Document:

Exhibit 10.16 

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (the “Agreement”), dated as of November 4, 2020 (the “Effective Date”), is made and entered
into by and between EWC Ventures, LLC, a Delaware limited liability company (the “Company”), and Jennifer Vanderveldt
(the “Executive”).

 

WHEREAS, the Company desires
to employ the Executive, and the Executive desires to be employed by the Company, on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises made herein and intending to be legally bound, the Company and the Executive agree as follows:

 

1.          Employment. The Company hereby employs the Executive, and the Executive hereby accepts employment with the Company,
on the terms and conditions set forth in this Agreement. The term of the Executive’s employment hereunder (the “Initial
Term”) shall commence on or around December 7, 2020 (the actual date of commencement is referred to as the “Commencement
Date”), and, unless sooner terminated as set forth in Section 5 below, shall expire on the third (3rd) anniversary
of the Commencement Date; provided, that the Initial Term shall automatically renew for successive additional terms of one (1)
year (each, a “Renewal Term”), unless notice of nonrenewal is given in writing by either party at least sixty (60)
days prior to the expiration of the then-current term (the Initial Term and any Renewal Term(s) are hereinafter referred to as the “Term”).
The Company’s and Executive’s obligations pursuant to this Agreement are conditioned upon the Executive’s commencing
employment on or before December 7, 2020, and if that does not occur, the Agreement shall be void ab initio without liability
to Executive, the Company or any of the Company’s affiliates.

 

2.         Title and Duties.

 

            (a)        Title
and Duties. The Executive will serve as Chief Financial Officer of the Company and its subsidiaries
(collectively, the “Group Companies”) and will have the normal duties, responsibilities and authority of this office, subject
to the power of the Board of Directors of the Company (the “Board”) and the Chief Executive Officer (the “CEO”)
to expand or limit such duties, responsibilities and authority and to override the Executive’s actions. The Executive shall initially
report directly to the CEO. The Executive’s duties and responsibilities shall include, without limitation, overseeing all financial
and accounting matters for the Company. The Executive shall be covered by directors’ and officers’ insurance coverage on
terms consistent with the coverage maintained by the Company for its officers for all claims arising from or related to Executive’s
service as an officer or employee of the Company or as a fiduciary, officer or director of any subsidiary, plan or other entity at the
request of the Company. Executive will be entitled to indemnification, advancement, and exculpation from the Company on terms no less
favorable to Executive than consistent with those as provided as of the date hereof to Covered Persons (as such term is defined in the
Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of September 25, 2018.

 

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(b)      Location of Employment. The Executive’s principal place of employment will
be at the Company’s headquarters or such other executive offices designated by the Company from time to time, it being understood
that while the Company’s headquarters are located in Plano, Texas the corporate team is currently in a remote work setting.
The Executive acknowledges and understands that, when necessary, travel will be required to fully perform the Executive’s duties
and responsibilities hereunder. When the corporate office is reopened, the Executive acknowledges that her position requires a regular
physical presence at the Company’s principal offices of 4-5 business days per week. At such times, the Executive may in good faith
establish her work and travel schedule, taking into account job responsibilities, the Company’s business needs, available travel
itineraries and other factors deemed appropriate by the Company and the Executive; provided, that the Company reserves the right to review
and modify the Executive’s schedule from time to time in its good faith business discretion. Repeated failures by the Executive
to maintain such a regular physical presence at the Company’s principal offices, wherever located, are grounds for a termination
by the Company for Cause (as defined below).

 

3.         Full Time; Best Efforts. The Executive will devote her best efforts and her full business time and attention
to the business and affairs of the Group Companies. The Executive will not engage in any other business activity without the prior written
approval of the Board, and will perform her duties and responsibilities hereunder to the Group Companies to the best of her abilities
in a diligent, trustworthy and business-like manner. This provision shall not operate to prohibit the Executive from (i) serving on corporate,
civic or charitable boards or committees, so long as the Executive has the prior approval of the Board or the CEO, which approval will
not be unreasonably withheld, and (ii) delivering lectures or fulfilling speaking engagements, so long as the Executive has the prior
approval of the Board or the CEO, which approval will not be unreasonably withheld, so long as in any case above such activities, individually
or in the aggregate, do not materially interfere with the performance of the Executive’s duties under this Agreement.

 

4.          Compensation and Benefits.

             

             (a)          Salary. Commencing on the Commencement Date, the Company shall pay the Executive a base salary at the annual
rate of $375,000 (as in effect from time to time, the “Salary”), as reduced by all payroll deductions required by
law and/or authorized by the Executive, which Salary shall be payable in equal installments in accordance with the Company’s normal
payroll practice and prorated during any partial year of employment. The Salary shall be subject to annual review by the Board and any
increase thereof shall be within the Board’s sole discretion. 

 

             (b)         Sign-On Bonus. The Executive shall be paid a sign-on bonus of $100,000 (the “Sign-On Bonus”)
payable within thirty (30) days following the Commencement Date. If the Executive’s employment with the Company is terminated by
the Company for Cause (as defined below) or the Executive resigns without Good Reason (as defined below), in either case, during the
two (2) year period immediately following the Commencement Date (the “Clawback Period”), then the Executive shall
repay to the Company within ten (10) days following the date of termination a portion of the Sign-On Bonus equal to either (A) if the
termination occurs within the one (1) year period immediately following the Commencement Date, then 100% of the Sign-On Bonus, or (B)
if the termination occurs beyond such one (1) year period but prior to the expiration of the Clawback Period, then the product obtained
by multiplying (i) the Sign-On Bonus by (ii) a fraction, (x) the numerator of which is equal to the number of calendar days remaining
in the Clawback Period, and (y) the denominator of which is 731.

 

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(c)          Performance
Bonus. Beginning in calendar year 2021, the Executive will be eligible to participate in the Company’s annual incentive
bonus plan (the “Bonus Plan”). The target payout pursuant to the Bonus Plan shall be 50% (the “Target Bonus
Percentage”), and the maximum payout pursuant to the Bonus Plan shall be 75%, of the Executive’s Salary, in each case
to the extent earned, prorated for any partial year of employment (as applicable, the “Performance Bonus”). The amount
of any such bonus will be determined in the sole discretion of the Board, based on performance against specified objectives established
by the Board and shall be paid at the same time annual bonuses are paid to other executive-level employees of the Company. The Executive
must remain employed with the Company through the applicable payment date in order to earn her annual bonus.

 

(d)         Benefits. The Executive will be entitled to participate in the Company’s health and welfare benefit programs
and vacation and other benefit programs from time to time in effect for executives of the Company generally, except to the extent that
such plans are in a category of benefits otherwise provided to the Executive (e.g., severance pay). Such participation shall be
subject to the terms of the applicable plan documents and generally applicable Company policies, and such benefit plans or arrangements
may be changed, terminated or reduced from time to time.

 

(e)         Reimbursement of Expenses. The Executive shall receive prompt reimbursement of all reasonable expenses incurred
in the ordinary course of business on behalf of the Company, subject to the presentation of receipts or other appropriate documentation
and approval by, and in accordance with the policies established by, the Company.

 

(f)           Equity Award. As soon as reasonably practicable after the Commencement Date, the Executive
will be granted a number of profits interest units equal to 0.75% of the outstanding Class A common units of the Company as of the date
of grant (the “Profit Interest Units”), of which approximately 50% will vest based on service and the remaining portion
will vest based on performance (as set out in greater detail in the applicable award agreement). The Profits Interest Units shall be
granted pursuant to, and in accordance with, the terms and conditions of (i) an incentive equity plan, (ii) a grant agreement, and (iii)
the limited liability company agreements of the Company and a management holding vehicle through which such profits interest will be
granted.

 

(g)         Paid Time Off. Notwithstanding the Group Companies’ standard accrual rates for
Paid Time Off (“PTO”) under their applicable Paid Time Off and Sick Leave policies in effect from time to time, Executive
will initially be eligible for two hundred sixteen (216) hours of PTO subject to such policies. For full-time exempt associates, PTO
may be taken for any reason, including vacation, sick days, or other personal time away from work. Group Companies provide a PTO bank
in lieu of separate vacation benefits or personal day benefits or other similar programs. The PTO year runs from January 1st through
December 31st, and associates accrue PTO hours proportionately each bi-weekly pay period up to their respective total eligible hours
for the year. Executive will immediately begin to accrue PTO on the Commencement Date; provided, however accrued PTO will not be available
until the expiration of Executive’s introductory employment period for associates which is the 60-day period commencing on the
Commencement Date. A copy of the Group Companies’ PTO current Paid Time Off and Sick Leave policy will be provided to Executive
upon the commencement of employment. 

 

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5.         Termination of Employment. The Executive’s employment shall end upon the earliest to occur of (i) the
Executive’s death or a termination of the Executive’s employment by the Company due to Disability (as defined below), (ii)
a termination of the Executive’s employment by the Company for Cause (as defined below), (iii) a termination of the Executive’s
employment by the Company without Cause, (iv) a termination by the Executive for Good Reason (as defined below) or (v) upon thirty (30)
days’ written notice, a resignation by the Executive; provided, that, if the Executive gives notice of resignation pursuant
to clause (v), (x) the Company may accept such resignation as of a date earlier than the end of the thirty (30) day period, and (y) the
Company may put the Executive on “garden leave” for all or part of such period. Upon any termination of the Executive’s
employment with the Company, the Executive shall be deemed to have concurrently resigned from all other positions with the Company and
its affiliates, whether as an officer, director, manager, employee, fiduciary or otherwise, and shall execute any documents reasonably
required to effectuate the foregoing, and failure to do so shall result in a termination for Cause. For the avoidance of doubt, a non-renewal
of the Initial Term shall not constitute a termination without Cause or a basis for resigning for Good Reason.

 

(a)         Benefits
Payable Upon Separation.

 

(i)          Death or Disability. In the event of the termination of the Executive’s employment on account of death or Disability,
the Company shall pay to the Executive (or the Executive’s estate) (x) all earned but unpaid Salary through such date at the rate
then in effect, and (y) any accrued but unused paid time off through the date of termination (together, the “Accrued Benefits”).

 

(ii)        Termination
by the Company Without Cause or Resignation by the Executive with Good Reason. If the Executive’s employment with the Company
is terminated by the Company without Cause (but not, for the avoidance of doubt, as a result of the Executive’s death or Disability)
or by the Executive with Good Reason, the Company shall:

 

1.          pay to the Executive the Accrued Benefits; and

 

2.          continue to pay the Executive’s Salary for a twelve (12) month period after the Executive’s employment termination
date, or, if earlier, until the date on which the Executive begins new employment or service with a third party; and

 

3.          pay to the Executive at the time described in Section 4(c), a prorated share of the amount of any Performance Bonus for
the year in which the termination occurs, based on Bonus Plan targets for performance in the applicable calendar year and prorated based
on the number of days the Executive was employed by the Company in the calendar year in which the termination occurs; and

 

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4.          reimburse
the Executive for twelve (12) months following termination of employment, an amount equal to the COBRA premium rate for such
calendar month that is in effect from time to time for continued coverage under the Company’s group health plan for the
Executive and the Executive’s eligible dependents enrolled in such health plans at the time of termination, subject to the
Executive’s timely election of COBRA continuation benefits; provided, that the Company’s obligation to provide
such payments shall cease in the event the Executive becomes eligible for group health coverage provided by a subsequent
employer.

 

The payments and benefits to be provided in clauses
(2) through (4) above are conditioned upon the Executive’s (or the Executive’s estate’s, if applicable) execution and
delivery to the Company, within sixty (60) days of the date of termination, of a fully effective release of claims (for which the applicable
revocation period has expired) in a form satisfactory to the Company and the Executive’s continued compliance with the restrictive
covenants set forth in Section 6. All payments and benefits set forth in clauses (2) through (4) above that would otherwise be
paid prior to the sixtieth (60th) day after the Executive’s termination of employment shall be paid in a lump sum as soon as reasonably
practicable following the sixtieth (60th) day after the Executive’s termination of employment. Further, the amounts payable to the
Executive pursuant to clauses (2) through (4) above are in lieu of any severance benefits or other compensation-based payments by the
Company to the Executive and are subject to Executive’s continued compliance with the terms of this Agreement and any restrictive
covenants applicable to the Executive.

 

(iii)           
Termination by the Company for Cause; Resignation by the Executive without Good Reason. In the event of a termination
by the Company for Cause or the Executive’s resignation without Good Reason, the Company shall pay to the Executive the Accrued
Benefits.

