Document:

IMMUNIC, INC.

AMENDED AND RESTATED 2021 EMPLOYEE STOCK PURCHASE PLAN

 

    

    

    

 

TABLE OF CONTENTS

 

Page

  

	Article 1. Purpose and Effective Date	1
	 	 
	1.1	Effective Date	1
	1.2	Purpose.	1
	 	 	 
	Article 2. Definitions	1
	 	 
	2.1	“Account”	1
	2.2	“Administrator”	1
	2.3	“Accumulation Period”	1
	2.4	“Base Earnings”	1
	2.5	“Board”	1
	2.6	“Code”	1
	2.7	“Cut-Off Date”	2
	2.8	“Effective Date”	2
	2.9	“Eligible Employee”	2
	2.10	“Employee”	2
	2.11	“Enrollment Date”	2
	2.12	“Exchange Act”	2
	2.13	“Fair Market Value”	2
	2.14	“Participant”	2
	2.15	“Participating Subsidiary”	2
	2.16	“Plan”	2
	2.17	“Purchase Date”	2
	2.18	“Securities Act”	3
	2.19	“Share”	3
	2.20	“Subsidiary Corporation”	3
	2.21	“Trading Day”	3
	 	 	 
	Article 3. Administration	3
	 	 
	3.1	Administrator.	3
	3.2	Powers of the Committee.	3
	3.3	Designation of Participating Subsidiaries	4
	 	 	 
	Article 4. Number of Shares	4
	 	 
	4.1	Number of Shares Issuable Under the Plan	4
	4.2	Adjustments in Authorized Shares; Liquidation or Dissolution	4
	 	 	 
	Article 5. Eligibility Requirements	4
	 	 
	5.1	Eligibility	4
	5.2	Ineligible Employees.	5
	 	 	 
	Article 6. Enrollment	5
	 	 
	6.1	Enrollment	5

 

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	Article 7. Grant of Options on Enrollment	6
	 	 
	7.1	Option Grants	6
	7.2	Option Term.	6
	7.3	Restrictions on Option Grants.	6
	 	 	 
	Article 8. Payroll Deductions	7
	 	 
	8.1	Payroll Deduction Elections	7
	8.2	Duration of Payroll Deductions	7
	8.3	Unfunded Status of Payroll Deductions	7
	8.4	Cancellation of Payroll Deduction Election	7
	8.5	No Additional Contributions Permitted	7
	 	 	 
	Article 9. Purchase of Shares	8
	 	 
	9.1	Exercise of Options	8
	9.2	Effect of Withdrawal from the Plan.	8
	9.3	Option Exercise Price	8
	9.4	Restrictions on Option Exercise	8
	 	 	 
	Article 10. Withdrawal From the Plan; Termination of Employment; Leave of Absence; Death	8
	 	 
	10.1	Withdrawal from the Plan	8
	10.2	Termination of Employment	9
	10.3	Leave of Absence	9
	10.4	Death	9
	 	 	 
	Article 11. Miscellaneous	10
	 	 
	11.1	Interest	10
	11.2	Restrictions on Transfer	10
	11.3	Administrative Assistance	10
	11.4	Costs	10
	11.5	Applicable Law	10
	11.6	Amendment and Termination.	10
	11.7	No Right of Employment	11
	11.8	Requirements of Law	11
	11.9	Gender	11
	11.10	Military Service	11
	11.11	Code Section 409A	11
	11.12	Stockholder Approval	11
	11.13	Certain Provisions Applicable to Employees Subject to Taxation in Germany	11

 

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IMMUNIC, INC.

AMENDED AND RESTATED 2021 EMPLOYEE STOCK PURCHASE PLAN

 

Article
1.

Purpose and Effective Date

 

1.1                
Effective Date. The Board of Directors of Immunic, Inc., a Delaware corporation (the “Company”),
adopted the 2021 Employee Stock Purchase Plan (the “Plan”) effective as of July 1, 2021 (the “Effective
Date”), as amended and restated July 14, 2021.

 

1.2                
Purpose. The purpose of the Plan is to provide eligible employees of the Company or any Participating Subsidiary
with an opportunity to purchase common stock of the Company through accumulated payroll deductions. It is the intention of the Company
to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended.
The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements
of that section of the Code.

 

Article
2.

Definitions

 

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

 

2.1                
“Account” means a recordkeeping account maintained
for a Participant to which payroll deductions are credited in accordance with Article 8 of the Plan.

 

2.2                
“Administrator” means the Board or committee
authorized to administer the Plan under Section 3.1.

 

2.3                
“Accumulation Period” means a period determined
by the Administrator that is no longer than twenty-seven (27) months; provided that unless otherwise determined by the Administrator,
each Accumulation Period shall consist of one year terms commencing on July 1 of the applicable year or such other date specified from
time to time by the Administrator. The Administrator may modify or suspend Accumulation Periods at any time and from time to time.

 

2.4                
“Base Earnings” means regular salary and wages payable by the Company or a Participating Subsidiary to
an Eligible Employee, prior to deductions for employee contributions to any employee benefit plans or arrangements, and excluding bonuses
and other incentive pay, but including commissions. The Administrator, in its discretion, may establish a different definition of Base
Earnings for any future Accumulation Period(s) prior to the commencement of such Accumulation Period.

 

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

 

2.6                
“Code” means the Internal Revenue Code of 1986, as amended from time to time. References to a particular
section of the Code include references to regulations and rulings thereunder and to successor provisions.

 

    1 

     

    

 

2.7                
“Cut-Off Date” means the date established by the Administrator from time to time by which enrollment
forms must be received with respect to an Accumulation Period.

 

2.8                
“Effective Date” means July 1, 2021.

 

2.9                
“Eligible Employee” means an Employee who is eligible to participate in the Plan in accordance with Article
5.

 

2.10            
“Employee” means any common law employees of the Company or a Participating Subsidiary. “Employee”
shall not include any individual classified by the Company or a Participating Subsidiary as either an independent contractor or an individual
who provides services to the Company or Participating Subsidiary through another entity shall not be eligible to participate in this Plan
during the period that the individual is so classified, even if such individual is later retroactively reclassified as an employee during
all or any part of such period pursuant to applicable law or otherwise.

 

2.11            
“Enrollment Date” means the first Trading Day of an Accumulation Period beginning on or after the Effective
Date.

 

2.12            
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. References to
a particular section of the Exchange Act include references to successor provisions.

 

2.13            
“Fair Market Value” of a Share means the closing sales price of a Share reported on an established stock
exchange which is the principal exchange upon which the Shares are traded on the applicable date. Unless the Administrator determines
otherwise, if the Shares are traded over the counter at the time a determination of its Fair Market Value is required to be made hereunder,
Fair Market Value shall be deemed to be equal to the arithmetic mean between the reported high and low or closing bid and asked prices
of a Share on the applicable date, or if no such trades were made that day then the most recent date on which Shares were publicly traded.
In the event Shares are not publicly traded at the time a determination of their value is required to be made hereunder, the determination
of their Fair Market Value shall be made by the Administrator in such manner as it deems appropriate provided such manner is consistent
with Treasury Regulation Section 1.409A-1(b)(5)(iv)(B).

