Document:

Exhibit 10.1 

PROMISSORY NOTE

 

	Principal Amount: $130,000.00	July 8, 2021

 

FOR VALUE RECEIVED, Brain Scientific Inc.,
a corporation incorporated under the laws of the State of Nevada, having as its address at 125 Wilbur Place, Ste 170, Bohemia, NY 11716
(the “Borrower”), hereby promises to pay to the order of Piezo Motion Corp., a corporation incorporated under the laws
of the State of Delaware, having its address at 6700 Professional Parkway, Sarasota FL 34240, or its successors or assigns (the “Holder”),
the principal amount of One Hundred Thirty Thousand United States Dollars (US$130,000.00) by no later than September 30, 2021 (as may
be extended pursuant to the term hereof, the “Maturity Date”) and to pay interest on the principal amount outstanding hereunder
at the rate of zero percent (0%) per annum commencing on the date hereof (“Issuance Date”). This Promissory Note, as may be
amended or supplemented from time to time, shall be referred to herein as the “Note”.

 

1.                  
Defined Terms. For purposes of this Note, except as otherwise expressly provided or otherwise defined elsewhere in this
Note, or unless the context otherwise requires, the capitalized terms in this Note shall have the meanings assigned to them as follows:

 

1.1              
“Assets” means all of the properties and assets of the Person in question, as the context may so require, whether
real, personal or mixed, tangible or intangible, wherever located, whether now owned or hereafter acquired.

 

1.2              
“Borrower” shall have the meaning given to it in the preamble hereof.

 

1.3              
“Business Day” shall mean any day other than a Saturday, Sunday or a legal holiday on which federal banks are
authorized or required to be closed for the conduct of commercial banking business.

 

1.4              
“Consent” means any consent, approval, order or authorization of, or any declaration, filing or registration
with, or any application or report to, or any waiver by, or any other action (whether similar or dissimilar to any of the foregoing) of,
by or with, any Person, which is necessary in order to take a specified action or actions, in a specified manner and/or to achieve a specific
result.

 

1.5              
“Event of Default” shall have the meaning given to it in Section 3.1.

 

1.6              
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

1.7              
“Governmental Authority” means any foreign, federal, state or local government, or any political subdivision
thereof, or any court, agency or other body, organization, group, stock market or exchange exercising any executive, legislative, judicial,
quasi-judicial, regulatory or administrative function of government.

 

1.8              
“Holder” shall have the meaning given to it in the preamble hereof.

 

1.9              
“Law” means any provision of any law, statute, ordinance, code, constitution, charter, treaty, rule or regulation
of any Governmental Authority.

 

1.10            
“Maturity Date” shall have the meaning given to it in the preamble hereof.

 

1.11            
“Note” shall have the meaning given to it in the preamble hereof.

 

    1

     

    

 

1.12            
“Obligations” means, now existing or in the future, any debt, liability or obligation of any nature whatsoever
(including any required performance of any covenants or agreements), whether secured, unsecured, recourse, nonrecourse, liquidated, unliquidated,
accrued, voluntary or involuntary, direct or indirect, absolute, fixed, contingent, ascertained, unascertained, known, unknown, whether
or not jointly owed with others, whether or not from time to time decreased or extinguished and later decreased, created or incurred,
or obligations existing or incurred under this Note, or any other agreement between any of the Borrower and the Holder, as such obligations
may be amended, supplemented, converted, extended or modified from time to time.

 

1.13            
“Person” means any individual, sole proprietorship, joint venture, partnership, company, corporation, association,
cooperation, trust, estate, Governmental Authority, or any other entity of any nature whatsoever.

 

1.14            
“Subsidiary” means any Person in which the Borrower, directly or indirectly, (i) owns or acquires any of the outstanding
capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of the business, operations
or administration of such Person, and all of the foregoing, collectively, “Subsidiaries.”

 

2.                  
Payments of Principal and Interest; Additional Terms.

 

2.1              
Payment of Principal. The principal amount of this Note shall be paid to the Holder no later than the Maturity Date.

 

2.2              
Payment of Interest. Except as otherwise provided herein, all interest on the principal amount of this Note shall be paid
to the Holder on the Maturity Date.

 

2.3              
General Payment Provisions. All payments of principal and interest, if any, on this Note shall be made in lawful money of
the United States of America by wire transfer to such account as the Holder may designate by written notice to the Borrower in accordance
with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business
Day, the same shall instead be due on the next succeeding Business Day.

 

2.4              
Prepayment. At any time, upon receiving the written consent of the Holder, the Borrower may pre-pay this Note without penalty.

