Document:

Exhibit 10.41

 

CLEVER LEAVES
HOLDINGS INC.

 

2020 Earnout
AWARD PLAN

 

ARTICLE 1

PURPOSE

 

The
purpose of the Clever Leaves Holdings Inc. 2020 Earnout Award Plan (as it may be amended or restated from time to time, the “Plan”)
is to promote the success and enhance the value of Clever Leaves Holdings Inc. (the “Company”) and its Subsidiaries
and affiliates by linking the individual interests of the members of the Board, Employees, and Consultants to those of Company
shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company
shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain
the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful
conduct of the Company’s operation is largely dependent. The Plan is intended to provide Awards with respect to Shares contemplated
to be directed to be granted by the Administrator as set forth in the Transaction Support Agreement by and among the Company,
Schultze Special Purpose Acquisition Corp., a Delaware corporation, Schultze Special Purpose Acquisition Sponsor, LLC, a Delaware
limited liability company, and Clever Leaves International Inc., a corporation organized under the laws of British Columbia, Canada.

 

ARTICLE
2

DEFINITIONS AND CONSTRUCTION

 

Wherever
the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise.
The singular pronoun shall include the plural where the context so indicates.

 

2.1       “Administrator”
shall mean the entity that conducts the general administration of the Plan as provided in Article 10. With reference to the duties
of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 10.6, or as to which the
Board has assumed, the term “Administrator” shall refer to such person(s) unless the Committee or the Board has revoked
such delegation or the Board has terminated the assumption of such duties.

 

2.2       “Applicable
Accounting Standards” shall mean Generally Accepted Accounting Principles in the United States, International Financial
Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements
under United States federal securities laws from time to time.

 

2.3       “Applicable
Law” shall mean any applicable law, including without limitation: (a) provisions of the Code, the Securities Act, the
Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements
or regulations, whether federal, state, local or foreign; and (c) rules of any securities exchange or automated quotation system
on which the Shares are listed, quoted or traded.

 

     

     

    

 

2.4       “Award”
shall mean an Option, a Restricted Share award or a Restricted Share Unit award which may be awarded or granted under the Plan.

 

2.5       “Award
Agreement” shall mean any written notice, agreement, terms and conditions, contract or other instrument or document
evidencing an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award
as the Administrator shall determine consistent with the Plan.

 

2.6       “Board”
shall mean the Board of Directors of the Company.

 

2.7       “Change
in Control” shall mean and includes each of the following:

 

		(a)	A
                                         transaction or series of transactions (other than an offering of Shares to the general
                                         public through a registration statement filed with the Securities and Exchange Commission)
                                         whereby any “person” or related “group” of “persons”
                                         (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) directly
                                         or indirectly acquires beneficial ownership (within the meaning of Rules 13d-3 and 13d-5
                                         under the Exchange Act) of securities of the Company possessing more than 50% of the
                                         total combined voting power of the Company’s securities outstanding immediately
                                         after such acquisition; provided, however, that the following acquisitions
                                         shall not constitute a Change in Control: (i) any acquisition by the Company or any of
                                         its Subsidiaries or a “person” that, prior to such transaction, directly
                                         or indirectly controls, is controlled by, or is under common control with, the Company;
                                         (ii) any acquisition by an employee benefit plan maintained by the Company or any of
                                         its Subsidiaries; (iii) any acquisition which complies with Sections 2.7(c)(i), 2.7(c)(ii)
                                         or 2.7(c)(iii); or (iv) in respect of an Award held by a particular Holder, any acquisition
                                         by the Holder or any group of persons including the Holder (or any entity controlled
                                         by the Holder or any group of persons including the Holder); or

 

		(b)	The
                                         Incumbent Directors cease for any reason to constitute a majority of the Board; or

 

		(c)	The
                                         consummation by the Company (whether directly involving the Company or indirectly involving
                                         the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization,
                                         or business combination, (y) a sale or other disposition of all or substantially all
                                         of the Company’s assets in any single transaction or series of related transactions
                                         or (z) the acquisition of assets or shares of another entity, in each case other than
                                         a transaction:

 

		(i)	which
                                         results in the Company’s voting securities outstanding immediately before the transaction
                                         continuing to represent (either by remaining outstanding or by being converted into voting
                                         securities of the Company or the person that, as a result of the transaction, controls,
                                         directly or indirectly, the Company or owns, directly or indirectly, all or substantially
                                         all of the Company’s assets or otherwise succeeds to the business of the Company
                                         (the Company or such person, the “Successor Entity”)) directly or
                                         indirectly, at least a majority of the combined voting power of the Successor Entity’s
                                         outstanding voting securities immediately after the transaction, and

 

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		(ii)	after
                                         which no person or group beneficially owns voting securities representing 50% or more
                                         of the combined voting power of the Successor Entity; provided, however,
                                         that no person or group shall be treated for purposes of this Section 2.7(c)(ii) as beneficially
                                         owning 50% or more of the combined voting power of the Successor Entity solely as a result
                                         of the voting power held in the Company prior to the consummation of the transaction;
                                         and

 

		(iii)	after
                                         which at least a majority of the members of the board of directors (or the analogous
                                         governing body) of the Successor Entity were Board members at the time of the Board’s
                                         approval of the execution of the initial agreement providing for such transaction; or

 

		(d)	The
                                         date specified by the Board following approval by the Company’s shareholders of
                                         a plan of complete liquidation or dissolution of the Company.

 

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that
provides for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional
taxes under Section 409A, the transaction or event described in subsection (a), (b), (c) or (d) with respect to such Award (or
portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such Award if such transaction
also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). The Administrator
shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change
in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental
matters relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control
is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such
regulation.

 

2.8       “Closing”
shall mean the date of the consummation of the transactions contemplated by the Business Combination Agreement by and among the
Company, Schultze Special Purpose Acquisition Corp., a Delaware corporation, Novel Merger Sub Inc., a Delaware corporation, and
Clever Leaves International Inc., a corporation organized under the laws of British Columbia, Canada.

 

2.9       “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, together with the regulations and official guidance
promulgated thereunder, whether issued prior or subsequent to the grant of any Award.

 

2.10       “Committee”
shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board or the Compensation Committee
of the Board described in Article 10 hereof.

 

2.11       “Company”
shall have the meaning set forth in Article 1.

 

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2.12       “Consultant”
shall mean any consultant or adviser engaged to provide services to the Company or any Subsidiary who qualifies as a consultant
or advisor under the applicable rules of the Securities and Exchange Commission for registration of shares on a Form S-8 Registration
Statement.

 

2.13       “Director”
shall mean a member of the Board, as constituted from time to time.

 

2.14       “Director
Limit” shall have the meaning set forth in Section 4.6.

 

2.15       “DRO”
shall mean a “domestic relations order” as defined by the Code or Title I of the Employee Retirement Income Security
Act of 1974, as amended from time to time, or the rules thereunder.

 

2.16       “Effective
Date” shall mean the date the Plan is adopted by the Board, subject to approval by the Company’s shareholders.

 

2.17       “Eligible
Individual” shall mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the
Administrator.

 

2.18       “Employee”
shall mean any officer or other employee (as determined in accordance with Section 3401(c) of the Code and the Treasury Regulations
thereunder) of the Company or of any Subsidiary.

 

2.19       “Equity
Restructuring” shall mean a nonreciprocal transaction between the Company and its shareholders, such as a share dividend,
share split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the number
or kind of Shares (or other securities of the Company) or the share price of Shares (or other securities) and causes a change
in the per-share value of the Shares underlying outstanding Awards.

 

2.20       “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

2.21       “Expiration
Date” shall have the meaning given to such term in Section 11.1(c).

 

2.22       “Fair
Market Value” shall mean, as of any given date, the value of a Share determined as follows:

 

		(a)	If
                                         the Shares are (i) listed on any established securities exchange (such as the New York
                                         Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market and the Nasdaq Global
                                         Select Market), (ii) listed on any national market system or (iii) quoted or traded on
                                         any automated quotation system, its Fair Market Value shall be the closing sales price
                                         for a Share as quoted on such exchange or system for such date or, if there is no closing
                                         sales price for a Share on the date in question, the closing sales price for a Share
                                         on the last preceding date for which such quotation exists, as reported in The Wall
                                         Street Journal or such other source as the Administrator deems reliable;

 

		(b)	If
                                         the Shares are not listed on an established securities exchange, national market system
                                         or automated quotation system, but the Shares are regularly quoted by a recognized securities
                                         dealer, its Fair Market Value shall be the mean of the high bid and low asked prices
                                         for such date or, if there are no high bid and low asked prices for a Share on such date,
                                         the high bid and low asked prices for a Share on the last preceding date for which such
                                         information exists, as reported in The Wall Street Journal or such other source
                                         as the Administrator deems reliable; or

 

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		(c)	If
                                         the Shares are neither listed on an established securities exchange, national market
                                         system or automated quotation system nor regularly quoted by a recognized securities
                                         dealer, its Fair Market Value shall be established by the Administrator in its discretion.

 

2.23       “Greater
Than 10% Shareholder” shall mean an individual then owning (within the meaning of Section 424(d) of the Code) more than
10% of the total combined voting power of all classes of shares of the Company or any subsidiary corporation (as defined in Section
424(f) of the Code) or parent corporation thereof (as defined in Section 424(e) of the Code).

 

2.24       “Holder”
shall mean a person who has been granted an Award.

 

2.25       “Incentive
Stock Option” shall mean an Option that is intended to qualify as an incentive stock option and conforms to the applicable
provisions of Section 422 of the Code.

 

2.26       “Incumbent
Directors’ shall mean for any period of 12 consecutive months, individuals who, at the beginning of such period, constitute
the Board together with any new Director(s) (other than a Director designated by a person who shall have entered into an agreement
with the Company to effect a transaction described in Section 2.7(a) or 2.7(c)) whose election or nomination for election to the
Board was approved by a vote of at least a majority (either by a specific vote or by approval of the proxy statement of the Company
in which such person is named as a nominee for Director without objection to such nomination) of the Directors then still in office
who either were Directors at the beginning of the 12-month period or whose election or nomination for election was previously
so approved. No individual initially elected or nominated as a director of the Company as a result of an actual or threatened
election contest with respect to Directors or as a result of any other actual or threatened solicitation of proxies by or on behalf
of any person other than the Board shall be an Incumbent Director.

 

2.27       “Non-Employee
Director” shall mean a Director of the Company who is not an Employee.

 

2.28       “Non-Qualified
Stock Option” shall mean an Option that is not an Incentive Stock Option or which is designated as an Incentive Stock
Option but does not meet the applicable requirements of Section 422 of the Code.

 

2.29       “Option”
shall mean a right to purchase Shares at a specified exercise price, granted under Article 5. An Option shall be either a Non-Qualified
Stock Option or an Incentive Stock Option; provided, however, that Options granted to Non-Employee Directors and
Consultants shall only be Non-Qualified Stock Options.

 

2.30       “Option
Term” shall have the meaning set forth in Section 5.4.

 

2.31       “Organizational
Documents” shall mean, collectively, (a) the Company’s certificate of incorporation, notice of articles and articles
or other similar organizational documents relating to the creation and governance of the Company, and (b) the Committee’s
charter or other similar organizational documentation relating to the creation and governance of the Committee.

 

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2.32       “Permitted
Transferee” shall mean, with respect to a Holder, any “family member” of the Holder, as defined in the General
Instructions to Form S-8 Registration Statement under the Securities Act (or any successor form thereto), or any other transferee
specifically approved by the Administrator after taking into account Applicable Law.

 

2.33       “Plan”
shall have the meaning set forth in Article 1.

 

2.34       “Program”
shall mean any program adopted by the Administrator pursuant to the Plan containing the terms and conditions intended to govern
a specified type of Award granted under the Plan and pursuant to which such type of Award may be granted under the Plan.

 

2.35       “Restricted
Share Units” shall mean the right to receive Shares awarded under Article 8.

 

2.36       “Restricted
Shares” shall mean Shares awarded under Article 7 that are subject to certain restrictions and may be subject to risk
of forfeiture or repurchase.

 

2.37       
“Section 409A” shall mean Section 409A of the Code and the 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
Effective Date.

 

2.38       “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

2.39       “Shares”
shall mean the common shares of the Company without par value.

 

2.40       “Subsidiary”
shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the
Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination,
securities or interests representing at least fifty percent (50%) of the total combined voting power of all classes of securities
or interests in one of the other entities in such chain.

 

2.41       “Substitute
Award” shall mean an Award granted under the Plan in connection with a corporate transaction, such as a merger, combination,
consolidation or acquisition of property or shares, in any case, upon the assumption of, or in substitution for, outstanding equity
awards previously granted by a company or other entity; provided, however, that in no event shall the term “Substitute
Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option.

 

2.42       “Termination
of Service” shall mean the date the Holder ceases to be an Eligible Individual.

