO”) of the Company’s
shares of Class A common stock (“Class A Stock”) and (ii) Consultant has purchased, as promptly as possible after
the Effective Date, a small number (determined by Consultant) of ordinary shares of Motorsport Games Limited, a private limited
company organized under the laws of England and Wales with company number 12445844 whose registered office is at Silverstone Innovation
Centre, Silverstone Park, Silverstone, England, NN12 8GX, the Company will issue to Consultant either at the time pf the IPO or
as soon as practicable after the IPO such number of shares of Class A stock that represents in the aggregate 3% of the Company’s
issued and outstanding Class A Stock as of the effective date of the IPO (the “Grant Shares”). The Grant Shares will
be issued by the Company subject to the applicable compliance with the U.S. federal and state securities laws and, if applicable,
the Nasdaq rules (including, without limitation, the Nasdaq shareholders’ approval rules). The Grant Shares will be issued
in reliance on the applicable exemption from registration under the Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws and shall bear the applicable restrictive legend. The grant and issuance of the Grant
Shares will be subject to Consultant providing to the Company customary written investor representations in the form attached
hereto as Exhibit A.

 

    	 

     

    

 

(b)
Start of Services. The parties agree that Consultant will not be obligated to provide the Services to the Company until
the Grant Shares are issued as set forth in Section 2(a) above.

 

(c)
Prorated Compensation. If the Company terminates the consulting relationship for Cause (as defined below) before the end
of the Term, or if Consultant terminates the consulting relationship for any reason before the end of the Term, then Consultant
shall be entitled to remuneration pursuant this Section 2 but with the amount prorated for the period starting on the date of
the issuance of the Grant Shares to Consultant and ending on the effective date of termination as opposed to ending at the end
of the Term (as defined below). After the issuance to Consultant of the Grant Shares, such pro ration will be accomplished by
either (i) transferring and assigning by Consultant of the excess Grant Shares resulting from such pro ration back to the Company
or, (ii) if Consultant sold the Grant Shares prior to such pro ration, purchasing by Consultant of the corresponding number of
shares of Class A Stock in the open market and transferring and assigning such shares to the Company.

 

“Cause”
shall mean any of the following: (A) Consultant’s willful failure to perform Consultant’s duties (other than any such
failure resulting from incapacity due to physical or mental illness); (B) Consultant’s willful failure to comply with any
reasonable request by the Company within the scope of Services delineated in this Agreement; (C) Consultant’s engagement
in dishonesty, illegal conduct or misconduct; (D) Consultant’s embezzlement, misappropriation or fraud; (E) Consultant’s
conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or foreign equivalent) or a crime; or
(F) Consultant’s willful and material breach of any material obligation under this Agreement or any other written agreement
between Consultant and the Company.

 

3.
Term. The term of this Agreement shall commence on the Effective Date and shall end on the third anniversary of the Effective
Date (the “Term”), unless terminated earlier pursuant to Section 2(c) above.

 

4.
Independent Contractor Status and Compliance with Laws; Absence of Conflicts. Consultant will be an independent contractor,
will provide the Services remotely, and will have sole control of the manner and means of performing Consultant’s obligations
under this Agreement. Consultant will not be considered an agent or legal representative of the Company any of their respective
affiliates. Consultant shall have no authority to commit or bind the Company or any of their respective affiliates in any way.
Consultant will be solely responsible for withholding and paying all applicable payroll taxes of any manner, including social
security and other social welfare taxes or contributions that may be due on amounts paid to Consultant hereunder. In performing
the Services, Consultant agrees to comply with all applicable federal, state, local and foreign laws. Consultant warrants that
Consultant is free to provide the Services in accordance with the terms of this Agreement without violation of obligation to any
third party, and by providing the Services to the Company, Consultant will have no conflict of interest with any third party,
including any employment relationships the Consultant may have.

 

    	2

     

    

 

5.
Confidentiality. Consultant and Company each understand and agree that the other party and its affiliates (collectively,
the “Affiliates”) possess Proprietary Information (as defined below) that is important to their respective businesses,
and that this Agreement creates a relationship of confidence and trust between Consultant and the Company with regard to the Proprietary
Information. For purposes of this Agreement, “Proprietary Information” means all information concerning or related
to the business, operations, assets, liabilities, financial condition, or prospects of an Affiliate or a party, including, without
limitation: (i) all information regarding the members, managers, officers, directors, employees, equity holders, and customers,
in each case whether past, present, or prospective; (ii) all software, inventions, discoveries, trade secrets, processes, techniques,
methods, formulae, ideas and know-how; (iii) all financial statements, audit reports, budgets and business plans or forecasts;
(iv) the terms of and engagement of Consultant pursuant to this Agreement and work produced by Consultant pursuant to this Agreement
that the parties agree is proprietary; and (v) all analyses, compilations, forecasts, data studies, notes, translations, memoranda,
or other documents or materials, prepared by or for Consultant and containing, based on, generated or derived from, in whole or
in part, any Proprietary Information. At all times, both during the Term and after its termination, each party will keep in confidence
and trust, and will not use or disclose, any Proprietary Information of the other party without the prior written consent of that
other party. No rights, licenses, or other rights to use the Proprietary Information of a disclosing party are granted by this
Agreement. All Company Proprietary Information and related materials Company discloses to Consultant, and all Consultant Proprietary
Information and related materials that Consultant discloses to Company shall remain the property of the disclosing party or the
Affiliate of the disclosing party that created the information. A party receiving Proprietary Information from the other party
shall promptly return to the disclosing party all documents and any tangible material or medium containing or representing such
Proprietary Information upon request of the disclosing party and promptly after termination of this Agreement, and the receiving
party shall not retain copies, extracts, or other reproductions, in whole or in part, of such information or material except as
otherwise required by law or regulation. The disclosing party shall have the right to enforce this Agreement and any of its provisions
by injunction, specific performance, or other equitable relief, without bond and without prejudice to any other rights and remedies
that the disclosing party may have for a breach of this Agreement, as provided in Section 10, below.

 

Exceptions.
Proprietary Information will not include information that a receiving party can demonstrate: (a) is in or enters the public domain
without breach of this Agreement; (b) was in its possession prior to first receiving it from the disclosing party; (c) was received
from a third-party without restriction on disclosure and without breach of a nondisclosure obligation; (d) was developed independently
of the other party’s Proprietary Information; (e) was identified by the disclosing party as no longer proprietary or confidential;
or (f) has been disclosed by the disclosing party to a third-party under no obligation of confidentiality. Proprietary Information
shall not be deemed to be in “the public domain” under this Section 5 merely because any part or portion of said information,
in contrast to the whole or all of the particular information which is claimed not to be Proprietary Information, is embodied
in general disclosures or because individual features, components, or combinations thereof are now or become known to the public.

 

6.
Rights in Work Product. The Company or its designee will own all right, title, and interest in all data, content, know-how,
ideas, studies, reports, documents, memoranda, publications and the like or other information conceived, prepared, or created
by Consultant during the Term in the providing of Services hereunder. Consultant agrees to assign and hereby assigns to the Company
its rights in all copyrights, trademarks, or other intellectual property of any kind arising from the work performed under this
Agreement, which will be the sole property of the Company or its designee, including all rights to reproduce and distribute such
work product and intellectual property. Consultant shall promptly disclose any such intellectual property to the Company or its
designee and assist the Company or its designee in applying for, maintaining, or otherwise securing legal protection for the same,
and Consultant agrees to execute any papers, documents, or letters necessary to vest title in the intellectual property in the
Company or its designee. Nothing contained in this Agreement shall create a contractual relationship with, or a cause of action
in favor of, any third party against Consultant or the Company.

 

7.
Insider Information. Consultant shall not use any nonpublic information for his own benefit or for the benefit of others
(including but not limited to the trading of any shares based on information learned during Consultant’s engagement pursuant
to this Agreement). Nonpublic information includes information that has not been made public, relating, directly or indirectly,
to any Company Affiliate, any other company in which a Company Affiliate has an ownership interest or any other company that has
relations with a Company Affiliate.

 

    	3

     

    

 

8.
Severability. Should any part of this Agreement be unenforceable or in conflict with the applicable laws or regulations
of a jurisdiction with legal or regulatory authority over the activities contained in this Agreement, the invalid or unenforceable
part or provision will be replaced with a provision that accomplishes, to the extent possible, the original business purpose of
such part or provision in a valid and enforceable manner, and the remainder of this Agreement will remain binding upon the parties.