 

3.                  
Defaults and Remedies.

 

	 	3.1	Events of Default. An “Event of Default” means:

 

		3.1.1	the Borrower shall fail to pay any interest, principal or other charges due under this Note on the date
when any such payment shall be due and payable;

 

		3.1.2	the Borrower shall fail to perform, comply with or abide by any of the stipulations, agreements, conditions
and/or covenants contained in this Note on the part of the Borrower to be performed complied with or abided by;

 

		3.1.3	the bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief
of debtors shall be instituted by or against the Borrower or any Subsidiary and, if instituted against the Borrower or any Subsidiary
by a third party, shall not be dismissed within forty-five (45) days of their initiation;

 

    2

     

    

 

		3.1.4	the commencement by the Borrower or any Subsidiary of a voluntary case or proceeding under any applicable
federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated
a bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Borrower
or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the
filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Borrower or any Subsidiary or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or foreign
proceeding, the taking of corporate action by the Borrower or any Subsidiary in furtherance of any such action or the taking of any action
by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under federal, state or foreign law;

 

		3.1.5	the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Borrower
or any Subsidiary of a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Borrower or any Subsidiary
as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition
of or in respect of the Borrower or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order, judgment
or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the
Borrower or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document
unstayed and in effect for a period of thirty (30) consecutive days;

 

		3.1.6	the Borrower shall fail to maintain the listing or quotation of its common stock on at least one of the
OTC Pink, OTCQB, Nasdaq National Market, Nasdaq Small Cap Market, New York Stock Exchange, NYSE MKT, or an equivalent replacement exchange;
or

 

		3.1.7	the Borrower shall fail to file when due all reports under the Exchange Act (including but not limited
to becoming delinquent in its filings); and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

		3.1.8	[RESERVED]

 

    3

     

    

 

3.2              
Remedies. Upon the occurrence of an Event of Default that is not timely cured within an applicable cure period hereunder,
the Holder may, in its sole discretion, accelerate full repayment of all principal amounts outstanding hereunder, together with accrued
interest thereon, together with all attorneys’ fees, paralegals’ fees and costs and expenses incurred by the Holder in collecting
or enforcing payment hereof (whether such fees, costs or expenses are incurred in negotiations, all trial and appellate levels, administrative
proceedings, bankruptcy proceedings or otherwise), and together with all other sums due by the Borrower hereunder, all without any relief
whatsoever from any valuation or appraisement laws, and payment thereof may be enforced and recovered in whole or in part at any time
by one or more of the remedies provided to the Holder at law, in equity, or under this Note. Any amount of principal or interest on this
Note which is not paid when due shall bear interest at the rate of ten percent (10%) per annum.

 

4.                  
Representations and Warranties.

 

4.1              
Organization. The Borrower is a corporation duly incorporated, validly existing and in good standing under the Laws of Nevada
and has the full power and authority and all necessary certificates, licenses and approvals: (i) to enter into and execute this Note and
to perform all of its Obligations hereunder; and (ii) to own and operate its Assets and properties and to conduct and carry on its business
as and to the extent now conducted. The Borrower is duly qualified to transact business and is in good standing as a foreign entity in
each jurisdiction where the character of its business or the ownership or use and operation of its Assets or properties requires such
qualification, except as would not have an material adverse effect. The exact legal name of the Borrower is as set forth in the preamble
to this Note, and the Borrower does not currently conduct business under any other name or trade name.

 

4.2              
Authority and Approval of Agreement; Binding Effect. The execution and delivery by the Borrower of this Note, and the performance
by the Borrower of all of its Obligations hereunder, has been duly and validly authorized and approved by the Borrower and, its directors
or shareholders, as required, pursuant to all applicable Laws and no other action or Consent on the part of its board, shareholders or
any other Person is necessary or required by the Borrower to execute this Note, consummate the transactions contemplated herein, perform
all of its Obligations hereunder. This Note has been duly and validly executed by the Borrower (and the officer executing this Note is
duly authorized to act and execute same on behalf of the Borrower) and constitutes the valid and legally binding agreement of the Borrower,
enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies.

 

5.                  
Covenants.

 

5.1              
Legal Existence. The Borrower shall at all times preserve and maintain its: (i) existence and good standing in the jurisdiction
of its organization; and (ii) its qualification to do business and good standing in each jurisdiction where the nature of its business
makes such qualification necessary, and shall at all times continue as a going concern in the business which the Borrower is presently
conducting.

 

5.2              
Notice of Default. The Borrower shall, promptly, but not more than one (1) Business Day after the commencement thereof,
give notice to the Holder in writing of the occurrence of any "Event of Default" or of any event which, with the lapse of time,
the giving of notice or both, would constitute an Event of Default hereunder.

 

6.                  
Miscellaneous.

 

6.1              
Lost or Stolen Note. Upon notice to the Borrower of the loss, theft, destruction or mutilation of this Note, and, in the
case of loss, theft or destruction, of an indemnification undertaking by the Holder to the Borrower in a customary and reasonable form
and, in the case of mutilation, upon surrender and cancellation of the Note, the Borrower shall execute and deliver a new Note of like
tenor and date and in substantially the same form as this Note.

