Document:

EX-10.11

 Exhibit 10.11 

TERMS AND CONDITIONS OF EMPLOYMENT 
 THIS EMPLOYMENT
AGREEMENT is made on 30/05/2020, 
 BETWEEN: 
  

	(1)	 SWVL Global FZE, a free zone company duly organised and existing pursuant to the laws of the Dubai World
Trade Centre and carrying registration number L-0406 (the “Company”); and 

  

	(2)	 Youssef Salem a Dominican national and holder of passport no. *******. 

 

	1.	 JOB TITLE AND TERM OF EMPLOYMENT 

 

	1.1	 You are employed as a Chief Financial Officer of the Company with effect from on or about
01/09/2021 (the “Commencement Date”). 

  

	1.2	 Your employment with the Company is for an unlimited period of time and may be terminated in accordance with
the terms of this Agreement. 

  

	2.	 DUTIES AND RESPONSIBILITIES 

 

	2.1	 During the term of your employment with the Company, you will perform the duties required of you by the Company
as set out in this Agreement and report directly to the board of directors (“Board”) of the Company. 

  

	2.2	 During your employment, you shall serve on a full-time basis as Chief Financial Officer
(“CFO”) of the Company and shall report to the Company’s Board. 

  

	2.3	 During the term of your employment, you will perform the duties and responsibilities as are normally associated
with the position of a Chief Financial Officer. 

  

	2.4	 In addition, during the term of your employment hereunder, you shall: 

 

	 	(a)	 abide by any applicable statutory, fiduciary or common law duties (as set out in the Labour Law) to the
Company; 

  

	 	(b)	 unless prevented by ill-health or accident or otherwise directed by the Board, devote the whole of your time
during normal business hours to your duties under this Agreement; 

  

	 	(c)	 comply with all reasonable and lawful directions given to you by the Board; (d) carry out your duties with
due care and attention; and 

  

	 	(e)	 not, without the Company’s prior written consent, be in any way directly or indirectly engaged or
concerned with any other employment whether during or outside your hours of work for the Company; 

  

	 	(f)	 use your best efforts to promote and protect the interests of the Company and observe the utmost good faith
towards the Company; and 

  

	 	(g)	 comply with all the Company’s rules, regulations and policies from time to time in force and any rules
which the Company’s clients may require you to observe whilst working on their premises. 

  
 1 

	3.	 REMUNERATION 

 

	3.1	 Your total salary is AED 1,020,000 per annum and will be paid in equal monthly instalments of AED
85,000 into your nominated bank account in accordance with the Company’s normal payroll schedule subject to any such deductions and/or withholdings that may be required by applicable law from time to time. 

 

	3.2	 You will receive 250 Stock Options (based on current total stock count of 59,868) at a strike price of USD 1
per share. 

  

	3.3	 In case you are relocating to the UAE from another jurisdiction, you shall be eligible for a relocation
allowance as set out below - 

  

					
	 Conditions
	  	Amount (in AED)	 
	 Single
	  	 	12000	 
	 Spouse
	  	 	15000	 
	 Spouse+Child
	  	 	18000	 

 In the event your employment terminates before the completion of one (1) year from the Commencement Date,
you shall be liable to pay to the Company the relocation allowance on a pro rata basis and an amount proportional to the number of months remaining to be completed for the year will be recovered. 

 

	3.4	 Unless you instruct otherwise in writing, the Company shall pay the remuneration set out in Clause 3.1 by
direct deposit to your nominated bank account. 

  

	3.5	 You and your family members residing or staying in UAE shall be relocated back to Egypt at the end of your
employment if you require it, and emergency repatriation in case of regional security threat in the UAE. 

  

	3.6	 There is currently no personal income tax in the UAE. The Company shall not be liable for any taxation payable
in the UAE or in your country of domicile or residence (if different from the UAE) or elsewhere. 

  

	4.	 REMUNERATION AND PERFORMANCE REVIEWS

 Your base remuneration will be reviewed twice a year. The performance review period for the Company runs from 1st
January to 31st December. You will participate in performance reviews, which will be conducted from time to time by the Board. 
  

	5.	 EXPENSES 

You will be reimbursed for any expenses properly incurred in connection with your duties in accordance with the Company’s expenses policy
as amended from time to time. 
  

	6.	 NORMAL HOURS OF WORK 

 

	6.1	 Your normal hours of work will be based on a forty-hour week Sunday to Thursday inclusive.

  

	6.2	 From time to time you may be required to work additional hours in order to properly perform your duties and/or
allow the Company to meet its obligations to its clients. 

  
 2 

	6.3	 Normal hours of work shall be reduced during the holy month of Ramadan as prescribed by the Labour Law.

  

	7.	 PLACE OF WORK 

Your normal place of work will be at the Company’s office in the Dubai World Trade Centre. With your consent the Company may change your
normal place of work or require you to work for extended periods overseas. 
  

