Document:

Exhibit 10.3

 

FORGE GLOBAL HOLDINGS,
INC.

 

2022 STOCK OPTION AND INCENTIVE PLAN

 

SECTION 1.      GENERAL PURPOSE OF THE PLAN; DEFINITIONS

 

The name of the plan is the Forge Global Holdings,
Inc. 2022 Stock Option and Incentive Plan (as amended from time to time, the “Plan”). The purpose of the Plan is to encourage
and enable the officers, employees, Non-Employee Directors and Consultants of Forge Global Holdings, Inc. (the “Company”)
and its Affiliates upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business
to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s
welfare will assure a closer identification of their interests with those of the Company and its stockholders, thereby stimulating their
efforts on the Company’s behalf and strengthening their desire to remain with the Company or one of its Affiliates. As of the Effective
Date, (i) the Amended and Restated Forge Global, Inc. 2018 Equity Incentive Plan (the “Prior Plan”) shall terminate and no
additional awards shall be issued thereunder, (ii) any awards then outstanding under the Prior Plan shall continue in accordance with
their terms, and (iii) shares issued pursuant to such awards will not be drawn from this Plan or otherwise have any effect on the number
of shares described in Section 3(a) herein.

 

The following terms shall be defined as set forth
below:

 

“Act” means the U.S. Securities
Act of 1933, as amended, and the rules and regulations thereunder.

 

“Administrator” means either
the Board or the compensation committee of the Board or a similar committee performing the functions of the compensation committee and
which is comprised of not less than two Non-Employee Directors who are independent pursuant to New York Stock Exchange listing standards,
taking into account the specific factors and guidance set forth in Section 303A.02 of the NYSE Listed Company Handbook, including the
commentary thereto.

 

“Affiliate” means, at the time
of determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405 of the Act.
The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined
within the foregoing definition.

 

“Award” or “Awards,”
except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock Options,
Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards, Cash-Based Awards, and Dividend
Equivalent Rights.

 

“Award Agreement” means a written
or electronic document setting forth the terms and provisions applicable to an Award granted under the Plan. Each Award Agreement is subject
to the terms and conditions of the Plan.

 

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

 

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“Cash-Based Award” means an
Award entitling the recipient to receive a cash-denominated payment.

 

“Closing Date” means the date
of the closing of the transactions contemplated by that certain Agreement and Plan of Merger, by and among Motive Capital Corp, a Cayman
Islands exempted company (“Acquiror”), FGI Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of
Acquiror, and Forge Global, Inc., a Delaware corporation, dated as of September 13, 2021.

 

“Code” means the U.S. Internal
Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

“Consultant” means a consultant
or adviser who provides bona fide services to the Company or an Affiliate as an independent contractor and who qualifies as a consultant
or advisor under Instruction A. 1.(a)(1) of Form S-8 under the Act.

 

“Dividend Equivalent Right”
means an Award entitling the grantee to receive credits based on ordinary cash dividends that would have been paid on the shares of Stock
specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued to and held by the grantee.

 

“Effective Date” means the date
on which the Plan becomes effective as set forth in Section 19.

 

“Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Fair Market Value” of the Stock
on any given date means the fair market value of the Stock determined in good faith by the Administrator in a manner that complies with
Sections 409A and 422 of the Code; provided, however, that if the Stock is listed on the National Association of Securities Dealers Automated
Quotation System (“NASDAQ”), NASDAQ Global Market, The New York Stock Exchange or another national securities exchange or
traded on any established market, the determination shall be made by reference to the closing price on such date. If there is no closing
price for such date, the determination shall be made by reference to the last date preceding such date for which there are market quotations.

 

“Incentive Stock Option” means
any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the Code.

 

“Non-Employee Director” means
a member of the Board who is not also an employee of the Company or any Subsidiary.

 

“Non-Qualified Stock Option”
means any Stock Option that is not an Incentive Stock Option.

 

“Option” or “Stock
Option” means any option to purchase shares of Stock granted pursuant to Section 5.

 

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“Restricted Shares” means the
shares of Stock underlying a Restricted Stock Award that remain subject to a risk of forfeiture or the Company’s right of repurchase.

 

“Restricted Stock Award” means
an Award of Restricted Shares subject to such restrictions and conditions as the Administrator may determine at the time of grant.

 

“Restricted Stock Units” means
an Award of stock units subject to such restrictions and conditions as the Administrator may determine at the time of grant.

 

“Sale Event” shall mean the
occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events: (i) the sale of
all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization,
statutory share exchange, consolidation, or similar transaction pursuant to which the holders of the Company’s outstanding voting
power and outstanding stock immediately prior to such transaction do not own a majority of the outstanding voting power and outstanding
stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion
of such transaction, (iii) the sale of all of the Stock of the Company to an unrelated person, entity or group thereof acting in concert,
(iv) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction do
not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the
transaction other than as a result of the acquisition of securities directly from the Company, (v) the approval by the stockholders of
the Company of a complete liquidation or dissolution of the Company or (vi) during any period of 24 months, individuals who, at the beginning
of such period, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority
of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new member of
the Board subsequent to the Effective Date was approved or recommended by a majority vote of the members of the Incumbent Board then still
in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board. Notwithstanding anything
in the foregoing to the contrary, with respect to compensation (A) that is subject to Section 409A of the Code and (B) for which a Sale
Event would accelerate the timing of payment thereunder, the term “Sale Event” shall mean an event that is both (I) a Sale
Event (as defined above) and (II) a “change in control event” (within the meaning of Section 409A of the Code).

 

“Sale Price” means the value
as determined by the Administrator of the consideration payable, or otherwise to be received by stockholders, per share of Stock pursuant
to a Sale Event.

 

“Section 409A” means Section
409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Service Relationship”
means any relationship as an employee, Non-Employee Director or Consultant of the Company or any Affiliate. Unless as otherwise set
forth in the Award Agreement, a Service Relationship shall be deemed to continue without interruption in the event a grantee’s
status changes from full-time employee to part-time employee or a grantee’s status changes from employee to Consultant or
Non-Employee Director or vice versa, provided that there is no interruption or other termination of Service Relationship in
connection with the grantee’s change in capacity.

 

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“Stock” means the Common Stock,
par value $0.0001 per share, of the Company, subject to adjustments pursuant to Section 3.

 

“Stock Appreciation Right” means
an Award entitling the recipient to receive shares of Stock (or cash, to the extent explicitly provided for in the applicable Award Agreement)
having a value equal to the excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock
Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised.

 

“Subsidiary” means any corporation
or other entity (other than the Company) in which the Company has at least a 50 percent interest, either directly or indirectly.

 

“Ten Percent Owner” means an
employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined
voting power of all classes of stock of the Company or any parent or subsidiary corporation.

 

“Unrestricted Stock Award” means
an Award of shares of Stock free of any restrictions.

 

SECTION 2.      ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 

(a)              
Administration of Plan. The Plan shall be administered by the Administrator.

