Document:

Exhibit 10.14

 

Metals
Acquisition Limited

2023 Long-Term Incentive Plan

 

Adopted
by the Board of Directors: ___________, 2023

Approved by the Shareholders: ________, 2023

 

	Section 1.	PURPOSE

 

Metals Acquisition Limited hereby establishes
this 2023 Long-Term Incentive Plan (the “Plan”). This Plan is intended to (i) attract and retain the best
available personnel to ensure the success of the Company (as defined below) and its Affiliates (as defined below) and accomplish the goals
of the Company and its Affiliates; (ii) to incentivize selected Eligible Persons (as defined below) with long-term incentive awards
to align their interests with the interests of the Company’s shareholders; and (iii) to promote the success of the business
of the Company and its Affiliates.

 

	Section 2.	DEFINITIONS

 

As used in the Plan, the following terms have the meanings set forth
below:

 

		(a)	“Adoption Date” means the date the Plan is first approved by the Board.

 

		(b)	“Affiliate” shall mean (i) any entity that, directly or through one or
more intermediaries, is controlled by the Company and (ii) any entity in which the Company has a significant equity interest, as
determined by the Committee.

 

		(c)	“Applicable Law” shall mean the legal requirements that apply to the Plan and
Awards granted hereunder in any given circumstance as shall be in place from time to time under any statute, law, ordinance, regulation,
rule, code, executive order, injunction, judgment, decree or order of any governmental authority, whether of the United States, any other
country, and any provincial, state, or local subdivision, that relate to the administration of equity plans or equity awards, as well
as any applicable stock exchange or automated quotation system rules or regulations.

 

		(d)	“Award” shall mean any Option, Share Appreciation Right, Restricted Share, Restricted
Share Unit, Performance Award, Dividend Equivalent, Other Share-Based Award or cash award granted under the Plan.

 

		(e)	“Award Agreement” shall mean any written agreement, contract, or other instrument
or document, including an electronic communication, as may from time to time be designated by the Company as evidencing any Award granted
under the Plan.

 

		(f)	“Beneficial Owner” shall have the meaning attributed thereto in the Exchange
Act.

 

		(a)	“Board” shall mean the Board of Directors of the Company.

 

		(b)	“Cause” will exist (unless another definition is provided in an applicable Option
Agreement, employment agreement or other applicable written agreement that provides that such other definition applies to an Award hereunder)
if the Company reasonably determines that the Participant engaged in (i) any breach by Participant of any written agreement between
Participant and the Company; (ii) any failure by Participant to comply with the Company’s written policies or rules as
the same may be in effect from time to time; (iii) neglect or persistent unsatisfactory performance of Participant’s duties;
(iv) Participant’s repeated failure to follow reasonable and lawful instructions from the Board or Chief Executive Officer;
(v) Participant’s commission, conviction of, or plea of guilty or nolo contendere to, any felony or any crime that results
in, or is reasonably expected to result in, material harm to the business or reputation of the Company; (vi) Participant’s
commission of or participation in any act (A) that causes material harm to the business or reputation of the Company; or (B) of
fraud against the Company; (vii) Participant’s damage to the Company’s business, property or reputation; or (viii) Participant’s
unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Participant
owes an obligation of nondisclosure as a result of his or her relationship with the Company. For purposes of clarity, a termination without
 “Cause” does not include any termination that occurs as a result of Participant’s death or Disability. The determination
as to whether a Participant’s Continuous Service has been terminated for Cause shall be made in good faith by the Company and shall
be final and binding on the Participant. The foregoing definition does not in any way limit the Company’s ability to terminate a
Participant’s employment or consulting or other service relationship at any time, and the term “Company” will be interpreted
to include any subsidiary, parent, Affiliate, or any successor thereto, if appropriate. Furthermore, a Participant’s Continuous
Service shall be deemed to have terminated for Cause within the meaning hereof if, at any time (whether before, on, or after termination
of the Participant’s Continuous Service, regardless of whether the Participant initiated the termination of the Participant’s
Continuous Service), the Company’s becomes aware of facts that would have been Cause if the Company had known of all relevant facts.

 

     

     

    

 

		(c)	“Change in Control” shall mean the first of the following to occur after the
Effective Date:

 

		(i)	Acquisition of Controlling Interest. Any Person becomes the Beneficial Owner (within the meaning of Rule 13d-3 promulgated
under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of
the Company’s then outstanding securities; provided that the foregoing shall exclude any bona fide sale of securities
of the Company by the Company to one or more third parties for purposes of raising capital. In applying the preceding sentence, an agreement
to vote securities shall be disregarded unless its ultimate purpose is to cause what would otherwise be a Change in Control, as reasonably
determined by the Board.

 

		(ii)	Merger. The Company consummates a merger or consolidation of the Company with any other entity unless: (a) the voting
securities of the Company outstanding immediately before the merger or consolidation would continue to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) 50% or more of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; and (b) no Person
becomes, as a result of such merger or consolidation, the Beneficial Owner, directly or indirectly, of securities of the Company representing
50% or more of the combined voting power of the Company’s then outstanding securities.

 

		(iii)	Sale of Assets. The sale or disposition by the Company of all, or substantially all, of the Company’s assets.

 

		(iv)	Liquidation or Dissolution. The liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, a “Change
in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which (I) the holders of the shares of the Company immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the
Company immediately following such transaction or series of transactions, or (II) any Person who was a Beneficial Owner, directly
or indirectly, of securities in the Company representing 50% or more acquires additional securities in the Company. In addition, a “Change
in Control” shall not be deemed to have occurred by virtue of the consummation of the transactions contemplated by the Share Sale Agreement.

 

		(d)	“Committee” shall mean a committee of the Board, acting in accordance with the
provisions of Section 3, designated by the Board to administer the Plan and composed of not less than two (2) non-Employee Directors.
The initial Committee shall be the Compensation Committee of the Board.

 

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		(e)	“Company” shall mean Metals Acquisition Limited, a public limited company incorporated
under the laws of Jersey, Channel Islands, and, to the extent determined appropriate by the Board, in its sole discretion, any Affiliate
or successor thereto.

 

		(f)	“Consultant” shall mean any person (other than an Employee or Director), including
an advisor, who is engaged by the Company or any Affiliate to render services and is compensated for such services. A Consultant includes
non-natural persons, to the extent permitted by Applicable Law.

 

		(g)	“Continuous Service” shall mean a Participant’s period of service in the
absence of any interruption or termination of service as an Employee, Consultant, or Director. Continuous Service as an Employee or Consultant
shall not be considered interrupted or terminated in the case of: (i) Company-approved sick leave; (ii) military leave; (iii) any
other bona fide leave of absence approved by the Company. Also, Continuous Service as an Employee or Consultant shall not be considered
interrupted or terminated in the case of a transfer between locations of the Company or between the Company, its parents, subsidiaries
or Affiliates, or their respective successors, or a change in status from an Employee to a Consultant or Director or from a Consultant
or Director to an Employee.

 

		(h)	“Director” shall mean a member of the Board, or a member of the board of directors
of an Affiliate.

 

		(i)	“Disability” shall mean ____________________________________.

 

		(j)	“Dividend Equivalent” shall mean any right granted under Section 6(e) of
the Plan.

 

		(k)	“Effective Date” means the later of (i) the date on which the Plan
is approved by the shareholders of the Company, and (ii) the day that is one day prior to the date of the closing of the transactions
contemplated by the Business Combination Agreement.

 

		(l)	“Eligible Person” shall mean (i) an Employee, Consultant, or Director,
or (ii) a non-Employee, non-Consultant, or non-Director to whom an offer of a service relationship as an Employee, Consultant, or
Director has been extended.

 

		(m)	“Employee” shall mean any person whom the Company or any Affiliate classifies
as an employee (including an officer) for employment tax purposes or, if in a jurisdiction that does not have employment taxes, any person
whom the Company or any Affiliate classifies as an employee (including an officer), in either case whether or not that classification
is correct. The payment by the Company of director’s fees to a Director shall not constitute “employment” of such Director
by the Company.

 

		(n)	“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

		(o)	“Fair Market Value” shall mean, with respect to any Shares or other securities,
the closing price of a Share or other security on the date as of which the determination is being made or as otherwise determined in a
manner specified by the Committee.

 

		(p)	“Grant Date” shall mean the later of (i) the date designated as the “Grant
Date” within an Award Agreement and (ii) the date on which the Committee determines the key terms of an Award, provided
that as soon as reasonably practicable thereafter the Company both notifies the Eligible Person of the Award and issues an Award Agreement
to the Eligible Person.

 

		(q)	“Officer” means a person who is an officer of the Company within the meaning
of Section 16 of the Exchange Act.

 

		(r)	“Option” shall mean a Share Option.

 

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		(s)	“Other Share-Based Award” shall mean any right granted under Section 6(f) of
the Plan.

 

		(t)	“Participant” shall mean an Eligible Person designated to be granted an Award
under the Plan.

 

		(u)	“Performance Award” shall mean any right granted under Section 6(d) of
the Plan.

 

		(v)	“Performance Criteria” shall mean any quantitative and/or qualitative measures,
as determined by the Committee, which may be used to measure the level of performance of the Company or any individual Participant during
a Performance Period.

