Document:

Exhibit 10.4

 

SEZZLE INC.

 

SEZZLE EMPLOYEE STOCK OPTION
PLAN

 

 

1. Purposes of the Plan. The purposes of this Sezzle Employee Stock Option Plan are to attract and retain the best available
personnel for positions of substantial responsibility, to provide additional incentive to Employees and Consultants, and to promote the
success of the Company’s business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options,
as determined by the Administrator at the time of grant of an Option and subject to the applicable provisions of Section 422 of the Code
and the regulations promulgated thereunder. Restricted Stock may also be granted under the Plan.

 

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

 

 (a) “Administrator” means the Board or a Committee.

 

(b) 
“Affiliate” means (i) an entity other than a Subsidiary which, together with the Company, is under common
control of a third person or entity and (ii) an entity other than a Subsidiary in which the Company and /or one or more Subsidiaries own
a controlling interest.

 

(c) 
“Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but not
limited to, all applicable U.S. federal or state laws, any Stock Exchange rules or regulations, and the applicable laws, rules or regulations
of any other country or jurisdiction where Options or Restricted Stock are granted under the Plan or Participants reside or provide services,
as such laws, rules, and regulations shall be in effect from time to time.

 

 (d) “Award” means
any award of an Option or Restricted Stock under the Plan.

 

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

 

(f) “California Participant”
means a Participant whose Award is issued in reliance on Section 25102(o) of the California Corporations Code.

 

(g) 
“Cashless Exercise” means a program approved by the Administrator in which payment of the Option exercise
price or tax withholding obligations or other required deductions may be satisfied, in whole or in part, with Shares subject to the Option,
including by delivery of an irrevocable direction to a securities broker (on a form prescribed by the Company) to sell Shares and to deliver
all or part of the sale proceeds to the Company in payment of such amount.

 

     

     

    

 

(h)  “Cause” for
termination of a Participant’s Continuous Service Status will exist (unless another definition is provided in an applicable
Option Agreement, Restricted Stock Purchase Agreement, employment agreement or other applicable written agreement) if the
Participant’s Continuous Service Status is terminated for any of the following reasons: (i) any material breach by Participant
of any material written agreement between Participant and the Company and Participant’s failure to cure such breach within 30
days after receiving written notice thereof; (ii) any failure by Participant to comply with the Company’s material written
policies or rules as they may be in effect from time to time; (iii) neglect or persistent unsatisfactory performance of
Participant’s duties and Participant’s failure to cure such condition within 30 days after receiving written notice
thereof; (iv) Participant’s repeated failure to follow reasonable and lawful instructions from the Board or Chief Executive
Officer and Participant’s failure to cure such condition within 30 days after receiving written notice thereof; (v)
Participant’s conviction of, or plea of guilty or nolo contendere to, any crime that results in, or is reasonably expected to
result in, material harm to the business or reputation of the Company; (vi) Participant’s commission of or participation in an
act of fraud against the Company; (vii) Participant’s intentional material damage to the Company’s business, property or
reputation; or (viii)  Participant’s unauthorized use or
disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an
obligation of nondisclosure as a result of his or her relationship with the Company. For purposes of clarity, a termination without
“Cause” does not include any termination that occurs as a result of Participant’s death or disability. The
determination as to whether a Participant’s Continuous Service Status has been terminated for Cause shall be made in good
faith by the Company and shall be final and binding on the Participant. The foregoing definition does not in any way limit the
Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term
“Company” will be interpreted to include any Subsidiary, Parent, Affiliate, or any successor thereto, if
appropriate.

 

(i) 
“Change of Control” means (i) a sale of all or substantially all of the Company’s assets other
than to an Excluded Entity (as defined below), (ii) a merger, consolidation or other capital reorganization or business combination transaction
of the Company with or into another corporation, limited liability company or other entity other than an Excluded Entity, or (iii) the
consummation of a transaction, or series of related transactions, in which any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly
or indirectly, of all of the Company’s then outstanding voting securities.

 

Notwithstanding the foregoing, a transaction shall not
constitute a Change of Control if its purpose is to (A) change the jurisdiction of the Company’s incorporation, (B) create a holding
company that will be owned in substantially the same proportions by the persons who hold the Company’s securities immediately before
such transaction, or (C) obtain funding for the Company in a financing that is approved by the Company’s Board. An “Excluded
Entity” means a corporation or other entity of which the holders of voting capital stock of the Company outstanding immediately
prior to such transaction are the direct or indirect holders of voting securities representing at least a majority of the votes entitled
to be cast by all of such corporation’s or other entity’s voting securities outstanding immediately after such transaction.

 

 (j) “Code” means the Internal Revenue Code of 1986, as amended.

 

(k) 
“Committee” means one or more committees or subcommittees of the Board consisting of one (1) or more
Directors (or such lesser or greater number of Directors as shall constitute the minimum number permitted by Applicable Laws to establish
a committee or sub-committee of the Board) appointed by the Board to administer the Plan in accordance with Section 4 below.

 

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(l) “Common Stock” means
the Company’s common stock, par value $0.00001 per share, as adjusted pursuant to Section 10 below.

 

 (m) “Company” means Sezzle Inc., a Delaware corporation.

 

(n) 
“Consultant” means any person or entity, including an advisor but not an Employee, that renders, or has
rendered, services to the Company, or any Parent, Subsidiary or Affiliate and is compensated for such services, and any Director whether
compensated for such services or not.

 

(o) 
“Continuous Service Status” means the absence of any interruption or termination of service as an Employee
or Consultant. Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of:
(i) Company approved sick leave; (ii) military leave; (iii) any other bona fide leave of absence approved by the Company, provided that,
if an Employee is holding an Incentive Stock Option and such leave exceeds 3 months then, for purposes of Incentive Stock Option status
only, such Employee’s service as an Employee shall be deemed terminated on the 1st day following such 3-month period and the Incentive
Stock Option shall thereafter automatically become a Nonstatutory Stock Option in accordance with Applicable Laws, unless reemployment
upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to a written Company policy.
Also, Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of a transfer
between locations of the Company or between the Company, its Parents, Subsidiaries or Affiliates, or their respective successors, or a
change in status from an Employee to a Consultant or from a Consultant to an Employee.

 

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

 

(q) “Disability” means
“disability” within the meaning of Section 22(e)(3) of the Code.

 

(r) “Employee” means
any person employed by the Company, or any Parent, Subsidiary or Affiliate, with the status of employment determined pursuant to
such factors as are deemed appropriate by the Company in its sole discretion, subject to any requirements of Applicable Laws,
including the Code. The payment by the Company of a director’s fee shall not be sufficient to constitute
“employment” of such director by the Company or any Parent, Subsidiary or Affiliate.

 

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

 

(t) “Fair Market
Value” means, as of any date, the per share fair market value of the Common Stock, as determined by the Administrator
in good faith on such basis as it deems appropriate and applied consistently with respect to Participants. Whenever possible, the
determination of Fair Market Value shall be based upon the per share closing price for the Shares as reported in The Wall Street
Journal for the applicable date.

 

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(u) 
“Family Members” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former
spouse, sibling, niece, nephew, mother-in-law, father-in- law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including
adoptive relationships) of the Participant, any person sharing the Participant’s household (other than a tenant or employee), a
trust in which these persons (or the Participant) have more than 50% of the beneficial interest, a foundation in which these persons (or
the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than 50%
of the voting interests.

 

(v) 
“Incentive Stock Option” means an Option intended to, and which does, in fact, qualify as an incentive
stock option within the meaning of Section 422 of the Code.

 

(w) 
“Involuntary Termination” means (unless another definition is provided in the applicable Option Agreement,
Restricted Stock Purchase Agreement, employment agreement or other applicable written agreement) the termination of a Participant’s
Continuous Service Status other than for (i) death, (ii) Disability or (iii) for Cause by the Company or a Parent, Subsidiary, Affiliate
or successor thereto, as appropriate.

 

(x) 
“Listed Security” means any security of the Company that is listed or approved for listing on a national
securities exchange or designated or approved for designation as a national market system security on an interdealer quotation system
by the Financial Industry Regulatory Authority (or any successor thereto).

 

(y) 
“Nonstatutory Stock Option” means an Option that is not intended to, or does not, in fact, qualify as
an Incentive Stock Option.

 

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

 

(aa)“Option Agreement”
means a written document, the form(s) of which shall be approved from time to time by the Administrator, reflecting the terms of an
Option granted under the Plan and includes any documents attached to or incorporated into such Option Agreement, including, but not limited
to, a notice of stock option grant and a form of exercise notice.

 

(bb)“Option Exchange
Program” means a program approved by the Administrator whereby outstanding Options (i) are exchanged for Options with a
lower exercise price, Restricted Stock, cash or other property or (ii) are amended to decrease the exercise price as a result of a decline
in the Fair Market Value.

 

(cc)“Optioned Stock”
means Shares that are subject to an Option or that were issued pursuant to the exercise of an Option.

 

(dd)“Optionee” means
an Employee or Consultant who receives an Option.

 

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

 

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(ff)“Participant”
means any holder of one or more Awards or Shares issued pursuant to an Award.

 

(gg)“Plan”
means this Sezzle Employee Stock Option Plan.