 

9.
Governing Law; Dispute Resolution. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Florida, regardless of any conflicts of law principles that would require the application of the law of another jurisdiction.
Any dispute, controversy or claim arising out of, relating to, or in connection with this Agreement shall be finally settled by
binding arbitration administered by the Commercial Arbitration Rules of the American Arbitration Association in effect at the
time of the arbitration, except as they may be modified herein or by mutual agreement of the Consultant and the Company. The place
of arbitration shall be in Miami, Florida. The language of the arbitration shall be English. Each of Consultant and the Company
shall bear its own costs and expenses related to the arbitration, including attorneys’ and arbitrator’s fees. The
arbitration shall be conducted by one (1) arbitrator. Within thirty (30) days after delivery of the written request for arbitration,
Consultant and the Company, acting in good faith, shall mutually agree upon and nominate one (1) arbitrator. In the event that
Consultant and the Company fail to agree upon and nominate an arbitrator within this time period, then upon request of either
party to the arbitration, such arbitrator shall instead be appointed by the President of the American Arbitration Association
or their designee, which shall promptly notify the parties of the appointment of such arbitrator. Judgment upon any award(s) rendered
by the arbitrator appointed in accordance with the above provisions may be entered and enforced in any applicable jurisdiction,
including, for avoidance of any doubt, in the U.S. and/or any foreign jurisdiction. The award rendered by the arbitral tribunal
shall be final and binding on Consultant and the Company. Nothing in this Agreement shall prevent either party from seeking provisional
measures from any court of competent jurisdiction, and any such request shall not be deemed incompatible with the agreement to
arbitrate or a waiver of the right to arbitrate.

 

10.
Injunctive Relief; Attorney’s Fees. The parties understand and agree that money damages would not be a sufficient
remedy for any breach of Section 2, 5, 6 and/or 7 of this Agreement and that the disclosing party in question, with respect to
Section 5, and/or the Company, with respect to Sections 6 and/or 7, or the Consultant with respect to Section 2 shall be entitled
to equitable relief, including injunction and specific performance, as a remedy for any such breach or threatened breach, without
any requirement to post bond or other security or to prove actual damage or harm. Such remedies shall not be deemed to be the
exclusive remedies for a breach of this Agreement, but shall be in addition to all other remedies available at law or equity.
In the event of any litigation relating to this Agreement, if a court of competent jurisdiction determines that a party is liable
to the other party for breach of this Agreement, then the liable party shall also be liable and pay to the other party the reasonable
legal fees incurred by the other party in connection with such litigation, including any appeal therefrom.

 

11.
Entire Agreement, Survival of Certain Provisions and Amendments; No Assignment. This Agreement represents the entire understanding
between the parties as of the date of this Agreement with respect to the subject matter described, and supersedes all prior agreements,
negotiations, understandings, representations, statements, and writings between the parties. Sections 4 through 14 will survive
any expiration or termination of this Agreement. No modification, alteration, waiver, or change in any of the terms of this Agreement
will be valid or binding upon the parties unless made in writing and specifically referring to this Agreement and signed by each
of the parties. No party to this Agreement may assign or transfer any of its rights or obligations hereunder without the prior
written consent of the other party, and Consultant may not subcontract any of his personal-service obligations hereunder without
the prior written consent of Company. Notwithstanding this Section 11 or any other provision of this Agreement, Consultant shall
have the right to assign his rights, but not his obligations, to a trust or entity that constitutes part of Consultant’s
personal business, tax, marital or succession planning.

 

12.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but
all of which taken together shall constitute one and the same instrument. Signatures to this Agreement transmitted by facsimile,
email, portable document format (or .pdf) or by any other electronic means intended to preserve the original graphic and pictorial
appearance of this Agreement shall have the same effect as the physical delivery of the paper document bearing original signature.

 

    	4

     

    

 

13.
Authority to Sign. Each person signing below on behalf of a party represents and warrants that he or she is authorized
to sign on behalf of and bind that party.

 

14.
Limitation of Liability. Consultant’s total liability, whether arising out of contract, negligence, strict liability
or warranty, shall not exceed the amounts paid by the Company to Consultant for the Services. Company’s total liability,
whether arising out of contract, negligence, strict liability or warranty, shall not exceed the consideration due (but not yet
delivered) from the Company to Consultant for the Services.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set forth above.

 

	Consultant:	 
	 	 
	/s/ FERNANDO ALONSO DIAZ	 
	FERNANDO
    ALONSO DIAZ	 

 

	The
    Company: MOTORSPORT GAMING US LLC	 
	 	 	 
	By:	/s/
    Mike Zoi	 
	Name:	Mike
    Zoi	 
	Title:	Manager	 

 

    	5

     

    

 

Exhibit
A

Investment
Representations and Warranties

 

As
a condition to the issuance of the Grant Shares to Consultant, Consultant hereby represents and warrants to the Company as follows:

 

Consultant
acknowledges that the issuance and transfer to it of the Grant Shares has not been reviewed by the Securities and Exchange Commission
or any state securities regulatory authority because such transaction is intended to be exempt from the registration requirements
of the Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws. Consultant
understands that the Company is relying upon the truth and accuracy of, and Consultant’s compliance with, the representations,
warranties, acknowledgments and understandings of Consultant set forth in this Agreement in order to determine the availability
of such exemptions and the eligibility of Consultant to acquire the Grant Shares.

 

Consultant
represents that the Grant Shares are being acquired by Consultant for its own account, for investment purposes only and not with
a view to or for distribution or resale to others in contravention of the registration requirements of the Securities Act or applicable
state securities laws. Consultant agrees that it will not sell or otherwise transfer any of the Grant Shares unless such transfer
or resale is registered under the Securities Act and applicable state securities laws or unless exemptions from such registration
requirements are available.

 

Consultant
has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of Consultant’s
investment in the Company through Consultant’s acquisition of the Grant Shares. Consultant is able to bear the economic
risk of its investment in the Company through Consultant’s acquisition of the Grant Shares for an indefinite period of time.
At the present time, Consultant can afford a complete loss of such investment and has no need for liquidity in such investment.

 

Consultant
recognizes that its acquisition of the Grant Shares involves a high degree of risk in that: (a) an investment in the Company is
highly speculative and only Consultant who can afford the loss of their entire investment should consider investing in the Company
and securities of the Company; (b) transferability of the Grant Shares is limited; (c) the Company has experienced recurring losses
and it must raise substantial additional capital in order to continue operating its business; (d) subsequent equity financings
will dilute the ownership and voting interests of Consultant and equity securities issued by the Company to other persons or entities
may have rights, preferences or privileges senior to the rights of Consultant; (e) any debt financing that may be obtained by
the Company must be repaid regardless of whether the Company generates revenues or cash flows from operations and may be secured
by substantially all of the Company’s assets; (f) there is absolutely no assurance that any type of financing on terms acceptable
to the Company will be available to the Company or otherwise obtained by the Company; and (g) if the Company is unable to obtain
additional financing or is unable to obtain additional financing on terms acceptable to it, then the Company may be unable to
implement its business plans or take advantage of business opportunities, which could have a material adverse effect on the Company’s
business prospects, financial condition and results of operations and may ultimately require the Company to suspend or cease operations.

 

Consultant
acknowledges that he has prior investment experience and that he recognizes and fully understands the highly speculative nature
of Consultant’s investment in the Company pursuant to its acquisition of the Grant Shares. Consultant acknowledges that
he, either alone or together with its professional advisors, has the capacity to protect its own interests in connection with
this transaction.

 

Consultant
is an “accredited investor” as such term is defined in Rule 501(a) under the Securities Act of 1933, as amended.

 

    	6

     

    

 

Consultant
acknowledges that it has carefully reviewed this Agreement and the Company’s business, operational and financial data, all
of which Consultant acknowledges have been made available to it. Consultant has been given the opportunity to ask questions of,
and receive answers from, the Company concerning this Agreement, the issuance to it of the Grant Shares, and the Company’s
business, operations, financial condition and prospects, and Consultant has been given the opportunity to obtain such additional
information, to the extent the Company possesses such information or can acquire it without unreasonable effort or expense, necessary
to verify the accuracy of same as Consultant reasonably desires in order to evaluate its investment in the Company pursuant its
acquisition of the Grant Shares. Consultant fully understands all of such documents and has had the opportunity to discuss any
questions regarding any of such documents or filings with its legal counsel and tax, investment and other advisors. Notwithstanding
the foregoing, Consultant acknowledges and agrees that the only information upon which it has relied upon in executing this Agreement
is the information set forth in this Agreement. Consultant acknowledges that it has received no representations or warranties
from the Company, its employees, agents or attorneys in making this investment decision. Consultant acknowledges that it does
not desire to receive any further information from the Company or any other person or entity in order to make a fully informed
decision of whether or not to execute this Agreement and accept the Grant Shares.