 

		(w)	“Performance Period” shall mean any period as determined by the Committee in
its sole discretion.

 

		(x)	“Person” shall mean any individual, corporation, partnership, association, joint-stock
company, trust, unincorporated organization, or government or political subdivision thereof.

 

		(y)	“Restricted Share” shall mean any Award of Shares granted under Section 6(c) of
the Plan.

 

		(z)	“Restricted Share Unit” shall mean any restricted share unit granted under Section 6(c) of
the Plan that is denominated in Shares.

 

		(aa)	“Share Sale Agreement” means the Share Sale Agreement, dated as of March 17, 2022
                                                                                                                                                 (as amended by that certain Deed of Consent and Covenant, dated as of November 22, 2022), by and among the Company and the other
                                                                                                                                                 parties thereto.

 

		(bb)	“Shares” shall mean the ordinary shares of a par value of _____ each of the
Company, and such other securities as may become the subject of Awards, or become subject to Awards, pursuant to an adjustment made under
Section 4(b) of the Plan.

 

		(cc)	“Share Appreciation Right” shall mean any right granted under Section 6(b) of
the Plan.

 

		(dd)	“Share Option” shall mean an option granted under Section 6(a) of
the Plan.

 

	Section 3.	ADMINISTRATION

 

Except as otherwise provided herein, the Plan
shall be administered by the Committee, which shall have the power to interpret the Plan and to adopt such rules and guidelines for
implementing the terms of the Plan as it may deem appropriate; provided, however, that the Board may act in lieu of the
Committee on any matter. The Committee shall have the ability to modify the Plan provisions, to the extent necessary, or delegate such
authority, to accommodate any changes in Applicable Law.

 

		(a)	Subject to the terms of the Plan and Applicable Law, the Committee shall have full power and authority
to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Plan;
(iii) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated
in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and
under what circumstances Awards may be settled or exercised in cash, Shares, other securities, or other Awards, or terminated, forfeited,
cancelled or suspended, and the method or methods by which Awards may be settled, exercised, terminated, forfeited, cancelled or suspended;
(vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, and other amounts
payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of
the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan;
(viii) establish, amend, suspend, or waive such rules and guidelines; (ix) appoint such agents as it shall deem appropriate
for the proper administration of the Plan; (x) make any other determination and take any other action that the Committee deems necessary
or desirable for the administration of the Plan; and (xi) correct any defect, supply any omission, or reconcile any inconsistency
in the Plan or any Award in the manner and to the extent it deems desirable.

 

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		(b)	Without limiting the foregoing, the Committee shall have the discretion to interpret or construe ambiguous,
unclear, or implied (but omitted) terms as it deems to be appropriate in its sole discretion and to make any findings of fact needed in
the administration of this Plan or Award Agreements. The Committee’s prior exercise of its discretionary authority shall not obligate
it to exercise its authority in a like fashion thereafter. The Committee’s interpretation and construction of any provision of this
Plan, or of any Award or Award Agreement, and all determinations the Committee or the Company makes pursuant to this Plan shall be final,
binding, and conclusive (subject only to the Committee’s or the Company’s inherent authority to change their determinations).
The validity of any such interpretation, construction, decision or finding of fact shall not be given de novo review if challenged
in court, by arbitration, or in any other forum, and shall be upheld unless clearly affected by fraud.

 

		(c)	Any determination made by the Committee or the Company with respect to any provisions of this Plan may
be made on an Award-by-Award basis. The Committee and the Company have no obligation to be uniform, consistent, or nondiscriminatory between
classes of similarly situated Eligible Persons, Participants, Awards or Award Agreements, except as required by Applicable Law.

 

		(d)	The Board or any Committee may delegate to one or more Officers the authority to do one or both of the
following (i) designate Employees who are not Officers to be recipients of Options and Share Appreciation Rights (and, to the extent
permitted by Applicable Law, other types of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and (ii) determine
the number of Shares to be subject to such Awards granted to such Employees; provided, however, that the resolutions or charter adopted
by the Board or any Committee evidencing such delegation will specify the total number of Shares that may be subject to the Awards granted
by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted on the applicable
form of Award Agreement most recently approved for use by the Board or the Committee, unless otherwise provided in the resolutions approving
the delegation authority. Notwithstanding anything to the contrary herein, neither the Board nor any Committee may delegate to an Officer
who is acting solely in the capacity of an Officer (and not also as a Director) the authority to determine the Fair Market Value

 

		(e)	CLAIMS LIMITATION PERIOD. Any Participant who believes he or she is being denied any benefit
or right under this Plan or under any Award or Award Agreement may file a written claim with the Committee. Any claim must be delivered
to the Committee within six (6) months of the specific event giving rise to the claim. Untimely claims generally will not be processed
and shall be deemed denied. The Committee, or its designee, generally will notify the Participant of its decision in writing as soon as
administratively practicable. Claims shall be deemed denied if the Committee does not respond in writing within one-hundred eighty (180) days
of the date the written claim is delivered to the Committee. The Committee’s decision (or deemed decision) is final and conclusive
and binding on all Persons. No lawsuit or arbitration relating to this Plan may be filed or commenced before a written claim is filed
with the Committee and is denied or deemed denied, and any lawsuit must be filed within one (1) year of such denial or deemed denial
or be forever barred.

 

		(f)	NO LIABILITY; INDEMNIFICATION. Neither the Board nor any Committee member, nor any Person acting
at the direction of the Board or the Committee, shall be liable for any act, omission, interpretation, construction, or determination
made in good faith with respect to this Plan, any Award, or any Award Agreement. The Company shall pay or reimburse any Director, Employee,
or Consultant who in good faith takes action on behalf of this Plan, for all expenses incurred with respect to this Plan, and to the full
extent allowable under Applicable Law shall indemnify each and every one of them for any claims, liabilities, and costs (including reasonable
attorneys’ fees) arising out of their good faith performance of duties on behalf of this Plan. The Company may, but shall not be
required to, obtain liability insurance for this purpose.

 

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		(g)	EXPENSES. The Company shall bear the expenses of administering this Plan.

 

	Section 4.	SHARES AVAILABLE FOR AWARDS AND NON-EMPLOYEE DIRECTOR COMPENSATION LIMITS

 

		(a)	SHARES AVAILABLE. Subject to adjustment as provided in this Section 4:

 

		(i)	The aggregate number of Shares that may be issued pursuant to Awards is _________________Shares, plus a number of Shares that will
automatically be increased on January 1 of each year for a period of five years commencing 3% of the total number of Shares issued
and outstanding on December 31 of the preceding year; provided, however, that the Board may act prior to January 1st
of a given year to provide that the increase for such year will be a lesser number of Shares. This is the “Share Reserve.”

 

		(ii)	If any Shares issued to a Participant under the Plan are subject to an Award that is terminated, forfeited or cancelled (e.g., unvested
Awards of Restricted Shares), or settled in cash the Share Reserve shall be increased by the number of Shares underlying such Award. If
Shares are withheld in satisfaction of withholding taxes or payment of exercise price then the Shares so withheld or used in payment shall
be available for Awards under the Plan and the Share Reserve shall be increased by the same number of Shares as the Share Reserve was
decreased on account of such Shares, if any.

 

		(iii)	ACCOUNTING FOR AWARDS. For purposes of this Section 4, unless the Committee determines otherwise:

 

		(A)	if an Award (other than a Dividend Equivalent) is denominated in Shares, the number of Shares covered
by such Award, or to which such Award relates, shall be counted on the date of grant of such Award against the aggregate number of Shares
available for granting Awards under the Plan;

 

		(B)	Dividend Equivalents denominated in Shares and Awards not denominated, but potentially payable, in Shares
shall be counted against the aggregate number of Shares available for granting Awards under the Plan in such amount and at such time as
the Dividend Equivalents and such Awards are settled in Shares. Any Shares that are delivered by the Company, and any Awards that are
granted by, or become obligations of, the Company through the assumption by the Company or an Affiliate of, or in substitution for, outstanding
awards previously granted by an acquired company, whether through an asset or equity transaction, shall not be counted against the Shares
available for granting Awards under this Plan; and

 

		(C)	Shares subject to Awards that qualify as inducement grants under NYSE Rule 303A.08 or its successor
shall not be counted against the Share Reserve.

 

		(iv)	SOURCES OF SHARES DELIVERABLE UNDER AWARDS. The Shares to be issued, transferred, and/or sold under
the Plan shall be made available from authorized and unissued Shares or from the Company’s treasury shares.

 

		(v)	SHARES AVAILABLE IN AUSTRALIA. The number of Shares available for issue under the Plan in accordance
with paragraph (i) above to Eligible Persons in Australia made in reliance on Division 1A of Part 7.12 of the Corporations
Act 2001 (Cth) (“Corporations Act”) shall not exceed the maximum number permitted to be issued in reliance on that
Division unless otherwise authorised under Australian law.

 

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		(b)	ADJUSTMENTS.