 

(b)              
Powers of Administrator. The Administrator shall have the power and authority to grant Awards consistent with the
terms of the Plan, including the power and authority:

 

(i)               
to select the individuals to whom Awards may from time to time be granted;

 

(ii)               to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options,
Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock Awards, Cash-Based Awards, and Dividend
Equivalent Rights, or any combination of the foregoing, granted to any one or more grantees;

 

(iii)               to determine the number of shares of Stock to be covered by any Award;

 

(iv)               to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms
of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the forms of Award
Agreements;

 

(v)                to accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

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(vi)            
 subject to the provisions of Section 5(c) or 6(d), to extend at any time the period in which Stock Options or Stock Appreciation
Rights, respectively, may be exercised; and

 

(vii)         
at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own
acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written
instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection
with the Plan; and to otherwise supervise the administration of the Plan.

 

All decisions and interpretations of the Administrator
shall be binding on all persons, including the Company and Plan grantees.

 

(c)              
Delegation of Authority to Grant Awards. Subject to applicable law, the Administrator, in its discretion, may delegate
to a committee consisting of one or more officers of the Company, including the Chief Executive Officer of the Company, all or part of
the Administrator’s authority and duties with respect to the granting of Awards to individuals who are (i) not subject to the reporting
and other provisions of Section 16 of the Exchange Act and (ii) not members of the delegated committee. Any such delegation by the Administrator
shall include a limitation as to the amount of Stock underlying Awards that may be granted during the period of the delegation and shall
contain guidelines as to the determination of the exercise price and the vesting criteria. The Administrator may revoke or amend the terms
of a delegation at any time but such action shall not invalidate any prior actions of the Administrator’s delegate or delegates
that were consistent with the terms of the Plan.

 

(d)              
Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions
and limitations for each Award which may include, without limitation, the term of an Award and the provisions applicable in the event
the Service Relationship terminates.

 

(e)              
Indemnification. Neither the Board nor the Administrator, nor any member of either or any delegate thereof, shall
be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the
members of the Board and the Administrator (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement
by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising
or resulting therefrom to the fullest extent permitted by law and/or under the Company’s articles or bylaws or any directors’
and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between
such individual and the Company.

 

(f)                Non-U.
S. Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other
countries in which the Company and its Affiliates operate or have employees or other individuals eligible for Awards, the
Administrator, in its sole discretion, shall have the power and authority to: (i) determine which Affiliates shall be covered by the
Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and
conditions of any Award granted to individuals outside the United States to comply with applicable laws; (iv) establish subplans and
modify exercise procedures and other terms and procedures, to the extent the Administrator determines such actions to be necessary
or advisable (and such subplans and/or modifications shall be incorporated into and made part of this Plan); provided, however, that
no such subplans and/or modifications shall increase the share limitations contained in Section 3(a) hereof; and (v) take any
action, before or after an Award is made, that the Administrator determines to be necessary or advisable to obtain approval or
comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Administrator may not take
any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable United States
securities law, the Code, or any other applicable United States governing statute or law.

 

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SECTION 3.      STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

 

(a)              
Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be
12,899,504 shares (the “Initial Limit”), plus on January 1, 2023 and on each January 1 thereafter and ending on the tenth
(10th) anniversary of the Effective Date, the number of shares of Stock reserved and available for issuance under the Plan shall be cumulatively
increased by three (3) percent of the number of shares of Common Stock issued and outstanding on the immediately preceding December 31,
or such lesser number of shares as approved by the Board based on the recommendations of its compensation committee, in all cases subject
to adjustment as provided in this Section 3(c) (the “Annual Increase”). Subject to such overall limitation, the maximum aggregate
number of shares of Common Stock that may be issued in the form of Incentive Stock Options shall not exceed the lesser of the Initial
Limit or 14,500,000 shares of Common Stock, in each case, cumulatively increased on January 1, 2023 and on each January 1 thereafter by
the lesser of the Annual Increase and a number of shares of Common Stock equal to the Initial Limit. For purposes of this Plan, the shares
of Stock underlying any awards under the Plan and the shares of Common Stock of the Company underlying the Prior Plan that are forfeited,
canceled, reacquired by the Company prior to vesting, or otherwise terminated (other than by exercise) shall be added back to the shares
of Stock available for issuance under the Plan and, to the extent permitted under Section 422 of the Code and the regulations promulgated
thereunder, the shares of Stock that may be issued as Incentive Stock Options. Notwithstanding the foregoing, the following shares shall
not be added to the shares authorized for grant under the Plan: (i) shares tendered or held back upon exercise of an Option or settlement
of an Award to cover the exercise price or tax withholding, and (ii) shares subject to a Stock Appreciation Right that are not issued
in connection with the stock settlement of the Stock Appreciation Right upon exercise thereof. In the event the Company repurchases shares
of Stock on the open market, such shares shall not be added to the shares of Stock available for issuance under the Plan. Subject to such
overall limitations, shares of Stock may be issued up to such maximum number pursuant to any type or types of Award. The shares available
for issuance under the Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company. Cash-Based Awards
that may be settled solely in cash shall not be counted against the share reserve, nor shall they reduce the shares of Stock authorized
for grant to a grantee in any calendar year.

 

(b)               Maximum
Awards to Non-Employee Directors. Unless otherwise determined by the Company, the value of all Awards awarded under this Plan
and all other cash compensation paid by the Company to any Non-Employee Director for services as a Non-Employee Director in any
calendar year shall not exceed: (i) $750,000 in the first calendar year an individual becomes a Non-Employee Director and (ii)
$1,000,000 in any other calendar year. For the purpose of this limitation, the value of any Award shall be its grant date fair
value, as determined in accordance with ASC Topic 718 or successor provision but excluding the impact of estimated forfeitures
related to service-based vesting provisions.

 

(c)              
Changes in Stock. Subject to Section 3(d) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, extraordinary cash dividend, stock split, reverse stock split or other similar change in the Company’s capital stock,
the outstanding shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities
of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed
with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially
all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities of the Company or any
successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment in (i) the
maximum number of shares reserved for issuance under the Plan, including the maximum number of shares that may be issued in the form of
Incentive Stock Options, (ii) the number and kind of shares or other securities subject to any then outstanding Awards under the Plan,
(iii) the repurchase price, if any, per share subject to each outstanding Restricted Stock Award, and (iv) the exercise price for each
share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise
price (i.e., the exercise price multiplied by the number of shares subject to Stock Options and Stock Appreciation Rights) as to which
such Stock Options and Stock Appreciation Rights remain exercisable. The Administrator shall also make equitable or proportionate adjustments
in the number of shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration
cash dividends paid other than in the ordinary course or any other extraordinary corporate event. The adjustment by the Administrator
shall be final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment,
but the Administrator in its discretion may make a cash payment in lieu of fractional shares.

