Document:

Exhibit 10.1

 

	 		 
	 	Save
    Foods, Inc.	 
	 	2022
    Share Incentive Plan	 
	 	 	 

 

Unless
otherwise defined, terms used herein shall have the meaning ascribed to them in Section 2 hereof.

 

1. PURPOSE; TYPES OF AWARDS; CONSTRUCTION.

 

1.1.
Purpose. The purpose of this 2022 Share Incentive Plan (as amended, this “Plan”) is to afford an incentive
to Service Providers of Save Foods, Inc., a Delaware registered company (together with any successor corporation thereto, the “Corporation”),
or any Affiliate of the Corporation, which now exists or hereafter is organized or acquired by the Corporation or its Affiliates, to
continue as Service Providers, to increase their efforts on behalf of the Corporation or its Affiliates and to promote the success of
the Corporation’s business, by providing such Service Providers with opportunities to acquire a proprietary interest in the Corporation
by the issuance of Shares or restricted Shares (“Restricted Shares”) of the Corporation, and by the grant of options
to purchase Shares (“Options”), Restricted Share Units (“RSUs”) and other Share-based Awards pursuant
to Sections ‎11 through ‎13 of this Plan.

 

1.2.
Types of Awards. This Plan is intended to enable the Corporation to issue Awards under various tax regimes, including:

 

(i)
pursuant and subject to the provisions of Section 102 of the Ordinance (or the corresponding provision of any subsequently enacted statute,
as amended from time to time), and all regulations and interpretations adopted by any competent authority, including the Israel Tax Authority
(the “ITA”), including the Income Tax Rules (Tax Benefits in Stock Issuance to Employees) 5763-2003 or such other
rules so adopted from time to time (the “Rules”) (such Awards that are intended to be (as set forth in the Award Agreement)
and which qualify as such under Section 102 of the Ordinance and the Rules, “102 Awards”);

 

(ii)
pursuant to Section 3(i) of the Ordinance or the corresponding provision of any subsequently enacted statute, as amended from time to
time (such Awards, “3(i) Awards”);

 

(iii)
Incentive Stock Options within the meaning of Section 422 of the Code, or the corresponding provision of any subsequently enacted United
States federal tax statute, as amended from time to time, to be granted to Employees who are deemed to be residents of the United States,
for purposes of taxation, or are otherwise subject to U.S. Federal income tax (such Awards that are intended to be (as set forth in the
Award Agreement) and which qualify as an incentive stock option within the meaning of Section 422(b) of the Code, “Incentive
Stock Options”); and

 

(iv)
Options not intended to be (as set forth in the Award Agreement) or which do not qualify as an Incentive Stock Option to be granted to
Service Providers who are deemed to be residents of the United States for purposes of taxation, or are otherwise subject to U.S. Federal
income tax (“Nonqualified Stock Options”).

 

In
addition to the issuance of Awards under the relevant tax regimes in the United States of America and the State of Israel, and without
derogating from the generality of Section ‎25, this Plan contemplates issuances to Grantees in other jurisdictions or under other
tax regimes with respect to which the Committee is empowered, but is not required, to make the requisite adjustments in this Plan and
set forth the relevant conditions in an appendix to this Plan or in the Corporation’s agreement with the Grantee in order to comply
with the requirements of such other tax regimes.

 

    	 

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1.3.
Corporation Status. This Plan contemplates the issuance of Awards by the Corporation, both as a private and public company.

 

1.4.
Construction. To the extent any provision herein conflicts with the conditions of any relevant tax law, rule or regulation which
are relied upon for tax relief in respect of a particular Award to a Grantee, the Committee is empowered, but is not required, hereunder
to determine that the provisions of such law, rule or regulation shall prevail over those of this Plan and to interpret and enforce such
prevailing provisions. With respect to 102 Awards, if and to the extent any action or the exercise or application of any provision hereof
or authority granted hereby is conditioned or subject to obtaining a ruling or tax determination from the ITA, to the extent required
by applicable law, then the taking of any such action or the exercise or application of such section or authority with respect to 102
Awards shall be conditioned upon obtaining such ruling or tax determination, and, if obtained, shall be subject to any condition set
forth therein; it being clarified that there is no obligation to apply for any such ruling or tax determination (which shall be in the
sole discretion of the Committee) and no assurance is made that if applied any such ruling or tax determination will be obtained (or
the conditions thereof).

 

2. DEFINITIONS.

 

2.1.
Terms Generally. Except when otherwise indicated by the context, (i) the singular shall include the plural and the plural shall
include the singular; (ii) any pronoun shall include the corresponding masculine, feminine and neuter forms; (iii) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other
document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments,
restatements, supplements or modifications set forth therein or herein), (iv) references to any law, constitution, statute, treaty, regulation,
rule or ordinance, including any section or other part thereof shall refer to it as amended from time to time and shall include any successor
thereof, (v) reference to a “company” or “entity” shall include a, partnership, corporation, limited liability
company, association, trust, unincorporated organization, or a government or agency or political subdivision thereof, and reference to
a “person” shall mean any of the foregoing or an individual, (vi) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Plan in its entirety, and not to any particular
provision hereof, (vii) all references herein to Sections shall be construed to refer to Sections to this Plan; (viii) the words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”; and
(ix) use of the term “or” is not intended to be exclusive.

 

2.2.
Defined Terms. The following terms shall have the meanings ascribed to them in this Section 2:

 

2.3.
“Affiliate” shall mean, with respect to any person, any other person that, directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, such person (with the term “control” or “controlled
by” within the meaning of Rule 405 of Regulation C under the Securities Act), including, without limitation, any Parent or Subsidiary,
or Employer.

 

2.4.
“Applicable Law” shall mean any applicable law, rule, regulation, statute, pronouncement, policy, interpretation,
judgment, order or decree of any federal, provincial, state or local governmental, regulatory or adjudicative authority or agency, of
any jurisdiction, and the rules and regulations of any stock exchange, over-the-counter market or trading system on which the Corporation’s
shares are then traded or listed.

 

2.5.
“Award” shall mean any Option, Restricted Share, RSUs, Shares or any other Share-based award granted under this Plan.

 

    	 

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

 

2.7.
“Bylaws” – shall mean Save Foods, Inc.’s by-laws.

 

2.8.
“Change in Board Event” shall mean any time at which individuals who, as of the Effective Date, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however,
that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Corporation’s
shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered
as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.

 

2.9.
“Charter”- shall mean Save Foods, Inc.’s Certificate of Incorporation.

 

2.10.
“Code” shall mean the United States Internal Revenue Code of 1986, and any applicable regulations promulgated thereunder,
all as amended.

 

2.11.
“Committee” shall mean a committee established or appointed by the Board to administer this Plan, subject to Section
‎3.1.

 

2.12.
“Controlling Shareholder” shall have the meaning set forth in Section 32(9) of the Ordinance.

 

2.13.
“Disability” shall mean (i) the inability of a Grantee to engage in any substantial gainful activity or to perform
the major duties of the Grantee’s position with the Corporation or its Affiliates by reason of any medically determinable physical
or mental impairment which has lasted or can be expected to last for a continuous period of not less than 12 months (or such other period
as determined by the Committee), as determined by a qualified doctor acceptable to the Corporation, (ii) if applicable, a “permanent
and total disability” as defined in Section 22(e)(3) of the Code or Section 409A(a)(2)(c)(i) of the Code, as amended from time
to time, or (iii) as defined in a policy of the Corporation that the Committee deems applicable to this Plan, or that makes reference
to this Plan, for purposes of this definition. Notwithstanding the foregoing, for Awards that are subject to Section 409A of the Code,
Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.

 

2.14.
“Employee” shall mean any person treated as an employee (including an officer or a director who is also treated as
an employee) in the records of the Corporation or any of its Affiliates (and in the case of 102 Awards, subject to Section ‎9.3 or
in the case of Incentive Stock Options, who is an employee for purposes of Section 422 of the Code); provided, however, that neither
service as a director nor payment of a director’s fee shall be sufficient to constitute employment for purposes of this Plan. The
Corporation shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be
an Employee and the effective date of such individual’s employment or termination of employment, as the case may be. For purposes
of a person’s rights, if any, under this Plan as of the time of the Corporation’s determination, all such determinations
by the Corporation shall be final, binding and conclusive, notwithstanding that the Corporation or any court of law or governmental agency
subsequently makes a contrary determination.

 

2.15.
“Employer” means, for purpose of a 102 Trustee Award, the Corporation or an Affiliate, Subsidiary or Parent thereof,
which is an “employing company” within the meaning and subject to the conditions of Section 102(a) of the Ordinance.

 

    	 

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2.16.
“employment”, “employed” and words of similar import shall be deemed to refer to the employment
of Employees or to the services of any other Service Provider, as the case may be.

 

2.17.
“exercise” “exercised” and words of similar import, when referring to an Award that does not require
exercise or that is settled upon vesting (such as may be the case with RSUs or Restricted Shares, if so determined in their terms), shall
be deemed to refer to the vesting of such an Award (regardless of whether or not the wording included reference to vesting of such an
Awards explicitly).

 

2.18.
“Exercise Period” shall mean the period, commencing on the date of grant of an Award, during which an Award shall
be exercisable, subject to any vesting provisions thereof (including any acceleration thereof, if any) and subject to the termination
provisions hereof.

 

2.19.
“Exercise Price” shall mean the exercise price for each Share covered by an Option or the purchase price for each
Share covered by any other Award.

 

2.20.
“Fair Market Value” shall mean, as of any date, the value of a Share or other securities, property or rights as determined
by the Board, in its discretion, subject to the following: (i) if, on such date, the Shares are listed on any securities exchange, the
average closing sales price per Share on which the Shares are principally traded over the thirty (30) day calendar period preceding the
subject date (utilizing all trading days during such 30 calendar day period), as reported in The Wall Street Journal or such other source
as the Corporation deems reliable; (ii) if, on such date, the Shares are then quoted in an over-the-counter market, the average of the
closing bid and asked prices for the Shares in that market during the thirty (30) day calendar period preceding the subject date (utilizing
all trading days during such 30 calendar day period), as reported in The Wall Street Journal or such other source as the Corporation
deems reliable; or (iii) if, on such date, the Shares are not then listed on a securities exchange or quoted in an over-the-counter market,
or in case of any other securities, property or rights, such value as the Committee, in its sole discretion, shall determine, with full
authority to determine the method for making such determination and which determination shall be conclusive and binding on all parties,
and shall be made after such consultations with outside legal, accounting and other experts as the Committee may deem advisable; provided,
however, that, if applicable, the Fair Market Value of the Shares shall be determined in a manner that is intended to satisfy the applicable
requirements of and subject to Section 409A of the Code, and with respect to Incentive Stock Options, in a manner that is intended to
satisfy the applicable requirements of and subject to Section 422 of the Code, subject to Section 422(c)(7) of the Code. The Committee
shall maintain a written record of its method of determining such value. If the Shares are listed or quoted on more than one established
stock exchange or over-the-counter market, the Committee shall determine the principal such exchange or market and utilize the price
of the Shares on that exchange or market (determined as per the method described in clauses (i) or (ii) above, as applicable) for the
purpose of determining Fair Market Value.

 

2.21.
“Grantee” shall mean a person who has been granted an Award(s) under this Plan.

 

2.22.
“Ordinance” shall mean the Israeli Income Tax Ordinance (New Version) 1961, and the regulations and rules (including
the Rules) promulgated thereunder, all as amended from time to time.

 

    	 

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2.23.
“Parent” shall mean any company (other than the Corporation), which now exists or is hereafter organized, (i) in an
unbroken chain of companies ending with the Corporation if, at the time of granting an Award, each of the companies (other than the Corporation)
owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other companies
in such chain, or (ii) if applicable and for purposes of Incentive Stock Options, that is a “parent corporation” of the Corporation,
as defined in Section 424(e) of the Code.

 

2.24.
“Retirement” shall mean a Grantee’s retirement pursuant to Applicable Law or in accordance with the terms of
any tax-qualified retirement plan maintained by the Corporation or any of its Affiliates in which the Grantee participates or is subject
to.

 

2.25.
“Securities Act” shall mean the U.S. Securities Act of 1933, and the rules and regulations promulgated thereunder,
all as amended from time to time.

 

2.26.
“Service Provider” shall mean an Employee, director, officer, consultant, advisor and any other person or entity who
provides services to the Corporation or any Parent, Subsidiary or Affiliate thereof. Service Providers shall include prospective Service
Providers to whom Awards are granted in connection with written offers of an employment or other service relationship with the Corporation
or any Parent, Subsidiary or any Affiliates thereof, provided, however, that such employment or service shall have actually commenced.

 

“Shares”
shall mean shares of common stock, par value US$0.001 per share, of the Corporation (as adjusted for stock split, reverse stock split,
bonus shares, combination or other recapitalization events), or shares of such other class of shares of the Corporation as shall be designated
by the Board in respect of the relevant Award(s). “Shares” include any securities, property or rights issued or distributed
with respect thereto.

 

2.27.
“Subsidiary” shall mean any company (other than the Corporation), which now exists or is hereafter organized or acquired
by the Corporation, (i) in an unbroken chain of companies beginning with the Corporation if, at the time of granting an Award, each of
the companies other than the last company in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other companies in such chain, or (ii) if applicable and for purposes of Incentive
Stock Options, that is a “subsidiary corporation” of the Corporation, as defined in Section 424(f) of the Code.

 

2.28.
“tax(es)” shall mean (a) all federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments,
including all income, capital gains, alternative or add-on minimum, transfer, value added tax, real and personal property, withholding,
payroll, employment, escheat, social security, disability, national security, health tax, wealth surtax, stamp, registration and estimated
taxes, customs duties, fees, assessments and charges of any similar kind whatsoever (including under Section 280G of the Code) or other
tax of any kind whatsoever, (b) all interest, indexation differentials, penalties, fines, additions to tax or additional amounts imposed
by any taxing authority in connection with any item described in clause (a), (c) any transferee or successor liability in respect of
any items described in clauses (a) or (b) payable by reason of contract, assumption, transferee liability, successor liability, operation
of Applicable Law, or as a result of any express or implied obligation to assume Taxes or to indemnify any other person, and (d) any
liability for the payment of any amounts of the type described in clause (a) or (b) payable as a result of being a member of an affiliated,
consolidated, combined, unitary or aggregate or other group for any taxable period, including under U.S. Treasury Regulations Section
1.1502-6(a) (or any predecessor or successor thereof of any analogous or similar provision under Law) or otherwise.

 

    	 

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2.29.
“Ten Percent Shareholder” shall mean a Grantee who, at the time an Award is granted to the Grantee, owns shares possessing
more than ten percent (10%) of the total combined voting power of all classes of shares of the Corporation or any Parent or Subsidiary,
within the meaning of Section 422(b)(6) of the Code.

 

2.30.
“Trustee” shall mean the trustee appointed by the Committee to hold the Awards (and, in relation with 102 Trustee
Awards, approved by the ITA), if so appointed.

 

2.31.
Other Defined Terms. The following terms shall have the meanings ascribed to them in the Sections set forth below:

 

	Term	 	Section
	102 Awards	 	‎1.2‎(i)
	102 Capital Gains Track
    Awards	 	‎9.1
	102 Non-Trustee Awards	 	‎9.2
	102 Ordinary Income Track
    Awards	 	‎9.1
	102 Trustee Awards	 	‎9.1
	3(i) Awards	 	‎1.2‎(ii)
	Award Agreement	 	‎6
	Cause	 	‎6.6.4.4
	Corporation	 	‎1.1
	Effective Date	 	‎24.1
	Election	 	‎9.2
	Eligible 102 Grantees	 	‎9.3.1
	Incentive Stock Options	 	‎1.2(iii) 
	Information	 	‎16.4
	ITA	 	‎‎‎1.2‎(i)
    
	Market Stand-Off	 	‎17
	Market Stand-Off Period	 	‎17
	Merger/Sale	 	‎14.2
	Nonqualified Stock Options	 	‎1.2‎(iv)
	Plan	 	‎1.1
	Pool	 	‎5.1
	Recapitalization	 	‎14.1
	Required Holding Period	 	‎9.5
	Restricted Period	 	‎11.2
	Restricted Share Agreement	 	‎11
	Restricted Share Unit Agreement	 	‎12
	Restricted Shares	 	‎1.1
	RSUs	 	‎1.1
	Rules	 	‎‎1.2‎(i)
	Securities	 	‎17.1
	Successor Corporation	 	‎14.2.1
	Withholding Obligations	 	‎18.5

 

    	 

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3. ADMINISTRATION.