 

Consultant
acknowledges that the issuance to it of the Grant Shares may involve tax consequences to Consultant. Consultant acknowledges and
understands that Consultant must retain its own professional advisors to evaluate the tax and other consequences of Consultant’s
receipt of the Grant Shares.

 

Consultant
understands and acknowledges that the Company is under no obligation to register the resale of the Grant Shares under the Securities
Act or any state securities laws. Consultant agrees that the Company may, if it desires, permit the transfer of the Grant Shares
out of Consultant’s name only when Consultant’s request for transfer is accompanied by an opinion of counsel reasonably
satisfactory to the Company that the proposed transfer satisfies an applicable exemption from registration requirements under
the Securities Act and applicable state securities laws.

 

Consultant
understands that the certificate(s) representing the Grant Shares shall bear a restrictive legend in substantially the following
form (and a stop-transfer order may be placed against transfer of the Grant Shares):

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, OR (B) AN OPINION OF COUNSEL, IN A REASONABLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
STATE SECURITIES LAWS, OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

The
legend set forth above will be removed, and the Company will issue a certificate without such legend to the holder of the Grant
Shares upon which it is stamped, only if (a) such Grant Shares are being sold pursuant to an effective registration statement
under the Securities Act, (b) such holder delivers to the Company an opinion of counsel, in a reasonably acceptable form to the
Company, that the disposition of the Grant Shares is being made pursuant to an exemption from federal and state registration requirements,
or (c) such holder provides the Company with reasonable assurance that a disposition of the Grant Shares may be made pursuant
to Rule 144 under the Securities Act without any restriction as to the number of shares acquired as of a particular date that
can then be immediately sold.

 

Consultant
acknowledges that he has a preexisting personal or business relationship with the Company or one or more of its officers, directors
or controlling persons.

 

Consultant
represents and warrants that he was not induced to invest in the Company (pursuant to the issuance to it of the Grant Shares)
by any form of general solicitation or general advertising, including, but not limited to, the following: (a) any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media (including via the Internet) or broadcast
over the news or radio; and (b) any seminar or meeting whose attendees were invited by any general solicitation or advertising.
Consultant’s current address is on file with the Company.

 

    	7Exhibit
10.15

 

 FORM
OF  MOTORSPORT GAMES INC.
 2020 EQUITY INCENTIVE PLAN

 

EFFECTIVE
DATE: __________, 2020

Approved by Stockholders: ________, 2020

 

SECTION
1

ESTABLISHMENT, PURPOSE, EFFECTIVE DATE, EXPIRATION DATE

 

1.1
ESTABLISHMENT.
Motorsport Games Inc. (the “Company”) hereby establishes the Motorsport Games Inc. 2020 Equity Incentive Plan
(the “Plan”).

 

1.2
PURPOSE.
The purpose of the Plan is to enhance and promote the success of the Company by linking the personal interests of the members
of the Board, employees, officers, executives, consultants and advisors to those of the Company stockholders and by providing
such individuals with an incentive for outstanding performance to generate superior returns to the Company stockholders. The Plan
is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of Board
members, employees, officers, executives, consultants and advisors upon whose judgment, interest, and special effort the successful
conduct of the Company’s operation is largely dependent. To further these objectives, the Plan provides for the grant of
Options, Stock Appreciation Rights, Restricted Stock Awards, Performance Share Awards and Restricted Stock Unit Awards.

 

1.3
EFFECTIVE DATE.
The Plan will become effective on the date it is approved by the Board (the “Effective Date”), subject to approval
by the Company’s stockholders within twelve (12) months of such Board approval.

 

1.4
EXPIRATION DATE.
The Plan will expire on, and no Award may be granted under the Plan after, the tenth (10th) anniversary of the Effective Date
(the “Expiration Date”). Any Awards that are outstanding on the Expiration Date shall remain in force according
to the terms of the Plan and the applicable Award Agreement.

 

SECTION
2

GLOSSARY; CONSTRUCTION

 

2.1
GLOSSARY.
When a word or phrase appears in this Plan document with the initial letter capitalized, and the word or phrase does not commence
a sentence, the word or phrase will generally be given the meaning ascribed to it in Section 1 or in the attached Glossary, which
is incorporated into and is part of the Plan. All of these key terms are listed in the Glossary. Whenever these key terms are
used, they will be given the defined meaning unless a clearly different meaning is required by the context.

 

2.2
CONSTRUCTION.
The masculine gender, where appearing in the Plan, shall include the feminine gender (and vice versa), and the singular shall
include the plural, unless the context clearly indicates to the contrary. If any provision of this Plan is determined to be for
any reason invalid or unenforceable, the remaining provisions shall continue in full force and effect.

 

    	1

    	 

    

 

SECTION
3

ELIGIBILITY AND PARTICIPATION

 

3.1
General Eligibility. Persons eligible
to participate in this Plan include all employees, officers, and Non-Employee Directors of, and Consultants to, the Company or
any Subsidiary. Awards may also be granted to prospective employees or Non-Employee Directors but no portion of any such Award
will vest, become exercisable, be issued, or become effective prior to the date on which such individual begins to provide services
to the Company or its Subsidiaries.

 

3.2
Actual Participation. Subject to the
provisions of the Plan, the Committee may, from time to time, select from among all eligible individuals, those to whom Awards
will be granted and will determine the nature and amount of each Award.

 

3.3
FOREIGN PARTICIPANTS.
In order to assure the viability of Awards granted to Participants employed in foreign countries, the Committee may provide for
such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom.
Moreover, the Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as
it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any
other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the
share limitations set forth in Section 5.

 

SECTION
4

ADMINISTRATION

 

4.1
GENERAL. The Plan shall be administered
by the Compensation Committee or, with respect to individuals who are Non-Employee Directors, the Board. All references in the
Plan to the “Committee” shall refer to the Committee or Board, as applicable. A majority of the Committee shall constitute
a quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing
by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is
entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other
employee of the Company or any Subsidiary, the Company’s independent registered public accountants, or any executive compensation
consultant or other professional retained by the Company to assist in the administration of the Plan. The Committee is authorized
to interpret the Plan, to prescribe, amend, and rescind rules and regulations as it may deem necessary or advisable to administer
the Plan, to provide for conditions and assurances deemed necessary or advisable to protect the interests of the Company, and
to make all other determinations necessary or advisable for the administration of the Plan, but only to the extent not contrary
to the express provisions of the Plan.

 

4.2
COMMITTEE RESPONSIBILITIES.
Subject to the provisions of the Plan, the Committee shall have the authority to: (a) designate the Participants who are entitled
to receive Awards under the Plan; (b) determine the types of Awards and the times when Awards will be granted; (c) determine the
number of Awards to be granted and the number of shares of Stock to which an Award will relate; (d) determine the terms and conditions
of any Award granted pursuant to the Plan, including, but not limited to, the exercise price or base value, grant price, or purchase
price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the
exercisability of an Award, and accelerations or waivers thereof, based in each case on such considerations as the Committee in
its sole discretion determines; provided, however, that the Committee shall not take any action or fail to take any action with
respect to the operation of the Plan that would cause all or part of the payment under any Award to be subject to the additional
tax under Section 409A of the Code; (e) determine whether, to what extent, and in what circumstances an Award may be settled in,
or the exercise price or purchase price of an Award may be paid in, cash, Stock, other Awards, or other property, or whether an
Award may be cancelled, forfeited, exchanged or surrendered; (f) prescribe the form of each Award Agreement, which need not be
the same for each Participant; (g) decide all other matters that must be determined in connection with an Award; (h) interpret
the terms of, and determine any matter arising pursuant to, the Plan or any Award Agreement; and (i) make all other decisions
or determinations that may be required pursuant to the Plan or an Award Agreement as the Committee deems necessary or advisable
to administer the Plan, including, without limitation, establishing, adopting, or revising any rules and regulations as it may
deem necessary or advisable to administer the Plan. The Committee shall also have the authority to modify existing Awards to the
extent that such modification is within the power and authority of the Committee as set forth in the Plan. The foregoing list
of powers is not intended to be complete or exclusive and, to the extent not contrary to the express provisions of the Plan, the
Committee shall have such powers, whether or not expressly set forth in this Plan, that it may determine necessary or appropriate
to administer the Plan.

 

    	2

    	 

    

 

4.3
Decisions Final. The Committee’s
interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations
by the Committee with respect to the Plan are final, binding, and conclusive on all parties. No member of the Committee shall
be liable for any action or determination made in good faith with respect to the Plan or any Award granted under the Plan.

