Document:

Exhibit
10.8

 

 

 

 

 

 

 

 

Virgin
Orbit HOLDINGS, INC.

 

Amended
and Restated

2017
STOCK INCENTIVE PLAN

 

Initially
ADOPTED ON JUNE 15, 2017

Amended
and Restated on December 29, 2021

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	SECTION
    1.	ESTABLISHMENT
    AND PURPOSE	2
	 	 	 
	SECTION 2.	ADMINISTRATION	2
	(a)	Committees of the
    Board of Directors	2
	(b)	Authority of the
    Board of Directors	2
	 	 	 
	SECTION 3.	ELIGIBILITY	3
	(a)	General Rule	3
	(b)	Ten-Percent Stockholders	3
	 	 	 
	SECTION 4.	STOCK SUBJECT TO
    PLAN	3
	(a)	Basic Limitation	3
	(b)	Additional Shares	3
	 	 	 
	SECTION 5.	TERMS AND CONDITIONS
    OF AWARDS OR SALES OF SHARES	3
	(a)	Stock Grant or Purchase
    Agreement	3
	(b)	Duration of Offers
    and Nontransferability of Rights	3
	(c)	Purchase Price	3
	 	 	 
	SECTION 6.	TERMS AND CONDITIONS
    OF OPTIONS	4
	(a)	Stock Option Agreement	4
	(b)	Number of Shares	4
	(c)	Exercise Price	4
	(d)	Exercisability	4
	(e)	Basic Term	4
	(f)	Termination of Service
    (Except by Death)	5
	(g)	Leaves of Absence	5
	(h)	Death of Optionee	5
	(i)	Restrictions on
    Transfer of Options	6
	(j)	No Rights as a Stockholder	6
	(k)	Modification, Extension
    and Assumption of Options	6
	(l)	Company’s
    Right to Cancel Certain Options	6
	 	 	 
	SECTION 7.	STOCK APPRECIATION
    RIGHTS	6
	(a)	SAR Agreement	6
	(b)	Number of Shares	6
	(c)	Exercise Price	7
	(d)	Exercisability and
    Term	7
	(e)	Effect of Change
    in Control	7
	(f)	Exercise of SARs	7
	(g)	Death of Optionee	7
	(h)	Modification or
    Assumption of SARs	7

 

    i

     

    

 

	SECTION
    8.	PAYMENT
    FOR SHARES	8
	(a)	General Rule	8
	(b)	Services Rendered	8
	(c)	Promissory Note	8
	(d)	Surrender of Stock	8
	(e)	Exercise/Sale	8
	(f)	Net Exercise	8
	(g)	Other Forms of Payment	9
	 	 	 
	SECTION 9.	TERMS AND CONDITIONS
    OF RESTRICTED STOCK UNITS	9
	(a)	Restricted Stock
    Unit Agreement	9
	(b)	Payment for Restricted
    Stock Units	9
	(c)	Vesting Conditions	9
	(d)	Forfeiture	9
	(e)	Leaves of Absence	9
	(f)	Voting and Dividend
    Rights	9
	(g)	Form and Time of
    Settlement of Restricted Stock Units	9
	(h)	Death of Recipient	10
	(i)	Creditors’
    Rights	10
	(j)	Modification, Extension
    and Assumption of Restricted Stock Units	10
	(k)	Restrictions on
    Transfer of Restricted Stock Units	10
	 	 	 
	SECTION 10.	ADJUSTMENT OF SHARES	10
	(a)	General	10
	(b)	Corporate Transactions	11
	(c)	Reservation of Rights	12
	 	 	 
	SECTION 11. 	MISCELLANEOUS PROVISIONS	13
	(a)	Securities Law Requirements	13
	(b)	No Retention Rights	13
	(c)	Treatment as Compensation	13
	(d)	Governing Law	13
	(e)	Conditions and Restrictions
    on Shares	13
	(f)	Tax Matters	14
	 	 	 
	SECTION 12. 	DURATION AND AMENDMENTS;
    STOCKHOLDER APPROVAL	14
	(a)	Term of the Plan	14
	(b)	Right to Amend or
    Terminate the Plan	14
	(c)	Effect of Amendment
    or Termination	15
	(d)	Stockholder Approval	15
	 	 	 
	SECTION 13.	DEFINITIONS	15

 

    ii

     

    

 

Virgin
Orbit HOLDINGS, INC. 2017

Amended
and Restated STOCK INCENTIVE PLAN

 

SECTION
1. ESTABLISHMENT AND PURPOSE.

 

The
purpose of this Plan is to offer persons selected by the Company an opportunity to acquire a proprietary interest in the success of the
Company, or to increase such interest, by acquiring Shares of the Company’s Stock. The Plan provides for the direct award or sale
of Shares, the grant of Options to purchase Shares, the grant of SARs and the grant of Restricted Stock Units. Options granted under
the Plan may be ISOs intended to qualify under Code Section 422 or NSOs which are not intended to so qualify.

 

Capitalized
terms are defined in Section 13.

 

SECTION
2. ADMINISTRATION.

 

(a)
Committees of the Board of Directors. The Plan may be administered by one or more Committees. Each Committee shall consist, as
required by applicable law, of one or more members of the Board of Directors who have been appointed by the Board of Directors. Each
Committee shall have such authority and be responsible for such functions as the Board of Directors has assigned to it. If no Committee
has been appointed, the entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan shall
be construed as a reference to the Committee (if any) to whom the Board of Directors has assigned a particular function.

 

(b)
Authority of the Board of Directors. Subject to the provisions of the Plan, the Board of Directors shall have full authority and
discretion to take any actions it deems necessary or advisable for the administration of the Plan. Notwithstanding anything to the contrary
in the Plan, with respect to the terms and conditions of Awards granted to Participants outside the United States, the Board of Directors
may vary from the provisions of the Plan to the extent it determines it necessary and appropriate to do so; provided that it may not
vary from those Plan terms requiring stockholder approval pursuant to Section 12(d) below. All decisions, interpretations and other actions
of the Board of Directors shall be final and binding on all Participants and all persons deriving their rights from a Participant.

 

    2

     

    

 

SECTION
3. ELIGIBILITY.

 

(a)
General Rule. Only Employees, Outside Directors and Consultants shall be eligible for the grant of NSOs, SARs, Restricted Stock
Units or the direct award or sale of Shares. Only Employees of the Company, a Parent or any Subsidiary shall be eligible for the grant
of ISOs.

 

(b)
Ten-Percent Stockholders. A person who owns more than 10% of the total combined voting power of all classes of outstanding stock
of the Company, its Parent or any of its Subsidiaries shall not be eligible for the grant of an ISO unless (i) the Exercise Price is
at least 110% of the Fair Market Value of a Share on the Date of Grant and (ii) such ISO by its terms is not exercisable after the expiration
of five years from the Date of Grant. For purposes of this Subsection (b), in determining stock ownership, the attribution rules of Code
Section 424(d) shall be applied.

 

SECTION
4. STOCK SUBJECT TO PLAN.

 

(a)
Basic Limitation. Not more than 10,825,081 Shares may be issued under the Plan, subject to Subsection (b) below and Section 10(a).
All of these Shares may be issued upon the exercise of ISOs. The number of Shares that are subject to Awards outstanding at any time
under the Plan may not exceed the number of Shares that then remain available for issuance under the Plan. The Company, during the term
of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered
under the Plan may be authorized but unissued Shares or treasury Shares.

 

(b)
Additional Shares. In the event that Shares previously issued under the Plan are reacquired by the Company, such Shares shall
be added to the number of Shares then available for issuance under the Plan. In the event that Shares that otherwise would have been
issuable under the Plan are withheld by the Company in payment of the Purchase Price, Exercise Price or withholding taxes, such Shares
shall remain available for issuance under the Plan. In the event that an outstanding Award for any reason expires or is canceled, the
Shares allocable to the expired or cancelled portion of the Award shall be added to the number of Shares then available for issuance
under the Plan. To the extent a Restricted Stock Unit is settled in cash, the cash settlement shall not reduce the number of Shares remaining
available for issuance under the Plan.

 

SECTION
5. TERMS AND CONDITIONS OF AWARDS OR SALES OF SHARES.

 

(a)
Stock Grant or Purchase Agreement. Each Award of Shares under the Plan shall be evidenced by a Stock Grant Agreement between the
Grantee and the Company. Each sale of Shares under the Plan (other than upon exercise of an Option or SAR) shall be evidenced by a Stock
Purchase Agreement between the Purchaser and the Company. Such Award or sale shall be subject to all applicable terms and conditions
of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors
deems appropriate for inclusion in a Stock Grant Agreement or Stock Purchase Agreement. The provisions of the various Stock Grant Agreements
and Stock Purchase Agreements entered into under the Plan need not be identical.

 

(b)
Duration of Offers and Nontransferability of Rights. Any right to purchase Shares under the Plan (other than an Option or, if
applicable, a SAR) shall automatically expire if not exercised by the Purchaser within 30 days (or such other period as may be specified
in the Award Agreement) after the grant of such right was communicated to the Purchaser by the Company. Such right is not transferable
and may be exercised only by the Purchaser to whom such right was granted.

 

(c)
Purchase Price. The Board of Directors shall determine the Purchase Price of Shares to be offered under the Plan at its sole discretion.
The Purchase Price shall be payable in a form described in Section 7.

 

    3

     

    

 

SECTION
6. TERMS AND CONDITIONS OF OPTIONS.

 

(a)
Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee
and the Company. The Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms
and conditions that are not inconsistent with the Plan and that the Board of Directors deems appropriate for inclusion in a Stock Option
Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. In addition, the
Board of Directors may require that the spouse of any married Optionee also promptly execute and return to the Company a spousal consent
form in connection with the grant or exercise of an Option.

 

(b)
Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall provide
for the adjustment of such number in accordance with Section 8. The Stock Option Agreement shall also specify whether the Option is an
ISO or an NSO.

