Document:

Exhibit 10.11

 

VACASA, INC.

2021 NONQUALIFIED EMPLOYEE STOCK PURCHASE PLAN

 

ARTICLE 1

PURPOSE

 

The Plan’s purpose is to assist employees
of the Company and its Designated Subsidiaries in acquiring a stock ownership interest in the Company, and to help such employees provide
for their future security and to encourage them to remain in the employment of the Company and its Subsidiaries. The Plan is not intended
to qualify as an “employee stock purchase plan” under Section 423 of the Code.

 

ARTICLE 2

DEFINITIONS

 

As used in the Plan, the following words and phrases
have the meanings specified below, unless the context clearly indicates otherwise:

 

2.1 “Administrator”
means the Committee, or such individuals to which authority to administer the Plan has been delegated under Section 7.1 hereof.

 

2.2 “Agent” means
the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized to act
as the agent of the Company or an Employee with regard to the Plan.

 

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

 

2.4 “Business Combination Agreement”
means that certain Business Combination Agreement entered into on or about July 28, 2021, by and among Vacasa Holdings, Pace and
certain other parties thereto.

 

2.5 “Code” means
the U.S. Internal Revenue Code of 1986, as amended, and all regulations, guidance, compliance programs and other interpretative authority
issued thereunder.

 

2.6 “Committee” means the
Compensation Committee of the Board.

 

2.7 “Common Stock” means
the Class A common stock of the Company.

 

2.8 “Company” means Vacasa, Inc.,
a Delaware corporation, or any successor.

 

2.9 “Compensation”
of an Employee means the regular cash earnings or base salary, bonuses and commissions paid to the Employee on each Payday as compensation
for services to the Company or any Designated Subsidiary, before deduction for any salary deferral contributions made by the Employee
to any tax-qualified or nonqualified deferred compensation plan, including overtime, shift differentials, vacation pay, salaried production
schedule premiums, holiday pay, jury duty pay, funeral leave pay, paid time off, military pay, prior week adjustments and weekly bonus,
but excluding education or tuition reimbursements, imputed income arising under any group insurance or benefit program, travel expenses,
business and moving reimbursements, including tax gross ups and taxable mileage allowance, income received in connection with any stock
options, restricted stock, restricted stock units or other compensatory equity awards and all contributions made by the Company or
any Designated Subsidiary for the Employee’s benefit under any employee benefit plan now or hereafter established. Such Compensation
shall be calculated before deduction of any income or employment tax withholdings, but shall be withheld from the Employee’s net
income.

 

2.10 “Designated Subsidiary”
means each Subsidiary, including any Subsidiary in existence on the Effective Date and any Subsidiary formed or acquired following the
Effective Date, that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the
Plan, in accordance with Section 7.2 hereof.

 

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2.11 “Effective
Date” means the date immediately prior to the date of the closing of the transactions contemplated by the Business
Combination Agreement, provided that the Board of Directors of Pace has approved the Plan prior to such Effective Date,
subject to approval of the Plan by the Company's shareholders.

 

2.12 “Eligible Employee”
means an Employee (i) who is customarily scheduled to work at least 20 hours per week,  (ii) whose customary employment is
more than six consecutive months in a calendar year, and (iii) who, after granting of the Option, would not be deemed for purposes of Section 423(b)(3) of the Code to possess 5% or more
of the total combined voting power or value of all classes of stock of the Company or any Subsidiary). Notwithstanding the foregoing, the Administrator may limit eligibility further
within the Company or a Designated Subsidiary so as to only designate some Employees of the Company or a Designated Subsidiary as Eligible
Employees, and, to the extent the restrictions in the first sentence in this definition are not consistent with applicable local laws,
the applicable local laws shall control.

 

2.13 “Employee”
means any person who renders services to the Company or a Designated Subsidiary in the status of an employee, and shall not include any
director of the Company or a Designated Subsidiary who does not render services to the Company or a Designated Subsidiary in the status
of an employee. The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to whether
the employee status of any person has begun or been terminated, including all matters and questions related to whether a particular leave
of absence constitutes a termination of a person’s employee status.

 

2.14 “Enrollment Date” means
the first date of each Offering Period.

 

2.15 “Exercise Date”
means the last day of each Purchase Period, except as provided in Section 5.2 hereof.

 

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

 

2.17 “Fair Market Value”
means, as of any date, the value of a share of Common Stock determined as follows: (i) if the Common Stock is listed on any established
stock exchange, the value of a share of Common Stock will be the closing sales price for a share of Common Stock as quoted on such exchange
for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in The
Wall Street Journal or another source the Administrator deems reliable; (ii) if the Common Stock is not listed on an established
stock exchange but is quoted on a national market or other quotation system, the value of a share of Common Stock will be the closing
sales price for a share of Common Stock on such date, or if no sales occurred on such date, then on the last date preceding such date
during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; or (iii) if
the Common Stock is not listed on any established stock exchange or quoted on a national market or other quotation system, the value established
by the Administrator in its sole discretion.

 

2.18 “Grant Date” means the
first day of an Offering Period.

 

2.19 “New Exercise Date”
has the meaning set forth in Section 5.2(b) hereof.

 

2.20 “Offering”
means an offer under the Plan of an Option that may be exercised during an Offering Period as further described in Section 4 hereof.
Unless otherwise specified by the Administrator, each Offering to the Eligible Employees of the Company or a Designated Subsidiary shall
be deemed a separate Offering, even if the dates and other terms of the applicable Purchase Periods of each such Offering are identical
and the provisions of the Plan will separately apply to each Offering. The terms of each separate Offering need not be identical.

 

2.21 “Offering Period”
means each 24 month period commencing on such dates as determined by the Administrator, in its discretion, and with respect to which Options
shall be granted to Participants. The duration and timing of Offering Periods may be established or changed by the Administrator at any
time, in its sole discretion.

 

2.22 “Option” means
the right to purchase shares of Common Stock pursuant to the Plan during each Offering Period.

 

2.23 “Option Price”
means the purchase price of a share of Common Stock hereunder as provided in Section 4.2 hereof.

 

2.24 “Pace” means
TPG Pace Solutions Corp., an exempted company incorporated in the Cayman Islands.

 

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2.25 “Parent” means
a corporation, partnership, or any other entity, whether U.S. or non-U.S., in an unbroken chain of entities ending with the Company if
each of the entities other than the Company beneficially owns, at the time of the determination, securities or interests representing
at least 50% of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

 

2.26 “Participant” means
any Eligible Employee who elects to participate in the Plan.

 

2.27 “Payday” means
the regular and recurring established day for payment of Compensation to an Employee of the Company or any Designated Subsidiary.

 

2.28 “Plan” means
this 2021 Nonqualified Employee Stock Purchase Plan, including any other sub-plans or appendices hereto, as amended from time to time.

 

2.29 “Plan Account”
means a bookkeeping account established and maintained by the Company in the name of each Participant.

