Document:

Exhibit
10.4

 

AIXIN
LIFE INTERNATIONAL, INC. 

WHISTLEBLOWER
POLICY

 

Introduction

 

AiXin
Life International, Inc. (the “Company”) has adopted a Code of Conduct and Ethics applicable to all officers and employees
that urges them promptly to discuss with or disclose to their supervisor, the Company’s Ethics Officer or the Board of Directors
any events of questionable, fraudulent, unethical or illegal nature. As an additional measure to support our commitment to ethical
conduct, the Audit Committee of our Board of Directors has adopted the following policies and procedures for (i) the receipt,
retention, and treatment of complaints received by the Company regarding accounting, internal controls, financial reporting or
auditing matters; and (ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable
accounting, financial reporting or auditing matters.

 

This
policy is intended to comply with the requirements of Section 301 of the Sarbanes-Oxley Act of 2002 and Section 922 of the Dodd-Frank
Act of 2010.

 

Reporting
of Concerns or Complaints Regarding Accounting, Internal Controls, Financial Reporting or Auditing Matters

 

Taking
action to prevent problems is part of the Company’s culture. If you observe possible unethical or illegal conduct, you are
encouraged to report your concerns. Employees and others involved with the Company are urged to come forward with any such information,
without regard to the identity or position of the suspected offender.

 

To
facilitate the investigation of a complaint, to the extent practicable, the complaint should include a full statement of the acts
or omissions, along with relevant dates, forming the basis of the complaint. In addition, the complaint should state that it is
being made pursuant to this policy.

 

Employees
and others may choose any of the following modes of communicating suspected violations of law, policy, or other wrongdoing, as
well as any concerns regarding questionable accounting, financial reporting or auditing matters (including deficiencies in internal
controls), or concerns about retaliation against employees or contractors who, in good faith, make reports regarding any of the
foregoing:

 

	●	Report
    the matter to your supervisor; or
	 	 
	●	Report
    the matter by mailing the Chairman of the Audit Committee, do the Company’s Ethics Officer at the Company’s corporate
    headquarters in Chengdu City, Sichuan Province, China (such communication may
    be anonymous if desired); or
	 	 
	●	Report
    the matter to the Company’s Chief Executive Officer, Chief Financial Officer or Ethics Officer.

 

Confidentiality

 

The
Company will treat all communications under this Policy in a confidential manner, except to the extent necessary (a) to conduct
a complete and fair investigation, or (b) for reviews of Company operations by the Company’s Board of Directors, its Audit
Committee, the Company’s independent public accountants or the Company’s outside legal counsel.

 

We
encourage employees and other reporting persons to put their names on the complaint in order to enable the Company to contact
you with follow up questions. The investigation may require more detailed information from the source of the information in order
to quickly and efficiently ascertain the details of the reported incident. However, if you choose, you may always submit an anonymous
report.

 

    	1

     

    

 

Investigation

 

The
Audit Committee, with the input of the Chief Executive Officer, outside counsel and/or the Senior Vice President, Finance, other
Company management and/or outside consultants, if requested by the Audit Committee and so long as such persons are not the subject
of the complaint, will determine the scope of investigation to be conducted, the validity of the complaint and any corrective
action, as appropriate. All employees have a duty to promptly cooperate and provide accurate information in connection with any
investigation of reports of questionable conduct, or of retaliation resulting from the reporting or investigation of such matters.

 

If
a complaint is reported directly to the Audit Committee, it is the responsibility of the Audit Committee to report to Company
management any noncompliance with legal and regulatory requirements and to assure that management takes corrective action including,
where appropriate, reporting any violation to the relevant federal, state or regulatory authorities.

 

The
Audit Committee also has the authority to retain additional outside legal or accounting expertise in any investigation as it deems
necessary to conduct the investigation in accordance with its charter and this policy.

 

Retaliation

 

Any
individual who in good faith reports a possible violation of the Company’s Code of Conduct and Ethics, or of law, rule or
regulation, or any concerns regarding questionable accounting, financial reporting or auditing matters, even if the report is
mistaken, or who assists in the investigation of a reported violation, will be protected by the Company. Retaliation in any form
against these individuals will not be tolerated. Any act of retaliation should be reported immediately and will be disciplined
appropriately.

 

Specifically,
the Company will not discharge, demote, suspend, threaten, harass, or in any other manner discriminate or retaliate against any
employee in the terms and conditions of the employee’s employment because of any lawful act done by that employee to either
(a) provide information, cause information to be provided, or otherwise assist in any investigation regarding any conduct that
the employee reasonably believes constitutes a violation of any Company code of conduct or policy, law, rule, or regulation, including
any rule or regulation of the Securities and Exchange Commission, or (b) file, cause to be filed, testify, participate in, or
otherwise assist in a proceeding filed or, to the employee’s knowledge, about to be filed relating to an alleged violation
of any such law, rule, or regulation.

 

We
assume that our employees and others will act in good faith and will not make false accusations when reporting wrongdoing. An
employee who knowingly or recklessly makes statements or disclosures that are not in good faith will not be protected by this
policy and may be subject to discipline, which may include termination. Additionally, employees who report acts of wrongdoing
pursuant to this policy will continue to be held to the Company’s general job performance standards and adherence to the
Company’s policies and procedures.

 

Records
Retention

 

The
Company will maintain records of complaint reports and related records consistent with the Company’s document retention
policy in effect from time to time and in compliance with applicable law but in no event for a period of less than seven (7) years
from the date the complaint report is received or the related record is created, as applicable. It is illegal and against the
Company’s policy to destroy any records that may be subject to or related to an investigation by the Company or any federal,
state or regulatory body.

 

Reporting
to Governmental Agencies

 

This
policy is intended to encourage and enable employees to raise good faith concerns about questionable, fraudulent, unethical
or illegal conduct to designated Company personnel prior to providing any notification outside the Company. However, nothing
in this policy is intended to prevent an employee or others from reporting information to the appropriate governmental agency
when the employee has reasonable cause to believe that a violation of law has occurred, whether or not the reporting person
has previously submitted a complaint under this policy.

 

Governmental
agencies may pay bounties to persons who report information with respect to violations of law. To further encourage and enable
employees to first report information to the designated Company personnel under this policy, the Company will take appropriate
steps to assist any person submitting a complaint under this policy to receive any applicable bounty, including providing the
relevant agency with the identity and timing of the submission of the complaint by such person in order to assist such person
in claiming such bounty.

 

    	2Exhibit 10.1

 

Execution Version

 

BEntley
Systems, INCORPORATED

2020 Omnibus Incentive Plan

 

1.                  
Purpose. The purpose of the Bentley Systems, Incorporated 2020 Omnibus Incentive
Plan is to provide a means through which the Company and the other members of the Company Group may attract and retain key personnel,
and to provide a means whereby directors, officers, employees, consultants, and advisors of the Company and the other members of
the Company Group can acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive
compensation measured by reference to the value of Class B Common Stock, thereby strengthening their commitment to the welfare
of the Company Group and aligning their interests with those of the Company’s stockholders.

 

2.                  
Definitions. The following definitions shall be applicable throughout the Plan.

 

(a)               
“Absolute Share Limit” has the meaning given to such term in Section 5(b) of the Plan.

 

(b)               
“Adjustment Event” has the meaning given to such term in Section 11(a) of the Plan.

 

(c)               
“Affiliate” means any Person that directly or indirectly controls, is controlled by, or
is under common control with the Company. The term “control” (including, with correlative meaning, the terms “controlled
by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
or other securities, by contract, or otherwise.

 

(d)               
“Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock
Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Equity-Based Award and Other Cash-Based Award
granted under the Plan.

 

(e)               
“Award Agreement” means the document or documents by which each Award (other than an Other
Cash-Based Award) is evidenced, which may be in written or electronic form.

 

(f)                
“Board” means the Board of Directors of the Company.