 

(b)              
Definitions. For the purposes of this Agreement, the following capitalized terms shall have the following meanings:

 

(i)                 “Cause”
means (i) the indictment, conviction of, or plea of guilty or nolo contendere by, the Executive to (A) a felony or
(B) another crime involving moral turpitude, (ii) the Executive’s commission of any act of material dishonesty or
breach of trust or any act constituting fraud, embezzlement, theft, misappropriation of funds, money, assets, or other property of
the Company or any of its subsidiaries or affiliates, customers, or suppliers, (iii) the Executive’s attempt to willfully
obtain any personal profit from any transaction in which the Executive has an interest not disclosed to the Board and that is
adverse to the interests of the Company or any of its subsidiaries or affiliates, (iv) the Executive’s reporting to work
under the influence of alcohol or illegal drugs or repeatedly using alcohol to the point of intoxication or illegal drugs, whether
or not at the workplace, (v) the Executive’s failure or refusal to perform duties, or gross negligence in the performance of
the Executive’s duties and responsibilities, as reasonably directed by the Company or any of its subsidiaries or affiliates,
other than as a result of a Disability or other approved absence, (vi) the Executive’s violation of the rules,
regulations, procedures, or instructions (whether written or oral) relating to the conduct of employees, directors, and/or
consultants of the Company or any of its subsidiaries or affiliates (that (if capable of cure) is not cured to the Board’s
reasonable satisfaction within ten (10) days after written notice thereof to the Executive), (vii) the Executive’s breach
of any non-competition, non-disclosure, non-solicitation, or non-disparagement covenant in any agreement with the Company or any of
its subsidiaries or affiliates, (viii) the Executive’s improperly or illegally aiding or abetting a competitor, supplier,
or customer of the Company or any of its subsidiaries or affiliates to the material disadvantage or detriment of the Company or any
of its subsidiaries or affiliates, (ix) without limiting clause (vii) hereof, the Executive’s material breach of any written
employment or services agreement (that (if capable of cure) is not cured to the Board’s reasonable satisfaction within ten
(10) days after written notice thereof to the Executive), or (x) the Executive’s breach of any fiduciary duty, gross
negligence, or willful misconduct with respect to the Company or any of its subsidiaries or affiliates (that (if capable of cure) is
not cured to the Board’s reasonable satisfaction within ten (10) days after written notice thereof to the Executive). For the
avoidance of doubt, and without limitation to the foregoing, any breach by the Executive of the representations set forth in this
Agreement shall be deemed to constitute a breach and violation of a material term of this Agreement and shall serve as the basis for
a termination of the Executive’s services pursuant to clause (ix) of the definition of Cause. Notwithstanding anything to the
contrary, (i) the Company shall not be required to provide advance written notice to the Executive for any act or omission
constituting Cause if the Board determines in good faith that such Cause event is not reasonably capable of prompt cure or the Board
determines that its fiduciary obligation requires it to effect a termination of the Executive for Cause immediately, and (ii) the
Board may suspend the Executive with full pay and benefits while it conducts an inquiry of whether grounds for Cause exist.

 

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(ii)             
“Disability” means the Executive’s substantial inability, due to a physical or mental condition, to perform
essential functions of the Executive’s position, with or without accommodation, for a period of three (3) consecutive months or
for shorter periods aggregating six (6) months during any twelve (12) month period, as determined by the Board in its good faith judgment.

 

(iii)           
 “Good Reason” means a termination of the Executive’s employment with the Company by the Executive (i) following
a reduction in the Executive’s Salary or Target Bonus Percentage, (ii) a relocation of the Executive’s principal place of
employment or the Company’s headquarters by more than fifty (50) miles from its current location, or (iii) a material diminution
of the Executive’s authority, duties, and responsibilities; provided, that, Good Reason shall not exist under this
clause (ii) solely as a result in a change in the Executive’s reporting structure or if such material diminution of authority, duties,
and responsibilities is a result of (1) the hiring of additional subordinates to fill some of the Executive’s duties and responsibilities,
or (2) any disposition or sale of any subsidiary or division of the Company; provided, however, that, in each case,
the Executive may not terminate her employment for Good Reason unless the Executive (A) provides the Company with 30 days’
advance written notice of her intent to resign for Good Reason, (B) such notice is given within 90 days following the events or circumstances
claimed to give rise to Good Reason, (C) the Company fails to cure such alleged violation within 30 days after the Executive delivers
such notice, (D) if the Company fails to cure such alleged violation, the Executive terminates her employment within five (5) days
following the end of the 30-day cure period. The Executive understands that he may be required to travel at the request of the Company
and that such travel shall not constitute Good Reason.

 

6.         Restrictive Covenants. In consideration of the Company’s offer of employment to the Executive pursuant to this
Agreement, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Executive agrees to the covenants
contained in this Section 6. For the avoidance of doubt, such covenants are in addition to, and not in lieu of, and do not amend, modify,
or abrogate in any way, any other similar covenants that run in favor of the Company and its affiliates and by which the Executive is
or may become bound.

 

(a)          Acknowledgements.
The Executive acknowledges and agrees that (i) the term “Business” means, with
respect to any person, firm, corporation, or other entity, in whatever form, (1) franchising, developing, owning and operating businesses
engaged in waxing, body hair removal, facial hair removal, or threading, or (2) engaging in the business of providing any other activities,
products or services of the specific type conducted, authorized, offered or provided by the Employer Group (as defined below) within
six (6) months prior to the termination of the Executive’s employment (the date of such termination, the “Termination
Date”), (ii) the Executive has intimate and valuable knowledge of the Business, as well as technical, financial, customer,
supplier and other confidential information related to the Business, which, if exploited by the Executive in contravention of the terms
of this Agreement, would seriously, adversely and irreparably affect the ability of the Employer Group to continue the Business, (iii) the
agreements and covenants contained in this Agreement, as they relate to the Business and otherwise, have been determined by the Employer
Group to be essential to protect the Business and goodwill of the Employer Group, (iv) the Company would not enter into this Agreement
but for the Executive agreeing to be bound by such agreements and covenants, and (v) the Executive has the means to support herself and
her dependents other than by engaging in the Business, and the provisions of this Agreement will not impair such ability in any manner
whatsoever. For purposes of this Agreement, “Employer Group” shall mean the Company and any direct or indirect subsidiary
of EWC Management Holdco, LLC.

 

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(b)          Non-Competition. During the period of the Executive’s employment and through
the second (2nd) anniversary of the Termination Date (such period, the “Restricted Period”), the Executive
shall not, either directly or indirectly (and whether or not for compensation) (i) engage in the Business for the Executive’s
own account in any state of the United States and in any other country, in each case as of the Termination Date, in which the Employer
Group (1) then conducts business, (2) has plans to conduct business within the Restricted Period or (3) has taken meaningful steps designed
to conduct business in the future, even if the Employer Group’s plan to conduct business in such country would commence after the
expiration of the Restricted Period (the “Restricted Territory”), (ii) render any services to or for any person
or entity engaged in the Business in any part of the Restricted Territory, (iii) acquire a financial interest in, or otherwise become
actively involved with, any person or entity engaged in the Business in any part of the Restricted Territory, as an individual, partner,
stockholder, member, officer, director, employee, principal, agent, trustee or consultant, or (iv) interfere with business relationships
between the Employer Group or any direct or indirect parent or subsidiary thereof (each, a “Protected Party” and collectively,
the “Protected Parties”), on the one hand, and employees, clients or suppliers of, or consultants to, any Protected
Party, on the other hand. Notwithstanding anything to the contrary in this Agreement, the Executive may, directly or indirectly, own,
solely through passive ownership as a portfolio investment (with no director designation rights or other special governance rights), securities
of any person engaged in the Business which are publicly traded on a national or regional stock exchange or over-the-counter if the Executive
(i) is not a controlling person of, or a member of a group which controls, such person and (ii) does not, directly or indirectly,
own 2% or more of any class of securities of such person.

 

(c)          Non-Solicitation. During the Restricted Period and without written consent
of the Company, the Executive shall not, either directly or indirectly, (i) solicit or hire, or attempt to solicit or hire, any person
who the Executive knows, or should have known, is (or within six (6) months prior to the Termination Date has been) an employee of, or
consultant to, any Protected Party, or (ii) solicit or encourage any person which is (or within the six (6) months prior to the
Termination Date has been) a vendor or customer of any Protected Party to terminate or diminish its relationship with them, or otherwise
alter such relationship in any manner that is adverse to any Protected Party. Notwithstanding the foregoing, this Section 6(c)
shall not prohibit the Executive from making general solicitations of employment that are not specifically targeted at any such employee
or consultant, or soliciting or hiring any such person who responds to any such general solicitation or who approaches the Executive
without having been solicited in a manner prohibited hereby.

 

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(d)         Nondisclosure. The Executive hereby agrees to hold in confidence all Confidential
Information of the Employer Group that came into the Executive’s knowledge during the Executive’s employment with the Employer
Group and will not disclose, publish or make use of such Confidential Information without the prior written consent of the Company for
as long as the information remains Confidential Information other than in connection with the performance of the Executive’s duties
to the Employer Group. For purposes hereof, “Confidential Information” means any data or information that is valuable
to any member of the Employer Group (or, if owned by someone else, is valuable to that third party) and not generally known or available
to the public or to competitors in the industry, including, but not limited to, any nonpublic information (regardless of whether in writing
or retained as personal knowledge) pertaining to research and development; product costs, designs and processes; equityholder information;
pricing, cost, or profit factors; formulas or recipes; quality programs; annual budget and long-range business plans; marketing plans
and methods; contracts and bids; business ideas and methods, store concepts, inventions, innovations, developments, graphic designs,
website designs, patterns, specifications, procedures, databases and personnel; and trade secrets.

 

(e)          Nondisparagement. During the Executive’s employment with the Company
and thereafter, the Executive shall not, directly or indirectly, take any action, or encourage others to take any action, to disparage
or criticize any member of the Employer Group or their respective employees, officers, directors, managers, products, services, customers
or owners. The foregoing shall not be violated by the Executive’s truthful responses to legal process, inquiry by a governmental
authority or to incorrect, disparaging or derogatory public statements to the extent reasonably necessary to correct or refute such public
statements. 

 

(f)          Assignment of Inventions. The Executive hereby assigns and agrees to assign
in the future to the Company and its affiliates all of the Executive’s right, title and interest, if any, in and to any and all
 “Inventions” (which is defined to include any new or useful process, machine, manufacture, composition of matter,
or any new and useful improvement thereof, and all Proprietary Rights with respect thereto), whether or not patentable or registrable
under copyright or similar statutes, made or conceived or reduced to practice or learned by the Executive, either alone or jointly with
others, during the period of the Executive’s affiliation with the Company or any predecessor thereof, as a member or stockholder,
officer, director, agent, consultant or employee, in each case, pertaining in any manner to the business of the Company, or any of its
affiliates. The Executive hereby further assigns and agrees to assign in the future (when any such Inventions or Proprietary Rights are
first reduced to practice or first fixed in a tangible medium, as applicable) to the Company and its affiliates all of the Executive’s
right, title and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) whether or not patentable
or registrable under copyright or similar statutes, made or conceived or reduced to practice or learned by the Executive, either
alone or jointly with others, during the period of the Executive’s employment, or for a six (6) month period thereafter, with the
Company or its affiliates, in each case, pertaining in any manner to the business of the Company or any of its affiliates. The term “Proprietary
Rights” shall mean all trade secret, patent, copyright, mask work and other intellectual property rights throughout the world.
Inventions assigned to the Company, or to a third party as directed by the Company pursuant to this Section 6, are hereinafter
referred to as “Company Inventions.” At the Company’s sole cost and expense, the Executive will assist the Company
at its reasonable request in every proper way to obtain, and from time to time enforce, U.S. and non-U.S. Proprietary Rights relating
to Company Inventions in any and all countries. In the event the Company is unable for any reason, after reasonable effort, to secure
the Executive’s signature on any document needed in connection with the actions specified in the preceding sentence, the Executive
hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Executive’s agent and
attorney in fact, which appointment is coupled with an interest, to act for and in the Executive’s behalf to execute, verify and
file any such documents and to do all other lawfully permitted acts to further the purposes of this paragraph with the same legal force
and effect as if executed by the Executive. The Executive hereby waives and quitclaims to the Company any and all claims, of any nature
whatsoever, which the Executive now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company.

 

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(g)         Works
for Hire; Obligation to Keep Company Informed. The Executive acknowledges that all original
works of authorship which are made by the Executive (solely or jointly with others) within the scope of the Executive’s services
to the Employer Group and its affiliates and which are protectable by copyright are “works made for hire,” pursuant to the
United States Copyright Act (17 U.S.C. § 101, et. seq.). The Executive will promptly disclose to the Company all patent applications
filed by the Executive or on the Executive’s behalf during the Executive’s employment and within two (2) years after termination
of the Executive’s employment.

 

(h)         Tolling. The Restricted Period shall be tolled and extended by the length
of the Executive’s breach of any of the covenants contained in this Section 6, to the extent permitted by law.

 

(i)           Reasonableness of Restrictions. The Executive has carefully considered the
nature and extent of the restrictions contained in this Section 6 and the rights and remedies conferred upon the Company under
this Agreement, and hereby acknowledges and agrees that the same are reasonable in time and territory and that sufficient consideration
is being provided to the Executive in exchange for the same.

 

(j)           Legal and Equitable Remedies. The Executive acknowledges that the Executive’s
services are personal and unique, and that the Executive has had or will have access to and become acquainted with the Proprietary Rights
and Confidential Information of the Company and its affiliates. The Executive further acknowledges and agrees that irreparable injury
will result to the Company and its affiliates and its goodwill if Executive breaches any of the terms of the covenants set forth in this
Section 6, the exact amount of which will be difficult or impossible to ascertain, and that remedies at law would be an inadequate
remedy for any breach. Accordingly, the Executive hereby agrees that, in the event of the Executive’s breach of any of the covenants
contained in this Section 6, in addition to any other remedy which may be available at
law or in equity, the Company and its affiliates shall be entitled to seek specific performance and injunctive relief, without bond or
other security and without prejudice to any other rights and remedies that the Company and its affiliates may have for a breach of this
Agreement.