 

2.30 “Purchase Period”
means each consecutive six-month period commencing on such dates as determined by the Administrator, in its discretion, within each Offering
Period. The first Purchase Period of each Offering Period shall commence on the Grant Date and end with the next Exercise Date. The duration
and timing of Purchase Periods may be established or changed by the Administrator at any time, in its sole discretion. Notwithstanding
the foregoing, in no event may a Purchase Period exceed the duration of the Offering Period under which it is established.

 

2.31 “Section 409A”
means Section 409A of the Code.

 

2.32 “Subsidiary”
means a corporation, partnership, or any other entity (other than the Company), whether U.S. or non-U.S., 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 50% of the total combined voting power of all classes of securities or
interests in one of the other entities in such chain (including, for clarity, Vacasa Holdings).

 

2.33 “Treas. Reg.” means
U.S. Department of the Treasury regulations.

 

2.34 “Vacasa Holdings” means
Vacasa Holdings LLC, a Delaware limited liability company.

 

2.35 “Vacasa Holdings LLCA”
means the Fourth Amended and Restated Limited Liability Company Agreement of Vacasa Holdings (as it may be amended from time to time).

 

2.36 “Vacasa Units”
means a limited liability company unit of Vacasa Holdings that is redeemable for one share of Common Stock, pursuant to the Vacasa Holdings
LLCA.

 

2.37 “Withdrawal Election”
has the meaning set forth in Section 6.1(a) hereof.

 

ARTICLE 3

PARTICIPATION

 

3.1 Eligibility. Any Eligible
Employee who is employed by the Company or a Designated Subsidiary on a given Enrollment Date for an Offering Period shall be eligible
to participate in the Plan during such Offering Period, subject to the requirements of Articles 4 and 5 hereof.

 

3.2 Election to Participate; Payroll Deductions

 

(a) Except as provided in Sections 3.2(e) and
3.3 hereof, an Eligible Employee may become a Participant in the Plan only by means of payroll deduction. Each individual who is an Eligible
Employee as of an Offering Period’s Enrollment Date may elect to participate in such Offering Period and the Plan by delivering
to the Company a payroll deduction authorization no later than the period of time prior to the applicable Enrollment Date that is determined
by the Administrator, in its sole discretion.

 

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(b) Except as may otherwise be
determined by the Administrator, payroll deductions (i) shall equal at least 1% of the Participant’s Compensation as of each
Payday of the Offering Period following the Enrollment Date, but not more than 15% of the Participant’s Compensation as of each
Payday of the Offering Period following the Enrollment Date; and (ii) may be expressed either as a whole number percentage,
or a fixed dollar amount. Amounts deducted from a Participant’s Compensation with respect to an Offering Period pursuant to this
Section 3.2 shall be deducted each Payday through payroll deduction and credited to the Participant’s Plan Account; provided
that for the first Offering Period, payroll deductions shall not begin until such date determined by the Administrator, in its sole discretion.

 

(c) Following at least one payroll
deduction, a Participant may decrease (to as low as zero) the amount deducted from such Participant’s Compensation only once during
an Offering Period upon ten calendar days’ prior written notice to the Company. A Participant may not increase the amount deducted
from such Participant’s Compensation during an Offering Period.

 

(d) Upon the completion of an
Offering Period, each Participant in such Offering Period shall automatically participate in the immediately following Offering Period
at the same payroll deduction percentage or fixed amount as in effect at the termination of such Offering Period, unless such Participant
delivers to the Company a different election with respect to the successive Offering Period in accordance with Section 3.2(a) hereof,
or unless such Participant becomes ineligible for participation in the Plan.

 

(e) Notwithstanding any other
provisions of the Plan to the contrary, in non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited,
the Administrator may provide that an Eligible Employee may elect to participate through contributions to the Participant’s account
under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions.

 

3.3 Leave of Absence. During
leaves of absence approved by the Company, a Participant may continue participation in the Plan by making cash payments to the Company
on the Participant’s normal payday equal to the Participant’s authorized payroll deduction.

 

ARTICLE 4

PURCHASE OF SHARES

 

4.1 Grant of Option. The Company
may make one or more Offerings under the Plan, which may be successive or overlapping with one another, until the earlier of: (i) the
date on which the shares of Common Stock available under the Plan have been sold or (ii) the date on which the Plan is suspended
or terminates. The Administrator shall designate the terms and conditions of each Offering in writing, including without limitation, the
Offering Period and the Purchase Periods. Each Participant shall be granted an Option with respect to an Offering Period on the applicable
Grant Date. The number of shares of Common Stock subject to a Participant’s Option shall be determined by dividing (a) such
Participant’s payroll deductions accumulated prior to an Exercise Date and retained in the Participant’s Plan Account
on such Exercise Date by (b) the applicable Option Price; provided that in no event shall a Participant be permitted to purchase
during each Offering Period more than 100,000 shares of Common Stock (subject to any adjustment pursuant to Section 5.2 hereof).
The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of
Common Stock that a Participant may purchase during such future Offering Periods. Each Option shall expire on the last Exercise Date for
the applicable Offering Period immediately after the automatic exercise of the Option in accordance with Section 4.3 hereof, unless
such Option terminates earlier in accordance with Article 6 hereof.

 

4.2 Option Price. The “Option
Price” per share of Common Stock to be paid by a Participant upon exercise of the Participant’s Option on an Exercise
Date for an Offering Period shall equal 85% of the lesser of the Fair Market Value of a share of Common Stock on (a) the applicable
Grant Date and (b) the applicable Exercise Date, or such other price designated by the Administrator; provided that in no
event shall the Option Price per share of Common Stock be less than the par value per share of the Common Stock.

 

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4.3 Purchase of Shares.

 

(a) On each Exercise Date for
an Offering Period, each Participant shall automatically and without any action on such Participant’s part be deemed to have exercised
the Participant’s Option to purchase at the applicable per share Option Price the largest number of whole shares of Common Stock
which can be purchased with the amount in the Participant’s Plan Account. Any balance less than the per share Option Price
that is remaining in the Participant’s Plan Account (after exercise of such Participant’s Option) as of the Exercise
Date shall be carried forward to the next Purchase Period or Offering Period, unless the Participant has elected to withdraw from the
Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee.
Any balance not carried forward to the next Purchase Period or Offering Period in accordance with the prior sentence shall be promptly
refunded to the applicable Participant. In no event shall an amount greater than or equal to the per share Option Price as of an Exercise
Date be carried forward to the next Purchase Period or Offering Period.

 

(b) As soon as practicable following
each Exercise Date (but no later than 30 days thereafter), the number of shares of Common Stock purchased by such Participant pursuant
to Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form), in the Company’s sole discretion,
to either (i) the Participant or (ii) an account established in the Participant’s name at a stock brokerage or other financial
services firm designated by the Company. If the Company is required to obtain from any commission or agency authority to issue any such
shares of Common Stock, the Company shall seek to obtain such authority. Inability of the Company to obtain from any such commission or
agency authority which counsel for the Company deems necessary for the lawful issuance of any such shares shall relieve the Company from
liability to any Participant except to refund to the Participant such Participant’s Plan Account balance, without interest
thereon.