 

(g)               
“Cause” means, as to any Participant, unless the applicable Award Agreement states otherwise,
(i) “Cause,” as defined in any employment, severance or consulting agreement between the Participant and the Service
Recipient in effect at the time of such Participant’s Termination, or (ii) in the absence of any such employment, severance
or consulting agreement (or the absence of any definition of “Cause” contained therein), the Participant’s (A) willful
neglect in the performance of the Participant’s duties for the Service Recipient or willful or repeated failure or refusal
to perform such duties; (B) engagement in conduct in connection with the Participant’s employment or service with the
Service Recipient, which results in, or could reasonably be expected to result in, material harm to the business or reputation
of the Service Recipient or any other member of the Company Group; (C) conviction of, or plea of guilty or no contest to (I) any
felony or (II) any other crime that results in, or could reasonably be expected to result in, material harm to the business
or reputation of the Service Recipient or any other member of the Company Group; (D) material violation of the written policies
of the Service Recipient, including, but not limited to, those relating to sexual harassment or the disclosure or misuse of confidential
information, or those set forth in the manuals or statements of policy of the Service Recipient; (E) fraud or misappropriation,
embezzlement, or misuse of funds or property belonging to the Service Recipient or any other member of the Company Group; or (F) act
of personal dishonesty that involves personal profit in connection with the Participant’s employment or service to the Service
Recipient; provided, in any case, that a Participant’s resignation after an event that would be grounds for a Termination
for Cause will be treated as a Termination for Cause hereunder.

 

     

     

    

 

(h)               
 “Change in Control” means:

 

(i)                
the acquisition (whether by purchase, merger, consolidation, combination, or other similar transaction) by any Person
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted
basis) of either (A) the then-outstanding shares of Common Stock, taking into account as outstanding for this purpose such Common
Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar
right to acquire such Common Stock; or (B) the combined voting power of the then-outstanding voting securities of the Company
entitled to vote generally in the election of directors; provided, that for purposes of the Plan, the following acquisitions
shall not constitute a Change in Control: (A) any acquisition by the Company or any Affiliate; (B) any acquisition by any employee
benefit plan sponsored or maintained by the Company or any Affiliate; (C) in respect of an Award held by a particular Participant,
any acquisition by the Participant or any group of Persons including the Participant (or any entity controlled by the Participant
or any group of Persons including the Participant);

 

(ii)              
during any period of 12 months, individuals who, at the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board; provided, that any Person
becoming a director subsequent to the Effective Date, whose election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Company in which such Person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, that no individual initially elected or nominated as a director of the Company as a result of an actual
or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with
respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any
Person other than the Board shall be deemed to be an Incumbent Director; or

 

(iii)            
the sale, transfer, or other disposition of all or substantially all of the assets of the Company Group (taken as
a whole) to any Person that is not an Affiliate of the Company.

 

(i)                
“Class A Common Stock” means the Class A Common Stock, par value $0.01 per share, of the
Company.

 

(j)                
“Class B Common Stock” means the Class B Common Stock, par value $0.01 per share, of the
Company.

 

(k)               
“Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto.
References in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under
such section, and any amendments or successor provisions to such section, regulations, or guidance.

 

(l)                
“Committee” means the Compensation Committee of the Board or any properly delegated subcommittee
thereof or, if no such Compensation Committee or subcommittee thereof exists, the Board.

 

(m)             
“Common Stock” means, collectively, the Class A Common Stock and Class B Common Stock.

 

    2

     

    

 

(n)               
 “Company” means Bentley Systems, Incorporated, a Delaware corporation, and any successor
thereto.

 

(o)               
“Company Group” means, collectively, the Company and its Subsidiaries and Affiliates.

 

(p)               
“Date of Grant” means the date on which the granting of an Award is authorized, or such
other date as may be specified in such authorization.

 

(q)               
“Designated Foreign Subsidiaries” means all members of the Company Group that are organized
under the laws of any jurisdiction or country other than the United States of America that may be designated by the Board or the
Committee from time to time.

 

(r)                
“Detrimental Activity” means any of the following: (i) unauthorized disclosure of
any confidential or proprietary information of any member of the Company Group; (ii) any activity that would be grounds to
terminate the Participant’s employment or service with the Service Recipient for Cause; (iii) a breach by the Participant
of any restrictive covenant by which such Participant is bound, including, without limitation, any covenant not to compete or not
to solicit, in any agreement with any member of the Company Group; or (iv) fraud or conduct contributing to any financial
restatements or irregularities, as determined by the Committee in its sole discretion.

 

(s)                
“Disability” means, as to any Participant, unless the applicable Award Agreement states
otherwise, (i) “Disability,” as defined in any employment, severance or consulting agreement between the Participant
and the Service Recipient in effect at the time of such Participant’s Termination; or (ii) in the absence of any such employment,
severance or consulting agreement (or the absence of any definition of “Disability” contained therein), a condition
entitling the Participant to receive benefits under a long-term disability plan of the Service Recipient or another member of the
Company Group in which such Participant is eligible to participate, or, in the absence of such a plan, the complete and permanent
inability of the Participant by reason of illness or accident to perform the duties of the position at which the Participant was
employed or served when such disability commenced. Any determination of whether Disability exists in the absence of a long-term
disability plan shall be made by the Company (or its designee) in its sole and absolute discretion.

 

(t)                
“Effective Date” means the date on which the prospectus for the resale of the Class B Common
Stock is filed with the Securities Exchange Commission pursuant to the Securities Act.

 

(u)               
“Eligible Person” means any: (i) individual employed by any member of the Company
Group; provided, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and
to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating
thereto; (ii) director or officer of any member of the Company Group; or (iii) consultant or advisor to any member of
the Company Group who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities
Act, who, in the case of each of clauses (i) through (iii) above, has entered into an Award Agreement or who has received written
notification from the Committee or its designee that they have been selected to participate in the Plan.

 

(v)               
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor
thereto. References in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules,
regulations, or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section,
rules, regulations, or guidance.

 

(w)             
“Exercise Price” has the meaning given to such term in Section 8(b) of the Plan.

 

    3

     

    

 

(x)               
 “Fair Market Value” means, on a given date: (i) if the Class B Common Stock is listed
on a national securities exchange, the closing sales price of the Class B Common Stock reported on the primary exchange on which
the Class B Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the last preceding
date on which such sales were reported; (ii) if the Class B Common Stock is not listed on any national securities exchange
but is quoted in an inter-dealer quotation system on a last-sale basis, the average between the closing bid price and ask price
reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported;
or (iii) if the Class B Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation
system on a last-sale basis, the amount determined by the Committee in good faith to be the fair market value of the Class B Common
Stock; provided, that, with respect to any Awards for which the Date of Grant is the date of the pricing of the Company’s
initial public offering, “Fair Market Value” shall be equal to the per share price at which the Class B Common Stock
is offered to the public in connection with such initial public offering.

 

(y)               
“GAAP” has the meaning given to such term in Section 8(d) of the Plan.

 

(z)               
“Immediate Family Members” has the meaning given to such term in Section 13(b) of
the Plan.

 

(aa)            
“Incentive Stock Option” means an Option which is designated by the Committee as an incentive
stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

 

(bb)           
“Indemnifiable Person” has the meaning given to such term in Section 4(e) of the Plan.

 

(cc)            
“Non-Employee Director” means a member of the Board who is not an employee of any member
of the Company Group.

 

(dd)           
“Nonqualified Stock Option” means an Option which is not designated by the Committee as
an Incentive Stock Option.

 

(ee)            
“Option” means an Award granted under Section 8 of the Plan.

 

(ff)              
“Option Period” has the meaning given to such term in Section 8(c) of the Plan.

 

(gg)           
“Other Cash-Based Award” means an Award that is granted under Section 10 of the Plan that
is denominated and/or payable in cash.

 

(hh)           
“Other Equity-Based Award” means an Award that is not an Option, Stock Appreciation Right,
Restricted Stock, or Restricted Stock Unit that is granted under Section 10 of the Plan and is (i) payable by delivery of
Class B Common Stock and/or (ii) measured by reference to the value of Class B Common Stock.

