Document:

Exhibit 10.7

 

FOXO
TECHNOLOGIES INC.

 

2020
EQUITY INCENTIVE PLAN

 

1.
Purpose; Eligibility.

 

1.1
General Purpose. The name of this plan is the FOXO Technologies Inc. 2020 Equity Incentive Plan (the “Plan”).
The purposes of the Plan are to (a) enable FOXO Technologies, Inc., a Delaware corporation (the “Company”), and any
Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company’s long range
success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders of the
Company; and (c) promote the success of the Company’s business.

 

1.2
Eligible Award Recipients. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company
and its Affiliates and such other individuals designated by the Committee who are reasonably expected to become o Employees, Consultants
and Directors after the receipt of Awards or individuals designated by the Committee who formerly served as Employees, Consultants and
Directors prior to the adoption of this Plan.

 

1.3
Available Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options,
(c) Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Cash Awards, and (g) Other Equity-Based Awards.

 

2.
Definitions.

 

“Affiliate”
means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common
control with, the Company.

 

“Applicable
Laws” means the requirements related to or implicated by the administration of the Plan under applicable state corporate law,
United States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock
are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.

 

“Award”
means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right,
a Restricted Award, a Performance Share Award, a Cash Award, or an Other Equity-Based Award.

 

“Award
Agreement” means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions
of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant.
Each Award Agreement shall be subject to the terms and conditions of the Plan.

 

     

    

    

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such
Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 

“Board”
means the Board of Directors of the Company, as constituted at any time.

 

“Cash
Award” means an Award denominated in cash that is granted under Section 10 of the Plan.

 

“Cause”
means:

 

With respect to any Employee or Consultant, unless
the applicable Award Agreement states otherwise:

 

(a) If the Employee or Consultant is a party to
an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of Cause, the definition
contained therein; or

 

(b) If no such agreement exists, or if such agreement does not define
Cause: (i) the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any
other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) conduct that brings
or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace, embarrassment, or disrepute;
(iii) gross negligence or willful misconduct with respect to the Company or an Affiliate; (iv) material violation of state or federal
securities laws; or (v) material violation of the Company’s written policies or codes of conduct.

 

With respect to any Director, unless the applicable
Award Agreement states otherwise, a determination by a majority of the disinterested Board members that the Director has engaged in any
of the following:

 

(a) malfeasance in office;

 

(b) gross misconduct or neglect;

 

(c) false or fraudulent misrepresentation inducing
the director’s appointment;

 

(d) willful conversion of corporate funds; or

 

(e) repeated failure to participate in Board meetings on a regular
basis despite having received proper notice of the meetings in advance.

 

The
Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has
been discharged for Cause.

 

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“Change
in Control”

 

(a)
The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole,
to any Person that is not a subsidiary of the Company;

 

(b) The date which is 10 business days prior to
the consummation of a complete liquidation or dissolution of the Company;

 

(c) The acquisition by any Person of Beneficial
Ownership of 50% or more (on a fully diluted basis) of either (i) the then outstanding shares of Common Stock of the Company, taking into
account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible
stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”)
or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Plan,
the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company or any Affiliate, (B) any acquisition
by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) any acquisition which complies with clauses,
(i), (ii) and (iii) of subsection (e) of this definition, or (D) in respect of an Award held by a particular Participant, any acquisition
by the Participant or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons
including the Participant); or

 

(d) The consummation of a reorganization, merger, consolidation, statutory
share exchange or similar form of corporate transaction involving the Company that requires the approval of the Company’s shareholders,
whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately
following such Business Combination: (i) more than 50% of the total voting power of (A) the entity resulting from such Business Combination
(the “Surviving Company”), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial
ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing
body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities
that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding
Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately
prior to the Business Combination; (ii) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company
or the Parent Company) newly becomes the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the outstanding
voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if
there is no Parent Company, the Surviving Company); and (iii) at least a majority of the members of the board of directors (or the analogous
governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business
Combination were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such
Business Combination.

 

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“Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed
to include a reference to any regulations promulgated thereunder.

 

“Committee”
means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3
and Section 3.4.

 

“Common
Stock” means the Class A Common Stock, $0.00001 par value per share, of the Company, or such other securities of the Company
as may be designated by the Committee from time to time in substitution thereof.

 

“Company”
means FOXO Technologies, Inc. a Delaware corporation, and any successor thereto.

 

“Consultant”
means any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director,
and who may be offered securities registerable pursuant to a registration statement on Form S-8 under the Securities Act.

 

“Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or
Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely
because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant
or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or
termination of the Participant’s Continuous Service; provided further that if any Award is subject to Section 409A of the
Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change in status
from an Employee of the Company to a Director of an Affiliate will not constitute an interruption of Continuous Service. The Committee
or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any
leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence. The Committee
or its delegate, in its sole discretion, may determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary
that employs a Participant, shall be deemed to result in a termination of Continuous Service for purposes of affected Awards, and such
decision shall be final, conclusive and binding.

 

“Deferred
Stock Units (DSUs)” has the meaning set forth in Section 8.1(b) hereof.

 

“Director”
means a member of the Board.

 

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“Disability”
means, unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment; provided, however, for purposes of determining the term
of an Incentive Stock Option pursuant to Section 6.10 hereof, the term Disability shall have the meaning ascribed to it under
Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures established
by the Committee. Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Stock Option
pursuant to Section 6.10 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination
that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate
in which a Participant participates.

 

“Disqualifying
Disposition” has the meaning set forth in Section 17.12.

 

“Effective
Date” shall mean the date as of which this Plan is adopted by the Board.

 

“Employee”
means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes
of determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary
corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company
or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

 

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

 

“Fair
Market Value” means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed on any
established stock exchange or a national market system, including without limitation, the New York Stock Exchange or the Nasdaq Stock
Market, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported the closing price on
the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in the Wall
Street Journal. In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith
by the Committee and such determination shall be conclusive and binding on all persons.

 

“Fiscal
Year” means the Company’s fiscal year.

 

“Free
Standing Rights” has the meaning set forth in Section 7.

 

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“Good
Reason” means, unless the applicable Award Agreement states otherwise:

 

(a)
If an Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides
for a definition of Good Reason, the definition contained therein; or

 

(b) If no such agreement exists or if such agreement does not define
Good Reason, the occurrence of one or more of the following: (i) any material, adverse change in the Participant’s duties, responsibilities,
authority, title, status or reporting structure or (ii) a material reduction in the Participant’s base salary or bonus opportunity.

 

“Grant
Date” means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award
to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such
date as is set forth in such resolution.

 

“Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option within the meaning of Section
422 of the Code and that meets the requirements set out in the Plan.

 

“Incumbent
Directors” means individuals who, on the Effective Date, constitute the Board, provided that any individual becoming
a Director subsequent to the Effective Date whose election or nomination for election to the Board was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company
in which such person is named as a nominee for Director without objection to such nomination) shall be an Incumbent Director. No individual
initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors
or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be
an Incumbent Director.

 

“Non-Employee
Director” means a Director who is a “non-employee director” within the meaning of Rule 16b-3.

 

“Non-qualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

“Option”
means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.

 

“Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

“Option
Exercise Price” means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

 

“Other
Equity-Based Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit,
or Performance Share Award that is granted under Section 10 and is payable by delivery of Common Stock and/or which is measured
by reference to the value of Common Stock.

 

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“Participant”
means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Award.

 

“Performance
Goals” means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based
upon business criteria or other performance measures determined by the Committee in its discretion.

 

“Performance
Period” means the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance
Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Performance Share Award or
a Cash Award.

 

“Performance
Share Award” means any Award granted pursuant to Section 9 hereof.

 

“Performance
Share” means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the performance
of the Company during a Performance Period, as determined by the Committee.

 

“Permitted
Transferee” means: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive relationships), any person sharing the Optionholder’s household (other than a tenant or employee),
a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder)
control the management of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests;
(b) third parties designated by the Committee in connection with a program established and approved by the Committee pursuant to which
Participants may receive a cash payment or other consideration in consideration for the transfer of a Non-qualified Stock Option; and
(c) such other transferees as may be permitted by the Committee in its sole discretion.

 

“Person”
means a person as defined in Section 13(d)(3) of the Exchange Act.

 

“Plan”
means this FOXO Technologies, Inc. 2020 Equity Incentive Plan, as amended and/or amended and restated from time to time.

 

“Related
Rights” has the meaning set forth in Section 7.

 

“Restricted
Award” means any Award granted pursuant to Section 8.

 

“Restricted
Period” has the meaning set forth in Section 8.

 

“Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

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

 

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“Stock
Appreciation Right” means the right pursuant to an Award granted under Section 7 to receive, upon exercise, an amount
payable in cash or shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised multiplied by
the excess of (a) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified
in the Stock Appreciation Right Award Agreement.

 

“Stock
for Stock Exchange” has the meaning set forth in Section 6.4.

 

“Ten
Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.