 

(c)
Exercise Price. Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price of an Option shall not be less
than 100% of the Fair Market Value of a Share on the Date of Grant, and in the case of an ISO a higher percentage may be required by
Section 3(b). Subject to the preceding sentence, the Exercise Price shall be determined by the Board of Directors at its sole discretion.
The Exercise Price shall be payable in a form described in Section 8. This Subsection (c) shall not apply to an Option granted pursuant
to an assumption of, or substitution for, another option in a manner that complies with Code Section 424(a) (whether or not the Option
is an ISO).

 

(d)
Exercisability. Each Stock Option Agreement shall specify the date when all or any installment of the Option is to become exercisable.
No Option shall be exercisable unless the Optionee (i) has delivered an executed copy of the Stock Option Agreement (along with an executed
spousal consent form, if applicable) to the Company or (ii) otherwise agrees to be bound by the terms of the Stock Option Agreement.
The Board of Directors shall determine the exercisability provisions of the Stock Option Agreement at its sole discretion.

 

(e)
Basic Term. The Stock Option Agreement shall specify the term of the Option. The term shall not exceed 10 years from the Date
of Grant, and in the case of an ISO, a shorter term may be required by Section 3(b). Subject to the preceding sentence, the Board of
Directors at its sole discretion shall determine when an Option is to expire.

 

    4

     

    

 

(f)
Termination of Service (Except by Death). If an Optionee’s Service terminates for any reason other than the Optionee’s
death, then the Optionee’s Options shall expire on the earliest of the following dates:

 

(i)
The expiration date determined pursuant to Subsection (e) above;

 

(ii)
The date three months after the termination of the Optionee’s Service for any reason other than Disability, or such earlier or
later date as the Board of Directors may determine (but in no event earlier than 30 days after the termination of the Optionee’s
Service); or

 

(iii)
The date six months after the termination of the Optionee’s Service by reason of Disability, or such later date as the Board of
Directors may determine.

 

The
Optionee may exercise all or part of the Optionee’s Options at any time before the expiration of such Options under the preceding
sentence, but only to the extent that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable
as a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result
of the termination). The balance of such Options shall lapse when the Optionee’s Service terminates. In the event that the Optionee
dies after the termination of the Optionee’s Service but before the expiration of the Optionee’s Options all or part of such
Options may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who
has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that
such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as a result of the termination)
and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination).

 

(g)
Leaves of Absence. For purposes of Subsection (f) above, Service shall be deemed to continue while the Optionee is on a bona fide
leave of absence, if such leave was approved by the Company in writing and if continued crediting of Service for this purpose is expressly
required by the terms of such leave or by applicable law (as determined by the Company).

 

(h)
Death of Optionee. If an Optionee dies while the Optionee is in Service, then the Optionee’s Options shall expire on the
earlier of the following dates:

 

(i)
The expiration date determined pursuant to Subsection (e) above; or

 

(ii)
The date 12 months after the Optionee’s death, or such earlier or later date as the Board of Directors may determine (but in no
event earlier than six months after the Optionee’s death).

 

All
or part of the Optionee’s Options may be exercised at any time before the expiration of such Options under the preceding sentence
by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee
by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee’s
death (or became exercisable as a result of the death) and the underlying Shares had vested before the Optionee’s death (or vested
as a result of the Optionee’s death). The balance of such Options shall lapse when the Optionee dies.

 

    5

     

    

 

(i)
Restrictions on Transfer of Options. An Option shall be transferable by the Optionee only by (i) a beneficiary designation, (ii)
a will or (iii) the laws of descent and distribution, except as provided in the next sentence. If the applicable Stock Option Agreement
so provides, an NSO shall also be transferable by gift or domestic relations order to a Family Member of the Optionee. An ISO may be
exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative.

 

(j)
No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with respect to
any Shares covered by the Optionee’s Option until such person files a notice of exercise, pays the Exercise Price and satisfies
all applicable withholding taxes pursuant to the terms of such Option.

 

(k)
Modification, Extension and Assumption of Options. Within the limitations of the Plan, the Board of Directors may modify, extend
or assume outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company or another issuer)
in return for the grant of new Options or a different type of Award for the same or a different number of Shares and at the same or a
different Exercise Price (if applicable). The foregoing notwithstanding, no modification of an Option shall, without the consent of the
Optionee, impair the Optionee’s rights or increase the Optionee’s obligations under such Option.

 

(l)
Company’s Right to Cancel Certain Options. Any other provision of the Plan or a Stock Option Agreement notwithstanding,
the Company shall have the right at any time to cancel an Option that was not granted in compliance with Rule 701 under the Securities
Act. Prior to canceling such Option, the Company shall give the Optionee not less than 30 days’ notice in writing. If the Company
elects to cancel such Option, it shall deliver to the Optionee consideration with an aggregate Fair Market Value equal to the excess
of (i) the Fair Market Value of the Shares subject to such Option as of the time of the cancellation over (ii) the Exercise Price of
such Option. The consideration may be delivered in the form of cash or cash equivalents, in the form of Shares, or a combination of both.
If the consideration would be a negative amount, such Option may be cancelled without the delivery of any consideration.

 

SECTION
7. STOCK APPRECIATION RIGHTS.

 

(a)
SAR Agreement. Each grant of a SAR under the Plan shall be evidenced by a SAR Agreement between the Optionee and the Company.
Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the
Plan. The provisions of the various SAR Agreements entered into under the Plan need not be identical.

 

(b)
Number of Shares. Each SAR Agreement shall specify the number of Shares to which the SAR pertains, which number shall adjust in
accordance with Section 10.

 

    6

     

    

 

(c)
Exercise Price. Each SAR Agreement shall specify the Exercise Price, which shall in no event be less than 100% of the Fair Market
Value of a Share on the date of grant. The preceding sentence shall not apply to SARs granted pursuant to an assumption of, or substitution
for, another SAR in a manner that would satisfy the requirements of Section 424(a) of the Code if such section were applicable.

 

(d)
Exercisability and Term. Each SAR Agreement shall specify the date when all or any installment of the SAR is to become vested
and exercisable. The SAR Agreement shall also specify the term of the SAR; provided that the term of a SAR shall in no event exceed 7
years from the date of grant. A SAR Agreement may provide for accelerated vesting and exercisability in the event of the Optionee’s
death, disability or retirement or other events and may provide for expiration prior to the end of its term in the event of the termination
of the Optionee’s Service. A SAR granted under the Plan may provide that it will be vested and exercisable only in the event of
a Change in Control.

 

(e)
Effect of Change in Control. The Committee may determine, at the time of granting a SAR or thereafter, that such SAR shall become
vested and exercisable as to all or part of the Shares subject to such SAR in the event that the Company is subject to a Change in Control
or in the event that the Optionee is subject to an involuntary termination (as defined in the applicable SAR Agreement) after a Change
in Control. In addition, acceleration of vesting and exercisability may be required under Section 10.

 

(f)
Exercise of SARs. Upon exercise of a SAR, the Optionee (or any person having the right to exercise the SAR after his or her death)
shall receive from the Company (a) Shares, (b) cash or (c) a combination of Common Shares and cash, as the Board of Directors shall determine.
The amount of cash and/or the Fair Market Value of Shares received upon exercise of a SAR shall, in the aggregate, not exceed the amount
by which the Fair Market Value (on the date of surrender) of the Shares subject to the SAR exceeds the Exercise Price. If, on the date
when a SAR expires, the Exercise Price is less than the Fair Market Value on such date but any portion of such SAR has not been exercised
or surrendered, then such SAR shall automatically be deemed to be exercised as of such date with respect to such portion. A SAR Agreement
may also provide for an automatic exercise of the SAR on an earlier date.

 

(g)
Death of Optionee. Except as otherwise provided in the applicable SAR Agreements, after an Optionee’s death, any vested
and exercisable SARs held by such Optionee may be exercised by his or her beneficiary or beneficiaries. Each Optionee may designate one
or more beneficiaries for this purpose by 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 Optionee’s death. If no beneficiary was designated or if no designated
beneficiary survives the Optionee, then any vested and exercisable SARs held by the Optionee may be exercised by his or her estate, except
as otherwise provided in the applicable SAR Agreements.

 

(h)
Modification or Assumption of SARs. Within the limitations of the Plan, the Board of Directors may modify, reprice, extend or
assume outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return
for the grant of new SARs for the same or a different number of shares and at the same or a different exercise price or in return for
the grant of a different type of Award.

 

    7

     

    

 

SECTION
8. PAYMENT FOR SHARES.

 

(a)
General Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash or cash equivalents
at the time when such Shares are purchased, except as otherwise provided in this Section 8. In addition, the Board of Directors in its
sole discretion may also permit payment through any of the methods described in (b) through (g) below.

 

(b)
Services Rendered. Shares may be awarded under the Plan in consideration of services rendered to the Company, a Parent or a Subsidiary
prior to the Award.

 

(c)
Promissory Note. All or a portion of the Purchase Price or Exercise Price (as the case may be) of Shares issued under the Plan
may be paid with a full-recourse promissory note. The Shares shall be pledged as security for payment of the principal amount of the
promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum
rate (if any) required to avoid the imputation of additional interest under the Code. Subject to the foregoing, the Board of Directors
(at its sole discretion) shall specify the term, interest rate, amortization requirements (if any) and other provisions of such note.

 

(d)
Surrender of Stock. All or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares
that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued
at their Fair Market Value as of the date when the Option is exercised.

 

(e)
Exercise/Sale. If the Stock is publicly traded, all or part of the Exercise Price and any withholding taxes may be paid by the
delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares
and to deliver all or part of the sales proceeds to the Company.