 

(ii)              
“Participant” means an Eligible Person who has been selected by the Committee to participate
in the Plan and to receive an Award pursuant to the Plan.

 

    4

     

    

 

(jj)               “Performance
Conditions” means specific levels of performance of the Company (and/or one or more members of the Company
Group, divisions or operational and/or business units, product lines, brands, business segments, administrative departments,
or any combination of the foregoing) or any Participant, which may be determined in accordance with GAAP or on a non-GAAP
basis, including, but not limited to, one or more of the following measures: (i) net earnings, net income (before or after
taxes), or consolidated net income; (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or
net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit
(before or after taxes); (vi) return measures (including, but not limited to, return on investment, assets, capital, employed
capital, invested capital, equity, or sales); (vii) cash flow measures (including, but not limited to, operating cash flow,
free cash flow, or cash flow return on capital), which may be, but are not required to be, measured on a per share basis;
(viii) actual or adjusted earnings before or after interest, taxes, depreciation, and/or amortization (including EBIT and
EBITDA); (ix) gross or net operating margins; (x) productivity ratios; (xi) share price (including, but not limited to,
growth measures and total stockholder return); (xii) expense targets or cost reduction goals, general and administrative
expense savings; (xiii) operating efficiency; (xiv) objective measures of customer/client satisfaction; (xv) working capital
targets; (xvi) measures of economic value added or other ‘value creation’ metrics; (xvii) enterprise value;
(xviii) sales; (xix) stockholder return; (xx) customer/client retention; (xxi) competitive market metrics; (xxii) employee
retention; (xxiii) objective measures of personal targets, goals, or completion of projects (including, but not limited to,
succession and hiring projects, completion of specific acquisitions, dispositions, reorganizations, or other corporate
transactions or capital-raising transactions, expansions of specific business operations, and meeting divisional or project
budgets); (xxiv) comparisons of continuing operations to other operations; (xxv) market share; (xxvi) cost of capital, debt
leverage, year-end cash position or book value; (xxvii) strategic objectives; or (xxviii) any combination of the foregoing.
Any one or more of the aforementioned Performance Conditions may be stated as a percentage of another Performance Condition,
or used on an absolute or relative basis to measure the performance of one or more members of the Company Group as a whole or
any divisions or operational and/or business units, product lines, brands, business segments, or administrative departments
of the Company and/or one or more members of the Company Group or any combination thereof, as the Committee may deem
appropriate, or any of the above Performance Conditions may be compared to the performance of a selected group of comparison
companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to
various stock market indices.

 

(kk)           
“Permitted Transferee” has the meaning given to such term in Section 13(b) of the Plan.

 

(ll)              
“Person” means any individual, entity, or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Exchange Act).

 

(mm)       
“Plan” means this Bentley Systems, Incorporated 2020 Omnibus Incentive Plan, as it may
be amended and/or restated from time to time.

 

(nn)           
“Qualifying Director” means a Person who is, with respect to actions intended to obtain
an exemption from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director”
within the meaning of Rule 16b-3 under the Exchange Act.

 

(oo)           
“Restricted Period” means the period of time determined by the Committee during which an
Award is subject to restrictions, including vesting conditions.

 

(pp)           
“Restricted Stock” means Class B Common Stock, subject to certain specified restrictions
(which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services
for a specified period of time), granted under Section 7 of the Plan.

 

(qq)           
“Restricted Stock Unit” means an unfunded and unsecured promise to deliver shares of Class
B Common Stock, cash, other securities, or other property, subject to certain restrictions (which may include, without limitation,
a requirement that a Participant remain continuously employed or provide continuous services for a specified period of time), granted
under Section 7 of the Plan.

 

    5

     

    

 

(rr)              
 “SAR Period” has the meaning given to such term in Section 9(c) of the Plan.

 

(ss)             
“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto.
References in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations,
or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules,
regulations, or guidance.

 

(tt)              
“Service Recipient” means, with respect to a Participant holding a given Award, the member
of the Company Group by which the original recipient of such Award is, or following a Termination was most recently, principally
employed or to which such original recipient provides, or following a Termination was most recently providing, services, as applicable.

 

(uu)             
“Stock Appreciation Right” or “SAR” means an Award granted under
Section 9 of the Plan.

 

(vv)             
“Strike Price” has the meaning given to such term in Section 9(b) of the Plan.

 

(ww)           
“Sub-Plans” means any sub-plan to the Plan (including any such sub-plan attached as an
appendix to the Plan) that has been adopted by the Board or the Committee for the purpose of permitting the offering of Awards
to employees of certain Designated Foreign Subsidiaries or otherwise outside the jurisdiction of the United States of America,
with each such Sub-Plan designed to comply with local laws applicable to offerings in such foreign jurisdictions. Although any
Sub-Plan may be designated a separate and independent plan from the Plan in order to comply with applicable local laws, the Absolute
Share Limit and the other limits specified in Section 5(b) of the Plan shall apply in the aggregate to the Plan and any Sub-Plan
adopted hereunder.

 

(xx)           
“Subsidiary” means, with respect to any specified Person:

 

(i)                
any corporation, association, or other business entity of which more than 50% of the total voting power of shares
of such entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting
agreement or stockholders’ agreement that effectively transfers voting power) is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)              
any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent thereof)
or the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional
equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

(yy)           
“Substitute Awards” has the meaning given to such term in Section 5(e) of the Plan.

 

(zz)            
“Termination” means the termination of a Participant’s employment or service, as
applicable, with the Service Recipient for any reason (including death or Disability).

 

3.                  
Effective Date; Duration. The Plan shall be effective as of the Effective Date.
The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the tenth anniversary of
the Effective Date; provided, that such expiration shall not affect Awards then outstanding, and the terms and conditions
of the Plan shall continue to apply to such Awards.

 

    6

     

    

 

4.                  
 Administration. 

 

(a)               
General. The Committee shall administer the Plan. To the extent required to comply with the provisions of
Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that
each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan that is intended
to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act, be a Qualifying Director. However, the
fact that a Committee member shall fail to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee
that is otherwise validly granted under the Plan.

 

(b)               
Committee Authority. Subject to the provisions of the Plan and applicable law, the Committee shall have the
sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to:
(i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine
the number of shares of Class B Common Stock to be covered by, or with respect to which payments, rights, or other matters are
to be calculated in connection with, Awards; (iv) determine the terms and conditions, not inconsistent with the terms of the
Plan, of any Award, including, without limitation, the time or times when Awards may vest and/or be exercised (which may be based
on a Performance Condition, the circumstances (if any) when vesting will be accelerated or forfeiture restrictions waived, and
any restriction or limitation regarding any Award; (v) determine whether, to what extent, and under what circumstances Awards
may be settled in, or exercised for, cash, shares of Class B Common Stock, other securities, other Awards, or other property, or
canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or
suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, shares of Class B Common
Stock, other securities, other Awards, or other property and other amounts payable with respect to an Award shall be deferred either
automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency
in, correct any defect in, and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted
under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee
shall deem appropriate for the proper administration of the Plan; (ix) adopt Sub-Plans; and (x) make any other determination
and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

 

(c)               
Delegation. Except to the extent prohibited by applicable law or the applicable rules and regulations of any
securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee
may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any
part of its responsibilities and powers to any Person or Persons selected by it. Any such allocation or delegation may be revoked
by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers
of any member of the Company Group the authority to act on behalf of the Committee with respect to any matter, right, obligation,
or election which is the responsibility of, or which is allocated to, the Committee herein, and which may be so delegated as a
matter of law, except for grants of Awards to Non-Employee Directors. Notwithstanding the foregoing in this Section 4(c), it is
intended that any action under the Plan intended to qualify for an exemption provided by Rule 16b-3 promulgated under the
Exchange Act related to Persons who are subject to Section 16 of the Exchange Act will be taken only by the Board or by a committee
or subcommittee of two or more Qualifying Directors. However, the fact that any member of such committee or subcommittee shall
fail to qualify as a Qualifying Director shall not invalidate any action that is otherwise valid under the Plan.

