Document:

Exhibit 10.6

 

FGI INDUSTRIES LTD.

EMPLOYEE STOCK PURCHASE PLAN

 

1.             Purpose of the Plan. The purpose of this FGI Industries Ltd. Employee Stock Purchase Plan (the “Plan”)
is to provide the employees of FGI Industries Ltd. (the “Company”) and its participating subsidiaries with a convenient means
of purchasing the Company’s ordinary shares from time to time at a discount to market prices through the use of payroll deductions.
The Company intends that the Plan shall qualify as an “employee stock purchase plan” under Section 423 of the Code.

 

2.             Definitions. The terms defined in this section are used (and capitalized) elsewhere in this Plan.

 

2.1           “Affiliate”
means each domestic or foreign entity that is a “parent corporation” or “subsidiary corporation” of the Company,
as defined in Code Sections 424(e) and 424(f) or any successor provisions.

 

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

 

2.3           “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. For purposes
of the Plan, references to sections of the Code shall be deemed to include any applicable regulations thereunder and any successor or
similar statutory provisions.

 

2.4           “Committee” means the Compensation Committee of the Board or such other committee of non-employee directors
appointed by the Board to administer the Plan as provided in Section 13.

 

2.5           “Company” means FGI Industries Ltd., a Cayman Islands exempt company.

 

2.6           “Corporate Transaction” means (i) a merger, consolidation or other reorganization of the Company with
or into another corporation, or (ii) the sale of all or substantially all of the assets of the Company.

 

2.7           “Designated Affiliate” means any Affiliate which has been expressly designated by the Board or Committee
as a corporation whose Eligible Employees may participate in the Plan.

 

2.8           “Eligible
Compensation” means the total cash compensation (including wages, salary, commission, bonus, and overtime earnings) paid by
the Company or any Affiliate to a Participant in accordance with the Participant’s terms of employment, but shall not include any
employer contributions to a 401(k) or other retirement plan, any expense reimbursements or allowances, or any income (whether paid
in Shares or cash) realized by the Participant as a result of participation in any equity-based compensation plan of the Company or any
Affiliate.

 

2.9           “Eligible
Employee” means any employee of the Company or a Designated Affiliate, except for any employee who, immediately after a
right to purchase is granted under the Plan, would be deemed, for purposes of Code Section 423(b)(3), to own stock possessing
5% or more of the total combined voting power or value of all classes of stock of the Company or any Affiliate. Notwithstanding the
foregoing, with respect to any Offering, the Committee may provide for the exclusion of certain employees within the limitations
described in Treasury Regulations §1.423-2(e)(1), (2) and (3).

 

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2.10        “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the regulations promulgated thereunder.

 

2.11        “Fair Market Value” of an Ordinary Share as of any date means (i) if the Company’s Ordinary Shares
are then listed on a national securities exchange, the closing sale price for a Share on such exchange on said date, or, if no sale has
been made on such exchange on said date, on the last preceding day on which any sale shall have been made; (ii) if the Company’s
Ordinary Shares are not then listed on a national securities exchange, such value as the Committee in its discretion may in good faith
determine. The determination of Fair Market Value shall be subject to adjustment as provided in Section 14.1.

 

2.12        “Offering” means the right provided to Participants to purchase Shares under the Plan with respect to a
Purchase Period.

 

2.13        “Offering Date” means the first Trading Day of a Purchase Period.

 

2.14        “Ordinary Shares” means the ordinary shares, par value $0.0001 per share, of the Company.

 

2.15     “Participant”
means an Eligible Employee who has elected to participate in the Plan in the manner set forth in Section 4 and whose participation
has not ended pursuant to Section 8.1 or Section 9.

 

2.16        “Plan”
means this FGI Industries Ltd. Employee Stock Purchase Plan, as it may be amended from time to time.

 

2.17        “Purchase Date” means the last Trading Day of a Purchase Period.

 

2.18       “Purchase
Period” means a period of time (but not to exceed 27 months or such longer period as may be permitted under Code Section 423)
commencing on such date as may be established by the Committee under the Plan.

 

2.19        “Recordkeeping Account” means the account maintained in the books and records of the Company recording the
amount contributed to the Plan by each Participant through payroll deductions.

 

2.20        “Shares” means Ordinary Shares.

 

2.21        “Trading
Day” means a day on which the national stock exchanges in the United States are open for trading.

 

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3.             Shares
Available. Subject to adjustment as provided in Section 14.1, the maximum number of Shares that may be sold
by the Company to Eligible Employees under the Plan shall be 500,000 Shares, plus an automatic annual increase in such amount on
January 1 of each year beginning on January 1, 2022 and ending on (and including) January 1, 2031 equal to the lesser
of: (i) 1% of the total number of Shares outstanding as of December 31 of the immediately preceding calendar year, or
(ii) 300,000 Shares, provided, however, that the Board may determine that any annual increase shall be for a number
of Shares that is less than the number of Shares determined by the application of clauses (i) and (ii). If the purchases by all
Participants in an Offering would otherwise cause the aggregate number of Shares to be sold under the Plan to exceed the number
specified in this Section 3, each Participant in that Offering shall be allocated a ratable portion of the remaining number of
Shares which may be sold under the Plan.

 

4.             Eligibility and Participation. To be eligible to participate in the Plan for a given Purchase Period, an employee
must be an Eligible Employee on the first day of such Purchase Period. An Eligible Employee may elect to participate in the Plan by filing
an election form with the Company before the Offering Date for a Purchase Period that authorizes regular payroll deductions from Eligible
Compensation beginning with the first payday in such Purchase Period and continuing until the Plan is terminated or the Eligible Employee
withdraws from the Plan, modifies his or her authorization, or ceases to be an Eligible Employee, as hereinafter provided.

 

5.             Amount of Ordinary Shares Each Eligible Employee May Purchase.

 

5.1           Purchase
Amounts and Limitations. Subject to the provisions of this Plan, each Participant shall be offered the right to purchase on the Purchase
Date the maximum number of whole Shares that can be purchased with the balance in the Participant’s Recordkeeping Account at the
per Share price specified in Section 5.2. Notwithstanding the foregoing, no Participant shall be entitled to:

 

(a)         the
right to purchase Shares under this Plan and all other employee stock purchase plans (within the meaning of Code Section 423(b)),
if any, of the Company and its Affiliates that accrues at a rate which in the aggregate exceeds $25,000 of Fair Market Value (determined
on the Offering Date of a Purchase Period when the right is granted) for each calendar year in which such right is outstanding at any
time; or

 

(b)         purchase more than 10,000 Shares in any Offering under this Plan, such limit subject to adjustment from time to time as provided
in Section 14.1.

 

5.2           Purchase
Price. Unless a greater purchase price is established by the Committee for an Offering prior to the commencement of the applicable
Purchase Period, the purchase price of each Share sold pursuant to this Plan will be the lesser of (i) 85% of the Fair Market Value
of such Share on the Offering Date of the applicable Purchase Period, or (ii) 85% of the Fair Market Value of such Share on the
Purchase Date.

 

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6.             Method of Participation.

 

6.1           Notice
and Date of Grant. The Company shall give notice to each Eligible Employee of the opportunity to purchase Shares pursuant to this
Plan and the terms and conditions of such Offering. The Company contemplates that for tax purposes the Offering Date for a Purchase Period
will be considered the date of the grant of the right to purchase such Shares.

 

6.2          Contribution
Elections. Each Eligible Employee who desires to participate in the Plan for a Purchase Period shall signify his or her election
to do so by signing and filing with the Company an election form approved by the Committee. An Eligible Employee may elect to have
any whole percent of Eligible Compensation (that is, 1%, 2%, 3%, etc.) withheld as a payroll deduction, but not exceeding 15%
per pay period (or such other maximum percentage as the Committee may establish from time to time prior to the commencement of an
Offering). An election to participate in the Plan and to authorize payroll deductions as described herein must be made before the
Offering Date of a Purchase Period, and shall be effective beginning with the first payday in the Purchase Period immediately
following the filing of such election form. Any election form submitted shall remain in effect until the Plan is terminated or such
Participant withdraws from the Plan, modifies his or her authorization, or ceases to be an Eligible Employee, as hereinafter
provided.

 

6.3           Additional Contributions. If specifically provided by the Committee in connection with an Offering (including for purposes
of complying with applicable local law), in addition to or instead of making contributions by payroll deductions, a Participant may make
additional contributions to his or her Recordkeeping Account through the payment by cash or check prior to a Purchase Date. A Participant
may make such additional contributions into his or her Recordkeeping Account only if the Participant has not already had the maximum permitted
amount withheld during the Offering through payroll deductions, subject to the limitations set forth in Section 5.1.

 

6.4          Offering
Terms and Conditions. Each Offering shall consist of a single Purchase Period and shall be in such form and shall contain such terms
and conditions as the Committee shall deem appropriate, consistent with the terms of the Plan. The Committee may provide for separate
Offerings for different Designated Affiliates, and the terms and conditions of the separate Offerings, including the applicable Purchase
Period, need not be consistent. Any Offering shall comply with the requirement of Code Section 423 that all Participants shall have
the same rights and privileges for such Offering. The terms and conditions of any Offering shall be incorporated by reference into the
Plan and treated as part of the Plan.

 

7.             Recordkeeping Accounts.

 

7.1          Crediting
Payroll Deduction Contributions. The Company shall maintain a Recordkeeping Account for each Participant. Payroll deductions pursuant
to Section 6 will be credited to such Recordkeeping Accounts on each payday.

 

7.2           No
Interest Payable. No interest will be credited to a Participant’s Recordkeeping Account (unless required under local law).

 

7.3           No
Segregation of Accounts. The Recordkeeping Account is established solely for accounting purposes, and all amounts credited to the
Recordkeeping Account will remain part of the general assets of the Company and need not be segregated from other corporate funds (unless
required under local law).

 

7.4           Additional Contributions. A Participant may not make any separate cash payment into a Recordkeeping Account, except as may
be permitted in accordance with Section 6.3, and any such additional contributions will be credited to the Recordkeeping Accounts
when received by the Company.