 

3.1.
To the extent permitted under Applicable Law, the Charter, the Bylaws and any other governing document of the Corporation, this Plan
shall be administered by the Committee. In the event that the Board does not appoint or establish a committee to administer this Plan,
this Plan shall be administered by the Board, and, accordingly, any and all references herein to the Committee shall be construed as
references to the Board. In the event that an action necessary for the administration of this Plan is required under Applicable Law to
be taken by the Board without the right of delegation, or if such action or power was explicitly reserved by the Board in appointing,
establishing and empowering the Committee, then such action shall be so taken by the Board. In any such event, all references herein
to the Committee shall be construed as references to the Board. Even if such a Committee was appointed or established, the Board may
take any actions that are stated to be vested in the Committee, and shall not be restricted or limited from exercising all rights, powers
and authorities under this Plan or Applicable Law.

 

3.2.
The Board shall appoint the members of the Committee, may from time to time remove members from, or add members to, the Committee, and
shall fill vacancies in the Committee, however caused, provided that the composition of the Committee shall at all times be in compliance
with any mandatory requirements of Applicable Law, the Charter, the Bylaws and any other governing document of the Corporation. The Committee
may select one of its members as its Chairman and shall hold its meetings at such times and places as it shall determine. The Committee
may appoint a Secretary, who shall keep records of its meetings, and shall make such rules and regulations for the conduct of its business
as it shall deem advisable and subject to mandatory requirements of Applicable Law.

 

3.3.
Subject to the terms and conditions of this Plan, any mandatory provisions of Applicable Law and any provisions of any Corporation policy
required under mandatory provisions of Applicable Law, and in addition to the Committee’s powers contained elsewhere in this Plan,
the Committee shall have full authority, in its discretion, from time to time and at any time, to determine any of the following, or
to recommend to the Board any of the following if it is not authorized to take such action according to Applicable Law:

 

(i)
eligible Grantees,

 

(ii)
grants of Awards and setting the terms and provisions of Award Agreements (which need not be identical) and any other agreements or instruments
under which Awards are made, including the number of Shares underlying each Award and the class of Shares underlying each Award (if more
than one class was designated by the Board),

 

(iii)
the time or times at which Awards shall be granted.

 

(iv)
the terms, conditions and restrictions applicable to each Award (which need not be identical) and any Shares acquired upon the exercise
or (if applicable) vesting thereof, including (1) designating Awards under Section ‎1.2; (2) the vesting schedule, the acceleration
thereof and terms and conditions upon which Awards may be exercised or become vested, (3) the Exercise Price, (4) the method of payment
for Shares purchased upon the exercise or (if applicable) vesting of the Awards, (5) the method for satisfaction of any tax withholding
obligation arising in connection with the Awards or such Shares, including by the withholding or delivery of Shares, (6) the time of
the expiration of the Awards, (7) the effect of the Grantee’s termination of employment with the Corporation or any of its Affiliates,
and (8) all other terms, conditions and restrictions applicable to the Award or the Shares not inconsistent with the terms of this Plan,

 

    	 

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(v)
to accelerate, continue, extend or defer the exercisability of any Award or the vesting thereof, including with respect to the period
following a Grantee’s termination of employment or other service.

 

(vi)
the interpretation of this Plan and any Award Agreement and the meaning, interpretation and applicability of terms referred to in Applicable
Law,

 

(vii)
policies, guidelines, rules and regulations relating to and for carrying out this Plan, and any amendment, supplement or rescission thereof,
as it may deem appropriate,

 

(viii)
to adopt supplements to, or alternative versions of, this Plan, including, without limitation, as it deems necessary or desirable to
comply with the laws of, or to accommodate the tax regime or custom of, foreign jurisdictions whose citizens or residents may be granted
Awards,

 

(ix)
the Fair Market Value of the Shares or other securities, property or rights,

 

(x)
the tax track (capital gains, ordinary income track or any other track available under the Section 102 of the Ordinance) for the purpose
of 102 Awards,

 

(xi)
the authorization and approval of conversion, substitution, cancellation or suspension under and in accordance with this Plan of any
or all Awards or Shares,

 

(xii)
unless otherwise provided under the terms of this Plan, the amendment, modification, waiver or supplement of the terms of any outstanding
Award (including, without limitation, reducing the Exercise Price of an Award), provided, however, that if such amendments
increases the Exercise Price of an Award or reduces the number of Shares underlying an Award, then such amendments shall require the
consent of the applicable Grantee, unless such amendment is made pursuant to the exercise of rights or authorities in accordance with
Section ‎14.

 

(xiii)
without limiting the generality of the foregoing, and subject to the provisions of Applicable Law, to grant to a Grantee, who is the
holder of an outstanding Award, in exchange for the cancellation of such Award, a new Award having an Exercise Price lower than that
provided in the Award so canceled and containing such other terms and conditions as the Committee may prescribe in accordance with the
provisions of this Plan or to set a new Exercise Price for the same Award lower than that previously provided in the Award.

 

(xiv)
to correct any defect, supply any omission or reconcile any inconsistency in this Plan or any Award Agreement and all other determinations
and take such other actions with respect to this Plan or any Award as it may deem advisable to the extent not inconsistent with the provisions
of this Plan or Applicable Law, and

 

(xv)
any other matter which is necessary or desirable for, or incidental to, the administration of this Plan and any Award thereunder.

 

3.4.
The authority granted hereunder includes the authority to modify Awards to eligible individuals who are foreign nationals or are individuals
who are employed outside Israel to recognize differences in local law, tax policy or custom, in order to effectuate the purposes of this
Plan but without amending this Plan.

 

    	 

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3.5.
The Board and the Committee shall be free at all times to make such determinations and take such actions as they deem fit. The Board
and the Committee need not take the same action or determination with respect to all Awards, with respect to certain types of Awards,
with respect to all Service Providers or any certain type of Service Providers and actions and determinations may differ as among the
Grantees, and as between the Grantees and any other holders of securities of the Corporation.

 

3.6.
All decisions, determinations, and interpretations of the Committee, the Board and the Corporation under this Plan shall be final and
binding on all Grantees (whether before or after the issuance of Shares pursuant to Awards), unless otherwise determined by the Committee,
the Board or the Corporation, respectively. The Committee shall have the authority (but not the obligation) to determine the interpretation
and applicability of Applicable Law to any Grantee or any Awards. No member of the Committee or the Board shall be liable to any Grantee
for any action taken or determination made in good faith with respect to this Plan or any Award granted hereunder.

 

3.7.
Any officer or authorized signatory of the Corporation shall have the authority to act on behalf of the Corporation with respect to any
matter, right, obligation, determination or election which is the responsibility of or which is allocated to the Corporation herein,
provided such person has apparent authority with respect to such matter, right, obligation, determination or election. Such person or
authorized signatory shall not be liable to any Grantee for any action taken or determination made in good faith with respect to this
Plan or any Award granted hereunder.

 

4. ELIGIBILITY.

 

Awards
may be granted to Service Providers of the Corporation or any Affiliate thereof, taking into account, at the Committee’s discretion
and without an obligation to do so, the qualification under each tax regime pursuant to which such Awards are granted, subject to the
limitation on the granting of Incentive Stock Options set forth in Section ‎8.1. A person who has been granted an Award hereunder
may be granted additional Awards, if the Committee shall so determine, subject to the limitations herein. However, eligibility in accordance
with this Section ‎4 shall not entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional
Award.

 

Awards
may differ in number of Shares covered thereby, the terms and conditions applying to them or on the Grantees or in any other respect
(including, that there should not be any expectation (and it is hereby disclaimed) that a certain treatment, interpretation or position
granted to one shall be applied to the other, regardless of whether or not the facts or circumstances are the same or similar).

 

5. SHARES.

 

5.1.
The maximum aggregate number of Shares that may be issued pursuant to Awards under this Plan (the “Pool”) shall be
1,000,000 authorized but unissued Shares (except and as adjusted pursuant to Section ‎14.1 of this Plan), or such other number as
the Board may determine from time to time (without the need to amend the Plan in case of such determination). However, except as adjusted
pursuant to Section ‎14.1, in no event shall more than such number of Shares constituting the Pool, as adjusted in accordance with
Section ‎5.2, be available for issuance pursuant to the exercise of Incentive Stock Options.

 

5.2.
Any Shares under the Pool that are not subject to outstanding or exercised Awards at the termination of this Plan shall cease to be reserved
for the purpose of this Plan.

 

    	 

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6. TERMS AND CONDITIONS OF AWARDS.

 

Each
Award granted pursuant to this Plan shall be evidenced by a written or electronic agreement between the Corporation and the Grantee or
a written or electronic notice delivered by the Corporation (the “Award Agreement”), in substantially such form or
forms and containing such terms and conditions, as the Committee shall from time to time approve. The Award Agreement shall comply with
and be subject to the following general terms and conditions and the provisions of this Plan (except for any provisions applying to Awards
under different tax regimes), unless otherwise specifically provided in such Award Agreement, or the terms referred to in other Sections
of this Plan applying to Awards under such applicable tax regimes, or terms prescribed by Applicable Law. Award Agreements need not be
in the same form and may differ in the terms and conditions included therein.

 

6.1.
Number of Shares. Each Award Agreement shall state the number of Shares covered by the Award.

 

6.2.
Type of Award. Each Award Agreement may state the type of Award granted thereunder, provided that the tax treatment of any Award,
whether or not stated in the Award Agreement, shall be as determined in accordance with Applicable Law.

 

6.3.
Exercise Price. Each Award Agreement shall state the Exercise Price, if applicable. Subject to Sections 3, ‎7.2 and ‎8.2
and to the foregoing, the Committee may reduce the Exercise Price of any outstanding Award, on terms and subject to such conditions as
it deems advisable. The Exercise Price shall also be subject to adjustment as provided in Section ‎14 hereof. The Exercise Price
of any outstanding Award granted to a Grantee who is subject to U.S. federal income tax shall be determined in accordance with Section
409A of the Code.

 

6.4.
Manner of Exercise. An Award may be exercised, as to any or all Shares as to which the Award has become exercisable, by written
notice delivered in person or by mail (or such other methods of delivery prescribed by the Corporation) to the Chief Financial Officer
of the Corporation or to such other person as determined by the Committee, or in any other manner as the Committee shall prescribe from
time to time, specifying the number of Shares with respect to which the Award is being exercised (which may be equal to or lower than
the aggregate number of Shares that have become exercisable at such time, subject to the last sentence of this Section), accompanied
by payment of the aggregate Exercise Price for such Shares in the manner specified in the following sentence. The Exercise Price shall
be paid in full with respect to each Share, at the time of exercise, either in (i) cash, (ii) if the Corporation’s shares are listed
for trading on any securities exchange or over-the-counter market, and if the Committee so determines, all or part of the Exercise Price
and any withholding taxes may be paid by the delivery (on a form prescribed by the Corporation) of an irrevocable direction to a securities
broker approved by the Corporation to sell Shares and to deliver all or part of the sales proceeds to the Corporation or the Trustee,
(iii) if the Corporation’s shares are listed for trading on any securities exchange or over-the-counter market, and if the Committee
so determines, all or part of the Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Corporation)
of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Corporation, as security for a loan, and
to deliver all or part of the loan proceeds to the Corporation or the Trustee, or (iv) in such other manner as the Committee shall determine,
which may include procedures for cashless exercise. The application of cashless exercise with respect to any 102 Awards shall be subject
to obtaining a ruling from the ITA, to the extent required by applicable law.

 

    	 

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6.5.
Term and Vesting of Awards.

 

6.5.1.
Each Award Agreement shall provide the vesting schedule for the Award as determined by the Committee. The Committee shall have the authority
to determine the vesting schedule and accelerate the vesting of any outstanding Award at such time and under such circumstances as it,
in its sole discretion, deems appropriate. Unless otherwise resolved by the Committee and stated in the Award Agreement, and subject
to Sections ‎6.6 and ‎6.7 hereof, Awards shall vest and become exercisable under the following schedule: twenty-five percent
(25%) of the Shares covered by the Award, on the first anniversary of the vesting commencement date determined by the Committee (and
in the absence of such determination, of date on which such Award was granted), and six and one-quarter percent (6.25%) of the Shares
covered by the Award at the end of each subsequent three-month period thereafter over the course of the following three (3) years; provided
that the Grantee remains continuously as a Service Provider of the Corporation or its Affiliates throughout such vesting dates.

 

6.5.2.
The Award Agreement may contain performance goals and measurements (which, in case of 102 Trustee Awards, may, if then required, be subject
to obtaining a specific tax ruling or determination from the ITA), and the provisions with respect to any Award need not be the same
as the provisions with respect to any other Award. Such performance goals may include, but are not limited to, sales, earnings before
interest and taxes, return on investment, earnings per share, any combination of the foregoing or rate of growth of any of the foregoing,
as determined by the Committee. The Committee may adjust performance goals pursuant to Awards previously granted to take into account
changes in law and accounting and tax rules and to make such adjustments as the Committee deems necessary or appropriate to reflect the
inclusion or the exclusion of the impact of extraordinary or unusual items, events or circumstances.

 

6.5.3.
The Exercise Period of an Award will be seven years from the date of grant of the Award, unless otherwise determined by the Committee
and stated in the Award Agreement, but subject to the vesting provisions described above and the early termination provisions set forth
in Sections ‎6.6 and ‎6.7 hereof. At the expiration of the Exercise Period, any Award, or any part thereof, that has not been
exercised within the term of the Award and the Shares covered thereby not paid for in accordance with this Plan and the Award Agreement
shall terminate and become null and void, and all interests and rights of the Grantee in and to the same shall expire.

 

6.6.
Termination.

 

6.6.1.
Unless otherwise determined by the Committee, and subject to Section ‎6.7 hereof, an Award may not be exercised unless the Grantee
is then a Service Provider of the Corporation or an Affiliate thereof or, in the case of an Incentive Stock Option, an employee of a
company or a parent or subsidiary company of such company issuing or assuming the Option in a transaction to which Section 424(a) of
the Code applies, and unless the Grantee has remained continuously so employed since the date of grant of the Award and throughout the
vesting dates.

 

    	 

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6.6.2.
In the event that the employment or service of a Grantee shall terminate (other than by reason of death, Disability or Retirement), all
Awards of such Grantee that are unvested at the time of such termination shall terminate on the date of such termination, and all Awards
of such Grantee that are vested and exercisable at the time of such termination may be exercised within up to three (3) months after
the date of such termination (or such different period as the Committee shall prescribe), but in any event no later than the date of
expiration of the Award’s term as set forth in the Award Agreement or pursuant to this Plan; provided, however, that if the Corporation
(or the Subsidiary or Affiliate, when applicable) shall terminate the Grantee’s employment or service for Cause (as defined below)
(whether occurring prior to or after termination of employment or service), all Awards theretofore granted to such Grantee (whether vested
or not) shall terminate, unless otherwise determined by the Committee, and any Shares issued upon exercise or (if applicable) vesting
of Awards (including other Shares or securities issued or distributed with respect thereto), whether held by the Grantee or by the Trustee
for the Grantee’s benefit, shall be deemed to be irrevocably offered for sale to the Corporation, any of its Affiliates or any
person designated by the Corporation to purchase, at the Corporation’s election and subject to Applicable Law, either for no consideration,
for the par value of such Shares (if shares bear a par value) or against payment of the Exercise Price previously received by the Corporation
for such Shares upon their issuance, as the Committee deems fit, upon written notice to the Grantee at any time prior to, at or after
the Grantee’s termination of employment or service. Such Shares or other securities shall be sold and transferred within 30 days
from the date of the Corporation’s notice of its election to exercise its right. If the Grantee fails to transfer such Shares or
other securities to the Corporation, the Corporation, at the decision of the Committee, shall be entitled to forfeit or repurchase such
Shares and to authorize any person to execute on behalf of the Grantee any document necessary to effect such transfer, whether or not
the share certificates are surrendered. The Corporation shall have the right and authority to affect the above either by: (i) repurchasing
all of such Shares or other securities held by the Grantee or by the Trustee for the benefit of the Grantee, or designate the purchaser
of all or any part of such Shares or other securities, for the Exercise Price paid for such Shares, the par value of such Shares (if
shares bear a par value) or for no payment or consideration whatsoever, as the Committee deems fit; (ii) forfeiting all or any party
of such Shares or other securities; (iii) redeeming all or any party of such Shares or other securities, for the Exercise Price paid
for such Shares, the par value of such Shares (if shares bear a par value) or for no payment or consideration whatsoever, as the Committee
deems fit; (iv) taking action in order to have all or any party of such Shares or other securities converted into deferred shares entitling
their holder only to their par value (if shares bear a par value) upon liquidation of the Corporation; or (v) taking any other action
which may be required in order to achieve similar results; all as shall be determined by the Committee, at its sole and absolute discretion,
and the Grantee is deemed to irrevocably empower the Corporation or any person which may be designated by it to take any action by, in
the name of or on behalf of the Grantee to comply with and give effect to such actions (including, voting such shares, filling in, signing
and delivering share transfer deeds, etc.).

