Document:

Exhibit 10.7

 

Certain identified information in this document has been excluded because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

CUSTOMER
INSTALLMENT PROGRAM AGREEMENT

 

This Customer Installment Program Agreement
(“Agreement”) is entered into as of the 16th day of July, 2020 (the “Effective Date”)
by and between Shopify Inc., a Canadian corporation (“Shopify”), and Affirm, Inc., a Delaware corporation (“Affirm”).
Shopify and Affirm may be referred to collectively as the “Parties” or individually as a “Party.”

 

The Agreement is made up of the attached
Terms and Conditions applicable to the Program and services as well as any schedules, addenda, and exhibits that are attached.
The additional specifics of the Program and services to be provided under this Agreement are included in an exhibit, and the Parties
may amend this Agreement though an additional exhibit, addendum or other amendment to this Agreement that is mutually agreed upon
by the Parties.

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be duly executed by their authorized representatives below.

 

	Shopify Inc.	Affirm,
    Inc.
	Signature:
    /s/ Amy Shapero	Signature: /s/ Max Levchin
	Name:   Amy
    Shapero	Name:     Max
    Levchin
	Title:     Chief
    Financial Officer	Title:       Chief
    Executive Officer
	Date:      July
    16, 2020	Date:        July
    16, 2020
	Notices.  Notices
    required under this Agreement shall be delivered pursuant to Section 23 (Notice), and addressed as set forth below:
	 
	If to Shopify:	If to Affirm:
	 	 
	Shopify

    150 Elgin Street, 8th Floor

    Ottawa, ON

    K2P 1L4

    Canada

    [***]	Affirm,
                                         Inc.

                                         650 California Street, 12th Floor

                                         San Francisco, CA 94108

                                         Attention: Chief Legal Officer

                                         [***]

         

         

 

     

     

    

 

TERMS
AND CONDITIONS

 

1.                 Introduction. Affirm offers, administers and/or provides access to certain consumer/buyer installment financial products
and services issued or originated in a manner that complies with Applicable Law. Affirm and Shopify are entering into this Agreement
for Affirm to make the Financial Product available to Customers and Eligible Merchants. The purpose of this Agreement is to establish
the framework and Program pursuant to which the Financial Product is developed, marketed and implemented for use on the Shopify
Platform for the benefit of Shopify Merchants and their customers.

 

2.                 Definitions. All capitalized terms used in this Agreement and not otherwise defined shall have the meaning as set forth
below.

 

“Affiliates” means any
entity that directly or indirectly controls, is controlled by or is under common control with a Party.

 

“Affirm Materials” means
any content, information, materials and items provided or made accessible by Affirm pursuant to this Agreement, including the Affirm
API, links, text, images, audio, video and other copyright works, and software, tools, technologies and other functional items.

 

“Affirm Pre-Existing IP”
means Affirm’s concepts, data, designs, developments, documentation, drawings, hardware, improvements, information, inventions,
processes, software, techniques, technology, tools, and any other Intellectual Property Rights, and any third-party licenses or
other rights to use any of the foregoing, that are developed entirely independently by Affirm (or a third party, as applicable),
at any time without any use of Shopify’s Confidential Information.

 

“Affirm’s Systems”
means Affirm’s hardware, network, computing environment and/or systems.

 

“Applicable Law” means
all federal, state, and local laws and regulations, directives and any other relevant authorities, guidance and requirements, including
those of Regulatory Authorities or payment networks, applicable to the Parties’ performance under this Agreement or the Program,
including, but not limited to, as may be applicable, compliance with the Gramm-Leach-Bliley Act (“GLBA”) (including
privacy and safeguarding of Customer Information), fair lending and any other applicable consumer protection laws and regulations,
and any amendments and regulations promulgated therefrom, privacy and data protection laws and regulations, Bank Secrecy Act (“BSA”)/anti-money
laundering (“AML”), Office of Foreign Assets Control (“OFAC”), and applicable anti-bribery
and anti-corruption laws including the Foreign Corrupt Practices Act.

 

“Application” means
the action or document by which a Customer requests or applies for a Financial Product from Affirm in connection with the Program.

 

“Application Processing”
means those services necessary, in connection with an Application, to originate and establish a Financial Product in accordance
with Applicable Law and the terms of the Program and Program Outline. Such services shall include but are not to be limited to:
application of Affirm’s underwriting standards to incoming Applications, OFAC screening, customer service, statement preparation
and issuance, regulatory compliance, security and fraud control, and activity reporting.

 

    1

     

    

 

“Confidential
Information” of the Disclosing Party means all data and information, regardless of the form or media, relating to
the Disclosing Party of which the Receiving Party becomes aware as a consequence of, or in relation to, the performance of
its obligations or rights under this Agreement, which (i) is not generally known by the public, and (ii) is reasonably
identified as confidential at the time of disclosure or which, under the circumstances surrounding disclosure, ought to be
reasonably considered as confidential. Confidential Information includes (a) any information about Disclosing Party’s
and its Affiliates’ (1) employees, (2) business plans, methods and practices, (3) marketing plans, method and
practices, including data flows, product processes and security features, (4) financial information, (5) price lists and
pricing policies, (6) contracts and contractual relations with customers, (7) customer names and lists, and (8) personally
identifiable information (as defined under Applicable Law); (b) technical information and requirements, drawings, engineering
data, performance specifications; (c) the existence and terms and conditions of this Agreement; and (d) confidential
information of third parties. In addition to the above, Confidential Information of Shopify includes Merchant Information and
Program Information. For the avoidance of doubt, GLBA NPI, as defined in Section 14.2, shall not include Customer Information
or Confidential Information that Shopify has or collects for any purposes other than for an Eligible Merchant to participate
in the Program or to make the Financial Product available to Customers.

 

“Conflict”
means any dispute, controversy, or claim arising out of or relating to this Agreement, the Program Outline or the Warrant Agreement.

 

“Customer” or “Buyer”
means any third party that applies for, accesses or receives a Financial Product from an Eligible Merchant pursuant to the Program

 

“Customer Information”
means all information provided by a Customer, whether personally identifiable or in aggregate, that is submitted and/or obtained
by or on behalf of Affirm or Shopify about a Customer or an Application (whether or not completed) for products or services offered
pursuant to the Program, including demographic data, and transaction data. “Customer Information” does not include
information about a Customer provided by a non-Customer third party to Affirm or Shopify, including but not limited to consumer
reports about Customers provided by credit bureaus. For the avoidance of doubt, GLBA NPI shall not include Customer Information
or Confidential Information that Shopify has or collects for any purposes other than for an Eligible Merchant to participate in
the Program or to make the Financial Product available to Customers.

 

“Customer Losses” means
any amounts or losses resulting from (i) Customer fraud; or (ii) Customer failure to make loan payments or meet any other obligation
to Affirm in accordance with any applicable Customer Agreement, as defined in Section 5.2.

 

“Disclosing Party” means
the Party providing Confidential Information to the other Party directly or indirectly (via one or more third parties acting on
behalf of and at the direction of the Disclosing Party).

 

“Eligible Merchant”
means any Merchant approved by Shopify (in compliance with this Agreement) to participate in the Program and makes the Financial
Product available to Customers.

 

“Excluded Customer”
means any customer of Affirm who has obtained a product or service from Affirm outside of or unrelated to the Program.

 

“Excluded Customer Information”
means all information, whether personally identifiable or in aggregate, obtained by Affirm about an Excluded Customer independently
of the Program.

 

“Excluded Merchant”
means any Merchant who, both prior to the Program launch and independent of the Program, has obtained a product or service from
Affirm and who Affirm has not migrated to the Program in accordance with Affirm’s obligation to do so as set forth in the
relevant Program Outline.

 

“Excluded Merchant Information”
means all information, whether personally identifiable or in aggregate, obtained by Affirm about an Excluded Merchant.

 

    2

     

    

 

“Financial Product”
means a consumer/buyer installments financial product or service offered by Affirm to Customers pursuant to or in connection with
the Program and as further described in the Program Outline.

 

“Force Majeure Event”
as used in this Agreement will mean an unanticipated event that is not reasonably within the control of the affected Party or its
subcontractors, such as (i) acts of God, fire, flood, explosion, earthquake, or other natural forces, war, civil unrest, (ii) unforeseeable
pandemics or epidemics that are officially declared by the U.S. Centers for Disease Control or the World Health Organization, combined
with labor force quarantines that are officially declared as such by an applicable governmental authority, as a result of such
U.S. Centers for Disease Control or World Health Organization declaration, or (iii) any other event similar to those enumerated
above and which by exercise of reasonable due diligence, such affected Party or its subcontractors could not reasonably have been
expected to avoid, overcome or obtain, or cause to be obtained, a commercially reasonable substitute therefore. For the avoidance
of doubt, the current COVID-19 pandemic is expressly carved out of this Force Majeure Event and neither party expresses a position
whether it would meet the criteria set forth in subclause (ii) above.

 

“Intellectual Property Rights”
means (i) inventions, improvements, patents (including all reissues, continuations, continuations-in-part, revisions, extensions,
and reexaminations thereof) and patent applications, (ii) trademarks, service marks, trade names and trade dress, together with
the goodwill associated therewith, (iii) works of authorship and copyrights, including copyrights in computer software, databases
and television programming and all rights related thereto, (iv) confidential and proprietary information, including trade secrets
and know-how, (v) processes, methods, procedures and materials, (vi) data, databases and information, (vii) software, tools
and machine-readable texts and files, (viii) literary work or other work of authorship, including documentation, reports, drawings,
charts, graphics, and other written documentation, together with all copyrights and moral rights, (ix) all other proprietary rights,
and (x) all registrations and applications for registration and other intellectual property rights in or appurtenant to the foregoing
items described in clauses (i) through (ix) above.

 

“Materials” or “Program
Materials” means, individually and collectively, Affirm Materials and/or Shopify Materials.

 

“Merchant” means any
Shopify customer on the Shopify platform that is in the business of selling goods and/or services unless otherwise expressly excluded
from this definition as mutually agreed by the Parties.

 

“Merchant Information”
means any information or data obtained during the Term about Merchants specifically including, but not limited to, the following:
the fact that someone is a Merchant; all lists of Merchants; and all information relating to and identified with such Merchants
or its owners. “Merchant Information” does not include (i) information about a Merchant provided by a non-Merchant
third party to Affirm or Shopify, including but not limited to credit reports about Merchants provided by credit bureaus; or (ii)
Excluded Merchant Information.

 

[***] means [***] (i) [***]; (ii) [***];
or (iii) [***] set forth in the applicable Merchant Agreement, as defined in Section 5.2.

 

“Migrated Merchant”
means any Eligible Merchant that has participated in an Affirm product prior to the date of this Agreement and has moved over to
the Program in accordance with Affirm’s migration obligations as set forth in the Program Outline.

 

“Non-Employee Personnel”
means any person, whether legal or natural, who is not an employee of a Party, but who may act on behalf of, or otherwise represent,
such Party.

 

    3

     

    

 

“Person” means any natural
or legal person, including any individual, corporation, partnership, limited liability company, trust or unincorporated association,
or other entity.

 

“Personnel” means a
Party’s employees, representatives, agents, subcontractors, consultants, third-party advisors, Non-Employee Personnel or
any other persons, whether legal or natural, who may act on behalf of, or otherwise represent, a Party.

 

“Program” means the
system of services under which Affirm shall make the Financial Product available to Eligible Merchants and Customers pursuant to
the Program Outline as set out in Exhibit A hereto.

 

“Program Information”
means any information and data related to the Program or any information or data provided by or on behalf of Shopify or its Eligible
Merchants (including any Migrated Merchants) to Affirm in connection with the Program that is not considered to be Merchant Information
or Customer Information; provided that “Program Information” shall not include (i) GLBA NPI, (ii) Affirm Confidential
Information, (iii) Affirm Materials, (iv) Affirm Pre-Existing IP, (v) Intellectual Property Rights that Affirm or its Affiliates
solely create, author, develop or otherwise acquire (as further described in Section 8.4), (vi) Intellectual Property Rights that
the Parties jointly create, author or develop (as further described in Section 8.4), or (vii) information or data related to the
Program that is not unique to the Program or that was created, authored or developed by Affirm for use outside of the Program (e.g.,
existing Affirm products that are similar to the Financial Product).

 

“Program Outline” means
the document agreed to by the Parties outlining the Program. The Program Outline is fully described and set forth in Exhibit A.

 

“Protected Information”
means any one or more of the following categories of information or data: (i) Customer Information; (ii) Application data;
(iii) any other information or data covered by Applicable Law, including applicable privacy laws; (iv) all information about a
Party’s information security and its applied information security measures; and (v) any information designated as Protected
Information under this Agreement.

 

“Receiving Party” means
the Party receiving Confidential Information from the Disclosing Party directly or indirectly (via one or more third parties acting
on behalf of and at the direction of the Disclosing Party).

 

“Regulatory Authority”
means any federal, state or local regulatory agency or other governmental agency or authority having jurisdiction over Affirm or
Shopify.

 

“Security Breach” means
any act or omission that materially compromises either the security, confidentiality or integrity of data or the physical, technical,
administrative or organizational safeguards put in place by a Party or a third-party service provider that relate to the protection
of the security, confidentiality or integrity of data relating to the Program. Without limiting the foregoing, a material compromise
shall include any unauthorized access to, unauthorized disclosure of or unauthorized acquisition of nonpublic personal information
or Customer Information, and, in the case of Affirm, Merchant Information.

 

“Security Complaint”
means receipt of a credible complaint in relation to privacy and data security practices of the applicable Party or the applicable
Party’s third-party service provider of a material breach or alleged material breach of this Agreement relating to such privacy
and data security practices.

 

    4

     

    

 

“Security Breach
Costs” means (a) costs, expenses (including reasonable attorney and expert witness fees), damage awards, fines and
penalties resulting from claims, investigations, litigation, arbitration and mediation arising from or related to a Security
Breach; (b) Merchant Losses or Customer Losses arising from or related to such Security Breach; (c) costs and expenses of
responding to the Security Breach (for example, the cost of notifying Customers, Regulatory Authorities and others affected
directly by the Security Breach); and (d) costs and expenses of mitigation and remediation of the Security Breach, including
the provision of monitoring service, credit protection service, credit fraud alert and/or similar services that the
non-breached Party deems reasonably necessary to protect itself or its affected Customers in light of risks posed by the
actual or potential Security Breach.

 

“Shopify Materials”
means any content, information, materials and items provided or made accessible by Shopify pursuant to this Agreement, including
the Shopify API, links, text, images, audio, video and other copyright works, and software, tools, technologies and other functional
items.

 

“Shopify Pre-Existing IP”
means Shopify’s concepts, data, designs, developments, documentation, drawings, hardware, improvements, information, inventions,
processes, software, techniques, technology, tools, and any other Intellectual Property Rights, and any third-party licenses or
other rights to use any of the foregoing, that are developed entirely independently by Shopify (or a third party, as applicable),
at any time without any use of Affirm’s Confidential Information.

 

“Shopify’s Systems”
means Shopify’s hardware, network, computing environment and/or systems.

 

“Specifications” means
the criteria, requirements, applicable performance capabilities, characteristics, and other descriptions and standards for each
Party’s services and deliverables set forth in this Agreement or the Program Outline.

 

“Strategic Operating Committee”
means the Committee formed by the Parties as set forth in Section 7.2.

 

“Warrant Agreement”
means warrant agreement attached hereto as Schedule 1.

 

3.             Scope of Arrangement.

 

3.1           This Agreement contains the sole and exclusive terms and conditions between the Parties with respect to the subject matter
hereof. The Parties agree that this Agreement is not intended to create an exclusive relationship of any type between the Parties
except where and to the extent specifically indicated herein.

 

3.2           For the purposes of this Agreement, the term “Affirm” is used in connection with any indemnity, obligation,
representation, warranty, covenant or undertaking of Affirm, irrespective of whether such item is or must be supported or fulfilled
in whole or part for Affirm or other third party financial institution with whom Affirm has contracted as determined by Affirm.
For the avoidance of doubt and without limiting the generality of the foregoing, any failure by Affirm to include such third party
financial institution in connection with its undertakings under this Agreement is Affirm’s obligation and it bears the sole
risk for failure to do so. Shopify will look solely to Affirm to enforce the performance of the duties and obligations of any third
party financial institution that has partnered with Affirm.

 

4.             Shopify Obligations.

 

4.1           Shopify
shall, for the term of this Agreement, as directed by Affirm as the Customer underwriter and servicer of the Program(s), host
the user experience/interface for Eligible Merchants and Customers (the “Platform”) and the customer
portal through Shopify’s website (the “SHOP App”). Shopify’s role will be limited to
developing and maintaining the Platform and SHOP App and providing the Platform/SHOP App to its Eligible Merchants and
Customers for Affirm to offer the Financial Product to Customers through the Platform and SHOP App. Shopify agrees to
configure and maintain the Platform and SHOP App in a manner that will allow Affirm to perform its obligations in a legally
compliant manner through the Platform and SHOP App, including without limitation, distribution of Customer Agreements and
servicing of loans. Shopify shall enable Affirm to distribute, or shall distribute in accordance with requirements from
Affirm, the Customer Agreements, disclosures, amendments and Customer communications referenced in Sections 5.2 and 5.4.

 

    5

     

    

 

4.2           Shopify, at its sole expense, may from time-to-time market the Program and Financial Products to Merchants in accordance
with this Agreement; such requirements may be modified if required to ensure continued compliance with Applicable Law or if required
in writing by a Regulatory Authority. Shopify agrees to work in good faith with Affirm on all marketing-related activities and
mutually agree where possible on marketing programs and practices. Shopify further agrees to work in good faith with Affirm to
modify marketing materials if Affirm believes such modification is necessary or advisable to avoid reputational damage to Affirm
or Shopify or to reduce risk to Affirm or Shopify.

 

4.3           Unless otherwise provided in the Program Outline, in the event a Merchant desires to enroll in the Program to offer Customers
the ability to use the Financial Product, the Parties have agreed that [***], and if such applicant Merchant is approved, such
applicant may then be added as an Eligible Merchant to the Program and may commence referring Customers to Affirm for purposes
of obtaining Financial Products. As agreed by the Parties, these Merchant obligations shall be performed [***] at such time as
set forth in the Program Outline.

 

4.4           Shopify shall execute (or cause to be executed) any and all necessary agreements with Eligible Merchants that will be participating
in the Program. Shopify will monitor Eligible Merchants and use commercially reasonable efforts to ensure that Eligible Merchants
are not engaged in prohibited businesses, as set forth in Exhibit D (the “Prohibited Business Policy”), which
may be updated by Affirm from time to time in consultation with Shopify. Shopify shall maintain a log of material violations of
the Prohibited Business Policy that Shopify becomes aware of, and provide such log upon request to Affirm [***]. Shopify will work
in good faith with Affirm to ensure that the necessary agreements with Eligible Merchants address any marketing restrictions required
by Affirm based on Applicable Law.

 

4.5           Shopify agrees to work with Affirm in good faith to [***] as soon as commercially reasonable and as discussed and mutually
agreed by the Parties.

 

4.6           Shopify shall provide Eligible Merchants all reasonably requested support and documentation related to the Program, subject
to Section 5 (Affirm Obligations).

 

4.7           Shopify shall require Eligible Merchants to furnish to Shopify any information reasonably requested by Affirm or any information
required to be provided by or to any applicable Regulatory Authority.

 

4.8           [***]

 

4.9           Unless
otherwise prohibited by law, Shopify will promptly forward to Affirm any complaints, including supporting documentation as
necessary, received from a Customer or Eligible Merchant pertaining to: (a) Affirm’s performance; (b) claims or
allegations about the Parties’ violations of Applicable Laws with respect to the Program; (c) material threats of
lawsuits relating to the Program; or (d) the Financial Product (collectively, “Complaints”). Shopify shall
maintain a record and log of all such Complaints and provide such log to Affirm on a monthly basis at its request.

 

    6

     

    

 

4.10         The Parties agree to work with in good faith to make commercially reasonable efforts to:

 

4.10.1.   
Develop and implement improvements to Program functionality to better serve both Merchants and Customers and to [***].

 

4.10.2.   
Cooperate and prioritize changes to the Platform and SHOP App if such changes are deemed necessary (i) to prevent a violation
of Applicable Law or to comply with a directive from a Regulatory Authority; (ii) to avoid a material risk to Affirm or the Program;
or (iii) to avoid a material adverse impact to Customers or prospective Customers.

 

4.10.3.   
Help respond and/or resolve any complaints related to the Program.

 

5.             Affirm Obligations.

 

5.1           Affirm, at its sole expense, shall be responsible for all Customer eligibility for the Program. Affirm shall be responsible
for all Application Processing, for all Customer underwriting, accepting, and processing Applications in accordance with Applicable
Law. Affirm’s Customer AML compliance program shall at all times comply with Applicable Law, including, but not limited to,
OFAC regulations and guidance. Affirm is responsible for determining and modifying underwriting criteria in its sole discretion
in compliance with Applicable Laws. Notwithstanding the foregoing, Affirm agrees in good faith where possible to notify Shopify
in advance of any material changes to its underwriting criteria that could have the impact of reducing the number of Customers
and to consult with Shopify about such changes.

 

5.2           Affirm,
at its sole expense and in consultation with Shopify, shall: (i) develop all Customer agreements and disclosures governing or
related to the Financial Product(s) (“Customer Agreements”); (ii) develop all Merchant agreements
governing or related to the Financial Product (“Merchant Agreements”); and (iii) be responsible for
ensuring Customer Agreements comply with Applicable Law. At Program Launch, the Parties shall distribute Customer Agreements
and Merchant Agreements that are substantially similar to, and no less protective than, those included in Exhibit E. The
terms and conditions of the Customer Agreements must set forth, at a minimum, the following terms: (a) the contracting party
under each Customer Agreement; (b) the lender or provider of the Financial Product; and (c) all disclosures required by
Applicable Law. All Customer Agreements shall be drafted in consultation with Shopify, provided that to the extent such
Customer Agreement contains language required by Applicable Law or Regulatory Authority, such language shall not be subject
to negotiation; and provided further that, Affirm shall have the final right of approval over any such Customer Agreements.
The relationship with each Customer in connection with the Program shall be jointly owned by Affirm and Shopify. The Parties
acknowledge and agree that the content of all Customer communications provided or developed by Affirm, as mutually agreed by
the Parties shall be so provided/developed, in connection with the Program, including, without limitation, any statements or
disclosures and Customer Agreement, shall be the responsibility of Affirm, and shall include each Party’s Marks (use of
Shopify’s Marks shall be subject to Shopify’s approval). For the avoidance of doubt, Affirm shall be responsible
for ensuring all Program Materials and Customer communications provided or developed by Affirm, including, without
limitation, any statements or disclosures and Customer Agreements, comply with Applicable Law and any policies and procedures
required by Regulatory Authority. The channel and means of distributing Customer Agreements shall be via email, on
Shopify’s Platform, through Shopify’s SHOP App, or as otherwise required pursuant to Applicable Law; provided
that, if Shopify fails to distribute Customer Agreements, Affirm shall have a right to do so using any means available under
Applicable Law.