 

(hh)“Restricted Stock”
means Shares acquired pursuant to a right to purchase or receive Common Stock granted pursuant to Section 8 below.

 

(ii) 
“Restricted Stock Purchase Agreement” means a written document, the form(s) of which shall be approved
from time to time by the Administrator, reflecting the terms of Restricted Stock granted under the Plan and includes any documents attached
to such agreement.

 

(jj)“Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision.

 

(kk)“Share”
means a share of Common Stock, as adjusted in accordance with Section 10 below.

 

(ll)“Stock Exchange”
means any stock exchange or consolidated stock price reporting system on which prices for the Common Stock are quoted at any given
time.

 

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

 

(nn)“Ten Percent Holder”
means a person who owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent
or Subsidiary measured as of an Award’s date of grant.

 

3. Stock
Subject to the Plan. Subject to the provisions of Section 10 below, the maximum aggregate number of Shares that may be
issued under the Plan is 10,000,000 Shares, all of which Shares may be issued under the Plan pursuant to Incentive Stock Options.
The Shares issued under the Plan may be authorized, but unissued, or reacquired Shares. If an Award should expire or become
unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an Option Exchange Program, the
unissued Shares that were subject thereto shall, unless the Plan shall have been terminated, continue to be available under the Plan
for issuance pursuant to future Awards. In addition, any Shares which are retained by the Company upon exercise of an Award in order
to satisfy the exercise or purchase price for such Award or any withholding taxes due with respect to such Award shall be treated as
not issued and shall continue to be available under the Plan for issuance pursuant to future Awards. Shares issued under the Plan
and later forfeited to the Company due to the failure to vest or repurchased by the Company at the original purchase price paid to
the Company for the Shares (including, without limitation, upon forfeiture to or repurchase by the Company in connection with the
termination of a Participant’s Continuous Service Status) shall again be available for future grant under the Plan.
Notwithstanding the foregoing, subject to the provisions of Section 10 below, in no event shall the maximum aggregate number of
Shares that may be issued under the Plan pursuant to Incentive Stock Options exceed the number set forth in the first sentence of
this Section 3 plus, to the extent allowable under Section 422 of the Code and the Treasury Regulations promulgated there under, any
Shares that again become available for issuance pursuant to the remaining provisions of this Section 3.

 

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4. Administration of the
Plan.

 

(a) 
General. The Plan shall be administered by the Board, a Committee appointed by the Board, or any combination thereof,
as determined by the Board. The Plan may be administered by different administrative bodies with respect to different classes of Participants
and, if permitted by Applicable Laws, the Board may authorize one or more officers of the Company to make Awards under the Plan to Employees
and Consultants (who are not subject to Section 16 of the Exchange Act) within parameters specified by the Board.

 

(b) 
Committee Composition. If a Committee has been appointed pursuant to this Section 4, such Committee shall continue
to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of any Committee
and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill
vacancies (however caused) and dissolve a Committee and thereafter directly administer the Plan, all to the extent permitted by Applicable
Laws and, in the case of a Committee administering the Plan in accordance with the requirements of Rule 16b-3 or Section 162(m) of the
Code, to the extent permitted or required by such provisions.

 

(c) 
Powers of the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific
duties delegated by the Board to such Committee, the Administrator shall have the authority, in its sole discretion:

 

(i) 
to determine the Fair Market Value in accordance with Section 2(t) above, provided that such determination shall be applied consistently
with respect to Participants under the Plan;

 

(ii) 
to select the Employees and Consultants to whom Awards may from time to time be granted;

 

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

 

(iv) 
to approve the form(s) of agreement(s) and other related documents used under the Plan;

 

(v)  to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder, which terms and
conditions include but are not limited to the exercise or purchase price, the time or times when Awards may vest and/or be exercised
(which may be based on performance criteria), the circumstances (if any) when vesting will be accelerated or forfeiture restrictions
will be waived, and any restriction or limitation regarding any Award, Optioned Stock, or Restricted Stock;

 

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(vi) 
to amend any outstanding Award or agreement related to any Optioned Stock or Restricted Stock, including any amendment adjusting
vesting (e.g., in connection with a change in the terms or conditions under which such person is providing services to the Company), provided
that no amendment shall be made that would materially and adversely affect the rights of any Participant without his or her consent;

 

(vii) 
to determine whether and under what circumstances an Option may be settled in cash under Section 7(c)(iii) below instead of Common
Stock;

 

(viii) 
subject to Applicable Laws, to implement an Option Exchange Program and establish the terms and conditions of such Option Exchange
Program without consent of the holders of capital stock of the Company, provided that no amendment or adjustment to an Option that would
materially and adversely affect the rights of any Participant shall be made without his or her consent;

 

(ix) 
to approve addenda pursuant to Section 18 below or to grant Awards to, or to modify the terms of, any outstanding Option Agreement
or Restricted Stock Purchase Agreement or any agreement related to any Optioned Stock or Restricted Stock held by Participants who are
foreign nationals or employed outside of the United States with such terms and conditions as the Administrator deems necessary or appropriate
to accommodate differences in local law, tax policy or custom which deviate from the terms and conditions set forth in this Plan to the
extent necessary or appropriate to accommodate such differences; and

 

(x) 
to construe and interpret the terms of the Plan, any Option Agreement or Restricted Stock Purchase Agreement, and any agreement
related to any Optioned Stock or Restricted Stock, which constructions, interpretations and decisions shall be final and binding on all
Participants.

 

(d)  Indemnification. To
the maximum extent permitted by Applicable Laws, each member of the Committee (including officers of the Company, if applicable), or
of the Board, as applicable, shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability,
or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action,
suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure
to act under the Plan or pursuant to the terms and conditions of any Award except for actions taken in bad faith or failures to act
in good faith, and (ii) any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by
him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided that such
member shall give the Company an opportunity, at its own expense, to handle and defend any such claim, action, suit or proceeding
before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of
Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any other power that the Company may have to
indemnify or hold harmless each such person.

 

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5. Eligibility.

 

(a) 
Recipients of Grants. Nonstatutory Stock Options and Restricted Stock may be granted to Employees and Consultants.
Incentive Stock Options may be granted only to Employees, provided that Employees of Affiliates shall not be eligible to receive Incentive
Stock Options.

 

(b) 
Type of Option. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a
Nonstatutory Stock Option.

 

(c) 
ISO $100,000 Limitation. Notwithstanding any designation under Section 5(b) above, to the extent that the aggregate
Fair Market Value of Shares with respect to which options designated as incentive stock options are exercisable for the first time by
any Optionee during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess options
shall be treated as nonstatutory stock options. For purposes of this Section 5(c), incentive stock options shall be taken into account
in the order in which they were granted, and the Fair Market Value of the Shares subject to an incentive stock option shall be determined
as of the date of the grant of such option.

 

(d) 
No Employment Rights. Neither the Plan nor any Award shall confer upon any Employee or Consultant any right with
respect to continuation of an employment or consulting relationship with the Company (any Parent, Subsidiary or Affiliate), nor shall
it interfere in any way with such Employee’s or Consultant’s right or the Company’s (Parent’s, Subsidiary’s
or Affiliate’s) right to terminate his or her employment or consulting relationship at any time, with or without cause.

 

6. Term
of Plan. The Plan shall become effective upon its adoption by the Board and shall continue in effect for a term of 10 years unless
sooner terminated under Section 14 below.

 

7. Options.

 

(a) 
Term of Option. The term of each Option shall be the term stated in the Option Agreement; provided that the term
shall be no more than 10 years from the date of grant thereof or such shorter term as may be provided in the Option Agreement and provided
further that, in the case of an Incentive Stock Option granted to a person who at the time of such grant is a Ten Percent Holder, the
term of the Option shall be 5 years from the date of grant thereof or such shorter term as may be provided in the Option Agreement.

 

(b) Option Exercise Price
and Consideration.

 

(i) 
Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option shall
be such price as is determined by the Administrator and set forth in the Option Agreement, but shall be subject to the following:

 

 (1) In the case of an Incentive Stock Option

 

a. 
granted to an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise price shall be no less than 110%
of the Fair Market Value on the date of grant;

 

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b. 
granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value on the date of
grant;

 

(2) 
Except as provided in subsection (3) below, in the case of a Nonstatutory Stock Option the per Share exercise price shall be such
price as is determined by the Administrator, provided that, if the per Share exercise price is less than 100% of the Fair Market Value
on the date of grant, it shall otherwise comply with all Applicable Laws, including Section 409A of the Code; and

 

(3) 
Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to
a merger or other corporate transaction.

 

(ii) 
Permissible Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including
the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option and to the extent required
by Applicable Laws, shall be determined at the time of grant) and may consist entirely of (1) cash; (2) check; (3) to the extent permitted
under, and in accordance with, Applicable Laws, delivery of a promissory note with such recourse, interest, security and redemption provisions
as the Administrator determines to be appropriate (subject to the provisions of Section 152 of the Delaware General Corporation Law);
(4) cancellation of indebtedness; (5) other previously owned Shares that have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which the Option is exercised; (6) a Cashless Exercise; (7) such other consideration and
method of payment permitted under Applicable Laws; or (8) any combination of the foregoing methods of payment. In making its determination
as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected
to benefit the Company and the Administrator may, in its sole discretion, refuse to accept a particular form of consideration at the time
of any Option exercise.