 

		(i)	In the event that the Committee determines that any dividend or other distribution (whether in the form
of cash, Shares, or other securities), recapitalization, share subdivision, reverse share subdivision, reorganization, merger, consolidation,
spin-off, repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares
or other securities of the Company, or other similar corporate transaction or event constitutes an equity restructuring, or otherwise
affects the Shares, then the Committee may adjust the following in a manner that is determined by the Committee to be appropriate in order
to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan:

 

		(A)	the number and class of Shares or other securities which thereafter may be made the subject of Awards
including the limit specified in the Share Reserve;

 

		(B)	the number and class of Shares or other securities subject to outstanding Awards;

 

		(C)	the grant, purchase, or exercise price with respect to any Award, or, if deemed appropriate, make provision
for a cash payment to the holder of an outstanding Award; and

 

		(D)	other value determinations applicable to outstanding Awards.

 

provided,
however, that the number of Shares subject to any Award denominated in Shares shall always be a whole number.

 

		(ii)	ADJUSTMENTS OF AWARDS ON CERTAIN ACQUISITIONS. In the event that a company acquired by the Company
or any Affiliate, or with which the Company or any Affiliate merges, consolidates or combines, has shares available under a pre-existing
plan approved by its shareholders or stockholders and not adopted in contemplation of such acquisition, merger, consolidation 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 formula used in such transaction to determine the consideration payable to the holders of shares or common stock of such
acquired company) may be used for similar Awards under the Plan and shall not reduce the Share Reserve; 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, merger, consolidation or combination, and shall only be made to individuals who were not employed, immediately
before such acquisition, merger, consolidation or combination, by the post-transaction listed company or entities that were its subsidiaries
immediately before the transaction.

 

		(iii)	ADJUSTMENTS OF AWARDS ON THE OCCURRENCE OF CERTAIN UNUSUAL OR NONRECURRING EVENTS. The Committee
is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring
events affecting the Company, or the financial statements of the Company, or of changes in Applicable Law or accounting principles, whenever
the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits to be made available under the Plan.

 

		(iv)	DISSOLUTION OR LIQUIDATION. Except as otherwise provided in an Award Agreement, in the event of
the dissolution or liquidation of the Company other than as part of a Change in Control, each Award will terminate immediately prior to
the consummation of such dissolution or liquidation, subject to the ability of the Committee to exercise any discretion authorized in
the case of a Change in Control.

 

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		(v)	CHANGE IN CONTROL. In the event of a Change in Control but subject to the terms of any Award
Agreements or employment-related agreements between the Company or any Affiliates and any Participant, each outstanding Award may be assumed
or a substantially equivalent award may be substituted by the surviving or successor company or a parent or subsidiary of such successor
company (in each case, the “Successor Company”) upon consummation of the transaction. Notwithstanding the foregoing,
instead of having outstanding Awards be assumed or substituted with equivalent awards by the Successor Company, the Committee may in its
sole and absolute discretion and authority, without obtaining the approval or consent of the Company’s shareholders or any or all
Participant(s), take one or more of the following actions:

 

		(A)	accelerate the vesting of Awards so that some or all Awards shall vest (and, to the extent applicable,
become exercisable) as to some or all of the Shares that otherwise would have been unvested and/or provide that repurchase rights of the
Company, if any, with respect to Shares issued pursuant to an Award shall lapse;

 

		(B)	arrange or otherwise provide for the payment of cash or other consideration to Participants in exchange
for the satisfaction and cancellation of all or some outstanding Awards (based on the Fair Market Value, on the date of the Change in
Control, of the Award being cancelled, based on any reasonable valuation method selected by the Committee); provided that
the Committee shall have full discretion to unilaterally cancel (A) either all Awards or only select Awards (such as only those that
have vested on or before the Change in Control), and (B) any Options or Share Appreciation Rights whose exercise price is equal to
or greater than the Fair Market Value of the Shares, as of the date of the Change in Control, with such cancellation being without the
payment of any consideration whatsoever to those Participants whose Options and Share Appreciation Rights are being cancelled;

 

		(C)	make such other modifications, adjustments or amendments to outstanding Awards or this Plan as the Committee
deems necessary or appropriate.

 

	Section 5.	ELIGIBILITY

 

Any Eligible Person is eligible to be designated
a Participant. The Committee shall determine which Eligible Persons may receive Awards. If the Committee does not determine that an Eligible
Person is to receive a specific Award, he or she shall not be entitled to any such Award. Each Award shall be evidenced by an Award Agreement
that: sets forth the Grant Date and all other terms and conditions of the Award; is signed on behalf of the Company (unless the Committee
determines otherwise); and (unless waived by the Committee) is signed by the Eligible Person in acceptance of the Award. The grant of
an Award shall not obligate the Company or any Affiliate to continue the employment or service of any Eligible Person, or to provide any
future Awards or other remuneration at any time thereafter.

 

	Section 6.	AWARDS

 

		(a)	OPTIONS. The Committee is authorized to grant Options to Participants with the following terms
and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan, as the Committee shall
determine:

 

		(i)	EXERCISE PRICE. The purchase price per Share purchasable under an Option shall be determined by
the Committee; provided, however, and except as provided in Section 4(b), that such purchase price shall not be less
than 100% of the Fair Market Value of a Share on the date of grant of such Option.

 

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		(ii)	OPTION TERM. The term of each Option shall not exceed ten (10) years from the date of grant.

 

		(iii)	TIME AND METHOD OF EXERCISE. The Committee shall establish in the applicable Award Agreement the
time or times at which an Option may be exercised in whole or in part, and the method or methods by which, and the form or forms, including,
without limitation, cash, Shares, or other Awards, “net exercise”, broker-assisted cashless exercise, or any combination thereof,
having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect
thereto may be made or deemed to have been made. The Company shall not be required to deliver Shares pursuant to the exercise of an Option
and the Option will be deemed unexercised until the Company has received sufficient funds or value to cover the full exercise price due
and all applicable withholding obligations. The Committee may in its sole discretion set forth in an Award Agreement that a Participant
may exercise an unvested Option, in which case the Shares then issued shall be restricted Shares having the same vesting restrictions
as the unvested Option.

 

		(iv)	TERMINATION OF CONTINUOUS SERVICE. The Committee may set forth in the applicable Award Agreement,
or a severance agreement, employment agreement, service agreement or severance plan, the terms and conditions by which an Option is exercisable,
if at all, after the date of a Participant’s termination of Continuous Service. The Committee may waive or modify these provisions
at any time. To the extent that a Participant is not entitled to exercise an Option on the date of a Participant’s termination of
Continuous Service, or if the Participant (or other Person entitled to exercise the Option) does not exercise the Option within the time
and as specified in the Award Agreement or below (as applicable), the Option shall terminate. Notwithstanding the foregoing, if the Company
has a contingent contractual obligation to provide for accelerated vesting or extended exercisability after termination of a Participant’s
Continuous Service, such Options shall not terminate at the time they otherwise would terminate but instead shall remain outstanding,
but unexercisable, until the maximum contractual time for determining whether such contingency will occur, and terminate at such time
if the contingency has not then occurred; provided that no such extension shall cause an Option to be exercisable after
the ten (10) year anniversary of its Grant Date or the date such Option otherwise would have terminated had the Participant remained
in Continuous Service.

 

Subject to the preceding paragraph and Section 6(a)(v) and
to the extent an Award Agreement, or a severance agreement, employment agreement, service agreement or severance plan, does not otherwise
specify the terms and conditions on which an Option shall terminate when a Participant terminates Continuous Service, the following provisions
apply:

 

	Reason for Terminating Continuous Service	 	Option Termination Date
	 	 	 
	(I) By the Company for Cause, or what would have been Cause if the Company had known all of the relevant facts, or due to Participant’s material breach of his or her unexpired employment agreement or independent contractor agreement with the Company.	 	All Options, whether or not vested, shall immediately expire effective on the date of termination of the Participant’s Continuous Service, or when Cause first existed if earlier.

 

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	(II) Disability or death of the Participant during Continuous Service (in either case unless Reason I applies).	 	All unvested Options shall immediately expire effective as of the date of termination of the Participant’s Continuous Service, and all vested and unexercised Options shall expire twelve (12) months after such termination.
	 	 	 
	(III) Any other reason.	 	All unvested Options shall immediately expire effective on the date of termination of the Participant’s Continuous Service.  All vested and unexercised Options, to the extent unexercised, shall expire effective ninety (90) days after the date of termination of the Participant’s Continuous Service.

 

		(v)	BLACKOUT PERIODS. If there is a blackout period (whether under the Company’s insider trading
policy, Applicable Law, or a Committee-imposed blackout period) that prohibits buying or selling Shares during any part of the ten (10) day
period before an Option expires (as described above), the Option exercise period shall be extended until ten (10) days beyond the
end of the blackout period. Notwithstanding anything to the contrary in this Plan or any Award Agreement, no Option can be exercised beyond
the latest date its original term expires as set forth in the Award Agreement

 

		(b)	SHARE APPRECIATION RIGHTS. The Committee is hereby authorized to grant Share Appreciation Rights
to Participants. Subject to the terms of the Plan and any applicable Award Agreement, a Share Appreciation Right granted under the Plan
shall confer on the holder thereof a right to receive, on exercise thereof, the excess of (i) the Fair Market Value of one Share
on the date of exercise over (ii) the grant price of the right as specified by the Committee.

