Document:

Exhibit 10.22

 

 

 

 

Vo
Holdings, Inc.

 

2017
Stock Incentive Plan

 

Adopted
On June 15, 2017

 

amended
on october 21, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	SECTION 1.	ESTABLISHMENT AND PURPOSE	1
	 	 	 
	SECTION 2. 	ADMINISTRATION 	1
	(a)	Committees of the Board of Directors 	1
	(b)	Authority of the Board of Directors
	1
	 	 	 
	SECTION 3. 	ELIGIBILITY	1
	(a)	General Rule 	1
	(b)	Ten-Percent Stockholders	2
	 	 	 
	SECTION 4. 	STOCK SUBJECT TO PLAN 	2
	(a)	Basic Limitation 	2
	(b)	Additional Shares	2
	 	 	 
	SECTION 5. 	TERMS AND CONDITIONS OF AWARDS OR SALES OF SHARES 	2
	(a)	Stock Grant or Purchase Agreement	2
	(b)	Duration of Offers and Nontransferability of Rights	2
	(c)	Purchase Price	3
	 	 	 
	SECTION 6. 	TERMS AND CONDITIONS OF OPTIONS	3
	(a)	Stock Option Agreement 	3
	(b)	Number of Shares	3
	(c)	Exercise Price	3
	(d)	Exercisability 	3
	(e)	Basic Term	3
	(f)	Termination of Service (Except by Death) 	4
	(g)	Leaves of Absence	4
	(h)	Death of Optionee 	4
	(i)	Restrictions on Transfer of Options 	5
	(j)	No Rights as a Stockholder 	5
	(k)	Modification, Extension and Assumption of Options 	5
	(l)	Company’s Right to Cancel Certain Options 	5
	 	 	 
	SECTION 7. 	STOCK APPRECIATION RIGHTS 	5
	(a)	SAR Agreement 	5
	(b)	Number of Shares 	5
	(c)	Exercise Price 	6
	(d)	Exercisability and Term 	6
	(e)	Effect of Change in Control 	6
	(f)	Exercise of SARs 	6
	(g)	Death of Optionee 	6
	(h)	Modification or Assumption of SARs 	6

 

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	SECTION 8. 	PAYMENT FOR SHARES 	7
	(a)	General Rule 	7
	(b)	Services Rendered 	7
	(c)	Promissory Note 	7
	(d)	Surrender of Stock 	7
	(e)	Exercise/Sale 	7
	(f)	Net Exercise 	7
	(g)	Other Forms of Payment 	8
	 	 	 
	SECTION 9. 	TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS 	8
	(a)	Restricted Stock Unit Agreement 	8
	(b)	Payment for Restricted Stock Units 	8
	(c)	Vesting Conditions 	8
	(d)	Forfeiture 	8
	(e)	Leaves of Absence 	8
	(f)	Voting and Dividend Rights 	8
	(g)	Form and Time of Settlement of Restricted Stock Units 	8
	(h)	Death of Recipient 	9
	(i)	Creditors’ Rights 	9
	(j)	Modification, Extension and Assumption of Restricted Stock Units 	9
	(k)	Restrictions on Transfer of Restricted Stock Units 	9
	 	 	 
	SECTION 10. 	ADJUSTMENT OF SHARES 	9
	(a)	General 	9
	(b)	Corporate Transactions 	10
	(c)	Reservation of Rights 	11
	 	 	 
	SECTION 11. 	MISCELLANEOUS PROVISIONS 	12
	(a)	Securities Law Requirements 	12
	(b)	No Retention Rights 	12
	(c)	Treatment as Compensation 	12
	(d)	Governing Law 	12
	(e)	Conditions and Restrictions on Shares 	12
	(f)	Tax Matters 	12
	 	 	 
	SECTION 12. 	DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL 	13
	(a)	Term of the Plan 	13
	(b)	Right to Amend or Terminate the Plan 	14
	(c)	Effect of Amendment or Termination	14
	(d)	Stockholder Approval 	14
	 	 	 
	SECTION 13. 	DEFINITIONS 	14

 

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Vo holdings, inc. 2017 stock
incentive plan

 

SECTION 1. ESTABLISHMENT AND PURPOSE.

 

The purpose of this
Plan is to offer persons selected by the Company an opportunity to acquire a proprietary interest in the success of the Company, or to
increase such interest, by acquiring Shares of the Company’s Stock. The Plan provides for the direct award or sale of Shares, the
grant of Options to purchase Shares, the grant of SARs and the grant of Restricted Stock Units. Options granted under the Plan may be
ISOs intended to qualify under Code Section 422 or NSOs which are not intended to so qualify.

 

Capitalized terms are defined in Section 13.

 

SECTION 2. ADMINISTRATION.

 

(a) Committees
of the Board of Directors. The Plan may be administered by one or more Committees. Each Committee shall consist, as required by applicable
law, of one or more members of the Board of Directors who have been appointed by the Board of Directors. Each Committee shall have such
authority and be responsible for such functions as the Board of Directors has assigned to it. If no Committee has been appointed, the
entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan shall be construed as a reference
to the Committee (if any) to whom the Board of Directors has assigned a particular function.

 

(b) Authority
of the Board of Directors. Subject to the provisions of the Plan, the Board of Directors shall have full authority and discretion
to take any actions it deems necessary or advisable for the administration of the Plan. Notwithstanding anything to the contrary in the
Plan, with respect to the terms and conditions of Awards granted to Participants outside the United States, the Board of Directors may
vary from the provisions of the Plan to the extent it determines it necessary and appropriate to do so; provided that it may not vary
from those Plan terms requiring stockholder approval pursuant to Section 12(d) below. All decisions, interpretations and other actions
of the Board of Directors shall be final and binding on all Participants and all persons deriving their rights from a Participant.

 

SECTION 3. ELIGIBILITY.

 

(a) General
Rule. Only Employees, Outside Directors and Consultants shall be eligible for the grant of NSOs, SARs, Restricted Stock Units or the
direct award or sale of Shares.1 Only Employees of the Company, a Parent or any Subsidiary shall be eligible for the grant
of ISOs.

 

 

	1	Note that special considerations apply if the Company proposes
to grant awards to an Employee or Consultant of a Parent company or any Affiliate (other than a Subsidiary of the Company).

 

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(b) Ten-Percent
Stockholders. A person who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company,
its Parent or any of its Subsidiaries shall not be eligible for the grant of an ISO unless (i) the Exercise Price is at least 110% of
the Fair Market Value of a Share on the Date of Grant and (ii) such ISO by its terms is not exercisable after the expiration of five years
from the Date of Grant. For purposes of this Subsection (b), in determining stock ownership, the attribution rules of Code Section 424(d)
shall be applied.

 

SECTION 4. STOCK SUBJECT TO PLAN.

 

(a) Basic
Limitation. Not more than 14,500,000 Shares may be issued under the Plan, subject to Subsection (b) below and Section 10(a).2
All of these Shares may be issued upon the exercise of ISOs. The number of Shares that are subject to Awards outstanding at any time under
the Plan may not exceed the number of Shares that then remain available for issuance under the Plan. The Company, during the term of the
Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the
Plan may be authorized but unissued Shares or treasury Shares.

 

(b) Additional
Shares. In the event that Shares previously issued under the Plan are reacquired by the Company, such Shares shall be added to the
number of Shares then available for issuance under the Plan. In the event that Shares that otherwise would have been issuable under the
Plan are withheld by the Company in payment of the Purchase Price, Exercise Price or withholding taxes, such Shares shall remain available
for issuance under the Plan. In the event that an outstanding Award for any reason expires or is canceled, the Shares allocable to the
expired or cancelled portion of the Award shall be added to the number of Shares then available for issuance under the Plan. To the extent
a Restricted Stock Unit is settled in cash, the cash settlement shall not reduce the number of Shares remaining available for issuance
under the Plan.

 

SECTION 5. TERMS AND CONDITIONS OF AWARDS OR SALES
OF SHARES.

 

(a) Stock
Grant or Purchase Agreement. Each Award of Shares under the Plan shall be evidenced by a Stock Grant Agreement between the Grantee
and the Company. Each sale of Shares under the Plan (other than upon exercise of an Option or SAR) shall be evidenced by a Stock Purchase
Agreement between the Purchaser and the Company. Such Award or sale shall be subject to all applicable terms and conditions of the Plan
and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate
for inclusion in a Stock Grant Agreement or Stock Purchase Agreement. The provisions of the various Stock Grant Agreements and Stock Purchase
Agreements entered into under the Plan need not be identical.

 

(b) Duration
of Offers and Nontransferability of Rights. Any right to purchase Shares under the Plan (other than an Option or, if applicable, a
SAR) shall automatically expire if not exercised by the Purchaser within 30 days (or such other period as may be specified in the Award
Agreement) after the grant of such right was communicated to the Purchaser by the Company. Such right is not transferable and
may be exercised only by the Purchaser to whom such right was granted.

 

 

	2	Please refer to Exhibit A for a schedule of the initial share
reserve and any subsequent increases in the reserve.

 

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(c) Purchase
Price. The Board of Directors shall determine the Purchase Price of Shares to be offered under the Plan at its sole discretion. The
Purchase Price shall be payable in a form described in Section 7.

 

SECTION 6. TERMS AND CONDITIONS OF OPTIONS.

 

(a) Stock
Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the
Company. The Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions
that are not inconsistent with the Plan and that the Board of Directors deems appropriate for inclusion in a Stock Option Agreement. The
provisions of the various Stock Option Agreements entered into under the Plan need not be identical. In addition, the Board of Directors
may require that the spouse of any married Optionee also promptly execute and return to the Company a spousal consent form in connection
with the grant or exercise of an Option.