 

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8.             Right
to Adjust Participation; Withdrawals from Recordkeeping Account.

 

8.1          Withdrawal from Plan. A Participant may at any time withdraw from the Plan. If a Participant withdraws from the Plan, the Company
will pay to the Participant in cash the entire balance in such Participant’s Recordkeeping Account and no further deductions will
be made from the Participant’s Eligible Compensation during such Purchase Period. A Participant who withdraws from the Plan will
not be eligible to reenter the Plan until the next succeeding Purchase Period, and any such reentry shall be through the enrollment process
described in Section 6.2.

 

8.2           Adjusting
Level of Participation. A Participant may adjust his or her rate of payroll deduction contributions to the Plan as follows:

 

(a)          A
Participant may, by written notice, direct the Company to increase or decrease his or her rate of payroll deduction contributions, with
such change to be effective as of the first day of the next Purchase Period.

 

(b)         A
Participant may, by written notice, direct the Company to decrease his or her rate of payroll deduction contributions for a Purchase
Period (including a decrease to 0%) one time during the applicable Purchase Period, with such change to become effective as soon as reasonably
practicable. Any Participant who has decreased his or her rate of payroll deductions to 0% and does not increase such rate of payroll
deductions from 0% to at least 1% in accordance with Section 8.2(a) prior to the start of the next Purchase Period will be
withdrawn from the Plan effective as of the first day of that next Purchase Period.

 

8.3          Submission
of Notices. Notification of a Participant’s election to withdraw from the Plan as provided in Section 8.1 or to change
his or her rate of payroll deductions as provided in Section 8.2 shall be made by signing and submitting to the Company an appropriate
form for that purpose approved by the Committee. The Committee may promulgate rules regarding the time and manner for submitting
any such written notice, which may include a requirement that the notice be on file with the Company’s designated office for a
reasonable period before it will be effective.

 

8.4           Adjustments
by Company. To the extent necessary to comply with Section 423(b)(8) of the Code or Section 5.1 of the Plan, a Participant’s
payroll deduction contributions to the Plan may be decreased by the Company to 0% at any time during a Purchase Period.

 

9.             Termination of Employment. If the employment of a Participant is terminated for any reason, including death,
disability, or retirement, the entire balance in the Participant’s Recordkeeping Account will be refunded in cash to the Participant
within 30 days after the date of termination of employment. For purposes of the Plan, a Participant will not be deemed to have terminated
employment while the Participant is on sick leave, military leave or other leave of absence approved by the Company. Where the period
of leave exceeds 90 days and the Participant’s right to reemployment is not guaranteed either by statute or by contract, the employment
relationship shall be deemed to have terminated on the ninety-first day of such leave.

 

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10.           Purchase of Shares.

 

10.1        Number of Shares Purchased. As of each Purchase Date, the balance in each Participant’s Recordkeeping Account will be
used to purchase the maximum number of whole Shares (subject to the limitations of Section 5.1) at the purchase price determined
in accordance with Section 5.2, unless the Participant has filed an appropriate form with the Company in advance of that date to
withdraw from the Plan in accordance with Section 8.1. Any amount remaining in a Participant’s Recordkeeping Account that
represents the purchase price for any fractional share will be carried over in the Participant’s Recordkeeping Account to the next
Purchase Period. Any amount remaining in a Participant’s Recordkeeping Account that represents the purchase price for any whole
Shares that could not be purchased by reason of the limitations of Section 5.1 or under the circumstances described in Section 3
will be refunded to the Participant.

 

10.2        Conversion of Foreign Currency. In circumstances where payroll deductions have been taken from a Participant’s Eligible
Compensation in a currency other than United States dollars, Shares shall be purchased by converting the balance in the Participant’s
Recordkeeping Account to United States dollars at the exchange rate in effect at the end of the fifth Trading Day preceding the Purchase
Date, as published by Bloomberg.com if available or otherwise as determined with respect to a particular jurisdiction by the Committee
or its delegate for this purpose, and such dollar amount shall be used to purchase Shares as of the Purchase Date.

 

10.3        Crediting
of Shares. Promptly after the end of each Purchase Period, the number of Shares purchased by all Participants as of the applicable
Purchase Date shall be issued and delivered to an agent selected by the Company. Delivery of the shares to the agent shall be effected
by an appropriate book-entry in the stock register maintained by the Company’s transfer agent or delivery of a certificate. The
agent will hold the Shares for the benefit of all Participants who have purchased Shares and will maintain a Share subaccount for each
Participant reflecting the number of Shares credited to each Participant. Each Participant will be entitled to direct the voting by the
agent of all Shares credited to such Participant’s Share subaccount, and the agent may reinvest any dividends paid on Shares credited
to a Participant’s Share subaccount in additional Shares in accordance with such rules as the Committee may prescribe. Each
Participant may also direct the agent to sell any or all of the Shares credited to the Participant’s Share subaccount and distribute
the net proceeds of such sale to the Participant.

 

10.4        Withdrawal
of Shares from Share Subaccount. Except for sales through the agent as provided in Section 10.3, a Participant may not withdraw
Shares from the Participant’s Share subaccount until after the Participant has satisfied the minimum holding period requirements
established by Code Section 423(a)(1). Once these holding period requirements have been satisfied with respect to Shares credited
to a Participant’s Share subaccount, the Participant may request that the agent transfer any or all of those Shares directly to
the Participant or to a brokerage account maintained by the Participant. The agent shall deliver the requested number of whole Shares
by the issuance of a stock certificate, the electronic delivery of the Shares to a brokerage account designated by the Participant, or
an appropriate book-entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to
the Participant, and will pay the Participant a cash amount representing the Fair Market Value of any applicable fractional Share withdrawn.

 

11.           Rights
as a Shareholder. A Participant shall not be entitled to any of the rights or privileges of a shareholder of the
Company with respect to Shares, including the right to vote or direct the voting or to receive any dividends that may be declared by
the Company, until (i) the Participant actually has paid the purchase price for such Shares and (ii) certificates for such
Shares have been issued either to the agent or to the Participant, as provided in Section 10.3.

 

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12.           Rights Not Transferable. A Participant’s rights under this Plan are exercisable only by the Participant
during his or her lifetime, and may not be sold, pledged, assigned, transferred or disposed of in any manner other than by will or the
laws of descent and distribution. Any attempt to sell, pledge, assign, transfer or dispose of the same shall be void and without effect.
The amounts credited to a Recordkeeping Account may not be sold, pledged, assigned, transferred or disposed of in any way, and any attempted
sale, pledge, assignment, transfer or other disposition of such amounts will be void and without effect.

 

13.           Administration
of the Plan.

 

13.1        Authority of the Committee. This Plan shall be administered by the Committee. Subject to the express provisions of the Plan
and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall
have full power and authority to:

 

(a)         Determine
when each Purchase Period under this Plan shall occur, and the terms and conditions of each related Offering (which need not be identical);

 

(b)         Designate from time to time which Affiliates of the Company shall be eligible to participate in the Plan;

 

(c)         Construe
and interpret the Plan and establish, amend and revoke rules, regulations and procedures for the administration of the Plan. The Committee
may, in the exercise of this power, correct any defect, omission or inconsistency in the Plan, in such manner and to the extent it may
deem necessary, desirable or appropriate to make the Plan fully effective;

 

(d)         Exercise such powers and perform such acts as the Committee may deem necessary, desirable or appropriate to promote the best interests
of the Company and its Designated Affiliates and to carry out the intent that the Offerings made under the Plan are treated as qualifying
under Code Section 423(b);

 

(e)         As
more fully described in Section 18, to adopt such rules, procedures and sub-plans as may be necessary, desirable or appropriate
to permit participation in the Plan by employees who are foreign nationals or employed outside the United States by a non-U.S. Designated
Affiliate, and to achieve tax, securities law and other compliance objectives in particular locations outside the United States; and

 

(f)          Adopt
and amend as the Committee deems appropriate a Plan rule specifying that Shares purchased by a Participant during a Purchase Period
may not be sold by the Participant for a specified period of time after the Purchase Date on which the Shares were purchased by the Participant,
and establish such procedures as the Committee may deem necessary to implement such rule.

 

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13.2        Interpretations and Decisions by the Committee. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan shall be within the sole discretion of the Committee, may be made
at any time and shall be final, conclusive, and binding upon all persons, including the Company, any Affiliate, any Participant and any
Eligible Employee.

 

13.3        Delegation by the Committee. Subject to the terms of the Plan and applicable law, the Committee may delegate ministerial duties
associated with the administration of the Plan to such of the Company’s officers, employees or agents as the Committee may determine.

 

13.4        Indemnification.
No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan.
In addition to such other rights of indemnification as they may have as members of the Board or officers or employees of the Company
or a Designated Affiliate, members of the Board and Committee and any officers or employees of the Company or Designated Affiliate to
whom authority to act for the Committee is delegated shall be indemnified by the Company from and against any and all liabilities, costs
and expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s
duties, responsibilities and obligations under the Plan if such person has acted in good faith and in a manner that he or she reasonably
believes to be in, or not opposed to, the best interests of the Company.

 

14.           Changes in Capitalization and Corporate Transactions.

 

14.1        Adjustments.
In the event of any change in the Ordinary Shares of the Company by reason of a stock dividend, stock split, reverse stock split, corporate
separation, recapitalization, merger, consolidation, combination, exchange of shares and the like, the Committee shall make such equitable
adjustments as it deems appropriate in the aggregate number and class of Shares or other securities available under this Plan, the Share
limitation expressed in Section 5.1(b) of the Plan, and the number, class and purchase price of Shares or other securities
subject to purchase under any pending Offering.