 

2.14            
“Participant” means an Eligible Employee who has enrolled in the Plan pursuant to Article 6. A
Participant shall remain a Participant until the applicable date set forth in Article 10.

 

2.15            
“Participating Subsidiary” means a Subsidiary Corporation, which has adopted the Plan as a Participating
Subsidiary by action of its board of directors and which has been designated by the Administrator in accordance with Section 3.3
as covered by the Plan.

 

2.16            
“Plan” means the Immunic, Inc. 2021 Employee Stock Purchase Plan, as set forth herein and as amended
from time to time.

 

2.17            
“Purchase Date” means the specific Trading Day during an Accumulation Period on which Shares are purchased
under the Plan in accordance with Article 9. For each Accumulation Period, the Purchase Date shall be the last Trading Day occurring
in such Accumulation Period. The Administrator may, in its discretion, designate a different Purchase Date with respect to any Accumulation
Period.

 

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2.18            
“Securities Act” means the Securities Act of 1933, as amended from time to time. References to a particular
section of the Securities Act include references to successor provisions.

 

2.19            
“Share” means a share of common stock of the Company, and such other securities of the Company, as may
be substituted or resubstituted for Shares pursuant to Section 4.2 hereof.

 

2.20            
“Subsidiary Corporation” means any corporation in an unbroken chain of corporations beginning with the
Company if, as of the applicable Enrollment Date, each of the corporations other than the last corporation in the chain owns stock possessing
50% or more of the total combined voting power of all classes of stock in one of the other corporations in the chain.

 

2.21            
“Trading Day” means a day the national exchange on which the Shares are listed for trading or, if not
so listed, a day NASDAQ is open for trading.

 

Article
3.

Administration

 

3.1                
Administrator.

 

(a)              
The Plan shall be administered by the Board, or committee (“Committee”)
appointed by the Board, which may be the Board's Compensation Committee. The Committee shall consist of at least one Board member, but
may additionally consist of individuals who are not members of the Board. The Committee shall serve at the pleasure of the Board. If the
Board does not so appoint a Committee, the Board shall administer the Plan. Any references herein to “Administrator” are,
except as the context requires otherwise, references to the Board or the Committee, as applicable.

 

(b)              
This Article 3 relating to the administration of the Plan may be amended by the Administrator from time to time as
may be desirable to satisfy any requirements of or under the federal securities and/or other applicable laws, rules or regulations of
the United States or any applicable stock exchange, or to obtain any exemption under such laws, rules or regulations.

 

3.2                
Powers of the Committee.

 

(a)              
If appointed under Section 3.1, the Administrator may select
one of its members as chairman and may appoint a secretary. The Administrator shall make such rules and regulations for the conduct of
its business as it shall deem advisable; provided, however, that all determinations of the Administrator shall be made by a majority of
its members.

 

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(b)              
The Administrator shall have the power, in addition to the powers set forth elsewhere in the Plan, and subject to and within
the limits of the express provisions of the Plan, to construe and interpret the Plan and options granted under it; to establish, amend
and revoke rules and regulations for administration of the Plan; to determine all questions of policy and expediency that may arise in
the administration of the Plan; to allocate and delegate such of its powers as it deems desirable to facilitate the administration and
operation of the Plan; and, generally, to exercise such powers and perform such acts as it deems necessary or expedient to promote the
best interests of the Company. The Administrator’s determinations as to the interpretation and operation of this Plan shall be final
and conclusive.

 

3.3                
Designation of Participating Subsidiaries. The Administrator
may designate from time to time which Subsidiary Corporations of the Company shall be Participating Subsidiaries.

 

Article
4.

Number of Shares

 

4.1                
Number of Shares Issuable Under the Plan.Subject to adjustment as provided in Section 4.2, the maximum number
of Shares hereby reserved for delivery under the Plan shall be 200,000 Shares. If
any option granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such option
shall again become available for the Plan.

 

4.2                
Adjustments in Authorized Shares; Liquidation or Dissolution. In the event of any reorganization, recapitalization,
stock split, reverse stock split, stock dividend, combination of shares, merger, consolidation, acquisition of property or shares, separation,
asset spin-off, stock rights offering, liquidation or other similar change in the capital structure of the Company, the Administrator
shall make such adjustment, if any, as it deems appropriate in the number, kind and purchase price of the Shares available for purchase
under the Plan. In the event that, at a time when options are outstanding hereunder, there occurs a dissolution or liquidation of the
Company, each option to purchase Shares shall terminate, but the Participant holding such option shall have the right to exercise his
or her option prior to such termination of the option upon the dissolution or liquidation. The Company reserves the right to reduce the
number of Shares which Employees may purchase pursuant to their enrollment in the Plan.

 

Article
5.

Eligibility Requirements

 

5.1                
Eligibility. Except as provided in Section 5.2, each
individual who is an Employee of the Company or a Participating Subsidiary on the applicable Cut-Off Date shall become eligible to participate
in the Plan in accordance with Article 6 as of the first Enrollment Date following the date the individual becomes an Employee
of the Company or a Participating Subsidiary, provided that the individual remains an Eligible Employee on the first day of the Accumulation
Period associated with such Enrollment Date. Participation in the Plan is entirely voluntary.

 

    4 

     

    

 

Notwithstanding the eligibility
criteria set forth in Section 5.2(a), all Employees who provide services in Germany and are employed by a Subsidiary Corporation domiciled
in Germany, including Employees employed on part-time or temporary basis, shall be treated as Eligible Employees under Section 5.1 of
the Plan.

 

5.2                
Ineligible Employees.

 

(a)              
Employees meeting any of the following restrictions are not eligible
to participate in the Plan:

 

(i)                
Employees of the Company or a Subsidiary Corporation who are members of a collective bargaining unit whose benefits were
the subject of good faith collective bargaining are excluded from participation in the Plan.

 

(ii)             
Employees whose customary employment is 20 hours or less per week.

 

(iii)           
Employees whose customary employment is for not more than 5 months in any calendar year.

 

(iv)            
Employees of a Participating Subsidiary who are citizens or residents of a foreign jurisdiction (a “Foreign
Employee”) if (i) the grant of an option under the Plan to such Foreign Employee is prohibited under the laws of such foreign
jurisdiction or (ii) compliance the laws of such foreign jurisdiction would cause the Plan to violate the requirements of Section 423
of the Code.

 

(v)              
Section 16 Officers may be restricted in their ability to acquire or sell Shares of common stock in order to comply with
Section 16 of the Securities Exchange Act of 1934, as amended, in accordance with rules and procedures adopted by the Administrator.

 

(vi)            
Employees of any Subsidiary Corporation that is not a Participating Subsidiary.

 

(b)              
The Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and
any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder. Notwithstanding anything herein to
the contrary, the Plan shall be administered, and the options shall be granted and may be exercised, only in such a manner as to conform
to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and the options granted hereunder shall be deemed
amended to the extent necessary to conform to such laws, rules and regulations.

 

Article
6.