 

3.
Administration.

 

3.1
Authority of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the Board.
Subject to the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization
conferred by the Plan, the Committee shall have the authority to construe and interpret the Plan and apply its provisions; to determine
when Awards are to be granted under the Plan and the applicable Grant Date; to prescribe the terms and conditions of each Award, including,
without limitation, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the Award Agreement
relating to such grant; to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control
or an event that triggers anti-dilution adjustments; to exercise discretion to make any and all other determinations which it determines
to be necessary or advisable for the administration of the Plan. The Committee also may modify the purchase price or the exercise price
of any outstanding Award, provided that if the modification effects a repricing, shareholder approval shall be required before
the repricing is effective.

 

3.2
Committee Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding
on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

 

3.3
Delegation. The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee
or committees of one or more members of the Board, and the term “Committee” shall apply to any person or persons to
whom such authority has been delegated. The Committee shall have 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 or the Committee shall 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 abolish the Committee at any time and revest in the Board the administration of the Plan. The members
of the Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease
the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution
therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members
or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the
written consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided
to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and
regulations for the conduct of its business as it may determine to be advisable.

 

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3.4
Committee Composition. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee
Directors. The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3.
However, if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange
Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors.
Within the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are
not Non-Employee Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act.
Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the
Plan by a compensation committee of the Board that does not at all times consist solely of two or more Non-Employee Directors.

 

3.5
Indemnification. In addition to such other rights of indemnification as they may have as Directors or members of the Committee,
and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including
attorney’s fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein,
to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award
granted under the Plan, and against all amounts paid by the Committee in settlement thereof (provided, however, that the settlement
has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment
in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding
that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the
Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided,
however, that within 60 days after the institution of any such action, suit or proceeding, such Committee shall, in writing, offer
the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.

 

4.
Shares Subject to the Plan.

 

4.1
Subject to adjustment in accordance with Section 14, no more than 4,500,000 shares of Common Stock shall be available for the grant of
Awards under the Plan. During the terms of the Awards, the Company shall keep available at all times the number of shares of Common Stock
required to satisfy such Awards.

 

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4.2
Any shares of Common Stock subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number
of shares of Common Stock to which the Award related will again be available for issuance under the Plan. Notwithstanding anything to
the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under
the Plan if such shares are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company to satisfy any
tax withholding obligation, or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon
the settlement of the Award.

 

5.
Eligibility.

 

5.1
Eligibility for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options
may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to
become Employees, Consultants and Directors following the Grant Date or individuals designated by the Committee who formerly served as
Employees, Consultants and Directors prior to the adoption of this Plan.

 

5.2
Ten Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise
Price is at least 110% of the Fair Market Value of the Common Stock on the Grant Date and the Option is not exercisable after the expiration
of five years from the Grant Date.

 

6.
Option Provisions. Each Option granted under the Plan shall be evidenced by an Award
Agreement. Each Option so granted shall be subject to the conditions set forth in this Section 6, and to such other conditions
not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately designated Incentive
Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates
will be issued for shares of Common Stock purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall
have no liability to any Participant or any other person if an Option designated as an Incentive Stock Option fails to qualify as such
at any time or if an Option is determined to constitute “nonqualified deferred compensation” within the meaning of Section
409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate
Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or
otherwise) the substance of each of the following provisions:

 

6.1
Term. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable
after the expiration of 5 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined
by the Committee; provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of 5 years from the
Grant Date.

 

6.2
Exercise Price of an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders,
the Option Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject
to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price
lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option
in a manner satisfying the provisions of Section 424(a) of the Code.

 

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6.3
Exercise Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not less
than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified
Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted
pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code.

 

6.4
Consideration. The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted
by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b):
(i) by delivery to the Company of other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date
of delivery equal to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation
whereby the Participant identifies for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date
of attestation equal to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference
between the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for
Stock Exchange”); (ii) a “cashless” exercise program established with a broker; (iii) by reduction in the number
of shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise
Price at the time of exercise; (iv) by any combination of the foregoing methods; or (v) in any other form of legal consideration that
may be acceptable to the Committee. Unless otherwise specifically provided in the Option, the exercise price of Common Stock acquired
pursuant to an Option that is paid by delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly
from the Company, shall be paid only by shares of the Common Stock of the Company that have been held for more than six months (or such
longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing,
during any period for which the Common Stock is publicly traded (i.e., the Common Stock is listed on any established stock exchange or
a national market system) an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit
or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley
Act of 2002 shall be prohibited with respect to any Award under this Plan.

 

6.5
Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding
the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a
third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

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6.6
Transferability of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Committee, be
transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the
Non-qualified Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except
by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company,
designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

6.7
Vesting of Options; Default Vesting. Each Option may, but need not, vest and therefore become exercisable in periodic installments
that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised
(which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options
may vary. No Option may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide
for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event. Unless
otherwise specified in this Plan or set forth in an individual Award Agreement, Options shall vest in even daily installments over a
period of three (3) years (using for this purpose a 360-day year).

 

6.8
Termination of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of
which have been approved by the Committee, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following
the termination of the Optionholder’s Continuous Service or (b) the expiration of the term of the Option as set forth in the Award
Agreement; provided that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether
or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his
or her Option within the time specified in the Award Agreement, the Option shall terminate.

 

6.9
Extension of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option following
the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance of
shares of Common Stock would violate the registration requirements under the Securities Act or any other state or federal securities
law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the
expiration of the term of the Option in accordance with Section 6.1 or (b) the expiration of a period after termination of the
Participant’s Continuous Service that is three months after the end of the period during which the exercise of the Option would
be in violation of such registration or other securities law requirements.

 

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6.10
Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s Continuous
Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent
that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending
on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the
Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the
Award Agreement, the Option shall terminate.

 

6.11
Death of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was entitled
to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within
the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option
as set forth in the Award Agreement. If, after the Optionholder’s death, the Option is not exercised within the time specified
herein or in the Award Agreement, the Option shall terminate.

 

6.12
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant)
of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according
to the order in which they were granted) shall be treated as Non-qualified Stock Options.

 

7.
Stock Appreciation Rights. Each Stock Appreciation Right granted under the Plan shall
be evidenced by an Award Agreement. Each Stock Appreciation Right so granted shall be subject to the conditions set forth in this Section
7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation
Rights may be granted alone (“Free Standing Rights”) or in tandem with an Option granted under the Plan (“Related
Rights”).

 

7.1
Grant Requirements for Related Rights. Any Related Right that relates to a Non-qualified Stock Option may be granted at the same
time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates
to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted.

 

7.2
Term. The term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; provided, however,
no Stock Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date.

 

7.3
Vesting. Each Stock Appreciation Right may, but need not, vest and therefore become exercisable in periodic installments that
may, but need not, be equal. The Stock Appreciation Right may be subject to such other terms and conditions on the time or times when
it may be exercised as the Committee may deem appropriate. The vesting provisions of individual Stock Appreciation Rights may vary. No
Stock Appreciation Right may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to,
provide for an acceleration of vesting and exercisability in the terms of any Stock Appreciation Right upon the occurrence of a specified
event.

 

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7.4
Exercise and Payment. Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an
amount equal to the number of shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the
excess of (i) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price specified
in the Stock Appreciation Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on
the date of exercise. Payment shall be made in the form of shares of Common Stock (with or without restrictions as to substantial risk
of forfeiture and transferability, as determined by the Committee in its sole discretion), cash or a combination thereof, as determined
by the Committee.

 

7.5
Exercise Price. The exercise price of a Free Standing Right shall be determined by the Committee, but shall not be less than 100%
of the Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related Right granted simultaneously
with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise
price as the related Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable
only to the same extent as the related Option; provided, however, that a Stock Appreciation Right, by its terms, shall be exercisable
only when the Fair Market Value per share of Common Stock subject to the Stock Appreciation Right and related Option exceeds the exercise
price per share thereof and no Stock Appreciation Rights may be granted in tandem with an Option unless the Committee determines that
the requirements of Section 7.1 are satisfied.

 

7.6
Reduction in the Underlying Option Shares. Upon any exercise of a Related Right, the number of shares of Common Stock for which
any related Option shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised.
The number of shares of Common Stock for which a Related Right shall be exercisable shall be reduced upon any exercise of any related
Option by the number of shares of Common Stock for which such Option has been exercised.

 

8.
Restricted Awards. A Restricted Award is an Award of actual shares of Common
Stock (“Restricted Stock”) or hypothetical Common Stock units (“Restricted Stock Units”) having
a value equal to the Fair Market Value of an identical number of shares of Common Stock, which may, but need not, provide that such Restricted
Award may not be sold, assigned, transferred or otherwise disposed of, pledged or hypothecated as collateral for a loan or as security
for the performance of any obligation or for any other purpose for such period (the “Restricted Period”) as the Committee
shall determine. Each Restricted Award granted under the Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted
shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as
may be reflected in the applicable Award Agreement.

 

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8.1
Restricted Stock and Restricted Stock Units.

 

(a)
Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted
Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines
that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the
applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement
satisfactory to the Committee, if applicable and (B) the appropriate blank stock power with respect to the Restricted Stock covered by
such agreement. If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow
agreement and stock power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally
shall have the rights and privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock
and the right to receive dividends; provided that, any cash dividends and stock dividends with respect to the Restricted Stock
shall be withheld by the Company for the Participant’s account, and interest may be credited on the amount of the cash dividends
withheld at a rate and subject to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the
Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to
the Participant in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount
of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall
have no right to such dividends.

