Document:

Exhibit 10.8

 

CLEAR SECURE, INC.

2021 Omnibus Incentive Plan

 

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

 

2.            
Effective Date; Duration. The Plan shall be effective on the business day immediately prior to the date the Company’s
registration statement relating to the initial public offering of its Common Stock becomes effective (the “Effective Date”).
The expiration date of the Plan, on and after which date no Awards may be granted under the Plan, shall be the 10th anniversary
of the Effective Date (the “Expiration Date”); provided, however, that such expiration shall not
affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards.

 

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)                 “Cause”
means, with respect to any Participant, unless otherwise defined in an Award Agreement, for any Participant that has an employment
agreement or offer letter or similar agreement with the Company that contains a definition of “Cause” (or term or
similar meaning), the definition of Cause in such employment agreement or offer letter or similar agreement, and for any other
Participant, any of the following: (i) the Participant’s engaging in fraudulent, illegal or dishonest conduct in respect of
the Company or its Affiliates; (ii) the Participant’s conviction of, plea of guilty or no contest to a felony or crime
involving moral turpitude; (iii) the Participant’s engaging in public conduct that is, or could reasonably be determined to
be, detrimental to the Company’s reputation; (iv) the Participant’s willful misconduct or negligence in the performance
of his or her duties that reasonably could be expected to be injurious to the Company’s business, operations or reputation;
(v) the Participant’s violation of any material policy or rule of the Company; or (vi) the Participant’s failure to
perform his or her duties after notice of such failure by the Company.

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(l)                
“Deferred Award” means an Award granted pursuant to Section 13.

 

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

 

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

 

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

 

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

 

(q)               
“Eligible Person” means any (i) individual employed by the Company or an Affiliate, (ii) Director
or officer of the Company or an Affiliate, or (iii) consultant or advisor to the Company or an Affiliate who may be offered securities
registrable on Form S-8 under the Securities Act.

 

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

 

(s)                
“Expiration Date” has the meaning set forth in Section 2.

 

(t)                 “Fair
Market Value” means, (i) with respect to a Share on a given date and except as otherwise expressly determined by
the Committee, (x) if the Shares are listed on a national securities exchange, the closing sales price of a Share reported on
such exchange on such date or, if there is no such sale on that date, then on the last preceding date on which such a sale was
reported or (y) if the Shares are not listed on any national securities exchange, the amount determined by the Committee in
good faith to be the fair market value of a Share or (ii) with respect to any other property on any given date, the amount
determined by the Committee in good faith to be the fair market value of such other property as of such date.

 

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

 

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

 

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

 

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

 

(y)               
“NYSE” means New York Stock Exchange.

 

(z)               
“Option” means an Award granted under Section 7.

 

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

 

(bb)           
“Other Stock-Based Award” means an Award granted under Section 10.

 

(cc)            
“Participant” has the meaning set forth in Section 6.

 

(dd)           
“Permitted Holders” means, at any time, each of (i) Caryn Seidman-Becker, Kenneth Cornick, their spouse,
children (natural or adopted), lineal descendants or the estates, heirs, executors, personal representatives, successors or administrators
upon or as a result of the death, incapacity or incompetency of such Person, or any trust established for the benefit of (or any charitable
trust or non-profit entity established by) any person mentioned in this clause (i), or any trustee, protector or similar person of such
trust or non-profit entity or any Person, directly or indirectly, controlling, controlled by or under common control with any Permitted
Holder mentioned in this clause (i), and (ii) each of Alclear Investments, LLC and Alclear Investments II, LLC.

 

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

 

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

 

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

 

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

 

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

 

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

 

(kk)           
“Share” means a share of Common Stock.

 

(ll)              
“Stock Appreciation Right” or “SAR” means an Award granted under Section 8.

 

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

 

(nn)           
“Substitute Award” has the meaning set forth in Section 5(f).

