Document:

Exhibit 10.30

 

Execution Version

 

CM SEVEN STAR
ACQUISITION CORPORATION 

2019 EQUITY INCENTIVE
PLAN

 

The CM
Seven Star Acquisition Corporation 2019 Equity Incentive Plan (the “Plan”) was adopted by the Board of
CM Seven Star Acquisition Corporation, an exempted company with limited liability incorporated in the Cayman Islands (together
with its successors and assigns, the “Company”) under the applicable laws and regulations of that jurisdiction.

 

ARTICLE 1 

PURPOSE

 

The purpose
of the Plan is to foster and promote the long-term financial success of the Company and its Subsidiaries and materially increase
the value of the Company and its Subsidiaries by (a) encouraging the long-term commitment of the Employees, Consultants, and Outside
Directors; (b) motivating performance of the Employees, Consultants, and Outside Directors by means of long-term performance related
incentives; (c) encouraging and providing Employees, Consultants, and Outside Directors with an opportunity to obtain an ownership
interest in the Company; (d) attracting and retaining outstanding Employees, Consultants, and Outside Directors by providing incentive
compensation opportunities; and (e) enabling participation by Employees, Consultants, and Outside Directors in the long-term growth
and financial success of the Company and its Subsidiaries.

 

ARTICLE 2 

DEFINITIONS

 

For the
purpose of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated:

 

“Award”
means the grant of any Incentive Share Option, Nonqualified Share Option, Restricted Shares or Restricted Share Units whether granted
singly or in combination (each individually referred to herein as an “Incentive”).

 

“Award
Agreement” means a written agreement between a Participant and the Company which sets out the terms of the
grant of an Award.

 

“Award
Period” means the period set forth in the Award Agreement with respect to a Share Option during which the Share Option
may be exercised, which shall commence on the Date of Grant and expire at the time set forth in the Award Agreement.

 

“Board”
means the board of directors of the Company at a time when there are at least two (2) directors serving at the same time or the
Sole Director at a time when there is only one (1) director serving.  

 

    
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“Change
of Control” means any of the following: (i) Continuing Directors cease to constitute at least fifty percent (50%)
of the members of the Board; (ii) the shareholders of the Company approve any plan or proposal for the liquidation or dissolution
of the Company; (iii) any consolidation, merger or share exchange of the Company in which the Company is not the continuing or
surviving corporation or pursuant to which the Company’s Ordinary Shares would be converted into cash, securities or other
property; or (iv) any sale, lease, exchange or other transfer (excluding transfer by way of pledge or hypothecation) in one transaction
or a series of related transactions, of all or substantially all of the assets of the Company; provided, however,
that a transaction described in clauses (iii) or (iv) shall not constitute a Change of Control hereunder if after such transaction
(I) Continuing Directors constitute at least fifty percent (50%) of the members of the board of directors of the continuing, surviving
or acquiring entity, as the case may be or, if such entity has a parent entity directly or indirectly holding at least a majority
of the voting power of the voting securities of the continuing, surviving or acquiring entity, Continuing Directors constitute
at least fifty percent (50%) of the members of the board of directors of the entity that is the ultimate parent of the continuing,
surviving or acquiring entity, and (II) the continuing, surviving or acquiring entity (or the ultimate parent of such continuing,
surviving or acquiring entity) assumes all outstanding Awards granted under the Plan.

 

“Code” means the United
States Internal Revenue Code of 1986, as amended.

 

“Committee”
means the committee appointed or designated by the Board to administer the Plan in accordance with Article 3 of the Plan or, in
the case no such committee is appointed, the Board.

 

“Company”
means CM Seven Star Acquisition Corporation, an exempted company with limited liability incorporated in the Cayman Islands under
the applicable laws and regulations of that jurisdiction, and any successor entity.

 

“Consultant”
means any person performing advisory or consulting services for the Company or a Subsidiary of the Company, with or without compensation,
to whom the Company chooses to grant an Award in accordance with the Plan; provided, that bona fide services must
be rendered by such person and such services shall not be rendered in connection with the offer or sale of securities in a capital
raising transaction.

 

“Continuing
Director(s)” means the Sole Director at the date of the Plan or Board members who (x) at the date of the Plan were
directors or (y) become directors after the date of the Plan and whose election or nomination for election by the Company’s
shareholders was approved by a vote of a majority of the directors then in office who were directors at the date of the Plan or
whose election or nomination for election was previously so approved.

 

“Corporation”
means any entity that (i) is defined as a corporation under Code Section 7701 and (ii) is the Company or is in an unbroken chain
of corporations (other than the Company) beginning with the Company, if each of the corporations other than the last corporation
in the unbroken chain owns shares possessing a majority of the total combined voting power of all classes of shares in one of the
other corporations in the chain. For purposes of clause (ii) hereof, an entity shall be treated as a Corporation if it satisfies
the definition of a corporation under Section 7701 of the Code.

 

“Date
of Grant” means the effective date on which an Award is made to a Participant as set forth in the applicable
Award Agreement.

 

“Employee”
means common law employee (as defined in accordance with the Regulations and Revenue Rulings then applicable under Section 3401(c)
of the Code) of the Company or any Subsidiary of the Company.

 

“Equity
Securities” means the Ordinary Shares, the preferred shares of the Company, any securities having voting rights in
the election of the Board not contingent upon default, any securities evidencing an ownership interest in the Company, any securities
convertible into or exercisable for any shares of the foregoing, and any agreement or commitment to issue any of the foregoing.

 

    
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“Exchange Act” means the
U.S. Securities Exchange Act of 1934.

 

“Fair
Market Value” means, as of a particular date, (a) if the Ordinary Shares are listed on a national securities exchange,
the closing sales price per Ordinary Share on the consolidated transaction reporting system for the principal securities exchange
for the Ordinary Shares on that date, or, if there shall have been no such sale so reported on that date, on the last preceding
date on which such a sale was so reported, (b) if the Ordinary Shares are not so listed or quoted, such amount as may be determined
by the Committee (acting on the advice of an Independent Third Party, should the Board elect in its sole discretion to utilize
an Independent Third Party for this purpose), in good faith, to be the fair market value per share of Ordinary Shares.

 

“Immediate
Family” shall have the meaning as such term is defined in Rule 16a-1(e) promulgated under the Exchange Act.

 

“Incentive
Share Option” means an incentive stock option within the meaning of Section 422 of the Code, granted pursuant to
the Plan.

 

“Independent
Third Party” means an individual or entity independent of the Company having experience in providing investment banking
or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes
of the Plan. The Board may utilize one or more Independent Third Parties.

 

“Nonpublicly Traded”
means not listed on a national securities exchange.

 

“Nonqualified
Share Option” means a stock option granted pursuant to the Plan which does not satisfy the requirements of
Section 422 of the Code.