 

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(k)          Independent Enforcement; Blue Pencil. Each of the covenants set forth in
this Section 6 shall be construed as an agreement independent of (i) each of the other covenants set forth in this Section
6, (ii) any other agreements, or (iii) any other provision in this Agreement. If any one or more of the provisions contained in this
Section 6 shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall
be construed by limiting and reducing it, so as to be enforceable to the extent compatible with applicable law.

 

(l)          Whistleblower Acknowledgement. Notwithstanding anything to the contrary
contained herein, nothing in this Agreement shall prohibit the Executive from reporting possible violations of federal law or regulation
to or otherwise cooperating with or providing information requested by any governmental agency or entity, including, but not limited
to, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other
disclosures that are protected under the whistleblower provisions of federal law or regulation. The Executive does not need the prior
authorization of the Company to make any such reports or disclosures and the Executive is not required to notify the Company that the
Executive has made such reports or disclosures. 

 

(m)        Defend Trade Secrets Act Acknowledgment. Notwithstanding anything to the
contrary contained herein, pursuant to the Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a Federal, state,
or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating
a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. The Executive also understands that if he files a lawsuit for retaliation by the Company for reporting a suspected
violation of law, the Executive may disclose the trade secret to her attorney and use the trade secret information in the court proceeding,
if the Executive (i) files any document containing the trade secret under seal, and (ii) does not disclose the trade secret, except pursuant
to court order.

 

7.          Surrender of Materials Upon Termination.  Upon any termination of the Executive’s employment, regardless
of the reason and who is the terminating party, the Executive shall promptly (and in any event within five (5) days) return to the Company:
(a) any property of the Employer Group that is in the Executive’s possession, custody or control, including any applicable files,
forms, brochures, books, materials, written correspondence, memoranda, documents, manuals, computer disks, software products and lists
(including financial and other information and lists of customers, suppliers, products and prices), and other materials and equipment
provided by any member of the Employer Group, such as access cards, identification cards, employer credit cards, computers, cell/smart
phones, manuals and removable information storage devices, and (b) all documents and materials that the Executive has prepared in connection
with the Executive’s duties under this Agreement. Without limiting the foregoing, the Executive shall delete or destroy, to the
extent the Executive possesses any network credentials, files, data, or information relating in any way to any member of the Employer
Group or their respective businesses on any non-Employer Group devices, networks, personal computers, storage locations or media in the
Executive’s possession, custody or control that are not being returned to the Company, each and every file, data, or information
relating in any way to any member of the Employer Group or their respective businesses (and will retain no copies in any form). The Executive
agrees not to make, for personal or business use or that of any other person, reproductions or copies of any such property or other property
of any member of the Employer Group. For the avoidance of doubt, the Executive may retain copies of all materials that are owned by the
Executive.

 

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8.          Executive Acknowledgements. The Executive hereby represents and warrants
that the execution of this Agreement and the performance of the Executive’s obligations hereunder does not breach and is not in
conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants
against competition or similar covenants that would affect the performance of the Executive’s obligations hereunder.  The
Executive will not disclose to or use on behalf of the Company or its affiliates any proprietary information of a third party without
such party’s consent. The Executive further acknowledges that the Employer Group may utilize the Executive’s name, likeness,
voice, image, appearance, biographical information or other characteristics in, on or in connection with any pictures, photographs, audio
and video recordings, digital images, websites, social media pages, television programs and advertising, other advertising and publicity,
sales and marketing brochures, books, magazines, other publications, and all other printed and electronic forms and media throughout
the world, at any time during or after the period of the Executive’s employment with the Company, for all legitimate commercial
and business purposes of any member of the Employer Group. The Executive hereby consents to the use of such characteristics by the Employer
Group and releases the Employer Group and their respective directors, officers, managers, employees, contractors, representatives and
agents from any claims, actions, damages, losses, costs, expenses and liability of any kind, arising under any legal or equitable theory
whatsoever at any time during or after the period of the Executive’s employment by the Company, in connection with any use permitted
by this Agreement.

 

9.          Miscellaneous.

 

(a)          Validity and Enforceability. The invalidity or unenforceability of any provision or provisions of this Agreement
shall not affect the validity or enforceability of any other provision or provisions of this Agreement, which shall remain in full force
and effect. If any provision of this Agreement is held to be invalid, void or unenforceable in any jurisdiction, any court so holding
shall substitute a valid, enforceable provision that preserves, to the maximum lawful extent, the terms and intent of such provisions
of this Agreement.

 

(b)         Binding Effect. This Agreement shall be binding on and inure to the benefit of the Company and any person or
entity that succeeds to the interest of the Company (regardless of whether such succession does or does not occur by operation of law)
by reason of the sale of all or a portion of the Company’s membership interests or stock, a merger, consolidation or reorganization
involving the Company or a sale of the assets of the business of the Company (or portion thereof) in which the Executive performs a majority
of the Executive’s services. This Agreement shall also inure to the benefit of the Executive’s heirs, executors, administrators
and legal representatives.

 

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(c)          Assignment.
This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive. Any successor
to the Company’s business shall expressly assume the Company’s obligations hereunder unless such assumption occurs by operation
of law. The Company may assign its rights, together with its obligations, hereunder without the Executive’s consent in connection
with any sale, transfer or other disposition of all or substantially all of the business assets with respect to which the Executive is
performing a majority of the Executive’s services at any such time, or in the event that the Company shall hereafter effect a reorganization,
consolidate with, or merge into any other entity that is an affiliate of the Company or transfer all or substantially all of its properties
or assets to any other person or entity that is an affiliate of the Company.

 

(d)          Entire
Agreement; Acknowledgment of Negotiated Terms. This Agreement (including all of its exhibits
and each of the agreements referenced in this Agreement) constitutes the entire agreement between the parties hereto with respect to
the matters referred to herein. No other agreement relating to the terms of the Executive’s employment by the Company, oral or
otherwise, shall be binding between the parties unless it is in writing and signed by the party against whom enforcement is sought. For
the avoidance of doubt, this Agreement shall not in any way supersede the terms of any applicable Profits Interests Award agreement.
The Executive acknowledges that this is a negotiated agreement, and that in no event shall the terms of this Agreement be construed against
Company on the basis that Company, or its counsel, drafted this Agreement. From time to time, the Executive may, either before or after
the Effective Date, become bound by other Company standard confidentiality or non-interference obligations in connection with the Executive’s
employment, including, by way of example and not limitation, by acknowledging and agreeing to terms of the Employer Group employment
handbooks and confidentiality agreements executed pursuant thereto. Again for the avoidance of doubt, such covenants in this Agreement
are in addition to, and not in lieu of, and do not amend, modify, or abrogate in any way, any other similar covenants that run in favor
of the Company and its affiliates and by which the Executive is bound or may become bound. The Executive shall be bound by the most restrictive
obligation then applicable, provided that nothing in this Section 9(f) shall require Executive to enter into any agreement that would
expand the time, scope of activity, or geographic scope of the restrictive covenants provided in Section 6(a)-(c). Regardless of anything
expressed anywhere in this Agreement, all obligations of the Executive and the Company to the other party that by their nature should
survive the termination of expiration of this Agreement shall survive until fulfilled, or if shorter, the survival period expressly provided
herein.

 

(e)          Waiver. Waiver by any party hereto of any breach or default by the other party of any of the terms of this Agreement
shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver
of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by either
party hereto to assert its or her rights hereunder on any occasion or series of occasions.

 

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(f)           Notices. Any notice required or desired to be delivered under this Agreement shall be in writing and shall be
delivered personally, by courier service, by registered or certified mail, return receipt requested, postage prepaid, or by electronic
mail or any other electronic means (e-mail or any other electronic means shall constitute a writing for purposes of this Agreement; provided
that receipt of such notice sent by e-mail or any other electronic means is confirmed by the recipient) and shall be effective upon
actual receipt by the party to which such notice shall be directed; provided, that, a refusal by a party to accept delivery shall
constitute receipt. Notices shall be addressed as follows (or to such other address as the party entitled to notice shall hereafter designate
in accordance with the terms hereof):

 

If to the Company:      to
the address of the Company’s headquarters, c/o the Company’s Chief Executive Officer.

 

If to the Executive:      to
the address then reflected in the Company’s records.

 

(g)          Amendments.
This Agreement may not be altered, modified or amended except by a written instrument signed by each of the parties hereto.

 

(h)          Headings. Headings to paragraphs in this Agreement are for the convenience of the parties only and are not intended
to be part of or to affect the meaning or interpretation hereof.

 

(i)          Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. The exchange of copies of this Agreement and of signature pages by
facsimile transmission or other electronic means shall constitute effective execution and delivery of this Agreement as to the parties
and may be used in lieu of the original Agreement for all purposes.

 

(j)          Withholding. Any payments provided for herein shall be reduced by any amounts required to be withheld by the
Company from time to time under applicable federal, state or local income or employment tax laws or similar statutes or other provisions
of law then in effect.

 

(k)          Governing Law. It is the intent of the parties hereto that all questions with respect to the construction of
this Agreement and the rights and liabilities of the parties hereunder shall be determined in accordance with the laws of the State of
Delaware, without regard to principles of conflicts of laws thereof that would call for the application of the substantive law of any
jurisdiction other than the State of Delaware.

 

(l)           Dispute Resolution; Waiver of Jury Trial.

 

(i)          Proceedings.
Each party irrevocably agrees for the exclusive benefit of the other that any and all suits, actions or proceedings relating to this
Agreement, the Executive’s employment with the Company or any termination of such employment (collectively, “Proceedings”
and, individually, a “Proceeding”) shall be maintained in either the courts of the State of Delaware or the federal
District Courts sitting in Wilmington, Delaware (collectively, the “Chosen Courts”) and that the Chosen Courts shall
have exclusive jurisdiction to hear, determine or settle any Proceeding and any Proceedings shall only be brought in the Chosen Courts. 
Each party irrevocably waives any objection that it may have now or hereafter to the laying of the venue of any Proceeding in the Chosen
Courts and any claim that any Proceedings have been brought in an inconvenient forum and further irrevocably agrees that a judgment in
any Proceeding brought in the Chosen Courts shall be conclusive and binding upon it and may be enforced in the courts of any other jurisdiction. 
Each of the parties hereto agrees that this Agreement involves at least $100,000 and that this Agreement has been entered into in express
reliance on Section 2708 of Title 6 of the Delaware Code.  Each of the parties hereto irrevocably and unconditionally agrees (i)
that, to the extent such party is not otherwise subject to service of process in the State of Delaware, it will appoint (and maintain
an agreement with respect to) an agent in the State of Delaware as such party’s agent for acceptance of legal process and notify
the other parties hereto of the name and address of said agent, (ii) that service of process may also be made on such party by pre-paid
certified mail with a validated proof of mailing receipt constituting evidence of valid service sent to such party at the address set
forth in this Agreement, as such address may be changed from time to time pursuant hereto, and (iii) that service made pursuant to clause
(i) or (ii) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such
party personally within the State of Delaware.

 

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(ii)         Disputes. Before initiating any legal action to resolve disputes arising from this Agreement, other than equitable
relief, which may be pursued immediately, the parties shall comply with the dispute resolution process set out in this Section. The Company
and the Executive shall attempt in good faith to resolve each applicable dispute that arises between them related to this Agreement within
fifteen (15) days after their first meeting regarding such dispute (or such longer time as such parties may agree in writing). If the
Company and the Executive are unable to resolve such dispute within fifteen (15) days after their first meeting regarding such dispute
(or such longer time as such parties may agree in writing), the dispute shall be mediated within thirty (30) days from the date a written
request for mediation is made by either party under the applicable Mediation Rules of the American Arbitration Association. The mediation
shall take place in the county where the Company’s principal offices are then located. The mediation shall be conducted before a
single mediator to be agreed upon by the parties. If the parties cannot agree on the mediator, each party shall select a mediator and
such mediators shall together unanimously select a neutral mediator who will conduct the mediation. Each party shall bear the fees and
expenses of its mediator and the parties shall equally bear the fees and expenses of the final mediator, if any. If the parties are unable
to entirely resolve their dispute through the mediation process, then the parties may submit any unresolved matters for determination
pursuant to Section 9(l)(i).

 

(iii)        Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER
PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS RIGHTS OR OBLIGATIONS HEREUNDER.

 

(m)        Key-Man
Insurance. The Company and its subsidiaries shall have the option, but not the obligation, to
obtain on the life of the Executive, pay all premium amounts related to, and maintain, “key employee” insurance naming one
or more of the Employer Group members as beneficiaries. Selection of such insurance policy shall be in the sole and absolute discretion
of the Company. The Executive shall cooperate fully with the Company and the insurer in applying for, obtaining and maintaining such
life insurance, by executing and delivering such further and other documents as the Company or the insurer may request from time to time,
and doing all matters and things which may be convenient or necessary to obtain such insurance, including submitting to any physical
examinations and providing any medical information required by the insurer.