 

    4

     

    

 

6.2              
[RESERVED].

 

6.3              
Severability. In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal,
or unenforceable, in whole or in part, in any respect, or in the event that any one or more of the provisions of this Note operates or
would prospectively operate to invalidate this Note, then and in any of those events, only such provision or provisions shall be deemed
null and void and shall not affect any other provision of this Note. The remaining provisions of this Note shall remain operative and
in full force and effect and shall in no way be affected, prejudiced, or disturbed thereby.

 

6.4              
Cancellation. After all principal, accrued interest and other amounts at any time owed on this Note has been indefeasibly
paid or satisfied in full, this Note shall automatically be deemed canceled, shall be surrendered to the Borrower for cancellation and
shall not be re-issued.

 

6.5              
Entire Agreement and Amendments. This Note represents the entire agreement between the parties hereto with respect to the
subject matter hereof and thereof, and there are no representations, warranties or commitments, except as set forth herein. This Note
may be amended only by an instrument in writing executed by the parties hereto.

 

6.6              
Binding Effect. This Note shall be binding upon the Borrower and the successors and assigns of the Borrower and shall inure
to the benefit of the Holder and the successors and assigns of the Holder.

 

6.7              
Governing Law and Venue. The Borrower and Holder each irrevocably agrees that any dispute arising under, relating to, or
in connection with, directly or indirectly, this Note or related to any matter which is the subject of or incidental to this Note (whether
or not such claim is based upon breach of contract or tort) shall be subject to the exclusive jurisdiction and venue of the state and/or
federal courts located in New York. This provision is intended to be a “mandatory” forum selection clause and governed by
and interpreted consistent with Nevada law. The Borrower and Holder each hereby consents to the exclusive jurisdiction and venue of any
state or federal court having its situs in the State of New York, and each waives any objection based on forum non conveniens. The Borrower
hereby waives personal service of any and all process and consent that all such service of process may be made by certified mail, return
receipt requested, directed to the Borrower, as set forth herein in the manner provided by applicable statute, law, rule of court or otherwise.
All terms and provisions hereof and the rights and obligations of the Borrower and Holder hereunder shall be governed, construed and interpreted
in accordance with the laws of the State of Nevada, without reference to conflict of laws principles.

 

6.8              
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note, at law or in equity.

 

6.9              
Specific Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more
general provision contained herein. This Note shall be deemed to be jointly drafted by the Borrower and the Holder and shall not be construed
against any person as the drafter hereof.

 

6.10            
Failure or Indulgence Not Waiver. No failure or delay on the part of this Note in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.

 

    5

     

    

 

6.11            
Notice. Notice shall be given to each party such other address as provided to the other party in writing.

 

6.12            
Transfer. This Note may be transferred by the Holder without the consent of the Borrower.

 

6.13            
Collection Costs. If (a) this Note is placed in the hands of an attorney for collection or enforcement or is collected or
enforced through any legal proceeding or the Borrower otherwise takes action or incurs costs to collect amounts due under this Note or
to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Borrower or other proceedings
affecting creditors’ rights and involving a claim under this Note, then the Borrower shall pay the costs incurred by the Holder
for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including,
without limitation, attorneys’ fees and disbursements.

 

[signature page follows]

 

    6

     

    

 

IN WITNESS WHEREOF, the
parties have caused this Note to be executed on and as of the Issuance Date.

 

	 	Brain Scientific, Inc.
	 	as Borrower
	 	 
	 	By:	/s/ Boris Goldstein
	 	Name:	Boris Goldstein
	 	Title:	Chairman

 

	 	Piezo Motion Corp.
	 	as Holder
	 	 
	 	By:	/s/ Hassan Kotob
	 	Name:	Hassan Kotob
	 	Title:	Chief Executive Officer

 

Date: July 8, 2021

 

Principal Amount: $130,000.00

 

[Signature page to Promissory Note ]

 

    7Exhibit 10.1

 

EBANG INTERNATIONAL HOLDINGS
INC.

 

AMENDED AND RESTATED 2020 SHARE INCENTIVE PLAN

 

As
adopted on July 9, 2021

 

ARTICLE 1

 

PURPOSE

 

The purpose of the Ebang International
Holdings Inc. 2020 Share Incentive Plan (the “Plan”) is to promote the success and enhance the value of Ebang International
Holdings Inc., a company incorporated under the laws of the Cayman Islands with limited liability (the “Company”),
by linking the personal interests of the members of the Board, Employees, Consultants and other individuals as the Committee may authorize
and approve, to those of the Company’s shareholders and, by providing such individuals with an incentive for outstanding performance,
to generate superior returns to the Company’s shareholders. The Plan is further intended to provide flexibility to the Company in
its ability to motivate, attract, and retain the services of recipients of share incentives hereunder upon whose judgment, interest, and
special effort the successful conduct of the Company’s operation is largely dependent.

