Document:

Exhibit 4.5

 

REGISTRATION RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of September 13, 2021, is made and entered into by and among Lilium N.V., a Netherlands public limited liability company
(the “Company”), Qell Partners LLC, a Cayman Islands exempted limited liability company (the “Sponsor”)
and certain former stockholders of Lilium GmbH (a German limited liability company) (“Target”) set forth on
Schedule 1 hereto (such stockholders, the “Target Holders” and, collectively with the Sponsor and any
person or entity who hereafter becomes a party to this Agreement pursuant to Section 6.2 or Section 6.11 of this
Agreement, the “Holders” and each, a “Holder”).

 

RECITALS

 

WHEREAS,
the Company and the Sponsor are party to that certain Registration Rights Agreement, dated as of September 29, 2020 (the “Original
RRA”);

 

WHEREAS,
the Company has entered into that certain Business Combination Agreement, dated as of March 30, 2021 (as it may be amended, supplemented
or otherwise modified from time to time, the “Business Combination Agreement”), by and among the Company, Qell
Acquisition Corp, Queen Cayman Merger LLC, a Cayman exempted company and a direct, wholly owned subsidiary of the Company (“Merger
Sub”), and Target, pursuant to which Merger Sub merged with and into Qell (the “Merger”), with
Merger Sub continuing as the surviving corporation and becoming a direct, wholly owned subsidiary of the Company, and the Company acquired
Target, with Target becoming a direct, wholly owned subsidiary of the Company;

 

WHEREAS,
on the date hereof, pursuant to the Business Combination Agreement, the Target Holders received shares of the Company’s Ordinary
Shares, par value $10 per share;

 

WHEREAS,
pursuant to Section 6.6 of the Original RRA, the provisions, covenants and conditions set forth therein may be amended or modified
upon the written consent of the Company and the Holders (as defined in the Original RRA) of at least a majority in interest of the Registrable
Securities (as defined in the Original RRA) at the time in question, and the Sponsor is the Holder in the aggregate of at least a majority
in interest of the Registrable Securities as of the date hereof; and

 

WHEREAS,
the Company, the Sponsor and the Target Holders desire to amend and restate the Original RRA in its entirety and enter into this Agreement,
pursuant to which the Company shall grant the Target Holders certain registration rights with respect to certain securities of the Company,
as set forth in this Agreement.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1          Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Additional
Holder” shall have the meaning given in Section 6.11.

 

“Additional
Holder Ordinary Shares” shall have the meaning given in Section 6.11.

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with counsel to the Company, (a) would
be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not
to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein
(in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(b) would not be required to be made at such time if the Registration Statement were not being filed, declared effective or used,
as the case may be, (c) the Company has a bona fide business purpose for not making such information public, and (d) such disclosure
(i) would be reasonably likely to have an adverse impact on the Company, (ii) could reasonably be expected to have a material
adverse effect on the Company’s ability to effect a material proposed acquisition, disposition, financing, reorganization, recapitalization
or similar transaction or (iii) relates to information the accuracy of which has yet to be determined by the Company or which is
the subject of an ongoing investigation or inquiry; provided that the Company takes all reasonable action as necessary to promptly make
such determination and conclude such investigation or inquiry.

 

“Agreement”
shall have the meaning given in the Preamble hereto.

 

“Block
Trade” shall have the meaning given in Section 2.4.1.

 

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

 

“Business
Combination Agreement” shall have the meaning given in the Recitals hereto.

 

“Closing”
shall have the meaning given in the Business Combination Agreement.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company”
shall have the meaning given in the Preamble hereto and includes the Company’s successors by recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction.

 

“Demanding
Holder” shall have the meaning given in Section 2.1.4.

 

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

 

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“Final
Closing Date” shall have the meaning given in the Business Combination Agreement.

 

“Form F-1
Shelf” shall have the meaning given in Section 2.1.1.

 

“Form F-3
Shelf” shall have the meaning given in Section 2.1.1.

 

“Holdco Equity
Plans” shall have the meaning given in the Business Combination Agreement.

 

“Holder
Information” shall have the meaning given in Section 4.1.2.

 

“Holders”
shall have the meaning given in the Preamble hereto, for so long as such person or entity holds any Registrable Securities.

 

“Joinder”
shall have the meaning given in Section 6.11.

 

“Legacy Options”
shall have the meaning given in the Business Combination Agreement.

 

“Lock-up”
shall have the meaning given in Section 5.1.

 

“Lock-up Parties”
shall mean, as applicable, the Sponsor, the Target Holders and their respective Permitted Transferees.

 

“Lock-up
Period” shall mean:

 

(A)         with
respect to the Target Holders, the period beginning on the Final Closing Date and ending on the date that is 180 days after the Final
Closing Date; and

 

(B)          with
respect to the Sponsor, the period beginning on the Final Closing Date and ending on the earlier of (i) 360 days after the Final
Closing Date and (ii) (x) if the closing price of an Ordinary Share equals or exceeds $12.00 per share (as adjusted for share
sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 150 days after the Final Closing Date, or (y) the date on which the Company completes a liquidation, merger,
share exchange, reorganization or other similar transaction that results in all the Company’s stockholders having the right to exchange
their Ordinary Shares for cash, securities or other property.

 

“Lock-up Shares”
shall mean the Ordinary Shares and any other equity securities convertible into or exercisable or exchangeable for the Ordinary Shares
(including, without limitation, any Private Placement Warrants, Legacy Options and/or awards issued under the Holdco Equity Plans) held
by the Sponsor or Target Holders immediately following the Closing (other than the Sponsor EarnOut Shares, PIPE Shares or Ordinary Shares
acquired in the public market).

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.1.5.

 

“Merger”
shall have the meaning given in the Recitals hereto.

 

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“Merger Sub”
shall have the meaning given in the Recitals hereto.

 

“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light
of the circumstances under which they were made) not misleading.

 

“Ordinary
Shares” means the Company’s Class A shares and the Company’s Class B shares.

 

“Other Coordinated
Offering” shall have the meaning given in Section 2.4.1.

 

“Permitted
Transferees” shall mean (a) with respect to the Target Holders and their respective Permitted Transferees, (i) prior
to the expiration of the Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities
prior to the expiration of the Lock-up Period pursuant to Section 5.2 and (ii) after the expiration of the
Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities, subject to and in accordance
with any applicable agreement between such Holder and/or their respective Permitted Transferees and the Company and any transferee thereafter,
and (b) with respect to all other Holders and their respective Permitted Transferees, any person or entity to whom a Holder of Registrable
Securities is permitted to transfer such Registrable Securities, including prior to the expiration of any lock-up period applicable to
such Registrable Securities, subject to and in accordance with any applicable agreement between such Holder and/or their respective Permitted
Transferees and the Company and any transferee thereafter.

 

“Piggyback
Registration” shall have the meaning given in Section 2.2.1.

 

“PIPE Shares”
shall mean the Ordinary Shares acquired by any Target Holder in connection with such Target Holder’s participation in the PIPE Financing
as defined in the Business Combination Agreement.

 

“Private Placement
Warrants” shall mean the warrants held by certain Holders, purchased by such Holders in the private placement that occurred
concurrently with the closing of the Company’s initial public offering, including any Ordinary Shares issued or issuable upon conversion
or exchange of such warrants.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

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“Registrable
Security” shall mean (a) any outstanding Ordinary Shares and any other equity security (including the Private Placement
Warrants and any other warrants to purchase Ordinary Shares and Ordinary Shares issued or issuable upon the exercise or conversion of
any other such equity security) of the Company held by a Holder immediately following the Closing (including any securities distributable
pursuant to the Business Combination Agreement), (b) any Additional Holder Ordinary Shares, and (c) any other equity security
of the Company or any of its subsidiaries issued or issuable with respect to any securities referenced in clause (a) or (b) above
by way of a stock dividend or stock split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization or
similar transaction; provided, however, that, as to any particular Registrable Security, such securities shall cease to
be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in
accordance with such Registration Statement by the applicable Holder; (B) (i) such securities shall have been otherwise transferred
(other than to a Permitted Transferee), (ii) new certificates for such securities not bearing (or book entry positions not subject
to) a legend restricting further transfer shall have been delivered by the Company and (iii) subsequent public distribution of such
securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such
securities may be sold without registration pursuant to Rule 144 or any successor rule promulgated under the Securities Act
(but with no volume or other restrictions or limitations including as to manner or timing of sale or current public information requirements);
(E) such securities have been sold without registration pursuant to Section 4(a)(1) of the Securities Act or Rule 145
promulgated under the Securities Act or any successor rules promulgated under the Securities Act and (F)  such securities have
been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, Prospectus
or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated
thereunder, and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the documented, out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A)          all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.)
and any national securities exchange on which the Ordinary Shares are then listed;

 

(B)           fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);

 

(C)           printing,
messenger, telephone and delivery expenses;

 

(D)           reasonable
fees and disbursements of counsel for the Company;

 

(E)           reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration;
and

 

(F)           in
an Underwritten Offering, reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding
Holders (not to exceed $50,000 without the consent of the Company).

 

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“Registration
Statement” shall mean any registration statement that covers Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting
Holders” shall have the meaning given in Section 2.1.5.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf”
shall mean the Form F-1 Shelf, the Form F-3 Shelf or any Subsequent Shelf Registration Statement, as the case may be.

 

“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission in
accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including
a Piggyback Registration.

 

“Sponsor”
shall have the meaning given in the Preamble hereto.

 

“Sponsor EarnOut
Shares” shall have the meaning given to such term in the Sponsor Letter Agreement, between, among others, the Sponsor, Qell
Acquisition Corp., Target and the Company, dated March 30, 2021.

 

“Sponsor Member”
shall mean a member of Sponsor who becomes party to this Agreement as a Permitted Transferee of Sponsor.

 

“Subscription
Agreement” shall have the meaning given in the Business Combination Agreement.

 

“Subsequent
Shelf Registration Statement” shall have the meaning given in Section 2.1.2.

 

“Target”
shall have the meaning given in the Preamble hereto.

 

“Target
Holders” shall have the meaning given in the Preamble hereto.

 

“Transfer”
shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option
to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent
position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange
Act with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or
(b).

 

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“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting
for distribution to the public.

 

“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.4.

 

“Withdrawal
Notice” shall have the meaning given in Section 2.1.6.

 

ARTICLE II

 

REGISTRATIONS
AND OFFERINGS

 

2.1          Shelf
Registration.

 

2.1.1        Filing.
Within thirty (30) calendar days following the Final Closing Date, the Company shall submit to or file with the Commission a Registration
Statement for a Shelf Registration on Form F-1 (the “Form F-1 Shelf”) or a Registration Statement
for a Shelf Registration on Form F-3 (the “Form F-3 Shelf”), if the Company is then eligible to use
a Form F-3 Shelf, in each case, covering the resale of all the Registrable Securities (determined as of two (2) business days
prior to such submission or filing) on a delayed or continuous basis and shall use its commercially reasonable efforts to have such Shelf
declared effective as soon as practicable after the filing thereof, but no later than the earlier of (a) the sixtieth (60th)
calendar day (or ninetieth (90th) calendar day if the Commission notifies the Company that it will “review” the
Registration Statement) following Closing and (b) the tenth (10th) business day after the date the Company is notified (orally or
in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be
subject to further review (such earlier date, the “Effectiveness Deadline”); provided, however, that if such Effectiveness
Deadlines falls on a Saturday, Sunday or other day that the SEC is closed for business, the Effectiveness Deadlines shall be extended
to the business day on which the SEC is open for business. Such Shelf shall provide for the resale of the Registrable Securities included
therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The Company
shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including
post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use to permit the
Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act
until such time as there are no longer any Registrable Securities. In the event the Company files a Form F-1 Shelf, the Company shall
use its commercially reasonable efforts to convert the Form F-1 Shelf (and any Subsequent Shelf Registration Statement) to a Form F-3
Shelf as soon as practicable after the Company is eligible to use a Form F-3 Shelf. The Company’s obligation under this Section 2.1.1,
shall, for the avoidance of doubt, be subject to Section 3.4.