 

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(n)         Prevailing Party; Cumulative Remedies. If any claim is brought for the enforcement
of or in connection with this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’
fees, court costs and all expenses even if not taxable as court costs (including all such fees, costs and expenses incident to arbitration,
appellate, bankruptcy and post-judgment proceedings), incurred in that claim, in addition to any other relief to which such party or
parties may be entitled. Each remedy provided to either party pursuant to this Agreement is intended not to be exclusive of any other
remedy available to such party pursuant to this Agreement and shall be in addition to every other remedy available to such party. No
single or partial exercise by either party of any right, power or remedy provided pursuant to this Agreement shall disallow or preclude
any additional exercise of such right, power or remedy by such party.

 

(o)         Section 409A of the Code.(i)Compliance. The intent of the parties is that payments and benefits
under this Agreement are either exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended and Treasury
Regulations and interpretive guidance issued thereunder (collectively, “Section 409A”) and, accordingly, to the maximum
extent permitted, the Agreement shall be interpreted to that end. The parties acknowledge and agree that the interpretation of Section
409A and its application to the terms of this Agreement is uncertain and may be subject to change as additional guidance and interpretations
become available.

 

(ii)         Six Month Delay for Specified Employees. If any payment, compensation or other benefit provided to the Executive
in connection with the Executive’s employment termination is determined, in whole or in part, to constitute “nonqualified
deferred compensation” within the meaning of Section 409A and the Executive is at the relevant time a “specified employee”
as defined in Section 409A, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the Executive’s
date of termination or, if earlier, the Executive’s death (the “New Payment Date”). The aggregate of any payments
that otherwise would have been paid to the Executive during the period between the date of termination and the New Payment Date shall
be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately
following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of
this Agreement.

 

(iii)        Termination as a Separation from Service. A termination of employment shall not be deemed to have occurred for purposes
of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination
of employment until such termination is also a “separation from service” within the meaning of Section 409A, and for purposes
of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,”
 “termination of employment” or like terms shall mean separation from service.

 

(iv)       Payments
for Reimbursements and In-Kind Benefits. All reimbursements for costs and expenses under this Agreement shall be paid in no
event later than the end of the calendar year following the calendar year in which the Executive incurs such expense. With regard to
any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A,
(x) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (y) the
amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses
eligible for reimbursement or in-kind benefits to be provided in any other taxable year.

 

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(v)        Payments within Specified Number of Days. Whenever a payment under this Agreement specifies a payment period with
reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the
actual date of payment within the specified period shall be decided at the sole discretion of the Company. In the event any payment is
due and payable under this Agreement on a non-business day, to the fullest extent permitted by applicable law, such payment may be made
on the first business day following such due date.

 

(vi)       
Installments as Separate Payment. If under this Agreement, an amount is paid in two or more installments, for purposes
of Section 409A, each installment shall be treated as a separate payment.

 

(p)         
Interpretation. The recitals set forth in this Agreement are true and correct
and are hereby incorporated into this Agreement. In this Agreement, unless a clear contrary intention appears (i) the singular number
includes the plural number and vice versa, (ii) reference to any gender includes each other gender, (iii) reference to any agreement,
document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance
with the terms thereof, (iv) reference to any law means such law as amended, modified, codified, replaced or reenacted, in whole or in
part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section or other
provision of any law means that provision of such law from time to time in effect and constituting the substantive amendment, modification,
codification, replacement or reenactment of such section or other provision, (v) the terms “hereof”, “hereby”,
 “herein”, or words of similar import are used in this Agreement they shall be construed as referring to this Agreement in
its entirety rather than to a particular section or provision, unless the context specifically indicates to the contrary, (vi) reference
to a particular “Section” or “paragraph” shall be construed as referring to the indicated section or paragraph
of this Agreement unless the context indicates to the contrary, (vii) the term “including” herein shall be construed as meaning
 “including without limitation”, (viii) “or” is used in the inclusive sense of “and/or”, (ix) with
respect to the determination of any period of time, “from” means “from and including” and “to” means
 “to but excluding”, (x) references to documents, instruments or agreements shall be deemed to refer as well to all addenda,
Exhibits, Schedules or amendments thereto, and (xi) all references to “Dollars” or “$” shall mean U.S. Dollars
unless otherwise specified. Each member of the Employer Group is an intended third-party beneficiary of this Agreement.

 

(q)          The
Executive’s Acknowledgment of Terms. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS FULLY READ,
UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS HAD AN OPPORTUNITY
TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF THE EXECUTIVE’S CHOICE BEFORE SIGNING THIS AGREEMENT.

 

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[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Executive has hereunto set the Executive’s hand as of the day and year first above written.  

 

	EXECUTIVE	 	EWC VENTURES LLC  	 
	 	 	 	 
	/s/ Jennifer Vanderveldt	 	By: 	/s/ David Berg	 
	Jennifer Vanderveldt	 	 	David Berg, President & CEO	 

 

[Signature Page – Jennifer Vanderveldt Employment Agreement]Exhibit 10.17

 

EUROPEAN WAX CENTER, INC.

2021 Omnibus Incentive Plan
 

1.            Purpose.
The purpose of the European Wax Center, Inc. 2021 Omnibus Incentive Plan (as amended from time to time, the “Plan”)
is to (i) attract and retain individuals to serve as employees, consultants or Directors of European Wax Center, Inc., a Delaware
corporation (together with its Subsidiaries, whether existing or thereafter acquired or formed, and any and all successor entities, the
 “Company”) and its Affiliates by providing them the opportunity to acquire an equity interest in the Company
or other incentive compensation and (ii) align the interests of the foregoing with those of the Company’s stockholders.

 

2.            Effective
Date; Duration. The effective date of the Plan is [●], 2021 (the “Effective Date”), which is the
date that the Plan was approved by the stockholders of the Company. The expiration date of the Plan, on and after which date no Awards
may be granted under the Plan, shall be the 10th anniversary of the Effective Date (the “Expiration Date”);
provided, however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan
shall continue to apply to such Awards.

 

3.            Definitions. The following definitions shall apply throughout the Plan:

 

(a)          “Affiliate” means (i) any person or entity that directly or indirectly controls, is controlled by
or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the
Company has a significant interest. The term “control” (including, with correlative meaning, the terms “controlled by”
and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting
or other securities, by contract or otherwise.

 

(b)          “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock
Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award or Other Cash-Based Award granted under the Plan.

 

(c)          “Award Agreement” means any agreement (whether in written or electronic form) or other instrument or
document evidencing any Award (other than an Other Cash-Based Award) granted under the Plan (including, in each case, in electronic form),
which may, but need not, be executed or acknowledged by a Participant (as determined by the Committee).

 

(d)          “Beneficial Ownership” has the meaning set forth in Rule 13d-3 promulgated under Section 13 of the
Exchange Act.

 

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

 

(f)           “Cause”
means, the definition set forth in the Participant’s Employment Agreement; provided, that if no Employment Agreement
which defines cause is in effect at the time of determination, Cause shall, unless otherwise defined in an Award Agreement, mean the
following: (i) the indictment, conviction of, or plea of guilty or nolo contendere by, the Participant to (x) a felony or (y) other
crime involving fraud or moral turpitude; (ii) commission of any act of material dishonesty or breach of trust or any act
constituting fraud, embezzlement, theft, the misappropriation or misuse of funds, money, assets or other property of the Company or
its Affiliates, customers or suppliers by the Participant; (iii) the attempt to obtain any personal benefit from any transaction in
which the Participant has an interest not disclosed to the Committee which is adverse to the interests of the Company or its
Affiliates; (iv) reporting to work under the influence of alcohol or illegal drugs or repeatedly using alcohol to the point of
intoxication or illegal drugs, whether or not at the workplace; (v) failure or refusal to perform duties, or gross negligence in the
performance of Participant’s duties and responsibilities, as reasonably directed by any member of the Company or its
Affiliates, other than as a result of a disability or other approved absence, which (if capable of cure) is not cured to the
Committee’s reasonable satisfaction within 10 calendar days after written notice thereof to the Participant; (vi) violations
of the rules, regulations, procedures, policies or instructions (whether written or oral) relating to the conduct of employees,
directors, managers and/or consultants of the Company or its Affiliates which (if capable of cure) is not cured to the
Committee’s reasonable satisfaction within 10 calendar days after written notice thereof to the Participant; (vii) any act or
omission to act of Participant that is reasonably likely to materially harm or damage the business, property, operations, financial
condition or reputation of the Company or any of its Affiliates; (viii) breach of any noncompetition, nondisclosure or
nonsolicitation covenant in any agreement with the Company or its Affiliates; (ix) improperly or illegally aiding or abetting a
competitor, supplier or customer of the Company or its Affiliates to the disadvantage or detriment of the Company or its Affiliates;
(x) the Participant’s material breach of any written employment or services agreement which (if capable of cure) is not cured
to the Committee’s reasonable satisfaction within 10 calendar days after written notice thereof to the Participant; or (xi)
any breach of fiduciary duty, gross negligence or misconduct with respect to the Company or its Affiliates which (if capable of
cure) is not cured to the Committee’s reasonable satisfaction within 10 calendar days after written notice thereof to the
Participant.

 

    

     

    

 

(g)          “Change
in Control” means, unless the applicable Award Agreement or the Committee provides otherwise, the first to occur of any
of the following events:

 

(i)                
the acquisition by any Person or related “group” (as such term is used in Section 13(d) and Section 14(d)
of the Exchange Act) of Persons, or Persons acting jointly or in concert, of Beneficial Ownership (including control or direction) of
50% or more (on a fully diluted basis) of either (A) the then-outstanding Shares, including Shares issuable upon the exercise of
options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Shares or (B) the
combined voting power of the then-outstanding voting securities of the Company entitled to vote in the election of Directors (the “Outstanding
Company Voting Securities”), but excluding any acquisition by the Company or any of its Affiliates, or the Investor, its
Permitted Transferees or any of their respective Affiliates or by any employee benefit plan sponsored or maintained by the Company or
any of its Affiliates;

 

(ii)                a
change in the composition of the Board such that members of the Board during any consecutive 24-month period (the “Incumbent
Directors”) cease to constitute a majority of the Board. Any person becoming a Director through election or nomination
for election approved by a valid vote of the Incumbent Directors shall be deemed an Incumbent Director; provided, however,
that no individual becoming a Director as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12
of Regulation 14A promulgated under the Exchange Act, or as a result of any other actual or threatened solicitation of proxies or consents
by or on behalf of any person other than the Board, shall be deemed an Incumbent Director;

 

(iii)             
the approval by the stockholders of the Company of a plan of complete dissolution or liquidation of the Company; or

 

(iv)              the
consummation of a reorganization, recapitalization, merger, amalgamation, consolidation, statutory share exchange or similar form of
corporate transaction involving (x) the Company or (y) any of its Subsidiaries, but in the case of this clause (y) only if Outstanding
Company Voting Securities are issued or issuable (a “Business Combination”), or sale, transfer or other disposition
of all or substantially all of the business or assets of the Company to an entity that is not an Affiliate of the Company (a “Sale”),
unless immediately following such Business Combination or Sale: (A) more than 50% of the total voting power of the entity resulting
from such Business Combination or the entity that acquired all or substantially all of the business or assets of the Company in such
Sale (in either case, the “Surviving Company”), or the ultimate parent entity that has Beneficial Ownership
of sufficient voting power to elect a majority of the board of directors (or analogous governing body) of the Surviving Company (the
 “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately
prior to such Business Combination or Sale (or, if applicable, is represented by Shares into which the Outstanding Company Voting Securities
were converted pursuant to such Business Combination or Sale), and such voting power among the holders thereof is in substantially the
same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business
Combination or Sale, (B) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the
Parent Company) is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding
voting securities eligible to elect members of the board of directors (or the analogous governing body) of the Parent Company (or, if
there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the
analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation
of the Business Combination or Sale were Board members at the time of the Board’s approval of the execution of the initial agreement
providing for such Business Combination or Sale.

 

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(h)          “Code” means the U.S. Internal Revenue Code of 1986, as amended, and any successor thereto. References
to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments
or successors thereto.

 

(i)           “Committee” means the Compensation Committee of the Board or subcommittee thereof or, if no such committee
or subcommittee thereof exists, or if the Board otherwise takes action hereunder on behalf of the Committee, the Board.

 

(j)           “Common Stock” means the common stock of the Company, par value of $0.00001 per share (and any stock
or other securities into which such common stock may be converted or into which it may be exchanged).

 

(k)          “Company” has the meaning set forth in Section 1 of the Plan.

 

(l)           “Director” means any member of the Company’s Board.

 

(m)         “Deferred Award” means an Award granted pursuant to Section 13 of the Plan.

 

(n)          “Disability” means, unless otherwise provided in an Award Agreement, a determination that a Participant
is disabled in accordance with a long-term disability insurance program maintained by the Company or a determination by the U.S. Social
Security Administration that the Participant is totally disabled.