 

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(d)               Mergers
and Other Transactions. In the case of and subject to the consummation of a Sale Event, the parties thereto may cause the
assumption or continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards with new Awards
of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares and, if appropriate, the
per share exercise prices, as such parties shall agree. To the extent that the parties to such Sale Event do not provide for the
assumption, continuation or substitution of Awards, upon the effective time of the Sale Event, the Plan and all outstanding Awards
granted hereunder shall terminate. In such case, except as may be otherwise provided in the relevant Award Agreement, all Options
and Stock Appreciation Rights with time-based vesting conditions or restrictions that are not vested and/or exercisable immediately
prior to the effective time of the Sale Event shall become fully vested and exercisable as of the effective time of the Sale Event,
all other Awards with time-based vesting, conditions or restrictions shall become fully vested and nonforfeitable as of the
effective time of the Sale Event, and all Awards with conditions and restrictions relating to the attainment of performance goals
may become vested and nonforfeitable in connection with a Sale Event in the Administrator’s discretion or to the extent
specified in the relevant Award Agreement. In the event of such termination, (i) the Company shall have the option (in its sole
discretion) to make or provide for a payment, in cash or in kind, to the grantees holding Options and Stock Appreciation Rights, in
exchange for the cancellation thereof, in an amount equal to the difference between (A) the Sale Price multiplied by the number of
shares of Stock subject to outstanding Options and Stock Appreciation Rights (to the extent then exercisable at prices not in excess
of the Sale Price) and (B) the aggregate exercise price of all such outstanding Options and Stock Appreciation Rights (provided
that, in the case of an Option or Stock Appreciation Right with an exercise price equal to or greater than the Sale Price, such
Option or Stock Appreciation Right shall be cancelled for no consideration); or (ii) each grantee shall be permitted, within a
specified period of time prior to the consummation of the Sale Event as determined by the Administrator, to exercise all outstanding
Options and Stock Appreciation Rights (to the extent then exercisable) held by such grantee. The Company shall also have the option
(in its sole discretion) to make or provide for a payment, in cash or in kind, to the grantees holding other Awards in an amount
equal to the Sale Price multiplied by the number of vested shares of Stock under such Awards.

 

SECTION 4.      ELIGIBILITY

 

Grantees under the Plan will be such employees,
Non-Employee Directors or Consultants of the Company and its Affiliates as are selected from time to time by the Administrator in its
sole discretion; provided that Awards may not be granted to employees, Non-Employee Directors or Consultants who are providing services
only to any “parent” of the Company, as such term is defined in Rule 405 of the Act, unless (i) the stock underlying the Awards
is treated as “service recipient stock” under Section 409A or (ii) the Company has determined that such Awards are exempt
from or otherwise comply with Section 409A.

 

SECTION 5.      STOCK OPTIONS

 

(a)              
Award of Stock Options. The Administrator may grant Stock Options under the Plan. Any Stock Option granted under
the Plan shall be in such form as the Administrator may from time to time approve.

 

Stock Options granted under the Plan may be either
Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the Company or any
Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option
does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

 

Stock Options granted pursuant to this Section
5 shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with
the terms of the Plan, as the Administrator shall deem desirable. If the Administrator so determines, Stock Options may be granted in
lieu of cash compensation at the optionee’s election, subject to such terms and conditions as the Administrator may establish.

 

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(b)               Exercise
Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 5 shall be
determined by the Administrator at the time of grant but shall not be less than 100 percent of the Fair Market Value on the date of
grant. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the exercise price of such Incentive Stock
Option shall be not less than 110 percent of the Fair Market Value on the date of grant. Notwithstanding the foregoing, Stock
Options may be granted with an exercise price per share that is less than 100 percent of the Fair Market Value on the date of grant
(i) pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code, (ii) to individuals who are
not subject to U.S. income tax on the date of grant or (iii) if the Stock Option is otherwise compliant with Section 409A.

 

(c)              
Option Term. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable
more than ten years after the date the Stock Option is granted. In the case of an Incentive Stock Option that is granted to a Ten Percent
Owner, the term of such Stock Option shall be no more than five years from the date of grant.

 

(d)              
Exercisability; Rights of a Stockholder. Stock Options shall become exercisable at such time or times, whether or
not in installments, as shall be determined by the Administrator at or after the date of grant. The Administrator may at any time accelerate
the exercisability of all or any portion of any Stock Option. An optionee shall have the rights of a stockholder only as to shares acquired
upon the exercise of a Stock Option and not as to unexercised Stock Options.

 

(e)              
Method of Exercise. Stock Options may be exercised in whole or in part, by giving written or electronic notice of
exercise to the Company, specifying the number of shares to be purchased. Payment of the purchase price may be made by one or more of
the following methods except to the extent otherwise provided in the Award Agreement:

 

(i)                
In cash, by certified or bank check or other instrument acceptable to the Administrator;

 

(ii)             
Through the delivery (or attestation to the ownership following such procedures as the Company may prescribe) of shares
of Stock that are not then subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value
on the exercise date;

 

(iii)           
By the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to
a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that
in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures
and enter into such agreements of indemnity and other agreements as the Company shall prescribe as a condition of such payment procedure;
or

 

(iv)            
With respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement pursuant
to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair
Market Value that does not exceed the aggregate exercise price.

 

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Payment instruments will be received subject to collection. The
transfer to the optionee on the records of the Company or of the transfer agent of the shares of Stock to be purchased pursuant to
the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance
with the provisions of the Stock Option) by the Company of the full purchase price for such shares and the fulfillment of any other
requirements contained in the Award Agreement or applicable provisions of laws (including the satisfaction of any taxes that the
Company or an Affiliate is obligated to withhold with respect to the optionee). In the event an optionee chooses to pay the purchase
price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee
upon the exercise of the Stock Option shall be net of the number of attested shares. In the event that the Company establishes, for
itself or using the services of a third party, an automated system for the exercise of Stock Options, such as a system using an
internet website or interactive voice response, then the paperless exercise of Stock Options may be permitted through the use of
such an automated system.

 

(f)               
Annual Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment
under Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect
to which Incentive Stock Options granted under this Plan and any other plan of the Company or its parent and subsidiary corporations become
exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option
exceeds this limit, it shall constitute a Non-Qualified Stock Option. For purposes of this Section 5(f), Incentive Stock Options
will be taken into account in the order in which they were granted, the Fair Market Value of the shares of Stock will be determined as
of the time the Stock Option with respect to such shares of Stock is granted, and calculation will be performed in accordance with Section
422 of the Code and Treasury Regulations promulgated thereunder.

 

SECTION 6.      STOCK APPRECIATION RIGHTS

 

(a)              
Award of Stock Appreciation Rights. The Administrator may grant Stock Appreciation Rights under the Plan. A Stock
Appreciation Right is an Award entitling the recipient to receive shares of Stock (or cash, to the extent explicitly provided for in the
applicable Award Agreement) having a value equal to the excess of the Fair Market Value of a share of Stock on the date of exercise over
the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation
Right shall have been exercised.

 

(b)              
Exercise Price of Stock Appreciation Rights. The exercise price of a Stock Appreciation Right shall not be less than
100 percent of the Fair Market Value of the Stock on the date of grant. Notwithstanding the foregoing, Stock Appreciation Rights may be
granted with an exercise price per share that is less than 100 percent of the Fair Market Value on the date of grant (i) pursuant to a
transaction described in, and in a manner consistent with, Section 424(a) of the Code, (ii) to individuals who are not subject to U.S.
income tax on the date of grant or (iii) if the Stock Appreciation Right is otherwise compliant with Section 409A.

 

(c)              
Grant and Exercise of Stock Appreciation Rights. Stock Appreciation Rights may be granted by the Administrator independently
of any Stock Option granted pursuant to Section 5 of the Plan.

 

(d)              
 Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and
conditions as shall be determined on the date of grant by the Administrator. The term of a Stock Appreciation Right may not exceed ten
years. The terms and conditions of each such Award shall be determined by the Administrator, and such terms and conditions may differ
among individual Awards and grantees.