 

(d)                Finality
of Decisions. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and
other decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of
the Committee, may be made at any time, and shall be final, conclusive, and binding upon all Persons, including, without
limitation, any member of the Company Group, any Participant, any holder or beneficiary of any Award, and any stockholder of
the Company.

 

    7

     

    

 

(e)               
Indemnification. No member of the Board, the Committee, or any employee or agent of any member of the Company
Group (each such Person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to
be taken or any determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal
act or omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost,
liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection
with or resulting from any action, suit, or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable
Person may be involved by reason of any action taken or omitted to be taken or determination made with respect to the Plan or any
Award hereunder and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in
settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit, or proceeding
against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written
request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall
ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified); provided,
that the Company shall have the right, at its own expense, to assume and defend any such action, suit, or proceeding and once the
Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of
the Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent
that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable
Person determines that the acts, omissions, or determinations of such Indemnifiable Person giving rise to the indemnification claim
resulted from such Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification
is otherwise prohibited by law or by the organizational documents of any member of the Company Group. The foregoing right of indemnification
shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be
entitled under the organizational documents of any member of the Company Group, as a matter of law, under an individual indemnification
agreement or contract, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold
such Indemnifiable Persons harmless.

 

(f)                
Board Authority. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole
discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions
by the Board shall be subject to the applicable rules of the securities exchange or inter-dealer quotation system on which the
Class B Common Stock is listed or traded. In any such case, the Board shall have all the authority granted to the Committee under
the Plan.

 

5.                  
Grant of Awards; Shares Subject to the Plan; Limitations. 

 

(a)               
Grants. The Committee may, from time to time, grant Awards to one or more Eligible Persons. All Awards granted
under the Plan shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined
by the Committee, including, without limitation, attainment of Performance Conditions.

 

    8

     

    

 

(b)                Share
Reserve and Limits. Awards granted under the Plan shall be subject to the following limitations: (i) subject to
Section 11 of the Plan, no more than 25,000,000 shares of Class B Common Stock (the “Absolute Share
Limit”) shall be available for Awards under the Plan; provided, however, that the
Absolute Share Limit shall be automatically increased on the first day of each fiscal year following the fiscal year in which
the Effective Date falls in an amount equal to the lower of (x) 1% of the total number of shares of Class B Common Stock
outstanding on the last day of the immediately preceding fiscal year and (y) a lower number of shares of Class B Common
Stock as determined by the Board; (ii) subject to Section 11 of the Plan, no more than the
number of shares of Class B Common Stock equal to 25,000,000 may be issued in the aggregate pursuant to the exercise of
Incentive Stock Options granted under the Plan; and (iii) during a single fiscal year, each Non-Employee Director shall be
granted a number of shares of Class B Common Stock subject to Awards, taken together with any cash fees paid to such
Non-Employee Director during such fiscal year, equal to (A) a total value of $1,000,000 (calculating the value of any
such Awards based on the grant date fair value of such Awards for financial reporting purposes) or (B) such lower amount
as determined by the Board prior to the Date of Grant, either as part of the Company’s Non-Employee Director
compensation program or as otherwise determined by the Board in the event of any change to such Non-Employee Director’s
compensation program or for any particular period of service. To the extent the Board makes a determination pursuant to
clause (iii)(B) above with respect to any year of service, such determination shall in no event be applicable to any
subsequent year of service without a further determination by the Board in respect of such subsequent year of
service.

 

(c)               
Share Counting. Other than with respect to Substitute Awards, to the extent that an Award expires or is canceled,
forfeited, terminated, settled in cash, or otherwise is settled without issuance to the Participant of the full number of shares
of Class B Common Stock to which the Award related, the unissued shares of Class B Common Stock will again be available for grant
under the Plan. Shares of Class B Common Stock surrendered or withheld in payment of the Exercise Price, or taxes relating to an
Award, shall be deemed to constitute shares not issued to the Participant and shall again be available for Awards under the Plan;
provided, that such shares shall not become available for issuance hereunder if either: (i) the applicable shares are withheld
or surrendered following the termination of the Plan; or (ii) at the time the applicable shares are withheld or surrendered, it
would constitute a material revision of the Plan subject to stockholder approval under any then-applicable rules of any national
securities exchange or inter-dealer quotation system on which the Class B Common Stock is listed or traded.

 

(d)               
Source of Shares. Shares of Class B Common Stock issued by the Company in settlement of Awards may be authorized
and unissued shares, shares of Class B Common Stock held in the treasury of the Company, shares of Class B Common Stock purchased
on the open market or by private purchase, or a combination of the foregoing.

 

(e)               
Substitute Awards. Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption
of, or in substitution for, outstanding equity awards previously granted by an entity directly or indirectly acquired by the Company
or with which the Company combines (“Substitute Awards”). Substitute Awards shall not be counted against
the Absolute Share Limit; provided, that Substitute Awards issued in connection with the assumption of, or in substitution
for, outstanding stock options intended to qualify as “incentive stock options” within the meaning of Section 422 of
the Code shall be counted against the aggregate number of shares of Class B Common Stock available for Awards of Incentive Stock
Options under the Plan. Subject to applicable stock exchange requirements, available shares under a stockholder-approved plan of
an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect
the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number of shares of
Class B Common Stock available for issuance under the Plan.

 

6.                  
Eligibility. Participation in the Plan shall be limited to Eligible Persons.

 

7.                  
Restricted Stock and Restricted Stock Units.

 

    9

     

    

 

(a)               
 General. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement.
Each Restricted Stock and Restricted Stock Unit so granted shall be subject to the conditions set forth in this Section 7, and
to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

 

(b)               
Stock Certificates and Book-Entry Notation; Escrow or Similar Arrangement. Upon the grant of Restricted Stock,
the Committee shall cause a stock certificate registered in the name of the Participant to be issued or shall cause share(s) of
Class B Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s
directions and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than issued
to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally
execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the
appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall
fail to execute and deliver (in a manner permitted under Section 13(a) of the Plan or as otherwise determined by the Committee)
an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the amount
of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 7,
Section 13(c), and the applicable Award Agreement, a Participant generally shall have the rights and privileges of a stockholder
as to shares of Restricted Stock, including, without limitation, the right to vote such Restricted Stock. To the extent shares
of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to
the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without
further obligation on the part of the Company. A Participant shall have no rights or privileges as a stockholder with respect to
Restricted Stock Units.

 

(c)               
Vesting; Termination.

 

(i)                
Restricted Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such
manner and on such date or dates or upon such event or events as determined by the Committee including, without limitation, those
set forth in Section 5(a) of the Plan; provided, that notwithstanding any such dates or events, the Committee may, in its
sole discretion, accelerate the vesting of any Restricted Stock or Restricted Stock Unit or the lapsing of any applicable Restricted
Period at any time and for any reason.

 

(ii)              
Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of a Participant’s
Termination for any reason prior to the time that such Participant’s Restricted Stock or Restricted Stock Units, as applicable,
have vested, (A) all vesting with respect to such Participant’s Restricted Stock or Restricted Stock Units, as applicable,
shall cease and (B) unvested shares of Restricted Stock and unvested Restricted Stock Units, as applicable, shall be forfeited
to the Company by the Participant for no consideration as of the date of such Termination.

 

(d)               
Issuance of Restricted Stock and Settlement of Restricted Stock Units.

 

(i)                 Upon
the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the
applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the
applicable Award Agreement. If an escrow arrangement is used, upon such expiration the Company shall issue to the Participant
or the Participant’s beneficiary, without charge, the stock certificate (or, if applicable, a notice evidencing a
book-entry notation) evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which
the Restricted Period has expired (rounded down to the nearest full share).