 

14.2        Corporate
Transactions. In the event of a Corporate Transaction, each right to acquire Shares on any Purchase Date that is scheduled to occur
after the date of the consummation of the Corporate Transaction may be continued or assumed or an equivalent right may be substituted
by the surviving or successor corporation or a parent or subsidiary of such corporation. If such surviving or successor corporation or
parent or subsidiary thereof refuses to continue, assume or substitute for such outstanding rights, then the Board may, in its discretion,
either terminate the Plan or shorten the Purchase Period then in progress by setting a new Purchase Date for a specified date before
the date of the consummation of the Corporate Transaction. Each Participant shall be notified in writing, prior to any new Purchase Date,
that the Purchase Date for the existing Offering has been changed to the new Purchase Date and that the Participant’s right to
acquire Shares will be exercised automatically on the new Purchase Date unless prior to such date the Participant’s employment
has been terminated or the Participant has withdrawn from the Plan. In the event of a dissolution or liquidation of the Company, any
Offering and Purchase Period then in progress will terminate immediately prior to the consummation of such action, unless otherwise provided
by the Board.

 

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15.           Amendment
or Suspension of Plan. The Board may at any time suspend this Plan or amend it in any respect, but no such amendment may, without
shareholder approval, increase the number of shares reserved under this Plan, increase the rate of automatic annual increase in the number
of shares reserved as provided in Section 3, or effect any other change in the Plan that would require shareholder approval
under applicable law or regulations or the rules of any securities exchange on which the Shares may then be listed, or to maintain
compliance with Code Section 423. No such amendment or suspension shall adversely affect the rights of Participants pursuant to
Shares previously acquired under the Plan. During any suspension of the Plan, no new Offering or Purchase Period shall begin and no Eligible
Employee shall be offered any new right to purchase Shares under the Plan or any opportunity to elect to participate in the Plan, and
any existing payroll deduction authorizations shall be suspended, but any such right to purchase Shares previously granted for a Purchase
Period that began prior to the Plan suspension shall remain subject to the other provisions of this Plan and the discretion of the Board
and the Committee with respect thereto.

 

16.           Effective
Date and Term of Plan. The Plan was adopted by the Board of Directors of the Company on [•], 2021, and approved
by the shareholders of the Company on [•], 2021. The Plan will become effective on the effective date of the Company’s
registration statement on Form S-1 for the initial public offering of the Ordinary Shares. The Plan and all rights of Participants
hereunder shall terminate (i) at any time, at the discretion of the Board of Directors, or (ii) upon the completion of any
Offering under which the limitation on the total number of shares to be issued during the entire term of the Plan, as determined in accordance
with Section 3 and including the annual increased provided thereby, has been reached. Except as otherwise determined by the Board,
upon termination of this Plan, the Company shall pay to each Participant cash in an amount equal to the entire remaining balance in such
Participant’s Recordkeeping Account.

 

17.           Governmental
Regulations and Listing. All rights granted or to be granted to Eligible Employees under this Plan are expressly
subject to all applicable laws and regulations and to the approval of all governmental authorities required in connection with the authorization,
issuance, sale or transfer of the Shares reserved for this Plan, including, without limitation, there being a current registration statement
of the Company under the Securities Act of 1933, as amended, covering the Shares purchasable on the Purchase Date applicable to such
Shares, and if such a registration statement shall not then be effective, the term of such Purchase Period shall be extended until the
first Trading Day after the effective date of such a registration statement, or post-effective amendment thereto. If applicable, all
such rights hereunder are also similarly subject to effectiveness of an appropriate listing application to a national securities exchange
covering the Shares issuable under the Plan upon official notice of issuance.

 

18.           Rules for Foreign Jurisdictions. The Committee may adopt rules, procedures or subplans relating to the operation and
administration of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the
foregoing, the Committee is specifically authorized to adopt rules and procedures regarding handling of payroll deductions, payment
of interest, conversion of local currency, payroll tax, the definition of Eligible Compensation, withholding procedures and handling of
stock certificates that vary with local requirements.

 

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19.           Miscellaneous.

 

19.1        Effect on Employment Status. This Plan shall not be deemed to constitute a contract of employment between the Company and any
Participant, nor shall it interfere with the right of the Company to terminate the employment of any Participant and treat him or her
without regard to the effect that such treatment might have upon him or her under this Plan.

 

19.2        Governing
Law. This Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the Cayman Islands.

 

19.3        Electronic
Documentation and Signatures. Any reference in the Plan to election or enrollment forms, notices, authorizations or any other document
to be provided in writing shall include the provision of any such form, notice, authorization or document by electronic means, including
through the Company’s intranet, and any reference in the Plan to the signing of any document shall include the authentication of
any such document provided in electronic form, in each case in accordance with procedures established by the Committee.

 

19.4        Book-Entry
and Electronic Transfer of Shares. Any reference in this Plan to the issuance or transfer of a stock certificate evidencing
Shares shall be deemed to include, in the Committee’s discretion, the issuance or transfer of such Shares in book-entry or electronic
form. Uncertificated Shares shall be deemed delivered for all purposes of this Plan when the Company or its agent shall have provided
to the recipient of the Shares a notice of issuance or transfer by electronic mail (with proof of receipt) or by United States mail,
and have recorded the issuance or transfer in its records.

 

19.5        Registration
of Share Accounts and Certificates. Any Share account contemplated by Section 10.3 and certificate to be issued to a Participant
shall be registered in the name of the Participant, or jointly in the name of the Participant and another person, as the Participant
may direct on an appropriate form filed with the Company or the agent.

 

    10Exhibit 10.7

 

FGI INDUSTRIES LTD.

 

2021 EQUITY INCENTIVE PLAN

 

1.             Purpose. The
purpose of the Plan is to assist the Company in attracting, retaining, motivating and rewarding certain key employees, officers, directors,
and consultants of the Company and its Affiliates, promoting the creation of long-term value for shareholders of the Company by closely
aligning the interests of such individuals with those of such shareholders. The Plan authorizes the award of stock based incentives to
selected Service Providers to encourage such persons to expend the maximum effort in the creation of shareholder value.

 

2.             Definitions. In
this Plan, the following definitions will apply.

 

(a)           “Affiliate”
means any entity that is a Subsidiary of the Company, or any other entity in which the Company owns, directly or indirectly, at least
20% of combined voting power of the entity’s Voting Securities and which is designated by the Committee as covered by the Plan.

 

(b)           “Award”
means a grant made under the Plan in the form of Options, Stock Appreciation Rights, Restricted Stock, Stock Units, or an Other Stock-Based
Award.

 

(c)           “Award
Agreement” means the written or electronic agreement, notice or other document containing the terms and conditions applicable to
each Award granted under the Plan, including all amendments thereto. An Award Agreement is subject to the terms and conditions of the
Plan.

 

(d)           “Board”
means the Board of Directors of the Company.

 

(e)           “Cause”
means, unless otherwise defined in a then-effective written agreement (including an Award Agreement) between a Participant and the Company
or any Affiliate, (i) the Participant’s failure or refusal to perform satisfactorily the duties reasonably required of the
Participant by the Company (other than by reason of Disability) in any material respect; (ii) the Participant’s material violation
of any law, rule, regulation, or court order, including any commission of or indictment for any crime (whether or not involving the Company
or any of its Affiliates); (iii) conduct of the Participant, in connection with their employment or service, that has resulted, or
could reasonably be expected to result, in material injury to the business or reputation of the Company or any of its Affiliates; (iv) a
material violation of the policies of the Company or any of its Affiliates applicable to the Participant, including but not limited to,
those relating to sexual harassment, the disclosure or misuse of confidential information, or those set forth in the manuals or policy
statements of the Company or any of its Affiliates or any breach of any fiduciary duty or non-solicitation, non-competition or similar
obligation owed to the Company or any of its Affiliates; (v) the Participant’s act(s) of gross negligence or willful misconduct
in the course of their employment or service with the Company and its Affiliates; (vi) misappropriation by the Participant of any
assets or business opportunities of the Company or any of its Affiliates; (vii) embezzlement or fraud committed by the Participant,
at the Participant’s direction or with the Participant’s prior actual knowledge; or (viii) willful neglect in the performance
of the Participant’s duties for the Company or any of its Affiliates or willful or repeated failure to perform such duties. If,
subsequent to the Participant’s termination of Services for any reason other than Cause it is discovered that the Participant’s
Services could have been terminated for Cause, such Participant’s Services shall, at the discretion of the Committee, be deemed
to have been terminated for Cause for all purposes under this Plan, and the Participant shall be required to repay to the Company all
amounts they received in connection with Awards following such termination of Services that would have been forfeited under the Plan had
such termination of Services been by the Company or its Affiliates for Cause. In the event that there is an Award Agreement or other then-effective
written agreement between the Company or an Affiliate and a Participant otherwise defining Cause, “Cause” shall have the meaning
provided in such agreement, and a termination of Services for Cause hereunder shall not be deemed to have occurred unless all applicable
notice and cure periods in such other agreement are complied with.

 

    1

     

    

 

(f)            “Change
in Control” means the occurrence of one of the following:

 

(i)             An
Exchange Act Person becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company
representing 50% or more of the combined voting power of the Company’s then outstanding Voting Securities, except that the following
will not constitute a Change in Control:

 

(A)          any
acquisition of securities of the Company by an Exchange Act Person from the Company for the purpose of providing financing to the Company;

 

(B)           any
formation of a Group consisting solely of beneficial owners of the Company’s Voting Securities as of the effective date of this
Plan;

 

(C)           any
repurchase or other acquisition by the Company of its Voting Securities that causes any Exchange Act Person to become the beneficial
owner of 50% or more of the Company’s Voting Securities; or

 

(D)          with
respect to any particular Participant, any acquisition of securities of the Company by the Participant, any Group including the Participant,
or any entity controlled by the Participant or a Group including the Participant.

 

If, however, an Exchange Act Person or Group referenced
in clause (A), (B) or (C) above acquires beneficial ownership of additional Company Voting Securities after initially becoming
the beneficial owner of 50% or more of the combined voting power of the Company’s Voting Securities by one of the means described
in those clauses, then a Change in Control will be deemed to have occurred. Furthermore, a Change in Control will occur if a Person becomes
the beneficial owner of more than 50% of the Company’s Voting Securities as the result of a Corporate Transaction only if the Corporate
Transaction is itself a Change in Control pursuant to subsection 2(f)(3).