 

“Option
Price” means the price which must be paid by a Participant upon exercise of a Share Option to purchase one Ordinary
Share.

 

“Ordinary
Share” means the ordinary shares which the Company is currently authorized to issue or may in the future be authorized
to issue, or any securities into which or for which the ordinary shares of the Company may be converted or exchanged, as the case
may be, pursuant to the terms of the Plan.

 

“Outside
Director” means a director of the Company or any Subsidiary of the Company who is not an Employee.

 

“Participant”
means an Employee, Consultant, or Outside Director to whom an Award is granted under the Plan.

 

“Plan”
means this CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan, as amended from time to time.

 

“PRC”
means the People’s Republic of China and, for the purposes of the Plan only, excludes the Special Administrative Region of
Hong Kong, the Special Administrative Region of Macau, and Taiwan area.

 

“Restricted
Share” means an Ordinary Share issued or transferred to a Participant pursuant to Section 6.5 of the Plan which is
subject to restrictions or limitations set forth in the Plan and in the related Award Agreement.

 

    
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“Restricted
Share Unit” means the unfunded and unsecured right granted to a Participant pursuant to Section 6.6 of the Plan to
receive an Ordinary Share (or equivalent) at a future date.

 

“Retirement”
means any Termination of Service solely due to retirement upon or after attainment of age sixty-five (65), or permitted early retirement
as determined by the Committee.

 

“Share
Option” means a Nonqualified Share Option or an Incentive Share Option.

 

“Sole
Director” means the director of the Company when there is only one (1) director serving at any given time.

 

“Subsidiary”
means (i) any Corporation, (ii) any limited partnership, if the Company or any Corporation owns a majority of the general partnership
interest and a majority of the limited partnership interests entitled to vote on the removal and replacement of the general partner,
and (iii) any partnership, company or limited liability company, if the partners or members thereof are composed only of the Company,
any Corporation or any limited partnership listed in clause (ii). “Subsidiaries” means more than one
of any such Corporations, limited partnerships, partnerships, companies or limited liability companies.

 

“Termination
of Service” occurs when a Participant who is an Employee or a Consultant ceases to serve as an Employee or Consultant,
for any reason; or, when a Participant who is an Outside Director ceases to serve as a director of the Company and its Subsidiaries,
for any reason.

 

“Total
and Permanent Disability” means a Participant is qualified for long-term disability benefits under the Company’s
or its Subsidiary’s disability plan or insurance policy; or, if no such plan or policy is then in existence or if the Participant
is not eligible to participate in such plan or policy, that the Participant, because of ill health, physical or mental disability
or any other reason beyond his or her control, is unable to perform his or her duties of employment for a period of six (6) continuous
months, as determined in good faith by the Committee; provided, that, with respect to any Incentive Share Option, Total
and Permanent Disability shall have the meaning given it under the rules governing incentive stock options under the Code.

 

ARTICLE 3 

ADMINISTRATION

 

Subject
to the terms of this Article 3, the Plan shall be administered by the Sole Director or the Board as the case may be, or by such
committee of the Board as is designated by resolution of the Board to administer the Plan (the “Committee”).

 

The Committee
shall consist of not fewer than two (2) persons. Any member of the Committee may be removed at any time, with or without cause,
by resolution of the Board. Any vacancy occurring in the membership of the Committee may be filled by appointment by the Board.
At any time there is no Committee to administer the Plan, any references in the Plan to the Committee shall be deemed to refer
to the Sole Director or the Board as the case may be at that time.

 

The
Committee shall select one of its members to act as its Chairman. A majority of the Committee shall constitute a quorum, and the
act of a majority of the members of the Committee present at a meeting at which a quorum is present shall be the act of the
Committee.

 

    
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The Committee
shall determine and designate from time to time the eligible persons to whom Awards will be granted and shall set forth in each
related Award Agreement, where applicable, the Award Period, the Date of Grant, and such other terms, provisions, limitations,
and performance requirements, as are approved by the Committee, but not inconsistent with the Plan. The Committee shall determine
whether an Award shall include one type of Incentive or two or more Incentives granted in combination. All decisions with
respect to any Award, and the terms and conditions thereof, to be granted under the Plan to any member of the Committee shall be
made solely and exclusively by the other members of the Committee, or if such member is the only member of the Committee, by the
Board.

 

The Committee,
in its discretion and to the fullest extent permitted by law, shall (i) interpret the Plan, (ii) prescribe, amend, and rescind
any rules and regulations necessary or appropriate for the administration of the Plan, (iii) establish performance goals for an
Award and certify the extent of their achievement, (iv) make such other determinations or certifications and take such other action
as it deems necessary or advisable in the administration of the Plan and (v) implement any procedures or steps or additional or
different requirements as may be necessary to comply with any relevant laws of the PRC that may be applicable to the Plan, any
Award pursuant to the Plan or any related documents, including but not limited to foreign exchange laws, tax laws and securities
laws of the PRC. Any interpretation, determination, or other action made or taken by the Committee shall be final, binding, and
conclusive on all interested parties.

 

The Committee
may delegate to officers of the Company, pursuant to a written delegation, the authority to perform specified functions under the
Plan. Any actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed to have
been taken by the Committee.

 

ARTICLE 4 

ELIGIBILITY

 

Any Employee
(including an Employee who is also a director or an officer), Outside Director, or Consultant whose judgment, initiative, and efforts
contributed or may be expected to contribute to the successful performance of the Company is eligible to participate in the Plan;
provided, that only Employees of a Corporation shall be eligible to receive Incentive Share Options.

 

The Committee,
upon its own action, may grant, but shall not be required to grant, an Award to any Employee, Outside Director, or Consultant.
Awards may be granted by the Committee at any time and from time to time to new Participants, or to then Participants, or to a
greater or lesser number of Participants, and may include or exclude previous Participants, as the Committee shall determine.

 

Except as required by the
Plan, Awards granted at different times need not contain similar provisions. The Committee’s determinations under the Plan
(including without limitation determinations of which Employees, Outside Directors, or Consultants, if any, are to receive Awards,
the form, amount and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not
be uniform and may be made by it selectively among Participants who receive, or are eligible to receive, Awards under the Plan.

 

    
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ARTICLE 5 

SHARES SUBJECT TO PLAN

 

5.1
Number Available for Awards. Subject to adjustment as provided in Articles 11 and 12 hereof, the maximum number
of Ordinary Shares that may be delivered pursuant to Awards granted under the Plan is 4,715,700. As required under U.S. Treasury
Regulation Section 1.422-2(b)(3)(i), in no event will the number of Ordinary Shares that may be delivered pursuant to Incentive
Share Options granted under the Plan exceed 4,715,700.