 

    10

     

    

 

 

(ii)              
Unless otherwise provided by the Committee in an Award Agreement or otherwise, upon the expiration of the Restricted
Period with respect to any outstanding Restricted Stock Units, the Company shall issue to the Participant or the Participant’s
beneficiary, without charge, one share of Class B Common Stock (or other securities or other property, as applicable) for each
such outstanding Restricted Stock Unit; provided, that the Committee may, in its sole discretion, elect to (A) pay
cash or part cash and part shares of Class B Common Stock in lieu of issuing only shares of Class B Common Stock in respect of
such Restricted Stock Units or (B) defer the issuance of shares of Class B Common Stock (or cash or part cash and part shares
of Class B Common Stock, as the case may be) beyond the expiration of the Restricted Period if such extension would not cause adverse
tax consequences under Section 409A of the Code. If a cash payment is made in lieu of issuing shares of Class B Common Stock in
respect of such Restricted Stock Units, the amount of such payment shall be equal to the Fair Market Value per share of the Class
B Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units.

 

(e)               
Legends on Restricted Stock. Each certificate, if any, or book entry representing Restricted Stock awarded
under the Plan, if any, shall bear a legend or book-entry notation substantially in the form of the following, in addition to any
other information the Company deems appropriate, until the lapse of all restrictions with respect to such shares of Class B Common
Stock:

 

TRANSFER
OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE Bentley Systems, Incorporated
2020 Omnibus INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT BETWEEN Bentley Systems, Incorporated AND THE PARTICIPANT. A
COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF Bentley Systems, Incorporated.

 

8.                  
Options.

 

(a)               
General. Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need
not be the same for each Participant. Each Option so granted shall be subject to the conditions set forth in this Section 8, and
to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted
under the Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended
to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company
or a Subsidiary, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive
Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders
of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code; provided,
that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain
such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained.
In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to, and comply with, such rules
as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion
thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof
shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

 

    11 

     

    

 

(b)               
 Exercise Price. Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise
price (“Exercise Price”) per share of Class B Common Stock for each Option shall not be less than 100%
of the Fair Market Value of such share (determined as of the Date of Grant); provided, that in the case of an Incentive
Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than 10% of the
voting power of all classes of stock of any member of the Company Group, the Exercise Price per share shall be no less than 110%
of the Fair Market Value per share on the Date of Grant.

 

(c)               
Vesting and Expiration; Termination.

 

(i)                
Options shall vest and become exercisable in such manner and on such date or dates or upon such event or events as
determined by the Committee including, without limitation, those set forth in Section 5(a) of the Plan; provided, that notwithstanding
any such vesting dates or events, the Committee may in its sole discretion accelerate the vesting of any Options at any time and
for any reason. Options shall expire upon a date determined by the Committee, not to exceed ten years from the Date of Grant (the
 “Option Period”); provided, that if the Option Period (other than in the case of an Incentive
Stock Option) would expire at a time when trading in the shares of Class B Common Stock is prohibited by the Company’s insider
trading policy (or Company-imposed “blackout period”), then the Option Period shall be automatically extended until
the 30th day following the expiration of such prohibition. Notwithstanding the foregoing, in no event shall the Option
Period exceed five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date
of Grant owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group.

 

(ii)              
Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a
Participant’s Termination by the Service Recipient for Cause, all outstanding Options granted to such Participant shall immediately
terminate and expire; (B) a Participant’s Termination due to death or Disability, each outstanding unvested Option granted
to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for one
year thereafter (but in no event beyond the expiration of the Option Period); and (C) a Participant’s Termination for
any other reason, each outstanding unvested Option granted to such Participant shall immediately terminate and expire, and each
outstanding vested Option shall remain exercisable for 90 days thereafter (but in no event beyond the expiration of the Option
Period).

 

(d)               
Method of Exercise and Form of Payment.

 

(i)                 No
shares of Class B Common Stock shall be issued pursuant to any exercise of an Option until payment in full of the Exercise
Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal, state,
local, and non-U.S. income, employment, and any other applicable taxes required to be withheld. Options which have become
exercisable may be exercised by delivery of written or electronic notice of exercise to the Company (or telephonic
instructions to the extent provided by the Committee) in accordance with the terms of the Option accompanied by payment of
the Exercise Price. The Exercise Price shall be payable: (x) in cash, check, cash equivalent, and/or shares of Class B
Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved
by the Committee, by means of attestation of ownership of a sufficient number of shares of Class B Common Stock in lieu of
actual issuance of such shares to the Company); provided, that such shares of Class B Common Stock are not subject to
any pledge or other security interest and have been held by the Participant for at least six months (or such other period as
established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted
accounting principles (“GAAP”)); or (y) by such other method as the Committee may permit in
its sole discretion, including, without limitation (A) in other property having a fair market value on the date of
exercise equal to the Exercise Price; (B) if there is a public market for the shares of Class B Common Stock at such
time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered (including
telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the
shares of Class B Common Stock otherwise issuable upon the exercise of the Option and to deliver promptly to the Company an
amount equal to the Exercise Price; or (C) a “net exercise” procedure effected by withholding the minimum
number of shares of Class B Common Stock otherwise issuable in respect of an Option that is needed to pay the Exercise Price.
Any fractional shares of Class B Common Stock shall be settled in cash.

 

    12 

     

    

 

(ii)              
In the event that (A) an exercisable Option is scheduled to expire pursuant to the expiration of the Option
Period and (B) the Exercise Price per share of Class B Common Stock of such Option is less than the then-current Fair Market
Value of a share of Class B Common Stock, then on the date immediately preceding the date on which such Option Period is scheduled
to expire, such Option (to the extent not previously exercised by the Participant) shall be automatically exercised on behalf of
the Participant through a “net exercise” procedure effected by withholding both (x) the minimum number of shares
of Class B Common Stock otherwise issuable in respect of the Option that is needed to pay the Exercise Price and (y) the aggregate
amount of any income, employment, and/or other applicable taxes that are statutorily required to be withheld in respect of the
Option, and the net number of shares of Class B Common Stock resulting from such “net exercise” shall be delivered
to the Participant as soon as practicable thereafter.

 

(e)               
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive
Stock Option under the Plan shall notify the Company in writing immediately after the date the Participant makes a disqualifying
disposition of any share of Class B Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying
disposition is any disposition (including, without limitation, any sale) of such share of Class B Common Stock before the later
of (i) the date that is two years after the Date of Grant of the Incentive Stock Option, or (ii) the date that is one
year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance
with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any share of Class
B Common Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding
sentence, subject to complying with any instructions from such Participant as to the sale of such share of Class B Common Stock.

 

(f)                
Compliance With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to
exercise an Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended
from time to time, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission
or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of
the Company are listed or traded.

 

9.                  
Stock Appreciation Rights.

 

(a)               
General. Each SAR granted under the Plan shall be evidenced by an Award Agreement. Each SAR so granted shall
be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be
reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may
award SARs to Eligible Persons independent of any Option.

 

    13 

     

    

 

(b)               
 Strike Price. Except as otherwise provided by the Committee in the case of Substitute Awards, the strike
price (“Strike Price”) per share of Class B Common Stock for each SAR shall not be less than 100% of
the Fair Market Value of such share (determined as of the Date of Grant). Notwithstanding the foregoing, a SAR granted in tandem
with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding
Option.

 

(c)               
Vesting and Expiration; Termination.

 

(i)                
A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting
schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable
in such manner and on such date or dates or upon such event or events as determined by the Committee including, without limitation,
those set forth in Section 5(a) of the Plan; provided, that notwithstanding any such vesting dates or events, the Committee
may, in its sole discretion, accelerate the vesting of any SAR at any time and for any reason. SARs shall expire upon a date determined
by the Committee, not to exceed ten years from the Date of Grant (the “SAR Period”); provided,
that if the SAR Period would expire at a time when trading in the shares of Class B Common Stock is prohibited by the Company’s
insider trading policy (or Company-imposed “blackout period”), then the SAR Period shall be automatically extended
until the 30th day following the expiration of such prohibition.