Enrollment

 

6.1                
Enrollment. Any Eligible Employee may consent to enrollment
in the Plan for an Accumulation Period by completing and signing an enrollment form (which authorizes payroll deductions during such Accumulation
Period in accordance with Section 8.1) and submitting such enrollment form to the Company or the Participating Subsidiary on or
before the Cut-Off Date specified by the Administrator. Payroll deductions pursuant to the enrollment form shall be effective as of the
first payroll period with a pay day after the Enrollment Date for the Accumulation Period to which the enrollment form relates, and shall
continue in effect until the earliest of:

 

    5 

     

    

 

(a)              
the end of the last payroll period with a payday in the Accumulation Period;

 

(b)              
the date during the Accumulation Period as of which the Employee elects to cease his or her enrollment in accordance with
Section 8.4; and

 

(c)              
the date during the Accumulation Period as of which the Employee withdraws from the Plan or has a termination of employment
in accordance with Article 10.

 

Article
7.

Grant of Options on Enrollment

 

7.1                
Option Grants. The automatic enrollment by an Eligible Employee
in the Plan as of an Enrollment Date will constitute the grant as of such Enrollment Date by the Company to such Participant of an option
to purchase Shares from the Company pursuant to the Plan.

 

7.2                
Option Term. An option granted to a Participant pursuant
to this Plan shall expire, if not terminated earlier for any reason, on the earliest to occur of: (a) the end of the Purchase Date
with respect to the Accumulation Period in which such option was granted; (b) the completion of the purchase of Shares under the
option under Article 9; or (c) the date on which participation of such Participant in the Plan terminates for any reason.

 

7.3                
Restrictions on Option Grants.

 

(a)              
Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) to
the extent that, immediately after the grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant
to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding options to purchase such stock possessing
five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary
Corporation, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans of the Company and
its Subsidiary Corporations accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the Fair
Market Value of the Shares at the time such option is granted) for each calendar year in which such option is outstanding at any time.

 

(b)              
No more than 25,000 Shares may be purchased by any Participant
on the Purchase Date with respect to any Accumulation Period; provided, however, that the Administrator may specify with respect to any
Accumulation Period: (i) a lower maximum aggregate number of Shares that may be purchased by any Participant on the Purchase Date, and/or
(ii) a maximum number of Shares that may be purchased by all Participants on the Purchase Date.

 

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Article
8.

Payroll Deductions

 

8.1                
Payroll Deduction Elections. An Eligible Employee who files
an enrollment form pursuant to Article 8 shall elect and authorize in such form to have deductions made from his or her Base Earnings
on each payday he or she receives a paycheck during the Accumulation Period to which the enrollment form relates, and he or she shall
designate on such form the percentage (in whole percentages) of Base Earnings to be deducted each payday during such Accumulation Period.
The minimum an Employee may elect and authorize to have deducted is 1% of his or her Base Earnings paid per pay period in such Accumulation
Period, and the maximum is 15% of his or her Base Earnings paid per pay period in such Accumulation Period (or such larger or smaller
percentage as the Administrator may designate from time to time).

 

8.2                
Duration of Payroll Deductions. Deductions from a Participant’s
Base Earnings shall commence upon the first payday on or after the commencement of the Accumulation Period, and shall continue until the
date on which such authorization ceases to be effective in accordance with Article 6. The amount of each deduction made for a Participant
shall be credited to the Participant’s Account.

 

8.3                
Unfunded Status of Payroll Deductions. Prior to the time
a Participant’s payroll deduction is used to purchase Shares as provided in Article 9 below, such amounts are considered
general assets of the Company or Participating Subsidiary (as applicable) and, as such, are subject to the claims of the Company’s
or Participating Subsidiary’s creditors in the event of insolvency or bankruptcy. The Company or Participating Subsidiary may use
such funds for any corporate purpose, and the Company will not be obligated to segregate such funds from the Company’s or Participating
Subsidiary’s general corporate funds and/or deposit such funds with an independent third party.

 

8.4                
Cancellation of Payroll Deduction Election. As of the last
day of any month during an Accumulation Period, a Participant may elect to cease (but not to increase or decrease) payroll deductions
made on his or her behalf for the remainder of such Accumulation Period by filing the applicable election with the Company or Participating
Subsidiary in such form and manner and at such time as may be permitted by the Administrator. A Participant who has ceased payroll deductions
may have the amount which was credited to his or her Account prior to such cessation applied to the purchase of Shares as of the Purchase
Date in accordance with Section 9.1 and receive the balance of the Account with respect to which the enrollment is ceased, if any,
in cash. A Participant who has ceased payroll deductions may also voluntarily withdraw from the Plan pursuant to Section 10.1.
Any Participant who ceases payroll deductions for an Accumulation Period may re-enroll in the Plan on the next subsequent Enrollment Date
following the cessation in accordance with the provisions of Article 6. A Participant who ceases to be employed by the Company
or any Participating Subsidiary will cease to be a Participant in accordance with Section 10.2.

 

8.5                
No Additional Contributions Permitted. A Participant may
not make any separate or additional contributions to his Account under the Plan. Neither the Company nor any Participating Subsidiary
shall make separate or additional contributions to any Participant’s Account under the Plan.

 

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Article
9.

Purchase of Shares

 

9.1                
Exercise of Options. Subject to Section 9.2, any
option held by the Participant which was granted under this Plan and which remains outstanding as of a Purchase Date shall be deemed to
have been exercised on such Purchase Date for the purchase of the number of whole Shares which the funds accumulated in his or her Account
as of the Purchase Date will purchase at the applicable purchase price. Unless otherwise determined by the Committee, any payroll deductions
which are not sufficient to purchase a whole Share shall be retained in a Participant’s account for the subsequent Accumulation
Period. Any other amounts in a Participant’s Account after a Purchase Date shall be returned to the Participant. 

 

No
Shares will be purchased on behalf of any Participant who fails to file an enrollment form authorizing payroll deductions for an Accumulation
Period.

 

9.2                
Effect of Withdrawal from the Plan. A Participant who holds
an outstanding option as of a Purchase Date shall not be deemed to have exercised such option if the Participant elected not to exercise
the option by withdrawing from the Plan in accordance with Section 10.1.

 

9.3                
Option Exercise Price. The purchase price for each Share
purchased under any option shall not be less than 85% of the lesser of (a) the Fair Market Value of a Share on the Purchase Date or (b)
the Fair Market Value of a Share on the first Trading Day of the Accumulation Period. Notwithstanding the preceding, the Administrator
may establish a different purchase price for each Share purchased under any option provided that such purchase price is determined at
least thirty (30) days prior to the beginning of the Accumulation Period for which it is applicable and is not less than the exercise
price described in the preceding sentence.

 

9.4                
Restrictions on Option Exercise. If the total number of
Shares for which an option is exercised on any Purchase Date in accordance with this Article 9, when aggregated with all Shares
previously granted under this Plan, exceeds the maximum number of Shares reserved in Section 4.1 or pursuant to any aggregate limit
imposed by the Committee pursuant to Section 7.3(b)(ii), the Administrator shall make a pro rata allocation of the Shares available
for delivery and distribution in as nearly a uniform manner as shall be practicable and as it shall determine to be equitable, and the
balance of the cash amount credited to the Account of each Participant under the Plan shall be returned to him or her as promptly as administratively
practical.