 

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2.1.2        Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable Securities
are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly as
is reasonably practicable cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable
efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any
order suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration Statement”) registering the resale of all Registrable Securities (determined as of two (2) business
days prior to such filing). If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts
to (i) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably
practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration
statement (as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer at the time
of filing (as defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination date)
and (ii) keep such Subsequent Shelf Registration Statement continuously effective, available for use to permit the Holders named
therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time
as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration Statement shall be on Form F-3 to the extent
that the Company is eligible to use such form at the time of filing. Otherwise, such Subsequent Shelf Registration Statement shall be
on another appropriate form. The Company’s obligation under this Section 2.1.2, shall, for the avoidance of doubt, be
subject to Section 3.4.

 

2.1.3       Additional
Registrable Securities. Subject to Section 3.4, in the event that any Holder holds Registrable Securities that are not
registered for resale on a delayed or continuous basis, the Company, upon written request of such Holder, shall promptly use its commercially
reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option, any then
available Shelf (including by means of a post-effective amendment) or by filing a Subsequent Shelf Registration Statement and cause the
same to become effective as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration Statement shall be subject
to the terms hereof; provided, however, that the Company shall only be required to cause such additional Registrable Securities
to be so covered twice per calendar year for each of the Sponsor and the Target Holders.

 

2.1.4        Requests
for Underwritten Shelf Takedowns. Subject to Section 3.4, at any time and from time to time when an effective Shelf is
on file with the Commission, the Sponsor, or a Target Holder (any of the Sponsor or a Target Holder being in such case, a “Demanding
Holder”) may request to sell all or any portion of its Registrable Securities in an Underwritten Offering that is registered
pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that the Company shall only
be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable Securities proposed to be sold by the
Demanding Holder, either individually or together with other Demanding Holders, with a total offering price of at least $10 million in
the aggregate (the “Minimum Takedown Threshold”); provided that, with respect to all remaining Registrable
Securities held by the Demanding Holder no Minimum Takedown Threshold shall apply. All requests for Underwritten Shelf Takedowns shall
be made by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold
in the Underwritten Shelf Takedown. Subject to Section 2.4.4, a majority-in-interest of the Demanding Holders shall have the
right to select the Underwriters for such offering (which shall consist of one or more reputable nationally recognized investment banks),
subject to the Company’s prior approval (which shall not be unreasonably withheld, conditioned or delayed). The Sponsor and the
Target Holders may demand not more than two (2) Underwritten Shelf Takedowns pursuant to this Section 2.1.4 within any
six (6) month period. For the avoidance of doubt, the Company shall not be required to effect an aggregate of more than four (4) Underwritten
Shelf Takedowns pursuant to this Section 2.1.4 in any twelve (12) month period. Notwithstanding anything to the contrary in
this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement, including a Form F-3,
that is then available for such offering.

 

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2.1.5        Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises the
Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such Underwritten
Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares
or other equity securities that the Company desires to sell and all other Ordinary Shares or other equity securities, if any, that have
been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration rights held by
any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of
such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Offering, before including any Ordinary Shares or other equity securities proposed
to be sold by Company or by other holders of Ordinary Shares or other equity securities, the Registrable Securities of (i) first,
the Demanding Holders that can be sold without exceeding the Maximum Number of Securities (pro rata based on the respective number of
Registrable Securities that each Demanding Holder has requested be included in such Underwritten Shelf Takedown and the aggregate number
of Registrable Securities that all of the Demanding Holders have requested be included in such Underwritten Shelf Takedown) and (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Requesting Holders (if
any) (pro rata based on the respective number of Registrable Securities that each Requesting Holder (if any) has requested be included
in such Underwritten Shelf Takedown and the aggregate number of Registrable Securities that all of the Requesting Holders have requested
be included in such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities.

 

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2.1.6        Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw
from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”)
to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten Shelf Takedown; provided
that the Sponsor or a Target Holder may elect to have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold
would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by the Sponsor the Target
Holders or any of their respective Permitted Transferees, as applicable. If withdrawn, a demand for an Underwritten Shelf Takedown shall
constitute a demand for an Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes of Section 2.1.4,
unless such Demanding Holder reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or,
if there is more than one Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number of Registrable
Securities that each Demanding Holder has requested be included in such Underwritten Shelf Takedown); provided that, if the Sponsor
or a Target Holder elects to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such
Underwritten Shelf Takedown shall instead count as an Underwritten Shelf Takedown demanded by the Sponsor or such Target Holder, as applicable,
for purposes of Section 2.1.4. Following the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal
Notice to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary in this Agreement,
the Company shall be responsible for the Registration Expenses incurred in connection with a Shelf Takedown prior to its withdrawal under
this Section 2.1.6, other than if a Demanding Holder elects to pay such Registration Expenses pursuant to clause (ii) of
the second sentence of this Section 2.1.6.

 

2.2          Piggyback
Registration.

 

2.2.1        Piggyback
Rights. Subject to Section 2.4.3, if the Company or any Holder proposes to conduct a registered offering of, or if the
Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the
account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, an Underwritten
Shelf Takedown pursuant to Section 2.1), other than a Registration Statement (or any registered offering with respect thereto)
(i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement on Form S-4
(or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto),
(iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan,
or (v) a Block Trade or an Other Coordinated Offering (which shall be subject to Section 2.4), then the Company shall
give written notice of such proposed offering to all of the Holders of Registrable Securities as soon as practicable but not less than
ten (10) days before the anticipated filing date of such Registration Statement or, in the case of an Underwritten Offering pursuant
to a Shelf Registration, the applicable “red herring” prospectus or prospectus supplement used for marketing such offering,
which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of
the Holders of Registrable Securities the opportunity to include in such registered offering such number of Registrable Securities as
such Holders may request in writing within five (5) days after receipt of such written notice (such registered offering, a “Piggyback
Registration”). Except with respect to an Underwritten Shelf Takedown under Section 2.1.4, the rights provided
under this Section 2.2.1 shall not be available to any Holder at such time as there is an effective Shelf available for the
resale of the Registrable Securities pursuant to Section 2.1. Subject to Section 2.2.2, the Company shall, in
good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially
reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities
requested by the Holders pursuant to this Section 2.2.1 to be included therein on the same terms and conditions as any similar
securities of the Company included in such registered offering and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. The inclusion of any Holder’s Registrable Securities in
a Piggyback Registration shall be subject to such Holder’s agreement to enter into an underwriting agreement in customary form with
the Underwriter(s) selected for such Underwritten Offering.

 

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2.2.2      Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of Ordinary Shares or other equity securities that the Company desires to sell, taken together with (i) Ordinary
Shares or other equity securities, if any, as to which Registration or a registered offering has been demanded pursuant to separate written
contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable
Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) Ordinary Shares or other
equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate written contractual
piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder, exceeds the Maximum
Number of Securities, then:

 

(a)           if
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering (A) first, Ordinary Shares or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder
has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested
to be included in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; and (C) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary
Shares or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate written
contractual piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder, which can
be sold without exceeding the Maximum Number of Securities;

 

(b)          if
the Registration or registered offering is pursuant to a demand by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering (A) first, the Ordinary Shares or other equity securities,
if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant
to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested be included
in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included in such
Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities
that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares
or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate written
contractual piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder, which can
be sold without exceeding the Maximum Number of Securities; and

 

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(c)          if
the Registration or registered offering and Underwritten Shelf Takedown is pursuant to a request by Holder(s) of Registrable Securities
pursuant to Section 2.1 hereof, then the Company shall include in any such Registration or registered offering securities
in the priority set forth in Section 2.1.5.

 

2.2.3       Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdraw from an Underwritten
Shelf Takedown, and related obligations, shall be governed by Section 2.1.6) shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration,
the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration
used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons or entities pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission
in connection with a Piggyback Registration (which, in no circumstance, shall include a Shelf) at any time prior to the effectiveness
of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1.6), the
Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal
under this Section 2.2.3.

 

2.2.4      Unlimited
Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1.6, any Piggyback Registration effected
pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4
hereof.

 

2.3         Market
Stand-off. In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade or Other Coordinated
Offering), if requested by the managing Underwriters, each Holder that is an executive officer or director or Holder (i) in excess
of five percent (5%) of the outstanding shares (and for which it is customary for such Holder to agree to a lock-up) or (ii) who
is participating in the Underwritten Offering, agrees that it shall not Transfer any Ordinary Shares or other equity securities of the
Company (other than those included in such offering pursuant to this Agreement), without the prior written consent of the Company, during
the sixty (60)-day period (or such shorter time agreed to by the managing Underwriters) beginning on the date of pricing of such offering,
except as expressly permitted by such lock-up agreement or in the event the managing Underwriters otherwise agree by written consent.
Each such Holder agrees to execute a customary lock-up agreement in favor of the Underwriters to such effect (in each case on substantially
the same terms and conditions as all such Holders).

 

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2.4          Block
Trades; Other Coordinated Offerings.

 

2.4.1       Notwithstanding
any other provision of this Article II, but subject to Section 3.4, at any time and from time to time when an
effective Shelf is on file with the Commission, if a Demanding Holder wishes to engage in (a) an underwritten registered offering
not involving a “roadshow,” an offer commonly known as a “block trade” (a “Block Trade”),
or (b) an “at the market” or similar registered offering through a broker, sales agent or distribution agent, whether
as agent or principal (an “Other Coordinated Offering”), in each case, (x) with a total offering price
of at least $10 million in the aggregate or (y) with respect to all remaining Registrable Securities held by the Demanding
Holder, then such Demanding Holder only needs to notify the Company of the Block Trade or Other Coordinated Offering at least five (5) business
days prior to the day such offering is to commence and the Company shall use its commercially reasonable efforts to facilitate such Block
Trade or Other Coordinated Offering; provided that the Demanding Holders representing a majority of the Registrable Securities
wishing to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable efforts to work with the Company
and any Underwriters, brokers, sales agents or placement agents prior to making such request in order to facilitate preparation of the
registration statement, prospectus and other offering documentation related to the Block Trade or Other Coordinated Offering.

 

2.4.2       Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade or
Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other Coordinated Offering
shall have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and any brokers, sales agents
or placement agents (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block
Trade or Other Coordinated Offering prior to its withdrawal under this Section 2.4.2.

 

2.4.3       Notwithstanding
anything to the contrary in this Agreement, Section 2.2 shall not apply to a Block Trade or Other Coordinated Offering initiated
by a Demanding Holder pursuant to this Agreement.

 

2.4.4       The
Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and any brokers, sales
agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more
reputable nationally recognized investment banks).

 

2.4.5        A
Demanding Holder in the aggregate may demand no more than (i) one (1) Block Trade pursuant to this Section 2.4 within
any six (6) month period or (ii) two (2) Block Trades or Other Coordinated Offerings pursuant to this Section 2.4
in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section 2.4
shall not be counted as a demand for an Underwritten Shelf Takedown pursuant to Section 2.1.4 hereof.

 

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ARTICLE III

 

COMPANY
PROCEDURES

 

3.1         General
Procedures. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts to effect
such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and
pursuant thereto the Company shall:

 

3.1.1        prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered
by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement
or have ceased to be Registrable Securities;

 

3.1.2        prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be reasonably requested by any Holder that holds at least one percent (1%) of the Registrable Securities registered
on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions
applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the
Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the
intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or have ceased to be Registrable
Securities;

 

3.1.3       prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all
exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration
or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders; provided that the Company shall have no obligation to furnish any documents publicly filed or furnished
with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”);

 

3.1.4       prior
to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification)
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with
or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do
any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it
is not then otherwise so subject;

 

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3.1.5        cause
all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company are
then listed;

 

3.1.6        provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of
such Registration Statement;

 

3.1.7        advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

3.1.8        at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus (or such shorter period of time as may be (a) necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable or (b) advisable in order
to reduce the number of days that sales are suspended pursuant to Section 3.4), furnish a copy thereof to each seller of such
Registrable Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that is to be incorporated
by reference therein);

 

3.1.9        notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4;

 

3.1.10      in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or sales agent
pursuant to such Registration, in each of the following cases to the extent customary for a transaction of its type, permit a representative
of the Holders, the Underwriters or other financial institutions facilitating such Underwritten Offering, Block Trade, Other Coordinated
Offering or other sale pursuant to such Registration, if any, and any attorney, consultant or accountant retained by such Holders or Underwriter
to participate, at each such person’s or entity’s own expense, in the preparation of the Registration Statement, and cause
the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter,
financial institution, attorney, consultant or accountant in connection with the Registration; provided, however, that such
representatives, Underwriters or financial institutions agree to confidentiality arrangements in form and substance reasonably satisfactory
to the Company, prior to the release or disclosure of any such information;

 

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3.1.11           obtain
a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Offering,
a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such Registration (subject
to such broker, placement agent or sales agent providing such certification or representation reasonably requested by the Company’s
independent registered public accountants and the Company’s counsel) in customary form and covering such matters of the type customarily
covered by “cold comfort” letters for a transaction of its type as the managing Underwriter may reasonably request, and reasonably
satisfactory to a majority-in-interest of the participating Holders;

 

3.1.12            in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such Registration, on the date the Registrable Securities are delivered for sale pursuant to such Registration, to the extent
customary for a transaction of its type, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such
Registration, addressed to the participating Holders, the broker, placement agents or sales agent, if any, and the Underwriters, if any,
covering such legal matters with respect to the Registration in respect of which such opinion is being given as the participating Holders,
broker, placement agent, sales agent or Underwriter may reasonably request and as are customarily included in such opinions and negative
assurance letters;

 

3.1.13            in
the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such Registration, enter into and perform its obligations under an underwriting or other purchase or sales agreement, in usual
and customary form, with the managing Underwriter or the broker, placement agent or sales agent of such offering or sale;

 

3.1.14            make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule then
in effect);

 

3.1.15            with
respect to an Underwritten Offering pursuant to Section 2.1.4, use its commercially reasonable efforts to make available senior
executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter
in such Underwritten Offering; and

 

3.1.16           otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating Holders,
consistent with the terms of this Agreement, in connection with such Registration.