 

ARTICLE 2

 

DEFINITIONS
AND CONSTRUCTION

 

Wherever the following terms are used in
the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include
the plural where the context so indicates.

 

2.1 “Applicable Laws” means the legal requirements relating to the
Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders,
and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted to residents
therein.

 

2.2
“Award” means an Option, Restricted Share or Restricted Share Unit award granted to a Participant pursuant to the
Plan.

 

2.3 “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including through
electronic medium.

 

2.4
“Award Pool” shall have the meaning set forth in Section 3.1(a).

 

2.5
“Board” means the Board of Directors of the Company.

 

2.6 “Cause”
with respect to a Participant means (unless otherwise expressly provided in the applicable Award Agreement, or another applicable contract
with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the
Participant’s Awards) a termination of employment or service based upon a finding by the Service Recipient, acting in good faith
and based on its reasonable belief at the time, that the Participant:

 

(a) has
been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties or is
incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties;

 

(b) has
been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure
or use of inside information, customer lists, trade secrets or other confidential information;

 

(c) has
breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Service Recipient;
or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar
offenses);

 

(d)
has materially breached any of the provisions of any agreement with the Service Recipient;

 

(e) has
engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the
Service Recipient; or

 

     

    

    

 

(f) has
improperly induced a vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for whom
the Service Recipient acts as agent to terminate such agency relationship.

 

A termination for Cause shall be deemed
to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date on which the Service Recipient first
delivers written notice to the Participant of a finding of termination for Cause.

 

2.7
“Class A Ordinary Share” means a class A ordinary share of par value HK$0.001 in the share capital of the Company having
the rights as set out in the Memorandum and Articles of Association of the Company.

 

2.8
“Code” means the Internal Revenue Code of 1986 of the United States, as amended.

 

2.9
“Committee” means the Board or a committee of the Board described in Article 10.

 

2.10 “Consultant”
means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services
rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and
do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a
natural person who has contracted directly with the Service Recipient to render such services.

 

2.11 “Corporate
Transaction”, unless otherwise defined in an Award Agreement, means any of the following transactions, provided, however, that
the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding
and conclusive:

 

(a) an
amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company is not the surviving entity, except for a
transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following which
the holders of the voting securities of the Company do not continue to hold more than 50% of the combined voting power of the voting securities
of the surviving entity;

 

(b)
the sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

(c)
the complete liquidation or dissolution of the Company;

 

(d) any
reverse takeover or series of related transactions culminating in a reverse takeover (including, but not limited to, a tender offer followed
by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately
prior to such takeover are converted or exchanged by virtue of the takeover into other property, whether in the form of securities, cash
or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s
outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such
takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions
that the Committee determines shall not be a Corporate Transaction; or

 

(e) acquisition
in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored
employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than
fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction
or series of related transactions that the Committee determines shall not be a Corporate Transaction.

 

2.12 “Disability”,
unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive long- term disability payments under the
Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides
services regardless of whether the Participant is covered by such policy. If the Service Recipient to which the Participant provides service
does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities
and functions of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period
of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes
proof of such impairment sufficient to satisfy the Committee in its discretion.

 

2.13
“Effective Date” shall have the meaning set forth in Section 11.1.

 

2.14 “Employee”
means any person, including an officer or a member of the Board of the Company or any Parent or Subsidiary of the Company, who is in the
employment of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and
the manner and method of performance. The payment of a director’s fee by a Service Recipient shall not be sufficient to constitute
“employment” by the Service Recipient.

 

    2

    

    

 

2.15
“Exchange Act” means the Securities Exchange Act of 1934 of the United States, as amended.

 

2.16
“Fair Market Value” means, as of any date, the value of Shares determined as follows:

 

(a) If
the Shares are listed on one or more established stock exchanges or national market systems, including without limitation, The New York
Stock Exchange and The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid,
if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as determined by the Committee)
on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading
date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Committee
deems reliable;

 

(b) If
the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer,
its Fair Market Value shall be the closing sales price for such shares as quoted on such system or by such securities dealer on the date
of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and
low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such
prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or

 

(c) In
the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be
determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement
of the Shares and the development of the Company’s business operations and the general economic and market conditions since such
latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s business
operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other
methodologies or information as the Committee determines to be indicative of Fair Market Value and relevant.

 

2.17 “Incentive
Share Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision
thereto.

 

2.18 “Independent
Director” means (i) before the Shares or other securities representing the Shares are listed on a stock exchange, a member of
the Board who is a Non-Employee Director; and (ii) after the Shares or other securities representing the Shares are listed on a stock
exchange, a member of the Board who meets the independence standards under the applicable corporate governance rules of the stock exchange.

 

2.19 “Non-Employee
Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3)
of the Exchange Act, or any successor definition adopted by the Board.