 

The
Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to any Termination of
Service, including, without limitation, whether a Termination of Service has occurred, whether a Termination of Service resulted
from a discharge for cause and all questions of whether particular leaves of absence constitute a Termination of Service; provided,
however, that, with respect to Incentive Stock Options, unless the Administrator otherwise provides in the terms of any
Program, Award Agreement or otherwise, or as otherwise required by Applicable Law, a leave of absence, change in status from an
employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of
Service only if, and to the extent that, such leave of absence, change in status or other change interrupts employment for the
purposes of Section 422(a)(2) of the Code and the then-applicable regulations and revenue rulings under said Section. For purposes
of the Plan, a Holder’s employee-employer relationship or consultancy relations shall be deemed to be terminated in the
event that the Subsidiary employing or contracting with such Holder ceases to remain a Subsidiary following any merger, sale of
shares or other corporate transaction or event (including, without limitation, a spin-off).

 

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ARTICLE
3

SHARES SUBJECT TO THE PLAN

3.1       Number
of Shares.

 

		(a)	Subject
                                         to Sections 3.1(b) and 11.2 the aggregate number of Shares which may be issued or transferred
                                         pursuant to Awards under the Plan is 1,440,000, all of which may be issued in the form
                                         of Incentive Stock Options. Any Shares distributed pursuant to an Award may consist,
                                         in whole or in part, of authorized and unissued Shares, treasury Shares or Shares purchased
                                         on the open market. Shares constituting 50% of the foregoing reserve will be issued only
                                         if the Fair Market Value of a Share equals or exceeds $12.50 (as adjusted for any share
                                         dividend, share split, combination or exchange of shares, merger, consolidation or other
                                         distribution (other than normal cash dividends) of Company assets to shareholders, or
                                         any other change affecting the shares of the Company’s shares or the share price
                                         of the Company’s shares) for any 20 trading days within any consecutive 30 trading
                                         day period on or before the second anniversary of the Closing, and (ii) Shares constituting
                                         the remaining 50% of the foregoing reserve will be issued only if the Fair Market Value
                                         of a Share equals or exceeds $15.00 (as adjusted for any share dividend, share split,
                                         combination or exchange of shares, merger, consolidation or other distribution (other
                                         than normal cash dividends) of Company assets to shareholders, or any other change affecting
                                         the shares of the Company’s shares or the share price of the Company’s shares)
                                         for any 20 trading days within any consecutive 30 trading day period on or before the
                                         fourth anniversary of the Closing.

 

		(b)	If
                                         any Shares subject to an Award are forfeited or expire, are converted to shares of another
                                         person in connection with a recapitalization, reorganization, merger, consolidation,
                                         split-up, spin-off, combination, exchange of shares or other similar event, or such Award
                                         is settled for cash (in whole or in part) (including Shares repurchased by the Company
                                         under Section 7.4 at the same price paid by the Holder), the Shares subject to such Award
                                         shall, to the extent of such forfeiture, expiration, conversion or cash settlement, again
                                         be available for future grants of Awards under the Plan. Notwithstanding anything to
                                         the contrary contained herein, the following Shares shall not be added to the Shares
                                         authorized for grant under Section 3.1(a) and shall not be available for future grants
                                         of Awards: (i) Shares tendered by a Holder or withheld by the Company in payment of the
                                         exercise price of an Option; (ii) Shares tendered by the Holder or withheld by the Company
                                         to satisfy any tax withholding obligation with respect to an Award; and (iii) Shares
                                         purchased on the open market by the Company with the cash proceeds received from the
                                         exercise of Options. Any Shares repurchased by the Company under Section 7.4 at the same
                                         price paid by the Holder so that such Shares are returned to the Company shall again
                                         be available for Awards. Notwithstanding the provisions of this Section 3.1(b), no Shares
                                         may again be optioned, granted or awarded if such action would cause an Incentive Stock
                                         Option to fail to qualify as an incentive stock option under Section 422 of the Code.

 

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		(c)	Substitute
                                         Awards may be granted on such terms as the Administrator deems appropriate, notwithstanding
                                         limitations on Awards in the Plan. Substitute Awards shall not reduce the Shares authorized
                                         for grant under the Plan, except as may be required by reason of Section 422 of the Code,
                                         and Shares subject to such Substitute Awards shall not be added to the Shares available
                                         for Awards under the Plan as provided in Section 3.1(b) above. Additionally, in the event
                                         that a company acquired by the Company or any Subsidiary or with which the Company or
                                         any Subsidiary combines has shares available under a pre-existing plan approved by its
                                         shareholders and not adopted in contemplation of such acquisition or combination, the
                                         shares available for grant pursuant to the terms of such pre-existing plan (as adjusted,
                                         to the extent appropriate, using the exchange ratio or other adjustment or valuation
                                         ratio or formula used in such acquisition or combination to determine the consideration
                                         payable to the holders of common shares of the entities party to such acquisition or
                                         combination) may subject to Applicable Law, be used for Awards under the Plan and shall
                                         not reduce the Shares authorized for grant under the Plan (and Shares subject to such
                                         Awards shall not be added to the Shares available for Awards under the Plan as provided
                                         in Section 3.1(b) above); provided that Awards using such available Shares shall
                                         not be made after the date awards or grants could have been made under the terms of the
                                         pre-existing plan, absent the acquisition or combination, and shall only be made to individuals
                                         who were not employed by or providing services to the Company or its Subsidiaries immediately
                                         prior to such acquisition or combination.

 

ARTICLE
4

GRANTING OF AWARDS

 

4.1       Participation.
The Administrator may, from time to time, select from among all Eligible Individuals, those to whom an Award shall be granted
and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. No
Eligible Individual or other person shall have any right to be granted an Award pursuant to the Plan and neither the Company nor
the Administrator is obligated to treat Eligible Individuals, Holders or any other persons uniformly. Participation by each Holder
in the Plan shall be voluntary and nothing in the Plan or any Program shall be construed as mandating that any Eligible Individual
or other person shall participate in the Plan.

 

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4.2       Award
Agreement. Each Award shall be evidenced by an Award Agreement that sets forth the terms, conditions and limitations for such
Award as determined by the Administrator in its sole discretion (consistent with the requirements of the Plan and any applicable
Program). Award Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to meet
the applicable provisions of Section 422 of the Code.

 

4.3       Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded
to any individual who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth
in any applicable exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendments
thereto) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, the Plan
and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive
rule.

 

4.4       At-Will
Service. Nothing in the Plan or in any Program or Award Agreement hereunder shall confer upon any Holder any right to continue
in the employ of, or as a Director or Consultant for, the Company or any Subsidiary, or shall interfere with or restrict in any
way the rights of the Company and any Subsidiary, which rights are hereby expressly reserved, to discharge any Holder at any time
for any reason whatsoever, with or without cause, and with or without notice, or to terminate or change all other terms and conditions
of employment or engagement, except to the extent expressly provided otherwise in a written agreement between the Holder and the
Company or any Subsidiary.

 

4.5       Foreign
Holders. Notwithstanding any provision of the Plan or applicable Program to the contrary, in order to comply with the laws
in countries other than the United States in which the Company and its Subsidiaries operate or have Employees, Non-Employee Directors
or Consultants, or in order to comply with the requirements of any foreign securities exchange or other Applicable Law, the Administrator,
in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries shall be covered by the Plan;
(b) determine which Eligible Individuals outside the United States are eligible to participate in the Plan; (c) modify the terms
and conditions of any Award granted to Eligible Individuals outside the United States to comply with Applicable Law (including,
without limitation, applicable foreign laws or listing requirements of any foreign securities exchange); (d) establish subplans
and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable; provided,
however, that no such subplans and/or modifications shall increase the share limitation contained in Section 3.1 or the
Director Limit; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply
with any necessary local governmental regulatory exemptions or approvals or listing requirements of any foreign securities exchange.

 

4.6       Non-Employee
Director Limit. Notwithstanding any provision to the contrary in the Plan, the grant date fair value (determined as of the
grant date in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor
thereto) of equity-based Awards granted to a Non-Employee Director as compensation for services as a Non-Employee Director during
any calendar year under the Plan and the Clever Leaves Holdings Inc. 2020 Incentive Award Plan shall not exceed $300,000 in the
aggregate (the “Director Limit”).

 

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ARTICLE
5

GRANTING OF OPTIONS

 

5.1       Granting
of Options to Eligible Individuals. The Administrator is authorized to grant Options to Eligible Individuals from time to
time, in its sole discretion, on such terms and conditions as it may determine, which shall not be inconsistent with the Plan.

 

5.2       Qualification
of Incentive Stock Options. The Administrator may grant Options intended to qualify as Incentive Stock Options only to employees
of the Company, any of the Company’s present or future “parent corporations” or “subsidiary corporations”
as defined in Sections 424(e) or (f) of the Code, respectively, and any other entities the employees of which are eligible to
receive Incentive Stock Options under the Code. No person who qualifies as a Greater Than 10% Shareholder may be granted an Incentive
Stock Option unless such Incentive Stock Option conforms to the applicable provisions of Section 422 of the Code. To the extent
that the aggregate fair market value of shares with respect to which “incentive stock options” (within the meaning
of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable for the first time by a Holder during
any calendar year under the Plan, and all other plans of the Company and any parent corporation or subsidiary corporation thereof
(as defined in Section 424(e) and 424(f) of the Code, respectively), exceeds $100,000, the Options shall be treated as Non-Qualified
Stock Options to the extent required by Section 422 of the Code. The rule set forth in the immediately preceding sentence shall
be applied by taking Options and other “incentive stock options” into account in the order in which they were granted
and the fair market value of shares shall be determined as of the time the respective options were granted. Any interpretations
and rules under the Plan with respect to Incentive Stock Options shall be consistent with the provisions of Section 422 of the
Code. Neither the Company nor the Administrator shall have any liability to a Holder, or any other person, (a) if an Option (or
any part thereof) which is intended to qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or (b)
for any action or omission by the Company or the Administrator that causes an Option not to qualify as an Incentive Stock Option,
including without limitation, the conversion of an Incentive Stock Option to a Non-Qualified Stock Option or the grant of an Option
intended as an Incentive Stock Option that fails to satisfy the requirements under the Code applicable to an Incentive Stock Option.

 

5.3       Option
Exercise Price. The exercise price per Share subject to each Option shall be set by the Administrator, but, for any such Option
granted to a Holder subject to taxation in the United States, shall not be less than 100% of the Fair Market Value of a Share
on the date the Option is granted (or, as to Incentive Stock Options, on the date the Option is modified, extended or renewed
for purposes of Section 424(h) of the Code). In addition, in the case of Incentive Stock Options granted to a Greater Than 10%
Shareholder, such price shall not be less than 110% of the Fair Market Value of a Share on the date the Option is granted (or
the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code). Notwithstanding the foregoing,
in the case of an Option that is a Substitute Award, the exercise price per share of the Shares subject to such Option may be
less than the Fair Market Value per share on the date of grant for the applicable Holder (whether or not such Holder is subject
to taxation in the United States); provided that the exercise price of any Substitute Award shall be determined in accordance
with the applicable requirements of Section 424 and 409A of the Code.

 

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5.4       Option
Term. The term of each Option (the “Option Term”) shall be set by the Administrator in its sole discretion;
provided, however, that the Option Term shall not be more than (a) ten (10) years from the date the Option is granted
to an Eligible Individual (other than, in the case of Incentive Stock Options, a Greater Than 10% Shareholder), or (b) five (5)
years from the date an Incentive Stock Option is granted to a Greater Than 10% Shareholder. Except as limited by the requirements
of Section 409A or Section 422 of the Code and regulations and rulings thereunder or the first sentence of this Section 5.4 and
without limiting the Company’s rights under Section 9.7, the Administrator may extend the Option Term of any outstanding
Option and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service
of the Holder or otherwise, and may amend, subject to Section 9.7 and 11.1, any other term or condition of such Option relating
to such Termination of Service of the Holder or otherwise.

 

5.5       Option
Vesting. The period during which the right to exercise, in whole or in part, an Option vests in the Holder shall be set by
the Administrator and set forth in the applicable Award Agreement. Notwithstanding the foregoing and unless determined otherwise
by the Administrator, in the event that on the last business day of the term of an Option (other than an Incentive Stock Option)
(a) the exercise of the Option is prohibited by Applicable Law, as determined by the Administrator, or (b) Shares may not be purchased
or sold by the applicable Holder due to any Company insider trading policy (including blackout periods) or a “lock-up”
agreement undertaken in connection with an issuance of securities by the Company, then in either case the term of the Option shall
be extended until the date that is thirty (30) days after the end of the legal prohibition, black-out period or lock-up agreement,
as determined by the Administrator; provided, however, in no event shall the extension last beyond the term of the
applicable Option. Unless otherwise determined by the Administrator in the Award Agreement, the applicable Program or by action
of the Administrator following the grant of the Option, (a) no portion of an Option which is unexercisable at a Holder’s
Termination of Service shall thereafter become exercisable and (b) the portion of an Option that is unexercisable at a Holder’s
Termination of Service shall automatically expire thirty (30) days following such Termination of Service.