 

(c) Exercise of Option.

 

(i) General.

 

(1) 
Exercisability. Any Option granted hereunder shall be exercisable at such times and under such conditions as determined
by the Administrator, consistent with the terms of the Plan and reflected in the Option Agreement, including vesting requirements and/or
performance criteria with respect to the Company, and Parent, Subsidiary or Affiliate, and/or the Optionee.

 

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(2)  Leave
of Absence. The Administrator shall have the discretion to determine at any time whether and to what extent the vesting of
Options shall be tolled during any leave of absence; provided, however, that in the absence of such determination, vesting of
Options shall continue during any paid leave and shall be tolled during any unpaid leave (unless otherwise required by Applicable
Laws). Notwithstanding the foregoing, in the event of military leave, vesting shall toll during any unpaid portion of such leave,
provided that, upon an Optionee’s returning from military leave (under conditions that would entitle him or her to protection
upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with
respect to Options to the same extent as would have applied had the Optionee continued to provide services to the Company (or any
Parent, Subsidiary or Affiliate, if applicable) throughout the leave on the same terms as he or she was providing services
immediately prior to such leave.

 

(3) 
Minimum Exercise Requirements. An Option may not be exercised for a fraction of a Share. The Administrator may require
that an Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent an Optionee from exercising
the full number of Shares as to which the Option is then exercisable.

 

(4) 
Procedures for and Results of Exercise. An Option shall be deemed exercised when written notice of such exercise
has been received by the Company in accordance with the terms of the Option Agreement by the person entitled to exercise the Option and
the Company has received full payment for the Shares with respect to which the Option is exercised and has paid, or made arrangements
to satisfy, any applicable taxes, withholding, required deductions or other required payments in accordance with Section 9 below. The
exercise of an Option shall result in a decrease in the number of Shares that thereafter may be available, both for purposes of the Plan
and for sale under the Option, by the number of Shares as to which the Option is exercised.

 

(5) 
Rights as Holder of Capital Stock. Until the issuance of the 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 any other rights
as a holder of capital stock shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the stock is issued, except as provided in Section
10 below.

 

(ii) 
Termination of Continuous Service Status. The Administrator shall establish and set forth in the applicable Option
Agreement the terms and conditions upon which an Option shall remain exercisable, if at all, following termination of an Optionee’s
Continuous Service Status, which provisions may be waived or modified by the Administrator at any time. To the extent that an Option Agreement
does not specify the terms and conditions upon which an Option shall terminate upon termination of an Optionee’s Continuous Service
Status, the following provisions shall apply:

 

(1) 
General Provisions. If the Optionee (or other person entitled to exercise the Option) does not exercise the Option
to the extent so entitled within the time specified below, the Option shall terminate and the Optioned Stock underlying the unexercised
portion of the Option shall revert to the Plan. In no event may any Option be exercised after the expiration of the Option term as set
forth in the Option Agreement (and subject to this Section 7).

 

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(2) 
Termination other than Upon Disability or Death or for Cause. In the event of termination of an Optionee’s
Continuous Service Status other than under the circumstances set forth in the subsections (3) through (5) below, such Optionee may exercise
any outstanding Option at any time within 3 month(s) following such termination to the extent the Optionee is vested in the Optioned Stock.

 

(3) 
Disability of Optionee. In the event of termination of an Optionee’s Continuous Service Status as a result
of his or her Disability, such Optionee may exercise any outstanding Option at any time within 12 month(s) following such termination
to the extent the Optionee is vested in the Optioned Stock.

 

(4) 
Death of Optionee. In the event of the death of an Optionee during the period of Continuous Service Status since
the date of grant of any outstanding Option, or within 3 month(s) following termination of the Optionee’s Continuous Service Status,
the Option may be exercised by any beneficiaries designated in accordance with Section 16 below, or if there are no such beneficiaries,
by the Optionee’s estate, or by a person who acquired the right to exercise the Option by bequest or inheritance, at any time within
12 month(s) following the date the Optionee’s Continuous Service Status terminated, but only to the extent the Optionee is vested
in the Optioned Stock.

 

(5) 
Termination for Cause. In the event of termination of an Optionee’s Continuous Service Status for Cause, any
outstanding Option (including any vested portion thereof) held by such Optionee shall immediately terminate in its entirety upon first
notification to the Optionee of termination of the Optionee’s Continuous Service Status for Cause. If an Optionee’s Continuous
Service Status is suspended pending an investigation of whether the Optionee’s Continuous Service Status will be terminated for
Cause, all the Optionee’s rights under any Option, including the right to exercise the Option, shall be suspended during the investigation
period. Nothing in this Section 7(c)(ii)(5) shall in any way limit the Company’s right to purchase unvested Shares issued upon exercise
of an Option as set forth in the applicable Option Agreement.

 

(iii) 
Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares an Option previously
granted under the Plan based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the
time that such offer is made.

 

8. Restricted Stock.

 

(a)  Rights
to Purchase. When a right to purchase or receive Restricted Stock is granted under the Plan, the Company shall advise the
recipient in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such person
shall be entitled to purchase, the price to be paid, if any (which shall be as determined by the Administrator, subject to
Applicable Laws, including any applicable securities laws), and the time within which such person must accept such offer. The
permissible consideration for Restricted Stock shall be determined by the Administrator and shall be the same as is set forth in
Section 7(b)(ii) above with respect to exercise of Options. The offer to purchase Shares shall be accepted by execution of a
Restricted Stock Purchase Agreement in the form determined by the Administrator.

 

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(b) Repurchase Option.

 

(i) 
General. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company
a repurchase option exercisable upon the voluntary or involuntary termination of the Participant’s Continuous Service Status for
any reason (including death or Disability) at a purchase price for Shares equal to the original purchase price paid by the purchaser to
the Company for such Shares and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option
shall lapse at such rate as the Administrator may determine.

 

(ii) 
Leave of Absence. The Administrator shall have the discretion to determine at any time whether and to what extent
the lapsing of Company repurchase rights shall be tolled during any leave of absence; provided, however, that in the absence of such determination,
such lapsing shall continue during any paid leave and shall be tolled during any unpaid leave (unless otherwise required by Applicable
Laws). Notwithstanding the foregoing, in the event of military leave, the lapsing of Company repurchase rights shall toll during any unpaid
portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that would entitle him
or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting
credit with respect to Shares purchased pursuant to the Restricted Stock Purchase Agreement to the same extent as would have applied had
the Participant continued to provide services to the Company (or any Parent, Subsidiary or Affiliate, if applicable) throughout the leave
on the same terms as he or she was providing services immediately prior to such leave.

 

(c) 
Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions
not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted
Stock Purchase Agreements need not be the same with respect to each Participant.

 

(d) 
Rights as a Holder of Capital Stock. Once the Restricted Stock is purchased, the Participant shall have the rights
equivalent to those of a holder of capital stock, and shall be a record holder when his or her purchase and the issuance of the Shares
is entered upon the records of the duly authorized transfer agent of the Company. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Restricted Stock is purchased, except as provided in Section 10 below.

 

9. Taxes.

 

(a) 
As a condition of the grant, vesting and exercise of an Award, the Participant (or in the case of the Participant’s death
or a permitted transferee, the person holding or exercising the Award) shall make such arrangements as the Administrator may require for
the satisfaction of any applicable U.S. federal, state, local or foreign tax, withholding, and any other required deductions or payments
that may arise in connection with such Award. The Company shall not be required to issue any Shares under the Plan until such obligations
are satisfied.

 

    -12-

     

    

 

(b) 
The Administrator may, to the extent permitted under Applicable Laws, permit a Participant (or in the case of the Participant’s
death or a permitted transferee, the person holding or exercising the Award) to satisfy all or part of his or her tax, withholding, or
any other required deductions or payments by Cashless Exercise or by surrendering Shares (either directly or by stock attestation) that
he or she previously acquired; provided that, unless specifically permitted by the Company, any such Cashless Exercise must be an approved
broker-assisted Cashless Exercise or the Shares withheld in the Cashless Exercise must be limited to avoid financial accounting charges
under applicable accounting guidance and any such surrendered Shares must have been previously held for any minimum duration required
to avoid financial accounting charges under applicable accounting guidance. Any payment of taxes by surrendering Shares to the Company
may be subject to restrictions, including, but not limited to, any restrictions required by rules of the Securities and Exchange Commission.

