Document:

Exhibit 10.2

 

ESCROW
AGREEMENT

 

This
Escrow Agreement (“Agreement”)
is made and entered into as of November 6, 2020, by and between: KBL Merger Corp. IV, a Delaware corporation (“KBL”);
and Lawrence Pemble, as representative (the “Stockholder Representative”) of the Persons identified from time
to time on Schedule 1 hereto; and Continental Stock Transfer & Trust Company, a New York corporation (the “Escrow
Agent”).

 

Recitals

 

WHEREAS,
KBL and the Stockholder Representative, together with KBL Merger Sub, Inc. (“Merger Sub”), 180 Life Sciences
Corp. (“180”), Katexco Pharmaceuticals Corp. (“Katexco”), CannBioRex Pharmaceuticals Corp.
(“CBR Pharma”) and 180 Therapeutics L.P. (“180 LP” and together with Katexco and CBR Pharma,
the “180 Subsidiaries”), entered into a Business Combination Agreement dated as of July 25, 2019 (the “Business
Combination Agreement”) pursuant to which, among other things: (i) Merger Sub will merge with and into 180; and (ii)
certain stock issuances are to be made to the Company Stockholders (as defined below). A copy of the Business Combination Agreement
is attached hereto as Exhibit A;

 

WHEREAS,
the Business Combination Agreement contemplates the establishment of an escrow fund to secure certain rights of the KBL Indemnitees
(as defined in the Business Combination Agreement) to indemnification as provided in the Business Combination Agreement; and

 

WHEREAS,
pursuant to Section 9.17 of the Business Combination Agreement, Lawrence Pemble has been irrevocably appointed by the Company
Stockholders to serve as the representative for the benefit of the Company Stockholders and the 180 Subsidiaries in connection
with, among other things, all matters under this Agreement and the resolution of all indemnification claims under the Business
Combination Agreement.

 

Agreement

 

The
parties, intending to be legally bound, agree as follows:

 

Section
1. Defined Terms.

 

1.1
Capitalized terms used and not defined in this Agreement shall have the meanings given to them in the Business Combination
Agreement.

 

1.2
As used in this Agreement, the term “Company Stockholders” refers to the Persons who were stockholders of 180
immediately prior to the Effective Time or their respective Affiliates to which the rights under this Agreement have been assigned
as set forth herein.

 

     

     

    

 

Section
2. Escrow and Indemnification.

 

2.1
Shares and Stock Powers Placed in Escrow. At or following the Effective Time, in accordance with the Business Combination
Agreement, KBL, which shall change its name to 180 Life Sciences Corp. in connection with the Business Combination, shall issue
certificates for the Escrowed Shares registered in the names of each of the Company Stockholders evidencing the shares of KBL
Common Stock to be held in escrow under this Agreement in the amounts set forth on Schedule 1, and shall cause such certificates
to be delivered to the Escrow Agent.

 

2.2
Escrow Funds. The Escrowed Shares being held in escrow pursuant to this Agreement, together with any distributions on the
Escrowed Shares, shall collectively constitute an escrow fund (the “Escrow Fund”) securing the indemnification rights
of KBL and the KBL Indemnitees under the Business Combination Agreement. The Escrow Agent agrees to accept delivery of the Escrow
Funds and to hold the Escrow Fund in a separate escrow account (such account, the “Escrow Account”), subject to the
terms and conditions of this Agreement and the Business Combination Agreement.

 

2.3
Voting of Escrow Shares. The record owner of the Escrowed Shares shall be entitled to exercise all voting rights with respect
to such Escrowed Shares. The Escrow Agent is not obligated to distribute to the Company Stockholders or to the Stockholder Representative
any proxy materials and other documents relating to the Escrow Shares received by the Escrow Agent from KBL.

 

2.4
Investments. The Escrow Agent shall invest and reinvest the cash (if any) held in the Escrow Account from time to time in
(a) short-term securities issued or guaranteed by the United States Government, its agencies or instrumentalities; and/or (b)
repurchase agreements relating to such securities. Upon the request of either KBL or the Stockholder Representative, the Escrow
Agent shall provide a statement to the requesting party that describes any deposit, distribution or investment activity or deductions
with respect to any funds held in the Escrow Account in addition to quarterly account statements from the Escrow Agent.

 

2.5
Interest, Etc. KBL and the Stockholder Representative, on behalf of each of the Company Stockholders, agree that any interest
accruing on or income otherwise earned (including any ordinary cash dividends paid in respect to the Escrowed Shares) on any investment
of any funds in the Escrow Account shall be held by the Escrow Agent in the Escrow Account. The aggregate amount of all interest
and other income earned on any investment of any funds in the Escrow Account shall be distributed by the Escrow Agent as set forth
in Section 3.

 

2.6
Dividends, Etc. KBL and the Stockholder Representative, on behalf of each of the Company Stockholders, agree that any shares
of KBL Common Stock or other property (including ordinary cash dividends) distributable or issuable (whether by way of dividend,
stock split or otherwise) in respect of or in exchange for any Escrowed Shares (including pursuant to or as a part of a merger,
consolidation, acquisition of property or stock, reorganization or liquidation involving KBL) shall not be distributed or issued
to the beneficial owners of such Escrowed Shares, but rather shall be distributed or issued to and held by the Escrow Agent in
the Escrow Account as part of the Escrow Fund. Any securities or other property received by the Escrow Agent in respect of any
Escrowed Shares held in escrow as a result of any stock split or combination of shares of KBL Common Stock, payment of a stock
dividend or other stock distribution in or on shares of KBL Common Stock, or change of KBL Common Stock into any other securities
pursuant to or as a part of a merger, consolidation, acquisition of property or stock, reorganization or liquidation involving
KBL, or otherwise, shall be held by the Escrow Agent as part of the Escrow Fund.

 

    2

     

    

 

2.7
Transferability. Except as provided for herein or by operation of law, the interests of the Company Stockholders in the Escrow
Fund and in the Escrowed Shares shall not be assignable or transferable.

 

2.8
Trust Fund. The Escrow Fund shall be held as trust funds and shall not be subject to any lien, attachment, trustee process
or any other judicial process of any creditor of any Company Stockholder, or of any party hereto. The Escrow Agent shall hold
and safeguard the Escrow Fund until the Termination Date (as defined in Section 6) or earlier distribution in accordance with
this Agreement.

 

Section
3. Release of Escrow Shares.

 

3.1
General. Within 10 Business Days after receiving either (a) joint written instructions from KBL and the Stockholder Representative
(“Joint Instructions”) or (b) an order issued by a court of competent jurisdiction (a “Court Order”) relating
to the release of any Escrowed Shares from the Escrow Fund, in accordance with the terms and provisions of the Business Combination
Agreement, the Escrow Agent shall release or cause to be released any such Escrowed Shares and any other amounts from the Escrow
Fund, in the amounts, to the Persons and in the manner set forth in such Joint Instructions Court Order.

 

3.2
Escrow Release Date. Promptly following the one (1) year anniversary of the Closing Date (the “Escrow Release Date”),
but in no event later than two (2) Business Days thereafter, the Stockholder Representative and KBL shall deliver to the Escrow
Agent joint written instructions directing the Escrow Agent to distribute any remaining Escrowed Shares in the Escrow Fund less
a number of Escrowed Shares in the Escrow Fund equal to the aggregate value of all unsatisfied or disputed indemnifiable Losses
set forth in any Claim Notice delivered to the Stockholder Representative on or prior to the Escrow Release Date in accordance
with Article 8 of the Business Combination Agreement. Any portion of the Escrowed Shares held by the Escrow Agent following the
Escrow Release Date with respect to pending but unresolved claims for indemnification pursuant to Article 8 of the Business Combination
Agreement that is not awarded to KBL upon the resolution of such claims shall be promptly distributed by the Escrow Agent to the
Company Stockholders and the Company Subsidiaries on a pro rata basis. KBL and the Stockholder Representative shall, promptly
after final resolution of such pending claims (but in no event later than two (2) Business Days thereafter), execute a joint instruction
to release such amounts from the Escrow Account in accordance with such final resolution thereof. For purposes of this Agreement
and of Article 8 of the Business Combination Agreement, the Escrowed Shares shall be valued at the Per Share Redemption Price.

 

    3

     

    

 

3.3
Disputes. All disputes, claims, or controversies arising out of or relating to Section 3 of this Agreement that are not resolved
by mutual agreement between KBL and the Stockholder Representative shall be resolved solely and exclusively as set forth in the
Business Combination Agreement.

 

Section
4. Fees and Expenses.

 

The
Escrow Agent shall be entitled to receive, from time to time, fees in accordance with Schedule 2. In accordance with Schedule
2, the Escrow Agent will also be entitled to reimbursement for reasonable and documented out-of-pocket expenses incurred by the
Escrow Agent in the performance of its duties hereunder and the execution and delivery of this Agreement. All such fees and expenses
shall be paid by Parent.

 

Section
5. Limitation of Escrow Agent’s Liability.