 

5.6       Early
Exercise of Options. The Administrator may provide in the terms of an Award Agreement that the Holder may exercise an Option
in whole or in part prior to the full vesting of the Option in exchange for unvested Restricted Shares with respect to any unvested
portion of the Option so exercised. Restricted Shares acquired upon the exercise of any unvested portion of an Option shall be
subject to such terms and conditions as the Administrator shall determine.

 

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ARTICLE
6

EXERCISE OF OPTIONS

 

6.1       Exercise
and Payment. An exercisable Option may be exercised in whole or in part. However, unless the Administrator otherwise determines,
an Option shall not be exercisable with respect to fractional Shares and the Administrator may require that, by the terms of the
Option, a partial exercise must be with respect to a minimum number of Shares. Payment of the amounts payable with respect to
Options pursuant to this Article 6 shall be in Shares (based on its Fair Market Value as of the date the Option is exercised).

 

6.2       Manner
of Exercise. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to
the Secretary of the Company, the share plan administrator of the Company or such other person designated by the Administrator,
or his, her or its office, as applicable:

 

		(a)	A
                                         written or electronic notice complying with the applicable rules established by the Administrator
                                         stating that the Option, or a portion thereof, is exercised. The notice shall be signed
                                         or otherwise acknowledged electronically by the Holder or other person then entitled
                                         to exercise the Option or such portion thereof;

 

		(b)	Such
                                         representations and documents as the Administrator, in its sole discretion, deems necessary
                                         or advisable to effect compliance with Applicable Law.

 

		(c)	In
                                         the event that the Option shall be exercised pursuant to Section 9.3 by any person or
                                         persons other than the Holder, appropriate proof of the right of such person or persons
                                         to exercise the Option, as determined in the sole discretion of the Administrator; and

 

		(d)	Full
                                         payment of the exercise price and applicable withholding taxes for the Shares with respect
                                         to which the Option, or portion thereof, is exercised, in a manner permitted by the Administrator
                                         in accordance with Sections 9.1 and 9.2.

 

6.3       Notification
Regarding Disposition. The Holder shall give the Company prompt written or electronic notice of any disposition or other transfer
of Shares acquired by exercise of an Incentive Stock Option which occurs within (a) two years from the date of granting (including
the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code) such Option to such Holder, or
(b) one year after the date of transfer of such Shares to such Holder. Such notice shall specify the date of such disposition
or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the
Holder in such disposition or other transfer.

 

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ARTICLE
7

AWARD OF RESTRICTED SHARES

 

7.1       Award
of Restricted Shares. The Administrator is authorized to grant Restricted Shares, or the right to purchase Restricted Shares
to Eligible Individuals, and shall determine the terms and conditions, including the restrictions applicable to each award of
Restricted Shares, which terms and conditions shall not be inconsistent with the Plan or any applicable Program, and may impose
such conditions on the issuance of such Restricted Shares as it deems appropriate. The Administrator shall establish the purchase
price, if any, and form of payment for Restricted Shares; provided, however, that if a purchase price is charged,
such purchase price shall be no less than the par value, if any, of the Shares to be purchased, unless otherwise permitted by
Applicable Law. In all cases, legal consideration shall be required for each issuance of Restricted Shares to the extent required
by Applicable Law.

 

7.2       Rights
as Shareholders. Subject to Section 7.4, upon issuance of Restricted Shares, the Holder shall have, unless otherwise provided
by the Administrator, all of the rights of a shareholder with respect to said Shares, subject to the restrictions in the Plan,
any applicable Program and/or the applicable Award Agreement, including the right to vote and the right to receive all dividends
and other distributions paid or made with respect to the Shares to the extent such dividends and other distributions have a record
date that is on or after the date on which the Holder to whom such Shares are granted becomes the record holder of such Restricted
Shares; provided, however, that, in the sole discretion of the Administrator, any extraordinary distributions with
respect to the Shares may be subject to the restrictions set forth in Section 7.3. In addition, notwithstanding anything to the
contrary herein, with respect to a Restricted Share, dividends which are paid prior to vesting shall only be paid out to the Holder
to the extent that the Restricted Share vests.

 

7.3       Restrictions.
All Restricted Shares (including any shares received by Holders thereof with respect to Restricted Shares as a result of share
dividends, share splits or any other form of recapitalization) shall be subject to such restrictions and vesting requirements
as the Administrator shall provide in the applicable Program or Award Agreement. By action taken after the Restricted Shares are
issued, the Administrator may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of such
Restricted Shares by removing any or all of the restrictions imposed by the terms of the applicable Program or Award Agreement.

 

7.4       Repurchase
or Forfeiture of Restricted Shares. Except as otherwise determined by the Administrator, if no price was paid by the Holder
for the Restricted Shares, upon a Termination of Service during the applicable restriction period, the Holder’s rights in
unvested Restricted Shares then subject to restrictions shall lapse, and such Restricted Shares shall be surrendered to the Company
and cancelled without consideration on the date of such Termination of Service. If a price was paid by the Holder for the Restricted
Shares, upon a Termination of Service during the applicable restriction period, the Company shall have the right to repurchase
from the Holder the unvested Restricted Shares then subject to restrictions at a cash price per share equal to the price paid
by the Holder for such Restricted Shares or such other amount as may be specified in the applicable Program or Award Agreement.
Notwithstanding the foregoing, the Administrator, in its sole discretion, may provide that upon certain events, including, without
limitation, the Holder’s death, retirement or disability or any other specified Termination of Service or any other event,
the Holder’s rights in unvested Restricted Shares then subject to restrictions shall not lapse, such Restricted Shares shall
vest and cease to be forfeitable and, if applicable, the Company shall cease to have a right of repurchase.

 

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7.5       Section
83(b) Election. If a Holder makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Shares
as of the date of transfer of the Restricted Shares rather than as of the date or dates upon which the Holder would otherwise
be taxable under Section 83(a) of the Code, the Holder shall be required to deliver a copy of such election to the Company promptly
after filing such election with the Internal Revenue Service along with proof of the timely filing thereof with the Internal Revenue
Service.

 

ARTICLE
8

AWARD
OF RESTRICTED SHARE UNITS

 

8.1       Grant
of Restricted Share Units. The Administrator is authorized to grant Awards of Restricted Share Units to any Eligible Individual
selected by the Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. A Holder
will have no rights of a shareholder with respect to Shares subject to any Restricted Share Unit unless and until the Shares are
delivered in settlement of the Restricted Share Unit.

 

8.2       Vesting
of Restricted Share Units. At the time of grant, the Administrator shall specify the date or dates on which the Restricted
Share Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate.

 

8.3       Maturity
and Payment. At the time of grant, the Administrator shall specify the maturity date applicable to each grant of Restricted
Share Units, which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the
Holder (if permitted by the applicable Award Agreement); provided that, except as otherwise determined by the Administrator,
and subject to compliance with Section 409A, in no event shall the maturity date relating to each Restricted Share Unit occur
following the later of (a) the 15th day of the third month following the end of the calendar year in which the applicable portion
of the Restricted Share Unit vests; and (b) the 15th day of the third month following the end of the Company’s fiscal year
in which the applicable portion of the Restricted Share Unit vests. On the maturity date, the Company shall, in accordance with
the applicable Award Agreement and subject to Section 9.4(f), transfer to the Holder one unrestricted, fully transferable Share
for each Restricted Share Unit scheduled to be paid out on such date and not previously forfeited.

 

8.4       Payment
upon Termination of Service. An Award of Restricted Share Units shall be payable only while the Holder is an Employee, a Consultant
or a member of the Board, as applicable; provided, however, that the Administrator, in its sole discretion, may
provide (in an Award Agreement or otherwise) that a Restricted Share Unit award may be paid subsequent to a Termination of Service
in certain events, including the Holder’s death, retirement or disability or any other specified Termination of Service.

 

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ARTICLE
9

ADDITIONAL
TERMS OF AWARDS

 

9.1       Payment.
The Administrator shall determine the method or methods by which payments by any Holder with respect to any Awards granted under
the Plan shall be made, including, without limitation: (a) cash, wire transfer of immediately available funds or check, (b) Shares,
including, without limitation, (i) in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise
of the Award or (ii) Shares held for such minimum period of time as may be established by the Administrator, in each case having
a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) delivery of a written or electronic
notice that the Holder has placed a market sell order with a broker acceptable to the Company with respect to Shares then issuable
upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of
the sale to the Company in satisfaction of the aggregate payments required; provided that payment of such proceeds is then
made to the Company upon settlement of such sale, (d) other form of legal consideration acceptable to the Administrator in its
sole discretion, or (e) any combination of the above permitted forms of payment. Notwithstanding any other provision of the Plan
to the contrary, no Holder who is a Director or an “executive officer” of the Company within the meaning of Section
13(k) of the Exchange Act shall be permitted to make payment with respect to any Awards granted under the Plan, or continue any
extension of credit with respect to such payment, with a loan from the Company or a loan arranged by the Company in violation
of Section 13(k) of the Exchange Act.

 

9.2       Tax
Withholding. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a Holder
to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder’s
FICA, employment tax or other social security contribution obligation) required by law to be withheld with respect to any taxable
event concerning a Holder arising as a result of the Plan or any Award. The Administrator may, in its sole discretion and in satisfaction
of the foregoing requirement, or in satisfaction of such additional withholding obligations as a Holder may have elected, allow
a Holder to satisfy such obligations by any payment means described in Section 9.1 hereof, including without limitation, by allowing
such Holder to elect to have the Company or any Subsidiary withhold Shares otherwise issuable under an Award (or allow the surrender
of Shares). The number of Shares that may be so withheld or surrendered shall be limited to the number of Shares that have a fair
market value on the date of withholding or repurchase no greater than the aggregate amount of such liabilities based on the maximum
statutory withholding rates in such Holder’s applicable jurisdiction for federal, state, local and foreign income tax and
payroll tax purposes that are applicable to such taxable income. The Administrator shall determine the fair market value of the
Shares, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a broker-assisted
cashless Option exercise involving the sale of Shares to pay the Option exercise price or any tax withholding obligation.

 

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9.3       Transferability
of Awards.

 

		(a)	Except
                                         as otherwise provided in Sections 9.3(b) and 9.3(c):

 

		(i)	No
                                         Award under the Plan may be sold, pledged, assigned or transferred in any manner other
                                         than (A) by will or the laws of descent and distribution or (B) subject to the consent
                                         of the Administrator, pursuant to a DRO, unless and until such Award has been exercised
                                         or the Shares underlying such Award have been issued, and all restrictions applicable
                                         to such Shares have lapsed;

 

		(ii)	No
                                         Award or interest or right therein shall be liable for or otherwise subject to the debts,
                                         contracts or engagements of the Holder or the Holder’s successors in interest or
                                         shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation,
                                         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) unless and until such Award has been
                                         exercised, or the Shares underlying such Award have been issued, and all restrictions
                                         applicable to such Shares have lapsed, and any attempted disposition of an Award prior
                                         to satisfaction of these conditions shall be null and void and of no effect, except to
                                         the extent that such disposition is permitted by Section 9.3(a)(i); and

 

		(iii)	During
                                         the lifetime of the Holder, only the Holder may exercise any exercisable portion of an
                                         Award granted to such Holder under the Plan, unless it has been disposed of pursuant
                                         to a DRO. After the death of the Holder, any exercisable portion of an Award may, prior
                                         to the time when such portion becomes unexercisable under the Plan or the applicable
                                         Program or Award Agreement, be exercised by the Holder’s personal representative
                                         or by any person empowered to do so under the deceased Holder’s will or under the
                                         then-applicable laws of descent and distribution.

 

		(b)	Notwithstanding
                                         Section 9.3(a), the Administrator, in its sole discretion, may determine to permit a
                                         Holder or a Permitted Transferee of such Holder to transfer an Award other than an Incentive
                                         Stock Option (unless such Incentive Stock Option is intended to become a Non-Qualified
                                         Stock Option) to any one or more Permitted Transferees of such Holder, subject to the
                                         following terms and conditions: (i) an Award transferred to a Permitted Transferee shall
                                         not be assignable or transferable by the Permitted Transferee other than (A) to another
                                         Permitted Transferee of the applicable Holder or (B) by will or the laws of descent and
                                         distribution or, subject to the consent of the Administrator, pursuant to a DRO; (ii)
                                         an Award transferred to a Permitted Transferee shall continue to be subject to all the
                                         terms and conditions of the Award as applicable to the original Holder (other than the
                                         ability to further transfer the Award to any person other than another Permitted Transferee
                                         of the applicable Holder); (iii) the Holder (or transferring Permitted Transferee) and
                                         the receiving Permitted Transferee shall execute any and all documents requested by the
                                         Administrator, including, without limitation documents to (A) confirm the status of the
                                         transferee as a Permitted Transferee, (B) satisfy any requirements for an exemption for
                                         the transfer under Applicable Law and (C) evidence the transfer; and (iv) the transfer
                                         of an Award to a Permitted Transferee shall be without consideration. In addition, and
                                         further notwithstanding Section 9.3(a), hereof, the Administrator, in its sole discretion,
                                         may determine to permit a Holder to transfer Incentive Stock Options to a trust that
                                         constitutes a Permitted Transferee if, under Section 671 of the Code and other Applicable
                                         Law, the Holder is considered the sole beneficial owner of the Incentive Stock Option
                                         while it is held in the trust.