 

4.4 Automatic Termination of Offering
Period. If the Fair Market Value of a share of Common Stock on any Exercise Date (except the final scheduled Exercise Date of
any Offering Period) is lower than the Fair Market Value of a share of Common Stock on the Grant Date for an Offering Period, then such
Offering Period shall terminate on such Exercise Date after the automatic exercise of the Option in accordance with Section 4.3 hereof,
and each Participant shall automatically be enrolled in the Offering Period that commences immediately following such Exercise Date and
such Participant’s payroll deduction authorization shall remain in effect for such Offering Period.

 

4.5 Transferability of Rights. An
Option granted under the Plan shall not be transferable, other than by will or the applicable laws of descent and distribution, and is
exercisable during the Participant’s lifetime only by the Participant. No option or interest or right to the Option shall be available
to pay off any debts, contracts or engagements of the Participant or the Participant’s successors in interest or shall be subject
to disposition by 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 attempt
at disposition of the Option shall have no effect.

 

ARTICLE 5

PROVISIONS RELATING TO COMMON STOCK

 

5.1 Common Stock Reserved. Subject
to adjustment as provided in Section 5.2 hereof, the maximum number of shares of Common Stock that shall be made available for sale
under the Plan shall be the sum of (a) [      ]1 shares and (b) an annual increase
on the first day of each year beginning in 2022 and ending in 2031 equal to the least of (i) 1% of the shares of Common Stock outstanding
(determined on an as converted basis, taking into account all securities convertible into, exercisable, exchangeable or redeemable for
shares of Common Stock, including, without limitation, the Vacasa Units that are redeemable pursuant to the Vacasa Holdings LLCA) on the
last day of the immediately preceding fiscal year, (ii) an amount of additional shares such that the total number of shares that
are available for sale under the Plan on the first day of the year, after giving effect to the additional shares, equals 2% of the shares
of Common Stock outstanding on the last day of the immediately preceding fiscal year (determined on the same basis as in clause (i)),
and (iii) such number of shares as may be determined by the Board Shares made available for sale under the Plan may be authorized
but unissued shares, treasury shares of Common Stock, or reacquired shares reserved for issuance under the Plan.

 

 

		1	Note to Draft: Amount to equal 2% of the fully diluted shares of Common Stock to be outstanding immediately after the
                                                                                                                                                      closing of the business combination on as-converted or as-exchanged basis (including the Vacasa Units that are redeemable pursuant to the Vacasa Holdings LLCA), and, for the avoidance of doubt, after giving effect to
                                                                                                                                                      the PIPE investment.

 

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5.2 Adjustments Upon Changes in Capitalization,
Dissolution, Liquidation, Merger or Asset Sale.

 

(a) Changes in Capitalization. Subject
to any required action by the stockholders of the Company, the number of shares of Common Stock which have been authorized for issuance
under the Plan but not yet placed under Option, as well as the price per share and the number of shares of Common Stock covered by each
Option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease in the number of
issued shares of Common Stock or outstanding Vacasa Units resulting from a stock or unit split, reverse stock or unit split, stock dividend
or unit distribution, combination or reclassification of the Common Stock or Vacasa Units, or any other increase or decrease in the number
of shares of Common Stock or Vacasa Units effected without receipt of consideration by the Company or Vacasa Holdings (as applicable);
provided, however, that conversion of any convertible securities of the Company or Vacasa Holdings shall not be deemed to
have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator, whose determination
in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company or Vacasa Holdings
of shares of stock of any class or Vacasa Units, or securities convertible into shares of stock of any class or Vacasa Units, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Option.

 

(b) Dissolution or Liquidation. In
the event of the proposed dissolution or liquidation of the Company or Vacasa Holdings, the Offering Periods then in progress shall be
shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to
the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date shall
be before the date of the Company’s or Vacasa Holdings’ proposed dissolution or liquidation. The Administrator shall notify
each Participant in writing prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed
to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior
to such date the Participant has withdrawn from the Offering Period as provided in Section 6.1 hereof or the Participant has ceased
to be an Eligible Employee as provided in Section 6.2 hereof.

 

(c) Merger or Asset
Sale. In the event of a proposed sale of all or substantially all of the assets of the Company or Vacasa Holdings, or the
merger of the Company or Vacasa Holdings with or into another corporation, each outstanding Option shall be assumed or an equivalent
Option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. If the successor corporation
refuses to assume or substitute for the Option, any Offering Periods then in progress shall be shortened by setting a New Exercise
Date and any Offering Periods then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of
the Company’s proposed sale or merger. The Administrator shall notify each Participant in writing prior to the New Exercise
Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the
Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has
withdrawn from the Offering Period as provided in Section 6.1 hereof or the Participant has ceased to be an Eligible Employee
as provided in Section 6.2 hereof.

 

5.3 Insufficient Shares. If the
Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with respect to which Options are to be
exercised may exceed the number of shares of Common Stock remaining available for sale under the Plan on such Exercise Date, the Administrator
shall make a pro rata allocation of the shares of Common Stock available for issuance on such Exercise Date in as uniform a manner
as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants exercising Options to
purchase Common Stock on such Exercise Date, and unless additional shares are authorized for issuance under the Plan, no further Offering
Periods shall take place and the Plan shall terminate pursuant to Section 7.5 hereof. If an Offering Period is so terminated, then
the balance of the amount credited to the Participant’s Plan Account which has not been applied to the purchase of shares of
Common Stock shall be paid to such Participant in one lump sum in cash within 30 days after such Exercise Date, without any interest
thereon.

 

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5.4 Rights as Stockholders. With
respect to shares of Common Stock subject to an Option, a Participant shall not be deemed to be a stockholder of the Company and shall
not have any of the rights or privileges of a stockholder. A Participant shall have the rights and privileges of a stockholder of the
Company when, but not until, shares of Common Stock have been deposited in the designated brokerage account following exercise of the
Participant’s Option.

 

ARTICLE 6

TERMINATION OF PARTICIPATION

 

6.1 Cessation of Contributions; Voluntary Withdrawal.

 

(a) A Participant may cease payroll
deductions during an Offering Period and elect to withdraw from the Plan by delivering written notice of such election to the Company
in such form and at such time prior to the Exercise Date for such Offering Period as may be established by the Administrator (a “Withdrawal
Election”). A Participant electing to withdraw from the Plan may elect to either (i) withdraw all of the funds then
credited to the Participant’s Plan Account as of the date on which the Withdrawal Election is received by the Company, in which
case amounts credited to such Plan Account shall be returned to the Participant in one lump-sum payment in cash within 30 days
after such election is received by the Company, without any interest thereon, and the Participant shall cease to participate in the Plan
and the Participant’s Option for such Offering Period shall terminate; or (ii) exercise the Option for the maximum number of
whole shares of Common Stock on the applicable Exercise Date with any remaining Plan Account balance returned to the Participant
in one lump-sum payment in cash within 30 days after such Exercise Date, without any interest thereon, and after such exercise cease
to participate in the Plan. Upon receipt of a Withdrawal Election, the Participant’s payroll deduction authorization and the Participant’s
Option shall terminate.