 

    7

     

    

 

5.3           Affirm, at its sole expense (subject to Addendum A-2 to Exhibit A), shall provide for fund settlement from Customers, collection
of payments due from Customers, processing of any Customer transaction related to the Financial Product or contemplated by the
Customer Agreement, and distribution of funds to or from a Customer in connection with a Financial Product, in each case, as outlined
in the Program Outline. Affirm acknowledges and agrees that it is responsible for Customer Losses.

 

5.4           Affirm shall be responsible for all customer service and communications that it provides to Customers, as agreed by the
Parties, including in connection with any Customer-related complaints, questions or requests it receives. Affirm shall develop,
in consultation with Shopify, standardized communications to Customers for servicing of the Financial Product; provided that to
the extent such communications contain language required by Applicable Law, such language shall not be subject to negotiation;
and provided further that Affirm shall have the final right of approval over any such communications. Affirm shall develop and
maintain an internet website or portal that performs customer service functions, such as taking payments and account maintenance,
for Customers in connection with the Financial Product, to be branded with the marks of Affirm and Shopify. Affirm will provide
Shopify with its complaint policy and procedure documents (the “Complaint Policy”). Affirm agrees to notify
Shopify of any material updates to such Complaint Policy. The Complaint Policy will include provisions for tracking and reporting
Customers’ complaints from initial contact to resolution, regardless of the recipient of the complaint (i.e., complaint received
by Affirm or by Shopify). Affirm shall promptly (within [***] business days) notify Shopify when Affirm receives a written or verbal
Customer complaint that is directed or referred to any state attorney general, Regulatory Authority, or governmental figure (including
a state or federal legislator) relating to the Program and that specifically refers to the actions or inactions of Shopify. Affirm
shall maintain a record and log of all such Customer-related complaints, questions, or requests and, unless otherwise prohibited
by Applicable Law, provide such log to Shopify on a monthly basis at its request.

 

5.5           Affirm shall have the right to terminate or suspend any Eligible Merchant’s participation in the Program in accordance
with terms of the applicable Merchant Agreement, including the right to terminate or suspend such Eligible Merchant in connection
with elevated fraud or loss activity; provided that Affirm shall use commercially reasonable efforts to provide Shopify with at
least [***] notice of such termination or suspension, so that Shopify can communicate directly with the Merchant. Any such termination
or suspension shall be effectuated by Shopify promptly in accordance with the SLAs set forth in this Agreement.

 

6.             Service Level Agreement (SLA) Standards.

 

6.1           Each Party shall provide all services contemplated by this Agreement with promptness and diligence and in a professional
and workmanlike manner (unless some other time frame or manner is set forth herein, in which case such other time frame or manner
shall apply). As applicable, each Party shall provide services contemplated by this Agreement in accordance with the service levels
set forth in the Program Outline (each, an “SLA”). Affirm and Shopify shall periodically review and measure
overall performance against the SLAs to ensure consistency with the goals and objectives of this Agreement, and the Parties shall
reasonably cooperate to update such SLAs as necessary.

 

    8

     

    

 

6.2           If
any services are not provided in accordance with the SLAs (each instance, a “Failed SLA”), for each Failed
SLA: (i) the failing Party shall promptly investigate and report to the non-failing Party on the causes of the problem; (ii) the
failing Party shall provide a root-cause analysis of such failure as soon as practicable after such failure or non-failing Party’s
request; (iii) the Parties shall undertake the mutual support obligations set forth in the SLAs for the Program Outline initiate
remedial action to correct the Failed SLA and resume meeting the relevant SLA(s) as soon as practicable but, in the event of a
P0 or P1 incident, within [***] business days of the date of the occurrence of the Failed SLA; and (iv) advise the non-failing
party, as and to the extent requested, of the status of remedial efforts being undertaken with respect to such problem and, within
[***] business days, provide the non-failing party reasonable evidence that the causes of such problem will be corrected on a
permanent basis (such steps, an “SLA Corrective Action Plan”), using commercially reasonable efforts. A Party’s
failure to provide services in accordance with its SLAs shall not be deemed a Failed SLA if such Party’s failure resulted
from (a) a breach of the other Party’s obligations under this Agreement or (b) the inability to prepare adequate resources
to meet its SLAs because of materially inaccurate reports or forecasts provided by the other Party.

 

6.3           For any given month in which a Party suffers any Failed SLA, such month shall be considered to be a “Failed Month.”
If there are [***] consecutive Failed Months or [***] Failed Months during any [***] period, the non-failing party may, at its
option, either terminate the specific subject service(s) or terminate this Agreement in its entirety by giving written notice of
termination to the failing party, in which case the date of termination shall be as set forth in such notice.

 

6.4           Each Party shall implement measurement and monitoring tools and metrics as well as standard reporting procedures to measure
and report such Party’s performance of the services against the applicable SLAs and shall provide the other Party with monthly
reports detailing service standards performance (each, an “SLA Report”). Each Party shall also provide the other
Party with information for purposes of audit verification.

 

6.5           Each Party may schedule planned outages of its services upon not less than [***] business days’ prior written notice
to the other Party, and during such planned outage, the affected services shall be exempt from being deemed a Failed SLA for purposes
of the calculations for the time period of the outage identified by the first Party in the prior written notification to the other
Party. In no event shall such planned outages occur except between the hours of [***] (Pacific Standard Time). Each Party shall
use commercially reasonable efforts to minimize any adverse impact to the Program and the Customers as a result of any such planned
outages.

 

7.             Relationship Management.

 

7.1           Relationship Manager. Each Party will designate a “Relationship Manager” to act on its behalf
in matters arising under this Agreement; provided, however, that the Relationship Managers may not alter or amend any term, condition
or provision of this Agreement. Either Party may change its Relationship Manager at any time by providing the other Party with
written notice. Each Party reserves the right to request to change its Relationship Manager if the Party determines in good faith
that the current Relationship Manager is not working effectively with one another or such Relationship Manager is otherwise detrimental
to the Program. Each Party shall reasonably consider all such requests based on the facts and circumstances and make reasonable
efforts to comply with any request to change.

 

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7.2           Committees.

 

7.2.1.      Establishment of Strategic Operating Committee.

 

The Parties will establish an
operating committee (“Strategic Operating Committee”) to oversee and review all aspects of the Program.

 

7.2.2.      Composition of Strategic Operating Committee.

 

The Strategic Operating Committee
will consist of persons with sufficient enterprise responsibility and knowledge of a business unit integral to the performance
or supervision of the Program, as applicable, within each Party (e.g., engineering, relationship management, product). The Parties
envision the Strategic Operating Committee to be comprised of approximately 6 members, half of whom will be nominated by Shopify
(each, a “Shopify Designee”) and half of whom will be nominated by Affirm (each, an “Affirm Designee”
and collectively with the Shopify Designees, “Designees”). Each Party may change its Designees upon informing
the other Party. Each Designee will have one vote to approve Strategic Operating Committee actions requiring a vote; however, if
the Parties have an unequal number of Designees, then each Party will be deemed to have a total of one vote.

 

7.2.3.      Certain Functions of the Committee.

 

The Strategic Operating Committee
will:

 

7.2.3.1.                
evaluate proposed new and existing services, products, functionality and additional features in accordance with the terms
of this Agreement, including Section 36 (Exclusivity; Additional Products, Services, Geographies);

 

7.2.3.2.                 evaluate, discuss and resolve operational aspects of any ongoing compliance issues, including any operational changes required
by changes in Applicable Law;

 

7.2.3.3.                
review actual and projected performance by the Parties;

 

7.2.3.4.                
propose and evaluate any operational implementation of material changes to the Program Outline, and any material changes
to pricing or fees in the Program Outline or Schedule;

 

7.2.3.5.                
evaluate and respond to any notice of breach given by a Party with respect to the Agreement;

 

7.2.3.6.                
evaluate and respond to any request for additional reporting, access to data or changes in current reporting or access requirements
or practices;

 

7.2.3.7.                
review and approve any project collaboration, marketing or promotional activities;

 

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7.2.3.8.                
 review fraud metrics and fraud prevention measures with the goal of continuing to mitigate fraud;

 

7.2.3.9.                
evaluate Financial Product charge-offs and defaults with the goal of minimizing such losses;

 

7.2.3.10.               evaluate Customer repeat-purchase rates and average Merchant Fees (as defined in Exhibit A) across the Merchant Base, with
the goal of improving both metrics;

 

7.2.3.11.               discuss the Product Construct and make any adjustments to the First Product as mutually agreed and evidenced by an amendment
to the Program Outline;

 

7.2.3.12.               carry out all other tasks the Parties agree in writing will be done by the Strategic Operating Committee;

 

7.2.3.13.               review and measure overall performance against the SLAs to ensure consistency with the goals and objectives of this Agreement,
and reasonably cooperate to update such SLAs as necessary; and

 

7.2.3.14.               review Shopify rolling 12-month forecast (provided to Affirm on a quarterly basis) and discuss whether any Affirm SLA failures
were directly caused by material misstatements, omissions or errors in the 12-month forecast.

 

7.2.4.      meet regularly, but no less often than quarterly, in a manner or at a place mutually agreed by the Parties;

 

7.2.5.      resolve any Conflict, including with respect to the amount and payment of Fees for Services, in accordance with Section
9 (Conflict Resolution); and

 

7.2.6.      submit all unresolved disputes and matters for expedited resolution to the Escalation Executives as provided for in Section
9.2 (Escalation Executives).

 

7.2.7.      Effect of Actions.

 

All actions taken or approved
by the Strategic Operating Committee will be set forth in writing and binding on the Parties and their Affiliates, as applicable;
provided that the Strategic Operating Committee may not take any action or approve any matter that would conflict with or otherwise
expand the obligations or curtail the rights set forth in this Agreement.

 

7.2.8.      Additional Committees and Personnel.

 

The Parties may create from time
to time other committees and for other purposes as they deem appropriate or include other persons, in addition to the Designees,
with relevant subject matter or other expertise, to attend Strategic Operating Committee meetings.

 

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7.3           Annual Executive Meeting.

 

The Parties will organize an executive
meeting to be held on an annual basis between “VP-level” executives from each respective corporate organization to
ensure continued strategic alignment, assess progress against common goals, discuss any issues identified by the Strategic Operating
Committee as appropriate for their discussion, and explore further collaboration.

 

7.4           Independent Contractors.

 

7.4.1.       Affirm and Shopify agree that they are independent contractors to each other in performing their respective obligations
hereunder. This Agreement will not be construed as creating a relationship of employment, agency, partnership, joint venture or
any other form of legal association. Neither Party has any power to bind the other Party or to assume or to create any obligation
or responsibility on behalf of the other Party or in the other Party’s name.

 

7.4.2.      Each Party’s Personnel are not eligible for, nor may they participate in, any employee benefit plans of the other
Party, and the non-employing Party will not insure the employing Party for workers’ compensation coverage or for unemployment
insurance. Each Party is solely responsible for, and agrees to comply with all federal and state laws and regulations with respect
to: (i) hire, tenure, and conditions of employment; (ii) hours of work, salaries and compensation (including unemployment compensation);
(iii) deductions and withholdings; (iv) payment of any and all contributions, taxes and assessments, with respect to all Party
Personnel who provide services hereunder; and (v) the keeping of records and making of reports.

 

8.             Intellectual Property Rights.

 

8.1           Shopify Materials. To the extent that Shopify provides any Shopify Materials to Affirm pursuant to this Agreement,
the following shall apply:

 

8.1.1.      License. Shopify hereby grants to Affirm a limited, non-exclusive, non-transferable, non-sublicensable and revocable license
to the Shopify Materials during the Term, solely as necessary for Affirm fulfill its obligations under this Agreement and for no
other purpose.

 

8.1.2.      Ownership. Subject to Section 8.4 hereof, the Shopify Materials are owned by Shopify and licensed to Affirm and not sold
to Affirm. Shopify owns and reserves all right, title and interest in and to the Shopify Materials and all Intellectual Property
Rights therein.

 

8.1.3.      Risk of Loss. To the extent that Shopify provides any Shopify Materials to Affirm for the performance of its obligations
under this Agreement, Affirm will: (i) take all reasonable precautions to protect such property against loss, damage, theft or
disappearance; (ii) take no actions that affect Shopify’s title or interest; (iii) abide by specifications and use instructions;
(iv) not give access to any third party without Shopify’s prior written consent; and (v) not reverse engineer, decompile,
disassemble, modify, create derivative works of or otherwise create, attempt to create or derive, or permit or assist any third
party to create or derive, the source code underlying the Shopify Materials.

 

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8.2           Affirm Materials. To the extent that Affirm provides any Affirm Materials to Shopify pursuant to this Agreement,
the following shall apply:

 

8.2.1.       
 License. Affirm hereby grants to Shopify a limited, non-exclusive, non-transferable, non-sublicensable and revocable license
to the Affirm Materials during the Term, solely as necessary for Shopify to fulfill its obligations under this Agreement and for
no other purpose.

 

8.2.2.       
Ownership. Subject to Section 8.4 hereof, the Affirm Materials are owned by Affirm and licensed to Shopify and not sold
to Shopify. Affirm owns and reserves all right, title and interest in and to the Affirm Materials and all Intellectual Property
Rights therein.

 

8.2.3.       
Risk of Loss. To the extent that Affirm provides any Affirm Materials to Shopify for the performance of its obligations
under this Agreement, Shopify will: (i) take all reasonable precautions to protect such property against loss, damage, theft or
disappearance; (ii) take no actions that affect Affirm’s title or interest; (iii) abide by specifications and use instructions;
(iv) not give access to any third party without Affirm’s prior written consent; and (v) not reverse engineer, decompile,
disassemble, modify, create derivative works of or otherwise create, attempt to create or derive, or permit or assist any third
party to create or derive, the source code underlying the Affirm Materials.

 

8.3           Pre-Existing Intellectual Property Rights. Notwithstanding anything else contained in this Agreement, Affirm shall
retain ownership of Affirm Pre-Existing IP, and Shopify shall retain ownership of Shopify Pre-Existing IP; provided, however, Affirm
grants to Shopify a limited, non-exclusive, non-transferable, non-sublicensable and revocable license, during the Term and through
the end of the Orderly Transition as set forth in Section 11.7, to the Affirm Pre-Existing IP that the Parties mutually agree is
to be included in or otherwise used in connection with a Program.

 

8.4           Developed Intellectual Property Rights.

 

8.4.1.       
Each Party will exclusively own and retain ownership of all right, title, and interest in and to all Intellectual Property
Rights that such Party or its Affiliates solely creates, authors, develops, or otherwise acquires pursuant to or in furtherance
of this Agreement, and no Intellectual Property Rights of any kind are assigned by one Party to either Party pursuant to this Agreement.
Except as expressly provided in Section 8.4.2, the Parties will jointly own, without a duty of accounting, all Intellectual Property
Rights that are jointly created, authored, or developed by the Parties pursuant to or in furtherance of this Agreement that does
not constitute Affirm Pre-Existing IP or Shopify Pre-Existing IP, provided, however, that neither Party shall have the right to
license, transfer, assign or grant rights to such jointly owned Intellectual Property Rights to a third party without the prior
written consent of the other Party. The Parties agree to cooperate in good faith to identify and document any jointly owned Intellectual
Property Rights. For the avoidance of doubt, the Affirm API and all related documentation and specifications are and will be deemed
to be exclusively owned by Affirm, and the Shopify API is and will be deemed to be exclusively owned by Shopify.

 

8.4.2.       
Notwithstanding Section 8.4.1, any new software, other than software constituting Affirm Pre-Existing IP, that is jointly
created, authored or developed by the Parties pursuant to or in furtherance of this Agreement that is developed on top of Affirm’s
API, including but not limited to the Customer interface, shall belong to Shopify; provided that the concept of the embedded user
portal shall be jointly owned by both Parties. For the avoidance of doubt, any Intellectual Property Rights that are created, authored
or developed by Affirm and relate to Affirm backend systems or that are a modification, enhancement, or derivative work of the
Affirm API, shall be solely and exclusively owned by Affirm.

 

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8.4.3.       
 Upon termination of this Agreement, the Parties shall cooperate in good faith to identify, as set forth in Section 8.4.1
above, and document any jointly owned Intellectual Property Rights. Affirm shall not prevent Shopify from using any such jointly
developed Intellectual Property Rights or prevent, hinder or in any manner prevent Shopify from entering into agreements to provide
and market the same or similar services as provided hereunder. It is understood that following termination, (a) each Party shall
continue to jointly own and have the right to use the jointly owned Intellectual Property Rights as of the date of termination
in accordance with Section 8.4.1, and (b) neither Party shall have any rights in or ownership of any intellectual property related
to any derivatives, enhancements or improvements to such Intellectual Property developed by the other Party following the termination
of this Agreement. For the avoidance of doubt, the Financial Product name and its branding on the Shopify platform and SHOP App/SHOP
Portal, excluding any Affirm trademarks, belongs to Shopify.

 

8.5           Reservation of Intellectual Property Rights. Nothing in this Agreement shall be construed as granting either Party
a license to use in any way the Intellectual Property Rights of the other Party, except as provided in this Agreement. Neither
Party shall take any action that interferes with the other Party’s Intellectual Property Rights or attempt to copyright or
patent any part of the other Party’s Intellectual Property Rights or attempt to register any trademark, service mark or trade
name that is identical or confusingly similar to the other Party’s Marks.

 

8.6           Feedback. Each Party may, from time to time, provide the other Party with suggestions or comments for enhancements
or improvements, new features or functionality or other feedback (collectively, “Feedback”) with respect to
the Materials of the other Party or the Program. The Party receiving such Feedback will have the full, unencumbered right, without
any obligation to compensate or reimburse the providing Party, to use, incorporate and otherwise fully exercise and exploit any
such Feedback in connection with the receiving Party’s Materials, products, and services. Feedback shall not be deemed to
be the Confidential Information of either Party.

 

9.             Conflict Resolution

 

9.1           Good-Faith Negotiation. The Parties shall cooperate and attempt in good faith
to resolve any Conflict promptly by negotiating between persons who have authority to settle the Conflict. Subject to Section
9.3 (Preliminary, Provisional, Injunctive Judicial Relief), if Parties are unable to resolve
the Conflict, the Party raising the Conflict shall provide written notice thereof to the other Party (the “Initial Notice”),
and within [***] days of the delivery of the Initial Notice, the Conflict shall be
submitted to the Strategic Operating Committee to negotiate a resolution of the Conflict. The negotiations shall be conducted by
executives who hold, at a minimum, the title of senior vice president or general counsel and who have authority to settle the Conflicts.
All such negotiations shall be confidential and shall be treated as compromise and settlement negotiations for purposes of applicable
rules of evidence. If the Parties are unable for any reason to resolve the Conflict within [***] days
after the delivery of such notice or if a Party reasonably concludes that the other Party is not willing to negotiate as contemplated
by the preceding sentences of this Section 9.1 (Good-Faith Negotiation), the Conflict
shall be submitted to both Escalation Executives.

 

9.2           Escalation
Executives. Each Party will each appoint [***] full-time employee who is a
senior executive, or his/her designee, with enterprise-wide responsibility within his or her organization
(“Escalation Executive”) to review and resolve all matters on which the Strategic Operating Committee is
deadlocked and any Conflicts otherwise referred to him or her by the Strategic Operating Committee. Each Party may change its
Escalation Executive upon informing the other Party. The Escalation Executives will meet at least annually and will make a
good faith effort to promptly (and in any event within [***] days of the dispute being referred to the Escalation Executives)
resolve all Conflicts referred to them. The Escalation Executives decisions will be binding on the Parties. If the Escalation
Executives do not agree to a resolution of a Conflict within the [***] period following the referral of such Conflict to the
Escalation Executives, the Parties may initiate legal proceedings as applicable.

 

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9.3           Preliminary, Provisional, Injunctive Judicial Relief. Notwithstanding the foregoing,
a Party may seek preliminary provisional or injunctive judicial relief with respect to a Conflict without first complying with
the procedures set forth in this Section 9 (Conflict Resolution) if permitted under
Section 13.6 (Remedies) or as otherwise necessary to prevent immediate and irreparable harm to a Party for which money damages
might not constitute an adequate remedy. 

 

10.          Compensation, Expenses and Taxes.

 

10.1         Compensation. All fees not expressly set forth in this Agreement must be expressly and mutually agreed to in the
Program Outline. Shopify will have no other payment obligations for fees to Affirm.

 

10.2         Expenses. Except as otherwise set forth in this Agreement, each Party shall be responsible for its costs and expenses
incurred in performance of its obligations under this Agreement. Unless otherwise stated in the Program Outline, Shopify shall
be responsible for advertising and other expenses associated with the marketing of the Program to Merchants. Unless otherwise stated
in the Program Outline, Affirm shall be responsible for its own costs and overhead generated from its review, assessment and development
of the Program, and costs associated with or required to establish and maintain the Financial Product.

 

10.3         Taxes. [***] Notwithstanding the preceding sentence, any [***]. Shopify hereby represents that Shopify, Inc. is a
resident of Canada. [***].

 

11.          Term and Termination.

 

11.1         Term. The term of this Agreement begins on the Effective Date and will remain in effect for an initial term of 3
years (“Initial Term”), unless otherwise terminated as permitted herein. After the Initial Term, this Agreement
shall automatically renew for successive 1-year periods (each, a “Renewal Term”) unless a Party provides the
other Party with written notice of its election to terminate this Agreement at least 180 days prior to the expiration of the Initial
Term or the then-current Renewal Term as applicable. The Initial Term together with all Renewal Terms and any wind-down or transition
period shall be collectively referred to herein as the “Term.” Any Program Outline(s) still in effect will terminate
on the date that termination of the Agreement takes effect, subject in each case to Affirm’s obligations in Section 11.6
(Orderly Transition).