 

(b) Number
of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall provide for the
adjustment of such number in accordance with Section 8. The Stock Option Agreement shall also specify whether the Option is an ISO or
an NSO.

 

(c) Exercise
Price. Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price of an Option shall not be less than 100% of
the Fair Market Value of a Share on the Date of Grant, and in the case of an ISO a higher percentage may be required by Section 3(b).
Subject to the preceding sentence, the Exercise Price shall be determined by the Board of Directors at its sole discretion. The Exercise
Price shall be payable in a form described in Section 8. This Subsection (c) shall not apply to an Option granted pursuant to an assumption
of, or substitution for, another option in a manner that complies with Code Section 424(a) (whether or not the Option is an ISO).

 

(d) Exercisability.
Each Stock Option Agreement shall specify the date when all or any installment of the Option is to become exercisable. No Option shall
be exercisable unless the Optionee (i) has delivered an executed copy of the Stock Option Agreement (along with an executed spousal consent
form, if applicable) to the Company or (ii) otherwise agrees to be bound by the terms of the Stock Option Agreement. The Board of Directors
shall determine the exercisability provisions of the Stock Option Agreement at its sole discretion.

 

(e) Basic
Term. The Stock Option Agreement shall specify the term of the Option. The term shall not exceed 10 years from the Date of Grant,
and in the case of an ISO, a shorter term may be required by Section 3(b). Subject to the preceding sentence, the Board of Directors at
its sole discretion shall determine when an Option is to expire.

 

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(f) Termination
of Service (Except by Death). If an Optionee’s Service terminates for any reason other than the Optionee’s death, then
the Optionee’s Options shall expire on the earliest of the following dates:

 

 (i) The expiration date determined pursuant to Subsection (e) above;

 

 (ii) The date three months after the termination of the Optionee’s Service for any reason other than Disability, or such earlier or later date as the Board of Directors may determine (but in no event earlier than 30 days after the termination of the Optionee’s Service); or

 

 (iii) The date six months after the termination of the Optionee’s Service by reason of Disability, or such later date as the Board of Directors may determine.

 

The Optionee may exercise all or part
of the Optionee’s Options at any time before the expiration of such Options under the preceding sentence, but only to the extent
that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as a result of the termination)
and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination). The balance
of such Options shall lapse when the Optionee’s Service terminates. In the event that the Optionee dies after the termination of
the Optionee’s Service but before the expiration of the Optionee’s Options all or part of such Options may be exercised (prior
to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly
from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable
before the Optionee’s Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested
before the Optionee’s Service terminated (or vested as a result of the termination).

 

(g) Leaves
of Absence. For purposes of Subsection (f) above, Service shall be deemed to continue while the Optionee is on a bona fide leave of
absence, if such leave was approved by the Company in writing and if continued crediting of Service for this purpose is expressly required
by the terms of such leave or by applicable law (as determined by the Company).

 

(h) Death
of Optionee. If an Optionee dies while the Optionee is in Service, then the Optionee’s Options shall expire on the earlier of
the following dates:

 

 (i) The expiration date determined pursuant to Subsection (e) above; or

 

 (ii) The date 12 months after the Optionee’s death, or such earlier or later date as the Board of Directors may determine (but in no event earlier than six months after the Optionee’s death).

 

All or part of the Optionee’s Options may be
exercised at any time before the expiration of such Options under the preceding sentence by the executors or administrators of the
Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation,
bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee’s death (or became
exercisable as a result of the death) and the underlying Shares had vested before the Optionee’s death (or vested as a result
of the Optionee’s death). The balance of such Options shall lapse when the Optionee dies.

 

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(i) Restrictions
on Transfer of Options. An Option shall be transferable by the Optionee only by (i) a beneficiary designation, (ii) a will or (iii)
the laws of descent and distribution, except as provided in the next sentence. If the applicable Stock Option Agreement so provides, an
NSO shall also be transferable by gift or domestic relations order to a Family Member of the Optionee. An ISO may be exercised during
the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative.

 

(j) No
Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with respect to any Shares
covered by the Optionee’s Option until such person files a notice of exercise, pays the Exercise Price and satisfies all applicable
withholding taxes pursuant to the terms of such Option.

 

(k) Modification,
Extension and Assumption of Options. Within the limitations of the Plan, the Board of Directors may modify, extend or assume outstanding
Options or may accept the cancellation of outstanding Options (whether granted by the Company or another issuer) in return for the grant
of new Options or a different type of Award for the same or a different number of Shares and at the same or a different Exercise Price
(if applicable). The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee’s
rights or increase the Optionee’s obligations under such Option.

 

(l) Company’s
Right to Cancel Certain Options. Any other provision of the Plan or a Stock Option Agreement notwithstanding, the Company shall have
the right at any time to cancel an Option that was not granted in compliance with Rule 701 under the Securities Act. Prior to canceling
such Option, the Company shall give the Optionee not less than 30 days’ notice in writing. If the Company elects to cancel such
Option, it shall deliver to the Optionee consideration with an aggregate Fair Market Value equal to the excess of (i) the Fair Market
Value of the Shares subject to such Option as of the time of the cancellation over (ii) the Exercise Price of such Option. The consideration
may be delivered in the form of cash or cash equivalents, in the form of Shares, or a combination of both. If the consideration would
be a negative amount, such Option may be cancelled without the delivery of any consideration.

 

SECTION 7. STOCK APPRECIATION RIGHTS.

 

(a) SAR
Agreement. Each grant of a SAR under the Plan shall be evidenced by a SAR Agreement between the Optionee and the Company. Such SAR
shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The
provisions of the various SAR Agreements entered into under the Plan need not be identical.

 

(b) Number
of Shares. Each SAR Agreement shall specify the number of Shares to which the SAR pertains, which number shall adjust in accordance
with Section 10.

 

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(c) Exercise
Price. Each SAR Agreement shall specify the Exercise Price, which shall in no event be less than 100% of the Fair Market Value of
a Share on the date of grant. The preceding sentence shall not apply to SARs granted pursuant to an assumption of, or substitution for,
another SAR in a manner that would satisfy the requirements of Section 424(a) of the Code if such section were applicable.

 

(d) Exercisability
and Term. Each SAR Agreement shall specify the date when all or any installment of the SAR is to become vested and exercisable. The
SAR Agreement shall also specify the term of the SAR; provided that the term of a SAR shall in no event exceed 7 years from the date of
grant. A SAR Agreement may provide for accelerated vesting and exercisability in the event of the Optionee’s death, disability or
retirement or other events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s
Service. A SAR granted under the Plan may provide that it will be vested and exercisable only in the event of a Change in Control.

 

(e) Effect
of Change in Control. The Committee may determine, at the time of granting a SAR or thereafter, that such SAR shall become vested
and exercisable as to all or part of the Shares subject to such SAR in the event that the Company is subject to a Change in Control or
in the event that the Optionee is subject to an involuntary termination (as defined in the applicable SAR Agreement) after a Change in
Control. In addition, acceleration of vesting and exercisability may be required under Section 10.

 

(f) Exercise
of SARs. Upon exercise of a SAR, the Optionee (or any person having the right to exercise the SAR after his or her death) shall receive
from the Company (a) Shares, (b) cash or (c) a combination of Common Shares and cash, as the Board of Directors shall determine. The amount
of cash and/or the Fair Market Value of Shares received upon exercise of a SAR shall, in the aggregate, not exceed the amount by which
the Fair Market Value (on the date of surrender) of the Shares subject to the SAR exceeds the Exercise Price. If, on the date when a SAR
expires, the Exercise Price is less than the Fair Market Value on such date but any portion of such SAR has not been exercised or surrendered,
then such SAR shall automatically be deemed to be exercised as of such date with respect to such portion. A SAR Agreement may also provide
for an automatic exercise of the SAR on an earlier date.

 

(g) Death
of Optionee. Except as otherwise provided in the applicable SAR Agreements, after an Optionee’s death, any vested and exercisable
SARs held by such Optionee may be exercised by his or her beneficiary or beneficiaries. Each Optionee may designate one or more beneficiaries
for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form
with the Company at any time before the Optionee’s death. If no beneficiary was designated or if no designated beneficiary survives
the Optionee, then any vested and exercisable SARs held by the Optionee may be exercised by his or her estate, except as otherwise provided
in the applicable SAR Agreements.

 

(h) Modification
or Assumption of SARs. Within the limitations of the Plan, the Board of Directors may modify, reprice, extend or assume
outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return
for the grant of new SARs for the same or a different number of shares and at the same or a different exercise price or in return
for the grant of a different type of Award.

 

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SECTION 8. PAYMENT FOR SHARES.

 

(a) General
Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash or cash equivalents at
the time when such Shares are purchased, except as otherwise provided in this Section 8. In addition, the Board of Directors in its sole
discretion may also permit payment through any of the methods described in (b) through (g) below.

 

(b) Services
Rendered. Shares may be awarded under the Plan in consideration of services rendered to the Company, a Parent or a Subsidiary prior
to the Award.

 

(c) Promissory
Note. All or a portion of the Purchase Price or Exercise Price (as the case may be) of Shares issued under the Plan may be paid with
a full-recourse promissory note. The Shares shall be pledged as security for payment of the principal amount of the promissory note and
interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate (if any) required
to avoid the imputation of additional interest under the Code. Subject to the foregoing, the Board of Directors (at its sole discretion)
shall specify the term, interest rate, amortization requirements (if any) and other provisions of such note.