 

5.1
The Escrow Agent undertakes to perform such duties as are specifically set forth in this Agreement only and shall have no
duty under any other agreement or document, and no implied covenants or obligations shall be read into this Agreement against
the Escrow Agent. The Escrow Agent shall incur no liability with respect to any action taken by it or for any inaction on its
part in reliance upon any notice, direction, instruction, consent, statement or other document believed by it in good faith to
be genuine and duly authorized, nor for any other action or inaction except for its own negligence or willful misconduct. In all
questions arising under this Agreement, the Escrow Agent may rely on the advice of counsel, and for anything done, omitted or
suffered in good faith by the Escrow Agent based upon such advice the Escrow Agent shall not be liable to anyone. In no event
shall the Escrow Agent be liable for incidental, punitive or consequential damages.

 

5.2
KBL and the Stockholder Representative, acting on behalf of the Company Stockholders, hereby agree to indemnify the Escrow
Agent and its officers, directors, employees and agents for, and hold it and them harmless against, any loss, liability or expense
incurred without negligence or willful misconduct on the part of Escrow Agent, arising out of or in connection with the Escrow
Agent’s carrying out its duties hereunder. This right of indemnification shall survive the termination of this Agreement
and the resignation of the Escrow Agent.

 

Section
6. Termination.

 

This
Agreement shall terminate upon the release by the Escrow Agent of the final amounts held in the Escrow Fund in accordance with
Section 3 (the date of such release being referred to as the “Termination Date”).

 

Section
7. Successor Escrow Agent.

 

In
the event the Escrow Agent becomes unavailable or unwilling to continue as escrow agent under this Agreement, the Escrow Agent
may resign and be discharged from its duties and obligations hereunder by giving its written resignation to the parties to this
Agreement. Such resignation shall take effect not less than 30 days after it is given to all the other parties hereto. In such
event, KBL may appoint a successor Escrow Agent (acceptable to the Stockholder Representative, acting reasonably). If KBL fails
to appoint a successor Escrow Agent within 15 days after receiving the Escrow Agent’s written resignation, the Escrow Agent
shall have the right to apply to a court of competent jurisdiction for the appointment of a successor Escrow Agent. The successor
Escrow Agent shall execute and deliver to the Escrow Agent an instrument accepting such appointment, and the successor Escrow
Agent shall, without further acts, be vested with all the estates, property rights, powers and duties of the predecessor Escrow
Agent as if originally named as Escrow Agent herein. The Escrow Agent shall act in accordance with written instructions from KBL
and the Stockholder Representative as to the transfer of the Escrow Funds to a successor Escrow Agent.

 

    4

     

    

 

Section
8. Company Stockholder Representatives.

 

8.1
Unless and until KBL and the Escrow Agent shall have received written notice of the appointment of a successor Stockholder
Representative in accordance with the terms of the Business Combination Agreement, KBL and the Escrow Agent shall be entitled
to rely on, and shall be fully protected in relying on, the power and authority of the Stockholder Representative to act on behalf
of the Company Stockholders.

 

Section
9. Miscellaneous.

 

9.1
Attorneys’ Fees. In any action at law or suit in equity to enforce or interpret this Agreement or the rights
of any of the parties hereunder, the prevailing party in such action or suit shall be entitled to receive a reasonable sum for
its attorneys’ fees and all other reasonable costs and expenses incurred in such action or suit.

 

9.2
Notices. Any notice or other communication required or permitted to be delivered to any party under this Agreement shall be
in writing and shall be deemed properly delivered, given and received when delivered (by hand, by registered mail, by courier
or express delivery service or by facsimile) to the address or facsimile telephone number set forth beneath the name of such party
below (or to such other address or facsimile telephone number as such party shall have specified in a written notice given to
the other parties hereto):

 

if
to Parent:

 

KBL
Merger Corp. IV

30 Park Place, Suite 45E

New York, N.Y. 10007

Attention: Marlene Krauss

Email: mkrauss@kblvc.com

 

with
a copy, which shall not constitute notice, to:

 

Pryor
Cashman LLP

7 Times Square

New York, NY 10036

Attention: M. Ali Panjwani, Esq.

 

Email:
ali.panjwani@pryorcashman.com

 

    5

     

    

 

if
to the Stockholder Representative:

 

c/o
180 Life Sciences Corp.

830
Menlo Avenue, Suite 100

Menlo Park, CA 94025

Attn:
Lawrence Pemble

 

with
a copy, which shall not constitute notice, to:

 

The
Loev Law Firm, PC

6300
West Loop South, Suite 280

Bellaire,
TX 77401

Attention:
David M. Loev, Esq.

Facsimile:
713-920-9372

Email:
dloev@loevlaw.com

 

if
to the Escrow Agent:

 

Continental Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004

Attention:
____________

Facsimile:
______________

 

Notwithstanding
the foregoing, notices addressed to the Escrow Agent shall be effective only upon receipt. If any notice or other document is
required to be delivered to the Escrow Agent and any other Person, the Escrow Agent may assume without inquiry that notice or
other document was received by such other Person on the date on which it was received by the Escrow Agent.

 

9.3
Headings. The bold-faced headings contained in this Agreement are for convenience of reference only, shall not be deemed
to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

9.4
Counterparts and Exchanges by Facsimile or Other Electronic Transmission. This Agreement may be executed in several counterparts,
each of which shall constitute an original and all of which, when taken together, shall constitute one agreement. The exchange
of a fully executed Agreement (in counterparts or otherwise) by facsimile or other means of electronic transmission shall be sufficient
to bind the parties to the terms and conditions of this Agreement.

 

    6

     

    

 

9.5
Applicable Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.
In any action between the parties arising out of or relating to this Agreement or any of the transactions contemplated by this
Agreement: (a) each of the parties irrevocably and unconditionally consents and submits to the non-exclusive jurisdiction
and venue of the state and federal courts located in the State of New York; (b) if any such action is commenced in a state court,
then, subject to applicable law, no party shall object to the removal of such action to any federal court located in the State
of New York; and (c) each of the parties irrevocably waives the right to trial by jury.

 

9.6
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of each of the parties
hereto and each of their respective permitted successors and assigns, if any. The rights of a Company Stockholder under this Agreement
may be assigned, delegated or transferred, in whole or in part, by each of the Company Stockholders to any Affiliate (as defined
in Rule 12b-2 under the Exchange Act) of such Company Stockholder, or any other Person, managed fund or managed client account
over which such Company Stockholder or any of its Affiliates exercises investment authority, including, without limitation, with
respect to voting and dispositive rights.

 

9.7
Waiver. No failure on the part of any Person to exercise any power, right, privilege or remedy under this Agreement,
and no delay on the part of any Person in exercising any power, right, privilege or remedy under this Agreement, shall operate
as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or
remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. No Person shall
be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement,
unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed
and delivered on behalf of such Person; and any such waiver shall not be applicable or have any effect except in the specific
instance in which it is given.

 

9.8
Amendment. This Agreement may not be amended, modified, altered or supplemented other than by means of a written instrument
duly executed and delivered on behalf of KBL, the Stockholder Representative and the Escrow Agent; provided, however, that
any amendment executed and delivered by the Stockholder Representative shall be deemed to have been approved by and duly executed
and delivered by all of the Company Stockholders.

 

9.9
Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability
of the offending term or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent
jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making
such determination shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any
invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing
the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. In the
event such court does not exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid
or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the
economic, business and other purposes of such invalid or unenforceable term.

 

    7

     

    

 

9.10
Parties in Interest. Except as expressly provided herein, none of the provisions of this Agreement, express or implied,
is intended to provide any rights or remedies to any Person other than the parties hereto and their respective successors and
assigns, if any.

 

9.11
Entire Agreement. This Agreement and the Business Combination Agreement set forth the entire understanding of the parties
hereto relating to the subject matter hereof and supersede all prior agreements and understandings among or between any of the
parties relating to the subject matter hereof.

 

9.12
Waiver of Jury Trial. Each of the parties hereto hereby irrevocably waives any and all right to trial by jury in any action
arising out of or related to this Agreement or the transactions contemplated hereby.

 

9.13
Tax Reporting Information. KBL agrees to provide the Escrow Agent with a certified tax identification number for KBL and the
Stockholder Representative agrees to provide the Escrow Agent with certified tax identification numbers for each of the Company
Stockholders by furnishing appropriate forms W-9 (or Forms W-8, in the case of non-U.S. persons) and any other forms and documents
that the Escrow Agent may reasonably request (collectively, “Tax Reporting Documentation”) to the Escrow Agent within
30 days after the date hereof. The parties hereto understand that, if such Tax Reporting Documentation is not so furnished to
the Escrow Agent, the Escrow Agent shall be required by the Code to withhold a portion of any interest or other income earned
on the investment of monies held by the Escrow Agent pursuant to this Agreement, and to immediately remit such withholding to
the Internal Revenue Service.

 

9.14
Cooperation. The Stockholder Representative on behalf of the Company Stockholders and KBL agrees to cooperate fully with the
Escrow Agent and to execute and deliver such further documents, certificates, agreements, stock powers and instruments and to
take such other actions as may be reasonably requested by KBL, the Stockholder Representative or the Escrow Agent to evidence
or reflect the transactions contemplated by this Agreement and to carry out the intent and purposes of this Agreement.

 

9.15
Construction.

 

(a)
For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa;
the masculine gender shall include the feminine and neutral genders; the feminine gender shall include the masculine and neutral
genders; and the neutral gender shall include masculine and feminine genders.

 

(b)
The parties hereto agree that any rule of
construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction
or interpretation of this Agreement.

 

(c)
As used in this Agreement, the words “include”
and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed
to be followed by the words “without limitation.”