 

Shares
to be issued may be made available from authorized but unissued Ordinary Shares, Ordinary Shares held by the Company in its treasury,
or Ordinary Shares purchased by the Company on the open market or otherwise. During the term of the Plan, the Company will at all
times reserve and keep available the number of Ordinary Shares that shall be sufficient to satisfy the requirements of the Plan.

 

5.2 Reuse of Shares.
Subject to Section 5.2(c) of the Plan, if, and to the extent:

 

(a) A Share Option
or a Restricted Share Unit shall expire or terminate for any reason without having been exercised or settled in full, or
in the event that a Share Option or a Restricted Share Unit is exercised or settled in a manner such that some or all of
the Ordinary Shares relating to the Share Option or the Restricted Share Unit are not issued to the Participant (or beneficiary)
(including as the result of the use of shares for withholding taxes), the Ordinary Shares subject thereto which have not become
issued and outstanding shall (unless the Plan shall have sooner terminated) become available for issuance under the Plan; in addition,
with respect to any share- for-share exercise or cashless exercise pursuant to Section 8.3 of the Plan or otherwise, only the
“net” shares issued shall be deemed to have become issued and outstanding for purposes of the Plan as a result thereof.

 

(b) If
Restricted Shares under the Plan are repurchased for any reason, such Restricted Shares shall (unless the Plan shall have sooner
terminated) become available for issuance under the Plan; provided, however, that if any dividends paid with respect to
Restricted Shares were paid to the Participant prior to the repurchase thereof, such shares shall not be reused for grants or awards.

 

(c) In
no event shall the number of Ordinary Shares subject to Incentive Share Options exceed, in the aggregate, twenty percent (20%)
of the authorized Ordinary Shares plus shares subject to Incentive Share Options which are surrendered to the Company or terminated,
or expire unexercised.

 

ARTICLE 6 

GRANT OF AWARDS

 

6.1
In General. The Company shall execute an Award Agreement with a Participant after the Committee approves the issuance
of an Award. Any Award granted pursuant to the Plan must be granted within ten (10) years after the date of adoption of the Plan.
The Plan shall be submitted to the Company’s shareholders for approval; however, the Committee may grant Awards under the
Plan prior to the time of shareholder approval. Any such Award granted prior to such shareholder approval shall be made subject
to such shareholder approval. The grant of an Award to a Participant shall not be deemed either to entitle the Participant to,
or to disqualify the Participant from, receipt of any other Award under the Plan.

 

6.2
Share Options. The grant of an Award of Share Options shall be authorized by the Committee and shall be evidenced by
an Award Agreement setting forth: (i) the Incentive or Incentives being granted, (ii) the total number of Ordinary Shares
subject to the Incentive(s), (iii) the Option Price, (iv) the Award Period, (v) the Date of Grant, and (vi) such other terms,
provisions, limitations, and performance objectives, as are approved by the Committee, but not inconsistent with the Plan.

 

    
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6.3
Option Price. The Option Price for any Ordinary Shares which may be purchased under a Nonqualified Share Option for
any Ordinary Shares may be less than, equal to, or greater than the Fair Market Value of the share on the Date of Grant.

 

The Option
Price for any Ordinary Shares which may be purchased under an Incentive Share Option must be at least equal to the Fair Market
Value of the share on the Date of Grant. If an Incentive Share Option is granted to an Employee who owns or is deemed to own (by
reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all
classes of shares of the Company (or any parent or Subsidiary of the Company), the Option Price shall be at least one hundred ten
percent (110%) of the Fair Market Value of the Ordinary Shares on the Date of Grant.

 

Notwithstanding
the foregoing, the Option Price for any Ordinary Shares which may be purchased under any Share Option shall not be less than the
par value of the Ordinary Shares.

 

6.4
Maximum Incentive Share Option Grants. The Committee may not grant Incentive Share Options under the Plan to any Employee
which would permit the aggregate Fair Market Value (determined on the Date of Grant) of the Ordinary Shares with respect to which
Incentive Share Options (under this and any other plan of the Company and its Subsidiaries) that are exercisable for the first
time by such Employee during any calendar year to exceed one hundred thousand United States dollars (US$100,000). To the extent
any Share Option granted under the Plan which is designated as an Incentive Share Option exceeds this limit or otherwise fails
to qualify as an Incentive Share Option, such Share Option (or any such portion thereof) shall be a Nonqualified Share Option.
In such case, the Committee shall designate which shares will be treated as Incentive Share Option shares by causing the issuance
of a separate share certificate and identifying such shares as Incentive Share Option shares on the Company’s share transfer
records.

 

6.5
Restricted Shares. If Restricted Shares are granted to or received by a Participant under an Award (including a Share
Option), the Committee shall set forth in the related Award Agreement: (i) the number of Ordinary Shares awarded, (ii) the price,
if any, to be paid by the Participant for such Restricted Shares, (iii) the time or times within which such Award may be subject
to repurchase, (iv) specified performance goals of the Company, a Subsidiary of the Company, any division thereof or any group
of Employees, or other criteria, which the Committee determines must be met in order to remove any restrictions (including vesting)
on such Award, and (v) all other terms, limitations, restrictions, and conditions of the Restricted Shares, which shall be consistent
with the Plan. The provisions of Restricted Shares need not be the same with respect to each Participant. If the Committee establishes
a purchase price for an Award of Restricted Shares, the Participant must accept such Award within a period of thirty (30) days
(or such shorter period as the Committee may specify) after the Date of Grant by executing the applicable Award Agreement and paying
such purchase price.

 

(a)
Legend on Shares. Each Participant who is awarded or receives Restricted Shares shall be issued a share certificate or certificates
in respect of such Ordinary Shares. Such certificate(s) shall be registered in the name of the Participant, and shall bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, substantially as
provided in Section 15.12 of the Plan.

 

    
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The Committee
may require that the share certificates evidencing Restricted Shares be held in custody by the Company until the restrictions thereon
shall have lapsed.

 

(b)
Restrictions and Conditions. Restricted Shares shall be subject to the following restrictions and conditions:

 

(i) Subject
to the other provisions of the Plan and the terms of the particular Award Agreements, during such period as may be determined by
the Committee commencing on the Date of Grant or the date of exercise of an Award (the “Restriction Period”),
the Participant shall not be permitted to sell, transfer, pledge or assign Restricted Shares. Except for these limitations, the
Committee may in its sole discretion, remove any or all of the restrictions on such Restricted Shares whenever it may determine
that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the Award, such action
is appropriate.