 

10. 
Adjustments Upon Changes in Capitalization, Merger or Certain Other Transactions.

 

(a)  Changes
in Capitalization. Subject to any action required under Applicable Laws by the holders of capital stock of the Company, (i)
the numbers and class of Shares or other stock or securities: (x) available for future Awards under Section 3 above and (y)  covered
by each outstanding Award, (ii) the exercise price per Share of each such outstanding Option, and (iii) any repurchase price per
Share applicable to Shares issued pursuant to any Award, shall be automatically proportionately adjusted in the event of a stock
split, reverse stock split, stock dividend, combination, consolidation, reclassification of the Shares or subdivision of the Shares.
In the event of any increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, a
declaration of an extraordinary dividend with respect to the Shares payable in a form other than Shares in an amount that has a
material effect on the Fair Market Value, a recapitalization (including a recapitalization through a large nonrecurring cash
dividend), a rights offering, a reorganization, merger, a spin-off, split-up, change in corporate structure or a similar occurrence,
the Administrator shall make appropriate adjustments, in its discretion, in one or more of (i) the numbers and class of Shares or
other stock or securities: (x) available for future Awards under Section 3 above and (y) covered by each outstanding Award, (ii) the
exercise price per Share of each outstanding Option and (iii) any repurchase price per Share applicable to Shares issued pursuant to
any Award, and any such adjustment by the Administrator shall be made in the Administrator’s sole and absolute discretion and
shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of Shares subject to an Award. If, by reason of a transaction described in this Section 10(a)
or an adjustment pursuant to this Section 10(a), a Participant’s Award agreement or agreement related to any Optioned Stock or
Restricted Stock covers additional or different shares of stock or securities, then such additional or different shares, and the
Award agreement or agreement related to the Optioned Stock or Restricted Stock in respect thereof, shall be subject to all of the
terms, conditions and restrictions which were applicable to the Award, Optioned Stock and Restricted Stock prior to such
adjustment.

 

    -13-

     

    

 

(b) 
Dissolution or Liquidation. In the event of the dissolution or liquidation of the Company, each Award will terminate
immediately prior to the consummation of such action, unless otherwise determined by the Administrator.

 

(c) 
Corporate Transactions. In the event of (i) a transfer of all or substantially all of the Company’s assets,
(ii) a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation,
entity or person, or (iii) the consummation of a transaction, or series of related transactions, in which any “person” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3
of the Exchange Act), directly or indirectly, of more than 50% of the Company’s then outstanding capital stock (a “Corporate
Transaction”), each outstanding Award (vested or unvested) will be treated as the Administrator determines, which determination
may be made without the consent of any Participant and need not treat all outstanding Awards (or portion thereof) in an identical manner.
Such determination, without the consent of any Participant, may provide (without limitation) for one or more of the following in the event
of a Corporate Transaction: (A) the continuation of such outstanding Awards by the Company (if the Company is the surviving corporation);
(B) the assumption of such outstanding Awards by the surviving corporation or its parent; (C) the substitution by the surviving corporation
or its parent of new options or equity awards for such Awards; (D) the cancellation of such Awards in exchange for a payment to the Participants
equal to the excess of (1) the Fair Market Value of the Shares subject to such Awards as of the closing date of such Corporate Transaction
over (2) the exercise price or purchase price paid or to be paid for the Shares subject to the Awards; or (E) the cancellation of any
outstanding Options or an outstanding right to purchase Restricted Stock, in either case, for no consideration.

 

11. Non-Transferability
of Awards.

 

(a) 
General. Except as set forth in this Section 11, Awards (or any rights of such Awards) may not be sold, pledged,
encumbered, assigned, hypothecated, or disposed of or otherwise transferred in any manner other than by will or by the laws of descent
or distribution. The designation of a beneficiary by a Participant will not constitute a transfer. An Option may be exercised, during
the lifetime of the holder of the Option, only by such holder or a transferee permitted by this Section 11.

 

(b)  Limited
Transferability Rights. Notwithstanding anything else in this Section 11, the Administrator may in its sole discretion
provide that any Nonstatutory Stock Options may be transferred by instrument to an inter vivos or testamentary trust in which the
Options are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift to Family Members. Further, beginning
with (i) the period when the Company begins to rely on the exemption described in Rule 12h-1(f)(1) promulgated under the Exchange
Act, as determined by the Board in its sole discretion, and (ii) ending on the earlier of (A) the date when the Company ceases to
rely on such exemption, as determined by the Board in its sole discretion, or (B) the date when the Company becomes subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act, an Option, or prior to exercise, the Shares subject to the
Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any
short position, any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h)
and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are Family Members through gifts or domestic
relations orders, or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant.
Notwithstanding the foregoing sentence, the Board, in its sole discretion, may permit transfers of Nonstatutory Stock Options to the
Company or in connection with a Change of Control or other acquisition transactions involving the Company to the extent permitted by
Rule 12h-1(f).

 

    -14-

     

    

 

12. Non-Transferability
of Stock Underlying Awards.

 

(a) 
General. Notwithstanding anything to the contrary, no stockholder shall sell, assign, pledge, encumber or otherwise
transfer, whether by sale, gift or otherwise, any Shares (or any rights of such Shares) acquired from any Award (including, without limitation,
Shares acquired upon exercise of an Option) to any person or entity unless such transfer is approved by the Company prior to such transfer,
which approval may be granted or withheld in the Company’s sole and absolute discretion. Any purported transfer effected in violation
of this Section 12 shall be null and void and shall have no force or effect and the Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions of the Plan or (ii) to treat as owner
of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been
so transferred.

 

(b) 
Approval Process. Any stockholder seeking the approval of the Board to transfer some or all of its Shares shall give
written notice thereof to the Secretary of the Company and such request for transfer shall be subject to such right of first refusal,
transfer provisions and any other terms and conditions as may be set forth in the applicable Option Agreement, Restricted Stock Purchase
Agreement or other applicable written agreement.

 

13. Time
of Granting Awards. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes the determination
granting such Award, or such other date as is determined by the Administrator.

 

14. Amendment
and Termination of the Plan. The Board may at any time amend or terminate the Plan, but no amendment or termination shall be
made that would materially and adversely affect the rights of any Participant under any outstanding Award, without his or her consent.
In addition, to the extent necessary and desirable to comply with Applicable Laws, the Company shall obtain the approval of holders of
capital stock with respect to any Plan amendment in such a manner and to such a degree as required.

 

15. Conditions
Upon Issuance of Shares. Notwithstanding any other provision of the Plan or any agreement entered into by the Company
pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares
under the Plan unless such issuance or delivery would comply with Applicable Laws, with such compliance determined by the Company in
consultation with its legal counsel. As a condition to the exercise of any Option or purchase of any Restricted Stock, the Company
may require the person exercising the Option or purchasing the Restricted Stock to represent and warrant at the time of any such
exercise or purchase that the Shares are being purchased only for investment and without any present intention to sell or distribute
such Shares if, in the opinion of counsel for the Company, such a representation is advisable or required by Applicable Laws. Shares
issued upon exercise of Options or purchase of Restricted Stock prior to the date, if ever, on which the Common Stock becomes a
Listed Security shall be subject to a right of first refusal in favor of the Company pursuant to which the Participant will be
required to offer Shares to the Company before selling or transferring them to any third party on such terms and subject to such
conditions as is reflected in the applicable Option Agreement or Restricted Stock Purchase Agreement.

 

    -15-

     

    

 

16. Beneficiaries.
If permitted by the Company, a Participant may designate one or more beneficiaries with respect to an Award by timely filing the
prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time
before the Participant’s death. Except as otherwise provided in an Award Agreement, if no beneficiary was designated or if no designated
beneficiary survives the Participant, then after a Participant’s death any vested Award(s) shall be transferred or distributed
to the Participant’s estate or to any person who has the right to acquire the Award by bequest or inheritance.

 

17. Approval
of Holders of Capital Stock. If required by Applicable Laws, continuance of the Plan shall be subject to approval by the holders
of capital stock of the Company within 12 months before or after the date the Plan is adopted or, to the extent required by Applicable
Laws, any date the Plan is amended. Such approval shall be obtained in the manner and to the degree required under Applicable Laws.

 

18. Addenda. The Administrator may approve such addenda to the Plan as it may consider necessary or appropriate for the
purpose of granting Awards to Employees or Consultants, which Awards may contain such terms and conditions as the Administrator deems
necessary or appropriate to accommodate differences in local law, tax policy or custom, which may deviate from the terms and conditions
set forth in this Plan. The terms of any such addenda shall supersede the terms of the Plan to the extent necessary to accommodate such
differences but shall not otherwise affect the terms of the Plan as in effect for any other purpose.

 

19. Information to Holders of Options. In the event the Company is relying on the exemption provided by Rule 12h-1(f)
under the Exchange Act, the Company shall provide the information described in Rule 701(e)(3), (4) and (5) of the Securities Act of 1933,
as amended, to all holders of Options in accordance with the requirements thereunder until such time as the Company becomes subject to
the reporting requirements of Section 13 or 15(d) of the Exchange Act. The Company may request that holders of Options agree to keep the
information to be provided pursuant to this Section confidential. If the holder does not agree to keep the information to be provided
pursuant to this Section confidential, then the Company will not be required to provide the information unless otherwise required pursuant
to Rule 12h-1(f)(1) of the Exchange Act.

 

    -16-

     

    

 

ADDENDUM
A

 

Sezzle Employee Stock Option
Plan

 

(California Participants)

 

Prior to the date, if ever, on which
the Common Stock becomes a Listed Security and/or the Company is subject to the reporting requirements of the Exchange Act, the terms
set forth herein shall apply to Awards issued to California Participants. All capitalized terms used herein but not otherwise defined
shall have the respective meanings set forth in the Plan.