	8.	 NOTICE 

 

	8.1	 Subject to Clause 4 above and Clause 13 below, the Company will provide you with thirty (30) days’ prior
written notice in order to terminate your employment. 

  

	8.2	 Subject to Clause 4 13 above and Clause below y ou are required to provide the Company with thirty
(30) days’ prior written notice in order to terminate your employment. 

  

	8.3	 Subject to approval of the Board, the Company may require you not to attend at work and/or not to undertake all
or any of your duties during any period of notice (whether given by the Company or you), provided, always, that the Company shall continue to pay your salary and contractual benefits. For the avoidance of doubt, there is no obligation
on the Company to provide you with any work during any period of notice and you will not be entitled to work on your own account or on account of any other person or company during that period. 

 

	9.	 HOLIDAYS AND HOLIDAY PAY

  

	9.1	 You are entitled, in addition to the public holidays observed in the UAE and declared for the private sector,
to twenty-five (25) working days, paid in each holiday year. Details of these public holidays will be notified to you from time to time. 

  

	9.2	 Your holiday entitlement will increase in line with length of service as follows: 

 

			
	6+ years of service	  	+1 working day per annum = total of 26 days per annum
		
	7+ years of service	  	+1 working day per annum = total of 27 days per annum
		
	8+ years of service	  	+1 working day per annum = total of 28 days per annum
		
	9+ years of service	  	+1 working day per annum = total of 29 days per annum
		
	10+ years of service	  	+1 working day per annum (maximum of thirty (30) days per annum)

  

	9.3	 The Company’s holiday year runs from 1st January to 31st December. 

 

	9.4	 The precise timing of your holiday entitlement will be at your discretion, but subject to the Company’s
approval (acting reasonably) after taking into account the work load and market situation at any particular time. Any past unused holiday entitlement during a holiday year may be brought forward to the current year. 

  
 3 

	9.5	 Your holiday entitlement does not expire and shall be brought forward pursuant to Clause 9.4.

  

	9.6	 If your employment begins or ends part way through the holiday year, your holiday entitlement for that year
will be assessed on a pro rata basis. 

  

	9.7	 On termination of your employment, you will be entitled to payment in lieu of any holidays which have accrued
but which you have not taken at that time. 

  

	10.	 SICKNESS OR OTHER ABSENCE

  

	10.1	 If you are absent from work for any reason and your absence has not previously been authorised by the Company,
you shall make reasonable efforts to inform the Company by 9:00 a.m. on your first day of absence. 

  

	10.2	 Sick leave shall be granted in accordance with the provisions of the Labour Law, subject to production of a
medical certificate from a hospital, clinic or general practitioner after three (3) consecutive days of absence. 

  

	11.	 HEALTH INSURANCE 

Subject to fulfilling the conditions as set out in Clause 24 (hereinbelow) you and your family will be eligible to receive health insurance
cover, as per the Company’s policies and procedures, in accordance with applicable laws in the UAE. 
  

	12.	 TERMINATION 

 

	12.1	 Notwithstanding anything to the contrary contained herein or in the Labour Law, the Company may dismiss you
immediately without notice, payment in lieu of notice, or payment of end of service gratuity in any one of the following circumstances: 

  

	 	(a)	 if you have adopted a false identity or nationality, or have produced forged documents or certificates;

  

	 	(b)	 if you are guilty of fraud and/or gross negligence as defined under the Labour Law in the discharge of your
duties under this Agreement; 

  

	 	(c)	 if you violate any reasonable instructions issued by the Company which relate to safety at work or the
workplace despite having previously been issued with a written warning regarding safety at work; 

  

	 	(d)	 if you fail to carry out your basic duties as an employee under the Agreement and continue to do so after
receiving a written notice from the Company warning that your employment will be terminated if such conduct persists; 

  

	 	(e)	 if you disclose trade secrets or other confidential information of the Company to the detriment of the Company;

  

	 	(f)	 if you are found drunk or under the influence of drugs during working hours; 

 

	 	(g)	 if you commit a physical assault on any of your colleagues; 

 

	 	(h)	 if you are absent from work without legitimate reason for more than twenty
(20) non- consecutive days or more than seven (7) consecutive days; 

  

	 	(i)	 if you work for another employer during your annual leave or sick leave; or 

 

	 	(j)	 if you are convicted of a crime involving honour, honesty or public morals. 

  
 4 

	13.	 END OF SERVICE GRATUITY

  

	13.1	 Upon termination of your employment with the Company, you may be entitled to receive an end of service gratuity
payment. Subject to Clauses 14.2, the end of service gratuity will be payable and calculated in accordance with the provisions of the Labour Law and based on your basic salary. 

 

	13.2	 Your period of service for calculation of the end of service gratuity will be based on your period of service
from the Commencement Date. 

  

	14.	 NON-COMPETITION 

During the period of your employment hereunder and for twelve (12) months after the last day of your employment, you shall not engage in
any project, business, undertaking, investment, partnership or otherwise that is engaged in any business which is in competition with the Company without the prior consent of the CEO of the Company. This restriction shall not apply to any existing
investment held by you on the Commencement Date or an investment in which you own less than a five percent (5%) interest. 
  