 

(ii)            Individuals
who are Continuing Directors cease for any reason to constitute a majority of the members of the Board.

 

(iii)           A
Corporate Transaction is consummated, unless, immediately following such Corporate Transaction, all or substantially all of the individuals
and entities who were the beneficial owners of the Company’s Voting Securities immediately prior to such Corporate Transaction
beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding Voting Securities of the
surviving or acquiring entity resulting from such Corporate Transaction (including beneficial ownership through any Parent of such entity)
in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Company’s Voting
Securities.

 

    2

     

    

 

Notwithstanding the foregoing,
to the extent that any Award constitutes a deferral of compensation subject to Code Section 409A, and if that Award provides for
a change in the time or form of payment upon a Change in Control, then no Change in Control shall be deemed to have occurred upon an event
described in this Section 2(f) unless the event would also constitute a change in ownership or effective control of, or a change
in the ownership of a substantial portion of the assets of, the Company under Code Section 409A.

 

(g)           “Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time. For purposes of the Plan, references to sections
of the Code shall be deemed to include any applicable regulations thereunder and any successor or similar statutory provisions.

 

(h)           “Committee”
means two or more Non-Employee Directors designated by the Board to administer the Plan under Section 3, each member of which shall
be (i) an independent director within the meaning of applicable stock exchange rules and regulations and (ii) a non-employee
director within the meaning of Exchange Act Rule 16b-3.

 

(i)            “Company”
means FGI Industries Ltd, a Cayman Islands exempted company, and any successor thereto.

 

(j)            “Continuing
Director” means an individual (i) who is, as of the effective date of the Plan, a director of the Company, or (ii) who
becomes a director of the Company after the effective date hereof and whose initial election, or nomination for election by the Company’s
stockholders, was approved by at least a majority of the then Continuing Directors, but excluding, for purposes of this clause (ii), an
individual whose initial assumption of office occurs as the result of an actual or threatened proxy contest involving the solicitation
of proxies or consents by a person or Group other than the Board, or by reason of an agreement intended to avoid or settle an actual or
threatened proxy contest.

 

(k)           “Corporate
Transaction” means (i) a sale or other disposition of all or substantially all of the assets of the Company, or (ii) a
merger, consolidation, share exchange or similar transaction involving the Company, regardless of whether the Company is the surviving
entity.

 

(l)            “Disability”
means (A) any permanent and total disability under any long-term disability plan or policy of the Company or its Affiliates that
covers the Participant, or (B) if there is no such long-term disability plan or policy, “total and permanent disability”
within the meaning of Code Section 22(e)(3).

 

(m)          “Employee”
means an employee of the Company or an Affiliate.

 

(n)           “Exchange
Act” means the Securities Exchange Act of 1934, as amended and in effect from time to time.

 

    3

     

    

 

(o)           “Fair
Market Value” means the fair market value of a Share determined as follows:

 

(i)             If
the Shares are readily tradable on an established securities market (as determined under Code Section 409A), then Fair Market Value
will be the closing sales price for a Share on the principal securities market on which it trades on the date for which it is being determined,
or if no sale of Shares occurred on that date, on the next preceding date on which a sale of Shares occurred, as reported in The
Wall Street Journal or such other source as the Committee deems reliable; or

 

(ii)            If
the Shares are not then readily tradable on an established securities market (as determined under Code Section 409A), then Fair Market
Value will be determined by the Committee as the result of a reasonable application of a reasonable valuation method that satisfies the
requirements of Code Section 409A.

 

(p)           “Grant
Date” means the date on which the Committee approves the grant of an Award under the Plan, or such later date as may be specified
by the Committee on the date the Committee approves the Award.

 

(q)           “Group”
means two or more persons who act, or agree to act together, as a partnership, limited partnership, syndicate or other group for the purpose
of acquiring, holding, voting or disposing of securities of the Company.

 

(r)            “Non-Employee
Director” means a member of the Board who is not an Employee.

 

(s)            “Option”
means a right granted under the Plan to purchase a specified number of Shares at a specified price. An “Incentive Stock Option”
or “ISO” means any Option designated as such and granted in accordance with the requirements of Code Section 422. A
 “Non-Qualified Stock Option” or “NQSO” means an Option other than an Incentive Stock Option.

 

(t)            “Other
Stock-Based Award” means an Award described in Section 11 of this Plan.

 

(u)           “Participant”
means a Service Provider to whom a then-outstanding Award has been granted under the Plan.

 

(v)           “Plan”
means this FGI Industries Ltd. 2021 Equity Incentive Plan, as amended and in effect from time to time.

 

(w)           “Restricted
Stock” means Shares issued to a Participant that are subject to such restrictions on transfer, vesting conditions and other restrictions
or limitations as may be set forth in this Plan and the applicable Award Agreement.

 

(x)            “Service”
means the provision of services by a Participant to the Company or any Affiliate in any Service Provider capacity. A Service Provider’s
Service shall be deemed to have terminated either upon an actual cessation of providing services to the Company or any Affiliate or upon
the entity to which the Service Provider provides services ceasing to be an Affiliate. Unless otherwise determined by the Committee,
in the event that a Subsidiary to whom the Participant provides Services ceases for any reason to be an Affiliate of the Company, the
Participant shall be deemed to have had a termination of Services for purposes of the Plan effective as of the date of such cessation.
Except as otherwise provided in this Plan or any Award Agreement, Service shall not be deemed terminated in the case of (i) any
approved leave of absence; (ii) transfers among the Company and any Affiliates in any Service Provider capacity; or (iii) any
change in status so long as the individual remains in the service of the Company or any Affiliate in any Service Provider capacity.

 

    4

     

    

 

(y)           “Service
Provider” means an Employee, a Non-Employee Director, or any natural person who is a consultant or advisor, or is employed by a
consultant or advisor retained by the Company or any Affiliate, and who provides services to the Company or any Affiliate.

 

(z)            “Share”
means a share of Stock.

 

(aa)         “Stock”
means the ordinary shares, $0.0001 par value per Share, of the Company.

 

(bb)         “Stock
Appreciation Right” or “SAR” means the right to receive, in cash and/or Shares as determined by the Committee, an amount
equal to the appreciation in value of a specified number of Shares between the Grant Date of the SAR and its exercise date.

 

(cc)          “Stock
Unit” means a right to receive, in cash and/or Shares as determined by the Committee, the Fair Market Value of a Share, subject
to such restrictions on transfer, vesting conditions and other restrictions or limitations as may be set forth in this Plan and the applicable
Award Agreement.

 

(dd)        “Subsidiary”
means a “subsidiary corporation,” as defined in Code Section 424(f), of the Company.

 

(ee)         “Substitute
Award” means an Award granted upon the assumption of, or in substitution or exchange for, outstanding awards granted by a company
or other entity acquired by the Company or any Affiliate or with which the Company or any Affiliate combines. The terms and conditions
of a Substitute Award may vary from the terms and conditions set forth in the Plan to the extent that the Committee at the time of the
grant may deem appropriate to conform, in whole or in part, to the provisions of the award in substitution for which it has been granted.

 

3.             Administration
of the Plan.

 

(a)           Administration.
The authority to control and manage the operations and administration of the Plan shall be vested in the Committee in accordance with
this Section 3.

 

(b)           Scope
of Authority. Subject to the terms of the Plan, the Committee shall have the authority, in its discretion, to take such actions as
it deems necessary or advisable to administer the Plan, including:

 

(1)           determining
the Service Providers to whom Awards will be granted, the timing of each such Award, the type of and the number of Shares covered by
each Award, the terms, conditions, performance criteria, restrictions and other provisions of Awards, and the manner in which Awards
are paid or settled;

 

(2)           cancelling
or suspending an Award, accelerating the vesting or extending the exercise period of an Award, or otherwise amending the terms and conditions
of any outstanding Award, subject to the requirements of Sections 15(d) and 15(e);

 

    5

     

    

 

(3)           adopting
sub-plans or special provisions applicable to Awards, establishing, amending or rescinding rules to administer the Plan, interpreting
the Plan and any Award or Award Agreement, reconciling any inconsistency, correcting any defect or supplying an omission in the Plan
or any Award Agreement, and making all other determinations necessary or desirable for the administration of the Plan;

 

(4)           granting
Substitute Awards under the Plan;

 

(5)           taking
such actions as are provided in Section 3(c) with respect to Awards to foreign Service Providers; and

 

(6)           requiring
or permitting the deferral of the settlement of an Award, and establishing the terms and conditions of any such deferral.

 

(c)           Awards
to Foreign Service Providers. The Committee may grant Awards to Service Providers who are located outside of the United States, who
are not United States citizens, who are not compensated from a payroll maintained in the United States, or who are otherwise subject to
(or could cause the Company to be subject to) legal or regulatory requirements of countries outside of the United States, on such terms
and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to comply
with applicable foreign laws and regulatory requirements and to promote achievement of the purposes of the Plan. In connection therewith,
the Committee may establish such subplans and modify exercise procedures and other Plan rules and procedures to the extent such actions
are deemed necessary or desirable, and may take any other action that it deems advisable to obtain local regulatory approvals or to comply
with any necessary local governmental regulatory exemptions.

 

(d)           Acts
of the Committee; Delegation. A majority of the members of the Committee shall constitute a quorum for any meeting of the Committee,
and any act of a majority of the members present at any meeting at which a quorum is present or any act unanimously approved in writing
by all members of the Committee shall be the act of the Committee. Any such action of the Committee shall be valid and effective even
if one or more members of the Committee at the time of such action are later determined not to have satisfied all of the criteria for
membership in clauses (i) and (ii) of Section 2(h). To the extent not inconsistent with applicable law or stock exchange
rules, the Committee may delegate all or any portion of its authority under the Plan to any one or more of its members or, as to Awards
to Participants who are not subject to Section 16 of the Exchange Act, to one or more directors or executive officers of the Company
or to a committee of the Board comprised of one or more directors of the Company. The Committee may also delegate non-discretionary administrative
responsibilities in connection with the Plan to such other persons as it deems advisable.