 

1. The
following rules shall apply to any Option in the event of termination of the Participant’s Continuous Service Status:

 

(a) 
If such termination was for reasons other than death, “Permanent Disability” (as defined below), or Cause, the Participant
shall have at least 30 days after the date of such termination to exercise his or her Option to the extent the Participant is entitled
to exercise on his or her termination date, provided that in no event shall the Option be exercisable after the expiration of the term
as set forth in the Option Agreement.

 

(b) 
If such termination was due to death or Permanent Disability, the Participant shall have at least 6 months after the date of such
termination to exercise his or her Option to the extent the Participant is entitled to exercise on his or her termination date, provided
that in no event shall the Option be exercisable after the expiration of the term as set forth in the Option Agreement.

 

“Permanent Disability” for purposes
of this Addendum shall mean the inability of the Participant, in the opinion of a qualified physician acceptable to the Company, to perform
the major duties of the Participant’s position with the Company or any Parent or Subsidiary because of the sickness or injury of
the Participant.

 

2. Notwithstanding
anything to the contrary in Section 10(a) of the Plan, the Administrator shall in any event make such adjustments as may be required
by Section 25102(o) of the California Corporations Code.

 

3. Notwithstanding anything stated herein to the contrary, no Option shall be exercisable on or after the 10th anniversary of the
date of grant and any Award agreement shall terminate on or before the 10th anniversary of the date of grant.

 

4. The
Company shall furnish summary financial information (audited or unaudited) of the Company’s financial condition and results of
operations, consistent with the requirements of Applicable Laws, at least annually to each California Participant during the period such
Participant has one or more Awards outstanding, and in the case of an individual who acquired Shares pursuant to the Plan, during the
period such Participant owns such Shares; provided, however, the Company shall not be required to provide such information if (i) the
issuance is limited to key persons whose duties in connection with the Company assure their access to equivalent information or (ii)
the Plan or any agreement complies with all conditions of Rule 701 of the Securities Act of 1933, as amended; provided that for purposes
of determining such compliance, any registered domestic partner shall be considered a “family member” as that term is defined
in Rule 701.Exhibit 10.6

 

Sezzle inc.

2021 Equity INCENTIVE PLAN

 

		1.	DEFINED TERMS

 

Exhibit A, which is
incorporated by reference, defines certain terms used in the Plan and includes certain operational rules related to those terms.

 

		2.	PURPOSE

 

The Plan has been established
to advance the interests of the Company by providing for the grant to Participants of Stock and Stock-based Awards.

 

		3.	ADMINISTRATION

 

The Plan will be administered
by the Administrator. The Administrator has discretionary authority, subject only to the express provisions of the Plan, to administer
and interpret the Plan and any Awards; to determine eligibility for and grant Awards; to determine the exercise price, base value from
which appreciation is measured, or purchase price, if any, applicable to any Award, to determine, modify, accelerate or waive the terms
and conditions of any Award; to determine the form of settlement of Awards (whether in cash, shares of Stock, other Awards or other property);
to prescribe forms, rules and procedures relating to the Plan and Awards; and to otherwise do all things necessary or desirable to carry
out the purposes of the Plan or any Award. Determinations of the Administrator made with respect to the Plan or any Award are conclusive
and bind all persons.

 

		4.	SHARE POOL; LIMITS ON AWARDS

 

(a) Number
of Shares. Subject to adjustment as provided in Section 7(b) below, the maximum number of shares of Stock that may be delivered
in satisfaction of Awards under the Plan is twenty-five million shares (the “Initial Share Pool”). The Initial Share
Pool will automatically increase on January 1st of each year from 2022 to 2031 by the lesser of (i) 4 percent of the number of shares
of Stock outstanding as of the close of business on the immediately preceding December 31st and (ii) the number of shares of Stock determined
by the Board on or prior to such date for such year (the Initial Share Pool, as it may be so increased, the “Share Pool”).
Up to twenty-five million shares of Stock from the Share Pool may be delivered in satisfaction of ISOs, but nothing in this Section 4(a)
will be construed as requiring that any, or any fixed number of, ISOs be granted under the Plan. For purposes of this Section 4(a), shares
of Stock shall not be treated as delivered under the Plan, and will not reduce the Share Pool, unless and until, and to the extent, they
are actually delivered to a Participant. Without limiting the generality of the foregoing, the Share Pool shall not be reduced by (i)
any shares of Stock withheld by the Company in payment of the exercise price or purchase price of an Award or in satisfaction of tax withholding
requirements with respect to an Award or (ii) any shares of Stock underlying any portion of an Award that is settled in cash or that expires,
becomes unexercisable, terminates or is forfeited to or repurchased by the Company, in any case, without the delivery (or retention, in
the case of Restricted Stock or Unrestricted Stock) of Stock. For the avoidance of doubt, the Share Pool will not be increased by any
shares of Stock delivered under the Plan that are subsequently repurchased using proceeds directly attributable to Stock Option exercises.
The limits set forth in this Section 4(a) will be construed to comply with the applicable requirements of Section 422.

     

     

    

 

(b)
Substitute Awards. The Administrator may grant Substitute Awards under the Plan. To the extent consistent with the requirements
of Section 422 and the regulations thereunder and other applicable legal requirements (including applicable stock exchange requirements),
shares of Stock delivered in respect of Substitute Awards will be in addition to and will not reduce the Share Pool. Notwithstanding the
foregoing or anything in Section 4(a) above to the contrary, if any Substitute Award is settled in cash or expires, becomes unexercisable,
terminates or is forfeited to or repurchased by the Company without the delivery (or retention, in the case of Restricted Stock or Unrestricted
Stock) of Stock, the shares of Stock previously subject to such Award will not increase the Share Pool or otherwise be available for future
delivery under the Plan. The Administrator will determine the extent to which the terms and conditions of the Plan apply to Substitute
Awards, if at all; provided, however, that Substitute Awards will not be subject to the limits described in Section 4(d) below.

 

(c) Type
of Shares. Stock delivered by the Company under the Plan may be authorized but unissued Stock, treasury Stock or previously issued
Stock acquired by the Company. No fractional shares of Stock will be delivered under the Plan.

 

(d) Director
Limits. Notwithstanding anything to the contrary under the Plan, the aggregate value of all compensation granted or paid to any
Director with respect to any calendar year, including Awards granted under the Plan and cash fees or other compensation paid by the Company
to such Director outside of the Plan for his or her services as a Director during such year, may not exceed $750,000.00 in the aggregate
($1,000,000.00 in the aggregate with respect to a Director’s first calendar year of service on the Board), calculating the value
of any Awards based on the grant date fair value in accordance with the Accounting Rules, assuming a maximum payout. For the avoidance
of doubt, the limitation in this Section 4(d)(2) will not apply to any compensation granted or paid to a Director for his or her services
to the Company or a subsidiary other than as a Director, including, without limitation, as a consultant or advisor to the Company or a
subsidiary.

 

		5.	ELIGIBILITY AND PARTICIPATION

 

The Administrator will select
Participants from among Employees and Directors of, and consultants to, the Company and its subsidiaries. Eligibility for ISOs is limited
to individuals described in the first sentence of this Section 5 who are employees of the Company or of a “parent corporation”
or “subsidiary corporation” of the Company as those terms are defined in Section 424 of the Code. Eligibility for Stock Options,
other than ISOs, and SARs is limited to individuals described in the first sentence of this Section 5 who are providing direct services
on the date of grant of the Award to the Company or to a subsidiary of the Company that would be described in the first sentence of Section
1.409A-1(b)(5)(iii)(E) of the Treasury Regulations.

 

    2

     

    

 

		6.	RULES APPLICABLE TO AWARDS

 

(a) All
Awards.

 

(1) Award
Provisions. The Administrator will determine the terms and conditions of all Awards, subject to the limitations provided herein.
No term of an Award shall provide for automatic “reload” grants of additional Awards upon the exercise of an Option or SAR.
By accepting (or, under such rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant will be
deemed to have agreed to the terms and conditions of the Award and the Plan. Notwithstanding any provision of the Plan to the contrary,
Substitute Awards may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined
by the Administrator.

 

(2) Term
of Plan. No Awards may be made after ten years from the Date of Adoption, but previously granted Awards may continue beyond that
date in accordance with their terms.

 

(3) Transferability.
Neither ISOs nor, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section 6(a)(3),
other Awards may be transferred other than by will or by the laws of descent and distribution. During a Participant’s lifetime,
ISOs and, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section 6(a)(3), SARs
and NSOs may be exercised only by the Participant. The Administrator may permit the gratuitous transfer (i.e., transfer not for
value) of Awards other than ISOs, subject to applicable securities and other laws and such terms and conditions as the Administrator may
determine.

 

(4) Vesting;
Exercisability.  The Administrator will determine the time or times at which an Award vests or becomes exercisable and the terms
and conditions on which a Stock Option or SAR remains exercisable. Without limiting the foregoing, the Administrator may at any time accelerate
the vesting and/or exercisability of an Award (or any portion thereof), regardless of any adverse or potentially adverse tax or other
consequences resulting from such acceleration. Unless the Administrator expressly provides otherwise, however, the following rules will
apply if a Participant’s Employment ceases:

 

(A) Except
as provided in (B) and (C) below, immediately upon the cessation of the Participant’s Employment, each Stock Option and SAR (or
portion thereof) that is then held by the Participant or by the Participant’s permitted transferees, if any, will cease to be exercisable
and will terminate and each other Award that is then held by the Participant or by the Participant’s permitted transferees, if any,
to the extent not then vested, will be forfeited.