 

(ii)             
Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise,
in the event of: (A) a Participant’s Termination by the Service Recipient for Cause, all outstanding SARs granted to
such Participant shall immediately terminate and expire; (B) a Participant’s Termination due to death or Disability, each
outstanding unvested SAR granted to such Participant shall immediately terminate and expire, and each outstanding vested SAR shall
remain exercisable for one year thereafter (but in no event beyond the expiration of the SAR Period); and (C) a Participant’s
Termination for any other reason, each outstanding unvested SAR granted to such Participant shall immediately terminate and expire,
and each outstanding vested SAR shall remain exercisable for 90 days thereafter (but in no event beyond the expiration of the SAR
Period).

 

(d)               
Method of Exercise. SARs which have become exercisable may be exercised by delivery of written or electronic
notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and
the date on which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case
of a SAR independent of an Option, the SAR Period), the Fair Market Value of the SAR exceeds the Strike Price, the Participant
has not exercised the SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable)
has expired, such SAR shall be deemed to have been exercised by the Participant on such last day, and the Company shall make the
appropriate payment therefor.

 

(e)               
Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number
of shares subject to the SAR that is being exercised multiplied by the excess of the Fair Market Value of one share of Class B
Common Stock on the exercise date over the Strike Price, less an amount equal to any Federal, state, local, and non-U.S. income,
employment, and any other applicable taxes required to be withheld. The Company shall pay such amount in cash, in shares of Class
B Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee. Any fractional shares of
Class B Common Stock shall be settled in cash.

 

    14 

     

    

 

10.               Other
Equity-Based Awards and Other Cash-Based Awards. The Committee may grant Other Equity-Based
Awards and Other Cash-Based Awards under the Plan to Eligible Persons, alone or in tandem with other Awards, in such
amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine including,
without limitation, those set forth in Section 5(a) of the Plan. Each
Other Equity-Based Award granted under the Plan shall be evidenced by an Award Agreement and each Other Cash-Based Award
granted under the Plan shall be evidenced in such form as the Committee may determine from time to time. Each Other
Equity-Based Award or Other Cash-Based Award, as applicable, so granted shall be subject to such conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement or other form evidencing such Award, including, without
limitation, those set forth in Section 13(c) of the Plan.

 

11.              
Changes in Capital Structure and Similar Events. Notwithstanding any other provision
in this Plan to the contrary, the following provisions shall apply to all Awards granted hereunder (other than Other Cash-Based
Awards):

 

(a)               
General. In the event of (i) any dividend (other than regular cash dividends) or other distribution (whether
in the form of cash, shares of Class B Common Stock, other securities, or other property), recapitalization, stock split, reverse
stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase, or exchange of shares
of Class B Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Class B Common
Stock or other securities of the Company, or other similar corporate transaction or event that affects the shares of Class B Common
Stock (including a Change in Control), or (ii) unusual or nonrecurring events affecting the Company, including changes in
applicable rules, rulings, regulations, or other requirements, that the Committee determines, in its sole discretion, could result
in substantial dilution or enlargement of the rights intended to be granted to, or available for, Participants (any event in (i)
or (ii), an “Adjustment Event”), the Committee shall, in respect of any such Adjustment Event, make such
proportionate substitution or adjustment, if any, as it deems equitable, to any or all of: (A) the Absolute Share Limit, or
any other limit applicable under the Plan with respect to the number of Awards which may be granted hereunder; (B) the number
of shares of Class B Common Stock or other securities of the Company (or number and kind of other securities or other property)
which may be issued in respect of Awards or with respect to which Awards may be granted under the Plan or any Sub-Plan; and
(C) the terms of any outstanding Award, including, without limitation, (I) the number of shares of Class B Common Stock
or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or
to which outstanding Awards relate; (II) the Exercise Price or Strike Price with respect to any Award; or (III) any applicable
performance measures; provided, that in the case of any “equity restructuring” (within the meaning of the Financial
Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee
shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment
under this Section 11 shall be conclusive and binding for all purposes.

 

(b)               
Change in Control. Without limiting the foregoing, in connection with any Change in Control, the Committee
may, in its sole discretion, provide for any one or more of the following:

 

(i)                
substitution or assumption of Awards, or to the extent that the surviving entity (or Affiliate thereof) of such Change
in Control does not substitute or assume the Awards, full acceleration of vesting of, exercisability of, or lapse of restrictions
on, as applicable, any Awards immediately prior to, and contingent upon, the consummation of such Change in Control; provided,
that, with respect to any performance-vesting Awards, any such acceleration of vesting, exercisability, or lapse of restriction,
shall be based on actual performance through the date of such Change in Control; and

 

    15 

     

    

 

(ii)               subject
to any limitations or reductions as may be necessary to comply with Section 409A of the Code, cancellation of any one or more
outstanding Awards and payment to the holders of such Awards that are vested as of such cancellation (including, without
limitation, any Awards that would vest as a result of the occurrence of such event but for such cancellation or for which
vesting is accelerated by the Committee in connection with such event pursuant to clause (i) above) the value of such Awards,
if any, as determined by the Committee (which value, if applicable, may be based upon the price per share of Class B Common
Stock received or to be received by other stockholders of the Company in such event), including, without limitation, in the
case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as
of a date specified by the Committee) of the shares of Class B Common Stock subject to such Option or SAR over the aggregate
Exercise Price or Strike Price of such Option or SAR (it being understood that, in such event, any Option or SAR having a per
share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Class B Common Stock
subject thereto may be canceled and terminated without any payment or consideration therefor).

 

For
purposes of clause (i) above, an award will be considered granted in substitution of an Award if it has an equivalent value (as
determined consistent with clause (ii) above) with the original Award, whether designated in securities of the acquiror in such
Change in Control transaction (or an Affiliate thereof), or in cash or other property (including in the same consideration that
other stockholders of the Company receive in connection with such Change in Control transaction), and retains the vesting schedule
applicable to the original Award.

 

Payments
to holders pursuant to clause (ii) above shall be made in cash or, in the sole discretion of the Committee, in the form of such
other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such Participant
would have been entitled to receive upon the occurrence of the transaction if the Participant had been, immediately prior to such
transaction, the holder of the number of shares of Class B Common Stock covered by the Award at such time (less any applicable
Exercise Price or Strike Price).

 

(c)               
Other Requirements. Prior to any payment or adjustment contemplated under this Section 11, the Committee may
require a Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear
such Participant’s pro rata share of any post-closing indemnity obligations, and be subject to the same post-closing purchase
price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, subject
to any limitations or reductions as may be necessary to comply with Section 409A of the Code; and (iii) deliver customary
transfer documentation as reasonably determined by the Committee.

 

(d)               
Fractional Shares. Any adjustment provided under this Section 11 may provide for the elimination of any fractional
share that might otherwise become subject to an Award.

 

(e)               
Binding Effect. Any adjustment, substitution, determination of value or other action taken by the Committee
under this Section 11 shall be conclusive and binding for all purposes.

 

    16 

     

    

 

12.              
Amendments and Termination.

 

(a)                Amendment
and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion
thereof at any time; provided, that no such amendment, alteration, suspension, discontinuance, or termination shall be
made without stockholder approval if: (i) such approval is necessary to comply with any regulatory requirement
applicable to the Plan (including, without limitation, as necessary to comply with any rules or regulations of any securities
exchange or inter-dealer quotation system on which the securities of the Company may be listed or traded) or for changes in
GAAP to new accounting standards; (ii) it would increase the number of securities which may be issued under the Plan
(except for increases pursuant to Section 5 or 11 of the Plan), or (iii) it would materially modify the requirements for
participation in the Plan; provided, further, that any such amendment, alteration, suspension, discontinuance,
or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any
Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder, or
beneficiary. Notwithstanding the foregoing, no amendment shall be made to this Section 12(a) or the last proviso of Section 12(b)
of the Plan without stockholder approval.