 

(d) Surrender
of Stock. All or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares that are already
owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market
Value as of the date when the Option is exercised.

 

(e) Exercise/Sale.
If the Stock is publicly traded, all or part of the Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed
by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of
the sales proceeds to the Company.

 

(f) Net
Exercise. An Option may permit exercise through a “net exercise” arrangement pursuant to which the Company will reduce
the number of Shares issued upon exercise by the largest whole number of Shares having an aggregate Fair Market Value (determined by the
Board of Directors as of the exercise date) that does not exceed the aggregate Exercise Price or the sum of the aggregate Exercise Price
plus all or a portion of the minimum amount required to be withheld under applicable tax law (with the Company accepting from the Optionee
payment of cash or cash equivalents to satisfy any remaining balance of the aggregate Exercise Price and, if applicable, any additional
withholding obligation not satisfied through such reduction in Shares); provided that to the extent Shares subject to an Option
are withheld in this manner, the number of Shares subject to the Option following the net exercise will be reduced by the sum of the number
of Shares withheld and the number of Shares delivered to the Optionee as a result of the exercise.

 

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(g) Other
Forms of Payment. To the extent that an Award Agreement so provides, the Purchase Price or Exercise Price of Shares issued under the
Plan may be paid in any other form permitted by the Delaware General Corporation Law, as amended.

 

SECTION 9. TERMS AND CONDITIONS OF RESTRICTED STOCK
UNITS.

 

(a) Restricted
Stock Unit Agreement. Each grant of Restricted Stock Units under the Plan shall be evidenced by a Restricted Stock Unit Agreement
between the Recipient and the Company. Such Restricted Stock Units shall be subject to all applicable terms and conditions of the Plan
and may be subject to any other terms and conditions that are not inconsistent with the Plan and which the Board of Directors deems appropriate
for inclusion in a Restricted Stock Unit Agreement. The provisions of the various Restricted Stock Unit Agreements entered into under
the Plan need not be identical.

 

(b) Payment
for Restricted Stock Units. No cash consideration shall be required of the Recipient in connection with the grant of Restricted Stock
Units.

 

(c) Vesting
Conditions. Restricted Stock Units may or may not be subject to vesting, as determined in the discretion of the Board of Directors.
Vesting may occur, in full or in installments, upon the satisfaction of the vesting conditions specified in the Restricted Stock Unit
Agreement, which may include continued employment or other Service, achievement of performance goals and/or such other criteria as the
Board of Directors may determine. A Restricted Stock Unit Agreement may provide for accelerated vesting upon specified events.

 

(d) Forfeiture.
Unless a Restricted Stock Unit Agreement provides otherwise, upon termination of the Recipient’s Service and upon such other times
specified in the Restricted Stock Unit Agreement, any unvested Restricted Stock Units shall be forfeited to the Company.

 

(e) Leaves
of Absence. For this purpose, Service will not cease if a Recipient is on a bona fide leave of absence that was approved by the Company
in writing and if continued crediting of Service for this purpose is expressly required by the terms of such leave or by applicable law
(as determined by the Company).

 

(f) Voting
and Dividend Rights. The Recipient of Restricted Stock Units shall have no voting rights. Prior to settlement or forfeiture, any Restricted
Stock Unit granted under the Plan may, at the discretion of the Board of Directors, carry with it a right to dividend equivalents. Such
right entitles the Recipient to be credited with an amount equal to all cash dividends paid on one Share while the Restricted Stock Unit
is outstanding. Dividend equivalents may be converted into additional Restricted Stock Units. Settlement of dividend equivalents may be
made in the form of cash, in the form of Shares, or in a combination of both. Prior to distribution, any dividend equivalents that are
not paid shall be subject to the same conditions and restrictions as the Restricted Stock Units to which they attach.

 

(g) Form and
Time of Settlement of Restricted Stock Units. Settlement of vested Restricted Stock Units may be made in the form of (i) cash,
(ii) Shares or (iii) any combination of both, as determined by the Board of Directors. The actual number of Restricted Stock Units
eligible for settlement may be larger or smaller than the number included in the original Award, based on predetermined performance
factors. Vested Restricted Stock Units shall be settled in such manner and at such time(s) as specified in the Restricted Stock Unit
Agreement. Until Restricted Stock Units are settled, the number of such Restricted Stock Units shall be subject to adjustment
pursuant to Section 10.

 

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(h) Death
of Recipient. Any Restricted Stock Units that become distributable after the Recipient’s death shall be distributed to the Recipient’s
beneficiary or beneficiaries, if any have been designated, or if no beneficiary was designated or if no designated beneficiary survives
the Recipient, then any Restricted Stock Units that become payable after the Recipient’s death shall be distributed to his or her
estate. Each Recipient under the Plan may designate one or more beneficiaries for this purpose by filing the prescribed form with the
Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Recipient’s
death.

 

(i) Creditors’
Rights. A Recipient of Restricted Stock Units shall have no rights other than those of a general creditor of the Company. Restricted
Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Restricted
Stock Unit Agreement.

 

(j) Modification,
Extension and Assumption of Restricted Stock Units. Within the limitations of the Plan, the Board of Directors may modify, extend
or assume outstanding Restricted Stock Units. The foregoing notwithstanding, no modification of a Restricted Stock Unit shall, without
the consent of the Recipient, impair the Recipient’s rights or increase the Recipient’s obligations under such Restricted
Stock Unit.

 

(k) Restrictions
on Transfer of Restricted Stock Units. A Restricted Stock Unit shall be transferable by the Recipient only by (i) a beneficiary designation,
(ii) a will or (iii) the laws of descent and distribution or, if the Board of Directors so provides, in a Restricted Stock Unit Agreement
or otherwise, a Restricted Stock Unit shall also be transferable by gift or domestic relations order to a Family Member of the Recipient.

 

SECTION 10. ADJUSTMENT OF SHARES.

 

(a) General.
In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a combination or
consolidation of the outstanding Stock into a lesser number of Shares, a reclassification, or any other increase or decrease in the
number of issued shares of Stock effected without receipt of consideration by the Company, proportionate adjustments shall
automatically be made in each of (i) the number and kind of Shares available for future grants under Section 4, (ii) the number and
kind of Shares covered by each outstanding and unexpired Award, (iii) the Exercise Price under each outstanding Option or SAR and
the Purchase Price applicable to any unexercised stock purchase right and (iv) any repurchase price that applies to Shares granted
under the Plan pursuant to the terms of a Company repurchase right under the applicable Award Agreement. In the event of a
declaration of an extraordinary dividend payable in a form other than Shares in an amount that has a material effect on the Fair
Market Value of the Stock, a recapitalization, a spin-off, or a similar occurrence, the Board of Directors at its sole discretion
may make appropriate adjustments in one or more of the items listed in clauses (i) through (iv) above; provided, however, that the
Board of Directors shall in any event make such adjustments as may be required by Section 25102(o) of the California Corporations
Code. No fractional Shares shall be issued under the Plan as a result of an adjustment under this Section 10(a), although the Board
of Directors in its sole discretion may make a cash payment in lieu of fractional Shares.

 

(b) Corporate
Transactions. In the event that the Company is a party to a merger or consolidation, or in the event of a sale of all or substantially
all of the Company’s stock or assets, all Shares acquired under the Plan and all Options and other Plan Awards outstanding on the
effective date of the transaction shall be treated in the manner described in the definitive transaction agreement (or, in the event the
transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Board of Directors in
its capacity as administrator of the Plan, with such determination having final and binding effect on all parties), which agreement or
determination need not treat all Awards (or all portions of an Award) in an identical manner. The treatment specified in the transaction
agreement or as determined by the Board of Directors may include (without limitation) one or more of the following with respect to each
outstanding Award:

 

(i) Continuation
of the outstanding Award by the Company (if the Company is the surviving corporation).

 

(ii) Assumption
of the Award by the surviving corporation or its parent, provided that the assumption of Options or SARs shall be in a manner that complies
with Code Section 409A (whether or not the Award is an ISO) and, if so determined by the Board of Directors, with Code Section 424(a)
(if the Award is an ISO).

 

(iii) Substitution
by the surviving corporation or its parent of equivalent awards for outstanding Awards (including but not limited to an award to acquire
the same consideration paid to the holders of shares in the transaction) provided that the assumption of Options or SARs shall be in a
manner that complies with Code Section 409A (whether or not the Award is an ISO) and, if so determined by the Board of Directors, with
Code Section 424(a) (if the Award is an ISO).

 

(iv) Cancellation
of the Option or SAR and a payment to the Optionee with respect to each Share subject to the portion of the Option or SAR that is
vested as of the transaction date equal to the excess of (A) the value, as determined by the Board of Directors in its absolute
discretion, of the property (including cash) received by the holder of a share of Stock as a result of the transaction, over (B) the
per-Share Exercise Price of the Option or SAR (such excess, the “Spread”). Such payment shall be made in the form
of cash, cash equivalents, or securities of the surviving corporation or its parent having a value equal to the Spread. In addition,
any escrow, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same extent and
in the same manner as such provisions apply to the holders of Stock. If the Spread applicable to an Option or SAR is zero or a
negative number, then the Option or SAR may be cancelled without making a payment to the Optionee.

 

    11

     

    

 

(v) Cancellation
of the Option without the payment of any consideration; provided that the Optionee shall be notified of such treatment and given an opportunity
to exercise the Option (to the extent the Option is vested or becomes vested as of the effective date of the transaction) during a period
of not less than five (5) business days preceding the effective date of the transaction, unless (A) a shorter period is required to permit
a timely closing of the transaction and (B) such shorter period still offers the Optionee a reasonable opportunity to exercise the Option.
Any exercise of the Option during such period may be contingent upon the closing of the transaction.