 

(b) A Participant’s withdrawal
from the Plan shall not have any effect upon the Participant’s eligibility to participate in any similar plan which may hereafter
be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the
Participant withdraws.

 

(c) A Participant who ceases contributions
to the Plan during any Offering Period shall not be permitted to resume contributions to the Plan during that Offering Period.

 

6.2 Termination of Eligibility. Upon
a Participant’s ceasing to be an Eligible Employee, for any reason, such Participant’s Option for the applicable Offering
Period shall automatically terminate, the Participant shall be deemed to have elected to withdraw from the Plan, and such Participant’s
Plan Account shall be paid to such Participant or, in the case of the Participant’s death, to the person or persons entitled
thereto pursuant to applicable law, within 30 days after such cessation of being an Eligible Employee, without any interest thereon.

 

ARTICLE 7

GENERAL PROVISIONS

 

7.1 Administration.

 

(a) The Plan shall be administered
by the Committee, which shall be composed of members of the Board. The Committee may delegate administrative tasks under the Plan to the
services of an Agent or Employees to assist in the administration of the Plan, including establishing and maintaining an individual securities
account under the Plan for each Participant.

 

(b) It shall be the duty of the
Administrator to conduct the general administration of the Plan in accordance with the provisions of the Plan. The Administrator shall
have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To establish and terminate Offerings;

 

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(ii) To determine when and how
Options shall be granted and the provisions and terms of each Offering (which need not be identical);

 

(iii) To select Designated Subsidiaries in accordance
with Section 7.2 hereof;

 

(iv) To impose a mandatory holding
period pursuant to which Participants may not dispose of or transfer shares of Common Stock purchased under the Plan for a period of time
determined by the Administrator in its discretion; and

 

(v) To construe and interpret the
Plan, the terms of any Offering and the terms of the Options and to adopt such rules for the administration, interpretation, and
application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. The Administrator, in the exercise
of this power, may correct any defect, omission or inconsistency in the Plan, any Offering or any Option, in a manner and to the extent
it shall deem necessary or expedient to administer the Plan.

 

(c) The Administrator may adopt
rules or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of local laws
and procedures. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and
procedures regarding handling of participation elections, payroll deductions, payment of interest, conversion of local currency, payroll
tax, withholding procedures and handling of stock certificates which vary with local requirements. In its absolute discretion, the Board
may at any time and from time to time exercise any and all rights and duties of the Administrator under the Plan.

 

(d) The Administrator may adopt
sub-plans applicable to particular Designated Subsidiaries or locations. The rules of such sub-plans may take precedence over other
provisions of this Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by the terms of such sub-plan,
the provisions of this Plan shall govern the operation of such sub-plan.

 

(e) All expenses and liabilities
incurred by the Administrator in connection with the administration of the Plan shall be borne by the Company. The Administrator may,
with the approval of the Committee, employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Administrator,
the Company and its officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All
actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants,
the Company and all other interested persons. No member of the Board or Administrator shall be personally liable for any action, determination
or interpretation made in good faith with respect to the Plan or the options, and all members of the Board or Administrator shall be fully
protected by the Company in respect to any such action, determination, or interpretation.

 

7.2 Designation of Subsidiary Corporations. The
Board or Administrator shall designate from time to time the Subsidiaries that shall constitute Designated Subsidiaries. The Board or
Administrator may designate a Subsidiary, or terminate the designation of a Subsidiary, without the approval of the stockholders of the
Company.

 

7.3 Reports. Individual accounts
shall be maintained for each Participant in the Plan. Statements of Plan Accounts shall be given to Participants at least annually,
which statements shall set forth the amounts of payroll deductions, the Option Price, the number of shares purchased and the remaining
cash balance, if any.

 

7.4 No Right to Employment. Nothing
in the Plan shall be construed to give any person (including any Participant) the right to remain in the employ of the Company, a Parent
or a Subsidiary or to affect the right of the Company, any Parent or any Subsidiary to terminate the employment of any person (including
any Participant) at any time, with or without cause, which right is expressly reserved.

 

7.5 Amendment and Termination of the Plan.

 

(a) The Board may, in its sole
discretion, amend, suspend or terminate the Plan at any time and from time to time. To the extent necessary to comply with any applicable
law, regulation or stock exchange rule, the Company shall obtain stockholder approval of any such amendment to the Plan in such a manner
and to such a degree as required by such law, regulation or rule.

 

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(b) If the Administrator determines
that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may in its discretion
modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:

 

(i) altering the Option Price for
any Offering Period including an Offering Period underway at the time of the change in Option Price;

 

(ii) shortening any Offering Period
so that the Offering Period ends on a new Exercise Date, including an Offering Period underway at the time of the Administrator action;
and

 

(iii) allocating shares of Common Stock.

 

Such modifications or amendments shall not require
stockholder approval or the consent of any Participant.

 

(c) Upon termination of the Plan,
the balance in each Participant’s Plan Account shall be refunded as soon as practicable after such termination, without any
interest thereon.

 

7.6 Use of Funds; No Interest Paid. All
funds received by the Company by reason of purchase of shares of Common Stock under the Plan shall be included in the general funds of
the Company free of any trust or other restriction and may be used for any corporate purpose. No interest shall be paid to any Participant
or credited under the Plan.

 

7.7 Term; Approval by Stockholders. No
Option may be granted during any period of suspension of the Plan or after termination of the Plan. The Plan shall be submitted for the
approval of the Company's stockholders within 12 months after the date of the Board's initial adoption of the Plan. Options may be granted
prior to such stockholder approval; provided, however, that such Options shall not be exercisable prior to the time when the Plan
is approved by the stockholders; provided, further that if such approval has not been obtained by the end of the 12-month period,
all Options previously granted under the Plan shall thereupon terminate and be canceled and become null and void without being exercised.

 

7.8 Effect Upon Other Plans. The
adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company, any Parent or any Subsidiary.
Nothing in the Plan shall be construed to limit the right of the Company, any Parent or any Subsidiary (a) to establish any other
forms of incentives or compensation for Employees of the Company or any Parent or any Subsidiary, or (b) to grant or assume Options
otherwise than under the Plan in connection with any proper corporate purpose, including, but not by way of limitation, the grant or assumption
of options in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets
of any corporation, firm or association.

 

7.9 Conformity to Securities Laws. Notwithstanding
any other provision of the Plan, the Plan and the participation in the Plan by 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 exemption 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, the Plan shall be deemed amended to the extent necessary to conform to such
applicable exemptive rule.