 

SECTION
5

Shares available for grant

 

5.1
number of shares. Subject to adjustment
as provided in Section 10, the aggregate number of shares of Stock reserved and available for grant pursuant to the Plan shall
be [10% of outstanding]. The shares of Stock delivered pursuant to any Award may consist, in whole or in part, of
authorized but unissued Stock, treasury Stock not reserved for any other purposes, or Stock purchased on the open market.

 

5.2
share counting. The following rules
shall apply solely for purposes of determining the number of shares of Stock available for grant under the Plan at any given time:

 

(a)
The number of shares of Stock reserved and available for grant pursuant to the Plan shall be reduced by one share of Stock
for each one share issued in connection with Awards granted under the Plan (or by which the Award is valued by reference).

 

(b)
In the event any Award granted under the Plan after the Effective Date is terminated, expired, forfeited, or cancelled for
any reason, the number of shares of Stock subject to such Award will again be available for grant under the Plan (i.e., any prior
charge against the limit set forth in Section 5.1 shall be reversed).

 

    	3

    	 

    

 

(c)
If shares of Stock are not delivered in connection with an Award because the Award may only be settled in cash rather than
in Stock, no shares of Stock shall be counted against the limit set forth in Section 5.1. If any Award may be settled in cash
or Stock, the rules set forth in Section 5.2(b) shall apply until the Award is settled, at which time, if the Award is settled
in cash, the underlying shares of Stock will be added back to the shares available for grant pursuant to Section 5.1.

 

(d)
The exercise of a Stock-settled SAR or broker-assisted “cashless” exercise of an Option (or a portion thereof)
will reduce the number of shares available for grant under Section 5.1 by the entire number of shares of Stock subject to that
SAR or Option (or applicable portion thereof), even though a smaller number of shares of Stock will be issued upon such an exercise.

 

(e)
Shares of Stock tendered to pay the exercise price of an Option or tendered, withheld or otherwise relinquished by a Participant
to satisfy a tax withholding obligation arising in connection with any Award will not again become Stock available for grant under
the Plan. Moreover, shares of Stock purchased on the open market with cash proceeds generated by the exercise of an Option or
SAR will not increase or replenish the number of shares available for grant under Section 5.1.

 

(f)
If the provisions of this Section 5.2 are inconsistent with the requirements of any regulations issued pursuant to Section
422 of the Code, the provisions of such regulations shall control over the provisions of this Section 5.2, but only as this Section
5.2 relates to Incentive Stock Options.

 

(g)
To the maximum extent permitted by applicable law and the [NASDAQ] listing standards (or the rules of any exchange
on which the Stock is then listed), shares of Stock awarded in assumption of, or in substitution for, any outstanding awards of
any entity acquired in any form of combination by the Company or any Subsidiary shall not be counted against shares of Stock available
for grant under Section 5.1.

 

(h)
The Committee may adopt such other reasonable rules and procedures as it deems to be appropriate for determining the number
of shares of Stock that are available for grant under Section 5.1.

 

5.3
Award LIMITS. Notwithstanding any
other provision in the Plan, and subject to adjustment as provided in Section 10:

 

(a)
The maximum number of shares of Stock that may be awarded as Incentive Stock Options under the Plan shall be [10% of
outstanding].

 

NOTE:
This is a limit that must be in the Plan pursuant to Code Section 422. The limit can be any number that is equal to or less than
the total number of shares available under the Plan.

 

    	4

    	 

    

 

(b)
The sum of the total cash compensation earned and paid and the aggregate grant date fair value (calculated as of the Date
of Grant in accordance with applicable accounting rules) of shares subject to Awards granted to any one Participant who is a Non-Employee
Director during any one twelve (12) month period shall not exceed $__________. For the avoidance of doubt, if a Non-Employee Director
serves the Company in more than one capacity during any twelve (12) month period, the total compensation limit described in this
Section 5.3(b) shall only apply to the compensation paid for services performed as a Non-Employee Director. To the extent any
Non-Employee Director compensation is deferred, it shall be counted toward this total compensation limit for the year in which
the compensation was first earned or granted.

 

NOTE:
This limit is not required for Non-Employee Directors, but we believe that, based on recent case law, imposing such a limit is
considered best practices and can provide a substantial defense to a shareholder lawsuit if the limit is reasonable.

 

5.4
FRACTIONAL SHARES. No fractional shares
of Stock shall be issued pursuant to the Plan and the Committee, in the Award Agreement, shall determine whether cash shall be
given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate.
In the event of adjustment as provided in Section 10, the total number of shares of Stock subject to any affected Award shall
always be a whole number by rounding any fractional share to the nearest whole share.

 

SECTION
6

STOCK OPTIONS

 

6.1
Options. Subject to the terms and
provisions of the Plan, the Committee, at any time and from time to time, may grant Options to one or more Participants upon such
terms and conditions and in such amounts, as shall be determined by the Committee. Options are also subject to the following additional
terms and conditions:

 

(a)
Exercise Price. No Option shall be granted at an exercise price that is less than the Fair Market Value of one share
of Stock on the Date of Grant.

 

(b)
Exercise of Option. Options shall be exercisable at such times and in such manner, and shall be subject to such restrictions
or conditions, as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant.
Unless otherwise provided in an Award Agreement, Options shall immediately lapse if a Participant’s employment is terminated
for Cause. In addition, unless otherwise provided in an Award Agreement, if a Participant incurs a termination of employment on
account of Disability or death before the Option lapses, the Option shall lapse, unless it is previously exercised, on the earlier
of: (i) the scheduled termination date of the Option; or (ii) twelve (12) months after the date of the Participant’s termination
of employment on account of death or Disability. Upon the Participant’s death or Disability, any Options exercisable at
the Participant’s death or Disability may be exercised by the Participant’s legal representative or representatives,
by the person or persons entitled to do so pursuant to the Participant’s last will and testament, or, if the Participant
fails to make testamentary disposition of such Option or dies intestate, by the person or persons entitled to receive the Option
pursuant to the applicable laws of descent and distribution.

 

    	5

    	 

    

 

(c)
Term of Option. Each Option shall expire at such time as determined by the Committee; provided, however, that no Option
shall be exercisable later than the tenth (10th) anniversary the Date of Grant.

 

(d)
Payment. The exercise price for any Option shall be paid in cash or shares of Stock held for longer than six (6) months
(through actual tender or by attestation). In the Award Agreement, the Committee also may prescribe other methods by which the
exercise price of an Option may be paid, the form of payment including, without limitation, any net-issuance arrangement or other
property acceptable to the Committee (including broker-assisted “cashless exercise” arrangements), and the methods
by which shares of Stock shall be delivered or deemed to be delivered to Participants. The Committee, in consideration of applicable
accounting standards and applicable law, may waive the six (6) month share-holding period described in the first sentence of this
paragraph (d) in the event payment of an Option is made through the tendering of shares.

 

(e)
Repricing of Options. Notwithstanding any other provision in the Plan to the contrary, without approval of the Company’s
stockholders, an Option may not be amended, modified or repriced to reduce the exercise price after the Date of Grant. Except
as otherwise provided in Section 10 with respect to an adjustment in capitalization, an Option also may not be surrendered in
consideration of or exchanged for cash, other Awards or a new Option having an exercise price below the exercise price of the
Option being surrendered or exchanged.

 

6.2
INCENTIVE STOCK OPTIONS.
Incentive Stock Options shall be granted only to Participants who are employees and the terms of any Incentive Stock Options granted
pursuant to the Plan must comply with the following additional provisions of this Section 6.2:

 

(a)
Exercise Price. Subject to Section 6.2(d), the exercise price per share of Stock pursuant to any Incentive Stock Option
shall be set by the Committee, provided that the exercise price for any Incentive Stock Option shall not be less than the Fair
Market Value of one share of Stock as of the Date of Grant.

 

(b)
Lapse of Option. An Incentive Stock Option shall lapse in the following circumstances:

 

(i)
The Incentive Stock Option shall lapse ten (10) years from the Date of Grant, unless an earlier time is set in the Award Agreement;

 

(ii)
The Incentive Stock Option shall lapse upon a termination of employment for any reason other than the Participant’s
death or Disability, unless otherwise provided in the Award Agreement; and

 

(iii)
If the Participant incurs a termination of employment on account of Disability or death before the Option lapses pursuant
to paragraph (i) or (ii) above, the Incentive Stock Option shall lapse, unless it is previously exercised, on the earlier of:
(1) the scheduled termination date of the Option; or (2) twelve (12) months after the date of the Participant’s termination
of employment on account of death or Disability. Upon the Participant’s death or Disability, any Incentive Stock Options
exercisable at the Participant’s death or Disability may be exercised by the Participant’s legal representative or
representatives, by the person or persons entitled to do so pursuant to the Participant’s last will and testament, or, if
the Participant fails to make testamentary disposition of such Incentive Stock Option or dies intestate, by the person or persons
entitled to receive the Incentive Stock Option pursuant to the applicable laws of descent and distribution.