 

(ii)
Except as provided in Section 6.5(b)(i) or in the applicable Award Agreement, the Participant shall have, with respect to his or
her Restricted Shares, all of the rights of a shareholder of the Company, including the right to vote the shares and the right
to receive any dividends thereon; provided, that, any dividends payable with respect to unvested Restricted Shares shall be held
by the Company and shall only be paid to Participant if and when the Restriction Period lapses with respect to the Restricted Share
to which such dividend relates. Certificates for Ordinary Shares free of restriction under the Plan and which have not been repurchased
under the provisions of the Plan and the applicable Award Agreement shall be delivered to the Participant promptly after, and only
after, the Restriction Period shall expire in respect of such Ordinary Shares. Certificates for the Ordinary Shares repurchased
under the provisions of the Plan and the applicable Award Agreement shall be promptly returned to the Company by the Participant.
Each Award Agreement shall require that (x) each Participant, by his or her acceptance of Restricted Shares, shall irrevocably
grant to the Company a power of attorney to consent to the repurchase of any unvested shares to the Company and agrees to execute
any documents requested by the Company in connection with such repurchase, and (y) such provisions regarding returns and transfers
of share certificates with respect to repurchased Ordinary Shares shall be specifically performable by the Company in a court of
equity or law.

 

(iii)
The Restriction Period of Restricted Shares shall commence on the Date of Grant or the date of exercise of an Award, as specified
in the Award Agreement, and, subject to Article 12 of the Plan, unless otherwise established by the Committee in the Award Agreement
setting forth the terms of the Restricted Shares, shall expire upon satisfaction of the conditions set forth in the Award Agreement;
such conditions may provide for vesting based on (i) length of continuous service, (ii) achievement of specific business objectives,
(iii) increases in specified indices, (iv) attainment of specified growth rates, or (v) other comparable measurements of Company
performance, as may be determined by the Committee in its sole discretion.

 

(iv)
Except as otherwise provided in the particular Award Agreement, upon Termination of Service for any reason during the Restriction
Period, all unvested Restricted Shares shall be repurchased by the Company from the Participant. If the Participant has paid any
monetary consideration to the Company for such repurchased Restricted Shares, the Company shall pay to Participant, as soon as
practicable after the event causing repurchase, in cash, an amount equal to the lesser of the total monetary consideration paid
by the Participant for such repurchased shares or the aggregate Fair Market Value of such repurchased shares as of the date of
Termination of Service, and, if the Participant did not pay any monetary consideration to the Company for such repurchased
Restricted Shares, such repurchased Restricted Shares shall be surrendered to the Company for no consideration. Upon any repurchase
or surrender, all rights of the Participant with respect to the repurchased or surrendered Restricted Shares shall cease and terminate,
without any further obligation on the part of the Company. The Participant, by the Participant’s acceptance of Restricted
Shares, shall irrevocably grant to the Company a power of attorney to consent to the repurchase or surrender of any unvested Restricted
Shares to the Company and agrees to execute any documents requested by the Company in connection with such repurchase. Provisions
regarding returns and transfers of share certificates with respect to repurchased Ordinary Shares shall be specifically performable
by the Company in a court of equity or law.

 

    
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6.6
Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants
as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of
Restricted Share Units to be granted to each Participant.

 

(a)
Restricted Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award Agreement that
shall specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the
Committee, in its sole discretion, shall determine.

 

(b)
Performance Objectives and Other Terms. The Committee, in its discretion, may set performance objectives or other vesting criteria
which, depending on the extent to which they are met, will determine the number or value of Restricted Share Units that will be
paid out to the Participants.

 

(c)
Form and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the date or dates on
which the Restricted Share Units shall become fully vested. Upon vesting, the Committee, in its sole discretion, may pay Restricted
Share Units in the form of cash, in Ordinary Shares or in a combination thereof.

 

(d)
Surrender/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter,
upon Termination of Service during the applicable Restriction Period, Restricted Share Units that are at that time unvested shall
be surrendered to the Company or repurchased in accordance with the Award Agreement; provided, however, the Committee may
(i) provide in any Restricted Share Unit Award Agreement that restrictions or surrender and repurchase conditions relating to Restricted
Share Units will be waived in whole or in part in the event of terminations resulting from specified causes, and (ii) in other
cases waive in whole or in part restrictions or surrender and repurchase conditions relating to Restricted Share Units.

 

6.7
Maximum Individual Grants. No Participant may receive during any fiscal year of the Company Awards covering an
aggregate of more than one percent (1%) of the authorized Ordinary Shares.

 

ARTICLE 7 

AWARD PERIOD; VESTING

 

7.1 Award Period.

 

(a)
Subject to the other provisions of the Plan, the Committee shall specify in the Award Agreement the Award Period for a Share Option.
No Share Option granted under the Plan may be exercised at any time after the end of its Award Period. The Award Period for any
Share Option shall be no more than ten (10) years from the Date of Grant of the Share Option. However, if an Employee owns
or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined
voting power of all classes of shares of the Company (or any parent or Subsidiary of the Company) and an Incentive Share Option
is granted to such Employee, the Award Period of such Incentive Share Option (to the extent required by the Code at the time of
grant) shall be no more than five (5) years from the Date of Grant.

 

    
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(b) In
the event of Termination of Service of a Participant, the Award Period for a Share Option shall be reduced or terminated in accordance
with the Award Agreement.

 

7.2
Vesting. The Committee, in its sole discretion, may determine that an Incentive will be immediately vested in whole
or in part, or that all or any portion may not be vested until a date, or dates, subsequent to its Date of Grant, or until the
occurrence of one or more specified events, subject in any case to the terms of the Plan. If the Committee imposes conditions upon
vesting, then, subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or
any portion of the Incentive may be vested.

 

ARTICLE 8 

EXERCISE OF INCENTIVE

 

8.1
In General. The Committee, in its sole discretion, may determine that a Share Option will be immediately exercisable,
in whole or in part, or that all or any portion may not be exercised until a date, or dates, subsequent to its Date of Grant, or
until the occurrence of one or more specified events, subject in any case to the terms of the Plan. If a Share Option is exercisable
prior to the time it is vested, the Ordinary Shares obtained on the exercise of the Share Option shall be Restricted Shares which
is subject to the applicable provisions of the Plan and the Award Agreement. If the Committee imposes conditions upon exercise,
then subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion
of the Share Option may be exercised. No Share Option may be exercised for a fractional Ordinary Share. The granting of a Share
Option shall impose no obligation upon the Participant to exercise that Share Option.

 

8.2
Securities Law and Exchange Restrictions. In no event may an Incentive be exercised or Ordinary Shares be issued pursuant
to an Award if a necessary listing or quotation of the Ordinary Shares on a stock exchange or inter-dealer quotation system or
any registration under state or federal securities laws required under the circumstances has not been accomplished.

 

8.3 Exercise of Share Option.

 

(a)
Notice and Payment. Subject to such administrative regulations as the Committee may from time to time adopt, a Share Option
may be exercised by the delivery of written notice to the Committee setting forth the number of Ordinary Shares with respect to
which the Share Option is to be exercised and the date of exercise thereof (the “Exercise Date”), which
shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually agreed upon.