	15.	 NON-SOLICITATION 

You agree that, during the term of your employment hereunder and for a period of twelve (12) months after the last day of your employment, you
will not, directly or indirectly: 
  

	 	(a)	 recruit, solicit, entice, persuade or induce any senior employee, consultant, agent or independent contractor
of the Company or any of its Affiliates to terminate his or her employment or relationship with the Company or hire any such employee, consultant, agent or independent contractor or authorise or assist in the taking of any such actions by any third
party; or 

  

	 	(b)	 solicit or influence, or attempt to influence, any client, customer or other Person to direct his, her or its
business to any Person in competition with the business of the Company or any of its Affiliates. 

  

	16.	 CONFIDENTIALITY 

Subject to the express prior written consent of the Company, you must not (except in the proper performance of your duties) while employed by
the Company or at any time (without limit) after the date on which your employment with the Company terminates: 
  

	 	(a)	 divulge or communicate to any person; 

 

	 	(b)	 use for your own purposes or for any purposes other than those of the Company or, as appropriate, any of its
clients; or 

  

	 	(c)	 through any failure to exercise due care and diligence, cause any unauthorised disclosure of, any trade secrets
or confidential information relating to the Company or any of its clients. You must at all times use your best endeavours to prevent publication or disclosure of any trade secrets or confidential information. These restrictions shall cease to apply
to any information which shall become available to the public generally otherwise than through the default by you. 

  

	17.	 DATA PROTECTION 

By signing this Agreement, you acknowledge and agree that the Company is permitted to hold and process, both electronically and in hard copy
form, any personal and/or sensitive data about you as part of its employee-related administration and also for use in the course of the Company’s business but the Company shall not release any such information to any third party without your
prior written consent. 

  
 5 

	18.	 COMPANY AND CLIENT PROPERTY 

All equipment (including computer equipment), notes, memoranda, records, precedents, lists of clients, suppliers and employees, correspondence,
computer and other discs or tapes, data listings, codes, keys and passwords, designs, drawings and other documents or material whatsoever (whether made or created by you or otherwise and in whatever medium or format) relating to the business of the
Company or any of its clients (and any copies of the same) shall: 
  

	 	(a)	 be and remain the property of the Company or the relevant client; and 

 

	 	(b)	 be handed over by you to the Company on demand and in any event on the termination of your employment.

  

	19.	 INTELLECTUAL PROPERTY ASSIGNMENT 

Any invention, development or know-how which shall be conceived, developed or reduced to practice by the Executive during the period of his
employment relating to the business of the Company or the use of any of its technologies, facilities or Confidential information, notwithstanding that it is perfected or reduced to specific form at any time thereafter provided that its conception
arose during such period, including all rights therein and in any patent or other form of intellectual property or legal protection with respect thereto, shall become the sole property of the Company, without need for any specific action or notice
or any consideration to the Executive other than as provided for by this Agreement. The Executive shall cooperate with the Company and assist it in obtaining any patent or other form of legal protection for such inventions or know-how for no
additional compensation (other than the coverage of the Executive’s reasonable out of pocket expenses). 
  

	20.	 EMPLOYMENT POLICIES 

The Company has a number of policies governing the way employees of the Company should work; for example, a harassment policy, an e-mail and
internet acceptable use policy, a disciplinary policy, etc. These policies are workplace policies and the Company may amend, substitute or add new policies from time to time at its sole discretion. You will be notified of any new policies or
amendments that are made to the policies. You should make yourself aware of these policies and abide by them at all times. 
  

	21.	 CHANGES TO TERMS OF EMPLOYMENT

 From time to time and with your prior written approval, the Company may make changes to the mutually agreed terms
and conditions of employment. 
  

	22.	 PREVIOUS CONTRACTS 

 

	22.1	 The contractual terms in this Agreement shall be in substitution for all or any existing contracts of
employment previously entered into between you and the Company, which cease to have effect on the date upon which you commence work under this Agreement. You confirm that you have no outstanding claims in respect of any previous contracts or
otherwise against the Company or any of its affiliated partnerships. 

  

	22.2	 This Agreement and the documents and policies referred to in it (as amended or replaced from time to time)
constitute the entire agreement and understanding of the parties relating to your employment with the Company. 

  
 6 

	23.	 WORK PERMITS AND APPROVALS 

 

	23.1	 The Company will use reasonable efforts to assist you and your family in obtaining all requisite permissions
and approvals from the competent authority in the DWTC and any other competent authorities in the UAE (collectively, “Required Work and Residency Approvals”). 