 

Notwithstanding the foregoing, the Company shall
not be required to provide any documents or information to an Underwriter, broker, sales agent or placement agent if such Underwriter,
broker, sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering or other offering
involving a registration as an Underwriter, broker, sales agent or placement agent, as applicable.

 

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3.2          Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the
Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,”
all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3            Requirements
for Participation in Registration Statement in Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder
does not provide the Company with its requested Holder Information, the Company may exclude such Holder’s Registrable Securities
from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel, that it is necessary
or advisable to include such information in the applicable Registration Statement or Prospectus and such Holder continues thereafter to
withhold such information. In addition, no person or entity may participate in any Underwritten Offering or other offering for equity
securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person or entity (i) agrees to
sell such person’s or entity’s securities on the basis provided in any underwriting, sales, distribution or placement arrangements
approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements,
underwriting or other agreements and other customary documents as may be reasonably required under the terms of such underwriting, sales,
distribution or placement arrangements. For the avoidance of doubt, the exclusion of a Holder’s Registrable Securities as a result
of this Section 3.3 shall not affect the registration of the other Registrable Securities to be included in such Registration.

 

3.4           Suspension
of Sales; Adverse Disclosure; Restrictions on Registration Rights.

 

3.4.1            Upon
receipt of written notice from the Company that: (a) a Registration Statement or Prospectus contains a Misstatement; (b) any
request by the Commission for any amendment or supplement to any Registration Statement or Prospectus or for additional information or
of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered
to the purchasers of the securities covered by such Registration Statement or Prospectus, such Registration Statement or Prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading; or (c) upon any suspension by the Company, pursuant to a written insider trading compliance
program adopted by the Board, of the ability of all “insiders” covered by such program to transact in the Company’s
securities because of the existence of material non-public information, each of the Holders shall forthwith discontinue disposition of
Registrable Securities pursuant to such Registration Statement covering such Registrable Securities until (x) in the case of (a) or
(b), it has received copies of a supplemented or amended Prospectus (it being understood that the Company hereby covenants to prepare
and file such supplement or amendment as soon as reasonably practicable after the time of such notice), or until it is advised in writing
by the Company that the use of the Prospectus may be resumed, or (y) in the case of (c), until the restriction on the ability of
 “insiders” to transact in the Company’s securities is removed, and, if so directed by the Company, each such Holder
will deliver to the Company all copies, other than permanent file copies then in such Holder’s possession, of the most recent Prospectus
covering such Registrable Securities at the time of receipt of such notice.

 

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3.4.2            Subject
to Section 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration
at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement
of financial statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith
judgment of the majority of the Board such Registration, be detrimental to the Company and the majority of the Board concludes as a result
that it is advisable to defer such filing, initial effectiveness or continued use at such time, the Company may, upon giving prompt written
notice of such action to the Holders (which notice shall not specify the nature of the event giving rise to such delay or suspension),
delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time determined
in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under this Section 3.4.2,
the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to
any Registration in connection with any sale or offer to sell Registrable Securities until such Holder receives written notice from the
Company that such sales or offers of Registrable Securities may be resumed, and in each case maintain the confidentiality of such notice
and its contents.

 

3.4.3            Subject
to Section 3.4.4, (a) during the period starting with the date sixty (60) days prior to the Company’s good faith
estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated
Registration and provided that the Company continues to actively employ, in good faith, all commercially reasonable efforts to maintain
the effectiveness of the applicable Shelf Registration, or (b) if, pursuant to Section 2.1.4, Holders have
requested an Underwritten Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters to firmly underwrite
such offering, the Company may, upon giving prompt written notice of such action to the Holders, delay any other registered offering pursuant
to Section 2.1.4 or 2.4.

 

3.4.4            The
right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to Section 3.4.2
or a registered offering pursuant to Section 3.4.3 shall be exercised by the Company, in the aggregate, for not more than
sixty (60) consecutive calendar days and not more than twice for not more than one hundred and twenty (120) total calendar days, during
any twelve (12)-month period.

 

3.5         Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act
and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly filed
or furnished with the Commission pursuant to EDGAR shall be deemed to have been furnished or delivered to the Holders pursuant to this
Section 3.5. The Company further covenants that it shall take such further action as any Holder may reasonably request, all
to the extent required from time to time to enable such Holder to sell shares of Ordinary Shares held by such Holder without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any
successor rule then in effect). Upon the request of any Holder, the Company shall deliver to such Holder a written certification
of a duly authorized officer as to whether it has complied with such requirements.

 

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ARTICLE IV

 

INDEMNIFICATION
AND CONTRIBUTION

  

4.1           Indemnification.

 

4.1.1            The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors and agents
and each person or entity who controls such Holder (within the meaning of the Securities Act), against all losses, claims, damages, liabilities
and out-of-pocket expenses (including, without limitation, reasonable and documented outside attorneys’ fees) resulting from any
untrue or alleged untrue statement of material fact contained in or incorporated by reference in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained
in any information or affidavit so furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify
the Underwriters, their officers and directors and each person or entity who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

4.1.2            In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish (or
cause to be furnished) to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by
law, shall indemnify the Company, its directors, officers and agents and each person or entity who controls the Company (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including, without limitation, reasonable
and documented outside attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact contained or incorporated
by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement is contained in (or not contained in, in the case of an omission) any information or
affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided, however, that the
obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each
such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale
of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters,
their officers, directors and each person or entity who controls such Underwriters (within the meaning of the Securities Act) to the same
extent as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3            Any
person or entity entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s or entity’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist
with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to
the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

 

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4.1.4            The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall survive the
transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

4.1.5            If
the indemnification provided under Section 4.1 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative fault
of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not
made by, in the case of an omission), or relates to information supplied by (or not supplied by in the case of an omission), such indemnifying
party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information
and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this Section 4.1.5
shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount
paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the
limitations set forth in Sections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or out-of-pocket
expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 4.1.5 were determined by pro rata allocation or by any
other method of allocation, which does not take account of the equitable considerations referred to in this Section 4.1.5.
No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution pursuant to this Section 4.1.5 from any person or entity who was not guilty of such fraudulent
misrepresentation.

 

    20

     

    

 

ARTICLE V

 

LOCK-UP

 

5.1           Lock-Up.
Subject to Section 5.2 and Section 5.3, each Lock-up Party agrees that it shall not Transfer any Lock-up Shares
prior to the end of, in respect of such Lock-up Party, the applicable Lock-up Period (the “Lock-up”).

 

5.2           Permitted
Transferees.

 

5.2.1            Notwithstanding
the provisions set forth in Section 5.1, each Lock-up Party may Transfer the Lock-up Shares during the Lock-up Period (a) to
(i) the Company’s officers or directors, (ii) any affiliates or family members of the Company’s officers or directors,
(iii) any Target Holder Affiliate, (iv) any direct or indirect partners, members or equity holders of such Lock-up Party, or
any related investment funds or vehicles controlled or managed by such persons or entities or their respective affiliates, or (v) any
other Lock-up Party or any direct or indirect partners, members or equity holders of such other Lock-up Party, any affiliates of such
other Lock-up Party or any related investment funds or vehicles controlled or managed by such persons or entities or their respective
affiliates, (b) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary
of which is a member of the individual’s immediate family or an affiliate of such person or entity, or to a charitable organization,
(c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual, (d) in the case
of an individual, pursuant to a qualified domestic relations order, (e) in the case of a trust, by distribution to one or more of
the permissible beneficiaries of such trust, (f) to the partners, members or equity holders of such Lock-up Party by virtue of the
Lock-up Party’s organizational documents, as amended, upon dissolution of the Lock-up Party, (g) in connection with any bona
fide mortgage, encumbrance or pledge to a financial institution in connection with any bona fide loan or debt transaction or enforcement
thereunder, (h) to the Company, or (i) in connection with a liquidation, merger, stock exchange, reorganization, tender offer
approved by the Board or a duly authorized committee thereof or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the Final Closing
Date. The parties acknowledge and agree that any Permitted Transferee of a Lock-up Party shall be subject to the transfer restrictions
set forth in this ARTICLE V with respect to the Lock-Up Shares upon and after acquiring such Lock-Up Shares.

 

5.3            Except
as otherwise agreed to by the Company and the Sponsor, if any Lock-up Party is granted a release or waiver from the Lock-up provided in
this Article V (such party a “Triggering Holder”), then each other Lock-up Party shall also be granted
an early release from its obligations hereunder or under any contractual lock-up agreement with the Company on the same terms and on a
pro-rata basis with respect to such number of Lock-up Shares rounded down to the nearest whole security equal to the product of (i) the
total percentage of Lock-up Shares held by the Triggering Holder immediately following the Closing that are being released from the Lock-up
agreement multiplied by (ii) the total number of Lock-up Shares held by such other Lock-up Party immediately following the Closing
..

 

    21

     

    

 

5.4           For
the purposes of this Agreement:

 

“Control”
means, in relation to any Person, (i) direct, indirect or beneficial ownership of the majority of the voting rights and/or capital
interests in such Person, (ii) the power, directly or indirectly, to designate, nominate or remove more than half of the members
of the board of directors, management board, supervisory board or similar corporate body of such Person, and/or (iii) the power,
directly or indirectly, whether by contract or otherwise, to direct or cause the direction of the management, the affairs, the policies
and/or investment decisions of such Person and the terms “Controlled” and “Controlling” have meanings correlative
thereto.

 

“Person”
means an individual, partnership, corporation, limited liability company, joint stock company, unincorporated organization or association,
trust, joint venture, investment fund, foundation or other similar entity, whether or not a legal entity.

 

“Target
Holder Affiliate” means any Person who directly or indirectly, through one or more intermediaries, Controls, is Controlled
by, or is under common Control with, the Target Holder, or in case of an investment fund, its investment manager and/or advisor or an
investment fund that is managed and/or advised by an entity that is under common Control with one of the foregoing.

 

ARTICLE VI

 

MISCELLANEOUS

 

6.1           Notices.
Any notice or communication under this Agreement must be in writing and given by (i) recorded mail, addressed to the party to be
notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service
providing evidence of delivery, or (iii) transmission by hand delivery, or electronic mail. Each notice or communication that is
mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the
case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier
service, hand delivery or electronic mail, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit
of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement
until completion of closing of the transaction contemplated by the Business Combination Agreement must be addressed, if to the Company,
to: Rhijnspoorplein 10, 1018TX Amsterdam, the Netherlands, Attention: Sam Kiran Gabbita or by email: sam.gabbita@qellpartners.com, and,
after completion of closing of the transaction contemplated by the Business Combination Agreement must be addressed, if to the Company,
to: Lilium N.V., Claude-Dornier Str. 1, Bldg. 335, 82234 Wessling, Germany, Office of the Chief Financial Officer, Attention: Michael
Andersen, or email: michael.andersen@lilium.com, and, if to any Holder, at such Holder’s address, electronic mail address as set
forth in the Company’s books and records. Any party may change its address for notice at any time and from time to time by written
notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as
provided in this Section 6.1.