 

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		(c)	Notwithstanding
                                         Section 9.3(a), a Holder may, in the manner determined by the Administrator, designate
                                         a beneficiary to exercise the rights of the Holder and to receive any distribution with
                                         respect to any Award upon the Holder’s death. A beneficiary, legal guardian, legal
                                         representative, or other person claiming any rights pursuant to the Plan is subject to
                                         all terms and conditions of the Plan and any Program or Award Agreement applicable to
                                         the Holder and any additional restrictions deemed necessary or appropriate by the Administrator.
                                         If the Holder is married or a domestic partner in a domestic partnership qualified under
                                         Applicable Law and resides in a community property state, a designation of a person other
                                         than the Holder’s spouse or domestic partner, as applicable, as the Holder’s
                                         beneficiary with respect to more than 50% of the Holder’s interest in the Award
                                         shall not be effective without the prior written or electronic consent of the Holder’s
                                         spouse or domestic partner. If no beneficiary has been designated or survives the Holder,
                                         payment shall be made to the person entitled thereto pursuant to the Holder’s will
                                         or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation
                                         may be changed or revoked by a Holder at any time; provided that the change or
                                         revocation is delivered in writing to the Administrator prior to the Holder’s death.

 

9.4       Conditions
to Issuance of Shares.

 

		(a)	The
                                         Administrator shall determine the methods by which Shares shall be delivered or deemed
                                         to be delivered to Holders. Notwithstanding anything herein to the contrary, the Company
                                         shall not be required to issue or deliver any certificates or make any book entries evidencing
                                         Shares pursuant to the exercise of any Award, unless and until the Administrator has
                                         determined that the issuance of such Shares is in compliance with Applicable Law and
                                         the Shares are covered by an effective registration statement or applicable exemption
                                         from registration. In addition to the terms and conditions provided herein, the Administrator
                                         may require that a Holder make such reasonable covenants, agreements and representations
                                         as the Administrator, in its sole discretion, deems advisable in order to comply with
                                         Applicable Law.

 

		(b)	All
                                         share certificates delivered pursuant to the Plan and all Shares issued pursuant to book
                                         entry procedures are subject to any stop-transfer orders and other restrictions as the
                                         Administrator deems necessary or advisable to comply with Applicable Law. The Administrator
                                         may place legends on any share certificate or book entry to reference restrictions applicable
                                         to the Shares (including, without limitation, restrictions applicable to Restricted Shares).

 

		(c)	The
                                         Administrator shall have the right to require any Holder to comply with any timing or
                                         other restrictions with respect to the settlement, distribution or exercise of any Award,
                                         including a window-period limitation, as may be imposed in the sole discretion of the
                                         Administrator.

 

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		(d)	Unless
                                         the Administrator otherwise determines, no fractional Shares shall be issued and the
                                         Administrator, in its sole discretion, shall determine whether cash shall be given in
                                         lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding
                                         down.

 

		(e)	The
                                         Company, in its sole discretion, may (i) retain physical possession of any share certificate
                                         evidencing Shares until any restrictions thereon shall have lapsed and/or (ii) require
                                         that the share certificates evidencing such Shares be held in custody by a designated
                                         escrow agent (which may but need not be the Company) until the restrictions thereon shall
                                         have lapsed, and that the Holder deliver a share power, endorsed in blank, relating to
                                         such Shares.

 

		(f)	Notwithstanding
                                         any other provision of the Plan, unless otherwise determined by the Administrator or
                                         required by Applicable Law, the Company shall not deliver to any Holder certificates
                                         evidencing Shares issued in connection with any Award and instead such Shares shall be
                                         recorded in the books of the Company (or, as applicable, its transfer agent or share
                                         plan administrator).

 

9.5       Forfeiture
and Claw-Back Provisions. All Awards (including any proceeds, gains or other economic benefit actually or constructively received
by a Holder upon any receipt or exercise of any Award or upon the receipt or resale of any Shares underlying the Award and any
payments of a portion of an incentive-based bonus pool allocated to a Holder) shall be subject to the provisions of any claw-back
policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements
of Applicable Law, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules
or regulations promulgated thereunder, whether or not such claw-back policy was in place at the time of grant of an Award, to
the extent set forth in such claw-back policy and/or in the applicable Award Agreement.

 

9.6       Repricing.
Subject to Section 11.2, the Administrator shall not, without the approval of the shareholders of the Company, (a) authorize the
amendment of any outstanding Option to reduce its price per Share, or (b) cancel any Option in exchange for cash or another Award
when the Option price per Share exceeds the Fair Market Value of the underlying Shares.

 

9.7       Amendment
of Awards. Subject to Applicable Law, the Administrator may amend, modify or terminate any outstanding Award, including but
not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or settlement,
and converting an Incentive Stock Option to a Non-Qualified Stock Option. The Holder’s consent to such action shall be required
unless (a) the Administrator determines that the action, taking into account any related action, would not materially and adversely
affect the Holder, or (b) the change is otherwise permitted under the Plan (including, without limitation, under Sections 9.6,
11.2 or 11.10).

 

9.8       Lock-Up
Period. The Company may, in connection with registering the offering of any Company securities under the Securities Act, prohibit
Holders from, directly or indirectly, selling or otherwise transferring any Shares or other Company securities during any period
determined by the underwriter or the Company. In order to enforce the foregoing, the Company shall have the right to place restrictive
legends on the certificates of any securities of the Company held by the Holder and to impose stop transfer instructions with
the Company’s transfer agent with respect to any securities of the Company held by the Holder until the end of such period.

 

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9.9       Data
Privacy. As a condition of receipt of any Award, each Holder explicitly and unambiguously consents to the collection, use
and transfer, in electronic or other form, of personal data as described in this Section 9.9 by and among, as applicable, the
Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing the Holder’s participation
in the Plan. The Company and its Subsidiaries may hold certain personal information about a Holder, including but not limited
to, the Holder’s name, home address and telephone number, date of birth, social security or insurance number or other identification
number, salary, nationality, job title(s), any shares held in the Company or any of its Subsidiaries and details of all Awards,
in each case, for the purpose of implementing, managing and administering the Plan and Awards (the “Data”).
The Company and its Subsidiaries may transfer the Data amongst themselves as necessary for the purpose of implementation, administration
and management of a Holder’s participation in the Plan, and the Company and its Subsidiaries may each further transfer the
Data to any third parties assisting the Company and its Subsidiaries in the implementation, administration and management of the
Plan. These recipients may be located in the Holder’s country, or elsewhere, and the Holder’s country may have different
data privacy laws and protections than the recipients’ country. Through acceptance of an Award, each Holder authorizes such
recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing,
administering and managing the Holder’s participation in the Plan, including any requisite transfer of such Data as may
be required to a broker or other third party with whom the Company or any of its Subsidiaries or the Holder may elect to deposit
any Shares. The Data related to a Holder will be held only as long as is necessary to implement, administer, and manage the Holder’s
participation in the Plan. A Holder may, at any time, view the Data held by the Company with respect to such Holder, request additional
information about the storage and processing of the Data with respect to such Holder, recommend any necessary corrections to the
Data with respect to the Holder or refuse or withdraw the consents herein in writing, in any case without cost, by contacting
his or her local human resources representative. The Company may cancel the Holder’s ability to participate in the Plan
and, in the Administrator’s discretion, the Holder may forfeit any outstanding Awards if the Holder refuses or withdraws
his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal of consent,
Holders may contact their local human resources representative.

 

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ARTICLE
10

ADMINISTRATION

 

10.1       Administrator.
The Committee shall administer the Plan (except as otherwise permitted herein). To the extent necessary to comply with Rule 16b-3
of the Exchange Act, the Committee shall take all action with respect to such Awards, and the individuals taking such action shall
consist solely of two or more Non-Employee Directors, each of whom is intended to qualify as a “non-employee director”
as defined by Rule 16b-3 of the Exchange Act or any successor rule. Additionally, to the extent required by Applicable Law, each
of the individuals constituting the Committee shall be an “independent director” under the rules of any securities
exchange or automated quotation system on which the Shares are listed, quoted or traded. Notwithstanding the foregoing, any action
taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of such action are later
determined not to have satisfied the requirements for membership set forth in this Section 10.1 or the Organizational Documents.
Except as may otherwise be provided in the Organizational Documents or as otherwise required by Applicable Law, (a) appointment
of Committee members shall be effective upon acceptance of appointment, (b) Committee members may resign at any time by delivering
written or electronic notice to the Board and (c) vacancies in the Committee may only be filled by the Board. Notwithstanding
the foregoing, (i) the full Board, acting by a majority of its members in office, shall conduct the general administration of
the Plan with respect to Awards granted to Non-Employee Directors and, with respect to such Awards, the term “Administrator”
as used in the Plan shall be deemed to refer to the Board and (ii) the Board or Committee may delegate its authority hereunder
to the extent permitted by Section 10.6.

 

10.2       Duties
and Powers of Administrator. It shall be the duty of the Administrator to conduct the general administration of the Plan in
accordance with its provisions. The Administrator shall have the power to interpret the Plan, all Programs and Award Agreements,
and to adopt such rules for the administration, interpretation and application of the Plan and any Program as are not inconsistent
with the Plan, to interpret, amend or revoke any such rules and to amend the Plan or any Program or Award Agreement; provided
that the rights or obligations of the Holder of the Award that is the subject of any such Program or Award Agreement are not
materially and adversely affected by such amendment, unless the consent of the Holder is obtained or such amendment is otherwise
permitted under Section 9.7 or Section 11.10. In its sole discretion, the Board may at any time and from time to time exercise
any and all rights and duties of the Committee in its capacity as the Administrator under the Plan except with respect to matters
which under Rule 16b-3 under the Exchange Act or any successor rule, or any regulations or rules issued thereunder, or the rules
of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded are required to be determined
in the sole discretion of the Committee.

 

10.3       Action
by the Administrator. Unless otherwise established by the Board, set forth in any Organizational Documents or as required
by Applicable Law, a majority of the Administrator shall constitute a quorum and the acts of a majority of the members present
at any meeting at which a quorum is present, and acts approved in writing by all members of the Administrator in lieu of a meeting,
shall be deemed the acts of the Administrator. Each member of the Administrator is entitled to, in good faith, rely or act upon
any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the
Company’s independent certified public accountants, or any executive compensation consultant or other professional retained
by the Company to assist in the administration of the Plan. Neither the Administrator nor any member or delegate thereof shall
have any liability to any person (including any Holder) for any action taken or omitted to be taken or any determination made
in good faith with respect to the Plan or any Award.

 

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10.4       Authority
of Administrator. Subject to the Organizational Documents, any specific designation in the Plan and Applicable Law, the Administrator
has the exclusive power, authority and sole discretion to:

 

		(a)	Designate
                                         Eligible Individuals to receive Awards;

 

		(b)	Determine
                                         the type or types of Awards to be granted to each Eligible Individual (including, without
                                         limitation, any Awards granted in tandem with another Award granted pursuant to the Plan);

 

		(c)	Determine
                                         the number of Awards to be granted and the number of Shares to which an Award will relate;

 

		(d)	Determine
                                         the terms and conditions of any Award granted pursuant to the Plan, including, but not
                                         limited to, the exercise price, grant price, purchase price, any performance criteria,
                                         any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture
                                         restrictions or restrictions on the exercisability of an Award, and accelerations or
                                         waivers thereof, and any provisions related to non-competition and claw-back and recapture
                                         of gain on an Award, based in each case on such considerations as the Administrator in
                                         its sole discretion determines;

 

		(e)	Determine
                                         whether, to what extent, and under what circumstances the exercise price of an Award
                                         may be paid in cash, Shares, other Awards, or other property, or an Award may be canceled,
                                         forfeited, or surrendered;

 

		(f)	Prescribe
                                         the form of each Award Agreement, which need not be identical for each Holder;

 

		(g)	Decide
                                         all other matters that must be determined in connection with an Award;

 

		(h)	Establish,
                                         adopt, or revise any Programs, rules and regulations as it may deem necessary or advisable
                                         to administer the Plan;

 

		(i)	Interpret
                                         the terms of, and any matter arising pursuant to, the Plan, any Program or any Award
                                         Agreement;

 

		(j)	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; and

 

		(k)	Accelerate
                                         wholly or partially the vesting or lapse of restrictions of any Award or portion thereof
                                         at any time after the grant of an Award, subject to whatever terms and conditions it
                                         selects and Section 11.2.