 

(f)
Net Exercise. An Option may permit exercise through a “net exercise” arrangement pursuant to which the Company will
reduce the number of Shares issued upon exercise by the largest whole number of Shares having an aggregate Fair Market Value (determined
by the Board of Directors as of the exercise date) that does not exceed the aggregate Exercise Price or the sum of the aggregate Exercise
Price plus all or a portion of the minimum amount required to be withheld under applicable tax law (with the Company accepting from the
Optionee payment of cash or cash equivalents to satisfy any remaining balance of the aggregate Exercise Price and, if applicable, any
additional withholding obligation not satisfied through such reduction in Shares); provided that to the extent Shares subject
to an Option are withheld in this manner, the number of Shares subject to the Option following the net exercise will be reduced by the
sum of the number of Shares withheld and the number of Shares delivered to the Optionee as a result of the exercise.

 

    8

     

    

 

(g)
Other Forms of Payment. To the extent that an Award Agreement so provides, the Purchase Price or Exercise Price of Shares issued
under the Plan may be paid in any other form permitted by the Delaware General Corporation Law, as amended.

 

SECTION
9. TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS.

 

(a)
Restricted Stock Unit Agreement. Each grant of Restricted Stock Units under the Plan shall be evidenced by a Restricted Stock
Unit Agreement between the Recipient and the Company. Such Restricted Stock Units shall be subject to all applicable terms and conditions
of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and which the Board of Directors
deems appropriate for inclusion in a Restricted Stock Unit Agreement. The provisions of the various Restricted Stock Unit Agreements
entered into under the Plan need not be identical.

 

(b)
Payment for Restricted Stock Units. No cash consideration shall be required of the Recipient in connection with the grant of Restricted
Stock Units.

 

(c)
Vesting Conditions. Restricted Stock Units may or may not be subject to vesting, as determined in the discretion of the Board
of Directors. Vesting may occur, in full or in installments, upon the satisfaction of the vesting conditions specified in the Restricted
Stock Unit Agreement, which may include continued employment or other Service, achievement of performance goals and/or such other criteria
as the Board of Directors may determine. A Restricted Stock Unit Agreement may provide for accelerated vesting upon specified events.

 

(d)
Forfeiture. Unless a Restricted Stock Unit Agreement provides otherwise, upon termination of the Recipient’s Service and
upon such other times specified in the Restricted Stock Unit Agreement, any unvested Restricted Stock Units shall be forfeited to the
Company.

 

(e)
Leaves of Absence. For this purpose, Service will not cease if a Recipient is on a bona fide leave of absence that was approved
by the Company in writing and if continued crediting of Service for this purpose is expressly required by the terms of such leave or
by applicable law (as determined by the Company).

 

(f)
Voting and Dividend Rights. The Recipient of Restricted Stock Units shall have no voting rights. Prior to settlement or forfeiture,
any Restricted Stock Unit granted under the Plan may, at the discretion of the Board of Directors, carry with it a right to dividend
equivalents. Such right entitles the Recipient to be credited with an amount equal to all cash dividends paid on one Share while the
Restricted Stock Unit is outstanding. Dividend equivalents may be converted into additional Restricted Stock Units. Settlement of dividend
equivalents may be made in the form of cash, in the form of Shares, or in a combination of both. Prior to distribution, any dividend
equivalents that are not paid shall be subject to the same conditions and restrictions as the Restricted Stock Units to which they attach.

 

(g)
Form and Time of Settlement of Restricted Stock Units. Settlement of vested Restricted Stock Units may be made in the form of
(i) cash, (ii) Shares or (iii) any combination of both, as determined by the Board of Directors. The actual number of Restricted Stock
Units eligible for settlement may be larger or smaller than the number included in the original Award, based on predetermined performance
factors. Vested Restricted Stock Units shall be settled in such manner and at such time(s) as specified in the Restricted Stock Unit
Agreement. Until Restricted Stock Units are settled, the number of such Restricted Stock Units shall be subject to adjustment pursuant
to Section 10.

 

    9

     

    

 

(h)
Death of Recipient. Any Restricted Stock Units that become distributable after the Recipient’s death shall be distributed
to the Recipient’s beneficiary or beneficiaries, if any have been designated, or if no beneficiary was designated or if no designated
beneficiary survives the Recipient, then any Restricted Stock Units that become payable after the Recipient’s death shall be distributed
to his or her estate. Each Recipient under the Plan may designate one or more beneficiaries for this purpose by 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
Recipient’s death.

 

(i)
Creditors’ Rights. A Recipient of Restricted Stock Units shall have no rights other than those of a general creditor of
the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions
of the applicable Restricted Stock Unit Agreement.

 

(j)
Modification, Extension and Assumption of Restricted Stock Units. Within the limitations of the Plan, the Board of Directors may
modify, extend or assume outstanding Restricted Stock Units. The foregoing notwithstanding, no modification of a Restricted Stock Unit
shall, without the consent of the Recipient, impair the Recipient’s rights or increase the Recipient’s obligations under
such Restricted Stock Unit.

 

(k)
Restrictions on Transfer of Restricted Stock Units. A Restricted Stock Unit shall be transferable by the Recipient only by (i)
a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution or, if the Board of Directors so provides, in a
Restricted Stock Unit Agreement or otherwise, a Restricted Stock Unit shall also be transferable by gift or domestic relations order
to a Family Member of the Recipient.

 

SECTION
10. ADJUSTMENT OF SHARES.

 

(a)
General. In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a combination
or consolidation of the outstanding Stock into a lesser number of Shares, a reclassification, or any other increase or decrease in the
number of issued shares of Stock effected without receipt of consideration by the Company, proportionate adjustments shall automatically
be made in each of (i) the number and kind of Shares available for future grants under Section 4, (ii) the number and kind of Shares
covered by each outstanding and unexpired Award, (iii) the Exercise Price under each outstanding Option or SAR and the Purchase Price
applicable to any unexercised stock purchase right and (iv) any repurchase price that applies to Shares granted under the Plan pursuant
to the terms of a Company repurchase right under the applicable Award Agreement. In the event of a declaration of an extraordinary dividend
payable in a form other than Shares in an amount that has a material effect on the Fair Market Value of the Stock, a recapitalization,
a spin-off, or a similar occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or more of
the items listed in clauses (i) through (iv) above; provided, however, that the Board of Directors shall in any event make such adjustments
as may be required by Section 25102(o) of the California Corporations Code. No fractional Shares shall be issued under the Plan as a
result of an adjustment under this Section 10(a), although the Board of Directors in its sole discretion may make a cash payment in lieu
of fractional Shares.

 

    10

     

    

 

(b)
Corporate Transactions. In the event that the Company is a party to a merger or consolidation, or in the event of a sale of all
or substantially all of the Company’s stock or assets, all Shares acquired under the Plan and all Options and other Plan Awards
outstanding on the effective date of the transaction shall be treated in the manner described in the definitive transaction agreement
(or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the
Board of Directors in its capacity as administrator of the Plan, with such determination having final and binding effect on all parties),
which agreement or determination need not treat all Awards (or all portions of an Award) in an identical manner. The treatment specified
in the transaction agreement or as determined by the Board of Directors may include (without limitation) one or more of the following
with respect to each outstanding Award:

 

(i)
Continuation of the outstanding Award by the Company (if the Company is the surviving corporation).

 

(ii)
Assumption of the Award by the surviving corporation or its parent, provided that the assumption of Options or SARs shall be in a manner
that complies with Code Section 409A (whether or not the Award is an ISO) and, if so determined by the Board of Directors, with Code
Section 424(a) (if the Award is an ISO).

 

(iii)
Substitution by the surviving corporation or its parent of equivalent awards for outstanding Awards (including but not limited to an
award to acquire the same consideration paid to the holders of shares in the transaction) provided that the assumption of Options or
SARs shall be in a manner that complies with Code Section 409A (whether or not the Award is an ISO) and, if so determined by the Board
of Directors, with Code Section 424(a) (if the Award is an ISO).

 

(iv)
Cancellation of the Option or SAR and a payment to the Optionee with respect to each Share subject to the portion of the Option or SAR
that is vested as of the transaction date equal to the excess of (A) the value, as determined by the Board of Directors in its absolute
discretion, of the property (including cash) received by the holder of a share of Stock as a result of the transaction, over (B) the
per-Share Exercise Price of the Option or SAR (such excess, the “Spread”). Such payment shall be made in the form
of cash, cash equivalents, or securities of the surviving corporation or its parent having a value equal to the Spread. In addition,
any escrow, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same extent and in
the same manner as such provisions apply to the holders of Stock. If the Spread applicable to an Option or SAR is zero or a negative
number, then the Option or SAR may be cancelled without making a payment to the Optionee.

 

    11

     

    

 

(v)
Cancellation of the Option without the payment of any consideration; provided that the Optionee shall be notified of such treatment and
given an opportunity to exercise the Option (to the extent the Option is vested or becomes vested as of the effective date of the transaction)
during a period of not less than five (5) business days preceding the effective date of the transaction, unless (A) a shorter period
is required to permit a timely closing of the transaction and (B) such shorter period still offers the Optionee a reasonable opportunity
to exercise the Option. Any exercise of the Option during such period may be contingent upon the closing of the transaction.

 

(vi)
Suspension of the Optionee’s right to exercise the Option during a limited period of time preceding the closing of the transaction
if such suspension is administratively necessary to permit the closing of the transaction.

 

(vii)
Termination of any right the Optionee has to exercise the Option prior to vesting in the Shares subject to the Option (i.e., “early
exercise”), such that following the closing of the transaction the Option may only be exercised to the extent it is vested.