 

(d)
Except as otherwise indicated, all references
in this Agreement to “Sections”, “Schedules” and “Exhibits” are intended to refer to Sections
of this Agreement, Schedules to this Agreement and Exhibits to this Agreement.

 

[Remainder
of page intentionally left blank]

 

    8

     

    

 

In
Witness Whereof, the parties have duly caused
this Agreement to be executed as of the day and year first above written.

 

	 	KBL
    Merger Corp. IV, a
    Delaware corporation
	 	 	 
	 	By:
    	/s/
    Marlene Krauss, M.D.
	 	Name:	Marlene
    Krauss, M.D.
	 	Title:	CEO
	 	 	 
	 	Lawrence
    Pemble, solely
    in his capacity as a Stockholders’ Representative
	 	 	 
	 	/s/ Lawrence Pemble
	 	 	 
	 	Continental
    Stock Transfer & Trust Company, a
    New York corporation
	 	 	 
	 	By:
    	/s/
    Isaac J. Kagan
	 	Name: 	Isaac
    J. Kagan
	 	Title:	Vice
    President

 

[Escrow Agreement Signature Page]

 

     

     

    

 

Schedule
1

Company Stockholders

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

Schedule
2

Escrow Agent’s Fees and Expenses

 

	Monthly Fee for holding securities
    and/or cash:	$________ per month
	 	 
	Additional out of pocket expenses including
    postage and stationary:	Additional

 

     

     

    

 

Exhibit
A

Business Combination AgreementExhibit 10.3

 

180 LIFE SCIENCES

2020 OMNIBUS INCENTIVE PLAN 

 

PURPOSES

 

This 180 Life Sciences
2020 Omnibus Incentive Plan, as may be amended from time to time (the “Plan”), is intended to promote
the interests of 180 Life Sciences Corp. (as it may be renamed in connection with the transactions contemplated in the Business
Combination Agreement, the “Company”) and its Subsidiaries (as defined below) and its shareholders by
(i) attracting and retaining directors, executive officers, employees and consultants of outstanding ability; (ii) motivating such
individuals by means of performance-related incentives to achieve the longer-range performance goals of the Company and its Subsidiaries;
and (iii) enabling such individuals to participate in the long-term growth and financial success of the Company.

 

Article I

Definitions

 

Whenever the following
terms are used in this Plan, they shall have the meanings specified below unless the context clearly indicates to the contrary.

 

Section 1.1 “Administrator”
means the Compensation Committee of the Board unless otherwise determined by the Board from time to time. In exercising its discretion
hereunder, the Board shall endeavor to cause the Administrator to satisfy any requirements applicable to qualify for an exemption
available under Rule 16b-3 promulgated under the Exchange Act or any other regulatory or administrative requirements that may be
applicable with respect to Awards granted hereunder.

 

Section 1.2 “Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with,
such Person where “control” (including the terms “controlling,” “controlled by,” and “under
common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of securities, by contract, or otherwise.

 

Section 1.3 “Alternative
Award” has the meaning set forth in Section 10.1.

 

Section 1.4 “Alternative
Performance Awards” has the meaning set forth in Section 10.2.

 

Section 1.5 “Award”
means any Option, Restricted Stock, Restricted Stock Unit, Performance Award, SAR, Dividend Equivalent or other Stock-Based Award
granted to a Participant pursuant to the Plan, including an Award combining two or more types of Awards into a single grant.

 

Section 1.6 “Award
Agreement” means any written agreement, contract or other instrument or document evidencing an Award, including through
an electronic medium. The Administrator may provide for the use of electronic, internet or other non-paper Award Agreements, and
the use of electronic, internet or other non-paper means for the Participant’s acceptance of, or actions under, an Award
Agreement unless otherwise expressly specified herein.

 

Section 1.7 “Board”
means the Board of Directors of the Company.

 

Section 1.8 “Business
Combination Agreement” means the Business Combination Agreement, dated July 25, 2019, among the Company, 180 Life
Corp. (f/k/a 180 Life Sciences Corp.), Katexco Pharmaceuticals Corp., CannBioRex Pharmaceuticals Corp., 180 Therapeutics L.P.,
KBL Merger Sub, Inc., and Lawrence Pemble.

 

Section 1.9 “Cause”
means, unless otherwise provided in the Award Agreement, any of the following: (A) the Participant’s commission of a crime
involving fraud, theft, false statements or other similar acts or commission of any crime that is a felony (or comparable classification
in a jurisdiction that does not use these terms); (b) the Participant’s engaging in any conduct that constitutes an employment
disqualification under applicable law with respect to a material portion of the Participant’s work duties; (c) the Participant’s
willful or grossly negligent failure to perform his or her material employment-related duties for the Company Group, or willful
misconduct in the performance of such duties; (d) the Participant’s material violation of any Company or Subsidiary policy
as in effect from time to time; (e) the Participant’s engaging in any act or making any public statement that materially
impairs, impugns, denigrates, disparages or negatively reflects upon the name, reputation or business interests of the Company
or its Subsidiaries; or (f) the Participant’s material breach of any Award Agreement, employment agreement, or noncompetition,
nondisclosure or nonsolicitation agreement to which the Participant is a party or by which the Participant is bound; provided
that in the case of any Participant who, as of the date of determination, is a party to an effective services, severance, consulting
or employment agreement with the Company or any Subsidiary of the Company that employs such individual, “Cause” has
the meaning, if any, specified in such agreement. A termination for Cause shall be deemed to include a determination by the Administrator
following a Participant’s termination of employment that circumstances existing prior to such termination would have entitled
the Company or one of its Subsidiaries to have terminated such Participant’s employment for Cause. All rights a Participant
has or may have under the Plan shall be suspended automatically during the pendency of any investigation by the Administrator or
its designee, or during any negotiations between the Administrator or its designee and the Participant, regarding any actual or
alleged act or omission by the Participant of the type described in the applicable definition of Cause.

 

     

     

    

 

Section 1.10 “Change
in Control” means the first to occur of any of the following events after the Effective Date:

 

(a) any
Person becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either
(x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”)
or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Company Voting Securities”);

 

(b) the
individuals who constitute the Board as of the Effective Date (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent
to the Effective Date whose election, or nomination for election, by the Company’s shareholders, was approved by a vote of
at least a majority of the Directors then comprising the Incumbent Board shall be considered as though such individual was a member
of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 

(c) the
consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company
or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition
of assets or stock of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”),
in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities that were
the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to
such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock
(or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities
entitled to vote generally in the election of Directors (or, for a non-corporate entity, equivalent governing body), as the case
may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such
transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more
Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding
Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting
from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares
of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination
or the combined voting power of the then-outstanding voting securities of such entity entitled to vote generally in the election
of directors (or, for a non-corporate entity, equivalent securities), except to the extent that such ownership existed prior to
the Business Combination, and (iii) at least a majority of the members of the board of directors (or, for a non-corporate entity,
equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time
of the execution of the initial agreement or of the action of the Board providing for such Business Combination;

 

in each case, provided that, as
to Awards subject to Section 409A of the Code the payment or settlement of which will occur by reason of the Change in Control,
such event also constitutes a “change in control” within the meaning of Section 409A of the Code. In addition, notwithstanding
the foregoing, a “Change in Control” shall not be deemed to occur if the Company files for bankruptcy, liquidation
or reorganization under the United States Bankruptcy Code or as a result of any restructuring that occurs as a result of any such
proceeding.

 

    2

     

    

 

Section 1.11 “Change
in Control Price” means the price per share of Company Common Stock paid in conjunction with any transaction resulting
in a Change in Control. If any part of the offered price is payable other than in cash, the value of the non-cash portion of the
Change in Control Price shall be determined in good faith by the Administrator as constituted immediately prior to the Change in
Control.

 

Section 1.12 “Code”
means the Internal Revenue Code of 1986, as amended.

 

Section 1.13 “Company
Common Stock” means the common stock, par value $0.0001 per share, of the Company and such other stock or securities
into which such common stock is hereafter converted or for which such common stock is exchanged.

 

Section 1.14 “Company
Group” means the Company and its direct or indirect Subsidiaries.

 

Section 1.15 “Compensation
Year” means the period from one annual meeting of shareholders to the next following annual meeting of shareholders.

 

Section 1.16 “Competitive
Activity” means a Participant’s material breach of restrictive covenants relating to noncompetition, nonsolicitation
(of customers or employees) or preservation of confidential information or other covenants having the same or similar scope, included
in an Award Agreement or other agreement to which the Participant and the Company or any of its Affiliates is a party.

 

Section 1.17 “Corporate
Event” means, as determined by the Administrator, any transaction or event described in Section 3.3(a) or any unusual
or infrequently occurring transaction or event affecting the Company, any Subsidiary of the Company, or the financial statements
of the Company or any of its Subsidiaries, or changes in applicable laws, regulations or accounting principles (including, without
limitation, a recapitalization of the Company).

 

Section 1.18 “Director”
means a member of the Board or a member of the board of directors of any Subsidiary.