 

		(i)	GRANT PRICE. The grant price shall be determined by the Committee, provided, however,
and except as provided in Section 4(b), that such price shall not be less than 100% of the Fair Market Value of one Share on the
date of grant of the Share Appreciation Right, except that if a Share Appreciation Right is at any time granted in tandem with an Option,
the grant price of the Share Appreciation Right shall not be less than the exercise price of such Option.

 

		(ii)	TERM. The term of each Share Appreciation Right shall not exceed ten (10) years from the date
of grant.

 

		(iii)	OTHER RULES. The rules of Sections 6(a)(iii) – 6(a)(viii) shall apply
to Share Appreciation Rights as if the Award were an Option.

 

		(c)	RESTRICTED SHARE AND RESTRICTED SHARE UNITS.

 

		(i)	ISSUANCE. The Committee is hereby authorized to grant Awards of Restricted Share and Restricted
Share Units to Participants. Restricted Share Units represent a Participant’s right to be issued Shares on a future date. A Participant
will not have voting or any other rights as a shareholder of the Company with respect to any Restricted Share Unit unless and until Shares
are actually issued in settlement of the Restricted Share Unit.

 

		(ii)	RESTRICTIONS. Restricted Shares and Shares that may be issued with respect to any Restricted Share
Units shall be subject to such restrictions as the Committee may establish in the applicable Award Agreement (including, without limitation,
any limitation on the right to vote a Restricted Share or the right to receive any dividend 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. Subject
to Applicable Law, the Committee may make Awards of Restricted Share and Restricted Share Units with or without the requirement for payment
of cash or other consideration.

 

    10

     

    

 

		(iii)	REGISTRATION. Any Restricted Share or Restricted Share Units granted under the Plan may be evidenced
in such manner as the Committee may deem appropriate, including, without limitation, book-entry registration or issuance of a share certificate
or certificates in the case of Restricted Share. In the event any share certificate is issued in respect of Restricted Shares issued under
the Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Restricted Shares. Unrestricted Shares, evidenced in such manner as the Committee shall
deem appropriate, shall be delivered to the holder of Restricted Shares promptly after such restrictions have lapsed.

 

		(iv)	FORFEITURE. On termination of Continuous Service during the applicable vesting period, except as
otherwise determined by the Committee, all Restricted Shares and all Shares that may be issued with respect to any Restricted Share Units
still, in either case, subject to restriction or vesting, as applicable, shall be cancelled and forfeited and, to the extent applicable,
reacquired by the Company. However, if the Participant paid cash or other consideration for Restricted Shares that is so cancelled and
forfeited, the Company shall return to the Participant the lower of the Fair Market Value of the Shares on the date of cancellation and
forfeiture or their original purchase price, to the extent set forth in an Award Agreement or required by Applicable Law.

 

		(d)	PERFORMANCE AWARDS. The Committee is hereby authorized to grant Performance Awards to Participants.
Performance Awards include arrangements under which the grant, issuance, retention, vesting and/or transferability of any Award are subject
to Performance Criteria and such additional conditions or terms as the Committee may designate. Subject to the terms of the Plan and any
applicable Award Agreement, a Performance Award granted under the Plan:

 

		(i)	may be denominated or payable in cash, Shares (including, without limitation, Restricted Shares), other
securities, or other Awards; and

 

		(ii)	shall confer on the holder thereof rights valued as determined by the Committee and payable to, or exercisable
by, the holder of the Performance Award, in whole or in part, on the achievement of such performance goals during such Performance Periods
as the Committee shall establish.

 

		(iii)	AMENDMENT OF PERFORMANCE CRITERIA. After a Performance Award has been granted, the Committee may,
if it determines appropriate, amend any Performance Criteria, at its sole and absolute discretion.

 

		(iv)	SATISFACTION OF PERFORMANCE CRITERIA. If, as a result of the applicable Performance Criteria being
met, a Performance Award becomes vested and/or exercisable in respect of some, but not all of the number of Shares underlying such Award,
which did not become vested and exercisable by the end of the Performance Period, such Performance Award shall thereupon lapse and cease
to be exercisable in respect of the balance of the Shares which did not vest and/or become exercisable by the end of the Performance Period.

 

		(e)	DIVIDEND EQUIVALENTS. The Committee is hereby authorized to grant to Participants Awards (other
than Options and Share Appreciation Rights) under which the holders thereof shall be entitled to receive payments equivalent to dividends
or interest with respect to a number of Shares determined by the Committee, and the Committee may provide that such amounts (if any) shall
be deemed to have been reinvested in additional Shares or otherwise reinvested. Subject to the terms of the Plan and any applicable Award
Agreement, such Awards may have such terms and conditions as the Committee shall determine.

 

    11

     

    

 

		(f)	OTHER SHARE-BASED AWARDS. The Committee is authorized to grant to Participants such other Awards
that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including,
without limitation, securities convertible into Shares), as are deemed by the Committee to be consistent with the purposes of the Plan,
provided, however, that such grants must comply with Applicable Law. Subject to the terms of the Plan and any applicable
Award Agreement, the Committee shall determine the terms and conditions of such Awards. Shares or other securities delivered pursuant
to a purchase right granted under this Section 6(f) shall be purchased for such consideration, as the Committee shall determine,
the value of which consideration, as established by the Committee, and except as provided in Section 4(b), shall not be less than
the Fair Market Value of such Shares or other securities as of the date such purchase right is granted.

 

		(g)	GENERAL.

 

		(i)	CASH CONSIDERATION FOR AWARDS. Awards may be granted for no cash consideration or for such cash
consideration as may be required by Applicable Law or determined by the Committee; however, Participants may be required to pay any amount
the Committee determines in connection with Awards not inconsistent with the terms of this Plan.

 

		(ii)	AWARDS MAY BE GRANTED SEPARATELY OR TOGETHER. Awards may, in the discretion of the Committee,
be granted either alone or in addition to, in tandem with, or in substitution for any other Award or any award granted under any other
plan of the Company or any Affiliate.

 

		(iii)	FORMS OF PAYMENT UNDER AWARDS. Subject to the terms of the Plan and of any applicable Award Agreement,
payments or transfers to be made by the Company or an Affiliate on the grant, exercise, or payment of an Award may be made in such form
or forms as the Committee shall determine, including, without limitation, cash, Shares, rights in or to Shares issuable under the Award
or other Awards, other securities, or other Awards, or any combination thereof, and may be made in a single payment or transfer, in installments,
or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures
may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or
the grant or crediting of Dividend Equivalents in respect of installment or deferred payments.

 

		(iv)	LIMITS ON TRANSFER OF AWARDS. Except as provided by the Committee, no Award and no right under
any such Award shall be assignable, alienable, saleable, or transferable by a Participant otherwise than by will or by the laws of descent
and distribution provided, however, that, if so determined by the Committee, a Participant may, in the manner established
by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant with respect to any Award on the
death of the Participant. Each Award, and each right under any Award, shall be exercisable, during the Participant’s lifetime, only
by the Participant or, if permissible under Applicable Law, by the Participant’s guardian or legal representative. No Award and
no right under any such Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation, attachment,
or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate.

 

    12

     

    

 

		(v)	CONDITIONS AND RESTRICTIONS ON SECURITIES SUBJECT TO AWARDS. The Committee may provide that the
Shares issued on exercise of an Option or Share Appreciation Right or otherwise subject to or issued under an Award shall be subject to
such further agreements, restrictions, conditions or limitations as the Committee in its discretion may specify prior to the exercise
of such Option or Share Appreciation Right or the grant, vesting or settlement of such Award, including, without limitation, conditions
on vesting or transferability and forfeiture or repurchase provisions or provisions on payment of taxes arising in connection with an
Award. Without limiting the foregoing, such restrictions may address the timing and manner of any re-sales by the Participant or other
subsequent transfers by the Participant of any Shares issued under an Award, including without limitation: (A) restrictions under
an insider trading policy or pursuant to Applicable Law, (B) restrictions designed to delay and/or coordinate the timing and manner
of sales by Participant and holders of other Company equity compensation arrangements, (C) restrictions as to the use of a specified
brokerage firm for such re-sales or other transfers and (D) provisions requiring Shares to be sold on the open market or to the Company
in order to satisfy tax withholding or other obligations. The Committee shall include in any Award Agreement any claw back or forfeiture
provisions required by Applicable Law. The Committee also may include in any Award Agreement provisions providing for forfeiture of the
Award or requiring the Participant to surrender for no consideration the Shares underlying the Award to the Company in the event the Participant
engages in specified behavior that is adverse to the Company’s interests, including after termination of his or her service relationship
with the Company, such as for competing with the Company, soliciting its Employees, or breaching a written agreement with the Company.

 

		(vi)	RECOUPMENT OF AWARDS. All Awards granted under the Plan will be subject to recoupment in accordance
with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or
association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act or other Applicable Law and any clawback policy that the Company otherwise adopts, to the extent applicable and permissible
under Applicable Law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as
the Committee determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired
Shares or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event
giving rise to a Participant’s right to voluntarily terminate employment upon a “resignation for good reason,” or for
a “constructive termination” or any similar term under any plan of or agreement with the Company.

 

		(vii)	ELECTRONIC DELIVERY AND PARTICIPATION. Any reference herein or in an Award Agreement to a “written”
agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor
website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant
has access). By accepting any Award the Participant consents to receive documents by electronic delivery and to participate in the Plan
through any on-line electronic system established and maintained by the Company or another third party selected by the Company. The form
of delivery of any Shares (e.g., a share certificate or electronic entry evidencing such Shares) shall be determined by the Company.