 

(B) Subject
to (C) and (D) below, each vested and unexercised Stock Option and SAR (or portion thereof) held by the Participant or the Participant’s
permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment, to the extent then exercisable,
will remain exercisable for the lesser of (i) a period of three months following such cessation of Employment or (ii) the period ending
on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon
immediately terminate.

 

    3

     

    

 

(C) Subject
to (D) below, each vested and unexercised Stock Option and SAR (or portion thereof) held by a Participant or the Participant’s permitted
transferees, if any, immediately prior to the cessation of the Participant’s Employment due to his or her death or by the Company
due to his or her Disability, to the extent then exercisable, will remain exercisable for the lesser of (i) the one-year period ending
on the first anniversary of such cessation of Employment or (ii) the period ending on the latest date on which such Stock Option or SAR
could have been exercised without regard to this Section 6(a)(4), and will thereupon immediately terminate.

 

(D) All
Awards (whether or not vested or exercisable) held by a Participant or the Participant’s permitted transferees, if any, immediately
prior to the cessation of the Participant’s Employment will immediately terminate upon such cessation of Employment if the termination
is for Cause or occurs in circumstances that in the determination of the Administrator would have constituted grounds for the Participant’s
Employment to be terminated for Cause (in each case, without regard to the lapsing of any required notice or cure periods in connection
therewith).

 

(5) Recovery
of Compensation. The Administrator may provide in any case that any outstanding Award (whether or not vested or exercisable),
the proceeds from the exercise or disposition of any Award or Stock acquired under any Award, and any other amounts received in respect
of any Award or Stock acquired under any Award will be subject to forfeiture and disgorgement to the Company, with interest and other
related earnings, if the Participant to whom the Award was granted is not in compliance with any provision of the Plan or any applicable
Award or any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention assignment or other restrictive
covenant by which he or she is bound. Each Award will be subject to any policy of the Company or
any of its subsidiaries that relates to trading on non-public information and permitted transactions with respect to shares
of Stock, including limitations on hedging and pledging. In addition, each Award will be subject to any policy of the Company or any of
its affiliates that provides for forfeiture, disgorgement, or clawback with respect to incentive compensation that includes Awards under
the Plan and will be further subject to forfeiture and disgorgement to the extent required by law or applicable stock exchange
listing standards, including, without limitation, Section 10D of the Exchange Act. Each Participant, by accepting or being deemed to have
accepted an Award under the Plan, agrees (or will be deemed to have agreed) to the terms of this Section 6(a)(5) and to any clawback,
recoupment or similar policy of the Company or any of its subsidiaries and further agrees (or will be deemed to have further agreed) to
cooperate fully with the Administrator, and to cause any and all permitted transferees of the Participant to cooperate fully with the
Administrator, to effectuate any forfeiture or disgorgement described in this Section 6(a)(5). Neither the Administrator nor the Company
nor any other person, other than the Participant and his or her permitted transferees, if any, will be responsible for any adverse tax
or other consequences to a Participant or his or her permitted transferees, if any, that may arise in connection with this Section 6(a)(5).

 

    4

     

    

 

(6) Taxes.
The grant of an Award and the issuance, delivery, vesting and retention of Stock, cash or other property under an Award are conditioned
upon the full satisfaction by the Participant of all tax and other withholding requirements with respect to the Award. The Administrator
will prescribe such rules for the withholding of taxes and other amounts with respect to any Award as it deems necessary. Without limitation
to the foregoing, the Company or any affiliate of the Company will have the authority and the right to deduct or withhold (by any means
set forth herein or in an Award agreement), or require a Participant to remit to the Company or an affiliate of the Company, an amount
sufficient to satisfy all U.S. and non-U.S. federal, state and local income tax, social insurance, payroll tax, fringe benefits tax, payment
on account or other tax-related items related to participation in the Plan and any Award hereunder and legally applicable to the Participant
and required by law to be withheld (including, any amount deemed by the Company, in its discretion, to be an appropriate charge to the
Participant even if legally applicable to the Company or any affiliate of the Company). The Administrator, in its sole discretion, may
hold back shares of Stock from an Award or permit a Participant to tender previously-owned shares of Stock in satisfaction of tax or other
withholding requirements (but not in excess of the maximum withholding amount consistent with the Award being subject to equity accounting
treatment under the Accounting Rules). Any amounts withheld pursuant to this Section 6(a)(6) will be treated as though such amounts had
been paid directly to the applicable Participant. In addition, the Company may, to the extent permitted by law, deduct any such tax and
other withholding amounts from any payment of any kind otherwise due to a Participant from the Company or any of its affiliates.

 

(7) Dividend
Equivalents. The Administrator may provide for the payment of amounts (on terms and subject to such conditions established by
the Administrator) in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award whether or not the
holder of such Award is otherwise entitled to share in the actual dividend or distribution in respect of such Award; provided, however,
that (a) dividends or dividend equivalents relating to an Award that, at the dividend payment date, remains subject to a risk of forfeiture
(whether service-based or performance-based) shall be subject to the same risk of forfeiture as applies to the underlying Award and (b)
no dividends or dividend equivalents shall be payable with respect to Stock Options or SARs. Any entitlement to dividend equivalents or
similar entitlements will be established and administered either consistent with an exemption from, or in compliance with, the applicable
requirements of Section 409A.

 

(8) Rights
Limited. Nothing in the Plan or any Award will be construed as giving any person the right to be granted an Award or to continued
employment or service with the Company or any of its subsidiaries, or any rights as a stockholder except as to shares of Stock actually
delivered under the Plan. The loss of existing or potential profit in any Award will not constitute an element of damages in the event
of a termination of a Participant’s Employment for any reason, even if the termination is in violation of an obligation of the Company
or any of its subsidiaries to the Participant.

 

(9) Coordination
with Other Plans.  Shares of Stock and/or Awards under the Plan may be issued or granted in tandem with, or in satisfaction of
or substitution for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or any of its
subsidiaries. For example, but without limiting the generality of the foregoing, awards under other compensatory plans or programs of
the Company or any of its subsidiaries may be settled in Stock (including, without limitation, Unrestricted Stock) under the Plan if the
Administrator so determines, in which case the shares delivered will be treated as awarded under the Plan (and will reduce the Share Pool).

 

    5

     

    

 

(10) Section
409A.

 

(A) Without
limiting the generality of Section 11(b) hereof, each Award will contain such terms as the Administrator determines and will be construed
and administered, such that the Award either qualifies for an exemption from the requirements of Section 409A or satisfies such requirements.

 

(B) Notwithstanding
anything to the contrary in the Plan or any Award agreement, the Administrator may unilaterally amend, modify or terminate the Plan or
any outstanding Award, including, without limitation, changing the form of the Award, if the Administrator determines that such amendment,
modification or termination is necessary or desirable to avoid the imposition of an additional tax, interest or penalty under Section
409A.

 

(C) If
a Participant is determined on the date of the Participant’s termination of Employment to be a “specified employee”
within the meaning of that term under Section 409A(a)(2)(B) of the Code, then, with regard to any payment that is considered nonqualified
deferred compensation under Section 409A, to the extent applicable, payable on account of a “separation from service”, such
payment will be made or provided on the date that is the earlier of (i) the first business day following the expiration of the six-month
period measured from the date of such “separation from service” and (ii) the date of the Participant’s death (the “Delay
Period”). Upon the expiration of the Delay Period, all payments delayed pursuant to this Section 6(a)(10)(C) (whether they would
have otherwise been payable in a single lump sum or in installments in the absence of such delay) will be paid, without interest, on the
first business day following the expiration of the Delay Period in a lump sum and any remaining payments due under the Award will be paid
in accordance with the normal payment dates specified for them in the applicable Award agreement.

 

(D) For
purposes of Section 409A, each payment made under the Plan or any Award will be treated as a separate payment.

 

(E) With
regard to any payment considered to be nonqualified deferred compensation under Section 409A, to the extent applicable, that is payable
upon a change in control of the Company or other similar event, to the extent required to avoid the imposition of an additional tax, interest
or penalty under Section 409A, no amount will be payable unless such change in control constitutes a “change in control event”
within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations.

 

(b) Stock
Options and SARs.

 

(1) Time
and Manner of Exercise.  Unless the Administrator expressly provides otherwise, no Stock Option or SAR will be deemed to have
been exercised until the Administrator receives a notice of exercise in a form acceptable to the Administrator that is signed by the appropriate
person and accompanied by any payment required under the Award. The Administrator may limit or restrict the exercisability of any Stock
Option or SAR in its discretion, including in connection with any Covered Transaction. Any attempt to exercise a Stock Option or SAR by
any person other than the Participant will not be given effect unless the Administrator has received such evidence as it may require that
the person exercising the Award has the right to do so.