 

10.5       Decisions
Binding. The Administrator’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Program or any
Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding and conclusive
on all persons.

 

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10.6       Delegation
of Authority. The Board or Committee may from time to time delegate to a committee of one or more members of the Board or
one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to
this Article 10; provided, however, that in no event shall an officer of the Company be delegated the authority
to grant Awards to, or amend Awards held by, the following individuals: (a) individuals who are subject to Section 16 of the Exchange
Act, or (b) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder; provided,
further, that any delegation of administrative authority shall only be permitted to the extent it is permissible under
any Organizational Documents and Applicable Law. Any delegation hereunder shall be subject to the restrictions and limits that
the Board or Committee specifies at the time of such delegation or that are otherwise included in the applicable Organizational
Documents, and the Board or Committee, as applicable, may at any time rescind the authority so delegated or appoint a new delegatee.
At all times, the delegatee appointed under this Section 10.6 shall serve in such capacity at the pleasure of the Board or the
Committee, as applicable, and the Board or the Committee may abolish any committee at any time and re-vest in itself any previously
delegated authority.

 

ARTICLE
11

MISCELLANEOUS PROVISIONS

 

11.1       Amendment,
Suspension or Termination of the Plan.

 

		(a)	Except
                                         as otherwise provided in Section 11.1(b), the Plan may be wholly or partially amended
                                         or otherwise modified, suspended or terminated at any time or from time to time by the
                                         Board; provided that, except as provided in Section 9.7 and Section 11.10, no
                                         amendment, suspension or termination of the Plan shall, without the consent of the Holder,
                                         materially and adversely affect any rights or obligations under any Award theretofore
                                         granted or awarded, unless the Award itself otherwise expressly so provides.

 

		(b)	Notwithstanding
                                         Section 11.1(a), the Board may not, except as provided in Section 11.2, take any of the
                                         following actions without approval of the Company’s shareholders given within twelve
                                         (12) months before or after such action: (i) increase the limit imposed in Section 3.1
                                         on the maximum number of Shares which may be issued under the Plan, (ii) reduce the price
                                         per share of any outstanding Option granted under the Plan or take any action prohibited
                                         under Section 9.6, or (iii) cancel any Option in exchange for cash or another Award in
                                         violation of Section 9.6.

 

		(c)	No
                                         Awards may be granted or awarded during any period of suspension or after termination
                                         of the Plan, and notwithstanding anything herein to the contrary, in no event may any
                                         Award be granted under the Plan after the tenth (10th) anniversary of the earlier of
                                         (i) the date on which the Plan was adopted by the Board or (ii) the date the Plan was
                                         approved by the Company’s shareholders (such anniversary, the “Expiration
                                         Date”). Any Awards that are outstanding on the Expiration Date shall remain
                                         in force according to the terms of the Plan, the applicable Program and the applicable
                                         Award Agreement.

 

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11.2       Changes
in Shares or Assets of the Company, Acquisition or Liquidation of the Company and Other Corporate Events.

 

		(a)	In
                                         the event of any share dividend, share split, combination or exchange of shares, merger,
                                         consolidation or other distribution (other than normal cash dividends) of Company assets
                                         to shareholders, or any other change affecting the Company’s shares or the share
                                         price of the Company’s shares other than an Equity Restructuring, the Administrator
                                         may make equitable adjustments, if any, to reflect such change with respect to: (i) the
                                         aggregate number and kind of Shares that may be issued under the Plan (including, but
                                         not limited to, adjustments of the limitations in Section 3.1 on the maximum number and
                                         kind of Shares which may be issued under the Plan); (ii) the number and kind of Shares
                                         (or other securities or property) subject to outstanding Awards; (iii) the terms and
                                         conditions of any outstanding Awards (including, without limitation, any applicable performance
                                         targets or criteria with respect thereto); and (iv) the grant or exercise price per share
                                         for any outstanding Awards under the Plan.

 

		(b)	In
                                         the event of any transaction or event described in Section 11.2(a), including, without
                                         limitation, a Change in Control, or any unusual or nonrecurring transactions or events
                                         affecting the Company, any Subsidiary of the Company, or the financial statements of
                                         the Company or any Subsidiary, or of changes in Applicable Law or Applicable Accounting
                                         Standards, the Administrator, in its sole discretion, and on such terms and conditions
                                         as it deems appropriate, either by the terms of the Award or by action taken prior to
                                         the occurrence of such transaction or event, is hereby authorized to take any one or
                                         more of the following actions whenever the Administrator determines that such action
                                         is appropriate in order to prevent dilution or enlargement of the benefits or potential
                                         benefits intended to be made available under the Plan or with respect to any Award under
                                         the Plan, to facilitate such transactions or events or to give effect to such changes
                                         in Applicable Law or Applicable Accounting Standards:

 

		(i)	To
                                         provide for the termination of any such Award in exchange for an amount of cash and/or
                                         other property with a value equal to the amount that would have been attained upon the
                                         exercise of such Award or realization of the Holder’s rights (and, for the avoidance
                                         of doubt, if as of the date of the occurrence of the transaction or event described in
                                         this Section 11.2 the Administrator determines in good faith that no amount would have
                                         been attained upon the exercise of such Award or realization of the Holder’s rights,
                                         then such Award may be terminated by the Company without payment);

 

		(ii)	To
                                         provide that such Award be assumed by the successor or survivor corporation, or a parent
                                         or subsidiary thereof, or shall be substituted for by similar options, rights or awards
                                         covering the shares of the successor or survivor corporation, or a parent or subsidiary
                                         thereof, with appropriate adjustments as to the number and kind of shares and applicable
                                         exercise or purchase price, in all cases, as determined by the Administrator;

 

    23

     

    

  

		(iii)	To
                                         make adjustments in the number and type of the Company’s shares (or other securities
                                         or property) subject to such Award, and/or in the terms and conditions of (including
                                         the grant or exercise price), and the criteria included in, outstanding Awards and Awards
                                         which may be granted in the future;

 

		(iv)	To
                                         provide that such Award shall be exercisable or payable or fully vested with respect
                                         to all Shares covered thereby, notwithstanding anything to the contrary in the Plan or
                                         the applicable Program or Award Agreement; provided, however, that, in
                                         the event of a Change in Control, the actions contemplated by this Section 11.2(b)(iv)
                                         may only be taken to the extent that the successor corporation in a Change in Control
                                         does not assume or substitute such Award (or any portion thereof);

 

		(v)	To
                                         replace such Award with other rights or property selected by the Administrator; and/or

 

		(vi)	To
                                         provide that the Award cannot vest, be exercised or become payable after such event.

 

		(c)	In
                                         connection with the occurrence of any Equity Restructuring, and notwithstanding anything
                                         to the contrary in Sections 11.2(a) and 11.2(b):

 

		(i)	The
                                         number and type of securities subject to each outstanding Award and the exercise price
                                         or grant price thereof, if applicable, shall be equitably adjusted (and the adjustments
                                         provided under this Section 11.2(c)(i) shall be nondiscretionary and shall be final and
                                         binding on the affected Holder and the Company); and/or

 

		(ii)	The
                                         Administrator shall make such equitable adjustments, if any, as the Administrator, in
                                         its sole discretion, may deem appropriate to reflect such Equity Restructuring with respect
                                         to the aggregate number and kind of Shares that may be issued under the Plan (including,
                                         but not limited to, adjustments of the limitation in Section 3.1 on the maximum number
                                         and kind of Shares which may be issued under the Plan).

 

		(d)	Notwithstanding
                                         any other provision of the Plan, in the event of a Change in Control, in the event that
                                         the successor corporation in a Change in Control does not assume or substitute for an
                                         Award (or any portion thereof), the Administrator may cause (i) any or all of such Award
                                         (or portion thereof) to terminate in exchange for cash, rights or other property pursuant
                                         to Section 11.2(b)(i) or (ii) any or all of such Award (or portion thereof) to become
                                         fully exercisable immediately prior to the consummation of such transaction and all forfeiture
                                         restrictions on any or all of such Award to lapse. If any such Award is exercisable in
                                         lieu of assumption or substitution in the event of a Change in Control, the Administrator
                                         shall notify the Holder that such Award shall be fully exercisable for a period of fifteen
                                         (15) days from the date of such notice, contingent upon the occurrence of the Change
                                         in Control, and such Award shall terminate upon the expiration of such period.

 

    24

     

    

 

		(e)	For
                                         the purposes of this Section 11.2, an Award shall be considered assumed if, following
                                         the Change in Control, the Award confers the right to purchase or receive, for each Share
                                         subject to the Award immediately prior to the Change in Control, the consideration (whether
                                         shares, cash, or other securities or property) received in the Change in Control by holders
                                         of Shares for each Share held on the effective date of the transaction (and if holders
                                         were offered a choice of consideration, the type of consideration chosen by the holders
                                         of a majority of the outstanding Shares); provided, however, that if such
                                         consideration received in the Change in Control was not solely common shares of the successor
                                         corporation or its parent, the Administrator may, with the consent of the successor corporation,
                                         provide for the consideration to be received upon the exercise of the Award, for each
                                         Share subject to an Award, to be solely common shares of the successor corporation or
                                         its parent equal in fair market value to the per-share consideration received by holders
                                         of Shares in the Change in Control.

 

		(f)	The
                                         Administrator, in its sole discretion, may include such further provisions and limitations
                                         in any Award, agreement or certificate, as it may deem equitable and in the best interests
                                         of the Company that are not inconsistent with the provisions of the Plan.

 

		(g)	Unless
                                         otherwise determined by the Administrator, no adjustment or action described in this
                                         Section 11.2 or in any other provision of the Plan shall be authorized to the extent
                                         it would (i) cause the Plan to violate Section 422(b)(1) of the Code, (ii) result in
                                         short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive
                                         conditions of Rule 16b-3 of the Exchange Act, or (iii) cause an Award to fail to be exempt
                                         from or comply with Section 409A.

 

		(h)	The
                                         existence of the Plan, any Program, any Award Agreement and/or the Awards granted hereunder
                                         shall not affect or restrict in any way the right or power of the Company or the shareholders
                                         of the Company to make or authorize any adjustment, recapitalization, reorganization
                                         or other change in the Company’s capital structure or its business, any merger
                                         or consolidation of the Company, any issue of shares or of options, warrants or rights
                                         to purchase shares or of bonds, debentures, preferred or prior preference shares the
                                         rights of which are superior to or affect the Shares or the rights thereof or that are
                                         convertible into or exchangeable for Shares, or the dissolution or liquidation of the
                                         Company, or any sale or transfer of all or any part of its assets or business, or any
                                         other corporate act or proceeding, whether of a similar character or otherwise.

 

		(i)	In
                                         the event of any pending share dividend, share split, combination or exchange of shares,
                                         merger, consolidation or other distribution (other than normal cash dividends) of Company
                                         assets to shareholders, or any other change affecting the Shares or the share price of
                                         the Shares including any Equity Restructuring, for reasons of administrative convenience,
                                         the Administrator, in its sole discretion, may refuse to permit the exercise of any Award
                                         during a period of up to thirty (30) days prior to the consummation of any such transaction.

 

    25

     

    

 

11.3       Approval
of Plan by Shareholders. The Plan shall be submitted for the approval of the Company’s shareholders within twelve (12)
months after the date of the Board’s initial adoption of the Plan.

 

11.4       No
Shareholders Rights. Except as otherwise provided herein or in an applicable Program or Award Agreement, a Holder shall have
none of the rights of a shareholder with respect to Shares covered by any Award until the Holder becomes the record owner of such
Shares.

 

11.5       Paperless
Administration. In the event that the Company establishes, for itself or using the services of a third party, an automated
system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice
response, then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through the use of such
an automated system.

 

11.6       Effect
of Plan upon Other Compensation Plans. The adoption of the Plan shall not affect any other compensation or incentive plans
in effect for the Company or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company or any Subsidiary:
(a) to establish any other forms of incentives or compensation for Employees, Directors or Consultants of the Company or any Subsidiary,
or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate
purpose including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease,
merger, consolidation or otherwise, of the business, shares or assets of any corporation, partnership, limited liability company,
firm or association.