 

		(viii)	SHARE CERTIFICATES. All Shares or other securities delivered under the Plan pursuant to any Award
or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under
the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange on which such
Shares or other securities are then listed, and any applicable federal, state, or local securities laws, and the Committee may cause a
legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

		(ix)	AUSTRALIAN OFFER DOCUMENTS. To the extent an offer of an Award is made to an Eligible Person in
Australia and to the extent such offer cannot be made in reliance on an exception under section 708 of the Corporations Act or under any
other exception available under the Corporations Act, an offer of an Award to an Eligible Person in Australia must be made via an offer
document that complies with Division 1A of Part 7.12 of the Corporations Act.

 

    13

     

    

 

	Section 7.	AMENDMENT AND TERMINATION

 

The Plan shall terminate on the ten (10) year
anniversary of its approval by the Board, but no such termination shall affect any outstanding grants under the Plan. Except to the extent
prohibited by Applicable Law and unless otherwise expressly provided in an Award Agreement or in the Plan:

 

		(a)	AMENDMENTS TO THE PLAN. The Board may amend, alter, suspend, discontinue, or terminate the Plan,
in whole or in part; provided, however, that without the prior approval of the Company’s shareholders, no material
amendment shall be made if shareholder approval is required by Applicable Law; and provided, further, that, notwithstanding
any other provision of the Plan or any Award Agreement, no such amendment, alteration, suspension, discontinuation, or termination shall
be made without the approval of the shareholders of the Company that would:

 

		(i)	increase the total number of Shares available for Awards under the Plan, except as provided in Section 4
hereof;

 

		(ii)	materially expand the class of Eligible Persons under the Plan, materially increase the benefits accruing
to Participants under the Plan, materially extend the term of the Plan with respect to Share-based Awards, or expand the types of Share-based
Awards available for issuance under the Plan; or

 

		(iii)	except as provided in Section 4(b), permit Options, Share Appreciation Rights, or Other Share-Based
Awards encompassing rights to purchase Shares to be repriced, replaced, or regranted through cancellation, or by lowering the exercise
price of a previously granted Option or the grant price of a previously granted Share Appreciation Right, or the purchase price of a previously
granted Other Share-Based Award.

 

		(b)	AMENDMENTS TO AWARDS. The Committee may waive any conditions or rights under, amend any terms of,
or amend, alter, suspend, discontinue, or terminate, any Awards theretofore granted, prospectively or retroactively. No such action shall
be taken that would impair the rights of any Participant, without such Participant’s consent, under any Award theretofore granted,
provided that no such consent shall be required with respect to any such action if such action is taken under Section 6(a)(vi) hereof
or if the Committee determines in its sole discretion that such amendment or alteration either (i) is required or advisable in order
for the Company, the Plan or the Award to satisfy or conform to Applicable Law or to meet the requirements of any accounting standard,
or (ii) is not reasonably likely to significantly diminish the benefits provided under such Award.

 

	Section 8.	GENERAL PROVISIONS

 

		(a)	NO RIGHTS TO AWARDS. No Eligible Person, Participant or other Person shall have any claim to be
granted any Award under the Plan, or, having been selected to receive an Award under this Plan, to be selected to receive a future Award,
and further there is no obligation for uniformity of treatment of Eligible Persons, Participants, or holders or beneficiaries of Awards
under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient.

 

		(b)	WITHHOLDING. The Company or any Affiliate shall be authorized to withhold from any Award granted
or any payment due or transfer made under any Award or under the Plan the amount (in cash, Shares, other securities, or other Awards)
of withholding taxes due in respect of an Award, its exercise, or any payment or transfer under such Award or under the Plan and to take
such other action as may be necessary in the opinion of the Company or Affiliate to satisfy statutory withholding obligations for the
payment of such taxes. Notwithstanding any provision of this Plan or an Award Agreement to the contrary, Participants are solely responsible
and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards, and neither the Company, nor any
Affiliate, nor any of their employees, directors, or agents, shall have any duty or obligation to mitigate, minimize, indemnify, or to
otherwise hold any Participant harmless from any or all of such tax consequences. The Company’s obligation to deliver Shares (or
to pay cash or other consideration) to Participants pursuant to Awards is at all times subject to such Participant’s prior or coincident
satisfaction of all withholding taxes.

 

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		(c)	NO LIMIT ON OTHER COMPENSATION ARRANGEMENTS. Nothing contained in the Plan shall prevent the Company
or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either
generally applicable or applicable only in specific cases.

 

		(d)	NO RIGHT TO EMPLOYMENT OR CONTINUED SERVICE. The grant of an Award shall not constitute an employment
or services contract nor be construed as giving a Participant the right to be retained in the employ or services of the Company or any
Affiliate. Further, the Company or an Affiliate may at any time dismiss a Participant from employment or services, free from any liability,
or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement.

 

		(e)	GOVERNING LAW AND VENUE. The validity, construction, and effect of the Plan and any rules and
regulations relating to the Plan shall be determined in accordance with the laws of Jersey, Channel Islands without regard to conflict
of law. For purposes of litigating any dispute that arises directly or indirectly under the Plan, the parties to any Award Agreement agree
to submit to the exclusive jurisdiction of Jersey, Channel Islands and agree that such litigation shall be conducted only in the courts
of the Jersey, Chanel Islands and no other courts.

 

		(f)	SEVERABILITY. If any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction, or as to any Person 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 Applicable Law, or if it cannot be so 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 stricken as to such jurisdiction, Person, or Award, and the remainder of the Plan and any such Award shall remain in full force
and effect.

 

		(g)	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 and a Participant or any other Person.
To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right
shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

 

		(h)	NO FRACTIONAL SHARES. No fractional Shares shall be issued or delivered pursuant to the Plan or
any 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.

 

		(i)	HEADINGS. Headings are given to the Sections and subsections of the Plan solely as a convenience
to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the
Plan or any provision thereof. .

 

		(j)	NO REPRESENTATIONS OR COVENANTS WITH RESPECT TO TAX QUALIFICATION. Although the Company may endeavor
to (i) qualify an Award for favorable 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. Notwithstanding the
forgoing, this Plan, as it relates to Awards issued to Eligible Persons in Australia, is a plan to which Subdivision 83A-C of the Income
Tax Assessment Act 1997 (“Tax Act”) applies (subject to the conditions in the Tax Act), unless an offer of an Award
to an Eligible Person in Australia provides that Subdivision 83A-C is not to apply to that Award.

 

    15

     

    

 

		(k)	AWARDS TO NON-JERSEY EMPLOYEES AND OTHER SERVICE PROVIDERS. The Committee shall have the power
and authority to determine which Affiliates shall be covered by this Plan and which employees or other service providers outside Jersey,
Channel Islands shall be eligible to participate in the Plan. The Committee may adopt, amend or rescind rules, procedures or sub-plans
relating to the operation and administration of the Plan to accommodate the specific requirements of local laws, procedures, and practices.
Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules, procedures and sub-plans with
provisions that limit or modify rights on death, Disability or on termination of Continuous Service; available methods of exercise or
settlement of an Award; payment of income, social insurance contributions and payroll taxes; and the withholding procedures and handling
of any share certificates or other indicia of ownership which vary with local requirements. The Committee may also adopt rules, procedures
or sub-plans applicable to particular Affiliates or locations.

 

		(l)	DATA PRIVACY. As a condition of receipt of any Award, each Participant explicitly and unambiguously
consents to the collection, use, and transfer, in electronic or other form, of personal data as described in this section by and among,
as applicable, the Company and its Affiliates for the exclusive purpose of implementing, administering, and managing this Plan and Awards
and the Participant’s participation in this Plan. In furtherance of such implementation, administration, and management, the Company
and its Affiliates may hold certain personal information about a Participant with respect to one or more Awards under the Plan, including,
but not limited to, the Participant’s name, home address, telephone number, date of birth, social security or insurance number or
other identification number, salary, nationality, job title(s), information regarding any securities of the Company or any of its Affiliates,
and details of all Awards (the “Data”). In addition to transferring the Data amongst themselves as necessary
for the purpose of implementation, administration, and management of this Plan and Awards and the Participant’s participation in
this Plan, the Company and its Affiliates each may transfer the Data to any third parties assisting the Company in the implementation,
administration, and management of this Plan and Awards and the Participant’s participation in this Plan. Recipients of the Data
may be located in the Participant’s country or elsewhere, and the Participant’s country and any given recipient’s country
may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive, possess,
use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company in the implementation, administration,
and management of this Plan and Awards and the Participant’s participation in this Plan, including any requisite transfer of such
Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. A Participant
may, at any time, view the Data held by the Company with respect to such Participant, request additional information about the storage
and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant,
or refuse or withdraw the consents herein in writing, in any case without cost, by contacting such Participant’s local human resources
representative. The Company may cancel the Participant’s eligibility to participate in this Plan, and in the Committee’s discretion,
the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws the consents described herein. For more information
on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative.

 

		(m)	NO DUTY TO NOTIFY. The Company shall have no duty or obligation to any Participant to advise such
holder as to the time or manner of exercising an Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise
advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised.