 

	23.2	 It is a continued condition to your employment with the Company that your employment is permitted by the
appropriate authorities in the UAE, and that you hold and continue to hold the Required Work and Residency Approvals. To that end, you agree to conduct yourself with appropriate professional and personal behaviour so as not to jeopardise the status
of any such Required Work and Residency Approvals. Subject to approval by the Board, any revocation of your Required Work and Residency Approvals as a result of your behaviour may result in this Agreement being terminated. 

 

	23.3	 Upon termination of this Agreement and your employment hereunder, you shall execute all documents reasonably
requested by the Company, including, but not limited to, documents necessary to cancel the Required Work and Residency Approvals. 

  

	24.	 PRIVACY OF COMMUNICATION 

 

	24.1	 All communications, whether by telephone, e-mail, fax or any other means which are transmitted, undertaken or
received using the Company’s IT or communications systems (“Company Systems”) or on the Company’s premises will be treated by the Company as work related. The Company Systems are provided for your work use only. You agree
that the Company may intercept, record and monitor all communications made by you and your use of the Company Systems without further notice. You should not regard any communications or use as being private. 

 

	24.2	 The interception, recording and monitoring of communications is intended to protect the Company’s business
interests; for example, for the purposes of quality control, security of the Company Systems, protection of the Company’s confidential information and legitimate business interests, record-keeping and evidential requirements, detection and
prevention of criminal activity or misconduct, and to assist the Company in complying with relevant legal requirements. 

  

	24.3	 The Company and you acknowledge and agree that all communications, data, records and files stored on the
Company Systems or on the Company’s premises may be used as evidence in disciplinary or legal proceedings. 

  

	25.	 NO WAIVER 

The failure of either party to enforce any rights under this Agreement or to insist upon strict compliance with any of the terms, covenants or
conditions hereof shall not be deemed a waiver of such rights, terms, covenants and conditions, unless such waiver is an express written waiver which has been signed by the waiving party. Waiver of one breach shall not be deemed a waiver of any
other breach or any other provision hereof. 
  

	26.	 NOTICES 

All notices, reports and statements required or desired to be given under this Agreement will be in writing, in the English language, and will
be deemed served and delivered if delivered in person or via e-mail at Youssef.salem@swvl.com. 

  
 7 

	27.	 SEVERABILITY 

If any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein and there
shall be deemed substituted for such invalid, illegal or unenforceable provision such other provision as will most nearly accomplish the intent of the parties to the extent permitted by the applicable law. 

 

	28.	 COUNTERPARTS 

This Agreement may be signed in two or more counterparts, each of which shall be deemed an original but all of which shall together constitute
one and the same agreement. 
  

	29.	 DEFINITIONS 

 

			
	“Affiliate”	  	means, with respect to the Company, any other Person directly or indirectly controlling, controlled by, or under common control with the Company. For purposes of this definition, “control” shall mean the direct or
indirect ownership of a majority shareholding or other ownership interests in the Company and otherwise to direct the management, policies and business affairs of the Company;
		
	“Commencement Date”	  	has the meaning given in Clause ;1.1
		
	“Company”	  	has the meaning give in pre-amble (1);
		
	“DWTC”	  	means the Dubai World Trade Centre;
		
	“Labour Law”	  	means the applicable labour laws and regulations of the UAE and the DWTC, as amended, modified and supplemented from time to time;
		
	“Person”	  	means (i) an individual, or (ii) without limitation, a company, partnership, joint venture, trust, organisation, government entity or any other corporate body, whether or not having distinct legal personality;
		
	“Required Work and Residency Approvals”	  	has the meaning give in Clause 24.1; and
		
	“UAE”	  	means the United Arab Emirates.

  

	30.	 GOVERNING LAW AND JURISDICTION

 This Agreement shall be governed by, and construed in accordance with, the Labour Law and other applicable laws in
force in the UAE. Any dispute that arises under or relates to this Agreement is subject to the exclusive jurisdiction of the Dubai Courts. 

  
 8 

					
	/s/ Mostafa Kandil	 		 	Date: 30 May 2021
	Signed by Mostafa Kandil, CEO	 		 	
	for and on behalf of	 		 	
	SWVL Global FZE	 		 	

 I acknowledge that I have received a duplicate copy of this Agreement, have read and understood the same, and agree to be
bound by all the terms contained in it. 
  

					
	/s/ Youssef Salem	 		 	Date: 30 May 2021
	Signed by Youssef Salem	 		 	

  
 9EX-10.12

 Exhibit 10.12 

SWVL INC., 2019 SHARE OPTION PLAN, as amended 

EFFECTIVE AS OF JUNE 24, 2019 

 

							
	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	 
	(c)	  	 Decisions of the Board of Directors and Committees
	  	 	1	 
			
	SECTION 3.	  	 ELIGIBILITY
	  	 	1	 
	(a)	  	 General Rule
	  	 	1	 
			
	SECTION 4.	  	 SHARES SUBJECT TO OPTION PLAN
	  	 	2	 
	(a)	  	 Basic Limitation
	  	 	2	 
	(b)	  	 Additional Shares
	  	 	2	 
			