 

    6

     

    

 

(2) Exercise
Price. The exercise price (or the base value from which appreciation is to be measured) per share of each Award requiring exercise
must be no less than 100% (in the case of an ISO granted to a 10-percent stockholder within the meaning of Section 422(b)(6) of the Code,
110%) of the Fair Market Value of a share of Stock, determined as of the date of grant of the Award, or such higher amount as the Administrator
may determine in connection with the grant.

 

(3) Payment
of Exercise Price. Where the exercise of an Award (or portion thereof) is to be accompanied by a payment, payment of the exercise
price must be made by cash or check acceptable to the Administrator or, if so permitted by the Administrator and if legally permissible,
(i) through the delivery of previously acquired unrestricted shares of Stock, or the withholding of unrestricted shares of Stock otherwise
deliverable upon exercise, in either case, that have a Fair Market Value equal to the exercise price; (ii) through a broker-assisted cashless
exercise program acceptable to the Administrator; (iii) by other means acceptable to the Administrator; or (iv) by any combination of
the foregoing permissible forms of payment. The delivery of previously acquired shares in payment of the exercise price under clause (i)
above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules
as the Administrator may prescribe.

 

(4) Maximum
Term. The maximum term of Stock Options and SARs must not exceed 10 years from the date of grant (or five years from the date
of grant in the case of an ISO granted to a 10-percent stockholder described in Section 6(b)(2) above).

 

(5) No
Repricing. Except in connection with a corporate transaction involving the Company (which term includes, without limitation, any
stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off,
combination or exchange of shares) or as otherwise contemplated by Section 7 below, the Company may not, without obtaining stockholder
approval, (i) amend the terms of outstanding Stock Options or SARs to reduce the exercise price or base value of such Stock Options or
SARs; (ii) cancel outstanding Stock Options or SARs in exchange for Stock Options or SARs that have an exercise price or base value that
is less than the exercise price or base value of the original Stock Options or SARs; or (iii) cancel outstanding Stock Options or SARs
that have an exercise price or base value greater than the Fair Market Value of a share of Stock on the date of such cancellation in exchange
for cash or other consideration.

 

    7

     

    

 

		7.	EFFECT OF CERTAIN TRANSACTIONS

 

(a) Mergers,
etc. Except as otherwise expressly provided in an Award or other agreement or by the Administrator, the following
provisions will apply in the event of a Covered Transaction:

 

(1) Assumption
or Substitution. If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may provide
for (i) the assumption or continuation of some or all outstanding Awards or any portion thereof or (ii) the grant of new awards in substitution
therefor by the acquiror or survivor or an affiliate of the acquiror or survivor.

 

(2) Cash-Out
of Awards.  Subject to Section 7(a)(5) below, the Administrator may provide for payment (a “cash-out”), with
respect to some or all Awards or any portion thereof (including only the vested portion thereof, with the unvested portion terminating
without payment due as provided in Section 7(a)(4) below), equal in the case of each applicable Award or portion thereof to the excess,
if any, of (i) the fair market value of one share of Stock multiplied by the number of shares of Stock subject to the Award or such portion,
minus (ii) the aggregate exercise or purchase price, if any, of such Award or such portion thereof (or, in the case of a SAR, the aggregate
base value above which appreciation is measured), in each case, on such payment and other terms and subject to such conditions (which
need not be the same as the terms and conditions applicable to holders of Stock generally), as the Administrator determines, including
that any amounts paid in respect of such Award in connection with the Covered Transaction be placed in escrow or otherwise made subject
to such restrictions as the Administrator deems appropriate. For the avoidance of doubt, if the per share exercise or purchase price (or
base value) of an Award or portion thereof is equal to or greater than the fair market value of one share of Stock, such Award or portion
may be cancelled with no payment due hereunder or otherwise in respect thereof.

 

(3) Acceleration
of Certain Awards.  Subject to Section 7(a)(5) below, the Administrator may provide that any Award requiring exercise will become
exercisable, in full or in part, and/or that the delivery of any shares of Stock remaining deliverable under any outstanding Award of
Stock Units (including Restricted Stock Units and Performance Awards to the extent consisting of Stock Units) will be accelerated, in
full or in part, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator,
following the exercise of the Award or the delivery of the shares, as the case may be, to participate as a stockholder in the Covered
Transaction.

 

(4) Termination
of Awards upon Consummation of Covered Transaction. Except as the Administrator may otherwise determine, each Award will automatically
terminate (and in the case of outstanding shares of Restricted Stock, will automatically be forfeited) immediately upon the consummation
of the Covered Transaction, other than (i) any Award that is assumed, continued or substituted for pursuant to Section 7(a)(1) above and
(ii) any Award that by its terms, or as a result of action taken by the Administrator, continues following the Covered Transaction.

 

    8

     

    

 

(5) Additional
Limitations. Any share of Stock and any cash or other property or other award delivered pursuant to Section 7(a)(1), Section 7(a)(2)
or Section 7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the
Administrator deems appropriate, including to reflect any performance or other vesting conditions to which the Award was subject and that
did not lapse (and were not satisfied) in connection with the Covered Transaction. For purposes of the immediately preceding sentence,
a cash-out under Section 7(a)(2) above or an acceleration under Section 7(a)(3) above will not, in and of itself, be treated as the lapsing
(or satisfaction) of a performance or other vesting condition. In the case of Restricted Stock that does not vest and is not forfeited
in connection with the Covered Transaction, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect
of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator
deems appropriate to carry out the intent of the Plan.

 

(6) Uniform
Treatment. For the avoidance of doubt, the Administrator need not treat Participants or Awards (or portions thereof) in a uniform
manner, and may treat different Participants and/or Awards differently, in connection with a Covered Transaction.

 

(b) Changes
in and Distributions with Respect to Stock.

 

(1) Basic
Adjustment Provisions. In the event of a stock dividend, stock split or combination of shares (including a reverse stock split),
recapitalization or other change in the Company’s capital structure that constitutes an equity restructuring within the meaning
of the Accounting Rules, the Administrator shall make appropriate adjustments to the Share Pool, and shall make appropriate adjustments
to the number and kind of shares of stock or securities underlying Awards then outstanding or subsequently granted, any exercise or purchase
prices (or base values) relating to Awards and any other provision of Awards affected by such change.

 

(2) Certain
Other Adjustments. The Administrator may also make adjustments of the type described in Section 7(b)(1) above to take into account
distributions to stockholders other than those provided for in Sections 7(a) and 7(b)(1) above, or any other event, if the Administrator
determines that adjustments are appropriate to avoid distortion in the operation of the Plan or any Award.

 

(3) Continuing
Application of Plan Terms. References in the Plan to shares of Stock will be construed to include any stock or securities resulting
from an adjustment pursuant to this Section 7.

 

		8.	LEGAL CONDITIONS ON DELIVERY OF STOCK

 

The Company will not be obligated
to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan
until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed
and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares
to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all
conditions of the Award have been satisfied or waived. The Company may require, as a condition to the exercise of an Award or the delivery
of shares of Stock under an Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation
of the Securities Act of 1933, as amended, or any applicable state or non-U.S. securities law. Any Stock delivered under the Plan will
be evidenced in such manner as the Administrator determines appropriate, including book-entry registration or delivery of stock certificates.
In the event that the Administrator determines that stock certificates will be issued in connection with Stock issued under the Plan,
the Administrator may require that such certificates bear an appropriate legend reflecting any restriction on transfer applicable to such
Stock, and the Company may hold the certificates pending the lapse of the applicable restrictions.

 

    9

     

    

 

		9.	AMENDMENT AND TERMINATION

 

The Administrator may at any
time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by applicable law, and may at
any time terminate the Plan as to any future grants of Awards; provided, however, that except as otherwise expressly provided in
the Plan or the applicable Award, the Administrator may not, without the Participant’s consent, alter the terms of an Award so as
to affect materially and adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right
to do so in the Plan or at the time the applicable Award was granted. Any amendments to the Plan will be conditioned upon stockholder
approval only to the extent, if any, such approval is required by applicable law (including the Code) or stock exchange requirements,
as determined by the Administrator. For the avoidance of doubt, without limiting the Administrator’s rights hereunder, no adjustment
to any Award pursuant to the terms of Section 7 or Section 12 hereof will be treated as an amendment requiring a Participant’s consent.

 

		10.	OTHER COMPENSATION ARRANGEMENTS

 

The existence of the Plan
or the grant of any Award will not affect the right of the Company or any of its subsidiaries to grant any person bonuses or other compensation
in addition to Awards under the Plan.

 

		11.	MISCELLANEOUS

 

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

 

    10

     

    

 

(b) Limitation
of Liability. Notwithstanding anything to the contrary in the Plan or any Award, none of the Company, nor any of its subsidiaries,
nor the Administrator, nor any person acting on behalf of the Company, any of its subsidiaries, or the Administrator, will be liable to
any Participant, to any permitted transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other
person by reason of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of
the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code, or otherwise
asserted with respect to any Award.

 

(c) Unfunded
Plan. The Company’s obligations under the Plan are unfunded, and no Participant will have any right to specific assets of
the Company in respect of any Award. Participants will be general unsecured creditors of the Company with respect to any amounts due or
payable under the Plan.

