Document:

Exhibit
10.15.2

 

FORM
OF UK APPROVED COMPANY SHARE OPTION PLAN

Sub-plan
to the

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

EFFECTIVE
DATE:               , 2021

 

APPROVED
BY STOCKHOLDERS:                     ,
2021

 

NOTIFIED
TO HER MAJESTY’S REVENUE & CUSTOMS:                      ,
2021

 

	1.	General
	 	 
	1.1	This
    UK Approved Company Share Option Plan (the “UK CSOP”) is adopted as a sub-plan of the Motorsports Games
    Inc. 2021 Equity Incentive Plan (the “US Plan”) in accordance with Section 3.1 of the US Plan. The provisions
    of the US Plan apply to the UK CSOP as amended herein. 
	 	 
	1.2	The
    purpose of the UK CSOP is to provide benefits for employees and directors in the form of share options. The UK CSOP is a group
    scheme (within the meaning of paragraph 3 of Schedule 4) and extends to all companies controlled by Motorsports Games Inc
    (the “Company”) whose employees qualify, or may qualify, for the grant of Options. 
	 	 
	2.	Definitions
    and interpretation
	 	 
	2.1	To
    the extent not specifically defined in this UK CSOP, all capitalized terms used in this UK CSOP shall have the meaning set
    out in the US Plan. Words not otherwise defined in this Rule 2.1 or the US Plan have the same meanings as in the CSOP Code.
	 	 
	2.2	In
    this UK CSOP (unless the context otherwise requires) the following words and phrases have the meanings given below:

 

	“CSOP
    Code”	Chapter
    8 of Part 7 and Schedule 4 of ITEPA and Part 3 of Schedule 7D to the Taxation of Chargeable Gains Act 1992;
	 	 
	“Date
    of Grant”	in
    relation to any Option, the date on which that Option is granted;

 

	“Eligible
    Employee”	a)	an
    employee who is a director of any member of the Group and required under his contract of employment to work for not less than
    25 hours per week (excluding meal breaks) disregarding holiday entitlement; or
	 	 	 
	 	b)	any
    other employee of any member of the Group;

 

	“Exercise
    Price”	in
    relation to any Option, the price per Share payable upon exercise of that Option;
	 	 
	“Group”	The
    Company and any company controlled by the Company;
	 	 
	“HMRC”	HM
    Revenue & Customs;
	 	 
	“ITEPA”	the
    Income Tax (Earnings and Pensions) Act 2003;
	 	 
	“NIC”	National
    Insurance contributions

 

    	 

    	 

    

 

	“NIC
    Option Gain”	 	a
    gain realised upon the exercise of, or acquisition of Shares in pursuance of, an Option, being a gain that is treated as remuneration
    derived from the Participant’s employment by virtue of section 4(4)(a) of the Social Security Contributions and Benefits
    Act 1992;
	 	 	 
	“Option”	 	an
    option to acquire Shares in accordance with this UK CSOP;
	 	 	 
	“Option
    Shares”	 	Shares
    in respect of which the Option subsists;
	 	 	 
	“Restriction”	 	A
    provision, made by any contract, agreement, arrangement or condition to which any of sub-sections (2)-(4) of section 423 of
    ITEPA would apply if the references in those sub-sections to the employment-related securities were references to the Option
    Shares;
	 	 	 
	“Rule”	 	Rule
    of the UK CSOP; 
	 	 	 
	“Schedule
    4”	 	Schedule
    4 of ITEPA;
	 	 	 
	“Section”	 	Section
    of the US Plan;
	 	 	 
	“Shares”	 	Stock;
	 	 	 
	“UK
    CSOP”	 	this
    UK Approved Company Share Option Plan, which is a sub-plan of the US Plan;
	 	 	 
	“UK
    CSOP Minimum Exercise Price “	 	in
    relation to a Share on a given day, the fair market value of a Share determined in accordance with the provisions of Part
    8 of the Taxation of Chargeable Gains Act 1992 (and, if the Share is subject to any restrictions, the Fair Market Value is
    to be determined as if there were no such restrictions) or such other amount as may be required in accordance with the CSOP
    Code;
	 	 	 
	“US
    Plan”	 	the
    Motorsport Games Inc 2021 Equity Incentive Plan

 

	2.3	Any
    reference to any enactment shall include any consolidation, modification, extension, amendment or re-enactment thereof or
    any subordinate legislation made under it for the time being in force.
	 	 
	2.4	References
    to Shares in respect of which an Option subsists at any time are to be read and construed as references to the Shares over
    which the Option is then held (and in respect of which it has not then lapsed and ceased to be exercisable).
	 	 
	2.5	References
    to an Option vesting or being or becoming vested in respect of any Option Shares are to be read as references to the Option
    becoming exercisable, either immediately or, subject to the Rules, at some future time, in respect of such Option Shares in
    consequence of a vesting or performance-related condition of exercise being satisfied in whole or in part and an Option which
    is not subject to any such performance-related condition of exercise shall be treated as being vested in full.
	 	 
	3.	Eligibility
    and Participation
	 	 
	3.1	An
    Option shall not be granted to any person unless he is then an Eligible Employee and Section 3.1 and Section 6.2(a) of the
    US Plan shall not otherwise apply.

 

    	 

    	 

    

 

	3.2	An
    Option shall not be granted to any person at any time when he has or has within the preceding 12 months had, a material interest
    (within the meaning given in paragraphs 9 to 11 of Schedule 4) in the Company or a company which has control of the Company
    or is a member of a consortium which owns such a company. 
	 	 
	4.	Administration
	 	 
	4.1	Subject
    to the provisions of these Rules, the Committee may make awards under this UK CSOP in accordance with Section 6 (Stock Options),
    as qualified by Section 6.2 (Incentive Stock Options), of the US Plan. The Committee shall have an absolute discretion as
    to when and to whom an Option is granted by the Company.
	 	 
	5.	Shares
    available for Grant
	 	 
	5.1	The
    number of Shares in respect of which an Option is granted to an individual shall be limited, and the Option shall take effect,
    so that the aggregate market value of Shares which may be acquired upon the exercise of that Option, when added to:

 

	 	5.1.1	the
    aggregate market value of Shares in respect of which Options have previously been granted (and have not then been exercised
    nor ceased to be exercisable); and
	 	 	 
	 	5.1.2	the
    aggregate market value of Shares in respect of which rights to acquire such Shares have been obtained by that individual under
    any other share option plan approved in accordance with the CSOP Code which has been established by the Company or by any
    Associated Company (and have not then been exercised nor ceased to be exercisable)

 

	 	shall
    not exceed or further exceed £30,000 (or such other amount as is specified from time to time in paragraph 6 of Schedule
    4).