 

(viii)
The cancellation of outstanding Restricted Stock Units and a payment to the Recipient with respect to each Share subject to the portion
of the Restricted Stock Unit that is vested as of the transaction date equal to the value, as determined by the Board of Directors in
its absolute discretion, of the property (including cash) received by the holder of a share of Stock as a result of the transaction (the
“Transaction Value”). Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving
corporation or its parent having a value equal to the Transaction Value. In addition, any escrow, holdback, earn-out or similar provisions
in the transaction agreement may apply to such payment to the same extent and in the same manner as such provisions apply to the holders
of Stock. In the event that a Restricted Stock Unit is subject to Code Section 409A, the payment described in this Section 10(b)(viii)
shall be made on the settlement date specified in the applicable Restricted Stock Unit Agreement, provided that settlement may be accelerated
in accordance with Treasury Regulation 1.409A-3(j)(4). Any action taken under this Section 10(b)(viii) must either preserve a Restricted
Stock Unit’s status as exempt from Code Section 409A or comply with Code Section 409A.

 

For
the avoidance of doubt, the Board of Directors has discretion to accelerate, in whole or part, the vesting and exercisability of an Award
in connection with a corporate transaction covered by this Section 10(b).

 

(c)
Reservation of Rights. Except as provided in this Section 10, a Participant shall have no rights by reason of (i) any subdivision
or consolidation of shares of stock of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number
of shares of stock of any class. Any issuance by the Company of shares of stock of any class, or securities convertible into shares of
stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject
to an Award or the Exercise Price of an Option or SAR. The grant of an Award pursuant to the Plan shall not affect in any way the right
or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge
or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets.

 

    12

     

    

 

SECTION
11. MISCELLANEOUS PROVISIONS.

 

(a)
Securities Law Requirements. Shares shall not be issued under the Plan unless, in the opinion of counsel acceptable to the Board
of Directors, the issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of law, including
(without limitation) the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations, and
the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. The Company
shall not be liable for a failure to issue Shares as a result of such requirements.

 

(b)
No Retention Rights. Nothing in the Plan or in any Award under the Plan shall confer upon the Participant any right to continue
in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent,
Affiliate or Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by
each, to terminate his or her Service at any time and for any reason, with or without cause.

 

(c)
Treatment as Compensation. Any compensation that an individual earns or is deemed to earn under this Plan shall not be considered
a part of his or her compensation for purposes of calculating contributions, accruals or benefits under any other plan or program that
is maintained or funded by the Company, a Parent, Affiliate or a Subsidiary.

 

(d)
Governing Law. The Plan and all Awards under the Plan shall be governed by, and construed in accordance with, the laws of the
State of Delaware, as such laws are applied to contracts entered into and performed in such State.

 

(e)
Conditions and Restrictions on Shares. Shares issued under the Plan shall be subject to such forfeiture conditions, rights of
repurchase, rights of first refusal, other transfer restrictions and such other terms and conditions as the Board of Directors may determine.
Such conditions and restrictions shall be set forth in the applicable Award Agreement and shall apply in addition to any restrictions
that may apply to holders of Shares generally. In addition, Shares issued under the Plan shall be subject to conditions and restrictions
imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law
or laws with which the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or
tax advantage.

 

    13

     

    

 

(f)
Tax Matters.

 

(i)
As a condition to the award, grant, issuance, vesting, purchase, exercise or transfer of any Award, or Shares issued pursuant to any
Award, granted under this Plan, the Participant shall make such arrangements as the Board of Directors may require or permit for the
satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such event.

 

(ii)
Unless otherwise expressly set forth in an Award Agreement, it is intended that Awards granted under the Plan shall be exempt from Code
Section 409A, and any ambiguity in the terms of an Award Agreement and the Plan shall be interpreted consistently with this intent. To
the extent an Award is not exempt from Code Section 409A (any such Award, a “409A Award”), any ambiguity in the terms
of such Award and the Plan shall be interpreted in a manner that to the maximum extent permissible supports the Award’s compliance
with the requirements of that statute. Notwithstanding anything to the contrary permitted under the Plan, in no event shall a modification
of an Award not already subject to Code Section 409A be given effect if such modification would cause the Award to become subject to
Code Section 409A unless the parties explicitly acknowledge and consent to the modification as one having that effect. A 409A Award shall
be subject to such additional rules and requirements as specified by the Board of Directors from time to time in order for it to comply
with the requirements of Code Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from
service” to an individual who is considered a “specified employee” (as each term is defined under Code Section 409A),
then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the Participant’s
separation from service or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment
from being subject to Section 409A(a)(1). In addition, if a transaction subject to Section 9(b) constitutes a payment event with respect
to any 409A Award, then the transaction with respect to such Award must also constitute a “change in control event” as defined
in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Code Section 409A.

 

(iii)
Neither the Company nor any member of the Board of Directors shall have any liability to a Participant in the event an Award held by
the Participant fails to achieve its intended characterization under applicable tax law.

 

SECTION
12. DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL.

 

(a)
Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board of Directors,
subject to approval of the Company’s stockholders under Subsection (d) below. The Plan shall terminate automatically upon the effectiveness
of the Company’s 2021 Incentive Award Plan.

 

(b)
Right to Amend or Terminate the Plan. Subject to Subsection (d) below, the Board of Directors may amend, suspend or terminate
the Plan at any time and for any reason.

 

    14

     

    

 

(c)
Effect of Amendment or Termination. No Shares shall be issued or sold and no Award granted under the Plan after the termination
thereof, except upon exercise of an Option (or any other right to purchase Shares) granted under the Plan prior to such termination.
The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Award previously granted under
the Plan and the terms and conditions of the Plan shall survive its termination and continue to apply to any such Shares and Award.

 

(d)
Stockholder Approval. To the extent required by applicable law, the Plan will be subject to approval of the Company’s stockholders
within 12 months of its adoption date. To the extent required by applicable law, any amendment of the Plan will be subject to the approval
of the Company’s stockholders within 12 months of the amendment date if it (i) increases the number of Shares available for issuance
under the Plan (except as provided in Section 10), or (ii) materially changes the class of persons who are eligible for the grant of
ISOs. In addition, an amendment effecting any other material change to the Plan terms will be subject to approval of the Company’s
stockholder only if required by applicable law. Stockholder approval shall not be required for any other amendment of the Plan.

 

SECTION
13. DEFINITIONS.

 

(a)
“Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries or Parents own
not less than 50% of such entity.

 

(b)
“Award” means any award granted under the Plan, including an Option, a SAR, a Restricted Stock Unit or the grant or
sale of Shares.

 

(c)
“Award Agreement” means a Stock Grant Agreement, Stock Option Agreement, SAR Agreement, Stock Purchase Agreement or
Restricted Stock Unit Agreement.

 

(d)
“Board of Directors” means the Board of Directors of the Company, as constituted from time to time.

 

(e)
“Change in Control” means the consummation of any of the following transactions in which holders of Shares receive
cash, securities or other adequate consideration deemed acceptable by the Board of Directors: (i) a sale of all or substantially all
of the assets of the Company determined on a consolidated basis to an unrelated person or entity; (ii) a merger, reorganization, or consolidation
involving the Company in which the shares of voting stock of the Company outstanding immediately prior to such transaction represent
or are converted into or exchanged for securities of the surviving or resulting entity immediately upon completion of such transaction
which represent less than 50% of the outstanding voting power of such surviving or resulting entity; or (iii) the acquisition of all
or a majority of the outstanding voting stock of the Company in a single transaction or series of related transactions by a person or
group of persons who are unrelated to the holders of a majority of the outstanding voting stock of the Company immediately prior to the
consummation of such transaction. For the avoidance of doubt, an initial public offering, any subsequent public offering, another capital
raising event, and a merger effected solely to change the Company’s domicile shall not constitute a “Change in Control.”
In addition, a transaction shall not constitute a Sale Event unless such transaction also qualifies as an event under Treasury Regulation
Section 1.409A-3(i)(5)(v) (change in the ownership of a corporation), Treasury Regulation Section 1.409A-3(i)(5)(vi) (change in the effective
control of a corporation), or Treasury Regulation Section 1.409A-3(i)(5)(vii) (change in the ownership of a substantial portion of a
corporation’s assets).

 

    15

     

    

 

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

 

(g)
“Committee” means a committee of the Board of Directors, as described in Section 2(a).

 

(h)
“Common Stock” means the Company’s common stock.

 

(i)
“Company” means Virgin Orbit Holdings, Inc., a Delaware corporation.

 

(j)
“Company Group” shall mean the Company and each Subsidiary, Affiliate and Parent.

 

(k)
“Consultant” means a person, excluding Employees and Outside Directors, who performs bona fide services for the Company,
a Parent, an Affiliate or a Subsidiary as a consultant or advisor and who qualifies as a consultant or advisor under Rule 701(c)(1) of
the Securities Act or under Instruction A.1.(a)(1) of Form S-8 under the Securities Act.

 

(l)
“Date of Grant” means the date of grant specified in the applicable Award Agreement, which date shall be the later
of (i) the date on which the Board of Directors resolved to grant the Award or (ii) the first day of the Participant’s Service.

 

(m)
“Disability” means that the applicable Participant is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment.

 

(n)
“Employee” means any individual who is a common-law employee of the Company, a Parent, an Affiliate or a Subsidiary.

 

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

 

(p)
“Exercise Price” means, in the case of an Option, the amount for which one Share may be purchased upon exercise of
an Option, as specified by the Board of Directors in the applicable Stock Option Agreement. In the case of a SAR, “Exercise
Price” means an amount, as specified by the Board of Directors in the applicable SAR Agreement, which is subtracted from the
Fair Market Value of one Common Share in determining the amount payable upon exercise of such SAR.

 

    16

     

    

 

(q)
“Fair Market Value” shall mean, as of any date, the value of a Share, determined as follows:

 

		(i)	if
                                            the Stock is listed on any established stock exchange or traded on the Nasdaq National Market
                                            or the Nasdaq SmallCap Market, the “Fair Market Value” of each Share shall be
                                            the closing sales price for the Stock (or the closing bid, if no sales were reported) as
                                            quoted on such exchange or market (or the exchange or market with the greatest volume of
                                            trading in the Stock) on the last market trading day prior to the day of determination, as
                                            reported in The Wall Street Journal or such other source as the Board deems reliable;

 

		(ii)	in
                                            the absence of such markets for the Stock, the “Fair Market Value” of each Share
                                            shall be determined in good faith by the Board in accordance with any of the acceptable methods
                                            described in Treasury Regulation § 1.409A-1(b).