 

    	6

    	 

    

 

(c)
Individual Dollar Limitation. The aggregate fair market value (determined as of the time an Award is made and calculated
in accordance with Section 422 of the Code) of all shares of Stock with respect to which Incentive Stock Options are first exercisable
by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code,
or any successor provision. To the extent that Incentive Stock Options are first exercisable by a Participant in excess of such
limitation, the excess shall be considered Non-Qualified Stock Options.

 

(d)
Ten Percent Owners. An Incentive Stock Option may be granted to any individual who, at the Date of Grant, owns stock
possessing more than ten percent (10%) of the total combined voting power of all classes of Stock of the Company only if such
Option is granted at a price that is not less than one hundred and ten percent (110%) of Fair Market Value on the Date of Grant
and the Option is exercisable for no more than five (5) years from the Date of Grant.

 

(e)
Right to Exercise. Except as provided in Section 6.2(b)(iii), an Incentive Stock Option may be exercised only by the
Participant during the Participant’s lifetime.

 

SECTION
7

STOCK APPRECIATION RIGHTS

 

7.1
Stock Appreciation Rights. Subject
to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant SARs to one or more Participants
upon such terms and conditions, and in such amounts, as shall be determined by the Committee. SARs are also subject to the following
additional terms and conditions:

 

(a)
Base Value. No SAR shall be granted at a base value that is less than the Fair Market Value of one share of Stock on
the Date of Grant.

 

(b)
Exercise of SARs. SARs shall be exercisable at such times and be subject to such restrictions and conditions as the
Committee shall, in each instance approve, which need not be the same for all Participants.

 

(c)
Term of SARs. Each SAR shall expire at such time as determined by the Committee; provided, however, that no SAR shall
be exercisable later than the tenth (10th) anniversary the Date of Grant.

 

(d)
Payment of SAR Amount. Upon the exercise of a SAR, the Participant shall be entitled to receive the payment of an amount
determined by multiplying: (i) the excess, if any, of the Fair Market Value of a share of Stock on the date of exercise, over
the base value fixed by the Committee on the Date of Grant; by (ii) the number of shares with respect to which the SAR is exercised.
Payment for SARs shall be made in the manner and at the time specified by the Committee in the Award Agreement. At the discretion
of the Committee, the Award Agreement may provide for payment of SARs in cash, shares of Stock of equivalent value, or a combination
thereof.

 

    	7

    	 

    

 

(e)
Repricing of SARs. Notwithstanding any other provision in the Plan to the contrary, without approval of the Company’s
stockholders, a SAR may not be amended, modified or repriced to reduce the base value after the Date of Grant. Except as otherwise
provided in Section 10 with respect to an adjustment in capitalization, a SAR also may not be surrendered in consideration of
or exchanged for cash, other Awards or a new SAR having a base value below the base value of the SAR being surrendered or exchanged.

 

SECTION
8

RESTRICTED STOCK AWARDS AND RESTRICTED STOCK UNIT AWARDS

 

8.1
Restricted Stock awards. Subject to
the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Restricted Stock Awards to one
or more Participants upon such terms and conditions, and in such amounts, as shall be determined by the Committee. Restricted
Stock Awards are also subject to the following additional terms and conditions:

 

(a)
Issuance and Restrictions. Restricted Stock Awards shall be subject to such conditions and/or restrictions as the Committee
may impose (including, without limitation, limitations on transferability, the right to receive dividends, or the right to vote
the Stock), which need not be the same for each grant or for each Participant. These restrictions may lapse separately or in combination
at such times, pursuant to such circumstances, in such installments, or otherwise, as determined by the Committee. Except as otherwise
provided in the Award Agreement, Participants holding shares of Restricted Stock Awards may not exercise voting rights with respect
to the shares of Restricted Stock during the period of restriction.

 

(b)
Forfeiture. Except as otherwise provided in the Award Agreement or other written document, such as an employment agreement
or a change of control agreement, upon a termination of employment (or termination of service in the case of a Consultant or Non-Employee
Director) during the applicable period of restriction, Restricted Stock Awards that are at that time subject to restrictions shall
be forfeited.

 

(c)
Evidence of Ownership for Restricted Stock Awards. Restricted Stock Awards granted pursuant to the Plan may be evidenced
in such manner as the Committee shall determine, which may include an appropriate book entry credit on the books of the Company
or a duly authorized transfer agent of the Company. If certificates representing shares of Stock are registered in the name of
the Participant, the certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable
to such Restricted Stock Award, and the Company may, in its discretion, retain physical possession of the certificate until such
time as all applicable restrictions lapse.

 

    	8

    	 

    

 

8.2
Restricted Stock Unit awards. Subject
to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Restricted Stock Units to
one or more Participants upon such terms and conditions, and in such amounts, as shall be determined by the Committee. Restricted
Stock Unit Awards are also subject to the following additional terms and conditions:

 

(a)
Issuance and Restrictions. Restricted Stock Unit Awards grant a Participant the right to receive a specified number
of shares of Stock, or a cash payment equal to the Fair Market Value (determined as of a specified date) of a specified number
of shares of Stock, subject to such conditions and/or restrictions as the Committee may impose, which need not be the same for
each grant or for each Participant. These restrictions may lapse separately or in combination at such times, in such circumstances,
in such installments, or otherwise, as determined by the Committee.

 

(b)
Forfeiture. Except as otherwise provided in the Award Agreement or other written document, such as an employment agreement
or a change of control agreement, upon a termination of employment (or termination of service in the case of a Consultant or Non-Employee
Director) during the applicable period of restriction, Restricted Stock Unit Awards that are at that time subject to restrictions
shall be forfeited.

 

(c)
Form and Timing of Payment. Payment for vested Restricted Stock Unit Awards shall be made in the manner and
at the time designated by the Committee in the Award Agreement. In the Award Agreement, the Committee may provide that payment
will be made in cash or Stock, or in a combination thereof. As a general rule, the shares issued under any Restricted Stock Unit
Award (or cash delivered pursuant to such Award) will be paid to the Participant in a single lump sum within sixty (60) days following
the date on which the Restricted Stock Unit Awards vests. Unless the related Award Agreement is structured to qualify for an exception
to the requirements of Section 409A of the Code, such payment is intended to be made at a specified time or pursuant to a fixed
schedule under Treasury Regulation Section 1.409A-3(a)(4). Subject to the six (6) month delay described in Section 16.11(b), the
Restricted Stock Unit Awards that vest upon a Participant’s Separation from Service will be issued to the Participant within
sixty (60) days following the date of the Participant’s Separation from Service.

 

SECTION
9

PERFORMANCE SHARE AWARDS

 

9.1
PERFORMANCE SHARE AWARDS.
Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance Share
Awards to one or more Participants upon such terms and conditions, restrictions and in such amounts, as shall be determined by
the Committee. These restrictions may lapse separately or in combination at such times, in such circumstances, in such installments,
or otherwise, as determined by the Committee.

 

9.2
FORFEITURE.
Except as otherwise provided in the Award Agreement or other written document, such as an employment agreement or a change of
control agreement, upon a termination of employment (or termination of service in the case of a Consultant or Non-Employee Director)
during the applicable performance period, Performance Share Awards that have not yet vested based on the attainment of the applicable
performance goals shall be forfeited.

 

    	9

    	 

    

 

9.3
FORM AND TIMING OF PAYMENT.
Payment for vested Performance Share Awards shall be made in the manner and at the time designated by the Committee in the
Award Agreement. In the Award Agreement, the Committee may provide that payment will be made in cash or Stock, or in a combination
thereof. As a general rule, the shares issued under any Performance Share Award (or cash delivered pursuant to such Award) will
be paid to the Participant in a single lump sum within sixty (60) days following the date on which the Performance Share Award
vests.

 

SECTION
10

CHANGES IN CAPITAL STRUCTURE

 

10.1
SHARES AVAILABLE FOR GRANT. In the
event of any change in the number of shares of Stock outstanding by reason of any stock dividend or split, recapitalization, merger,
consolidation, combination or exchange of shares or similar corporate change, the maximum aggregate number of shares of Stock
available for grant under Section 5.1, the number of shares of Stock subject to any Award, and any numeric limitation expressed
in the Plan shall be appropriately adjusted by the Committee. Any action taken pursuant to this Section 10.1 shall be taken in
a manner consistent with the requirements of Section 409A of the Code and, in the case of Incentive Stock Options, in accordance
with the requirements of Section 424(a) of the Code.