 

	5.2	For
    the purposes of Rule 5.1:

 

	 	5.2.1	the
    market value of a Shares in respect of which an Option has been or is to be granted shall be taken as the Exercise Price payable
    upon the exercise of such Option or, if less, the minimum price per Shares which could have been determined pursuant to Rule
    3 to be the Exercise Price in relation to that Option; and
	 	 	 
	 	5.2.2	the
    market value of shares in respect of which other rights to acquire shares have been granted shall have the same meaning as
    in Part 8 of the Taxation of Chargeable Gains Act 1992 and shall be calculated as at the time such other rights were granted
    or such earlier time as may have been agreed in writing with HMRC.

 

	5.3	Awards
    may only be made under the UK CSOP in respect of Shares at such times as the Shares meet the requirements of Part 4 of Schedule
    4. 
	 	 
	6.	Grant
    of Options
	 	 
	6.1	Section
    6 of the US Plan, as qualified by Section 6.2 of the US Plan and as modified by these Rules, shall apply to Options granted
    under this UK CSOP. 

 

    	 

    	 

    

 

	6.2	The
    Exercise Price:

 

	 	6.2.1	shall
    not be less than the amount determined in accordance with Section 6.1(a) of the US Plan; and 
	 	6.2.2	shall
    not be manifestly less than the UK CSOP Minimum Exercise Price. 

 

	6.3	An
    Option may not be exercised later than the tenth anniversary of the Date of Grant shown above.
	 	 
	6.4	In
    Section 6.1(b) and Section 6.2(b)(iii) of the US Plan, references to “twelve (12) months” shall be replaced with
    “six (6) months” save in respect of termination of employment on account of death, in which case the period of
    twelve (12) months shall remain. 
	 	 
	7.	Stock
    Appreciation Rights
	 	 
	7.1	Awards
    of Stock Appreciation Rights may not be made under this UK CSOP and Section 7 of the US Plan shall not apply. 
	 	 
	8.	Restricted
    Stock Awards and Restricted Stock Unit Awards
	 	 
	8.1	Restricted
    Stock Awards and Restricted Stock Unit Awards may not be made under this UK CSOP and Section 8 of the US Plan shall not apply.
    
	 	 
	9.	Performance
    share awards 
	 	 
	9.1	Performance
    Share Awards may not be made under this UK CSOP and Section 9 of the US Plan shall not apply.
	 	 
	10.	Changes
    in capital structure
	 	 
	10.1	Any
    adjustment to the number or description of Shares subject to an Option in accordance with Section 10 shall be in accordance
    with Part 6 of Schedule 4, including but not limited to securing:

 

	 	10.1.1	that
    the total market value of the Shares which may be acquired by the exercise of the Option is immediately after the variation
    or variations substantially the same as what it was immediately before the variation or variations; and
	 	 	 
	 	10.1.2	that
    the total price at which those Shares may be acquired is immediately after the variation or variations substantially the same
    as what it was immediately before the variation or variations; and
	 	 	 
	 	10.1.3	that
    any approvals required from HMRC under Schedule 4 have been obtained; 
	 	 	 
	 	10.1.4	notice
    is given, in writing, to the Participant as soon as reasonably practicable after any such adjustment.

 

	11.	Change
    of control 
	 	 
	11.1	Any
    adjustment to the number or description of Shares subject to an Option in accordance with Section 11 shall be in accordance
    with Part 6 of Schedule 4, including but not limited to securing the matters noted in Rule 10.1. 

 

    	 

    	 

    

 

	12.	Other
    provisions applicable to awards
	 	 
	12.1	For
    the purposes of Section 12.1 of the US Plan, an Award Agreement shall, amongst other matters, specify:

 

	 	12.1.1	the
    Date of Grant;
	 	 	 
	 	12.1.2	the
    number and description of Shares in respect of which the Option is granted;
	 	 	 
	 	12.1.3	the
    Exercise Price;
	 	 	 
	 	12.1.4	the
    times at which the Option may be exercised (in whole or in part);
	 	 	 
	 	12.1.5	that
    the exercise of the Option is subject to such performance-related conditions (if any) as are imposed pursuant to Rule 6;
	 	 	 
	 	12.1.6	if
    the Option Shares are subject to any Restriction, details of the Restriction; and 
	 	 	 
	 	12.1.7	the
    circumstances under which the Option will lapse of be cancelled (in whole or in part), including any conditions to which the
    exercise of the Option is subject in whole or in part),

 

	 	and
    shall be in the form as appended as the Schedule to this UK CSOP, or otherwise in such form as the Company may from time to
    time determine. 

 

	12.2	Unless
    the Company otherwise determines in relation to the grant of Options on any occasion, any person to whom an Option has been
    granted shall be required to confirm his acceptance of such grant by executing as a deed and delivering to the Company a duly
    completed form of acceptance in such form as the Company may from time to time specify and if no such form of acceptance is
    received by the Company within the period of 30 days after the Date of Grant (or such later time as the Company may notify
    to the Participant) the Option shall thereupon lapse and cease to be exercisable.
	 	 
	12.3	Awards
    under the UK CSOP may only be in the form of Options, and the issue of Shares upon exercise of such Options, in accordance
    with these Rules. Section 12.2 of the US Plan permitting an Award in any other form shall not apply.
	 	 
	12.4	Except
    as provided in Section 6.1(b), Section 6.2(b)(iii) and Section 12.4, an Option is not transferable and no Option granted under
    this UK CSOP may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, to, or in favour of, any
    party. Section 12.3 of the US Plan shall not apply. An Option shall immediately cease to be exercisable if:

 

	 	12.4.1	it
    is purported to be transferred or assigned (other than to his personal representatives upon the death of the Participant),
    mortgaged, charged or otherwise disposed of by the Participant; or
	 	 	 
	 	12.4.2	the
    Participant is adjudicated bankrupt or a bankruptcy order is made against the Participant pursuant to Chapter I of Part IX
    of the Insolvency Act 1986; or
	 	 	 
	 	12.4.3	the
    Participant is deprived (otherwise than on death) of the legal or beneficial ownership of the Option by operation of law or
    by the Participant doing or omitting to do anything which causes him to be so deprived

 

    	 

    	 

    

 

	13.	Amendment
    modification and termination
	 	 
	13.1	No
    amendment shall be made to this UK CSOP, or any Award made under this UK CSOP that is contrary to the CSOP Code. 
	 	 