 

4.            
Administration.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)               
Available Shares. Subject to Section 11 and subsection (d) below, the maximum number of Shares available for issuance under
the Plan as of the Effective Date shall be [●]. Commencing with the first business day of each calendar year beginning in 2022 through
2031, such number of Shares available for issuance under the Plan shall automatically increase each year by the least of (a) [●]%
of the aggregate number of shares of all classes of common stock outstanding (that is, assuming conversion of all other classes of common
stock into Class A common stock) on the final day of the immediately preceding calendar year, (b) [●] Shares, or (c) such number
of Shares determined by the Committee. The maximum number of Shares that may be delivered pursuant to the exercise of Incentive Stock
Options granted under the Plan shall not exceed ten times the number set forth in the first sentence above.

 

(c)               
Director Compensation Limit. The maximum amount (based on the fair value of Awards on the grant date as determined in accordance
with applicable financial accounting rules) of Awards that may be granted in any single fiscal year to any non-employee Director, taken
together with any cash fees paid to such non-employee Director during such fiscal year, shall be $[●], increased to $[●] for
the fiscal year of a non-employee Director’s initial service as a non-employee Director (which limits shall not apply to the compensation
for any non-employee Director of the Company who serves in any capacity in addition to that of a non-employee Director for which he or
she receives additional compensation).

 

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

 

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

 

(f)                 Substitute
Awards(g). The Committee may grant Awards in assumption of, or in substitution for, outstanding awards previously granted by the
Company or any Affiliate or an entity directly or indirectly acquired by the Company or with which the Company combines
(“Substitute Awards”), and such Substitute Awards shall not be counted against the aggregate number of
Shares available for Awards hereunder; provided, that Substitute Awards issued or intended as “incentive stock options”
within the meaning of Section 422 of the Code shall be counted against the aggregate number of Incentive Stock Options available
under the Plan.

 

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

 

7.            
Options.

 

(a)               
Generally. Each Option shall be subject to the conditions set forth in the Plan and in the applicable Award Agreement. All
Options granted under the Plan shall be Nonqualified Stock Options unless the Award Agreement expressly states otherwise.

 

(b)               
Exercise Price. The exercise price per Share for each Option, which is the purchase price per Share underlying the Option,
shall be determined by the Committee at the time of grant and, except in the case of a Substitute Award, such exercise price shall not
be less than 100% of the Fair Market Value of a Share on the date of grant of such Option.

 

(c)               
Vesting, Exercise and Expiration. The Committee shall determine the manner and timing of vesting, exercise and expiration
of Options. The period between the date of grant and the scheduled expiration date of the Option shall not exceed 10 years. The Committee
may accelerate the vesting and/or exercisability of any Option, which acceleration shall not affect any other terms and conditions of
such Option.

 

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

 

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

 

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(f)                
Incentive Stock Options. Incentive Stock Options shall be granted only subject to and in compliance with Section 422 of
the Code, and only to Eligible Persons who are employees of the Company or of a subsidiary or parent corporation, within the meaning of
Section 424 of the Code, of the Company. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof)
shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be
regarded as a Nonqualified Stock Option properly granted under the Plan.

 

8.            
Stock Appreciation Rights (SARs).

 

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

 

(b)               
Exercise Price. The exercise or hurdle price per Share for each SAR shall be determined by the Committee at the time of
grant and, except in the case of a Substitute Award, such exercise or hurdle price shall not be less than 100% of the Fair Market Value
of a Share on the date of grant of such SAR.

 

(c)               
Vesting, Exercise and Expiration. The Committee shall determine the manner and timing of vesting, exercise and expiration
of SARs. The period between the date of grant and the scheduled expiration of the SAR shall not exceed 10 years. The Committee may accelerate
the vesting and/or exercisability of any SAR, which acceleration shall not affect any other terms and conditions of such SAR.

 

(d)               
Method of Exercise and Form of Payment. SARs may be exercised by delivery of written or electronic notice of exercise to
the Company or its designee (including a third-party administrator) in accordance with the terms of the SAR and the Award Agreement, specifying
the number of SARs to be exercised and the date on which such SARs were awarded. Upon the exercise of a SAR, the Company shall pay to
the holder thereof an amount equal to the number of Shares subject to the SAR that are being exercised multiplied by the excess, if any,
of the Fair Market Value of one Share on the exercise date over the exercise or hurdle price, less an amount equal to any applicable U.S.
federal, state and local income and employment taxes and non-U.S. income and employment taxes, social contributions and any other tax-related
items required to be withheld. The Company shall pay such amount in cash, in Shares valued at Fair Market Value as determined on the date
of exercise, or any combination thereof, as determined by the Committee. The Committee may provide for automatic exercise of a SAR prior
to its expiration.