 

2.20
“Non-Qualified Share Option” means an Option that is not intended to be an Incentive Share Option.

 

2.21 “Option”
means a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified price
during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option.

 

2.22 “Participant”
means a person who, as a member of the Board, Consultant or Employee, or other individuals as the Committee may authorize and approve,
has been granted an Award pursuant to the Plan.

 

2.23
“Parent” means a parent corporation under Section 424(e) of the Code.

 

2.24 “Plan” means this
Ebang International Holdings Inc. 2020 Share Incentive Plan, as it may be amended from time to time.

 

2.25 “Related
Entity” means any business, corporation, partnership, limited liability company or other entity in which the Company, a Parent
or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, but which is not a Subsidiary and which the
Board designates as a Related Entity for purposes of the Plan.

 

2.26 “Restricted
Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be subject
to risk of forfeiture.

 

2.27 “Restricted Share Unit”
means the right granted to a Participant pursuant to Article 7 to receive a Share at a future date.

 

    3

    

    

 

2.28
“Securities Act” means the Securities Act of 1933 of the United States, as amended.

 

2.29 “Service
Recipient” means the Company, any Parent or Subsidiary of the Company and any Related Entity to which a Participant provides
services as an Employee, a Consultant, or a Director.

 

2.30 “Share”
means the Class A Ordinary Shares of the Company, par value HK$0.001 per share, and such other securities of the Company that may be substituted
for Shares pursuant to Article 9.

 

2.31 “Subsidiary”
means any corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned or controlled
directly or indirectly by the Company.

 

2.32 “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to a registration statement filed
with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act.

 

ARTICLE 3

 

SHARES SUBJECT TO THE PLAN

 

3.1
Number of Shares.

 

(a) Subject
to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all Awards (including
Incentive Share Options) under the Plan (the "Award Pool") shall be eight percent (8%) of the total outstanding Class A Ordinary
Shares of the Company immediately upon the completion of the initial public offering of the Company.

 

(b) To
the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to the Award shall again be available for the
grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution
for, any outstanding awards of any entity acquired in any form or combination by the Company or any Parent or Subsidiary of the Company
shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company
upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned,
granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Restricted Shares are forfeited by the Participant
or repurchased by the Company, such Shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section
3.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such action would
cause an Incentive Share Option to fail to qualify as an Incentive Share Option under Section 422 of the Code.

 

3.2 Shares
Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury
shares (subject to Applicable Laws) or Shares purchased on the open market.

 

ARTICLE 4

 

ELIGIBILITY AND PARTICIPATION

 

4.1 Eligibility.
Those eligible to participate in this Plan include Employees, Consultants, and all members of the Board, and other individuals, as determined,
authorized and approved by the Committee.

 

4.2 Participation.
Subject to the provisions of the Plan, the Committee may, from time to time, select from among all eligible individuals, those to whom
Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award
pursuant to this Plan.

 

4.3 Jurisdictions.
In order to assure the viability of Awards granted to Participants in various jurisdictions, the Committee may provide for such special
terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction
in which the Participant resides, is employed, operates or is incorporated. Moreover, the Committee may approve such supplements to, or
amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby
affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements,
or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding the foregoing, the
Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

 

    4

    

    

 

ARTICLE 5

 

OPTIONS

 

5.1
General. The Committee is authorized to grant Options to Participants on the following terms and conditions:

 

(a) Exercise
Price. The exercise price per Share subject to an Option shall be determined by the Committee and set forth in the Award Agreement
which may be a fixed or variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to an Option
may be amended or adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding and conclusive.
For the avoidance of doubt, to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment of the exercise
prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s shareholders or the
approval of the affected Participants. No adjustment shall be made to the exercise price of Options if it will result in the exercise
price falling below the then par value of the Shares.

 

(b) Time
and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part,
including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except
as provided in Section 12.1. The Committee shall also determine any conditions, if any, that must be satisfied before all or part of an
Option may be exercised.

 

(c) Payment.
The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without
limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese
Renminbi, (iii) cash or check denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of
time as may be required by the Committee in order to avoid adverse financial accounting consequences and having a Fair Market Value on
the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the
delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise
of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction
of the Option exercise price; provided that payment of such proceeds is then made to the Company upon settlement of such sale,
(vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or (vii) any combination of the
foregoing. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive
officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of
an Option in any method which would violate Section 13(k) of the Exchange Act.

 

(d) Evidence
of Grant. All Options shall be evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall
include such additional provisions as may be specified by the Committee.