 

(o)         
“dollar” or “$” shall refer to United States dollars.

 

(p)          “Effective Date” has the meaning set forth in Section 2 of the Plan.

 

(q)          “Eligible Director” means a Director who satisfies the conditions set forth in Section 4(a) of the Plan.

 

    3

     

    

 

(r)           “Eligible
Person” means any (i) individual employed by the Company or an Affiliate, (ii) Director or officer of the Company
or an Affiliate, (iii) consultant or advisor to the Company or an Affiliate who may be offered securities registrable on Form S-8
under the Securities Act, or (iv) prospective employee, director, officer, consultant or advisor who has accepted an offer of employment
or service from the Company or an Affiliate (and would satisfy the provisions of clause (i), (ii) or (iii) above once such individual
begins employment with or providing services to the Company or an Affiliate).

 

(s)          “Employment Agreement” means any employment, severance, consulting or similar agreement (including any
offer letter) between the Company or an Affiliate and a Participant.

 

(t)           “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto.
References to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative
guidance under such section or rule, and any amendments or successors thereto.

 

(u)          “Expiration Date” has the meaning set forth in Section 2 of the Plan.

 

(v)          “Fair Market Value” means, (i) with respect to a Share on a given date, (x) if the Shares are
listed on a national securities exchange, the closing sales price of a Share reported on such exchange on such date or, if there is no
such sale on that date, then on the last preceding date on which such a sale was reported or (y) if the Shares are not listed on
any national securities exchange, the amount determined by the Committee in good faith to be the fair market value of a Share or (ii) with
respect to any other property on any given date, the amount determined by the Committee in good faith to be the fair market value of such
other property as of such date; provided, however, as to any Awards granted on or with a date of grant of the pricing of
the Company’s initial public offering (if any), “Fair Market Value” shall be equal to the per Share price offered to
the public in connection with such initial public offering.

 

(w)         “Immediate Family Members” has the meaning set forth in Section 15(b)(ii) of the Plan.

 

(x)           “Incentive Stock Option” means an Option that is designated by the Committee as an incentive stock option
as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

 

(y)          “Intrinsic Value” with respect to an Option or SAR means (i) the excess, if any, of the price or
implied price per Share in a Change in Control or other event over (ii) the exercise or hurdle price of such Award multiplied by
(iii) the number of Shares covered by such Award.

 

(z)           “Indemnifiable Person” has the meaning set forth in Section 4(e) of the Plan.

 

(aa)        “Investor” means, collectively, the investment funds managed, sponsored or advised by General Atlantic
LLC. A reference to a member of Investor is a reference to any such investment fund.

 

(bb)       “NASDAQ” means Nasdaq Global Market.

 

(cc)        “Nonqualified Stock Option” means an Option that is not designated by the Committee as an Incentive Stock
Option.

 

(dd)       “Option” means an Award granted under Section 7 of the Plan.

 

(ee)        “Option Period” has the meaning set forth in Section 7 of the Plan.

 

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(ff)         “Other Cash-Based Award” means an Award granted under Section 10 of the Plan that is denominated
and/or payable in cash, including cash awarded as a bonus or upon the attainment of specific performance criteria or as otherwise permitted
by the Plan or as contemplated by the Committee.

 

(gg)       “Other
Stock-Based Award” means an Award granted under Section 10 of the Plan.

 

(hh)       “Participant”
has the meaning set forth in Section 6 of the Plan.

 

(ii)          “Performance
Conditions” means specific levels of performance of the Company (and/or one or more Affiliates, divisions or operational
and/or business units, product lines, brands, business segments, administrative departments, units or any combination of the foregoing),
which may be determined in accordance with GAAP or on a non-GAAP basis. The Performance Conditions may include a threshold level of performance
below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or
specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full
vesting shall occur). The Committee shall have the authority to make equitable adjustments to the Performance Conditions as may be determined
by the Committee, in its sole discretion.

 

(jj)          “Permitted Transferee” has the meaning set forth in Section 15(b)(ii) of the Plan.

 

(kk)        “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)
and 14(d) thereof, except that such term shall not include (i) the Company or any of its Affiliates, (ii) a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of Shares of the Company.

 

(ll)          “Released Unit” has the meaning set forth in Section 9(g)(ii) of the Plan.

 

(mm)      “Restricted Period” has the meaning set forth in Section 9(a) of the Plan.

 

(nn)        “Restricted Stock” means any Share subject to certain specified restrictions and forfeiture conditions,
granted pursuant to Section 9 of the Plan.

 

(oo)        “Restricted Stock Unit” means a contractual right granted pursuant to Section 9 of the Plan that is denominated
in Shares. Each Restricted Stock Unit represents an unfunded and unsecured promise to deliver Shares, cash, other securities or other
property, or a combination thereof, subject to certain specified restrictions, granted pursuant to Section 9 of the Plan.

 

(pp)       “SAR Period” has the meaning set forth in Section 8(c) of the Plan.

 

(qq)       “Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor thereto. Reference
in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other
interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or
other interpretive guidance.

 

(rr)         “Share” means a share of Common Stock, par value of $0.00001 per share.

 

(ss)        “Stock Appreciation Right” or “SAR” means an Award granted under Section 8
of the Plan.

 

    5

     

    

 

(tt)         “Subsidiary”
means (i) any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly
or indirectly by the Company and (ii) any other entity which the Committee determines should be treated as a “Subsidiary.”

 

(uu)       “Substitute Award” means an Award granted under the Plan upon the assumption of, or in substitution for,
outstanding equity awards previously granted by a company or other entity in connection with a corporate transaction, such as a merger,
combination, consolidation or acquisition of property or stock; provided, however, that in no event shall the term “Substitute
Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation
Right.

 

4.            Administration.

 

(a)          Authority of the Committee. The Committee shall administer the Plan, and shall have the sole and plenary authority to (i) designate
Participants, (ii) determine the type, size, and terms and conditions of Awards to be granted and to grant such Awards (including
Substitute Awards), (iii) determine the method by which an Award may be settled, exercised, canceled, forfeited, suspended or repurchased
by the Company, (iv) determine the circumstances under which the delivery of cash, property or other amounts payable with respect
to an Award may be deferred, either automatically or at the Participant’s or Committee’s election, (v) interpret, administer,
reconcile any inconsistency in, correct any defect in and supply any omission in the Plan and any Award granted under the Plan, (vi) establish,
amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration
of the Plan, (vii) accelerate or modify the vesting, delivery or exercisability of, or payment for or lapse of restrictions on, or
waive any condition in respect of, Awards and (viii) make any other determination and take any other action that the Committee deems
necessary or desirable for the administration of the Plan or to comply with any applicable law. To the extent determined by the Board
and/or required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if applicable and if the Board is not
acting as the Committee under the Plan), or any exception or exemption under applicable securities laws or the applicable rules of the
NASDAQ or any other securities exchange or inter-dealer quotation service on which the Shares are listed or quoted, as applicable, it
is intended that each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan,
be (1) a “non-employee director” within the meaning of Rule 16b-3 promulgated under the Exchange Act and/or (2) an
 “independent director” under the rules of the NASDAQ or any other securities exchange or inter-dealer quotation service on
which the Shares are listed or quoted, or a person meeting any similar requirement under any successor rule or regulation (“Eligible
Director”). However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate
any Award granted or action taken by the Committee that is otherwise validly granted or taken under the Plan.

 

(b)          Delegation.
The Committee may delegate all or any portion of its responsibilities and powers to any person(s) selected by it, except for grants of
Awards to persons who are members of the Board or are otherwise subject to Section 16 of the Exchange Act. To the extent permitted
by applicable law, including under Section 157(c) of the Delaware General Corporation Law, the Committee may delegate to one or
more officers of the Company the authority to grant Options, SARs, Restricted Stock Units or other Awards in the form of rights to Shares,
except that such delegation shall not be applicable to any Award for a Person then covered by Section 16 of the Exchange Act, and
the Committee may delegate to one or more committees of the Board (which may consist of solely one Director) the authority to grant all
types of awards, in accordance with applicable law. Any such delegation may be revoked by the Committee at any time.

 

(c)          International
Participants. As further set forth in Section 15(g) of the Plan, the Committee shall have the authority to amend the Plan
and Awards to the extent necessary to permit participation in the Plan by Eligible Persons who are located outside of the United
States or are subject to laws outside of the United States on terms and conditions comparable to those afforded to Eligible Persons
located within the United States; provided, however, that no such action shall be taken without stockholder approval
if such approval is required by applicable securities laws or regulations or NASDAQ listing guidelines.

 

    6

     

    

 

(d)          Decisions
Binding. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions
regarding the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of
the Committee, may be made at any time and shall be final, conclusive and binding upon all persons and entities, including, without limitation,
the Company, any Affiliate, any Participant, any holder or beneficiary of any Award and any stockholder of the Company.

 

(e)           Limitation of Liability. No member of the Board or the Committee, nor any employee or agent of the Company (each such person,
an “Indemnifiable Person”), shall be liable for any action taken or omitted to be taken or any determination
made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or willful criminal omission).
Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense
(including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from
any action, suit or proceeding to which such Indemnifiable Person may be involved as a party, witness or otherwise by reason of any action
taken or omitted to be taken or determination made under the Plan or any Award Agreement and against and from any and all amounts paid
by such Indemnifiable Person with the Company’s approval (not to be unreasonably withheld), in settlement thereof, or paid by such
Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, and the
Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking
by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined as provided below that the Indemnifiable
Person is not entitled to be indemnified); provided that the Company shall have the right, at its own expense, to assume and defend
any such action, suit or proceeding, and once the Company gives notice of its intent to assume the defense, the Company shall have sole
control over such defense with counsel of recognized standing of the Company’s choice. The foregoing right of indemnification shall
not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject
to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or determinations of such Indemnifiable
Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or willful
criminal omission or that such right of indemnification is otherwise prohibited by law or by the Company’s certificate of incorporation
or bylaws. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification
to which such Indemnifiable Persons may be entitled under the Company’s certificate of incorporation or by-laws, as a matter of
law, individual indemnification agreement or contract, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable
Persons or hold them harmless.

 

(f)           Board.
The Board may at any time and from time to time grant Awards and administer the Plan with respect to such Awards. In any such case, the
Board shall have all the authority granted to the Committee under the Plan.

 

5.            Grant of Awards; Available Shares for Awards; Limitations.

 

(a)           Awards.
The Committee may grant Awards to one or more Eligible Persons. All Awards granted under the Plan shall vest and, if applicable, become
exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee and as set forth in
an Award Agreement, including, without limitation, attainment of Performance Conditions.

 

    7

     

    

 

(b)          Available
Shares. Subject to Section 11 of the Plan and subsection (e) below, the maximum number of Shares available
for issuance under the Plan shall not exceed [●], plus the number of Shares set forth in the next sentence (the “Share
Pool”). The Share Pool will automatically increase each fiscal year following the Effective Date beginning with fiscal
year 2022 and ending with fiscal year 2031 by the lesser of (a) 1% of the total number of Shares outstanding on the last day of the immediately
preceding fiscal year on a fully diluted basis assuming that all shares available for issuance under the Plan are issued and outstanding
or (b) such number of Shares determined by the Board. The increase shall occur on the first day of each such fiscal year or another day
selected by the Board during such fiscal year. 

 

(c)          Incentive Stock Options Limit. The maximum number of Shares that may be delivered pursuant to the exercise of Incentive
Stock Options granted under the Plan shall not exceed the maximum number of Shares available for issuance under the Plan.

 

(d)          Director Compensation Limit. The maximum amount (based on the fair value of Shares underlying Awards on the grant date as
determined in accordance with applicable financial accounting rules) of Awards that may be granted in any single fiscal year to any non-employee
member of the Board, taken together with any cash fees paid to such non-employee member of the Board during such fiscal year, shall be
$750,000. For the avoidance of doubt, in a year in which a non-employee member of the Board serves as an employee or consultant (including
as an interim officer), such limit shall not apply to compensation approved to be paid to such non-employee member of the Board by the
other non-employee members of the Board in respect of such service as an employee or consultant.

 

(e)          Share
Counting. The Share Pool shall be reduced by the number of Shares delivered for each Award granted under the Plan that is valued
by reference to a Share; provided that Awards that are valued by reference to Shares but are required to or may be paid in cash
pursuant to their terms shall not reduce the Share Pool. If and to the extent that Awards terminate, expire or are cash settled, canceled,
forfeited, exchanged or surrendered without having been exercised, vested or settled, the Shares subject to such Awards shall again be
available for Awards under the Share Pool. In addition, any (i) Shares tendered by Participants, or withheld by the Company, as
full or partial payment to the Company upon the exercise of Options granted under the Plan; (ii) Shares reserved for issuance upon
the grant of Stock Appreciation Rights, to the extent that the number of reserved Shares exceeds the number of Shares actually issued
upon the exercise of the Stock Appreciation Rights; and (iii) Shares withheld by, or otherwise remitted to, the Company to satisfy
a Participant’s tax withholding obligations upon the exercise of Options or SARs granted under the Plan, or upon the lapse of restrictions
on, or settlement of, an Award, shall again be available for Awards under the Share Pool.