 

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 SECTION 7.      RESTRICTED STOCK AWARDS

 

(a)              
Nature of Restricted Stock Awards. The Administrator may grant Restricted Stock Awards under the Plan. A Restricted
Stock Award is any Award of Restricted Shares subject to such restrictions and conditions as the Administrator may determine at the time
of grant. Conditions may be based on continuing employment (or other Service Relationship) and/or achievement of pre-established performance
goals and objectives.

 

(b)              
Rights as a Stockholder. Upon the grant of the Restricted Stock Award and payment of any applicable purchase price,
a grantee shall have the rights of a stockholder with respect to the voting of the Restricted Shares and receipt of dividends; provided
that if the lapse of restrictions with respect to the Restricted Stock Award is tied to the attainment of vesting conditions, any dividends
paid by the Company shall accrue and shall not be paid to the grantee until and to the extent the vesting conditions are met with respect
to the Restricted Stock Award. Unless the Administrator shall otherwise determine, (i) uncertificated Restricted Shares shall be accompanied
by a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until such Restricted
Shares are vested as provided in Section 7(d) below, and (ii) certificated Restricted Shares shall remain in the possession of the Company
until such Restricted Shares are vested as provided in Section 7(d) below, and the grantee shall be required, as a condition of the grant,
to deliver to the Company such instruments of transfer as the Administrator may prescribe.

 

(c)              
Restrictions. Restricted Shares may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed
of except as specifically provided herein or in the Restricted Stock Award Agreement. Except as may otherwise be provided by the Administrator
either in the Award Agreement or, subject to Section 16 below, in writing after the Award is issued, if a grantee’s employment (or
other Service Relationship) with the Company and its Affiliates terminates for any reason, any Restricted Shares that have not vested
at the time of termination shall automatically and without any requirement of notice to such grantee from or other action by or on behalf
of, the Company be deemed to have been reacquired by the Company at its original purchase price (if any) from such grantee or such grantee’s
legal representative simultaneously with such termination of employment (or other Service Relationship), and thereafter shall cease to
represent any ownership of the Company by the grantee or rights of the grantee as a stockholder. Following such deemed reacquisition of
Restricted Shares that are represented by physical certificates, a grantee shall surrender such certificates to the Company upon request
without consideration.

 

(d)               Vesting
of Restricted Shares. The Administrator at the time of grant shall specify the date or dates and/or the attainment of
pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Shares and the
Company’s right of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment of such
pre-established performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall no longer
be Restricted Shares and shall be deemed “vested.”

 

    I-10 

     

    

 

SECTION 8.      RESTRICTED STOCK UNITS

 

(a)              
Nature of Restricted Stock Units. The Administrator may grant Restricted Stock Units under the Plan. A Restricted
Stock Unit is an Award of stock units that may be settled in shares of Stock (or cash, to the extent explicitly provided for in the Award
Agreement) upon the satisfaction of such restrictions and conditions at the time of grant. Conditions may be based on continuing employment
(or other Service Relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions of each
such Award shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. Restricted
Stock Units with deferred settlement dates are subject to Section 409A and shall contain such additional terms and conditions as the Administrator
shall determine in its sole discretion in order to comply with the requirements of Section 409A, and shall be settled in accordance with
the election made by the grantee in accordance with Section 409A and such other rules and procedures established by the Administrator.

 

(b)              
Election to Receive Restricted Stock Units in Lieu of Compensation. The Administrator may, in its sole discretion,
permit a grantee to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of an award of Restricted
Stock Units. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified by the
Administrator and in accordance with Section 409A and such other rules and procedures established by the Administrator. Any such future
cash compensation that the grantee elects to defer shall be converted to a fixed number of Restricted Stock Units based on the Fair Market
Value of Stock on the date the compensation would otherwise have been paid to the grantee if such payment had not been deferred as provided
herein. The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to
impose such limitations and other terms and conditions thereon as the Administrator deems appropriate. Any Restricted Stock Units that
are elected to be received in lieu of cash compensation shall be fully vested, unless otherwise provided in the Award Agreement.

 

(c)              
Rights as a Stockholder. A grantee shall have the rights as a stockholder only as to shares of Stock acquired by
the grantee upon settlement of Restricted Stock Units; provided, however, that the grantee may be credited with Dividend Equivalent Rights
with respect to the stock units underlying his or her Restricted Stock Units, subject to the provisions of Section 11 and such terms and
conditions as the Administrator may determine.

 

(d)              
Termination. Except as may otherwise be provided by the Administrator either in the Award Agreement or, subject to
Section 16 below, in writing after the Award is issued, a grantee’s right in all Restricted Stock Units that have not vested shall
automatically terminate upon the grantee’s termination of employment (or cessation of Service Relationship) with the Company and
its Affiliates for any reason.

 

    I-11 

     

    

 

SECTION 9.      UNRESTRICTED STOCK AWARDS

 

Grant or Sale of Unrestricted Stock. The
Administrator may grant (or sell at par value or such higher purchase price determined by the Administrator) an Unrestricted Stock Award
under the Plan. An Unrestricted Stock Award is an Award pursuant to which the grantee may receive shares of Stock free of any restrictions
under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash
compensation due to such grantee.

 

SECTION
10.      CASH-BASED AWARDS

 

Grant of Cash-Based Awards. The Administrator
may grant Cash-Based Awards under the Plan. A Cash-Based Award is an Award that entitles the grantee to a payment in cash upon the attainment
of specified performance goals, including continued employment (or other Service Relationship). The Administrator shall determine the
maximum duration of the Cash-Based Award, the amount of cash to which the Cash- Based Award pertains, the conditions upon which the Cash-Based
Award shall become vested or payable, and such other provisions as the Administrator shall determine. Each Cash-Based Award shall specify
a cash- denominated payment amount, formula or payment ranges as determined by the Administrator. Payment, if any, with respect to a Cash-Based
Award shall be made in accordance with the terms of the Award and may be made in cash.

 

SECTION 11.     
DIVIDEND EQUIVALENT RIGHTS

 

(a)              
Dividend Equivalent Rights. The Administrator may grant Dividend Equivalent Rights under the Plan. A Dividend Equivalent
Right is an Award entitling the grantee to receive credits based on cash dividends that would have been paid on the shares of Stock specified
in the Dividend Equivalent Right (or other Award to which it relates) if such shares had been issued to the grantee. A Dividend Equivalent
Right may be granted hereunder to any grantee as a component of an award of Restricted Stock Units or as a freestanding award. The terms
and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement. Dividend equivalents credited to the holder of
a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional shares of Stock, which may thereafter
accrue additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment or such other price as
may then apply under a dividend reinvestment plan sponsored by the Company, if any. Dividend Equivalent Rights may be settled in cash
or shares of Stock or a combination thereof, in a single installment or installments. A Dividend Equivalent Right granted as a component
of an Award of Restricted Stock Units shall provide that such Dividend Equivalent Right shall be settled only upon settlement or payment
of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled under
the same conditions as such other Award.

 

(b)              
Termination. Except as may otherwise be provided by the Administrator either in the Award Agreement or, subject to
Section 16 below, in writing after the Award is issued, a grantee’s rights in all Dividend Equivalent Rights shall automatically
terminate upon the grantee’s termination of employment (or cessation of Service Relationship) with the Company and its Affiliates
for any reason.