 

Article
10.

Withdrawal From the Plan; Termination of Employment; Leave of Absence; Death

 

10.1            
Withdrawal from the Plan. A Participant may withdraw from the Plan in full (but not in part) during any Accumulation
Period by delivering a notice of withdrawal to the Company (in a manner prescribed by the Administrator) at any time prior to the first
day of the calendar last month immediately preceding the Purchase Date for such Accumulation Period, or at such shorter time in advance
of the Purchase Date as the Administrator may permit. If notice of withdrawal is timely received, all funds then accumulated in the Participant’s
Account shall not be used to purchase Shares, but shall instead be distributed to the Participant as soon as administratively practical,
and the Participant’s payroll deductions shall cease as soon as administratively practical. An Employee who has withdrawn during
an Accumulation Period may not return funds to the Company or a Participating Subsidiary during the same Accumulation Period and require
the Company or Participating Subsidiary to apply those funds to the purchase of Shares, nor may such Participant’s payroll deductions
continue, in accordance with Article 6. Any Eligible Employee who has withdrawn from the Plan may, however, re-enroll in the Plan
on the next subsequent Enrollment Date following withdrawal in accordance with the provisions of Article 6.

 

    8 

     

    

 

10.2            
Termination of Employment. Participation in the Plan terminates immediately when a Participant ceases to be employed
by the Company or any Participating Subsidiary for any reason whatsoever, including but not limited to termination of employment, whether
voluntary or involuntary, or on account of disability, or retirement, but not including death, or if the Participating Subsidiary employing
the Participant ceases for any reason to be a Participating Subsidiary. Participation in the Plan also terminates immediately when a Participant
ceases to be an Eligible Employee under Article 5 or withdraws from the Plan. Upon termination of participation such terminated
Participant’s outstanding options shall thereupon terminate. As soon as administratively practicable after termination of participation,
the Company shall pay to the Participant or legal representative all amounts accumulated in the Participant’s Account and held by
the Company at the time of termination of participation, and any Participating Subsidiary shall pay to the Participant or legal representative
all amounts accumulated in the Participant’s Account and held by the Participating Subsidiary at the time of termination of participation.

 

10.3            
Leave of Absence. If a Participant takes an unpaid leave of absence without terminating employment, such Participant
will be deemed to have discontinued contributions to the Plan in accordance with Section 8.3, but will remain a Participant in
the Plan through the balance of the Accumulation Period in which his or her leave of absence begins, so long as such leave of absence
does not exceed ninety (90) days. If a Participant takes an unpaid leave of absence without terminating employment, such Participant will
be deemed to have withdrawn from the Plan in accordance with Section 10.1
on the ninety-first (91st) day of such leave of absence.

 

10.4            
Death. As soon as administratively feasible after the death of a Participant, amounts accumulated in his or her Account
shall be paid in cash to the beneficiary or beneficiaries designated by the Participant on a beneficiary designation form approved by
the Administrator, but if the Participant does not make an effective beneficiary designation then such amounts shall be paid in cash to
the Participant’s spouse if the Participant has a spouse, or, if the Participant does not have a spouse, to the executor, administrator
or other legal representative of the Participant’s estate. Such payment shall relieve the Company and the Participating Subsidiary
of further liability with respect to the Plan on account of the deceased Participant. If more than one beneficiary is designated, each
beneficiary shall receive an equal portion of the Account unless the Participant has given express contrary instructions. None of the
Participant’s beneficiary, spouse, executor, administrator or other legal representative of the Participant’s estate shall,
prior to the death of the Participant by whom he has been designated, acquire any interest in the amounts credited to the Participant’s
Account under the Plan.

 

    9 

     

    

 

Article
11.

Miscellaneous

 

11.1            
Interest. Interest or earnings will not be paid on any Employee Accounts.

 

11.2            
Restrictions on Transfer. The rights of a Participant under the Plan shall not be assignable or transferable by such
Participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may
treat such act as an election to withdraw from the Plan in accordance with Section
10.1.

 

11.3            
Administrative Assistance. If the Administrator in its discretion so elects, it may retain a brokerage firm, bank,
other financial institution or other appropriate agent to assist in the purchase of Shares, delivery of reports or other administrative
aspects of the Plan. If the Administrator so elects, each Participant shall (unless prohibited by applicable law) be deemed upon enrollment
in the Plan to have authorized the establishment of an account on his or her behalf at such institution. Shares purchased by a Participant
under the Plan shall be held in the account in the Participant’s name, or if the Participant so indicates in the enrollment form,
in the Participant’s name together with the name of one or more other persons in joint tenancy with right of survivorship or in
tenancy by the entireties or as spousal community property, or in such forms of trust as may be approved by the Administrator, to the
extent permitted by law.

 

11.4            
Costs. All costs and expenses incurred in administering the Plan shall be paid by the Company or Participating Subsidiaries,
including any brokerage fees on the purchased Shares; excepting that any stamp duties, transfer taxes, fees to issue stock certificates,
and any brokerage fees on the sale price applicable to participation in the Plan after the initial purchase of the Shares on the Purchase
Date shall be charged to the Account or brokerage account of such Participant.

 

11.5            
Applicable Law. The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the
State of Delaware.

 

11.6            
Amendment and Termination.

 

(a)              
The Board or the Board's Compensation Committee may amend, alter or terminate the Plan at any time. Notwithstanding any
provision hereunder to the contrary, no amendment which would amend or modify the Plan in a manner requiring stockholder approval under
any securities exchange on which the Shares are traded shall be effective unless, within one year after it is adopted, it is approved
by the holders of a majority of the voting power of the Company’s outstanding shares. The provisions of this Section 11.6
are in addition to, and not in lieu of, the authority of the Administrator to amend or modify the Plan under other provisions of the Plan.

 

(b)              
If the Plan is terminated, the Administrator may elect to terminate all outstanding options either prior to their expiration
or upon completion of the purchase of Shares on the next Purchase Date, or may elect to permit options to expire in accordance with the
terms of this Plan (and participation to continue through such expiration dates). If the options are terminated prior to expiration, all
funds accumulated in Participants’ Accounts as of the date the options are terminated shall be returned to the Participants as soon
as administratively feasible.

 

    10 

     

    

 

11.7            
No Right of Employment. Neither the grant nor the exercise of any rights to purchase Shares under this Plan nor anything
in this Plan shall impose upon the Company or Participating Subsidiary any obligation to employ or continue to employ any employee. The
right of the Company or Participating Subsidiary to terminate any employee shall not be diminished or affected because any rights to purchase
Shares have been granted to such employee.

 

11.8            
Requirements of Law. The making of payroll deductions and the delivery of Shares under the Plan shall be subject
to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as
may be required. Notwithstanding any provision of the Plan, Participants shall not be entitled to receive benefits under the Plan, and
the Company (and any Subsidiary Corporation) shall not be obligated to deliver any Shares or deliver benefits to a Participant, if such
delivery would constitute a violation by the Participant or the Company or any of its Subsidiary Corporations of any applicable law or
regulation.