 

6.6.3.
Notwithstanding anything to the contrary, the Committee, in its absolute discretion, may, on such terms and conditions as it may determine
appropriate, extend the periods for which Awards held by any Grantee may continue to vest and be exercisable; it being clarified that
such Awards may lose their entitlement to certain tax benefits under Applicable Law (including, without limitation, qualification of
an Award as an Incentive Stock Option) as a result of the modification of such Awards and/or in the event that the Award is exercised
beyond the later of: (i) three (3) months after the date of termination of the employment or service relationship; or (ii) the applicable
period under Section ‎6.7 below with respect to a termination of the employment or service relationship because of the death, Disability
or Retirement of Grantee.

 

6.6.4.
For purposes of this Plan:

 

6.6.4.1.
A termination of employment or service of a Grantee shall not be deemed to occur (except to the extent required by the Code with respect
to the Incentive Stock Option status of an Option) in case of (i) a transition or transfer of a Grantee among the Corporation and its
Affiliates, (ii) a change in the capacity in which the Grantee is employed or renders service to the Corporation or any of its Affiliates
or a change in the identity of the employing or engagement entity among the Corporation and its Affiliates, provided, in case of the
foregoing clauses (i) and (ii) above, that the Grantee has remained continuously employed by and/or in the service of the Corporation
and its Affiliates since the date of grant of the Award and throughout the vesting period; or (iii) if the Grantee takes any unpaid leave
as set forth in Section ‎6.8.

 

6.6.4.2.
An entity or an Affiliate thereof assuming an Award or issuing in substitution thereof in a transaction to which Section 424(a) of the
Code applies or in a Merger/Sale in accordance with Section ‎14 shall be deemed as an Affiliate of the Corporation for purposes of
this Section ‎6.6, unless the Committee determines otherwise.

 

6.6.4.3.
In the case of a Grantee whose principal employer or service recipient is a Subsidiary or Affiliate, the Grantee’s employment shall
also be deemed terminated for purposes of this Section 6.6 as of the date on which such principal employer or service recipient ceases
to be a Subsidiary or Affiliate.

 

    	 

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6.6.4.4.
The term “Cause” shall mean (irrespective of, and in addition to, any definition included in any other agreement or
instrument applicable to the Grantee, and unless otherwise determined by the Committee) any of the following: (i) any theft, fraud, embezzlement,
dishonesty, willful misconduct, breach of fiduciary duty for personal profit, falsification of any documents or records of the Corporation
or any of its Affiliates, felony or similar act by the Grantee (whether or not related to the Grantee’s relationship with the Corporation);
(ii) an act of moral turpitude by the Grantee, or any act that causes significant injury to, or is otherwise adversely affecting, the
reputation, business, assets, operations or business relationship of the Corporation (or a Subsidiary or Affiliate, when applicable);
(iii) any breach by the Grantee of any material agreement with or of any material duty of the Grantee to the Corporation or any Subsidiary
or Affiliate thereof (including breach of confidentiality, non-disclosure, non-use, non-competition or non-solicitation covenants towards
the Corporation or any of its Affiliates) or failure to abide by code of conduct or other policies (including, without limitation, policies
relating to confidentiality and reasonable workplace conduct); (iv) any act which constitutes a breach of a Grantee’s fiduciary
duty towards the Corporation or an Affiliate or Subsidiary, including disclosure of confidential or proprietary information thereof or
acceptance or solicitation to receive unauthorized or undisclosed benefits, irrespective of their nature, or funds, or promises to receive
either, from individuals, consultants or corporate entities that the Corporation or a Subsidiary does business with; (v) the Grantee’s
unauthorized use, misappropriation, destruction, or diversion of any tangible or intangible asset or corporate opportunity of the Corporation
or any of its Affiliates (including, without limitation, the improper use or disclosure of confidential or proprietary information);
or (vi) any circumstances that constitute grounds for termination for cause under the Grantee’s employment or service agreement
with the Corporation or Affiliate, to the extent applicable. For the avoidance of doubt, the determination as to whether a termination
is for Cause for purposes of this Plan, shall be made in good faith by the Committee and shall be final and binding on the Grantee.

 

6.7.
Death, Disability or Retirement of Grantee.

 

6.7.1.
If a Grantee shall die while employed by, or performing service for, the Corporation or its Affiliates, or within the three (3) month
period (or such longer period of time as determined by the Board, in its discretion) after the date of termination of such Grantee’s
employment or service (or within such different period as the Committee may have provided pursuant to Section ‎6.6 hereof), or if
the Grantee’s employment or service shall terminate by reason of Disability, all Awards theretofore granted to such Grantee may
(to the extent otherwise vested and exercisable and unless earlier terminated in accordance with their terms) be exercised by the Grantee
or by the Grantee’s estate or by a person who acquired the legal right to exercise such Awards by bequest or inheritance, or by
a person who acquired the legal right to exercise such Awards in accordance with applicable law in the case of Disability of the Grantee,
as the case may be, at any time within one (1) year (or such longer period of time as determined by the Committee, in its discretion)
after the death or Disability of the Grantee (or such different period as the Committee shall prescribe), but in any event no later than
the date of expiration of the Award’s term as set forth in the Award Agreement or pursuant to this Plan. In the event that an Award
granted hereunder shall be exercised as set forth above by any person other than the Grantee, written notice of such exercise shall be
accompanied by a certified copy of letters testamentary or proof satisfactory to the Committee of the right of such person to exercise
such Award.

 

6.7.2.
In the event that the employment or service of a Grantee shall terminate on account of such Grantee’s Retirement, all Awards of
such Grantee that are exercisable at the time of such Retirement may, unless earlier terminated in accordance with their terms, be exercised
at any time within the three (3) month period after the date of such Retirement (or such different period as the Committee shall prescribe).

 

    	 

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6.8.
Suspension of Vesting. Unless the Committee provides otherwise, vesting of Awards granted hereunder shall be suspended during
any unpaid leave of absence, other than in the case of any (i) leave of absence which was pre-approved by the Corporation explicitly
for purposes of continuing the vesting of Awards, or (ii) transfers between locations of the Corporation or any of its Affiliates, or
between the Corporation and any of its Affiliates, or any respective successor thereof. For clarity, for purposes of this Plan, military
leave, statutory maternity or paternity leave or sick leave are not deemed unpaid leave of absence, unless otherwise determined by the
Committee.

 

6.9.
Securities Law Restrictions. Except as otherwise provided in the applicable Award Agreement or other agreement between the Service
Provider and the Corporation, if the exercise of an Award following the termination of the Service Provider’s employment or service
(other than for Cause) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements
under the Securities Act or equivalent requirements under equivalent laws of other applicable jurisdictions, then the Award shall remain
exercisable and terminate on the earlier of (i) the expiration of a period of three (3) months (or such longer period of time as determined
by the Board, in its discretion) after the termination of the Service Provider’s employment or service during which the exercise
of the Award would not be in such violation, or (ii) the expiration of the term of the Award as set forth in the Award Agreement or pursuant
to this Plan. In addition, unless otherwise provided in a Grantee’s Award Agreement, if the sale of any Shares received upon exercise
or (if applicable) vesting of an Award following the termination of the Grantee’s employment or service (other than for Cause)
would violate the Corporation’s insider trading policy, then the Award shall terminate on the earlier of (i) the expiration of
a period equal to the applicable post-termination exercise period after the termination of the Grantee’s employment or service
during which the exercise of the Award would not be in violation of the Corporation’s insider trading policy, or (ii) the expiration
of the term of the Award as set forth in the applicable Award Agreement or pursuant to this Plan.

 

6.10.
Other Provisions. The Award Agreement evidencing Awards under this Plan shall contain such other terms and conditions not inconsistent
with this Plan as the Committee may determine, at or after the date of grant, including provisions in connection with the restrictions
on transferring the Awards or Shares covered by such Awards, which shall be binding upon the Grantees and any purchaser, assignee or
transferee of any Awards, and other terms and conditions as the Committee shall deem appropriate.

 

7. NONQUALIFIED STOCK OPTIONS.

 

Awards
granted pursuant to this Section ‎7 are intended to constitute Nonqualified Stock Options and shall be subject to the general terms
and conditions specified in Section ‎6 hereof and other provisions of this Plan, except for any provisions of this Plan applying
to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this
Section ‎7 and the other terms of this Plan, this Section ‎7 shall prevail. However, if for any reason the Awards granted pursuant
to this Section ‎7 (or portion thereof) does not qualify as an Incentive Stock Option, then, to the extent of such non-qualification,
such Option (or portion thereof) shall be regarded as a Nonqualified Stock Option granted under this Plan. In no event will the Board,
the Corporation or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any
other person) due to the failure of the Option to qualify for any reason as an Incentive Stock Option.

 

7.1.
Certain Limitations on Eligibility for Nonqualified Stock Options. Nonqualified Stock Options may not be granted to a Service
Provider who is deemed to be a resident of the United States for purposes of taxation or who is otherwise subject to United States federal
income tax unless the Shares underlying such Options constitute “service recipient stock” under Section 409A of the Code
or unless such Options comply with the payment requirements of Section 409A of the Code.

 

    	 

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7.2.
Exercise Price. The Exercise Price of a Nonqualified Stock Option shall not be less than 100% of the Fair Market Value of a Share
on the date of grant of such Option unless the Committee specifically indicates that the Awards will have a lower Exercise Price and
the Award complies with Section 409A of the Code. Notwithstanding the foregoing, a Nonqualified Stock Option may be granted with an exercise
price lower than the minimum exercise price set forth above if such Award is granted pursuant to an assumption or substitution for another
option in a manner qualifying under the provisions of that complies with Section 424(a) of the Code or 1.409A-1(b)(5)(v)(D) of the U.S.
Treasury Regulations or any successor guidance.

 

8. INCENTIVE STOCK OPTIONS.

 

Awards
granted pursuant to this Section ‎8 are intended to constitute Incentive Stock Options and shall be granted subject to the following
special terms and conditions, the general terms and conditions specified in Section ‎6 hereof and other provisions of this Plan,
except for any provisions of this Plan applying to Awards under different tax laws or regulations. In the event of any inconsistency
or contradictions between the provisions of this Section ‎8 and the other terms of this Plan, this Section ‎8 shall prevail.

 

8.1.
Eligibility for Incentive Stock Options. Incentive Stock Options may be granted only to Employees of the Corporation, or to Employees
of a Parent or Subsidiary, determined as of the date of grant of such Options. An Incentive Stock Option granted to a prospective Employee
upon the condition that such person become an Employee shall be deemed granted effective on the date such person commences employment,
with an exercise price determined as of such date in accordance with Section ‎8.2.

 

8.2.
Exercise Price. The Exercise Price of an Incentive Stock Option shall not be less than one hundred percent (100%) of the Fair
Market Value of the Shares covered by the Awards on the date of grant of such Option or such other price as may be determined pursuant
to the Code. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an exercise price lower than the minimum exercise
price set forth above if such Award is granted pursuant to an assumption or substitution for another option in a manner that complies
with the provisions of Section 424(a) of the Code.

 

8.3.
Date of Grant. Notwithstanding any other provision of this Plan to the contrary, no Incentive Stock Option may be granted under
this Plan after 10 years from the date this Plan is adopted, or the date this Plan is approved by the shareholders, whichever is earlier.

 

8.4.
Exercise Period. No Incentive Stock Option shall be exercisable after the expiration of ten (10) years after the effective date
of grant of such Award, subject to Section ‎8.6. No Incentive Stock Option granted to a prospective Employee may become exercisable
prior to the date on which such person commences employment.

 

8.5.
$100,000 Per Year Limitation. The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted)
of the Shares with respect to which all Incentive Stock Options granted under this Plan and all other “incentive stock option”
plans of the Corporation, or of any Parent or Subsidiary, become exercisable for the first time by each Grantee during any calendar year
shall not exceed one hundred thousand United States dollars ($100,000) with respect to such Grantee. To the extent that the aggregate
Fair Market Value of Shares with respect to which such Incentive Stock Options and any other such incentive stock options are exercisable
for the first time by any Grantee during any calendar year exceeds one hundred thousand United States dollars ($100,000), such options
shall be treated as Nonqualified Stock Options. The foregoing shall be applied by taking options into account in the order in which they
were granted. If the Code is amended to provide for a different limitation from that set forth in this Section ‎8.5, such different
limitation shall be deemed incorporated herein effective as of the date and with respect to such Awards as required or permitted by such
amendment to the Code. If an Option is treated as an Incentive Stock Option in part and as a Nonqualified Stock Option in part by reason
of the limitation set forth in this Section ‎8.5, the Grantee may designate which portion of such Option the Grantee is exercising.
In the absence of such designation, the Grantee shall be deemed to have exercised the Incentive Stock Option portion of the Option first.
Separate certificates representing each such portion may be issued upon the exercise of the Option.

 

    	 

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8.6.
Ten Percent Shareholder. In the case of an Incentive Stock Option granted to a Ten Percent Shareholder, notwithstanding the foregoing
provisions of this Section ‎8.6, (i) the Exercise Price shall not be less than one hundred and ten percent (110%) of the Fair Market
Value of a Share on the date of grant of such Incentive Stock Option, and (ii) the Exercise Period shall not exceed five (5) years from
the effective date of grant of such Incentive Stock Option.

 

8.7.
Payment of Exercise Price. Each Award Agreement evidencing an Incentive Stock Option shall state each alternative method by which
the Exercise Price thereof may be paid.

 

8.8.
Leave of Absence. Notwithstanding Section ‎6.8, a Grantee’s employment shall not be deemed to have terminated if the
Grantee takes any leave as set forth in Section ‎6.8(i); provided, however, that if any such leave exceeds three (3) months, on the
day that is three (3) months following the commencement of such leave any Incentive Stock Option held by the Grantee shall cease to be
treated as an Incentive Stock Option and instead shall be treated thereafter as a Nonqualified Stock Option, unless the Grantee’s
right to return to employment is guaranteed by statute or contract.

 

8.9.
Exercise Following Termination for Disability. Notwithstanding anything else in this Plan to the contrary, Incentive Stock Options
that are not exercised within three (3) months following termination of the Grantee’s employment with the Corporation or its Parent
or Subsidiary or a corporation or a Parent or Subsidiary of such corporation issuing or assuming an Option in a transaction to which
Section 424(a) of the Code applies, or within one year in case of termination of the Grantee’s employment with the Corporation
or its Parent or Subsidiary due to a Disability (within the meaning of Section 22(e)(3) of the Code), shall be deemed to be Nonqualified
Stock Options.

 

8.10.
Adjustments to Incentive Stock Options. Any Awards Agreement providing for the grant of Incentive Stock Options shall indicate
that adjustments made pursuant to this Plan with respect to Incentive Stock Options could constitute a “modification” of
such Incentive Stock Options (as that term is defined in Section 424(h) of the Code) or could cause adverse tax consequences for the
holder of such Incentive Stock Options and that the holder should consult with his or her tax advisor regarding the consequences of such
“modification” on his or her income tax treatment with respect to the Incentive Stock Option.

 

8.11.
Notice to Corporation of Disqualifying Disposition. Each Grantee who receives an Incentive Stock Option must agree to notify the
Corporation in writing immediately after the Grantee makes a Disqualifying Disposition of any Shares received pursuant to the exercise
of Incentive Stock Options. A “Disqualifying Disposition” is any disposition (including any sale) of such Shares before the
later of (i) two years after the date the Grantee was granted the Incentive Stock Option, or (ii) one year after the date the Grantee
acquired Shares by exercising the Incentive Stock Option. If the Grantee dies before such Shares are sold, these holding period requirements
do not apply and no disposition of the Shares will be deemed a Disqualifying Disposition.

 

    	 

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9. 102 AWARDS.

 

Awards
granted pursuant to this Section ‎9 are intended to constitute 102 Awards and shall be granted subject to the following special terms
and conditions, the general terms and conditions specified in Section 6 hereof and other provisions of this Plan, except for any provisions
of this Plan applying to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions between
the provisions of this Section ‎9 and the other terms of this Plan, this Section ‎9 shall prevail.

 

9.1.
Tracks. Awards granted pursuant to this Section ‎9 are intended to be granted pursuant to Section 102 of the Ordinance pursuant
to either (i) Section 102(b)(2) or (3) thereof (as applicable), under the capital gain track (“102 Capital Gain Track Awards”),
or (ii) Section 102(b)(1) thereof under the ordinary income track (“102 Ordinary Income Track Awards”, and together
with 102 Capital Gain Track Awards, “102 Trustee Awards”). 102 Trustee Awards shall be granted subject to the special
terms and conditions contained in this Section ‎9, the general terms and conditions specified in Section ‎6 hereof and other
provisions of this Plan, except for any provisions of this Plan applying to Options under different tax laws or regulations.