 

11.7       Compliance
with Laws. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Shares and the payment
of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable Law (including
but not limited to state, federal and foreign securities law and margin requirements), and to such approvals by any listing, regulatory
or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith.
Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall,
if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable
to assure compliance with all Applicable Law. The Administrator, in its sole discretion, may take whatever actions it deems necessary
or appropriate to effect compliance with Applicable Law, including, without limitation, placing legends on share certificates
and issuing stop-transfer notices to agents and registrars. Notwithstanding anything to the contrary herein, the Administrator
may not take any actions hereunder, and no Awards shall be granted, that would violate Applicable Law. To the extent permitted
by Applicable Law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform
to Applicable Law.

 

11.8       Titles
and Headings, References to Sections of the Code or Exchange Act. The titles and headings of the Sections in the Plan are
for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings,
shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

 

    26

     

    

 

11.9       Governing
Law. The Plan and any Programs and Award Agreements hereunder shall be administered, interpreted and enforced under the laws
of the Province of British Columbia and the federal laws of Canada applicable therein without regard to conflicts of laws thereof
or of any other jurisdiction.

 

11.10       Section
409A. To the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A, the
Plan, the Program pursuant to which such Award is granted and the Award Agreement evidencing such Award shall incorporate the
terms and conditions required by Section 409A. In that regard, to the extent any Award under the Plan or any other compensatory
plan or arrangement of the Company or any of its Subsidiaries is subject to Section 409A, and such Award or other amount is payable
on account of a Holder’s Termination of Service (or any similarly defined term), then (a) such Award or amount shall only
be paid to the extent such Termination of Service qualifies as a “separation from service” as defined in Section 409A,
and (b) if such Award or amount is payable to a “specified employee” as defined in Section 409A then to the extent
required in order to avoid a prohibited distribution under Section 409A, such Award or other compensatory payment shall not be
payable prior to the earlier of (i) the expiration of the six-month period measured from the date of the Holder’s Termination
of Service, or (ii) the date of the Holder’s death. To the extent applicable, the Plan, the Program and any Award Agreements
shall be interpreted in accordance with Section 409A. Notwithstanding any provision of the Plan to the contrary, in the event
that following the Effective Date the Administrator determines that any Award may be subject to Section 409A, the Administrator
may (but is not obligated to), without a Holder’s consent, adopt such amendments to the Plan and the applicable Program
and 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 and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (B) comply with the requirements
of Section 409A and thereby avoid the application of any penalty taxes under Section 409A. The Company makes no representations
or warranties as to the tax treatment of any Award under Section 409A or otherwise. The Company shall have no obligation under
this Section 11.10 or otherwise to take any action (whether or not described herein) to avoid the imposition of taxes, penalties
or interest under Section 409A with respect to any Award and shall have no liability to any Holder or any other person if any
Award, compensation or other benefits under the Plan are determined to constitute non-compliant, “nonqualified deferred
compensation” subject to the imposition of taxes, penalties and/or interest under Section 409A.

 

11.11       Unfunded
Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any
payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Program or Award Agreement shall
give the Holder any rights that are greater than those of a general creditor of the Company or any Subsidiary.

 

    27

     

    

 

11.12       Indemnification.
To the extent permitted under Applicable Law and the Organizational Documents, each member of the Administrator (and each delegate
thereof pursuant to Section 10.6) shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense
that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or
proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant
to the Plan or any Award Agreement and against and from any and all amounts paid by him or her, with the Board’s approval,
in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company
an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or
her own behalf and, once the Company gives notice of its intent to assume such defense, the Company shall have sole control over
such defense with counsel of the Company’s choosing. The foregoing right of indemnification shall not be available to the
extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further
appeal, determines that the acts or omissions of the person seeking indemnity giving rise to the indemnification claim resulted
from such person’s bad faith, fraud or willful criminal act or omission. The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Organizational Documents,
as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 

11.13       Relationship
to Other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to
the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

 

11.14       Expenses.
The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

 

*
* * * *

 

 

28Exhibit 10.42

 

CLEVER LEAVES HOLDINGS INC. 

2020 EARNOUT AWARD PLAN

 

RESTRICTED SHARE UNIT AWARD GRANT NOTICE
AND RESTRICTED SHARE UNIT AGREEMENT

 

Clever Leaves Holdings
Inc., a corporation organized under the laws of British Columbia, Canada (the “Company”), pursuant to its 2020
Earnout Award Plan, as amended from time to time (the “Plan”), hereby grants to the holder listed below (“Participant”)
the number of Restricted Share Units set forth below (the “RSUs”). The RSUs are subject to the terms and conditions
set forth in this Restricted Share Unit Grant Notice (the “Grant Notice”), the Restricted Share Unit Agreement
attached hereto as Exhibit A (the “Agreement”), the special provisions for the Participant’s country
of residence if such Participant resides or provides services outside the United States, if applicable, attached hereto as Exhibit
B (the “Foreign Appendix”), and the Plan, each of which is incorporated herein by reference. Unless otherwise
defined herein, the terms defined in the Plan shall have the same defined meanings in the Grant Notice and the Agreement.

 

	Participant:	_______________________
	Grant Date:	_______________________
	Number of RSUs:	_______________________
	Vesting Schedule:	See Exhibit C

 

By Participant’s
signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Foreign Appendix, if applicable, the
Agreement and the Grant Notice. Participant has reviewed the Agreement, the Foreign Appendix, if applicable, the Plan and the Grant
Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Grant Notice and fully
understands all provisions of the Grant Notice, the Agreement, the Foreign Appendix, if applicable, and the Plan. Participant hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising
under the Plan, the Grant Notice or the Agreement.

 

	CLEVER LEAVES HOLDINGS INC.	 	PARTICIPANT
	 	 	 	 	 
	By:	
	 	By:	
                  
	Name:  	[__________________]	 	Name:  	

	Title:	[__________________]	 	 	 

 

    1

     

    

 

EXHIBIT A

TO RESTRICTED SHARE UNIT AWARD GRANT
NOTICE

RESTRICTED SHARE UNIT AWARD AGREEMENT

 

Pursuant to the Grant
Notice to which this Agreement is attached, the Company has granted to Participant the number of RSUs set forth in the Grant Notice.

 

ARTICLE
I.

GENERAL

 

Section 1.1 Defined
Terms. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.
For purposes of this Agreement,

 

(a) “Affiliate”
means any corporation or any other entity (including, but not limited to, partnerships and join ventures) directly or indirectly
controlled by the Company.

 

(b) “Company
Group” shall mean the Company and its Subsidiaries and Affiliates.

 

(c) “Company
Group Member” shall mean each member of the Company Group.

 

Section 1.2 Incorporation
of Terms of Plan. The RSUs and the Shares issued to Participant hereunder are subject to the terms and conditions set forth
in this Agreement, the Foreign Appendix, if applicable, and the Plan, which is incorporated herein by reference. In the event of
any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. In the event of any inconsistency between
the Plan and/or this Agreement with the Foreign Appendix, the terms of the Foreign Appendix shall control.

 

ARTICLE
II.

AWARD OF RESTRICTED SHARE UNITS

 

Section 2.1 Award
of RSUs. In consideration of Participant’s past and/or continued employment with or service to a Company Group Member
and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the “Grant
Date”), the Company has granted to Participant the number of RSUs set forth in the Grant Notice, upon the terms and conditions
set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Section 11.2 of the Plan. Each
RSU represents the right to receive one Share at the times and subject to the conditions set forth herein. However, unless and
until the RSUs have vested, Participant will have no right to the payment of any Shares subject thereto. Prior to the actual delivery
of any Shares, the RSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company.

 

Section 2.2 Vesting
of RSUs.

 

(a)
Subject to Participant’s continued employment with or service to a Company Group Member on each applicable vesting date and
subject to the terms of this Agreement, including, without limitation, Section 2.2(d), the RSUs shall vest in such amounts
and at such times as are set forth in the Grant Notice.

 

(b)
In the event Participant incurs a Termination of Service, except as may be otherwise provided by the Administrator or as set forth
in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all RSUs granted under
this Agreement that have not vested or do not vest on or prior to the date on which such Termination of Service occurs, and Participant’s
rights in any such RSUs that are not so vested shall lapse and expire.

 

    2

     

    

 

Section 2.3

 

(a) Distribution or
Payment of RSUs. Participant’s RSUs shall be distributed in Shares (either in book-entry form or otherwise) as soon as
administratively practicable following the vesting of the applicable RSU pursuant to Section 2.2, and, in any event, no
later than March 15th of the calendar year following the year in which such vesting occurred
(for the avoidance of doubt, this deadline is intended to comply with the “short-term deferral” exemption from Section
409A). Notwithstanding the foregoing, the Company may delay a distribution or payment in settlement of RSUs if it reasonably determines
that such payment or distribution will violate federal securities laws or any other Applicable Law, provided that such distribution
or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or
payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii), and provided further
that no payment or distribution shall be delayed under this Section 2.3(a) if such delay will result in a violation of Section
409A.

 

(b) All distributions
shall be made by the Company in the form of whole Shares, and any fractional share shall be distributed in cash in an amount equal
to the value of such fractional share determined based on the Fair Market Value as of the date immediately preceding the date of
such distribution.

 

Section 2.4 Conditions
to Issuance of Certificates. The Company shall not be required to issue or deliver any certificate or certificates for any
Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the
admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration
or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange
Commission or other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or
advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator
shall, in its absolute discretion, determine to be necessary or advisable, (d) the receipt by the Company of full payment for such
Shares, which may be in one or more of the forms of consideration permitted under Section 2.5, and (e) the receipt of full
payment of any applicable withholding tax in accordance with Section 2.5 by the Company Group Member with respect to which
the applicable withholding obligation arises.

 

Section 2.5 Tax
Withholding. Notwithstanding any other provision of this Agreement:

 

(a)
The Company Group has the authority to deduct or withhold, or require Participant to remit to the applicable Company Group Member,
an amount sufficient to satisfy any applicable federal, state, local, provincial and foreign taxes (including the employee portion
of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement.
Notwithstanding any other provision of this Agreement, the Company shall not be obligated to deliver any certificate representing
Shares to the Participant or the Participant’s legal representative or enter such Shares in book entry form unless and until
the Participant or the Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all
federal, state and local taxes applicable to the taxable income of the Participant resulting from the grant or vesting of the RSUs
or the issuance of Shares. The Company Group may withhold or Participant may make such payment in one or more of the forms specified
below:

 

    3

     

    

 

(i)
by cash or check made payable to the Company Group Member with respect to which the withholding obligation arises;

 

(ii)
by the deduction of such amount from other compensation payable to Participant;

 

(iii)
with the consent of the Administrator, by requesting that the Company withhold a net number of Shares subject to the Award having
a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company Group
based on the maximum statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local, provincial
and foreign income tax and payroll tax purposes that are applicable to such taxable income;

 

(iv)
with the consent of the Administrator, by tendering to the Company vested Shares held for such period of time as may be required
by the Administrator in order to avoid adverse accounting consequences and having a then current Fair Market Value not exceeding
the amount necessary to satisfy the withholding obligation of the Company Group based on the maximum statutory withholding rates
in Participant’s applicable jurisdictions for federal, state, local, provincial and foreign income tax and payroll tax purposes
that are applicable to such taxable income;

 

(v)
through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect
to the Shares for which the Restrictions are then subject to lapse, and that the broker has been directed to pay a sufficient portion
of the net proceeds of the sale to the Company Group Member with respect to which the withholding obligation arises in satisfaction
of such withholding taxes; provided that payment of such proceeds is then made to the applicable Company Group Member at such time
as may be required by the Administrator, but in any event not later than the settlement of such sale; or

 

(vi)
in any combination of the foregoing.

(b)
With respect to any withholding taxes arising in connection with the Award, in the event Participant fails to provide timely payment
of all sums required pursuant to Section 2.5(a), the Company shall have the right and option, but not the obligation, to
treat such failure as an election by Participant to satisfy all or any portion of Participant’s required payment obligation
pursuant to Section 2.5(a)(ii) or Section 2.5(a)(iii) above, or any combination of the foregoing as the Company may
determine to be appropriate. The Company shall not be obligated to deliver any certificate representing Shares issuable with respect
to the RSUs to Participant or his or her legal representative unless and until Participant or his or her legal representative shall
have paid or otherwise satisfied in full the amount of all federal, state, local, provincial and foreign taxes applicable with
respect to the taxable income of Participant resulting from the grant of the Award or the issuance or vesting of RSUs hereunder
or any other taxable event with respect to the RSUs.

 

(c)
In the event any tax withholding obligation arising in connection with the Award will be satisfied under Section 2.5(a)(v)
above, then the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell
on Participant’s behalf a whole number of Shares from those Shares that are subject to the Award as the Company determines
to be appropriate to generate cash proceeds sufficient to satisfy the tax withholding obligation and to remit the proceeds of such
sale to the Company Group Member with respect to which the withholding obligation arises. Participant’s acceptance of this
Award constitutes Participant’s instruction and authorization to the Company and such brokerage firm to complete the transactions
described in this Section 2.5(c), including the transactions described in the previous sentence, as applicable.