 

11.9            
Gender. When used herein, masculine terms shall be deemed to include the feminine, except when the context indicates
to the contrary.

 

11.10        
Military Service. The Plan shall be administered in accordance with Section 14(u) of the Internal Revenue Code
and the Uniformed Services Employment and Reemployment Rights Act of 1994.

 

11.11        
Code Section 409A. Purchase rights granted hereunder are intended to be exempt from the application of Code Section
409A as a statutory option described in Section 423 of the Code and any ambiguities shall be construed and interpreted in accordance with
such intent.

 

11.12        
Stockholder Approval. All options granted on or after the Effective Date and prior to the date the Company’s
stockholders approve the Plan are expressly conditioned upon and subject to approval of the Plan by the Company’s stockholders.

 

11.13        
Certain Provisions Applicable to Employees Subject to Taxation in Germany. Notwithstanding
anything to the contrary in the Plan, the following provisions shall apply to Participants who are German residents employed with a Subsidiary
Corporation operating a business in Germany:

 

(a)              
Required Withholding:

 

(i)                
The Committee in its sole discretion may provide that when taxes, including social security contributions (Sozialversicherungsbeiträge)
are to be withheld in connection with the issuance of Shares, or upon payment of any other benefit or right under this Plan (the date
on which such transfer of Shares or such payment of any other benefit or right occurs hereinafter referred to as the “Tax
Date”), the Participant may elect to make payment for the withholding of German taxes, e.g. wage tax including social security
contributions (Sozialversicherungsbeiträge), by one or a combination of the following methods to the Company or the Subsidiary
Corporation that employed the Participant: (A) payment of an amount in cash equal to the amount to be withheld (including cash obtained
through the sale of the Shares acquired on exercise of an option or upon the transfer of Shares, through a broker-dealer to whom the Participant
has submitted an irrevocable instructions to deliver promptly to the Company or the Subsidiary Corporation, the amount to be withheld);
(B) requesting the Company to withhold from those Shares that would otherwise be received upon exercise of the Option or upon the transfer
of Shares, a number of Shares having a Fair Market Value on the Tax Date equal to the amount to be withheld; or (C) withholding from any
compensation otherwise due to the Participant.

 

    11 

     

    

 

(ii)             
The Committee in its sole discretion may provide that the maximum amount of tax withholding upon the issuance of Shares,
to be satisfied by withholding Shares upon the transfer of Shares, pursuant to clause (i)(B) above shall not exceed the minimum amount
of taxes, including social security contributions, required to be withheld under federal, state and local law. An election by a Participant
under this subsection is irrevocable. Any fractional share amount and any additional withholding not paid by the withholding or surrender
of Shares must be paid in cash. If no timely election is made, the Participant must deliver cash to satisfy all tax withholding requirements.

 

(b)              
Participation in the Plan and the purchase of Shares does not result in the establishment of an employment relationship
with the Company. Irrespective of in the Plan, the Subsidiary Corporation, namely Immunic AG or Immunic GmbH, shall remain the sole employing
entity (“Employing Entity”) of the Participant. Participation in the Plan does constitute a component of remuneration
under employment with the Employing Entity. Any actions undertaken by the Employing Entity or involvement of the Employing Entity in the
administration of the Plan are performed in the name of the Company and/or the Committee and shall not be deemed to establish any claim
against the Employing Entity for performance of the Plan. Thus, the Employing Entity shall not be held liable for proper performance of
the Plan. Irrespective of any information provided or support delivered by the Employing Entity, the Employing Entity does not assume
any obligation in the context of the Plan.

 

(c)              
Participation in the Plan is governed by the laws of the State of Delaware, other than its laws respecting choice or conflicts
of law rule or principles that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.
Participant submits to the exclusive jurisdiction and venue of the federal or state courts of the State of Delaware.

 

(d)              
Participation in the Plan is granted on an exclusively voluntary basis. Even if there is a repeated grant of rights and
without express notification that the grant is paid voluntarily, no legal claim for future grants exists and further grants remain in
the complete discretion of the Company.

 

(e)              
Participation in the Plan requires the processing of personal data of the Participant as defined in and as may be subject
to the provisions of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural
persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/EC (General
Data Protection Regulation) and of the Federal Data Protection Act (Bundesdatenschutzgesetz) and other data protection legislation
of the Federal Republic of Germany (together “Applicable Data Protection Laws”). The Company will process Participant’s
personal data in strict compliance with Applicable Data Protection Laws. The Participant acknowledges that its consent may be required
for such processing under Applicable Data Protection Laws and agrees that its participation in the Plan or any other rights hereunder
is subject to the Participant providing and not withdrawing such consent.

  

 

12Document

DigitalOcean Holdings, Inc.
RSU Award Grant Notice
(2021 Equity Incentive Plan)

DigitalOcean Holdings, Inc. (the “Company”) has awarded to you (the “Participant”) the number of restricted stock units specified (the “Restricted Stock Units”) and on the terms set forth below in consideration of your services (the “RSU Award”).  Your RSU Award is subject to all of the terms and conditions set forth herein and in the Company’s 2021 Equity Incentive Plan (the “Plan”), the Restricted Stock Units Vesting Terms and Conditions attached hereto (the “Vesting Terms”) and the Award Agreement attached hereto (the “Agreement”).  The Plan and the Agreement are incorporated herein in their entirety.  Capitalized terms not explicitly defined herein but defined in the Plan or the Agreement shall have the meanings set forth in the Plan or the Agreement.

Participant:    Yancey Spruill
Date of Grant:    July 27, 2021
Number of Restricted Stock Units:    3,000,000    
Expiration Date:    Seventh anniversary of Date of Grant    

Vesting Schedule:     The Restricted Stock Units shall vest in accordance with the Vesting Terms attached hereto. 

Issuance Schedule:    One share of Common Stock will be issued for each Restricted Stock Unit which vests at the time set forth in Section 6 of the Agreement.
Participant Acknowledgments:  By your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:
•The RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”), and the provisions of the Plan, the Vesting Terms, and the Agreement, all of which are made a part of this document.  Unless otherwise provided in the Plan, this Grant Notice, the Vesting Terms and the Agreement (together, the “RSU Award Agreement”) may not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company.  
•You consent to receive this Grant Notice, the Vesting Terms, the Agreement, the Plan, the Prospectus and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.  
•You have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus.  In the event of any conflict between the provisions in the RSU Award Agreement or the Prospectus and the terms of the Plan, the terms of the Plan shall control.  
•The RSU Award Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) other equity awards previously granted to you, and (ii) any written employment agreement or other written agreement between the Company (or any Affiliate) and you, in each case that specifies the terms that should govern this RSU Award.
•Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes. 
•The RSU Award is subject to forfeiture upon termination of your Continuous Service in accordance with the terms of the Plan (including Section 5(a)(iv) thereof), the Vesting Terms (including Section 2, 3 and 4), and the Agreement (including Sections 3 and 7(j)-(k) thereof).