 

    22

     

    

 

6.2           Assignment;
No Third Party Beneficiaries.

 

6.2.1           This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or
in part.

 

6.2.2            Subject
to Section 6.2.4 and Section 6.2.5, this Agreement and the rights, duties and obligations of a Holder hereunder
may be assigned in whole or in part to such Holder’s Permitted Transferees to which it transfers Registrable Securities; provided
that with respect to the Sponsor and the Target Holders, the rights hereunder that are personal to such Holders may not be assigned or
delegated in whole or in part, except that (i) the Sponsor shall be permitted to transfer its rights hereunder as the Sponsor to
one or more affiliates or any direct or indirect partners, members or equity holders of the Sponsor (including Sponsor Members), which,
for the avoidance of doubt, shall include a transfer of its rights in connection with a distribution of any Registrable Securities held
by Sponsor to Sponsor Members (it being understood that no such transfer shall reduce or multiply any rights of the Sponsor or such transferees),
and (ii) each of the Target Holders shall be permitted to transfer its rights hereunder as the Target Holders to one or more Target
Holder Affiliates or any direct or indirect partners, members or equity holders of such Target Holder (it being understood that no such
transfer shall reduce or multiply any rights of such Target Holder or such transferees) . Upon a transfer by the Sponsor pursuant
to subsection (i) to Sponsor Members, the rights that are personal to the Sponsor shall be exercised by the Sponsor Members only
with the consent of the Sponsor’s board of managers in accordance with the Sponsor’s operating agreement.

 

6.2.3            This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders, which shall include Permitted Transferees.

 

6.2.4           This
Agreement shall not confer any rights or benefits on any persons or entities that are not parties hereto, other than as expressly set
forth in this Agreement and Section 6.2.

 

6.2.5           No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 6.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement, including the joinder in the
form of Exhibit A attached hereto). Any transfer or assignment made other than as provided in this Section 6.2
shall be null and void.

 

6.3           Counterparts.
This Agreement may be executed in multiple counterparts (including PDF counterparts), each of which shall be deemed an original, and all
of which together shall constitute the same instrument, but only one of which need be produced.

 

    23

     

    

 

6.4           Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT (1) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AND (2) THE VENUE FOR
ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK

 

6.5           Waiver
of Jury Trial. THE PARTIES EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE, WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES EACH HEREBY AGREES AND CONSENTS THAT ANY
SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL
COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF
THEIR RIGHT TO TRIAL BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (b) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) EACH SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY AND (d) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 6.5.

 

6.6           Arbitration.
Each of the parties irrevocably and unconditionally agrees that any proceeding based upon, arising out of or related to this Agreement
or any of the transactions contemplated hereby (each, a “Related Proceeding”) shall be finally settled by binding arbitration
in accordance with the Rules of Arbitration of the International Chamber of Commerce by three arbitrators. Any Related Proceeding
shall be decided by a panel of three (3) arbitrators seated in New York, New York. Each arbitrator must be (a) an attorney with
significant experience in negotiating complex commercial transactions, or a judge seated on, or retired from, a U.S. federal court sitting
in the Southern District of New York and (b) neutral and independent of each Party. The parties agree, pursuant to Article 30(2)(b) of
the Rules of Arbitration of the International Chamber of Commerce, that the Expedited Procedure Rules shall apply irrespective
of the amount in dispute. The arbitrators may enter a default decision against any Party who fails to participate in the arbitration proceedings
with respect to any Related Proceeding. The language of the proceeding shall be English. The decision of the arbitrators on the points
in dispute will be final, unappealable and binding, and judgment on the award may be entered in any court having jurisdiction thereof.
The parties and the arbitrators will keep confidential, and will not disclose to any person, except the parties’ respective representatives
(who shall keep any such information confidential as provided in this sentence), or as may be required by applicable Law or any order
of a governmental entity of competent jurisdiction, the existence of any Related Proceeding under this Section 6.6, the referral
of any such Related Proceeding to arbitration or the status or resolution thereof. The initiation of any Related Proceeding pursuant to
this Section 6.6 will toll the applicable statute of limitations for the duration of any such Related Proceeding.

 

    24

     

    

 

6.7           Amendments
and Modifications. Upon the written consent of (a) the Company and (b) the Holders of a majority of the total Registrable
Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such
provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any
amendment hereto or waiver hereof shall also require the written consent of the Sponsor so long as the Sponsor and its affiliates hold,
in the aggregate, at least one percent (1%) of the outstanding Ordinary Shares; provided, further, that notwithstanding
the foregoing, any amendment hereto or waiver hereof shall also require the written consent of each Target Holder so long as such Target
Holder and its respective Target Holder Affiliates hold, in the aggregate, at least one percent (1%) of the outstanding Ordinary Shares;
and provided, further, that any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity
as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity)
shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto
or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate
as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this
Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such
party.

 

6.8           Other
Registration Rights. Other than the certain Holders and third-party investor stockholders who each have registration rights pursuant
to (i) their respective Subscription Agreements and (ii) as provided in the Warrant Agreement, dated as of 29 September 2020,
between the Company and Continental Stock Transfer & Trust Company, the Company represents and warrants that no person or entity,
other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale
or to include such securities of the Company in any Registration Statement filed by the Company for the sale of securities for its own
account or for the account of any other person or entity. The Company hereby agrees and covenants that it will not grant rights to register
any Ordinary Shares (or securities convertible into or exchangeable for Ordinary Shares) pursuant to the Securities Act that are more
favorable, pari passu or senior to those granted to the Holders hereunder without (a) the prior written consent of (i) the Sponsor,
for so long as the Sponsor and its affiliates hold, in the aggregate, Registrable Securities representing at least one percent (1%) of
the outstanding Ordinary Shares, and (ii) a Target Holder, for so long as such Target Holder and Target Holder Affiliates hold, in
the aggregate, Registrable Securities representing at least one percent (1%) of the outstanding Ordinary Shares, or (b) granting
economically and legally equivalent rights to the Holders hereunder such that the Holders shall receive the benefit of such more favorable
or senior terms and/or conditions. Further, the Company represents and warrants that this Agreement supersedes any other registration
rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements
and this Agreement, the terms of this Agreement shall prevail.

 

    25

     

    

 

6.9           Term.
This Agreement shall terminate with respect to any Holder, on the date that such Holder no longer holds any Registrable Securities. The
provisions of Section 3.5 and Article IV shall survive any termination.

  

6.10         Holder
Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities held
by such Holder in order for the Company to make determinations hereunder.

 

6.11         Additional
Holders; Joinder. In addition to persons or entities who may become Holders pursuant to Section 6.2 hereof, subject to
the prior written consent of each of the Sponsor (so long as the Sponsor and its affiliates hold, in the aggregate, Registrable Securities
representing at least one percent (1%) of the outstanding Ordinary Shares) and each Target Holder (in each case, so long as such Target
Holder and Target Holder Affiliates hold, in the aggregate, Registrable Securities representing at least one percent (1%) of the outstanding
Ordinary Shares), the Company may make any person or entity who acquires Ordinary Shares or rights to acquire Ordinary Shares after the
date hereof a party to this Agreement (each such person or entity, an “Additional Holder”) by obtaining an executed
joinder to this Agreement from such Additional Holder in the form of Exhibit A attached hereto (a “Joinder”).
Such Joinder shall specify the rights and obligations of the applicable Additional Holder under this Agreement. Upon the execution and
delivery and subject to the terms of a Joinder by such Additional Holder, the Ordinary Shares then owned, or underlying any rights then
owned, by such Additional Holder (the “Additional Holder Ordinary Shares”) shall be Registrable Securities to
the extent provided herein and therein and such Additional Holder shall be a Holder under this Agreement with respect to such Additional
Holder Ordinary Shares.

 

6.12         Severability.
It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permissible under the
laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this
Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision,
as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity
or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding
the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction,
it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

6.13         Entire
Agreement. This Agreement constitutes the full and entire agreement and understanding between the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings relating to such subject matter. Upon the Closing, the Original RRA
shall no longer be of any force or effect.

 

    26

     

    

 

6.14         Adjustments.
If, and as often as, there are any changes in the Registrable Securities by way of stock split, stock dividend, combination or reclassification,
or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate adjustment shall be made
in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue
with respect to the Registrable Securities as so changed.

  

[SIGNATURE PAGES FOLLOW]

 

    27

     

    

 

 

IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	Lilium N.V. 

    a Netherlands public limited liability company
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

 

	 	SPONSOR
	 	 
	 	Qell Partners LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	HOLDERS:
	 	 
	 	Tencent Mobility (Luxembourg)
    S.à r.l
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	Matthias Meiner
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Sebastian Born
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Patrick Nathen
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Daniel Wiegand
	 	 
	 	 
	 	By:	 
	 	 	Name:Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	LGT Global Invest Limited
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Lightrock Growth Fund I S.A.,
    SICAV-RAIF (f/k/a Lightstone Fund S.A.)
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Atomico IV L.P.
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Atomico IV (Guernsey) L.P.
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

 

	 	e42 II GmbH
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)
	 	 	 	 
	 	 	 	 
	 	Alexander Makram George Asseily
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)
	 	 	 	 
	 	 	 	 
	 	Obvious Ventures II L.P.
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)
	 	 	 	 
	 	 	 	 
	 	Scottish Mortgage Investment Trust PLC
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

 

	 	Lilium Beteiligungs UG (haftungsbeschränkt) & Co.KG
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)
	 	 	 	 
	 	 	 	 
	 	Stichting Evtol Investment
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

 

Schedule 1

 

Target Holders

 

     

     

    

 

Exhibit A

 

REGISTRATION RIGHTS AGREEMENT JOINDER

 

The
undersigned is executing and delivering this joinder (this “Joinder”) pursuant to the Registration Rights
Agreement, dated as of [●], 2021 (as the same may hereafter be amended, the “Registration Rights Agreement”),
among Lilium N.V., a Netherlands public limited liability company (the “Company”), and the other persons or
entities named as parties therein. Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Registration
Rights Agreement.

 

By executing and delivering
this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof, the undersigned hereby
agrees to become a party to, to be bound by, and to comply with the Registration Rights Agreement as a Holder of Registrable Securities
in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s
Ordinary Shares shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein.

 

Accordingly, the undersigned
has executed and delivered this Joinder as of the __________ day of __________, 20__.

 

	 	 
	 	Signature of Stockholder
	 	 
	 	 
	 	Print Name of Stockholder
	 	Its:
	 	 
	 	Address :	 
	 	 
	 	 

 

	Agreed and Accepted as of	 
	____________, 20__	 
	 	 
	Lilium N.V.	 
	 	 

 

	By:	 	 
	Name:	 
	Its:Exhibit 4.8

 

lilium N.V.

 

2021 EQUITY INCENTIVE
PLAN

 

1.           
Purposes of the Plan. The purposes of this Plan are (a) to attract and retain the best available personnel to
ensure the Company’s success and accomplish the Company’s goals; (b) to incentivize Service Providers with equity-based
compensation to align their interests with the Company’s stockholders; and (c) to promote the success of the Company’s
business.

 

2.           
Definitions. As used herein, the following definitions will apply:

 

(a)         
“Accounting Rules” means Financial Accounting Standards Board Accounting Standards Codification Topic
718, or any successor provision.

 

(b)         
“Administrator” means the Committee, except with respect to such matters that are not delegated to the
Committee by the Board to the extent permitted by Applicable Laws (whether pursuant to committee charter or otherwise). The Committee
(or the Board, with respect to such matters over which it retains authority under the Plan or otherwise) may delegate (i) to one or more
of its members (or one or more other members of the Board) such of its duties, powers and responsibilities as it may determine; (ii) to
one or more officers of the Company the power to grant Awards to the extent permitted by Applicable Law; and (iii) to such Service Providers
or other persons as it determines such ministerial tasks as it deems appropriate. For purposes of the Plan, the term “Administrator”
will include the Board, the Committee, and the person or persons delegated authority under the Plan, to the extent of such delegation
as applicable.

 

(c)          
“Affiliate” means a Parent, a Subsidiary or any corporation or other entity that, directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company.