	SECTION 5.	  	 TERMS AND CONDITIONS OF OPTIONS
	  	 	2	 
	(a)	  	 Share Option Agreement
	  	 	2	 
	(b)	  	 Number and Class of Shares
	  	 	2	 
	(c)	  	 Exercise Price
	  	 	2	 
	(d)	  	 Exercisability
	  	 	2	 
	(e)	  	 Basic Term
	  	 	3	 
	(f)	  	 Termination of Service (Except by Death)
	  	 	3	 
	(g)	  	 Fraud or Dismissal for Cause
	  	 	3	 
	(h)	  	 Leaves of Absence
	  	 	3	 
	(i)	  	 Death of Optionee
	  	 	4	 
	(j)	  	 Pre-Exercise Restrictions on Transfer of Options
	  	 	4	 
	(k)	  	 General Restriction on Transfer
	  	 	4	 
	(l)	  	 No Rights as a Shareholder
	  	 	4	 
	(m)	  	 Modification, Extension and Assumption of Options
	  	 	4	 
	(n)	  	 Compulsory Sale of Shares
	  	 	5	 
			
	SECTION 6.	  	 PAYMENT FOR SHARES
	  	 	5	 
	(a)	  	 General Rule
	  	 	5	 
	(b)	  	 Services Rendered
	  	 	5	 
	(c)	  	 Promissory Note
	  	 	5	 
	(d)	  	 Surrender of Shares
	  	 	5	 
	(e)	  	 Exercise/Sale
	  	 	5	 
	(f)	  	 Net Exercise
	  	 	5	 
			
	SECTION 7.	  	 ADJUSTMENT OF SHARES
	  	 	6	 
	(a)	  	 General
	  	 	6	 
	(b)	  	 Corporate Transactions
	  	 	6	 
	(c)	  	 Reservation of Rights
	  	 	7	 
			
	SECTION 8.	  	 MISCELLANEOUS PROVISIONS
	  	 	7	 
	(a)	  	 Securities Law Requirements
	  	 	7	 
	(b)	  	 No Retention Rights
	  	 	7	 
	(c)	  	 Treatment as Compensation
	  	 	8	 
	(d)	  	 Governing Law and Jurisdiction
	  	 	8	 
	 (e)
	  	Conditions and Restrictions on Shares	  	 	8	 
	 (f)
	  	Tax Matters	  	 	8	 

  
 i 

							
	SECTION 9.	  	 DURATION AND AMENDMENTS
	  	 	9	 
	(a)	  	 Term of the Option Plan
	  	 	9	 
	(b)	  	 Right to Amend or Terminate the Option Plan
	  	 	9	 
	(c)	  	 Effect of Amendment or Termination
	  	 	9	 
			
	SECTION 10.	  	 DEFINITIONS
	  	 	9	 

  
 ii 

 SWVL INC. SHARE OPTION PLAN

 (THE “OPTION PLAN”) 

SECTION 1. ESTABLISHMENT AND PURPOSE. 

The purpose of this Option Plan is to offer persons selected by the Board of Directors of SWVL INC.(the “Company”) an
opportunity to acquire a proprietary interest in the success of the Company, or to increase such interest, by acquiring Shares. This Option Plan provides for the grant of Options to purchase Shares. 

Capitalized terms not defined in Section 10 herein bear the meanings ascribed to them in the Company’s Articles. 

SECTION 2. ADMINISTRATION. 

(a) Committees of the Board of Directors. The Board of Directors have the option, but not the obligation, to constitute one or more
Committees to administer the Option Plan. Each Committee shall consist, as required by applicable law, of two or more members of the Board of Directors 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. The Board of Directors may remove any such duly constituted Committees at its discretion at any time and for any reason. If no Committee has been appointed, the entire Board of
Directors shall administer the Option Plan. Any reference to the Board of Directors in the Option Plan shall be construed as a reference to the Committee (if any) to whom the Board of Directors has assigned a particular function in accordance with
this Section. 
 (b) Authority of the Board of Directors. Subject to the provisions of the Option Plan and the terms of the
Shareholders Agreement, the Board of Directors shall have full authority and discretion to take any action(s) it deems necessary or advisable for the administration of the Option Plan. Notwithstanding anything to the contrary in the Option Plan,
with respect to the terms and conditions of awards granted to Participants in different jurisdictions, the Board of Directors may vary from the provisions of the Option Plan to the extent it determines it necessary and appropriate to do so. All
decisions, interpretations and other actions of the Board of Directors shall be final and binding on all Optionees and all persons deriving their rights from an Optionee. 

(c) Decisions of the Board of Directors and Committees. All decisions, interpretations and other actions of the Board of Directors or
any Committee under the Option Plan shall require the prior written approval of the Preferred Directors in accordance with the Articles. 

SECTION 3. ELIGIBILITY. 