	13.2	If
    any alteration is made to a provision of this UK CSOP, the Company shall make such declarations or notifications to HMRC as
    may be required under the CSOP Code.
	 	 
	13.3	As
    soon as reasonably practicable after making any alteration, the Committee shall give notice in writing thereof to any Participant
    affected.
	 	 
	14.	Tax
    Withholding
	 	 
	14.1	In
    accepting the grant of an Option, the Participant shall, if required by the Company, agree with and undertake to the Company
    and any other company which is the Participant’s employer that:

 

	 	14.1.1	the
    Participant’s employer may recover from the Participant the whole or any part of any secondary Class 1 NICs payable
    in respect of any NIC Option Gain; and
	 	14.1.2	the
    Participant shall join with the Participant’s employer in making an election (in such terms and such form and subject
    to such approval by HMRC as provided in paragraph 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992)
    for the transfer to the Participant of the whole, or such part as the Company may determine, of any liability of the Participant’s
    Employer to secondary Class 1 NICs on any NIC Option Gain.

 

	15.	Indemnification
	 	 
	15.1	Section
    15 of the US Plan shall apply to the UK CSOP unamended. 
	 	 
	16.	General
    provisions
	 	 
	16.1	The
    grant of an Option does not form part of the Participant’s entitlement to remuneration or benefits pursuant to his contract
    of employment nor does the existence of a contract of employment between any person and the Company or any Subsidiary or related
    company or former Subsidiary or former related company give such person any right or entitlement to have an Option granted
    to him in respect of any number of Shares or any expectation that an Option might be granted to him whether subject to any
    conditions or at all.
	 	 
	16.2	The
    rights and obligations of a Participant under the terms of his contract of employment with the Company or any Subsidiary or
    related company or former Subsidiary or former related company shall not be affected by the grant of an Option.
	 	 
	16.3	The
    rights granted to an Participant upon the grant of an Option shall not afford the Participant any rights or additional rights
    to compensation or damages in consequence of the loss or termination of his office or employment with the Company or any Subsidiary
    or related company or former Subsidiary or former related company for any reason whatsoever, whether or not such termination
    is ultimately held to be wrongful or unfair.
	 	 
	16.4	A
    Participant shall not be entitled to any compensation or damages for any loss or potential loss which he may suffer by reason
    of being or becoming unable to exercise an Option in consequence of the loss or termination of his office or employment with
    the Company or any Subsidiary or related company or former Subsidiary or former related company for any reason (including,
    without limitation, any breach of contract by his employer) or in any other circumstances whatsoever, whether or not such
    termination is ultimately held to be wrongful or unfair.

 

    	 

    	 

    

 

	16.5	The
    UK CSOP and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or
    its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales. 
	 	 
	16.6	CSOP
    Code

 

	 	16.6.1	This
    UK CSOP is intended to qualify as a Schedule 4 CSOP Scheme and accordingly Initial Notification of this Plan has been given
    by the Company to HMRC on the date shown above. 
	 	16.6.2	In
    the event of any conflict between the provisions of this UK CSOP and the provisions of the US Plan, the provisions of this
    UK CSOP shall apply. 
	 	16.6.3	In
    the event of any change in the CSOP Code, the provisions of this UK CSOP, and the US Plan shall be deemed to be amended to
    the extent necessary to ensure that the UK CSOP continues to be compliant with the CSOP Code.

 

	16.7	Except
    as otherwise expressly stated to the contrary, none of this UK CSOP, the grant of an Option, or the Contracts (Rights of Third
    Parties) Act 1999 shall have the effect of giving any third party any rights under this UK CSOP and that Act shall not apply
    to this UK CSOP or to the terms of any Option granted under it.

 

    	 

    	 

    

 

Schedule

Form
of Award Agreement and associated documents

 

    	 

    	 

    

 

UK
APPROVED COMPANY SHARE OPTION PLAN

SUB-PLAN
TO THE

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

AWARD
AGREEMENT

 

To:

 

	Name
    of Participant:	 
	Address
    of Participant:	 
	 	 
	 	 
	 	 

 

This
Award Agreement includes the following documentation:

 

	1.	Certificate
    of Grant
	 	 
	2.	Acceptance
    of Grant
	 	 
	3.	Vesting
    and Performance-related Conditions of Exercise
	 	 
	4.	Notice
    of Exercise

 

References
in this documentation to Rules are to the Rules of the UK Approved Company Share Option Plan, which is a sub-plan of the Motorsports
Games Inc. 2021 Equity Incentive Plan.

 

You
should read this documentation carefully, in conjunction with the rules of the UK Approved Company Share Option Plan and the Motorsport
Games Inc. 2021 Equity Incentive Plan.

 

If
you choose to accept this award, you should complete and sign (your signature should be witnessed) the Acceptance of Grant and
return the signed and witnessed Acceptance of Grant to [                   ] by the date set out in the Acceptance of Grant.

 

    	 

    	 

    

 

UK
APPROVED COMPANY SHARE OPTION PLAN

SUB-PLAN
TO THE

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

AWARD
AGREEMENT

CERTIFICATE
OF GRANT

 

	Name
    of Participant:	 
	Address
    of Participant:	 
	 	 
	 	 
	 	 
	Date
    of Grant:	 
	Number
    of Shares:	 
	Exercise
    Price:	 

 

	1.	[                    ]1* HEREBY GRANTS to you, the Participant named above, an Option to subscribe for the above number of shares of Class A common stock of Motorsport Games Inc (“Shares”) at the above Exercise Price.
	 	 
	2.	The Option is exercisable subject to and in accordance with the Rules of The UK Approved Company Share Option Plan (the “UK CSOP”), which is a sub-plan to The Motorsport Games Inc. 2021 Equity Incentive Plan (the “US Plan”), as they are amended from time to time.
	 	 
	3.	This Option may not normally be exercised before the third anniversary of the Date of Grant and then only if and insofar as the Participant has been notified that any performance target set out in the Appendix to this Award Agreement has been met.
	 	 
	4.	In accordance with Rule 6.2, this Option may not in any event be exercised later than the tenth anniversary of the Date of Grant shown above. This Option is not transferable but may be capable of exercise by the Participant’s personal representatives in the event of the Participant’s death.
	 	 