 

(b)
The terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall
be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of
any such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee
may also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence
of a future payment date or event set forth in an Award Agreement (“Deferred Stock Units”). At the discretion of the
Committee, each Restricted Stock Unit or Deferred Stock Unit (representing one share of Common Stock) may be credited with an amount
equal to the cash and stock dividends paid by the Company in respect of one share of Common Stock (“Dividend Equivalents”).
Dividend Equivalents shall be withheld by the Company and credited to the Participant’s account, and interest may be credited on
the amount of cash Dividend Equivalents credited to the Participant’s account at a rate and subject to such terms as determined
by the Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock
Unit or Deferred Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee,
in shares of Common Stock having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to
the Participant upon settlement of such Restricted Stock Unit or Deferred Stock Unit and, if such Restricted Stock Unit or Deferred Stock
Unit is forfeited, the Participant shall have no right to such Dividend Equivalents.

 

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8.2
Restrictions.

 

(a)
Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period,
and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the
Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability
set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement;
and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant
to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.

 

(b)
Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of
the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable
Award Agreement, and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to
such Restricted Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such
other terms and conditions as may be set forth in the applicable Award Agreement.

 

(c)
The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred
Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the
date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.

 

8.3
Restricted Period. With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time
or times set forth on a schedule established by the Committee in the applicable Award Agreement. No Restricted Award may be granted or
settled for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting
in the terms of any Award Agreement upon the occurrence of a specified event.

 

8.4
Delivery of Restricted Stock and Settlement of Restricted Stock Units. Upon the expiration of the Restricted Period with respect
to any shares of Restricted Stock, the restrictions set forth in Section 8.2 and the applicable Award Agreement shall be of no
further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement
is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate
evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired
(to the nearest full share) and any cash dividends or stock dividends credited to the Participant’s account with respect to such
Restricted Stock and the interest thereon, if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted
Stock Units, or at the expiration of the deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver
to the Participant, or his or her beneficiary, without charge, one share of Common Stock for each such outstanding vested Restricted
Stock Unit or Deferred Stock Unit (“Vested Unit”) and cash equal to any Dividend Equivalents credited with respect
to each such Vested Unit in accordance with Section 8.1(b) hereof and the interest thereon or, at the discretion of the Committee,
in shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents and the interest thereon, if any; provided,
however, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay
cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock for Vested Units. If a cash payment is made
in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock
as of the date on which the Restricted Period lapsed in the case of Restricted Stock Units, or the delivery date in the case of Deferred
Stock Units, with respect to each Vested Unit.

 

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8.5
Stock Restrictions. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as
the Company deems appropriate.

 

9.
Performance Share Awards. Each Performance Share Award granted under the Plan
shall be evidenced by an Award Agreement. Each Performance Share Award so granted shall be subject to the conditions set forth in this
Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.
The Committee shall have the discretion to determine: (i) the number of shares of Common Stock or stock-denominated units subject to
a Performance Share Award granted to any Participant; (ii) the Performance Period applicable to any Award; (iii) the conditions that
must be satisfied for a Participant to earn an Award; and (iv) the other terms, conditions and restrictions of the Award.

 

9.1
Earning Performance Share Awards. The number of Performance Shares earned by a Participant will depend on the extent to which
the performance goals established by the Committee are attained within the applicable Performance Period, as determined by the Committee.

 

10.
Other Equity-Based Awards and Cash Awards. The Committee may grant Other Equity-Based
Awards, either alone or in tandem with other Awards, in such amounts and subject to such conditions as the Committee shall determine
in its sole discretion. Each Equity-Based Award shall be evidenced by an Award Agreement and shall be subject to such conditions, not
inconsistent with the Plan, as may be reflected in the applicable Award Agreement. The Committee may grant Cash Awards in such amounts
and subject to such Performance Goals, other vesting conditions, and such other terms as the Committee determines in its discretion.
Cash Awards shall be evidenced in such form as the Committee may determine.

 

11.
Securities Law Compliance. Each Award Agreement shall provide that no shares of Common
Stock shall be purchased or sold thereunder unless and until (a) any then applicable requirements of state or federal laws and regulatory
agencies have been fully complied with to the satisfaction of the Company and its counsel and (b) if required to do so by the Company,
the Participant has executed and delivered to the Company a letter of investment intent in such form and containing such provisions as
the Committee may require. The Company shall use reasonable efforts to seek to obtain from each regulatory commission or agency having
jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell shares of Common Stock upon exercise
of the Awards; provided, however, that this undertaking shall not require the Company to register under the Securities Act the
Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable efforts, the Company is unable
to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance
and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock
upon exercise of such Awards unless and until such authority is obtained.

 

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12.
Use of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards,
or upon exercise thereof, shall constitute general funds of the Company.

 

13.
Miscellaneous.

 

13.1
Acceleration of Exercisability and Vesting. The Committee shall have the power to accelerate the time at which an Award may first
be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions
in the Award stating the time at which it may first be exercised or the time during which it will vest.

 

13.2
Shareholder Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of,
or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until such Participant
has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary
or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior
to the date such Common Stock certificate is issued, except as provided in Section 14 hereof.

 

13.3
No Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award
was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice
and with or without Cause or (b) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable
provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

13.4
Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed to
result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate
to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if
the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the
leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent
with Section 409A of the Code if the applicable Award is subject thereto.

 

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13.5
Withholding Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee,
the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common
Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to
the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold
shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition
of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum
amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock
of the Company.

 

14.
Adjustments Upon Changes in Stock. In the event of changes in the outstanding Common
Stock or in the capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split,
an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or
other relevant change in capitalization occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements,
the exercise price of Options and Stock Appreciation Rights, the Performance Goals to which Performance Share Awards and Cash Awards
are subject, the maximum number of shares of Common Stock subject to all Awards stated in Section 4 will be equitably adjusted
or substituted, as to the number, price or kind of a share of Common Stock or other consideration subject to such Awards to the extent
necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant to this Section 14, unless the
Committee specifically determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall,
in the case of Incentive Stock Options, ensure that any adjustments under this Section 14 will not constitute a modification,
extension or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified
Stock Options, ensure that any adjustments under this Section 14 will not constitute a modification of such Non-qualified Stock
Options within the meaning of Section 409A of the Code. Any adjustments made under this Section 14 shall be made in a manner which
does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant
notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

15.
Effect of Change in Control.

 

15.1
Unless otherwise provided in an Award Agreement, notwithstanding any provision of the Plan to the contrary:

 

(a)
In the event of a Participant’s termination of Continuous Service without Cause or for Good Reason during the 12-month period following
a Change in Control, notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, all outstanding Options
and Stock Appreciation Rights shall become immediately exercisable with respect to 100% of the shares subject to such Options or Stock
Appreciation Rights, and/or the Restricted Period shall expire immediately with respect to 100% of the outstanding shares of Restricted
Stock or Restricted Stock Units as of the date of the Participant’s termination of Continuous Service.

 

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(b)
With respect to Performance Share Awards and Cash Awards, in the event of a Change in Control, all incomplete Performance Periods in
respect of such Awards in effect on the date the Change in Control occurs shall end on the date of such change and the Committee shall
(i) determine the extent to which Performance Goals with respect to each such Performance Period have been met based upon such audited
or unaudited financial information then available as it deems relevant and (ii) cause to be paid to the applicable Participant partial
or full Awards with respect to Performance Goals for each such Performance Period based upon the Committee’s determination of the
degree of attainment of Performance Goals or, if not determinable, assuming that the applicable “target” levels of performance
have been attained, or on such other basis determined by the Committee.

 

To
the extent practicable, any actions taken by the Committee under the immediately preceding clauses (a) and (b) shall occur in a manner
and at a time which allows affected Participants the ability to participate in the Change in Control with respect to the shares of Common
Stock subject to their Awards.

 

15.2
In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days’ advance notice
to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof,
the value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders of the Company
in the event. In the case of any Option or Stock Appreciation Right with an exercise price (or SAR Exercise Price in the case of a Stock
Appreciation Right) that equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee
may cancel the Option or Stock Appreciation Right without the payment of consideration therefor.

 

15.3
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially
all of the assets and business of the Company and its Affiliates, taken as a whole.

 

16.
Amendment of the Plan and Awards.

 

16.1
Amendment of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided
in Section 14 relating to adjustments upon changes in Common Stock and Section 16.3, no amendment shall be effective unless
approved by the shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time
of such amendment, the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.

 

16.2
Shareholder Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.

 

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16.3
Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary
or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the
provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred
compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.

 

16.4
No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of
the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

16.5
Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; provided,
however, that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award
unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

17.
General Provisions.

 

17.1
Forfeiture Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits
with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events,
in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation,
confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant,
a termination of the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the
business or reputation of the Company and/or its Affiliates.