 

    16

     

    

 

Notwithstanding the
foregoing to the contrary, the Company shall take reasonable steps to notify Participants holding then outstanding Awards regarding the
occurrence of a Change in Control; provided, further, that if pursuant to the Change in Control outstanding Awards shall be cancelled
for no consideration, such notice shall be provided at least five (5) business days prior to the occurrence of the Change in Control
(or such shorter period as the Committee may determine is reasonable in its sole discretion taking into account the potential need for
confidentiality with respect to a Change in Control). For purposes of the foregoing, the Company providing notice via email to (i) a
Participant’s Company email address for Participants who are then in Continuous Service, or (ii) the personal email address
in the Company’s personnel records for a Participant no longer in Continuous Service shall be deemed to be reasonable steps to notify
a Participant on the part of the Company.

 

		(n)	NO SHAREHOLDER RIGHTS. Neither a Participant nor any transferee or beneficiary of a Participant
shall have any rights or status as a shareholder of the Company with respect to any Shares underlying any Award until the date of the
Company’s register of members is updated to reflect the Participant’s (or transferee’s or beneficiary’s) status
as a shareholder with respect to the Shares in accordance with the Company’s memorandum and articles of association and Applicable
Law. Prior to the issuance of Shares or Restricted Shares pursuant to an Award, a Participant shall not have the right to vote or to receive
dividends or any other rights as a shareholder with respect to the Shares underlying the Award (unless otherwise provided in the Award
Agreement for Restricted Shares), notwithstanding its exercise in the case of Options and Share Appreciation Rights. No adjustment will
be made for a dividend or other right that is determined based on a record date prior to the date on which the Participant's name is entered
into the register of members of the Company with respect to the Shares, except as otherwise specifically provided for in this Plan or
an Award Agreement.

 

		(o)	COMPLIANCE WITH LAWS. The granting of Awards and the issuance of Shares under the Plan shall be
subject to all Applicable Law. The Company shall have no obligation to issue or deliver evidence of title for Shares issued under the
Plan prior to:

 

		(i)	obtaining any approvals from governmental agencies that the Company determines are necessary or advisable;
and

 

		(ii)	completion of any registration or other qualification of the Shares under any applicable national or foreign
law or ruling of any governmental body that the Company determines to be necessary or advisable or at a time when any such registration
or qualification is not current, has been suspended or otherwise has ceased to be effective.

 

The inability or impracticability of the Company
to obtain or maintain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel
to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the
failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. Notwithstanding anything to the
contrary herein or in any Award Agreement, the Committee shall have the absolute discretion to impose a “blackout” period
on the exercise of any Option or Share Appreciation Right, as well as the settlement of any Award, with respect to any or all Participants
to the extent the Committee determines that doing so is desirable or required to comply with applicable securities laws.

 

	Section 9.	ADOPTION DATE; EFFECTIVE DATE

 

The Plan will come into existence on the Adoption
Date, but no Award may be granted prior to the Effective Date.

 

    17Exhibit 10.15

 

Metals
Acquisition Limited

2022 Employee Stock Purchase Plan

 

Adopted
by the Board of Directors: ___________, 2022

Approved by the Shareholders: ________, 2022

 

1.             General;
Purpose.

 

(a)           The
Plan provides a means by which Eligible Employees of the Company and certain Designated Companies may be given an opportunity to purchase
Shares. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees.

 

(b)           The
Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the services of new Employees and
to provide incentives for such persons to exert maximum efforts for the success of the Company and its Designated Companies.

 

2.             Administration.

 

(a)           The
Board will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as provided
in Section 2(c). References herein to the Board shall be deemed to refer to the Committee where such administration has been delegated.

 

(b)           The
Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)            to
determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not be identical);

 

(ii)           to
designate from time to time  which Affiliates will be eligible to participate in the Plan as Designated Companies;

 

(iii)          to
construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent
it deems necessary or expedient to make the Plan fully effective;

 

(iv)          to
settle all controversies regarding the Plan and Purchase Rights granted under the Plan;

 

(v)           to
suspend or terminate the Plan at any time as provided in Section 12(b);

 

(vi)          to
amend the Plan at any time as provided in Section 12(a); and

 

     

     

    

 

(vii)         to
adopt such rules, procedures and sub-plans as are necessary or appropriate to permit or facilitate participation in the Plan by Employees
who are foreign nationals or employed or located outside Jersey, Channel Islands. Without limiting the foregoing, the Board specifically
is authorized to adopt rules, procedures, and sub-plans regarding, without limitation, eligibility to participate in the Plan, the definition
of Compensation, handling and making of Contributions, establishment of bank or trust accounts to hold Contributions, payment of interest,
conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures
and handling of share issuances, any of which may vary according to applicable requirements.

 

(c)           The
Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to a Committee,
the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been
delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized
to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such
resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may retain
the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers
previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board will have the final
power to determine all questions of policy and expediency that may arise in the administration of the Plan.

 

(d)           All
determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will
be final, binding and conclusive on all persons.

 

3.            Shares
Subject to the Plan.

 

(a)           Subject
to the provisions of Section 11(a) relating to Capitalization Adjustments, the maximum number of Shares that may be issued under
the Plan will not exceed [____] Shares, plus the number of Shares that are automatically added on January 1st of each year for a
period of up to five years, commencing on the first January 1st following the year in which the Plan is adopted and ending on (and
including) January 1, 2027, in an amount equal one percent (1%) of the total number of issued and outstanding Shares on December 31st
of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to the first day of any calendar year to provide
that there will be no January 1st increase in the share reserve for such calendar year or that the increase in the share reserve
for such calendar year will be a lesser number of Shares than would otherwise occur pursuant to the preceding sentence.

 

(b)           If
any Purchase Right granted under the Plan terminates without having been exercised in full, the Shares not purchased under such Purchase
Right will again become available for issuance under the Plan.

 

(c)           The
shares purchasable under the Plan will be authorized but unissued Shares, including shares repurchased by the Company on the open market.

 

(d)           The
number of shares of Common Stock available for issue under the Plan in accordance with paragraph (a) above to Eligible Employees
in Australia made in reliance on Division 1A of Part 7.12 of the Corporations Act 2001 (Cth) (“Corporations Act”)
shall not exceed the maximum number permitted to be issued in reliance on that Division unless otherwise authorised under Australian law.

 

    2

     

    

 

4.             Grant
of Purchase Rights; Offering.

 

(a)           The
Board may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering (consisting of one
or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will contain
such terms and conditions as the Board will deem appropriate. The terms and conditions of an Offering shall be incorporated by reference
into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering will include
(through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during
which the Offering will be effective, and the substance of the provisions contained in Sections 5 through 8, inclusive. The Company may
impose restrictions on eligibility and participation of Eligible Employees who are officers and directors to facilitate compliance with
federal or state securities laws or foreign laws.

 

(b)           If
a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms delivered to
the Company: (i) each form will apply to all of his or her Purchase Rights under the Plan (and, if there is more than one such form,
the latest filed form will apply unless otherwise indicated), and (ii) a Purchase Right with a lower exercise price (or an earlier-granted
Purchase Right, if different Purchase Rights have identical exercise prices) will be exercised to the fullest possible extent before a
Purchase Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical exercise prices)
will be exercised.

 

(c)           The
Board will have the discretion to structure an Offering so that if the Fair Market Value of a Class A Share on the first Trading
Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a Class A Share on the Offering
Date for that Offering, then (i) that Offering will terminate immediately as of that first Trading Day, and (ii) the Participants
in such terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day of such new Purchase Period.

 

(d)           To
the extent an Offering is made to Eligible Employees in Australia, paragraphs (a) through (c) above apply, provided that to
the extent an Offering cannot be made to an Eligible Employee in reliance on an exception under section 708 of the Corporations Act or
under any other exception available under the Corporations Act, an Offering must be made via an offer document that complies with Division
1A of Part 7.12 of the Corporations Act.

 

5.             Eligibility.

 

(a)           Purchase
Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b), to Employees
of a Designed Company. Except as provided in Section 5(b) or as required by applicable law, an Employee will not be eligible
to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company or the Designed Company,
as the case may be, for such continuous period preceding such Offering Date as the Board may require.

 

    3

     

    

 

(b)           The
Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or dates
specified in the Offering that coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive
a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of that Offering. Such Purchase Right
will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that:

 

(i)            the
date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes, including
determination of the exercise price of such Purchase Right;

 

(ii)           the
period of the Offering with respect to such Purchase Right will begin on its Offering Date and end coincident with the end of such Offering;
and

 

(iii)          the
Board may provide that if such person first becomes an Eligible Employee within a specified period of time before the end of the Offering,
he or she will not receive any Purchase Right under that Offering.

 

(c)           No
Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, such Employee
owns shares possessing five percent or more of the total combined voting power or nominal value of the authorized issued share capital
of the Company or of any Designated Company.

 

(d)           Officers
of the Company and any Designated Company, if they are otherwise Eligible Employees, will be eligible to participate in Offerings under
the Plan.

 

(e)           Notwithstanding
anything in this Section 5 to the contrary, an Eligible Employee (or group of Eligible Employees) may be excluded from participation
in the Plan or an Offering if the Board has determined, in its sole discretion, that participation of such Eligible Employee(s) is
not advisable or practical for any reason.