 

7.10 Tax Withholding. The Company
or any Designated Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company
or such Designated Subsidiary, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s
FICA or employment tax obligation) required by law to be withheld with respect to any taxable event concerning a Participant arising as
a result of the Plan. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement, permit the Company
to withhold or have surrendered, or allow a Participant to elect to have the Company withhold or surrender, shares of Common Stock held
by the Participant. Unless determined otherwise by the Administrator, the number of shares of Common Stock which may be so withheld or
surrendered shall be limited to the number of shares which have a Fair Market Value on the date of withholding or surrender no greater
than the aggregate amount of such liabilities based on the maximum statutory withholding rates for federal, state, local and foreign income
tax and payroll tax purposes that are applicable to such supplemental taxable income. The Administrator shall also have the authority
and right to initiate, or permit a Participant to initiate, a broker-assisted sell-to-cover transaction whereby shares are sold by such
broker and the proceeds of such sale are remitted to the Company or a Designated Subsidiary to satisfy tax withholding obligations.

 

    9

     

    

 

7.11 Governing Law. The Plan
and all rights and obligations thereunder shall be construed and enforced in accordance with the laws of the State of Delaware, without
regard to the conflict of law rules thereof or of any other jurisdiction.

 

7.12 Notices. All notices or
other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when
received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

 

7.13 Conditions To Issuance of Shares.

 

(a) 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 of
Common Stock pursuant to the exercise of an Option by a Participant, unless and until the Administrator has determined, with advice of
counsel, that the issuance of such shares of Common Stock is in compliance with all applicable laws, regulations of governmental authorities
and, if applicable, the requirements of any securities exchange or automated quotation system on which the shares of Common Stock are
listed or traded, and the shares of Common Stock 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 Participant make such reasonable covenants,
agreements, and representations as the Administrator, in its discretion, deems advisable in order to comply with any such laws, regulations,
or requirements.

 

(b) All certificates for shares
of Common Stock delivered pursuant to the Plan and all shares of Common Stock issued pursuant to book entry procedures are subject to
any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal, state, or foreign
securities or other laws, rules and regulations and the rules of any securities exchange or automated quotation system on which
the shares of Common Stock are listed, quoted, or traded. The Committee may place legends on any certificate or book entry evidencing
shares of Common Stock to reference restrictions applicable to the shares of Common Stock.

 

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

 

(d) Notwithstanding any other
provision of the Plan, unless otherwise determined by the Committee or required by any applicable law, rule or regulation, the Company
may, in lieu of delivering to any Participant certificates evidencing shares of Common Stock issued in connection with any Option, record
the issuance of shares of Common Stock in the books of the Company (or, as applicable, its transfer agent or stock plan administrator).

 

(e) Any shares of Common Stock
acquired by a Participant under this Plan will be subject to the Company’s insider trading policy.

 

7.14    Equal Rights and Privileges. All
Eligible Employees of the Company (or of any Designated Subsidiary) granted Options pursuant to an Offering shall have the same rights
and privileges under this Plan within the meaning of Section 423(b)(5) of the Code.

 

7.15 Rules Particular to Specific
Countries. Notwithstanding anything herein to the contrary, the terms and conditions of the Plan with respect to Participants
who are tax residents of a particular non-U.S. country or who are foreign nationals or employed in non-U.S. jurisdictions may be subject
to an addendum to the Plan in the form of an appendix or sub-plan. To the extent that the terms and conditions set forth in an appendix
or sub-plan conflict with any provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such
appendix or sub-plan shall be pursuant to Section 7.1 above. Without limiting the foregoing, the Administrator is specifically authorized
to adopt rules and procedures, with respect to Participants who are foreign nationals or employed in non-U.S. jurisdictions, regarding
the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation, handling
of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security,
payroll tax, withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions.

 

    10

     

    

 

7.16 Section 409A. The Plan
and the Options granted hereunder are intended to be exempt from the application of Section 409A. No Option is intended to constitute
or provide for “nonqualified deferred compensation” within the meaning of Section 409A. Notwithstanding any provision
of the Plan to the contrary, if the Administrator determines that any Option granted under the Plan may be or become subject to Section 409A
or that any provision of the Plan may cause an Option granted under the Plan to be or become subject to Section 409A, the Administrator
may adopt such amendments to the Plan and/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 to avoid the imposition of taxes under
Section 409A, either through compliance with the requirements of Section 409A or with an available exemption therefrom.

 

*   *   *  
*   *

 

    11Exhibit 10.22

 

VACASA, INC.

 

2016 EQUITY COMPENSATION INCENTIVE PLAN

 

		1.	Establishment
and Purpose

 

1.1          Vacasa, Inc.
(the “Company”) assumed this Plan (defined below) and the awards granted under it pursuant to the transactions
contemplated by the Business Combination Agreement, dated as of July 28, 2021 (the “BCA”), by and among
TPG Pace Solutions Corp., Vacasa Holdings LLC, the Company and certain other parties, pursuant to which the Company became the parent
company of Vacasa Holdings LLC (collectively, the “Transaction”), and the Plan was renamed the Vacasa, Inc.
2016 Equity Compensation Incentive Plan (as amended from time to time, the “Plan”). Prior to the Transaction,
this Plan had been sponsored and maintained by Vacasa Holdings LLC and was originally adopted and became effective September 7, 2016
(the “Effective Date”). Following the closing of the Transaction, no new Awards will be granted under the Plan.

 

1.2          The
purposes of the Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional
incentives to Employees, Consultants, Members and Directors and to promote the success of the Company’s business through the grant
of Awards.

 

		2.	Definitions

 

As used herein, the following
terms will have the following definitions:

 

2.1          “2021
Plan” means the Company’s 2021 Incentive Award Plan.

 

2.2          “Administrator”
means the Board or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee.

 

2.3          “Award”
means, individually or collectively, a grant under the Plan of Stock Appreciation Rights. To the extent this Plan is in any respect referring
to Awards granted prior to the closing of the Transaction, the Plan is in such context referring to the Unit Appreciation Rights that
were granted pursuant to the Plan prior to such closing.

 

2.4          “Award
Agreement” means a written or electronic agreement setting forth the terms and provisions applicable to each Award granted
under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

 

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

 

2.6          “Change
in Control” means a “Change of Control” as defined in the LLC Agreement. 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 of the Code, to the extent required to avoid the imposition of additional taxes under
Section 409A of the Code, the transaction or event 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).

 

     

     

    

 

2.7          “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor
or amended section of the Code.

 

2.8          “Committee”
means a committee established or appointed by the Board, which may include one or more Company directors or executive officers to the
extent permitted by applicable law. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each
member of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3,
a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify as
a “non-employee director” within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee that
is otherwise validly granted under the Plan.

 

2.9          “Common
Stock” means the Class A common stock of the Company.

 

2.10        “Consultant”
means a person, including an advisor, engaged by the Company or any Parent or Subsidiary to render bona fide services to such entity,
excluding any Employees and Directors, provided the services (i) are not in connection with the offer or sale of securities in a
capital-raising transaction, and (ii) do not directly promote or maintain a market for the Company’s securities.