 

17.2
Clawback. Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement of any Award
by a Participant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with
any Company policies that may be adopted and/or modified from time to time (“Clawback Policy”). In addition, a Participant
may be required to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in
accordance with the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect
or as may be adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with
applicable law or stock exchange listing requirements).

 

17.3
Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable
or applicable only in specific cases.

 

17.4
Sub-Plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax or
other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other
terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each
sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

 

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17.5
Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity
to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent
the election would entitle the Participant to payment or receipt of shares of Common Stock or other consideration under an Award. The
Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest
or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures
that the Committee deems advisable for the administration of any such deferral program.

 

17.6
Unfunded Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any
special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

 

17.7
Recapitalizations. Each Award Agreement shall contain provisions required to reflect the provisions of Section 14.

 

17.8
Delivery. Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within
a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes
of this Plan, 30 days shall be considered a reasonable period of time.

 

17.9
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall
determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common
Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

 

17.10
Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this
Plan, including, without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable.

 

17.11
Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to
the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in
the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated
as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent
required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and
benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s
termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s
separation from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee
shall have any obligation to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section
409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.

 

    22

    

    

 

17.12
Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code)
of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date
of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive
Stock Option (a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing as to
the occurrence of the sale and the price realized upon the sale of such shares of Common Stock.

 

17.13
Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable
requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of
Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under
Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in
this Section 17.13, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

 

17.14
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any
right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations
by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant
in writing with the Company during the Participant’s lifetime.

 

17.15
Expenses. The costs of administering the Plan shall be paid by the Company.

 

17.16
Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether
in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or
unenforceability and the remaining provisions shall not be affected thereby.

 

17.17
Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction
of the provisions hereof.

 

17.18
Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively
among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee
shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective
Award Agreements.

 

    23

    

    

 

18.
Effective Date of Plan. The Plan shall become effective as of the Effective Date,
but no Award shall be exercised (or, in the case of a stock Award, shall be granted) unless and until the Plan has been approved by the
shareholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board.

 

19.
Termination or Suspension of the Plan. The Plan shall terminate automatically on
the date that is 10 years after the Plan’s adoption by the Board. No Award shall be granted pursuant to the Plan after such date,
but Awards theretofore granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier date pursuant
to Section 16.1 hereof. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

20.
Choice of Law. The law of the State of Delaware shall govern all questions concerning
the construction, validity and interpretation of this Plan, without regard to such state’s conflict of law rules.

 

As
adopted by the Board of Directors of FOXO Technologies Inc. on December 16, 2020.

 

As
approved by the shareholders of FOXO Technologies Inc. on December 16, 2020.

 

    24

    

    

 

FIRST
AMENDMENT TO

 

FOXO
TECHNOLOGIES, INC.

 

2020
STOCK INCENTIVE PLAN

 

This
document is the First Amendment to the FOXO Technologies, Inc. 2020 Stock Incentive Plan, as amended (the “Plan”).

 

W
I T N E S S E T H

 

WHEREAS,
FOXO Technologies, Inc. (the “Company”) has established the Plan; and

 

WHEREAS,
Section 16.1 of the Plan permits amendment of the Plan by the Board of Directors of the Company (the “Board”),
conditioned on additional approvals by the Company’s shareholders for certain amendments;

 

WHEREAS,
the Board has determined it to be in the best interests of the Company to further amend the Plan as set forth in this document (the
“First Amendment”).

 

NOW,
THEREFORE, in consideration of the premises, the Plan is amended as follows:

 

Section
4.1 of the Plan is hereby deleted in its entirety and replaced with the following:

 

4.1
Subject to adjustment in accordance with Section 14, no more than 7,000,000 shares of Common Stock shall be available for the grant of
Awards under the Plan. During the terms of the Awards, the Company shall keep available at all times the number of shares of Common Stock
required to satisfy such Awards.

 

[Certification
on following page.]

 

     

    

    

 

CERTIFICATION

 

The
undersigned does hereby certify that the foregoing First Amendment to the FOXO Technologies, Inc. 2020 Stock Incentive Plan was adopted
for the Company by its Board of Directors, subject to approval by the stockholders, on March 11, 2021.

 

	 	/s/
Michael Will
	 	Michael
Will, General Counsel and Corporate Secretary

 

     

    

    

 

SECOND
AMENDMENT TO

 

FOXO
TECHNOLOGIES INC.

 

2020
EQUITY INCENTIVE PLAN

 

This
document is the Second Amendment to the FOXO Technologies, Inc. 2020 Equity Incentive Plan, as amended (the “Plan”).

 

W
I T N E S S E T H

 

WHEREAS,
FOXO Technologies Inc. (the “Company”) has established the Plan;

 

WHEREAS,
the Company previous amended the Plan by adopting that certain First Amendment to the Plan pursuant to Board of Directors approval
on March 11, 2021.

 

WHEREAS,
Section 16.1 of the Plan permits amendment of the Plan by the Board of Directors of the Company (the “Board”),
conditioned on additional approvals by the Company’s shareholders for certain amendments; and

 

WHEREAS,
the Board has determined it to be in the best interests of the Company to further amend the Plan as set forth in this document (the
“Second Amendment”).

 

NOW,
THEREFORE, in consideration of the premises, the Plan is amended as follows:

 

The
last sentence of Section 6.7 of the Plan is hereby deleted and replaced with the following:

 

6.7
Unless otherwise specified in this Plan or set forth in an individual Award Agreement, Options shall vest in even monthly installments
over a period of three (3) years.

 

The
remainder of Section 6.7 is unchanged by this Second Amendment and remains in full force and effect.

 

[Certification
on following page.]

 

     

    

    

 

CERTIFICATION

 

The
undersigned does hereby certify that the foregoing Second Amendment to the FOXO Technologies, Inc. 2020 Stock Incentive Plan was adopted
for the Company by its Board of Directors on June 17, 2021.

 

	 	/s/
  Michael Will
	 	Michael Will, General Counsel and Corporate SecretaryExhibit 10.8

 

FOXO TECHNOLOGIES, INC.

 

Stock Option Exercise Agreement

 

2020 Equity Incentive Plan

 

This Stock Option Exercise
Agreement (this “Exercise Agreement”) is made and entered into as of ______________, 20__ by and between FOXO Technologies
Inc., a Delaware corporation (the “Company”) and the Purchaser named below. Capitalized terms used but not defined
herein shall have the meanings ascribed to them in the FOXO Technologies Inc. 2020 Equity Incentive Plan (the “Plan”).

 

	Purchaser Name:	_________________________________	 
	Address:	
    _________________________________

    _________________________________

    _________________________________
	 
	Social Security Number:	_________________________________	 
	Date:	_________________________________	 

 

1. Option.
The Purchaser was granted an option (the “Option”) to purchase shares of Common Stock (the “Shares”)
pursuant to the terms of the Plan and the Stock Option Agreement between the Company and the Purchaser dated ______________, 20__, as
follows:

 

Type of Option (check one):

 

____ Incentive Stock Option

 

____ Non-qualified Stock Option

 

Grant Date: ___________________________________

 

Number of Option Shares: ________________________

 

Exercise Price per Share:
_________________________

 

Expiration Date: ________________________________

 

2. Exercise
of Option. The Purchaser hereby elects to exercise the Option to purchase ________ (“Shares”), which
are, or will be as of the exercise date, vested under the Stock Option Agreement.

 

     

     

    

 

The total Exercise Price for
all of the Shares being purchased is $_____________ (total Shares being exercised times Exercise Price per Share).

 

3. Payment
of the Exercise Price; Delivery of Required Documents. The Purchaser encloses payment in full of the total Exercise
Price for the Shares in the following form(s), as authorized by the Stock Option Agreement (check and complete as appropriate):

 

____ In cash (by certified
or bank check) in the amount of $______, receipt of which is acknowledged by the Company.

 

____ By delivery of ____ previously
acquired shares of Common Stock duly endorsed for transfer to the Company.

 

____ Through a Stock for Stock
Exchange (Contact: __________).

 

____ By a broker-assisted
cashless exercise (Contact: __________).

 

____ By reduction in the number
of Shares otherwise deliverable upon exercise by the number of Shares with a Fair Market Value equal to the total Exercise Price (Contact:
__________).

 

The Purchaser will deliver
any other documents that the Company requires.

 

4. Tax
Withholding. The Purchaser authorizes payroll or other withholding and will make arrangements satisfactory to the Company
to pay or provide for any applicable federal, state and local withholding obligations of the Company. The Purchaser may satisfy any federal,
state or local tax withholding obligation relating to the exercise of the Option by any of the methods set forth in the Plan or Stock
Option Agreement. The Purchaser understands that ownership of the Shares will not be transferred to the Purchaser until the total Exercise
Price and all applicable withholding taxes have been paid.

 

5. Notice
of Disqualifying Disposition. If the Option is an Incentive Stock Option, the Purchaser agrees to promptly notify the
Company's General Counsel if he or she transfers any of the Shares purchased pursuant to this Exercise Agreement within one (1) year
from the date of exercise of the Option or within two (2) years from the Grant Date.