 

(e) Effects
of Termination of Employment or Service on Options. Termination of employment or service shall have the following effects on
Options granted to the Participants:

 

(i) Dismissal
for Cause. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service Recipient
is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination, whether or not
the Option is then vested and/or exercisable;

 

(ii) Death
or Disability. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to the Service
Recipient terminates as a result of the Participant’s death or Disability:

 

		(a)	the Participant (or his or her legal representative or beneficiary, in the case of the Participant’s Disability or death, respectively),
will have until the date that is 12 months after the Participant’s termination of Employment to exercise the Participant’s
Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination
of Employment on account of death or Disability;

 

		(b)	the Options, to the extent not vested and exercisable on the date of the Participant’s termination of Employment or service,
shall terminate upon the Participant’s termination of Employment or service on account of death or Disability; and

 

		(c)	the Options, to the extent exercisable for the 12-month period following the Participant’s termination of Employment or service
and not exercised during such period, shall terminate at the close of business on the last day of the 12-month period.

 

(iii) Other
Terminations of Employment or Service. Unless otherwise provided in the Award Agreement, if a Participant’s employment
by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or because
of the Participant’s death or Disability:

 

		(a)	the Participant will have until the date that is 90 days after the Participant’s termination of Employment or service to exercise
his or her Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s
termination of Employment or service;

 

    5

    

    

 

		(b)	the Options, to the extent not vested and exercisable on the date of the Participant’s termination of Employment or service,
shall terminate upon the Participant’s termination of Employment or service; and

 

		(c)	the Options, to the extent exercisable for the 90-day period following the Participant’s termination of Employment or service
and not exercised during such period, shall terminate at the close of business on the last day of the 90-day period.

 

5.2 Incentive
Share Options. Incentive Share Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company. Incentive
Share Options may not be granted to Employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive
Share Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional
provisions of this Section 5.2:

 

(a) Individual
Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to
which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation
as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first exercisable
by a Participant in excess of such limitation, the excess shall be considered Non- Qualified Share Options.

 

(b) Exercise
Price. The exercise price of an Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However, the
exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more than ten
percent of the total combined voting power of all classes of shares of the Company may not be less than 110% of Fair Market Value on the
date of grant and such Option may not be exercisable for more than five years from the date of grant.

 

(c) Transfer
Restriction. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive
Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares
to the Participant.

 

(d) Expiration
of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of
the Effective Date.

 

(e) Right to Exercise.
During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant.

 

ARTICLE
6

 

RESTRICTED SHARES

 

6.1 Grant
of Restricted Shares. The Committee, at any time and from time to time, may grant Restricted Shares to Participants as the Committee,
in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Shares to be
granted to each Participant.

 

6.2 Restricted
Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement that shall specify the period
of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion,
shall determine. Unless the Committee determines otherwise, Restricted Shares shall be held by the Company as escrow agent until the restrictions
on such Restricted Shares have lapsed.

 

6.3 Issuance
and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and other restrictions as the Committee
may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the
Restricted Share). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments,
or otherwise, as the Committee determines at the time of the grant of the Award or thereafter.

 

6.4 Forfeiture/Repurchase.
Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment or
service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or
repurchased in accordance with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted Share Award
Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in
the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture
and repurchase conditions relating to Restricted Shares.

 

    6

    

    

 

6.5 Certificates
for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine.
If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend
referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, at its discretion, retain
physical possession of the certificate until such time as all applicable restrictions lapse.

 

6.6 Removal
of Restrictions. Except as otherwise provided in this Article 6, Restricted Shares granted under the Plan shall be released from escrow
as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate the time at which
any restrictions shall lapse or be removed. After the restrictions have lapsed, the Participant shall be entitled to have any legend or
legends under Section 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant, subject
to applicable legal restrictions. The Committee (in its discretion) may establish procedures regarding the release of Shares from escrow
and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company.

 

ARTICLE 7

 

RESTRICTED
SHARE UNITS

 

7.1 Grant
of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants as the
Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Share
Units to be granted to each Participant.

 

7.2 Restricted
Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award Agreement that shall specify
any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole
discretion, shall determine.

 

7.3 Performance
Objectives and Other Terms. The Committee, in its discretion, may set performance objectives or other vesting criteria which,
depending on the extent to which they are met, will determine the number or value of Restricted Share Units that will be paid out to the
Participants.

 

7.4 Form
and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the date or dates
on which the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion,
may pay Restricted Share Units in the form of cash, in Shares or in a combination thereof.

 

7.5 Forfeiture/Repurchase.
Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment or
service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or repurchased
in accordance with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted Share Unit Award Agreement
that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived in whole or in part in the
event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and
repurchase conditions relating to Restricted Share Units.

 

ARTICLE 8

 

PROVISIONS APPLICABLE TO AWARDS

 

8.1 Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service
terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award.

 

8.2
No Transferability; Limited Exception to Transfer Restrictions.

 

8.2.1 Limits
on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 8.2, by applicable law and by the Award Agreement,
as the same may be amended:

 

		(a)	all Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge,
encumbrance or charge;

 

		(b)	Awards will be exercised only by the Participant; and

 

		(c)	amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in the case of Shares,
registered in the name of, the Participant.