 

    I-12 

     

    

 

SECTION 12.     
TRANSFERABILITY OF AWARDS

 

(a)              
 Transferability. Except as provided in Section 12(b) below or otherwise determined by the Administrator, during
a grantee’s lifetime, his or her Awards shall be exercisable only by the grantee, or by the grantee’s legal representative
or guardian in the event of the grantee’s incapacity. No Awards shall be sold, assigned, transferred or otherwise encumbered or
disposed of by a grantee other than by will or by the laws of descent and distribution or pursuant to a domestic relations order. No Awards
shall be subject, in whole or in part, to attachment, execution, or levy of any kind, and any purported transfer in violation hereof shall
be null and void.

 

(b)              
Administrator Action. Notwithstanding Section 12(a), the Administrator, in its discretion, may provide either in
the Award Agreement regarding a given Award or by subsequent written approval that the grantee (who is an employee or Non-Employee Director)
may transfer his or her Non-Qualified Stock Options to his or her immediate family members, to trusts for the benefit of such family members,
or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the Company
to be bound by all of the terms and conditions of this Plan and the applicable Award Agreement. In no event may an Award be transferred
by a grantee for value.

 

(c)              
Family Member. For purposes of Section 12(b), “family member” shall mean a grantee’s child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother- in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household
(other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the beneficial interest,
a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which these persons (or
the grantee) own more than 50 percent of the voting interests.

 

(d)              
Designation of Beneficiary. To the extent permitted by the Company and valid under applicable law, each grantee to
whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise any Award or receive any payment under
any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Administrator
and shall not be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the
designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate or legal heirs.

 

SECTION 13.     
TAX WITHHOLDING

 

(a)               Payment
by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Stock or other amounts
received thereunder first becomes includable in the gross income of the grantee for tax purposes, pay to the Company or any
applicable Affiliate, or make arrangements satisfactory to the Administrator regarding payment of, any U.S. and non-U.S. federal,
state, or local taxes of any kind required by law to be withheld by the Company or any applicable Affiliate with respect to such
income. The Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any
payment of any kind otherwise due to the grantee or to satisfy any applicable withholding obligations by any other method of
withholding that the Company and its Affiliates deem appropriate. The Company’s obligation to deliver evidence of book entry
(or stock certificates) to any grantee is subject to and conditioned on tax withholding obligations being satisfied by the
grantee.

 

    I-13 

     

    

 

(b)              
Payment in Stock. The Administrator may cause any tax withholding obligation of the Company or any applicable Affiliate
to be satisfied, in whole or in part, by the Company withholding from shares of Stock to be issued pursuant to any Award a number of shares
with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due; provided,
however, that the amount withheld does not exceed the maximum statutory rate or such lesser amount as is necessary to avoid liability
accounting treatment. For purposes of share withholding, the Fair Market Value of withheld shares shall be determined in the same manner
as the value of Stock includible in income of the grantees. The Administrator may also require any tax withholding obligation of the Company
or any applicable Affiliate to be satisfied, in whole or in part, by an arrangement whereby a certain number of shares of Stock issued
pursuant to any Award are immediately sold and proceeds from such sale are remitted to the Company or any applicable Affiliate in an amount
that would satisfy the withholding amount due.

 

SECTION 14.     
SECTION 409A AWARDS

 

Awards are intended to be exempt from Section 409A
to the greatest extent possible and to otherwise comply with Section 409A. The Plan and all Awards shall be interpreted in accordance
with such intent. To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the
meaning of Section 409A (a “409A Award”), the Award shall be subject to such additional rules and requirements as specified
by the Administrator from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award is payable
upon a “separation from service” (within the meaning of Section 409A) to a grantee who is then considered a “specified
employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of (i)
six months and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such
delay is necessary to prevent such payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section
409A. Further, the settlement of any 409A Award may not be accelerated except to the extent permitted by Section 409A. The Company makes
no representation that any or all of the payments or benefits described in the Plan will be exempt from or comply with Section 409A of
the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The grantee shall be solely
responsible for the payment of any taxes and penalties incurred under Section 409A.

 

SECTION 15.     
TERMINATION OF SERVICE RELATIONSHIP TRANSFER, LEAVE OF ABSENCE, ETC.

 

(a)              
Termination of Service Relationship. If the grantee’s Service Relationship is with an Affiliate and such Affiliate
ceases to be an Affiliate, the grantee shall be deemed to have terminated his or her Service Relationship for purposes of the Plan.

 

(b)              
For purposes of the Plan, the following events shall not be deemed a termination of a Service Relationship:

 

    I-14 

     

    

 

(i)                
 a transfer to the Service Relationship of the Company from an Affiliate or from the Company to an Affiliate, or from one
Affiliate to another; or

 

(ii)             
an approved leave of absence, if the employee’s right to re-employment is guaranteed either by a statute or by contract
or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise so provides in writing.

 

SECTION 16.     
AMENDMENTS AND TERMINATION

 

The Board may, at any time, amend or discontinue
the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or
for any other lawful purpose, but no such action shall materially and adversely affect rights under any outstanding Award without the
holder’s consent. The Administrator is specifically authorized to exercise its discretion to reduce the exercise price of outstanding
Stock Options or Stock Appreciation Rights, or effect the repricing of such Awards through cancellation and re-grants or cancellation
of Stock Options or Stock Appreciation Rights in exchange for cash or other Awards. To the extent required under the rules of any securities
exchange or market system on which the Stock is listed, or to the extent determined by the Administrator to be required by the Code to
ensure that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code, Plan amendments shall be subject
to approval by Company stockholders. Nothing in this Section 16 shall limit the Administrator’s authority to take any action permitted
pursuant to Section 3(c) or 3(d).

 

SECTION 17.     
STATUS OF PLAN

 

With respect to the portion of any Award that has
not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have no rights greater
than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine in connection with any Award
or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other arrangements to meet the Company’s
obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the existence of such trusts or other arrangements
is consistent with the foregoing sentence.

 

SECTION 18.     
GENERAL PROVISIONS

 

(a)              
No Distribution. The Administrator may require each person acquiring Stock pursuant to an Award to represent to and
agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof.

 

    I-15 

     

    

 

(b)               Issuance
of Stock. To the extent certificated, stock certificates to grantees under this Plan shall be deemed delivered for all purposes
when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed
to the grantee, at the grantee’s last known address on file with the Company. Uncertificated Stock shall be deemed delivered
for all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with
proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the
Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry”
records). Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any evidence of
book entry or certificates evidencing shares of Stock pursuant to the exercise or settlement of any Award, unless and until the
Administrator has determined, with advice of counsel (to the extent the Administrator deems such advice necessary or advisable),
that the issuance and delivery is in compliance with all applicable laws, regulations of governmental authorities and, if
applicable, the requirements of any exchange on which the shares of Stock are listed, quoted or traded. Any Stock issued pursuant to
the Plan shall be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to
comply with federal, state or foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock is
listed, quoted or traded. The Administrator may place legends on any Stock certificate or notations on any book entry to reference
restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Administrator may require that an
individual make such reasonable covenants, agreements, and representations as the Administrator, in its discretion, deems necessary
or advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require
any individual to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a
window-period limitation, as may be imposed in the discretion of the Administrator.

 

(c)              
Stockholder Rights. Until Stock is deemed delivered in accordance with Section 18(b), no right to vote or receive
dividends or any other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with an Award, notwithstanding
the exercise of a Stock Option or any other action by the grantee with respect to an Award.