 

9.2.
Election of Track. Subject to Applicable Law, the Corporation may grant only one type of 102 Trustee Awards at any given time
to all Grantees who are to be granted 102 Trustee Awards pursuant to this Plan, and shall file an election with the ITA regarding the
type of 102 Trustee Awards it elects to grant before the date of grant of any 102 Trustee Awards (the “Election”).
Such Election shall also apply to any other securities, including bonus shares, received by any Grantee as a result of holding the 102
Trustee Awards. The Corporation may change the type of 102 Trustee Awards that it elects to grant only after the expiration of at least
12 months from the end of the year in which the first grant was made in accordance with the previous Election, or as otherwise provided
by Applicable Law. Any Election shall not prevent the Corporation from granting Awards, pursuant to Section 102(c) of the Ordinance without
a Trustee (“102 Non-Trustee Awards”).

 

9.3.
Eligibility for Awards.

 

9.3.1.
Subject to Applicable Law, 102 Awards may only be granted to an “employee” within the meaning of Section 102(a) of the Ordinance
(which as of the date of the adoption of this Plan means (i) individuals employed by an Israeli company being the Corporation or any
of its Affiliates, and (ii) individuals who are serving and are engaged personally (and not through an entity) as “office holders”
by such an Israeli company), but may not be granted to a Controlling Shareholder (“Eligible 102 Grantees”). Eligible
102 Grantees may receive only 102 Awards, which may either be granted to a Trustee or granted under Section 102 of the Ordinance without
a Trustee.

 

9.4.
102 Award Grant Date.

 

9.4.1.
Each 102 Award will be deemed granted on the date determined by the Committee, subject to Section ‎9.4.2, provided that (i) the Grantee
has signed all documents required by the Corporation or pursuant to Applicable Law, and (ii) with respect to 102 Trustee Award, the Corporation
has provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA, and if an agreement is not
signed and delivered by the Grantee within 90 days from the date determined by the Committee (subject to Section ‎9.4.2), then such
102 Trustee Award shall be deemed granted on such later date as such agreement is signed and delivered and on which the Corporation has
provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA. In the case of any contradiction,
this provision and the date of grant determined pursuant hereto shall supersede and be deemed to amend any date of grant indicated in
any corporate resolution or Award Agreement.

 

    	 

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9.4.2.
Unless otherwise permitted by the Ordinance, any grants of 102 Trustee Awards that are made on or after the date of the adoption of this
Plan or an amendment to this Plan, as the case may be, that may become effective only at the expiration of thirty (30) days after the
filing of this Plan or any amendment thereof (as the case may be) with the ITA in accordance with the Ordinance shall be conditional
upon the expiration of such 30-day period, such condition shall be read and is incorporated by reference into any corporate resolutions
approving such grants and into any Award Agreement evidencing such grants (whether or not explicitly referring to such condition), and
the date of grant shall be at the expiration of such 30-day period, whether or not the date of grant indicated therein corresponds with
this Section. In the case of any contradiction, this provision and the date of grant determined pursuant hereto shall supersede and be
deemed to amend any date of grant indicated in any corporate resolution or Award Agreement.

 

9.5.
102 Trustee Awards.

 

9.5.1.
Each 102 Trustee Award, each Share issued pursuant to the exercise of any 102 Trustee Award, and any rights granted thereunder, including
bonus shares, shall be issued to and registered in the name of the Trustee and shall be held in trust for the benefit of the Grantee
for the requisite period prescribed by the Ordinance (the “Required Holding Period”). In the event that the requirements
under Section 102 of the Ordinance to qualify an Award as a 102 Trustee Award are not met, then the Award may be treated as a 102 Non-Trustee
Award or 3(i) Award, all in accordance with the provisions of the Ordinance. After expiration of the Required Holding Period, the Trustee
may release such 102 Trustee Awards and any such Shares, provided that (i) the Trustee has received an acknowledgment from the ITA that
the Grantee has paid any applicable taxes due pursuant to the Ordinance, or (ii) the Trustee and/or the Corporation and/or the Employer
withholds all applicable taxes and compulsory payments due pursuant to the Ordinance arising from the 102 Trustee Awards and/or any Shares
issued upon exercise or (if applicable) vesting of such 102 Trustee Awards. The Trustee shall not release any 102 Trustee Awards or Shares
issued upon exercise or (if applicable) vesting thereof prior to the payment in full of the Grantee’s tax and compulsory payments
arising from such 102 Trustee Awards and/or Shares or the withholding referred to in (ii) above.

 

9.5.2.
Each 102 Trustee Award shall be subject to the relevant terms of the Ordinance, the Rules and any determinations, rulings or approvals
issued by the ITA, which shall be deemed an integral part of the 102 Trustee Awards and shall prevail over any term contained in this
Plan or Award Agreement that is not consistent therewith. Any provision of the Ordinance, the Rules and any determinations, rulings or
approvals by the ITA not expressly specified in this Plan or Award Agreement that are necessary to receive or maintain any tax benefit
pursuant to Section 102 of the Ordinance shall be binding on the Grantee. Any Grantee granted a 102 Trustee Awards shall comply with
the Ordinance and the terms and conditions of the trust agreement entered into between the Corporation and the Trustee. The Grantee shall
execute any and all documents that the Corporation and/or its Affiliates and/or the Trustee determine from time to time to be necessary
in order to comply with the Ordinance and the Rules.

 

9.5.3.
During the Required Holding Period, the Grantee shall not release from trust or sell, assign, transfer or give as collateral, the Shares
issuable upon the exercise or (if applicable) vesting of a 102 Trustee Awards and/or any securities issued or distributed with respect
thereto, until the expiration of the Required Holding Period. Notwithstanding the above, if any such sale, release or other action occurs
during the Required Holding Period it may result in adverse tax consequences to the Grantee under Section 102 of the Ordinance and the
Rules, which shall apply to and shall be borne solely by such Grantee. Subject to the foregoing, the Trustee may, pursuant to a written
request from the Grantee, but subject to the terms of this Plan, release and transfer such Shares to a designated third party, provided
that both of the following conditions have been fulfilled prior to such release or transfer: (i) payment has been made to the ITA of
all taxes and compulsory payments required to be paid upon the release and transfer of the Shares, and confirmation of such payment has
been received by the Trustee and the Corporation, and (ii) the Trustee has received written confirmation from the Corporation that all
requirements for such release and transfer have been fulfilled according to the terms of the Corporation’s corporate documents,
any agreement governing the Shares, this Plan, the Award Agreement and any Applicable Law.

 

    	 

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9.5.4.
If a 102 Trustee Award is exercised or (if applicable) vested, the Shares issued upon such exercise or (if applicable) vesting shall
be issued in the name of the Trustee for the benefit of the Grantee.

 

9.5.5.
Upon or after receipt of a 102 Trustee Award, if required, the Grantee may be required to sign an undertaking to release the Trustee
from any liability with respect to any action or decision duly taken and executed in good faith by the Trustee in relation to this Plan,
or any 102 Trustee Awards or Share granted to such Grantee thereunder.

 

9.6.
102 Non-Trustee Awards. The foregoing provisions of this Section ‎9 relating to 102 Trustee Awards shall not apply with respect
to 102 Non-Trustee Awards, which shall, however, be subject to the relevant provisions of Section 102 of the Ordinance and the applicable
Rules. The Committee may determine that 102 Non-Trustee Awards, the Shares issuable upon the exercise or (if applicable) vesting of a
102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto, shall be allocated or issued to the Trustee,
who shall hold such 102 Non-Trustee Awards and all accrued rights thereon (if any), in trust for the benefit of the Grantee and/or the
Corporation, as the case may be, until the full payment of tax arising from the 102 Non-Trustee Awards, the Shares issuable upon the
exercise or (if applicable) vesting of a 102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto. The
Corporation may choose, alternatively, to force the Grantee to provide it with a guarantee or other security, to the satisfaction of
each of the Trustee and the Corporation, until the full payment of the applicable taxes.

 

9.7.
Written Grantee Undertaking. To the extent and with respect to any 102 Trustee Award, and as required by Section 102 of the Ordinance
and the Rules, by virtue of the receipt of such Award, the Grantee is deemed to have provided, undertaken and confirm the following written
undertaking (and such undertaking is deemed incorporated into any documents signed by the Grantee in connection with the employment or
service of the Grantee and/or the grant of such Award), and which undertaking shall be deemed to apply and relate to all 102 Trustee
Awards granted to the Grantee, whether under this Plan or other plans maintained by the Corporation, and whether prior to or after the
date hereof.

 

9.7.1.
The Grantee shall comply with all terms and conditions set forth in Section 102 of the Ordinance with regard to the “Capital Gain
Track” or the “Ordinary Income Track”, as applicable, and the applicable rules and regulations promulgated thereunder,
as amended from time to time;

 

9.7.2.
The Grantee is familiar with, and understands the provisions of, Section 102 of the Ordinance in general, and the tax arrangement under
the “Capital Gain Track” or the “Ordinary Income Track” in particular, and its tax consequences; the Grantee
agrees that the 102 Trustee Awards and Shares that may be issued upon exercise or (if applicable) vesting of the 102 Trustee Awards (or
otherwise in relation to the 102 Trustee Awards), will be held by the Trustee appointed pursuant to Section 102 of the Ordinance for
at least the duration of the “Holding Period” (as such term is defined in Section 102) under the “Capital Gain Track”
or the “Ordinary Income Track”, as applicable. The Grantee understands that any release of such 102 Trustee Awards or Shares
from trust, or any sale of the Share prior to the termination of the Holding Period, as defined above, will result in taxation at marginal
tax rate, in addition to deductions of appropriate social security, health tax contributions or other compulsory payments; and

 

9.7.3.
The Grantee agrees to the trust agreement signed between the Corporation, the Employer and the Trustee appointed pursuant to Section
102 of the Ordinance.

 

    	 

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10. 3(i) AWARDS.

 

Awards
granted pursuant to this Section ‎10 are intended to constitute 3(i) Awards and shall be granted subject to the general terms and
conditions specified in Section ‎6 hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards
under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this Section ‎10
and the other terms of this Plan, this Section ‎10 shall prevail.

 

10.1.
To the extent required by the Ordinance or the ITA or otherwise deemed by the Committee to be advisable, the 3(i) Awards and/or any shares
or other securities issued or distributed with respect thereto granted pursuant to this Plan shall be issued to a Trustee nominated by
the Committee in accordance with the provisions of the Ordinance or the terms of a trust agreement, as applicable. In such event, the
Trustee shall hold such Awards and/or other securities issued or distributed with respect thereto in trust, until exercised or (if applicable)
vested by the Grantee and the full payment of tax arising therefrom, pursuant to the Corporation’s instructions from time to time
as set forth in a trust agreement, which will have been entered into between the Corporation and the Trustee. If determined by the Board
or the Committee, and subject to such trust agreement, the Trustee will also hold the shares issuable upon exercise or (if applicable)
vesting of the 3(i) Awards, as long as they are held by the Grantee. If determined by the Board or the Committee, and subject to such
trust agreement, the Trustee shall be responsible for withholding any taxes to which a Grantee may become liable upon issuance of Shares,
whether due to the exercise or (if applicable) vesting of Awards.

 

10.2.
Shares pursuant to a 3(i) Award shall not be issued, unless the Grantee delivers to the Corporation payment in cash or by bank check
or such other form acceptable to the Committee of all withholding taxes due, if any, on account of the Grantee acquired Shares under
the Award or gives other assurance satisfactory to the Committee of the payment of those withholding taxes.

 

11. RESTRICTED SHARES.

 

The
Committee may award Restricted Shares to any eligible Grantee, including under Section 102 of the Ordinance. Each Award of Restricted
Shares under this Plan shall be evidenced by a written agreement between the Corporation and the Grantee (the “Restricted Share
Agreement”), in such form as the Committee shall from time to time approve. The Restricted Shares shall be subject to all applicable
terms of this Plan, which in the case of Restricted Shares granted under Section 102 of the Ordinance shall include Section ‎9 hereof,
and may be subject to any other terms that are not inconsistent with this Plan. The provisions of the various Restricted Shares Agreements
entered into under this Plan need not be identical. The Restricted Share Agreement shall comply with and be subject to Section ‎6
and the following terms and conditions, unless otherwise specifically provided in such Agreement and not inconsistent with this Plan,
or Applicable Law:

 

11.1.
Purchase Price. Section ‎6.4 shall not apply. Each Restricted Share Agreement shall state an amount of Exercise Price to be
paid by the Grantee, if any, in consideration for the issuance of the Restricted Shares and the terms of payment thereof, which may include
payment in cash or, subject to the Committee’s approval, by issuance of promissory notes or other evidence of indebtedness on such
terms and conditions as determined by the Committee.

 

    	 

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11.2.
Restrictions. Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except
by will or the laws of descent and distribution (in which case they shall be transferred subject to all restrictions then or thereafter
applicable thereto), until such Restricted Shares shall have vested (the period from the date on which the Award is granted until the
date of vesting of the Restricted Share thereunder being referred to herein as the “Restricted Period”). The Committee
may also impose such additional or alternative restrictions and conditions on the Restricted Shares, as it deems appropriate, including
the satisfaction of performance criteria (which, in case of 102 Trustee Awards, may be subject to obtaining a specific tax ruling or
determination from the ITA). Such performance criteria may include, but are not limited to, sales, earnings before interest and taxes,
return on investment, earnings per share, any combination of the foregoing or rate of growth of any of the foregoing, as determined by
the Committee or pursuant to the provisions of any Corporation policy required under mandatory provisions of Applicable Law. Certificates
for shares issued pursuant to Restricted Share Awards, if issued, shall bear an appropriate legend referring to such restrictions, and
any attempt to dispose of any such shares in contravention of such restrictions shall be null and void and without effect. Such certificates
may, if so determined by the Committee, be held in escrow by an escrow agent appointed by the Committee, or, if a Restricted Share Award
is made pursuant to Section 102 of the Ordinance, by the Trustee. In determining the Restricted Period of an Award the Committee may
provide that the foregoing restrictions shall lapse with respect to specified percentages of the awarded Restricted Shares on successive
anniversaries of the date of such Award. To the extent required by the Ordinance or the ITA, the Restricted Shares issued pursuant to
Section 102 of the Ordinance shall be issued to the Trustee in accordance with the provisions of the Ordinance and the Restricted Shares
shall be held for the benefit of the Grantee for at least the Required Holding Period.

 

11.3.
Forfeiture; Repurchase. Subject to such exceptions as may be determined by the Committee, if the Grantee’s continuous employment
with or service to the Corporation or any Affiliate thereof shall terminate for any reason prior to the expiration of the Restricted
Period of an Award or prior to the timely payment in full of the Exercise Price of any Restricted Shares, any Shares remaining subject
to vesting or with respect to which the purchase price has not been paid in full, shall thereupon be forfeited, transferred to, and redeemed,
repurchased or cancelled by, as the case may be, in any manner as set forth in Section ‎6.6.2(i) through (v), subject to Applicable
Law and the Grantee shall have no further rights with respect to such Restricted Shares.

 

11.4.
Ownership. During the Restricted Period the Grantee shall possess all incidents of ownership of such Restricted Shares, subject
to Section ‎6.10 and Section ‎11.2, including the right to vote and receive dividends with respect to such Shares. All securities,
if any, received by a Grantee with respect to Restricted Shares as a result of any stock split, stock dividend, combination of shares,
or other similar transaction shall be subject to the restrictions applicable to the original Award.

 

12. RESTRICTED SHARE UNITS.

 

An
RSU is an Award covering a number of Shares that is settled, if vested and (if applicable) exercised, by issuance of those Shares. An
RSU may be awarded to any eligible Grantee, including under Section 102 of the Ordinance. The Award Agreement relating to the grant of
RSUs under this Plan (the “Restricted Share Unit Agreement”), shall be in such form as the Committee shall from time
to time approve. The RSUs shall be subject to all applicable terms of this Plan, which in the case of RSUs granted under Section 102
of the Ordinance shall include Section ‎9 hereof, and may be subject to any other terms that are not inconsistent with this Plan.
The provisions of the various Restricted Share Unit Agreements entered into under this Plan need not be identical. RSUs may be granted
in consideration of a reduction in the recipient’s other compensation.

 

12.1.
Exercise Price. No payment of Exercise Price shall be required as consideration for RSUs, unless included in the Award Agreement
or as required by Applicable Law, and Section ‎6.4 shall apply, if applicable.

 

    	 

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12.2.
Shareholders’ Rights. The Grantee shall not possess or own any ownership rights in the Shares underlying the RSUs and no
rights as a shareholder shall exist prior to the actual issuance of Shares in the name of the Grantee.