 

In addition, the shares shall be subject to the restrictions
set forth in the applicable Award Agreement.

 

    7

    

    

 

8.2.2 Further Exceptions to Limits
on Transfer. The exercise and transfer restrictions in Section 8.2.1 will not apply to:

 

		(a)	transfers to the Company or a Subsidiary;

 

		(b)	transfers by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act;

 

		(c)	the designation of a beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises
by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent
and distribution; or

 

		(d)	if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s
duly authorized legal representative; or

 

		(e)	subject to the prior approval of the Committee or an executive officer or director of the Company authorized by the Committee, transfer
to one or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant and/or
the Participant’s family members, including but not limited to trusts or other entities whose beneficiaries or beneficial owners
are the Participant and/or the Participant’s family members, or to such other persons or entities as may be expressly approved by
the Committee, pursuant to such conditions and procedures as the Committee or may establish. Any permitted transfer shall be subject to
the condition that the Committee receives evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes
and on a basis consistent with the Company’s lawful issue of securities.

 

Notwithstanding anything else in this Section 8.2.2 to
the contrary, but subject to compliance with all applicable laws, Incentive Share Options, Restricted Shares and Restricted Share Units
will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the intended tax
consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all applicable laws, any contemplated transfer
by gift to “immediate family” as referenced in clause (b) above is subject to the condition precedent that the transfer be
approved by the Committee in order for it to be effective.

 

8.3 Beneficiaries.
Notwithstanding Section 8.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights
of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal
guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the
Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to
any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community
property state, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more than
50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s
spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant
to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed
or revoked by a Participant at any time provided the change or revocation is filed with the Committee.

 

8.4 Share
Certificates. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates
evidencing the Shares pursuant to the exercise of any Award, unless and until the Committee has determined, with advice of counsel, that
the issuance and delivery of such certificates is in compliance with all Applicable Laws, regulations of governmental authorities and,
if applicable, the requirements of any exchange on which the Shares are listed or traded. All Share certificates delivered pursuant to
the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply all Applicable
Laws, and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded.
The Committee may place legends on any Share certificate to reference restrictions applicable to the Shares. In addition to the terms
and conditions provided herein, the Committee may require that a Participant make such reasonable covenants, agreements, and representations
as the Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee
shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise
of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee.

 

8.5 Paperless
Administration. Subject to Applicable Laws, the Committee may make Awards, provide applicable disclosure and procedures for exercise
of Awards by an internet website or interactive voice response system for the paperless administration of Awards.

 

    8

    

    

 

8.6 Foreign
Currency. A Participant may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired
and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control
laws and regulations. In the event the exercise price for an Award is paid in Chinese Renminbi or other foreign currency, as permitted
by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s
Bank of China for Chinese Renminbi, or for jurisdictions other than the Peoples Republic of China, the exchange rate as selected by the
Committee on the date of exercise.

 

ARTICLE 9

 

CHANGES IN CAPITAL STRUCTURE

 

9.1 Adjustments.
In the event of any dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off,
recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change
affecting the shares of Shares or the share price of a Share, the Committee shall make such proportionate adjustments, if any, as
the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and type of
shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the
terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with
respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan.

 

9.2 Corporate
Transactions. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between
the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee
may, in its sole discretion (without the need to seek approval from the Shareholders of the Company or the Participants, to the extent
permitted by all Applicable Laws), provide for (i) any and all Awards outstanding hereunder to terminate at a specific time in the future
and shall give each Participant the right to exercise the vested portion of such Awards during a period of time as the Committee shall
determine, or (ii) the purchase of any Award for an amount of cash equal to the amount that could have been attained upon the exercise
of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no amount would have been
attained upon the exercise of such Award, then such Award may be terminated by the Company without payment), or (iii) the replacement
of such Award with other rights or property selected by the Committee in its sole discretion or the assumption of or substitution of such
Award by the successor or surviving corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and
kind of Shares and prices, or (iv) payment of Award in cash based on the value of Shares on the date of the Corporate Transaction plus
reasonable interest on the Award through the date when such Award would otherwise be vested or have been paid in accordance with its original
terms, if necessary to comply with Section 409A of the Code.

 

9.3 Outstanding
Awards – Other Changes. In the event of any other change in the capitalization of the Company or corporate change
other than those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments in the
number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise
price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights.

 

9.4 No
Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or
consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any
dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or
pursuant to action of the Committee under the Plan, no issuance by the Company of shares of any class, or securities convertible into
shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares subject to
an Award or the grant or exercise price of any Award.

 

ARTICLE
10

 

ADMINISTRATION

 

10.1 Committee.
The Plan shall be administered by the Board or a committee of one or more members of the Board to whom the Board shall delegate the authority
to grant or amend Awards to Participants other than any of the Committee members. Any grant or amendment of Awards to any Committee member
shall then require an affirmative vote of a majority of the Board members who are not on the Committee.