 

(d)              
Other Incentive Arrangements; No Rights to Continued Service Relationship. Nothing contained in this Plan shall prevent
the Board from adopting other or additional incentive arrangements, including trusts, and such arrangements may be either generally applicable
or applicable only in specific cases. The adoption of this Plan and the grant of Awards do not confer upon any grantee any right to continued
employment or other Service Relationship with the Company or any Affiliate.

 

(e)              
Trading Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s
insider trading policies and procedures, as in effect from time to time.

 

(f)               
Clawback Policy. Awards under the Plan shall be subject to the Company’s clawback policy, as in effect from
time to time. In addition, the Administrator may impose such other clawback, recovery, or recoupment provisions in an Award Agreement
as the Administrator determines necessary or appropriate, including, but not limited to, a reacquisition right in respect of previously
acquired shares of Stock or other cash or property upon the occurrence of a termination for “cause” under any agreement with
the Company or an Affiliate thereof. No recovery of compensation under such a clawback policy will be an event giving rise to a right
to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company
or an Affiliate thereof.

 

    I-16 

     

    

 

(g)               Fractional
Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall
determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Shares, or whether
such fractional Shares or any rights thereto shall be cancelled, terminated or otherwise eliminated.

 

SECTION 19.     
EFFECTIVE DATE OF PLAN

 

This Plan shall become effective upon the date
immediately preceding the Closing Date subject to stockholder approval in accordance with applicable state law, the Company’s bylaws
and articles of incorporation, and applicable stock exchange rules. No grants of Awards may be made hereunder after the tenth anniversary
of the Effective Date and no grants of Incentive Stock Options may be made hereunder after the tenth anniversary of the date the Plan
is approved by the Board.

 

SECTION 20.     
GOVERNING LAW

 

This Plan and all Awards and actions taken thereunder
shall be governed by, and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope
thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of Delaware
applied without regard to conflict of law principles.

 

    I-17Exhibit 10.4

 

FORGE GLOBAL HOLDINGS, INC. 

 

2022 EMPLOYEE STOCK PURCHASE PLAN

 

The purpose of the Forge Global Holdings, Inc.
2022 Employee Stock Purchase Plan (the “Plan”) is to provide eligible employees of Forge Global Holdings, Inc. (the “Company”)
with opportunities to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”).
4,072,000 shares of Common Stock in the aggregate have been approved and reserved for this purpose, plus on January 1, 2023 and each January
1 thereafter until the Plan terminates pursuant to Section 20, the number of shares of Common Stock reserved and available for issuance
under the Plan shall be cumulatively increased by the lesser of (i) 4,072,000 shares of Common Stock, (ii) one percent (1%) of the number
of shares of Common Stock issued and outstanding on the immediately preceding December 31, or (iii) such lesser number of shares of Common
Stock as determined by the Administrator (as defined in Section 1) based on the recommendation of the compensation committee of the Board
(as defined below).

 

The Plan includes two components: a Code Section
423 Component (the “423 Component”) and a non-Code Section 423 Component (the “Non-423 Component”). It is intended
for the 423 Component to constitute an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal
Revenue Code of 1986, as amended (the “Code”), and the 423 Component shall be interpreted in accordance with that intent.
Under the Non-423 Component, which does not qualify as an “employee stock purchase plan” within the meaning of Section 423(b)
of the Code, options will be granted pursuant to rules, procedures or sub-plans adopted by the Administrator designed to comply with applicable
laws or achieve tax and other objectives. Except as otherwise provided herein or by the Administrator, the Non-423 Component will operate
and be administered in the same manner as the 423 Component.

 

Unless otherwise defined herein, capitalized terms
in this Plan shall have the meaning ascribed to them in Section 11.

 

1.                 
Administration. The Plan will be administered by the person or persons (the “Administrator”) appointed
by the Company’s Board of Directors (the “Board”) for such purpose. The Administrator has authority at any time to:
(i) adopt, alter and repeal such rules, guidelines and practices for the administration of the Plan and for its own acts and proceedings
as it shall deem advisable; (ii) interpret the terms and provisions of the Plan; (iii) make all determinations it deems advisable for
the administration of the Plan, including to accommodate the specific requirements of applicable laws, regulations and procedures for
jurisdictions outside the United States; (iv) decide all disputes arising in connection with the Plan; and (v) otherwise supervise the
administration of the Plan. All interpretations and decisions of the Administrator shall be binding on all persons, including the Company
and the Participants. No member of the Board or individual exercising administrative authority with respect to the Plan shall be liable
for any action or determination made in good faith with respect to the Plan or any option granted hereunder.

 

2.                  Offerings.
The Company may make one or more offerings to eligible employees to purchase Common Stock under the Plan (“Offerings”).
The Administrator may, in its discretion, determine when each Offering shall occur, including the duration of any Offering, provided
that no Offering shall exceed twenty-seven (27) months in duration. Unless otherwise determined by the Administrator, Participants
will only be permitted to participate in one Offering at a time.

 

    J-1

     

    

 

3.                 
Eligibility. Except as otherwise determined by the Administrator in advance of an Offering, all individuals classified
as employees on the payroll records of the Company are eligible to participate in any one or more of the Offerings under the Plan, provided
that as of the first day of the applicable Offering (the “Offering Date”) they are customarily employed by the Company for
more than twenty (20) hours a week. Notwithstanding any other provision herein, individuals who are not contemporaneously classified as
employees of the Company for purposes of the Company’s payroll system are not considered to be eligible employees of the Company
and shall not be eligible to participate in the Plan. In the event any such individuals are reclassified as employees of the Company for
any purpose, including, without limitation, common law or statutory employees, by any action of any third party, including, without limitation,
any government agency, or as a result of any private lawsuit, action or administrative proceeding, such individuals shall, notwithstanding
such reclassification, remain ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals who are
not contemporaneously classified as employees of the Company on the Company’s payroll system to become eligible to participate in
this Plan is through an amendment to this Plan, duly executed by the Company, which specifically renders such individuals eligible to
participate herein.

 

4.                 
Participation.

 

(a)              
An eligible employee who is not a Participant in any prior Offering may participate in a subsequent Offering by submitting
an enrollment form to the Company or an agent designated by the Company (in the manner described in Section 4) at least 15 business days
before the Offering Date (or by such other deadline as shall be established by the Administrator for the Offering).

 

(b)              
Enrollment. The enrollment form (which may be in an electronic format or such other method as determined by the Company
in accordance with the Company’s practices) will (a) state a whole percentage to be deducted from an eligible employee’s Compensation
(as defined in Section 11) per pay period, (b) authorize the purchase of Common Stock in each Offering in accordance with the terms of
the Plan and (c) specify the exact name or names in which shares of Common Stock purchased for such individual are to be issued pursuant
to Section 10. An employee who does not enroll in accordance with these procedures will be deemed to have waived the right to participate.
Unless a Participant files a new enrollment form or withdraws from the Plan, such Participant’s deductions or contributions and
purchases will continue at the same percentage of Compensation for future Offerings, provided he or she remains eligible.

 

(c)                Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements
of the Code.