 

Notwithstanding
anything to the contrary herein, the “Fair Market Value” of the Shares shall at all times be determined in a manner intended
to be consistent with Section 409A of the Code (and the regulations and guidance promulgated thereunder), as may be amended from time
to time and any determination by the Board with respect to the “Fair Market Value” of the Shares shall be conclusive and
binding on all persons.

 

(r)
“Family Member” means (i) 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, (ii) any person sharing the Participant’s household (other than a tenant or employee), (iii) a trust in which persons
described in Clause (i) or (ii) have more than 50% of the beneficial interest, (iv) a foundation in which persons described in Clause
(i) or (ii) or the Participant control the management of assets and (v) any other entity in which persons described in Clause (i) or
(ii) or the Participant own more than 50% of the voting interests.

 

(s)
“Grantee” means a person to whom the Board of Directors has awarded Shares under the Plan.

 

(t)
“ISO” means an Option that qualifies as an incentive stock option as described in Code Section 422(b). Notwithstanding
its designation as an ISO, an Option that does not qualify as an ISO under applicable law shall be treated for all purposes as an NSO.

 

(u)
“NSO” means an Option that does not qualify as an incentive stock option as described in Code Section 422(b) or 423(b).

 

(v)
“Option” means an ISO or NSO granted under the Plan and entitling the holder to purchase Shares.

 

(w)
“Optionee” means a person who holds an Option or a SAR.

 

(x)
“Outside Director” means a member of the Board of Directors who is not an Employee.

 

    17

     

    

 

(y)
“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company,
if each of the corporations other than the Company owns stock possessing 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.

 

(z)
“Participant” means a Grantee, Optionee, Recipient or Purchaser.

 

(aa)
“Plan” means this Virgin Orbit Holdings, Inc. Amended and Restated 2017 Stock Incentive Plan.

 

(bb)
“Purchase Price” means the consideration for which one Share may be acquired under the Plan (other than upon exercise
of an Option or a SAR), as specified by the Board of Directors.

 

(cc)
“Purchaser” means a person to whom the Board of Directors has offered the right to purchase Shares under the Plan
(other than upon exercise of an Option or a SAR).

 

(dd)
“SAR” means a stock appreciation right granted under the Plan.

 

(ee)
“SAR Agreement” means the agreement between the Company and an Optionee that contains the terms, conditions and restrictions
pertaining to such Optionee’s SAR.

 

(ff)
“Recipient” means “a person to whom the Board of Directors has awarded Restricted Stock Units under the Plan.

 

(gg)
“Restricted Stock Unit” means a bookkeeping entry representing the equivalent of one Share, as awarded under the Plan.

 

(hh)
“Restricted Stock Unit Agreement” means the agreement between the Company and the Recipient of a Restricted Stock
Unit that contains the terms, conditions and restrictions pertaining to such Restricted Stock Unit.

 

(ii)
“Securities Act” means the Securities Act of 1933, as amended.

 

(jj)
“Service” means service as an Employee, Outside Director or Consultant.

 

(kk)
“Share” means one share of Stock, as adjusted in accordance with Section 9 (if applicable).

 

(ll)
“Stock” means the Common Stock of the Company.

 

(mm)
“Stock Grant Agreement” means the agreement between the Company and a Grantee who is awarded Shares under the Plan
that contains the terms, conditions and restrictions pertaining to the award of such Shares.

 

(nn)
“Stock Option Agreement” means the agreement between the Company and an Optionee that contains the terms, conditions
and restrictions pertaining to the Optionee’s Option.

 

(oo)
“Stock Purchase Agreement” means the agreement between the Company and a Purchaser who purchases Shares under the
Plan that contains the terms, conditions and restrictions pertaining to the purchase of such Shares.

 

(pp)
“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the
Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 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.

 

    18

     

    

 

EXHIBIT
A1

 

SCHEDULE
OF SHARES RESERVED FOR ISSUANCE UNDER THE PLAN

 

	Date
                                            of Board

    Approval
	 	Date
                                            of Stockholder

    Approval
	 	Number
                                            of

    Shares
    Added
	 	Cumulative
                                            Number

    of
    Shares

	 	 	 	 	Not Applicable	 	8,320,000

 

SUMMARY
OF MODIFICATIONS AND AMENDMENTS TO THE PLAN

 

The
following is a summary of material modifications made to the Plan:

 

 

		1	NTD:
                                            To be updated based on final exchange ratio.

 

 

E-iExhibit 10.9

 

Virgin
Orbit HOLDINGS, INC.

 

2021 INCENTIVE AWARD PLAN

 

ARTICLE
I.

Purpose

 

The Plan’s purpose is
to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions
to the Company by providing these individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Capitalized
terms used in the Plan are defined in Article XI.

 

ARTICLE
II.

Eligibility

 

Service Providers are eligible
to be granted Awards under the Plan, subject to the limitations described herein.

 

ARTICLE
III.

Administration and Delegation

 

3.1 Administration.
The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers receive Awards, grant
Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority
to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and to adopt, amend and repeal
Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply
omissions and reconcile inconsistencies in the Plan or any Award Agreement as it deems necessary or appropriate to administer the Plan
and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be final and binding on all
persons having or claiming any interest in the Plan or any Award.

 

3.2 Appointment
of Committees. To the extent Applicable Laws permit, the Board or the Administrator may delegate any or all of its powers under the
Plan to one or more Committees or committees of officers of the Company or any of its Subsidiaries. The Board or the Administrator, as
applicable, may rescind any such delegation, abolish any such committee or Committee and/or re-vest in itself any previously delegated
authority at any time.

 

ARTICLE
IV.

Stock Available for Awards

 

4.1 Number
of Shares. Subject to adjustment under Article VIII and the terms of this Article IV, Awards may be made under the Plan
covering up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares, Shares purchased on
the open market or treasury Shares.

 

4.2 Share
Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased,
canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring Shares covered
by the Award at a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the Participant for such
Shares or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable, become or again be
available for Award grants under the Plan. Further, Shares delivered (either by actual delivery or attestation) to the Company by a Participant
to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax withholding obligation with respect
to an Award (including Shares retained by the Company from the Award being exercised or purchased and/or creating the tax obligation)
will, as applicable, become or again be available for Award grants under the Plan. The payment of Dividend Equivalents in cash in conjunction
with any outstanding Awards shall not count against the Overall Share Limit. Notwithstanding anything to the contrary contained herein,
the following Shares shall not be added to the Shares authorized for grant under Section 4.1 and shall not be available for future grants
of Awards: (a) Shares subject to a Stock Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation
Right on exercise thereof; and (b) Shares purchased on the open market with the cash proceeds from the exercise of Options.

 

     

     

    

 

4.3 Incentive
Stock Option Limitations. Notwithstanding anything to the contrary herein, no more than 250,000,000 Shares may be issued pursuant
to the exercise of Incentive Stock Options.

 

4.4 Substitute
Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition of an entity’s
property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted before
such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms as the Administrator deems
appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Overall Share Limit (nor
shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above), except that
Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant
to the exercise of Incentive Stock Options under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary
or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted
in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as
adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination)
may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such
Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available
shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition
or combination, and shall only be made to individuals who were not Employees, Consultants or Directors prior to such acquisition or combination.

 

4.5 Non-Employee
Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for
non-employee Directors from time to time, subject to the limitations in the Plan. The sum of any cash compensation, or other compensation,
and the value (determined as of the grant date in accordance with Financial Accounting Standards Board Accounting Standards Codification
Topic 718, or any successor thereto) of Awards granted to a non-employee Director as compensation for services as a non-employee Director
during any fiscal year of the Company may not exceed $750,000 (the “Director Limit”) (which limits shall not
apply to the compensation for any non-employee Director of the Company who serves in any capacity in addition to that of a non-employee
Director for which he or she receives additional compensation).

 

    2

     

    

 

ARTICLE
V.

Stock Options and Stock Appreciation Rights

 

5.1 General.
The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the Plan, including
any limitations in the Plan that apply to Incentive Stock Options. A Stock Appreciation Right will entitle the Participant (or other person
entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of the exercisable portion of the Stock Appreciation
Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of exercise over the exercise
price per Share of the Stock Appreciation Right by the number of Shares with respect to which the Stock Appreciation Right is exercised,
subject to any limitations of the Plan or that the Administrator may impose and payable in cash, Shares valued at Fair Market Value or
a combination of the two as the Administrator may determine or provide in the Award Agreement.

 

5.2 Exercise
Price. The Administrator will establish each Option’s and Stock Appreciation Right’s exercise price and specify the exercise
price in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value on the grant date of the Option (subject
to Section 5.6) or Stock Appreciation Right.

 

5.3 Duration.
Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided that, subject
to Section 5.6, the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless
determined otherwise by the Company, in the event that on the last business day of the term of an Option or Stock Appreciation Right (other
than an Incentive Stock Option) (i) the exercise of the Option or Stock Appreciation Right is prohibited by Applicable Law, as determined
by the Company, or (ii) Shares may not be purchased or sold by the applicable Participant due to any Company insider trading policy (including
blackout periods) or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the term
of the Option or Stock Appreciation Right shall be extended until the date that is 30 days after the end of the legal prohibition, black-out
period or lock-up agreement, as determined by the Company; provided, however, in no event shall the extension last beyond the ten year
term of the applicable Option or Stock Appreciation Right. Notwithstanding the foregoing, to the extent permitted under Applicable Laws,
if the Participant, prior to the end of the term of an Option or Stock Appreciation Right, violates the non-competition, non-solicitation,
confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement
or other agreement between the Participant and the Company or any of its Subsidiaries, the right of the Participant and the Participant’s
transferees to exercise any Option or Stock Appreciation Right issued to the Participant shall terminate immediately upon such violation,
unless the Company otherwise determines.