DigitalOcean Holdings, Inc.    Participant:
By: /s/ Alan Shapiro        /s/ Yancey Spruill    
    Signature    Signature
Title: General Counsel         Date:  7/27/2021    
Date:  7/27/2021    

2

RESTRICTED STOCK UNITS
VESTING TERMS AND CONDITIONS

The number of Restricted Stock Units that vest shall be determined in accordance with the following terms and conditions. Capitalized terms not otherwise defined herein have the meanings set forth in the RSU Award Grant Notice (“Grant Notice”) to which these Restricted Stock Units Vesting Terms and Conditions are attached, the Award Agreement attached to the Grant Notice or the Company’s 2021 Equity Incentive Plan (the “Plan”), as applicable. 
1.Performance Period.  The “Performance Period” shall begin on the date of grant and shall end on the seventh anniversary of the Date of Grant (such seventh anniversary, the “Scheduled Performance Period End Date”). Notwithstanding the foregoing, in the event of a Corporate Transaction prior to the Scheduled Performance Period End Date, the Performance Period shall be shortened and deemed to end immediately prior to the effective time of the Corporate Transaction.
2.Vesting of Restricted Stock Units; Holding Period. Except as explicitly set forth below, two requirements must be satisfied on or before the Expiration Date in order for Restricted Stock Unit to vest: a time and service-based requirement (the “Service-Based Requirement”) and stock-based performance requirement (the “Stock Price Requirement”), as set forth in more detail below.  A Restricted Stock Unit will vest on the first date upon which both the Service-Based Requirement and the Stock Price Requirement are satisfied with respect to that particular Restricted Stock Unit.  All Restricted Stock Units that do not vest on or before the Expiration Date will be immediately forfeited to the Company upon expiration at no cost to the Company.  Any shares of Common Stock received in connection with the vesting of Restricted Stock Units may not be sold or otherwise transferred or disposed of, directly or indirectly, until the first anniversary of the date on which the related portion of Restricted Stock Units met the Service-Based Requirement (or, if earlier, the date of termination of Participant’s Continuous Service or the date of a Corporate Transaction in which shares of Common Stock are sold); provided that such prohibition on transfer or disposition shall not apply to shares of Common Stock that are transferred or disposed of to pay any Tax Liability (as defined below) incurred in connection with the receipt of such shares.
3.Service-Based Requirement.  The Service-Based Requirement shall be met as follows, subject (except as explicitly set forth below), to Participant’s Continuous Service through each such date:
						
	Date	Percentage of Restricted Stock Units
	First anniversary of Date of Grant	14%
	Second anniversary of Date of Grant	14%
	Third anniversary of Date of Grant	14%
	Fourth anniversary of Date of Grant	14%
	Fifth anniversary of Date of Grant	14%
	Sixth anniversary of Date of Grant	15%
	Seventh anniversary of Date of Grant	15%

    Notwithstanding any provision of the Plan, for purposes of the Restricted Stock Units, “Continuous Service” will include only service to the Company as Chief Executive Officer, as another C-level executive, or as full-time Executive Chair of the Board.  Any other change in Continuous Service will be deemed to be a termination of Continuous Service under Section 6(b) below.
1

4.Stock Price Requirement.  Each tranche of the Restricted Stock Units (as set forth below) will meet its Stock Price Requirement on the date on which the average closing price per share of Common Stock over a consecutive ninety (90) trading day period between the Date of Grant and the Expiration Date first meets or exceeds the applicable stock price target set forth below.  
									
	Tranche	Stock Price Target	Number of Eligible Restricted Stock Units
	1	$93.50	475,000
	2	$140.00	575,000
	3	$187.00	650,000
	4	$233.50	650,000
	5	$280.50	650,000

5.Impact of Corporate Transaction.  If, during the Performance Period, a Corporate Transaction occurs, then the Performance Period will be shortened such that the Performance Period will end as of immediately prior to the Corporate Transaction and, to the extent that any of the Stock Price Requirements are achieved based on the value of the per-share consideration received by the Company’s stockholders in connection with the Corporate Transaction (the “Per Share Consideration”) (and, for the avoidance of doubt, in lieu of and without regard to any closing price average otherwise required to meet a Stock Price Requirement), such Stock Price Requirement will be deemed achieved. For purposes of determining which Restricted Stock Units have met the Stock Price Requirement, the measurement will be calculated using linear interpolation above $93.50, such that a partial, pro rata tranche of Restricted Stock Units (other than in the case of the first tranche) will be deemed to have met the Stock Price Requirement to the extent the Per Share Consideration exceeds the Stock Price Requirement for the tranche below but does not meet or exceed the next higher Stock Price Requirement.
6.Impact of Termination of Continuous Service.  
a.If Participant’s Continuous Service is terminated by the Company for Cause, or by Participant without Good Reason (each as defined below), (i) any Restricted Stock Units that have not met a Stock Price Requirement will be forfeited as of the date of termination; and (ii) any Restricted Stock Units that have met a Stock Price Requirement but not the Service-Based Requirement will be forfeited as of the date of termination.
b.If Participant’s Continuous Service is terminated by the Company without Cause, or by Participant for Good Reason, in either case other than during the period beginning upon a Corporate Transaction and ending twelve months thereafter (the “Corporate Transaction Period”), (i) any Restricted Stock Units that have not met a Stock Price Requirement will be forfeited (except as set forth below in Section 6(e)); and (ii) any Restricted Stock Units that have met a Stock Price Requirement but not the Service-Based Requirement will continue to vest based on the schedule set forth in Section 3; provided, however, that upon the occurrence of a Corporate Transaction following such termination, the Restricted Stock Units referenced in this Section 6(b)(ii) shall be deemed to have met the Service-Based Requirement as of the Corporate Transaction.
2

c.If Participant’s Continuous Service is terminated by the Company without Cause, or by Participant for Good Reason, in either case during the Corporate Transaction Period, (i) any Restricted Stock Units that have not met a Stock Price Requirement will be forfeited; and (ii) any Restricted Stock Units that have met a Stock Price Requirement but not the Service-Based Requirement will be deemed to have met the Service-Based Requirement as of the date of termination.
d.If Participant’s Continuous Service is terminated by reason of Participant’s death or Disability, (i) any Restricted Stock Units that have not met a Stock Price Requirement will be forfeited (except as set forth below in Section 6(e)); and (ii) any Restricted Stock Units that have met a Stock Price Requirement but not the Service-Based Requirement will be deemed to have met the Service-Based Requirement as of the date of termination.
e.If, as of the date of termination of Continuous Service (other than a termination set forth in Section 6(a) or 6(c)), the Company’s trailing ninety (90) trading day average stock price (or, if such termination occurs before ninety (90) trading days have elapsed in the Performance Period, the average price over the trading days that have elapsed in the Performance Period) is at least 90% of the next unachieved Stock Price Requirement, and if the next Stock Price Requirement is met in accordance with the terms of the award during the six-month period following such termination (but prior to the Expiration Date), then such next Stock Price Requirement will be deemed met with respect to the related tranche of Restricted Stock Units, and such tranche of Restricted Stock Units will either continue to vest on the  schedule set forth in Section 3 (in the case of a termination arising under Section 6(b) above) or will vest upon such Stock Price Requirement having been met (in the case of a termination arising under Section 6(d) above).
7.Definitions.  
a.“Cause” shall mean: (a) Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company; (b) Participant’s material breach of any agreement between Participant and the Company, which causes material harm to the Company; (c) Participant’s conviction or, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state or a similar violation outside the United States; (d) Participant’s gross negligence or willful misconduct in connection with Participant’s conduct as an employee of the Company, which causes material harm to the Company; (e) Participant’s continuing failure to perform assigned duties after receiving written notification of the failure from the Board; or (f) Participant’s failure to cooperate in good faith (as reasonably determined by the Board) with a governmental or internal investigation of the Company or its directors, office, or employees, if the Company has reasonably requested Participant’s cooperation.
b.“Good Reason” shall have the meaning set forth in the employment agreement between the Company and Participant as in effect on the Date of Grant.