 

11.2         Termination for Cause; Notification of Significant Events.

 

11.2.1.   
In addition to any other termination rights set forth in the Agreement (including those set out in Sections 6.3 and Section
26 (Force Majeure)) or the Program Outline, either Party (“Terminating Party”) may terminate this Agreement
or the Program Outline immediately upon notice to the other Party (“Non-Terminating Party”) (subject to the
cure periods and notices noted below, if any) if:

 

11.2.1.1.                      
Non-Terminating Party breaches any material provision relating to its security or confidentiality obligations of this Agreement;

 

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11.2.1.2.                      
 Non-Terminating Party materially breaches any provision of this Agreement and the breach is capable of cure but Non-Terminating
Party fails to cure such breach within [***] days following written notice to Non-Terminating Party from Terminating Party specifying
in reasonable detail the nature of the claimed breach;

 

11.2.1.3.                      
Non-Terminating Party materially breaches the Agreement in a manner that cannot be remedied;

 

11.2.1.4.                      
Shopify has the right to terminate the Agreement if, (i) there is a change of control in which [***] or their affiliates
acquire a majority interest of the voting power or voting capital or other equity interest of Affirm sufficient to exercise control
over Affirm that occurs without the prior, express written consent of Shopify; or (ii) Max Levchin is no longer an executive officer
of Affirm or the chairman of the Board of Directors of Affirm for more than 90 days (collectively, a “Change of Control”);

 

11.2.1.5.                      
Non-Terminating Party generally fails to pay its debts as they become due, admits in writing its inability to pay its debts
generally, makes a general assignment for the benefit of creditors or any proceedings or filing of any petition seeking relief
under Title 11 of the United States Code or if any other federal, state or foreign bankruptcy, insolvency, liquidation or similar
law is instituted by or against Non-Terminating Party or Non-Terminating Party takes any corporate action to authorize any of the
actions set forth in this subsection; provided that this termination right shall only apply to an involuntary petition or proceeding
under Title 11 of the United States Code or any other federal, state or foreign bankruptcy, insolvency, liquidation or similar
law if such involuntary petition or proceeding is not dismissed within [***] days;

 

11.2.1.6.                      
A court of competent jurisdiction (or other administrative body or Regulatory Authority empowered to issue such orders)
issues a final order or judgment holding that this Agreement or the services and deliverables offered hereunder are in violation
of or are prohibited by Applicable Law;

 

11.2.1.7.                      
There is any obligation placed on Terminating Party by a Regulatory Authority or any other third party after the Effective
Date that the Terminating Party determines, in its sole and reasonable discretion, would materially diminish the economic value
of the Program or this Agreement to the Terminating Party, make performance infeasible, or otherwise have a material and adverse
effect on the Terminating Party;

 

11.2.1.8.                      
With immediate effect, if so required by a Regulatory Authority or Applicable Law, or Non-Terminating Party is issued a
warning or any other form of reprimand by a Regulatory Authority, and if the Regulatory Authority permits a cure, Non-Terminating
Party then fails to remedy or cure such situation within 90 days or the cure period designated by Applicable Law or Regulatory
Authority, whichever is earlier, following written notice to Non-Terminating Party specifying in reasonable detail the nature of
the cause. In the event the non-Terminating Party does not comply with such requirement, the non-Terminating Party shall be responsible
for all Losses to the Terminating Party arising from or related to such non-compliance; or

 

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11.2.1.9.                      
 Upon [***] days’ prior written notice to the Non-Terminating Party if the Financial Product is not made available
to all merchants on the Shopify Platform in the United States as mutually determined by the Parties within [***] after the Program
Effective Date, and such failure was caused by the action or inaction of the Non-Terminating Party.

 

11.3         Termination for Convenience. Either Party may immediately terminate this Agreement after the first year of the Initial
Term for convenience by providing [***] prior written notice to the other Party.

 

11.4         Shopify Notification of Significant Events. Shopify shall notify Affirm in writing promptly of any material adverse
catastrophic events that adversely affect Shopify’s performance of its obligations under this Agreement or of regulatory
enforcement actions or investigations that will or reasonably could adversely affect its performance of its obligations under this
Agreement. Unless prohibited by law, Shopify shall also notify Affirm promptly of any communications from a Regulatory Authority,
other bona fide third party with regulatory or other legitimate authority over Shopify, or nationally-recognized industry groups
(such as the Better Business Bureau) that Shopify responds to or deems influential enough to warrant its attention related to the
Program and alleging Shopify’s violation of federal or state lending laws.

 

11.5         Affirm Notification of Significant Events. Affirm shall notify Shopify in writing:

 

11.5.1.   
as soon as possible and with, at a minimum, at least [***] notice before making significant changes to its services necessary
to satisfy its obligations under this Agreement, or implementing new or revised policies, processes and information technology
that materially affects services necessary to satisfy its obligations under this Agreement; provided that Affirm shall provide
notice as soon as possible in conjunction with making significant changes where [***] notice is not feasible, such as objectively
reasonable significant changes necessary to prevent fraud or to ensure data security. In addition, Affirm shall notify Shopify
of any management or key Personnel changes or other business activities that could affect materially the services necessary to
satisfy its obligations under this Agreement following the implementation of such Personnel change or other business activity;

 

11.5.2.   
as soon as possible (as permitted under Applicable Law or applicable agreements) prior to a Change of Control; and

 

11.5.3.   
[***] of any Affirm significant financial distress, material adverse catastrophic events affecting Affirm and significant
incidents, including: service or Affirm’s Systems interruptions, material compliance lapses, regulatory enforcement actions
or investigations that will or reasonably could adversely affect its performance of its obligations under this Agreement.

 

11.6         Effect
of Termination. In the event either Party terminates this Agreement for any reason whatsoever, then each Party will
return or destroy, as requested by the Disclosing Party, all Confidential Information of the other Party, except to the
extent (i) this Agreement requires or permits the express retention of the Confidential Information; (ii) in accordance with
the Receiving Party’s record retention policy; (iii) such Confidential Information is retained in automated backups
provided that the Receiving Party does not access such Confidential Information; or (iv) as otherwise required by Applicable
Law and in which case, such Confidential Information will remain subject to the confidentiality provisions of this Agreement
until such time that such obligations expire and the applicable Party certifies the return or destruction of such
Confidential Information in accordance with this Section 11.5 (Effect of Termination) and Section 13 (Confidential
Information).

 

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11.7         Orderly Transition.

 

11.7.1.   
In the event of the termination or expiration of the Program or the termination of this Agreement, for any reason, the Parties
will cooperate to transition or wind down such Program in accordance with Applicable Law pursuant to this Section 11.6 (Orderly
Transition). Each Party acknowledges that the goals of any transition or wind-down are to benefit the Customers by minimizing any
possible burdens or confusion and to protect and enhance the names and reputations of the Parties, each of whom have invested their
names and reputations in the Program. Unless otherwise required by Applicable Law or any Regulatory Authority, upon the expiration
or termination of this Agreement for any reason, the Parties agree to cooperate in good faith to transition or wind down the Program
in a commercially reasonable way as soon as reasonably possible but, in any event for at least [***], to provide for a smooth and
orderly transition or wind-down. Such cooperation will include continued provision of customer service to all outstanding Customers
in accordance with the terms of this Agreement until the expiration, termination or assignment of the Customer Agreement and shall
include Affirm transferring any and all Customer Information, Merchant Information and Program Information in its possession to
Shopify unless prevented from doing so under Applicable Law.

 

11.7.2.    Transition.
Shopify shall have the right to cause any terminated or expired Program and all associated Customer accounts, Customer
Information, Merchant Information and Program Information to be transferred by or on behalf of Affirm to Shopify at its sole
cost. Shopify shall notify Affirm upon any termination or expiration of this Agreement whether it intends to transfer the
Program and all associated Customer Information, Merchant Information and Program Information to Shopify, and Affirm shall
cause such transfer in accordance with the terms set forth herein. No later than[***] after exercising its option hereunder,
Shopify will provide to Affirm in writing a proposed transition plan detailing a proposed timeline that shall designate a
schedule of dates as of which the Program will be transferred. The Parties shall meet promptly thereafter to review such
proposed plan and to determine a mutually acceptable transition plan (a “Transition Plan”), such
Transition Plan not to exceed [***] to complete. The Transition Plan shall include a detailed outline of the Parties’
intentions in connection with the transfer of the Program and Customer accounts, including timeframes for continuation of the
Program during the period of transition, and target dates for transition milestones, such as development of the transition
procedures for the transfer of the Program and any other information reasonably requested by a Party. In the event that
Shopify elects to transition the Program pursuant to a Transition Plan, Affirm shall use commercially reasonable efforts to:
(i) take all commercially reasonable actions and execute such other documents as necessary to transfer the Program; and (ii)
transfer all Customer Information, Merchant Information and Program Information in its possession to Shopify, subject to
Applicable Law and any required third-party (e.g., customer) consents, which Affirm shall in good faith attempt to obtain.
For the avoidance of doubt, if Affirm is party to an agreement with a Merchant or Customer for whom the Program Information,
Merchant Information or Customer Information relates and such agreement explicitly permits retention of such Program
Information, Merchant Information or Customer Information, Affirm may retain a copy of such Program Information, Merchant
Information or Customer Information, subject to all of the restrictions on use set forth in this Agreement. Also for the
avoidance of doubt, nothing in this Section 11.7.2 requires Affirm to license or transfer Affirm Pre-Existing IP or Affirm
Confidential Information to any successor provider. Shopify shall be responsible for all costs associated with its election
to transition the Program.

 

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11.7.3.   
Wind down. In the event that Shopify provides written notice of its intention to wind down the Program or in the
event that Shopify does not exercise its option for transition as provided for under Section 11.7.2 (Transition) above, the Parties
will cooperate to provide a smooth and orderly wind-down of the Program involved. Such wind-down shall include the following:

 

11.7.3.1.                      
Affirm or Shopify, as applicable, will provide to the other Party in writing a proposed wind-down plan detailing a proposed
timeline that shall designate a schedule of dates as of which the Program will be wound down and an allocation of associated cost
among the Parties. The Parties shall meet promptly thereafter to review such proposed plan and to determine a mutually acceptable
wind-down plan (a “Wind-Down Plan”); provided, however, that if the Parties fail to reach mutual agreement on
a wind-down plan within [***] of either Party’s written notice of its intention to wind down the Program, the Parties shall
select as promptly as practicable thereafter an independent third party to establish a wind-down plan that is appropriate for the
affected Program and that is, to the extent practicable, in which case such wind-down plan so established by such independent third
party shall constitute the “Wind-Down Plan” hereunder as to the Program and shall be deemed to be approved by the Parties,
and the Parties shall comply with the terms thereof.

 

11.7.3.2.                      
Unless otherwise contemplated by the Wind-Down Plan, the Parties shall continue to be bound by and perform and comply with
the terms of this Agreement and perform all of their obligations hereunder during the wind-down period (regardless of whether the
Term has expired or been terminated) until such time as all Financial Products expire or are canceled pursuant to and consistent
with the Customer Agreements or, to the extent permitted by Applicable Law, until such earlier time as mutually agreed upon by
the Parties. For the avoidance of doubt, Shopify shall continue to provide Affirm with all information necessary for Affirm to
continue to service the Financial Product and Affirm shall retain the ability to service such Financial Product using communication
methods determined by Affirm in good faith consultation with Shopify.

 

11.7.4.   
During any wind-down or transition period, Affirm agrees to continue to provide customer service to the affected Customers
in accordance with the terms of this Agreement. Also during such period, the Parties shall mutually agree whether to offer the
Program to new Customers, such Customers to then be considered “affected Customers” as noted above. Except as required
by Applicable Law (including applicable securities laws and the rules promulgated thereunder), in no event will any Party make
any public statement or customer communication regarding the termination or wind-down of this Agreement or the Program without
the express prior written approval of the other Party, which approval shall not be unreasonably withheld or delayed. Notwithstanding
the foregoing, (i) Affirm agrees that Shopify may communicate the termination or expiration of this Agreement with any party with
which Shopify has contracted to provide any marketing or other service in support of the Program; and (ii) Shopify agrees that
Affirm may communicate the termination or expiration of this Agreement with any party with which Affirm has contracted to provide
services in support of the Program.

 

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11.8         Survival.
Those provisions of this Agreement that, by their nature, are intended to survive the termination or expiration of this Agreement,
will remain in full force and effect following the termination or expiration of this Agreement, which may include (but are not
limited to): Definitions (Section 2), Independent Contractors (Section 7.4), Pre-Existing Intellectual Property Rights (Section
8.3), Developed Intellectual Property Rights (Section 8.4), and Reservation of Intellectual Property Rights (Section 8.5), Compensation,
Expenses, Taxes (Section 10), Term and Termination (Section 11), Representations, Warranties and Covenants (Section 12), Confidential
Information (Section 13), Customer Information, Merchant Information and Program Information (Section 14), Affirm Data Security
(Section 15), Shopify Data Security (Section 16), Indemnification (Section 17), Exclusion of Damages and Limitation of Liability
(Section 18), Claims Made Coverage (Section 20.6), Notices (Section 23), Sections 27 to 35 (inclusive), Warrant Agreement (Section
39) and Entire Agreement (Section 40).

 

11.9         Mandated Changes to Services. If (a) either Party has been advised in writing by objective, outside legal counsel,
with both expertise and experience regarding the Program that are the subject of this Agreement, of a change in Applicable Law
or any judicial decision of a court having jurisdiction over such Party or any interpretation of a Regulatory Authority that, in
the view of such legal counsel, would have a material adverse effect on the Program, the rights or obligations of such Party under
this Agreement or the financial condition of such Party; (b) either Party receives a lawful written request of any Regulatory Authority
having jurisdiction over such Party, including any letter or directive of any kind from any such Regulatory Authority, that prohibits
or materially restricts such Party from carrying out its obligations under this Agreement; (c) either Party has been advised by
legal counsel (as described above) in a written legal opinion that there is a material risk that such Party’s or the other
Party’s continued performance under this Agreement would violate Applicable Law in any material respect; (d) any Regulatory
Authority will have determined and notified either Party that the arrangement between the Parties contemplated by this Agreement
constitutes an unsafe or unsound banking practice or is in violation of Applicable Law; or (e) a Regulatory Authority has commenced
a formal action against a Party that the other Party, in its reasonable judgment, determines threatens such Party’s ability
to perform its obligations under this Agreement in any material respect, then, in each case, the Parties will meet and consider
in good faith any modifications, changes or additions to the Program or this Agreement that may be necessary to eliminate such
result. Notwithstanding any other provision of this Agreement, if the Parties, after using best efforts, are unable to reach agreement
regarding modifications, changes or additions to the Program or this Agreement within [***] after the Parties initially meet, either
Party may terminate this Agreement upon [***] prior written notice to the other Party and without payment of a termination fee
or other penalty. A Party will be able to suspend performance of its obligations under this Agreement, or require the other Party
to suspend its performance of its obligations under this Agreement, if (i) any event described in clauses (b), (c), or (d) of this
Section occurs and (ii) such Party reasonably determines that continued performance hereunder may result in a fine, penalty or
other sanction being imposed by the applicable Regulatory Authority, or in material civil liability, unless with regards to civil
liability, the other Party agrees to indemnify the Party. For the avoidance of doubt, nothing in this Section will obligate a Party
to disclose, share or discuss any information to the extent prohibited by Applicable Law or a Regulatory Authority.

 

12.          Representations, Warranties and Covenants.

 

12.1         Affirm Representations, Warranties and Covenants. Affirm represents, warrants and covenants to Shopify that:

 

12.1.1.   
Entering into and carrying out of the terms and conditions of this Agreement will not violate or constitute a breach of
any obligation binding Affirm;

 

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12.1.2.   
 Affirm is duly organized, validly existing and in good standing under the laws of the state of jurisdiction of its formation
and has full corporate power and authority to carry on its business as currently conducted;

 

12.1.3.   
When executed and delivered by Affirm, this Agreement will constitute the legal, valid and binding obligation of Affirm,
enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium and other Applicable Laws of general application relating to or affecting creditors’ rights
and general principles of equity;

 

12.1.4.   
Affirm has obtained and is in compliance with all licenses, permits, memberships, consents and authorizations required to
perform all its obligations under this Agreement and other agreements that must be executed to effect the services provided by
Affirm as expressly set forth herein, and which shall be maintained at all times during the term of this Agreement; provided that,
in the event a Regulatory Authority requires Affirm to obtain an additional lending, brokering or servicing license, permit or
authorization to provide a Financial Product solely because of Shopify’s activities, Affirm shall not be considered to be
in violation of this Section 12.1.4;

 

12.1.5.   
To Affirm’s knowledge, any Intellectual Property Rights it may provide to Shopify do not violate the Intellectual
Property Rights of any third party;

 

12.1.6.   
There is no pending, nor to the knowledge of Affirm, threatened, suit, action, arbitration or other proceedings of a legal,
administrative or regulatory nature, or any governmental investigation, against it or any of its affiliates or any officer, director
or employee that has not been previously disclosed in writing and that would materially or adversely affect its financial condition
or its ability to perform services under or in connection with this Agreement;

 

12.1.7.   
Affirm shall at all times comply with and conduct its activities in connection with this Agreement in accordance with Applicable
Law;

 

12.1.8.   
The Program shall comply in all material respects with Applicable Law unless Shopify’s acts or omissions prevent Affirm
from making the Program, or causes the Program to not, comply with Applicable Law;

 

12.1.9.   
Affirm shall perform all obligations hereunder in a timely, skillful, professional and workman-like manner by qualified
personnel exercising care, skill and diligence consistent with good practices in the financial services industry, and will devote
adequate resources to meet its obligations hereunder, in accordance with the terms and conditions of this Agreement;

 

12.1.10. Affirm
has established and is maintaining (i) a Security Program which is sufficient to satisfy the requirements of Section 15 (Affirm
Data Security) hereof and (ii) disaster recovery, business resumption and contingency plans appropriate for the nature and scope
of the activities of and the obligations to be performed by Affirm hereunder that are sufficient to satisfy the requirements of
Section 19 (Disaster Recovery and Business Continuity) hereof; that will enable Affirm to continue to comply with such requirements
during the Term and any wind-down or transfer period. Affirm has, within the last [***], tested such Security Program, has determined
it is sufficient and will enable Affirm to continue to comply with the requirements herein during the Term and any wind-down period;

 

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12.1.11. Affirm
shall perform all obligations hereunder in a timely, skillful, professional and workman-like manner by qualified personnel exercising
care, skill and diligence consistent with good practices in the financial services industry, and will devote adequate resources
to meet its obligations hereunder, in accordance with the terms and conditions of this Agreement;

 

12.1.12. Affirm
has implemented and will maintain an enterprise governance, third-party risk management, and a compliance program that includes
legal and regulatory training requirements related to its services contemplated under this Agreement; and

 

12.1.13. Affirm’s
services and deliverables, including Affirm Materials, will be free from all viruses, worms, Trojan horses, and malicious code.

 

12.2          
Shopify Representations, Warranties and Covenants. Shopify represents, warrants, and covenants to Affirm that:

 

12.2.1.   
Entering into and carrying out of the terms and conditions of this Agreement will not violate or constitute a breach of
any obligation binding Shopify;

 

12.2.2.   
Shopify is duly organized, validly existing and in good standing under the laws of the state of jurisdiction of its formation
and has full corporate power and authority to carry on its business as currently conducted;

 

12.2.3.   
Shopify has obtained and is in compliance with all licenses, permits, memberships, consents and authorizations required
to perform all its obligations under this Agreement;

 

12.2.4.   
To Shopify’s knowledge, any Intellectual Property Rights it may provide to Affirm do not violate the Intellectual
Property Rights of any third party; and

 

12.2.5.   
When executed and delivered by Shopify, this Agreement will constitute the legal, valid and binding obligation of Shopify,
enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium and other Applicable Laws of general application relating to or affecting creditors’ rights
and general principles of equity.

 

12.2.6.   
There is no pending, nor to the knowledge of Shopify, threatened, suit, action, arbitration or other proceedings of a legal,
administrative or regulatory nature, or any governmental investigation, against it or any of its affiliates or any officer, director
or employee that has not been previously disclosed in writing and that would materially or adversely affect its ability to perform
its obligations under or in connection with this Agreement;

 

12.2.7.   
Shopify shall at all times comply with and conduct its activities in connection with this Agreement in accordance with Applicable
Law;

 

12.2.8.   
Shopify shall perform all obligations hereunder in a timely, skillful, professional and workman-like manner by qualified
personnel exercising care, skill and diligence consistent with good practices in the financial services industry, and will devote
adequate resources to meet its obligations hereunder, in accordance with the terms and conditions of this Agreement;

 

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12.2.9.   
Shopify has (i) a Security Program appropriate for the nature and scope of its obligations hereunder (including any transition
or wind-down period); (ii) disaster recovery, business resumption and contingency plans appropriate for the nature and scope of
its obligations hereunder (including any transition or wind-down period) or as required in a Program outline; and (iii) adequate
insurance coverage for the nature and scope of its obligations hereunder (including any transition or wind-down period); and

 

12.2.10.Shopify’s
services and deliverables, including Shopify Materials, to the extent applicable or as required for the Program, will be free from
all viruses, worms, Trojan horses, and malicious code.

 

12.2.11.Shopify
shall use good faith efforts to render, provide and distribute Customer communications in accordance with Affirm’s reasonable
instructions including but not limited to: (i) the Customer Agreement; (ii) any disclosures required by Applicable Law; (iii) any
amendments to the Customer Agreement or disclosures, including amendments; (iv) any amendments to the Customer Agreement or disclosures
that are required by Applicable Law or Regulatory Authority and (v) any other information provided by Affirm that is to be rendered,
provided or distributed by Shopify, as agreed upon between the Parties.

 

13.              
Confidential Information.

 

13.1          
Obligations for Confidential Information. Each Party shall hold the Confidential Information of the other Party in
confidence and the Receiving Party will disclose such information only to its Personnel who reasonably require access to such Confidential
Information. Disclosing Party will be liable for all damages arising out of such third parties’ disclosure of Confidential
Information. A Receiving Party may use the Confidential Information only as necessary for Receiving Party’s performance under
or pursuant to rights granted in this Agreement and for no other purpose. A Receiving Party shall protect or be required to protect,
in the case of Receiving Parties that are third parties so authorized to receive Confidential Information pursuant to this Agreement,
the Disclosing Party’s Confidential Information using at least the same degree of care it uses to protect its own Confidential
Information, but no less than a reasonable degree of care, to prevent the unauthorized use, disclosure or duplication (except as
required for backup systems or to carry out the purpose of the Agreement) of such Confidential Information.

 

13.2          
Compelled Disclosure. If a court or governmental agency having proper jurisdiction over the Parties requires a Receiving
Party to disclose any Confidential Information, then Receiving Party will promptly provide the Disclosing Party notice of such
requirement (to the extent permissible under Applicable Law) to enable the Disclosing Party to seek an appropriate protective order.

 

13.3          
Authorized Disclosure. A Receiving Party may disclose the Disclosing Party’s Confidential Information with
the written authorization of the Disclosing Party.

 

13.4          
Exclusions. Subject to the last sentence of this Section 13.4 (Exclusions), the term “Confidential Information”
excludes any portion of such information that a Receiving Party can establish by clear and convincing evidence to have been: (i)
publicly known without breach of this Agreement; (ii) known by the Receiving Party prior to its receipt from the Disclosing Party;
(iii) received in good faith from a third-party source that to Receiving Party’s reasonable knowledge rightfully disclosed
such information without an obligation of confidentiality; or (iv) developed independently by Receiving Party without use or reference
to the Disclosing Party’s Confidential Information.

 

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13.5          
Filings. Neither Party shall file the Agreement (including any addendum, schedule, supplement or attachment), or
any future amendment or supplement hereto, with the U.S. Securities and Exchange Commission (the “SEC”) or with
the Canadian securities regulators unless such filing is required under Item 601 of Regulation S-K or applicable law. In the event
that a Party determines that the Agreement (or amendment or supplement) must be filed with the SEC under Regulation S-K or with
the Canadian securities regulators under applicable law, it shall take all actions necessary to obtain confidential treatment to
the extent possible for the Agreement and all exhibits, addenda, schedules, supplements and attachments (including all pricing
attachments).

 

13.6          
Remedies. If Receiving Party or its representatives or agents breach the obligations set forth in this Section 13
(Confidential Information), then irreparable injury may result to the Disclosing Party or third parties entrusting Confidential
Information to the Disclosing Party. Therefore, the Disclosing Party’s remedies at law may be inadequate and the Disclosing
Party will be entitled to seek an injunction to restrain any continuing breach. Notwithstanding any limitation on Receiving Party’s
liability, the Disclosing Party will further be entitled to any other rights and remedies that it may have at law or in equity.