 

    4

     

    

 

(d) In the event of any
broker-assisted sale of Shares in connection with the payment of withholding taxes as provided in Section 2.5(a)(v) or Section
2.5(c): (i) any Shares to be sold through a broker-assisted sale will be sold on the day the tax withholding obligation arises,
or as soon thereafter as practicable; (ii) such Shares may be sold as part of a block trade with other participants in the Plan
in which all participants receive an average price; (iii) Participant will be responsible for all broker’s fees and other
costs of sale, and Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating
to any such sale; (iv) to the extent the proceeds of such sale exceed the applicable tax withholding obligation, the Company agrees
to pay such excess in cash to Participant as soon as reasonably practicable; (v) Participant acknowledges that the Company or its
designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not
be sufficient to satisfy the applicable tax withholding obligation; and (vi) in the event the proceeds of such sale are insufficient
to satisfy the applicable tax withholding obligation, Participant agrees to pay immediately upon demand to the Company Group Member
with respect to which the withholding obligation arises, an amount in cash sufficient to satisfy any remaining portion of the applicable
Company Group Member’s withholding obligation.

 

(e)
Participant is ultimately liable and responsible for, and, to the extent permitted by Applicable Law, agrees to indemnify and keep
indemnified the Company Group from, all taxes owed in connection with the Award, regardless of any action any Company Group Member
takes with respect to any tax withholding obligations that arise in connection with the Award. No Company Group Member makes any
representation or undertaking regarding the treatment of any tax withholding in connection with the awarding or vesting of the
Award or the subsequent sale of Shares. The Company Group does not commit and is under no obligation to structure the Award to
reduce or eliminate Participant’s tax liability.

 

(f) For purposes of this
Section 2.5, (i) “Applicable Law” shall include without limitation, all applicable securities, corporate, tax and other
laws, rules, regulations, instruments, notices, blanket orders, decision documents, statements, circulars, procedures and policies,
and (ii) “withholding taxes” shall include any and all taxes and other source deductions, including but not limited
to contributions under the Canada Pension Plan, Quebec Pension Plan and premiums under the Employment Insurance Act, as
applicable, or other amounts which the Company Group Member is required by Applicable Law to withhold from any amounts paid or
credited to a Participant under the Plan.

 

Section 2.6 Rights
as Shareholder. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges
of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such
Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents
or registrars and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise
provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a shareholder of the Company
with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

 

    5

     

    

 

ARTICLE III.

RESTRICTIVE COVENANTS

 

3.1 Non-Solicitation.
During the Restricted Period (as defined below), Participant will not, directly or indirectly, in any manner, other than for the
benefit of the Company Group, take any of the following actions in the Territory (as defined below) (a) call upon, Solicit, divert
or take away any of the Business Associates (as defined below), or request or cause any of the above to cancel or terminate any
part of their relationship with the Company Group or refuse to enter into any business relationship with the Company Group, or
(b) Solicit, entice or attempt to persuade any other employee, agent or consultant of the Company Group to leave the services of
the Company Group for any reason or take any other action that may cause any such individual to terminate his or her employment
with, or otherwise cease his or her relationship with, the Company Group, or assist in such hiring or engagement by another person
or business entity.

 

3.2 Non-Competition.
During the Restricted Period, Participant will not, directly or indirectly, in any manner, other than for the benefit of the Company
Group, take any of the following actions in the Territory: own, operate, manage, control, engage in, participate in, invest in,
permit Participant’s name to be used by, as a consultant or advisor to, render services for (alone or in associate with any
other person or entity), or otherwise assist (x) any person or entity that engages in or owns, invests in, operates, manages or
controls any venture or enterprise that is a Competitive Business or (y) any Business Associate (other than an Investor) in connection
with a Competitive Business; provided, however, that the foregoing shall not prevent or limit Participant’s right to manage
personal investments on Participant’s own personal time, including, without limitation the right to make passive investments
in the securities of any publicly held entity so long as Participant’s aggregate direct and indirect interest does not exceed
two percent (2%) of the issued and outstanding securities of any class of securities (notwithstanding the foregoing, after the
Participant’s Termination of Service, Participant’s aggregate direct and indirect interest in such classes of securities
may exceed two percent (2%) but shall not exceed five percent (5%) of such issued and outstanding securities of any class).

 

3.3 Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a) “Business
Associate” means any person (other than a member of Participant’s immediate family), firm, corporation or other
organization (i) that has made an investment in the Company Group, whether through the purchase or acquisition of stock or indebtedness
of the Company (an “Investor”), (ii) to which the Company Group provides any products or performs any services
(a “Customer”), (iii) in which the Company Group has made an investment of capital (a “Portfolio Investment”),
(iv) that provides supplies or services to the Company Group (a “Supplier”), or (v) with which the Company Group
has had any negotiations or discussions regarding the possibility of establishing a business relationship to become an Investor,
Customer or a Portfolio Investment during the twelve (12) month period preceding Participant’s Termination of Service.

 

(b) “Competitive
Business” means an extractor, cultivator, distributor, retailer or marketer in the botanical cannabinoid industries,
or any business that otherwise competes with the business of the Company Group.

 

(c) “Restricted
Period” means the period of time during which Participant provides services to the Company and a period of twelve (12)
months immediately following Participant’s Termination of Service, except that the Restricted Period shall be extended by
the period of time that Participant is in violation of any of this Article III.

 

(d) “Solicit”
means any direct or indirect communication of any kind (regardless of who has initiated such communication), inviting, advising,
encouraging or requesting any individual, person, firm, corporation or other organization, in any manner, to refrain from investing
in, providing goods or services to, or purchasing goods or services from, or otherwise engaging in business with the Company Group.

 

    6

     

    

 

(e) “Territory”
means the countries of Australia, Brazil, Canada, Colombia, Portugal, the United States, Germany and any other country in which
the Company Group conducts, or plans to conduct, business.

 

3.4 Remedies Upon
Breach. Participant understands that the restrictions contained in this Article III are necessary for the protection
of the business and goodwill of the Company Group and Participant considers them to be reasonable for such purpose. Any breach
of this Article III is likely to cause the Company Group substantial and irrevocable damage and therefore, in the event
of such breach, the Company Group, in addition to such other remedies which may be available, will be entitled to specific performance
and injunctive relief without the necessity of proving actual damages. If any one or more of the provisions contained in this Article
III shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall
be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall
then appear.

 

3.5 Survival and
Assignment. Participant understands that Participant’s obligations under this Article III will continue in accordance
with its express terms regardless of any changes in the terms and conditions of Participant’s services to the Company Group.
Participant further understands that Participant’s obligations under this Article III will continue following Participant’s
Termination of Service regardless of the manner of such termination and will be binding upon Participant’s heirs, executors
and administrators. The Company Group will have the right to assign the provisions of this Article III to its Affiliates,
successors and assigns. Participant expressly consents to be bound by the provisions of this Article III for the benefit
of the Company Group.

 

ARTICLE IV.

OTHER PROVISIONS

 

Section 4.1 Administration.
The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the
administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and
to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator
will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable
Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with
respect to the Plan, the Grant Notice or this Agreement.

 

Section 4.2 RSUs
Not Transferable. The RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of
descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to
such Shares have lapsed. No RSUs or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements
of 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, except to the extent that such disposition is permitted by the preceding sentence.
Notwithstanding the foregoing, with the consent of the Administrator, the RSUs may be transferred to Permitted Transferees, pursuant
to any such conditions and procedures the Administrator may require.

 

Section 4.3 Adjustments.
The Administrator may accelerate the vesting of all or a portion of the RSUs in such circumstances as it, in its sole discretion,
may determine. Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification
and termination in certain events as provided in this Agreement and the Plan, including Section 11.2 of the Plan.

 

 

    7

     

    

 

Section 4.4 Notices.
Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary
of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant
at Participant’s last address reflected on the Company’s records. By a notice given pursuant to this Section 4.4,
either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly
given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post
office or branch post office regularly maintained by the United States Postal Service or similar foreign entity.

 

Section 4.5 Titles.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

Section 4.6 Governing
Law. The laws of the Province of British Columbia and the federal laws of Canada applicable therein shall govern the interpretation,
validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied
under principles of conflicts of laws.

 

Section 4.7 Conformity
to Securities Laws. Participant acknowledges that the Plan, the Grant Notice, this Agreement, and the Foreign Appendix, if
applicable, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions
of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and
Exchange Commission, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall
be administered, and the RSUs are granted, only in such a manner as to conform to Applicable Law. To the extent permitted by Applicable
Law, the Plan, the Grant Notice, this Agreement, and the Foreign Appendix, if applicable, shall be deemed amended to the extent
necessary to conform to Applicable Law.

 

Section 4.8 Amendment,
Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise
modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided that, except
as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely
affect the RSUs in any material way without the prior written consent of Participant.

 

Section 4.9 Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in Section
4.2 and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives,
successors and assigns of the parties hereto.

 

Section 4.10 Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject
to Section 16 of the Exchange Act, the Plan, the RSUs, the Grant Notice and this Agreement shall be subject to any additional limitations
set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange
Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement
shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

    8

     

    

 

Section 4.11 Not
a Contract of Employment. Nothing in this Agreement, the Foreign Appendix, if applicable, or in the Plan shall confer upon
Participant any right to continue to serve as an employee or other service provider of any Company Group Member or shall interfere
with or restrict in any way the rights of any Company Group Member, which rights are hereby expressly reserved, to discharge or
terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent (i) expressly
provided otherwise in a written agreement between a Company Group Member and Participant or (ii) where such provisions are not
consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control.

 

Section 4.12 Entire
Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of
the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to
the subject matter hereof.

 

Section 4.13 Section
409A. This Award is not intended to constitute “nonqualified deferred compensation” within the meaning of Section
409A. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator
determines that this Award (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its
sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to adopt
such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate
for this Award either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

 

Section 4.14 Agreement
Severable. In the event that any provision of the Grant Notice or this Agreement is held invalid or unenforceable, such provision
will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions
of the Grant Notice or this Agreement.

 

Section 4.15 Limitation
on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This
Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as
creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the
rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect
to the RSUs.

 

Section 4.16 Counterparts.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable
Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

Section 4.17 Special
Provisions for Restricted Share Units Granted to Participants Outside the United States. If the Participant performs services
for the Company outside of the United States, this Agreement shall be subject to the special provisions, if any, for the Participant’s
country of residence, as set forth in the Foreign Appendix.

 

(a) If the Participant
relocates to one of the countries included in the Foreign Appendix during the life of this Agreement, the special provisions for
such country shall apply to the Participant, to the extent the Company determines that the application of such provisions is necessary
or advisable in order to comply with applicable foreign and local law or facilitate the administration of the Plan.

 

(b) The Company reserves
the right to impose other requirements on this Agreement, the RSUs and the Shares issued upon settlement of the RSUs, to the extent
the Company determines it is necessary or advisable in order to comply with applicable foreign or local laws or facilitate the
administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary
to accomplish the foregoing.

 

    9

     

    

 

Section 4.18 Lockup.

 

(a) For purposes of this
Section 4.18: (i) “Immediate Family” means any relationship by blood, marriage, domestic partnership or adoption,
not more remote than first cousin; (ii) “Lockup Period” means the period commencing on the effective date of
the registration statement on Form S-4 relating to the Transactions (as defined in the Business Combination Agreement, by and among
the Company, Schultze Special Purpose Acquisition Corp. and other parties thereto (the “BCA”)) and ending on
the earlier of (A) the date that is one (1) year following the Closing Date (as defined in the BCA) and (B) the date on which the
closing price of the Shares on Nasdaq as reported by Bloomberg Financial L.P. using the AQR function equals or exceeds $12.50 per
share (as adjusted for stock splits, stock dividends, reorganizations, and recapitalizations) for any 20 trading days within any
consecutive 30-trading day period commencing after the 180th day after the Closing Date; (iii) “Subject Securities”
means any Subject Common Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for
Subject Common Shares owned, directly or indirectly, by the Participant, or under control or direction of the Participant or with
respect to which the Participant has beneficial ownership; and (iv) “Subject Common Shares” means common shares
of the Company or Clever Leaves International Inc., a corporation organized under the laws of British Columbia, Canada, owned,
directly or indirectly, by the Participant, or under control or direction of the Participant or with respect to which the Participant
has beneficial ownership.

 

(b) The Participant
hereby acknowledges, covenants and agrees that, without the prior written consent of the Company, the Participant will not, during
the Lockup Period: (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option
or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly,
any Subject Securities or (ii) enter into, or allow to exist, any swap or other arrangement that transfers to another, in whole
or in part, directly or indirectly, any of the economic consequences of ownership of the Subject Securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Subject Common Shares or other securities of the Company,
in cash, or otherwise. The Participant further agrees to execute such agreements as may be reasonably requested by the Company
in connection with the Transactions that are consistent with this Section 4.18 or that are necessary to give further effect thereto.