 

(d)         
“Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but not
limited to, all applicable U.S. federal or state laws, rules and regulations, the rules and regulations of any stock exchange or quotation
system on which the Shares are listed or quoted, and the applicable laws, rules and regulations of any other country or jurisdiction where
Awards are, or will be, granted under the Plan or Participants reside or provide services to the Company or any Subsidiary or Affiliate,
as such laws, rules, and regulations shall be in effect from time to time.

 

(e)         
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights,
Restricted Stock, Stock Units (including without limitation Restricted Stock Units), or Stock Bonuses.

 

(f)           
“Award Agreement” means the 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.

 

(g)         
“Board” means the board of directors (bestuur) of the Company.

 

(h)         
“Business Combination Agreement” means the Business Combination Agreement by and among the Company (at
that time named: Qell DutchCo B.V.), Queen Cayman Merger LLC, Qell Acquisition Corp., and Lilium GmbH dated as of March 30, 2021.

 

     

     

    

 

(i)           
“Cause” means in the case of a Participant who is party to a currently effective employment, consulting,
advisory, separation, severance of other agreement with the Company or any of its Subsidiaries or Affiliates in which “Cause”
is defined, “Cause means the occurrence of any circumstance constituting “Cause” (or such similar term pursuant to the
terms of such agreement). In every other case, “Cause” means the occurrence of any of the following, as determined by the
Administrator in its sole discretion: (i) the Participant’s material failure to perform (other than by reason of disability),
or substantial negligence or misconduct in the performance of, the Participant’s duties and responsibilities for the Company or
any of its Subsidiaries or Affiliates; (ii) the Participant’s breach of any confidentiality, invention assignment, non-competition,
non-solicitation, no-hire, non-disparagement or other restrictive covenant obligation set forth in any written agreement by and between
the Participant and the Company or any of its Subsidiaries or Affiliates; (iii) the Participant’s material breach of any other
provision of any written agreement by and between the Participant and the Company or any of its Subsidiaries or Affiliates; (iv) the
Participant’s material violation of any applicable policy, rule or code of conduct of the Company or any of its Subsidiaries or
Affiliates; (v) the Participant’s indictment for or commission of, or plea of guilty or nolo contendere to, any felony or any
crime involving moral turpitude; (vi) the Participant’s repeated failure to follow reasonable and lawful instructions from the Board
or Chief Executive Officer; or (vii) other conduct by the Participant that is or reasonably could be expected to be harmful to the
business interests or reputation of the Company or any of its Subsidiaries or Affiliates; provided, that if the Administrator determines,
following termination of the Participant’s employment or other service for any reason other than Cause, that such termination could
have been for Cause, then the Participant’s employment or other service will be deemed to have been terminated for Cause for all
purposes hereunder, retroactive to the date of such Participant’s termination of employment or other service. The foregoing definition
does not in any way limit the Company’s ability (or that of any Subsidiary, any Affiliate or any successor thereto, as appropriate)
to terminate a Participant’s employment, consulting or other service relationship at any time, subject to Applicable Laws. For purposes
of clarity, a termination without “Cause” does not include any termination that occurs solely as a result of Participant’s
death or disability.

 

(j)           
“Change in Control” means the occurrence of any of the following events:

 

(i)       any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), excluding (1) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any of its Subsidiaries or Affiliates, (2) a corporation or other
entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the
Shares of the Company, (3) the Company and (4) a corporation or other entity of which at least a majority of its combined voting power
is owned directly or indirectly by the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power of the
Company’s then outstanding voting securities;

 

(ii)       the
consummation by the Company of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation
that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power
of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation (in substantially
the same proportions relative to each other as immediately prior to the transaction);

 

    -2-

     

    

 

(iii)       the
consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets (it being understood that
the sale or spinoff of one or more divisions of the Company will not necessarily constitute the sale or disposition of all or substantially
all of the Company’s assets); or

 

(iv)        a
change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any
twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior
to the date of the appointment or election.

 

Further, for the avoidance
of doubt, a transaction will not constitute a Change of Control if: (y) its sole purpose is to change the state of the Company’s
incorporation; or (z) its sole purpose is to create a holding company that will be owned in substantially the same proportions by
the persons who held the Company’s securities immediately before such transaction. In addition, if any “person” (as
defined above) is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same
Person will not be considered to cause a Change in Control. If required for compliance with Section 409A of the Code, in no event
will a Change in Control be deemed to have occurred if such transaction is not also a “change in the ownership or effective control
of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under
Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).

 

(k)          
“Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code
or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable
provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 

(l)           
“Committee” means the compensation committee of the Board.

 

(m)        
 “Company” means Lilium N.V., a Dutch public limited liability company (naamloze vennootschap),
or any successor thereto.

 

(n)         
“Date of Adoption” means the earlier of the date the Plan was approved by the Company’s stockholders
or adopted by the Board, as determined by the Committee.

 

(o)         
“Director” means a member of the Board.

 

(p)         
“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code, provided
that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and
total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time; provided
further, that if the Participant resides outside of the United States, “Disability” shall have such meaning as is required
by Applicable Laws.

 

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

 

    -3-

     

    

 

(r)          
“Exchange Program” means a program under which outstanding Awards are amended to provide for a lower
exercise price or surrendered or cancelled in exchange for (i) Awards with a lower exercise price, (ii) a different type of
Award or awards under a different equity incentive plan, (iii) cash, or (iv) a combination of (i), (ii) and/or (iii). Notwithstanding
the preceding, the term Exchange Program does not include (A) any action described in Section 15 or any action taken in connection
with a Change in Control transaction nor (B) any transfer or other disposition permitted under Section 14. For the purpose of
clarity, each of the actions described in the prior sentence, none of which constitute an Exchange Program, may be undertaken (or authorized)
by the Administrator in its sole discretion without approval by the Company’s stockholders.

 

(s)          
“Fair Market Value” means, as of any date, the value of Shares determined as follows:

 

(i)           
If the Shares are listed on any established stock exchange or a national market system, its Fair Market Value will be the closing
sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination,
as reported in such source as the Administrator deems reliable;

 

(ii)          
If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
of a Share will be the mean between the high bid and low asked prices for the Shares on the day of determination, as reported in such
source as the Administrator deems reliable; or

 

(iii)         
In the absence of an established market for the Shares, the Fair Market Value will be determined in good faith by the Administrator
in compliance with Applicable Laws and regulations and in a manner that complies with Section 409A of the Code.

 

(t)           
“Fiscal Year” means the fiscal year of the Company.

 

(u)         
“Incentive Stock Option” means an Option that by its terms qualifies and is intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

 

(v)          
“Insider” means an officer or director of the Company or any other person whose transactions in Shares
are subject to Section 16 of the Exchange Act.

 

(w)         
“ISO Participant” means any Service Provider who is eligible to receive Incentive Stock Options pursuant
to Section 5.

 

(x)          
“Legacy ESOP” means the Employee Stock Option Program Conditions established by Lilium GmbH, as in effect
immediately prior to the consummation of the Business Combination Agreement.

 

(y)          
“Legacy Option” means an option to purchase a Company ordinary share issued pursuant to the Legacy ESOP.

 

(z)          
“Non-statutory Stock Option” means an Option that by its terms does not qualify or is not intended to
qualify as an Incentive Stock Option.

 

    -4-

     

    

 

(aa)       
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the
Exchange Act and the rules and regulations promulgated thereunder.

 

(bb)       
“Option” means a stock option granted pursuant to the Plan.

 

(cc)       
“Outside Director” means a Director who is not an employee. Neither service as an Outside Director nor
payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.

 

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

 

(ee)       
“Participant” means the holder of an outstanding Award.

 

(ff)         
“Performance Goal” means a formula or standard determined by the Administrator with respect to each Performance
Period based on one or more of the following criteria and any adjustment(s) thereto established by the Administrator: (1) sales or
non-sales revenue; (2) return on revenues; (3) operating income; (4) income or earnings including operating income; (5) income
or earnings before or after taxes, interest, depreciation and/or amortization; (6) income or earnings from continuing operations;
(7) net income; (8) pre-tax income or after-tax income; (9) net income excluding amortization of intangible assets, depreciation
and impairment of goodwill and intangible assets and/or excluding charges attributable to the adoption of new accounting pronouncements;
(10) raising of financing or fundraising; (11) project financing; (12) revenue backlog; (13) gross margin; (14) operating
margin or profit margin; (15) capital expenditures, cost targets, reductions and savings and expense management; (16) return
on assets (gross or net), return on investment, return on capital, or return on stockholder equity; (17) cash flow, free cash flow,
cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital;
(18) performance warranty and/or guarantee claims; (19) stock price or total stockholder return; (20) earnings or book
value per share (basic or diluted); (21) economic value created; (22) pre-tax profit or after-tax profit; (23) strategic
business criteria, consisting of one or more objectives based on meeting specified market penetration or market share, completion of strategic
agreements such as licenses, joint ventures, acquisitions, and the like, geographic business expansion, objective customer satisfaction
or information technology goals, intellectual property asset metrics; (24) objective goals relating to divestitures, joint ventures,
mergers, acquisitions and similar transactions; (25) objective goals relating to staff management, results from staff attitude and/or
opinion surveys, staff satisfaction scores, staff safety, staff accident and/or injury rates, compliance, headcount, performance management,
completion of critical staff training initiatives; (26) objective goals relating to projects, including project completion, timing
and/or achievement of milestones, project budget, technical progress against work plans; and (27) enterprise resource planning. Awards
issued to Participants may take into account other criteria (including subjective criteria). Performance Goals may differ from Participant
to Participant, Performance Period to Performance Period and from Award to Award. Any criteria used may be measured, as applicable, (i) in
absolute terms, (ii) in relative terms (including, but not limited to, any increase (or decrease) over the passage of time and/or
any measurement against other companies or financial or business or stock index metrics particular to the Company), (iii) on a per
share and/or share per capita basis, (iv) against the performance of the Company as a whole or against any Subsidiary(ies) or Affiliate(s),
or a particular segment(s), a business unit(s) or a product(s) of the Company or individual project company, (v) on a pre-tax or
after-tax basis, (vi) on a GAAP or non-GAAP basis, and/or (vii) using an actual foreign exchange rate or on a foreign exchange
neutral basis.

 

    -5-

     

    

 

(gg)       
“Performance Period” means the time period during which the Performance Goals or other vesting provisions
must be satisfied for Awards. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Administrator.

 

(hh)       
“Period of Restriction” means the period during which the transfer of Shares of Restricted Stock is subject
to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage
of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

 

(ii)          
“Plan” means this 2021 Equity Incentive Plan as amended and/or amended and restated from time to time.

 

(jj)          
 “Restricted Stock” means Shares issued pursuant to a Restricted Stock Award under Section 7 of
the Plan.

 

(kk)       
“Restricted Stock Unit” means a Stock Unit subject to lapse restrictions, granted pursuant to Section 8.

 

(ll)          
“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in
effect when discretion is being exercised with respect to the Plan.

 

(mm)    
“Section 16(b)” means Section 16(b) of the Exchange Act.

 

(nn)       
“Service” or “Service Relationship” means a Participant’s employment
or other service relationship with the Company or any of its Subsidiaries or Affiliates. Service will be deemed to continue, unless the
Administrator otherwise determines, so long as the Participant is employed by, or otherwise is providing services in a capacity described
in Section 5 to, the Company or any of its Subsidiaries or Affiliates. If a Participant’s employment or other service
relationship is with any Subsidiary or Affiliate of the Company and that entity ceases to be a Subsidiary or Affiliate of the Company,
the Participant’s employment or other service relationship will be deemed to have terminated when the entity ceases to be a Subsidiary
or Affiliate of the Company unless the Participant transfers Service to the Company or one of its remaining Subsidiaries or Affiliates.
Notwithstanding the foregoing, in construing the provisions of any Award relating to the payment of “nonqualified deferred compensation”
(subject to Section 409A) upon a termination or cessation of Service, references to termination or cessation of employment, separation
from service, retirement or similar or correlative terms will be construed to require a “separation from service” (as that
term is defined in Treasury Regulation § Section 1.409A-1(h), after giving effect to the presumptions contained therein)
from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient”
with the Company under Treasury Regulation § 1.409A-1(h)(3). The Company may, but need not, elect in writing, subject to the
applicable limitations under Section 409A, any of the special elective rules prescribed in Treasury Regulation § 1.409A-1(h)
for purposes of determining whether a “separation from service” has occurred. Any such written election will be deemed a part
of the Plan.