 

(vi) Suspension
of the Optionee’s right to exercise the Option during a limited period of time preceding the closing of the transaction if such
suspension is administratively necessary to permit the closing of the transaction.

 

(vii) Termination
of any right the Optionee has to exercise the Option prior to vesting in the Shares subject to the Option (i.e., “early exercise”),
such that following the closing of the transaction the Option may only be exercised to the extent it is vested.

 

(viii) The
cancellation of outstanding Restricted Stock Units and a payment to the Recipient with respect to each Share subject to the portion of
the Restricted Stock Unit that is vested as of the transaction date equal to the value, as determined by the Board of Directors in its
absolute discretion, of the property (including cash) received by the holder of a share of Stock as a result of the transaction (the “Transaction
Value”). Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its
parent having a value equal to the Transaction Value. In addition, any escrow, holdback, earn-out or similar provisions in the transaction
agreement may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Stock. In the
event that a Restricted Stock Unit is subject to Code Section 409A, the payment described in this Section 10(b)(viii) shall be made on
the settlement date specified in the applicable Restricted Stock Unit Agreement, provided that settlement may be accelerated in accordance
with Treasury Regulation 1.409A-3(j)(4). Any action taken under this Section 10(b)(viii) must either preserve a Restricted Stock Unit’s
status as exempt from Code Section 409A or comply with Code Section 409A.

 

For the avoidance of doubt, the Board
of Directors has discretion to accelerate, in whole or part, the vesting and exercisability of an Award in connection with a corporate
transaction covered by this Section 10(b).

 

(c) Reservation
of Rights. Except as provided in this Section 10, a Participant shall have no rights by reason of (i) any subdivision or
consolidation of shares of stock of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the
number of shares of stock of any class. Any issuance by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of
Shares subject to an Award or the Exercise Price of an Option or SAR. The grant of an Award pursuant to the Plan shall not affect in
any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or
business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or
assets.

 

    12

     

    

 

SECTION 11. MISCELLANEOUS PROVISIONS.

 

(a) Securities
Law Requirements. Shares shall not be issued under the Plan unless, in the opinion of counsel acceptable to the Board of Directors,
the issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of law, including (without limitation)
the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any
stock exchange or other securities market on which the Company’s securities may then be traded. The Company shall not be liable
for a failure to issue Shares as a result of such requirements.

 

(b) No
Retention Rights. Nothing in the Plan or in any Award under the Plan shall confer upon the Participant any right to continue in Service
for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent, Affiliate
or Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate
his or her Service at any time and for any reason, with or without cause.

 

(c) Treatment
as Compensation. Any compensation that an individual earns or is deemed to earn under this Plan shall not be considered a part of
his or her compensation for purposes of calculating contributions, accruals or benefits under any other plan or program that is maintained
or funded by the Company, a Parent, Affiliate or a Subsidiary.

 

(d) Governing
Law. The Plan and all Awards under the Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware,
as such laws are applied to contracts entered into and performed in such State.

 

(e) Conditions
and Restrictions on Shares. Shares issued under the Plan shall be subject to such forfeiture conditions, rights of repurchase, rights
of first refusal, other transfer restrictions and such other terms and conditions as the Board of Directors may determine. Such conditions
and restrictions shall be set forth in the applicable Award Agreement and shall apply in addition to any restrictions that may apply to
holders of Shares generally. In addition, Shares issued under the Plan shall be subject to conditions and restrictions imposed either
by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws with which
the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage.

 

    13

     

    

 

 (f) Tax Matters.

 

(i) As
a condition to the award, grant, issuance, vesting, purchase, exercise or transfer of any Award, or Shares issued pursuant to any Award,
granted under this Plan, the Participant shall make such arrangements as the Board of Directors may require or permit for the satisfaction
of any federal, state, local or foreign withholding tax obligations that may arise in connection with such event.

 

(ii) Unless
otherwise expressly set forth in an Award Agreement, it is intended that Awards granted under the Plan shall be exempt from Code Section
409A, and any ambiguity in the terms of an Award Agreement and the Plan shall be interpreted consistently with this intent. To the extent
an Award is not exempt from Code Section 409A (any such Award, a “409A Award”), any ambiguity in the terms of such
Award and the Plan shall be interpreted in a manner that to the maximum extent permissible supports the Award’s compliance with
the requirements of that statute. Notwithstanding anything to the contrary permitted under the Plan, in no event shall a modification
of an Award not already subject to Code Section 409A be given effect if such modification would cause the Award to become subject to Code
Section 409A unless the parties explicitly acknowledge and consent to the modification as one having that effect. A 409A Award shall be
subject to such additional rules and requirements as specified by the Board of Directors from time to time in order for it to comply with
the requirements of Code Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from service”
to an individual who is considered a “specified employee” (as each term is defined under Code 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 Participant’s separation from
service or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject
to Section 409A(a)(1). In addition, if a transaction subject to Section 9(b) constitutes a payment event with respect to any 409A Award,
then the transaction with respect to such Award must also constitute a “change in control event” as defined in Treasury Regulation
Section 1.409A-3(i)(5) to the extent required by Code Section 409A.

 

(iii) Neither
the Company nor any member of the Board of Directors shall have any liability to a Participant in the event an Award held by the Participant
fails to achieve its intended characterization under applicable tax law.

 

    14

     

    

 

SECTION 12. DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL.

 

(a) Term
of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board of Directors,
subject to approval of the Company’s stockholders under Subsection (d) below. The Plan shall terminate automatically 10 years
after the later of (i) the date when the Board of Directors adopted the Plan or (ii) the date when the Board of Directors approved
the most recent increase in the number of Shares reserved under Section 4 that was also approved by the Company’s
stockholders. The Plan may be terminated on any earlier date pursuant to Subsection (b) below.

 

(b) Right
to Amend or Terminate the Plan. Subject to Subsection (d) below, the Board of Directors may amend, suspend or terminate the Plan at
any time and for any reason.

 

(c) Effect
of Amendment or Termination. No Shares shall be issued or sold and no Award granted under the Plan after the termination thereof,
except upon exercise of an Option (or any other right to purchase Shares) granted under the Plan prior to such termination. The termination
of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Award previously granted under the Plan.

 

(d) Stockholder
Approval. To the extent required by applicable law, the Plan will be subject to approval of the Company’s stockholders
within 12 months of its adoption date. To the extent required by applicable law, any amendment of the Plan will be subject to the
approval of the Company’s stockholders within 12 months of the amendment date if it
(i) increases the number of Shares available for issuance under the Plan (except as
provided in Section 10), or (ii) materially changes the class of persons who are eligible for the grant of ISOs. In addition, an
amendment effecting any other material change to the Plan terms will be subject to approval of the Company’s stockholder only
if required by applicable law. Stockholder approval shall not be required for any other amendment of the Plan.

 

SECTION 13. DEFINITIONS.

 

(a) “Affiliate”
means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries or Parents own not less than 50% of such entity.

 

(b) “Award”
means any award granted under the Plan, including an Option, a SAR, a Restricted Stock Unit or the grant or sale of Shares.

 

(c) “Award
Agreement” means a Stock Grant Agreement, Stock Option Agreement, SAR Agreement, Stock Purchase Agreement or Restricted Stock
Unit Agreement.

 

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

 

(e) “Change
in Control” means the consummation of any of the following transactions in which holders of Shares receive cash,
securities or other adequate consideration deemed acceptable by the Board of Directors: (i) a sale of all or substantially all of
the assets of the Company determined on a consolidated basis to an unrelated person or entity; (ii) a merger, reorganization, or
consolidation involving the Company in which the shares of voting stock of the Company outstanding immediately prior to such
transaction represent or are converted into or exchanged for securities of the surviving or resulting entity immediately upon
completion of such transaction which represent less than 50% of the outstanding voting power of such surviving or resulting entity;
or (iii) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or series of
related transactions by a person or group of persons who are unrelated to the holders of a majority of the outstanding voting stock
of the Company immediately prior to the consummation of such transaction. For the avoidance of doubt, an initial public offering,
any subsequent public offering, another capital raising event, and a merger effected solely to change the Company’s domicile
shall not constitute a “Change in Control.” In addition, a transaction shall not constitute a Sale Event unless such
transaction also qualifies as an event under Treasury Regulation Section 1.409A-3(i)(5)(v) (change in the ownership of a
corporation), Treasury Regulation Section 1.409A-3(i)(5)(vi) (change in the effective control of a corporation), or Treasury
Regulation Section 1.409A-3(i)(5)(vii) (change in the ownership of a substantial portion of a corporation’s assets).

 

    15

     

    

 

(f)
“Code” means the Internal Revenue Code of 1986, as amended.

 

(g) “Committee”
means a committee of the Board of Directors, as described in Section 2(a).

 

(h)
“Company” means VO Holdings, Inc., a Delaware corporation.

 

(a) “Company
Group” shall mean the Company and each Subsidiary, Affiliate and Parent.

 

(i) “Consultant”
means a person, excluding Employees and Outside Directors, who performs bona fide services for the Company, a Parent, an Affiliate3
or a Subsidiary as a consultant or advisor and who qualifies as a consultant or advisor under Rule 701(c)(1) of the Securities Act or
under Instruction A.1.(a)(1) of Form S-8 under the Securities Act.

 

(j) “Date
of Grant” means the date of grant specified in the applicable Award Agreement, which date shall be the later of (i) the date
on which the Board of Directors resolved to grant the Award or (ii) the first day of the Participant’s Service.