 

On
the Exercise Date, the Participant shall deliver to the Company consideration with a value equal to the total Option Price of
the shares to be purchased, payable in any one of the following methods: (a) cash, check, bank draft, or money order payable to
the order of the Company, (b) the surrender of Ordinary Shares (including Restricted Shares) owned by the Participant on the Exercise
Date, valued at their Fair Market Value on the Exercise Date, and which the Participant has not acquired from the Company
within six (6) months prior to the Exercise Date, (c) if the Ordinary Shares are no longer Nonpublicly Traded, by delivery (including
by FAX) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions
from the Participant to a broker or dealer, reasonably acceptable to the Company, to sell certain of the Ordinary Shares purchased
upon exercise of the Share Option or to pledge such shares as collateral for a loan and promptly deliver to the Company the amount
of sale or loan proceeds necessary to pay such purchase price, and/or (d) in any other form of valid consideration that is acceptable
to the Committee in its sole discretion.

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 10 - 	 

     

    

 

In the
event that Restricted Shares are tendered as consideration for the exercise of a Share Option, a number of Ordinary Shares issued
upon the exercise of the Share Option equal to the value of Restricted Shares used as consideration therefor shall be subject to
the same restrictions and provisions as the Restricted Shares so tendered.

 

The Committee
may take all actions necessary to alter the method of exercise of the Share Option and the exchange and transmittal of proceeds
with respect to Participants who are residents in the PRC in order to comply with applicable PRC foreign exchange and tax regulations
and any other applicable PRC laws and regulations.

 

(b)
Issuance of Certificate. Except as otherwise provided in Section 6.5 hereof (with respect to Restricted Shares) or in the applicable
Award Agreement, upon payment of all amounts due from the Participant, the Company shall cause certificates for the Ordinary Shares
then being purchased to be delivered as directed by the Participant (or the person exercising the Participant’s Share Option
in the event of his death) at its principal business office promptly after the Exercise Date; provided, that if the Participant
has exercised an Incentive Share Option, the Company may at its option retain physical possession of the certificate evidencing
the shares acquired upon exercise until the expiration of the holding periods described in Section 422(a)(1) of the Code.

 

The obligation
of the Company to deliver Ordinary Shares shall, however, be subject to the condition that, if at any time the Committee shall
determine in its discretion that the listing, registration, or qualification of the Share Option or the Ordinary Shares upon any
securities exchange or inter-dealer quotation system or under any state or federal law, or the consent or approval of any governmental
regulatory body, is necessary as a condition of, or in connection with, the Share Option or the issuance or purchase of Ordinary
Shares thereunder, the Share Option may not be exercised in whole or in part unless such listing, registration, qualification,
consent, or approval shall have been effected or obtained free of any conditions not reasonably acceptable to the Committee.

 

(c)
Failure to Pay. If the Participant fails to pay for any of the Ordinary Shares specified in the written notice to the Committee
specified in Section 8.3(a) of the Plan or fails to accept delivery thereof, the Participant’s Share Option and right to
purchase such Ordinary Shares shall be surrendered to the Company.

 

8.4
Disqualifying Disposition of Incentive Share Option. If Ordinary Shares acquired upon exercise of an Incentive Share
Option are disposed of by a Participant prior to the expiration of either two (2) years from the Date of Grant of such Share Option
or one (1) year from the transfer of Ordinary Shares to the Participant pursuant to the exercise of such Share Option, or in any
other disqualifying disposition within the meaning of Section 422 of the Code, such Participant shall notify the Company in writing
of the date and terms of such disposition. A disqualifying disposition by a Participant shall not affect the status of any
other Share Option granted under the Plan as an incentive stock option within the meaning of Section 422 of the Code.

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 11 - 	 

     

    

 

ARTICLE 9 

AMENDMENT OR DISCONTINUANCE

 

Subject
to the limitations set forth in this Article 9, the Board may at any time and from time to time, without the consent of the Participants,
alter, amend, revise, suspend, or discontinue the Plan in whole or in part; provided, however, that no amendment which requires
shareholder approval in order for the Plan and Incentives awarded under the Plan to continue to comply with Sections 421 and 422
of the Code, including any successors to such Sections, shall be effective unless such amendment shall be approved by the requisite
vote of the shareholders of the Company entitled to vote thereon. Any such amendment shall, to the extent deemed necessary or advisable
by the Committee, be applicable to any outstanding Incentives theretofore granted under the Plan, notwithstanding any contrary
provisions contained in any Award Agreement. In the event of any such amendment to the Plan, the holder of any Incentive outstanding
under the Plan shall, upon request of the Committee and as a condition to the exercisability thereof, execute a conforming amendment
in the form prescribed by the Committee to any Award Agreement relating thereto. Notwithstanding anything contained in the Plan
to the contrary, unless required by law, no action contemplated or permitted by this Article 9 shall adversely affect any rights
of Participants or obligations of the Company to Participants with respect to any Incentive theretofore granted under the Plan
without the consent of the affected Participant.

 

ARTICLE 10 

TERM

 

The Plan shall be
effective from the date that the Plan is approved by the Board. Unless sooner terminated by action of the Board, the Plan will
terminate on April 29, 2029, but Incentives granted before that date will continue to be effective in accordance with
their terms and conditions.

 

ARTICLE 11 

CAPITAL ADJUSTMENTS

 

In the event that
the Committee shall determine that any dividend or other distribution (whether in the form of cash, Ordinary Shares, other securities,
or other property), recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation,
split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of Ordinary Shares or other securities of the
Company, issuance of warrants or other rights to purchase Ordinary Shares or other securities of the Company, or other similar
corporate transaction or event (including a Change of Control) affects the Ordinary Shares such that an adjustment is determined
by the Committee to be appropriate to prevent the dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of the (i)
the number of shares and type of Ordinary Shares (or the securities or property) which thereafter may be made the subject of Awards,(ii)
the number of shares and type of Ordinary Shares (or other securities or property) subject to outstanding Awards,(iii) the number
of shares and type of Ordinary Shares (or other securities or property) specified as the annual per-participant limitation under
Section 6.6 of the Plan, (iv) the number of shares and type of Ordinary Shares (or other securities or property) specified as
the annual per-participant limitation under Section 6.6 of the Plan, (v) the Option Price of each outstanding Award, and (vi)
the amount, if any, the Company pays for Ordinary Shares surrendered to the Company in accordance with Section 6.5; provided, however,
that the number of Ordinary Shares (or other securities or property) subject to any Award shall always be a whole number. In lieu
of the foregoing, if deemed appropriate, the Committee may make provision for a cash payment to the holder of an outstanding Award.