 

5.4 Exercise.
Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a form the Administrator
approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation Right, together with,
as applicable, payment in full (i) as specified in Section 5.5 for the number of Shares for which the Award is exercised and (ii)
as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option or Stock Appreciation
Right may not be exercised for a fraction of a Share.

 

    3

     

    

 

5.5 Payment
Upon Exercise. Subject to Section 10.8, any Company insider trading policy (including blackout periods) and Applicable Laws,
the exercise price of an Option must be paid by:

 

(a) cash,
wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit the
use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

 

(b) if
there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery (including electronically
or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the
Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s delivery to the
Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company
cash or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required
by the Administrator;

 

(c) to
the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant valued
at their Fair Market Value;

 

(d) to
the extent permitted by the Administrator, surrendering Shares then issuable upon the Option’s exercise valued at their Fair Market
Value on the exercise date;

 

(e) to
the extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines is good
and valuable consideration; or

 

(f) to
the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.

 

5.6 Additional
Terms of Incentive Stock Options. The Administrator may grant Incentive Stock Options only to employees of the Company, any of its
present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively, and any other
entities the employees of which are eligible to receive Incentive Stock Options under the Code, provided that such employee is a Service
Provider. If an Incentive Stock Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of
the Fair Market Value on the Option’s grant date, and the term of the Option will not exceed five years. All Incentive Stock Options
will be subject to and construed consistently with Section 422 of the Code. By accepting an Incentive Stock Option, the Participant
agrees to give prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of
Shares acquired under the Option made within (i) two years from the grant date of the Option or (ii) one year after the transfer of such
Shares to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in cash,
other property, assumption of indebtedness or other consideration, in such disposition or other transfer. Neither the Company nor the
Administrator will be liable to a Participant, or any other party, if an Incentive Stock Option fails or ceases to qualify as an “incentive
stock option” under Section 422 of the Code. Any Incentive Stock Option or portion thereof that fails to qualify as an “incentive
stock option” under Section 422 of the Code for any reason, including becoming exercisable with respect to Shares having a
fair market value exceeding the $100,000 limitation under Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option.

 

    4

     

    

 

ARTICLE
VI.

Restricted Stock; Restricted Stock Units

 

6.1 General.
The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the Company’s
right to repurchase all or part of such Shares at their issue price or other stated or formula price from the Participant (or to require
forfeiture of such Shares) if conditions the Administrator specifies in the Award Agreement are not satisfied before the end of the applicable
restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to Service Providers
Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable restriction period or periods,
as set forth in an Award Agreement.

 

6.2 Restricted
Stock.

 

(a) Dividends.
Participants holding Shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such Shares, unless
the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if any dividends
or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common Stock of property other than an ordinary
cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability as the Shares
of Restricted Stock with respect to which they were paid.

 

(b) Stock
Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock certificates
issued in respect of Shares of Restricted Stock, together with a stock power endorsed in blank.

 

6.3 Restricted
Stock Units.

 

(a) Settlement.
The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable after the
Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner intended
to comply with Section 409A.

 

(b) Stockholder
Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and
until the Shares are delivered in settlement of the Restricted Stock Unit.

 

ARTICLE
VII.

Other Stock or Cash Based Awards; DIVIDEND EQUIVALENTS

 

7.1 Other
Stock or Cash Based Awards. Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants
to receive Shares to be delivered in the future and including annual or other periodic or long-term cash bonus awards (whether based on
specified Performance Criteria or otherwise), in each case subject to any conditions and limitations in the Plan. Such Other Stock or
Cash Based Awards will also be available as a payment form in the settlement of other Awards, as standalone payments and as payment in
lieu of compensation to which a Participant is otherwise entitled. Other Stock or Cash Based Awards may be paid in Shares, cash or other
property, as the Administrator determines.

 

7.2 Dividend
Equivalents. A grant of Restricted Stock Units or Other Stock or Cash Based Award may provide a Participant with the right to receive
Dividend Equivalents, and no Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights. Dividend Equivalents
may be paid currently or credited to an account for the Participant, settled in cash or Shares and subject to the same restrictions on
transferability and forfeitability as the Award with to which the Dividend Equivalents are paid and subject to other terms and conditions
as set forth in the Award Agreement.

 

    5

     

    

 

ARTICLE
VIII.

Adjustments for Changes in Common Stock

and Certain Other Events

 

8.1 Equity
Restructuring(a). In connection with any Equity Restructuring, notwithstanding anything to the contrary in this
Article VIII, the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity
Restructuring, which may include adjusting the number and type of securities subject to each outstanding Award and/or the
Award’s exercise price or grant price (if applicable), granting new Awards to Participants, and making a cash payment to
Participants. The adjustments provided under this Section 8.1 will be nondiscretionary and final and binding on the affected
Participant and the Company; provided that the Administrator will determine whether an adjustment is equitable.

 

8.2 Corporate
Transactions. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or
other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation, dissolution,
or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common
Stock or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase Common Stock or other securities
of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company
or its financial statements or any change in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions
as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event (except
that action to give effect to a change in Applicable Law or accounting principles may be made within a reasonable period of time after
such change), is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action
is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made
available under the Plan or with respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or
(z) give effect to such changes in Applicable Laws or accounting principles:

 

(a) To
provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to the amount
that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s
rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise
or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less than
zero, then the Award may be terminated without payment; provided, further, that Awards held by members of the Board will be settled in
Shares on or immediately prior to the applicable event if the Administrator takes action under this clause (a);

 

(b) To
provide that such Award shall vest and, to the extent applicable, be exercisable as to all Shares covered thereby, notwithstanding anything
to the contrary in the Plan or the provisions of such Award;

 

(c) To
provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator;

 

    6

     

    

 

(d) To
make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards and/or with respect
to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article IV on the
maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or exercise price or
applicable performance goals), and the criteria included in, outstanding Awards;

 

(e) To
replace such Award with other rights or property selected by the Administrator; and/or

 

(f) To
provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

8.3 Effect
of Non-Assumption in a Change in Control. Notwithstanding the provisions of Section 8.2, if a Change in Control occurs and a Participant’s
Awards are not continued, converted, assumed, or replaced with a substantially similar award by (a) the Company, or (b) a successor entity
or its parent or subsidiary (an “Assumption”), and provided that the Participant has not had a Termination of
Service, then, immediately prior to the Change in Control, such Awards shall become fully vested, exercisable and/or payable, as applicable,
and all forfeiture, repurchase and other restrictions on such Awards shall lapse, in which case, such Awards shall be canceled upon the
consummation of the Change in Control in exchange for the right to receive the Change in Control consideration payable to other holders
of Common Stock (i) which may be on such terms and conditions as apply generally to holders of Common Stock under the Change in Control
documents (including, without limitation, any escrow, earn-out or other deferred consideration provisions) or such other terms and conditions
as the Administrator may provide, and (ii) determined by reference to the number of Shares subject to such Awards and net of any applicable
exercise price; provided that to the extent that any Awards constitute “nonqualified deferred compensation” that may
not be paid upon the Change in Control under Section 409A without the imposition of taxes thereon under Section 409A, the timing of such
payments shall be governed by the applicable Award Agreement (subject to any deferred consideration provisions applicable under the Change
in Control documents); and provided, further, that if the amount to which a Participant would be entitled upon the settlement or
exercise of such Award at the time of the Change in Control is equal to or less than zero, then such Award may be terminated without payment.
The Administrator shall determine whether an Assumption of an Award has occurred in connection with a Change in Control.

 

8.4 Administrative
Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or
other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change
affecting the Shares or the Share price, including any Equity Restructuring or any securities offering or other similar transaction, for
administrative convenience, the Administrator may refuse to permit the exercise of any Award for up to 60 days before or after such transaction.

 

8.5 General.
Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any rights due to
any subdivision or consolidation of shares of any class, dividend payment, increase or decrease in the number of shares of any class or
dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided with respect to an
Equity Restructuring under Section 8.1 or the Administrator’s action under the Plan, no issuance by the Company of shares of
any class, or securities convertible into shares of any class, will affect, and no adjustment will be made regarding, the number of Shares
subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any Award Agreements and the Awards granted
hereunder will not affect or restrict in any way the Company’s right or power to make or authorize (i) any adjustment, recapitalization,
reorganization or other change in the Company’s capital structure or its business, (ii) any merger, consolidation dissolution or
liquidation of the Company or sale of Company assets or (iii) any sale or issuance of securities, including securities with rights superior
to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may treat Participants and Awards
(or portions thereof) differently under this Article VIII.

 

    7

     

    

 

ARTICLE
IX.

General Provisions Applicable to Awards

 

9.1 Transferability.
Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than Incentive Stock Options,
Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except for
certain Designated Beneficiary designations, by will or the laws of descent and distribution, or, subject to the Administrator’s
consent, pursuant to a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant.
Any permitted transfer of an Award hereunder shall be without consideration, except as required by Applicable Law. References to a Participant,
to the extent relevant in the context, will include references to a Participant’s authorized transferee that the Administrator specifically
approves.

 

9.2 Documentation.
Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines. Each Award may
contain terms and conditions in addition to those set forth in the Plan.

 

9.3 Discretion.
Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award. The terms of each
Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly.

 

9.4 Termination
of Status. The Administrator will determine how the disability, death, retirement, an authorized leave of absence or any other change
or purported change in a Participant’s Service Provider status affects an Award and the extent to which, and the period during which,
the Participant, the Participant’s legal representative, conservator, guardian or Designated Beneficiary may exercise rights under
the Award, if applicable.