 

14.              
Customer Information, Merchant Information and Program Information.

 

14.1          
General. The purpose of this Section 14 is to ensure that this Agreement conforms to Applicable Law, including but
not limited to GLBA, and otherwise sets forth the Parties’ agreement with respect to the use, ownership rights, and disclosure
of Customer Information, Merchant Information, and Program Information. All use and disclosure of Customer Information, Merchant
Information, and Program Information under this Agreement shall be subject to the provisions of this Section 14.

 

14.2          
Ownership and Use of Customer Information. As between the Parties, the Customer Information shall be [***], except
for that portion of Customer Information deemed to be [***] in accordance with [***]. Excluded Customer Information and GLBA NPI
shall be [***]. Subject to Section 14.4, [***] agrees that, during and after the Term, it shall not use, nor permit any Personnel
to use, any Customer Information or GLBA NPI other than [***]; provided that the limitations set forth in this Agreement (including
with respect to Customer Information) shall [***]. In addition to [***] obligations with respect to Customer Information in the
preceding sentence, each Party may only use the Customer Information in accordance with Applicable Law, its agreements with the
Customer or Merchant (as the case may be), and its privacy policy, each of which is attached hereto as Exhibit E. Each Party may
only use GLBA NPI in accordance with Applicable Law, its agreements with the Customer or Merchant (as applicable), and Affirm’s
privacy policy. Upon the termination or expiration of this Agreement and any applicable wind-down or transition period, or at
any time upon [***]. Any GLBA NPI separately maintained in an electronic format shall be returned to [***] in an industry standard
and secure format or, at the option of [***], as is possible, deleted and removed from all computers, electronic databases and
other media. Compliance by [***] with this Section shall be certified in writing by an appropriate officer of [***] within [***]
of the end of the Term or the wind-down period or transition, whichever is later, which certification shall include a statement
that no GLBA NPI has been retained. In the event that [***], [***] shall use commercially reasonable efforts [***] in accordance
with that Section and subject to Applicable Laws. Neither Party will change its agreements with the Customer or Merchant or its
privacy policy in an effort to expand its data use rights as between the Parties beyond what is currently contemplated by this
Agreement and the Program, or to evade the obligations set forth in this Section 14 (Customer Information, Merchant Information
and Program Information). Neither Party may sell personally identifiable Customer Information and neither Party may use or grant
rights to Customer Information to any third party for marketing and solicitation purposes.

 

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14.3          
Ownership and Use of [***]. As between the Parties, all [***] and all [***] shall be owned exclusively by [***] unless
otherwise expressly stated herein in this Section 14. [***] shall be owned by [***]; provided that [***] shall [***] to the extent
[***] independently possesses or obtains [***] from [***]. Subject to Section 14.4 (Exceptions and Additional Obligations),
[***] agrees that, during Term, it shall not use, nor permit any Non-Employee Personnel to use, any [***] or [***] other than as
necessary [***]. [***] shall have all rights and interest with respect to the sharing, use and disclosure of [***] or [***] during
the Term and following the expiration or termination of this Agreement in its entirety. Upon the termination or expiration of this
Agreement and any applicable transition or wind-down period, or at any time upon the reasonable request of [***] shall return (or
destroy if so directed by [***]) all [***] and [***] in its/their possession subject only to any limitations on the return or destruction
of [***] or [***] as provided under this Agreement or Applicable Law. Any [***] or [***] separately maintained in an electronic
format shall be returned to [***] in an industry standard and secure format or, at the option of [***], as is possible, deleted
and removed from all computers, electronic databases and other media. Compliance by [***] with this Section shall be certified
in writing by an appropriate officer of [***] within [***] of the end of the Term or the wind-down period, whichever is later,
which certification shall include a statement that no [***] or [***] has been retained except as described in this Section 14.

 

14.4          
Exceptions and Additional Obligations. Without waiving any of its rights under Sections 11, 13, 14.2 and 14.3, [***]
may retain and use: (a) [***] (b) [***]. For the avoidance of doubt, [***] is not required to change its hard-coded underwriting,
other models, automated backups, [***] Systems or records that may contain Customer Information, [***] added/embedded into them,
but it has no right to use any such information independently or separate from such models. Without limiting anything set forth
in this Section 14, to the extent [***] does not have access to Customer Information, [***] directly, during the term of Agreement
or post-termination of the Agreement, [***] shall provide all such Customer Information (excluding GLBA NPI, except as permitted
under Applicable Laws), [***] to [***] in accordance with Applicable Law and [***] privacy policy. Notwithstanding the limitations
and rights set forth in this Section 14, and only as expressly stated herein and as expressly agreed to by the Parties, the Parties
commit to support, and will work in good faith to (a) enable growth initiatives designed to enhance the consumer brand and consumer
experience of each of Shopify and Affirm, respectively; (b) optimize the Customer’s onboarding and user experience for the
Financial Product and, upon Affirm agreeing to move to a fully API-hosted experience for Customers in the SHOP App (as per Affirm
instructions on applicable servicing activities), [***]), provided that any action the Customer wishes to take with respect to
the Financial Product must be handled by directing the Customer to the SHOP App/SHOP Portal; and (c) optimize the Customer’s
onboarding and user experience for any other installments products the Parties mutually agree to launch consistent with Section
36.

 

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15.              
Affirm Data Security.

 

15.1          
Security Plan. Affirm shall establish and maintain appropriate administrative, technical and physical safeguards
designed to (i) protect the security, confidentiality and integrity of the Protected Information in the possession or control
of Affirm or its Personnel; (ii) ensure against any anticipated threats or hazards to its security and integrity; (iii) protect
against unauthorized access to or use of such Protected Information or associated records which could result in substantial harm
or inconvenience to any Customer or applicant; and (iv) ensure the proper disposal of Protected Information (collectively, the
 “Security Program”). At all times during the Term, and during any wind-down or transition period, (x) Affirm
shall use the same degree of care in protecting the Protected Information against unauthorized disclosure as it accords to its
other confidential customer or consumer information, but in no event less than a reasonable standard of care, and (y) the Security
Program shall be in compliance with all information and data security requirements promulgated by the Applicable Law. Upon request,
Affirm shall provide Shopify a copy of its Security Program. Any material change to the Security Program by Affirm, which change
would cause Affirm to not be in compliance with this Section 15.1, shall be approved in advance by Shopify.

 

15.2          
Security Measures. Affirm shall also comply with the security measures in Exhibit B to the Agreement (the “Security
Measures”) applicable to Program or Affirm’s obligations and undertakings under this Agreement. Shopify may amend
and update the Security Measures from time to time, provided such updates may be no more onerous than those required by the then
prevailing good industry practices and changes in Applicable Law. Affirm shall review any such amendments and updates and will
use reasonable commercial efforts to adjust its security practices to comply with any such amendment and updates within [***] if
feasible or as soon as practicable in the event [***] is not feasible following Affirm’s receipt of such amendments and updates
from Shopify. Notwithstanding the foregoing, if Affirm fails to adjust its security practices to comply with any such amendment
or updates within [***] or the time period mutually agreed upon by the Parties in writing if [***] is not feasible, then Shopify
may terminate this Agreement.

 

15.3          
Access. Affirm shall ensure its Personnel, when working with or accessing Shopify’s Systems, comply at all
times with all applicable instructions, policies and procedures provided by Shopify to Affirm or Affirm’s Personnel from
time to time, including safety and security policies and procedures and information security policies and procedures. Affirm will
execute, and ensure each of its Personnel execute, all applicable documents generally required by Shopify for access to Shopify’s
Systems. Affirm will not: (i) alter or disable any hardware or software security programs residing on Shopify’s hardware,
networks, computing environments or systems; (ii) allow unauthorized traffic to pass into Shopify’s networks, computing environments
or systems; or (iii) resell or assign Shopify’s Confidential Information or access to Shopify’s Systems to another
entity or person. If Affirm or Affirm’s Personnel allow unauthorized access to, or traffic to (as applicable) Shopify’s
systems, Shopify may immediately terminate Affirm’s access to Shopify’s Systems.

 

15.4          
Network Connections. If a network connection is established between Shopify Systems and the computing environment(s)
used by Affirm or Affirm Personnel in connection with this Agreement or the Program, Affirm agrees, for itself and all Affirm Personnel,
to maintain an alert status regarding the security of such computing environments, including all vulnerabilities and security patches
or corrective actions, by subscribing to an industry recognized service. Affirm understands that, should a Shopify review reveal
any non-compliance with the Security Measures, Shopify may, in addition to other remedies it may have, remove access by Affirm
Personnel to Shopify Systems until Affirm Personnel satisfactorily comply with the Security Measures.

 

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15.5          
Data Security Compliance. Affirm will permit Shopify to review Affirm’s documents and records confirming its
compliance with this Section 15 (Affirm Data Security) and provide Shopify with the relevant portions of audits and system test
results acquired by Affirm in relation to the data security policies and procedures designed to meet the requirements of this
Section 15 (Affirm Data Security). Affirm shall submit to [***] assessments of Affirm’s security policies, standards and
practices by Shopify, make reasonable efforts to resolve deficiencies noted as a result of these assessments in a manner commensurate
to the risk those deficiencies represent and promptly notify Shopify of any material changes to Affirm’s security policies,
standards and practices. Affirm shall also comply with the Data Protection Agreement set forth on Exhibit B, which may be amended
from time to time by Shopify, subject to Section 15.2. In the event of a conflict or contradiction between this Section 15 (Affirm
Data Security) and the Data Protection Agreement, the Data Protection Agreement will take precedence over Section 15 (Affirm Data
Security) to the extent necessary (subject to the provisions set forth in Section 15.2 relating to updates and amendments).

 

15.6          
Security Breach

 

15.6.1.   
If Affirm maintains, processes or otherwise is permitted access to Protected Information, Affirm will maintain and, upon
request, produce copies of incident response policies and procedures and evidence of incident response testing conducted within
the last year. Notwithstanding the foregoing, initial evidence of incident response testing will be provided as soon as possible
after the execution of this Agreement.

 

15.6.2.   
In the event Affirm suffers or learns of any actual Security Breach (including any unauthorized acquisition, accessing,
use, alteration, disclosure, compromise or loss of any Protected Information or Merchant Information), then, as soon as practicable
but within no more than [***] (except that notice to Shopify may be delayed if required by law enforcement or other Regulatory
Authority), Affirm will notify its primary Shopify contact and provide an estimate of the Security Breach’s effect on Shopify.
Affirm will diligently investigate the cause of the Security Breach and promptly create and enact a corrective action plan to prevent
future breaches.

 

15.6.3.   
In the case of a Security Breach involving Protected Information, Affirm will cooperate fully with Shopify to correct any
Security Breach and notify each Customer as to the facts and circumstances of the breach of the Customer’s particular information.
Affirm agrees not to notify any Regulatory Authority, nor any Customer, on behalf of Shopify unless Shopify specifically requests
Affirm to provide such notification (such notification to be in a form approved by Shopify in writing). If Affirm reasonably determines
that Regulatory Authority or Customer notification is required by it under Applicable Law, then Affirm must provide Shopify prior
notice, and if Shopify disagrees, Shopify and Affirm will then negotiate in good faith to make a final determination regarding
what action, if any, is to be taken. To the extent requested by Shopify, Affirm will cooperate fully with all Regulatory Authorities
investigating a Security Breach and any known or suspected criminal activity. Affirm shall be responsible for all Security Breach
Costs associated with its Security Breach.

 

15.6.4.   
In the event of a Security Complaint directed at Affirm, then, as soon as practicable but within no more than [***], Affirm
will notify its primary Shopify contact and the Parties shall promptly work in good faith to determine the appropriate actions
to be taken in connection with such Security Complaint.

 

16.              
Shopify Data Security Section 15.1 (Security Plan) of the Agreement applies equally to Shopify, mutatis mutandis.
Sections 15.2 (Security Measures), Section 15.3 (Access), 15.4 (Network Connections), 15.5 (Data Security Compliance), and 15.6
(Security Breach) apply equally to Shopify, mutatis mutandis, provided that such sections shall apply to Shopify only (i)
to the extent required by Regulatory Authority or (ii) in relation to the SHOP Portal, SHOP App or GLBA NPI.

 

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17.              
 Indemnification

 

17.1          
Affirm Indemnification. Subject to the provisions of Section 18 (Exclusion of Damages and Limitation of Liability),
Affirm will defend, indemnify and hold harmless Shopify and its Affiliates, and the employees, agents, service providers, representatives,
officers and directors of Shopify and its Affiliates (each, a “Shopify Indemnified Party”) against all third
party claims, damages, liabilities, assessments, losses, costs and expenses (“Losses”) of the Shopify Indemnified
Party (including reasonable attorney’s fees) to the extent the Losses arise out of, are in connection with, or relate to:
(i) Affirm’s breach of Applicable Law; (ii) Affirm’s breach of any representation, warranty, obligation or covenant
under this Agreement; (iii) Affirm’s gross negligence or willful misconduct; (iv) any third-party claim that Affirm’s
products or services infringe the Intellectual Property Rights of a third party; (v) Affirm’s material breach of the Data
Protection Agreement or any Security Breach to Affirm Systems; (vi) any claims brought by an employee, personnel, agent, consultant
or vendor of Affirm; (vii) any claims or actions by a Customer or Merchant related to the Financial Product or any obligation of
Affirm under this Agreement; (viii) any claims by a Merchant for which Affirm is liable pursuant to the terms of this Agreement
or (ix) a Regulatory Authority fining or penalizing Shopify as a direct result of Affirm’s violation of law with respect
to the Program and Financial Product (collectively, the “Affirm Covered Claims”). Notwithstanding the foregoing,
it is agreed that any claims that the Affirm Materials, Affirm Systems or the Financial Product, as modified under the Program
or in combination with any other Shopify products or services, infringe the intellectual property or other rights of a third party
do not constitute Affirm Covered Claims. For the avoidance of doubt, Affirm will have no indemnification obligation to any Shopify
Indemnified Party for any Losses pursuant to this Section 17.1 to the extent such Losses arise out of (A) an act of fraud, embezzlement
or criminal activity by such Shopify Indemnified Party, (B) the gross negligence, willful misconduct or bad faith by such Shopify
Indemnified Party, (C) the failure of such Shopify Indemnified Party to materially comply with, or to perform its obligations under,
this Agreement, or (D) violations of Applicable Law by a Shopify Indemnified Party.

 

17.2          
Shopify Indemnification. Subject to the provisions of Section 18 (Exclusion of Damages and Limitation of Liability),
Shopify will defend, indemnify and hold harmless Affirm and its Affiliates, and the employees, officers and directors of Affirm
and its Affiliates (each, an “Affirm Indemnified Party”) against all third party Losses of the Affirm Indemnified
Party (including reasonable attorney’s fees) to the extent the Losses arise out of, are in connection with, or relate to:
(i) Shopify’s breach of Applicable Law; (ii) Shopify’s breach of any representation, warranty, obligation or
covenant under this Agreement; (iii) Shopify’s gross negligence or willful misconduct; (iv) a Security Breach to Shopify
Systems impacting the SHOP Portal, SHOP App or GLBA NPI; (v) any claims, other those claiming a violation of Intellectual Property
Rights, by a Customer or a Merchant relating to the Platform or the SHOP App; (vi) Merchant claims for which Shopify is liable
pursuant to the terms of this Agreement; (vii) a Regulatory Authority fining or penalizing Affirm as a direct result of Shopify’s
violation of the law in rendering of items or other actions Shopify undertakes with respect to the Program and Financial Product
(collectively, the “Shopify Covered Claims,” and together with the Affirm Covered Claims, the “Claims”).
Notwithstanding the foregoing, it is agreed that any claims that the SHOP App, as modified under the Program or in combination
with any other Affirm products or services, infringe the intellectual property or other rights of a third party do not constitute
Shopify Covered Claims. For the avoidance of doubt, Shopify will have no indemnification obligation to any Affirm Indemnified
Party for any Losses pursuant to this Section 17.2 to the extent such Losses arise out of (A) an act of fraud, embezzlement or
criminal activity by such Affirm Indemnified Party, (B) the gross negligence, willful misconduct or bad faith by such Affirm Indemnified
Party, (C) the failure of such Affirm Indemnified Party to comply with, or to perform its obligations under, this Agreement, or
(D) violations of Applicable Law by a Affirm Indemnified Party.

 

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17.3          
Indemnification Procedure. If any Claim is commenced with respect to which an indemnified party is entitled to indemnification
under this Section, the applicable indemnified party will provide notice thereof to the indemnifying party. The indemnifying party
will be entitled, if it so elects in a notice promptly delivered to the indemnified party, to immediately take control of the defense,
settlement and investigation of the Claim and to engage attorneys reasonably acceptable to the indemnified party to handle and
defend the same, at the indemnifying party’s sole cost. The indemnified party will cooperate in all reasonable respects,
at the indemnifying party’s cost and request, in the investigation, trial and defense of such Claim and any appeal arising
therefrom. The indemnifying party will not consent to the entry of any judgment or enter into any settlement with respect to a
Claim without the indemnified party’s prior written consent, which consent shall not unreasonably be withheld. The indemnified
party may also, at its own cost, participate through its attorneys or otherwise in such investigation, trial and defense of any
Claim and related appeals. If the indemnifying party does not timely assume full control over the defense of a Claim as provided
in this Section 17.3 (Indemnification Procedure), the indemnified party will have the right to defend the Claim in such manner
as it may deem appropriate, at the reasonable cost and expense of the indemnifying party.

 

17.4          
Additional Terms for Intellectual Property Indemnification. If any Materials, the Program, or any part thereof, or
any services in each case that are provided by a Party under this Agreement, becomes, or in the providing Party’s reasonable
opinion may become, the subject of any claim, suit or proceeding for infringement of any Intellectual Property Rights, or are held
or otherwise determined to infringe any Intellectual Property Rights, the providing Party may, at its option and sole expense:
(i) secure for the other Party the right to continue using the affected Materials, Program or services; (ii) replace or modify
the affected Materials, Program or services so as to make such Materials, Program or services non-infringing without degrading
the performance or utility thereof; or (iii) modify the affected Materials, Program or services to make it non-infringing without
materially reducing the Program’s functionality or performance; or, if (i) - (iii) are not commercially feasible, then the
providing Party may cease providing or making available the affected Materials, Program or services to the other Party and, in
such case, such other Party may elect to terminate the Agreement without cause. The rights and obligations set forth in this Section
17 are the providing Party’s sole obligations and liability, and the other Party’s exclusive remedies, with respect
to any Losses arising out of or related to any infringement of any Intellectual Property Rights of a third party.

 

18.              
Exclusion of Damages and Limitation of Liability.

 

18.1          
EXCEPT FOR A PARTY’S CONFIDENTIALITY OBLIGATION HEREUNDER OR OBLIGATION TO MAKE PAYMENT TO THE OTHER PARTY, IN NO
EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY UNDER, IN CONNECTION WITH OR RELATED TO THIS AGREEMENT, FOR ANY INDIRECT,
CONSEQUENTIAL, SPECIAL, INCIDENTAL OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS OR LOSS OF GOODWILL, WHETHER BASED ON BREACH OF
CONTRACT, WARRANTY, TORT, PRODUCT LIABILITY OR OTHERWISE, AND WHETHER OR NOT SUCH DAMAGES WERE FORESEEABLE.

 

18.2          
The cumulative aggregate liability of either Party for all losses, claims, suits, controversies, breaches or damages of
any manner whatsoever and for any cause whatsoever, including indemnification, and regardless of the form or action or legal theory,
shall be limited to the actual direct losses that are incurred by such other Party and shall not exceed [***] (the “Liability
Cap”); provided that, notwithstanding anything in the Agreement to the contrary, the Liability Cap shall not apply to
the following (and amounts owed thereunder shall not be taken into account for purposes of calculating the Liability Cap):

 

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18.2.1.   
Ordinary course payments owed by one Party to the other Party pursuant to this Agreement;

 

18.2.2.   
Breach of confidentiality obligations under Section 13 (Confidential Information);

 

18.2.3.   
Affirm’s indemnification obligations under Section 17.1(i) (Breach of Applicable Law); Section 17.1(iii) (Gross Negligence
or Willful Misconduct); Sections 17.1(iv) (Intellectual Property Infringement) and 17.4 (Additional Terms for Intellectual Property
Indemnification[***].

 

18.2.4.   
Shopify’s indemnification obligations under Section 10.3 (Taxes); Section 17.2 (i) (Breach of Applicable Law); Section
17.2(iii) (Gross Negligence or Willful Misconduct); [***].

 

18.3          
THE REMEDIES SPECIFIED IN THIS AGREEMENT ARE CUMULATIVE AND IN ADDITION TO ANY REMEDIES AVAILABLE AT LAW OR IN EQUITY.

 

19.              
Disaster Recovery and Business Continuity. 

 

19.1          
At all times during the Term and for so long as this Agreement remains in effect, each Party shall prepare and maintain
disaster recovery, business resumption and contingency plans appropriate for the nature and scope of the activities of and the
obligations to be performed by such Party hereunder. The Party shall ensure that such plans comply with Applicable Law and are
sufficient to enable it to promptly resume the performance of its obligations hereunder in the event of a natural disaster, destruction
of facilities or operations, utility or communication failures or similar interruption in operations and shall ensure that all
material records, including, but not limited to, Protected Information, are backed up in a manner sufficient to survive any disaster
or business interruption. These plans shall ensure that such resumption takes place no later than [***] after the interruption.
Upon written request, each Party shall make available to the other Party summaries of relevant disaster recovery, business resumption
and contingency plans. Any changes to the disaster recovery, business resumption, or contingency plans must comply with the terms
herein. Further, any changes to the policies, taken collectively as a whole, must be no less protective than the policies it has
in place on the Effective Date.

 

19.2          
If a Party suffers a disruption, disaster or failure and implements the disaster recovery, business resumption and contingency
plans in relation to the Program, the affected Party will promptly notify the other Party.

 

20.              
Insurance.

 

20.1          
Required Insurance. Without limiting Affirm’s liability to Shopify, Affirm, at its sole cost and expense, will
maintain adequate insurance coverage to protect Shopify from any losses or claims that may arise out of the Program or performance
of its services hereunder during the Term. Such coverage will include:

 

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20.1.1.   
 workers’ compensation (statutory limits) and employer’s liability insurance $[***] limits to the extent required
by the laws of the state(s) in which the Services are performed;

 

20.1.2.   
commercial general liability and property damage insurance with combined bodily injury and property damage limits of at
least $[***] combined single limit for bodily injury, death, property damage, including personal injury, and products and completed
operations coverage, naming Shopify as an additional insured;

 

20.1.3.   
fidelity bonding of at least $[***] for claims based upon and damages arising out of or relating to such Party’s employees’
fraudulent or dishonest acts;

 

20.1.4.   
errors and omissions insurance or comparable coverage of at least $[***] for claims based and damages arising out of or
relating to negligence, omissions or errors of such Party’s Personnel; and

 

20.1.5.   
network security and privacy liability insurance with a minimum of $[***] per claim/ $[***] aggregate covering described
services contained within the Agreement to include, but not be limited to, business interruption, data recovery, hardware replacement
at $[***], incident responses, data breach, security and privacy violations, third-party liability, crisis management costs, which
include Customers notification expenses and credit monitoring.