(a) General Rule. Only Employees shall be eligible for the grant of Options, subject to the Board of Director’s general discretion
to select any such additional eligible persons (who may or may not be Employees). For the avoidance of doubt, the Board of Directors shall have the authority to determine the number, tenor and type of any and all Options allocated or issued in
accordance with the Option Plan. 

 SECTION 4. SHARES SUBJECT TO OPTION PLAN. 

(a) Basic Limitation. Exhibit A sets forth the maximum number of Shares that may be issued under the Option Plan, subject to
Section 3(a), Subsection (b) below and Section 8(a). The number of Shares that are subject to Options or other rights outstanding at any time under the Option Plan may not exceed the number of Shares that then remain available for
issuance under the Option Plan. The Company, during the term of the Option Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Option Plan. Shares offered under the Option Plan may be authorized
but unissued Shares or treasury Shares. 
 (b) Additional Shares. In the event that Shares previously issued under the Option Plan
are reacquired by the Company, such Shares shall be added to the number of Shares then available for issuance under the Option Plan. In the event that Shares that otherwise would have been issuable under the Option Plan are withheld by the Company
in payment of the Exercise Price or withholding taxes, such Shares shall remain available for issuance under the Option Plan. In the event that an outstanding Option or other right for any reason expires or is cancelled, the Shares allocable to the
unexercised portion of such Option or other right shall be added to the number of Shares then available for issuance under the Option Plan. 

SECTION 5. TERMS AND CONDITIONS OF OPTIONS. 

(a) Share Option Agreement. Each grant of an Option under the Option Plan shall be evidenced by a Share Option Agreement between the
Optionee and the Company in a form deemed satisfactory by the Board of Directors. The Option shall be subject to all the terms and conditions of this Option Plan and may be subject to any other terms and conditions that are not inconsistent with the
Option Plan and that the Board of Directors deem appropriate for inclusion in a Share Option Agreement. The provisions of the various Share Option Agreements entered into under the Option Plan need not be identical. 

(b) Number and Class of Shares. Each Share Option Agreement shall specify the number of Shares (such class being
designated within the Shareholders Agreement or Articles and/or as may be designated or amended by the Company’s Board of Directors from time to time) that are subject to the Option and shall provide for the adjustment of such number in
accordance with SECTION 7. For the avoidance of doubt, any and all Shares issued under the Plan shall be non-voting, unless otherwise determined by the Board of Directors. 

(c) Exercise Price. Each Share Option Agreement shall specify the Exercise Price. The Exercise Price of an Option shall be determined
by the Board of Directors in its sole discretion. The Exercise Price shall be payable in a form described in SECTION 6 and shall become due and payable upon the exercise of an Option by an Optionee, unless determined otherwise by the Board of
Directors. 
 (d) Exercisability. Each Share Option Agreement shall specify the conditions to exercise and the date when all, or any
installment of, the Option is to become exercisable. No Option shall be exercisable unless the Optionee has delivered an executed copy of the Share Option Agreement to the Company by the date specified in such Share Option Agreement. The Board of
Directors shall determine the exercisability provisions of the Share Option Agreement at its sole discretion. 

  
 2 

 (e) Basic Term. The Share Option Agreement shall specify the term of the Option. The
term shall not exceed 10 years from the Date of Grant. Subject to the preceding sentence, the Board of Directors in its sole discretion shall determine when an Option is to expire. 

(f) Termination of Service (Except by Death). Subject to subsection (e) below, 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. 
 (g) Fraud or Dismissal for Cause. If an Optionee ceases to be employed by the Company or
ceases to be an Employee or officer of any Parent or Subsidiary by reason of (i) fraud or (ii) dismissal for cause, all of the Optionee’s unexercised Options, whether vested or unvested, shall no longer be exercisable following such
termination and the Optionee’s Options shall terminate immediately. The Company shall have the option but not the obligation to purchase any Shares then held by the Optionee at the Exercise Price or any other price as determined by the Board of
Directors. 
 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 (in accordance with any conditions to exercise specified in this Plan or the Share Option Award Agreement) 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 (in accordance with any
conditions to exercise specified in this Plan or the Share Option Award Agreement) 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). 
 (h) 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). 

  
 3 

 (i) 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. 

(j) Pre-Exercise Restrictions on Transfer of Options. An Option shall be transferable by the
Optionee only (i) by a beneficiary designation under a Family Trust, (ii) by a will, (iii) by the operation of law, or (iv) with the prior written consent of the Board of Directors. 

(k) General Restriction on Transfer. Without limiting any other provision of this Option Plan or any provision of the Articles, the
Optionee may not transfer, sell, pledge or otherwise transfer to a third party any Shares acquired under this Option Plan, or any interest in any such Shares, without the approval of the Board of Directors including the Preferred Directors, and any
transfer attempted in violation of this Section 5 (j) shall be null and void and shall not be recognized by the Company. This Section 5 (j) shall not apply (i) where, and to the extent that, the drag-along rights in the Articles are
invoked and (ii) where, and to the extent that, the tag-along rights in the Articles are invoked. 