 

		12.	ESTABLISHMENT OF SUB-PLANS

 

The Administrator may at any
time and from time to time (including before or after an Award is granted) establish, adopt, or revise any rules and regulations as it
may deem necessary or advisable to administer the Plan for Participants based outside of the U.S. and/or subject to the laws of countries
other than the U.S., including by establishing one or more sub-plans, supplements or appendices under the Plan or any Award agreement
for the purpose of complying or facilitating compliance with non-U.S. laws or taking advantage of tax favorable treatment or for any other
legal or administrative reason determined by the Administrator. Any such sub-plan, supplement or appendix may contain, in each case, (i)
such limitations on the Administrator’s discretion under the Plan and (ii) such additional or different terms and conditions, as
the Administrator deems necessary or desirable and will be deemed to be part of the Plan but will apply only to Participants within the
group to which the sub-plan, supplement or appendix applies (as determined by the Administrator); provided, however, that no sub-plan,
supplement or appendix, rule or regulation established pursuant to this provision shall increase the Share Pool.

 

		13.	GOVERNING LAW

 

(a) In
General. Awards and shares of Stock will be granted, issued and administered consistent with the requirements of applicable Delaware
law relating to the issuance of stock and the consideration to be received therefor, and with the applicable requirements of the stock
exchanges or other trading systems on which the Stock is listed or entered for trading, in each case, as determined by the Administrator.
Except as otherwise provided by the express terms of an Award agreement, under a sub-plan described in Section 12 above or as provided
in Section 13(a) above, the domestic substantive laws of the State of Delaware govern the provisions of the Plan and of Awards under the
Plan and all claims or disputes arising out of or based upon the Plan or any Award under the Plan or relating to the subject matter hereof
or thereof without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic
substantive laws of any other jurisdiction.

 

    11

     

    

 

(b) Jurisdiction.
Subject to Section 11(a) above, by accepting (or being deemed to have accepted) an Award, each Participant agrees or will be deemed
to have agreed to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic
boundaries of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising
out of or based upon the Plan or any Award; (ii) not commence any suit, action or other proceeding arising out of or based upon the Plan
or any Award, except in the federal and state courts located within the geographic boundaries of the United States District Court for
the District of Delaware; and (iii) waive, and not assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding,
any claim that he or she is not subject personally to the jurisdiction of the above-named courts that his or her property is exempt or
immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that the Plan or any Award or the subject matter thereof may not be enforced in or by such court.

 

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remainder of this page is intentionally left blank.]

 

    12

     

    

 

EXHIBIT A

 

Definition
of Terms

 

The following terms, when
used in the Plan, have the meanings and are subject to the provisions set forth below:

 

“Accounting Rules”:
Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor provision.

 

“Administrator”:
 The Compensation Committee, except that the Board may at any time act in the capacity of the Administrator (including with respect
to such matters that are not delegated to the Compensation Committee by the Board (whether pursuant to committee or charter), if applicable).
The Compensation Committee (or the Board) may delegate (i) to one or more of its members (or one or more other members of the Board) such
of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant Awards
to the extent permitted by applicable law; and (iii) to such Employees or other persons as it determines such ministerial tasks as it
deems appropriate. For purposes of the Plan, the term “Administrator” will include the Board, the Compensation Committee,
and the person or persons delegated authority under the Plan to the extent of such delegation, as applicable.

 

“Award”: 
Any or a combination of the following:

 

(i) Stock Options.

 

(ii) SARs.

 

(iii) Restricted
Stock.

 

(iv) Unrestricted
Stock.

 

(v) Stock Units,
including Restricted Stock Units.

 

(vi) Performance
Awards.

 

(vii) Awards (other
than Awards described in (i) through (vi) above) that are convertible into or otherwise based on Stock.

 

“Board”: The
Board of Directors of the Company.

 

“Cause”: 
In the case of any Participant who is party to an employment, change of control or severance-benefit agreement that contains a definition
of “Cause,” the definition set forth in such agreement applies with respect to such Participant for purposes of the Plan for
so long as such agreement is in effect. In every other case, “Cause” means, as determined by the Administrator, (i) the Participant’s
material failure to perform (other than by reason of disability), or substantial negligence in the performance of, the Participant’s
duties and responsibilities to the Company or any of its affiliates; (ii) the Participant’s material breach of the Plan, any Award
agreement or any other agreement between the Participant and the Company or any of its affiliates or any policy of the Company or any
of its affiliates, including any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention assignment
or other restrictive covenant by which he or she is bound; (iii) the Participant’s commission of, or plea of nolo contendere to,
a felony or other crime involving moral turpitude; or (iv) other conduct by the Participant that is or could reasonably be expected to
be materially harmful to the business interests or reputation of the Company or any of its affiliates.

 

    A-1

     

    

 

“Code”: The
U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as from time to time in effect.

 

“Company”:
Sezzle Inc., a Delaware corporation.

 

“Compensation Committee”:
 The Compensation Committee of the Board.

 

“Covered Transaction”:
 Any of (i) a consolidation, merger or similar transaction or series of related transactions, including a sale or other disposition
of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the
Company’s then outstanding common stock by a single person or entity or by a group of persons and/or entities acting in concert;
(ii) a sale or transfer of all or substantially all the Company’s assets; (iii) a dissolution or liquidation of the Company or (iv)
any other transaction the Administrator determines to be a Covered Transaction. Where a Covered Transaction involves a tender offer that
is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction
will be deemed to have occurred upon consummation of the tender offer.

 

“Date of Adoption”:
The date the Plan is approved by the Company’s stockholders.

 

“Director”:
A member of the Board who is not an Employee.

 

“Disability”:
In the case of any Participant who is party to an employment, change of control or severance-benefit agreement that contains a definition
of “Disability” (or a corollary term), the definition set forth in such agreement applies with respect to such Participant
for purposes of the Plan for so long as such agreement is in effect. In every other case, “Disability” means, as determined
by the Administrator, absence from work due to a disability for a period in excess of ninety (90) days in any twelve (12)-month period
that would entitle the Participant to receive benefits under the Company’s long-term disability program as in effect from time to
time (if the Participant were a participant in such program).

 

“Employee”:
 Any person who is employed by the Company or any of its subsidiaries.

 

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

 

    A-2

     

    

 

“Exchange Act”:
The Securities Exchange Act of 1934, as amended.

 

“Fair Market Value”:
As of a particular date, (i) the closing price for a share of Stock reported on the national securities exchange on which the Stock
is then listed for that date or, if no closing price is reported for that date, the closing price on the immediately preceding date on
which a closing price was reported or (ii) in the event that the Stock is not traded on a national securities exchange, the fair market
value of a share of Stock determined by the Administrator consistent with the rules of Section 422 and Section 409A to the extent applicable.

 

“ISO”: 
A Stock Option intended to be an “incentive stock option” within the meaning of Section 422. Each Stock Option granted pursuant
to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it is expressly designated
as an ISO in the applicable Award agreement.

 

“NSO”: A
Stock Option that is not intended to be an “incentive stock option” within the meaning of Section 422.

 

“Participant”:
 A person who is granted an Award under the Plan.

 

“Performance Award”:
An Award subject to performance vesting conditions, which may include Performance Criteria.

 

“Performance Criteria”:
Specified criteria, other than the mere continuation of Employment or the mere passage of time, the satisfaction of which is a condition
for the grant, exercisability, vesting or full enjoyment of an Award. A Performance Criterion and any targets with respect thereto need
not be based upon an increase, a positive or improved result or avoidance of loss and may be applied to a Participant individually, or
to a business unit or division of the Company or to the Company as a whole. A Performance Criterion may also be based on individual performance
and/or subjective performance criteria. The Administrator may provide that one or more of the Performance Criteria applicable to such
Award will be adjusted in a manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during
the performance period that affect the applicable Performance Criterion or Criteria.

 

    A-3

     

    

 

“Plan”: This
Sezzle Inc. 2021 Equity Incentive Plan, as from time to time amended and in effect.

 

“Prior Plan”:
The Sezzle Inc. 2019 Equity Incentive Plan.

 

“Restricted Stock”:
 Stock subject to restrictions requiring that it be forfeited, redelivered or offered for sale to the Company if specified performance
or other vesting conditions are not satisfied.

 

“Restricted Stock
Unit”:  A Stock Unit that is, or as to which the delivery of Stock or of cash in lieu of Stock is, subject to the satisfaction
of specified performance or other vesting conditions.

 

“SAR”: A
right entitling the holder upon exercise to receive an amount (payable in cash or in shares of Stock of equivalent value) equal to the
excess of the Fair Market Value of the shares of Stock subject to the right over the base value from which appreciation under the SAR
is to be measured.

 

“Section 409A”:
 Section 409A of the Code and the regulations thereunder.

 

“Section 422”:
 Section 422 of the Code and the regulations thereunder.

 

“Stock”: 
Common stock of the Company, par value $0.00001 per share.

 

“Stock Option”:
 An option entitling the holder to acquire shares of Stock upon payment of the exercise price.

 

“Stock Unit”:
 An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the value of Stock in the
future.

 

“Substitute Award”:
An Award granted under the Plan in substitution for one or more equity awards of an acquired company that are converted, replaced
or adjusted in connection with the acquisition.

 

“Unrestricted Stock”:
Stock not subject to any restrictions under the terms of the Award.

 

 

A-4

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