 

(e)           Finality
of Decisions. The Committee’s interpretation of the Plan and of any Award or Award Agreement made under the Plan and all related
decisions or resolutions of the Board or Committee shall be final and binding on all parties with an interest therein.

 

    6

     

    

 

(f)            Indemnification.
Each person who is or has been a member of the Committee or of the Board, and any other person to whom the Committee delegates authority
under the Plan, shall be indemnified by the Company, to the maximum extent permitted by law, against liabilities and expenses imposed
upon or reasonably incurred by such person in connection with or resulting from any claims against such person by reason of the performance
of the individual’s duties under the Plan. This right to indemnification is conditioned upon such person providing the Company
an opportunity, at the Company’s expense, to handle and defend the claims before such person undertakes to handle and defend them
on such person’s own behalf. The Company will not be required to indemnify any person for any amount paid in settlement of a claim
unless the Company has first consented in writing to the settlement. The foregoing right of indemnification shall not be exclusive of
any other rights of indemnification to which such person or persons may be entitled under the Company’s Certificate of Incorporation
or Bylaws, as a matter of law, or otherwise.

 

4.             Shares
Available Under the Plan.

 

(a)           Maximum
Shares Available. Subject to Sections 4(b), 4(c) and 4(d) and to adjustment as provided in Section 12(a), the number
of Shares that may be the subject of Awards and issued under the Plan shall be 1,500,000. Shares issued under the Plan may come from
authorized and unissued shares or treasury shares. In determining the number of Shares to be counted against this share reserve in connection
with any Award, the following rules shall apply:

 

(1)           Where
the number of Shares subject to an Award is variable on the Grant Date, the number of Shares to be counted against the share reserve shall
be the maximum number of Shares that could be received under that particular Award, until such time as it can be determined that only
a lesser number of shares could be received.

 

(2)            Shares
subject to Substitute Awards shall not be counted against the share reserve, nor shall they reduce the Shares authorized for grant to
a Participant in any calendar year.

 

(3)            Awards
that may be settled solely in cash shall not be counted against the share reserve, nor shall they reduce the Shares authorized for grant
to a Participant in any calendar year.

 

(b)            Effect
of Forfeitures and Other Actions. Any Shares subject to an Award that expires, is cancelled or forfeited, is settled for cash or otherwise
does not result in the issuance of all of the Shares subject to such Award (including as a result of the settlement in Shares of the exercise
of a Stock Appreciation Right) shall, to the extent of such cancellation, forfeiture, expiration, cash settlement or non-issuance, again
become available for Awards under this Plan, and the share reserve under Section 4(a) shall be correspondingly replenished as
provided in Section 4(c) below. In addition, if (i) payment of the exercise price of any Award is made through the tendering
(either actually or by attestation) of Shares by the Participant or by the withholding of Shares by the Company, (ii) satisfaction
of any tax withholding obligations arising from any Award occurs through the tendering (either actually or by attestation) of Shares by
the Participant or by the withholding of Shares by the Company, or (iii) any Shares are repurchased by the Company with proceeds
received from the exercise of a stock option issued under this Plan, then the Shares so tendered, withheld or repurchased shall become
available for Awards under this Plan and the share reserve under Section 4(a) shall be correspondingly replenished as provided
in Section 4(c) below.

 

    7

     

    

 

(c)           Counting
Shares Again Available. Each Share that again becomes available for Awards as provided in Section 4(b) shall correspondingly
increase the share reserve under Section 4(a).

 

(d)           Automatic
Share Reserve Increase. The share reserve specified in Section 4(a) will be increased on January 1 of each year, for
a period of not more than ten years from the date the Plan is approved by the holders of the voting stock of the Company, commencing
on January 1, 2022 and ending on (and including) January 1, 2031 in an amount equal to the least of: (i) 4.5% of the total
number of Shares outstanding as of December 31 of the immediately preceding calendar year; (ii) 600,000 Shares; or (iii) such
number of Shares determined by the Board.

 

(e)           Effect
of Plans Operated by Acquired Companies. If a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary
combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition
or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate,
using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration
payable to the holders of ordinary shares of the entities party to such acquisition or combination) may be used for Awards under the Plan
and shall supplement the Share reserve under Section 4(a). Awards using such available shares shall not be made after the date awards
or grants could have been made under the terms of the pre-existing plan absent the acquisition or combination, and shall only be made
to individuals who were not Employees or Non-Employee Directors prior to such acquisition or combination.

 

(f)            No
Fractional Shares. Unless otherwise determined by the Committee, the number of Shares subject to an Award shall always be a whole
number. No fractional Shares may be issued under the Plan, but the Committee may, in its discretion, adopt any rounding convention it
deems suitable or pay cash in lieu of any fractional Share in settlement of an Award.

 

(g)           Limits
on Awards to Non-Employee Directors. (i) The aggregate value of Awards granted under the Plan to any Participant who is a Non-Employee
Director in any calendar year, solely with respect to his or her service as a Non-Employee Director on the Board, may not exceed $500,000,
determined based on the aggregate Fair Market Value of such Awards as of the Grant Date; and (ii)  the aggregate value of Awards
granted under the Plan to any Non-Employee Director in connection with their initial appointment as a Non-Employee Director on the Board
may not exceed $500,000, determined based on the aggregate Fair Market Value of such Awards as of the Grant Date, which, for the avoidance
of doubt, may be in addition to any Awards granted to such Participant under Sections 4(g)(i).

 

5.             Eligibility. Participation
in the Plan is limited to Service Providers. Incentive Stock Options may only be granted to Employees.

 

    8

     

    

 

6.             General
Terms of Awards.

 

(a)            Award
Agreement. Each Award shall be evidenced by an Award Agreement setting forth the amount of the Award together with such other terms
and conditions applicable to the Award (and not inconsistent with the Plan) as determined by the Committee. If an Award Agreement calls
for acceptance by the Participant, the Award evidenced by the Award Agreement will not become effective unless acceptance of the Award
Agreement in a manner permitted by the Committee is received by the Company within thirty (30) days of the date the Award Agreement is
delivered to the Participant. An Award to a Participant may be made singly or in combination with any form of Award. Two types of Awards
may be made in tandem with each other such that the exercise of one type of Award with respect to a number of Shares reduces the number
of Shares subject to the related Award by at least an equal amount.

  

(b)           Vesting
and Term. Each Award Agreement shall set forth the period until the applicable Award is scheduled to vest and, if applicable, expire
(which shall not be more than ten years from the Grant Date), and, consistent with the requirements of this Section 6(b), the applicable
vesting conditions and any applicable performance period. The Committee may provide in an Award Agreement for such vesting conditions
and timing as it may determine.

 

(c)           Transferability.
Except as provided in this Section 6(c), (i) during the lifetime of a Participant, only the Participant or the Participant’s
guardian or legal representative may exercise an Option or SAR, or receive payment with respect to any other Award; and (ii) no
Award may be sold, assigned, transferred, exchanged or encumbered, voluntarily or involuntarily, other than by will or the laws of descent
and distribution. Any attempted transfer in violation of this Section 6(c) shall be of no effect. The Committee may, however,
provide in an Award Agreement or otherwise that an Award (other than an Incentive Stock Option) may be transferred pursuant to a domestic
relations order or may be transferable by gift to any “family member” (as defined in General Instruction A.1(a)(5) to
Form S-8 under the Securities Act of 1933) of the Participant. Any Award held by a transferee shall continue to be subject to the
same terms and conditions that were applicable to that Award immediately before the transfer thereof. For purposes of any provision of
the Plan relating to notice to a Participant or to acceleration or termination of an Award upon the death or termination of Service of
a Participant, the references to “Participant” shall mean the original grantee of an Award and not any transferee.

 

(d)           Designation
of Beneficiary. To the extent permitted by the Committee, a Participant may designate a beneficiary or beneficiaries to exercise
any Award or receive a payment under any Award that is exercisable or payable on or after the Participant’s death. Any such designation
shall be on a form approved by the Company and shall be effective upon its receipt by the Company.

 

(e)           Termination
of Service. Unless otherwise provided in an applicable Award Agreement or another then-effective written agreement between a Participant
and the Company, and subject to Section 12 of this Plan, if a Participant’s Service with the Company and all of its Affiliates
terminates, the following provisions shall apply (in all cases subject to the scheduled expiration of an Option or SAR Award, as applicable):

 

(1)           Upon
termination of Service for Cause, or upon conduct during a post-termination exercise period that would constitute Cause, all unexercised
Option and SAR Awards and all unvested portions of any other outstanding Awards shall be immediately forfeited without consideration.

 

    9

     

    

 

(2)           Upon
termination of Service for any other reason, all unvested and unexercisable portions of any outstanding Awards shall be immediately forfeited
without consideration.

 

(3)           Upon
termination of Service for any reason other than Cause, death or Disability, the currently vested and exercisable portions of Option and
SAR Awards may be exercised for a period of three months after the date of such termination. However, if a Participant thereafter dies
during such three-month period, the vested and exercisable portions of the Option and SAR Awards may be exercised for a period of one
year after the date of such termination.

 

(4)           Upon
termination of Service due to death or Disability, the currently vested and exercisable portions of Option and SAR Awards may be exercised
for a period of one year after the date of such termination.

 

(f)            Rights
as Shareholder. No Participant shall have any rights as a shareholder with respect to any Shares covered by an Award unless and until
the date the Participant becomes the holder of record of the Shares, if any, to which the Award relates.