 

9.5 Withholding.
Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes required by Applicable
Law to be withheld in connection with such Participant’s Awards by the date of the event creating the tax liability. The Company
may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory withholding rates (or such other rate
as may be determined by the Company after considering any accounting consequences or costs) from any payment of any kind otherwise due
to a Participant. In the absence of a contrary determination by the Company (or, with respect to withholding pursuant to clause (ii) below
with respect to Awards held by individuals subject to Section 16 of the Exchange Act, a contrary determination by the Administrator),
all tax withholding obligations will be calculated based on the minimum applicable statutory withholding rates. Subject to Section 10.8
and any Company insider trading policy (including blackout periods), Participants may satisfy such tax obligations (i) in cash, by wire
transfer of immediately available funds, by check made payable to the order of the Company, provided that the Company may limit the use
of the foregoing payment forms if one or more of the payment forms below is permitted, (ii) to the extent permitted by the Administrator,
in whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Award creating the tax
obligation, valued at their fair market value on the date of delivery, (iii) if there is a public market for Shares at the time the tax
obligations are satisfied, unless the Company otherwise determines, (A) delivery (including electronically or telephonically to the extent
permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to
the Company sufficient funds to satisfy the tax obligations, or (B) delivery by the Participant to the Company of a copy of irrevocable
and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to
satisfy the tax withholding; provided that such amount is paid to the Company at such time as may be required by the Administrator, or
(iv) to the extent permitted by the Company, any combination of the foregoing payment forms approved by the Administrator. Notwithstanding
any other provision of the Plan, the number of Shares which may be so delivered or retained pursuant to clause (ii) of the immediately
preceding sentence shall be limited to the number of Shares which have a fair market value on the date of delivery or retention no greater
than the aggregate amount of such liabilities based on the maximum individual statutory tax rate in the applicable jurisdiction at the
time of such withholding (or such other rate as may be required to avoid the liability classification of the applicable award under generally
accepted accounting principles in the United States of America). If any tax withholding obligation will be satisfied under clause (ii)
above by the Company’s retention of Shares from the Award creating the tax obligation and there is a public market for Shares at
the time the tax obligation is satisfied, the Company may elect to instruct any brokerage firm determined acceptable to the Company for
such purpose to sell on the applicable Participant’s behalf some or all of the Shares retained and to remit the proceeds of the
sale to the Company or its designee, and each Participant’s acceptance of an Award under the Plan will constitute the Participant’s
authorization to the Company and instruction and authorization to such brokerage firm to complete the transactions described in this sentence.

 

    8

     

    

 

9.6 Amendment
of Award; Repricing. The Administrator may amend, modify or terminate any outstanding Award, including by substituting another Award
of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a Non-Qualified
Stock Option. The Participant’s consent to such action will be required unless (i) the action, taking into account any related action,
does not materially and adversely affect the Participant’s rights under the Award, or (ii) the change is permitted under Article VIII
or pursuant to Section 10.6. Notwithstanding the foregoing or anything in the Plan to the contrary, the Administrator may, without
the approval of the stockholders of the Company, reduce the exercise price per share of outstanding Options or Stock Appreciation Rights
or cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights
with an exercise price per share that is less than the exercise price per share of the original Options or Stock Appreciation Rights.

 

9.7 Conditions
on Delivery of Stock. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously
delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction, (ii) as
determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any
applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered
to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable Laws.
The Company’s inability to obtain authority from any regulatory body having jurisdiction, which the Administrator determines is
necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue or sell such
Shares as to which such requisite authority has not been obtained.

 

9.8 Acceleration.
The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable, free of some
or all restrictions or conditions, or otherwise fully or partially realizable.

 

9.9 Cash
Settlement. Without limiting the generality of any other provision of the Plan, the Administrator may provide, in an Award Agreement
or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, Shares or a combination thereof.

 

    9

     

    

 

9.10 Broker-Assisted
Sales. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant
under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5 above: (a)
any Shares to be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter
as practicable; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all Participants
receive an average price; (c) the applicable Participant will be responsible for all broker’s fees and other costs of sale,
and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or
expenses relating to any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the
amount owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the
Company and its designees are under no obligation to arrange for such sale at any particular price; and (f) in the event the
proceeds of such sale are insufficient to satisfy the Participant’s applicable obligation, the Participant may be required to
pay immediately upon demand to the Company or its designee an amount in cash sufficient to satisfy any remaining portion of the
Participant’s obligation.

 

ARTICLE
X.

Miscellaneous

 

10.1 No
Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award will
not be construed as giving a Participant the right to continued employment or any other relationship with the Company or any of its Subsidiaries.
The Company and its Subsidiaries expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant
free from any liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement or in the Plan.

 

10.2 No
Rights as Stockholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have any rights
as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares. Notwithstanding
any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the Company will not be required
to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares may be recorded
in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may place legends on stock
certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable Laws.

 

10.3 Effective
Date and Term of Plan. Unless earlier terminated by the Board, the Plan will become effective as of December 28, 2021 (the “Effective
Date”) and will remain in effect until the tenth anniversary of the Effective Date. Notwithstanding anything to the contrary
in the Plan, an Incentive Stock Option may not be granted under the Plan after 10 years from the earlier of (i) the date the Board adopted
the Plan or (ii) the date the Company’s stockholders approved the Plan, but Awards previously granted may extend beyond that date
in accordance with the Plan. Notwithstanding anything to the contrary contained herein, if the Plan is not approved by the Company’s
stockholders, the Plan will not become effective and no Awards will be granted under the Plan.

 

10.4 Amendment
of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment, other than an increase
to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without the affected
Participant’s consent. No Awards may be granted under the Plan during any suspension period or after the Plan’s termination.
Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement,
as in effect before such suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary
to comply with Applicable Laws.

 

    10

     

    

 

10.5 Provisions
for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or employed outside
the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of
such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

 

10.6 Section 409A.

 

(a) General.
The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no adverse tax consequences,
interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the
Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures, or take any other
actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve the intended
tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from Section 409A, or (B) comply
with Section 409A, including regulations, guidance, compliance programs and other interpretative authority that may be issued after
an Award’s grant date. The Company makes no representations or warranties as to an Award’s tax treatment under Section 409A
or otherwise. The Company will have no obligation under this Section 10.6 or otherwise to avoid the taxes, penalties or interest
under Section 409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation
or other benefits under the Plan are determined to constitute noncompliant “nonqualified deferred compensation” subject to
taxes, penalties or interest under Section 409A.

 

(b) Separation
from Service. If an Award constitutes “nonqualified deferred compensation” under Section 409A, any payment or settlement
of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent necessary to avoid taxes under
Section 409A, be made only upon the Participant’s “separation from service” (within the meaning of Section 409A),
whether such “separation from service” occurs upon or after the termination of the Participant’s Service Provider relationship.
For purposes of this Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,”
“termination of employment” or like terms means a “separation from service.”

 

(c) Payments
to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of “nonqualified
deferred compensation” required to be made under an Award to a “specified employee” (as defined under Section 409A
and as the Administrator determines) due to his or her “separation from service” will, to the extent necessary to avoid taxes
under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such “separation from
service” (or, if earlier, until the specified employee’s death) and will instead be paid (as set forth in the Award Agreement)
on the day immediately following such six-month period or as soon as administratively practicable thereafter (without interest). Any payments
of “nonqualified deferred compensation” under such Award payable more than six months following the Participant’s “separation
from service” will be paid at the time or times the payments are otherwise scheduled to be made. Furthermore, notwithstanding any
contrary provision of the Plan or any Award Agreement, any payment of “nonqualified deferred compensation” under the Plan
that may be made in installments shall be treated as a right to receive a series of separate and distinct payments.

 

    11

     

    

 

10.7 Limitations
on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other employee or agent
of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any
claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will not be personally liable
with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer,
other employee or agent of the Company or any Subsidiary. The Company will indemnify and hold harmless each director, officer, other employee
and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating to the Plan’s
administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including any sum paid in
settlement of a claim with the Administrator’s approval) arising from any act or omission concerning this Plan unless arising from
such person’s own fraud or bad faith.

 

10.8 Lock-Up
Period. The Company may, at the request of any underwriter representative or otherwise, in connection with registering the offering
of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring
any Shares or other Company securities during a period of up to 180 days following the effective date of a Company registration statement
filed under the Securities Act, or such longer period as determined by the underwriter.

 

10.9 Data
Privacy. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Subsidiaries and
affiliates exclusively for implementing, administering and managing the Participant’s participation in the Plan. The Company and
its Subsidiaries and affiliates may hold certain personal information about a Participant, including the Participant’s name, address
and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s);
any Shares held in the Company or its Subsidiaries and affiliates; and Award details, to implement, manage and administer the Plan and
Awards (the “Data”). The Company and its Subsidiaries and affiliates may transfer the Data amongst themselves
as necessary to implement, administer and manage a Participant’s participation in the Plan, and the Company and its Subsidiaries
and affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These
recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data
privacy laws and protections than the recipients’ country. By accepting an Award, each Participant authorizes such recipients to
receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant
may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement, administer, and
manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding
such Participant, request additional information about the storage and processing of the Data regarding such Participant, recommend any
necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 10.9 in writing, without
cost, by contacting the local human resources representative. If the Participant refuses or withdraws the consents in this Section 10.9,
the Company may cancel Participant’s ability to participate in the Plan and, in the Administrator’s discretion, the Participant
may forfeit any outstanding Awards. For more information on the consequences of refusing or withdrawing consent, Participants may contact
their local human resources representative.

 

10.10 Severability.
If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or invalidity will not
affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded,
and the illegal or invalid action will be null and void.

 

    12

     

    

 

10.11 Governing
Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a Participant and
the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award
Agreement or other written document that a specific provision of the Plan will not apply.