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 12 - 	 

     

    

 

Notwithstanding
the foregoing, no such adjustment or cash payment shall be made or authorized to the extent that such adjustment or cash payment
would cause the Plan or any Share Option to violate Section 422 of the Code. Such adjustments shall be made in accordance with
the rules of any securities exchange, stock market, or stock quotation system to which the Company is subject.

 

Upon the
occurrence of any such adjustment or cash payment, the Company shall provide notice to each affected Participant of its computation
of such adjustment or cash payment which shall be conclusive and shall be binding upon each such Participant.

 

ARTICLE 12

 

RECAPITALIZATION, MERGER
AND CONSOLIDATION

 

12.1
No Effect on Company’s Authority. The existence of the Plan and Incentives granted hereunder shall not affect
in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations,
reorganizations, or other changes in the Company’s capital structure and its business, or any merger or consolidation of
the Company, or any issuance of bonds, debentures, preferred or preference shares ranking prior to or otherwise affecting the Ordinary
Shares or the rights thereof (or any rights, options, or warrants to purchase the same), or the dissolution or liquidation of the
Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding (including
a Change of Control), whether of a similar character or otherwise.

 

12.2
Conversion of Incentives Where Company Survives. Subject to any required action by the shareholders, if the Company
shall be the surviving or resulting corporation (or company) in any merger, consolidation, share exchange, or Change of Control,
any Incentive granted hereunder shall pertain to and apply to the securities or rights (including cash, property, or assets) to
which a holder of the number of Ordinary Shares subject to the Incentive would have been entitled.

 

12.3
Exchange or Cancellation of Incentives Where Company Does Not Survive. In the event of any merger, consolidation, share
exchange, or Change of Control pursuant to which the Company is not the surviving or resulting corporation (or company), there
shall be substituted for each Ordinary Share subject to the unexercised portions of outstanding Share Options, that number of shares
of each class of shares or other securities or that amount of cash, property, or assets of the surviving, resulting or consolidated
corporation (or company) which were distributed or distributable to the shareholders of the Company in respect to each Ordinary
Share held by them, such outstanding Share Options to be thereafter exercisable for such shares, securities, cash, or property
in accordance with their terms.

 

Notwithstanding
the foregoing, however, all Share Options may be canceled by the Company as of the effective date of any such reorganization, merger,
consolidation, share exchange, or Change of Control, or any dissolution or liquidation of the Company, by giving notice to each
holder (or such holder’s personal representative) thereof of its intention to do so and by permitting the purchase during
the thirty (30) day period next preceding such effective date of all of the Ordinary Shares (whether or not vested) subject to
such outstanding Share Options.

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 13 - 	 

     

    

 

ARTICLE 13 

LIQUIDATION OR DISSOLUTION

 

Subject
to Section 12.3 hereof, in case the Company shall, at any time while any Incentive under the Plan shall be in force and remain
unexpired, (i) sell all or substantially all of its property, or (ii) dissolve, liquidate, or wind up its affairs, then each Participant
shall be entitled to receive, in lieu of each Ordinary Share such Participant would have been entitled to receive under the Incentive,
the same kind and amount of any securities or assets as may be issuable, distributable, or payable upon any such sale, dissolution,
liquidation, or winding up with respect to each Ordinary Share.

 

If the
Company shall, at any time prior to the expiration of any Incentive, make any partial distribution of its assets, in the nature
of a partial liquidation, whether payable in cash or in kind (but excluding the distribution of a cash dividend payable out of
earned surplus and designated as such) then in such event the Option Prices then in effect with respect to each Share Option shall
be reduced, on the payment date of such distribution, in proportion to the percentage reduction in the tangible book value of the
Ordinary Shares (determined in accordance with generally accepted accounting principles) resulting by reason of such distribution.

 

ARTICLE 14 

INCENTIVES
IN SUBSTITUTION FOR INCENTIVES GRANTED BY OTHER ENTITIES

 

Incentives
may be granted under the Plan from time to time in substitution for similar instruments held by employees or directors of a corporation,
partnership, company, or limited liability company who become or are about to become Employees or Outside Directors as a result
of a merger or consolidation of the employing corporation (or company) with the Company, the acquisition by the Company of equity
of the employing entity, or any other similar transaction (including a Change of Control) pursuant to which the Company becomes
the successor employer. The terms and conditions of the substitute Incentives so granted may vary from the terms and conditions
set forth in the Plan to such extent as the Committee at the time of grant may deem appropriate to conform, in whole or in part,
to the provisions of the Incentives in substitution for which they are granted.

 

ARTICLE 15 

MISCELLANEOUS PROVISIONS

 

15.1
Investment Intent. The Company may require that there be presented to and filed with it by any Participant under the
Plan, such evidence as it may deem necessary to establish that the Incentives granted or the Ordinary Shares to be purchased or
transferred are being acquired for investment and not with a view to their distribution.

 

15.2
Nonpublicly Traded Ordinary Shares. In the event a Participant receives, as Restricted Shares or pursuant to the exercise
of a Share Option, Ordinary Shares that are Nonpublicly Traded (as defined herein), without prejudice to Section 6.5(b)(i) of the
Plan, the Committee may impose restrictions and conditions on the transfer or other disposition of those shares. The restrictions
and conditions may be reflected in the Award Agreement or in a separate shareholders’ agreement.

 

15.3
No Right to Continued Employment. Neither the Plan nor any Incentive granted under the Plan shall confer upon any Participant
any right with respect to continuance of employment by the Company or any Subsidiary of the Company.

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 14 - 	 

     

    

 

15.4
Indemnification of Board and Committee. No member of the Board or the Committee, nor any officer or Employee of the
Company acting on behalf of the Board or the Committee, shall be personally liable for any action, determination, or interpretation
taken or made in good faith with respect to the Plan, and all members of the Board and the Committee, each officer of the Company,
and each Employee acting on behalf of the Board or the Committee shall, to the extent permitted by law, be fully indemnified and
protected by the Company in respect of any such action, determination, or interpretation.

 

15.5
Effect of the Plan. Neither the adoption of the Plan nor any action of the Board or the Committee shall be deemed to
give any person any right to be granted an Award or any other rights except as may be evidenced by an Award Agreement, or any amendment
thereto, duly authorized by the Committee and executed on behalf of the Company, and then only to the extent and upon the terms
and conditions expressly set forth therein.

 

15.6
Governing Law. The Plan shall be governed by and construed in accordance with laws of the Cayman Islands, without giving
effect to conflicts of law principles.