 

(g)           Performance-Based
Awards. Any Award may be granted as a performance-based Award if the Committee establishes one or more measures of corporate, business
unit or individual performance which must be attained, and the performance period over which the specified performance is to be attained,
as a condition to the grant, vesting, exercisability, lapse of restrictions and/or settlement in cash or Shares of such Award. In connection
with any such Award, the Committee shall determine the extent to which performance measures have been attained and other applicable terms
and conditions have been satisfied, and the degree to which the grant, vesting, exercisability, lapse of restrictions and/or settlement
of such Award has been earned. The Committee shall also have the authority to provide, in an Award Agreement or otherwise, for the modification
of a performance period and/or adjustments to or waivers of the achievement of performance goals under specified circumstances such as
(i) the occurrence of events that are unusual in nature or infrequently occurring, such as a Change in Control, an equity restructuring
(as described in Section 12(a)), acquisitions, divestitures, restructuring activities, recapitalizations, or asset write-downs,
(ii) a change in applicable tax laws or accounting principles, or (iii) the Participant’s death or Disability.

 

(h)           Dividends
and Dividend Equivalents. Any dividends or distributions payable with respect to Shares that are subject to the unvested portion
of a Restricted Stock Award will be subject to the same restrictions and risk of forfeiture as the Shares to which such dividends or
distributions relate. In its discretion, the Committee may provide in an Award Agreement for a Stock Unit Award or an Other Stock-Based
Award that the Participant will be entitled to receive dividend equivalents, based on dividends actually declared and paid on outstanding
Shares, on the units or other Share equivalents subject to the Stock Unit Award or Other Stock-Based Award, and such dividend equivalents
will be subject to the same restrictions and risk of forfeiture as the units or other Share equivalents to which such dividend equivalents
relate. The additional terms of any such dividend equivalents will be as set forth in the applicable Award Agreement, including the time
and form of payment and whether such dividend equivalents will be credited with interest or deemed to be reinvested in additional units
or Share equivalents. Any Shares issued or issuable during the term of this Plan as the result of the reinvestment of dividends or the
deemed reinvestment of dividend equivalents in connection with an Award shall be counted against, and replenish upon any subsequent forfeiture,
the Plan’s share reserve as provided in Section 4.

 

    10

     

    

 

(i)             Deferrals
of Full Value Awards. The Committee may, in its discretion, permit or require the deferral by a Participant of the issuance of Shares
or payment of cash in settlement of any Award, subject to such terms, conditions, rules and procedures as it may establish or prescribe
for such purpose and with the intention of complying with the applicable requirements of Code Section 409A. The terms, conditions,
rules and procedures for any such deferral shall be set forth in writing in the relevant Award Agreement or in such other agreement,
plan or document as the Committee may determine. The terms, conditions, rules and procedures for any such deferral shall address,
to the extent relevant, matters such as: (i) the amount of compensation that may or must be deferred (or the method for calculating
the amount); (ii) the permissible time(s) and form(s) of payment of deferred amounts; (iii) the terms and conditions
of any deferral elections by a Participant or of any deferral required by the Company; and (iv) the crediting of interest or dividend
equivalents on deferred amounts. Unless otherwise determined by the Committee, to the extent that any such deferral is effected in accordance
with a nonqualified deferred compensation plan, the Share equivalents credited to any such plan account of a Participant shall be deemed
Stock Units for purposes of this Plan, and, if settled in Shares, such Shares shall be drawn from and charged against this Plan’s
share reserve.

 

7.             Stock
Option Awards.

 

(a)           Type
and Exercise Price. The Award Agreement pursuant to which an Option Award is granted shall specify whether the Option is an Incentive
Stock Option or a Non-Qualified Stock Option. The exercise price at which each Share subject to an Option Award may be purchased shall
be determined by the Committee and set forth in the Award Agreement, and shall not be less than the Fair Market Value of a Share on the
Grant Date, except in the case of Substitute Awards (to the extent consistent with Code Section 409A and, in the case of Incentive
Stock Options, Code Section 424).

 

(b)           Payment
of Exercise Price. The purchase price of the Shares with respect to which an Option Award is exercised shall be payable in full at
the time of exercise. The purchase price may be paid in cash or in such other manner as the Committee may permit, including by payment
under a broker-assisted sale and remittance program, by withholding Shares otherwise issuable to the Participant upon exercise of the
Option or by delivery to the Company of Shares (by actual delivery or attestation) already owned by the Participant (in either case,
such Shares having a Fair Market Value as of the date the Option is exercised equal to the purchase price of the Shares being purchased).

 

(c)           Exercisability
and Expiration. Each Option Award shall be exercisable in whole or in part on the terms provided in the Award Agreement. No Option
Award shall be exercisable at any time after its scheduled expiration. When an Option Award is no longer exercisable, it shall be deemed
to have terminated.

 

    11

     

    

 

(d)           Incentive
Stock Options.

 

(1)           An
Option Award will constitute an Incentive Stock Option Award only if the Participant receiving the Option Award is an Employee, and only
to the extent that (i) it is so designated in the applicable Award Agreement and (ii) the aggregate Fair Market Value (determined
as of the Option Award’s Grant Date) of the Shares with respect to which Incentive Stock Option Awards held by the Participant first
become exercisable in any calendar year (under the Plan and all other plans of the Company and its Affiliates) does not exceed $100,000
or such other amount specified by the Code. To the extent an Option Award granted to a Participant exceeds this limit, the Option Award
shall be treated as a Non-Qualified Stock Option Award. The maximum number of Shares that may be issued upon the exercise of Incentive
Stock Option Awards under the Plan shall be 1,000,000, subject to adjustment as provided in Section 12(a).

 

(2)            No
Participant may receive an Incentive Stock Option Award under the Plan if, immediately after the grant of such Award, the Participant
would own (after application of the rules contained in Code Section 424(d)) Shares possessing more than 10% of the total combined
Voting Power of all classes of stock of the Company or an Affiliate, unless (i) the per Share exercise price for such Award is at
least 110% of the Fair Market Value of a Share on the Grant Date and (ii) such Award will expire no later than five years after its
Grant Date.

 

(3)            For
purposes of continued Service by a Participant who has been granted an Incentive Stock Option Award, no approved leave of absence may
exceed three months unless reemployment upon expiration of such leave is provided by statute or contract. If reemployment is not so provided,
then on the date six months following the first day of such leave, any Incentive Stock Option held by the Participant shall cease to be
treated as an Incentive Stock Option and shall be treated for tax purposes as a Non-Qualified Stock Option.

 

(4)           If
an Incentive Stock Option Award is exercised after the expiration of the exercise periods that apply for purposes of Code Section 422,
such Option shall thereafter be treated as a Non-Qualified Stock Option.

 

(5)           The
Award Agreement covering an Incentive Stock Option Award shall contain such other terms and provisions that the Committee determines necessary
to qualify the Option Award as an Incentive Stock Option Award.

 

8.             Stock
Appreciation Right Awards.

 

(a)            Nature
of Award. An Award of Stock Appreciation Rights shall be subject to such terms and conditions as are determined by the Committee,
and shall provide a Participant the right to receive upon exercise of the SAR Award all or a portion of the excess of (i) the Fair
Market Value as of the date of exercise of the SAR Award of the number of Shares as to which the SAR Award is being exercised, over (ii) the
aggregate exercise price for such number of Shares. The per Share exercise price for any SAR Award shall be determined by the Committee
and set forth in the applicable Award Agreement, and shall not be less than the Fair Market Value of a Share on the Grant Date, except
in the case of Substitute Awards (to the extent consistent with Code Section 409A).

 

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(b)           Exercise
of SAR. Each SAR Award may be exercisable in whole or in part at the times, on the terms and in the manner provided in the Award Agreement.
No SAR Award shall be exercisable at any time after its scheduled expiration. When a SAR Award is no longer exercisable, it shall be deemed
to have terminated. Upon exercise of a SAR Award, payment to the Participant shall be made at such time or times as shall be provided
in the Award Agreement in the form of cash, Shares or a combination of cash and Shares as determined by the Committee. The Award Agreement
may provide for a limitation upon the amount or percentage of the total appreciation on which payment (whether in cash and/or Shares)
may be made in the event of the exercise of a SAR Award.

 

9.             Restricted
Stock Awards.

 

(a)           Vesting
and Consideration. Shares subject to a Restricted Stock Award shall be subject to vesting and the lapse of applicable restrictions
based on such conditions or factors and occurring over such period of time as the Committee may determine in its discretion. The Committee
may provide whether any consideration other than Services must be received by the Company or any Affiliate as a condition precedent to
the grant of a Restricted Stock Award, and may correspondingly provide for Company reacquisition or repurchase rights if such additional
consideration has been required and some or all of a Restricted Stock Award does not vest.

 

(b)           Shares
Subject to Restricted Stock Awards. Unvested Shares subject to a Restricted Stock Award shall be evidenced by a book-entry in the
name of the Participant with the Company’s transfer agent or by one or more Stock certificates issued in the name of the Participant.
Any such Stock certificate shall be deposited with the Company or its designee, together with an assignment separate from the certificate,
in blank, signed by the Participant, and bear an appropriate legend referring to the restricted nature of the Restricted Stock evidenced
thereby. Any book-entry shall be subject to comparable restrictions and corresponding stop transfer instructions. Upon the vesting of
Shares of Restricted Stock, and the Company’s determination that any necessary conditions precedent to the release of vested Shares
(such as satisfaction of tax withholding obligations and compliance with applicable legal requirements) have been satisfied, such vested
Shares shall be made available to the Participant in such manner as may be prescribed or permitted by the Committee. Except as otherwise
provided in the Plan or an applicable Award Agreement, a Participant with a Restricted Stock Award shall have all the rights of a shareholder,
including the right to vote the Shares of Restricted Stock.

 

10.          Stock
Unit Awards.

 

(a)            Vesting
and Consideration. A Stock Unit Award shall be subject to vesting and the lapse of applicable restrictions based on such conditions
or factors and occurring over such period of time as the Committee may determine in its discretion. If vesting of a Stock Unit Award is
conditioned on the achievement of specified performance goals, the extent to which they are achieved over the specified performance period
shall determine the number of Stock Units that will be earned and eligible to vest, which may be greater or less than the target number
of Stock Units stated in the Award Agreement. The Committee may provide whether any consideration other than Services must be received
by the Company or any Affiliate as a condition precedent to the settlement of a Stock Unit Award.