 

5.                  Employee
Contributions. Each eligible employee may authorize payroll deductions or contributions at a minimum of 1 percent (1%) up to a
maximum of 15 percent (15%) of such employee’s Compensation for each pay period or such other maximum as may be specified by
the Administrator in advance of an Offering. The Company will maintain book accounts showing the amount of payroll deductions or
contributions made by each Participant for each Purchase Period within an Offering. No interest will accrue or be paid on payroll
deductions or contributions, except as may be required by applicable law. If payroll deductions or contributions for purposes of the
Plan are prohibited or otherwise problematic under applicable law (as determined by the Administrator in its discretion), the
Administrator may require Participants to contribute to the Plan by such other means as determined by the Administrator. Any
reference to “payroll deductions or contributions” in this Section 5 (or in any other section of the Plan) will
similarly cover contributions by other means made pursuant to this Section 5.

 

    J-2

     

    

 

6.                 
Deduction Changes. Except as may be determined by the Administrator in advance of an Offering, a Participant may
increase or decrease his or her payroll deduction or contributions only once during any Offering, and may increase or decrease his or
her payroll deduction or contributions with respect to the next Offering (subject to the limitations of Section 5) by filing a new enrollment
form at least 15 business days before the next Offering Date (or by such other deadline as shall be established by the Administrator for
the Offering). The Administrator may, in advance of any Offering, establish rules permitting a Participant to increase, decrease or terminate
his or her payroll deduction or contributions during an Offering.

 

7.                 
Withdrawal. A Participant may withdraw from participation in the Plan by delivering a written notice of withdrawal
to the Company or an agent designated by the Company (in accordance with such procedures as may be established by the Administrator).
The Participant’s withdrawal will be effective as of the next business day. Following a Participant’s withdrawal, the Company
will promptly refund such individual’s entire account balance under the Plan to him or her (after payment for any Common Stock purchased
before the effective date of withdrawal). Partial withdrawals are not permitted. Such an employee may not begin participation again during
the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 4.

 

8.                 
Grant of Options. On each Offering Date, the Company will grant to each eligible employee who is then a Participant
in the Plan an option (“Option”) to purchase, on the last day of a Purchase Period (an “Exercise Date”), at the
Option Price (as defined herein) hereinafter provided for, the lowest of (a) a number of shares of Common Stock determined by dividing
such Participant’s accumulated payroll deductions on such Exercise Date by the Option Price (as defined herein), (b) the number
of shares determined by dividing $25,000 by the Fair Market Value of the Common Stock on the Offering Date for such Offering; or (c) a
number of shares that shall not exceed 2,500 shares; provided, however, that such Option shall be subject to the limitations set forth
below. Each Participant’s Option shall be exercisable only to the extent of such Participant’s accumulated payroll deductions
or contributions on the Exercise Date. The purchase price for each share purchased under each Option (the “Option Price”)
will be eighty-five percent (85%) of the Fair Market Value of the Common Stock on the Offering Date or the Exercise Date, whichever is
less.

 

Notwithstanding the foregoing, no Participant
may be granted an Option hereunder if such Participant, immediately after the Option was granted, would be treated as owning stock
possessing 5 percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any Parent
or Subsidiary (as defined in Section 11). For purposes of the preceding sentence, the attribution rules of Section 424(d) of the
Code shall apply in determining the stock ownership of a Participant, and all stock which the Participant has a contractual right to
purchase shall be treated as stock owned by the Participant. In addition, no Participant may be granted an Option which permits his
or her rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company and its Parents and
Subsidiaries, to accrue at a rate which exceeds $25,000 of the Fair Market Value of the Common Stock (determined on the option grant
date or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the limitation in the preceding
sentence is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they
were granted.

 

    J-3

     

    

 

9.                 
Exercise of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on an Exercise
Date shall be deemed to have exercised his or her Option on such date and shall acquire from the Company such number of whole shares of
Common Stock reserved for the purpose of the Plan as his or her accumulated payroll deductions or contributions on such date will purchase
at the Option Price, subject to any other limitations contained in the Plan. Unless otherwise determined by the Administrator in advance
of an Offering, any amount remaining in a Participant’s account after the purchase of shares on an Exercise Date of an Offering
solely by reason of the inability to purchase a fractional share will be carried forward to the next Purchase Period; provided, that if
such Exercise Date is the final Exercise Date of an Offering, such amount will be carried forward to the next Offering and any other balance
remaining in a Participant’s account at the end of an Offering will be refunded to the Participant promptly.

 

To the extent permitted by applicable laws, if
the Fair Market Value of the Common Stock on any Exercise Date in an Offering is lower than the Fair Market Value of the Common Stock
on the Offering Date of such Offering, then all Participants in such Offering will be automatically withdrawn from such Offering immediately
after the exercise of their Option on such Exercise Date and will be automatically re-enrolled in the immediately following Offering as
of the first day thereof.

 

10.             
Issuance of Certificates. Certificates or book-entries at the Company’s transfer agent representing shares
of Common Stock purchased under the Plan may be issued only in the name of the employee, in the name of the employee and another person
of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be his, her or their,
nominee for such purpose.

 

11.             
Definitions.

 

The term “Affiliate” means any
entity that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under the common control with
the Company.

 

The term “Compensation”
means the amount of base pay, prior to salary reduction such as pursuant to Sections 125, 132(f) or 401 (k) of the Code, but
excluding overtime, commissions, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances
or travel expenses, income or gains related to Company stock options or other share-based awards, and similar items. The
Administrator shall have the discretion to determine the application of this definition to Participants outside the United
States.

 

    J-4

     

    

 

The term “Effective Date” means
the date of the closing of the transactions contemplated by that certain Agreement and Plan of Merger, by and among Motive Capital Corp,
a Cayman Islands exempted company (“Acquiror”), FGI Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary
of Acquiror, and Forge Global, Inc., a Delaware corporation, dated as of September 13, 2021.

 

The term “Fair Market Value of the Common
Stock” on any given date means the fair market value of the Common Stock determined in good faith by the Administrator; provided,
however, that if the Common Stock is listed on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”),
NASDAQ Global Market, The New York Stock Exchange or another national securities exchange or traded on any established market, the determination
shall be made by reference to the closing price on such date. If there is no closing price for such date, the determination shall be made
by reference to the last date preceding such date for which there is a closing price.

 

The term “New Exercise Date”
means a new Exercise Date if the Administrator shortens any Offering then in progress.

 

The term “Parent” means a “parent
corporation” with respect to the Company, as defined in Section 424(e) of the Code.

 

The term “Participant” means
an individual who is eligible as determined in Section 3 and who has complied with the provisions of Section 4.

 

The term “Purchase Period” means
a period of time specified within an Offering beginning on the Offering Date or on the next day following an Exercise Date within an Offering
and ending on an Exercise Date. An Offering may consist of one or more Purchase Periods.

 

The term “Sale Event”
means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:
(i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii)
a merger, reorganization, statutory share exchange, consolidation, or similar transaction pursuant to which the holders of the
Company’s outstanding voting power and outstanding stock immediately prior to such transaction do not own a majority of the
outstanding voting power and outstanding stock or other equity interests of the resulting or successor entity (or its ultimate
parent, if applicable) immediately upon completion of such transaction, (iii) the sale of all of the Common Stock to an unrelated
person, entity or group thereof acting in concert, (iv) any other transaction in which the owners of the Company’s outstanding
voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the Company or
any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities directly
from the Company, (v) the approval by the stockholders of the Company of a complete liquidation or dissolution of the Company or
(vi) during any period of 24 months, individuals who, at the beginning of such period, are members of the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the
appointment or election (or nomination for election) of any new member of the Board subsequent to the Effective Date was approved or
recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of
this Plan, be considered as a member of the Incumbent Board.