 

Section 1.19 “Disability”
means (x) for Awards that are not subject to Section 409A of the Code, “disability” as such term is defined in the
long-term disability insurance plan or program of the Company or any Subsidiary then covering the Participant, and (y) for Awards
that are subject to Section 409A of the Code, “disability” has the meaning set forth in Section 409A(a)(2)(c) of the
Code; provided that with respect to Awards that are not subject to Section 409A, in the case of any Participant who, as
of the date of determination, is a party to an effective services, severance, consulting or employment agreement with the Company
or any Subsidiary of the Company that employs such individual, “Disability” has the meaning, if any, specified in such
agreement.

 

Section 1.20 “Dividend
Equivalent” means the right to receive payments, in cash or in Shares, based on dividends paid with respect to Shares.

 

Section 1.21 “Eligible
Representative” for a Participant means such Participant’s personal representative or such other person as
is empowered under the deceased Participant’s will or the then applicable laws of descent and distribution to represent the
Participant hereunder.

 

Section 1.22 “Employee”
means any individual classified as an employee by the Company or one of its Subsidiaries.

 

Section 1.23 “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

Section 1.24 “Executive
Officer” means each person who is an officer or employee of the Company or any of its Subsidiaries and who is subject
to the reporting requirements under Section 16(a) of the Exchange Act.

 

Section 1.25 “Fair
Market Value” means, unless otherwise determined by the Administrator from time to time, the closing transaction
price of a Share as reported on the NASDAQ Stock Market LLC on the date as of which such value is being determined or, if Shares
are not listed on the NASDAQ Stock Market LLC, the closing transaction price of a Share on the principal national stock exchange
on which Shares are traded on the date as of which such value is being determined or, if there shall be no reported transactions
for such date, on the next preceding date for which transactions were reported; provided, however, that if Shares are not listed
on a national stock exchange or if Fair Market Value for any date cannot be so determined, Fair Market Value shall be determined
by the Administrator by whatever means or method as the Administrator, in the good faith exercise of its discretion, shall at such
time deem appropriate and in compliance with Section 409A of the Code.

 

    3

     

    

 

Section 1.26 “Good
Reason” means, unless otherwise provided in the Award Agreement, a material reduction in the Participant’s
base salary or a material reduction in the Participant’s target annual cash incentive compensation opportunity, in each case,
other than (a) any isolated or inadvertent failure by the Company or the applicable Subsidiary that is not in bad faith and is
cured within thirty (30) business days after the Participant gives the Company or the applicable Subsidiary notice of such event
or (b) a reduction of 10% or less which is applicable to all employees in the same salary grade as the Participant; provided
that in the case of any Participant who, as of the date of determination, is a party to an effective services, severance, consulting
or employment agreement with the Company or any Subsidiary of the Company that employs such individual, “Good Reason”
has the meaning, if any, specified in such agreement.

 

Section 1.27 “Incentive
Stock Option” means an Option which qualifies under Section 422 of the Code and is expressly designated as an Incentive
Stock Option in the Award Agreement.

 

Section 1.28 “Non-Qualified
Stock Option” means an Option that is not an Incentive Stock Option.

 

Section 1.29 “Option”
means an option to purchase Company Common Stock granted under the Plan. The term “Option” includes both an Incentive
Stock Option and a Non-Qualified Stock Option.

 

Section 1.30 “Participant”
means any Service Provider who has been granted an Award pursuant to the Plan.

 

Section 1.31 “Performance
Award” means a Performance Shares or a Performance Unit.

 

Section 1.32 “Performance
Cycle” means the period of time selected by the Administrator during which performance is measured for the purpose
of determining the extent to which a Performance Award has been earned or vested.

 

Section 1.33 “Performance
Goals” means the objectives established by the Administrator for a Performance Cycle pursuant to Section 6.5 for
the purpose of determining the extent to which a Performance Award has been earned or vested.

 

Section 1.34 “Performance
Share” means an Award granted pursuant to Article VI of the Plan of a Share or a contractual right to receive a Share
(or the cash equivalent thereof) upon the achievement, in whole or in part, of the applicable Performance Goals.

 

Section 1.35 “Performance
Unit” means a U.S. Dollar-denominated unit (or a unit denominated in the Participant’s local currency) granted
pursuant to Article VI of the Plan, payable in cash or in Shares upon the achievement, in whole or in part, of the applicable Performance
Goals.

 

Section 1.36 “Person”
means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, governmental authority or any other entity of whatever nature.

 

Section 1.37 “Replacement
Awards” means Shares or Awards issued in assumption of, or in substitution for, any outstanding awards of any entity
acquired in any form or combination by the Company or any of its Subsidiaries.

 

Section 1.38 “Restricted
Stock” means an Award granted pursuant to Section 5.1.

 

Section 1.39 “Restricted
Stock Unit” means an Award granted pursuant to Section 5.2.

 

Section 1.40 “Securities
Act” means the Securities Act of 1933, as amended.

 

Section 1.41 “Service
Provider” means an Employee, Director or consultant of the Company or any of its Subsidiaries.

 

Section 1.42 “Share”
means a share of Company Common Stock.

 

Section 1.43 “Stock
Appreciation Right” or “SAR” means the right to receive a payment from the Company in cash
and/or Shares equal to the excess, if any, of the Fair Market Value of one Share on the exercise date over a specified price (the
“Base Price”) fixed by the Administrator on the grant date (which specified price shall not be less than
the Fair Market Value of one Share on the grant date).

 

    4

     

    

 

Section 1.44 “Subsidiary”
means any entity that is directly or indirectly controlled by the Company or any entity in which the Company directly or indirectly
has at least a 50% equity interest.

 

Section 1.45 “Termination
of employment,” “termination of service” and any similar term or terms means, with respect
to a Director who is not an Employee of the Company or any Subsidiary, the date upon which such Director ceases to be a member
of the Board or of the board of directors of any Subsidiary, with respect to a consultant of the Company or any of its Subsidiaries,
the date upon which such consultant ceases to provide services to the Company and its Subsidiaries and, with respect to an Employee,
the date he or she ceases to be an Employee; provided that with respect to any Award subject to Section 409A of the Code,
such terms shall mean “separation from service,” as defined in Section 409A of the Code and the rules, regulations
and guidance promulgated thereunder. Unless otherwise determined by the Administrator, a “termination of employment”
or “termination of service” shall not occur if an Employee, consultant or Director, immediately upon ceasing to provide
services in such capacity, commences to or continues to provide services to the Company or any of its Affiliates in another of
such capacities.

 

Article II

ADMINISTRATION

 

Section 2.1 Powers
of the Administrator. The Plan shall be administered by the Administrator. The Administrator shall have the sole and complete
authority and discretion to: (i) determine the type or types of Awards to be granted to each Participant; (ii) select the Service
Providers to whom Awards may from time to time be granted; (iii) determine all matters and questions related to the termination
of service of a Service Provider with respect to any Award granted to him or her; (iv) determine the number of Awards to be granted
and the number of Shares to which an Award will relate; (v) approve forms of agreement for use under the Plan, which need not be
identical for each Service Provider; (vi) determine the terms and conditions of any Awards (including, without limitation, the
exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration
or waiver of forfeiture restrictions and any restriction or limitation regarding any Award or the Company Common Stock relating
thereto) based in each case on such factors as the Administrator shall determine; (vii) prescribe, amend and rescind rules and
regulations relating to the Plan, including rules and regulations relating to Subplans (as defined in Section 2.4) established
for the purpose of satisfying applicable foreign laws; (viii) determine whether, to what extent, and pursuant to what circumstances
an Award may be settled in, or the exercise or purchase price of an Award may be paid in, cash, Company Common Stock, other Awards,
or other property, or an Award may be canceled, forfeited or surrendered; (ix) suspend or accelerate the vesting of any Award granted
under the Plan or waive the forfeiture restrictions or any other restriction or limitation regarding any Awards or the Company
Common Stock relating thereto; (x) construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; and (xi)
make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or
advisable to administer the Plan. Any determination made by the Administrator under the Plan, including, without limitation, under
Section 3.3, shall be final, binding and conclusive on all Participants and other persons having or claiming any right or interest
under the Plan. The Administrator’s determinations under the Plan need not be uniform and may be made by the Administrator
selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly
situated.

 

Section 2.2 Delegation
by the Administrator. The Administrator may delegate, subject to such terms or conditions or guidelines as it shall determine,
to any officer or group of officers, or Director or group of Directors of the Company or its Subsidiaries any portion of its authority
and powers under the Plan with respect to Participants who are not Executive Officers or non-employee directors of the Board; provided
that any delegation to one or more officers of the Company shall be subject to and comply with applicable law.

 

Section 2.3 Expenses,
Professional Assistance, No Liability. All expenses and liabilities incurred by the Administrator in connection with the administration
of the Plan shall be borne by the Company. The Administrator may elect to engage the services of attorneys, consultants, accountants
or other persons. The Administrator, the Company and its officers and Directors shall be entitled to rely upon the advice, opinions
or valuations of any such persons. The Administrator (and its members) shall not be personally liable for any action, determination
or interpretation made with respect to the Plan or the Awards, and the Administrator (and its members) shall be fully protected
by the Company with respect to any such action, determination or interpretation.