 

(b)               
Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of the Plan and
any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel,
or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively (including after
a Participant’s Termination); provided, that, other than pursuant to Section 11, any such waiver, amendment, alteration,
suspension, discontinuance, cancellation, or termination that would materially and adversely affect the rights of any Participant
with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant;
provided, further, that without stockholder approval, except as otherwise permitted under Section 11 of the Plan,
(i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR; (ii) the
Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR (with a lower Exercise Price or
Strike Price, as the case may be) or other Award or cash payment that is greater than the intrinsic value (if any) of the canceled
Option or SAR; and (iii) the Committee may not take any other action which is considered a “repricing” for purposes
of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company
are listed or quoted.

 

13.              
General. 

 

(a)               
Award Agreements. Each Award (other than an Other Cash-Based Award) under the Plan shall be evidenced by an
Award Agreement, which shall be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions
of the Award and any rules applicable thereto, including, without limitation, the effect on such Award of the death, Disability,
or Termination of a Participant, or of such other events as may be determined by the Committee. For purposes of the Plan, an Award
Agreement may be in any such form (written or electronic) as determined by the Committee (including, without limitation, a Board
or Committee resolution, an employment or consulting agreement, a notice, a certificate, or a letter) evidencing the Award. The
Committee need not require an Award Agreement to be signed by the Participant or a duly authorized representative of the Company.

 

(b)               
Nontransferability.

 

(i)                
Each Award shall be exercisable only by the Participant to whom such Award was granted during such Participant’s
lifetime, or, if permissible under applicable law, by such Participant’s legal guardian or representative. No Award may be
assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by a Participant (unless such transfer is
specifically required pursuant to a domestic relations order or by applicable law) other than by will or by the laws of descent
and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance shall be void
and unenforceable against any member of the Company Group; provided, that the designation of a beneficiary shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer, or encumbrance.

 

    17 

     

    

 

(ii)               Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be
transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any
applicable Award Agreement to preserve the purposes of the Plan, to: (A) any Person who is a “family member”
of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of
registration statement promulgated by the Securities and Exchange Commission (collectively, the “Immediate Family
Members”); (B) a trust solely for the benefit of the Participant and the Participant’s Immediate
Family Members; (C) a partnership or limited liability company whose only partners or stockholders are the Participant
and the Participant’s Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated
as “charitable contributions” for federal income tax purposes (each transferee described in clauses (A), (B),
(C), and (D) above is hereinafter referred to as a “Permitted Transferee”); provided, that
the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and
the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan.

 

(iii)            
The terms of any Award transferred in accordance with clause (ii) above shall apply to the Permitted Transferee and
any reference in the Plan or in any applicable Award Agreement to a Participant shall be deemed to refer to the Permitted Transferee,
except that: (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent
and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be
in effect a registration statement on an appropriate form covering the shares of Class B Common Stock to be acquired pursuant to
the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration
statement is necessary or appropriate; (C) neither the Committee nor the Company shall be required to provide any notice to
a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under
the Plan or otherwise; and (D) the consequences of a Participant’s Termination under the terms of the Plan and the applicable
Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall
be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award
Agreement.

 

(c)               
Dividends and Dividend Equivalents.

 

(i)                 
The Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents,
or similar payments in respect of Awards, payable in cash, shares of Class B Common Stock, other securities, other Awards or other
property, on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion,
including, without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting
of the Award or reinvestment in additional shares of Class B Common Stock, Restricted Stock or other Awards. Except as may otherwise
be permitted under Section 11(a), there shall be no dividend equivalent rights granted in respect of any Option or Stock Appreciation
Right.

 

(ii)              
Without limiting the foregoing, unless otherwise provided in the Award Agreement, any dividend otherwise payable
in respect of any share of Restricted Stock that remains subject to vesting conditions at the time of payment of such dividend
shall be retained by the Company, remain subject to the same Restricted Period as the share of Restricted Stock to which the dividend
relates and shall be delivered (without interest) to the Participant within 15 days following the date on which the Restricted
Period lapses (and the right to any such accumulated dividends shall be forfeited upon the forfeiture of the Restricted Stock to
which such dividends relate).

 

    18 

     

    

 

(iii)             To
the extent provided in an Award Agreement, the holder of outstanding Restricted Stock Units shall be entitled to be credited
with dividend equivalent payments (upon the payment by the Company of dividends on shares of Class B Common Stock) either in
cash or, in the sole discretion of the Committee, in shares of Class B Common Stock having a Fair Market Value equal to the
amount of such dividends, which accumulated dividend equivalents (without interest) shall be payable at the same time as the
underlying Restricted Stock Units are settled following the date on which the Restricted Period lapses with respect to such
Restricted Stock Units, and if such Restricted Stock Units are forfeited, the Participant shall have no right to such
dividend equivalent payments (or interest thereon, if applicable).

 

(d)               
Tax Withholding.

 

(i)                
A Participant shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount
in cash (by check or wire transfer) equal to the aggregate amount of any income, employment, and/or other applicable taxes that
are statutorily required to be withheld in respect of an Award. Alternatively, the Company or any of its Subsidiaries may elect,
in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts
owing to a Participant.

 

(ii)              
Without limiting the foregoing, the Committee may (but is not obligated to), in its sole discretion, permit or require
a Participant to satisfy all or any portion of the minimum income, employment, and/or other applicable taxes that are statutorily
required to be withheld with respect to an Award by: (A) the delivery of shares of Class B Common Stock (which are not subject
to any pledge or other security interest) that have been both held by the Participant and vested for at least six months (or such
other period as established from time to time by the Committee in order to avoid adverse accounting treatment under applicable
accounting standards) having an aggregate Fair Market Value equal to such minimum statutorily required withholding liability (or
portion thereof); or (B) having the Company withhold from the shares of Class B Common Stock otherwise issuable or deliverable
to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable,
a number of shares of Class B Common Stock with an aggregate Fair Market Value equal to an amount, subject to clause (iii) below,
not in excess of such minimum statutorily required withholding liability (or portion thereof).

 

(iii)       The
Committee has full discretion to allow Participants to satisfy, in whole or in part, any additional income, employment, and/or
other applicable taxes payable by them with respect to an Award by electing to have the Company withhold from the shares of Class
B Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, a Participant upon the grant, exercise,
vesting, or settlement of the Award, as applicable, shares of Class B Common Stock having an aggregate Fair Market Value that is
greater than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess
of the maximum statutory withholding amount(s) in a Participant’s relevant tax jurisdictions).

 

(e)               
Data Protection. By participating in the Plan or accepting any rights granted under it, each Participant consents
to the collection and processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill
their obligations and exercise their rights under the Plan and generally administer and manage the Plan. This data will include,
but may not be limited to, data about participation in the Plan and shares offered or received, purchased, or sold under the Plan
from time to time and other appropriate financial and other data (such as the date on which the Awards were granted) about the
Participant and the Participant’s participation in the Plan.

 

    19 

     

    

 

(f)                 No
Claim to Awards; No Rights to Continued Employment or Service; Waiver. No employee of any member of the Company Group, or
other Person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of
an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants
or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and
interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among
Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall
be construed as giving any Participant any right to be retained in the employ or service of the Service Recipient or any
other member of the Company Group, nor shall it be construed as giving any Participant any rights to continued service on the
Board or the board of directors of any Affiliate. The Service Recipient or any other member of the Company Group may at any
time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim
under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under the Plan,
a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or
severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award
Agreement, except to the extent of any provision to the contrary in any written employment contract or other agreement
between the Service Recipient and/or any member of the Company Group and the Participant, whether any such agreement is
executed before, on, or after the Date of Grant.

 

(g)               
International Participants. With respect to Participants who reside or work outside of the United States of
America, the Committee may, in its sole discretion, amend the terms of the Plan and create or amend Sub-Plans or amend outstanding
Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable
tax or other treatment for a Participant or any member of the Company Group.