 

10.2
outstanding awards – increase or decrease in issued shares without consideration. Subject
to any required action by the stockholders of the Company, in the event of any increase or decrease in the number of issued shares
of Stock resulting from a subdivision or consolidation of shares of Stock or the payment of a stock dividend (but only on the
shares of Stock), or any other increase or decrease in the number of such shares effected without receipt or payment of consideration
by the Company, the Committee shall proportionally adjust the number of shares of Stock subject to each outstanding Award and
the exercise price per share of Stock of each such Award. Any action taken pursuant to this Section 10.2 shall be taken in a manner
consistent with the requirements of Section 409A of the Code and, in the case of Incentive Stock Options, in accordance with the
requirements of Section 424(a) of the Code.

 

10.3
outstanding awards – CERTAIN MERGERS. Subject
to any required action by the stockholders of the Company, in the event that the Company shall be the surviving corporation in
any merger or consolidation (except a merger or consolidation as a result of which the holders of shares of Stock receive securities
of another corporation), each Award outstanding on the date of such merger or consolidation shall pertain to and apply to the
securities that a holder of the number of shares of Stock subject to such Award would have received in such merger or consolidation.
Any action taken pursuant to this Section 10.3 shall be taken in a manner consistent with the requirements of Section 409A of
the Code and, in the case of Incentive Stock Options, in accordance with the requirements of Section 424(a) of the Code.

 

    	10

    	 

    

 

10.4
outstanding awards – OTHER CHANGES. In
the event of any other change in the capitalization of the Company or corporate change other than those specifically referred
to in this Section 10, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares
subject to Awards outstanding on the date on which such change occurs and in the per share exercise price of each Award as the
Committee may consider appropriate to prevent the dilution or enlargement of rights relating to Awards granted under the Plan.
Any action taken pursuant to this Section 10.4 shall be taken in a manner consistent with the requirements of Section 409A of
the Code and, in the case of Incentive Stock Options, in accordance with the requirements of Section 424(a) of the Code.

 

10.5
NO OTHER RIGHTS. Except as expressly
provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of
any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan, no issuance
by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and
no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to an Award or the exercise
price of any Award.

 

SECTION
11

CHANGE OF CONTROL

 

11.1
treatment of awards – assumption/substitution.
Except as otherwise provided in an Award Agreement or other written document, such as an employment agreement or a change of control
agreement, if a Change of Control occurs and Awards are converted, assumed, or replaced by a successor, the Committee shall have
the discretion to cause all outstanding Awards to become fully exercisable and all restrictions on outstanding Awards to lapse.

 

11.2
treatment of award – NO assumption/substitution. Except
as otherwise provided in an Award Agreement or other written document, such as an employment agreement or a change of control
agreement, if a Change of Control occurs and Awards are not converted, assumed, or replaced by a successor, all outstanding Awards
shall automatically become fully exercisable and all restrictions on outstanding Awards shall lapse. To the extent that this provision
causes Incentive Stock Options to exceed the dollar limitation set forth in Section 6.2(c), the excess Options shall be deemed
to be Non-Qualified Stock Options. Upon, or in anticipation of, such an event, the Committee may cause every Award outstanding
hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise Awards during a
period of time as the Committee, in its sole and absolute discretion, shall determine.

 

11.3
PARTICIPANT CONSENT NOT REQUIRED.
Nothing in this Section 11 or any other provision of this Plan is intended to provide any Participant with any right to consent
to or object to any transaction that might result in a Change of Control and each provision of this Plan shall be interpreted
in a manner consistent with this intent. Similarly, nothing in this Section 11 or any other provision of this Plan is intended
to provide any Participant with any right to consent to or object to any action taken by the Board or Committee in connection
with a Change of Control transaction.

 

    	11

    	 

    

 

SECTION
12

other provisions applicable to awards

 

12.1
award agreements. All Awards shall
be evidenced by an Award Agreement. The Award Agreement shall include such terms and provisions as the Committee determines appropriate
including, without limitation, non-solicitation provisions, non-competition provisions, confidentiality provisions and other restrictive
covenant provisions the Committee deems appropriate. The terms of the Award Agreement may vary depending on the type of Award,
the employee or classification of the employee to whom the Award is made and such other factors as the Committee deems appropriate.

 

12.2
FORM OF PAYMENT. Subject to the provisions
of this Plan, the Award Agreement and any applicable law, payments or transfers to be made by the Company or any Subsidiary on
the grant, exercise, or settlement of any Award may be made in such form as determined by the Committee including, without limitation,
cash, Stock, other Awards, other property, or any combination thereof, and may be made in a single payment or transfer, in installments,
or any combination thereof, in each case determined by rules adopted by the Committee.

 

12.3
LIMITS ON TRANSFER.

 

(a)
General. Except as provided in Section 6.1(b), Section 6.2(b)(iii), Section 12.3(b) or Section 12.4, no Award granted
under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, to, or in favor of, any party
other than the Company or a Subsidiary, until the expiration of any period during which any vesting or transfer restrictions are
applicable to the Award as determined by the Committee.

 

(b)
Transfer to Family Members. The Committee shall have the authority, in its discretion, to grant (or to sanction by
way of amendment to an existing Award) Awards which may be transferred by the Participant during his or her lifetime to any Family
Member. Unless transfers for the Participant have been previously approved by the Committee, the transfer of an Award to a Family
Member may only be affected by the Company at the written request of the Participant. In the event an Award is transferred pursuant
to this Section 12.3(b), such transferred Award may not be subsequently transferred by the transferee except by will or the laws
of descent and distribution. A transferred Award shall continue to be governed by and subject to the terms and limitations of
the Plan and relevant Award Agreement, and the transferee shall be entitled to the same rights as the Participant, as if the transfer
had not taken place.

 

12.4
Beneficiaries. Notwithstanding Section
12.3(a), a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant
and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and
any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to
any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated or survives
the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of
descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any
time provided the change or revocation is provided to the Committee.

 

    	12

    	 

    

 

12.5
EVIDENCE OF OWNERSHIP. Notwithstanding
anything herein to the contrary, the Company shall not be required to issue or deliver any certificates, make any book entry credits,
or take any other action to evidence shares of Stock pursuant to the exercise of any Award, unless and until the Company has determined,
with advice of counsel, that the issuance and delivery of such certificates, book entry credits, or other evidence of ownership
is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the [NASDAQ]
listing standards (or the rules of any exchange on which the Stock is then listed). All Stock certificates, book entry credits,
or other evidence of ownership delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as
the Company deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other laws, rules
and regulations and the [NASDAQ] listing standards (or the rules of any exchange on which the Stock is then listed).
If certificates representing shares of Stock are registered in the name of the Participant, the certificates must bear an appropriate
legend referring to the applicable terms, conditions, and restrictions and the Company may, in its discretion, retain physical
possession of the certificate until such time as all applicable restrictions lapse. In addition to the terms and conditions provided
herein, the Company may require that a Participant make such reasonable covenants, agreements, and representations as the Company,
in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

 

12.6
CLAWBACK. Every Award issued pursuant
to this Plan is subject to potential forfeiture or recovery to the fullest extent called for by law, any applicable listing standard,
or any current or future clawback policy that may be adopted by the Company from time to time, including, without limitation,
any clawback policy adopted to comply with the final rules issued by the Securities and Exchange Commission and the final listing
standards to be adopted by the [NASDAQ] pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act. By accepting an Award, each Participant consents to the potential forfeiture or recovery of his or her Awards
pursuant to applicable law, listing standard, and/or Company clawback policy, and agrees to be bound by and comply with the clawback
policy and to return the full amount required by the clawback policy. As a condition to the receipt of any Award, a Participant
may be required to execute any requested additional documents consenting to and agreeing to abide by the Company clawback policy
as it may be amended from time to time.

 

12.7
DIVIDEND EQUIVALENTS.
In the event an Award Agreement for any Award calls for the grant of dividend equivalents, such dividend equivalents shall be
payable in accordance with the requirements of Section 409A or an exception thereto. With respect to any Award that vests based
on the achievement of performance goals, in no event will any dividend equivalents vest or be paid prior to the vesting of the
corresponding Award and such dividend equivalents shall only be paid to the Participant if and to the extent that the performance
goals related to the corresponding Award are satisfied.