 

(k) “Disability”
means that the applicable Participant is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment.

 

(l) “Employee”
means any individual who is a common-law employee of the Company, a Parent, an Affiliate4 or a Subsidiary.

 

(m)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(n) “Exercise
Price” means, in the case of an Option, the amount for which one Share may be purchased upon exercise of an Option, as specified
by the Board of Directors in the applicable Stock Option Agreement. In the case of a SAR, “Exercise Price” means an
amount, as specified by the Board of Directors in the applicable SAR Agreement, which is subtracted from the Fair Market Value of one Common Share
in determining the amount payable upon exercise of such SAR.

 

 

		3	Note that special considerations apply if the Company proposes
to grant awards to consultant or advisor of a Parent company or any Affiliate (other than a Subsidiary).

		4	Note that special considerations apply if the Company proposes
to grant awards to an Employee of a Parent company or any Affiliate (other than a Subsidiary).

 

    16

     

    

 

(o) “Fair
Market Value” shall mean, as of any date, the value of a Share, determined as follows:

 

(i)
if the Stock is listed on any established stock exchange or traded on the Nasdaq National Market or the Nasdaq SmallCap Market, the “Fair
Market Value” of each Share shall be the closing sales price for the Stock (or the closing bid, if no sales were reported) as quoted
on such exchange or market (or the exchange or market with the greatest volume of trading in the Stock) on the last market trading day
prior to the day of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; or

 

(ii)
in the absence of such markets for the Stock, the “Fair Market Value” of each Share shall be determined in good faith by
the Board in accordance with any of the acceptable methods described in Treasury Regulation § 1.409A-1(b).

 

Notwithstanding anything to the contrary herein, the “Fair
Market Value” of the Shares shall at all times be determined in a manner intended to be consistent with Section 409A of the Code
(and the regulations and guidance promulgated thereunder), as may be amended from time to time and any determination by the Board with
respect to the “Fair Market Value” of the Shares shall be conclusive and binding on all persons.

 

(p) “Family
Member” means (i) any 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,
(ii) any person sharing the Participant’s household (other than a tenant or employee), (iii) a trust in which persons described
in Clause (i) or (ii) have more than 50% of the beneficial interest, (iv) a foundation in which persons described in Clause (i) or (ii)
or the Participant control the management of assets and (v) any other entity in which persons described in Clause (i) or (ii) or the Participant
own more than 50% of the voting interests.

 

(q)
“Grantee” means a person to whom the Board of Directors has awarded Shares under the Plan.

 

(r) “ISO”
means an Option that qualifies as an incentive stock option as described in Code Section 422(b). Notwithstanding its designation as an
ISO, an Option that does not qualify as an ISO under applicable law shall be treated for all purposes as an NSO.

 

(s) “NSO”
means an Option that does not qualify as an incentive stock option as described in Code Section 422(b) or 423(b).

 

(t) “Option”
means an ISO or NSO granted under the Plan and entitling the holder to purchase Shares.

 

(u)
“Optionee” means a person who holds an Option or a SAR.

 

    17

     

    

 

(v)
“Outside Director” means a member of the Board of Directors who is not an Employee.

 

(w) “Parent”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered
a Parent commencing as of such date.

 

(x)
“Participant” means a Grantee, Optionee, Recipient or Purchaser.

 

(y)
“Plan” means this Virgin Orbit Holdings, Inc. 2017 Stock Incentive Plan.

 

(z) “Purchase
Price” means the consideration for which one Share may be acquired under the Plan (other than upon exercise of an Option or
a SAR), as specified by the Board of Directors.

 

(aa) “Purchaser”
means a person to whom the Board of Directors has offered the right to purchase Shares under the Plan (other than upon exercise of an
Option or a SAR).

 

(bb)
“SAR” means a stock appreciation right granted under the Plan.

 

(cc) “SAR
Agreement” means the agreement between the Company and an Optionee that contains the terms, conditions and restrictions pertaining
to such Optionee’s SAR.

 

(dd) “Recipient”
means “a person to whom the Board of Directors has awarded Restricted Stock Units under the Plan.

 

(ee) “Restricted Stock Unit”
means a bookkeeping entry representing the equivalent of one Share, as awarded under the Plan.

 

(ff) “Restricted
Stock Unit Agreement” means the agreement between the Company and the Recipient of a Restricted Stock Unit that contains the
terms, conditions and restrictions pertaining to such Restricted Stock Unit.

 

(gg)
“Securities Act” means the Securities Act of 1933, as amended.

 

(hh)
“Service” means service as an Employee, Outside Director or Consultant.

 

(ii)
“Share” means one share of Stock, as adjusted in accordance with Section 9 (if applicable).

 

(jj)
“Stock” means the Common Stock of the Company.

 

(kk) “Stock
Grant Agreement” means the agreement between the Company and a Grantee who is awarded Shares under the Plan that contains the
terms, conditions and restrictions pertaining to the award of such Shares.

 

(ll) “Stock
Option Agreement” means the agreement between the Company and an Optionee that contains the terms, conditions and restrictions
pertaining to the Optionee’s Option.

 

(mm) “Stock
Purchase Agreement” means the agreement between the Company and a Purchaser who purchases Shares under the Plan that contains
the terms, conditions and restrictions pertaining to the purchase of such Shares.

 

(nn) “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations
other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption
of the Plan shall be considered a Subsidiary commencing as of such date.

 

    18

     

    

 

exhibit
a

 

Schedule
of Shares Reserved for Issuance under the Plan

  

	
    Date
    of Board 

Approval
	 	
    Date
    of Stockholder

 Approval
	 	
    Number
    of

    Shares Added
	 	
    Cumulative
    Number

 of Shares

	 	 	 	 	Not Applicable	 	8,320,000
	October 21, 2020	 	October 21, 2020	 	6,180,000	 	14,500,000

 

Summary
of Modifications and Amendments to the Plan

 

The following is a summary of material modifications
made to the Plan:

 

An additional 6,180,000 shares were reserved for the Plan.Exhibit
10.23 

 

Vo
Holdings, Inc. 2017 Stock Incentive Plan

Notice
Of Stock Option Grant (installment Exercise)

 

The Optionee has been granted the following option to purchase
shares of the Common Stock of VO Holdings, Inc.:

 

	Name of Optionee:	As shown on eShares
	 	 
	Total Number of Shares:	As shown on eShares
	 	 
	Type of Option:	Nonstatutory Stock Option (NSO)
	 	 
	Exercise Price per Share:	As shown on eShares
	 	 
	Date of Grant:	As shown on eShares
	 	 
	Date Exercisable:	This option may be exercised with respect to the first 25% of the Shares subject to this option when the Optionee completes twelve (12) months of continuous Service beginning with the Vesting Commencement Date set forth below. This option may be exercised with respect to an additional 6.25% of the Shares subject to this option when the Optionee completes each three-month period of continuous Service thereafter. In addition, if the Company is subject to a Change of Control before the Optionee’s Service terminates, and if the Optionee’s Service is terminated by the Company (or such other applicable member of the Company Group) without Cause in connection with or within 24 months after such Change in Control, then 100% of the Shares subject to this option shall immediately vest and become exercisable.
	 	 
	Vesting Commencement Date:	As shown on eShares
	 	 
	Expiration Date:	As shown on eShares. This option expires earlier if the Optionee’s Service terminates earlier, as provided in Section 6 of the Stock Option Agreement, or if the Company engages in certain corporate transactions, as provided in Section 10(b) of the Plan.

  

     

     

    

 

By signing below, the Optionee and
the Company agree that this option is granted under, and governed by the terms and conditions of, the Company’s 2017 Stock Incentive
Plan and the Stock Option Agreement. Both of these documents are attached to, and made a part of, this Notice of Stock Option Grant. By
signing below, the Optionee further acknowledges and agrees that except for this option the Optionee does not have any outstanding equity-based
rights with respect to any class of shares of the Company or any of its Affiliates, Parents or Subsidiaries, including, without limitation,
pursuant to any option that may have been previously granted to the Optionee under the Vieco 10 Limited 2014 Share Option Plan. Section
14 of the Stock Option Agreement includes important acknowledgements of the Optionee.

 

	OPTIONEE:	 	VO HOLDINGS, INC.
	 	 	 
	 	 	By:	/s/ Dan Hart
	 	 	Title:	Chief Executive Officer

 

     

     

    

 

THE OPTION GRANTED PURSUANT TO THIS
AGREEMENT AND THE SHARES ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

 

vo
holdings, inc. 2017 stock incentive plan:

stock
option agreement (installment exercise)

 

SECTION 1. GRANT OF OPTION.

 

(a) Option.
On the terms and conditions set forth in the Notice of Stock Option Grant and this Agreement, the Company grants to the Optionee on the
Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock Option Grant. The Exercise
Price is agreed to be at least 100% of the Fair Market Value per Share on the Date of Grant (110% of Fair Market Value if this option
is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of the Plan applies). This option is intended to be an ISO
or an NSO, as provided in the Notice of Stock Option Grant.

 

(b) $100,000
Limitation. Even if this option is designated as an ISO in the Notice of Stock Option Grant, it shall be deemed to be an NSO to the
extent (and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code.

 

(c) Stock
Incentive Plan and Defined Terms. This option is granted pursuant to the Plan, a copy of which the Optionee acknowledges having received.
The provisions of the Plan are incorporated into this Agreement by this reference. Except as otherwise defined in this Agreement (including
without limitation Section 15 hereof), capitalized terms shall have the meaning ascribed to such terms in the Plan.