	5.	It is a condition of exercise of this Option that the Participant agree to indemnify the Company and the Participant’s employer (or former employer) against any liability of any such person to account for any tax or NICs arising upon the exercise of, or acquisition of Shares in pursuance of, this Option (“Option Tax Liability”). If an Option Tax Liability arises on any occasion and, within 30 days, the appropriate amount cannot be withheld from payment of the Participant’s remuneration or the Company has not received payment of such amount, the Company shall, to the extent necessary to reimburse the Participant’s Employer (or former employer), be entitled to sell sufficient of the Shares acquired in pursuance of this Option and to procure payment to the Participant’s employer (or former employer), out of the net proceeds of sale of such Shares, of moneys sufficient to satisfy such indemnity.
	 	 
	6.	In the case of Employer’s NICs arising on gains made on the acquisition of Shares pursuant to the Option, the Participant shall, if at any time before the first date of exercise of this Option the Company so directs, make a joint election with the Participant’s employer (or former employer) for liability to employer’s NICs arising upon the exercise of, or the acquisition of Shares in pursuance of, this Option to be transferred to him or her/in the form attached.

 

	EXECUTED
    as a deed by [               ]2
    acting by:
	 
	 	Director
	 	 
	 	Director/Secretary
	 	 
	 	Date

 

1 Insert
relevant company

2 Insert
name of relevant company

 

    	 

    	 

    

 

UK
APPROVED COMPANY SHARE OPTION PLAN

SUB-PLAN
TO THE

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

AWARD
AGREEMENT

ACCEPTANCE
OF GRANT

 

To:
[the Company]

 

I
HEREBY AGREE to accept the grant of an Option _______ over Shares on _______ (date) (“my Option”) and agree
and undertake to be bound by the terms and conditions set out in the rules of The UK Approved Company Share Option Plan (“UK
CSOP”), which is a sub-plan to the Motorsport Games Inc. 2021 Equity Incentive Plan and the condition(s) of exercise
set out in the Appendix to this Award Agreement.

 

	1.	I
    confirm that I have received a copy of the Rules of the UK CSOP (which incorporate the rules of the Motorsport Games Inc.
    2021 Equity Incentive Plan, as modified by the UK CSOP) and accept that this grant is governed by those Rules. 
	 	 
	2.	I
    hereby agree to indemnify the Company and my employer (or former employer) in respect of any liability of any such person
    to account for any tax or NICs arising upon the exercise of, or acquisition of Shares in pursuance of, my Option (“Option
    Tax Liability”).
	 	 
	3.	I
    understand and agree that, if an Option Tax Liability arises on any occasion then unless either:

 

	 	a)	my
    Employer (or former employer) is able to withhold the amount of such Option Tax Liability from payment of my remuneration,
    within the period of 30 days from the date of the Option exercise;
	 	b)	I
    have indicated in writing to my Employer (or former employer) either on the Notice of Exercise or in a manner agreed with
    the company, that I will make a payment of an amount equal to the Option Tax Liability and do in fact make such a payment,
    within 14 days of being notified by the Company of the amount of such Option Tax Liability; or
	 	c)	I
    have authorised the Company (either on the Notice of Exercise or in a manner agreed with the Company) to sell sufficient of
    the shares acquired in pursuance of this Option and to procure payment to my employer (or former employer) out of the net
    proceeds of sale of such shares monies sufficient to satisfy such indemnity

 

	 	the
    Company shall, to the extent necessary to reimburse my Employer (or former employer), be entitled to sell sufficient of the
    Shares acquired in pursuance of this Option and to procure payment to my Employer (or former employer), out of the net proceeds
    of sale of such Shares, moneys sufficient to satisfy such indemnity.

 

	4.	I
    hereby agree with and undertake to the Company and any other company which is my Employer that my Employer may recover from
    me, as mentioned in Rule 14, the whole or any part of any employer’s NICs payable in respect of any Option Gain.
	 	 
	5.	I
    hereby agree and undertake that I shall, if and when so requested by the Company before this Option is first exercised, make
    a joint election with my Employer Company (in a form satisfactory to the Company and HMRC for any liability of my Employer
    Company to employers’ NICs payable in respect of any Option Gain, to be transferred to me (an “NIC Election”).

 

    	 

    	 

    

 

	6.	I
    hereby appoint the Company Secretary or any director of the Company to be my lawful attorney during the period ending with
    the first date on which this Option is exercised, for the purpose of executing, in my name and on my behalf, an NIC Election.
    This power of attorney is given by way of security for the performance of my obligation to make an NIC Election and is irrevocable
    in accordance with section 4 of the Powers of Attorney Act 1971.
	 	 
	7.	I
    hereby authorise and agree that:

 

	 	a)	my
    Employer and any other member of the Group may disclose to any other member of the Group, the Company, and to any administrator
    of this Plan all such Personal Data relating to me and to my participation in the Plan as shall, in the opinion of the directors,
    be necessary to facilitate the operation and administration of the Plan and to enable any such administrator to discharge
    all its duties and functions in relation to the operation of the Plan;
	 	b)	any
    such persons may transfer Personal Data amongst themselves for the purposes of administering the Plan;
	 	c)	any
    such person may process and use such Personal Data for any such purposes; and
	 	d)	such
    Personal Data may be transferred to and by any third party for such purposes.

 

	8.	Words
    and phrases used in this Award Agreement and Form of Acceptance shall have the meanings they bear for the purposes of this
    UK CSOP.

 

	SIGNED
        and delivered AS A DEED by:

                                                                      

        in
        the presence of:
	 
	 	 
	Witness
    signature	 
	 	 
	Witness
    name (print)	 
	 	 
	 	 
	Address	 
	 	 
	Occupation	 
	 	 
	Date	 

 

THIS
FORM MUST BE RECEIVED BY [ ________ ] BY __________ OTHERWISE THE OPTION WILL BE DEEMED TO HAVE LAPSED

 

    	 

    	 

    

 

UK
APPROVED COMPANY SHARE OPTION PLAN

SUB-PLAN
TO THE

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

Appendix
to AWARD AGREEMENT

VESTING
AND PERFORMANCE-RELATED CONDITIONS OF EXERCISE

 

[Any
vesting schedule / performance conditions should be set out here.]

 

    	 

    	 

    

 

UK
APPROVED COMPANY SHARE OPTION PLAN

 

SUB-PLAN
TO THE

 

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

AWARD
AGREEMENT

NOTICE
OF EXERCISE

 

	To:	The
    Company Secretary, Motorsport Games Inc

 

I
hereby exercise the Option referred to overleaf in respect of all/______3of the Shares over which the Option subsists,
and request the allotment or transfer to me of those Shares in accordance with the Rules of the UK CSOP and the Constitution of
the Company.