 

    5

     

    

 

Section 2.4 Participants
Based Outside the United States. To conform with the provisions of local laws and regulations, or with local compensation practices
and policies, in foreign countries in which the Company or any of its Subsidiaries operate, but subject to the limitations set
forth herein regarding the maximum number of shares issuable hereunder and the maximum award to any single Participant, the Administrator
may (i) modify the terms and conditions of Awards granted to Employees employed and consultants who provide services outside the
United States (“Non-U.S. Awards”), (ii) establish subplans with such modifications as may be necessary
or advisable under the circumstances (“Subplans”) and (iii) take any action which it deems advisable
to obtain, comply with or otherwise reflect any necessary governmental regulatory procedures, exemptions or approvals with respect
to the Plan. The Administrator’s decision to grant Non-U.S. Awards or to establish Subplans is entirely voluntary, and at
the complete discretion of the Administrator. The Administrator may amend, modify or terminate any Subplans at any time, and such
amendment, modification or termination may be made without prior notice to the Participants. The Company, Affiliates and members
of the Administrator shall not incur any liability of any kind to any Participant as a result of any change, amendment or termination
of any Subplan at any time. The benefits and rights provided under any Subplan or by any Non-U.S. Award (x) are wholly discretionary
and, although provided by either the Company or an Affiliate of the Company, do not constitute regular or periodic payments and
(y) except as otherwise required under applicable laws, are not to be considered part of the Participant’s salary or compensation
under the Participant’s employment with the Participant’s local employer for purposes of calculating any severance,
resignation, redundancy or other end of service payments, vacation, bonuses, long-term service awards, indemnification, pension
or retirement benefits, or any other payments, benefits or rights of any kind. If a Subplan is terminated, the Administrator may
direct the payment of Non-U.S. Awards (or direct the deferral of payments whose amount shall be determined) prior to the dates
on which payments would otherwise have been made, and determine if such payments may be made in a lump sum or in installments.

 

Article III

SHARES SUBJECT TO PLAN

 

Section 3.1 Shares Subject to Plan.

 

(a) Subject
to Section 3.3, the aggregate number of Shares which may be issued under this Plan shall be equal to 15% (on a fully-diluted basis)
of the Shares of the Company that are outstanding as of immediately following the Closing, as defined in the Business Combination
Agreement. All of the Shares reserved under the Plan may be issued in the form of Incentive Stock Options under the Plan. The Shares
issued under the Plan may be authorized but unissued, or reacquired Company Common Stock. No provision of this Plan shall be construed
to require the Company to maintain the Shares in certificated form. Unless the Administrator shall determine otherwise, (x) Awards
may not consist of fractional shares and shall be rounded down to the nearest whole Share, and (y) fractional Shares shall not
be issued under the Plan (and shall instead also be rounded as aforesaid).

 

(b) If
any Award or portion thereof under this Plan is for any reason forfeited, canceled, cash-settled, expired or otherwise terminated
without the issuance of Shares, the Shares subject to such forfeited, canceled, cash-settled, expired or otherwise terminated Award,
or portion thereof, shall again be available for grant under the Plan. If Shares are tendered or withheld from issuance with respect
to an Award by the Company in satisfaction of any Exercise Price, Base Price or tax withholding or similar obligations, such tendered
or withheld Shares shall again be available for grant under the Plan. Notwithstanding the foregoing, and except to the extent required
by applicable law, Replacement Awards shall not be counted against Shares available for grant pursuant to this Plan.

 

Section 3.2 Limitation
on Non-Employee Director Awards. The maximum number of Shares subject to Awards granted during a single Compensation Year to
any non-employee Director, taken together with any cash fees paid during the Compensation Year to the non-employee Director, in
respect of the Director’s service as a member of the Board during such year (including service as a member or chair of any
committees of the Board), shall not exceed $500,000 in total value (calculating the value of any such Awards based on the grant
date fair value of such Awards for financial reporting purposes).

 

Section 3.3 Changes
in Company Common Stock; Disposition of Assets and Corporate Events.

 

(a) If
and to the extent necessary or appropriate to reflect any stock dividend, extraordinary dividend, stock split or share combination
or any recapitalization, merger, consolidation, exchange of shares, spin-off, liquidation or dissolution of the Company or other
similar transaction affecting the Company Common Stock (each, a “Corporate Event”), the Administrator
shall adjust the number of shares of Company Common Stock available for issuance under the Plan, and the number, class and Exercise
Price (if applicable) or Base Price (if applicable) of any outstanding Award, and/or make such substitution, revision or other
provisions or take such other actions with respect to any outstanding Award or the holder or holders thereof, in each case as it
determines to be equitable. Without limiting the generality of the foregoing sentence, in the event of any such Corporate Event,
the Administrator shall have the power to make such changes as it deems appropriate in (i) the number and type of shares or other
securities covered by outstanding Awards, (ii) the prices specified therein (if applicable), (iii) the securities, cash or other
property to be received upon the exercise, settlement or conversion of such outstanding Awards or otherwise to be received in connection
with such outstanding Awards and (iv) any applicable Performance Goals. After any adjustment made by the Administrator pursuant
to this Section 3.3, the number of shares subject to each outstanding Award shall be rounded down to the nearest whole number of
whole or fractional shares (as determined by the Administrator), and (if applicable) the Exercise Price or Base Price thereof shall
be rounded up to the nearest cent.

 

    6

     

    

 

(b) Any
adjustment of an Award pursuant to this Section 3.3 shall be effected in compliance with Section 424 and 409A of the Code to the
extent applicable.

 

Section 3.4 Award
Agreement Provisions. The Administrator may include such provisions and limitations in any Award Agreement as it shall determine,
subject to the terms of the Plan.

 

Section 3.5 Prohibition
Against Repricing. Except to the extent (i) approved in advance by holders of a majority of the Shares entitled to vote generally
in the election of directors or (ii) pursuant to Section 3.3 as a result of any Corporate Event or pursuant to Article XI in connection
with a Change in Control, the Administrator shall not have the power or authority to reduce, whether through amendment or otherwise,
the Exercise Price of any outstanding Option or Base Price or any outstanding SAR or to grant any new Award, or make any cash payment,
in substitution for or upon the cancellation of Options or SARs previously granted and as to which the Exercise Price or Base Price
thereof is in excess of the then-current Fair Market Value of Share.

 

Article IV

OPTIONS AND SARS

 

Section 4.1 Grant
of Options and SARs. The Administrator is authorized to make Awards of Options and/or SARs to any Service Provider in such
amounts and subject to such terms and conditions as determined by the Administrator, consistent with the Plan. SARs may be granted
in tandem with Options or may be granted on a freestanding basis, not related to any Option. Excluding Replacement Awards, the
per Share purchase price of the Shares subject to each Option (the “Exercise Price”) and the Base Price
of each SAR shall be not less than 100% of the Fair Market Value of a Share on the date such Option or SAR is granted. Each Option
and each SAR shall be evidenced by an Award Agreement.

 

Section 4.2 Exercisability
and Vesting; Exercise. Each Option and SAR shall vest and become exercisable according to the terms and conditions as determined
by the Administrator. Except as otherwise determined by the Administrator, SARs granted in tandem with an Option shall become vested
and exercisable on the same date or dates as the Options with which such SARs are associated vest and become exercisable. SARs
that are granted in tandem with an Option may only be exercised upon the surrender of the right to exercise such Option for an
equivalent number of Shares, and may be exercised only with respect to the Shares for which the related Option is then exercisable.
The Administrator shall specify the manner of and any terms and conditions of exercise of an exercisable Option or SAR, including
but not limited to net-settlement, delivery of previously owned stock and broker-assisted sales.

 

Section 4.3 Settlement
of SARs. Upon exercise of a SAR, the Participant shall be entitled to receive payment in Shares, or such other form as determined
by the Administrator, having an aggregate value equal to the Fair Market Value of one Share on the exercise date over (ii) the
Base Price of such SAR; provided, however, that on the grant date, the Administrator may establish a maximum amount
per Share that may be payable upon exercise of a SAR.

 

Section 4.4 Expiration
of Options and SARs. No Option or SAR may be exercised after the expiration of ten (10) years from the date the Option or SAR
was granted, unless a longer or shorter period is set forth in the Award Agreement. Notwithstanding the foregoing, in the event
that on the last business day of the term of the Option or SAR (x) the exercise of the Option or SAR is prohibited by applicable
law or (y) Shares may not be purchased or sold by certain employees or directors of the Company due to the “black-out period”
of a Company policy or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company,
the term of the Option or SAR shall be extended but not beyond a period of thirty (30) days following the end of the legal prohibition,
black-out period or lock-up agreement (to the extent permissible under Section 409A of the Code) and provided further that no extension
will be made if the applicable Exercise Price or Base Price at the date the initial term would otherwise expire is below the Fair
Market Value on such date.

 

    7

     

    

 

Article V

Restricted Stock Awards AND RESTRICTED STOCK UNIT AWARDS

 

Section 5.1 Restricted
Stock. The Administrator is authorized to make Awards of Restricted Stock to any Service Provider selected by the Administrator
in such amounts and subject to such terms and conditions as determined by the Administrator. All Awards of Restricted Stock shall
be evidenced by an Award Agreement. Restricted Stock shall be subject to such restrictions on transferability and other restrictions
as the Administrator may impose. These restrictions may lapse separately or in combination at such times, pursuant to such circumstances,
in such installments, or otherwise, as the Administrator determines at the time of the grant of the Award or thereafter. The issuance
of Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Administrator shall determine.