 

2.11        “Disability”
means total and permanent disability as defined in Code Section 22(e)(3), provided that the Administrator in its discretion may determine
whether a permanent and total disability exists in accordance with such standards as the Administrator may adopt from time to time.

 

2.12        “Director”
means a member of the Board.

 

2.13        “Employee”
means any person, including officers, employed by the Company or any Parent or Subsidiary. Neither service as a Director nor payment of
a director’s fee by the Company will be sufficient to constitute “employment” by the Company.

 

2.14        “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and all regulations, guidance and other interpretative
authority issued thereunder.

 

2.15        “Exchange
Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of
the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants
would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator,
and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions
of any Exchange Program in its sole discretion.

 

2.16        “Fair
Market Value” means, as of any date, the value of a Share determined as follows: (i) if the Common Stock is listed
on any established stock exchange, the value of a Share will be the closing sales price for a Share as quoted on such exchange for such
date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in The Wall Street
Journal or another source the Administrator deems reliable; (ii) if the Common Stock is not listed on an established stock exchange
but is quoted on a national market or other quotation system, the value of a Share will be the closing sales price for a Share on such
date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The
Wall Street Journal or another source the Administrator deems reliable; or (iii) if the Common Stock is not listed on any established
stock exchange or quoted on a national market or other quotation system, the value established by the Administrator in its sole discretion.

 

    	 	2	 

     

    

 

2.17        “Grant
Date” means the date, specified in an Award Agreement, on which a Participant is granted one or more Awards under the Plan.
The Grant Date of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award,
or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within
a reasonable time after the Grant Date.

 

2.18        “LLC
Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of Vacasa Holdings LLC, as may be amended
from time to time.

 

2.19        “Members”
has the meaning defined in the LLC Agreement.

 

2.20        “Parent”
means any entity (other than the Company) in an unbroken chain of entities ending with the Company, if each of the entities other than
the Company owns shares, units or interests possessing 50% or more of the total combined voting power of all classes of shares, units
or interests in one of the other entities in such chain. An entity that attains the status of a Parent on a date after the adoption of
the Plan shall be considered a Parent commencing on such date.

 

2.21        “Participant”
means the holder of an outstanding Award.

 

2.22        “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act.

 

2.23        “Section 409A”
means Section 409A of the Code and any final Treasury Regulations and guidance thereunder and any applicable state law equivalent,
as each may be amended or promulgated from time to time.

 

2.24        “Service
Provider” means an Employee, Director, Consultant or Member.

 

2.25        “Share”
means a share of Common Stock.

 

2.26        “Stock
Appreciation Right” means a right granted under Section 7 to receive a payment equal to the excess of the Fair Market
Value of a specified number of Shares on the date the right is exercised over the exercise price set forth in the applicable Award Agreement.
To the extent this Plan is any respect referring to Awards granted prior to the closing of the Transaction, the Plan is in such context
referring to the Unit Appreciation Rights that were granted pursuant to the Plan prior to such closing and not to Stock Appreciation Rights.

 

    	 	3	 

     

    

 

2.27        “Subsidiary”
means any entity (other than the Company) in an unbroken chain of entities beginning with the Company, if each of the entities other than
the last entity in the unbroken chain owns shares, units or interests possessing 50% or more of the total combined voting power of all
classes of shares, units or interests in one of the other entities in such chain (including, for clarity, Vacasa Holdings LLC). An entity
that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing on such date.

 

2.28        “Tax
Obligations” means all tax, social insurance and social security liability withholding and other withholding requirements
under applicable laws in connection with an Award, including, without limitation, (a) all federal, state and local income, employment
and any other applicable taxes that are required to be withheld by the Company (or Parent or Subsidiary retaining the services of the
Participant, as applicable), (b) the Participant’s and, to the extent required by the Company (or Parent or Subsidiary retaining
the services of the Participant, as applicable), the fringe benefit tax liability of the Company (or Parent or Subsidiary retaining the
services of the Participant, as applicable), if any, associated with the Award (whether in connection with its grant, vesting, exercise,
or otherwise), and (c) all other taxes or social insurance or social security liabilities or premium with respect to which a Participant
has, or has agreed to bear, responsibility.

 

		3.	Effective
Date and Termination of Plan

 

The Plan was originally adopted
and became effective on the Effective Date. The Plan terminated as to new Awards effective as of the closing of the Transaction; however,
Awards granted prior to the Plan termination continue to be governed by the Plan and by the applicable Award Agreements, as such Award
Agreements have been amended to reflect the assumption of the Awards and the Plan by the Company in connection with the Transaction.

 

		4.	Number
of Shares Subject to the Plan

 

4.1          Shares
Subject to Plan. Subject to adjustments pursuant to Section 4.3, the aggregate number of Shares pursuant to all Awards granted
under this Plan shall not exceed [____].1

 

4.2          Lapsed
Awards. If an Award of Stock Appreciation Rights expires or becomes unexercisable without having been exercised in full, the Shares
underlying the expired or unexercisable portion of the Stock Appreciation Rights will become available for future grant under the 2021
Plan (to the extent provided therein). Any Shares subject to an Award of Stock Appreciation Rights that is exercised under the Award will
not become available under the Plan or the 2021 Plan for future grant thereunder.

 

4.3          Adjustments.
In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization,
stock split, reverse stock split, reclassification, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
or exchange of Common Stock or other securities of the Company, or other change in the capital structure of the Company affecting Common
Stock occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made
under the Plan, will adjust the number of Shares that are available under the Plan, the class of securities to which the value of Awards
relate, the number of Shares subject to outstanding Awards, and/or the exercise price of outstanding Awards.

 

 

1
NTD: To be determined by multiplying the number of Unit Appreciation Rights outstanding immediately prior to the
closing of the Transaction, by the final exchange ratio under the BCA allocation schedule.

 

    	 	4	 

     

    

 

		5.	Administration

 

5.1          Administrative
Body. The Plan will be administered by (a) the Board, or (b) a Committee, which will be constituted to satisfy any applicable
laws. Different Committees may administer the Plan with respect to different Awards and/or different Participants.

 

5.2          Powers
of the Administrator. The Plan shall be interpreted and administered by the Administrator. Subject to the provisions of the Plan,
the Administrator will have the authority, in its discretion:

 

5.2.1.   to
determine the Fair Market Value;

 

5.2.2.   to
select the Service Providers to whom Awards may be granted hereunder;

 

5.2.3.   to
determine the number of Shares subject to an Award to be granted under the Plan;

 

5.2.4.   to
approve forms of Award Agreements for use under the Plan;

 

5.2.5.   to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions
include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award, based
in each case on such factors as the Administrator will determine;

 

5.2.6.   to
institute and determine the terms and conditions of an Exchange Program;

 

5.2.7.   to
construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

5.2.8.   to
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable non-U.S. laws or for qualifying for favorable tax treatment under applicable
non-U.S. laws;

 

5.2.9.   to
modify or amend each Award (subject to Section 17 of the Plan), including but not limited to the discretionary authority to extend
the post-termination exercisability period of Awards and to extend the maximum term of an Award of Stock Appreciation Rights (subject
to Section 7.5);

 

    	 	5	 

     

    

 

5.2.10.   to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by
the Administrator;

 

5.2.11.   to
allow a Participant to defer the receipt of the payment of cash or other consideration that otherwise would be due to such Participant
under an Award; and

 

5.2.12.   to
make all other determinations deemed necessary or advisable for administering the Plan.