 

I:

 

[enclose
a cheque made payable to]

[have
arranged a bank transfer to the bank account (as notified to me) of ]4

 

[                              ]5
**/ in the sum of £________*** being the aggregate Exercise Price of such Shares.

 

I
understand that, as a result of the exercise of the Option, an Option Tax Liability may arise which I am required to satisfy.
I wish to meet this Option Tax Liability by:

 

	[  ]	authorising
    the Company or my employer or former employer to deduct the necessary amount from my next salary payment under the PAYE procedure
	[  ]	paying
    the Company such amount as is necessary to cover the Option Tax Liability within 14 days of my receiving details of that Option
    Tax Liability from the Company
	[  ]	agreeing
    to the Company selling sufficient of my Option Shares so that the net proceeds of sale will cover the Option Tax Liability

 

Please
tick the box for your preferred payment method. If you do not tick any boxes the Company will first seek to withhold an amount
sufficient to cover the Option Tax Liability from your next salary payment, and if the Option Tax Liability cannot then be satisfied
in full, the Company will sell sufficient of your Shares to meet that liability.

 

	Name	 
	Address	 
	 	 
	 	 
	Signature	 
	Date	 

 

 

3
Delete / insert number of Shares as appropriate

4
Delete as appropriate

5
Insert payee as appropriate

 

    	 

    	 

    

 

NOTES

 

	1.	This
    form must be accompanied by payment of the Exercise Price for the Shares in respect of which the Option is exercised.
	 	 
	2.	The
    Option may not be exercised in respect of less than [_____] Shares or (if less) all of the Shares over which the Option subsists.
	 	 
	3.	Where
    the Option is exercised by personal representatives, an office copy of the Probate or Letters of Administration should accompany
    the form.
	 	 
	4.	The
    UK CSOP has been notified to HMRC as a Schedule 4 CSOP Scheme and accordingly, under current tax Rules, there is no charge
    to tax on the exercise of the Option if it is exercised:

 

	 	a)	in
    accordance with the Rules of the UK CSOP (as amended from time to time); and
	 	b)	more
    than three years after the date of grant or, if earlier, upon the death of the Participant or within 6 months of leaving employment
    within the Group by reason of injury, disability, redundancy or retirement; or
	 	c)	at
    such other times as are mentioned in Section 524 of the Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”).

 

	5.	Provided
    an Option is exercised within these statutory time-limits no charge to income tax will arise on any subsequent growth in value
    of the Shares acquired.
	 	 
	6.	Under
    current tax Rules, a charge to income tax and NICs will arise if this Option is exercised less than 3 years after the date
    of grant otherwise than on the death of the Participant or within 6 months of the Participant ceasing employment by reason
    of injury, disability, redundancy or retirement (or such other circumstances as are mentioned in section 524 ITEPA). It is
    a term of the Option that the Participant will be required to enter into arrangements satisfactory to the Company to ensure
    that any such Option Tax Liability (including any liability to employer’s secondary class I NICs) will be borne by,
    and recovered from, him or her.

 

IMPORTANT

 

The
Company cannot advise the Participant on the tax consequences of exercising an Option. If the Participant is unsure of the tax
liabilities which may arise, the Participant should take appropriate professional advice before exercising your Option.

 

	7.	A
    Participant, whether or not a director of any company, shall not be entitled to exercise an Option at any time when to do
    so would contravene the provisions of the Company’s Code governing share dealings by directors and employees.Exhibit
10.15.3

 

FORM
OF UK MOTORSPORT GAMES INCENTIVE PLAN 

 

Sub-plan
to the 

 

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

EFFECTIVE
DATE:                             , 2021

 

APPROVED
BY STOCKHOLDERS:                             , 2021

 

	1.	General
	 	 
	1.1	This
    UK Motorsport Games Incentive Plan (the “UK Incentive Plan”) is adopted as a sub-plan of the Motorsports
    Games Inc. 2021 Equity Incentive Plan (the “US Plan”) in accordance with Section 3.1 of the US Plan. The
    provisions of the US Plan apply to the UK CSOP as amended herein. 
	 	 
	1.2	The
    purpose of the UK Incentive Plan is to provide benefits for employees and directors in the form of share options or such other
    forms of award as may be permitted under the US Plan. 
	 	 
	2.	Definitions
    and interpretation
	 	 
	2.1	To
    the extent not specifically defined in this UK Incentive Plan, all capitalized terms used in this UK Incentive Plan shall
    have the meaning set out in the US Plan. Words not otherwise defined in this Rule 2.1 or the US Plan have the same meanings
    as in the CSOP Code.
	 	 
	2.2	In
    this UK Incentive Plan (unless the context otherwise requires) the following words and phrases have the meanings given below:

 

	“Date
    of Grant”	in
    relation to any Award, the date on which that Award is granted;
	 	 
	“Exercise
    Price”	in
    relation to any Option, the price per Share payable upon exercise of that Option;
	 	 
	“Group”	The
    Company and any company controlled by the Company;
	 	 
	“HMRC”	HM
    Revenue & Customs;
	 	 
	“ITEPA”	the
    Income Tax (Earnings and Pensions) Act 2003;
	 	 
	“NIC”	National
    Insurance contribution
	 	 
	“NIC
    Award Gain”	a
    gain realised upon the exercise of, or acquisition of Shares in pursuance of, an Option, being a gain that is treated as remuneration
    derived from the Participant’s employment by virtue of section 4(4)(a) of the Social Security Contributions and Benefits
    Act 1992;
	 	 
	“Option”	an
    option to acquire Shares in accordance with this UK Incentive Plan;
	 	 
	“Option
    Shares”	Shares
    in respect of which an Option subsists;

 

    	 	 	 

    	 

    

 

	“Restriction”	A
    provision, made by any contract, agreement, arrangement or condition to which any of sub-sections (2)-(4) of section 423 of
    ITEPA would apply if the references in those sub-sections to the employment-related securities were references to the Option
    Shares;
	 	 
	“Rule”	Rule
    of the UK Incentive Plan; 
	 	 
	“Section”	Section
    of the US Plan;
	 	 
	“Shares”	Stock;
	 	 
	“UK
    Incentive Plan”	this
    UK Motorsport Games Incentive Plan, which is a sub-plan of the US Plan;
	 	 
	“US
    Plan”	the
    Motorsport Games Inc 2021 Equity Incentive Plan

 

	2.3	Any
    reference to any enactment shall include any consolidation, modification, extension, amendment or re-enactment thereof or
    any subordinate legislation made under it for the time being in force.
	 	 