 

SECTION 2. RIGHT TO EXERCISE.

 

(a) Exercisability.
Subject to Subsection (b) below and the other conditions set forth in this Agreement, all or part of this option may be exercised prior
to its expiration at the time or times set forth in the Notice of Stock Option Grant.

 

(b) Stockholder
Approval. Any other provision of this Agreement notwithstanding, no portion of this option shall be exercisable at any time prior
to the approval of the Plan by the Company’s stockholders.

 

     

     

    

 

SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION.

 

Except as otherwise
provided in this Agreement, this option and the rights and privileges conferred hereby shall not be sold, pledged or otherwise transferred
(whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process.

 

SECTION 4. EXERCISE PROCEDURES.

 

(a) Notice
of Exercise. The Optionee or the Optionee’s representative may exercise this option by: (i) signing and delivering the Company’s
form of Notice of Exercise to the Company pursuant to Section 13(c) specifying the election to exercise this option, the number of Shares
for which it is being exercised and the form of payment and (ii) delivering payment, in a form permissible under Section 5, for the full
amount of the Purchase Price (together with any applicable withholding taxes under Subsection (b)). In the event that this option is being
exercised by the representative of the Optionee, the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s
right to exercise this option.

 

(b) Withholding
Taxes. In the event that the Company determines that it is required to withhold any tax (including without limitation any income tax,
social insurance contributions, payroll tax, payment on account or other tax-related items arising in connection with the Optionee’s
participation in the Plan and legally applicable to the Optionee (the “Tax-Related Items”)) as a result of the grant,
vesting or exercise of this option, or as a result of the transfer of shares acquired upon exercise of this option, the Optionee, as a
condition of this option, shall make arrangements satisfactory to the Company to enable it to satisfy all Tax-Related Items. The Optionee
acknowledges that the responsibility for all Tax-Related Items is the Optionee’s and may exceed the amount actually withheld by
the Company (or its affiliate or agent).

 

(c) Issuance
of Shares. After satisfying all requirements for exercise of this option, the Company shall cause to be issued one or more certificates
evidencing the Shares for which this option has been exercised. Such Shares shall be registered (i) in the name of the person exercising
this option, (ii) in the names of such person and his or her spouse as community property or as joint tenants with the right of survivorship
or (iii) with the Company’s consent, in the name of a revocable trust. Until the issuance of the Shares has been entered into the
books and records of the Company or a duly authorized transfer agent of the Company, no right to vote, receive dividends or any other
right as a stockholder will exist with respect to such Shares. The Company shall cause such certificates to be delivered to or upon the
order of the person exercising this option.

 

SECTION 5. PAYMENT FOR STOCK.

 

 (a) Cash. All or part of the Purchase Price may be paid in cash or cash equivalents.

 

(b) Surrender of Stock. At the
discretion of the Board of Directors, all or any part of the Purchase Price may be paid by surrendering, or attesting to the
ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for
transfer and shall be valued at their Fair Market Value as of the date when this option is exercised.

 

    2

     

    

 

(c) Exercise/Sale.
All or part of the Purchase Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable
direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company.
However, payment pursuant to this Subsection (c) shall be permitted only if (i) Stock then is publicly traded and (ii) such payment does
not violate applicable law.

 

SECTION 6. TERM AND EXPIRATION.

 

(a) Basic
Term. This option shall in any event expire on the expiration date set forth in the Notice of Stock Option Grant, which date is 10
years after the Date of Grant (five years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option
Grant and Section 3(b) of the Plan applies).

 

(b) Termination
of Service (Except by Death). If the Optionee’s Service terminates for any reason other than death, then this option shall expire
on the earliest of the following occasions:

 

		(i)	The expiration date determined pursuant to Subsection (a) above;

 

		(ii)	The date three months after the termination of the Optionee’s Service for any reason other than Disability or Cause;

 

		(iii)	The date of (and immediately upon) the termination of the Optionee’s
Service by the Company for Cause; or

 

		(iv)	The date twelve months after the termination of the Optionee’s
Service by reason of Disability.

 

The Optionee may exercise all or part
of this option at any time before its expiration under the preceding sentence, but only to the extent that this option had become exercisable
before the Optionee’s Service terminated. When the Optionee’s Service terminates, this option shall expire immediately with
respect to the number of Shares for which this option is not yet exercisable. In the event that the Optionee dies after termination of
Service but before the expiration of this option, all or part of this option may be exercised (prior to expiration) by the executors or
administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary
designation, bequest or inheritance, but only to the extent that this option had become exercisable before the Optionee’s Service
terminated. Once this option (or portion thereof) has terminated, the Optionee shall have no further rights with respect to the option
(or portion thereof) or to the underlying Shares.

 

(c) Death
of the Optionee. If the Optionee dies while in Service, then this option shall expire on the earlier of the following dates:

 

		(i)	The expiration date determined pursuant to Subsection (a) above; or

 

		(ii)	The date 12 months after the Optionee’s death. 

 

All or part
of this option may be exercised at any time before its expiration under the preceding sentence by the executors or administrators of
the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest
or inheritance, but only to the extent that this option had become exercisable before the Optionee’s death. When the Optionee dies,
this option shall expire immediately with respect to the number of Shares for which this option is not yet exercisable. Once this option
(or portion thereof) has terminated, the Optionee shall have no further rights with respect to the option (or portion thereof) or to
the underlying Shares.

 

    3

     

    

 

(d) Extension
of Post-Termination Exercise Periods. Following the date on which the Company’s Stock is first listed for trading on an established
securities market, if during any part of the exercise period described in Subsections (b)(ii) or (iii) or Subsection (c)(ii) above the
exercise of this option would be prohibited solely because the issuance of Shares upon such exercise would violate the registration requirements
under the Securities Act or a similar provision of other applicable law, then instead of terminating at the end of such prescribed period,
the then- vested portion of this option will instead remain outstanding and not expire until the earlier of (i) the expiration date determined
pursuant to Section 6(a) above or (ii) the date on which the then- vested portion of this option has been exercisable without violation
of applicable law for the aggregate period (which need not be consecutive) after termination of the Optionee’s Service specified
in the applicable Subsection above.

 

(e) Part-Time
Employment and Leaves of Absence. If the Optionee commences working on a part-time basis, then the Company may adjust the vesting
schedule set forth in the Notice of Stock Option Grant. If the Optionee goes on a leave of absence, then the Company may adjust the vesting
schedule set forth in the Notice of Stock Option Grant in accordance with the Company’s leave of absence policy or the terms of
such leave. Except as provided in the preceding sentence, Service shall be deemed to continue for any purpose under this Agreement while
the Optionee is on a bona fide leave of absence, if (i) such leave was approved by the Company in writing and (ii) continued crediting
of Service for such purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company). Service
shall be deemed to terminate when such leave ends, unless the Optionee immediately returns to active work.

 

(f) Notice
Concerning ISO Treatment. Even if this option is designated as an ISO in the Notice of Stock Option Grant, it ceases to qualify for
favorable tax treatment as an ISO to the extent that it is exercised:

 

		(i)	More than three months after the date when the Optionee ceases
to be an Employee for any reason other than death or permanent and total disability (as defined in Section 22(e)(3) of the Code);

 

		(ii)	More than 12 months after the date when the Optionee ceases to
be an Employee by reason of permanent and total disability (as defined in Section 22(e)(3) of the Code); or

 

		(iii)	More than three months after the date when the Optionee has been
on a leave of absence for three months, unless the Optionee’s reemployment rights following such leave were guaranteed by statute
or by contract.

 

SECTION 7. RIGHT OF FIRST REFUSAL.

 

(a) Right
of First Refusal. In the event that the Optionee proposes to sell, pledge or otherwise transfer to a third party any Shares acquired
under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less
than all) of such Shares. If the Optionee desires to transfer Shares acquired under this Agreement, the Optionee shall give a written
Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the
proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company that the proposed sale
or transfer will not violate any applicable federal, State or foreign securities laws. The Transfer Notice shall be signed both by the
Optionee and by the proposed Transferee and must constitute a binding commitment of both parties to the transfer of the Shares. The Company
shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice
(subject, however, to any change in such terms permitted under Subsection (b) below) by delivery of a notice of exercise of the Right
of First Refusal within 30 days after the date when the Transfer Notice was received by the Company.

 

(b) Transfer
of Shares. If the Company fails to exercise its Right of First Refusal within 30 days after the date when it received the Transfer
Notice, the Optionee may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares
subject to the Transfer Notice on the terms and conditions described in the Transfer Notice, provided that any such sale is made in compliance
with applicable federal, State and foreign securities laws and not in violation of any other contractual restrictions to which the Optionee
is bound. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent
proposed transfer by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance with the procedure
described in Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Shares
on the terms set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer Notice (or within such
longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that
payment for the Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have
the option of paying for the Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer
Notice.

 

(c) Additional
or Exchanged Securities and Property. In the event of a merger or consolidation of the Company, a sale of all or substantially
all of the Company’s stock or assets, any other corporate reorganization, a stock split, the declaration of a stock dividend,
the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a
recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property
(including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any
Shares subject to this Section 7 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect the
exchange or distribution of such securities or property shall be made to the number and/or class of the Shares subject to this
Section 7.

 

    4

     

    

 

(d) Termination
of Right of First Refusal. Any other provision of this Section 7 notwithstanding, in the event that the Stock is readily tradable
on an established securities market when the Optionee desires to transfer Shares, the Company shall have no Right of First Refusal, and
the Optionee shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above.