 

6.             Purchase
Rights; Purchase Price.

 

(a)           On
each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be granted a Purchase Right to purchase
up to 25,000 Shares (or such lesser number of shares determined by the Board prior to the commencement of the Offering), but not exceeding 15%
(or such lesser percentage determined by the Board prior to the commencement of an Offering) of such Employee’s Compensation during
the period that begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date
stated in the Offering, which date will be no later than the end of the Offering.

 

(b)           The
Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will be exercised
and Shares will be purchased in accordance with such Offering. Unless the Board determines otherwise, Offerings and Purchase Periods shall
be concurrent six-month periods, commencing on January 1 and July 1 of each year, with the first such Offering and Purchase
Period commencing on January 1, 2022.

 

    4

     

    

 

(c)           In
connection with each Offering made under the Plan, the Board may specify (i) a maximum number of Shares that may be purchased by
any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate number of Shares that may be purchased by all
Participants pursuant to such Offering and/or (iii) a maximum aggregate number of Shares that may be purchased by all Participants
on any Purchase Date under the Offering. Unless the Board determines otherwise, the maximum number of shares that all Participants may
purchase in the aggregate on any Purchase Date is ten percent (10%) of the available shares reserved under this Plan as of the date of
the commencement of the Offering. If the aggregate purchase of Shares issuable on exercise of Purchase Rights granted under the Offering
would exceed any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s
accumulated Contributions) allocation of the Shares (rounded down to the nearest whole share) available will be made in as nearly a uniform
manner as will be practicable and equitable.

 

(d)           The
purchase price of Shares acquired pursuant to Purchase Rights will not be less than the lesser of:

 

(i)            an
amount equal to 85% of the Fair Market Value of the Shares on the Offering Date; or

 

(ii)           an
amount equal to 85% of the Fair Market Value of the Shares on the applicable Purchase Date.

 

7.             Participation;
Withdrawal; Termination.

 

(a)           An
Eligible Employee may elect to participate in an Offering and authorize payroll deductions as the means of making Contributions by completing
and delivering to the Company, within the time specified in the Offering, an enrollment form provided by the Company. The enrollment form
will specify the amount of Contributions not to exceed the maximum amount specified by the Board. To the extent any Participant is an
Eligible Employee in Australia, such Participant’s Contributions must be held in a dedicated trust account established by the Company
with an authorised deposit-taking institution in Australia to the extent required by Division 1A of Part 7.12 of the Corporations
Act. Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be
deposited with the general funds of the Company except where applicable law or regulations requires that Contributions be deposited with
a third party. If permitted in the Offering, a Participant may begin such Contributions with the first payroll occurring on or after the
Offering Date (or, in the case of a payroll date that occurs after the end of the prior Offering but before the Offering Date of the next
new Offering, Contributions from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter
reduce (including to zero) or increase his or her Contributions. Except as otherwise determined by the Board, a Participant only will
be permitted to increase or reduce his or her Contributions once per Offering. If required under applicable law or regulations or if specifically
provided in the Offering, in addition to or instead of making Contributions by payroll deductions, a Participant may make Contributions
through payment by cash, check or wire transfer prior to a Purchase Date.

 

    5

     

    

 

(b)           During
an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company a withdrawal form
provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. On such withdrawal, such Participant’s
Purchase Right in that Offering will immediately terminate, and the Company will distribute as soon as practicable to such Participant
all of his or her accumulated but unused Contributions, without interest or earnings (unless otherwise required by applicable law) and
such Participant’s Purchase Right in that Offering shall thereupon terminate. A Participant’s withdrawal from that Offering
will have no effect on his or her eligibility to participate in any other Offerings under the Plan, but such Participant will be required
to deliver a new enrollment form to participate in subsequent Offerings.

 

(c)           Unless
otherwise required by applicable law or regulations, Purchase Rights granted pursuant to any Offering under the Plan will terminate immediately
if the Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation
period required by applicable law) or (ii) is otherwise no longer eligible to participate. The Company will distribute as soon as
practicable to such individual all of his or her accumulated but unused Contributions without interest or earnings (unless otherwise required
by applicable law).

 

(d)           Unless
otherwise determined by the Board, a Participant whose employment transfers or whose employment terminates with an immediate rehire (with
no break in service) by or between the Company and a Designated Company or between Designated Companies will not be treated as having
terminated employment for purposes of participating in the Plan or an Offering.

 

(e)           During
a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not transferable by
a Participant, except by will, by the laws of descent and distribution or, if permitted by the Company, by a beneficiary designation as
described in Section 10.

 

(f)            Unless
otherwise specified in the Offering or required by applicable law or regulations, the Company will have no obligation to pay interest
on Contributions.

 

8.             Exercise
of Purchase Rights.

 

(a)           On
each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of Shares, up to the maximum number
of Shares permitted by the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will
be issued unless specifically provided for in the Offering. Unless the Board determines otherwise, shares will be issued to and held under
the name of a Plan Broker designated by the Company or to a designated agent of the Company, and the Company may utilize electronic or
automated methods of share transfer. Unless the Board determines otherwise, a Participant must retain such shares with the Plan Broker
until the later of the two-year anniversary of the date of grant of the associated Purchase Rights or the one-year anniversary of the
exercise date of the associated Purchase Rights, but unless the Board elects to restrict dispositions during such period, a Participant
may sell the shares at any time after the shares are issued to a Plan Broker.

 

    6

     

    

 

(b)           Unless
otherwise provided in the Offering, if any amount of accumulated Contributions remains in a Participant’s account after the purchase
of Shares on the final Purchase Date of an Offering, then such remaining amount will not roll over to the next Offering and will instead
be distributed in full to such Participant as soon as practicable after the final Purchase Date of such Offering without interest or earnings
(unless otherwise required by applicable law or regulations).

 

(c)           No
Purchase Rights may be exercised to any extent unless the Shares to be issued on such exercise under the Plan are covered by an effective
registration statement pursuant to the Securities Act, and the Plan is in material compliance with all applicable U.S. federal, state,
foreign and other securities and other laws applicable to the Plan. If on a Purchase Date the Shares are not so registered or the Plan
is not in such compliance, no Purchase Rights will be exercised on such Purchase Date, and the Purchase Date will be delayed until the
Shares are subject to such an effective registration statement, and the Plan is in material compliance. If, on the Purchase Date, as delayed
to the maximum extent permissible, the Shares are not registered and the Plan is not in material compliance with all applicable laws and
regulations, as determined by the Company in its sole discretion, no Purchase Rights will be exercised and all accumulated but unused
Contributions will be distributed to the Participants without interest.

 

9.            Covenants
of the Company.

 

The Company will seek to obtain
from each U.S. federal, state, foreign or other regulatory commission or agency or governmental body having jurisdiction over the Plan
such authority as may be required to grant Purchase Rights and issue and sell Shares thereunder unless the Company determines, in its
sole discretion, that doing so is not practical or would cause the Company to incur costs that are unreasonable. If, after commercially
reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for the grant of Purchase
Rights or the lawful issuance and sale of Shares under the Plan, and at a commercially reasonable cost, the Company will be relieved from
any liability for failure to grant Purchase Rights and/or to issue and sell Shares on exercise of such Purchase Rights.

 

10.          Designation
of Beneficiary.

 

(a)           The
Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any Shares and/or
Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or Contributions are
delivered to the Participant. The Company may, but is not obligated to, permit the Participant to change such designation of beneficiary.
Any such designation and/or change must be on a form approved by the Company.

 

(b)           If
a Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any Shares and/or Contributions to
the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed (to the knowledge of
the Company), the Company, in its sole discretion, may issue or deliver (as the case may be) such Shares and/or Contributions, without
interest, to the Participant’s spouse, dependents or relatives, or if no spouse, dependent or relative is known to the Company,
then to such other person as the Company may designate.

 

    7

     

    

 

11.          Adjustments
on Changes in Shares; Corporate Transactions.

 

(a)           In
the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum
number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities reserved
automatically each year pursuant to Section 3(a), (iii) the class(es) and number of securities subject to, and the purchase
price applicable to outstanding Offerings and Purchase Rights, and (iv) the class(es) and number of securities that are the subject
of the purchase limits under each ongoing Offering. The Board will make these adjustments, and its determination will be final, binding
and conclusive.

 

(b)           In
the event of a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation (or the surviving or acquiring
corporation’s parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a right
to acquire the same consideration paid to the shareholders in the Corporate Transaction) for outstanding Purchase Rights, or (ii) if
any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute
similar rights for such Purchase Rights, then the Participants’ accumulated Contributions will be used to purchase Shares (rounded
down to the nearest whole share) within ten business days prior to the Corporate Transaction under the outstanding Purchase Rights, and
the Purchase Rights will terminate immediately after such purchase.

 

12.          Amendment,
Termination or Suspension of the Plan.

 

(a)           The
Board may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a) relating
to Capitalization Adjustments, shareholder approval will be required for any amendment of the Plan for which shareholder approval is required
by applicable law, regulations or listing requirements.

 

(b)           The
Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is suspended or after
it is terminated.