 

    	13

    	 

    

 

SECTION
13

AMENDMENT, MODIFICATION, AND TERMINATION

 

13.1
AMENDMENT, MODIFICATION AND TERMINATION OF THE PLAN. With
the approval of the Board, the Committee may, at any time and from time to time, terminate, amend or modify the Plan; provided,
however, that (a) to the extent necessary and desirable to comply with any applicable law, regulation, or [NASDAQ]
listing rule (or the rules of any exchange on which the Stock is then listed), the Company shall obtain stockholder approval of
any Plan amendment in such a manner and to such a degree as required; (b) except in the context of an adjustment described in
Section 10, stockholder approval is required for any amendment to the Plan that: (i) increases the number of shares available
under the Plan, (ii) permits the Committee to grant Options or SARs with an exercise price or base value that is below Fair Market
Value on the Date of Grant, (iii) permits the Committee to extend the exercise period for any Option or SAR beyond ten (10) years
from the Date of Grant, (iv) reprices or reduces the exercise price or base value of any previously granted Options or SARs (or
would be treated as a repricing under applicable [NASDAQ] listing rules or the rules of any exchange on which the
Stock is then listed), (v) expands the types of Awards available for grant under the Plan, or (vi) expands the class of individuals
eligible to participate in the Plan; and (c) no such action shall be taken that would cause all or part of the payment under any
Award to be subject to the additional tax under Section 409A of the Code.

 

13.2
AWARDS PREVIOUSLY GRANTED.
No amendment, modification, or termination of the Plan or any Award under the Plan shall in any manner adversely affect in any
material way the rights of the holder under any Award previously granted pursuant to the Plan without the prior written consent
of the holder of the Award. Such consent shall not be required if the change: (a) is required by law or regulation; (b) does not
adversely affect in any material way the rights of the holder; (c) is required to cause the benefits under the Plan to comply
with the requirements of Section 409A of the Code; or (d) is made pursuant to any adjustment described in Section 10.

 

SECTION
14

TAX WITHHOLDING

 

The
Company shall have the power to withhold, or require a Participant to remit to the Company, up to the maximum statutory amount
necessary in the applicable jurisdiction, to satisfy federal, state, and local withholding tax requirements on any Award under
the Plan. The Committee may permit the Participant to satisfy a tax withholding obligation by: (a) directing the Company to withhold
shares of Stock to which the Participant is entitled pursuant to the Award in an amount necessary to satisfy the Company’s
applicable federal, state, local or foreign income and employment tax withholding obligations with respect to such Participant;
(b) tendering previously-owned shares of Stock held by the Participant for six (6) months or longer to satisfy the Company’s
applicable federal, state, local, or foreign income and employment tax withholding obligations with respect to the Participant
(which holding period may be waived in accordance with Section 6.1(d)); (c) a broker-assisted “cashless” transaction;
or (d) personal check or other cash equivalent acceptable to the Company.

 

    	14

    	 

    

 

SECTION
15

INDEMNIFICATION

 

To
the extent allowable pursuant to applicable law, each person who is or shall have been a member of the Committee or of the Board
shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed
upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which
he or she may be a involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts
paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment
in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own
expense, to handle and defend the same before he undertakes to handle and defend it on his or her behalf. The foregoing right
of indemnification shall not be exclusive of any other rights of indemnification to which such person may be entitled under the
Company’s Articles of Incorporation or Bylaws, resolution or agreement, as a matter of law, or otherwise, or pursuant to
any other power the Company may have to indemnify them or hold them harmless.

 

SECTION
16

GENERAL PROVISIONS

 

16.1
No RIGHTS TO AWARDS. No Participant
or other person shall have any claim to be granted any Award and neither the Company nor the Committee is obligated to treat Participants
and other persons uniformly.

 

16.2
No Stockholders Rights. No Award gives
the Participant any of the rights of a stockholder of the Company unless and until shares of Stock are in fact issued to such
person in connection with such Award.

 

16.3
NO RIGHT TO Continued employment OR SERVICES.
Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Company or any Subsidiary
to terminate any Participant’s employment or service at any time, nor confer upon any Participant any right to continue
in the employ or service of the Company or any Subsidiary.

 

16.4
unfunded status of awards. The Company
shall not be required to segregate any of its assets to ensure the payment of any Award under the Plan. Neither the Participant
nor any other persons shall have any interest in any fund or in any specific asset or assets of the Company or any other entity
by reason of any Award, except to the extent expressly provided hereunder. The Plan is an unfunded, performance-based bonus plan
for a select group of management or highly compensated employees and is not intended to be either an employee pension or
welfare benefit plan subject to ERISA.

 

16.5
RELATIONSHIP TO OTHER BENEFITS.
No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings,
profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary.

 

    	15

    	 

    

 

16.6
EXPENSES. The expenses of administering
the Plan shall be borne by the Company and its Subsidiaries.

 

16.7
Titles and Headings. The titles and
headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the
Plan, rather than such titles or headings, shall control.

 

16.8
Securities Law Compliance. With respect
to any Participant who is, on the relevant date, obligated to file reports pursuant to Section 16 of the Exchange Act, transactions
pursuant to this Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successors pursuant to the Exchange
Act. Notwithstanding any other provision of the Plan, the Committee may impose such conditions on the exercise of any Award as
may be required to satisfy the requirements of Rule 16b-3 or its successors pursuant to the Exchange Act. To the extent any provision
of the Plan or action by the Committee fails to so comply, it shall be void to the extent permitted by law and voidable as deemed
advisable by the Committee.

 

16.9
GOVERNMENT AND OTHER REGULATIONS.
The granting of Awards and the issuance of shares and/or cash under the Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. The Company
shall be under no obligation to register pursuant to the Securities Act, any of the shares of Stock paid pursuant to the Plan.
If the shares of Stock paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities
Act, the Company may restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any
such exemption. The Committee shall impose such restrictions on any Award as it may deem advisable, including without limitation,
restrictions under applicable federal securities law, under the requirements of the [NASDAQ] (or the rules of any
exchange on which the Stock is then listed), and under any other blue sky or state securities law applicable to such Award.

 

16.10
Governing Law. The Plan and all Award
Agreements shall be construed in accordance with and governed by the laws of the State of Delaware without regard to the conflict
of laws provisions of any jurisdictions. All parties agree to submit to the jurisdiction of the state and federal courts of Delaware
with respect to matters relating to the Plan and the Award Agreements and agree not to raise or assert the defense that such forum
is not convenient for such party.

 

16.11
Section 409A of the Code.

 

(a)
General Compliance. Some of the Awards that may be granted pursuant to the Plan (including, but not necessarily limited
to, Restricted Stock Unit Awards and Performance Share Awards) may be considered to be “non-qualified deferred compensation”
subject to Section 409A of the Code. If an Award is subject to Section 409A of the Code, the Company intends (but cannot and does
not guarantee) that the Award Agreement and this Plan comply with and meet all of the requirements of Section 409A of the Code
or an exception thereto and the Award Agreement shall include such provisions, in addition to the provisions of this Plan, as
may be necessary to assure compliance with Section 409A of the Code or an exception thereto.

 

    	16

    	 

    

 

(b)
Delay for Specified Employees. If, at the time of a Participant’s Separation from Service, the Company has any
Stock which is publicly traded on an established securities market or otherwise, and if the Participant is considered to be a
Specified Employee, to the extent any payment for any Award is subject to the requirements of Section 409A of the Code and is
payable upon the Participant’s Separation from Service, such payment shall not commence prior to the first business day
following the date which is six (6) months after the Participant’s Separation from Service (or the date of the Participant’s
death if earlier than the end of the six (6) month period). Any amounts that would have been distributed during such six (6) month
period will be distributed on the day following the expiration of the six (6) month period.

 

(c)
Prohibition on Acceleration or Deferral. Under no circumstances may the time or schedule of any payment for any Award
that is subject to the requirements of Section 409A of the Code be accelerated or subject to further deferral except as otherwise
permitted or required pursuant to regulations and other guidance issued pursuant to Section 409A of the Code. If the Company fails
to make any payment pursuant to the payment provisions applicable to an Award that is subject to Section 409A of the Code, either
intentionally or unintentionally, within the time period specified in such provisions, but the payment is made within the same
calendar year, such payment will be treated as made within the specified time period. In addition, in the event of a dispute with
respect to any payment, such payment may be delayed in accordance with the regulations and other guidance issued pursuant to Section
409A of the Code.

 

	 	MOTORSPORT
    GAMEs INC.
	 	 	 
	 	By:	               
	 	Its:	 

 

    	17

    	 

    

 

GLOSSARY

 

(a)
“Award” means any Option, Stock Appreciation Right, Restricted Stock Award, Performance Share Award, or Restricted
Stock Unit Award granted to a Participant under the Plan.