 

6. Tax
Consequences. The Purchaser understands that there may be adverse federal or state tax consequences as a result of
his or her purchase or disposition of the Shares. The Purchaser also acknowledges that he or she has been advised to consult with a tax
advisor in connection with the purchase or disposition of the Shares. The Purchaser is not relying on the Company for tax advice.

 

7. Compliance
with Law. The issuance and transfer of the Shares will be subject to and conditioned upon compliance by the Company
and the Purchaser with, all applicable federal, state and local laws and regulations and all applicable requirements of any stock exchange
or automated quotation system on which the Shares may be listed or quoted at the time of such issuance or transfer.

 

    2

     

    

 

8. Successors
and Assigns; Binding Effect. The Company may assign any of its rights under this Exercise Agreement. This Exercise
Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. This Exercise Agreement will be
binding upon the Purchaser and the Purchaser’s heirs, executors, legal representatives, successors and assigns.

 

9. Governing
Law. This Exercise Agreement will be construed and interpreted in accordance with the laws of the State of Delaware
without regard to conflict of law principles.

 

10. Severability.
The invalidity or unenforceability of any provision of this Exercise Agreement shall not affect the validity or enforceability of any
other provision, and each provision of this Exercise Agreement shall be severable and enforceable to the extent permitted by law.

 

11. Counterparts.
This Exercise Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute
one and the same instrument.

 

12. Notice.
Any notice required to be delivered to the Company under this Exercise Agreement shall be in writing and addressed to the Secretary of
the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Purchaser under this Exercise
Agreement shall be in writing and addressed to the Purchaser at the Purchaser’s address as set forth above. Either party may designate
another address in writing (or by such other method approved by the Company) from time to time.

 

13. Acknowledgement.
The Purchaser understands that he or she is purchasing the Shares pursuant to the terms and conditions of the Plan and the Stock Option
Agreement, copies of which the Purchaser has read and understands.

 

[SIGNATURE
PAGE FOLLOWS]

 

    3

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Exercise Agreement as of the date first above written.

 	 	FOXO TECHNOLOGIES INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[PARTICIPANT NAME]
	 	 
	 	By:	 
	 	Name: 	                        

 

    4

     

    

 

FOXO TECHNOLOGIES INC.

 

Incentive Stock Option Agreement

 

2020 Equity Incentive Plan

 

This Incentive Stock Option
Agreement (this “Agreement”) is made and entered into as of _________________ by and between FOXO Technologies, Inc.,
a Delaware corporation (the “Company”) and ___________________ (the “Participant”).

 

	Grant Date:	_____________________
	 	 
	Exercise Price1 per Share:	_____________________
	 	 
	Number of Option Shares:	_____________________
	 	 
	Expiration Date:	Fifth anniversary of Grant Date

 

1.
Grant of Option.

 

1.1
Grant; Type of Option. The Company hereby grants to the Participant an option (the “Option”) to purchase
the total number of shares of Common Stock of the Company equal to the number of Option Shares set forth above, at the Exercise Price
set forth above. The Option is being granted pursuant to the terms of the Company’s 2020 Equity Incentive Plan (the “Plan”).
The Option is intended to be an Incentive Stock Option within the meaning of Section 422 of the Code, although the Company makes no representation
or guarantee that the Option will qualify as an Incentive Stock Option. To the extent that the aggregate Fair Market Value (determined
on the Grant Date) of the shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by
the Participant during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions
thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-Qualified Stock Options.

 

1.2
Consideration; Subject to Plan. The grant of the Option is made in consideration of the services to be rendered by the
Participant to the Company and is subject to the terms and conditions of the Plan. Capitalized terms used but not defined herein will
have the meaning ascribed to them in the Plan.

 

2.
Exercise Period; Vesting.

 

2.1
Vesting Schedule. The Option will become vested and exercisable in even daily installments over a period of three (3) years
(using for this purpose a 360-day year) commencing on the Grant Date until the Option is 100% vested. The unvested portion of the Option
will not be exercisable on or after the Participant’s termination of Continuous Service.

 

 

		1	NTD:
Exercise price for ISOs to 10%+ shareholders subject to statutory restrictions – must be at least 110% of FMV on date of grant.

 

    5

     

    

 

2.2
Expiration. The Option will expire on the Expiration Date set forth above, or earlier as provided in this Agreement or
pursuant to Section 5.2 of the Plan.

 

3.
Termination of Continuous Service.

 

3.1
Termination for Reasons Other Than Cause, Death, Disability. If the Participant’s Continuous Service is terminated
for any reason other than Cause, death or Disability, the Participant may exercise the vested portion of the Option, but only within
such period of time ending on the earlier of: (a) the date three months following the termination of the Participant’s Continuous
Service or (b) the Expiration Date.

 

3.2
Termination for Cause. If the Participant’s Continuous Service is terminated for Cause, the Option (whether vested
or unvested) shall immediately terminate and cease to be exercisable.

 

3.3
Termination due to Disability. If the Participant’s Continuous Service terminates as a result of the Participant’s
Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier
of: (a) the date 12 months following the Participant’s termination of Continuous Service or (b) the Expiration Date.

 

3.4
Termination due to Death. If the Participant’s Continuous Service terminates as a result of the Participant’s
death, the vested portion of the Option may be exercised by the Participant’s estate, by a person who acquired the right to exercise
the Option by bequest or inheritance or by the person designated to exercise the Option upon the Participant’s death, but only
within the time period ending on the earlier of: (a) the date 12 months following the Participant’s termination of Continuous Service
or (b) the Expiration Date.

 

4.
Manner of Exercise.

 

4.1 Election
to Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant’s death or incapacity,
the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option
exercise agreement in such form as is approved by the Committee from time to time (the “Exercise Agreement”), which
shall set forth, inter alia:

 

(a) the
Participant’s election to exercise the Option;

 

(b) the
number of shares of Common Stock being purchased;

 

(c) any
restrictions imposed on the shares; and

 

(d) any
representations, warranties and agreements regarding the Participant’s investment intent and access to information as may be required
by the Company to comply with applicable securities laws.

 

    6

     

    

 

If someone other
than the Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that
such person has the legal right to exercise the Option.

 

4.2 Payment
of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise to the extent permitted
by applicable statutes and regulations, either:

 

(a) in
cash or by certified or bank check at the time the Option is exercised;

 

(b) by
delivery to the Company of other shares of Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date
of delivery equal to the Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby
the Participant identifies for delivery specific shares that have a Fair Market Value on the date of attestation equal to the Exercise
Price (or portion thereof) and receives a number of shares equal to the difference between the number of shares thereby purchased and
the number of identified attestation shares (a “Stock for Stock Exchange”);

 

(c) through
a “cashless exercise program” established with a broker;

 

(d) by
reduction in the number of shares otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Exercise
Price at the time of exercise;

 

(e) by
any combination of the foregoing methods; or

 

(f) in
any other form of legal consideration that may be acceptable to the Committee.

 

4.3
Withholding. If the Company, in its discretion, determines that it is obligated to withhold any tax in connection with
the exercise of the Option, the Participant must make arrangements satisfactory to the Company to pay or provide for any applicable federal,
state and local withholding obligations of the Company. The Participant may satisfy any federal, state or local tax withholding obligation
relating to the exercise of the Option by any of the following means:

 

(a) tendering
a cash payment;

 

(b) authorizing
the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the
exercise of the Option; provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax
required to be withheld by law; or

 

(c) delivering
to the Company previously owned and unencumbered shares of Common Stock.

 

    7

     

    

 

The Company has
the right to withhold from any compensation paid to a Participant.

 

4.4
Issuance of Shares. Provided that the Exercise Agreement and payment are in form and substance satisfactory to the Company,
the Company shall issue the shares of Common Stock registered in the name of the Participant, the Participant’s authorized assignee,
or the Participant’s legal representative which shall be evidenced by stock certificates representing the shares with the appropriate
legends affixed thereto, appropriate entry on the books of the Company or of a duly authorized transfer agent, or other appropriate means
as determined by the Company.

 

5.
No Right to Continued Employment; No Rights as Shareholder. Neither the Plan
nor this Agreement shall confer upon the Participant any right to be retained in any position, as an Employee, Consultant or Director
of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate
the Participant’s Continuous Service at any time, with or without Cause. The Participant shall not have any rights as a shareholder
with respect to any shares of Common Stock subject to the Option unless and until certificates representing the shares have been issued
by the Company to the holder of such shares, or the shares have otherwise been recorded on the books of the Company or of a duly authorized
transfer agent as owned by such holder.

 

6.
Transferability. The Option is not transferable by the Participant other than
to a designated beneficiary upon the Participant’s death or by will or the laws of descent and distribution, and is exercisable
during the Participant’s lifetime only by him or her. No assignment or transfer of the Option, or the rights represented thereby,
whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws
of descent or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such
assignment or transfer the Option will terminate and become of no further effect.

 

7.
Change in Control.

 

7.1 Acceleration
of Vesting. If a Change in Control occurs and the Participant’s Continuous Service is terminated by the Company without
Cause or by the Participant for Good Reason within 12 months following the Change in Control, 100% of the shares subject to the Option
shall become immediately vested and exercisable.