 

15.7
Compliance with Other Laws and Regulations. Notwithstanding anything contained herein to the contrary, the Company shall
not be required to sell or issue Ordinary Shares under any Incentive if the issuance thereof would constitute a violation by the
Participant or the Company of any provisions of any law or regulation of any governmental authority or any national securities
exchange or inter-dealer quotation system or other forum in which Ordinary Shares are quoted or traded; and, as a condition of
any sale or issuance of Ordinary Shares under an Incentive, the Committee may require such agreements or undertakings, if any,
as the Committee may deem necessary or advisable to assure compliance with any such law or regulation. The Plan, the grant and
exercise of Incentives hereunder, and the obligation of the Company to sell and deliver Ordinary Shares, shall be subject to all
applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be
required.

 

15.8
Lock-up Agreement. The Company may require that an Award Agreement include a provision requiring a Participant to agree
that in connection with an underwritten public offering of Ordinary Shares, upon the request of the Company or the principal underwriter
managing such public offering, no Ordinary Shares received by the Participant under such Award Agreement may be sold, offered
for sale or otherwise disposed of without the prior written consent of the Company or such underwriter, as the case may be, for
one hundred eighty (180) days after the effectiveness of the registration statement filed in connection with such offering, or
such longer period of time as the Board may determine, if all of the Company’s directors and officers agree to be similarly
bound. The obligations under this Section 15.8 shall remain effective for all underwritten public offerings with respect
to which the Company has filed a registration statement on or before the date five (5) years after the closing of the Company’s
initial public offering, provided, however, that this Section 15.8 shall cease to apply to any such Ordinary Shares
sold to the public pursuant to an effective registration statement or an exemption from the registration requirements of
the United States Securities Act of 1933 in a transaction that complied with the terms of the applicable Award Agreement.

 

15.9
Tax Requirements. The Company shall have the right to deduct from all amounts hereunder paid in cash or other form,
any federal, state, or local taxes required by law (including taxes in the PRC where applicable) to be withheld with respect to
such payments. The Participant receiving Ordinary Shares issued under the Plan shall be required to pay the Company the amount
of any taxes which the Company is required to withhold with respect to such Ordinary Shares (including
the sale of Ordinary Shares as may be required to comply with foreign exchange rules in the PRC for Participants resident in the
PRC).

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 15 - 	 

     

    

 

Notwithstanding
the foregoing, in the event of an assignment of a Nonqualified Share Option pursuant to Section 15.10, the Participant who assigns
the Nonqualified Share Option shall remain subject to withholding taxes upon exercise of the Nonqualified Share Option by the transferee
to the extent required by the Code or the rules and regulations promulgated thereunder.

 

Such payments
shall be required to be made prior to the delivery of any certificate representing such Ordinary Shares. Such payment may be made
(i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under
(iii) below) the required tax withholding obligation of the Company; (ii) the actual delivery by the exercising Participant to
the Company of Ordinary Shares that the Participant has not acquired from the Company within six (6) months prior to the date of
exercise, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional
shares under (iii) below) the required tax withholding payment; (iii) the Company’s withholding of a number of shares to
be delivered upon the exercise of the Share Option, which shares so withheld have an aggregate Fair Market Value that equals (but
does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii).

 

15.10 No Transferability; Limited Exception
to Transfer Restrictions.

 

(a)
Limits on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 15.10, by applicable law and by the
Award Agreement, as the same may be amended:

 

(i) all
Awards are nontransferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge,
encumbrance or charge;

 

(ii) Awards will be exercised only by the Participant;and

 

(iii) amounts
payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in the case of Ordinary
Shares, registered in the name of, the Participant.

 

In addition,
the Ordinary Shares shall be subject to the restrictions set forth in the applicable Award Agreement.

 

(b)
Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 15.10(a) will not apply to:

 

(i) transfers to the Company or a Subsidiary of the
Company;

 

(ii)
the designation of a beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises
by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of
descent and distribution; or

 

(iii)
if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s
duly authorized legal representative;or

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 16 - 	 

     

    

 

(iv)
subject to the prior approval of the Committee or an executive officer or director of the Company authorized by the Committee,
transfer, by gift or other means, to one or more natural persons who are the Participant’s Immediate Family or entities owned
and controlled by the Participant and/or the Participant’s Immediate Family, including but not limited to trusts or other
entities whose beneficiaries or beneficial owners are the Participant and/or the Participant’s Immediate Family, or to such
other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee
may establish. Any permitted transfer shall be subject to the condition that the Committee receives evidence satisfactory to it
that the transfer is being made for estate and/or tax planning purposes and on a basis consistent with the Company’s lawful
issue of securities.

 

Notwithstanding
anything else in this Section 15.10(b) to the contrary, but subject to compliance with all applicable laws, Incentive Share Options,
Restricted Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to
such Awards or necessary to maintain the intended tax consequences of such Awards.

 

15.11
Use of Proceeds. Proceeds from the sale of Ordinary Shares pursuant to Incentives granted under the Plan shall constitute
general funds of the Company.

 

15.12
Legend. Each certificate representing Restricted Shares issued to a Participant shall bear the following legend, or
a similar legend deemed by the Company to constitute an appropriate notice of the provisions hereof (any such certificate not having
such legend shall be surrendered upon demand by the Company and so endorsed):

 

On the face of the certificate:

 

“Transfer
of these shares is restricted in accordance with conditions printed on the reverse of this certificate.”

 

On the reverse:

 

“The
shares evidenced by this certificate are subject to and transferrable only in accordance with that certain CM Seven Star Acquisition
Corporation 2019 Equity Incentive Plan, a copy of which is on file at the principal office of the Company. No transfer or pledge
of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan. By acceptance
of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan.”

 

The following
legend shall be inserted on a certificate evidencing Ordinary Shares issued under the Plan if the shares were not issued in a transaction
registered under the applicable federal and state securities laws:

 

“Shares
represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have
been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may
not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions
otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which
the Company may rely upon an opinion of counsel satisfactory to the Company.”

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 17 - 	 

     

    

 

A copy of the Plan shall
be kept on file in the principal office of the Company.

 

***************

 

WHEREOF, the Company has caused this
instrument to be executed as of 30 April 2019 by a director.

 

	 	CM Seven Star Acquisition Corporation
	 	 	 
	 	By:	 
	 	 	Name: Sing Wang
	 	 	Director

 

    
	CM Seven Star Acquisition Corporation 2019 Equity Incentive Plan 
	- 18 -Exhibit 10.1

 

AMENDMENT NO. 3 TO FORBEARANCE AGREEMENT

 

This Amendment No. 3 to the Forbearance Agreement (this “Third Amendment”) is entered into as of April 30, 2019 by and between Monitronics International, Inc., a Texas corporation (the “Borrower”), each other Loan Party to the Credit Agreement, Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and certain Lenders party hereto (collectively, the “Parties”).