3

DigitalOcean Holdings, Inc.
2021 Equity Incentive Plan
Award Agreement (RSU Award) 

As reflected by your RSU Award Grant Notice (the “Grant Notice”), DigitalOcean Holdings, Inc. (the “Company”) has granted you a RSU Award under its 2021 Equity Incentive Plan (the “Plan”) for the number of restricted stock units as indicated in the Grant Notice (the “RSU Award”).  The terms of your RSU Award as specified in this Award Agreement (the “Agreement”), the Grant Notice and the Restricted Stock Units Vesting Terms and Conditions attached to the Grant Notice constitute your “RSU Award Agreement”. Capitalized terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the same definitions as in the Grant Notice or Plan, as applicable. 

The general terms applicable to your RSU Award are as follows:

1.Governing Plan Document.  Your RSU Award is subject to all the provisions of the Plan. Your RSU Award is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall control.  
2.Grant of the RSU Award.  This RSU Award represents your right to be issued on a future date the number of shares of Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice as modified to reflect any Capitalization Adjustment and subject to your satisfaction of the vesting conditions set forth therein (the “Restricted Stock Units”).  Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the Plan, if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units covered by your RSU Award.
3.Vesting; Forfeiture upon termination of Continuous Service. Your Restricted Stock Units will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, subject to the provisions contained herein and the terms of the Plan.  Except as set forth in the Grant Notice, vesting will cease upon the termination of your Continuous Service. Except as otherwise provided in this RSU Award Agreement or the Grant Notice, any of your Restricted Stock Units that have not vested as of the time your Continuous Service terminates will be automatically forfeited without cost to the Company or any Affiliate, and you will have no further right, title or interest in such Restricted Stock Units, the shares of Common Stock issuable pursuant to such Restricted Stock Units, or any consideration in respect of such Restricted Stock Units.  
4.Dividends.  To the extent any dividend is paid with respect to the Common Stock prior to the issuance of the shares of Common Stock subject to your Restricted Stock Units, you shall be credited with a dividend equivalent in an equivalent amount, which dividend equivalent shall be subject to the same terms and conditions, including vesting, forfeiture and time of settlement, as the Restricted Stock Units to which they relate.   Any shares of Common Stock that are delivered to you in connection with 
A-1

your RSU Award shall be entitled to dividends paid with respect to the Common Stock after such shares have been delivered to you.
5.Withholding Obligations.  
(a)Regardless of any action taken by the Company or, if different, the Affiliate to which you provide Continuous Service (the “Service Recipient”) with respect to any income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other taxrelated items associated with the grant or vesting of the RSU Award or sale of the underlying Common Stock or other tax-related items related to your participation in the Plan and legally applicable to you (the “Tax Liability”), you hereby acknowledge and agree that the Tax Liability is your ultimate responsibility and may exceed the amount, if any, actually withheld by the Company or the Service Recipient.  You further acknowledge that the Company and the Service Recipient (i) make no representations or undertakings regarding any Tax Liability in connection with any aspect of this RSU Award, including, but not limited to, the grant or vesting of the RSU Award, the issuance of Common Stock pursuant to such vesting, the subsequent sale of shares of Common Stock, and the payment of any dividends on the Common Stock; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSU Award to reduce or eliminate your Tax Liability or achieve a particular tax result.  Further, if you are subject to Tax Liability in more than one jurisdiction, you acknowledge that the Company and/or the Service Recipient (or former service recipient, as applicable) may be required to withhold or account for Tax Liability in more than one jurisdiction. 
(b)Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Service Recipient to satisfy all Tax Liability.  As further provided in Section 8 of the Plan, you hereby authorize the Company and any applicable Service Recipient to satisfy any applicable withholding obligations with regard to the Tax Liability by any of the following means or by a combination of such means: (i) causing you to pay any portion of the Tax Liability in cash or cash equivalent in a form acceptable to the Company; (ii) withholding from any compensation otherwise payable to you by the Company or the Service Recipient; (iii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the Award; provided, however, that to the extent necessary to qualify for an exemption from the application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Board or the Compensation Committee; (iv) permitting or requiring you to enter into a “same day sale” commitment, if applicable, with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”), pursuant to this authorization and without further consent, whereby you irrevocably elect to sell a portion of the shares of Common Stock to be delivered in connection with your Restricted Stock Units to satisfy the Tax Liability and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Tax Liability directly to the Company or the Service Recipient; and/or (v) any other method determined by the Company to be in compliance with Applicable Law. Furthermore, you agree to pay the Company or the Service Recipient any amount the Company or the Service Recipient may be required to withhold, collect, or pay as a result of your participation in the Plan or that cannot be satisfied by the means previously described.  In the event it is determined that the amount of the Tax Liability was greater than the amount withheld by the Company and/or the Service Recipient (as applicable), you agree to indemnify and hold the Company and/or the Service Recipient (as applicable) 
A-2

harmless from any failure by the Company or the applicable Service Recipient to withhold the proper amount.
(c)The Company may withhold or account for your Tax Liability by considering statutory withholding amounts or other withholding rates applicable in your jurisdiction(s), including (i) maximum applicable rates in your jurisdiction(s), in which case you may receive a refund of any over-withheld amount in cash (whether from applicable tax authorities or the Company) and you will have no entitlement to the equivalent amount in Common Stock or (ii) minimum or such other applicable rates in your jurisdiction(s), in which case you may be solely responsible for paying any additional Tax Liability to the applicable tax authorities or to the Company and/or the Service Recipient.  If the Tax Liability withholding obligation is satisfied by withholding shares of Common Stock, for tax purposes, you are deemed to have been issued the full number of shares of Common Stock subject to the vested portion of the RSU Award, notwithstanding that a number of the shares of Common Stock is held back solely for the purpose of paying such Tax Liability.
(d)You acknowledge that you may not participate in the Plan and the Company shall have no obligation to deliver shares of Common Stock until you have fully satisfied the Tax Liability, as determined by the Company.  Unless any withholding obligation for the Tax Liability is satisfied, the Company shall have no obligation to deliver to you any Common Stock in respect of the RSU Award. 
6.Date of Issuance.  
(a)The issuance of shares in respect of the Restricted Stock Units is intended to comply with U.S. Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner.  Subject to the satisfaction of the Tax Liability withholding obligation, if any, in the event one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each vested Restricted Stock Unit on the applicable vesting date. Each issuance date determined by this paragraph is referred to as an “Original Issuance Date.” 
(b)If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following business day. In addition, if:
(i)the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market (including but not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in compliance with the Company’s policies (a “10b5-1 Arrangement)), and 
(ii)either (1) a Tax Liability withholding obligation does not apply, or (2) the Company decides, prior to the Original Issuance Date, (A) not to satisfy the Tax Liability withholding obligation by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date, to you under this Award, and (B) not to permit you to enter into a “same day sale” commitment with a broker-dealer (including but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your Tax Liability in cash, 
A-3