 

Section 5.2 Restricted
Stock Units. The Administrator is authorized to make Awards of Restricted Stock Units to any Service Provider selected by the
Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. The Administrator may
specify any conditions to vesting as it deems appropriate. For the avoidance of doubt, the Administrator may grant Restricted Stock
Units that are fully vested and nonforfeitable when granted. At the time of grant, the Administrator shall specify the settlement
date applicable to each grant of Restricted Stock Units. Unless otherwise provided in an Award Agreement, on the settlement date,
the Company shall, subject to the terms of this Plan, transfer to the Participant one Share (or a cash amount equal to the then
Fair Market Value of a Share) for each Restricted Stock Unit scheduled to be paid out on such date and not previously forfeited.
A Participant shall not be, nor have any of the rights or privileges of, a stockholder in respect of Restricted Stock Units awarded
pursuant to the Plan unless and until the Shares attributable to such Restricted Stock Units have been issued to such Participant.
Notwithstanding the foregoing, unless otherwise determined by the Administrator, the Restricted Stock Units awarded pursuant to
the Plan will receive Dividend Equivalents in accordance with Article VIII.

 

Article VI

Performance AWARDS

 

Section 6.1 Grant
of Performance Awards. The Administrator is authorized to make Performance Awards to any Participant selected by the Administrator
in such amounts and subject to such terms and conditions as determined by the Administrator. All Performance Shares and Performance
Units shall be evidenced by an Award Agreement.

 

Section 6.2 Issuance
and Restrictions. The Administrator shall have the authority to determine the Participants who shall receive Performance Awards;
the number of Performance Shares, the number and value of Performance Units; the cash entitlement of any Participant with respect
to any Performance Cycle; and the Performance Goals applicable in respect of such Performance Awards for each Performance Cycle.
The Administrator shall determine the duration of each Performance Cycle (the duration of Performance Cycles may differ from one
another), and there may be more than one Performance Cycle in existence at any one time. An Award Agreement evidencing the grant
of Performance Shares or Performance Units shall specify the number of Performance Shares and the number and value of Performance
Units awarded to the Participant, the Performance Goals applicable thereto, and such other terms and conditions as the Administrator
shall determine. Unless the Administrator shall determine otherwise, no Company Common Stock will be issued at the time an Award
of Performance Shares is made.

 

Section 6.3 Earned
Performance Awards. Performance Awards shall become earned, in whole or in part, based upon the attainment of specified Performance
Goals or the occurrence of any event or events, as the Administrator shall determine or as set forth in an Award Agreement. In
addition to the achievement of the specified Performance Goals, the Administrator may condition payment of Performance Awards on
such other conditions as the Administrator shall determine. The Administrator may also provide in an Award Agreement for the completion
of a minimum period of service (in addition to the achievement of any applicable Performance Goals) as a condition to the vesting
of any Performance Award.

 

Section 6.4 Rights
as a Stockholder. A Participant shall not have any rights as a stockholder in respect of Performance Awards (including, without
limitation, the right to vote on any matter submitted to the Company’s stockholders) until such time as the Shares attributable
to such Performance Awards have been issued to such Participant or his or her beneficiary. Performance Shares as to which Shares
are issued prior to the end of the Performance Cycle shall, during such period, be subject to such restrictions on transferability
and other restrictions as the Administrator may impose. Notwithstanding the foregoing, unless otherwise determined by the Administrator,
the Performance Awards awarded pursuant to the Plan will receive Dividend Equivalents settled in Shares in accordance with Article
VIII.

 

    8

     

    

 

Section 6.5 Performance
Goals and Related Provisions. The Administrator shall establish the Performance Goals that must be satisfied in order for a
Participant to receive an Award for a Performance Cycle or for a Performance Award to be earned or vested. The Administrator may
provide for a threshold level of performance below which no amount of compensation will be paid and a maximum level of performance
above which no additional amount of compensation will be paid under the Plan, and it may provide for the payment of differing amounts
of compensation for different levels of performance. Performance Goals may be established on a Company-wide basis, with respect
to one or more business units, divisions, Subsidiaries or products or based on individual performance measures, and may be expressed
in absolute terms or relative to other metrics including internal targets or budgets, past performance of the Company, the performance
of one or more similarly situated companies, performance of an index, outstanding equity or other external measures. In the case
of earning-based measures, performance goals may include comparisons relating to capital (including but limited to, the cost of
capital), shareholders’ equity, shares outstanding, assets or net assets, or any combination thereof. Performance Goals may
also be subject to such other terms and conditions as the Administrator may determine appropriate. The Administrator may also adjust
the Performance Goals for any Performance Cycle as it deems equitable in recognition of unusual or non-recurring events affecting
the Company; changes in applicable tax laws or accounting principles; other extraordinary events such as restructurings; discontinued
operations; asset write-downs; significant litigation or claims, judgments or settlements; acquisitions or divestitures; reorganizations
or changes in the corporate structure or capital structure of the Company; foreign exchange gains and losses; change in the fiscal
year of the Company; business interruption events; unbudgeted capital expenditures; unrealized investment gains and losses; impairments
and/or such other factors as the Administrator may determine.

 

Section 6.6 Determination
of Attainment of Performance Goals. As soon as practicable following the end of a Performance Cycle and prior to any payment
or vesting in respect of such Performance Cycle, the Administrator shall determine the number of Performance Shares or other Performance
Awards and the number and value of Performance Units or the amount of any cash entitlement, in each case that has been earned or
vested.

 

Section 6.7 Payment
of Awards. Payment or delivery of Company Common Stock with respect to earned Performance Shares, earned Performance Units
and earned cash entitlements shall be made to the Participant or, if the Participant has died, to the Participant’s Eligible
Representative, as soon as practicable after the expiration of the Performance Cycle and the Administrator’s determination
under Section 6.6 above and (unless an applicable Award Agreement shall set forth one or more other dates) in any event no later
than the earlier of (i) ninety (90) days after the end of the fiscal year in which the Performance Cycle has ended and (ii) ninety
(90) days after the expiration of the Performance Cycle. The Administrator shall determine and set forth in the applicable Award
Agreement whether earned Performance Shares and the value of earned Performance Units are to be distributed in the form of cash,
Shares or in a combination thereof, with the value or number of Shares payable to be determined based on the Fair Market Value
of the Company Common Stock on the date of the Administrator’s determination under Section 6.6 above or such other date specified
in the Award Agreement. The Administrator may, in an Award Agreement with respect to the Award or delivery of Shares, condition
the vesting of such Shares on the performance of additional service.

 

Section 6.8 Newly
Eligible Participants. Notwithstanding anything in this Article VI to the contrary, the Administrator shall be entitled to
make such rules, determinations and adjustments as it deems appropriate with respect to any Participant who becomes eligible to
receive Performance Shares, Performance Units or other Performance Awards after the commencement of a Performance Cycle.

 

Article VII

OTHER Stock-Based Awards

 

Section 7.1 Grant
of Stock-Based Awards. The Administrator is authorized to make Awards of other types of equity-based or equity-related awards
and fully vested stock awards, including grants of fully vested Shares (collectively, “Stock-Based Awards”)
not otherwise described by the terms of the Plan in such amounts and subject to such terms and conditions as the Administrator
shall determine, including without limitation the payment of cash bonuses or other incentives in the form of Stock-Based Awards.
Unless otherwise determined by the Administrator, all Stock-Based Awards shall be evidenced by an Award Agreement. Such Stock-Based
Awards may be granted as an inducement to enter the employ of the Company or any Subsidiary or in satisfaction of any obligation
of the Company or any Subsidiary to an officer or other key employee, whether pursuant to this Plan or otherwise, that would otherwise
have been payable in cash or in respect of any other obligation of the Company. Such Stock-Based Awards may entail the transfer
of actual Shares, or payment in cash or otherwise of amounts based on the value of Shares and may include, without limitation,
Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.

 

    9

     

    

 

Article VIII

Dividend Equivalents

 

Section 8.1 Generally.
Dividend Equivalents may be granted to Participants at such time or times as shall be determined by the Administrator. Dividend
Equivalents may be granted in tandem with other Awards, in addition to other Awards, or freestanding and unrelated to other Awards.
Notwithstanding the terms of this Section 8.1, no Dividend Equivalents shall be granted with respect to Options or SARs. The grant
date of any Dividend Equivalents will be the date on which the Dividend Equivalent is awarded by the Administrator, or such other
date permitted by applicable laws as the Administrator shall determine. Dividend Equivalents may, at the discretion of the Administrator,
be fully vested and nonforfeitable when granted or subject to such vesting conditions as determined by the Administrator; provided,
that, unless the Administrator shall determine otherwise in an Award Agreement, Dividend Equivalents with respect to Awards shall
not be fully vested until the Awards have been earned and shall be forfeited if the related Award is forfeited. Dividend Equivalents
shall be evidenced in writing, whether as part of the Award Agreement governing the terms of the Award, if any, to which such Dividend
Equivalent relates, or pursuant to a separate Award Agreement with respect to freestanding Dividend Equivalents, in each case,
containing such provisions not inconsistent with the Plan as the Administrator shall determine, including customary representations,
warranties and covenants with respect to securities law matters.