 

20.2          
Shopify Insurance. Shopify will maintain adequate insurance coverage to protect Affirm from any losses or claims
that may arise out of the Program or its performance hereunder during the Term. Such insurance shall be commensurate with the risk
posed by the services provided by Shopify under this Agreement.

 

20.3          
Insurance Ratings. All the insurance policies required to be obtained pursuant to this Agreement will be with companies
rated an A.M. Best Financial Strength Rating of A- or better. The foregoing requirements as to the types and limits of insurance
coverage to be maintained by a Party and any approval or waiver of said insurance by the other Party are not intended to and will
not in any manner limit or qualify the liabilities and obligations otherwise assumed by the first Party pursuant to this Agreement,
including the provisions concerning the indemnification obligations of the first Party. The general liability policy will be primary
and noncontributory to any insurance or self-insurance maintained by the other Party (required for commercial general liability
only).

 

20.4          
Certificates of Insurance. Upon the request of a Party, the other Party will deliver certificates of insurance for
the applicable policies to the first Party.

 

20.5          
Cancellation or Lapse of Insurance. Each Party will give the other Party 30 days’ prior written notice of cancellation,
except that the first Party will give the other Party 10 days’ prior written notice for cancellation for nonpayment of premium,
or non-renewal.

 

20.6          
Claims Made Coverage. To the extent that any insurance coverage required under this Section is purchased on a “claims-made”
basis, such insurance will be continuously maintained until at least [***] beyond the expiration or termination of this Agreement,
or the applicable Party will purchase “tail” coverage, effective upon termination of any such policy or such termination
or expiration of this Agreement, to provide coverage for at least [***] from the occurrence of either such event.

 

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21.              
 Records and Reporting.

 

21.1          
Records. Each Party shall retain or cause to be retained, and shall require that all Personnel engaged by such Party
to retain or cause to be retained, full and accurate records (in a form capable of satisfying an audit) relating to the Program,
including, without limitation, the performance of its obligations under the Agreement and the security of the Party’s information
and systems as well as any other records a Regulatory Authority may require from time to time or that the Party is required to
maintain under Applicable Law (“Records”). Each Party shall retain copies of the Records the longer of 5 years
after the termination or expiration of the Agreement or as otherwise required by Applicable Law. Affirm shall provide to Shopify
any Records (that can be reasonably obtained or compiled by Affirm) relating to specific Program metrics or performance data, including
but not limited to data or other information in its possession or in the possession of its subcontractors, affiliates or partners,
which may be reasonably requested by Shopify. For the avoidance of doubt, Affirm shall not be obligated to provide to Shopify (i)
any Records containing Affirm Confidential Information; or (ii) Records that might compromise Affirm Intellectual Property Rights.

 

21.2          
Reporting. Each Party shall deliver to the other Party certain agreed-upon reports, as set forth in the Program Outline.
The Parties shall work in good faith to provide additional reports reasonably requested by the other Party for use solely in support
of the Program. To the extent either Party reasonably determines that the sharing of any such information does not comply with
Applicable Law, then the Parties agree to negotiate in good faith to share such other information that is legally permitted to
achieve the anticipated practical benefits intended by the information sharing.

 

22.              
Right to Audit.

 

22.1          
During the Term and no more than [***] unless agreed upon by the Parties or required by or any Regulatory Authority, each
Party (the “Audited Party”) agrees that the other Party and/or its authorized representatives and agents (collectively
the “Auditing Party”) shall have the right, at any time during normal business hours and upon reasonable prior
notice, to inspect, audit and examine all of Audited Party’s facilities, Records, personnel, books, accounts, data, reports,
papers and computer records relating to the activities contemplated by this Agreement; provided that such audit is conducted utilizing
a certified public accountant or other reputable auditing firm selected by the Audited Party (that is reasonably acceptable to
the Auditing Party).

 

22.2          
In addition to the obligations set forth under Section 22.1, each Party agrees to cooperate with any examination, inquiry,
audit, information request, site visit or the like, which may be required by any Regulatory Authority with audit examination or
supervisory authority over any Party under this Agreement, to the fullest extent requested by such Regulatory Authority. Each Party
shall also provide to the other Party any information that may be required by any Regulatory Authority in connection with their
audit or review of such Party or the Program and shall cooperate with such Regulatory Authority in connection with any audit or
review of such Party or the Program. All rights under this Section 22.2 are subject to the Party seeking to exercise rights hereunder
providing the other Party reasonable prior notice and complying with reasonable requests by and conditions of such other Party
related to access to facilities and records (including on-site security requirements) and to audit scope and timing.

 

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22.3          
Affirm shall prepare a written response to Shopify (a “Response to Audit Letter”) to all criticisms,
recommendations, deficiencies and violations of Applicable Law identified in reviews conducted by Shopify or any Regulatory Authority
(“Audit Findings”). The Response to Audit Letter shall be delivered to Shopify within [***] of Affirm’s
receipt of such Audit Findings, unless directed otherwise by a Regulatory Authority. The Response to Audit Letter shall include,
at a minimum, a detailed discussion of the following: the planned corrective action to address the Audit Findings (“Audit
Corrective Action Plan”); employee(s) of Affirm tasked to remedy the Audit Findings; remedial actions proposed to be
directed to current or past Customers negatively impacted by the Audit Findings (provided no such action shall be taken without
express written approval from Shopify); steps to be taken to prevent any recurrence of the Audit Findings; a specific timeframe,
not to exceed [***] unless otherwise approved by Shopify in advance, to implement the Audit Corrective Action Plan (“Corrective
Action Plan Deadline”); documentation evidencing that the Audit Corrective Action Plan has been implemented; if additional
time is needed to implement the Audit Corrective Action Plan or deviations from the Audit Corrective Action Plan are necessary,
a written request shall be submitted to Shopify detailing the extenuating circumstances that necessitate an extension of the Corrective
Action Plan Deadline and such extension request shall be subject to the reasonable approval of Shopify; and identification of
any Audit Findings disputed by Affirm or where corrective action is not possible or necessary, supported by a detailed explanation
of Affirm’s position.

 

23.              
Notices. Unless otherwise noted in the Agreement, all written notices required pursuant to this Agreement will be deemed
sufficiently given when personally delivered or 3 business days after being mailed via certified or first-class U.S. mail or a
nationally recognized courier to a Party at its address set forth on the cover signature page of this Agreement, or at such other
address as a Party may from time to time specify by written notice to the other Party.

 

24.              
Assignment. Except for an assignment or delegation to an Affiliate of either Party, neither Party will transfer or assign
this Agreement without the other Party’s prior written consent, which may not be unreasonably withheld, delayed or conditioned.

 

25.              
Use of Content, Branding and Publicity.

 

25.1          
Neither Party will use the other Party’s or its Affiliates’ names, trademarks, trade names, service marks,
logos or other brand marks (including those of its partners and collaborators, collectively, the “Marks”) without
prior written approval by an authorized representative of the other Party. Any usage of the Marks of either Party shall be in
accordance with the usage guidelines and policies that may be provided by the applicable Party in writing to the other Party from
time to time. In addition to any other usage guidelines and policies provided by Shopify in connection with its Marks, Affirm
shall also comply with the guidelines available at www.shopify.com/brand-assets (or any replacement or successor URL).

 

25.2          
Each Party will not include the other Party on any client list or make any “case study,” testimonial, press
release or other public announcement regarding this Agreement or any activities performed hereunder without the prior written consent
of an authorized representative of the other Party. Notwithstanding the foregoing, Shopify will in good faith consider developing
with Affirm a case study, sales and marketing content, testimonials, and quotations that could be used by the Parties for marketing
purposes.

 

25.3          
If either Party requires the use of the other Party’s Marks in order to fulfill its obligations under this Agreement,
the Marks-using Party shall first obtain the Marks-owning Party prior written approval. If the Marks-owning Party provides such
approval, then the Marks-owning Party hereby grants to the Marks-using Party a limited, revocable, non-sublicensable, non-transferable,
non-exclusive license to use the Marks-owning Party Marks solely for the purposes of fulfilling its obligations under this Agreement
and for the term of this Agreement, unless such term is earlier terminated in accordance with the terms of the Agreement. The
Marks-using Party acknowledges that the Marks-owning Party Marks and all rights therein belong, as between the Parties, exclusively
to the Marks-owning Party and that this Agreement does not confer upon the Marks-using Party any rights, goodwill or other interest
in the Marks-owning Party Marks. Any goodwill that derives from the Marks-using Party’s use of the Marks-owning Party Marks
will inure to the benefit of the Marks-owning Party.

 

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25.4          
Branding. The Program shall be branded in accordance with the branding standards set forth in Exhibit C.

 

25.5          
Public Releases. All media releases, public announcements and public disclosures by Shopify or Affirm or their representatives,
employees, partners or agents, relating to this Agreement, the Program or the name or Marks of Shopify or Affirm, including, without
limitation, promotional or marketing material, but not including any disclosure required by legal, accounting or regulatory requirements
beyond the reasonable control of the releasing Party, shall be coordinated with and approved by both Parties in writing prior to
the release thereof. Notwithstanding the foregoing, the Parties commit to publicly announcing the Program in a mutually agreed
upon fashion.

 

26.              
Force Majeure. If any Party will be unable to carry out the whole or any part of its obligations under this Agreement
by reason of a Force Majeure Event, then the performance of the obligations under this Agreement of such Party as they are affected
by such cause will be excused during the continuance of the inability so caused, except that should such inability not be remedied
within [***] after the date of such cause, the Party not so affected may at any time after the expiration of such [***] period,
during the continuance of such inability, terminate this Agreement on giving written notice to the other Party. No Party will be
relieved of its obligations hereunder if its failure of performance is due to removable or remediable causes that such Party fails
to remove or remedy using commercially reasonable efforts within a reasonable time period. Either Party rendered unable to fulfill
any of its obligations under this Agreement by reason of a Force Majeure Event will give prompt notice of such fact to the other
Party, followed by written confirmation of notice, and will exercise due diligence to remove such inability with all reasonable
dispatch.

 

27.              
Severability. The provisions of this Agreement are severable. If any provision of this Agreement is held to be invalid,
illegal, or unenforceable, the validity, legality or enforceability of the remaining provisions will in no way be affected or impaired
thereby.

 

28.              
Governing Law. All matters arising out of or related to this Agreement will be governed by and construed in accordance
with the laws of the state of Delaware, without giving effect to its choice-of-law rules. The Parties irrevocably and unconditionally
submit to the exclusive personal jurisdiction of the courts of the state of Delaware and irrevocably waive any and all rights to
object to such jurisdiction for the purposes of litigation to enforce or interpret any provision of this Agreement. The Parties
hereby expressly and irrevocably waive their rights to any other jurisdiction that may apply by virtue of their present or future
domiciles or for any other reason. The parties hereby expressly and irrevocably waive their rights to a trial by jury in any action,
suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating
to this Agreement.

 

29.              
Interpretation. The headings of Sections of this Agreement are for convenience of reference only and will not affect
the meaning or interpretation of this Agreement in any way. This Agreement will not be presumptively construed for or against either
Party. Section titles are for convenience only. As used in this Agreement, “will” means the same thing as “shall,”
and the words “include,” “includes” and “including,” shall always be construed as if followed
by the words “without limitation.”

 

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30.              
 Modification and Waiver. No modification of this Agreement and no waiver of any breach of this Agreement will be effective
unless in writing and signed by an authorized representative of the Party against whom enforcement is sought. No waiver of any
breach of this Agreement and no course of dealing between the Parties will be construed as a waiver of any subsequent breach of
this Agreement.

 

31.              
Waiver; Consent. Failure by either Party to exercise or enforce any right under this Agreement, no matter how long the
same may continue, shall not be deemed a waiver of such right by such Party. No waiver of any provision of, or consent to any breach
of, this Agreement shall be deemed a waiver of any other provision of, or consent to any subsequent breach of, this Agreement.
A Party’s consent to or approval of an act or omission on any one occasion shall not be deemed a consent to or approval of
said act or omission on any subsequent occasion, or a consent to or approval of any other act or omission on the same or any subsequent
occasion. To be effective, a Party’s waiver of any right or remedy will be documented in a writing signed by the waiving
Party.

 

32.              
No Third-Party Beneficiaries. Nothing in this Agreement will confer any right, remedy or obligation upon anyone other
than Shopify, the Shopify Affiliates, Affirm and the Affirm Affiliates.

 

33.              
Counterparts; Electronic Signature. This Agreement may be executed in duplicate counterparts, each of which is deemed
an original, and all of which taken together constitute one and the same instrument. For purposes of execution and delivery, each
Party may rely upon the electronic (e.g., via e-mail/PDF) signature of the other Party.

 

34.              
Order of Precedence. Unless otherwise specifically mutually agreed to in writing by the Parties, if there is any conflict
or inconsistency between these Terms and Conditions or the Program Outline, such conflict or inconsistency will be resolved by
giving precedence: (a) first, the Program Outline, and (b) second, to the Terms and Conditions, including its Exhibits.

 

35.              
Non-Solicitation. Unless otherwise expressly permitted under Section 14, during the term of this Agreement and for [***]
following termination or expiration of the Agreement, Affirm will not directly solicit any Merchant or Customer for any Affirm
financial products or services using Merchant Information or Customer Information; provided that such prohibition shall not apply
to: (a) [***]; (b) [***]; and (c) [***]. Notwithstanding the foregoing, and in addition to the above, [***], respectively. Each
Party also agrees that, during the term of the Agreement and for one year following its termination or expiration, it will not
seek out or induce any person who is an employee of the other Party to terminate their employment; provided that such prohibition
shall not apply to general employment advertising made in the ordinary course of business that is not targeted at a specific individual.

 

36.              
Exclusivity; Additional Products, Services, Geographies. Until the termination of this Agreement, Shopify agrees that
Affirm will be its exclusive provider in the United States of the Financial Product (or any substantially similar financial product)
and the Program (or any substantially similar program) and, to the extent Parties mutually decide to offer the Financial Product
(or any substantially similar financial product) or the Program (or any substantially similar program) in [***], [***]. Shopify
further agrees that Affirm will be its exclusive provider in the United States and its territories of interest-bearing loan installment
programs, contingent upon the following: (a) such programs are mutually developed and approved; and (b) the negotiation of a mutually
acceptable agreement by the Parties for such programs. Subject to the Parties’ mutual agreement, the Parties may [***].
Any exclusivity as to any products or service beyond the Financial Product (or any substantially similar financial product) under
the Program and Agreement are contingent on the negotiation of a mutually acceptable agreement by the Parties. The Parties agree
that the “Transaction Pricing Terms” in Appendix A of the “Non-Binding Term Sheet for Buyer Installment
Program” executed on April 3, 2020 shall apply to clause (a) above and shall be incorporated into the Program Outline for
clause (a) as applicable. Shopify also agrees that it will explore in good faith the possibility of [***]. Affirm agrees it will
use reasonable efforts to build new products and features as requested by Shopify. [***].

 

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37.              
Non-Exclusive. Except as specifically set forth in Section 36 (Exclusivity; Additional Products, Services, Geographies),
above, each Party acknowledges and agrees that the rights granted to and obligations due to the other Party in this Agreement are
intended to be non-exclusive, and therefore that nothing in this Agreement will be deemed or construed to prohibit either Party
from engaging in or participating itself or with one or more third parties in business arrangements similar to or competitive with
those described herein.

 

38.              
Subcontractors. Each Party may use subcontractors in the performance of its obligations under the Program, provided
that each Party shall be fully responsible for the acts and omissions of its subcontractors, including its subcontractors’
compliance with the terms of the Agreement and all applicable laws. Upon reasonable request, each Party will provide the other
Party with a list of critical subcontractors used by such Party in support of the Program.

 

39.              
Warrant Agreement. At the time of execution of this Agreement, the Parties shall enter into the Warrant Agreement.

 

40.              
Entire Agreement. This Agreement, including any attached exhibits, schedules, appendices, and addenda, constitutes the
entire agreement between the Parties and supersedes all prior agreements, understandings, and arrangements, oral or written, between
the Parties with respect to the subject matter hereof.

 

    36

     

    

 

Exhibit A

PROGRAM OUTLINE

 

This Program entered into and effective
on the Effective Date noted in the below signature block (the “Program Effective Date”), is made pursuant to,
and is a part of, that certain Customer Installment Program Agreement between Shopify Inc., a Canadian corporation (“Shopify”)
and Affirm, Inc., a Delaware corporation (“Affirm”) with an effective date of July [__], 2020 (the “Agreement”).
For purposes of the Program, Affirm Loan Services LLC, a Delaware limited liability company, is a party and signatory and use of
 “Affirm” herein (Exhibit A and all addendums to Exhibit A) refers collectively to Affirm, Inc. and Affirm Loan
Services. All capitalized terms not defined in this Program Outline shall take their respective meanings as set forth in the Agreement.

 

This Program Outline describes the Customer
Installment Program (as described below) to be incorporated into the Agreement.

 

IN WITNESS WHEREOF, the Parties
have caused this Program Outline to be duly executed by their authorized representatives below.

 

	Affirm, Inc.

  	Affirm Loan Services  LLC	Shopify Inc.
	Signature:	Signature:	Signature:
	Printed Name: Max Levchin	Printed Name: Sharda Caro-del-Castillo	Printed Name: Amy Shapero
	Title: Chief Executive Officer	Title: Secretary	Title: Chief Financial Officer
	Date: July 16, 2020	Date: July 16, 2020	Date: July 16, 2020

 

		1)	Program Description. The Program will be offered only in the United States, and (at the
option of Affirm with Shopify consent) [***]. The Financial Product associated with the Program (“First Product”)
shall be a closed-end installment loan product that will bear an interest rate of [***]%, will have no Customer fees of any kind
(including late fees), and will have a repayment term of either (i) [***] biweekly (every other week) payments if a partial payment
is made by a Customer at the time of purchase; or (ii) [***] biweekly (every other week) payments if a partial payment is not made
by a Customer at the time of purchase. The First Product may be utilized only for orders that are not less than $[***] USD and
not greater than $[***] USD, unless otherwise approved by Affirm in its sole discretion.

 

		2)	Product Construct. For purposes of the First Product only, and regardless of any provisions
to the contrary in the Agreement, the Parties have agreed to the following “Product Construct”:

 

a) Once Affirm has finalized Customer
Agreements, Shopify shall [***] render as a payment option for Customers within Shop Pay [***] to be called a mutually agreed upon
Program name. In the event a Customer selects the Program option to pay for goods or services, it shall be directed [***] for the
[***]. Shopify is responsible to [***] and to [***]. [***]. In addition, Affirm shall have the right to [***].

 

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b) With respect to data collection
[***], Affirm may [***]. To the extent additional GLBA NPI is needed by Affirm from the Customer to provide the First Product,
Affirm shall [***]. Shopify is also responsible to provide Affirm monthly reporting [***].

 

c) Any Customer electronic mail
(“email”) and SMS text communications regarding the terms or repayments of the Financial Product shall be sent [***]
from the “[***]” email address with “Shop Pay” as the sender. As to [***] communications to Customers[***]
(i) welcome messages, (ii) general Program information, (iii) general account creation, (iv) general Shop Pay information (check
account, update information, etc.), Shopify [***].

 

d) With respect to the post-purchase
user/Customer portal, the Parties agree [***]. Shopify is responsible [***]. The Parties agree [***] to optimize the Customer’s
user experience for the Financial Product as set forth in Section 14 of the Agreement.

 

		3)	Launch. Shopify will launch the First Product on its Platform in three (3) phases: (i) with
between [***] to [***] Eligible Merchants (“Alpha Phase”); (ii) promptly following the Alpha Phase, with between
[***] and [***] Eligible Merchants (“Beta Phase”); and (iii) promptly following the Beta Phase, with all Eligible
Merchants on its Platform (the “GA Phase”). The Parties will work together in good faith to launch the GA Phase
as soon as practicable. Prior to the launch of the First Product with each potential Eligible Merchant, Shopify shall cause such
Merchant to enter into a merchant agreement, substantially in the form attached as Exhibit E to the Agreement, between Affirm and
such Merchant (each, a “Merchant Agreement”).

 

 

		4)	Merchant Engagement and Marketing. With respect to Merchant engagement and marketing, Shopify
agrees to: (i) [***]; (ii) to use [***]; (iii) to use [***]; (iv) work with Affirm in good faith to develop a marketing plan for
the Program; and (v) work with Affirm in good faith to drive repeat purchases for the program.

 

		5)	First Product Placement. Shopify [***]. Notwithstanding the preceding sentence, product
placement shall ultimately be determined in Shopify’s and its Merchants’ discretion.

 

		6)	Merchant Fees and Payout.

 

		a)	Merchant Fees. Each Eligible Merchant that makes the First Product available to its customers
shall pay fees to Affirm as set forth in the applicable Merchant Agreement and as determined by Shopify. Generally, fees to be
paid by an Eligible Merchant to Affirm (“Merchant Fees”) shall equal the sum of (i) a percentage of the [***]
amount (including any [***] made by a Customer at the time of purchase) of each sale approved by Affirm and captured by an Eligible
Merchant (each, a “Successful Transaction”), plus (ii) $[***] per Successful Transaction, in each case, in accordance
with the applicable Merchant Agreement. The [***] Merchant Fees that may be offered to a Merchant are set forth on Addendum A-2
to Exhibit A-1[***].

 

		b)	Payouts to Eligible Merchants.

 

Affirm and/or its Affiliates shall
disburse funds in connection with the Program to each Eligible Merchant in accordance with this Section 6(b). Each Eligible Merchant
shall establish and maintain a U.S. depository account in good standing (each, a “Bank Account”) in accordance
with the Merchant Agreement. Within [***] (with commercially reasonable efforts to do so within[***]) following a Successful Transaction,
Affirm shall provide to the Eligible Merchant a report setting forth all Successful Transactions, and shall also initiate a transfer
of Settlement Funds (which shall include the [***] amount of the Successful Transaction, less Merchant Fees as applicable, refunds
and any items held in suspense as dispute items, as further defined in each Merchant Agreement) for all Successful Transactions
to the Eligible Merchant’s Bank Account in accordance with the Merchant Agreement (each, a “Payout”).
Eligible Merchants shall receive [***] settlements (aggregated to the extent possible) from Affirm and its Affiliates with respect
to all Successful Transactions occurring on [***]. Any amounts due from Merchants to Affirm in accordance with the Merchant Agreements
shall be deducted by Affirm from Payouts to the Eligible Merchant’s Bank Account. [***].

 

    2

     

    

 

		7)	Shopify Fees and Payout.

 

		a)	Shopify Fees. With respect to each Successful Transaction, Affirm shall pay to Shopify a
fee (“Shopify Fee”) equal to (i) the [***] amount of such Successful Transaction multiplied by (ii) the applicable
[***] set forth under column “Y1” (for Alpha Phase, Beta Phase and the first year following the launch of the GA Phase)
or “Y2&Y3” (for the second and third years following the launch of the GA Phase). With respect to each Merchant,
the Shopify Fee shall not be duplicative of any commissions, revenue sharing or other fees due from Affirm to Shopify under any
other agreements.