 

(h)               
Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation
of one or more Persons as the beneficiary or beneficiaries, as applicable, who shall be entitled to receive the amounts payable
with respect to an Award, if any, due under the Plan upon the Participant’s death. A Participant may, from time to time,
revoke or change the Participant’s beneficiary designation without the consent of any prior beneficiary by filing a new designation
with the Committee. The last such designation received by the Committee shall be controlling; provided, that no designation,
or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and
in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant,
the beneficiary shall be deemed to be the Participant’s spouse or, if the Participant is unmarried at the time of death,
the Participant’s estate.

 

(i)                
Termination. Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee
at any point following such event: (i) neither a temporary absence from employment or service due to illness, vacation, or
leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard
unit) nor a transfer from employment or service with one Service Recipient to employment or service with another Service Recipient
(or vice-versa) shall be considered a Termination; and (ii) if a Participant undergoes a Termination of employment, but such
Participant continues to provide services to the Company Group in a non-employee capacity, such change in status shall not be considered
a Termination for purposes of the Plan. For the avoidance of doubt, unless otherwise determined by the Committee or the Board in
its sole discretion in accordance Section 4(b) hereof, a leave of absence shall not affect the vesting of a Participant’s
outstanding Awards or such Participant’s eligibility to participate in the Plan. Further, unless otherwise determined by
the Committee, in the event that any Service Recipient ceases to be a member of the Company Group (by reason of sale, divestiture,
spin-off, or other similar transaction), unless a Participant’s employment or service is transferred to another entity that
would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered
a Termination hereunder as of the date of the consummation of such transaction.

 

    20 

     

    

 

(j)                
 No Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement,
no Person shall be entitled to the privileges of ownership in respect of shares of Class B Common Stock which are subject to Awards
hereunder until such shares have been issued or delivered to such Person.

 

(k)               
Government and Other Regulations.

 

(i)                
The obligation of the Company to settle Awards in shares of Class B Common Stock or other consideration shall be
subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding
any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and
shall be prohibited from offering to sell or selling, any shares of Class B Common Stock pursuant to an Award unless such shares
have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the
Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such
shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions
of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities
Act any of the shares of Class B Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide
that all shares of Class B Common Stock or other securities of any member of the Company Group issued under the Plan shall be subject
to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award
Agreement, the Federal securities laws, or the rules, regulations, and other requirements of the Securities and Exchange Commission
and any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted, and any
other applicable Federal, state, local, or non-U.S. laws, rules, regulations, and other requirements, and, without limiting the
generality of Section 7 of the Plan, the Committee may cause a legend or legends to be put on certificates representing shares
of Class B Common Stock or other securities of any member of the Company Group issued under the Plan to make appropriate reference
to such restrictions or may cause such Class B Common Stock or other securities of any member of the Company Group issued under
the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer orders.
Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add, at any time, any additional
terms or provisions to any Award granted under the Plan that the Committee, in its sole discretion, deems necessary or advisable
in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

 

(ii)               The
Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual
restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Class
B Common Stock from the public markets, the Company’s issuance of Class B Common Stock to the Participant, the
Participant’s acquisition of Class B Common Stock from the Company, and/or the Participant’s sale of Class B
Common Stock to the public markets, illegal, impracticable, or inadvisable. If the Committee determines to cancel all or any
portion of an Award in accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be
necessary to comply with Section 409A of the Code: (A) pay to the Participant an amount equal to the excess of
(I) the aggregate Fair Market Value of the shares of Class B Common Stock subject to such Award or portion thereof
canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or issued, as
applicable), over (II) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or
any amount payable as a condition of issuance of shares of Class B Common Stock (in the case of any other Award), with such
amount being delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof
or (B) in the case of Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards, provide the Participant
with a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to
such Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards, or the underlying shares in respect thereof.

 

    21 

     

    

 

(l)                
No Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the Code or under
a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of
the Committee (or its designee in accordance with Section 4(c) of the Plan) in writing prior to the making of such election. If
a Participant, in connection with the acquisition of shares of Class B Common Stock under the Plan or otherwise, is expressly permitted
to make such election and the Participant makes the election, the Participant shall notify the Company of such election within
ten days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any
filing and notification required pursuant to Section 83(b) of the Code or other applicable provision.

 

(m)             
Payments to Persons Other Than Participants. If the Committee shall find that any Person to whom any amount
is payable under the Plan is unable to care for the Participant’s affairs because of illness or accident, or is a minor,
or has died, then any payment due to such Person or the Participant’s estate (unless a prior claim therefor has been made
by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to the Participant’s spouse,
child, relative, an institution maintaining or having custody of such Person, or any other Person deemed by the Committee to be
a proper recipient on behalf of such Person otherwise entitled to payment. Any such payment shall be a complete discharge of the
liability of the Committee and the Company therefor.

 

(n)               
Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to
the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt
such other incentive arrangements as it may deem desirable, including, without limitation, the granting of equity-based awards
otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

 

(o)               
No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or
separate fund of any kind or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant
or other Person, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying
any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made
or otherwise to segregate any assets, nor shall the Company be obligated to maintain separate bank accounts, books, records, or
other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall
have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become
entitled to payment of additional compensation by performance of services, they shall have the same rights as other service providers
under general law.

 

(p)               
Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in
acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance
upon any report made by the independent public accountant of any member of the Company Group and/or any other information furnished
in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself or herself.

 

(q)                Relationship
to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise specifically provided
in such other plan or as required by applicable law.

 

    22 

     

    

 

(r)                
Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State
of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict
of laws’ provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY
SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS
HEREUNDER.

 

(s)                
Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be
invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award
under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable
laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent
of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, Person, or Award and the
remainder of the Plan and any such Award shall remain in full force and effect.

 

(t)                
Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any
successor corporation or organization resulting from the merger, consolidation, or other reorganization of the Company, or upon
any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

 

(u)               
Section 409A of the Code.

 

(i)                
Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of the Plan comply
with Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the
requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable
for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the
Plan (including any taxes and penalties under Section 409A of the Code), and neither the Service Recipient nor any other member
of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from
any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation” subject
to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases)
shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A
of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate payment.

 

(ii)              
Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee” within
the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation”
subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s “separation from
service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months
after the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s
death. Following any applicable six-month delay, all such delayed payments will be paid in a single lump sum on the earliest date
permitted under Section 409A of the Code that is also a business day.

 

    23 

     

    

 

(iii)            
 Unless otherwise provided by the Committee in an Award Agreement or otherwise, in the event that the timing of payments
in respect of any Award (that would otherwise be considered “deferred compensation” subject to Section 409A of the
Code) would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall be permitted unless
the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a
corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the
Code or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “Disability”
pursuant to Section 409A of the Code.

 

(v)               
Clawback/Repayment. All Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the
extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by the Board or the Committee
and as in effect from time to time; and (ii) applicable law. Further, unless otherwise determined by the Committee, to the
extent that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under
the terms of the Award for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations
or other administrative error), the Participant shall be required to repay any such excess amount to the Company.

 

(w)             
Detrimental Activity. Notwithstanding anything to the contrary contained herein, if a Participant has engaged
in any Detrimental Activity, as determined by the Committee, the Committee may, in its sole discretion, provide for one or more
of the following:

 

(i)                
cancellation of any or all of such Participant’s outstanding Awards; or

 

(ii)              
forfeiture by the Participant of any gain realized on the vesting or exercise of Awards, and repayment of any such
gain promptly to the Company.

 

(x)               
Right of Offset. The Company will have the right to offset against its obligation to deliver shares of Class
B Common Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation,
travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the
Company pursuant to tax equalization, housing, automobile, or other employee programs) that the Participant then owes to any member
of the Company Group and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement.
Notwithstanding the foregoing, if an Award is “deferred compensation” subject to Section 409A of the Code, the Committee
will have no right to offset against its obligation to deliver shares of Class B Common Stock (or other property or cash) under
the Plan or any Award Agreement if such offset could subject the Participant to the additional tax imposed under Section 409A of
the Code in respect of an outstanding Award.

 

(y)               
Expenses; Titles and Headings. The expenses of administering the Plan shall be borne by the Company Group.
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.

 

    24

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