    -6-

     

    

 

(oo)       
“Service Provider” means (i) a person who has a Service Relationship with the Company or any of its Subsidiaries
or Affiliates, other than an Outside Director or (ii) an Outside Director.

 

(pp)       
“Share” means a Class A ordinary share of the Company, as adjusted in accordance with Section 15
of the Plan.

 

(qq)       
“Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant
to Section 9 is designated as a Stock Appreciation Right.

 

(rr)         
“Stock Bonus Award” means an Award granted pursuant to Section 10 of the Plan.

 

(pp)         “Stock
Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to
Section 8. Each Stock Unit represents an unfunded and unsecured obligation of the Company.

 

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

 

(rr)         
“Tax-Related Items” means income tax, social insurance or other social contributions, national insurance,
social security, payroll tax, fringe benefits tax, payment on account or other tax-related items.

 

 

3.           
Stock Subject to the Plan.

 

(a)         
Stock Subject to the Plan. Subject to the provisions of Sections 3(b) and 15 of the Plan, the maximum
aggregate number of Shares that may be issued under the Plan is 24,880,272, increased by that number of Shares underlying Legacy Options
that are unallocated under the Legacy Option Plan aggregate option pool (taking into account (i) any increases or adjustments to the Legacy
Option Plan pool prior to, or at, the consummation of the transactions contemplated by the Business Combination Agreement (the “Effective
Time”) and (ii) forfeitures of options previously issued under the Legacy Option Plan following the Effective Time), as adjusted
for conversion into Shares on a fully diluted basis as of the Date of Adoption. The Shares may be authorized, but unissued, or reacquired
Shares. Notwithstanding the foregoing, subject to the provisions of Section 15 below, in no event shall the maximum aggregate number
of Shares that may be issued under the Plan pursuant to Incentive Stock Options exceed the number of Shares initially made available for
issuance under the Plan pursuant to the first sentence of this Section 3(a), plus, to the extent allowable under Section 422 of the
Code and the regulations promulgated thereunder, any Shares that again become available for issuance pursuant to Sections 3(b) and
3(c).

 

(b)         
Share Reserve Increases. The number of Shares available for issuance under the Plan may be increased on the first day of
each Fiscal Year beginning with the 2022 Fiscal Year by such number of Shares determined by the Board on or prior to the date of
any increase that will not exceed five percent (5%) of the outstanding Shares on the last day of the immediately preceding Fiscal Year.

 

    -7-

     

    

 

(c)          
Lapsed Awards. To the extent an Award should expire or be forfeited or become unexercisable for any reason without having
been exercised in full, or is surrendered pursuant to an Exchange Program, the unissued Shares that were subject thereto shall, unless
the Plan shall have been terminated, continue to be available under the Plan for issuance pursuant to future Awards.  In addition,
any Shares which are retained by the Company upon exercise of an Award in order to satisfy the exercise or purchase price for such Award
or any withholding taxes due with respect to such Award shall be treated as not issued and shall continue to be available under the Plan
for issuance pursuant to future Awards.  Shares issued under the Plan and later forfeited to the Company due to the failure to vest
or repurchased by the Company at the original purchase price paid to the Company for the Shares (including, without limitation, upon forfeiture
to or repurchase by the Company in connection with a Participant ceasing to be a Service Provider) shall again be available for future
grant under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result
in reducing the number of Shares available for issuance under the Plan. The payment of dividend equivalents in cash in conjunction with
any outstanding Awards shall not count against the share limit set forth in Section 3(a).

 

(d)         
Assumption or Substitution of Awards by the Company. The Administrator, from time to time, may determine to substitute or
assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by
either: (a) assuming such award under this Plan or (b) granting an Award under this Plan in substitution of such other company’s
award. Such assumption or substitution will be permissible if the holder of the substituted or assumed award would have been eligible
to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant. In the event the Administrator
elects to assume an award granted by another company, subject to the requirements of Section 409A of the Code, the purchase price
or the exercise price, as the case may be, and the number and nature of Shares issuable upon exercise or settlement of any such Award
will be adjusted appropriately. In the event the Administrator elects to grant a new Option in substitution rather than assuming an existing
option, such new Option may be granted with a similarly adjusted exercise price. Any awards that are assumed or substituted under this
Plan shall not reduce the number of Shares authorized for grant under the Plan or authorized for grant to a Participant in any fiscal
year. Notwithstanding any provision of the Plan to the contrary, substitute Awards may contain terms and conditions that are inconsistent
with the terms and conditions specified.

 

(e)         
Limitation of Liability. The Administrator and each delegee thereof shall be entitled to, in good faith, rely or act upon
any report or other information furnished thereto by any officer or employee of the Company or any Parent, Subsidiary or Affiliate, the
Company’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan. Members
of the Administrator and any officer or employee of the Company or any Parent, Subsidiary or Affiliate acting at the direction or on behalf
of the Administrator shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan,
and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or
determination.

 

    -8-

     

    

 

4.           
Administration of the Plan.

 

(a)         
Procedure.

 

(i)           
Multiple Administrative Bodies. The Committee (or the Board, as applicable) may delegate the authority to administer the
Plan to other persons with respect to different groups of Service Providers.

 

(ii)          
Rule 16b-3. To the extent determined desirable by the Board to qualify transactions hereunder as exempt under Rule 16b-3,
the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3.

 

(iii)         
Other Administration. Other than as provided above, the Committee, or any delegee, to the extent applicable, will be constituted
to satisfy Applicable Laws.

 

(b)         
Powers of the Administrator. Subject to the provisions of the Plan, the Administrator is granted the authority delegated
by the Board, in its discretion:

 

(i)           
to determine the Fair Market Value in accordance with Section 2(t)(iii);

 

(ii)          
to select the Service Providers to whom Awards may be granted hereunder;

 

(iii)         
to determine the number of Shares to be covered by each Award granted hereunder;

 

(iv)         
to approve forms of Award Agreements for use under the Plan;

 

(v)          
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 Goals), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any
Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine, provided that no term of
an Award will provide for automatic “reload” grants of additional Awards upon exercise of an Option or SAR;

 

(vi)         
to institute and determine the terms and conditions of an Exchange Program; provided however, that the Administrator shall not
implement an Exchange Program without the approval of the holders of a majority of the Shares that are present in person or by proxy and
entitled to vote at any annual or special meeting of the Company’s stockholders;

 

(vii)       
to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

(viii)      
correct any defect, supply any omission or reconcile any inconsistency in this Plan, any Award or any Award Agreement;

 

    -9-

     

    

 

(ix)         
to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations established for the
purpose of satisfying non-U.S. Applicable Laws, for qualifying for favorable tax treatment under applicable non-U.S. Applicable
Laws or facilitating compliance with non-U.S. Applicable Laws (sub-plans may be created for any of these purposes);

 

(x)          
to modify or amend each Award (subject to Section 22 of the Plan), including but not limited to the discretionary authority
to extend the post-termination exercisability period of Awards, to accelerate vesting and to extend the maximum term of an Option (subject
to Section 6(b) of the Plan regarding Incentive Stock Options);

 

(xi)         
adjust Performance Goals to take into account changes in Applicable Laws or in accounting or tax rules, or such other extraordinary,
unforeseeable, nonrecurring or infrequently occurring events or circumstances as the Administrator deems necessary or appropriate to avoid
windfalls or hardships;

 

(xii)       
to allow Participants to satisfy tax withholding obligations in such manner as prescribed in Section 16 of the Plan;

 

(xiii)      
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;

 

(xiv)      
to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to such
Participant under an Award; and

 

(xv)       
to make all other determinations deemed necessary or advisable for administering the Plan.

 

(c)          
Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be
final and binding on all Participants and any other holders of Awards.

 

(d)         
Delegation. To the extent permitted by applicable Law, the Committee (or the Board, as applicable) may delegate the authority
to do anything permitted by Applicable Law, including without limitation the following (i) designate Service Providers who are not
Insiders to be recipients of Awards, (ii) determine the number of Shares to be subject to such Awards granted to such designated
Service Providers, and (iii) take any and all actions on behalf of the Board or Committee other than any actions that affect the
amount or form of compensation of Insiders or have material tax, accounting, financial, human resource or legal consequences to the Company
or its Subsidiaries or Affiliates; provided, however, that if the authority is granted to an officer of the Company, then, to the extent
required by Applicable Law, the Committee resolutions regarding any delegation with respect to (i) and (ii) will specify the total number
of Shares that may be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself.
Any Awards will be granted on the form of Award Agreement most recently approved for use by the Board or Committee, unless otherwise provided
in the resolutions approving the delegation authority.

 

(e)         
Administration of Awards Subject to Performance Goals. The Administrator will, in its sole discretion, determine the Performance
Goals, if any, applicable to any Award (including any adjustment(s) thereto that will be applied in determining the achievement of such
Performance Goals). The Performance Goals may differ from Participant to Participant and from Award to Award. The Administrator shall
determine and approve the extent to which such Performance Goals have been timely achieved and the extent to which the Shares subject
to such Award have thereby been earned.

 

    -10-

     

    

 

(f)           
Section 16 of the Exchange Act. Awards granted to Participants who are Insiders must be approved by two or more “non-employee
directors” of the Board (as defined in the regulations promulgated under Section 16 of the Exchange Act).

 

5.           
Award Eligibility. The Administrator will select Participants from among Service Providers, provided that, any Service
Provider of an Affiliate (other than any Parent or Subsidiary) shall be permitted to participate in the Plan only to the extent permitted
under Applicable Laws. Eligibility for Incentive Stock Options is limited to individuals described in the first sentence of this Section
5 who are employees of the Company or of a “parent corporation” or “Subsidiary corporation of the Company as those terms
are defined in Section 424 of the Code. With respect to any person whose grant is subject to Section 409A of the Code, the grant of Non-statutory
Stock Options and Stock Appreciation Rights is limited to individuals described in the first sentence of this Section 5 who are providing
direct services on the date of grant of the Award to the Company or to a Subsidiary of the Company that would be described in the first
sentence of Treasury Regulations section 1.409A-1(b)(5)(iii)(E).

 

6.           
Stock Options.

 

(a)         
Limitations. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Non-statutory
Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect
to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the
Company and any Subsidiary or Affiliate) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Non-statutory
Stock Options. For purposes of this Section 6(a), Incentive Stock Options will be taken into account in the order in which they were
granted. The Fair Market Value of the Shares will be determined as of the date the Option with respect to such Shares is granted. With
respect to the Administrator’s authority in Section 4(b)(x), if, at the time of any such extension, the exercise price per
Share of the Option is less than the Fair Market Value of a Share, the extension shall, unless otherwise determined by the Administrator,
be limited to the earlier of (1) the maximum term of the Option as set by its original terms, or (2) ten (10) years from
the grant date. Unless otherwise determined by the Administrator, any extension of the term of an Option pursuant to this Section 6(a)
shall comply with Section 409A of the Code to the extent applicable.

 

(b)         
Term of Option. The term of each Option will be stated in the Award Agreement. In the case of an Incentive Stock Option,
the term will be ten (10) years from the date of grant or such shorter term as may be provided in the Award Agreement. Moreover,
in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Subsidiary, the term
of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award
Agreement.

 

(c)          
Option Exercise Price and Consideration.

 

(i)           
Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option will be determined
by the Administrator, subject to the following:

 

(1)         
In the case of an Incentive Stock Option

 

    -11-

     

    

 

(A)         
granted to an ISO Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%)
of the voting power of all classes of stock of the Company or any Subsidiary, the per Share exercise price will be no less than one hundred
ten percent (110%) of the Fair Market Value per Share on the date of grant.

 

(B)         
granted to any ISO Participant other than an ISO Participant described in paragraph (A) immediately above, the per Share exercise
price will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

 

(2)         
In the case of a Non-statutory Stock Option, the per Share exercise price will be no less than one hundred percent (100%)
of the Fair Market Value per Share on the date of grant.

 

(3)         
Notwithstanding the foregoing, Options may be granted with a per Share exercise price of less than one hundred percent (100%)
of the Fair Market Value per Share on the date of grant (i) pursuant to a transaction described in, and in a manner consistent with, Section 424(a)
of the Code, (ii) consistent with the application with Section 409A of the Code, in each case to the extent applicable or (iii) as permitted
pursuant to other Applicable Law.