 

5.3          Effect
of Administrator’s Decisions. The Administrator’s decisions, determinations and interpretations will be final and binding
on all Participants and any other holders of Awards.

 

		6.	Eligibility

 

Stock Appreciation Rights
may be granted to Service Providers at the discretion of the Administrator.

 

		7.	Stock
Appreciation Rights

 

7.1          Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, Awards of Stock Appreciation Rights have been granted
to Service Providers under the Plan.

 

7.2          [Reserved]

 

7.3          Exercise
Price and Other Terms. The per Share exercise price for the Award that will determine the amount of the payment to be received upon
exercise of the Stock Appreciation Rights as set forth in Section 7.7 below was determined by the Administrator and was no less than
one hundred percent (100%) of the Fair Market Value per Share on the Grant Date of the Award. Unless determined otherwise by the Administrator,
in its sole discretion, each Award of Stock Appreciation Rights is intended to be exempt from Section 409A.

 

7.4          Stock
Appreciation Right Agreement. Each Award of Stock Appreciation Rights granted under the Plan is evidenced by an Award Agreement that
specifies the exercise price, the term of the Stock Appreciation Rights, the conditions of exercise, and such other terms and conditions
as the Administrator, in its sole discretion, determined.

 

7.5          Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan expires upon the date that was determined by the Administrator,
in its sole discretion, and set forth in the Award Agreement, which term is no more than ten (10) years from the Grant Date.

 

		7.6	Exercise of Stock Appreciation
Rights.

 

		7.6.1.	Procedure for Exercise.

 

7.6.1.1.   Any
Stock Appreciation Right granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions
as determined by the Administrator and set forth in the Award Agreement. A Stock Appreciation Right may not be exercised for a fraction
of a Share.

 

    	 	6	 

     

    

 

7.6.1.2.   A
Stock Appreciation Right will be deemed exercised when the Company receives a notice of exercise (in such form as the Administrator may
specify from time to time) from the person entitled to exercise the Stock Appreciation Right. The Company will issue payment for such
exercised Stock Appreciation Rights promptly after the Stock Appreciation Right is exercised.

 

7.6.1.3.   Exercising
Stock Appreciation Rights in any manner will decrease the number of Shares thereafter available, both for purposes of determining the
number of Shares that will become available for future grant under the 2021 Plan (to the extent provided therein) as contemplated by Section 4.2
hereof, and the Award of Stock Appreciation Rights, by the number of Shares as to which the Award is exercised.

 

7.6.2.      Termination
of Relationship as Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s termination
as the result of the Participant’s death or Disability or Termination for Cause (as defined below), the Participant may exercise
his or her Award of Stock Appreciation Rights within such period of time as is specified in the Award Agreement (but in no event later
than the expiration of the term of such Award as set forth in the Award Agreement) to the extent that the Stock Appreciation Rights are
vested on the date the Participant ceases to be a Service Provider. In the absence of a specified time in the Award Agreement, the Award
will remain exercisable for ninety (90) days following the date the Participant ceases to be a Service Provider. Unless otherwise provided
by the Administrator, if on the date the Participant ceases to be a Service Provider, the Participant is not vested as to his or her entire
Award of Stock Appreciation Rights, then the Shares subject to the unvested portion of the Award immediately will revert to the 2021 Plan
(to the extent provided therein). If after termination the Participant does not exercise his or her Award within the time specified by
the Administrator, the Award will terminate, and the Shares covered by such Award will revert to the 2021 Plan (to the extent provided
therein). Notwithstanding the forgoing, in the event the Participant’s relationship with the Company as a Service Provider is terminated
by the Company for cause (as determined by the Administrator in its sole reasonable discretion, a “Termination for Cause”),
then unless otherwise specified in the applicable Award Agreement(s), all outstanding Stock Appreciation Rights shall be forfeited immediately
without consideration therefor upon the Participant’s Termination for Cause.

 

7.6.3.      Disability
of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant
may exercise his or her Award of Stock Appreciation Rights within such period of time as is specified in the Award Agreement (but in no
event later than the expiration of the term of such Award as set forth in the Award Agreement) to the extent that the Stock Appreciation
Rights are vested on the date the Participant ceases to be a Service Provider. In the absence of a specified time in the Award Agreement,
the Award will remain exercisable for one (1) year following the date the Participant ceases to be a Service Provider as a result
of his or her Disability. Unless otherwise provided by the Administrator, if on the date the Participant ceases to be a Service Provider,
the Participant is not vested as to his or her entire Award of Stock Appreciation Rights, the Shares subject to the unvested portion of
the Award immediately will revert to the 2021 Plan (to the extent provided therein). If after the date the Participant ceases to be a
Service Provider, the Participant does not exercise his or her Award within the time specified by the Administrator, the Award will terminate,
and the Shares covered by such Award will revert to the 2021 Plan (to the extent provided therein).

 

    	 	7	 

     

    

 

7.6.4.      Death
of Participant. In the event of a Participant’s death while a Service Provider, the Award of Stock Appreciation Rights may be
exercised following the Participant’s death within such period of time as is specified in the Award Agreement (but in no event later
than the expiration of the term of such Award as set forth in the Award Agreement) to the extent that the Stock Appreciation Rights are
vested on the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to
the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant,
then the vested Stock Appreciation Rights may be exercised by the personal representative of the Participant’s estate or by the
person(s) to whom the Award is transferred pursuant to the Participant’s will or in accordance with the laws of descent and
distribution. In the absence of a specified time in the Award Agreement, the Award will remain exercisable for one (1) year following
the date of the Participant’s death. Unless otherwise provided by the Administrator, if at the time of death the Participant is
not vested as to his or her entire Award, the Shares subject to the unvested portion of the Award immediately will revert to the 2021
Plan (to the extent provided therein). If the Award is not so exercised within the time specified by the Administrator, the Award will
terminate, and the Shares covered by such Award will revert to the 2021 Plan (to the extent provided therein).