then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such Original Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling shares of the Common Stock in the open public market, but in no event later than December 31 of the calendar year in which the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with U.S. Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of U.S. Treasury Regulations Section 1.409A-1(d).
7.Nature of Grant.  In accepting the RSU Award, you acknowledge, understand and agree that:
(a)the Plan is established voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;
(b)the grant of the RSU Award is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of restricted stock units, other equity awards or benefits in lieu of equity awards, even if equity awards have been granted in the past; 
(c)all decisions with respect to future RSU Awards or other grants, if any, will be at the sole discretion of the Company;
(d)the RSU Award grant and your participation in the Plan shall not create a right to employment or be interpreted as forming or amending an employment or service contract with the Company, the Service Recipient or any Affiliate;
(e)you are voluntarily participating in the Plan;
(f)the RSU Award and any shares of Common Stock acquired under the Plan, and the income from and value of same, are not intended to replace any pension rights or compensation;
(g)the RSU Award and any shares of Common Stock acquired under the Plan, and the income from and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, pension or retirement or welfare benefits or similar mandatory payments;
(h)the future value of the shares of Common Stock underlying the RSU Award is unknown, indeterminable, and cannot be predicted with certainty;
(i)if the RSU Award vests and you are issued shares of Common Stock, the value of such shares of Common Stock may increase or decrease in value following the date the shares are issued; even below the fair market value on the date the RSU Award is granted to you;
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(j)for purposes of the RSU Award, your Continuous Service will be considered terminated as of the date you are no longer actively providing services to the Company or one of its Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and unless otherwise expressly provided in this RSU Award Agreement or determined by the Company, your right to vest in the RSU Award under the Plan, if any, will terminate as of such date and will not be extended by any notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any); and the Board shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of the RSU Award (including whether you may still be considered to be providing services while on a leave of absence);
(k)no claim or entitlement to compensation or damages shall arise from forfeiture of the RSU Award resulting from your termination of Continuous Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed, or the terms of your employment agreement, if any), and in consideration of the grant of this RSU Award to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company, the Service Recipient or any Affiliate, waive your ability, if any, to bring any such claim, and release the Company, the Service Recipient and any Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;
(l)unless otherwise agreed with the Company in writing, the RSU Award and any shares of Common Stock acquired under the Plan, and the income from and value of same, are not granted as consideration for, or in connection with, any service you may provide as a director of the Company or any Affiliate; and
(m)neither the Company, nor the Service Recipient nor any Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the RSU Award or the subsequent sale of any shares of Common Stock acquired upon settlement of the RSU Award. 
8.Transferability.  Except as otherwise provided in the Plan, your RSU Award is not transferable, except by will or by the applicable laws of descent and distribution.
9.Corporate Transaction.  Your RSU Award is subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.
10.No Liability for Taxes.  As a condition to accepting the RSU Award, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax and/or social insurance liabilities arising from the RSU Award or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial 
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and other legal advisors regarding the tax and social insurance consequences of the RSU Award and have either done so or knowingly and voluntarily declined to do so.
11.Severability.  If any part of this RSU Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this RSU Award Agreement or the Plan not declared to be unlawful or invalid.  Any Section of this RSU Award Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.
12.Waiver.  You acknowledge that a waiver by the Company of a breach of any provision of this RSU Award Agreement shall not operate or be construed as a waiver of any other provision of this RSU Award Agreement, or of any subsequent breach of this RSU Award Agreement.
13.No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying shares of Common Stock.  You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
14.Data Privacy.  
(a)By signing the Grant Notice or otherwise accepting this RSU Award Agreement in accordance with the Company’s acceptance procedures, you explicitly and unambiguously acknowledge and consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by and among, as applicable, the Service Recipient, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.  You understand that the Company, its Affiliates and the Service Recipient hold certain personal information about you, including, but not limited to, name, home address and telephone number, date of birth, social security number (or other identification number), salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, purchased, exercised, vested, unvested or outstanding in your favor for the purpose of implementing, managing and administering the Plan (“Data”).  You understand that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere, and that the recipient country may have different data privacy laws providing less protections of your personal data than your country.  You may request a list with the names and addresses of any potential recipients of the Data by contacting the stock plan administrator at the Company (the “Stock Plan Administrator”).  You acknowledge that the recipients may receive, possess, process, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data, as may be required, to a broker or other third party with whom you may elect to deposit any shares of Common Stock acquired upon the vesting of your RSU Award.  You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan.  You may, at any time, view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein, in any case without cost, by contacting the Stock Plan Administrator in writing.  
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(b)For the purposes of operating the Plan in the European Union, Switzerland and the United Kingdom, the Company will collect and process information relating to you in accordance with the privacy notice from time to time in force.
15.Language.  You acknowledge that you are sufficiently proficient in the English language, or have consulted with an advisor who is sufficiently proficient in English, so as to allow you to understand the terms and conditions of this RSU Award Agreement.  If you have received this RSU Award Agreement or any other documents related to the Plan translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control. 
16.Governing Law/Venue.  This RSU Award Agreement and any controversy arising out of or relating to this RSU Award Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to conflict of law principles that would result in any application of any law other than the law of the State of Delaware. For purposes of any action, lawsuit or other proceeding brought to enforce this RSU Award Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of New York County, New York, or the federal courts for the United States for the Southern District of New York, and no other courts where this grant is made and/or to be performed.
17.Insider Trading Restrictions / Market Abuse Law.  You may be subject to insider trading restrictions and/or market abuse laws based on the exchange on which the shares of Common Stock are listed and in applicable jurisdictions, including the United States and the designated broker’s country, which may affect your ability to accept, acquire, sell or otherwise dispose of shares of Common Stock, rights to shares of Common Stock (e.g., this RSU Award) or rights linked to the value of the shares of Common Stock under the Plan during such times as you are considered to have “inside information” regarding the Company (as defined by the laws in the applicable jurisdiction(s)).  Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed inside information.  Furthermore, you could be prohibited from (i) disclosing the inside information to any third party, which may include fellow employees and (ii) “tipping” third parties or causing them otherwise to buy or sell securities.  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company’s Trading Policy, or any other applicable insider trading policy then in effect.   
18.Imposition of Other Requirements.  The Company reserves the right to impose other requirements on your participation in the Plan, on the RSU Award and on any shares of Common Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 
19.Other Documents.  You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus.  In addition, you acknowledge receipt of the Company’s Trading Policy.
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20.Questions.  If you have questions regarding these or any other terms and conditions applicable to your RSU Award, including a summary of certain U.S. and non-U.S. tax consequences, please see the Prospectus.
*  *  *  *

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