 

9.            
Restricted Stock and Restricted Stock Units.

 

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

 

    9

     

    

 

(b)               
 Director Retainer Fees. To the extent permitted by the Board and subject to such rules, approvals and conditions as the
Committee may impose from time to time, an Eligible Person who is a non-employee Director may elect to receive all or a portion of such
Eligible Person’s cash director fees and other cash director compensation payable for director services provided to the Company
by such Eligible Person in any fiscal year, in whole or in part, in the form of Restricted Stock Units or Shares, which shall not count
against the Shares available hereunder.

 

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

 

(e)               
Voting and Rights as a Stockholder. Subject to the restrictions set forth in the applicable Award Agreement, a Participant
generally shall have the rights and privileges of a stockholder with respect to Awards of Restricted Stock, including, without limitation,
the right to vote such Shares of Restricted Stock and the right to receive dividends; provided that the Committee may provide that
any dividends will be subject to the same Restricted Period as the underlying Restricted Stock. A Restricted Stock Unit shall not convey
to the Participant the rights and privileges of a stockholder with respect to the Share subject to the Restricted Stock Unit, such as
the right to vote or the right to receive dividends, unless and until a Share is issued to the Participant to settle the Restricted Stock
Unit.

 

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

 

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

 

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

 

    10

     

    

 

 

(ii)              
 Unless otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period and the attainment
of any other vesting criteria established by the Committee in the applicable Award Agreement, with respect to any outstanding Restricted
Stock Units, the Company shall deliver to the Participant, or such Participant’s beneficiary (via book-entry notation or, if applicable,
in stock certificate form), one Share (or other securities or other property, as applicable) for each such outstanding Restricted Stock
Unit that has not then been forfeited and with respect to which the Restricted Period has expired and any other such vesting criteria
are attained, except to the extent an Award Agreement provides for payment in cash or otherwise and subject to any deferral of delivery
specified in the Award Agreement. To the extent provided in an Award Agreement, dividend equivalents, if any, that may have been attributable
to the Restricted Stock Units shall be distributed to the Participant in cash or in Shares (or a combination of cash and Shares) having
a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of restrictions on the associated
Restricted Stock Units.

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

provided, however, that the Committee
shall make an equitable or proportionate adjustment to outstanding Awards to reflect any “equity restructuring” (within the
meaning of the Financial Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)). Any such adjustment hereunder
shall be conclusive and binding for all purposes. In anticipation of the occurrence of any event listed in the first sentence of this
Section 11, for reasons of administrative convenience, the Committee in its sole discretion may refuse to permit the exercise of
any Award or as it otherwise may determine during a period of up to 30 days prior to, and/or up to 30 days after, the anticipated occurrence
of any such event.

 

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

 

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

 

(b)                Change
in Control. In the event of a Change in Control, notwithstanding any provision of the Plan to the
contrary, the Committee may provide for: (i) continuation or assumption of such outstanding Awards under the Plan by the
Company (if it is the surviving corporation) or by the surviving corporation or its parent; (ii) substitution by the surviving
corporation or its parent of awards with substantially the same terms and value for such outstanding Awards (in the case of an
Option or SAR, the Intrinsic Value at grant of such Substitute Award shall equal the Intrinsic Value of the Award);
(iii) acceleration of the vesting (including the lapse of any restrictions) or right to exercise such outstanding Awards
immediately prior to or as of the date of the Change in Control, and the expiration of such outstanding Awards to the extent not
timely exercised by the date of the Change in Control or other date thereafter designated by the Committee; or
(iv) cancellation of any outstanding Award and payment to the Participant who holds such Award in an amount equal to the
Intrinsic Value of such Award (which may be equal to but not less than zero), which, if in excess of zero, shall be payable
following the effective date of such Change in Control. For the avoidance of doubt, in the event of a Change in Control, the
Committee may, in its sole discretion, terminate any Option or SAR for which the exercise or hurdle price is equal to or exceeds the
per Share value of the consideration to be paid in the Change in Control transaction, without payment of consideration
therefor.