 

12.3.
Settlements of Awards. Settlement of vested RSUs shall be made in the form of Shares or cash (in case of 102 Trustee Awards, the
settlement shall be made in the form of shares only). Distribution to a Grantee of an amount (or amounts) from settlement of vested RSUs
can be deferred to a date after settlement as determined by the Committee. The amount of a deferred distribution may be increased by
an interest factor or by dividend equivalents. Until the grant of RSUs is settled, the number of Shares underlying such RSUs shall be
subject to adjustment pursuant hereto.

 

12.4.
Section 409A Restrictions. Notwithstanding anything to the contrary set forth herein, any RSUs granted under this Plan that are
not exempt from the requirements of Section 409A of the Code shall contain such restrictions or other provisions so that such RSUs will
comply with the requirements of Section 409A of the Code, if applicable to the Corporation. Such restrictions, if any, shall be determined
by the Committee and contained in the Restricted Share Unit Agreement evidencing such RSU. For example, such restrictions may include
a requirement that any Shares that are to be issued in a year following the year in which the RSU vests must be issued in accordance
with a fixed, pre-determined schedule.

 

13. OTHER SHARE OR SHARE-BASED AWARDS.

 

13.1.
The Committee may grant other Awards under this Plan pursuant to which Shares (which may, but need not, be Restricted Shares pursuant
to Section 11 hereof), cash (in settlement of Share-based Awards) or a combination thereof, are or may in the future be acquired or received,
or Awards denominated in stock units, including units valued on the basis of measures other than market value.

 

13.2.
The Committee may also grant stock appreciation rights without the grant of an accompanying option, which rights shall permit the Grantees
to receive, at the time of any exercise of such rights, cash equal to the amount by which the Fair Market Value of the Shares in respect
to which the right was granted is so exercised exceeds the exercise price thereof. The exercise price of any such stock appreciation
right granted to a Grantee who is subject to U.S. federal income tax shall be determined in compliance with Section ‎7.2.

 

13.3.
Such other Share-based Awards as set forth above may be granted alone, in addition to, or in tandem with any Award of any type granted
under this Plan (without any obligation or assurance that that such Share-based Awards will be entitled to tax benefits under Applicable
Law or to the same tax treatment as other Awards under this Plan).

 

    	 

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14. EFFECT OF CERTAIN CHANGES.

 

14.1.
General.

 

14.1.1.
In the event of a division or subdivision of the outstanding share capital of the Corporation, any distribution of bonus shares (stock
split), consolidation or combination of share capital of the Corporation (reverse stock split), reclassification with respect to the
Shares or any similar recapitalization events (each, a “Recapitalization”), a merger (including, a reverse merger
and a reverse triangular merger), consolidation, amalgamation or like transaction of the Corporation with or into another corporation,
a reorganization (which may include a combination or exchange of shares, spin-off or other corporate divestiture or division, or other
similar occurrences, the Committee shall have the authority to make, without the need for a consent of any holder of an Award, such adjustments
as determined by the Committee to be appropriate, in its discretion, in order to adjust (i) the number and class of shares reserved and
available for grants of Awards, (ii) the number and class of shares covered by outstanding Awards, (iii) the Exercise Price per share
covered by any Award, (iv) the terms and conditions concerning vesting and exercisability and the term and duration of the outstanding
Awards, (v) the type or class of security, asset or right underlying the Award (which need not be only that of the Corporation, and may
be that of the surviving corporation or any affiliate thereof or such other entity party to any of the above transactions), and (vi)
any other terms of the Award that in the opinion of the Committee should be adjusted. Any fractional shares resulting from such adjustment
shall be treated as determined by the Committee, and in the absence of such determination shall be rounded to the nearest whole share,
and the Corporation shall have no obligation to make any cash or other payment with respect to such fractional shares. No adjustment
shall be made by reason of the distribution of subscription rights or rights offering to outstanding shares or other issuance of shares
by the Corporation, unless the Committee determines otherwise. The adjustments determined pursuant to this Section ‎14.1 (including
a determination that no adjustment is to be made) shall be final, binding and conclusive.

 

14.1.2.
Notwithstanding anything to the contrary included herein, in the event of a distribution of cash dividend by the Corporation to all holders
of Shares, the Committee shall have the authority to determine, without the need for a consent of any holder of an Award, that the Exercise
Price of any Award, which is outstanding and unexercised on the record date of such distribution, shall be reduced by an amount equal
to the per Share gross dividend amount distributed by the Corporation, and the Committee may determine that the Exercise Price following
such reduction shall be not less than the par value of a Share. The application of this Section with respect to any 102 Awards shall
be subject to obtaining a ruling from the ITA, to the extent required by applicable law and subject to the terms and conditions of any
such ruling.

 

14.2.
Merger/Sale of Corporation. In the event of (i) a sale of all or substantially all of the assets of the Corporation, or a sale
(including an exchange) of all or substantially all of the shares of the Corporation, to any person, or a purchase by a shareholder of
the Corporation or by an Affiliate of such shareholder, of all the shares of the Corporation held by all or substantially all other shareholders
or by other shareholders who are not Affiliated with such acquiring party; (ii) a merger (including, a reverse merger and a reverse triangular
merger), consolidation, amalgamation or like transaction of the Corporation with or into another corporation; (iii) a scheme of arrangement
for the purpose of effecting such sale, merger, consolidation, amalgamation or other transaction; (iv) approval by the shareholders of
the Corporation of a complete liquidation or dissolution of the Corporation, (v) Change in Board Event, or (vi) such other transaction
or set of circumstances that is determined by the Board, in its discretion, to be a transaction subject to the provisions of this Section
‎14.2 excluding any of the foregoing transactions in clauses (i) through (iv) if the Board determines that such transaction should
be excluded from the definition hereof and the applicability of this Section ‎14.2 (such transaction, a “Merger/Sale”),
then, without derogating from the general authority and power of the Board or the Committee under this Plan, without the Grantee’s
consent and action and without any prior notice requirement, the Committee may make any determination as to the treatment of Awards,
in its sole and absolute discretion, as provided herein:

 

14.2.1.
Unless otherwise determined by the Committee, any Award then outstanding shall be assumed or be substituted by the Corporation, or by
the successor corporation in such Merger/Sale or by any parent or Affiliate thereof, as determined by the Committee in its discretion
(the “Successor Corporation”), under terms as determined by the Committee or the terms of this Plan applied by the
Successor Corporation to such assumed or substituted Awards.

 

    	 

    	24

    

 

For
the purposes of this Section ‎14.2.1, the Award shall be considered assumed or substituted if, following a Merger/Sale, the Award
confers on the holder thereof the right to purchase or receive, for each Share underlying an Award immediately prior to the Merger/Sale,
either (i) the consideration (whether shares or other securities, cash or other property, or rights, or any combination thereof) distributed
to or received by holders of Shares in the Merger/Sale for each Share held on the effective date of the Merger/Sale (and if holders were
offered a choice or several types of consideration, the type of consideration as determined by the Committee, which need not be the same
type for all Grantees), or (ii) regardless of the consideration received by the holders of Shares in the Merger/Sale, solely shares or
any type of Awards (or their equivalent) of the Successor Corporation at a value to be determined by the Committee in its discretion,
or a certain type of consideration (whether shares or other securities, cash or other property, or rights, or any combination thereof)
as determined by the Committee. Any of the consideration referred to in the foregoing clauses (i) and (ii) shall be subject to the same
vesting and expiration terms of the Awards applying immediately prior to the Merger/Sale, unless determined by the Committee, in its
discretion, that the consideration shall be subject to different vesting and expiration terms, or other terms, and the Committee may
determine that it be subject to other or additional terms. The foregoing shall not limit the Committee’s authority to determine
that in lieu of such assumption or substitution of Awards for Awards of the Successor Corporation, such Award will be substituted for
shares or other securities, cash or other property, or rights, or any combination thereof, including as set forth in Section 14.2.2 hereunder.

 

14.2.2.
Regardless of whether or not Awards are assumed or substituted, the Committee may (but shall not be obligated to):

 

14.2.2.1.
provide for the Grantee to have the right to exercise the Award in respect of Shares covered by the Award which would otherwise be exercisable
or vested, under such terms and conditions as the Committee shall determine, and the cancellation of all unexercised Awards (whether
vested or unvested) upon or immediately prior to the closing of the Merger/Sale, unless the Committee provides for the Grantee to have
the right to exercise the Award, or otherwise for the acceleration of vesting of such Award, as to all or part of the Shares covered
by the Award which would not otherwise be exercisable or vested, under such terms and conditions as the Committee shall determine;

 

14.2.2.2.
provide for the cancellation of each outstanding Award at or immediately prior to the closing of such Merger/Sale, and if and to the
extent payment shall be made to the Grantee of an amount in shares or other securities of the Corporation, the acquiror or of a corporation
or other business entity which is a party to the Merger/Sale, cash or other property, or rights, or any combination thereof, as determined
by the Committee to be fair in the circumstances, and subject to such terms and conditions as determined by the Committee. The Committee
shall have full authority to select the method for determining the payment (being the intrinsic (“spread”) value of the option,
Black-Scholes model or any other method). Inter alia, and without limitation of the following determination being made in other
circumstances, the Committee’s determination may provide that payment shall be set to zero if the value of the Shares is determined
to be less than the Exercise Price, or in respect of Shares covered by the Award which would not otherwise be exercisable or vested,
or that payment may be made only in excess of the Exercise Price; and/or

 

14.2.2.3.
provide that the terms of any Award shall be otherwise amended, modified or terminated, as determined by the Committee to be fair in
the circumstances.

 

14.2.3.
The Committee may determine: (i) that any payments made in respect of Awards shall be made or delayed to the same extent that payment
of consideration to the holders of the Shares in connection with the Merger/Sale is made or delayed as a result of escrows, indemnification,
earn outs, holdbacks or any other contingencies or conditions; (ii) the terms and conditions applying to the payment made or payable
to the Grantees, including participation in escrow, indemnification, releases, earn-outs, holdbacks or any other contingencies; and (iii)
that any terms and conditions applying under the applicable definitive transaction agreements shall apply to the Grantees (including,
appointment and engagement of a shareholders or sellers representative, payment of fees or other costs and expenses associated with such
services, indemnifying such representative, and authorization to such representative within the scope of such representative’s
authority in the applicable definitive transaction agreements).

 

    	 

    	25

    

 

14.2.4.
The Committee may determine to suspend the Grantee’s rights to exercise any vested portion of an Award for a period of time prior
to the signing or consummation of a Merger/Sale transaction.

 

14.2.5.
Without limiting the generality of this Section ‎14, if the consideration in exchange for Awards in a Merger/Sale includes any securities
and due receipt thereof by any Grantee (or by the Trustee for the benefit of such Grantee) may require under applicable law (i) the registration
or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (ii) the provision
to any Grantee of any information under the Securities Act or any other securities laws, then the Committee may determine that the Grantee
shall be paid in lieu thereof, against surrender of the Shares or cancellation of any other Awards, an amount in cash or other property,
or rights, or any combination thereof, as determined by the Committee to be fair in the circumstances, and subject to such terms and
conditions as determined by the Committee. Nothing herein shall entitle any Grantee to receive any form of consideration that such Grantee
would be ineligible to receive as a result of such Grantee’s failure to satisfy (in the Committee’s sole determination) any
condition, requirement or limitation that is generally applicable to the Corporation’s shareholders, or that is otherwise applicable
under the terms of the Merger/Sale, and in such case, the Committee shall determine the type of consideration and the terms applying
to such Grantees.

 

14.2.6.
Neither the authorities and powers of the Committee under this Section 14.2, nor the exercise or implementation thereof, shall (i) be
restricted or limited in any way by any adverse consequences (tax or otherwise) that may result to any holder of an Award, and (ii) as,
inter alia, being a feature of the Award upon its grant, be deemed to constitute a change or an amendment of the rights of such
holder under this Plan, nor shall any such adverse consequences (as well as any adverse tax consequences that may result from any tax
ruling or other approval or determination of any relevant tax authority) be deemed to constitute a change or an amendment of the rights
of such holder under this Plan, and may be effected without consent of any Grantee and without any liability to the Corporation or its
Affiliates, or to their respective officers, directors, employees and representatives, and the respective successors and assigns of any
of the foregoing. The Committee need not take the same action with respect to all Awards or with respect to all Service Providers. The
Committee may take different actions with respect to the vested and unvested portions of an Award. The Committee may determine an amount
or type of consideration to be received or distributed in a Merger/Sale which may differ as among the Grantees, and as between the Grantees
and any other holders of shares of the Corporation.

 

14.2.7.
The Committee may determine that upon a Merger/Sale any Shares held by Grantees (or for Grantee’s benefit) are sold in accordance
with instructions issued by the Committee in connection with such Merger/Sale, which shall be final, conclusive and binding on all Grantees.

 

14.2.8.
All of the Committee’s determinations pursuant to this Section ‎14 shall be at its sole and absolute discretion, and shall
be final, conclusive and binding on all Grantees (including, for clarity, as it relates to Shares issued upon exercise or vesting of
any Awards or that are Awards, unless otherwise determined by the Committee) and without any liability to the Corporation or its Affiliates,
or to their respective officers, directors, employees, shareholders and representatives, and the respective successors and assigns of
any of the foregoing, in connection with the method of treatment, chosen course of action or determinations made hereunder.

 

    	 

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14.2.9.
If determined by the Committee, the Grantees shall be subject to the definitive agreement(s) in connection with the Merger/Sale as applying
to holders of Shares including, such terms, conditions, representations, undertakings, liabilities, limitations, releases, indemnities,
appointing and indemnifying shareholders/sellers representative, participating in transaction expenses, shareholders/sellers representative
expense fund and escrow arrangement, in each case as determined by the Committee. Each Grantee shall execute (and authorizes any person
designated by the Corporation to so execute, as well as (if applicable) the Trustee holding any Shares for the Grantee’s behalf)
such separate agreement(s) or instruments as may be requested by the Corporation, the Successor Corporation or the acquiror in connection
with such in such Merger/Sale or otherwise under or for the purpose of implementing this Section ‎14.2, and in the form required
by them. The execution of such separate agreement(s) may be a condition to the receipt of assumed or substituted Awards, payment in lieu
of the Award, the exercise of any Award or otherwise to be entitled to benefit from shares or other securities, cash or other property,
or rights, or any combination thereof, pursuant to this Section ‎14.2 (and the Corporation (and, if applicable, the Trustee) may
exercise its authorization above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions of such agreements).

 

14.3.
Reservation of Rights. Except as expressly provided in this Section ‎14 (if any), the Grantee of an Award hereunder shall
have no rights by reason of any Recapitalization of shares of any class, any increase or decrease in the number of shares of any class,
or any dissolution, liquidation, reorganization (which may include a combination or exchange of shares, spin-off or other corporate divestiture
or division, or other similar occurrences), or Merger/Sale. Any issue by the Corporation of shares of any class, or securities convertible
into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number, type
or price of shares subject to an Award. The grant of an Award pursuant to this Plan shall not affect in any way the right or power of
the Corporation to make adjustments, reclassifications, reorganizations or changes of its capital or business structures or to merge
or to consolidate or to dissolve, liquidate or sell, or transfer all or part of its business or assets or engage in any similar transactions.

 

15. NON-TRANSFERABILITY OF AWARDS; SURVIVING BENEFICIARY.

 

15.1.
All Awards granted under this Plan by their terms shall not be transferable, other than by will or by the laws of descent and distribution,
unless otherwise determined by the Committee or under this Plan, provided that with respect to Shares issued upon exercise, Shares issued
upon the vesting of Awards or Awards that are Shares, the restrictions on transfer shall be the restrictions referred to in Section ‎16
(Conditions upon Issuance of Shares) hereof. Subject to the above provisions, the terms of such Award, this Plan and any applicable Award
Agreement shall be binding upon the beneficiaries, executors, administrators, heirs and successors of such Grantee. Awards may be exercised
or otherwise realized, during the lifetime of the Grantee, only by the Grantee or by his guardian or legal representative, to the extent
provided for herein. Any transfer of an Award not permitted hereunder (including transfers pursuant to any decree of divorce, dissolution
or separate maintenance, any property settlement, any separation agreement or any other agreement with a spouse) and any grant of any
interest in any Award to, or creation in any way of any direct or indirect interest in any Award by, any party other than the Grantee
shall be null and void and shall not confer upon any party or person, other than the Grantee, any rights. A Grantee may file with the
Committee a written designation of a beneficiary, who shall be permitted to exercise such Grantee’s Award or to whom any benefit
under this Plan is to be paid, in each case, in the event of the Grantee’s death before he or she fully exercises his or her Award
or receives any or all of such benefit, on such form as may be prescribed by the Committee and may, from time to time, amend or revoke
such designation. If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee’s estate shall
be deemed to be the Grantee’s beneficiary. Notwithstanding the foregoing, upon the request of the Grantee and subject to Applicable
Law the Committee, at its sole discretion, may permit the Grantee to transfer the Award to a trust whose beneficiaries are the Grantee
and/or the Grantee’s immediate family members (all or several of them).