 

(c) The foregoing
provisions of Section 4.18(b) shall not apply to the following:

 

(i)       transactions
relating to Shares acquired by the Participant in open market transactions, provided that it shall be a condition to the
transfer that no filing under Section 16(a) of the Exchange Act, reporting such transfer of the Shares, shall be required or shall
be voluntarily made during the Lockup Period;

 

(ii)       transfers
of Shares as a bona fide gift, provided that the donee or donees thereof agree to be bound in writing by the restrictions
set forth herein;

 

(iii)       transfers
of Shares to any trust or other entity formed for estate planning purposes for the direct or indirect benefit of the Participant
or the Immediate Family of the Participant, provided that (A) the trustee of the trust agrees to be bound in writing
by the restrictions set forth herein and (B) any such transfer shall not involve a disposition for value;

 

    10

     

    

 

(iv)       transfers
of Shares by will or intestate succession, provided that (A) the transferee agrees to be bound in writing by the restrictions
set forth herein and (B) any such transfer shall not involve a disposition for value;

 

(v)       transfers
of Shares pursuant to a qualified domestic order or in connection with a divorce settlement, provided the transferee
agrees to be bound in writing by the restrictions set forth herein;

 

(vi)       transfers
of Shares to another person that controls, is controlled by or is under common control or management with the Participant, if applicable,
provided that (A) the transferee or distributee agrees to be bound in writing by the restrictions set forth herein
and (B) any such transfer shall not involve a disposition for value;

 

(vii)       pledges
of Shares as security or collateral in connection with any borrowing or the incurrence of any indebtedness of the Participant,
provided that such borrowing or incurrence of indebtedness is secured by a portfolio of assets or equity interests issued
by multiple issuers, provided further that the Shares pledged remain subject to this Section 4.18; or

 

(viii)       transactions
relating to Shares as contemplated by Section 2.5(a)(iii) or Section 2.5(a)(iv).

 

* * * * *

 

    11

     

    

 

EXHIBIT B

TO RESTRICTED SHARE UNIT AWARD AGREEMENT

 

SPECIAL PROVISIONS FOR RESTRICTED SHARE
UNITS

 

GRANTED TO PARTICIPANTS OUTSIDE THE U.S.

 

This Exhibit B
includes additional terms applicable to Participants who reside or provide services to a Company Group Member in the countries
identified below. These terms and conditions are in addition to those set forth in the Agreement to which this Exhibit B
is attached and the Plan and to the extent there are any inconsistencies between these terms and conditions and those set forth
in the Agreement, these terms and conditions shall prevail. Any capitalized term used in this Exhibit B without definition
shall have the meaning ascribed to such term in the Plan or the Agreement, as applicable.

 

This Foreign Appendix
also includes information relating to exchange control and other issues of which the Participant should be aware with respect to
his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in
the respective countries as of September 2020. Such laws are often complex and change frequently. As a result, the Company strongly
recommends that the Participant does not rely on the information herein as the only source of information relating to the consequences
of participation in the Plan because the information may be out of date at the time the RSUs are settled or Shares acquired under
the Plan are sold.

 

In addition, the information
is general in nature and may not apply to the particular situation of the Participant, and the Company is not in a position to
assure the Participant of any particular result. Accordingly, the Participant is advised to seek appropriate professional advice
as to how the relevant laws in his or her country may apply to his or her situation. Finally, if the Participant is a citizen or
resident of a country other than the one in which he or she is currently working, the information contained herein may not be applicable
to the Participant.

 

CANADA

 

The following provision shall be added
as Section 2.7 of the Agreement:

 

Section 2.7 Acknowledgment
of Nature of Plan and RSUs. In accepting this Agreement, the Participant acknowledges that, except as specifically required
in order to comply with the minimum statutory requirements of applicable employment standards legislation:

 

(a)
for employment law purposes, RSUs and Shares issued upon vesting thereof are an extraordinary item that do not constitute wages
of any kind for services of any kind rendered to the Company or to the Participant’s employer, and the grant of RSUs is outside
the scope of the Participant’s employment contract, if any;

 

(b)
neither the grant of RSUs nor any provision of this Agreement, the Plan or the policies adopted pursuant to the Plan confer upon
the Participant any right with respect to employment or continuation of current employment and shall not be interpreted to form
an employment contract or relationship with the Company or any Company Group Member;

 

(c)
in consideration of the grant of RSUs hereunder, no claim or entitlement to compensation or damages arises from termination of
RSUs, and no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination
of the Participant’s employment by the Company or any Company Group Member (for any reason whatsoever) and the Participant
irrevocably releases the Company and the Participant’s employer from any such claim that may arise; if, notwithstanding the
foregoing, any such claim is found by a court of competent jurisdiction to have arisen, the Participant shall be deemed irrevocably
to have waived the Participant’s entitlement to pursue such claim at common law; and

 

    12

     

    

 

(d)
in the event of termination of the Participant’s employment the Participant’s rights to vest in the RSUs under the
Plan, if any, will terminate effective as of the date that the Participant is no longer actively employed and shall not include
any period of reasonable notice at common law; and

 

(e)
the Administrator has reserved the right to terminate the Plan.

 

The following provision shall be added
to Section 4.7 of the Agreement:

 

Participants residing
in Canada, or providing services to a Company Group Member in Canada, acknowledge that grants of RSUs are exempt from the obligation
under applicable securities laws to file a prospectus or other registration document qualifying the distribution of the Shares
to be distributed thereunder under any applicable securities laws and that any Shares issued under the Plan or an award may contain
required restrictive legends.

 

COLOMBIA

 

The following provision shall be added
as Section 2.7 of the Agreement:

 

2.7 Acknowledgment
of Nature of Plan and RSUs. In accepting this Agreement, the Participant acknowledges that, except as specifically required
in order to comply with the minimum statutory requirements of applicable employment standards legislation:

 

(a) for employment law
purposes, particularly for purposes of calculating contributions, payroll taxes, accruals, legal and extra-legal benefits, premiums
and aids, under any other plan or program that is maintained or funded by the Company or any Company Group Member, any and all
compensations or benefits, in money or in kind, that the Participant directly or indirectly earns or is deemed to be earned under
this Plan, including the RSUs and Shares issued upon settlement thereof are an extraordinary item that do not constitute salary
of any kind for services of any kind rendered to the Company or to the Participant’s employer; and

 

(b) neither the grant
of RSUs nor any provision of this Agreement, the Plan or the policies adopted pursuant to the Plan confer upon the Participant
any right with respect to employment or continuation of current employment and shall not be interpreted to form an employment contract
or relationship with the Company or any Company Group Member.

 

GERMANY

 

		1.	Definition of Employee. The definition of Employee
shall, for the avoidance of doubt, include the legal representatives of the German group members.

 

		2.	Taxes. For the avoidance of doubt, taxes always
include German social security contributions, and in this regard, Participant’s portion.

 

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		3.	Securities Law. This offer does not require a securities
prospectus (Wertpapierprospekt) to be submitted for approval to the German Federal Financial Supervisory Authority (Bundesanstalt
für Finanzdienstleistungsaufsicht or BaFin).

 

		4.	Exchange Control Information. Cross-border payments
in excess of €12,500 must be reported monthly to the German Central Bank (Deutsche Bundesbank). If Participant uses
a German bank to transfer a cross-border payment in excess of €12,500 in connection with the sale of Shares acquired under
the Plan, the bank will file the report for Participant. In addition, Participant must report any receivables, payables, or debts
in foreign currency exceeding an amount of €5,000,000 on a monthly basis. Finally, Participant must report on an annual basis
if Participant holds Shares that exceed 10% of the total voting capital of the Company.

 

		5.	Consent to Personal Data Processing and Transfer.
By acceptance of this RSU, the Participant acknowledges and consents to the collection, use, processing, recording, organization,
structuring, storage, adaption or alteration, retrieval, disclosure and transfer of personal data as described below and in accordance
with the Company privacy policy. The Company Group Members hold certain personal information, including the Participant’s
name, home address and telephone number, date of birth, social security number or other employee tax identification number, employment
history and status, salary, nationality, job title, and any equity compensation grants or Shares awarded, cancelled, purchased,
vested, unvested or outstanding in the Participant’s favor, for the purpose of managing and administering the Plan (“Data”).
The Company Group Members will transfer Data to any third parties assisting the Company in the implementation, administration
and management of the Plan. The Company Group Members may also make the Data available to public authorities where required under
locally applicable law. These recipients may be located in the United States, the European Economic Area, or elsewhere, which
the Participant separately and expressly consents to, accepting that outside the European Economic Area, data protection laws
may not be as protective as within. The Participant hereby authorizes the Company Group Members to collect, use, process, record,
organize, structure, store, adapt or alter, retrieve, disclose and transfer the Data, in electronic or other form, for the purposes
of implementing, administering and managing participation in the Plan, including any requisite transfer of such Data as may be
required for the administration of the Plan on behalf of the Participant to a third party with whom the Participant may have elected
to have payment made pursuant to the Plan. The Participant may, at any time, review Data, require any necessary amendments to
it or withdraw the consent herein in writing or by e-mail by contacting the Company through Participant’s local human resources
representative. However, withdrawing the consent may affect the Participant’s ability to participate in the Plan and receive
the benefits intended by this RSU. Data will only be held as long as necessary to implement, administer and manage the Participant’s
participation in the Plan and any subsequent claims or rights.

 

PORTUGAL

 

		1.	Taxes. For avoidance of doubt, there will be no social security contributions liability
for the employer on the grant of an RSU, when an RSU vests, on the settlement of an RSU or on the sale of Shares.

 

		2.	Securities Law. This offer does not require a securities prospectus to be submitted for
approval to the Portuguese Securities Market Commission (CMVM) or registration as a public share offer provided the number
of eligible Participants in Portugal is below 150.

 

    14

     

    

 

		3.	Consent to Personal Data Processing and Transfer.

 

		a)	By acceptance of this RSU, the Participant acknowledges and consents to the collection, use, processing,
recording, organization, structuring, storage, adaption or alteration, retrieval, disclosure and transfer of personal data as described
below and in accordance with the Company Group’s privacy policy. The Company Group Members hold certain personal information,
including the Participant’s name, home address and telephone number, date of birth, social security number or other employee
tax identification number, employment history and status, salary, nationality, job title, and any equity compensation grants or
Shares awarded, cancelled, purchased, vested, unvested or outstanding in the Participant’s favor, for the purpose of managing
and administering the Plan (“Data”).

 

		b)	Before processing the Participant’s data for the purpose of management of an equity incentive
plan, the employer will need to issue and send a notification to the Portuguese Data Protection Agency (“CNPD”). In
consequence, notification of this data processing to CNPD might be advisable.

 

		c)	The Company Group Members will transfer Data to any third parties assisting the Company Group in
the implementation, administration and management of the Plan. The Company Group Members may also make the Data available to public
authorities where required under locally applicable law. These recipients may be located in the United States, the European Economic
Area, or elsewhere, which the Participant separately and expressly consents to, accepting that outside the European Economic Area,
data protection laws may not be as protective as within. The Participant hereby authorizes the Company Group Members to collect,
use, process, record, organize, structure, store, adapt or alter, retrieve, disclose and transfer the Data, in electronic or other
form, for the purposes of implementing, administering and managing participation in the Plan, including any requisite transfer
of such Data as may be required for the administration of the Plan on behalf of the Participant to a third party with whom the
Participant may have elected to have payment made pursuant to the Plan. The Participant may, at any time, review Data, require
any necessary amendments to it or withdraw the consent herein in writing or by e-mail contacting the Company through Participant’s
local human resources representative. However, withdrawing the consent may affect the Participant’s ability to participate
in the Plan and receive the benefits intended by the RSUs. Data will only be held as long as necessary to implement, administer
and manage the Participant’s participation in the Plan and any subsequent claims or rights.

 

		d)	When the transfer of data is made to a non-EU country, CNPD’s authorisation is required,
unless it is a country listed by EU as guaranteeing an adequate level of protection. Since data will be transferred to the US,
in judgment “Schrems II” of July 16, 2020 (in case C-311/18), the ECJ declared the Commission’s Implementing
Decision (EU) 2016/1250 of July 12, 2016 in accordance with Directive 95/46 / EC of the European Parliament and the Council on
the adequacy of the EU-US data protection shield (Privacy Shield) invalid with immediate effect, so that data transmissions to
the USA cannot therefore be based on the Privacy Shield and require other guarantees, according to Art. 44 et seq. GDPR, to create
an appropriate level of data protection.

 

    15

     

    

 

EXHIBIT C

TO RESTRICTED SHARE UNIT GRANT NOTICE

 

VESTING SCHEDULE

 

[Insert vesting schedule]

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