 

(b)
“Award Agreement” means any written agreement, contract, or other instrument or document, including an electronic
agreement or document, evidencing an Award, regardless of whether the Participant’s signature or acknowledgement is required.

 

(c)
“Board” means the Company’s Board of Directors, as constituted from time to time.

 

(d)
“Cause” means and will exist in the following circumstances in which the Participant: (i) is convicted of a felony;
(ii) engages in any fraudulent or other dishonest act to the detriment of the Company; (iii) fails to report for work on a regular
basis, except for periods of authorized absence or bona fide illness; (iv) misappropriates trade secrets, customer lists, or other
proprietary information belonging to the Company for his or her own benefit or for the benefit of a competitor; (v) engages in
any willful misconduct designed to harm the Company or its stockholders; or (vi) fails to perform properly his or her assigned
duties. The definition of “Cause” in this Plan shall be superseded by the definition of “Cause” in any
applicable change of control agreement or employment agreement that a Participant has with the Company.

 

(e)
“Change of Control” means any of the following: (i) a sale, transfer, or other disposition by the Company through
a single transaction or a series of transactions of securities of the Company representing fifty percent (50%) or more of the
combined voting power of the Company’s then-outstanding securities to any “Unrelated Person” or “Unrelated
Persons” acting in concert with one another; (ii) a sale, transfer, or other disposition through a single transaction or
a series of related transactions of all or substantially all of the assets of the Company to an Unrelated Person or Unrelated
Persons acting in concert with one another; or (iii) any consolidation or merger of the Company with or into an Unrelated Person,
unless immediately after the consolidation or merger the holders of the common stock of the Company immediately prior to the consolidation
or merger are the beneficial owners of securities of the surviving corporation representing at least fifty percent (50%) of the
combined voting power of the surviving corporation’s then outstanding securities. For purposes of this definition, the term
“Person” shall mean and include any individual, partnership, joint venture, association, trust, corporation, or other
entity (including a “group” as referred to in Section 13(d)(3) of the Exchange Act) and the term “Unrelated
Person” shall mean and include any Person other than the Company, or an employee benefit plan of the Company

 

A
Change of Control will not be deemed to have occurred for purposes of the Plan until the transaction (or series of transactions)
that would otherwise be considered a Change of Control closes. The transfer of Stock or assets of the Company in connection with
a bankruptcy filing by or against the Company under Title 11 of the United States Code will not be considered to be a Change of
Control for purposes of this Plan. Notwithstanding the foregoing a Change of Control shall not occur for purposes of this Plan
in the case of Awards that are subject to the requirements of Section 409A of the Code unless such Change of Control constitutes
a “change in control event” as defined in Section 409A of the Code and the regulations thereunder. The definition
of “Change of Control” in this Plan shall be superseded by the definition of “Change of Control” in any
applicable change of control agreement or employment agreement that a Participant has with the Company.

 

    	i

    	 

    

 

(f)
“Code” means the Internal Revenue Code of 1986, as amended. All references to the Code shall be interpreted to
include a reference to any applicable regulations, rulings or other official guidance promulgated pursuant to such section of
the Code.

 

(g)
“Committee” means the Committee identified in Section 4.1.

 

(h)
“Company” means Motorsport Games Inc.

 

(i)
“Compensation Committee” means the Compensation Committee of the Board and shall consist of at least two (2) individuals,
each of whom qualify as: (i) a Non-Employee Director; and (ii) an “independent director” for purposes of the [NASDAQ]
listing standards. The composition of the Compensation Committee may change from time to time in recognition of, response to,
or in anticipation of, changes in applicable laws, rules, or regulations, including, without limitation, the Code and the [NASDAQ]
listing standards (or the rules of any exchange on which the Stock is then listed).

 

(j)
“Consultant” means a consultant or advisor that provides bona fide services to the Company or any Subsidiary as
an independent contractor and not as an employee; provided, however, that such person may become a Participant in the Plan only
if the Consultant: (i) is a natural person; and (ii) does not provide services in connection with the offer or sale of the Company’s
securities in a capital-raising transaction and does not promote or maintain a market for the Company’s securities.

 

(k)
“Date of Grant” means the date the Committee approves the Award or a date in the future on which the Committee
determines the Award will become effective.

 

(l)
“Disability” means that the Participant qualifies to receive long-term disability payments under the Company’s
long-term disability insurance program, as it may be amended from time to time but, for purposes of any Incentive Stock Option,
“Disability” shall have the meaning ascribed to it in Section 22(e)(3) of the Code. Except in the case of an Incentive
Stock Option, the definition of “Disability” in this Plan shall be superseded by the definition of “Disability”
in any applicable change of control agreement or employment agreement that a Participant has with the Company.

 

(m)
“Effective Date” means the date the Plan is approved by the Board, subject to approval by the Company’s
stockholders within twelve (12) months of such Board approval.

 

(n)
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. All references to a section of
ERISA shall be interpreted to include a reference to any applicable regulations, rulings or other official guidance promulgated
pursuant to such section of ERISA.

 

    	ii

    	 

    

 

(o)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. All references to the
Exchange Act shall be interpreted to include a reference to any applicable regulations, rulings or other official guidance promulgated
pursuant to such section of the Exchange Act.

 

(p)
“Expiration Date” means the tenth (10th) anniversary of the Effective Date.

 

(q)
“Fair Market Value” means, as of any given date, the fair market value of Stock on a particular date determined
by such methods or procedures as may be established from time to time by the Committee. Unless otherwise determined by the Committee,
the Fair Market Value of Stock as of any date shall be the closing price for the Stock as reported on the [NASDAQ]
(or on any national securities exchange on which the Stock is then listed) for that date or, if no such prices are reported for
that date, the average of the high and low trading prices on the next preceding date for which such prices were reported.

 

(r)
“Family Member” means a Participant’s spouse and any parent, stepparent, grandparent, child, stepchild,
or grandchild, including adoptive relationships or a trust or any other entity in which these persons (or the Participant) have
more than fifty percent (50%) of the beneficial interest.

 

(s)
“Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code
or any successor provision thereto.

 

(t)
“Non-Employee Director” means a member of the Board who qualifies as a “Non-Employee Director” as
defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board.

 

(u)
“Non-Qualified Stock Option” means an Option that is not intended to be an Incentive Stock Option.

 

(v)
“Option” means a right granted to a Participant under Section 6, to purchase Stock at a specified price during
specified time periods. An Option may be either an Incentive Stock Option or a Non-Qualified Stock Option.

 

(w)
“Participant” means a person who, as a member of the Board, or an employee, officer, or executive of, or Consultant
to, the Company or any Subsidiary, has been granted an Award pursuant to the Plan.

 

(x)
“Performance Share Award” means a right granted to a Participant under Section 9, to receive cash or Stock, the
payment of which is contingent upon achieving certain performance goals established by the Committee.

 

(y)
“Plan” means this Motorsport Games Inc. 2020 Equity Incentive Plan, as amended from time to time.

 

(z)
“Restricted Stock Award” means Stock granted to a Participant under Section 8 that is subject to certain restrictions
and risk of forfeiture as determined by the Committee.

 

    	iii

    	 

    

 

(aa)
“Restricted Stock Unit Award” means a right granted to a Participant under Section 8, to receive cash or Stock,
the payment of which is subject to certain restrictions and risk of forfeiture as determined by the Committee.

 

(bb)
“Securities Act” means the Securities Act of 1933, as amended from time to time. All references to the Securities
Act shall be interpreted to include a reference to any applicable regulations, rulings or other official guidance promulgated
pursuant to such section of the Securities Act.

 

(cc)
“Separation from Service” is a term that applies only in the context of an Award that the Company concludes is
subject to Section 409A of the Code and shall have the meaning set forth in Section 409A. Whether a Separation from Service has
occurred will be determined based on all of the facts and circumstances and in accordance with Section 409A of the Code. In the
case of a Non-Employee Director, Separation from Service means that such member has ceased to be a member of the Board. Whether
a Consultant has incurred a Separation from Service will be determined in accordance with Treasury Regulation Section 1.409A-1(h).

 

(dd)
“Specified Employee” means certain officers and highly compensated employees of the Company as defined in Treasury
Regulation Section 1.409A-1(i).

 

(ee)
“Stock” means the common stock of the Company and such other securities of the Company that may be substituted
for Stock pursuant to Section 10.

 

(ff)
“Stock Appreciation Right” or “SAR” means a right granted to a Participant under Section 7 to receive
the appreciation on Stock.

 

(gg)
“Subsidiary” means any corporation or other entity of which a majority of the outstanding voting stock or voting
power is beneficially owned directly or indirectly by the Company.

 

    	iv

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