 

		b)	Payouts to Shopify. No later than [***] business days following the end of each[***], Affirm
shall transfer, in U.S. dollars via wire transfer or ACH, to Shopify’s U.S. bank account (the “Shopify Account”)
the aggregate amount of Shopify Fees due for such calendar month. [***]. Affirm shall also provide Shopify with a statement accompanying
each payment, detailing the amount of the Shopify Fees due to Shopify for the applicable month, [***] as to be mutually agreed
by Parties, in sufficient detail to permit Shopify to validate the amount of such payment. To validate revenue earned by Shopify
on a monthly basis, payouts to Shopify shall be accompanied by a report that contains total [***].

 

		8)	Customer Installment Program Delay. The Parties will use reasonable efforts to launch the
Alpha phase of the First Product no later than July 15, 2020. Any delay in the launch date caused solely by Affirm will require
Affirm to pay Shopify a one-time, lump sum launch penalty as follows:

 

	Delay Penalty	Payment (non-cumulative)
	[***]weeks	$[***]
	[***]weeks	$[***]
	[***]weeks	$[***]
	[***]weeks	$[***]

 

    3

     

    

 

For the avoidance of doubt, the
Parties agree that the Alpha Phase launch date and associated penalty do not require that the Parties launch without a mutually
acceptable Agreement. Further, the Alpha Phase launch date and associated penalty do not apply to any launch delays related to
product development and features that must be mutually agreed upon in the Agreement and thus, delay the Alpha Phase launch date.

 

		9)	[***]. Upon the Alpha Phase launch date, [***]. Additionally, while each Party retains [***], upon Alpha Phase launch, [***]
(the “[***]”). Shopify [***] within [***] following the Program Launch. Affirm shall provide Shopify with guidance
around existing workflows, processes and requirements; and Shopify [***]. As applicable[***]. Shopify agrees in good faith to notify
Affirm in advance of any material changes to its [***] that [***], and to consult with Affirm about such changes. In addition,
Affirm shall have the right to [***].

 

		10)	Affirm Application Programming Interface (“Affirm API”). Affirm shall develop
software that allows the Platform to communicate automatically via the Affirm APIs with the Platform for the purpose of initiating
Applications and otherwise supporting the First Product, and Affirm will disclose the portion of the Affirm APIs to Shopify necessary
for Shopify to allow its Platform to integrate with the Affirm API. The Affirm API and all modifications, enhancements and derivative
works thereof, and all documentation and specifications related thereto, shall be deemed Affirm Pre-Existing IP.

 

		11)	[***] Obligations. At such time as the [***], [***]: (a[***]. [***].

 

		12)	Affirm Resource Commitment. Affirm will dedicate the following resources to develop the
First Product for launch in all phases (Alpha Phase, Beta Phase, and GA Phase):

 

		a)	[***] software developers;

 

		b)	[***] engineering managers

 

		c)	[***] product managers

 

		d)	[***] implementation manager

 

		e)	[***] program manager

 

		f)	Dedicated team for ongoing program management and maintenance (engineering, product, marketing,
buyer operations, finance, regulatory compliance).

 

		13)	Reports. Affirm shall deliver to Shopify on a [***] basis, or on such basis as mutually
agreed upon by the Parties, a [***][***]. Shopify shall deliver to Affirm on a [***] basis, or on such basis as mutually agreed
upon by the Parties, a [***] report [***]. On at least a[***] basis, Shopify shall [***]. Shopify further agrees in good faith
[***]. Any [***] failures [***] will be discussed by the Strategic Operating Committee.

 

		14)	Program Modifications. To the extent Shopify requests a modification of the First Product
that requires development beyond that contemplated by this Agreement, the Parties will review the incremental cost of any such
development. If the Parties agree to such modification, the incremental costs will be shared equally between the Parties unless
the Parties mutually agreed to a different allocation of costs.

 

    4

     

    

 

		15)	Service Levels. In addition to the SLAs set forth in the Agreement, Affirm shall provide
its services in connection with the Program in accordance with the SLAs set forth on Addendum A-1 to Exhibit A and Shopify shall
comply with the SLAs applicable to Shopify as set forth on Addendum A-1 to Exhibit A.

 

    5Exhibit 4.1

  

AMESITE
INC. 

 

2018
EQUITY INCENTIVE PLAN

 

Adopted
by Board: April 26, 2018

Approved
by Stockholders: April 26, 2018

Termination
Date: April 26, 2028

  

	I.	INTRODUCTION
    

 

1.1
Purposes. The purposes of the Amesite Inc. 2018 Equity Incentive Plan, effective July 23 2018, as set forth herein (this
“Plan”) are (i) to align the interests of the Company’s stockholders and the recipients of awards under
this Plan by increasing the proprietary interest of such recipients in the Company’s growth and success, (ii) to advance
the interests of the Company by attracting and retaining directors, officers, employees and other service providers and (iii)
to motivate such persons to act in the long-term best interests of the Company and its stockholders.

 

1.2
Certain Definitions. 

 

“Agreement”
shall mean an electronic or written agreement evidencing an award hereunder between the Company and the recipient of such
award.

 

“Assumed”
means that pursuant to a Change in Control, either (i) the award is expressly affirmed by the Company or (ii) the contractual
obligations represented by the award are expressly assumed (and not simply by operation of law) by the successor entity or its
parent in connection with the Change in Control with appropriate adjustments to the number and type of securities of the successor
entity or its parent subject to the award and the exercise or purchase price thereof which at least preserves the compensation
element of the award existing at the time of the Change in Control as determined in accordance with the instruments evidencing
the agreement to assume the award.

 

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

 

“Bonus
Shares” shall mean Shares which are not subject to a Restriction Period or Performance Measures.

 

“Bonus
Share Award” shall mean an award of Bonus Shares under this Plan.

 

“Cash-Based
Award” shall mean an award denominated in cash that may be settled in cash and/or Shares, which may be subject to
restrictions, as established by the Committee.

 

“Change
in Control” shall have the meaning set forth in Section 6.8(b).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Committee”
shall mean the Committee designated by the Board, or a subcommittee thereof, consisting of two or more members of the Board,
each of whom is intended to be (i) a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act
and (ii) “independent” within the meaning of the rules of the Nasdaq Global Market or any other stock exchange on
which Shares are then traded.

 

“Common
Stock” shall mean the common stock of the Company.

 

“Company”
shall mean Amesite Inc., a Delaware corporation, or any successor thereto.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” shall mean the closing transaction price of a Share as reported on the Nasdaq Global Market on the
date as of which such value is being determined or, if Shares are not listed on the Nasdaq Global Market, the closing transaction
price of a Share on the principal national stock exchange on which Shares are traded on the date as of which such value is being
determined or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were
reported; provided, however, that if Shares are not listed on a national stock exchange or if Fair Market Value
for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means or method as the
Committee, in the good faith exercise of its discretion, shall at such time deem appropriate and in compliance with Section 409A
of the Code.

 

“Free-Standing
SAR” shall mean an SAR which is not granted in tandem with, or by reference to, an option, which entitles the holder
thereof to receive, upon exercise, Shares (which may be Restricted Shares) or, to the extent provided in the applicable Agreement,
cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value of one Share on the date of
exercise over the base price of such SAR, multiplied by the number of such SARs which are exercised.

 

“Incentive
Stock Option” shall mean an option to purchase Shares that meets the requirements of Section 422 of the Code, or
any successor provision, which is intended by the Committee to constitute an Incentive Stock Option.

 

“Incumbent
Director” shall have the meaning set forth in Section 6.8(b)(iii).

 

“Initial
Public Offering” shall mean the initial public offering of the Company registered on Form S-1 (or any successor
form under the Securities Act of 1933, as amended).

 

    	 	1	 

     

    

 

“Non-Employee
Director” shall mean any director of the Company who is not an officer or employee of the Company or any Subsidiary.

   

“Nonqualified
Option” shall mean an option to purchase Shares which is not an Incentive Stock Option.

 

“Performance
Measures” shall mean the criteria and objectives, established by the Committee in its sole discretion, which shall
be satisfied or met (i) as a condition to the grant or exercisability of all or a portion of an option or SAR or (ii) during the
applicable Restriction Period or Performance Period as a condition to the vesting of the holder’s interest, in the case
of a Restricted Share Award, of the Shares subject to such award, or, in the case of a Restricted Share Unit Award, Performance
Unit Award or Cash-Based Award, to the holder’s receipt of the Shares subject to such award or of payment with respect to
such award. The performance goals may consist of any objective or subjective corporate- wide or subsidiary, division, operating
unit or individual measures, whether or not listed herein. The applicable performance measures may be applied on a pre- or post-tax
basis and may be adjusted as determined by the Committee to include or exclude objectively determinable components of any performance
measure, including, without limitation, special charges such as restructuring or impairment charges, debt refinancing costs, extraordinary
or noncash items, unusual, nonrecurring or one-time events affecting the Company or its financial statements or changes in law
or accounting principles (“Adjustment Events”). In the sole discretion of the Committee, the Committee may amend or
adjust the Performance Measures or other terms and conditions of an outstanding award in recognition of any Adjustment Events.
Performance goals shall be subject to such other special rules and conditions as the Committee may establish at any time.

  

“Performance
Period” shall mean any period designated by the Committee during which (i) the Performance Measures applicable to
an award shall be measured and (ii) the conditions to vesting applicable to an award shall remain in effect.

 

“Performance
Unit” shall mean a right to receive, contingent upon the attainment of specified Performance Measures within a specified
Performance Period, a specified cash amount or, in lieu thereof and to the extent set forth in the applicable award Agreement,
Shares having a Fair Market Value equal to such cash amount.

 

“Performance
Unit Award” shall mean an award of Performance Units under this Plan.

 

“Replaced”
means that pursuant to a Change in Control the award is replaced with a comparable stock award or a cash incentive award or
program of the Company, the successor entity (if applicable) or parent of either of them which preserves the compensation element
of such award existing at the time of the Change in Control and provides for subsequent payout in accordance with the same (or,
for the participant, a more favorable) vesting schedule applicable to such award. The determination of award comparability shall
be made by the Committee and its determination shall be final, binding and conclusive.

 

“Restricted
Shares” shall mean Shares which are subject to a Restriction Period and which may, in addition thereto, be subject
to the attainment of specified Performance Measures within a specified Performance Period.

 

“Restricted
Share Award” shall mean an award of Restricted Shares under this Plan.

 

“Restricted
Share Unit” shall mean a right to receive one Share or, in lieu thereof and to the extent set forth in the applicable
award Agreement, the Fair Market Value of such Share in cash, which shall be contingent upon the expiration of a specified Restriction
Period and which may, in addition thereto, be contingent upon the attainment of specified Performance Measures within a specified
Performance Period.

 

“Restricted
Share Unit Award” shall mean an award of Restricted Share Units under this Plan.

 

“Restriction
Period” shall mean any period designated by the Committee during which (i) the Shares subject to a Restricted Share
Award may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, except as provided
in this Plan or the Agreement relating to such award, or (ii) the conditions to vesting applicable to a Restricted Share Unit
Award shall remain in effect.

 

“SAR”
shall mean a share appreciation right which may be a Free-Standing SAR or a Tandem SAR.

 

“Share”
shall mean a share of the Common Stock, $0.0001 par value per share, of the Company, and all rights appurtenant thereto.

  

“Share
Award” shall mean a Bonus Share Award, Restricted Share Award or Restricted Share Unit Award.

 

“Subsidiary”
shall mean any corporation, limited liability company, partnership, joint venture or similar entity in which the Company owns,
directly or indirectly, an equity interest possessing more than 50% of the combined voting power of the total outstanding equity
interests of such entity.

 

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

 

“Tandem
SAR” shall mean an SAR which is granted in tandem with, or by reference to, an option (including a Nonqualified
Option granted prior to the date of grant of the SAR), which entitles the holder thereof to receive, upon exercise of such SAR
and surrender for cancellation of all or a portion of such option, Shares (which may be Restricted Shares) or, to the extent provided
in the applicable Agreement, cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value
of one Share on the date of exercise over the base price of such SAR, multiplied by the number of Shares subject to such option,
or portion thereof, which is surrendered.

 

“Tax
Date” shall have the meaning set forth in Section 6.5.

  

    	 	2	 

     

    

 

“Ten
Percent Holder” shall have the meaning set forth in Section 2.1(a).

 

1.3
Administration. This Plan shall be administered by the Committee. Any one or a combination of the following awards
may be made under this Plan to eligible persons: (i) options to purchase Shares in the form of Incentive Stock Options or Nonqualified
Options, (ii) SARs in the form of Tandem SARs or Free-Standing SARs, (iii) Share Awards in the form of Bonus Shares, Restricted
Shares or Restricted Share Units, (iv) Performance Units and (v) Cash-Based Awards. The Committee shall, subject to the terms
of this Plan, select eligible persons for participation in this Plan and determine the form, amount and timing of each award to
such persons and, if applicable, the number of Shares, the number of SARs, the number of Restricted Share Units, the value of
Cash-Based Awards and the number of Performance Units subject to such an award, the exercise price or base price associated with
the award, the time and conditions of exercise or settlement of the award and all other terms and conditions of the award, including,
without limitation, the form of the Agreement evidencing the award. The Committee may, in its sole discretion and for any reason
at any time, take action such that (i) any or all outstanding options and SARs shall become exercisable in part or in full, (ii)
all or a portion of the Restriction Period applicable to any outstanding Restricted Shares or Restricted Share Units shall lapse,
(iii) all or a portion of the Performance Period applicable to any outstanding award shall lapse and (iv) the Performance Measures
(if any) applicable to any outstanding award shall be deemed to be satisfied at the target or any other level. The Committee shall,
subject to the terms of this Plan, interpret this Plan and the application thereof, establish rules and regulations it deems necessary
or desirable for the administration of this Plan and may impose, incidental to the grant of an award, conditions with respect
to the award. All such interpretations, rules, regulations and conditions shall be conclusive and binding on all parties.

 

The
Committee may delegate some or all of its power and authority hereunder to the Board or, subject to applicable law, to the Chief
Executive Officer and President or such other executive officer as the Committee deems appropriate; provided, however,
that (i) the Committee may not delegate its power and authority to the Board or the President and Chief Executive Officer or other
executive officer of the Company with regard to the grant of an award to any person who is a Covered Employee or who, in the Committee’s
judgment, is likely to be a Covered Employee at any time during the period an award hereunder to such employee would be outstanding
and (ii) the Committee may not delegate its power and authority to the President and Chief Executive Officer or other executive
officer of the Company with regard to the selection for participation in this Plan of an officer, director or other person subject
to Section 16 of the Exchange Act or decisions concerning the timing, pricing or amount of an award to such an officer, director
or other person.

 

No
member of the Board or Committee, and neither the Chief Executive Officer and President or any other executive officer to whom
the Committee delegates any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction
or determination made in connection with this Plan in good faith, and the members of the Board and the Committee and the Chief
Executive Officer and President and any other executive officer shall be entitled to indemnification and reimbursement by the
Company in respect of any claim, loss, damage or expense (including attorneys’ fees) arising therefrom to the full extent
permitted by law (except as otherwise may be provided in the Company’s Certificate of Incorporation or By-Laws, each as
may be amended from time to time) and under any directors’ and officers’ liability insurance that may be in effect
from time to time.

 

A
majority of the Committee shall constitute a quorum. The acts of the Committee shall be either (i) acts of a majority of the members
of the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of
the Committee without a meeting.

 

1.4
Eligibility. Participants in this Plan shall consist of such officers, Non-Employee Directors, employees, consultants,
agents and independent contractors, and persons expected to become officers, Non-Employee Directors, employees, consultants, agents,
and independent contractors of the Company and its Subsidiaries as the Committee in its sole discretion may select from time to
time. The Committee’s selection of a person to participate in this Plan at any time shall not require the Committee to select
such person to participate in this Plan at any other time. For purposes of this Plan and except as otherwise provided for in an
Agreement, references to employment by the Company shall also mean employment by a Subsidiary, and references to employment shall
include service as a Non-Employee Director or independent contractor. The Committee shall determine, in its sole discretion, the
extent to which a participant shall be considered employed during any periods during which such participant is on an approved
leave of absence.

 

1.5
Shares and Cash Available. Subject to adjustment as provided in Section 6.7 and to all other limits set forth in this
Section 1.5, 2,529,000 Shares shall be available for awards under this Plan inclusive of 1,228,195 Shares subject to options originally
granted under the Amesite Inc. 2018 Equity Incentive Plan and assumed in connection with the merger of Amesite Inc. with a subsidiary
of Lola One Acquisition Corporation (the “Assumed Options”). The number of Shares that remain available for future
grants under the Plan shall be reduced by the sum of the aggregate number of Shares which become subject to outstanding options,
outstanding Free-Standing SARs and outstanding Share Awards and delivered upon the settlement of Performance Units. As of the
first day of each calendar year beginning on or after January 1, 2021, the number of Shares available for all awards under the
Plan, other than Incentive Stock Options, shall automatically increase by a number equal to the least of (x) 5% of the number
of Shares that are issued and outstanding as of such date, or (y) a lesser number of Shares determined by the Committee. To the
extent that Shares subject to an outstanding option, SAR, Share Award or other award granted under the Plan are not issued or
delivered by reason of (i) the expiration, termination, cancellation or forfeiture of such award (excluding Shares subject to
an option cancelled upon settlement in Shares of a related tandem SAR or Shares subject to a tandem SAR cancelled upon exercise
of a related option) or (ii) the settlement of such award in cash, then such Shares shall again be available under this Plan,
other than for grants of Incentive Stock Options.

 

To
the extent not prohibited by the listing requirements of the Nasdaq Global Market or any other stock exchange on which Shares
are then traded or applicable laws, any Shares covered by an award which are surrendered (i) in payment of the award exercise
or purchase price (including pursuant to the “net exercise” of an option pursuant to Section 2.1(c), or the “net
settlement” or “net exercise” of a Share-settled SAR pursuant to Section 2.2(c)) or (ii) in satisfaction of
tax withholding obligations incident to the grant, exercise, vesting or settlement of an award shall be deemed not to have been
issued for purposes of determining the maximum number of Shares which may be issued pursuant to all awards under the Plan, unless
otherwise determined by the Committee. Notwithstanding anything in this Section 1.5 to the contrary, Shares subject to an award
under this Plan may not be made available for issuance under this Plan if such shares are shares repurchased on the open market
with the proceeds of an option exercise.

 

    	 	3	 

     

    

 

Other
than with respect to the Assumed Options, the number of Shares for awards under this Plan shall not be reduced by (i) the number
of Shares subject to Substitute Awards or (ii) available shares under a stockholder approved plan of a company or other entity
which was a party to a corporate transaction with the Company (as appropriately adjusted to reflect such corporate transaction)
which become subject to awards granted under this Plan (subject to applicable stock exchange requirements).

 

Shares
to be delivered under this Plan shall be made available from authorized and unissued Shares, or authorized and issued Shares reacquired
and held as treasury shares or otherwise or a combination thereof.

 

1.6
Per Person Limits The aggregate grant date fair value of Shares that may be granted during any fiscal year of the Company
to any Non-Employee Director shall not exceed $150,000; provided, however, that (i) the limit set forth in this sentence shall
be $150,000 in the year in which a Non-Employee Director commences service on the Board and (ii) the limits set forth in this
sentence shall not apply to awards made pursuant to an election to receive the award in lieu of all or a portion of fees received
for service on the Board or any committee thereunder.

  

	II.	OPTIONS
    AND SHARE APPRECIATION RIGHTS 

 

2.1
Options. The Committee may, in its discretion, grant options to purchase Shares to such eligible persons as may
be selected by the Committee. Each option, or portion thereof, that is not an Incentive Stock Option, shall be a Nonqualified
Option. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of Shares with respect to which
options designated as Incentive Stock Options are exercisable for the first time by a participant during any calendar year (under
this Plan or any other plan of the Company, or any parent or Subsidiary) exceeds the amount (currently $100,000) established by
the Code, such options shall constitute Nonqualified Options.

  

Options
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent
with the terms of this Plan, as the Committee shall deem advisable:

 

(a)
Number of Shares and Purchase Price. The number of Shares subject to an option and the purchase price per Share purchasable
upon exercise of the option shall be determined by the Committee; provided, however, that the purchase price per
Share purchasable upon exercise of an option shall not be less than 100% of the Fair Market Value of a Share on the date of grant
of such option; provided further, that if an Incentive Stock Option shall be granted to any person who, at the time such
option is granted, owns capital stock possessing more than 10 percent of the total combined voting power of all classes of capital
stock of the Company (or of any parent or Subsidiary) (a “Ten Percent Holder”), the purchase price per Share
shall not be less than the price (currently 110% of Fair Market Value) required by the Code in order to constitute an Incentive
Stock Option.

 

Notwithstanding
the foregoing, in the case of an option that is a Substitute Award, the purchase price per Share of the Shares subject to such
option may be less than 100% of the Fair Market Value per Share on the date of grant, provided, that the excess of: (a) the aggregate
Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the
aggregate purchase price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately
preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the
shares of the predecessor company or other entity that were subject to the grant assumed or substituted for by the Company, over
(y) the aggregate purchase price of such shares.

 

(b)
Option Period and Exercisability. The period during which an option may be exercised shall be determined by the Committee;
provided, however, that no option shall be exercised later than ten years after its date of grant; provided further,
that if an Incentive Stock Option shall be granted to a Ten Percent Holder, such option shall not be exercised later than five
years after its date of grant. The Committee may, in its discretion, establish Performance Measures which shall be satisfied or
met as a condition to the grant of an option or to the exercisability of all or a portion of an option. The Committee shall determine
whether an option shall become exercisable in cumulative or non-cumulative installments and in part or in full at any time. An
exercisable option, or portion thereof, may be exercised only with respect to whole Shares. Prior to the exercise of an option,
the holder of such option shall have no rights as a stockholder of the Company with respect to the Shares subject to such option.

 

(c)
Method of Exercise. An option may be exercised (i) by giving written notice to the Company specifying the number of whole
Shares to be purchased and accompanying such notice with payment therefor in full (or arrangement made for such payment to the
Company’s satisfaction) either (A) in cash, (B) by delivery (either actual delivery or by attestation procedures established
by the Company) of Shares having a Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase price
payable by reason of such exercise, (C) authorizing the Company to withhold whole Shares which would otherwise be delivered having
an aggregate Fair Market Value, determined as of the date of exercise, equal to the amount necessary to satisfy such obligation,
(D) in cash by a broker-dealer acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise
or (E) a combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the option, (ii) if
applicable, by surrendering to the Company any Tandem SARs which are cancelled by reason of the exercise of the option and (iii)
by executing such documents as the Company may reasonably request. Any fraction of a Share which would be required to pay such
purchase price shall be disregarded and the remaining amount due shall be paid in cash by the optionee. No Shares shall be issued
and no certificate representing Shares shall be delivered until the full purchase price therefor and any withholding taxes thereon,
as described in Section 6.5, have been paid (or arrangement made for such payment to the Company’s satisfaction).

 

2.2
Share Appreciation Rights. The Committee may, in its discretion, grant SARs to such eligible persons as may be selected
by the Committee. The Agreement relating to an SAR shall specify whether the SAR is a Tandem SAR or a Free-Standing SAR.