 

(f)           Source
of Shares. Shares delivered by the Company in settlement of Awards may be authorized and unissued Shares, Shares held in the treasury
of the Company, Shares purchased on the open market or by private purchase, or a combination of the foregoing.

 

(g)          Substitute
Awards. Substitute Awards shall not reduce the Shares authorized for grant under the Plan. Additionally, in the event that a company
acquired by the Company or any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing
plan approved by stockholders and not approved in contemplation or 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; 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 employed by or providing services to the Company immediately prior to such acquisition or combination. Notwithstanding the
foregoing, Substitute Awards issued or intended as “incentive stock options” within the meaning of Section 422 of the
Code shall be counted against the aggregate number of Incentive Stock Options available under the Plan.

   

    8

     

    

 

6.            Eligibility.
Participation shall be for Eligible Persons who have been selected by the Committee or its delegate to receive grants under the Plan
(each such Eligible Person, a “Participant”). Holders of options and other types of awards granted by a company
acquired by the Company or with which the Company combines are eligible for grants of Substitute Awards under the Plan to the extent
permitted under applicable regulations of any stock exchange on which the Company is listed.

 

7.            Options.

 

(a)          Generally.
Each Option shall be subject to the conditions set forth in the Plan and in the applicable Award Agreement. All Options granted under
the Plan shall be Nonqualified Stock Options unless the Award Agreement expressly states otherwise. Incentive Stock Options shall be
granted only subject to and in compliance with Section 422 of the Code, and only to Eligible Persons who are employees of the Company
and its Affiliates and who are eligible to receive an Incentive Stock Option under the Code. If for any reason an Option intended to
be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification,
such Option or portion thereof shall be regarded as a Nonqualified Stock Option properly granted under the Plan.

 

(b)          Exercise Price. The exercise price per Share for each Option, which is the purchase price per Share underlying the Option,
shall be determined by the Committee at the time of grant and, except in the case of a Substitute Award, such exercise price shall not
be less than 100% of the Fair Market Value of a Share on the date of grant of such Option. Any modification to the exercise price of an
outstanding Option shall be subject to the prohibition on repricing set forth in Section 14(b).

 

(c)          Vesting,
Exercise and Expiration. The Committee shall determine the manner and timing of vesting, exercise and expiration of Options. The
period between the date of grant and the scheduled expiration date of the Option (“Option Period”) shall not
exceed 10 years, unless the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in
the Shares is prohibited by the Company’s insider-trading policy or a Company-imposed “blackout period,” in which case,
unless otherwise provided by the Committee, the Option Period may be extended automatically until the 30th day following the expiration
of such prohibition (so long as such extension shall not violate Section 409A of the Code) or the Committee may provide for the
automatic exercise of such Option prior to the expiration of the Option Period. The Committee may accelerate the vesting and/or exercisability
of any Option, which acceleration shall not affect any other terms and conditions of such Option.

 

(d)          Method
of Exercise and Form of Payment. No Shares shall be delivered pursuant to any exercise of an Option until the Participant has paid
the exercise price to the Company in full, and an amount equal to any applicable U.S. federal, state and local income and employment
taxes and non-U.S. income and employment taxes, social contributions and any other tax-related items required to be withheld. Options
may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a third-party administrator)
in accordance with the terms of the Option and the Award Agreement, accompanied by payment of the exercise price and such applicable
taxes. The exercise price and delivery of all applicable required withholding taxes shall be payable (i) in cash or by check or
cash equivalent or (ii) by such other method as the Committee may permit, in its sole discretion, including without limitation:
(A) in the form of other property (including previously owned Shares; provided that such Shares are not subject to any pledge or
other security interest) having a Fair Market Value on the date of exercise equal to the exercise price and all applicable required withholding
taxes; (B) if there is a public market for the Shares at such time, by means of a broker-assisted “cashless exercise”
pursuant to which the Company or its designee (including third-party administrators) is delivered a copy of irrevocable instructions
to a stockbroker to sell the Shares otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount
equal to the exercise price and all applicable required withholding taxes against delivery of the Shares to settle the applicable trade;
or (C) by means of a “net exercise” procedure effected by withholding the minimum number of Shares otherwise deliverable
in respect of an Option that are needed to pay for the exercise price and all applicable required withholding taxes. Notwithstanding
the foregoing, unless otherwise determined by the Committee or as set forth in an Award Agreement, if, on the last day of the Option
Period, the Fair Market Value of a Share exceeds the exercise price, the Participant has not exercised the Option and the Option has
not previously expired, such Option shall be deemed exercised by the Participant on such last day by means of a “net exercise”
procedure described above. In all events of cashless or net exercise, any fractional Shares shall be settled in cash.

 

    9

     

    

 

(e)           Notification
upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall
notify the Company in writing immediately after the date on which the Participant makes a disqualifying disposition of any Share acquired
pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation,
any sale) of such Share before the later of (i) two years after the date of grant of the Incentive Stock Option and (ii) one
year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with
procedures established by the Committee, retain possession, as agent for the applicable Participant, of any Share acquired pursuant to
the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying with
any instruction from such Participant as to the sale of such Share.

 

(f)           Compliance
with Laws. Notwithstanding the foregoing, in no event shall the Participant be permitted to exercise an Option in a manner that the
Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations
of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation
service on which the Shares of the Company are listed or quoted.

 

(g)          Incentive
Stock Option Grants to 10% Stockholders. Notwithstanding anything to the contrary in this Section 7, if an Incentive Stock Option
is granted to a Participant who owns stock representing more than 10 percent of the voting power of all classes of stock of the Company
or of a parent or subsidiary of the Company (within the meaning of Sections 424(e) and 424(f) of the Code), the Option Period shall
not exceed five years from the date of grant of such Option and the exercise price shall be at least 110% of the Fair Market Value (on
the date of grant) of the shares subject to the Option.

 

(h)          $100,000
Per Year Limitation for Incentive Stock Options. To the extent that the aggregate Fair Market Value (determined as of the date of
grant) of Shares for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under
all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified Stock Options.

 

8.            Stock
Appreciation Rights (SARs).

 

(a)          Generally. Each SAR shall be subject to the conditions set forth in the Plan and in the applicable Award Agreement.

 

(b)          Exercise
Price. The exercise or hurdle price per Share for each SAR shall be determined by the Committee at the time of grant and, except
in the case of a Substitute Award, such exercise or hurdle price shall not be less than 100% of the Fair Market Value of a Share on
the date of grant of such SAR. Any modification to the exercise or hurdle price of an outstanding SAR shall be subject to the
prohibition on repricing set forth in Section 14(b).

 

    10

     

    

 

(c)          Vesting,
Exercise and Expiration. The Committee shall determine the manner and timing of vesting, exercise and expiration of SARs. The period
between the date of grant and the scheduled expiration of the SAR (the “SAR Period”) shall not exceed 10 years,
unless the SAR Period would expire at a time when trading in the Shares is prohibited by the Company’s insider-trading policy or
a Company-imposed “blackout period,” in which case, unless otherwise provided by the Committee, the SAR Period may be extended
automatically until the 30th day following the expiration of such prohibition (so long as such extension shall not violate Section 409A
of the Code) or the Committee may provide for the automatic exercise of such SAR prior to the expiration of the SAR Period. The Committee
may accelerate the vesting and/or exercisability of any SAR, which acceleration shall not affect any other terms and conditions of such
SAR.

 

(d)         
Method of Exercise and Form of Payment. SARs may be exercised by delivery of written or electronic notice of exercise to
the Company or its designee (including a third-party administrator) in accordance with the terms of the SAR and the Award Agreement, specifying
the number of SARs to be exercised and the date on which such SARs were awarded. Upon the exercise of a SAR, the Company shall pay to
the holder thereof an amount equal to the number of Shares subject to the SAR that are being exercised multiplied by the excess, if any,
of the Fair Market Value of one Share on the exercise date over the exercise price, less an amount equal to any applicable U.S. federal,
state and local income and employment taxes and non-U.S. income and employment taxes, social contributions and any other tax-related items
required to be withheld. The Company shall pay such amount in cash, in Shares valued at Fair Market Value as determined on the date of
exercise, or any combination thereof, as determined by the Committee. Any fractional Shares shall be settled in cash. Notwithstanding
the foregoing, unless otherwise determined by the Committee or as set forth in the Award Agreement, if, on the last day of the SAR Period,
the Fair Market Value exceeds the exercise price, the Participant has not exercised the SAR and the SAR has previously expired, such SAR
shall be deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate payment therefor.

 

9.            Restricted Stock and Restricted Stock Units.

 

(a)          Generally.
Each Restricted Stock and Restricted Stock Unit shall be subject to the conditions set forth in the Plan and the applicable Award Agreement.
The Committee shall establish restrictions applicable to Restricted Stock and Restricted Stock Units, including the period over which
the restrictions shall apply (the “Restricted Period”), and the time or times at which Restricted Stock or
Restricted Stock Units shall become vested. The Committee may accelerate the vesting and/or the lapse of any or all of the restrictions
on Restricted Stock and Restricted Stock Units, which acceleration shall not affect any other terms and conditions of such Awards. No
Share shall be issued at the time an Award of Restricted Stock Units is made, and the Company will not be required to set aside a fund
for the payment of any such Award.

 

(b)          Director Retainer Fees. To the extent permitted by the Board and subject to such rules, approvals and conditions as the
Committee may impose from time to time, an Eligible Person who is a non-employee Director may elect to receive all or a portion of such
Eligible Person’s cash director fees and other cash director compensation payable for director services provided to the Company
by such Eligible Person in any fiscal year, in whole or in part, in the form of Restricted Stock Units or Shares.

 

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(c)         Stock
Certificates; Escrow or Similar Arrangement(d). Upon the grant of Restricted Stock, the Committee shall cause Share(s) to be registered
in the name of the Participant, which may be evidenced in any manner the Committee may deem appropriate, including in book-entry form
subject to the Company’s directions or the issuance of a stock certificate registered in the name of the Participant. In such event,
the Committee may provide that such certificates shall be held by the Company or in escrow rather than delivered to the Participant pending
vesting and release of restrictions, in which case the Committee may require the Participant to execute and deliver to the Company or
its designee (including third-party administrators) (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the
appropriate stock power (endorsed in blank) with respect to the Restricted Stock.

 

(e)         
Voting and Rights as a Stockholder. Subject to the restrictions set forth in the applicable Award Agreement, a Participant
generally shall have the rights and privileges of a stockholder with respect to Awards of Restricted Stock, including, without limitation,
the right to vote such Shares of Restricted Stock and the right to receive dividends. Unless otherwise provided by the Committee or in
an Award Agreement, a Restricted Stock Unit shall not convey to the Participant the rights and privileges of a stockholder with respect
to the Share subject to the Restricted Stock Unit, such as the right to vote or the right to receive dividends, unless and until a Share
is issued to the Participant to settle the Restricted Stock Unit.

 

(f)          
Restrictions; Forfeiture. Restricted Stock and Restricted Stock Units awarded to the Participant shall be subject to forfeiture
until the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, and shall
be subject to the restrictions on transferability set forth in the Award Agreement. Unless otherwise provided by the Committee, in the
event of any forfeiture, all rights of the Participant to such Restricted Stock (or as a stockholder with respect thereto) and to such
Restricted Stock Units, as applicable, shall terminate without further action or obligation on the part of the Company. The Committee
shall have the authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units whenever it may determine
that, by reason of changes in applicable laws or other changes in circumstances arising after the date of grant of the Restricted Stock
Award or Restricted Stock Unit Award, such action is appropriate.

 

(g)         
Delivery of Restricted Stock and Settlement of Restricted Stock Units.

 

(i)        
Upon the expiration of the Restricted Period with respect to any Shares of Restricted Stock and the attainment of any other vesting
criteria, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect, except as set forth in
the Award Agreement. If an escrow arrangement is used, upon such expiration the Company shall deliver to the Participant or such Participant’s
beneficiary or Permitted Transferee (via book-entry notation or, if applicable, in stock certificate form) the Shares of Restricted Stock
with respect to which the Restricted Period has expired (rounded down to the nearest full Share). To the extent provided in an Award Agreement,
dividends, if any, that may have been withheld by the Company and attributable to the Restricted Stock shall be distributed to the Participant
in cash or in Shares (or a combination of cash and Shares) having a Fair Market Value (on the date of distribution) equal to the amount
of such dividends, upon the release of restrictions on the Restricted Stock.

 

(ii)        Unless
otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period and the attainment of any
other vesting criteria established by the Committee in the applicable Award Agreement, with respect to any outstanding Restricted
Stock Units, the Company shall deliver to the Participant, or such Participant’s beneficiary (via book-entry notation or, if
applicable, in stock certificate form), one Share (or other securities or other property, as applicable) for each such outstanding
Restricted Stock Unit that has not then been forfeited and with respect to which the Restricted Period has expired and any other
such vesting criteria are attained (“Released Unit”); provided, however, that the Committee
may elect to (A) pay cash or part cash and part Shares in lieu of delivering only Shares in respect of such Released Units or
(B) defer the delivery of Shares (or cash or part Shares and part cash, as the case may be) beyond the expiration of the
Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment
is made in lieu of delivering Shares, the amount of such payment shall be equal to the Fair Market Value of the Shares as of the
date on which the Shares would have otherwise been delivered to the Participant in respect of such Restricted Stock Units. To the
extent provided in an Award Agreement, dividend equivalents, if any, that may have been withheld by the Company and attributable to
the Restricted Stock Units shall be distributed to the Participant in cash or in Shares (or a combination of cash and Shares) having
a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of restrictions on the
Restricted Stock Units.