(l) No Rights as a Shareholder. An Optionee, or a transferee of an Optionee, shall have no rights as a shareholder with respect to any
Shares covered by the Optionee’s Option until such person becomes entitled to receive such Shares by delivering a notice of exercise and paying the Exercise Price pursuant to the terms of such Option and being entered into the register of
members of the Company as a shareholder. 
 (m) Modification, Extension and Assumption of Options. Within the limitations of the
Option 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. 

  
 4 

 (n) Compulsory Sale of Shares. If an Optionee’s Service terminates for any
reason, the Company (or such person as the Company may in its absolute discretion nominate) may, but shall not be required to, purchase at any time during the period of 12 months following the termination of the Optionee’s Service any Shares
acquired by an Optionee, or a transferee of an Option, under this Option Plan at the lower of cost (being the aggregate Exercise Price paid by the Optionee to acquire the Shares) and their Fair Market Value and in the event that the Company chooses
to purchase the said Shares the Optionee shall be obliged to sell such Shares to the Company and to sign all such documents as may be required to give effect to such sale. 

SECTION 6. PAYMENT FOR SHARES. 

(a) General Rule. The entire Exercise Price of Shares issued under the Option Plan shall be payable in cash or a form of consideration
permitted by the BVI Business Companies Act, 2004 (as amended) at the time when such Shares are purchased, except as otherwise provided in this Section 6. In addition, the Board of Directors in its sole discretion may also permit payment
through any of the methods described in (b) through (f) below: 
 (b) Services Rendered. Shares may be awarded under the Option
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 Exercise Price (as the case may be) of Shares issued under the Option 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. 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 Shares. All or any part of the Exercise Price may be paid by the Company redeeming Shares that are already owned by
the Optionee. Such Shares shall be redeemed by the Company and shall be valued at their Fair Market Value as of the date when the Option is exercised. 

(e) Exercise/Sale. If the Shares are 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. 

  
 5 

 SECTION 7. ADJUSTMENT OF SHARES. 

(a) General. In the event of a subdivision of the outstanding Shares, a declaration of a dividend payable in Shares, a combination or
consolidation of the outstanding Shares into a lesser number of Shares, a reclassification, or any other increase or decrease in the number of issued Shares 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, and (ii) the Exercise Price under each outstanding Option. In the event of a declaration of a dividend payable in a form
other than Shares in an amount that has a material effect on the Fair Market Value of the Shares, 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 (ii) above. No fractional Shares shall be issued under the Option Plan as a result of an adjustment under this Section 7 (a), although the Board of Directors
in its sole discretion may make a cash payment in lieu of fractional Shares. 
 (b) Corporate Transactions. Subject to any provisions
in the Optionee’s Share Option Agreement, 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 shares or assets, all Shares acquired under the Option
Plan and all Options 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, including the Preferred Directors, in its capacity as administrator of the Option Plan, with such determination having final and binding effect on all parties), which agreement or
determination need not treat all Options (or all portions of an Option) in an identical manner. The treatment specified in the transaction agreement may include (without limitation) one or more of the following with respect to each outstanding
Option: 
 (i) Continuation of the Option by the Company (if the Company is the surviving corporation). 

(ii) Assumption of the Option by the surviving corporation or its parent. 

(iii) Substitution by the surviving corporation or its parent of a new option for the Option. 

(iv) Cancellation of the Option and a payment to the Optionee with respect to each Share subject to the portion of the Option
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 as a result of the
transaction, over (B) the per-Share Exercise Price of the Option (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 Shares. If the Spread applicable to an Option is zero or a negative number, then the Option may be cancelled without making a payment to the Optionee. 

  
 6 

 (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. 
 For the avoidance of doubt, the Board of Directors, including the Preferred Directors, have the discretion to accelerate, in whole
or part, the vesting and exercisability of an Option or other Option Plan award in connection with a corporate transaction covered by this Section 7(b). 

(c) Reservation of Rights. Except as provided in this Section 7, a Participant shall have no rights by reason of (i) any
subdivision or consolidation of Shares of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of Shares of any class. Any issuance by the Company of Shares of any class, or securities
convertible into Shares of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Option. The grant of an Option pursuant to the Option 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. 
 SECTION 8. MISCELLANEOUS PROVISIONS. 

(a) Securities Law Requirements. Shares shall not be issued under the Option 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. 
 (b)
No Retention Rights. Nothing in the Option Plan or in any right or Option granted under the Option 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 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. 