 

    12

     

    

 

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

 

14.             
Amendments and Termination.

 

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

 

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

 

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15.             
General.

 

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

 

(b)          
Nontransferability.

 

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

 

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

 

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

 

    14

     

    

 

(c)         
Dividends and Dividend Equivalents. The Committee may specify in the applicable Award Agreement that any or all dividends,
dividend equivalents or other distributions, as applicable, with respect to Restricted Stock or Restricted Stock Units prior to vesting
or settlement, as applicable, be paid either in cash or in additional Shares and either on a current or deferred basis and that such dividends,
dividend equivalents or other distributions may be reinvested in additional Shares, which may be subject to the same restrictions as the
underlying Awards.

 

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

 

(e)          
Tax Withholding.

 

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

 

(ii)              
Without limiting the generality of paragraph (i) above, the Committee may permit the Participant to satisfy, in whole or in part,
the foregoing withholding liability by (A) payment in cash; (B) the delivery of Shares (which Shares are not subject to any
pledge or other security interest) owned by the Participant having a Fair Market Value on such date equal to such withholding liability,
provided that such Shares have been held for more than six months unless otherwise permitted by the Committee in consideration of accounting
standards; or (C) having the Company withhold from the number of Shares otherwise issuable or deliverable pursuant to the exercise
or settlement of the Award a number of Shares with a Fair Market Value on such date equal to such withholding liability, which shall be
determined at the minimum statutory rate in a Participant’s applicable jurisdiction, unless otherwise authorized by the Committee
up to the maximum statutory rate in a Participant’s applicable jurisdiction. In addition, subject to any requirements of applicable
law, the Participant may also satisfy the tax withholding obligations by other methods, including selling Shares that would otherwise
be available for delivery; provided that the Board or the Committee has specifically approved such payment method in advance.

 

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

 

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

 

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

 

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

 

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

 

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(k)          
 Government and Other Regulations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(t)           
Section 409A of the Code.

 

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

 

    18

     

    

 

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

 

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

 

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

 

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

 

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

 

(x)           Expenses;
Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its Affiliates. The titles and
headings of the sections in the Plan are for convenience of reference only, and, in the event of any conflict, the text of the Plan,
rather than such titles or headings, shall control.

 

    19

     

    

 

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

 

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

 

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

 

    20Exhibit 10.9

 

CLEAR
SECURE, INC. 

2021
Omnibus Incentive Plan

Notice
of Grant of NONQUALIFIED STOCK OPTIONS

 

 

The undersigned Participant has been granted stock
options (“Options”) to purchase Common Stock of the Company, subject to the terms and conditions of this Notice, the
attached Nonqualified Stock Option Award Agreement and the 2021 Omnibus Incentive Plan (as amended from time to time, the “Plan”),
as follows:

 

	Participant:	 	[__]
	 	 	 
	Number
    of Shares Underlying Options:	 	[__]
	 	 	 
	Date of Grant:	 	[__]
	 	 	 
	Exercise Price Per Share:	 	$[__]
	 	 	 
	Expiration
    Date:	 	[__________],
    subject to earlier termination as set forth in the Agreement.

 

	Vesting
    Schedule:	 	Except
    as otherwise provided in the Nonqualified Stock Option Award Agreement attached hereto as Annex I, the Options shall vest as follows:

    [__________________] (each such date, a “Vesting Date”), subject to the Participant’s continued employment with,
    service as a director of, or engagement to provide services to the Company or any of its Affiliates (“Continued Service”)
    through the applicable Vesting Date. Any fractional portion of the Options resulting from the application of the Vesting Schedule
    shall be aggregated and the portion of the Options resulting from such aggregation shall vest on the final Vesting Date.

 

     

     

    

 

By accepting (whether in writing, electronically
or otherwise) the Options, you acknowledge and agree that the Options are granted under and governed by the additional terms and conditions
of the Plan and the Nonqualified Stock Option Award Agreement attached hereto as Annex I, each of which is hereby made a part of
this document.