 

    12 

     

    

 

(h)         
Legends on Restricted Stock. Each certificate representing Shares of Restricted Stock awarded under the Plan, if any, shall
bear as appropriate a legend substantially in the form of the following in addition to any other information the Company deems appropriate
until the lapse of all restrictions with respect to such Shares:

 

TRANSFER OF THIS CERTIFICATE AND THE SHARES
REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE EUROPEAN WAX CENTER, INC. 2021 OMNIBUS INCENTIVE PLAN AND A RESTRICTED STOCK
AWARD AGREEMENT, DATED AS OF [ __________, 2021] BETWEEN EUROPEAN WAX CENTER, INC. AND [_________]. A COPY OF SUCH PLAN AND AWARD AGREEMENT
IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF EUROPEAN WAX CENTER, INC. 

 

10.         
Other Stock-Based Awards and Other Cash-Based Awards. The Committee may issue unrestricted Shares, rights to receive future
grants of Awards, or other Awards denominated in Shares (including performance shares or performance units), or Awards that provide for
cash payments based in whole or in part on the value or future value of Shares (“Other Stock-Based Awards”)
and Other Cash-Based Awards under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts as the Committee
shall from time to time determine. Each Other Stock-Based Award shall be evidenced by an Award Agreement, which may include conditions
including, without limitation, the payment by the Participant of the Fair Market Value of such Shares on the date of grant. Each Other
Cash-Based Award granted under the Plan shall be evidenced in such form as the Committee may determine from time to time.

 

11.          Changes
in Capital Structure and Similar Events. In the event of (a) any dividend (other than regular cash dividends) or other
distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock
split, reorganization, merger, amalgamation, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of
Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the
Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects the
Shares or (b) unusual or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any
Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or
other requirements of any governmental body or securities exchange or inter-dealer quotation service, accounting principles or law,
such that in any case an adjustment is determined by the Committee to be necessary or appropriate, then the Committee shall (other
than with respect to Other Cash-Based Awards), to the extent permitted under Section 409A of the Code, make any such
adjustments in such manner as it may deem equitable, including, without limitation, any or all of the following:

 

    13 

     

    

 

(i)        
 adjusting any or all of (A) the number of Shares or other securities of the Company (or number and kind of other securities
or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (B) the terms of any outstanding
Award, including, without limitation, (1) the number of Shares or other securities of the Company (or number and kind of other securities
or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the exercise price with respect to any
Award and/or (3) any applicable performance measures (including, without limitation, Performance Conditions and performance periods);

 

(ii)       
providing for a substitution or assumption of Awards, accelerating the delivery, vesting and/or exercisability of, lapse of restrictions
and/or other conditions on, or termination of, Awards or providing for a period of time (which shall not be required to be more than ten
(10) days) for Participants to exercise outstanding Awards prior to the occurrence of such event (and any such Award not so exercised
shall terminate or become no longer exercisable upon the occurrence of such event); and

 

(iii)      
cancelling any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Shares, other securities
or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which, if applicable,
may be based upon the price per Share received or to be received by other stockholders of the Company in such event), including, without
limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value
(as of a date specified by the Committee) of the Shares subject to such Option or SAR over the aggregate exercise price of such Option
or SAR, respectively (it being understood that, in such event, any Option or SAR having a per Share exercise price equal to, or in excess
of, the Fair Market Value (as of the date specified by the Committee) of a Share subject thereto may be canceled and terminated without
any payment or consideration therefor);

 

provided, however, that the Committee
shall make an equitable or proportionate adjustment to outstanding Awards to reflect any “equity restructuring” (within the
meaning of the Financial Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)). Except as otherwise determined
by the Committee, any adjustment in Incentive Stock Options under this Section 11 (other than any cancellation of Incentive Stock
Options) shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of
the Code, and any adjustments under this Section 11 shall be made in a manner that does not adversely affect the exemption provided
pursuant to Rule 16b-3 promulgated under the Exchange Act. Any such adjustment hereunder, upon notice, shall be conclusive and binding
for all purposes. In anticipation of the occurrence of any event listed in the first sentence of this Section 11, for reasons of
administrative convenience, the Committee in its sole discretion may refuse to permit the exercise of any Award or as it otherwise may
determine during a period of up to 30 days prior to, and/or up to 30 days after, the anticipated occurrence of any such event.

 

12.         
Effect of Termination of Service or a Change in Control on Awards.

 

(a)        
Termination. To the extent permitted under Section 409A of the Code, the Committee may provide, by rule or regulation
or in any applicable Award Agreement, or may determine in any individual case, the circumstances in which, and to the extent to which,
an Award may be exercised, settled, vested, paid or forfeited in the event of the Participant’s termination of service prior to
the end of a performance period or vesting, exercise or settlement of such Award.

 

    14 

     

    

 

(b)          Change in Control. Except to the extent otherwise provided in an Award Agreement, or any applicable employment, consulting,
change-in-control, severance or other agreement between the Participant and the Company or an Affiliate, in the event of a Change in
Control, notwithstanding any provision of the Plan to the contrary:

 

(i)        
If the acquirer or successor company in such Change in Control has agreed to provide for the substitution, assumption, exchange
or other continuation of Awards granted pursuant to the Plan, then, if the Participant’s employment with or service to the Company
or an Affiliate is terminated by the Company or Affiliate without Cause (and other than due to death or Disability) on or within 24 months
following a Change in Control, then unless otherwise provided by the Committee, all Options and SARs held by such Participant shall become
immediately exercisable with respect to 100% of the shares subject to such Options and SARs, and that the Restricted Period (and any other
conditions) shall expire immediately with respect to 100% of the shares of Restricted Stock and Restricted Stock Units and any other Awards
(other than an Other Cash-Based Award) held by such Participant (including a waiver of any applicable Performance Conditions); provided
that if the vesting or exercisability of any Award would otherwise be subject to the achievement of Performance Conditions, the portion
of such Award that shall become fully vested and immediately exercisable shall be based on the assumed achievement of actual or target
performance as determined by the Committee.

 

(ii)       
If the acquirer or successor company in such Change in Control has not agreed to provide for the substitution, assumption, exchange
or other continuation of Awards granted pursuant to the Plan, then unless otherwise provided by the Committee, all Options and SARs held
by such Participant shall become immediately exercisable with respect to 100% of the shares subject to such Options and SARs, and the
Restricted Period (and any other conditions) shall expire immediately with respect to 100% of the shares of Restricted Stock and Restricted
Stock Units and any other Awards (other than an Other Cash-Based Award) held by such Participant (including a waiver of any applicable
Performance Conditions); provided that if the vesting or exercisability of any Award would otherwise be subject to the achievement
of Performance Conditions, the portion of such Award that shall become fully vested and immediately exercisable shall be based on the
assumed achievement of actual or target performance as determined by the Committee.

 

(iii)       
In addition, the Committee may upon at least ten (10) days’ advance notice to the affected Participants, cancel any outstanding
Award and pay to the holders thereof, in cash, securities or other property (including of the acquiring or successor company), or any
combination thereof, the value of such Awards based upon the price per Share received or to be received by other stockholders of the Company
in the event (it being understood that any Option or SAR having a per-share exercise or hurdle price equal to, or in excess of, the Fair
Market Value (as of the date specified by the Committee) of a Share subject thereto may be canceled and terminated without any payment
or consideration therefor). Notwithstanding the above, the Committee shall exercise such discretion over the timing of settlement of any
Award subject to Code Section 409A at the time such Award is granted.

 

To the extent practicable,
the provisions of this Section 12(b) shall occur in a manner and at a time that allows affected Participants the ability to participate
in the Change in Control transaction with respect to the Shares subject to their Awards.

 

    15 

     

    

 

13.          Deferred
Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants Deferred Awards,
which may be a right to receive Shares or cash under the Plan (either independently or as an element of or supplement to any other
Award under the Plan), including, as may be required by any applicable law or regulations or determined by the Committee, in lieu of
any annual bonus, commission or retainer that may be payable to a Participant under any applicable, bonus, commission or retainer
plan or arrangement. The Committee shall determine the terms and conditions of such Deferred Awards, including, without limitation,
the method of converting the amount of annual bonus into a Deferred Award, if applicable, and the form, vesting, settlement,
forfeiture and cancellation provisions or any other criteria, if any, applicable to such Deferred Awards. Shares underlying a
Share-denominated Deferred Award, which is subject to a vesting schedule or other conditions or criteria, including forfeiture or
cancellation provisions, set by the Committee shall not be issued until or following the date that those conditions and criteria
have been satisfied. Deferred Awards shall be subject to such restrictions as the Committee may impose (including any limitation on
the right to vote a Share underlying a Deferred Award or the right to receive any dividend, dividend equivalent or other right),
which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee
may deem appropriate. The Committee may determine the form or forms (including cash, Shares, other Awards, other property or any
combination thereof) in which payment of the amount owing upon settlement of any Deferred Award may be made.

 

14.         
Amendments and Termination.

 

(a)         
Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion
thereof at any time; provided that no such amendment, alteration, suspension, discontinuance or termination shall be made without
stockholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including,
without limitation, as necessary to comply with any applicable rules or requirements of any securities exchange or inter-dealer quotation
service on which the Shares may be listed or quoted, for changes in GAAP to new accounting standards); provided, further,
that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of
any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent
of the affected Participant, holder or beneficiary, unless the Committee determines that such amendment, alteration, suspension, discontinuance
or termination is either required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation.
No Awards may be granted or awarded during any period of suspension, after termination of the Plan or after the Expiration Date.

 

(b)          Amendment
of Award Agreements. The Committee may, to the extent not inconsistent with the terms of any applicable Award Agreement or the
Plan, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award
theretofore granted or the associated Award Agreement, prospectively or retroactively (including after the Participant’s
termination of employment or service with the Company); provided that any such waiver, amendment, alteration, suspension,
discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to
any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant unless the
Committee determines that such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination is either
required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation; provided, further,
that except as otherwise permitted under Section 11 of the Plan, if (i) the Committee reduces the exercise price of any Option
or of any SAR, (ii) the Committee cancels any outstanding Option or SAR and replaces it with a new Option or SAR (with a lower
exercise price, as the case may be) or other Award or cash in a manner that would either (A) be reportable on the
Company’s proxy statement or Form 10-K (if applicable) as Options that have been “repriced” (as such term is used
in Item 402 of Regulation S-K promulgated under the Exchange Act) or (B) result in any “repricing” for financial
statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting treatment), (iii) take any
other action that is considered a “repricing” for purposes of the stockholder approval rules of the applicable
securities exchange or inter-dealer quotation service on which the Share is listed or quoted and/or (iv) cancel any outstanding
Option or SAR that has a per Share exercise price (as applicable) at or above the Fair Market Value of a Share on the date of
cancellation, and pay any consideration to the holder thereof, whether in cash, securities or other property, or any combination
thereof, then, in the case of the immediately preceding clauses (i) through (iv), any such action shall not be effective without
stockholder approval.

 

    16 

     

    

 

15.         
General.

 

(a)         
Award Agreements; Other Agreements. Each Award (other than an Other Cash-Based Award) under the Plan shall be evidenced
by an Award Agreement, which shall be delivered (whether in written or electronic form) to the Participant and shall specify the terms
and conditions of the Award and any rules applicable thereto. In the event of any conflict between the terms of the Plan and any Award
Agreement or employment, change-in-control, severance or other agreement in effect with the Participant, the terms of the Plan shall control.

 

(b)         
Nontransferability.

 

(i)        
Each Award shall be exercisable only by the Participant during the Participant’s lifetime or, if permissible under applicable
law or the Plan, by the Participant’s legal guardian or representative or beneficiary or Permitted Transferee. No Award may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent
and distribution or as set forth below in clause (ii), and any such purported assignment, alienation, pledge, attachment, sale, transfer
or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a beneficiary
shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

(ii)        Notwithstanding
the foregoing, the Committee may permit Awards (other than Incentive Stock Options) to be transferred by the Participant, without consideration,
subject to such rules as the Committee may adopt, to (A) any person who is a “family member” of the Participant, as
such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statements promulgated
by the Securities and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust
solely for the benefit of the Participant or the Participant’s Immediate Family Members; (C) a partnership or limited liability
company whose only partners or stockholders are the Participant and the Participant’s Immediate Family Members; or (D) any
other transferee as may be approved either (1) by the Board or the Committee or (2) as provided in the applicable Award Agreement
(each transferee described in clause (A), (B), (C) or (D) above is hereinafter referred to as a “Permitted Transferee”);
provided that the Participant gives the Committee or its delegate advance written notice describing the terms and conditions of the proposed
transfer and the Committee or its delegate notifies the Participant in writing that such a transfer would comply with the requirements
of the Plan.