  
 7 

 (c) Treatment as Compensation. Any compensation that an individual earns or is deemed
to earn under this Option Plan shall not be considered a part of his or her compensation for purposes of calculating contributions, entitlements, accruals or benefits under any other Option Plan or program that is maintained or funded by the
Company, a Parent or a Subsidiary. 
 (d) Governing Law and Jurisdiction. This Option Plan and all awards, sales and grants under the
Option Plan and any disputes or claims arising out of or in connection with its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance
with, the laws of England. Any “Dispute” (as defined herein) arising out of or in connection with this Option Plan shall be referred to and finally resolved by arbitration under the London Court of International Arbitration Rules
(the “Rules”), which Rules are deemed to be incorporated by reference into this clause. The number of arbitrators shall be one. The seat, or legal place, of arbitration shall be Dubai. The language to be used in the arbitral
proceedings shall be English. For the purposes of this clause, “Dispute” means any dispute, controversy, claim or difference of whatever nature arising out of, relating to, or having any connection with this Option Plan, including a
dispute regarding the existence, formation, validity, interpretation, performance or termination of this Option Plan or the consequences of its nullity and also including any dispute relating to any
non-contractual rights or obligations arising out of, relating to, or having any connection with this Option Plan. 

(e) Conditions and Restrictions on Shares. Shares issued under the Option 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, including the Preferred Directors, may determine. Such conditions and restrictions shall be set forth in the
applicable Option Agreement and/or the Articles and shall apply in addition to any restrictions that may apply to holders of Shares generally. In addition, Shares issued under the Option 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 provided that such restrictions and conditions are reflected in the Articles. 
 (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 Option Plan, the Participant shall make such arrangements as the Board of Directors may require or permit for the satisfaction of any applicable withholding tax obligations that may arise in connection with
such event. 
 (ii) 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. 

  
 8 

 SECTION 9. DURATION AND AMENDMENTS. 

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

(b) Right to Amend or Terminate the Option Plan. Subject to Subsection (c) below, the Board of Directors, including the Preferred
Directors, may amend, suspend or terminate the Option Plan and all or any of the Options issued under same at any time and for any reason. 

(c) Effect of Amendment or Termination. No Shares shall be issued or sold and no Option granted under the Option Plan after the
termination thereof, except upon exercise of an Option (or any other right to purchase Shares) granted under the Option Plan prior to such termination. The termination of the Option Plan, or any amendment thereof, shall not affect any Share
previously issued or any Option previously granted under the Option Plan. 
 SECTION 10. DEFINITIONS. 

(a) “Affiliate” means, with respect to any specified corporate entity, any other person, that directly, or indirectly through
one or more intermediaries, Controls, or is Controlled by, or is under common Control with, the entity specified. In relation to any natural person, the spouse, parents, siblings and direct descendants of such persons or any corporate person which
such natural person (or the spouse, parents, siblings and direct descendants of such persons) person Controls; 
 (b)
“Articles” means the Memorandum and Articles of Association of the Company, as amended from time to time. 
 (c)
“Board of Directors” means the Board of Directors of the Company (including for the avoidance of doubt the affirmative vote of the Preferred Directors in accordance with the Articles) as constituted from time to time. 

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

(e) “Company” means SWVL Inc., a BVI registered company with registered address Maples Corporate Services (BVI) Limited of
Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. 
 (f) “Date of Grant” means the date of grant
specified in the applicable Share Option Agreement, which date shall be the later of (i) the date on which the Board of Directors resolved to grant the Option or (ii) the first day of the Optionee’s Service. 

  
 9 

 (g) “Disability” means that the Optionee is, in the reasonable opinion of
the Board of Directors, unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment. 

(h) “Employee” means any individual who is an employee, consultant, advisor and/or director of the Company, a Parent or a
Subsidiary. 
 (i) “Exercise Price” means the amount for which one vested Share may be purchased upon exercise of an
Option, as specified by the Board of Directors in the applicable Share Option Agreement. 
 (j) “Fair Market Value” means
the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination shall be conclusive and binding on all persons. 

(k) “Family Trust” means a trust (whether arising under a settlement, declaration of trust, testamentary disposition or on an
intestacy) under which no immediate beneficial interest in the shares in question is for the time being or may in future be vested in any person other than the person establishing the trust and his immediate family. 

(l) “Option” means an option granted under the Option Plan and entitling the holder to purchase Shares. 

(m) “Optionee” means a person who holds an Option. 

(n) “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 shares possessing 50% or more of the total combined voting power of all classes of shares 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 Option Plan shall be considered a Parent commencing as of such date. 
 (o) “Participant”
means an Optionee. 
 (p) “Preferred Director(s)” means the preferred directors of the Company as reflected in Shareholders
Agreement and Articles. 
 (q) “Service” means service as an Employee. 

(r) “Share” means a Common Shares B share issued or to be issued by the Company. 

(s) “Shareholder” means a shareholder of the Company. 

(t) “Shareholders Agreement” means the Amended and Restated Shareholders Agreement in relation to the Company dated
12 February 2019, or any amendments and/or restatements thereof. 

  
 10 

 (u) “Share Option Agreement” means the agreement between the Company and an
Optionee that contains the terms, conditions and restrictions pertaining to the Optionee’s Option. 
 (v) “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 shares possessing 50% or more of the total
combined voting power of all classes of shares 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 Option Plan shall be considered a Subsidiary commencing as of
such date. 

  
 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]