 

    	 

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15.2.
Notwithstanding any other provisions of the Plan to the contrary, no Incentive Stock Option may be sold, transferred, pledged, assigned
or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or in accordance with a beneficiary
designation pursuant to Section ‎15.1. Further, all Incentive Stock Options granted to a Grantee shall be exercisable during his
or her lifetime only by such Grantee.

 

15.3.
As long as the Shares are held by the Trustee in favor of the Grantee, all rights possessed by the Grantee over the Shares are personal,
and may not be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

 

15.4.
If and to the extent a Grantee is entitled to transfer an Award and/or Shares underlying an Award in accordance with the terms of the
Plan and any other applicable agreements, such transfer shall be subject (in addition, to any other conditions or terms applying thereto)
to receipt by the Corporation from such proposed transferee of a written instrument, on a form reasonably acceptable to the Corporation,
pursuant to which such proposed transferee agrees to be bound by all provisions of the Plan and any other applicable agreements, including
without limitation, any restrictions on transfer of the Award and/or Shares set forth herein (however, failure to so deliver such instrument
to the Corporation as set forth above shall not derogate from all such provisions applying on any transferee).

 

15.5.
The provisions of this Section ‎‎15 shall apply to the Grantee and to any purchaser, assignee or transferee of any Shares.

 

16. CONDITIONS UPON ISSUANCE OF SHARES; GOVERNING PROVISIONS.

 

16.1.
Legal Compliance. The grant of Awards and the issuance of Shares upon exercise or settlement of Awards shall be subject to compliance
with all Applicable Law as determined by the Corporation, including, applicable requirements of federal, state and foreign law with respect
to such securities. The Corporation shall have no obligations to issue Shares pursuant to the exercise or settlement of an Award and
Awards may not be exercised or settled, if the issuance of Shares upon exercise or settlement would constitute a violation of any Applicable
Law as determined by the Corporation, including, applicable federal, state or foreign securities laws or other law or regulations or
the requirements of any stock exchange or market system upon which the Shares may then be listed. In addition, no Award may be exercised
unless (i) a registration statement under the Securities Act or equivalent law in another jurisdiction shall at the time of exercise
or settlement of the Award be in effect with respect to the shares issuable upon exercise of the Award, or (ii) in the opinion of legal
counsel to the Corporation, the shares issuable upon exercise of the Award may be issued in accordance with the terms of an applicable
exemption from the registration requirements of the Securities Act or equivalent law in another jurisdiction. The inability of the Corporation
to obtain authority from any regulatory body having jurisdiction, if any, deemed by the Corporation to be necessary to the lawful issuance
and sale of any Shares hereunder, and the inability to issue Shares hereunder due to non-compliance with any Corporation policies with
respect to the sale of Shares, shall relieve the Corporation of any liability in respect of the failure to issue or sell such Shares
as to which such requisite authority or compliance shall not have been obtained or achieved. As a condition to the exercise of an Award,
the Corporation may require the person exercising such Award to satisfy any qualifications that may be necessary or appropriate, to evidence
compliance with any Applicable Law or regulation and to make any representation or warranty with respect thereto as may be requested
by the Corporation, including to represent and warrant at the time of any such exercise that the Shares are being purchased only for
investment and without any present intention to sell or distribute such Shares, all in form and content specified by the Corporation.

 

    	 

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16.2.
Provisions Governing Shares. Shares issued pursuant to an Award shall be subject to this Plan (unless otherwise determined by
the Committee), and shall be subject to the Charter and Bylaws of the Corporation, any limitation, restriction or obligation included
in any shareholders agreement applicable to all or substantially all of the holders of shares (regardless of whether or not the Grantee
is a formal party to such shareholders agreement), any other governing documents of the Corporation, all policies, manuals and internal
regulations adopted by the Corporation from time to time, in each case, as may be amended from time to time, including any provisions
included therein concerning restrictions or limitations on disposition of Shares (such as, but not limited to, right of first refusal
and lock up/market stand-off) or grant of any rights with respect thereto, forced sale and bring along/drag along provisions, any provisions
concerning restrictions on the use of inside information and other provisions deemed by the Corporation to be appropriate in order to
ensure compliance with Applicable Law. Each Grantee shall execute (and authorizes any person designated by the Corporation to so execute,
as well as (if applicable) the Trustee holding any Shears for the Grantee’s behalf) such separate agreement(s) as may be requested
by the Corporation relating to matters set forth in or otherwise for the purpose of implementing this Section ‎16.2. The execution
of such separate agreement(s) may be a condition by the Corporation to the exercise of any Award and the Corporation (and, if applicable,
the Trustee) may exercise its authorization above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions
of such agreements.

 

16.3.
Share Purchase Transactions; Forced Sale. In the event that the Board approves a Merger/Sale effected by way of a forced or compulsory
sale or in the event of a transaction for the sale of all shares of the Corporation, then, without derogating from such provisions and
in addition thereto, the Grantee shall be obligated, and shall be deemed to have agreed to the offer to effect the Merger/Sale (and the
Shares held by or for the benefit of the Grantee shall be included in the shares of the Corporation approving the terms of such Merger/Sale
for the purpose of satisfying the required majority), and shall sell all of the Shares held by or for the benefit of the Grantee on the
terms and conditions applying to the holders of Shares, in accordance with the instructions then issued by the Board, whose determination
shall be final. No Grantee shall contest, bring any claims or demands, or exercise any appraisal rights related to any of the foregoing.
Each Grantee shall execute (and authorizes any person designated by the Corporation to so execute, as well as (if applicable) the Trustee
holding any Shares for the Grantee’s behalf) such documents and agreements, as may be requested by the Corporation relating to
matters set forth in or otherwise for the purpose of implementing this Section ‎16.3. The execution of such separate agreement(s)
may be a condition by the Corporation to the exercise of any Award and the Corporation (and, if applicable, the Trustee) may exercise
its authorization above and sign such agreement on behalf of the Grantee or subject the Grantee to the provisions of such agreements.

 

16.4.
Data Privacy; Data Transfer. Information related to Grantees and Awards hereunder, as shall be received from Grantee or others,
and/or held by, the Corporation or its Affiliates from time to time, and which information may include sensitive and personal information
related to Grantees (“Information”), will be used by the Corporation or its Affiliates (or third parties appointed
by any of them, including the Trustee) to comply with any applicable legal requirement, or for administration of the Plan as they deems
necessary or advisable, or for the respective business purposes of the Corporation or its Affiliates (including in connection with transactions
related to any of them). The Corporation and its Affiliates shall be entitled to transfer the Information among the Corporation or its
Affiliates, and to third parties for the purposes set forth above, which may include persons located abroad (including, any person administering
the Plan or providing services in respect of the Plan or in order to comply with legal requirements, or the Trustee, their respective
officers, directors, employees and representatives, and the respective successors and assigns of any of the foregoing), and any person
so receiving Information shall be entitled to transfer it for the purposes set forth above. The Corporation shall use commercially reasonable
efforts to ensure that the transfer of such Information shall be limited to the reasonable and necessary scope. By receiving an Award
hereunder, Grantee acknowledges and agrees that the Information is provided at Grantee’s free will and Grantee consents to the
storage and transfer of the Information as set forth above.

 

    	 

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17. MARKET STAND-OFF

 

17.1.
In connection with any underwritten public offering of equity securities of the Corporation pursuant to an effective registration statement
filed under the Securities Act or equivalent law in another jurisdiction, the Grantee shall not directly or indirectly, without the prior
written consent of the Corporation or its underwriters, (i) lend, offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose
of, directly or indirectly, any Shares or other Awards, any securities of the Corporation (whether or not such Shares were acquired under
this Plan), or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Shares or securities of the
Corporation and any other shares or securities issued or distributed in respect thereto or in substitution thereof (collectively, “Securities”),
or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Securities, whether any such transaction described in the foregoing clauses (i) or (ii) is to be settled by delivery
of Securities, in cash or otherwise. The foregoing provisions of this Section ‎17.1 shall not apply to the sale of any shares to
an underwriter pursuant to an underwriting agreement. Such restrictions (the “Market Stand-Off”) shall be in effect
for such period of time (the “Market Stand-Off Period”): (A) following the first public filing of the registration
statement relating to the underwritten public offering until the expiration of up to 180 days following the effective date of such registration
statement relating to the Corporation’s public offering; or (B) such other period as shall be requested by the Corporation or the
underwriters. Notwithstanding anything herein to the contrary, if the underwriter(s) and the Corporation agree on a termination date
of the Market Stand-Off Period in the event of failure to consummate a certain public offering, then such termination shall apply also
to the Market Stand-Off Period hereunder with respect to that particular public offering.

 

17.2.
In the event of a subdivision of the outstanding share capital of the Corporation, the distribution of any securities (whether or not
of the Corporation), whether as bonus shares or otherwise, and whether as dividend or otherwise, a recapitalization, a reorganization
(which may include a combination or exchange of shares or a similar transaction affecting the Corporation’s outstanding securities
without receipt of consideration), a consolidation, a spin-off or other corporate divestiture or division, a reclassification or other
similar occurrence, any new, substituted or additional securities which are by reason of such transaction distributed with respect to
any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the
Market Stand-Off.

 

17.3.
In order to enforce the Market Stand-Off, the Corporation may impose stop-transfer instructions with respect to the Shares acquired under
this Plan until the end of the applicable Market Stand-Off period.

 

17.4.
The underwriters in connection with a registration statement so filed are intended third party beneficiaries of this Section ‎17
and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Grantee shall
execute such separate agreement(s) as may be requested by the Corporation or the underwriters in connection with such registration statement
and in the form required by them, relating to Market Stand-Off (which need not be identical to the provisions of this Section ‎17,
and may include such additional provisions and restrictions as the underwriters deem advisable) or that are necessary to give further
effect thereto. The execution of such separate agreement(s) may be a condition by the Corporation to the exercise of any Award.

 

17.5.
Without derogating from the above provisions of this Section ‎17 or elsewhere in this Plan, the provisions of this Section 17 shall
apply to the Grantee and the Grantee’s heirs, legal representatives, successors, assigns, and to any purchaser, assignee or transferee
of any Awards or Shares.

 

    	 

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18. AGREEMENT REGARDING TAXES; DISCLAIMER.

 

18.1.
If the Corporation shall so require, as a condition of exercise or (if applicable) vesting of an Award, the release of Shares by the
Trustee or the expiration of the Restricted Period, a Grantee shall agree that, no later than the date of such occurrence, the Grantee
will pay to the Corporation (or the Trustee, as applicable) or make arrangements satisfactory to the Corporation and the Trustee (if
applicable) regarding payment of any applicable taxes and compulsory payments of any kind required by Applicable Law to be withheld or
paid.

 

18.2.
TAX LIABILITY. ALL TAX CONSEQUENCES UNDER ANY APPLICABLE LAW WHICH MAY ARISE FROM THE GRANT OF ANY AWARDS OR THE EXERCISE OR (IF
APPLICABLE) VESTING THEREOF, THE SALE OR DISPOSITION OF ANY SHARES GRANTED HEREUNDER OR ISSUED UPON EXERCISE OR (IF APPLICABLE) THE VESTING
OF ANY AWARD, THE ASSUMPTION, SUBSTITUTION, CANCELLATION OR PAYMENT IN LIEU OF AWARDS OR FROM ANY OTHER ACTION IN CONNECTION WITH THE
FOREGOING (INCLUDING WITHOUT LIMITATION ANY TAXES AND COMPULSORY PAYMENTS, SUCH AS SOCIAL SECURITY OR HEALTH TAX PAYABLE BY THE GRANTEE
OR THE COMPANY IN CONNECTION THEREWITH) SHALL BE BORNE AND PAID SOLELY BY THE GRANTEE, AND THE GRANTEE SHALL INDEMNIFY THE COMPANY, ITS
SUBSIDIARIES AND AFFILIATES AND THE TRUSTEE, AND SHALL HOLD THEM HARMLESS AGAINST AND FROM ANY LIABILITY FOR ANY SUCH TAX OR PAYMENT
OR ANY PENALTY, INTEREST OR INDEXATION THEREON. EACH GRANTEE AGREES TO, AND UNDERTAKES TO COMPLY WITH, ANY RULING, SETTLEMENT, CLOSING
AGREEMENT OR OTHER SIMILAR AGREEMENT OR ARRANGEMENT WITH ANY TAX AUTHORITY IN CONNECTION WITH THE FOREGOING WHICH IS APPROVED BY THE
COMPANY.

 

18.3.
NO TAX ADVICE. THE GRANTEE IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING, EXERCISING
OR DISPOSING OF AWARDS HEREUNDER. THE COMPANY DOES NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE GRANTEE ON SUCH MATTERS, WHICH SHALL REMAIN
SOLELY THE RESPONSIBILITY OF THE GRANTEE.

 

18.4.
TAX TREATMENT. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY
TO THE EFFECT THAT ANY AWARD SHALL QUALIFY WITH ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT, OR BENEFIT FROM
ANY PARTICULAR TAX TREATMENT OR TAX ADVANTAGE OF ANY TYPE AND THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) SHALL BEAR NO LIABILITY
IN CONNECTION WITH THE MANNER IN WHICH ANY AWARD IS TREATED FOR TAX PURPOSES, REGARDLESS OF WHETHER THE AWARD WAS GRANTED OR WAS INTENDED
TO QUALIFY UNDER ANY PARTICULAR TAX REGIME OR TREATMENT. THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION INDICATED
IN ANY CORPORATE RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW. THE COMPANY
AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE AND SHALL NOT BE REQUIRED TO TAKE ANY ACTION IN ORDER TO QUALIFY ANY AWARD
WITH THE REQUIREMENT OF ANY PARTICULAR TAX TREATMENT AND NO INDICATION IN ANY DOCUMENT TO THE EFFECT THAT ANY AWARD IS INTENDED TO QUALIFY
FOR ANY TAX TREATMENT SHALL IMPLY SUCH AN UNDERTAKING. THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) DO NOT UNDERTAKE TO REPORT
FOR TAX PURPOSES ANY AWARD IN ANY PARTICULAR MANNER, INCLUDING IN ANY MANNER CONSISTENT WITH ANY PARTICULAR TAX TREATMENT. NO ASSURANCE
IS MADE BY THE COMPANY OR ANY OF ITS AFFILIATES (INCLUDING THE EMPLOYER) THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF GRANT WILL
CONTINUE TO EXIST OR THAT THE AWARD WOULD QUALIFY AT THE TIME OF EXERCISE, VESTING OR DISPOSITION THEREOF WITH ANY PARTICULAR TAX TREATMENT.
THE COMPANY AND ITS AFFILIATES (INCLUDING THE EMPLOYER) SHALL NOT HAVE ANY LIABILITY OR OBLIGATION OF ANY NATURE IN THE EVENT THAT AN
AWARD DOES NOT QUALIFY FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS WHETHER THE COMPANY COULD HAVE OR SHOULD HAVE TAKEN ANY ACTION TO
CAUSE SUCH QUALIFICATION TO BE MET AND SUCH QUALIFICATION REMAINS AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK OF THE GRANTEE.
THE COMPANY DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN OR UNWRITTEN) OF
ANY TAX AUTHORITIES, INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT.
IF THE AWARDS DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT IT COULD RESULT IN ADVERSE TAX CONSEQUENCES TO THE GRANTEE.

 

    	 

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18.5.
The Corporation or any Subsidiary or Affiliate (including the Employer) may take such action as it may deem necessary or appropriate,
in its discretion, for the purpose of or in connection with withholding of any taxes and compulsory payments which the Trustee, the Corporation
or any Subsidiary or Affiliate (including the Employer) (or any applicable agent thereof) is required by any Applicable Law to withhold
in connection with any Awards, including, without limitations, any income tax, social benefits, social insurance, health tax, pension,
payroll tax, fringe benefits, excise tax, payment on account or other tax-related items related to the Participant’s participation
in the Plan and applicable by law to the Participant (collectively, “Withholding Obligations”). Such actions may include
(i) requiring a Grantees to remit to the Corporation or the Employer in cash an amount sufficient to satisfy such Withholding Obligations
and any other taxes and compulsory payments, payable by the Corporation or the Employer in connection with the Award or the exercise
or (if applicable) the vesting thereof; (ii) subject to Applicable Law, allowing the Grantees to surrender Shares to the Corporation,
in an amount that at such time, reflects a value that the Committee determines to be sufficient to satisfy such Withholding Obligations;
(iii) withholding Shares otherwise issuable upon the exercise of an Award at a value which is determined by the Corporation to be sufficient
to satisfy such Withholding Obligations; or (iv) any combination of the foregoing. The Corporation shall not be obligated to allow the
exercise or vesting of any Award by or on behalf of a Grantee until all tax consequences arising therefrom are resolved in a manner acceptable
to the Corporation.