 

(e) Permitted
Transfers. This Section 7 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer
to one or more members of the Optionee’s Immediate Family or to a trust established by the Optionee for the benefit of the Optionee
and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on
a form prescribed by the Company to be bound by all provisions of this Agreement. If the Optionee transfers any Shares acquired under
this Agreement, either under this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement
shall apply to the Transferee to the same extent as to the Optionee.

 

(f) Termination
of Rights as Stockholder. If the Company makes available, at the time and place and in the amount and form provided in this Agreement,
the consideration for the Shares to be purchased in accordance with this Section 7, then after such time the person from whom such Shares
are to be purchased shall no longer have any rights as a holder of such Shares (other than the right to receive payment of such consideration
in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof,
whether or not the certificate(s) therefor have been delivered as required by this Agreement.

 

(g) Assignment
of Right of First Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part.
Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights and
obligations under this Section 7.

 

SECTION 8. LEGALITY OF INITIAL ISSUANCE.

 

No Shares shall be issued upon the exercise
of this option unless and until the Company has determined that:

 

		(a)	It and the Optionee have taken any actions required to register
the Shares under the Securities Act or to perfect an exemption from the registration requirements thereof;

 

		(b)	Any applicable listing requirement of any stock exchange or other
securities market on which Stock is listed has been satisfied; and

 

		(c)	Any other applicable provision of federal, State or foreign law
has been satisfied.

 

    5

     

    

 

SECTION 9. NO REGISTRATION RIGHTS.

 

The Company may,
but shall not be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law. The Company
shall not be obligated to take any affirmative action in order to cause the sale of Shares under this Agreement to comply with any law.

 

SECTION 10. RESTRICTIONS ON TRANSFER OF SHARES.

 

(a) Securities
Law Restrictions. Regardless of whether the offer and sale of Shares under the Plan have been registered under the Securities Act
or have been registered or qualified under the securities laws of any State or other relevant jurisdiction, the Company at its discretion
may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on the
stock certificates (or electronic equivalent) or the imposition of stop-transfer instructions) and may refuse (or may be required to refuse)
to transfer Shares acquired hereunder (or Shares proposed to be transferred in a subsequent transfer) if, in the judgment of the Company,
such restrictions, legends or refusal are necessary or appropriate to achieve compliance with the Securities Act or other relevant securities
or other laws, including without limitation under Regulation S of the Securities Act or pursuant to another available exemption from registration.

 

(b) Market
Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration
statement filed under the Securities Act, including the Company’s initial public offering, the Optionee or a Transferee shall not
directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for
the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any
of the foregoing transactions with respect to, any Shares acquired under this Agreement without the prior written consent of the Company
or its managing underwriter. Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following
the date of the final prospectus for the offering as may be requested by the Company or such underwriter. In no event, however, shall
such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate
regulatory restrictions on (i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions,
including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers and Rule
472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules. The Market Stand-Off shall in any event terminate
two years after the date of the Company’s initial public offering. In the event of the declaration of a stock dividend, a spin-off,
a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding
securities without receipt of consideration, any new, substituted or additional securities which are by reason of such transaction distributed
with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be
subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect
to the Shares acquired under this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be
beneficiaries of the agreement set forth in this Subsection (b). This Subsection (b) shall not apply to Shares registered in the public
offering under the Securities Act.

 

    6

     

    

 

(c) Investment
Intent at Grant. The Optionee represents and agrees that the Shares to be acquired upon exercising this option will be acquired for
investment, and not with a view to the sale or distribution thereof.

 

(d) Investment
Intent at Exercise. In the event that the sale of Shares under the Plan is not registered under the Securities Act but an exemption
is available that requires an investment representation or other representation, the Optionee shall represent and agree at the time of
exercise that the Shares being acquired upon exercising this option are being acquired for investment, and not with a view to the sale
or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel,
including (if applicable because the Company is relying on Regulation S under the Securities Act) that as of the date of exercise the
Optionee is (i) not a U.S. Person; (ii) not acquiring the Shares on behalf, or for the account or benefit, of a U.S. Person; and (iii)
is not exercising the option in the United States.

 

(e) Legends.
All certificates evidencing Shares purchased under this Agreement shall bear the following legend:

 

“THE SHARES REPRESENTED HEREBY
MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT
BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE
COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES. IN ADDITION, THE SHARES ARE SUBJECT TO RESTRICTIONS
ON TRANSFER FOR A LIMITED PERIOD FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES AND
MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER. THE SECRETARY OF
THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

 

    7

     

    

 

All certificates evidencing Shares purchased
under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are required
or deemed advisable under the provisions of any applicable law):

 

“THE SHARES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY SECURITIES LAWS OF ANY
U.S. STATE, AND MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS
NOT REQUIRED. IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY (CONFIRMED BY OPINION OF COUNSEL) OF AN ALTERNATIVE EXEMPTION FROM
REGISTRATION UNDER THE ACT (INCLUDING WITHOUT LIMITATION IN ACCORDANCE WITH REGULATION S UNDER THE ACT), THESE SHARES MAY NOT BE
SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED OF. HEDGING TRANSACTIONS INVOLVING THESE SHARES
MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”

 

(f) Removal
of Legends. If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares sold under
this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate
representing the same number of Shares but without such legend.

 

(g) Administration.
Any determination by the Company and its counsel in connection with any of the matters set forth in this Section 10 shall be conclusive
and binding on the Optionee and all other persons.

 

SECTION 11. DRAG ALONG RIGHT.

 

(a) Required
Actions. If the Requisite Parties approve a transaction or transactions that, if consummated, would constitute a Change in Control,
then Optionee hereby agrees with respect to all Shares which it own(s) or over which it otherwise exercises voting or dispositive authority:

 

(i) to
vote (in person, by proxy or by action by written consent, as applicable) such Shares in favor of such Change in Control;

 

(ii) to
refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time with respect to such Change
in Control;

 

(iii) if
the consideration for such Shares pursuant to the Change in Control includes any securities, accept in lieu thereof an amount of cash
equal to the fair value (as determined in good faith by the Company) of such securities to the extent reasonably necessary (as determined
in good faith by the Company) to comply with applicable federal and state securities laws;

 

(iv) if
the Selling Holders appoint a stockholder representative (the “Stockholder Representative”) for matters affecting the
stockholders of the Company under the applicable definitive transaction agreements to consent to (i) the appointment of such Stockholder
Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar
obligations, and (iii) the payment of such Stockholder’s pro rata portion (from the applicable escrow or expense fund or otherwise)
of any and all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder Representative’s
services and duties in connection with such Change in Control and its related service as the representative of the Stockholders;

 

    8

     

    

 

(v) to
agree to make representations and warranties and to agree to indemnity and other liability obligations in connection with the Change in
Control on terms and conditions that, taken as a whole, are no less favorable to Optionee than to other holders of Common Stock of the
Company; and

 

(vi) to
execute and deliver all related documentation and take such other action in support of the Change in Control, as reasonably requested
by the Company, including a written consent, release and/or joinder, and to not take any action inconsistent with the Change in Control.

 

(b) Exceptions.
Notwithstanding the foregoing, an Optionee will not be required to comply with Subsection (a) above in connection with any Change in
Control unless (i) each holder of each class or series of the Company’s stock will receive the same form of consideration for
their shares of such class or series as is received by other holders in respect of their shares of such same class or series of
stock and (ii) each holder of Common Stock will receive the same amount of consideration per share of Common Stock as is received by
other holders in respect of their shares of Common Stock.

 

SECTION 12. ADJUSTMENT OF SHARES.

 

In the event of any
transaction described in Section 10(a) of the Plan, the terms of this option (including, without limitation, the number and kind of Shares
subject to this option and the Exercise Price) shall be adjusted as set forth in Section 10(a) of the Plan. In the event that the Company
is a party to a merger or consolidation or in the event of a sale of all or substantially all of the Company’s stock or assets,
this option shall be subject to the treatment provided by the Board of Directors in its sole discretion, as provided in Section 10(b)
of the Plan.

 

SECTION 13. MISCELLANEOUS PROVISIONS.

 

(a) Rights
as a Stockholder. Neither the Optionee nor the Optionee’s representative shall have any rights as a stockholder with respect
to any Shares subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares
by filing a notice of exercise and paying the Purchase Price pursuant to Sections 4 and 5.

 

(b) No
Retention Rights. Nothing in this option or in the Plan shall confer upon the Optionee any right to continue in Service for any period
of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing
or retaining the Optionee) or of the Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service at
any time and for any reason, with or without cause.

 

(c) Notice.
Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery,
(ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid, (iii) deposit with
Federal Express Corporation, with shipping charges prepaid or (iv) deposit with any internationally recognized express mail courier service.
Notice shall be addressed to the Company at its principal executive office and to the Optionee at the address that he or she most recently
provided to the Company in accordance with this Subsection (c).

 

    9

     

    

 

(d) Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by the Optionee and by an authorized officer of the Company (other than the Optionee). No waiver by either
party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver
of any other condition or provision or of the same condition or provision at another time.

 

(e) Entire
Agreement. The Notice of Stock Option Grant, this Agreement and the Plan constitute the entire contract between the parties hereto
with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written
and whether express or implied) that relate to the subject matter hereof.

 

(f) Choice
of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are
applied to contracts entered into and performed in such State.

 

SECTION 14. ACKNOWLEDGEMENTS OF THE OPTIONEE.