 

(ii)          
Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which
the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. An Option may
become exercisable upon completion of a specified period of service with the Company or a Subsidiary or Affiliate and/or based on the
achievement of Performance Goals during a Performance Period as set out in advance in the Participant’s Award Agreement. If an Option
is exercisable based on the satisfaction of Performance Goals, then the Administrator will: (x) determine the nature, length and
starting date of any Performance Period for such Option; (y) select the Performance Goals to be used to measure the performance;
and (z) determine what additional vesting conditions, if any, should apply.

 

(iii)         
Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration
at the time of grant. Such consideration for both types of Options may consist entirely of: (1) cash; (2) check; (3) promissory
note, to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date
of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided that accepting
such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion;
(5) consideration received by the Company under a broker-assisted (or other) cashless exercise program (whether through a broker
or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise; (7) such other consideration and
method of payment for the issuance of Shares to the extent permitted by Applicable Laws; or (8) any combination of the foregoing
methods of payment.

 

(d)         
Exercise of Option.

 

(i)           
Procedure for Exercise; Rights as a Stockholder. Any Option 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. An Option
may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives: (1) a notice of exercise
(in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (2) full payment
for the Shares with respect to which the Option is exercised (together with full payment of any applicable taxes or other amounts required
to be withheld or deducted with respect to the Option). Full payment may consist of any consideration and method of payment authorized
by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the
name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. Until the Shares are
issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right
to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding
the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in
Section 15 of the Plan.

 

    -12-

     

    

 

(ii)          
Termination of Relationship as a 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, Disability or Cause, the Participant may exercise his
or her Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of
termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence
of a specified time in the Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s
termination. Unless otherwise provided by the Administrator, if on the date of termination, the Participant is not vested as to his or
her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant
does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered
by such Option will revert to the Plan.

 

(iii)         
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 Option within such period of time as is specified in the Award Agreement to the extent the Option
is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).
In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the
Participant’s termination as a result of the Participant’s Disability. Unless otherwise provided by the Administrator, if
on the date of termination, the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of
the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified
herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

(iv)         
Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised following the Participant’s
death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death
(but in no event may the Option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement),
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 such Option may be exercised
by the personal representative of the Participant’s estate or by the person(s) to whom the Option 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 Option will remain exercisable for twelve (12) months following the Participant’s death. Unless otherwise provided
by the Administrator, if on the date of termination, the Participant is not vested as to his or her entire Option, the Shares covered
by the unvested portion of the Option will revert to the Plan. If the Option is not so exercised within the time specified herein, the
Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

(v)          
Termination for Cause. If a Participant ceases to be a Service Provider as a result of being terminated for Cause, any outstanding
Option (including any vested portion thereof) held by such Participant shall immediately terminate in its entirety. All the Participant’s
rights under any Option, including the right to exercise the Option, may be suspended pending an investigation of whether Participant’s
Service will be, or has been, terminated for Cause.

 

    -13-

     

    

 

7.           
Restricted Stock.

 

(a)         
Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time
to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will
determine.

 

(b)         
Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
if any, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
Unless the Administrator determines otherwise, the Company or an Affiliate as escrow agent will hold Shares of Restricted Stock until
the restrictions on such Shares have lapsed. These restrictions may lapse upon the completion of a specified period of service with the
Company or a Subsidiary or Affiliate and/or based on the achievement of Performance Goals during a Performance Period as set out in advance
in the Participant’s Award Agreement. If the unvested Shares of Restricted Stock are being earned upon the satisfaction of Performance
Goals, then the Administrator will: (x) determine the nature, length and starting date of any Performance Period for each unvested
Share; (y) select the Performance Goals to be used to measure the performance; and (z) determine what additional vesting conditions,
if any, should apply.

 

(c)          
Transferability. Except as provided in this Section 7 or the Award Agreement, Shares of Restricted Stock may not be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

(d)         
Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted
Stock as it may deem advisable or appropriate.

 

(e)         
Removal of Restrictions. Except as otherwise provided in this Section 7, Shares of Restricted Stock covered by each
Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction
or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions
will lapse or be removed.

 

(f)           
Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder
may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

(g)         
Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock
will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides
otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions, including,
without limitation, restrictions on transferability and forfeitability, as the Shares of Restricted Stock with respect to which they were
paid. During the Period of Restriction, such dividends or other distributions shall be subject to the same restrictions and risk of forfeiture
as the shares of Restricted Stock with respect to which the dividends accrue and shall not be paid or distributed unless and until such
related Shares have vested and been earned.

 

(h)         
Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will be cancelled and returned as unissued Shares to the Company and again will become available for grant under the Plan.

 

    -14-

     

    

 

8.           
Stock Units.

 

(a)         
Grant. Stock Units (including without limitation Restricted Stock Units) may be granted at any time and from time to time
as determined by the Administrator. After the Administrator determines that it will grant Stock Units under the Plan, it will advise the
Participant in an Award Agreement of the terms, conditions, and restrictions (if any) related to the grant, including the number of Stock
Units.

 

(b)         
Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the
extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. A
Restricted Stock Unit Award may vest upon completion of a specified period of service with the Company or a Subsidiary or Affiliate and/or
based on the achievement of Performance Goals during a Performance Period as set out in advance in the Participant’s Award Agreement.
If Restricted Stock Units vest based upon satisfaction of Performance Goals, then the Administrator will: (x) determine the nature,
length and starting date of any Performance Period for the Stock Units; (y) select the Performance Goals to be used to measure the
performance; and (z) determine what additional vesting conditions, if any, should apply.

 

(c)          
Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive
a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

(d)         
Dividend Equivalents. The Administrator may, in its sole discretion, award dividend equivalents in connection with the grant
of Stock Units that may be settled in cash, in Shares of equivalent value, or in some combination thereof. The Administrator may provide
that such dividend equivalents shall be paid or distributed when accrued or at a later specified date and, if distributed at a later date,
may be deemed to have been reinvested in additional Shares, Awards, or other investment vehicles or accrued in a bookkeeping account without
interest, and subject to such restrictions on transferability and risks of forfeiture, as the Administrator may specify. Absent a contrary
provision in an Award Agreement, such dividend equivalents shall be subject to the same restrictions and risk of forfeiture as the Restricted
Stock Units with respect to which the dividends accrue and shall not be paid or settled unless and until the related Restricted Stock
Units have vested and been earned. To the extent applicable, any such dividend equivalents will comply with Section 409A of the Code or
other similar Applicable Law.

 

(e)         
Form and Timing of Payment. Payment of earned Stock Units will be made upon the date(s) determined by the Administrator
and set forth in the Award Agreement. The Administrator, in its sole discretion, may only settle earned Stock Units in cash, Shares, or
a combination of both.

 

(f)           
Cancellation. On the date set forth in the Award Agreement, all Shares underlying any unvested, unlapsed unearned Restricted
Stock Units will be forfeited to the Company for future issuance.

 

    -15-

     

    

 

9.           
Stock Appreciation Rights.

 

(a)         
Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted
to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b)         
Number of Shares. The Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted
to any Service Provider.

 

(c)          
Exercise Price and Other Terms. The per share exercise price for the Shares to be issued pursuant to exercise of a Stock
Appreciation Right will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market
Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion
to determine the terms and conditions of Stock Appreciation Rights granted under the Plan.

 

(d)         
Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will
specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions
as the Administrator, in its sole discretion, will determine. A Stock Appreciation Right may become exercisable upon completion of a specified
period of service with the Company or a Subsidiary or Affiliate and/or based on the achievement of Performance Goals during a Performance
Period as set out in advance in the Participant’s Award Agreement. If a Stock Appreciation Right is exercisable based on the satisfaction
of Performance Goals, then the Administrator will: (x) determine the nature, length and starting date of any Performance Period for
such Stock Appreciation Right; (y) select the Performance Goals to be used to measure the performance; and (z) determine what
additional vesting conditions, if any, should apply.

 

(e)         
Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined
by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(b)
relating to the maximum term and Section 6(d) relating to exercise also will apply to Stock Appreciation Rights.

 

(f)           
Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled
to receive payment from the Company in an amount determined by multiplying:

 

(i)           
The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

 

(ii)          
The number of Shares with respect to which the Stock Appreciation Right is exercised.

 

At the discretion of the Administrator,
the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

 

    -16-

     

    

 

10.         
Stock Bonus Awards.

 

(a)         
Awards of Stock Bonuses. A Stock Bonus Award is an award of Shares to an eligible person without a purchase price that is
not subject to any restrictions. All Stock Bonus Awards may but are not required to be made pursuant to an Award Agreement.

 

(b)         
Terms of Stock Bonus Awards. The Administrator will determine the number of Shares to be awarded to the Participant under
a Stock Bonus Award.

 

(c)          
Form of Payment to Participant. Payment may be made in the form of cash, whole Shares, or a combination thereof, based on
the Fair Market Value of the Shares subject to the Stock Bonus Award on the date of payment, as determined in the sole discretion of the
Administrator.

 

11.         
Outside Director Limitations. Stock awards granted during a single fiscal year under the Plan, taken together with
any cash fees paid during such fiscal year for services on the Board, shall not exceed $1,000,000 in total value for any Outside Director
serving as the lead director of the Board or chair of the Board and $750,000 in total value for any other Outside Director (calculating
the value of any such stock awards, in each case, based on the grant date fair value of such stock awards for financial reporting purposes).
Such applicable limit shall include the value of any stock awards that are received in lieu of all or a portion of any annual committee
cash retainers or other similar cash-based payments. Stock awards granted to an individual while he or she was serving in the capacity
as a Service Provider but not an Outside Director will not count for purposes of the limitations set forth in this Section 11.

 

12.         
Leaves of Absence/Transfer Between Locations. The Administrator shall have the discretion to determine at any time
whether and to what extent the vesting of Awards shall be suspended during any leave of absence; provided, however, that in the absence
of such determination, vesting of Awards shall continue during any paid leave and shall be suspended during any unpaid leave (unless otherwise
required by Applicable Laws). A Participant will not cease to be a Service Provider in the case of (i) any leave of absence approved
by the Participant’s employer or (ii) transfers between locations of the Company or between the Company or any Subsidiary.
If an ISO Participant is holding an Incentive Stock Option and such leave exceeds three (3) months then, for purposes of Incentive
Stock Option status only, such ISO Participant’s Service as a Service Provider shall be deemed terminated on the first (1st) day
following such three (3) month period and the Incentive Stock Option shall thereafter automatically treated for tax purposes as a
Non-statutory Stock Option in accordance with Applicable Laws, unless reemployment upon the expiration of such leave is guaranteed by
contract or statute, or unless provided otherwise pursuant to a written Company policy.

 

13.         
Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance
of his or her services for the Company or any Subsidiary is reduced (for example, and without limitation, if the Participant is an employee
of the Company and the employee has a change in status from full-time to part-time or takes an extended leave of absence) after the date
of grant of any Award, the Committee or the Administrator, in that party’s sole discretion, may, subject to Applicable Laws, (x) make
a corresponding reduction in the number of Shares or cash amount subject to any portion of such Award that is scheduled to vest or become
payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the
vesting schedule applicable to such Award (in accordance with Section 409A of the Code, as applicable). In the event of any such
reduction, the Participant will have no right with respect to any portion of the Award that is so amended.

 

14.         
Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised,
during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will contain
such additional terms and conditions as the Administrator deems appropriate provided, however, that in no event may any Award be transferred
for consideration to a third-party financial institution.

 

    -17-

     

    

 

15.         
Adjustments; Dissolution or Liquidation; Merger or Change in Control.

 

(a)         
Adjustments.

 

(1)         
In the event of a stock dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other change
in the Company’s capital structure that constitutes an equity restructuring within the meaning of the Accounting Rules, the Administrator
will make appropriate adjustments to the maximum number of shares of Stock specified in Section 3 that may be delivered under
the Plan, and will make appropriate adjustments to the number and kind of shares of stock or securities underlying Awards then outstanding
or subsequently granted, any exercise or purchase prices (or base values) relating to Awards and any other provision of Awards affected
by such change.

 

(2)         
The Administrator may also make adjustments of the type described in Section 15(a) above to take into account distributions
to stockholders other than those provided for in Sections 15(d) and 15(e), or any other event, if the Administrator
determines that adjustments are appropriate to avoid distortion in the operation of the Plan or any Award.