 

    J-5

     

    

 

The term “Subsidiary” means
a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of the Code.

 

12.             
Rights on Termination or Transfer of Employment. If a Participant’s employment terminates for any reason before
the Exercise Date for any Offering, no payroll deduction or contributions will be taken from any pay due and owing to the Participant
and the balance in the Participant’s account will be paid to such Participant or, in the case of such Participant’s death,
if permitted by the Administrator and valid under applicable law, to his or her designated beneficiary or to the legal representative
of his or her estate as if such Participant had withdrawn from the Plan under Section 7. If a Participant transfers from an Offering under
the Non-423 Component to an Offering under the 423 Component, the exercise of the Participant’s Option will remain non-qualified
under the Non-423 Component. Further, an employee will not be deemed to have terminated employment for purposes of this Section 12, if
the employee is on an approved leave of absence where the employee’s right to reemployment is guaranteed either by a statute or
by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise provides in writing.

 

13.             
Reserved.

 

14.             
Optionees Not Stockholders. Neither the granting of an Option to a Participant nor the deductions or contributions
from his or her pay shall result in such Participant becoming a holder of the shares of Common Stock covered by an Option under the Plan
until such shares have been purchased by and issued to him or her.

 

15.             
Rights Not Transferable. Rights under the Plan are not transferable by a Participant other than by will or the laws
of descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant.

 

16.             
Application of Funds. All funds received or held by the Company under the Plan may be combined with other corporate
funds and may be used for any corporate purpose, unless otherwise required under applicable law.

 

17.              Adjustment
in Case of Changes Affecting Common Stock. In the event of a subdivision of outstanding shares of Common Stock, the payment of a
dividend in Common Stock or any other change affecting the Common Stock, the number of shares approved for the Plan and the share
limitation set forth in Section 8 shall be equitably or proportionately adjusted to give proper effect to such event. In the case of
and subject to the consummation of a Sale Event, the Administrator, in its discretion, and on such terms and conditions as it deems
appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such
action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan or with respect to any right under the Plan or to facilitate such transactions or events:

 

    J-6

     

    

 

(a)              
To provide for either (i) termination of any outstanding Option in exchange for an amount of cash, if any, equal to the
amount that would have been obtained upon the exercise of such Option had such Option been currently exercisable or (ii) the replacement
of such outstanding Option with other options or property selected by the Administrator in its sole discretion.

 

(b)              
To provide that the outstanding Options under the Plan shall be assumed by the successor or survivor corporation, or a parent
or subsidiary thereof, or shall be substituted for similar options covering the stock of the successor or survivor corporation, or a parent
or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices.

 

(c)              
To make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding
Options under the Plan and/or in the terms and conditions of outstanding Options and Options that may be granted in the future.

 

(d)              
To provide that the Offering with respect to which an Option relates will be shortened by setting a New Exercise Date on
which such Offering will end. The New Exercise Date will occur before the date of the Sale Event. The Administrator will notify each Participant
in writing or electronically prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed
to the New Exercise Date and that the Participant’s Option will be exercised automatically on the New Exercise Date, unless prior
to such date the Participant has withdrawn from the Offering as provided in Section 7 hereof.

 

(e)              
To provide that all outstanding Options shall terminate without being exercised and all amounts in the accounts of Participants
shall be promptly refunded.

 

18.             
Amendment of the Plan. The Board may at any time and from time to time amend the Plan in any respect, except that,
without the approval within 12 months of such Board action by the stockholders, no amendment shall be made increasing the number of shares
approved for the 423 Component of the Plan or making any other change that would require stockholder approval in order for the Plan, as
amended, to qualify as an “employee stock purchase plan” under Section 423(b) of the Code.

 

19.             
Insufficient Shares. If the total number of shares of Common Stock that would otherwise be purchased on any Exercise
Date plus the number of shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the
Plan, the shares then available shall be apportioned among Participants in proportion to the amount of payroll deductions or contributions
accumulated on behalf of each Participant that would otherwise be used to purchase Common Stock on such Exercise Date.

 

20.             
Termination of the Plan. The Plan may be terminated at any time by the Board. Upon termination of the Plan, all amounts
in the accounts of Participants shall be promptly refunded. Unless terminated earlier, the Plan shall automatically terminate on the ten
year anniversary of the Effective Date.

 

    J-7

     

    

 

21.             
Compliance with Law. The Company’s obligation to sell and deliver Common Stock under the Plan is subject to
applicable laws and the completion of any registration or qualification of the Common Stock under any U.S. or non-U.S. local, state or
federal securities or exchange control law, or under rulings or regulations of the U.S. Securities and Exchange Commission (the “SEC”)
or of any other governmental regulatory body, and to obtaining any approval or other clearance from any U.S. and non-U.S. local, state
or federal governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary
or advisable. The Company is under no obligation to register or qualify the Common Stock with the SEC or any other U.S. or non-U.S. securities
commission or to seek approval or clearance from any governmental authority for the issuance or sale of such stock.

 

22.             
Governing Law. This Plan and all Options and actions taken thereunder shall be governed by, and construed in accordance
with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be
governed by and construed in accordance with the internal laws of the State of Delaware applied without regard to conflict of law principles.

 

23.             
Issuance of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from
shares held in the treasury of the Company, or from any other proper source.

 

24.             
Tax Withholding. Participation in the Plan is subject to any applicable U.S. and non-U.S. federal, state or local
tax withholding requirements on income the Participant realizes in connection with the Plan. Each Participant agrees, by entering the
Plan, that the Company or any Subsidiary or Affiliate may withhold from a Participant’s wages, salary or other compensation at any
time the amount necessary for the Company or any Subsidiary or Affiliate to meet applicable withholding obligations, including any withholding
required to make available to the Company or any Subsidiary or Affiliate any tax deductions or benefits attributable to the sale or disposition
of Common Stock by such Participant. In addition, the Company or any Subsidiary or Affiliate may withhold from the proceeds of the sale
of Common Stock or use any other method of withholding that the Company or any Subsidiary or Affiliate deems appropriate to the extent
permitted by U.S. Treasury Regulation Section 1.423-2(f) with respect to the 423 Component. The Company will not be required to issue
any Common Stock under the Plan until such obligations are satisfied.

 

25.             
Notification Upon Sale of Shares under the 423 Component. Each Participant agrees, by entering the 423 Component
of the Plan, to give the Company prompt notice of any disposition of shares purchased under the Plan where such disposition occurs within
two years after the date of grant of the Option pursuant to which such shares were purchased or within one year after the date such shares
were purchased.

 

26.             
Effective Date and Approval of Stockholders. The Plan shall take effect on the later of the date it is adopted by
the Board and the date it is approved by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum is
present or by written consent of the stockholders.

 

    J-8

     

    

 

27.             
Equal Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance with Section
423 of the Code for the 423 Component of the Plan, all eligible employees who are granted options under the Plan shall have the same
rights and privileges.

 

28.             
No Right to Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant
the right to continue as an employee or in any other capacity.

 

29.             
Entire Plan. This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior
plans with respect to the subject matter hereof.

 

    J-9

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