 

18.6.
Each Grantee shall notify the Corporation in writing promptly and in any event within ten (10) days after the date on which such Grantee
first obtains knowledge of any tax authority inquiry, audit, assertion, determination, investigation, or question relating in any manner
to the Awards granted or received hereunder or Shares issued thereunder and shall continuously inform the Corporation of any developments,
proceedings, discussions and negotiations relating to such matter, and shall allow the Corporation and its representatives to participate
in any proceedings and discussions concerning such matters. Upon request, a Grantee shall provide to the Corporation any information
or document relating to any matter described in the preceding sentence, which the Corporation, in its discretion, requires.

 

18.7.
With respect to 102 Non-Trustee Options, if the Grantee ceases to be employed by the Corporation, Parent, Subsidiary or any Affiliate
(including the Employer), the Grantee shall extend to the Corporation and/or the Employer a security or guarantee for the payment of
taxes due at the time of sale of Shares, all in accordance with the provisions of Section 102 of the Ordinance and the Rules.

 

18.8.
If a Grantee makes an election under Section 83(b) of the Code to be taxed with respect to an Award as of the date of transfer of Shares
rather than as of the date or dates upon which the Grantee would otherwise be taxable under Section 83(a) of the Code, such Grantee shall
deliver a copy of such election to the Corporation upon or prior to the filing such election with the U.S. Internal Revenue Service.
Neither the Corporation nor any Affiliate (including the Employer) shall have any liability or responsibility relating to or arising
out of the filing or not filing of any such election or any defects in its construction.

 

    	 

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19. RIGHTS AS A SHAREHOLDER; VOTING AND DIVIDENDS.

 

19.1.
Subject to Section ‎11.4, a Grantee shall have no rights as a shareholder of the Corporation with respect to any Shares covered by
an Award until the Grantee shall have exercised or (as applicable) vests in the Award, paid any Exercise Price therefor and becomes the
record holder of the subject Shares. In the case of 102 Awards, the Trustee shall have no rights as a shareholder of the Corporation
with respect to the Shares covered by such Award until the Trustee becomes the record holder for such Shares for the Grantee’s
benefit, and the Grantee shall not be deemed to be a shareholder and shall have no rights as a shareholder of the Corporation with respect
to the Shares covered by the Award until the date of the release of such Shares from the Trustee to the Grantee and the transfer of record
ownership of such Shares to the Grantee (provided, however, that the Grantee shall be entitled to receive from the Trustee any cash dividend
or distribution made on account of the Shares held by the Trustee for such Grantee’s benefit, subject to any tax withholding and
compulsory payment). No adjustment shall be made for dividends (ordinary or extraordinary, whether in shares or other securities, cash
or other property, or rights, or any combination thereof) or distribution of other rights for which the record date is prior to the date
on which the Grantee or Trustee (as applicable) becomes the record holder of the Shares covered by an Award, except as provided in Section
‎14 hereof.

 

19.2.
With respect to all Awards issued in the form of Shares hereunder or upon the exercise or (if applicable) the vesting of Awards hereunder,
any and all voting rights attached to such Shares shall be subject to Section ‎6.10, and the Grantee shall be entitled to receive
dividends distributed with respect to such Shares, subject to the provisions of the Corporation’s Charter and Bylaws, as amended
from time to time, and subject to any Applicable Law.

 

19.3.
The Corporation may, but shall not be obligated to, register or qualify the sale of Shares under any applicable securities law or any
other Applicable Law.

 

20. NO REPRESENTATION BY COMPANY.

 

By
granting the Awards, the Corporation is not, and shall not be deemed as, making any representation or warranties to the Grantee regarding
the Corporation, its business affairs, its prospects or the future value of its Shares and such representations and warranties are hereby
disclaimed. The Corporation shall not be required to provide to any Grantee any information, documents or material in connection with
the Grantee’s considering an exercise of an Award. To the extent that any information, documents or materials are provided, the
Corporation shall have no liability with respect thereto. Any decision by a Grantee to exercise an Award shall solely be at the risk
of the Grantee.

 

21. NO RETENTION RIGHTS.

 

Nothing
in this Plan, any Award Agreement or in any Award granted or agreement entered into pursuant hereto shall confer upon any Grantee the
right to continue in the employ of, or be in the service of the Corporation or any Subsidiary or Affiliate thereof as a Service Provider
or to be entitled to any remuneration or benefits not set forth in this Plan or such agreement, or to interfere with or limit in any
way the right of the Corporation or any such Subsidiary or Affiliate to terminate such Grantee’s employment or service (including,
any right of the Corporation or any of its Affiliates to immediately cease the Grantee’s employment or service or to shorten all
or part of the notice period, regardless of whether notice of termination was given by the Corporation or its Affiliates or by the Grantee).
Awards granted under this Plan shall not be affected by any change in duties or position of a Grantee, subject to Sections ‎6.6 through
‎6.8. No Grantee shall be entitled to claim and the Grantee hereby waives any claim against the Corporation or any Subsidiary or
Affiliate that he or she was prevented from continuing to vest Awards as of the date of termination of his or her employment with, or
services to, the Corporation or any Subsidiary or Affiliate. No Grantee shall be entitled to any compensation in respect of the Awards
which would have vested had such Grantee’s employment or engagement with the Corporation (or any Subsidiary or Affiliate) not been
terminated.

 

    	 

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22. PERIOD DURING WHICH AWARDS MAY BE GRANTED.

 

Awards
may be granted pursuant to this Plan from time to time within a period of ten (10) years from the Effective Date, which period may be
extended from time to time by the Board. From and after such date (as extended) no grants of Awards may be made and this Plan shall continue
to be in full force and effect with respect to Awards or Shares issued thereunder that remain outstanding.

 

23. AMENDMENT OF THIS PLAN AND AWARDS.

 

23.1.
The Board at any time and from time to time may suspend, terminate, modify or amend this Plan, whether retroactively or prospectively.
Any amendment effected in accordance with this Section shall be binding upon all Grantees and all Awards, whether granted prior to or
after the date of such amendment, and without the need to obtain the consent of any Grantee. No termination or amendment of this Plan
shall affect any then outstanding Award unless expressly provided by the Board.

 

23.2.
Subject to changes in Applicable Law that would permit otherwise, without the approval of the Corporation’s shareholders, there
shall be (i) no increase in the maximum aggregate number of Shares that may be issued under this Plan as Incentive Stock Options (except
by operation of the provisions of Section ‎14.1), (ii) no change in the class of persons eligible to receive Incentive Stock Options,
and (iii) no other amendment of this Plan that would require approval of the Corporation’s shareholders under any Applicable Law.
Unless not permitted by Applicable Law, if the grant of an Award is subject to approval by shareholders, the date of grant of the Award
shall be determined as if the Award had not been subject to such approval. Failure to obtain approval by the shareholders shall not in
any way derogate from the valid and binding effect of any grant of an Award that is not an Incentive Stock Option.

 

23.3.
The Board or the Committee at any time and from time to time may modify or amend any Award theretofore granted, including any Award Agreement,
whether retroactively or prospectively.

 

24. APPROVAL.

 

24.1.
This Plan shall take effect upon its adoption by the Board (the “Effective Date”).

 

24.2.
Solely with respect to grants of Incentive Stock Options, this Plan shall also be subject to shareholders’ approval, within one
year of the Effective Date, by a majority of the votes cast on the proposal at a meeting or a written consent of shareholders (however,
if the grant of an Award is subject to approval by shareholders, the date of grant of the Award shall be determined as if the Award had
not been subject to such approval). Failure to obtain such approval by the shareholders within such period shall not in any way derogate
from the valid and binding effect of any grant of an Award, except that any Options previously granted under this Plan may not qualify
as Incentive Stock Options but, rather, shall constitute Nonqualified Stock Options. Upon approval of this Plan by the shareholders of
the Corporation as set forth above, all Incentive Stock Options granted under this Plan on or after the Effective Date shall be fully
effective as if the shareholders of the Corporation had approved this Plan on the Effective Date.

 

24.3.
102 Awards are conditional upon the filing with or approval by the ITA, if required, as set forth in Section ‎‎9. Failure to
so file or obtain such approval shall not in any way derogate from the valid and binding effect of any grant of an Award, which is not
a 102 Award.

 

    	 

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25. RULES PARTICULAR TO SPECIFIC COUNTRIES; SECTION 409A.

 

25.1.
Notwithstanding anything herein to the contrary, the terms and conditions of this Plan may be supplemented or amended with respect to
a particular country or tax regime by means of an appendix to this Plan, and to the extent that the terms and conditions set forth in
any appendix conflict with any provisions of this Plan, the provisions of such appendix shall govern. Terms and conditions set forth
in such appendix shall apply only to Awards granted to Grantees under the jurisdiction of the specific country or such other tax regime
that is the subject of such appendix and shall not apply to Awards issued to a Grantee not under the jurisdiction of such country or
such other tax regime. The adoption of any such appendix shall be subject to the approval of the Board or the Committee, and if determined
by the Committee to be required in connection with the application of certain tax treatment, pursuant to applicable stock exchange rules
or regulations or otherwise, then also the approval of the shareholders of the Corporation at the required majority.

 

25.2.
This Section ‎25.2 shall only apply to Awards granted to Grantees who are subject to United States Federal income tax.

 

25.2.1
It is the intention of the Corporation that no Award shall be deferred compensation subject to Section 409A of the Code unless and to
the extent that the Committee specifically determines otherwise as provided in Section ‎25.2.2, and the Plan and the terms and conditions
of all Awards shall be interpreted and administered accordingly.

 

25.2.2
The terms and conditions governing any Awards that the Committee determines will be subject to Section 409A of the Code, including any
rules for payment or elective or mandatory deferral of the payment or delivery of Shares or cash pursuant thereto, and any rules regarding
treatment of such Awards in the event of a Change in Control, shall be set forth in the applicable Award Agreement and shall be intended
to comply in all respects with Section 409A of the Code, and the Plan and the terms and conditions of such Awards shall be interpreted
and administered accordingly.

 

25.2.3
The Corporation shall have complete discretion to interpret and construe the Plan and any Award Agreement in any manner that establishes
an exemption from (or compliance with) the requirements of Section 409A of the Code. If for any reason, such as imprecision in drafting,
any provision of the Plan and/or any Award Agreement does not accurately reflect its intended establishment of an exemption from (or
compliance with) Code Section 409A, as demonstrated by consistent interpretations or other evidence of intent, such provision shall be
considered ambiguous as to its exemption from (or compliance with) Section 409A of the Code and shall be interpreted by the Corporation
in a manner consistent with such intent, as determined in the discretion of the Corporation. If, notwithstanding the foregoing provisions
of this Section ‎25.2.3, any provision of the Plan or any such agreement would cause a Grantee to incur any additional tax or interest
under Section 409A of the Code, the Corporation may reform such provision in a manner intended to avoid the incurrence by such Grantee
of any such additional tax or interest; provided that the Corporation shall maintain, to the extent reasonably practicable, the
original intent and economic benefit to the Grantee of the applicable provision without violating the provisions of Section 409A of the
Code. For the avoidance of doubt, no provision of this Plan shall be interpreted or construed to transfer any liability for failure to
comply with the requirements of Section 409A from any Grantee or any other individual to the Corporation or any of its affiliates, employees
or agents.

 

    	 

    	35

    

 

25.2.4
Notwithstanding any other provision in the Plan, any Award Agreement, or any other written document establishing the terms and conditions
of an Award, if any Grantee is a “specified employee,” within the meaning of Section 409A of the Code, as of the date of
his or her “separation from service” (as defined under Section 409A of the Code), then, to the extent required by Treasury
Regulation Section 1.409A-3(i)(2) (or any successor provision), any payment made to such Grantee on account of his or her separation
from service shall not be made before a date that is six months after the date of his or her separation from service. The Committee may
elect any of the methods of applying this rule that are permitted under Treasury Regulation Section 1.409A-3(i)(2)(ii) (or any successor
provision).

 

25.2.5
Notwithstanding any other provision of this Section ‎25.2 to the contrary, although the Corporation intends to administer the Plan
so that Awards will be exempt from, or will comply with, the requirements of Section 409A of the Code, the Corporation does not warrant
that any Award under the Plan will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal,
state, local, or non-United States law. The Corporation shall not be liable to any Grantee for any tax, interest, or penalties the Grantee
might owe as a result of the grant, holding, vesting, exercise, or payment of any Award under the Plan.

 

26. GOVERNING LAW; JURISDICTION.

 

This
Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Israel, except with
respect to matters that are subject to tax laws, regulations and rules of any specific jurisdiction, which shall be governed by the respective
laws, regulations and rules of such jurisdiction. Certain definitions, which refer to laws other than the laws of such jurisdiction,
shall be construed in accordance with such other laws. The competent courts located in Tel-Aviv-Jaffa, Israel shall have exclusive jurisdiction
over any dispute arising out of or in connection with this Plan and any Award granted hereunder. By signing any Award Agreement or any
other agreement relating to an Award, each Grantee irrevocably submits to such exclusive jurisdiction.

 

27. NON-EXCLUSIVITY OF THIS PLAN.

 

The
adoption of this Plan shall not be construed as creating any limitations on the power or authority of the Corporation to adopt such other
or additional incentive or other compensation arrangements of whatever nature as the Corporation may deem necessary or desirable or preclude
or limit the continuation of any other plan, practice or arrangement for the payment of compensation or fringe benefits to employees
generally, or to any class or group of employees, which the Corporation or any Affiliate now has lawfully put into effect, including
any retirement, pension, savings and stock purchase plan, insurance, death and disability benefits and executive short-term or long-term
incentive plans.

 

28. MISCELLANEOUS.

 

28.1.
Survival. The Grantee shall be bound by and the Shares issued upon exercise or (if applicable) the vesting of any Awards granted
hereunder shall remain subject to this Plan after the exercise or (if applicable) the vesting of Awards, in accordance with the terms
of this Plan, whether or not the Grantee is then or at any time thereafter employed or engaged by the Corporation or any of its Affiliates.

 

28.2.
Additional Terms. Each Award awarded under this Plan may contain such other terms and conditions not inconsistent with this Plan
as may be determined by the Committee, in its sole discretion.

 

28.3.
Fractional Shares. No fractional Share shall be issuable upon exercise or vesting of any Award and the number of Shares to be
issued shall be rounded down to the nearest whole Share, with any Share remaining at the last vesting date due to such rounding to be
issued upon exercise at such last vesting date.

 

28.4.
Severability. If any provision of this Plan, any Award Agreement or any other agreement entered into in connection with an Award
shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof
shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.
In addition, if any particular provision contained in this Plan, any Award Agreement or any other agreement entered into in connection
with an Award shall for any reason be held to be excessively broad as to duration, geographic scope, activity or subject, it shall be
construed by limiting and reducing such provision as to such characteristic so that the provision is enforceable to fullest extent compatible
with Applicable Law as it shall then appear.

 

28.5.
Captions and Titles. The use of captions and titles in this Plan or any Award Agreement or any other agreement entered into in
connection with an Award is for the convenience of reference only and shall not affect the meaning or interpretation of any provision
of this Plan or such agreement.

 

*
* *EX-10.31

 Exhibit 10.31 

FORM OF AMENDED AND RESTATED WARRANT AGREEMENT 

between 
 PROFRAC HOLDING CORP.

 and 
 CONTINENTAL STOCK
TRANSFER & TRUST COMPANY 
 THIS AMENDED AND RESTATED WARRANT AGREEMENT (this “Agreement”), dated as of [__],
2022, is by and between ProFrac Holding Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”, also
referred to herein as the “Transfer Agent”). 
 WHEREAS, U.S. Well Services, Inc. (“USWS”) and Transfer
Agent entered into that certain Purchase Agreement (the “Purchase Agreement”), dated as of May 23, 2019, with the purchasers named therein (collectively, the “Purchasers”), pursuant to which USWS agreed to
issue and sell, and the Purchasers agreed to purchase, shares of preferred stock and warrants (the “USWS Warrants”); 

WHEREAS, USWS and Transfer Agent are parties to that certain Warrant Agreement, dated as of May 24, 2019 (the “Existing Warrant
Agreement”); 
 WHEREAS, each USWS Warrant entitles the holder thereof to purchase one share of Class A common stock of USWS,
par value $0.0001 per share (“USWS Class A Common Stock”), for the Warrant Price as described in the Existing Warrant Agreement; 

WHEREAS, on June 21, 2022 that certain Agreement and Plan of Merger (“Merger Agreement”) was entered into by and among
the Company, USWS, and Thunderclap Merger Sub I, Inc., a Delaware corporation and an indirect subsidiary of Company (“Merger Sub”); 

WHEREAS, the Merger Agreement provides for, among other things, the merger of Merger Sub with and into USWS, with USWS surviving the merger as
the surviving corporation and an indirect subsidiary of the Company (the “Merger”); 
 WHEREAS, the Company and Transfer
Agent wish to amend the Existing Warrant Agreement and each USWS Warrant outstanding as of the effective time of the Merger (the “Existing Warrants”) such that as of the effective time of the Merger, the holders of the Existing
Warrants (“Existing Warrant Holders”) shall have the right to purchase the number of shares of Class A Common Stock of the Company, par value $.01 per share, equal to the product of (i) the number of shares of Series A
Common Stock of USWS, par value $0.0001 per share (the “ USWS Common Stock”) underlying the Existing Warrants and (ii) 0.3366 (as adjusted for the
1-for-6 reverse split of USWS Common Stock effected by USWS on August 4, 2022); 

WHEREAS, the Company and Transfer Agent desire to amend the Existing Warrant Agreement such that the Company assumes the Existing Warrants and
they are otherwise amended as of the Effective Time in accordance with the terms hereof and of the Merger Agreement (each such amended Existing Warrant, a “Warrant”); 

 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed
on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1. APPOINTMENT OF WARRANT AGENT. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and
the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. WARRANTS. 
 2.1
Form of Warrant. Each Warrant shall be physically certificated in the form annexed hereto as Exhibit A. 
 2.2 Effect of
Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3 Registration. 