 

Article IX

Termination and Forfeiture

 

Section 9.1 Termination
for Cause; Post-Service Competitive Activity. Unless otherwise set forth in the Award Agreement, if a Participant’s employment
or service terminates for Cause or a Participant engages in Competitive Activity following the Participant’s termination
of employment or service, all Options and SARs, whether vested or unvested, and all other Awards that are unvested or unexercisable
or otherwise unpaid (or were unvested or unexercisable or unpaid at the time of occurrence of Cause or engagement in Competitive
Activity) shall be immediately forfeited and canceled, effective as of the date of the termination or engagement in Competitive
Activity. If the Participant engages in Competitive Activity following the termination, any portion of the Participant’s
Awards that became vested after termination, and any Shares or cash issued upon exercise or settlement of such Awards, shall be
immediately forfeited, canceled, and disgorged or paid to the Company together with all gains earned or accrued due to the sale
of Shares issued upon exercise or settlement of such Awards.

 

Section 9.2 Termination
due to Death. Unless otherwise set forth in the Award Agreement, if a Participant’s employment or service terminates
by reason of death:

 

(a) All
Options and SARs (whether or not then otherwise exercisable) shall become exercisable in full and the Participant’s Eligible
Representative may exercise all such Options and SARs at any time prior to the earlier of (i) the one-year anniversary of the Participant’s
death or (ii) the expiration of the term of the Options or SARs; provided that any in-the-money Options and SARs that are
still outstanding on the last day of the time period specified in this Section 9.2(a) shall automatically be exercised on such
date; and

 

(b) All
other Awards shall immediately vest in full upon the Participant’s death, and Restricted Stock Units and Performance Awards
that have not been settled or converted into Shares prior to the Participant’s death shall immediately be settled in Shares.
Any Performance Awards that vest as a result of this Section 9.2(b) shall vest and be paid based on target levels of performance.

 

Section 9.3 Termination
due to Disability. Unless otherwise set forth in the Award Agreement, if a Participant’s employment or service terminates
by reason of Disability, the Participant shall be treated for purposes of the treatment of the Participant’s Awards under
this Section 9.3 as though the Participant continued in the employ or service of the Company and all unvested Awards shall remain
outstanding and vest, or in the case of Options and SARs, vest and become exercisable, in accordance with the terms set forth in
the applicable Award Agreement. Any Options or SARs granted to such Participant that are exercisable at the date of termination
by reason of Disability or that thereafter become exercisable by reason of the operation of the immediately preceding sentence
may be exercised at any time prior to the earlier of (i) the fifth anniversary of the Participant’s termination for Disability
or (ii) the expiration of the term of such Options or SARs.

 

    10

     

    

 

Section 9.4 Involuntary
Termination Without Cause. Unless otherwise set forth in the Award Agreement, if a Participant’s employment or service
is involuntarily terminated without Cause:

 

(a) All
Options and SARs that are unvested shall be immediately forfeited and canceled, effective as of the date of the termination, and
all Options and SARs that are vested shall remain outstanding and exercisable until the earlier of (i) 30 days after the effective
date of the termination under this Section 9.4 or (ii) the expiration of the term of such Options or SARs; and

 

(b) All
Awards of Restricted Stock or Restricted Stock Units that are unvested shall be immediately forfeited and canceled, effective as
of the date of the termination; and

 

(c) Provided
that the Participant signs a general release and waiver of claims in the form provided by the Administrator and does not exercise
any rights to revoke such release, the Participant shall retain a portion of any unvested Performance Awards granted earlier than
one year prior to the termination under this Section 9.4 equal to, for each grant of Performance Awards, the number of Performance
Shares or Performance Units specified in the Award Agreement multiplied by the quotient of (i) the number of full months elapsed
between the grant date in respect of such Performance Awards and the effective date of the termination under this Section 9.4 over
(ii) the total number of months in the Performance Cycle. Such retained Performance Awards will remain outstanding and vest subject
to the attainment of the applicable Performance Goals in respect thereof. Any Performance Awards that do not vest pursuant to this
Section 9.4(c) shall be immediately forfeited and canceled, effective as of the date of the termination.

 

Section 9.5 Termination
for Any Other Reason. Unless otherwise set forth in the Award Agreement, if a Participant’s employment or service terminates
for any reason other as set forth in Sections 9.1 (other than post-service Competitive Activity) through 9.4:

 

(a) All
Options and SARs that are unvested shall be immediately forfeited and canceled, effective as of the date of the termination, and
all Options and SARs that are vested shall remain outstanding and exercisable until the earlier of (i) 30 days after the effective
date of the termination under this Section 9.5 or (ii) the expiration of the term of such Options or SARs; and

 

(b) All
other Awards that are unvested or have not otherwise been earned shall be immediately forfeited and canceled, effective as of the
date of termination.

 

Section 9.6 Post-Termination
Informational Requirements. Before the settlement of any Award following termination of employment or service, the Administrator
may require the Participant (or the Participant’s Eligible Representative, if applicable) to make such representations and
provide such documents as the Administrator deems necessary or advisable to effect compliance with applicable law and the provisions
of this Plan.

 

Section 9.7 Forfeiture
and Recoupment of Awards. Awards granted under this Plan (and gains earned or accrued in connection with Awards) shall be subject
to such generally applicable policies as to forfeiture and recoupment (including, without limitation, upon the occurrence of material
financial or accounting errors, financial or other misconduct or Competitive Activity) as may be adopted by the Administrator or
the Board from time to time. Any such policies may (in the discretion of the Administrator or the Board) be applied to outstanding
Awards at the time of adoption of such policies, or on a prospective basis only. Participants shall also forfeit and disgorge to
the Company any Awards granted or vested and any gains earned or accrued due to the exercise of Options or SARs or the sale of
any Company Common Stock to the extent required by applicable law or as required by any stock exchange or quotation system on which
the Company Common Stock is listed or quoted, in each case in effect on or after the Effective Date, including but not limited
to Section 304 of the Sarbanes-Oxley Act of 2002 and Section 10D of the Exchange Act. The implementation of policies and procedures
pursuant to this Section 9.7 and any modification of the same shall not be subject to any restrictions on amendment or modification
of Awards.

 

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Article X

CHANGE IN CONTROL

 

Section 10.1 Alternative
Award. Unless otherwise provided in an Award Agreement, and other than with respect to the Performance Award Conversion, no
cancellation, acceleration or other payment shall occur in connection with a Change in Control pursuant to Section 10.3 with respect
to any Award or portion thereof as a result of the Change in Control if the Administrator reasonably determines in good faith,
prior to the occurrence of the Change in Control, that such Award shall be honored or assumed, or new rights substituted therefor
following the Change in Control (such honored, assumed or substituted award, an “Alternative Award”),
provided that any Alternative Award must (i) give the Participant who held the Award rights and entitlements substantially
equivalent to or better than the rights and terms applicable under the Award immediately prior to the Change in Control, including
an equal or better vesting schedule and that Alternative Awards that are stock options have identical or better methods of payment
of the exercise price thereof and a post-termination exercise period extending until at least the fifth anniversary of the Participant’s
termination (or, if earlier, the expiration of the term of such stock options); (ii) have terms such that if a Participant’s
employment is involuntarily (i.e., by the Company or its successor other than for Cause) or constructively (i.e.,
by the Participant with Good Reason) terminated within the twenty-four (24) months following a Change in Control at a time when
any portion of the Alternative Award is unvested, the unvested portion of such Alternative Award shall immediately vest in full
and such Participant shall receive (as determined by the Board prior to the Change in Control) either (1) a cash payment equal
in value to the excess (if any) of the fair market value of the stock subject to the Alternative Award at the date of exercise
or settlement over the price (if any) that such Participant would be required to pay to exercise such Alternative Award or (2)
publicly-traded shares or equity interests equal in value (as determined by the Administrator) to the value in clause (1).

 

Section 10.2 Performance
Award Conversion. Unless otherwise provided in an Award Agreement, upon a Change in Control, then-outstanding Performance Awards
shall be modified to remove any Performance Goals applicable thereto and to substitute, in lieu of such Performance Goals, vesting
solely based on the requirement of continued service through, as nearly as is practicable, the date(s) on which the satisfaction
of the Performance Goals would have been measured if the Change in Control had not occurred (or, if applicable, the later period
of required service following such measurement date) (such Awards, the “Alternative Performance Awards”),
with such service-vesting of the Alternative Performance Awards to accelerate upon the termination of service of the holder prior
to such vesting date(s) thereof, if such termination of service satisfies the requirements of clause (ii) of Section 10.1 hereof.
The number of Alternative Performance Awards shall be equal to (i) if less than 50% of the Performance Cycle has elapsed, the target
number of Performance Awards, and (ii) if 50% or more of the Performance Cycle has elapsed, a number of Performance Awards based
on actual performance through the date of the Change in Control if determinable, or the target, if not determinable (with the Administrator
as constituted prior to the Change in Control making any determinations necessary to determine performance and the vesting date(s)
thereof). The conversion of the Performance Awards into Alternative Performance Awards is referred to herein as the “Performance
Award Conversion”. Following the Performance Award Conversion, the Alternative Performance Awards shall either remain
outstanding as Alternative Awards consistent with this Section 10.2 or shall be treated as provided in Section 10.3.