 

SARs
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent
with the terms of this Plan, as the Committee shall deem advisable:

  

    	 	4	 

     

    

 

(a)
Number of SARs and Base Price. The number of SARs subject to an award shall be determined by the Committee. Any Tandem
SAR related to an Incentive Stock Option shall be granted at the same time that such Incentive Stock Option is granted. The base
price of a Tandem SAR shall be the purchase price per Share of the related option. The base price of a Free-Standing SAR shall
be determined by the Committee; provided, however, that such base price shall not be less than 100% of the Fair
Market Value of a Share on the date of grant of such SAR.

  

Notwithstanding
the foregoing, in the case of an SAR that is a Substitute Award, the base price per Share of the Shares subject to such SAR may
be less than 100% of the Fair Market Value per Share on the date of grant, provided, that the excess of: (a) the aggregate Fair
Market Value (as of the date such Substitute Award is granted) of the Shares subject to the Substitute Award, over (b) the aggregate
base price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the
transaction giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the
predecessor company or other entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate
base price of such shares.

 

(b)
Exercise Period and Exercisability. The period for the exercise of an SAR shall be determined by the Committee; provided,
however, that no Tandem SAR shall be exercised later than the expiration, cancellation, forfeiture or other termination
of the related option and no Free- Standing SAR shall be exercised later than ten years after its date of grant. The Committee
may, in its discretion, establish Performance Measures which shall be satisfied or met as a condition to the grant of an SAR or
to the exercisability of all or a portion of an SAR. The Committee shall determine whether an SAR may be exercised in cumulative
or non-cumulative installments and in part or in full at any time. An exercisable SAR, or portion thereof, may be exercised, in
the case of a Tandem SAR, only with respect to whole Shares and, in the case of a Free-Standing SAR, only with respect to a whole
number of SARs. If an SAR is exercised for shares of Restricted Shares, a certificate or certificates representing such Restricted
Shares shall be issued in accordance with Section 3.3(c), or such shares shall be transferred to the holder in book entry form
with restrictions on the Shares duly noted, and the holder of such Restricted Shares shall have such rights of a stockholder of
the Company as determined pursuant to Section 3.3(d). Prior to the exercise of an SAR, the holder of such SAR shall have no rights
as a stockholder of the Company with respect to the Shares subject to such SAR.

  

(c)
Method of Exercise. A Tandem SAR may be exercised (i) by giving written notice to the Company specifying the number of
whole SARs which are being exercised, (ii) by surrendering to the Company any options which are cancelled by reason of the exercise
of the Tandem SAR and (iii) by executing such documents as the Company may reasonably request. A Free-Standing SAR may be exercised
(A) by giving written notice to the Company specifying the whole number of SARs which are being exercised and (B) by executing
such documents as the Company may reasonably request. No Shares shall be issued and no certificate representing Shares shall be
delivered until any withholding taxes thereon, as described in Section 6.5, have been paid (or arrangement made for such payment
to the Company’s satisfaction).

 

2.3
Termination of Employment or Service. All of the terms relating to the exercise, cancellation or other disposition
of an option or SAR (i) upon a termination of employment with or service to the Company of the holder of such option or SAR, as
the case may be, whether by reason of disability, retirement, death or any other reason, or (ii) during a paid or unpaid leave
of absence, shall be determined by the Committee and set forth in the applicable award Agreement.

 

2.4
Repricing of Options and SARs. The Committee may reduce, in each case, in its sole discretion and without the approval
of the stockholders of the Company, the exercise price of any option awarded under the Plan and the base appreciation amount of
any SAR awarded under the Plan and to cancel, in each case, without stockholder approval, an option or SAR at a time when its
exercise price or base appreciation amount (as applicable) exceeds the Fair Market Value of the underlying Shares, in exchange
for another option, SAR, Restricted Shares, or other award or for cash.

  

	III.	SHARE
    AWARDS 

 

3.1
Share Awards. The Committee may, in its discretion, grant Share Awards to such eligible persons as may be selected
by the Committee. The Agreement relating to a Share Award shall specify whether the Share Award is a Bonus Share Award, Restricted
Share Award or Restricted Share Unit Award.

 

3.2
Terms of Bonus Share Awards. The number of Shares subject to a Bonus Share Award shall be determined by the Committee.
Bonus Share Awards shall not be subject to any Restriction Periods or Performance Measures. Upon the grant of a Bonus Share Award,
subject to the Company’s right to require payment of any taxes in accordance with Section 6.5, a certificate or certificates
evidencing ownership of the requisite number of Shares shall be delivered to the holder of such award.

 

3.3
Terms of Restricted Share Awards. Restricted Share Awards shall be subject to the following terms and conditions and
shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem
advisable.

 

(a)
Number of Shares and Other Terms. The number of Shares subject to a Restricted Share Award and the Restriction Period,
Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Share Award shall be determined by the
Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Restricted Share Award shall provide, in the manner determined by the
Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of the Shares subject to such award
(i) if the holder of such award remains continuously in the employment or service of the Company during the specified Restriction
Period and (ii) if specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for
the forfeiture of the Shares subject to such award (x) if the holder of such award does not remain continuously in the employment
or service of the Company during the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied
or met during a specified Performance Period.

  

    	 	5	 

     

    

 

(c)
Share Issuance. During the Restriction Period, the Restricted Shares shall be held by a custodian in book entry form with
restrictions on such Shares duly noted or, alternatively, a certificate or certificates representing a Restricted Share Award
shall be registered in the holder’s name and may bear a legend, in addition to any legend which may be required pursuant
to Section 6.6, indicating that the ownership of the Shares represented by such certificate is subject to the restrictions, terms
and conditions of this Plan and the Agreement relating to the Restricted Share Award. All such certificates shall be deposited
with the Company, together with stock powers or other instruments of assignment (including a power of attorney), each endorsed
in blank with a guarantee of signature if deemed necessary or appropriate, which would permit transfer to the Company of all or
a portion of the Shares subject to the Restricted Share Award in the event such award is forfeited in whole or in part. Upon termination
of any applicable Restriction Period (and the satisfaction or attainment of applicable Performance Measures), subject to the Company’s
right to require payment of any taxes in accordance with Section 6.5, the restrictions shall be removed from the requisite number
of any Shares that are held in book entry form, and all certificates evidencing ownership of the requisite number of Shares shall
be delivered to the holder of such award.

   

(d)
Rights with Respect to Restricted Share Awards. Unless otherwise set forth in the Agreement relating to a Restricted Share
Award, and subject to the terms and conditions of a Restricted Share Award, the holder of such award shall have all rights as
a stockholder of the Company, including, but not limited to, voting rights, the right to receive dividends and the right to participate
in any capital adjustment applicable to all holders of Shares; provided, however, that (i) a distribution with respect
to Shares, other than a regular cash dividend, and (ii) a regular cash dividend with respect to Shares that are subject to performance-based
vesting conditions, in each case, shall be deposited with the Company and shall be subject to the same restrictions as the Shares
with respect to which such distribution was made.

 

3.4
Terms of Restricted Share Unit Awards. Restricted Share Unit Awards shall be subject to the following terms and conditions
and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem
advisable.

 

(a)
Number of Shares and Other Terms. The number of Shares subject to a Restricted Share Unit Award and the Restriction Period,
Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Share Unit Award shall be determined
by the Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Restricted Share Unit Award shall provide, in the manner determined
by the Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of such Restricted Share Unit
Award (i) if the holder of such award remains continuously in the employment or service of the Company during the specified Restriction
Period and (ii) if specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for
the forfeiture of the Shares subject to such award (x) if the holder of such award does not remain continuously in the employment
or service of the Company during the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied
or met during a specified Performance Period.

 

(c)
Settlement of Vested Restricted Share Unit Awards. The Agreement relating to a Restricted Share Unit Award shall specify
(i) whether such award may be settled in Shares or cash or a combination thereof and (ii) whether the holder thereof shall be
entitled to receive, on a current or deferred basis, dividend equivalents, and, if determined by the Committee, interest on, or
the deemed reinvestment of, any deferred dividend equivalents, with respect to the number of Shares subject to such award. Any
dividend equivalents with respect to Restricted Share Units that are subject to performance-based vesting conditions shall be
subject to the same restrictions as such Restricted Share Units. Prior to the settlement of a Restricted Share Unit Award, the
holder of such award shall have no rights as a stockholder of the Company with respect to the Shares subject to such award.

 

3.5
Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the
termination of the Restriction Period or Performance Period relating to a Share Award, or any forfeiture and cancellation of such
award (i) upon a termination of employment or service with the Company of the holder of such award, whether by reason of disability,
retirement, death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee
and set forth in the applicable award Agreement.

  

	IV.	PERFORMANCE
    UNIT AWARDS 

 

4.1
Performance Unit Awards. The Committee may, in its discretion, grant Performance Unit Awards to such eligible persons
as may be selected by the Committee.

 

4.2
Terms of Performance Unit Awards. Performance Unit Awards shall be subject to the following terms and conditions and
shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem
advisable.

 

(a)
Number of Performance Units and Performance Measures. The number of Performance Units subject to a Performance Unit Award
and the Performance Measures and Performance Period applicable to a Performance Unit Award shall be determined by the Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Performance Unit Award shall provide, in the manner determined by the
Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of such Performance Unit Award if the
specified Performance Measures are satisfied or met during the specified Performance Period and for the forfeiture of such award
if the specified Performance Measures are not satisfied or met during the specified Performance Period.

 

(c)
Settlement of Vested Performance Unit Awards. The Agreement relating to a Performance Unit Award shall specify whether
such award may be settled in Shares (including shares of Restricted Shares) or cash or a combination thereof. If a Performance
Unit Award is settled in Restricted Shares, such Restricted Shares shall be issued to the holder in book entry form or a certificate
or certificates representing such Restricted Shares shall be issued in accordance with Section 3.3(c) and the holder of such Restricted
Shares shall have such rights as a stockholder of the Company as determined pursuant to Section 3.3(d). Any dividends or dividend
equivalents with respect to a Performance Unit Award shall be subject to the same restrictions as such Performance Unit Award.
Prior to the settlement of a Performance Unit Award in Shares, including Restricted Shares, the holder of such award shall have
no rights as a stockholder of the Company.

 

    	 	6	 

     

    

 

4.3
Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the
termination of the Performance Period relating to a Performance Unit Award, or any forfeiture and cancellation of such award (i)
upon a termination of employment or service with the Company of the holder of such award, whether by reason of disability, retirement,
death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and set forth
in the applicable award Agreement.

   

	V.	CASH-BASED
    AWARDS 

 

5.1
Cash-Based Awards. The Committee may, in its discretion, grant Cash-Based Awards to such eligible persons as may be
selected by the Committee.

 

5.2
Terms of Cash-Based Awards. Cash-Based Awards shall be subject to the terms and conditions, not inconsistent with the
terms of this Plan, determined by the Committee and set forth in the applicable award Agreement.

  

	VI.	GENERAL
    

 

6.1
Effective Date and Term of Plan. This Plan will become effective upon its adoption by the Board, provided that it must
be approved by a majority of the outstanding securities entitled to vote within twelve (12) months before or after the date of
such adoption. Unless terminated earlier by the Board, this Plan shall terminate on the tenth anniversary of the date it is adopted
by the Board or approved by the Company’s stockholders, whichever is earlier. Termination of this Plan shall not affect
the terms or conditions of any award granted prior to termination. Awards hereunder may be made at any time prior to the termination
of this Plan, provided that no award may be made later than ten (10) years after the effective date of this Plan.

 

6.2
Amendments. The Board may amend this Plan as it shall deem advisable, subject to any requirement of stockholder approval
required by applicable law, rule or regulation, including any rule of the Nasdaq Global Market or any other stock exchange on
which Shares are then traded; provided, however, that no amendment may materially impair the rights of a holder
of an outstanding award without the consent of such holder.

 

6.3
Agreement. Each award under this Plan shall be evidenced by an Agreement setting forth the terms and conditions applicable
to such award. No award shall be valid until an Agreement is executed by the Company and, to the extent required by the Company,
either executed by the recipient or accepted by the recipient by electronic means approved by the Company within the time period
specified by the Company. Upon such execution or execution and electronic acceptance, and delivery of the Agreement to the Company,
such award shall be effective as of the effective date set forth in the Agreement.

  

6.4
Non-Transferability. No award shall be transferable other than by will, the laws of descent and distribution or pursuant
to beneficiary designation procedures approved by the Company or, to the extent expressly permitted in the Agreement relating
to such award, to the holder’s family members, a trust or entity established by the holder for estate planning purposes
or a charitable organization designated by the holder, in each case, without consideration. Except to the extent permitted by
the foregoing sentence or the Agreement relating to an award, each award may be exercised or settled during the holder’s
lifetime only by the holder or the holder’s legal representative or similar person. Except as permitted by the second preceding
sentence, no award may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by
operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer,
assign, pledge, hypothecate, encumber or otherwise dispose of any award, such award and all rights thereunder shall immediately
become null and void.

 

6.5
Tax Withholding. The Company shall have the right to require, prior to the issuance or delivery of any Shares or the
payment of any cash pursuant to an award made hereunder, payment by the holder of such award of any federal, state, local or other
taxes which may be required to be withheld or paid in connection with such award. An Agreement may provide that (i) the Company
shall withhold whole Shares which would otherwise be delivered to a holder, having an aggregate Fair Market Value determined as
of the date the obligation to withhold or pay taxes arises in connection with an award (the “Tax Date”), or
withhold an amount of cash which would otherwise be payable to a holder, in the amount necessary to satisfy any such obligation
or (ii) the holder may satisfy any such obligation by any of the following means: (A) a cash payment to the Company, (B) delivery
(either actual delivery or by attestation procedures established by the Company) to the Company of previously owned whole Shares
having an aggregate Fair Market Value, determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation,
(C) authorizing the Company to withhold whole Shares which would otherwise be delivered having an aggregate Fair Market Value,
determined as of the Tax Date, or withhold an amount of cash which would otherwise be payable to a holder, equal to the amount
necessary to satisfy any such obligation, (D) in the case of the exercise of an option and except as may be prohibited by applicable
law, a cash payment by a broker-dealer acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise
or (E) any combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the award. Shares
to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by the Committee not
to have an adverse accounting impact on the Company. Any fraction of a Share which would be required to satisfy such an obligation
shall be disregarded and the remaining amount due shall be paid in cash by the holder.

  

    	 	7	 

     

    

 

6.6
Restrictions on Shares. Each award made hereunder shall be subject to the requirement that if at any time the Company
determines that the listing, registration or qualification of the Shares subject to such award upon any securities exchange or
under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable
as a condition of, or in connection with, the delivery of shares thereunder, such shares shall not be delivered unless such listing,
registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not
acceptable to the Company. The Company may require that certificates evidencing Shares delivered pursuant to any award made hereunder
bear a legend indicating that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance
with the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

6.7
Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting
Standards Codification Topic 718, Compensation—Stock Compensation) that causes the per Share value of Shares to change,
such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary dividend, the number
and class of securities available under this Plan, the terms of each outstanding option and SAR (including the number and class
of securities subject to each outstanding option or SAR and the purchase price or base price per share), the terms of each outstanding
Restricted Stock Award and Restricted Stock Unit Award (including the number and class of securities subject thereto), and the
terms of each outstanding Performance Unit Award shall be appropriately adjusted by the Committee, such adjustments to be made
in the case of outstanding options and SARs without an increase in the aggregate purchase price or base price and in accordance
with Section 409A of the Code. In the event of any other change in corporate capitalization, including a merger, consolidation,
reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence
may be made as determined to be appropriate and equitable by the Committee to prevent dilution or enlargement of rights of participants.
In either case, the decision of the Committee regarding any such adjustment shall be final, binding and conclusive.

  

6.8
Change in Control. 

 

(a)
Subject to the terms of the applicable award Agreement, in the event of a Change in Control, the Board (as constituted prior to
such Change in Control) may, in its discretion:

 

	 	(i)	provide
    that (A) some or all outstanding options and SARs shall become exercisable in full or in part, either immediately or upon
    a subsequent termination of employment or service, (B) the Restriction Period applicable to some or all outstanding Restricted
    Share Awards and Restricted Share Unit Awards shall lapse in full or in part, either immediately or upon a subsequent termination
    of employment or service, (C) the Performance Period applicable to some or all outstanding awards shall lapse in full or in
    part, and (D) the Performance Measures applicable to some or all outstanding awards shall be deemed to be satisfied at the
    target or any other level; 

 

	 	(ii)	provide
    that some or all outstanding awards shall terminate without consideration as of the date of such Change in Control; 

 

	 	(iii)	require
    that shares of the corporation or other entity resulting from such Change in Control, or a parent thereof, be substituted
    for some or all of the Shares subject to an outstanding award, with an appropriate and equitable adjustment to such award
    as shall be determined by the Board in accordance with Section 6.7; and/or 

 

	 	(iv)	require
    outstanding awards, in whole or in part, to be surrendered to the Company by the holder, and to be immediately cancelled by
    the Company, and to provide for the holder to receive (A) a cash payment in an amount equal to (i) in the case of an option
    or an SAR, the number of Shares then subject to the portion of such option or SAR surrendered multiplied by the excess, if
    any, of the Fair Market Value of a Share as of the date of the Change in Control, over the purchase price or base price per
    Share subject to such option or SAR, (ii) in the case of a Share Award, the number of Shares then subject to the portion of
    such award surrendered multiplied by the Fair Market Value of a Share as of the date of the Change in Control, and (iii) in
    the case of a Performance Unit Award, the value of the Performance Units then subject to the portion of such award surrendered;
    (B) shares of the corporation or other entity resulting from such Change in Control, or a parent thereof, having a fair market
    value not less than the amount determined under clause (A) above; or (C) a combination of the payment of cash pursuant to
    clause (A) above and the issuance of shares pursuant to clause (B) above. 

 

(b)
A “Change in Control” of the Company shall be deemed to have occurred upon the occurrence of any of the following
events:

 

(i)
The acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more
of either the then outstanding Shares of the Company or the combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by
the Company or any of its Subsidiaries, or any employee benefit plan (or related trust) of the Company or its Subsidiaries, or
any corporation with respect to which, following such acquisition, more than 50% of, respectively, the then outstanding Shares
of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote
generally in the election of all or substantially all directors is then beneficially owned, directly or indirectly, by the individuals
and entities who were the beneficial owners, respectively, of Shares and voting securities of the Company immediately prior to
such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding
Shares of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally
in the election of directors, as the case may be;

  

    	 	8	 

     

    

 

(ii)
The consummation of a reorganization, merger or consolidation of the Company, in each case, with respect to which all or substantially
all of the individuals and entities who were the respective beneficial owners of Shares and voting securities of the Company immediately
prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially
own, directly or indirectly, more than 50% of, respectively, the then outstanding Shares and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation
resulting from such reorganization, merger or consolidation;

 

(iii)
During any twenty-four (24) month period, individuals who, as of the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director
subsequent to the beginning of such period whose election or nomination for election was approved by a vote of at least a majority
of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in
which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director;
provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or
threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies
by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; or

 

(iv)
a complete liquidation or dissolution of the Company or of the sale or other disposition of all or substantially all of the assets
of the Company.

 

In
no event shall a Change in Control include the Initial Public Offering or any bona fide primary or secondary public offering following
the occurrence of the Initial Public Offering.

 

6.9
Deferrals. The Committee may determine that the delivery of Shares or the payment of cash, or a combination thereof,
upon the exercise or settlement of all or a portion of any award (other than awards of Incentive Stock Options, Nonqualified Options
and SARs) made hereunder shall be deferred, or the Committee may, in its sole discretion, approve deferral elections made by holders
of awards. Deferrals shall be for such periods and upon such terms as the Committee may determine in its sole discretion, subject
to the requirements of Section 409A of the Code.

   

6.10
No Right of Participation, Employment or Service. Unless otherwise set forth in an employment agreement, no person
shall have any right to participate in this Plan. Neither this Plan nor any award made hereunder shall confer upon any person
any right to continued employment by or service with the Company, any Subsidiary or any affiliate of the Company or affect in
any manner the right of the Company, any Subsidiary or any affiliate of the Company to terminate the employment or service of
any person at any time without liability hereunder.

  

6.11
Rights as Stockholder. No person shall have any right as a stockholder of the Company with respect to any Shares or
other equity security of the Company which is subject to an award hereunder unless and until such person becomes a stockholder
of record with respect to such Shares or equity security.

 

6.12
Designation of Beneficiary. A holder of an award may file with the Committee a written designation of one or more persons
as such holder’s beneficiary or beneficiaries (both primary and contingent) in the event of the holder’s death or
incapacity. To the extent an outstanding option or SAR granted hereunder is exercisable, such beneficiary or beneficiaries shall
be entitled to exercise such option or SAR pursuant to procedures prescribed by the Committee.

 

Each
beneficiary designation shall become effective only when filed in writing with the Committee during the holder’s lifetime
on a form prescribed by the Committee. The spouse of a married holder domiciled in a community property jurisdiction shall join
in any designation of a beneficiary other than such spouse. The filing with the Committee of a new beneficiary designation shall
cancel all previously filed beneficiary designations.

 

If
a holder fails to designate a beneficiary, or if all designated beneficiaries of a holder predecease the holder, then each outstanding
option and SAR hereunder held by such holder, to the extent exercisable, may be exercised by such holder’s executor, administrator,
legal representative or similar person.

 

6.13
Compliance With Section 409A of the Code. To the extent applicable, awards will be designed and operated in such a
manner that they are either exempt from the application of, or comply with, the requirements of Section 409A of the Code. The
Plan and each award Agreement are intended to meet the requirements of Section 409A of the Code and will be construed and interpreted
in accordance with such intent, except as otherwise determined in the Committee’s sole discretion. Notwithstanding the foregoing,
the Company makes no representation with respect to the tax compliance of the Plan or any Award Agreement, including compliance
with Section 409A of the Code.

 

6.14
Governing Law. This Plan, each award hereunder and the related Agreement, and all determinations made and actions taken
pursuant thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the
laws of the State of Illinois and construed in accordance therewith without giving effect to principles of conflicts of laws.

 

6.15
Non-U.S. Service Providers. Without amending this Plan, the Committee may grant awards to eligible persons who are
foreign nationals on such terms and conditions different from those specified in this Plan as may in the judgment of the Committee
be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such purposes
the Committee may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply
with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees
or service providers.

 

6.16
Awards Subject to Clawback. The awards granted under this Plan and any cash payment or Shares delivered pursuant to
an award are subject to forfeiture, recovery by the Company or other action pursuant to the applicable Agreement or any clawback
or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company
may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations
thereunder, or as otherwise required by law.

  

    	 	9	 

     

    

 

AMESITE
INC. 

 

2018
EQUITY INCENTIVE PLAN 

 

STOCK
OPTION AGREEMENT 

 

This
Stock Option Agreement (this “Agreement”) is made and entered into as of the date set forth on the signature
page hereto by and between Amesite Inc., a Delaware corporation (the “Company”), and the undersigned
participant (“Participant”). Unless otherwise defined herein, capitalized terms used herein shall have
the same defined meanings as set forth in the Amesite Inc. 2018 Equity Incentive Plan attached hereto as Exhibit A (the
“Plan”).