	2.4	References
    to Shares in respect of which an Option subsists at any time are to be read and construed as references to the Shares over
    which the Option is then held (and in respect of which it has not then lapsed and ceased to be exercisable).
	 	 
	2.5	References
    to an Award vesting or being or becoming vested are to be read as references to the Award becoming exercisable, either immediately
    or, subject to the Rules, at some future time, in consequence of a vesting or performance-related condition of exercise being
    satisfied in whole or in part and an Award which is not subject to any such performance-related condition of exercise shall
    be treated as being vested in full.
	 	 
	3.	Eligibility
    and Participation
	 	 
	3.1	An
    Award may be granted to any person who is eligible for an Award under the US Plan. 
	 	 
	4.	Administration
	 	 
	4.1	Subject
    to the provisions of these Rules, the Committee may make Awards under this UK Incentive Plan in accordance with Section 6.1
    (Stock Options) of the US Plan. The Committee shall have an absolute discretion as to when and to whom an Option is granted
    by the Company.
	 	 
	5.	Shares
    available for Grant
	 	 
	5.1	The
    number of Shares in respect of which an Option is granted shall be limited in accordance with Section 3 of the US Plan
	 	 
	6.	Grant
    of Options
	 	 
	6.1	Section
    6.1 of the US Plan shall apply to Options granted under this UK Incentive Plan. 
	 	 
	6.2	The
    Exercise Price shall not be less than the amount determined in accordance with Section 6.1(a) of the US Plan.

 

    	 	 	 

    	 

    

 

	6.3	In
    Section 6.1(b) and Section 6.2(b)(iii) of the US Plan, references to “twelve (12) months” shall be replaced with
    “six (6) months” save in respect of termination of employment on account of death, in which case the period of
    twelve (12) months shall remain. 
	 	 
	7.	Stock
    Appreciation Rights
	 	 
	7.1	Awards
    of Stock Appreciation Rights may be made under this UK Incentive Plan in accordance with Section 7 of the US Plan and subject
    to such additional conditions as the Committee shall determine. 
	 	 
	8.	Restricted
    Stock Awards and Restricted Stock Unit Awards
	 	 
	8.1	Restricted
    Stock Awards and Restricted Stock Unit Awards may be made under this UK Incentive Plan in accordance with Section 8 of the
    US Plan and subject to such additional conditions as the Committee shall determine 
	 	 
	9.	Performance
    share awards 
	 	 
	9.1	Performance
    Share Awards may be made under this UK Incentive Plan in accordance with Section 9 of the US Plan and subject to such additional
    conditions as the Committee shall determine. 
	 	 
	10.	Changes
    in capital structure
	 	 
	10.1	Adjustments
    to the number or description of Shares may be made in accordance with Section 10 of the US Plan.
	 	 
	11.	Change
    of control 
	 	 
	11.1	Adjustments
    to the number or description of Shares subject to an Award may be made in accordance with Section 11 of the US Plan. 
	 	 
	12.	Other
    provisions applicable to awards
	 	 
	12.1	Unless
    the Company otherwise determines in relation to the grant of Awards on any occasion, any person to whom an Award has been
    granted shall be required to confirm his acceptance of such grant by executing as a deed and delivering to the Company a duly
    completed form of acceptance in such form as the Company may from time to time specify and if no such form of acceptance is
    received by the Company within the period of 30 days after the Date of Grant (or such later time as the Company may notify
    to the Participant) the Award shall thereupon lapse and cease to be exercisable.
	 	 
	13.	Amendment
    modification and termination
	 	 
	13.1	As
    soon as reasonably practicable after making any alteration, the Committee shall give notice in writing thereof to any Participant
    affected.

 

    	 	 	 

    	 

    

 

	14.	Tax
    Withholding
	 	 
	14.1	In
    accepting the grant of an Award, the Participant shall, if not prohibited by paragraph 3A of Schedule 1 to the Social Security
    Contributions and Benefits Act 1992 and if required by the Company, agree with and undertake to the Company and any other
    company which is the Participant’s employer that:

 

	 	14.1.1	the
    Participant’s employer may recover from the Participant the whole or any part of any secondary Class 1 NICs payable
    in respect of any NIC Award Gain; and
	 	 	 
	 	14.1.2	the
    Participant shall join with the Participant’s employer in making an election (in such terms and such form and subject
    to such approval by HMRC as provided in paragraph 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992)
    for the transfer to the Participant of the whole, or such part as the Company may determine, of any liability of the Participant’s
    Employer to secondary Class 1 NICs on any NIC Award Gain.

 

	15.	Indemnification
	 	 
	15.1	Section
    15 of the US Plan shall apply to the UK Incentive Plan unamended. 
	 	 
	16.	General
    provisions
	 	 
	16.1	The
    grant of an Award does not form part of the Participant’s entitlement to remuneration or benefits pursuant to his contract
    of employment nor does the existence of a contract of employment between any person and the Company or any Subsidiary or related
    company or former Subsidiary or former related company give such person any right or entitlement to have an Award granted
    to him or any expectation that an Award might be granted to him whether subject to any conditions or at all.
	 	 
	16.2	The
    rights and obligations of a Participant under the terms of his contract of employment with the Company or any Subsidiary or
    related company or former Subsidiary or former related company shall not be affected by the grant of an Award.
	 	 
	16.3	The
    rights granted to an Participant upon the grant of an Award shall not afford the Participant any rights or additional rights
    to compensation or damages in consequence of the loss or termination of his office or employment with the Company or any Subsidiary
    or related company or former Subsidiary or former related company for any reason whatsoever, whether or not such termination
    is ultimately held to be wrongful or unfair.
	 	 
	16.4	A
    Participant shall not be entitled to any compensation or damages for any loss or potential loss which he may suffer by reason
    of being or becoming unable to exercise an Award in consequence of the loss or termination of his office or employment with
    the Company or any Subsidiary or related company or former Subsidiary or former related company for any reason (including,
    without limitation, any breach of contract by his employer) or in any other circumstances whatsoever, whether or not such
    termination is ultimately held to be wrongful or unfair.
	 	 
	16.5	The
    UK Incentive Plan and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection
    with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.
    
	 	 
	16.6	Where
    the grant of an Award, or the exercise of any Award under this UK Incentive Plan, constitutes or results in, or in the reasonable
    opinion of the Committee may constitute or result in, the issue or transfer of an employment related security (within the
    meaning of Part 7 of ITEPA), the Company may make it a condition of such grant or exercise that the Participant agrees and
    undertakes to join with the Participant’s employer in making an irrevocable election pursuant to section 431(1) of ITEPA
    in such form as may be approved by HMRC within the period of 14 days (or such other shorter time as the Company may specify)
    beginning with the date of grant or exercise.
	 	 