 

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(b)           Settlement
of Award. Following the vesting of a Stock Unit Award, and the Company’s determination that any necessary conditions precedent
to the settlement of the Award (such as satisfaction of tax withholding obligations and compliance with applicable legal requirements)
have been satisfied, settlement of the Award and payment to the Participant shall be made at such time or times in the form of cash, Shares
(which may themselves be considered Restricted Stock under the Plan) or a combination of cash and Shares as determined by the Committee.

 

11.          Other
Stock-Based Awards. The Committee may from time to time grant Shares and other Awards
that are valued by reference to and/or payable in whole or in part in Shares under the Plan. The Committee shall determine the terms and
conditions of such Awards, which shall be consistent with the terms and purposes of the Plan. The Committee may direct the Company to
issue Shares subject to restrictive legends and/or stop transfer instructions that are consistent with the terms and conditions of the
Award to which the Shares relate.

 

12.          Changes
in Capitalization, Corporate Transactions, Change in Control.

 

(a)           Adjustments
for Changes in Capitalization. In the event of any equity restructuring (within the meaning of FASB ASC Topic 718) that causes the
per share value of Shares to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary
dividend, the Committee shall make such adjustments as it deems equitable and appropriate to (i) the aggregate number and kind of
Shares or other securities issued or reserved for issuance under the Plan, (ii) the number and kind of Shares or other securities
subject to outstanding Awards, (iii) the exercise price of outstanding Options and SARs, and (iv) any maximum limitations prescribed
by the Plan with respect to certain types of Awards or the grants to individuals of certain types of Awards. In the event of any other
change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the Company,
such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee
to prevent dilution or enlargement of rights of Participants.  In either case, any such adjustment shall be conclusive and binding
for all purposes of the Plan.  No adjustment shall be made pursuant to this Section 12(a) in connection with the conversion
of any convertible securities of the Company, or in a manner that would cause Incentive Stock Options to violate Section 422(b) of
the Code or cause an Award to be subject to adverse tax consequences under Section 409A of the Code.

 

(b)          Corporate
Transactions. Unless otherwise provided in an applicable Award Agreement or another written agreement between a Participant and the
Company, the following provisions shall apply to outstanding Awards in the event of a Change in Control that involves a Corporate Transaction.

 

(1)            Continuation,
Assumption or Replacement of Awards. In the event of a Corporate Transaction, then the surviving or successor entity (or its Parent)
may continue, assume or replace Awards outstanding as of the date of the Corporate Transaction (with such adjustments as may be required
or permitted by Section 12(a)), and such Awards or replacements therefor shall remain outstanding and be governed by their respective
terms, subject to Section 12(b)(4) below. A surviving or successor entity may elect to continue, assume or replace only some
Awards or portions of Awards. For purposes of this Section 12(b)(1), an Award shall be considered assumed or replaced if, in connection
with the Corporate Transaction and in a manner consistent with Code Section 409A (and Code Section 424 if the Award is an ISO),
either (i) the contractual obligations represented by the Award are expressly assumed by the surviving or successor entity (or its
Parent) with appropriate adjustments to the number and type of securities subject to the Award and the exercise price thereof that preserves
the intrinsic value of the Award existing at the time of the Corporate Transaction, or (ii) the Participant has received a comparable
award that preserves the intrinsic value of the Award existing at the time of the Corporate Transaction and contains terms and conditions
that are substantially similar to those of the Award.

 

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(2)            Acceleration.
If and to the extent that outstanding Awards under the Plan are not continued, assumed or replaced in connection with a Corporate Transaction,
then (i) all outstanding Option and SAR Awards shall become fully vested and exercisable for such period of time prior to the effective
time of the Corporate Transaction as is deemed fair and equitable by the Committee, and shall terminate at the effective time of the Corporate
Transaction, and (ii) all outstanding Awards (other than Options and SAR Awards) shall fully vest immediately prior to the effective
time of the Corporate Transaction, and (iii) to the extent vesting of any Award is subject to satisfaction of specified performance
goals, such Award shall be deemed “fully vested” for purposes of this Section 12(b)(2) if the performance goals
are deemed to have been satisfied at the target level of performance and the vested portion of the Award at that level of performance
is proportionate to the portion of the performance period that has elapsed as of the effective time of the Corporate Transaction. The
Committee shall provide written notice of the period of accelerated exercisability of Option and SAR Awards to all affected Participants.
The exercise of any Option or SAR Award whose exercisability is accelerated as provided in this Section 12(b)(2) shall be conditioned
upon the consummation of the Corporate Transaction and shall be effective only immediately before such consummation.

 

(3)           Payment
for Awards. If and to the extent that outstanding Awards under the Plan are not continued, assumed or replaced in connection with
a Corporate Transaction, then the Committee may provide that some or all of such outstanding Awards shall be canceled at or immediately
prior to the effective time of the Corporate Transaction in exchange for payments to the holders as provided in this Section 12(b)(3).
The Committee will not be required to treat all Awards similarly for purposes of this Section 12(b)(3). The payment for any Award
canceled shall be in an amount equal to the difference, if any, between (i) the fair market value (as determined in good faith by
the Committee) of the consideration that would otherwise be received in the Corporate Transaction for the number of Shares subject to
the Award, and (ii) the aggregate exercise price (if any) for the Shares subject to such Award. If the amount determined pursuant
to the preceding sentence is not a positive number with respect to any Award, such Award may be canceled pursuant to this Section 12(b)(3) without
payment of any kind to the affected Participant. With respect to an Award whose vesting is subject to the satisfaction of specified performance
goals, the number of Shares subject to such an Award for purposes of this Section 12(b)(3) shall be the number of Shares as
to which the Award would have been deemed “fully vested” for purposes of Section 12(b)(2). Payment of any amount under
this Section 12(b)(3) shall be made in such form, on such terms and subject to such conditions as the Committee determines in
its discretion, which may or may not be the same as the form, terms and conditions applicable to payments to the Company’s shareholders
in connection with the Corporate Transaction, and may, in the Committee’s discretion, include subjecting such payments to vesting
conditions comparable to those of the Award canceled, subjecting such payments to escrow or holdback terms comparable to those imposed
upon the Company’s shareholders under the Corporate Transaction, or calculating and paying the present value of payments that would
otherwise be subject to escrow or holdback terms.

 

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(4)            Termination
after a Corporate Transaction. If and to the extent that Awards are continued, assumed or replaced under the circumstances described
in Section 12(b)(1), and if within twenty-four months after the Corporate Transaction a Participant experiences an involuntary termination
of Service for reasons other than Cause, then (i) outstanding Option and SAR Awards issued to the Participant that are not yet fully
exercisable shall immediately become exercisable in full and shall remain exercisable for one year following the Participant’s termination
of employment, and (ii) any equity-based awards other than Options and SAR Awards that are not yet fully vested shall immediately
vest in full (with vesting in full for a performance-based award determined as provided in Section 12(b)(2), except that the proportionate
vesting amount will be determined with respect to the portion of the performance period during which the Participant was a Service Provider).

 

(c)            Other
Change in Control. In the event of a Change in Control that does not involve a Corporate Transaction, the Committee may, in its discretion,
take such action as it deems appropriate with respect to outstanding Awards, which may include: (i)  providing for the cancellation
of any Award in exchange for payments in a manner similar to that provided in Section 12(b)(3) or (ii) making such adjustments
to the Awards then outstanding as the Committee deems appropriate to reflect such Change in Control, which may include the acceleration
of vesting in full or in part. The Committee will not be required to treat all Awards similarly in such circumstances, and may include
such further provisions and limitations in any Award Agreement as it may deem equitable and in the best interests of the Company.

 

(d)           Dissolution
or Liquidation. Unless otherwise provided in an applicable Award Agreement, in the event of a proposed dissolution or liquidation
of the Company, an Award will terminate immediately prior to the consummation of such proposed action.

 

(e)           Parachute
Payment Limitation.

 

(1)            Notwithstanding
any other provision of this Plan or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided
or to be provided by the Company or its Affiliates to a Participant or for the Participant’s benefit pursuant to the terms of this
Plan or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning
of Section 280G of the Code, and would, but for this Section 12(e) be subject to the excise tax imposed under Section 4999
of the Code (or any successor provision thereto) or any similar tax imposed by state or local law and any interest or penalties with respect
to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be payable either (i) in full or (ii) reduced
to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax, whichever of the foregoing
clauses (i) or (ii) results in the Participant’s receipt on an after-tax basis of the greatest amount of payments and
benefits after taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the
Excise Tax).

 

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(2)            Any
such reduction shall be made in accordance with Section 409A of the Code and the following: (i) the Covered Payments which do
not constitute deferred compensation subject to Section 409A of the Code shall be reduced first, and (ii) Covered Payments that
are cash payments shall be reduced before non-cash payments, and Covered Payments to be made on a later payment date shall be reduced
before payments to be made on an earlier payment date.

 

(3)            If,
notwithstanding the initial application of this Section 12(e), the Internal Revenue Service determines that any Covered Payment constitutes
an “excess parachute payment” (as defined by Section 280G(b) of the Code), this Section 12(e) will be
reapplied based on the Internal Revenue Service’s determination, and the Participant will be required to promptly repay the portion
of the Covered Payments required to avoid imposition of the Excise Tax together with interest at the applicable federal rate (as defined
in Section 7872(f)(2)(A) of the Code) from the date of the Participant’s receipt of the excess payments until the date
of repayment).

 

(4)            Any
determination required under this Section 12(e) shall be made in writing in good faith by the accounting firm which was the
Company’s independent auditor immediately before the Change in Control (the “Accountants”), which shall provide detailed
supporting calculations to the Company and the Participant as requested by the Company or the Participant. The Company and the Participant
shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a determination
under this Section 12(e). The Company shall be responsible for all fees and expenses of the Accountants.