  

	I.	NOTICE
    OF STOCK OPTION GRANT 

 

Participant
has been granted an option to purchase Common Stock, subject to the terms and conditions of the Plan and this Agreement, as follows:

  

	Participant:	 	 
	Address:	 	 
	 	 	 
	Grant Number:	 	 
	Grant Date:	 	 
	Vesting Commencement Date:	 	 
	Exercise Price per Share:	 	 
	Number of Shares Subject to Option: 	 	 
	Total Exercise Price:	 	 
	Type of Option:	ISO 	NSO	Term/Expiration
	Date:	 	, or earlier as provided
	 	in the Plan or this Agreement	 

 

Vesting
Schedule; Accelerated Vesting:

 

This
Option shall become vested and exercisable, in whole or in part, according to the following vesting schedule:   

 

Termination
Period: 

 

This
Option shall be exercisable for three months after Participant ceases to be a service provider, unless such termination is due
to Participant’s death or disability, in which case this Option shall be exercisable for 12 months after Participant ceases
to be a service provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration
Date as provided above, and this Option may be subject to earlier termination as provided in the Plan.

  

	II.	AGREEMENT
    

 

1.
Grant of Option. In consideration of the services to be rendered by Participant to the Company or any Affiliate
and subject to the terms and conditions of the Plan and this Agreement, the Administrator hereby grants to Participant an option
(this “Option”) to purchase the number of Shares set forth in the Notice of Stock Option Grant in Part
I of this Agreement, at the Exercise Price per Share set forth in the Notice of Stock Option Grant in Part I of this Agreement
(the “Exercise Price”).

 

If
designated as an ISO in the Notice of Stock Option Grant in Part I of this Agreement, this Option is intended to qualify as an
Incentive Stock Option; provided, however, that, to the extent that the aggregate Fair Market Value (determined
at the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by Participant
during any calendar year (under all plans of the Company and any Affiliate) exceeds $100,000, such Options or portions thereof
that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options. Further,
if for any reason this Option (or portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such
nonqualification, this Option (or portion thereof) shall be regarded as a Nonstatutory Stock Option. In no event shall the Administrator,
the Company or any Affiliate, or any of their respective employees or directors, have any liability to Participant (or any other
Person) due to the failure of this Option (or portion thereof) to qualify for any reason as an Incentive Stock Option.

 

2.
Exercise of Option.

 

(a)
Right to Exercise. This Option shall be exercisable during its term in accordance with (i) the Vesting Schedule
set out in the Notice of Stock Option Grant in Part I of this Agreement and (ii) the applicable provisions of the Plan and this
Agreement. This Option may not be exercised for a fraction of a Share.

 

(b)
Method of Exercise. This Option shall be exercisable by delivery of an option exercise notice in the form attached
hereto as Exhibit B (the “Option Exercise Notice”) or in a manner and pursuant to such
procedures as the Administrator may determine, which shall state the election to exercise this Option, the whole number of Shares
with respect to which this Option is being exercised, and such other representations and agreements as may be required by the
Company. If someone other than Participant exercises this Option, as permitted by the Plan, then such Person must submit documentation
reasonably acceptable to the Company verifying that such Person has the legal right to exercise this Option. The Option Exercise
Notice shall be accompanied by payment of the aggregate Exercise Price as to all exercised Shares, together with any applicable
tax withholding. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Option Exercise
Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding.

  

    	 	10	 

     

    

 

3.
Participant’s Representations. If the Common Stock has not been registered under the Securities Act at the
time this Option is exercised, Participant shall concurrently with the exercise of all or any portion of this Option, if required
by the Company, deliver to the Company Participant’s Investment Representation Statement in the form attached hereto as
Exhibit C.

   

4.
Lock-Up Period. Participant will not, during the period commencing on the date of the final prospectus relating
to the registration by the Company for its own behalf of shares of its Common Stock or any other equity securities under the Securities
Act on a Form S-1 (excluding a registration relating solely to employee benefit plans on Form S-1) or Form S-3 and ending on the
date specified by the Company and the underwriter(s) (such period not to exceed 180 days in the case of the Company’s IPO
or 90 days in the case of any registration other than the Company’s IPO, or such other period as may be requested by the
Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports
and (ii) analyst recommendations and opinions, including the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4)
(or any successor provisions or amendments thereto), as applicable), (A) sell, dispose of, make any short sale of, offer, hypothecate,
pledge, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, grant any right or
warrant to purchase, lend or otherwise transfer or encumber, directly or indirectly, any Shares or other securities convertible
into or exercisable or exchangeable (directly or indirectly) for shares of Common Stock (whether such Shares or other securities
are then held by Participant or thereafter acquired) (such Shares and other securities, the “Lock-Up Shares”)
or (B) enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any Lock-Up Shares. The foregoing provisions of this Section II.4 shall not prevent the exercise of any repurchase
option in favor of the Company or apply to the sale of any Lock-Up Shares to an underwriter pursuant to an underwriting agreement
or to the Transfer (as defined in Section II.7) of any Lock-Up Shares by Participant to any trust for the direct or indirect benefit
of Participant or an Immediate Family Member (as defined in the Option Exercise Notice) of Participant (provided that the
trustee of the trust agrees, in writing, to be bound by the restrictions set forth herein and provided further that any
such Transfer (as defined in Section II.7) does not involve a disposition for value). Participant shall execute such documents
as may be reasonably requested by the Company or the underwriters in connection with any registered offering described in this
Section II.4 and that are consistent with this Section II.4 or necessary to give further effect thereto.

 

5.
Method of Payment. To the extent permitted by Applicable Laws, payment of the aggregate Exercise Price as to all
exercised Shares shall be by any of the following methods, or a combination thereof, at Participant’s election:

 

(a)
cash;

 

(b)
check;

 

(c)
surrender of other Shares which (i) shall be valued at their Fair Market Value on the date of exercise and (ii) must be owned
by Participant free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the Administrator’s
sole discretion, will not result in any adverse accounting consequences to the Company; or

 

(d)
consideration received by the Company under a cashless exercise program (whether through a broker or otherwise) implemented by
the Company in connection with the Plan.

 

Any
fraction of a Share which would be required to pay such aggregate Exercise Price shall be disregarded, and the remaining amount
due shall be paid in cash by Participant.

  

6.
Restrictions on Exercise. This Option may not be exercised unless the issuance of Shares upon such exercise, or
the method of payment of consideration for such Shares, complies with Applicable Laws. Assuming such compliance, Shares shall
be considered transferred to Participant, for income tax purposes, on the date on which this Option is exercised with respect
to such Shares.

 

7.
Non-Transferability of Option. This Option (or, prior to exercise, the Shares subject to this Option) may not be
sold, pledged, assigned, hypothecated or otherwise transferred in any manner, including by entering into any short position, any
“put equivalent position” or any “call equivalent position” (as defined in
Rule 16a-1(h) and Rule 16a-1(b), respectively, of the Exchange Act), whether by operation of law or otherwise (“Transfer”),
other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of Participant, only
by Participant. The terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors
and assigns of Participant.

 

8.
Term of Option. This Option may be exercised only (i) within the term set out in the Notice of Stock Option Grant
in Part I of this Agreement and (ii) in accordance with the terms and conditions of the Plan and this Agreement.

 

9.
Tax Obligations.

 

(a)
Tax Withholding. Participant agrees to make appropriate arrangements satisfactory to the Company to pay or provide
for the satisfaction of all federal, state, local, foreign and other taxes (including Participant’s FICA obligation) required
to be withheld with respect to the exercise of this Option. Participant acknowledges and agrees that the Company may refuse to
honor the exercise of this Option, and refuse to deliver the Shares, if such withholding amounts are not delivered by Participant
at the time of exercise.

 

(b)
Notice of Disqualifying Disposition of ISO Shares. If this Option is an Incentive Stock Option, and if Participant
makes a “disposition” (as defined in Section 424 of the Code) of all or any portion of the Shares acquired upon exercise
of this Option within two years from the Grant Date set out in the Notice of Stock Option Grant in Part I of this Agreement or
within one year after issuance of the Shares acquired upon exercise of this Option, then Participant shall immediately notify
the Company in writing as to the occurrence of, and the price realized upon, such disposition. Participant agrees that Participant
may be subject to income tax withholding by the Company on the compensation income recognized by Participant.

  

    	 	11	 

     

    

 

(c)
Section 409A of the Code. Under Section 409A of the Code, an Option that was granted with a per Share exercise price
that is determined by the U.S. Internal Revenue Service (the “IRS”) to be less than the Fair Market
Value of a Share on the date of grant (a “discount option”) may be considered “deferred
compensation.” An Option that is a “discount option” may result in (i) income recognition
by Participant prior to the exercise of this Option, (ii) an additional 20% federal income tax, (iii) potential penalty and interest
charges, and (iv) additional state income, penalty and interest tax to Participant (collectively, “409A Penalties”).
Participant acknowledges that the Company cannot guarantee, and has not guaranteed, that the IRS will agree, in a later examination,
that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the date of grant. Participant
agrees that, if the IRS determines that this Option is a “discount option,” Participant shall be solely
responsible for Participant’s costs related to such a determination, including any 409A Penalties.

  

10.
General Provisions.

 

(a)
Power and Authority. Participant hereby represents to the Company that

 

(i)
Participant has full power and authority and legal capacity to enter into, execute and deliver this Agreement and to perform fully
Participant’s obligations hereunder, (ii) the execution, delivery and performance of this Agreement by Participant does
not conflict with, constitute a breach of or violate any arrangement, understanding or agreement to which Participant is a party
or by which Participant is bound, and (iii) this Agreement has been duly and validly executed and delivered by Participant and
constitutes the legal, valid and binding obligation of Participant, enforceable against Participant in accordance with its terms.

 

(b)
Survival. The representations, warranties, covenants and agreements made in or pursuant to this Agreement shall
survive the execution and delivery hereof and shall not be affected by any investigation made by or on behalf of any party hereto.

 

(c)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois
without regard to conflict-of-law principles.

 

(d)
Entire Agreement. This Agreement, together with the attached Exhibits, sets forth the entire agreement and understanding
between the parties hereto relating to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, discussions, representations and warranties, both written and oral, between the parties hereto, including any representations
made during any interviews or relocation negotiations, with respect to such subject matter. In the event of a conflict between
the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan shall prevail.

 

(e)
Notices. All notices or other communications required or permitted hereunder shall be in writing and shall be deemed
given or delivered (i) when delivered personally, (ii) one business day after being deposited with an overnight courier service
(costs prepaid), (iii) when sent by facsimile or e-mail if sent during normal business hours and on the next business day if sent
after normal business hours, in each case with confirmation of transmission by the transmitting equipment, or (iv) when received
or rejected by the addressee, if sent by certified mail, return receipt requested, postage prepaid, in each case to the addresses,
facsimile numbers or e-mail addresses and marked to the attention of the persons designated (by name or title) on the signature
page hereto, as applicable, or to such other address, facsimile number, e-mail address or person as such party may designate by
a notice delivered to the other party hereto.

 

(f)
Successors and Assigns; Transfers. The Company may assign this Agreement, and its rights and obligations
hereunder, in whole or in part, to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, sale
of assets or stock or otherwise). Except as set forth herein, (x) neither this Agreement nor any rights, duties and obligations
hereunder shall be assigned, transferred, delegated or sublicensed by Participant without the Company’s prior written consent
and (y) any attempt by Participant to assign, transfer, delegate or sublicense this Agreement or any rights, duties or obligations
hereunder, without the Company’s prior written consent, shall be void. Subject to any restrictions on transfer set forth
herein, this Agreement shall be binding upon, and enforceable against, (i) the Company and its successors and assigns and (ii)
Participant and his or her heirs, executors, successors, assigns, administrators and other legal representatives. Except as set
forth herein, any transfer in violation of any restriction upon transfer contained in any provision hereof shall be void, unless
such restriction is waived in accordance with the terms hereof.

 

(g)
Modification and Waiver. This Agreement may not be amended, modified or supplemented except by a written instrument
signed by an authorized representative of each party hereto. Any term or provision hereof may be waived, or the time for its performance
may be extended, by the party or parties entitled to the benefit thereof. Any such waiver or extension shall be validly and sufficiently
authorized for the purposes hereof if, as to any party, it is authorized in writing by an authorized representative of such party.
The failure or delay of any party to enforce at any time any provision hereof shall not be construed to be a waiver of such provision,
nor in any way to affect the validity of this Agreement or any part hereof or the right of any party thereafter to enforce each
and every such provision. No waiver of any breach hereof shall be held to constitute a waiver of any other or subsequent breach.

 

(h)
Further Assurances. Participant shall execute and deliver such additional documents, instruments, conveyances and
assurances and take such further actions as may reasonably be necessary or desirable in the view of the Company to carry out the
purposes or intent hereof, including the applicable Exhibits attached hereto.

 

(i)
Severability. Should any provision contained herein be held as invalid, illegal or unenforceable, such holding
shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties
with any such modification to become a part hereof and treated as though originally set forth herein.

  

    	 	12	 

     

    

 

(j)
Interpretation. For purposes of this Agreement, (i) the words “include,” “includes” and
“including” shall be deemed to be followed by the words “without limitation,” (ii) the word “or”
is not exclusive, (iii) the words “herein,” “hereof,” “hereby,” “hereto,” “hereunder”
and words of similar import refer to this Agreement as a whole, and (iv) with respect to the determination of any period of time,
“from” means “from and including” and “to” means “to but excluding.” Unless the
context otherwise requires, references herein: (A) to a Section or an Exhibit mean a Section or an Exhibit of, or attached to,
this Agreement; (B) to agreements, instruments and other documents shall be deemed to include all subsequent amendments, supplements
and other modifications thereto; (C) to statutes or regulations are to be construed as including all statutory and regulatory
provisions consolidating, amending or replacing the statute or regulation referred to; (D) to any Person includes such Person’s
successors and assigns, but, if applicable, only if such successors and assigns are not prohibited by this Agreement; and (E)
to any gender includes each other gender. The Exhibits attached hereto shall be construed with, and as an integral part of, this
Agreement to the same extent as if they were set forth verbatim herein. The titles, captions and headings herein are for convenience
of reference only and shall not affect the meaning or interpretation hereof. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument
to be drafted.

   

(k)
Counterparts. This Agreement may be executed in counterparts, each of which shall be considered an original, but
all of which, when taken together, shall be considered one and the same agreement, and shall become binding when one or more counterparts
have been signed by each party hereto and delivered to the other party hereto. Delivery of an executed counterpart of a signature
page to this Agreement shall be as effective as delivery of a manually executed counterpart of this Agreement. The exchange of
copies of this Agreement and of signature pages hereto by facsimile transmission or e-mail shall constitute effective execution
and delivery of this Agreement and may be used in lieu of the original Agreement for all purposes. Signatures transmitted by facsimile
or e-mail shall be deemed to be original signatures for all purposes.

 

(l)
Service Relationship At Will. Participant acknowledges and agrees that the vesting of this Option pursuant
hereto is earned only by his or her continuing service as a service provider at will (and not through the act of being hired,
being granted this Option or acquiring Shares hereunder). Participant further acknowledges and agrees that this Agreement, the
transactions contemplated hereby and the vesting schedule set forth herein do not constitute an express or implied promise of
continued engagement as a service provider for the vesting period, or for any period at all, and shall not interfere with the
right of either the Company or Participant to terminate Participant’s relationship as a service provider at any time, with
or without cause or notice.

 

(m)
Third Party Beneficiary Rights. No provisions hereof are intended, nor shall be interpreted, to provide or create
any third party beneficiary rights or any other rights of any kind in any client, customer, affiliate, stockholder, partner or
employee of any party hereto or any other Person, unless specifically provided otherwise herein; provided, however,
that Section II.4 is intended to benefit the underwriters for any registered offering described in Section II.4, and such underwriters
shall have the right, power and authority to enforce the provisions of Section II.4 as though they were parties hereto.

 

(n)
Adjustments. In the event of any dividend or other distribution (whether in the form of cash, Shares, other
securities or other property), recapitalization, reincorporation, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, reclassification, repurchase or exchange of Shares or other securities of the Company, or other
change in the corporate structure of the Company affecting the Shares, the Administrator will appropriately adjust the number,
class and price of Shares subject to this Option, with such adjustment to be made in accordance with Section 409A of the Code.

 

(o)
No Impact on Other Benefits. The value of this Option is not part of Participant’s normal or expected
compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

 

(p)
Acceptance. Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar
with the terms and provisions thereof and hereby accepts this Option subject to all of the terms and provisions of the Plan and
this Agreement (including all Exhibits attached hereto). Participant has reviewed, and fully understands all provisions of, the
Plan and this Agreement in their entirety (including all Exhibits attached hereto) and has had an opportunity to obtain the advice
of his or her own legal counsel, tax advisors and other advisors prior to executing this Agreement. Any questions or disputes
regarding the interpretation of the Plan or this Agreement (including all Exhibits attached hereto), or arising hereunder or thereunder,
shall be submitted by the Company or Participant to the Administrator, and Participant hereby agrees to accept as final, binding
and conclusive all decisions, determinations and interpretations of the Administrator upon any such questions or disputes.

 

(q)
Equitable Relief. In the event of a breach or threatened breach by Participant of any provision hereof, Participant
hereby consents and agrees that the Company may seek, in addition to other available remedies, injunctive or other equitable relief
from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not
afford an adequate remedy, and without the necessity of posting any bond or other security. Participant understands that any breach
or threatened breach of this Agreement will cause irreparable injury and that money damages will not provide an adequate remedy
therefor, and Participant hereby consents to the issuance of an injunction or other equitable relief. The aforementioned equitable
relief shall be in addition to, and not in lieu of, legal remedies, monetary damages or other available forms of relief.

 

(signature
page follows) 

  

    	 	13	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Stock Option Agreement as of ________, 20__ .

 

COMPANY

 

Amesite
Inc.

 

By:
                                                                           

Name:
Ann Marie Sastry

Title:
Chief Executive Officer

 

Notice
Address: 205 East Washington Street, Suite B

Ann
Arbor, Michigan 48104

 

Facsimile:

E-mail:
ams@amesite.com

Attention:
Ann Marie Sastry

 

PARTICIPANT

  

Notice
Address:

 

 

Facsimile:

E-mail:

Attention:

 

Exhibits:

 

A
– 2018 Equity Incentive Plan

B
– Option Exercise Notice

  

[Signature
Page to Stock Option Agreement] 

  

    	 	14	 

     

    

 

EXHIBIT
A 

 

AMESITE
INC. 

 

2018
EQUITY INCENTIVE PLAN 

  

    	 	15	 

     

    

 

EXHIBIT
B 

 

OPTION
EXERCISE NOTICE 

 

Amesite
Inc.

205
East Washington Street, Suite B

Ann
Arbor, Michigan 48104

Attention:
Secretary

 

1.
Exercise of Option. Effective as of today,  , the undersigned (“Participant”)
hereby elects to exercise Participant’s option (the “Option”) to purchase   shares
(the “Exercised Shares”) of the common stock of Amesite Inc., a Delaware corporation (the “Company”),
under and pursuant to the Company’s 2018 Equity Incentive Plan (the “Plan”) and that certain Stock
Option Agreement made and entered into as of ________, 20__ by and between the Company and Participant (the “Option
Agreement”).

 

2.
Delivery of Payment. Participant herewith delivers to the Company the full exercise price of the Exercised Shares,
as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.
Representations of Participant. Participant acknowledges that Participant has received, read and understood the
Plan and the Option Agreement and agrees to abide, and be bound, by their terms and conditions.

 

4.
Rights as Stockholder. Until the issuance of the Exercised Shares (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or other distributions
or any other rights as a stockholder shall exist with respect to the Exercised Shares, notwithstanding the exercise of the Option.
The Exercised Shares shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the
Option Agreement. No adjustment shall be made for a dividend or distribution or other right for which the record date is prior
to the date of issuance, except as provided in Section 13 of the Plan.

 

5.
Tax Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Exercised Shares. Participant represents that Participant has consulted with any tax consultants
Participant deems advisable in connection with the purchase or disposition of the Exercised Shares and that Participant is not
relying on the Company for any tax advice.

 

6.
Restrictive Legends and Stop-Transfer Orders.

 

(a)
Legends. Participant understands and agrees that the Company shall cause the legends set forth below, or substantially
equivalent legends, to be placed upon any certificate(s) evidencing ownership of the Exercised Shares, together with any other
legends that may be required by the Company or by applicable federal or state securities laws:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE
SALE OR DISTRIBUTION THEREOF AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED
UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE
OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, A RIGHT OF FIRST REFUSAL AND A LOCK-UP
PERIOD IN THE EVENT OF A PUBLIC OFFERING AS SET FORTH IN AGREEMENTS BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES,
COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH RESTRICTIONS ON TRANSFER, RIGHT OF FIRST REFUSAL AND
LOCK-UP PERIOD ARE BINDING ON TRANSFEREES OF THESE SECURITIES.

 

(b)
Stop-Transfer Notices. In order to ensure compliance with the restrictions referred to herein and in the Option
Agreement, including the provisions of Section II.4 of the Option Agreement, the Company may issue appropriate stop-transfer instructions
to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same
effect in its own records.

 

(c)
Refusal to Transfer. The Company shall not be required to transfer on its books any Exercised Shares that have been
Transferred in violation of any provision hereof or to treat as owner of such Exercised Shares, or otherwise to accord voting
or dividend rights to, any purchaser or other transferee to whom such Exercised Shares shall have been so Transferred. Any attempt
to Transfer Exercised Shares in violation hereof shall be null and void and shall be disregarded by the Company.

  

    	 	16	 

     

    

 

7.
Consent to Notices by Electronic Transmission. Upon becoming a stockholder of the Company and without limiting the
manner by which notice otherwise may be given effectively to Participant, Participant hereby consents in accordance with Section
232 of the Delaware General Corporation Law to stockholder notices given by the Company to Participant by any of the following
forms of electronic transmission: (i) by facsimile telecommunications to the facsimile number set forth on the signature page
to the Option Agreement or to such other facsimile number as Participant may designate by a written notice delivered to the Company;
(ii) by electronic mail to the e-mail address set forth on the signature page to the Option Agreement or to such other e-mail
address as Participant may designate by a written notice delivered to the Company; (iii) by a posting on an electronic network
together with separate notice to Participant of such specific posting; and (iv) by any other form of electronic transmission when
directed to Participant.

   

8.
Capitalized Terms. Unless otherwise defined herein, capitalized terms used herein shall have the same defined meanings
as set forth in the Plan or, if not defined therein, in the Option Agreement.

 

9.
Governing Law; Severability. This Option Exercise Notice shall be governed by and construed in accordance with the
laws of the State of Illinois without regard to conflict-of-law principles. Should any provision contained herein be held as invalid,
illegal or unenforceable, such holding shall not affect the validity of the remainder of this Option Exercise Notice, the balance
of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though
originally set forth herein.

  

	Submitted by:	 	Accepted by:
	 	 	 
	PARTICIPANT	 	COMPANY
	 	 	 
	 	 	 
	Signature	 	By:	 
	 	 	Name: 	Ann Marie Sastry
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	 	Date Received:

 

17

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