 

(c)           Any
benefits, privileges, entitlements and obligations under any outstanding Purchase Rights granted before an amendment, suspension or termination
of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person
to whom such Purchase Rights were granted, (ii) as necessary to comply with any laws, listing requirements, or governmental regulations
including without limitation any such regulations or other guidance that may be issued or amended after the date the Plan is adopted by
the Board, or (iii) as necessary to obtain or maintain favorable tax, listing, or regulatory treatment. Notwithstanding anything
in the Plan or any Offering Document to the contrary, the Board will be entitled to: (i) establish the exchange ratio applicable
to amounts withheld in a currency other than U.S. dollars; (ii) permit Contributions in excess of the amount designated by a
Participant in order to adjust for mistakes in the Company’s processing of properly completed Contribution elections; (iii) establish
reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase
of Shares for each Participant properly correspond with amounts withheld from the Participant’s Contributions; and (iv) establish
other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions
of the Board pursuant to this paragraph will not be considered to alter or impair any Purchase Rights granted under an Offering as they
are part of the initial terms of each Offering and the Purchase Rights granted under each Offering.

 

    8

     

    

 

13.          Tax
Qualification; Tax Withholding.

 

(a)           Although
the Company may endeavor to (i) qualify a Purchase Right for special tax treatment or avoid adverse tax treatment, the Company makes
no representation to that effect and expressly disavows any covenant to maintain special or to avoid unfavorable tax treatment, notwithstanding
anything to the contrary in this Plan. The Company will be unconstrained in its corporate activities without regard to the potential negative
tax impact on Participants.

 

(b)           Each
Participant will make arrangements, satisfactory to the Company and any applicable Designated Company, to enable the Company or the Designated
Company to fulfill any withholding obligation for Tax-Related Items. Without limitation to the foregoing, in the Company’s sole
discretion and subject to applicable law, such withholding obligation may be satisfied in whole or in part by (i) withholding from
the Participant’s salary or any other cash payment due to the Participant from the Company or a Designated Company; (ii) withholding
from the proceeds of the sale of Shares acquired under the Plan, either through a voluntary sale or a mandatory sale arranged by the Company;
or (iii) any other method deemed acceptable by the Board. The Company shall not be required to issue any Shares under the Plan until
such obligations are satisfied.

 

(c)           This
Plan, as it relates to Purchase Right issued to a Participant who is an Eligible Employee in Australia, is a plan to which Subdivision
83A-C of the Income Tax Assessment Act 1997 (“Tax Act”) applies (subject to the conditions in the Tax Act),
unless the Offering provides that Subdivision 83A-C is not to apply to that Purchase Right.

 

14.          Effective
Date of Plan; Term of Plan

 

The Plan will become effective
immediately prior to and contingent on the occurrence of the Closing Date. No Purchase Rights will be exercised unless and until the Plan
has been approved by the shareholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted
(or if required under Section 12(a) above, materially amended) by the Board. If not terminated earlier pursuant to Section 12,
the Plan will have a term that expires on the tenth anniversary of its adoption by the Board.

 

15.          Miscellaneous
Provisions.

 

(a)           Proceeds
from the sale of Shares pursuant to Purchase Rights will constitute general funds of the Company.

 

    9

     

    

 

(b)           A
Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, Shares subject to Purchase
Rights unless and until the Participant’s Shares acquired on exercise of Purchase Rights are recorded in the register of members
of the Company or branch register maintained by its transfer agent.

 

(c)           The
Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at-will nature
of a Participant’s employment, if applicable, or be deemed to create in any way whatsoever any obligation on the part of any Participant
to continue in the employ of the Company, a Designated Company or an Affiliate, or on the part of the Company, a Designated Company or
an Affiliate to continue the employment of a Participant.

 

(d)           This
Plan and all determinations made and actions taken pursuant to this Plan shall be governed by the internal laws of the Jersey, Channel
Islands, without giving effect to principles of conflicts of laws, and construed accordingly.

 

(e)           If
any particular provision of the Plan is found to be invalid or otherwise unenforceable, such provision will not affect the other provisions
of the Plan, but the Plan will be construed in all respects as if such invalid provision was omitted.

 

(f)            If
any provision of the Plan does not comply with applicable law or regulations, such provision shall be construed in such a manner as to
comply with applicable law or regulations.

 

16.          Definitions.

 

As used in the Plan, the following
definitions will apply to the capitalized terms indicated below:

 

(a)           “Affiliate”
means any entity, whether now or subsequently established, which is at the time of determination, a “parent” or “subsidiary”
of the Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Board may determine the time or times
at which “parent” or “subsidiary” status is determined within the foregoing definition.

 

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

 

(c)           “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Shares subject to the Plan
or subject to any Purchase Right after the date the Plan is adopted by the Board without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, share dividend, dividend in property other than cash, large
nonrecurring cash dividend, share subdivision, liquidating dividend, share consolidation, exchange of shares, change in corporate structure
or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification
Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will
not be treated as a Capitalization Adjustment.

 

    10

     

    

 

(d)           “Closing
Date” means the date of the closing of the transactions contemplated by that certain Share Sale Agreement, dated as of
March 17, 2022 (as amended by that certain Deed of Consent and Covenant, dated as of November 22, 2022), by and among the Company and
the other parties thereto.

 

(e)           “Committee”
means a committee of one or more members of the Board to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(f)            “Company”
means Metals Acquisition Limited, a public limited company incorporated under the laws of Jersey, Channel Islands or any successor to
all or substantially all of its businesses by merger, amalgamation, consolidation, purchase of assets or otherwise.

 

(g)           “Compensation”
means an Eligible Employee’s cash compensation, including, without limitation, regular and recurring straight time gross earnings,
payments for overtime and shift premium, as well as cash payments for incentive compensation, bonuses and other similar compensation.
The Board or the Committee, may, on a uniform and nondiscriminatory basis, establish a different definition of Compensation for an Offering
prior to the commencement of such Offering.

 

(h)           “Contributions”
means the payroll deductions and other additional payments specifically provided for in the Offering that a Participant contributes to
fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for
in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through
payroll deductions.

 

(i)            “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i)            a
sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of
the Company and its subsidiaries;

 

(ii)           a
sale or other disposition of the outstanding voting securities of the Company representing 50% or more of the combined voting power of
the outstanding voting securities of the Company;

 

(iii)          a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)          a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the Class A Ordinary Shares
issued and outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of
the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(j)            “Designated
Company” means any Affiliate selected by the Board to participate in the Plan.

 

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

 

    11

     

    

 

(l)            “Eligible
Employee” means an Employee who meets the requirements set forth in the document(s) governing the Offering for eligibility
to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the
Plan.

 

(m)          “Employee”
means any person who is the Company’s or a Designated Company’s employee. Notwithstanding anything to the contrary in this
Plan, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee”
for purposes of the Plan. For purposes of an individual’s participation in, or other rights under the Plan, all determinations by
the Company shall be final, binding and conclusive, notwithstanding that any court of law or governmental agency subsequently makes a
contrary determination.

 

(n)           “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder.

 

(o)           “Fair
Market Value” means, as of any date, the value of the Shares is determined as follows:

 

(i)            if
the Shares are listed on any established stock exchange or traded on any established market, the Fair Market Value of a Class A Share
will be the closing sales price for such shares as quoted on such exchange or market (or the exchange or market with the greatest volume
of trading in the Shares) on the date of determination, as reported in such source as the Board deems reliable. Unless otherwise provided
by the Board, if there is no closing sales price for the Shares on the date of determination, then the Fair Market Value will be the closing
sales price on the last preceding date for which such quotation exists; and

 

(ii)           in
the absence of such markets for the Shares, the Fair Market Value will be determined by the Board in good faith in compliance with applicable
laws.

 

(p)           “Offering”
means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase Rights automatically occurring at the end
of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document”
approved by the Board for that Offering.

 

(q)           “Offering
Date” means a date selected by the Board for an Offering to commence.

 

(r)            “Officer”
means a person who is an officer of the Company or a Designed Company within the meaning of Section 16 of the Exchange Act.

 

(s)           “Participant”
means an Eligible Employee who holds an outstanding Purchase Right.

 

(t)            “Plan”
means this Metals Acquisition Limited 2022 Employee Stock Purchase Plan.

 

(u)           “Plan
Broker” means a broker designated by the Company.

 

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(v)           “Purchase
Date” means one or more dates during an Offering selected by the Board on which Purchase Rights will be exercised and on
which purchases of Shares will be carried out in accordance with such Offering.

 

(w)          “Purchase
Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first Trading
Day following a Purchase Date and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods.

 

(x)            “Purchase
Right” means an option to purchase Shares granted pursuant to the Plan.

 

(y)           “Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

(z)           “Shares”
means the ordinary shares of a par value of [______] each in the Company.

 

(aa)         “Tax-Related
Items” means any income tax, social insurance, payroll tax, fringe benefit tax, payment on account or other tax-related
items arising out of or in relation to a Participant’s participation in the Plan, including, but not limited to, the exercise of
a Purchase Right and the receipt of Shares or the sale or other disposition of Shares acquired under the Plan.

 

(bb)         “Trading
Day” means any day on which the exchange(s) or market(s) on which Shares are listed, including but not limited
to the New York Stock Exchange, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors thereto,
is open for trading.

 

    13

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