 

Section 10.3 Accelerated
Vesting and Payment. Except as otherwise provided in this Article X or in an Award Agreement, upon a Change in Control:

 

(a) each
vested and unvested Option or SAR shall be canceled in exchange for a payment equal to the excess, if any, of the Change in Control
Price over the applicable Exercise Price or Base Price;

 

(b) the
vesting restrictions applicable to all other unvested Awards (other than (x) freestanding Dividend Equivalents not granted in connection
with another Award and (y) Performance Awards) shall lapse, all such Awards shall vest and become non-forfeitable and be canceled
in exchange for a payment equal to the Change in Control Price;

 

(c) the
Alternative Performance Awards shall be canceled in exchange for a payment equal to the Change in Control Price;

 

(d) all
other Awards (other than freestanding Dividend Equivalents not granted in connection with another Award) that were vested prior
to the Change in Control but that have not been settled or converted into Shares prior to the Change in Control shall be canceled
in exchange for a payment equal to the Change in Control Price; and

 

(e) all
freestanding Dividend Equivalents not granted in connection with another Award shall be cancelled without payment therefor.

 

To the extent any portion of the Change
in Control Price is payable other than in cash and/or other than at the time of the Change in Control, Award holders under the
Plan shall receive the same value in respect of their Awards (less any applicable Exercise Price, Base Price or similar feature)
as is received by the Company’s stockholders in respect of their Company Common Stock (as determined by the Administrator),
and the Administrator shall determine the extent to which such value shall be paid in cash, in securities or other property, or
in a combination of cash and securities or other property, consistent with applicable law. To the extent any portion of the Change
in Control Price is payable other than at the time of the Change in Control, the Administrator shall determine the time and form
of payment to the Award holders consistent with Section 409A of the Code and other applicable laws. Upon a Change in Control the
Administrator may cancel Options and SARs for no consideration if the Fair Market Value of the Shares subject to such Options or
such SARs is less than or equal to the Exercise Price of such Options or the Base Price of such SARs.

 

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Article XI

OTHER PROVISIONS

 

Section 11.1 Awards
Not Transferable. Except as otherwise determined by the Administrator, no Award or interest or right therein or part thereof
shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject
to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition
be voluntary or involuntary or by operation of law, by judgment, levy, attachment, garnishment or any other legal or equitable
proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided,
however, that nothing in this Section 11.1 shall prevent transfers by will, by the applicable laws of descent and distribution
or pursuant to the beneficiary designation procedures approved by the Company pursuant to Section 11.13 or, with the prior approval
of the Company, estate planning transfers.

 

Section 11.2 Amendment,
Suspension or Termination of the Plan or Award Agreements.

 

(a) The
Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the
Administrator; provided, that without the approval by a majority of the shares entitled to vote at a duly constituted meeting
of shareholders of the Company, no amendment or modification to the Plan may (i) except as otherwise expressly provided in Section
3.3, increase the number of Shares subject to the Plan; (ii) modify the class of persons eligible for participation in the Plan
or (iii) materially modify the Plan in any other way that would require shareholder approval under applicable law. Except as otherwise
expressly provided in the Plan, neither the amendment, suspension or termination of the Plan shall, without the written consent
of the holder of the Award, materially adversely alter or impair any rights or obligations under any Award theretofore granted.

 

(b) The
Administrator at any time, and from time to time, may amend the terms of any one or more existing Award Agreements, provided,
however, that the rights of a Participant under an Award Agreement shall not be materially adversely impaired without the
Participant’s written consent. The Company shall provide a Participant with notice of any amendment made to a Participant’s
existing Award Agreement.

 

(c) No
Award may be granted during any period of suspension nor after termination of the Plan, and in no event may any Award be granted
under this Plan after the expiration of ten (10) years from the Effective Date.

 

Section 11.3 Effect
of Plan upon Other Award and Compensation Plans. The adoption of this Plan shall not affect any other compensation or incentive
plans in effect for the Company or any of its Affiliates. Nothing in this Plan shall be construed to limit the right of the Company
or any of its Affiliates (a) to establish any other forms of incentives or compensation for Service Providers or (b) to grant or
assume options or restricted stock other than under this Plan in connection with any proper corporate purpose, including, but not
by way of limitation, the grant or assumption of options or restricted stock in connection with the acquisition by purchase, lease,
merger, consolidation or otherwise, of the business, stock or assets of any corporation, firm or association.

 

Section 11.4 At-Will
Employment. Nothing in the Plan or any Award Agreement hereunder shall confer upon the Participant any right to continue as
a Service Provider of the Company or any of its Affiliates or shall interfere with or restrict in any way the rights of the Company
or any of its Affiliates, which are hereby expressly reserved, to discharge any Participant at any time for any reason whatsoever,
with or without Cause.

 

Section 11.5 Conformity
to Securities Laws. The Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the
Exchange Act and any and all regulations and rules promulgated under any of the foregoing, to the extent the Company, any of its
Affiliates or any Participant is subject to the provisions thereof. Notwithstanding anything herein to the contrary, the Plan shall
be administered, and Awards shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and
regulations. To the extent permitted by applicable law, the Plan and Awards granted hereunder shall be deemed amended to the extent
necessary to conform to such laws, rules and regulations.

 

    13

     

    

 

Section 11.6 Term
of Plan. The Plan shall become effective on Closing Date, as defined in the Business Combination Agreement (the “Effective
Date”) and shall continue in effect, unless sooner terminated pursuant to Section 11.2, until the tenth (10th)
anniversary of the Effective Date. The provisions of the Plan shall continue thereafter to govern all outstanding Awards.

 

Section 11.7 Governing
Law. To the extent not preempted by federal law, the Plan shall be construed in accordance with and governed by the laws of
the State of Delaware regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction.

 

Section 11.8 Severability.
In the event any portion of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the
illegal or invalid provisions had not been included, and the illegal or invalid action shall be null and void.

 

Section 11.9 Governing
Documents. In the event of any express contradiction between the Plan and any Award Agreement or any other written agreement
between a Participant and the Company or any Affiliate that has been approved by the Administrator, the express terms of the Plan
shall govern, unless it is expressly specified in such Award Agreement or other written document that such express provision of
the Plan shall not apply.

 

Section 11.10 Withholding
Taxes. In addition to any rights or obligations with respect to the federal, state, local or foreign income taxes, withholding
taxes or employment taxes required to be withheld under applicable law, the Company or any Affiliate employing a Service Provider
shall have the right to withhold from the Service Provider, or otherwise require the Service Provider or an assignee to pay, any
such required withholding obligations arising as a result of grant, exercise, vesting or settlement of any Award or any other taxable
event occurring pursuant to the Plan or any Award Agreement, including, without limitation, to the extent permitted by law, the
right to deduct any such withholding obligations from any payment of any kind otherwise due to the Service Provider or to take
such other actions (including, without limitation, withholding any Shares or cash deliverable pursuant to the Plan or any Award)
as may be necessary to satisfy such withholding obligations.

 

Section 11.11 Section
409A. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code
and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such
regulations or other guidance that may be issued after the adoption of the Plan. Notwithstanding any provision of the Plan to the
contrary, in the event that following the adoption of the Plan, the Administrator determines that any Award may be subject to Section
409A of the Code and related regulations and Department of Treasury guidance (including such Department of Treasury guidance as
may be issued after the adoption of the Plan), the Administrator may adopt such amendments to the Plan and the applicable Award
Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take
any other actions, that the Administrator determines are necessary or appropriate to (a) exempt the Award from Section 409A of
the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, (b) comply with the requirements
of Section 409A of the Code and related Department of Treasury guidance or (c) comply with any correction procedures available
with respect to Section 409A of the Code. Notwithstanding anything else contained in this Plan or any Award Agreement to the contrary,
if a Service Provider is a “specified employee” at the time of the Service Provider’s “separation from
service” (as determined under Section 409A of the Code) then, to the extent necessary to comply with, and avoid imposition
on such Service Provider of any tax penalty imposed under, Section 409A of the Code, any payment required to be made to a Service
Provider hereunder upon or following his or her separation from service shall be delayed until the first to occur of (i) the six-month
anniversary of the Service Provider’s separation from service and (ii) the Service Provider’s death. Should payments
be delayed in accordance with the preceding sentence, the accumulated payment that would have been made but for the period of the
delay shall be paid in a single lump sum during the ten (10) day period following the lapsing of the delay period. No provision
of this Plan or an Award Agreement shall be construed to indemnify any Service Provider for any taxes incurred by reason of Section
409A (or timing of incurrence thereof), other than an express indemnification provision therefor.

 

Section 11.12 Notices.
Except as provided otherwise in an Award Agreement, all notices and other communications required or permitted to be given under
this Plan or any Award Agreement shall be in writing and shall be deemed to have been given if delivered personally, sent by email
or any other form of electronic transfer approved by the Administrator, sent by certified or express mail, return receipt requested,
postage prepaid, or by any recognized international equivalent of such delivery, (i) in the case of notices and communications
to the Company, to its current business address and to the attention of the Corporate Secretary of the Company or (ii) in the case
of a Participant, to the last known address, or email address or, where the individual is an employee of the Company or one of
its Subsidiaries, to the individual’s workplace address or email address or by other means of electronic transfer acceptable
to the Administrator. All such notices and communications shall be deemed to have been received on the date of delivery, if sent
by email or any other form of electronic transfer, at the time of dispatch or on the third business day after the mailing thereof.

 

Section 11.13 Beneficiary
Designation. Each Participant under the Plan may from time to time pursuant to procedures approved by the Company name any
beneficiary or beneficiaries by whom any right under the Plan is to be exercised in case of such Participant’s death.

 

 

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