 

7.2
Cash-out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days’
advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share
of Common Stock received or to be received by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the
time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection
with the Change in Control, the Committee may cancel the Option without the payment of consideration therefor.

 

    8

     

    

 

8.
Adjustments. The shares of Common Stock subject to the Option may be adjusted
or terminated in any manner as contemplated by Section 14 of the Plan.

 

9.
Tax Liability and Withholding. Notwithstanding any action the Company takes
with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”),
the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and the Company (a) makes no representation
or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or
the subsequent sale of any shares acquired on exercise; and (b) does not commit to structure the Option to reduce or eliminate the Participant’s
liability for Tax-Related Items.

 

10.
Qualification as an Incentive Stock Option. It is understood that this Option
is intended to qualify as an incentive stock option as defined in Section 422 of the Code to the extent permitted under Applicable Law.
Accordingly, the Participant understands that in order to obtain the benefits of an incentive stock option, no sale or other disposition
may be made of shares for which incentive stock option treatment is desired within one (1) year following the date of exercise of the
Option or within two (2) years from the Grant Date. The Participant understands and agrees that the Company shall not be liable or responsible
for any additional tax liability the Participant incurs in the event that the Internal Revenue Service for any reason determines that
this Option does not qualify as an incentive stock option within the meaning of the Code.

 

11. Disqualifying
Disposition. If the Participant disposes of the shares of Common Stock prior to the expiration of either two (2) years from
the Grant Date or one (1) year from the date the shares are transferred to the Participant pursuant to the exercise of the Option (a “Disqualifying
Disposition”), the Participant shall notify the Company in writing within thirty (30) days after such disposition of the date
and terms of such disposition. The Participant also agrees to provide the Company with any information concerning any such dispositions
as the Company requires for tax purposes.

 

12.
Non-Competition and Non-Solicitation.

 

12.1
Non-Competition and Non-Solicitation Restrictions. In consideration of the Option, the Participant agrees and covenants
not to:

 

(a) contribute
his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent,
partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business
as the Company and its Affiliates in North America for a period of 12 months following the Participant’s termination of Continuous
Service;

 

(b) directly
or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company
or its Affiliates for 12 months following the Participant’s termination of Continuous Service;

 

(c) directly
or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, text, and instant
message), attempt to contact or meet with the current, former or prospective vendors, strategic partners, brokers, customers of the Company
or any of its Affiliates for purposes of offering, selling, purchasing or accepting goods or services similar to or competitive with those
offered by the Company or any of its Affiliates for a period of 12 months following the Participant’s termination of Continuous
Service.

 

    9

     

    

 

12.2
Enforcement of Non-Competition and Non-Solicitation Restrictions. In the event of a breach or threatened breach by the
Participant of any of the covenants contained in Section 12.1:

 

(a) any
unvested portion of the Option shall be forfeited effective as of the date of such breach, unless sooner terminated by operation of another
term or condition of this Agreement or the Plan; and

 

(b) the
Participant hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without
the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting
any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages
or other available forms of relief.

 

13.
Compliance with Law. The exercise of the Option and the issuance and transfer
of shares of Common Stock shall be subject to compliance by the Company and the Participant with all applicable requirements of federal
and state securities laws and with all applicable requirements of any stock exchange on which the Company’s shares of Common Stock
may be listed. No shares of Common Stock shall be issued pursuant to this Option unless and until any then applicable requirements of
state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant
understands that the Company is under no obligation to register the shares with the Securities and Exchange Commission, any state securities
commission or any stock exchange to effect such compliance.

 

14.
Notices. Any notice required to be delivered to the Company under this Agreement
shall be in writing and addressed to the Secretary of the Company at the Company’s principal corporate offices. Any notice required
to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant’s
address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved
by the Company) from time to time.

 

15.
Governing Law. This Agreement will be construed and interpreted in accordance
with the laws of the State of Delaware without regard to conflict of law principles.

 

16.
Interpretation. Any dispute regarding the interpretation of this Agreement
shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall
be final and binding on the Participant and the Company.

 

    10

     

    

 

17.
Options Subject to Plan. This Agreement is subject to the Plan as approved
by the Company’s shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated
herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the
applicable terms and provisions of the Plan will govern and prevail.

 

18.
Successors and Assigns. The Company may assign any of its rights under this
Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the
restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries,
executors, administrators and the person(s) to whom this Agreement may be transferred by will or the laws of descent or distribution.

 

19.
Severability. The invalidity or unenforceability of any provision of the Plan
or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision
of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

 

20.
Discretionary Nature of Plan. The Plan is discretionary and may be amended,
cancelled or terminated by the Company at any time, in its discretion. The grant of the Option in this Agreement does not create any
contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion
of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and
conditions of the Participant’s employment with the Company.

 

21.
Amendment. The Committee has the right to amend, alter, suspend, discontinue
or cancel the Option, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Participant’s
material rights under this Agreement without the Participant’s consent.

 

22.
No Impact on Other Benefits. The value of the Participant’s Option is
not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar
employee benefit.

 

23.
Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this
Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means
intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the
paper document bearing an original signature.

 

24.
Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan
and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all
of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse tax consequences upon
exercise of the Option or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such exercise
or disposition.

 

[signature page follows]

 

    11

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written.

 

	 	FOXO TECHNOLOGIES INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[EMPLOYEE NAME]
	 	 
	 	By:	 
	 	Name: 	                     

 

    12

     

    

 

FOXO TECHNOLOGIES INC.

 

Stock Option Agreement

 

2020 Equity Incentive Plan

 

This Stock Option Agreement
(this “Agreement”) is made and entered into as of __________________ by and between FOXO Technologies, Inc., a Delaware
corporation (the “Company”) and ___________________ (the “Participant”).

 

	Grant Date:	_____________________
	Exercise Price per Share:	_____________________
	Number of Option Shares:	_____________________
	Expiration Date:	Fifth anniversary of Grant Date

 

1.
Grant of Option.

 

1.1
Grant; Type of Option. The Company hereby grants to the Participant an option (the “Option”) to purchase
the total number of shares of Common Stock of the Company equal to the number of Option Shares set forth above, at the Exercise Price
set forth above. The Option is being granted pursuant to the terms of the Company’s 2020 Equity Incentive Plan (the “Plan”).
The Option is intended to be a Non-Qualified Stock Option and not an Incentive Stock Option within the meaning of Section 422
of the Internal Revenue Code.

 

1.2
Consideration; Subject to Plan. The grant of the Option is made in consideration of the services to be rendered by the
Participant to the Company as an Employee, Consultant, or non-employee Director, and is subject to the terms and conditions of the Plan.
Capitalized terms used but not defined herein will have the meaning ascribed to them in the Plan.

 

2.
Exercise Period; Vesting.

 

2.1
Vesting Schedule. The Option will become vested and exercisable in even daily installments over a period of three (3) years
(using for this purpose a 360-day year) commencing on the Grant Date until the Option is 100% vested. The unvested portion of the Option
will not be exercisable on or after the Participant’s termination of Continuous Service.

 

2.2
Expiration. The Option will expire on the Expiration Date set forth above, or earlier as provided in this Agreement or
pursuant to Section 5.2 of the Plan.

 

3.
Termination of Continuous Service.

 

3.1
Termination for a Reason Other Than Cause, Death, Disability, Retirement or Removal from the Board for Cause. If the Participant’s
Continuous Service is terminated for any reason other than (i) if Participant is a Director, Retirement (as defined below), Disability,
death or removal from the Board for Cause, or (ii) if Participant is an Employee or Consultant, Cause, death or Disability, the Participant
may exercise the vested portion of the Option, but only within such period of time ending on the earlier of (a) the date three months
following the termination of the Participant’s Continuous Service or (b) the Expiration Date.

 

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3.2
Termination for Cause; Removal from the Board for Cause. If the Participant’s Continuous Service as an Employee or
Consultant is terminated for Cause, the Option (whether vested or unvested) shall immediately terminate and cease to be exercisable.
If a Director Participant is removed from the Board for Cause, the Option (whether vested or unvested) shall immediately terminate and
cease to be exercisable.2

 

3.3
Termination due to Disability. If the Participant’s Continuous Service terminates as a result of the Participant’s
Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier
of (a) the date 12 months following the Participant’s termination of Continuous Service or (b) the Expiration Date.

 

3.4 Termination
due to Death. If the Participant’s Continuous Service terminates as a result of the Participant’s death, or the
Participant dies within the period following termination of the Participant’s Continuous Service during which the vested portion
of the Option remains exercisable, the vested portion of the Option may be exercised by the Participant’s estate, by a person who
acquired the right to exercise the Option by bequest or inheritance or by the person designated to exercise the Option upon the Participant’s
death, but only within the time period ending on the earlier of (a) the date 12 months following the Participant’s death or (b)
the Expiration Date.

 

3.5
Termination due to Retirement. If the Director Participant’s Continuous Service terminates as a result of the Director Participant’s
Retirement, the Director may exercise the vested portion of the Option, but only within such period of time ending on the earlier of
(a) the date 12 months following the Director’s termination of Continuous Service or (b) the Expiration Date. For purposes of this
Agreement, the term “Retirement” means retirement in accordance with any retirement policy then in effect for Board members.