 

13.           Plan
Participation and Service Provider Status. Status as a Service Provider shall not be
construed as a commitment that any Award will be made under the Plan to that Service Provider or to eligible Service Providers generally.
Nothing in the Plan or in any Award Agreement or related documents shall confer upon any Service Provider or Participant any right to
continued Service with the Company or any Affiliate, nor shall it interfere with or limit in any way any right of the Company or any
Affiliate to terminate the person’s Service at any time with or without Cause or change such person’s compensation, other
benefits, job responsibilities or title.

 

14.           Tax
Withholding. The Company or any Affiliate, as applicable, shall have the right to (i) withhold
from any cash payment under the Plan or any other compensation owed to a Participant an amount sufficient to cover any required withholding
taxes related to the grant, vesting, exercise or settlement of an Award, and (ii) require a Participant or other person receiving
Shares under the Plan to pay a cash amount sufficient to cover any required withholding taxes before actual receipt of those Shares. In
lieu of all or any part of a cash payment from a person receiving Shares under the Plan, the Committee may permit the Participant to satisfy
all or any part of the required tax withholding obligations (but not to exceed the maximum individual statutory tax rate in each applicable
jurisdiction) by authorizing the Company to withhold a number of the Shares that would otherwise be delivered to the Participant pursuant
to the Award, or by transferring to the Company Shares already owned by the Participant, with the Shares so withheld or delivered having
a Fair Market Value on the date the taxes are required to be withheld equal to the amount of taxes to be withheld.

 

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15.          Effective
Date, Duration, Amendment and Termination of the Plan.

 

(a)           Effective
Date. The Plan was adopted by the Board on September 28, 2021 and approved by the Company’s shareholders on September 28,
2021 (the “Effective Date”).

 

(b)          Duration
of the Plan. The Plan shall remain in effect until all Shares subject to it are distributed, all Awards have expired or terminated,
the Plan is terminated pursuant to Section 15(c), or the tenth anniversary of the Effective Date of the Plan, whichever occurs first
(the “Termination Date”). Awards made before the Termination Date shall continue to be outstanding in accordance with their
terms and the terms of the Plan unless otherwise provided in the applicable Award Agreements.

 

(c)           Amendment
and Termination of the Plan. The Board may at any time terminate, suspend or amend the Plan. The Company shall submit any amendment
of the Plan to its shareholders for approval only to the extent required by applicable laws or regulations or the rules of any securities
exchange on which the Shares may then be listed. No termination, suspension, or amendment of the Plan may materially impair the rights
of any Participant under a previously granted Award without the Participant’s consent, unless such action is necessary to comply
with applicable law or stock exchange rules.

 

(d)           Amendment
of Awards. Subject to Section 15(e), the Committee may unilaterally amend the terms of any Award Agreement evidencing an Award
previously granted, except that no such amendment may materially impair the rights of any Participant under the applicable Award without
the Participant’s consent, unless such amendment is necessary to comply with applicable law or stock exchange rules or any
compensation recovery policy as provided in Section 16(i).

 

(e)           No
Option or SAR Repricing. Except as provided in Section 12(a), no Option or Stock Appreciation Right Award granted under the Plan
may be (i) amended to decrease the exercise price thereof, (ii) cancelled in conjunction with the grant of any new Option or
Stock Appreciation Right Award with a lower exercise price, (iii) cancelled in exchange for cash, other property or the grant of
any Full Value Award at a time when the per share exercise price of the Option or Stock Appreciation Right Award is greater than the current
Fair Market Value of a Share, or (iv) otherwise subject to any action that would be treated under accounting rules as a “repricing”
of such Option or Stock Appreciation Right Award, unless such action is first approved by the Company’s shareholders.

 

16.             Other
Provisions.

 

(a)             Unfunded
Plan. The Plan shall be unfunded and the Company shall not be required to segregate any assets that may at any time be represented
by Awards under the Plan. Neither the Company, its Affiliates, the Committee, nor the Board shall be deemed to be a trustee of any amounts
to be paid under the Plan nor shall anything contained in the Plan or any action taken pursuant to its provisions create or be construed
to create a fiduciary relationship between the Company and/or its Affiliates, and a Participant. To the extent any person has or acquires
a right to receive a payment in connection with an Award under the Plan, this right shall be no greater than the right of an unsecured
general creditor of the Company.

 

(b)             Limits
of Liability. Except as may be required by law, neither the Company nor any member of the Board or of the Committee, nor any other
person participating (including participation pursuant to a delegation of authority under Section 3(c) of the Plan) in any determination
of any question under the Plan, or in the interpretation, administration or application of the Plan, shall have any liability to any party
for any action taken, or not taken, in good faith under the Plan.

 

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(c)           Compliance
with Applicable Legal Requirements and Company Policies. No Shares distributable pursuant to the Plan shall be issued and delivered
unless and until the issuance of the Shares complies with all applicable legal requirements, including compliance with the provisions
of applicable state and federal securities laws, and the requirements of any securities exchanges on which the Company’s Shares
may, at the time, be listed. During any period in which the offering and issuance of Shares under the Plan is not registered under federal
or state securities laws, Participants shall acknowledge that they are acquiring Shares under the Plan for investment purposes and not
for resale, and that Shares may not be transferred except pursuant to an effective registration statement under, or an exemption from
the registration requirements of, such securities laws.  Any stock certificate or book-entry evidencing Shares issued under the Plan
that are subject to securities law restrictions shall bear or be accompanied by an appropriate restrictive legend or stop transfer instruction.
Notwithstanding any other provision of this Plan, the acquisition, holding or disposition of Shares acquired pursuant to the Plan shall
in all events be subject to compliance with applicable Company policies, including those relating to insider trading, pledging or hedging
transactions, minimum post-vesting holding periods and stock ownership guidelines, and to forfeiture or recovery of compensation as provided
in Section 16(i).

 

(d)           Other
Benefit and Compensation Programs. Payments and other benefits received by a Participant under an Award made pursuant to the Plan
shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of the termination, indemnity or severance
pay laws of any country and shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit
plan, contract or similar arrangement provided by the Company or an Affiliate unless expressly so provided by such other plan, contract
or arrangement, or unless the Committee expressly determines that an Award or portion of an Award should be included to accurately reflect
competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive cash compensation.

 

(e)           Governing
Law. To the extent that federal laws do not otherwise control, the Plan and all determinations made and actions taken pursuant to
the Plan shall be governed by the laws of the Cayman Islands without regard to its conflicts-of-law principles and shall be construed
accordingly.

 

(f)            Severability.
If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining
parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 

(g)           Code
Section 409A. It is intended that (i) all Awards of Options, SARs and Restricted Stock under the Plan will not provide for
the deferral of compensation within the meaning of Code Section 409A and thereby be exempt from Code Section 409A, and (ii) all
other Awards under the Plan will either not provide for the deferral of compensation within the meaning of Code Section 409A, or
will comply with the requirements of Code Section 409A, and Awards shall be structured and the Plan administered and interpreted
in accordance with this intent. The Plan and any Award Agreement may be unilaterally amended by the Company in any manner deemed necessary
or advisable by the Committee or Board in order to maintain such exemption from or compliance with Code Section 409A, and any such
amendment shall conclusively be presumed to be necessary to comply with applicable law. Notwithstanding anything to the contrary in the
Plan or any Award agreement, with respect to any Award that constitutes a deferral of compensation subject to Code Section 409A:

 

    19

     

    

 

(1)           If
any amount is payable under such Award upon a termination of Service, a termination of Service will be deemed to have occurred only at
such time as the Participant has experienced a “separation from service” as such term is defined for purposes of Code Section 409A;

 

(2)            If
any amount shall be payable with respect to any such Award as a result of a Participant’s “separation from service”
at such time as the Participant is a “specified employee” within the meaning of Code Section 409A, then no payment shall
be made, except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that
is six months after the Participant’s separation from service or (ii) the Participant’s death. Unless the Committee has
adopted a specified employee identification policy as contemplated by Code Section 409A, specified employees will be identified in
accordance with the default provisions specified under Code Section 409A.

 

None of the Company, the Board, the Committee
nor any other person involved with the administration of this Plan shall (i) in any way be responsible for ensuring the exemption
of any Award from, or compliance by any Award with, the requirements of Code Section 409A, (ii) have any obligation to design
or administer the Plan or Awards granted thereunder in a manner that minimizes a Participant’s tax liabilities, including the avoidance
of any additional tax liabilities under Code Section 409A, and (iii) shall have any liability to any Participant for any such
tax liabilities.

 

(h)             Rule 16b-3.
It is intended that the Plan and all Awards granted pursuant to it shall be administered by the Committee so as to permit the Plan and
Awards to comply with Exchange Act Rule 16b-3. If any provision of the Plan or of any Award would otherwise frustrate or conflict
with the intent expressed in this Section 16(h), that provision to the extent possible shall be interpreted and deemed amended in
the manner determined by the Committee so as to avoid the conflict. To the extent of any remaining irreconcilable conflict with this intent,
the provision shall be deemed void as applied to Participants subject to Section 16 of the Exchange Act to the extent permitted by
law and in the manner deemed advisable by the Committee.

 

(i)             Forfeiture
and Compensation Recovery. Notwithstanding anything to the contrary contained herein, unless otherwise determined by the Committee
or provided in an Award Agreement, all Awards granted under the Plan shall be and remain subject to any incentive compensation or clawback
or recoupment policy currently in effect, as may be adopted by the Board or as may be required by applicable law, and, in each case, as
may be amended from time to time. No such policy, adoption or amendment shall in any event required the prior consent of any Participant,
and any Award Agreement may be unilaterally amended by the Committee to comply with any such compensation, clawback or recoupment policy.
No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason”
or “constructive termination” (or similar term) under any agreement with the Company or any of its Subsidiaries.

 

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

 

    21

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