 

7.7          Payment
of Stock Appreciation Right Amount. Upon exercise of an Award of Stock Appreciation Rights, a Participant will be entitled to receive
payment from the Company in an amount (the “Payment Amount”) determined by multiplying: (a) the positive
difference (if any) between the Fair Market Value of a Share on the date of exercise over the per Share exercise price; times (b) the
number of Shares with respect to which the Stock Appreciation Right is exercised. The payment upon exercise of a Stock Appreciation Right
will be made in cash (or cash equivalent), Common Stock, or a combination of both, as the Administrator may determine in its sole and
absolute discretion. The Administrator may determine in its sole discretion to permit a Participant to purchase a number of Shares subject
to an Award that are otherwise vested and exercisable rather than paying to the Participant the Payment Amount.

 

		8.	[Reserved]

 

		9.	Leaves
of Absence/Transfer Between Locations

 

Unless the Administrator provides
otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be
an Employee or Director in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations
of the Company or among the Company, its Parent, or any Subsidiary.

 

		10.	Limited
Transferability of Awards

 

Unless determined otherwise
by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will
or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. If
the Administrator makes an Award transferable, such Award may only be transferred (a) by will, (b) by the laws of descent and
distribution, or (c) as permitted by Rule 701 of the Securities Act of 1933, as amended (the “Securities Act”).

 

    	 	8	 

     

    

 

Further, until the Company
becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator determines
that it no longer is, will, or may be relying upon the exemption from registration under the Exchange Act as set forth in Rule 12h-1(f) promulgated
under the Exchange Act, a Stock Appreciation Right may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner,
including by entering into any short position, any “put equivalent position” or any “call equivalent position”
(as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons
who are “family members” (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations
orders, or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant. Notwithstanding the
foregoing sentence, the Administrator, in its sole discretion, may determine to permit transfers to the Company or in connection with
a Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f).

 

		11.	Certain
Transactions

 

11.1        Dissolution.
In the event of a proposed dissolution of the Company, the Administrator will notify each Participant as soon as practicable prior to
the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately
prior to the consummation of such proposed action.

 

11.2        Merger
or Change in Control. In the event of a merger of the Company with or into another corporation or other entity or a Change in Control,
each outstanding Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) without
the Participant’s consent, including, without limitation, that (a) Awards will be assumed, or substantially equivalent awards
will be substituted for Awards, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to
the number of Shares, the type of securities to which the Awards relate, and prices subject to the Awards; (b) upon written notice
to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such merger or Change
in Control without consideration therefor; (c) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions
applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the
extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (d)(i) the
termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon
the exercise of the vested portion of such Award or realization of the Participant’s rights as of the date of the occurrence of
the transaction with respect to the vested portion of such Award (and, for the avoidance of doubt, if as of the date of the occurrence
of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of the vested
portion of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment),
or (ii) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (e) any
combination of the foregoing. In taking any of the actions permitted under this Section 11.2, the Administrator will not be obligated
to treat all Awards, all Awards held by a Participant, and/or all Awards of the same type, similarly.

 

    	 	9	 

     

    

 

In the event that the successor
corporation does not assume or substitute for the Award (or portion thereof), the Participant will have the right to exercise all of his
or her outstanding vested Stock Appreciation Rights, and the Administrator will notify the Participant in writing or electronically that
the vested portion of the Stock Appreciation Right (including, for the avoidance of doubt, any portion of the Stock Appreciation Right
that otherwise will become vested upon the Change in Control) will be exercisable for a period of time determined by the Administrator
in its sole discretion, and the Stock Appreciation Right will terminate upon the expiration of such period. In addition, the Board, in
its sole and absolute discretion, may elect to vest any portion of any Award, including any performance goals or other vesting criteria
with respect to Awards with performance-based vesting.

 

Notwithstanding anything in
this Section 11.2 to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals
will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s
consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in
Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

Notwithstanding anything in
this Section 11.2 to the contrary, if a payment under an Award Agreement is subject to Section 409A and if the change in control
definition contained in the Award Agreement does not comply with the definition of “change in control” for purposes of a distribution
under Section 409A, then any payment of an amount that is otherwise accelerated under this Section 11.2 will be delayed until
the earliest time that such payment would be permissible under Section 409A without triggering any penalties applicable under Section 409A.

 

		12.	Tax
Withholding

 

All distributions under the
Plan will be subject to withholding of all applicable taxes under federal, state and/or other applicable law.

 

		13.	No
Effect on Employment or Service

 

Neither the Plan nor any Award
will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the
Company or any Parent or Subsidiary (as applicable), nor will they interfere in any way with the Participant’s right or the right
of the Company or any Parent or Subsidiary (as applicable) to terminate such relationship at any time, with or without cause, to the extent
permitted by applicable laws.

 

		14.	No
Equity Interest

 

Neither the Plan nor any Award
granted hereunder creates or conveys any equity or ownership interest in the Company or any rights commonly associated with such interests.

 

    	 	10	 

     

    

 

		15.	Funding

 

Each payment that may become
payable under the Plan shall be paid solely from the general assets of the Company. Nothing in this Plan shall be construed to create
a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect
to any payment to which he or she may be entitled.

 

		16.	Compliance
With Section 409A

 

Awards will be designed and
operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Section 409A,
except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended
to meet the requirements of Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise
determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof,
is subject to Section 409A, the Award will be granted, paid and/or deferred in a manner that will meet the requirements of Section 409A,
such that the grant, payment or deferral will not be subject to the additional tax or interest applicable under Section 409A. Any
ambiguities or ambiguous terms herein will be interpreted to be exempt from or so comply with the requirements of Section 409A. The
Company and each Participant will work together in good faith to consider amendments to the Plan or Award Agreement that are necessary
or appropriate to avoid imposition of any additional tax or income recognition prior to the actual payment to the Participant. Notwithstanding
anything in the Plan to the contrary, the Company reserves the right, in its sole discretion and without the consent of any Participant,
to take such reasonable actions and make any amendments to the Plan as it deems necessary, advisable or desirable to comply with Section 409A
or to otherwise avoid income recognition under Section 409A or imposition of any additional tax prior to the actual payment of any
amounts under the Plan. In no event will the Company have any responsibility, liability or obligation to reimburse, indemnify or hold
harmless Participants for any taxes imposed or other costs incurred as a result of Section 409A.

 

		17.	Amendment,
Suspension or Termination of the Plan

 

The Plan terminated as to
new Awards effective as of the closing of the Transaction. The Board at any time and from time to time may amend or alter the Plan. The
Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with applicable laws. No
amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise
between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. The termination
of the Plan as to new Awards does not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect
to Awards granted under the Plan prior to the date of such termination.

 

		18.	Choice
of Law

 

All questions concerning the
construction, validation and interpretation of the Plan will be governed by the law of the State of Oregon without regard to its conflict
of laws provisions.

 

    	 	11	 

     

    

 

		19.	Bonus
Plan

 

This Plan is intended to be
a “bonus program” as defined under U.S. Department of Labor regulation section 2510.3-2(c) and shall be construed
and administered in accordance with such intention.

 

		20.	Successors
and Assigns

 

The Plan shall be binding
upon and shall inure to the benefit of the Company and its successors and assigns.

 

    	 	12

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