 

3.6
Extension of Termination Date. If following the Participant’s termination of Continuous Service for any reason the
exercise of the Option is prohibited because the exercise of the Option would violate the registration requirements under the Securities
Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system, then the expiration
of the Option shall be tolled until the date that is thirty (30) days after the end of the period during which the exercise of the Option
would be in violation of such registration or other securities requirements.

 

4.
Manner of Exercise.

 

4.1 Election
to Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant’s death or incapacity,
the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option
exercise agreement in such form as is approved by the Committee from time to time (the “Exercise Agreement”), which
shall set forth, inter alia:

 

(a) the
Participant’s election to exercise the Option;

 

 

		2	NTD:
If a Participant serves as both an employee/consultant and a director, consider adding a clarifying clause: “For the avoidance
of doubt, any termination of a Participant’s Continuous Service in any capacity shall work a forfeiture of the Option under this
Section 3.2.”

 

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(b) the
number of shares of Common Stock being purchased;

 

(c) any
restrictions imposed on the shares; and

 

(d) any
representations, warranties and agreements regarding the Participant’s investment intent and access to information as may be required
by the Company to comply with applicable securities laws.

 

If someone other
than the Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that
such person has the legal right to exercise the Option.

 

4.2 Payment
of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise to the extent permitted
by applicable statutes and regulations, either:

 

(a) in
cash or by certified or bank check at the time the Option is exercised;

 

(b) by
delivery to the Company of other shares of Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date
of delivery equal to the Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby
the Participant identifies for delivery specific shares that have a Fair Market Value on the date of attestation equal to the Exercise
Price (or portion thereof) and receives a number of shares equal to the difference between the number of shares thereby purchased and
the number of identified attestation shares (a “Stock for Stock Exchange”);

 

(c) through
a “cashless exercise program” established with a broker;

 

(d) by
reduction in the number of shares otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Exercise
Price at the time of exercise;

 

(e) by
any combination of the foregoing methods; or

 

(f) in
any other form of legal consideration that may be acceptable to the Committee.

 

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4.3
Withholding.3 Prior to the issuance of shares upon the exercise of the Option, the Participant must make arrangements
satisfactory to the Company to pay or provide for any applicable federal, state and local withholding obligations of the Company. The
Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise of the Option by any of the following
means:

 

(a) tendering
a cash payment;

 

(b) authorizing
the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the
exercise of the Option; provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount
of tax required to be withheld by law; or

 

(c) delivering
to the Company previously owned and unencumbered shares of Common Stock.

 

The Company has
the right to withhold from any compensation paid to a Participant. The Company may alternatively require a Director Participant to reimburse
the Company for any required tax withholdings

 

4.4
Issuance of Shares. Provided that the Exercise Agreement and payment are in form and substance satisfactory to the Company,
the Company shall issue the shares of Common Stock registered in the name of the Participant, the Participant’s authorized assignee,
or the Participant’s legal representative which shall be evidenced by stock certificates representing the shares with the appropriate
legends affixed thereto, appropriate entry on the books of the Company or of duly authorized transfer agent, or other appropriate means
as determined by the Company.

 

5.
No Right to Continued Employment or Service on the Board; No Rights as Shareholder.
Neither the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an Employee, Consultant
or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company
or Stockholders (as applicable) to terminate the Participant’s Continuous Service at any time, with or without Cause. The Participant
shall not have any rights as a shareholder with respect to any shares of Common Stock subject to the Option unless and until certificates
representing the shares have been issued by the Company to the holder of such shares, or the shares have otherwise been recorded on the
books of the Company or of a duly authorized transfer agent as owned by such holder.

 

6.
Transferability. The Option is not transferable by the Participant other than
to a designated beneficiary upon the Participant’s death or by will or the laws of descent and distribution, and is exercisable
during the Participant’s lifetime only by him or her. No assignment or transfer of the Option, or the rights represented thereby,
whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary upon death by will or the laws
of descent or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such
assignment or transfer the Option will terminate and become of no further effect.

 

 

		3	NTD:
For Participants serving only as non-employee directors, substitute: “As a condition to the issuance of any shares of Common Stock
subject to the Option, the Company may withhold, or require the Participant to pay or reimburse the Company for, any taxes which the
Company determines are required to be withheld under federal, state or local law in connection with the exercise of the Option.”

 

    16

     

    

 

7.
Change in Control.

 

7.1 Acceleration
of Vesting. If a Change in Control occurs and (i) an Employee or Consultant Participant’s Continuous Service is terminated
by the Company without Cause (other than for death or Disability) or by the Participant for Good Reason, or (ii) a Director Participant’s
Continuous Service is terminated by the Company (other than for death, Disability or Cause), in any case, within 12 months following the
Change in Control, 100% of the shares subject to the Option shall become immediately vested and exercisable.

 

7.2
Cash-out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days’
advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share
of Common Stock received or to be received by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the
time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection
with the Change in Control, the Committee may cancel the Option without the payment of consideration therefor.

 

8.
Adjustments. The shares of Common Stock subject to the Option may be adjusted
or terminated in any manner as contemplated by Section 14 of the Plan.

 

9. Tax
Liability and Withholding. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance,
payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items
is and remains the Participant’s responsibility and the Company (a) makes no representations or undertakings regarding the treatment
of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale of any shares acquired
on exercise; and (b) does not commit to structure the Option to reduce or eliminate the Participant’s liability for Tax-Related
Items.

 

10.
Non-Competition and Non-Solicitation.

 

10.1
Non-Competition and Non-Solicitation Restrictions. In consideration of the Option, the Participant agrees and covenants
not to:

 

(a) contribute
his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent,
partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business
as the Company and its Affiliates in North America for a period of 12 months following the Participant’s termination of Continuous
Service;

 

    17

     

    

 

(b) directly
or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company
or its Affiliates for 12 months following the Participant’s termination of Continuous Service;

 

(c) directly
or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, text, and instant
message), attempt to contact or meet with the current, former or prospective vendors, strategic partners, brokers, customers of the Company
or any of its Affiliates for purposes of offering, selling, purchasing or accepting goods or services similar to or competitive with those
offered by the Company or any of its Affiliates for a period of 12 months following the Participant’s termination of Continuous
Service.

 

10.2
Enforcement of Non-Competition and Non-Solicitation Restrictions. In the event of a breach or threatened breach by the
Participant of any of the covenants contained in Section 10.1:

 

(a) any
unvested portion of the Option shall be forfeited effective as of the date of such breach, unless sooner terminated by operation of another
term or condition of this Agreement or the Plan; and

 

(b) the
Participant hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without
the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting
any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages
or other available forms of relief.

 

11.
Compliance with Law. The exercise of the Option and the issuance and transfer
of shares of Common Stock shall be subject to compliance by the Company and the Participant with all applicable requirements of federal
and state securities laws and with all applicable requirements of any stock exchange on which the Company’s shares of Common Stock
may be listed. No shares of Common Stock shall be issued pursuant to this Option unless and until any then applicable requirements of
state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant
understands that the Company is under no obligation to register the shares with the Securities and Exchange Commission, any state securities
commission or any stock exchange to effect such compliance.

 

12.
Notices. Any notice required to be delivered to the Company under this Agreement
shall be in writing and addressed to the Secretary of the Company at the Company’s principal corporate offices. Any notice required
to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant’s
address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved
by the Company) from time to time.

 

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13.
Governing Law. This Agreement will be construed and interpreted in accordance
with the laws of the State of Delaware without regard to conflict of law principles.

 

14.
Interpretation. Any dispute regarding the interpretation of this Agreement
shall be submitted by the Participant or the Company to the Committee (excluding the Participant, if currently serving as a Director
that sits on the Committee) for review. The resolution of such dispute by the Committee shall be final and binding on the Participant
and the Company.

 

15.
Options Subject to Plan. This Agreement is subject to the Plan as approved
by the Company’s shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated
herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the
applicable terms and provisions of the Plan will govern and prevail.

 

16.
Successors and Assigns. The Company may assign any of its rights under this
Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the
restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries,
executors, administrators and the person(s) to whom the Option may be transferred by will or the laws of descent or distribution.

 

17.
Severability. The invalidity or unenforceability of any provision of the Plan
or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision
of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

 

18.
Discretionary Nature of Plan. The Plan is discretionary and may be amended,
cancelled or terminated by the Company at any time, in its discretion. The grant of the Option in this Agreement does not create any
contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion
of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and
conditions of the Participant’s employment with the Company or membership on the Board.

 

19.
Amendment. The Committee has the right to amend, alter, suspend, discontinue
or cancel the Option, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Participant’s
material rights under this Agreement without the Participant’s consent.

 

20.
No Impact on Other Benefits. The value of an Employee or Consultant Participant’s
Option is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance
or similar employee benefit.

 

21.
Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this
Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means
intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the
paper document bearing an original signature.

 

22.
Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan
and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all
of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse tax consequences upon
exercise of the Option or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such exercise
or disposition.