 

(iii)       The
terms of any Award transferred in accordance with the immediately preceding subsection shall apply to the Permitted Transferee, and
any reference in the Plan, or in any applicable Award Agreement, to the Participant shall be deemed to refer to the Permitted
Transferee, except that, unless otherwise provided by the Committee: (A) Permitted Transferees shall not be entitled to
transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled
to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the
Shares to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award
Agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be
required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be
given to the Participant under the Plan or otherwise; (D) the consequences of the termination of the Participant’s
employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award Agreement shall
continue to be applied with respect to the transferred Award, including, without limitation, that an Option shall be exercisable by
the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement; and
(E) any non-competition, non-solicitation, non-disparagement, non-disclosure or other restrictive covenants contained in any
Award Agreement or other agreement between the Participant and the Company or any Affiliate shall continue to apply to the
Participant.

 

    17 

     

    

 

(c)         
Dividends and Dividend Equivalents. The Committee shall provide that dividend equivalents either shall accrue and be paid
or distributed upon the vesting of an Award or shall be deemed to have been reinvested in additional Shares, Awards, or other investment
vehicles and subject to such restrictions on transferability and risks of forfeiture as the Committee may specify.

 

(d)        
No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or an Award, and the Committee
shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional
Shares or any rights thereto shall be cancelled, terminated or otherwise eliminated.

 

(e)         
Tax Withholding.

 

(i)        
The Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right
(but not the obligation) and is hereby authorized to withhold, from any cash, Shares, other securities or other property deliverable under
any Award or from any compensation or other amounts owing to the Participant, the amount (in cash, Shares, other securities or other property)
of any required withholding taxes (up to the maximum permissible withholding amounts) in respect of an Award, its exercise, or any payment
or transfer under an Award or under the Plan and to take such other action that the Committee or the Company deems necessary to satisfy
all obligations for the payment of such withholding taxes.

 

(ii)       
Without limiting the generality of paragraph (i) above, the Committee may permit the Participant to satisfy, in whole or in part,
the foregoing withholding liability by (A) payment in cash, (B) the delivery of Shares (which Shares are not subject to any
pledge or other security interest) owned by the Participant having a Fair Market Value on such date equal to such withholding liability
or (C) having the Company withhold from the number of Shares otherwise issuable or deliverable pursuant to the exercise or settlement
of the Award a number of Shares with a Fair Market Value on such date equal to such withholding liability. In addition, subject to any
requirements of applicable law, the Participant may also satisfy the tax withholding obligations by other methods, including selling Shares
that would otherwise be available for delivery; provided that the Board or the Committee has specifically approved such payment
method in advance.

 

(f)           No
Claim to Awards; No Rights to Continued Employment, Directorship or Engagement. No employee, Director of the Company, consultant
providing service to the Company or an Affiliate, or other person shall have any claim or right to be granted an Award under the
Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for
uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the
Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant and
may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action
taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or an
Affiliate, or to continue in the employ or the service of the Company or an Affiliate, nor shall it be construed as giving any
Participant who is a Director any rights to continued service on the Board.

 

    18 

     

    

 

(g)        
International Participants. With respect to Participants who reside or work outside of the United States or are subject
to non-U.S. legal restrictions or regulations, the Committee may amend the terms of the Plan or appendices thereto, or outstanding Awards,
with respect to such Participants, in order to conform such terms with or accommodate the requirements of local laws, procedures or practices
or to obtain more favorable tax or other treatment for the Participant, the Company or its Affiliates. Without limiting the generality
of this subsection, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify
rights on death, disability, retirement or other terminations of employment, available methods of exercise or settlement of an Award,
payment of income, social insurance contributions or payroll taxes, withholding procedures and handling of any stock certificates or other
indicia of ownership that vary with local requirements. The Committee may also adopt rules, procedures or sub-plans applicable to particular
Affiliates or locations.

 

(h)         
Beneficiary Designation. The Participant’s beneficiary shall be the Participant’s spouse (or domestic partner
if such status is recognized by the Company and in such jurisdiction) or, if the Participant is otherwise unmarried at the time of death,
the Participant’s estate, except to the extent that a different beneficiary is designated in accordance with procedures that may
be established by the Committee from time to time for such purpose. Notwithstanding the foregoing, in the absence of a beneficiary validly
designated under such Committee-established procedures and/or applicable law who is living (or in existence) at the time of death of a
Participant residing or working outside the United States, any required distribution under the Plan shall be made to the executor or administrator
of the estate of the Participant, or to such other individual as may be prescribed by applicable law.

 

(i)          
Termination of Employment or Service. The Committee, in its sole discretion, shall determine the effect of all matters and
questions related to the termination of employment of or service of a Participant. Unless determined otherwise by the Committee: (i) neither
a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to
active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or service with the Company
to employment or service with an Affiliate (or vice versa) shall be considered a termination of employment or service with the Company
or an Affiliate; and (ii) if the Participant’s employment with the Company or its Affiliates terminates, but such Participant
continues to provide services with such Company or such Affiliate in a non-employee capacity (including as a non-employee Director) (or
vice versa), such change in status shall not be considered a termination of employment or service with the Company or an Affiliate for
purposes of the Plan.

 

(j)          
No Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall
be entitled to the privileges of ownership in respect of Shares that are subject to Awards hereunder until such Shares have been issued
or delivered to that person.

 

(k)         
Government and Other Regulations.

 

(i)        
Nothing in the Plan shall be deemed to authorize the Committee or Board or any members thereof to take any action contrary to applicable
law or regulation, or rules of the NASDAQ or any other securities exchange or inter-dealer quotation service on which the Shares are listed
or quoted.

 

    19 

     

    

 

(ii)        The
obligation of the Company to settle Awards in Shares or other consideration shall be subject to all applicable laws, rules and
regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award
to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell
or selling, any Shares pursuant to an Award unless such Shares have been properly registered for sale pursuant to the Securities Act
with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company,
that such Shares may be offered for sale or sold without such registration pursuant to and in compliance with the terms of an
available exemption. The Company shall be under no obligation to register for sale under the Securities Act any of the Shares to be
offered for sale or sold under the Plan. The Committee shall have the authority to provide that all Shares or other securities of
the Company or any Affiliate delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the
Committee may deem advisable under the Plan, the applicable Award Agreement, U.S. federal securities laws, or the rules, regulations
and other requirements of the U.S. Securities and Exchange Commission, any securities exchange or inter-dealer quotation service
upon which such Shares or other securities of the Company are then listed or quoted and any other applicable federal, state, local
or non-U.S. laws, rules, regulations and other requirements, and, without limiting the generality of Section 9 of the Plan, the
Committee may cause a legend or legends to be put on any such certificates of Shares or other securities of the Company or any
Affiliate delivered under the Plan to make appropriate reference to such restrictions or may cause such Shares or other securities
of the Company or any Affiliate delivered under the Plan in book-entry form to be held subject to the Company’s instructions
or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves
the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems
necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose
jurisdiction the Award is subject.

 

(iii)       
The Committee may cancel an Award or any portion thereof if it determines that legal or contractual restrictions and/or blockage
and/or other market considerations would make the Company’s acquisition of Shares from the public markets, the Company’s issuance
of Shares to the Participant, the Participant’s acquisition of Shares from the Company and/or the Participant’s sale of Shares
to the public markets illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance
with the foregoing, unless prevented by applicable laws, the Company shall pay to the Participant an amount equal to the excess of (A) the
aggregate Fair Market Value of the Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise
date, or the date that the Shares would have been vested or delivered, as applicable), over (B) the aggregate exercise price (in
the case of an Option or SAR) or any amount payable as a condition of delivery of Shares (in the case of any other Award). Such amount
shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof.

 

(l)         
Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under
the Plan is unable to care for such person’s affairs because of illness or accident, or is a minor, or has died, then any payment
due to such person or such person’s estate (unless a prior claim therefor has been made by a duly appointed legal representative
or a beneficiary designation form has been filed with the Company) may, if the Committee so directs the Company, be paid to such person’s
spouse, child or relative, or an institution maintaining or having custody of such person, or any other person deemed by the Committee
to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the
liability of the Committee and the Company therefor.

 

(m)         Nonexclusivity
of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company for
approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it
may deem desirable, including, without limitation, the granting of stock options or awards otherwise than under the Plan, and such
arrangements may be either applicable generally or only in specific cases.

 

    20 

     

    

 

(n)         
No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and the Participant or other person or
entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations
under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or to otherwise segregate
any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or
separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured
general creditors of the Company.

 

(o)          
Reliance on Reports. Each member of the Committee and each member of the Board (and each such member’s respective
designees) shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed
to act in good faith, in reliance upon any report made by the independent, registered public accounting firm of the Company and its Affiliates
and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than
such member or designee.

 

(p)         
Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under
any pension, retirement, profit-sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided
in such other plan.

 

(q)        
Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application
of the laws of any jurisdiction other than the State of Delaware.

 

(r)          
Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal
or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or, if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award, and the remainder of the Plan and
any such Award shall remain in full force and effect.

 

(s)         
Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation
or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or
organization succeeding to all or substantially all of the assets and business of the Company.

 

    21 

     

    

 

(t)         
Section 409A of the Code.

 

(i)         It
is intended that the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed and
interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each
Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of
such Participant in connection with the Plan or any other plan maintained by the Company, including any taxes and penalties under
Section 409A of the Code, and neither the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold
such Participant or any beneficiary harmless from any or all of such taxes or penalties. With respect to any Award that is
considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to
 “termination of employment” (and substantially similar phrases) shall mean “separation from service” within
the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made
in respect of any Award granted under the Plan is designated as a separate payment.

 

(ii)        Notwithstanding
anything in the Plan to the contrary, if the Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, no payments or deliveries in respect of any Awards that are “deferred compensation” subject to Section 409A
of the Code shall be made to such Participant prior to the date that is six months after the date of such Participant’s “separation
from service” within the meaning of Section 409A of the Code or, if earlier, the Participant’s date of death. All such
delayed payments or deliveries will be paid or delivered (without interest) in a single lump sum on the earliest date permitted under
Section 409A of the Code that is also a business day.

 

(iii)      
In the event that the timing of payments in respect of any Award that would otherwise be considered “deferred compensation”
subject to Section 409A of the Code would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration
shall be permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective
control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A
of the Code and any Treasury Regulations promulgated thereunder, or (B) a Disability, no such acceleration shall be permitted unless
the Disability also satisfies the definition of “disability” pursuant to Section 409A of the Code and any Treasury Regulations
promulgated thereunder.

 

(u)         
Clawback/Forfeiture. The Committee shall have full authority to implement any policies and procedures necessary to comply
with Section 10D of the Exchange Act and any rules promulgated thereunder and any other regulatory regimes. Notwithstanding anything
to the contrary contained herein, the Committee may, to the extent permitted by applicable law and stock exchange rules or by any applicable
Company policy or arrangement, and shall, to the extent required, cancel or require reimbursement of any Awards granted to the Participant
or any Shares issued or cash received upon vesting, exercise or settlement of any such Awards or sale of Shares underlying such Awards.
By accepting an Award, the Participant agrees that the Participant is subject to any clawback policies of the Company in effect from time
to time.

 

(v)          No
Representations or Covenants with Respect to Tax Qualification. Although the Company may endeavor to (i) qualify an Award for
favorable U.S. or non-U.S. tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation to that effect
and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its
corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan.

 

(w)         No Interference. The existence of the Plan, any Award Agreement and the Awards granted hereunder shall not affect or restrict
in any way the right or power of the Company, the Board, the Committee or the stockholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation
of the Company, any issue of stock or of options, warrants, or rights to purchase stock or of bonds, debentures, or preferred or prior
preference stocks whose rights are superior to or affect the Shares or the rights thereof or that are convertible into or exchangeable
for Shares, or the dissolution or liquidation of the Company or any Affiliate, or any sale or transfer of all or any part of their assets
or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

    22 

     

    

 

(x)           Expenses; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its Affiliates.
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.

 

(y)          Whistleblower
Acknowledgments. Notwithstanding anything to the contrary herein, nothing in this Plan or any Award Agreement will (i) prohibit
a Participant from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance
with the provisions of and rules promulgated under Section 21F of the Exchange Act or Section 806 of the Sarbanes-Oxley Act
of 2002, or of any other whistleblower protection provisions of federal law or regulation, or (ii) require prior approval by the
Company or any of its Affiliates of any reporting described in clause (i).

 

(z)           Lock-Up
Agreements. The Committee may require a Participant receiving Shares pursuant to the Plan, as a condition precedent to receipt of
such Shares, to enter into a shareholder agreement or “lock-up” agreement in such form as the Committee shall determine is
necessary or desirable to further the Company’s interests.

 

(aa)        Restrictive Covenants. The Committee may impose restrictions on any Award with respect to non-competition, non-solicitation,
confidentiality and other restrictive covenants as it deems necessary or appropriate in its sole discretion.

 

*     *     *

 

As adopted by the Board of Directors of the Company
on [________], 2021.

 

As approved by the stockholders of the Company
on [________], 2021.

 

    23

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