	16.7	Except
as otherwise expressly stated to the contrary, none of this UK Incentive Plan, the grant of an Award, or the Contracts (Rights
of Third Parties) Act 1999 shall have the effect of giving any third party any rights under this UK Incentive Plan and that Act
shall not apply to this UK Incentive Plan or to the terms of any Award granted under it.

 

    	 	 	 

    	 

    

 

Schedule

 

Form
of Option Award Agreement and associated documents

 

    	 	 	 

    	 

    

 

UK
MOTORSPORT GAMES INCENTIVE PLAN 

SUB-PLAN
TO THE

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

OPTION
AWARD AGREEMENT

 

To:

 

	Name
    of Participant:	 
	Address
    of Participant:	 
	 	 
	 	 
	 	 

 

This
Award Agreement includes the following documentation:

 

	1.	Certificate
    of Grant
	 	 
	2.	Acceptance
    of Grant
	 	 
	3.	Vesting
    and Performance-related Conditions of Exercise
	 	 
	4.	Notice
    of Exercise

 

References
in this documentation to Rules are to the Rules of the UK Approved Company Share Option Plan, which is a sub-plan of the Motorsports
Games Inc. 2021 Equity Incentive Plan.

 

You
should read this documentation carefully, in conjunction with the rules of the UK Approved Company Share Option Plan and the Motorsport
Games Inc. 2021 Equity Incentive Plan.

 

If
you choose to accept this award, you should complete and sign (your signature should be witnessed) the Acceptance of Grant and
return the signed and witnessed Acceptance of Grant to [                ] by the date set out in the Acceptance of Grant.

 

    	 	 	 

    	 

    

 

UK
MOTORSPORT GAMES INCENTIVE PLAN

SUB-PLAN
TO THE

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

OPTION
AWARD AGREEMENT

 

CERTIFICATE
OF GRANT

 

	Name
    of Participant:	 
	Address
    of Participant:	 
	 	 
	 	 
	 	 
	Date
    of Grant:	 
	Number
    of Shares:	 
	Exercise
    Price:	 

 

	1.	[                       
    ]1* HEREBY GRANTS to you, the Participant named above, an Option to subscribe for the above number of
    shares of Class A common stock of Motorsport Games Inc (“Shares”) at the above Exercise Price.
	 	 
	2.	The
    Option is exercisable subject to and in accordance with the Rules of The UK Motorsport Games Incentive Plan (the “UK
    Incentive Plan”), which is a sub-plan to The Motorsport Games Inc. 2021 Equity Incentive Plan (the “US
    Plan”), as they are amended from time to time.
	3.	This
    Option may not normally be exercised before [                        ]2 and then only if and insofar as the Participant has been notified
    that any performance target set out in the Appendix to this Award Agreement has been met.
	 	 
	4.	In
    accordance with Section 6.1 of the US Plan, this Option may not in any event be exercised later than the tenth anniversary
    of the Date of Grant shown above. This Option is not transferable other than in accordance with Sections 12.3 and 12.4 of
    the US Plan.
	 	 
	5.	It
    is a condition of exercise of this Option that the Participant agree to indemnify the Company and the Participant’s
    employer (or former employer) against any liability of any such person to account for any tax or NICs arising upon the exercise
    of, or acquisition of Shares in pursuance of, this Option (“Option Tax Liability”). If an Option Tax Liability
    arises on any occasion and, within 30 days, the appropriate amount cannot be withheld from payment of the Participant’s
    remuneration or the Company has not received payment of such amount, the Company shall, to the extent necessary to reimburse
    the Participant’s Employer (or former employer), be entitled to sell sufficient of the Shares acquired in pursuance
    of this Option and to procure payment to the Participant’s employer (or former employer), out of the net proceeds of
    sale of such Shares, of moneys sufficient to satisfy such indemnity.
	 	 
	6.	In
    the case of Employer’s NICs arising on gains made on the acquisition of Shares pursuant to the Option, the Participant
    shall, if at any time before the first date of exercise of this Option the Company so directs, make a joint election with
    the Participant’s employer (or former employer) for liability to employer’s NICs arising upon the exercise of,
    or the acquisition of Shares in pursuance of, this Option to be transferred to him or her/in the form attached.

 

	EXECUTED
    as a deed by [                         ]3 acting by:
	 
	...............	Director
	...............	Director/Secretary
	...............	Date

 

 

1
Insert relevant company

2
Insert earliest date on which option can be exercised (if applicable)

3
Insert name of relevant company

 

    	 	 	 

     

    

 

UK
MOTORSPORT GAMES INCENTIVE PLAN

SUB-PLAN
TO THE

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

AWARD
AGREEMENT

 

ACCEPTANCE
OF GRANT

To:
[the Company]

 

I
HEREBY AGREE to accept the grant of an Option .......... over Shares on .......... (date) (“my Option”) and
agree and undertake to be bound by the terms and conditions set out in the rules of The UK Approved Company Share Option Plan
(“UK CSOP”), which is a sub-plan to the Motorsport Games Inc. 2021 Equity Incentive Plan and the condition(s)
of exercise set out in the Appendix to this Award Agreement.

 

	1.	I
    confirm that I have received a copy of the Rules of the UK Incentive Plan (which incorporate the rules of the Motorsport Games
    Inc. 2021 Equity Incentive Plan, as modified by the UK Incentive Plan) and accept that this grant is governed by those Rules.
	 	 
	2.	I
    hereby agree to indemnify the Company and my employer (or former employer) in respect of any liability of any such person
    to account for any tax or NICs arising upon the exercise of, or acquisition of Shares in pursuance of, my Option (“Option
    Tax Liability”).
	 	 
	3.	I
    understand and agree that, if an Option Tax Liability arises on any occasion then unless either:

 

	 	a)	my
    Employer (or former employer) is able to withhold the amount of such Option Tax Liability from payment of my remuneration,
    within the period of 30 days from the date of the Option exercise;
	 	 	 
	 	b)	I
    have indicated in writing to my Employer (or former employer) either on the Notice of Exercise or in a manner agreed with
    the company, that I will make a payment of an amount equal to the Option Tax Liability and do in fact make such a payment,
    within 14 days of being notified by the Company of the amount of such Option Tax Liability; or
	 	 	 
	 	c)	I
    have authorised the Company (either on the Notice of Exercise or in a manner agreed with the Company) to sell sufficient of
    the shares acquired in pursuance of this Option and to procure payment to my employer (or former employer) out of the net
    proceeds of sale of such shares monies sufficient to satisfy such indemnity

 

the
Company shall, to the extent necessary to reimburse my Employer (or former employer), be entitled to sell sufficient of the Shares
acquired in pursuance of this Option and to procure payment to my Employer (or former employer), out of the net proceeds of sale
of such Shares, moneys sufficient to satisfy such indemnity.