 

[signature page follows]

 

    19

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	FOXO TECHNOLOGIES INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[PARTICIPANT NAME]
	 	 
	 	By:	 
	 	Name: 	                        

 

    20

     

    

 

FOXO TECHNOLOGIES INC.

 

Restricted Stock Award Agreement

 

2020 Equity Incentive Plan

 

This Restricted Stock Award
Agreement (this “Agreement”) is made and entered into as of _______________________ (the “Grant Date”)
by and between FOXO Technologies Inc., a Delaware corporation (the “Company”) and __________________ (the “Grantee”).

 

WHEREAS, the Company
has adopted the 2020 Equity Incentive Plan (the “Plan”) pursuant to which awards of Restricted Stock may be granted;
and

 

WHEREAS, the Committee
has determined that it is in the best interests of the Company and its shareholders to grant the award of Restricted Stock provided for
herein.

 

NOW, THEREFORE, the
parties hereto, intending to be legally bound, agree as follows:

 

23.
Grant of Restricted Stock. Pursuant to Section 8 of the Plan, the Company hereby issues to the Grantee on the Grant Date
a Restricted Stock Award consisting of, in the aggregate, _____________ shares of Common Stock of the Company (the “Restricted
Stock”), on the terms and conditions and subject to the restrictions set forth in this Agreement and the Plan. Capitalized
terms that are used but not defined herein have the meaning ascribed to them in the Plan.

 

24.
Consideration. The grant of the Restricted Stock is made in consideration of the services to be rendered by the Grantee
to the Company.

 

25.
Restricted Period; Vesting.

 

25.1 Except
as otherwise provided herein, provided that the Grantee remains in Continuous Service through the applicable vesting date, the Restricted
Stock will vest in even daily installments over a period of [__]years (using for this purpose a 360-day year) commencing on the Grant
Date until the Restricted Stock is 100% vested. The period over which the Restricted Stock vests pursuant to this Section 3.1 is
referred to as the “Restricted Period”.

 

25.2 The
foregoing vesting schedule notwithstanding, if the Grantee’s Continuous Service terminates for any reason at any time before all
of his or her Restricted Stock has vested, the Grantee’s unvested Restricted Stock shall be automatically forfeited upon such termination
of Continuous Service and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.

 

25.3 The
foregoing vesting schedule notwithstanding, if a Change in Control occurs and the Grantee’s Continuous Service is terminated by
the Company or an Affiliate without Cause (other than for death or Disability) or by the Grantee for Good Reason, and the Grantee’s
date of termination occurs (or in the case of the Grantee’s termination of Continuous Service for Good Reason, the event giving
rise to Good Reason occurs), in each case, during the period beginning on the date that is ninety (90) days before the Change in Control
and ending on the date that is twelve (12) months following the Change in Control, all unvested Restricted Stock shall automatically become
100% vested on the Grantee’s date of termination (or, if later, the date of the Change in Control).

 

    21

     

    

 

26.
Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period, the Restricted
Stock or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by
the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock or the rights
relating thereto during the Restricted Period shall be wholly ineffective and, if any such attempt is made, the Restricted Stock will
be forfeited by the Grantee and all of the Grantee’s rights to such shares shall immediately terminate without any payment or consideration
by the Company.

 

27.
Rights as Shareholder; Dividends.

 

27.1 The
Grantee shall be the record owner of the Restricted Stock until the shares of Common Stock are sold or otherwise disposed of, and shall
be entitled to all of the rights of a shareholder of the Company including, without limitation, the right to vote such shares and receive
all dividends or other distributions paid with respect to such shares. Notwithstanding the foregoing, any dividends or other distributions
shall be subject to the same restrictions on transferability as the shares of Restricted Stock with respect to which they were paid.

 

27.2 The
Company may issue stock certificates or evidence the Grantee’s interest by using a restricted book entry account with the Company’s
transfer agent. Physical possession or custody of any stock certificates that are issued shall be retained by the Company until such time
as the Restricted Stock vests.

 

27.3 If
the Grantee forfeits any rights he or she has under this Agreement in accordance with Section 3, the Grantee shall, on the date
of such forfeiture, no longer have any rights as a shareholder with respect to the Restricted Stock and shall no longer be entitled to
vote or receive dividends on such shares.

 

28.
No Right to Continued Service. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained
in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed
to limit the discretion of the Company to terminate the Grantee’s Continuous Service at any time, with or without Cause.

 

29.
Adjustments. If any change is made to the outstanding Common Stock or the capital structure of the Company, if required,
the shares of Common Stock shall be adjusted or terminated in any manner as contemplated by Section 14 of the Plan.

 

30.
Tax Liability and Withholding.

 

30.1 The
Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee
pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock and to take all such other action
as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Grantee
to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means:

 

(a) tendering
a cash payment.

 

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(b) authorizing
the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to the Grantee as a result
of the vesting of the Restricted Stock; provided, however, that no shares of Common Stock shall be withheld with a value exceeding the
maximum amount of tax required to be withheld by law.

 

(c) delivering
to the Company previously owned and unencumbered shares of Common Stock.

 

30.2 Notwithstanding
any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related
Items”), the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company
(a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant or vesting of
the Restricted Stock or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Stock to reduce or eliminate
the Grantee’s liability for Tax-Related Items.

 

31.
Section 83(b) Election. The Grantee may make an election under Code Section 83(b) (a “Section 83(b) Election”)
with respect to the Restricted Stock. Any such election must be made within thirty (30) days after the Grant Date. If the Grantee elects
to make a Section 83(b) Election, the Grantee shall provide the Company with a copy of an executed version and satisfactory evidence
of the filing of the executed Section 83(b) Election with the US Internal Revenue Service. The Grantee agrees to assume full responsibility
for ensuring that the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all tax consequences
resulting from the Section 83(b) Election.

 

32.
Non-competition and Non-solicitation.

 

32.1 In
consideration of the Restricted Stock, the Grantee agrees and covenants not to:

 

(a) contribute
his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent,
partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business
as the Company and its Affiliates, including those engaged in the same or similar business as the Company and its Affiliates in North
America for a period of 12 months following the Grantee’s termination of Continuous Service;

 

(b) directly
or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company
or its Affiliates for 12 months following the Grantee’s termination of Continuous Service; or

 

    23

     

    

 

(c) directly
or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant message),
attempt to contact or meet with the current, former or prospective customers of the Company or any of its Affiliates for purposes of offering
or accepting goods or services similar to or competitive with those offered by the Company or any of its Affiliates for a period of 12
months following the Grantee’s termination of Continuous Service.

 

32.2 If
the Grantee breaches any of the covenants set forth in Section 10.1:

 

(a) all
unvested Restricted Stock shall be immediately forfeited; and

 

(b) the
Grantee hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without
the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting
any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages
or other available forms of relief.

 

33.
Compliance with Law. The issuance and transfer of shares of Common Stock shall be subject to compliance by the Company
and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock
exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock shall be issued or transferred
unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to
the satisfaction of the Company and its counsel. The Grantee understands that the Company is under no obligation to register the shares
of Common Stock with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

 

34.
Legends. A legend may be placed on any certificate(s) or other document(s) delivered to the Grantee indicating restrictions
on transferability of the shares of Restricted Stock pursuant to this Agreement or any other restrictions that the Committee may deem
advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any applicable federal or state
securities laws or any stock exchange on which the shares of Common Stock are then listed or quoted.

 

35.
Notices. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the
Secretary of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Grantee under
this Agreement shall be in writing and addressed to the Grantee at the Grantee’s address as shown in the records of the Company.
Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

 

36.
Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware without
regard to conflict of law principles.

 

    24

     

    

 

37.
Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company
to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Grantee and the Company.

 

38.
Restricted Stock Subject to Plan. This Agreement is subject to the Plan as approved by the Company’s shareholders.
The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event
of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions
of the Plan will govern and prevail.

 

39.
Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon
and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this
Agreement will be binding upon the Grantee and the Grantee’s beneficiaries, executors, administrators and the person(s) to whom
the Restricted Stock may be transferred by will or the laws of descent or distribution.

 

40. Severability.
The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of
any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and
enforceable to the extent permitted by law.

 

41.
Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any
time, in its discretion. The grant of the Restricted Stock in this Agreement does not create any contractual right or other right to
receive any Restricted Stock or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any
amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee’s
employment with the Company.

 

42.
Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Stock, prospectively
or retroactively; provided, that, no such amendment shall adversely affect the Grantee’s material rights under this Agreement without
the Grantee’s consent.

 

43.
No Impact on Other Benefits. The value of the Grantee’s Restricted Stock is not part of his or her normal or expected
compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

 

44.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission,
by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and
pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

 

45.
Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and
understands the terms and provisions thereof, and accepts the Restricted Stock subject to all of the terms and conditions of the Plan
and this Agreement. The Grantee acknowledges that there may be adverse tax consequences upon the grant or vesting of the Restricted Stock
or disposition of the underlying shares and that the Grantee has been advised to consult a tax advisor prior to such grant, vesting or
disposition.

 

[signature page follows]

 

    25

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written.

 

	 	FOXO TECHNOLOGIES INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[EMPLOYEE NAME]
	 	 
	 	By:	 
	 	Name:

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