 

RECITALS

 

A.                                    On April 1, 2019, the Parties entered into that certain Forbearance Agreement (as amended by Amendment No. 1, dated April 12, 2019, and Amendment No. 2, dated April 24, 2019, the “Forbearance Agreement”), under which the Required Lenders agreed to temporarily forbear on enforcement of the Specified Defaults, subject to the terms and conditions contained in the Forbearance Agreement.

 

B.                                    The Forbearance Agreement contains a milestone that provides that no later than 5:00 p.m. (New York Time) on April 30, 2019 (the “RSA Deadline”), the Borrower shall have entered into a restructuring support agreement acceptable to holders of at least 50% of the outstanding Term B-2 Loans, in their sole discretion (the “RSA Milestone”).  In the event that the RSA Milestone is not satisfied by the RSA Deadline, the Forbearance Period terminates pursuant to the terms of the Forbearance Agreement.  In addition, the Forbearance Agreement provides that the Forbearance Termination Date is, among other things, April 30, 2019 (the “Outside Date”).

 

C.                                    The Parties hereby desire to (1) further extend the RSA Deadline to no later than 5:00 p.m. (New York Time) on May 3, 2019 and (2) extend the Outside Date to May 3, 2019.

 

Now, therefore, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the Administrative Agent, the Borrower, and the undersigned Lenders hereby acknowledge, agree and consent to the following:

 

1.                                      Defined Terms.  Except as defined herein, capitalized terms used herein shall have the meanings, if any, assigned to such terms in the Forbearance Agreement.

 

2.                                      Interpretation.  The rules of interpretation set forth in Section 1.02 of the Credit Agreement shall be applicable to this Third Amendment and are incorporated herein by this reference.

 

3.                                      Amendments.

 

(a)                                 Section 4 of the Forbearance Agreement is replaced in its entirety and further amended as follows:

 

“4.                                Forbearance.  During the period (the “Forbearance Period”) commencing on the Forbearance Effective Date (as defined herein) and ending on the date (the “Forbearance Termination Date”) which is the earliest to occur of (a) May 3, 2019, (b) the failure to meet any Milestone (as defined in Section 8 hereof); (c) the occurrence of any Default or Event of Default under the Credit Agreement (other than the Specified Defaults), (d) the failure of the Borrower to comply with any of the requirements of Section 6 or Section 7 hereof, (e) the acceleration of the 9.125% Senior Notes due 2020 (the “Notes”) issued pursuant to that certain Indenture dated as of March 23, 2012 (the “Notes Indenture”) by and among the Borrower, the guarantors party thereto, and U.S. Bank National

 

 

Association, as trustee (in such capacity, the “Notes Trustee”), or (f) any action by the Notes Trustee and/or any holder of Notes to exercise rights or remedies pursuant to the Notes Indenture after an Event of Default (as defined in the Notes Indenture), the Required Lenders hereby forbear from enforcement of:

 

(a)                                 the requirement of Section 6.01(a) of the Credit Agreement that the report and opinion of Ernst & Young, KPMG or another independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders delivered with respect to the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of the fiscal year ended December 31, 2018, and the related consolidated statement of income or operations, and consolidated statement of changes in shareholders’ equity, and cash flows for such fiscal year, not include an explanatory paragraph expressing substantial doubt about the ability of the Borrower or any Loan Party to continue as a going concern or any qualification or exception as to the scope of such audit; and

 

(b)                                 any Default or Event of Default under Section 8.01(e) of the Credit Agreement, resulting from the Borrower’s failure to make the interest payment due on April 1, 2019 under the Senior Unsecured Notes.

 

Upon the Forbearance Termination Date, (i) the forbearance set forth in this Section 4 of this Forbearance shall terminate automatically and be of no further force or effect, and (ii) subject to the terms of the Loan Documents and applicable law, the Administrative Agent and each Lender shall be free in its sole and absolute discretion, without limitation, to proceed to enforce any or all of its rights and remedies set forth in the Credit Agreement, the other Loan Documents and applicable law.  In furtherance of the foregoing, and notwithstanding the occurrence of the Forbearance Effective Date, each Loan Party acknowledges and confirms that, subject to the Forbearance, all rights and remedies of the Administrative Agent and the Lenders under the Loan Documents and applicable law with respect to the Borrower or any other Loan Party shall continue to be available to the Administrative Agent and the Lenders.  For the avoidance of doubt, each Loan Party acknowledges and confirms that the agreement of the Administrative Agent and the Lenders signatory hereto temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including, without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law.  The parties hereto agree that the running of all statutes of limitation and the doctrine of laches applicable to all claims or causes of action that the Administrative Agent or any Lender may be entitled to take or bring in order to enforce its rights and remedies against the Borrower or any other Loan Party are, to the fullest extent permitted by law, tolled and suspended during the Forbearance Period.  For the avoidance of doubt, no grace period or period required for a Default to mature or become an Event of Default shall be tolled or suspended by this Forbearance.”

 

(b)                                 Section 8(b) of the Forbearance Agreement is replaced in its entirety and further amended as follows:

 

“(b)                           No later than 5:00 p.m. (New York Time) on May 3, 2019, the Borrower shall have entered into a restructuring support agreement acceptable to holders of at least 50% of the outstanding Term B-2 Loans, in their sole discretion.”

 

2

 

4.                                      Other Terms.  Except as expressly set forth herein, all other terms of the Forbearance Agreement shall remain in full force and effect, and nothing in this Third Amendment shall be construed as modifying or amending any such terms unless otherwise expressly provided herein.

 

5.                                      Conditions Precedent to Effectiveness.  This Third Amendment shall become effective on the date (the “Third Amendment Effective Date”) upon which each of the conditions precedent set forth below have been satisfied:

 

(a)                                 the Administrative Agent (or its counsel) shall have received a counterpart of this Third Amendment signed by each of the Borrower, the Administrative Agent and the Required Lenders.

 

(b)                                 after giving effect to the forbearance under the Forbearance Agreement, the representations and warranties of the Borrower contained in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects (or with respect to representations and warranties qualified by materiality, in all respects) on and as of the Third Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date in all material respects (or with respect to representations and warranties qualified by materiality, in all respects), except that the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively.

 

6.                                      Counterparts.  This Third Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Third Amendment by telecopy or other electronic imaging means (including “.pdf”) shall be effective as delivery of a manually executed counterpart of this Third Amendment.

 

[signature pages follow]

 

3

 

IN WITNESS WHEREOF, the parties have executed this Third Amendment as of the date and year first above written.

 

	
 
    	
MONITRONICS   INTERNATIONAL, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Executive Vice President   and Secretary
    

 

[Signature page to Amendment No. 3 to Forbearance Agreement]

 

 

[BANK OF AMERICA, N.A.]

 

[Signature page to Amendment No. 3 to Forbearance Agreement]

 

 

[CONSENTING LENDER]

 

[Signature page to Amendment No. 4 to Forbearance Agreement]

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