 

10.2 Action
by the Committee. A majority of the members of the Committee shall constitute a quorum and if there is only a sole member,
the sole member shall constitute a quorum. The acts of a majority of the members of the Committee present at any meeting at which a quorum
is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee.
Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member
by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any
executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

 

    9

    

    

 

10.3 Authority
of the Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion
(without the need to seek approval from the Shareholders of the Company or the Participants, to the extent permitted by all Applicable
Laws) to:

 

(a)
designate Participants to receive Awards;

 

(b)
determine the type or types of Awards to be granted to each Participant;

 

(c)
determine the number of Awards to be granted and the number of Shares to which an Award will relate;

 

(d) determine
the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, or
purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the
exercisability of an Award, and accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on an
Award, based in each case on such considerations as the Committee in its sole discretion determines;

 

(e) determine
whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid
in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

 

(f)
prescribe the form of each Award Agreement, which need not be identical for each Participant;

 

(g)
decide all other matters that must be determined in connection with an Award;

 

(h) establish, adopt, or revise any
rules and regulations as it may deem necessary or advisable to administer the Plan;

 

(i)
interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; and

 

(j) make
all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer
the Plan.

 

10.4 Decisions
Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions
and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties.

 

ARTICLE 11

 

EFFECTIVE AND EXPIRATION DATE

 

11.1 Effective
Date. The Plan is effective immediately upon the completion of the initial public offering of the Company (the “Effective
Date”). The Plan will be deemed to be approved by the shareholders if it receives the affirmative vote of the holders of a majority
of the share capital of the Company present or represented and entitled to vote at a meeting duly held in accordance with the applicable
provisions of the Company’s Memorandum of Association and Articles of Association or unanimous written approval by all the shareholders
of the Company.

 

11.2 Expiration
Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective Date.
Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan
and the applicable Award Agreement.

 

ARTICLE 12

 

AMENDMENT, MODIFICATION, AND TERMINATION

 

12.1 Amendment, Modification,
And Termination. With the prior approval of the Board (whether by way of general authorization or specific approval), at any time
and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and
desirable to comply with Applicable Laws, the Company shall obtain shareholders’ approval of any Plan amendment in such a manner
and to such a degree as required, unless the Company decides to follow home country practice, and (b) shareholders’ approval is
required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as
provided by Article 9), or (ii) extends the term of the Plan or the exercise period for an Option beyond ten years from the date of grant
unless the Company decides to follow home country practice.

 

    10

    

    

 

12.2 Awards
Previously Granted. Except with respect to amendments made pursuant to Section 12.1, no termination, amendment, or modification
of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent
of the Participant.

 

ARTICLE 13

 

GENERAL PROVISIONS

 

13.1 No
Rights to Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan,
and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly.

 

13.2 No
Shareholders Rights. No Award gives the Participant any of the rights of a Shareholder of the Company unless and until Shares
are in fact issued to and registered in the name of such person in connection with such Award.

 

13.3 Taxes.
No Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Committee
for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall
have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable Laws to be withheld
with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in
satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an
Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other
provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award
(or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in
order to satisfy any income and payroll tax liabilities applicable to the Participant with respect to the issuance, vesting, exercise
or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market
Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding
rates for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income.

 

13.4 No
Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way
the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant
any right to continue in the employment or services of any Service Recipient.

 

13.5 Unfunded
Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments
not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any
rights that are greater than those of a general creditor of the Company or any Subsidiary.

 

13.6 Indemnification.
To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held harmless
by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection
with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved
by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction
of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its
own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant
to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or otherwise, or any power that the
Company may have to indemnify them or hold them harmless.

 

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

 

13.8
Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

 

13.9 Titles and Headings. The titles and headings of the Sections in the Plan are for
convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

13.10 Fractional
Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in
lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate.

 

    11

    

    

 

13.11 Limitations Applicable to Section 16 Persons. Notwithstanding any other
provision of the Plan, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange
Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including
any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted
by the Applicable Laws, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to
such applicable exemptive rule.

 

13.12 Government
and Other Regulations. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all
Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register
any of the Shares paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares
paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable
Laws, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such
exemption.

 

13.13 Governing
Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands.

 

13.14 Section
409A. To the extent that the Committee determines that any Award granted under the Plan is or may become subject to Section 409A of
the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To
the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of the Code and the U.S.
Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation
or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event
that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and related Department
of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt
such amendments to the Plan and the applicable Award agreement or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a)
exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the
Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance.

 

13.15 Appendices. The Committee may approve such supplements, amendments or appendices
to the Plan as it may consider necessary or appropriate for purposes of compliance with Applicable Laws or otherwise and such supplements,
amendments or appendices shall be considered a part of the Plan, subject to Section 12.1 of the Plan.

 

 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]