2.3.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of
original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company. 
 Physical certificates shall be signed by, or bear the
facsimile signature of, the Executive Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant
shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

  
 2 

 2.3.2 Registered Holder. Prior to due presentment for registration of transfer of
any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant
represented thereby (notwithstanding any notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither
the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 3. TERMS AND EXERCISE OF WARRANTS. 

3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the
provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Class A Common Stock stated therein (the “Warrant Entitlement”), at the price of $477.89 per share (the “Warrant
Price”), subject to the adjustments provided in Section 4 hereof. 
 3.2 Duration of Warrants. A
Warrant may be exercised only during the period (the “Exercise Period”) commencing on the date that is six months and one day after the date of this Agreement and terminating at 5:00 p.m., New York City time, on the date that is six
(6) years after such date (the “Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at
5:00 p.m., New York City time, on the Expiration Date. 
 3.3 Exercise of Warrants. 

3.3.1 Cashless Exercise. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant
Agent, may be exercised in whole or in part from time to time by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of
New York, with the subscription form, as set forth in the Warrant, duly executed, for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (a) the product of (i) the aggregate Warrant Entitlement of
the Warrants subject to such surrender and exercise, multiplied by (ii) the difference between the Warrant Price and the “Fair Market Value”, as defined in this Section 3.3.1, by (b) the Fair Market
Value. Solely for purposes of this Section 3.3.1, “Fair Market Value” means the volume weighted average price of the Class A Common Stock as reported during the ten (10) trading day period ending
on the second trading day prior to the date on which the notice of exercise is delivered by such holder to the Warrant Agent. The holder shall be responsible for any and all applicable taxes due in connection with the exercise of the Warrant, the
exchange of the Warrant for shares of Class A Common Stock and the issuance of such Class A Common Stock. For the avoidance of doubt, the Warrant shall only be exercisable on a “cashless” basis in accordance with this
Section 3.1.1. 

  
 3 

 3.3.2 Issuance of Shares of Class A Common Stock on Exercise.

 (a) As soon as practicable after the exercise of any Warrant pursuant to Section 3.3.1, the
Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of Class A Common Stock to which it is entitled, registered in such name or names as may be directed
by it, and if such Warrant shall not have been exercised in full, a countersigned Warrant for the number of shares of Class A Common Stock as to which such Warrant shall not have been exercised. No Warrant shall be exercisable and the Company
shall not be obligated to issue shares of Class A Common Stock upon exercise of a Warrant unless the Class A Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or
qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. Subject to Section 4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a
whole number of shares of Class A Common Stock. If the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall round down to the nearest whole number the number
of shares of Class A Common Stock to be issued to such holder. 
 3.3.3 Valid Issuance. All shares of Class A Common Stock
issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable. 

3.3.4 Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Class A
Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Class A Common Stock on the date on which the Warrant was surrendered, irrespective of the date of delivery of such certificate,
except that, if the date of such surrender is a date when the share transfer books of the Company of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Class A Common Stock at the close of
business on the next succeeding date on which the share transfer books are open. 
 4. ADJUSTMENTS. 

4.1 Stock Dividends. 

4.1.1 Split-Ups. If after the date hereof, and subject to the provisions of
Section 4.6 below, the number of outstanding shares of Class A Common Stock is increased by a stock dividend payable in shares of Class A Common Stock, or by a split-up of
shares of Class A Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the Warrant Entitlement shall be increased in proportion to such
increase in the outstanding shares of Class A Common Stock. A rights offering to holders of the Class A Common Stock entitling holders to purchase shares of Class A Common Stock at a price less than the “Fair Market Value”
(as defined below) shall be deemed a stock dividend of a number of shares of Class A Common Stock equal to the product of (i) the number of shares of Class A Common Stock actually sold in such rights offering (or issuable under any
other equity securities sold in such rights offering that are convertible into or exercisable for the Class A Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Class A Common Stock paid in
such rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Class A Common Stock, in determining the price
payable for Class A Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume
weighted average price of the Class A Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of Class A Common Stock trade on the applicable exchange or in
the applicable market, regular way, without the right to receive such rights. 

  
 4 

 4.1.2 Dividends. If the Company, at any time while the Warrants are outstanding and
unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Class A Common Stock on account of such shares of Class A Common Stock (or other shares of the Company’s capital stock
into which the Warrants are convertible), other than as described in subsection 4.1.1 above, then the Warrant Price shall be decreased, effective immediately after the effective date of such dividend, by the amount of cash and/or the fair
market value (as determined by the Company’s board of directors (the “Board”), in good faith) of any securities or other assets paid on each share of Class A Common Stock in respect of such dividend. 

4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the
number of outstanding shares of Class A Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A Common Stock or other similar event, then, on the effective date of such
consolidation, combination, reverse stock split, reclassification or similar event, the Warrant Entitlement shall be decreased in proportion to such decrease in outstanding shares of Class A Common Stock. 

4.3 Adjustments in Warrant Price and Warrant Entitlement. Whenever the Warrant Entitlement is adjusted, as provided in subsection
4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the
Warrant Entitlement immediately prior to such adjustment, and (y) the denominator of which shall be the Warrant Entitlement immediately thereafter. Whenever the Warrant Price is adjusted as provided in subsection 4.1.2 above, the Warrant
Entitlement shall be adjusted by multiplying such Warrant Entitlement immediately prior to such adjustment by a fraction (x) the numerator of which shall be the Warrant Price immediately prior to such adjustment, and (y) the denominator of
which shall be the Warrant Price immediately thereafter. 
 4.4 Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Class A Common Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of
such shares of Class A Common Stock), or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the
continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Class A Common Stock), or in the case of any sale or conveyance to another entity of the assets or other property of the
Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Warrants and in lieu of the shares of Class A Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, 

  
 5 

 
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had held a number of shares of Class A
Common Stock equal to the aggregate then-applicable Warrant Entitlement of such Warrants immediately prior to such event (the “Alternative Issuance”) and the successor or purchasing entity, as the case may be, shall execute an
amendment hereto with the Warrant Agent providing for delivery of such Alternative Issuance; provided, however, that (i) if the holders of the Class A Common Stock were entitled to exercise a right of election as to the kind or amount of
securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be
the weighted average of the kind and amount received per share by the holders of the Class A Common Stock in such consolidation or merger, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the
holders of the Class A Common Stock under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule
13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule
12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Class A Common Stock, (x) the holder of a Warrant shall be entitled to receive as the Alternative Issuance,
the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had held a number of shares of Class A Common Stock equal to the then-applicable Warrant
Entitlement prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and
after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4 and (y) if the issuer(s) of the securities constituting the Alternative
Issuance is not the Company, then the Company and such issuer(s) shall take such action so as to ensure the availability of Section 3(a)(9) under the Securities Act of 1933, as amended (the “Securities Act”) for any issuance of
such securities upon exercise of the Warrants and the tacking of the “holding period” under Rule 144 under the Securities Act for the Warrants to such securities provided, further, that if less than 70% of the consideration receivable by
the holders of the Class A Common Stock in the applicable event is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within
thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be
reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the
Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped
American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount, (1) the price of each share of Class A Common Stock shall be the volume weighted average price of the Class A Common
Stock as reported during the ten (10) trading day period ending on the trading 

  
 6 

 
day prior to the effective date of the applicable event, (2) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading
day immediately prior to the day of the announcement of the applicable event, and (3) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share
Consideration” means (i) if the consideration paid to holders of the Class A Common Stock consists exclusively of cash, the amount of such cash per share of Class A Common Stock, and (ii) in all other cases, the volume
weighted average price of the Class A Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in
a change in shares of Class A Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The
provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par
value per share issuable upon exercise of the Warrant. 
 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant
Price or the Warrant Entitlement under Section 4, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease,
if any, in the Warrant Entitlement, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Subject to the procedures in Section 4.8 (as applicable), the Company
shall be responsible for any adjustments made to the Warrant Price or Warrant Entitlement. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.8, the Company shall give written notice of
the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such event. 
 4.6 No Fractional Shares. Notwithstanding any provision contained in this Agreement
to the contrary, the Company shall not issue fractional shares of Class A Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be
entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of shares of Class A Common Stock to be issued to such holder.

 4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this
Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same Warrant Entitlement as is stated in the Warrants initially issued pursuant to this Agreement; provided,
however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

  
 7 

 4.8 Other Events. In case any event shall occur affecting the Company as to which
none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and
(ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national
standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an
adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 

5. TRANSFER AND EXCHANGE OF WARRANTS. 

5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 

5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange
or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that
in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3 Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance of a warrant certificate for a fraction of a warrant. 

5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 

5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with
the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly
executed on behalf of the Company for such purpose. 
 6. OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS. 

6.1 No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of
directors of the Company or any other matter. 

  
 8 

 6.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen,
mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of
like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed
Warrant shall be at any time enforceable by anyone. 
 6.3 Reservation of Common Stock. The Company shall at all times reserve and
keep available a number of its authorized but unissued shares of Class A Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

6.4 DTC Undertaking. The Company shall use commercially reasonable efforts to exchange each holder’s Warrants for book-entry
interests in a global Warrant at The Depositary Trust Company with an unrestricted CUSIP no later than the date that is 370 days from such Warrants’ issuance date (or such shorter period of time if permitted under the securities laws or if such
Warrants are sold under Rule 144 or under a registration statement). 
 7. CONCERNING THE WARRANT AGENT AND OTHER MATTERS. 

7.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of shares of Class A Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of
Class A Common Stock. 
 7.2 Resignation, Consolidation, or Merger of Warrant Agent. 

7.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for
the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good
standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After
appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any
further act or deed; but if for any reason it becomes necessary or appropriate, the 

  
 9 

 
predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such
predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 7.2.2 Notice of Successor Warrant
Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Class A Common Stock not later than the effective date of any such
appointment. 
 7.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with
which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

7.3 Fees and Expenses of Warrant Agent. 

7.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

7.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

7.4 Liability of Warrant Agent. 

7.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the Board and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any
action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 
 7.4.2 Indemnity. The Warrant Agent
shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. 

  
 10 

 7.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the
validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this
Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Class A Common Stock to be issued
pursuant to this Agreement or any Warrant or as to whether any shares of Class A Common Stock shall, when issued, be valid and fully paid and non-assessable. 

7.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon
the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the
purchase of shares of Class A Common Stock through the exercise of the Warrants. 
 7.6 Waiver. The Warrant Agent has no right
of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust
Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason
whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account. 

8. MISCELLANEOUS PROVISIONS. 

8.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind
and inure to the benefit of their respective successors and assigns. 
 8.2 Notices. Any notice, statement or demand authorized by
this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five (5) days after deposit of such notice, postage prepaid, or by e-mail with delivery receipt obtained, addressed (until another address is filed in writing by the Company with the Warrant
Agent), as follows: 
 ProFrac Holding Corp. 

333 Shops Boulevard, Suite 301 

Willow Park, Texas 76087 
 Email:
[__] 
 Attention: [__] 

  
 11 

 Any notice, statement or demand authorized by this Agreement to be given or made by the
holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such
notice, postage prepaid, or by e-mail with delivery receipt obtained, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 

Continental Stock Transfer & Trust Company 

1 State Street, 30th Floor 

New York, NY 10004 
 Email:
compliance@continentalstock.com 
 Attention: Compliance Department 

8.3 Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all
respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

8.4 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants. 

8.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 

8.6 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

8.7 Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof. 

  
 12 

 8.8 Amendments. This Agreement may be amended by the parties hereto without the
consent of any Registered Holder (a) for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions
arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders, and (b) to provide for the delivery of Alternative Issuance pursuant to
Section 4.4. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders of more than
seventy-five percent (75%) of the then outstanding Warrants. 
 8.9 Severability. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Exhibit A Form of Warrant Certificate 
 Exhibit B Legend –
Warrants 
 [Signature Page Follows] 

  
 13 

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

			
	PROFRAC HOLDING CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CONTINENTAL STOCK TRANSFER &
	TRUST COMPANY, as Warrant Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 14 

 EXHIBIT A 

[Form of Warrant Certificate] 

[FACE] 
  

			
	Number	  	Warrant Entitlement: [•]

 Warrants 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO 

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

PROFRAC HOLDING CORP. 

Incorporated Under the Laws of the State of Delaware 

Warrant Certificate 

This Warrant Certificate certifies that , or registered assigns, is the registered holder of warrant(s) evidenced hereby (the
“Warrants” and each, a “Warrant”) to purchase shares of Class A common stock, par value $0.01 per share (“Class A Common Stock”), of ProFrac Holding Corp., a Delaware
corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Class A Common Stock equal to the Warrant Entitlement at a price (the “Warrant Price”) as determined pursuant to the Warrant Agreement and through “cashless”
exercise provisions set forth in Section 3.3.1 thereof, upon surrender of this Warrant Certificate at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the
Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

The initial Warrant Price per share of Class A Common Stock for any Warrant is equal to $477.89 per share; provided,
however, that a Warrant may not be exercised for a fractional share. The Warrant Price and the Warrant Entitlement are subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent
not exercised by the end of such Exercise Period, such Warrants shall become void. 
 Reference is hereby made to the further provisions of
this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 

  
 15 

 This Warrant Certificate shall be governed by and construed in accordance with the internal
laws of the State of New York, without regard to conflicts of laws principles thereof. 
  

			
	PROFRAC HOLDING CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CONTINENTAL STOCK TRANSFER &
	TRUST COMPANY, as Warrant Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 16 

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Class A Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [___], 2022 (the
“Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is
hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders
(the words “holders” or “holder” meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company.
Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, at the principal corporate trust office of the Warrant Agent through the
“cashless” exercise provisions as provided for in the Warrant Agreement. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby,
there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised. 

The Warrant Agreement provides that upon the occurrence of certain events the number of shares of Class A Common Stock issuable upon
exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a share of Class A Common Stock, the
Company shall, upon exercise, round down to the nearest whole number of shares of Class A Common Stock to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for
this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

  
 17 

 The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and
neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

  
 18 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive shares of Class A
Common Stock of ProFrac Holding Corp. (the “Company”) in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Class A Common Stock be registered in the name of _______________, whose
address is _______________ and that such shares of Class A Common Stock be delivered to __________ whose address is __________. If said number of shares of Class A Common Stock is less than all of the shares of Class A Common Stock
purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Class A Common Stock be registered in the name of __________, whose address is _______________ and that such
Warrant Certificate be delivered to _______________, whose address is _______________. 
 The Warrant may only be exercised on a
“cashless” basis pursuant to Section 3.3.1 of the Warrant Agreement. Accordingly, (i) the number of shares of Class A Common Stock that this Warrant is exercisable for shall be determined in accordance
with Section 3.3.1 of the Warrant Agreement and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the
cashless exercise provisions of the Warrant Agreement, to receive shares of Class A Common Stock. If said number of shares is less than all of the shares of Class A Common Stock purchasable hereunder (after giving effect to the cashless
exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Class A Common Stock be registered in the name of _______________, whose address is _______________ and that such Warrant
Certificate be delivered to _______________, whose address is _______________. 
 [Signature Page Follows] 

  
 19 

			
		
	Date: __________, 20__	  	  

		  	(Signature)
		
		  	  

		  	  

		  	  

		  	(Address)
		
		  	  

		  	(Tax Identification Number)
	Signature Guaranteed:	  	
		
	  
	  	

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 (OR ANY SUCCESSOR RULE)). 

  
 20 

 EXHIBIT B 

LEGEND 
 “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.” 

  
 21

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