 

In addition to the
other terms, conditions and restrictions imposed on this option and the Shares issuable under this option pursuant to this Agreement and
the Plan, the Optionee expressly acknowledges being subject to Sections 7 (Right of First Refusal), 8 (Legality of Initial Issuance),
10 (Restrictions on Transfer of Shares, including without limitation the Market Stand- Off) and 11 (Drag Along Right), as well as the
following provisions:

 

(a) Tax
Consequences (No Liability for Discounted Options). The Optionee agrees that the Company does not have a duty to design or administer
the Plan or its other compensation programs in a manner that minimizes the Optionee’s tax liabilities. The Optionee shall not make
any claim against the Company or its Board of Directors, officers or employees related to tax liabilities arising from this option or
the Optionee’s other compensation. In particular, any Optionee subject to U.S. taxation acknowledges that this option is exempt
from Section 409A of the Code only if the Exercise Price is at least equal to the Fair Market Value per Share on the Date of Grant. Since
Shares are not traded on an established securities market, the determination of their Fair Market Value is made by the Board of Directors
or by an independent valuation firm retained by the Company. The Optionee acknowledges that there is no guarantee in either case that
the Internal Revenue Service will agree with the valuation, and the Optionee shall not make any claim against the Company or its Board
of Directors, officers or employees in the event that the Internal Revenue Service asserts that the valuation was too low.

 

(b) Electronic
Delivery of Documents. The Optionee agrees to accept by email all documents relating to the Company, the Plan or this option and
all other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that
may be required by the Securities and Exchange Commission). The Optionee also agrees that the Company may deliver these documents by
posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these
documents on a website, it shall notify the Optionee by email of their availability. The Optionee acknowledges that he or she may
incur costs in connection with electronic delivery, including the cost of accessing the internet and printing fees, and that an
interruption of internet access may interfere with his or her ability to access the documents. This consent shall remain in effect
until this option expires or until the Optionee gives the Company written notice that it should deliver paper documents.

 

    10

     

    

 

(c) No
Notice of Expiration Date. The Optionee agrees that the Company and its officers, employees, attorneys and agents do not have any
obligation to notify him or her prior to the expiration of this option pursuant to Section 6, regardless of whether this option will expire
at the end of its full term or on an earlier date related to the termination of the Optionee’s Service. The Optionee further agrees
that he or she has the sole responsibility for monitoring the expiration of this option and for exercising this option, if at all, before
it expires. This Subsection (c) shall supersede any contrary representation that may have been made, orally or in writing, by the Company
or by an officer, employee, attorney or agent of the Company.

 

(d) Waiver
of Statutory Information Rights. The Optionee acknowledges and agrees that, upon exercise of this option and until the first sale
of the Company’s Stock to the general public pursuant to a registration statement filed under the Securities Act, he or she will
be deemed to have waived any rights the Optionee might otherwise have had under Section 220 of the Delaware General Corporation Law (or
under similar rights under other applicable law) to inspect for any proper purpose and to make copies and extracts from the Company’s
stock ledger, a list of its stockholders and its other books and records or the books and records of any subsidiary. This waiver applies
only in the Optionee’s capacity as a stockholder and does not affect any other inspection rights the Optionee may have under other
law or pursuant to a written agreement with the Company.

 

(e) Plan
Discretionary. The Optionee understands and acknowledges that (i) the Plan is entirely discretionary, (ii) the Company and the
Optionee’s employer have reserved the right to amend, suspend or terminate the Plan at any time, (iii) the grant of an option
does not in any way create any contractual or other right to receive additional grants of options (or benefits in lieu of options)
at any time or in any amount and (iv) all determinations with respect to any additional grants, including (without limitation) the
times when options will be granted, the number of Shares offered, the Exercise Price and the vesting schedule, will be at the sole
discretion of the Company.

 

(f) Termination
of Service. The Optionee understands and acknowledges that participation in the Plan ceases upon termination of his or her Service
for any reason, except as may explicitly be provided otherwise in the Plan or this Agreement.

 

(g) Extraordinary
Compensation. The value of this option shall be an extraordinary item of compensation outside the scope of the Optionee’s employment
contract, if any, and shall not be considered a part of his or her normal or expected compensation for purposes of calculating severance,
resignation, redundancy or end-of-service payments, bonuses, long- service awards, pension or retirement benefits or similar payments.

 

(h) Authorization
to Disclose. The Optionee hereby authorizes and directs the Optionee’s employer to disclose to the Company or any
Subsidiary any information regarding the Optionee’s employment, the nature and amount of the Optionee’s compensation and
the fact and conditions of the Optionee’s participation in the Plan, as the Optionee’s employer deems necessary or
appropriate to facilitate the administration of the Plan.

 

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(i) Personal
Data Authorization. The Optionee consents to the collection, use and transfer of personal data as described in this Subsection (i).
The Optionee understands and acknowledges that the Company, the Optionee’s employer and the Company’s other Subsidiaries hold
certain personal information regarding the Optionee for the purpose of managing and administering the Plan, including (without limitation)
the Optionee’s name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, any
Shares or directorships held in the Company and details of all options or any other entitlements to Shares awarded, canceled, exercised,
vested, unvested or outstanding in the Optionee’s favor (the “Data”). The Optionee further understands and acknowledges
that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the purpose of implementation, administration
and management of the Optionee’s participation in the Plan and that the Company and/or any Subsidiary may each further transfer
Data to any third party assisting the Company in the implementation, administration and management of the Plan. The Optionee understands
and acknowledges that the recipients of Data may be located in the United States or elsewhere. The Optionee authorizes such recipients
to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of administering the Optionee’s
participation in the Plan, including a transfer to any broker or other third party with whom the Optionee elects to deposit Shares acquired
under the Plan of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Optionee’s
behalf. The Optionee may, at any time, view the Data, require any necessary modifications of Data or withdraw the consents set forth in
this Subsection (i) by contacting the Company in writing.

 

SECTION 15. DEFINITIONS.

 

 (a) “Agreement” shall mean this Stock Option Agreement.

 

 (b) “Board of Directors” shall mean the Board of Directors of the Company, as constituted from time to time or, if a Committee has been appointed, such Committee.

 

 (c) “Cause” shall mean:

 

(i) An
unauthorized use or disclosure by the Optionee of the Company Group’s confidential information or trade secrets, which use or disclosure
causes material harm to any member of the Company Group;

 

(ii) A
material breach by the Optionee of any agreement between the Optionee and any member of the Company Group;

 

(iii) A
material failure by the Optionee to comply with the Company Group’s written policies or rules;

 

(iv) The
Optionee’s conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United
States or any state thereof;

 

 (v) The Optionee’s gross misconduct; or

 

(vi) A
continued failure by the Optionee to perform assigned duties after receiving written notification of such failure from the board of directors
of any member of the Company Group (including the Board of Directors).

 

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(d) “Change
in Control” means the consummation of any of the following transactions in which holders of Shares receive cash, securities
or other adequate consideration deemed acceptable by the Board of Directors: (i) a sale of all or substantially all of the assets of the
Company determined on a consolidated basis to an unrelated person or entity; (ii) a merger, reorganization, or consolidation involving
the Company in which the shares of voting stock of the Company outstanding immediately prior to such transaction represent or are converted
into or exchanged for securities of the surviving or resulting entity immediately upon completion of such transaction which represent
less than 50% of the outstanding voting power of such surviving or resulting entity; or (iii) the acquisition of all or a majority of
the outstanding voting stock of the Company in a single transaction or series of related transactions by a person or group of persons
who are unrelated to the holders of a majority of the outstanding voting stock of the Company immediately prior to the consummation of
such transaction. For the avoidance of doubt, an initial public offering, any subsequent public offering, another capital raising event,
and a merger effected solely to change the Company’s domicile shall not constitute a “Change in Control.” In addition,
a transaction shall not constitute a Sale Event unless such transaction also qualifies as an event under Treasury Regulation Section 1.409A-3(i)(5)(v)
(change in the ownership of a corporation), Treasury Regulation Section 1.409A-3(i)(5)(vi) (change in the effective control of a corporation),
or Treasury Regulation Section 1.409A-3(i)(5)(vii) (change in the ownership of a substantial portion of a corporation’s assets).

 

		(e)	“Company” shall mean VO Holdings, Inc., a Delaware corporation.

 

		(f)	“Immediate Family” shall mean any child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in- law,
brother-in-law or sister-in-law and shall include adoptive relationships.

 

		(g)	“Optionee” shall mean the person named in the Notice of Stock Option Grant.

 

		(h)	“Plan” shall mean the VO Holdings, Inc. 2017 Stock Incentive Plan, as in effect on the Date of Grant.

 

		(i)	“Purchase Price” shall mean the Exercise
Price multiplied by the number of Shares with respect to which this option is being exercised.

 

		(j)	“Requisite Parties” means both the Board of Directors and the Selling Holders.

 

		(k)	“Right of First Refusal” shall mean the Company’s right of first refusal described in Section 7.

 

		(l)	“Selling Holders” means the holders of
a majority of the then outstanding shares of Common Stock (voting together as a single class and on an as-converted basis). 

 

		(m)	“Service” shall mean service as an Employee, Outside Director or Consultant.

 

		(n)	“Transferee” shall mean any person to whom the Optionee has directly or indirectly transferred any Share acquired under this Agreement.

 

		(o)	“Transfer Notice” shall mean the notice
of a proposed transfer of Shares described in Section 7.

 

		(p)	“U.S. Person” shall mean a person described
in Rule 902(k) of Regulation S of the Securities Act (or any successor rule or provision), which generally defines a U.S. person as any
natural person resident in the United States, any estate of which any executor or administrator is a U.S. Person, or any trust of which
of any trustee is a U.S. Person.

 

 

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