 

(3)         
References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment pursuant to
this Section 15(a).

 

(b)         
Dissolution or Liquidation. In the event of the proposed winding up, dissolution or liquidation 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 or settled, an Award will terminate immediately prior to the consummation of such proposed action.

 

(c)          
Corporate Transaction. In the event of (i) a transfer of all or substantially all of the Company’s assets, (ii) a
merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation,
entity or person, (iii) the consummation of a transaction, or series of related transactions, in which any “person” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3
of the Exchange Act), directly or indirectly, of more than 50% of the Company’s then outstanding capital stock, or (iv) a Change
in Control (each, a “Corporate Transaction”), each outstanding Award (vested or unvested) will be treated as
the Administrator determines, which determination may be made without the consent of any Participant and need not treat all outstanding
Awards (or portion thereof) in an identical manner. Such determination, without the consent of any Participant, may provide (without limitation)
for one or more of the following in the event of a Corporate Transaction: (A) the continuation of such outstanding Awards by the
Company (if the Company is the surviving corporation); (B) the assumption of such outstanding Awards by the surviving corporation
or its parent; (C) the substitution by the surviving corporation or its parent of new options or other equity awards for such Awards;
(D) the cancellation of such Awards in exchange for a payment to the Participants equal to the excess of (1) the Fair Market
Value of the Shares subject to such Awards as of the closing date of such Corporate Transaction over (2) the exercise price or purchase
price paid or to be paid (if any) for the Shares subject to the Awards; provided further, that at the discretion of the Administrator,
such payment may be subject to the same conditions that apply to the consideration that will be paid to holders of Shares in connection
with the transaction; provided, however, that any payout in connection with a terminated award shall comply with Section 409A of
the Code to the extent necessary to avoid taxation thereunder; (E) the full or partial acceleration of exercisability or vesting
and accelerated expiration of an outstanding Award and lapse of the Company’s right to repurchase or re-acquire Shares acquired
under an Award or lapse of forfeiture rights with respect to Shares acquired under an Award; (F) the opportunity for Participants
to exercise their Options prior to the occurrence of the Corporate Transaction and the termination (for no consideration) upon the consummation
of such Corporate Transaction of any Options not exercised prior thereto; or (G) the cancellation of outstanding Awards in exchange
for no consideration.

 

    -18-

     

    

 

(d)         
Change in Control. An Award may be subject to additional acceleration of vesting and exercisability upon or after a Change
in Control as may be provided in the Award Agreement for such Award or as may be provided in any other written agreement between the Company
or any Subsidiary or Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.

 

16.         
Tax.

 

(a)         
Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or prior
to any time the Award or Shares are subject to taxation or other Tax-Related Items, the Company and/or the Participant’s employer
will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
any Tax-Related Items or other items that are required to be withheld or deducted or otherwise applicable with respect to such Award.
The Company and/or the Designated Company may, but will not be obligated to, unless required by law, withhold from the Participant’s
compensation or any other payments due the Participant the amount necessary to meet such withholding obligations, withholding a sufficient
whole number of Shares issued following exercise having an aggregate value sufficient to pay the Tax-Related Items or withhold from the
proceeds of the sale of Shares, either through a voluntary sale or a mandatory sale arranged by the Company or any other method of withholding
that the Company and/or the Designated Company deems appropriate.  The Company and/or the Designated Company will have the right
to take such other action as may be necessary in the opinion of the Company or a Designated Company to satisfy withholding and/or reporting
obligations for such Tax-Related Items.  The Company shall not be required to issue any Shares under the Plan until such obligations
are satisfied.

 

(b)         
Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from
time to time, may permit a Participant to satisfy such withholding or deduction obligations or any other Tax-Related Items, in whole or
in part by (without limitation) (a) paying cash, (b) electing to have the Company withhold otherwise deliverable cash or Shares,
(c) delivering to the Company already-owned Shares or (d) such other method as may be set forth in the Award Agreement; provided
that, unless specifically permitted by the Company, any proceeds derived from a cashless exercise must be an approved broker-assisted
cashless exercise or the cash or Shares withheld or delivered must be limited to avoid financial accounting charges under applicable accounting
guidance or Shares must have been previously held for the minimum duration required to avoid financial accounting charges under applicable
accounting guidance. The Fair Market Value of the Shares to be withheld or delivered will be determined based on such methodology that
the Company deems to be reasonable and in accordance with Applicable Laws.

 

(c)          
Compliance with Section 409A of the Code. To the extent applicable, 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 of the Code such that
the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A of
the Code. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Section 409A of the Code
(or an exemption therefrom) 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
of the Code the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A of the
Code (or an exemption therefrom), such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest
applicable under Section 409A of the Code. In no event will the Company be responsible for or reimburse a Participant for any taxes
or other penalties incurred as a result of applicable of Section 409A of the Code.

 

    -19-

     

    

 

17.         
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 Subsidiary or Affiliate, nor
will they interfere in any way with the Participant’s right or the Company’s or any Subsidiary’s or Affiliate’s
right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

 

18.         
Date of Grant. The date of grant 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 date of such grant.

 

19.         
Corporate Records Control. In the event that the corporate records (e.g., Board consents, resolutions or minutes)
documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of Shares) that
are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award
Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the
incorrect term in the Award Agreement or related grant documents.

 

20.         
Clawback/Recovery. The Administrator may specify in an Award Agreement that the Participant’s rights, payments,
and/or benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, and/or recoupment upon the occurrence
of certain specified events, in addition to any applicable vesting, performance or other conditions and restrictions of an Award. Notwithstanding
any provisions to the contrary under this Plan, an Award granted under the Plan shall be subject to the Company’s clawback policy
as may be established and/or amended from time to time. The Administrator may require a Participant to forfeit or return to and/or reimburse
the Company for all or a portion of the Award and/or Shares issued under the Award, any amounts paid under the Award, and any payments
or proceeds paid or provided upon disposition of the Shares issued under the Award, pursuant to the terms of such Company policy or as
necessary or appropriate to comply with Applicable Laws.

 

21.         
Term of Plan. Subject to Section 25 of the Plan, the Plan will become effective as of the Date of Adoption.
The Plan will continue in effect unless terminated under Section 22 of the Plan (or, with respect to Incentive Stock Options, until
the date that is ten (10) years from the Date of Adoption); provided that previously granted Awards may continue beyond the date
of termination in accordance with their terms.

 

22.         
Amendment and Termination of the Plan. The Administrator may at any time or times amend the Plan or any outstanding
Award for any purpose which may at the time be permitted by Applicable Law, and may at any time suspend or terminate the Plan as to any
future grants of Awards; provided, however, that except as otherwise expressly provided in the Plan or the applicable Award
Agreement, the Administrator may not, without the Participant’s consent, alter the terms of an Award so as to affect materially
and adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so in the applicable
Award Agreement. Any amendments to the Plan will be conditioned upon stockholder approval only to the extent, if any, such approval is
required by Applicable Law (including the Code), regulations or stock exchange requirements, as determined by the Administrator. For the
avoidance of doubt, without limiting the Administrator’s rights hereunder, no adjustment to any Award pursuant to the terms of Section 15
or Section 32 will be treated as an amendment requiring a Participant’s consent. Termination of the Plan will 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.

 

    -20-

     

    

 

23.         
Conditions Upon Issuance of Shares.

 

(a)         
Legal Compliance. Shares will not be issued pursuant to the exercise or vesting (as applicable) of an Award unless the exercise
or vesting of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to
the approval of counsel for the Company with respect to such compliance.

 

(b)         
Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any
present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

24.         
Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will
not have been obtained.

 

25.         
Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months
after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under
Applicable Laws.

 

26.         
Governing Law. The Plan and all Awards hereunder shall be construed in accordance with and governed by the laws of
the Netherlands, but without regard to its conflict of law provisions. All disputes relating to this Plan and all Awards or agreements
based on or pursuant to this Plan shall be submitted exclusively to the competent court in Amsterdam, the Netherlands.

 

27.         
Severability and Reformation. If any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any person or Award, or would unintentionally disqualify the Plan or any Award
under any Applicable Laws, such provision shall be construed or deemed amended to conform to the Applicable Laws or, if it cannot be construed
or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award, such provision
shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force
and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those
terms or provisions are applied to Participants who are subject to Section 16 of the Exchange Act) or Section 422 of the Code (with respect
to Incentive Stock Options), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with
the requirements of Rule 16b-3 or Section 422 of the Code (unless the Administrator has expressly determined that the Plan or such Award
should not comply with Rule 16b-3 or Section 422 of the Code, as applicable), in each case, only to the extent Rule 16b-3 and Section
422 of the Code are applicable. With respect to Incentive Stock Options, if the Plan does not contain any provision required to be included
herein under Section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that
provision had been set out at length herein; provided that, to the extent any Option that is intended to qualify as an Incentive Stock
Option cannot so qualify, that Option (to that extent) shall be deemed a Non-statutory Stock Option for all purposes of the Plan.

 

    -21-

     

    

 

28.         
Unfunded Status of Awards; No Trust or Fund Created. The Plan is intended to constitute an “unfunded”
plan for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company or a Parent, Subsidiary or Affiliate and a Participant or any other person. To the
extent that any person acquires a right to receive payments from the Company or a Parent, Subsidiary or Affiliate pursuant to an Award,
such right shall be no greater than the right of any general unsecured creditor of the Company or such Parent, Subsidiary or Affiliate.

 

29.         
Non-exclusivity of the Plan. Neither the adoption of the Plan by the Board, nor its submission to the stockholders
of the Company for approval, shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt
such other incentive arrangements as it may deem desirable. Nothing contained in the Plan shall be construed to prevent the Company or
a Parent, Subsidiary or Affiliate from taking any corporate action which is deemed by the Company or such Parent, Subsidiary or Affiliate
to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under
the Plan. No Participant, beneficiary or other person shall have any claim against the Company or a Parent, Subsidiary or Affiliate as
a result of any such action.

 

30.         
Other Compensation Arrangements. The existence of the Plan or the grant of any Award will not affect the right of
the Company or any of its Subsidiaries or Affiliates to grant any person bonuses or other compensation in addition to Awards under the
Plan. The Company, in establishing and maintaining the Plan as a voluntary and unilateral undertaking, expressly disavows the creation
of any rights in Participants or others claiming entitlement under the Plan or any obligations on the part of the Company or any of its
Subsidiaries or Affiliates, or the Administrator, except as expressly provided herein. No Award will be deemed to be salary or compensation
for the purpose of computing benefits under any employee benefit, severance, pension or retirement plan of the Company or any of its Subsidiaries
or Affiliates, unless the Administrator determines otherwise, Applicable Law provides otherwise or the terms of such plan expressly include
such compensation.

 

31.         
Waiver of Jury Trial. To the
extent applicable, by accepting or being deemed to have accepted an Award under the Plan, each Participant waives (or will be deemed to
have waived), to the maximum extent permitted under Applicable Law, any right to a trial by jury in any action, proceeding or counterclaim
concerning any rights under the Plan or any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered
or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings
or counterclaim will be tried before a court and not before a jury. By accepting or being deemed to have accepted an Award under the Plan,
each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the
Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything
to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree to submit
any dispute arising under the terms of the Plan or any Award to binding arbitration or as limiting the ability of the Company to require
any individual to agree to submit such disputes to binding arbitration as a condition of receiving an Award hereunder.

 

32.         
Rules for Participants in Certain Jurisdictions. The Administrator may at any time and from time to time (including
before or after an Award is granted) establish, adopt or revise any rules and regulations as it may deem necessary or advisable for purposes
of satisfying applicable securities, tax, blue sky, world sky or other laws of various jurisdictions, including by establishing one or
more sub-plans, supplements or appendices under the Plan or any Award Agreement setting forth (i) such limitations on the Administrator’s
discretion under the Plan and (ii) such additional or different terms and conditions, in each case, as the Administrator deems necessary
or advisable. Any such sub-plan, supplement, appendix, rule or regulation will be deemed to be a part of the Plan but will apply only
to Participants within the applicable jurisdiction (as determined by the Administrator); provided, however, that no sub-plan,
supplement, appendix, rule or regulation established pursuant to this provision will increase the Pool.

 

33.         
Status under ERISA. It is the intent of the Company that the Plan shall not constitute an “employee benefit
plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.

 

    -22-

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