 

10.12 Governing
Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware, disregarding
any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State of Delaware.

 

10.13 Claw-back
Provisions. All Awards (including, without limitation, any proceeds, gains or other economic benefit actually or constructively received
by Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Shares underlying the Award) shall be subject
to the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply
with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated
thereunder) as and to the extent set forth in such claw-back policy or the Award Agreement.

 

10.14 Titles
and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s text,
rather than such titles or headings, will control.

 

10.15 Conformity
to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable Laws. Notwithstanding
anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent
Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws.

 

10.16 Relationship
to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly provided
in writing in such other plan or an agreement thereunder.

 

ARTICLE
XI.

Definitions

 

As used in the Plan, the following
words and phrases will have the following meanings:

 

11.1 “Administrator”
means the Board or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee.

 

11.2 “Applicable
Laws” means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities,
tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which the Common
Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where Awards are granted.

 

11.3 “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Dividend Equivalents, or Other Stock or Cash Based Awards.

 

11.4 “Award
Agreement” means a written agreement evidencing an Award, which may be electronic, that contains such terms and conditions
as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

    13

     

    

 

 

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

 

11.6 “Cause”
means, except as may otherwise be provided in Participant’s employment or service agreement to the extent such agreement is in effect
at the relevant time, any of the following events:

 

(a) Participant’s
willful failure substantially to perform his or her duties and responsibilities to the Company (other than any such failure resulting
from Participant’s incapacity due to physical or mental illness) or carry out or comply with a lawful and reasonable directive of
the Company, in each case, after a written demand for performance is delivered to Participant by the Administrator, which demand specifically
identifies the manner in which the Administrator believes that Participant has not performed his or her duties;

 

(b) Participant’s
deliberate violation of a Company policy;

 

(c) Participant’s
commission of, including any entry by Participant of a guilty or no contest plea to, any felony under any state, federal or foreign law
or any crime involving moral turpitude, or Participant’s commission of unlawful harassment or discrimination;

 

(d) Participant’s
commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to
result in material reputational, economic or financial injury to the Company;

 

(e) Participant’s
unlawful use (including being under the influence) or possession of illegal drugs on the Company’s (or any affiliate’s) premises
or while performing Participant’s duties and responsibilities;

 

(f) Participant’s
willful misconduct or gross negligence with respect to any material aspect of the Company’s business or a material breach by Participant
of his or her fiduciary duty to the Company;

 

(g) unauthorized
use or disclosure by Participant of any proprietary information or trade secrets of the Company or any other party to whom Participant
owes an obligation of nondisclosure as a result of his or her relationship with the Company; or

 

(h) Participant’s
willful breach of any of his or her obligations under any written agreement or covenant with the Company.

 

    14

     

    

 

11.7 “Change
in Control” means and includes each of the following:

 

(a) A
transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement filed
with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i) and
(ii) of subsection (c) below) whereby any “person” or related “group” of “persons” (as such terms
are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, VO Holder (as defined
in the Stockholders Agreement), an employee benefit plan maintained by the Company or any of its Subsidiaries or a “person”
that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly
or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing
more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or

 

(b) During
any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new Director(s)
(other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described
in subsections (a) or (c)) whose election by the Board or nomination for election by the Company’s stockholders was approved by
a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the two-year period
or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

 

(c) The
consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or
stock of another entity, in each case other than a transaction:

 

(i) which
results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise
succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction,
and

 

(ii) after
which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity;
provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning 50%
or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation
of the transaction.

 

Notwithstanding the foregoing,
if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for the deferral
of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under Section 409A,
the transaction or event described in subsection (a), (b) or (c) with respect to such Award (or portion thereof) shall only constitute
a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change in control event,”
as defined in Treasury Regulation Section 1.409A-3(i)(5).

 

The Administrator shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred
pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided
that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control event”
as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

 

11.8
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

11.9 “Committee”
means one or more committees or subcommittees of the Board, which may include one or more Company directors or executive officers, to
the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member
of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a “non-employee
director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify as a “non-employee director”
within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

 

    15

     

    

 

11.10 “Common
Stock” means the common stock of the Company.

 

11.11 “Company”
mean Virgin Orbit Holdings, Inc., a Delaware corporation, or any successor.

 

11.12
“Consultant” means any consultant, advisor or other person or entity that is not an Employee, in each case,
that can be granted an Award that is eligible to be registered on a Form S-8 Registration Statement.

 

11.13 “Designated
Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines,
to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s
effective designation, “Designated Beneficiary” will mean the Participant’s estate.

 

11.14 “Director”
means a Board member.

 

11.15 “Dividend
Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares) of
dividends paid on Shares.

 

11.16 “Employee”
means any employee of the Company or its Subsidiaries.

 

11.17 “Equity
Restructuring” means, as determined by the Administrator, a non-reciprocal transaction between the Company and its stockholders,
such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend, or other large, nonrecurring
cash dividend, that affects the Shares (or other securities of the Company) or the share price of Common Stock (or other securities of
the Company) and causes a change in the per share value of the Common Stock underlying outstanding Awards.

 

11.18 “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

11.19 “Fair
Market Value” means, as of any date, the value of a Share of Common Stock determined as follows: (a) if the Common
Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted
on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as
reported in The Wall Street Journal or another source the Administrator deems reliable; (b) if the Common Stock is not traded
on a stock exchange but is quoted on a national market or other quotation system, the closing sales price on such date, or if no sales
occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal
or another source the Administrator deems reliable; or (c) without an established market for the Common Stock, the Administrator will
determine the Fair Market Value in its discretion.

 

11.20
“Greater Than 10% Stockholder” means an individual then owning (within the meaning of Section 424(d) of
the Code) more than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation,
as defined in Section 424(e) and (f) of the Code, respectively.

 

11.21 “Incentive
Stock Option” means an Option intended to qualify as an “incentive stock option” as defined in Section 422
of the Code.

 

    16

     

    

 

11.22 “Non-Qualified
Stock Option” means an Option, or portion thereof, not intended or not qualifying as an Incentive Stock Option.

 

11.23 “Option”
means an option to purchase Shares, which will either be an Incentive Stock Option or a Non-Qualified Stock Option.

 

11.24 “Other
Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly or partially by referring
to, or are otherwise based on, Shares or other property awarded to a Participant under Article VII.

 

11.25 “Overall
Share Limit” means the sum of (a) 33,491,991 Shares, and (b) an annual increase on the first day of each calendar year beginning
on and including January 1, 2022 and ending on and including January 1, 2031 equal to the lesser of (i) a number of Shares equal to 5%
of the number of outstanding Shares on the final day of the immediately preceding calendar year and (ii) such smaller number of Shares
as is determined by the Board.

 

11.26
“Participant” means a Service Provider who has been granted an Award.

 

11.27 “Performance
Criteria” mean the criteria (and adjustments) that the Administrator may select for an Award to establish performance goals
for a performance period, which may include the following: net earnings or losses (either before or after one or more of interest, taxes,
depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue or sales or revenue growth;
net income (either before or after taxes) or adjusted net income; profits (including but not limited to gross profits, net profits, profit
growth, net operation profit or economic profit), profit return ratios or operating margin; budget or operating earnings (either before
or after taxes or before or after allocation of corporate overhead and bonus); cash flow (including operating cash flow and free cash
flow or cash flow return on capital); return on assets; return on capital or invested capital; cost of capital; return on stockholders’
equity; total stockholder return; return on sales; costs, reductions in costs and cost control measures; expenses; working capital; earnings
or loss per share; adjusted earnings or loss per share; price per share or dividends per share (or appreciation in or maintenance of such
price or dividends); regulatory achievements or compliance; implementation, completion or attainment of objectives relating to research,
development, regulatory, commercial, or strategic milestones or developments; market share; economic value or economic value added models;
division, group or corporate financial goals; customer satisfaction/growth; customer service; employee satisfaction;
recruitment and maintenance of personnel; human capital management (including diversity and inclusion); supervision
of litigation and other legal matters; strategic partnerships and transactions; financial ratios (including those
measuring liquidity, activity, profitability or leverage); debt levels or reductions; sales-related goals;
financing and other capital raising transactions; cash on hand; acquisition activity; investment
sourcing activity; and marketing initiatives, any of which may be measured in absolute terms or as compared to any incremental increase
or decrease. Such performance goals also may be based solely by reference to the Company’s performance or the performance of a Subsidiary,
division, business segment or business unit of the Company or a Subsidiary, or based upon performance relative to performance of other
companies or upon comparisons of any of the indicators of performance relative to performance of other companies.

 

11.28 “Plan”
means this 2021 Incentive Award Plan.

 

11.29 “Restricted
Stock” means Shares awarded to a Participant under Article VI subject to certain vesting conditions and other restrictions.

 

    17

     

    

 

11.30 “Restricted
Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in
cash or other consideration determined by the Administrator to be of equal value as of such settlement date awarded to a Participant under
Article VI subject to certain vesting conditions and other restrictions.

 

11.31 “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act.

 

11.32 “Section 409A”
means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder.

 

11.33
“Securities Act” means the Securities Act of 1933, as amended.

 

11.34 “Service
Provider” means an Employee, Consultant or Director.

 

11.35 “Shares”
means shares of Common Stock.

 

11.36 “Stock
Appreciation Right” means a stock appreciation right granted under Article V.

 

11.37 “Stockholders’
Agreement” means that certain Stockholders’ Agreement by and between the Company and Vieco 10 Limited, dated as of
December 29, 2021.

 

11.38
“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of
entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the
time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes of securities
or interests in one of the other entities in such chain.

 

11.39 “Substitute
Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards
previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any Subsidiary
or with which the Company or any Subsidiary combines.

 

11.40 “Termination
of Service” means the date the Participant ceases to be a Service Provider.

 

* * * * *

 

 

18

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