 

	4.	I
    hereby agree with and undertake to the Company and any other company which is my Employer that my Employer may recover from
    me, as mentioned in Rule 14, the whole or any part of any employer’s NICs payable in respect of any Option Gain.
	 	 
	5.	I
    hereby agree and undertake that I shall, if and when so requested by the Company before this Option is first exercised, make
    a joint election with my Employer Company (in a form satisfactory to the Company and HMRC for any liability of my Employer
    Company to employers’ NICs payable in respect of any Option Gain, to be transferred to me (an “NIC Election”).

 

    	 

    	 

    

 

	6.	I
    hereby appoint the Company Secretary or any director of the Company to be my lawful attorney during the period ending with
    the first date on which this Option is exercised, for the purpose of executing, in my name and on my behalf, an NIC Election.
    This power of attorney is given by way of security for the performance of my obligation to make an NIC Election and is irrevocable
    in accordance with section 4 of the Powers of Attorney Act 1971.
	 	 
	7.	I
    hereby authorise and agree that:

 

	 	a)	my
    Employer and any other member of the Group may disclose to any other member of the Group, the Company, and to any administrator
    of this Plan all such Personal Data relating to me and to my participation in the Plan as shall, in the opinion of the directors,
    be necessary to facilitate the operation and administration of the Plan and to enable any such administrator to discharge
    all its duties and functions in relation to the operation of the Plan;
	 	 	 
	 	b)	any
    such persons may transfer Personal Data amongst themselves for the purposes of administering the Plan;
	 	 	 
	 	c)	any
    such person may process and use such Personal Data for any such purposes; and
	 	 	 
	 	d)	such
    Personal Data may be transferred to and by any third party for such purposes.

 

	8.	Words
    and phrases used in this Award Agreement and Form of Acceptance shall have the meanings they bear for the purposes of this
    UK Incentive Plan.

 

	SIGNED
                                         and delivered AS A DEED by:

        in
        the presence of:
	 
	Witness
    signature	 
	Witness
    name (print)	 
	 	 
	 	 
	Address	 
	Occupation	 
	Date	 

 

THIS
FORM MUST BE RECEIVED BY [ ............... ] BY ............... OTHERWISE THE OPTION WILL BE DEEMED TO HAVE LAPSED

 

    	 	 	 

     

    

 

 

UK
MOTORSPORT GAMES INCENTIVE PLAN

SUB-PLAN
TO THE

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

Appendix
to AWARD AGREEMENT

 

VESTING
AND PERFORMANCE-RELATED CONDITIONS OF EXERCISE

 

[Any
vesting schedule / performance conditions should be set out here.]

 

    	 	 	 

     

    

 

UK
MOTORSPORT GAMES INCENTIVE PLAN

 

SUB-PLAN
TO THE

 

MOTORSPORT
GAMES INC. 2021 EQUITY INCENTIVE PLAN

 

AWARD
AGREEMENT

 

NOTICE
OF EXERCISE

 

	To:	The
    Company Secretary, Motorsport Games Inc

 

I
hereby exercise the Option referred to overleaf in respect of all/..........4of the Shares over which the Option
subsists, and request the allotment or transfer to me of those Shares in accordance with the Rules of the UK Incentive Plan and
the Constitution of the Company.

 

I:

[enclose
a cheque made payable to]

[have
arranged a bank transfer to the bank account (as notified to me) of ]5

 

[
]6 **/ in the sum of £..........*** being the aggregate Exercise Price of such Shares.

 

I
understand that, as a result of the exercise of the Option, an Option Tax Liability may arise which I am required to satisfy.
I wish to meet this Option Tax Liability by:

 

	[  ]	authorising
    the Company or my employer or former employer to deduct the necessary amount from my next salary payment under the PAYE procedure
	[  ]	paying
    the Company such amount as is necessary to cover the Option Tax Liability within 14 days of my receiving details of that Option
    Tax Liability from the Company
	[  ]	agreeing
    to the Company selling sufficient of my Option Shares so that the net proceeds of sale will cover the Option Tax Liability

 

Please
tick the box for your preferred payment method. If you do not tick any boxes the Company will first seek to withhold an amount
sufficient to cover the Option Tax Liability from your next salary payment, and if the Option Tax Liability cannot then be satisfied
in full, the Company will sell sufficient of your Shares to meet that liability.

 

	Name	 
	Address	 
	 	 
	 	 
	 	 
	Signature	 
	Date	 

 

 

4
Delete / insert number of Shares as appropriate

5
Delete as appropriate

6
Insert payee as appropriate

    	 	 	 

     

    

 

NOTES

 

	1.	This
    form must be accompanied by payment of the Exercise Price for the Shares in respect of which the Option is exercised.
	 	 
	2.	The
    Option may not be exercised in respect of less than [..........] Shares or (if less) all of the Shares over which the Option
    subsists.
	 	 
	3.	Where
    the Option is exercised by personal representatives, an office copy of the Probate or Letters of Administration should accompany
    the form.
	 	 
	4.	Under
    current tax Rules, a charge to income tax and NICs will arise if this Option is exercised and the market value of the Shares
    acquired (at the time of the acquisition) is more than the Exercise Price. It is a term of the Option that the Participant
    will be required to enter into arrangements satisfactory to the Company to ensure that any such Option Tax Liability (including
    any liability to employer’s secondary class I NICs) will be borne by, and recovered from, him or her.
	 	 
	5.	It
    is a term of the Option that the Participant agrees and undertakes to join with the Participant’s employer in making
    an irrevocable election pursuant to section 431(1) of ITEPA (in such form as may be approved by HMRC at the relevant time)
    at the time of exercising the Option.

 

IMPORTANT

 

The
Company cannot advise the Participant on the tax consequences of exercising an Option. If the Participant is unsure of the tax
liabilities which may arise, the Participant should take appropriate professional advice before exercising your Option.

 

	6.	A
    Participant, whether or not a director of any company, shall not be entitled to exercise an Option at any time when to do
    so would contravene the provisions of the Company’s Code governing share dealings by directors and employees.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]