 

	PARTICIPANT	 	CLEAR SECURE,
    INC.
	 	 	 
		 	By: 	 
		 	Title:	 

 

     

     

    

 

ANNEX
I

CLEAR
SECURE, INC

2021
Omnibus Incentive Plan

NONQUALIFIED STOCK OPTION

AWARD AGREEMENT

 

Pursuant to the Notice of
Grant of Nonqualified Stock Options (“Notice”) and this Nonqualified Stock Option Award Agreement together with the
Notice, this “Award Agreement”), Clear Secure, Inc. (together with its Subsidiaries, whether existing or thereafter
acquired or formed, and any and all successor entities, the “Company”) has granted the Participant options to acquire
shares of Common Stock (“Options”) under the Clear Secure, Inc. 2021 Omnibus Incentive Plan (as amended from time to
time, the “Plan”) with respect to the number of Shares indicated in the Notice. The Options are granted to the Participant
effective as of the Date of Grant set forth in the Notice. Capitalized terms not explicitly defined in this Award Agreement or in the
Notice but defined in the Plan shall have the same definitions as in the Plan.

 

1.            
 Terms of Option.

 

(a)               
Grant. The Options are not intended to qualify as Incentive Stock Options and so are Nonqualified Stock Options. The Options
shall vest and become exercisable in accordance with Section 2. The exercise price per Share is set forth in the Notice.

 

(b)               
Incorporation by Reference. The provisions of the Plan are incorporated herein by reference. Except as otherwise expressly
set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, amendments,
rules and regulations promulgated by the Committee from time to time pursuant to the Plan. The Committee shall have final authority to
interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding
and conclusive upon the Participant and the Participant’s beneficiary in respect of any questions arising under the Plan or this
Award Agreement. The Participant acknowledges that the Participant has received a copy of the Plan and has had an opportunity to review
the Plan and agrees to be bound by all the terms and provisions of the Plan and this Award Agreement.

 

2.           
Vesting and Exercisability. Except as may otherwise be provided herein, the Options shall vest and become exercisable according
to the schedule set forth under Vesting Schedule in the Notice. The Options shall become exercisable to the extent vested.

 

3.            
Termination of Employment or Services; Change in Control.

 

(a)               
If the Participant’s Continued Service terminates for any reason, the unvested portion of the Options shall be canceled immediately
and the Participant shall immediately forfeit without any consideration any rights to the Shares subject to such unvested portion, subject
to clause (b) below.

 

(b)               
In the event of a Change in Control, if (i) the Options are not assumed, continued or substituted as provided in Section 12(b)
of the Plan, or (ii) if the Participant incurs an involuntary termination without Cause (as determined by the Board, in its sole discretion,
taking into consideration its powers under the Plan and any offers of employment by an acquirer (or its affiliates) in connection with
such Change in Control) [or resigns with Good Reason, in each case,] within [three months before or] 12 months after the Change in Control,
100% of the Options then held by Participant (or the applicable assumed or substituted Award) shall become fully vested and exercisable.

 

     

     

    

 

(c)               
[For purposes of this Award Agreement, "Good Reason" shall mean, for any Participant that has an employment agreement
or offer letter or similar agreement with the Company or its Affiliates that contains a definition of "Good Reason" (or term
of similar meaning), the definition of "Good Reason" in such employment agreement or offer letter or similar agreement, and
for any other Participant: (i) a reduction in the Participant’s base salary; (ii) a material reduction in the Participant’s
annual bonus opportunity; or (iii) a geographical relocation of the Participant’s primary work location to be any place outside
a 50-mile radius from the Participant’s primary work location as of the Change in Control. The Participant’s employment with
the Company shall have been considered terminated with Good Reason if the Participant provides the Company with written notice (within
ninety (90) days following the initial occurrence of the situation establishing the basis for Good Reason) setting forth the facts and
circumstances resulting in Good Reason and allows the Company thirty (30) days to cure the situation. If the Company fails to cure and
the Participant terminates his or her employment within thirty (30) days following the cure period, such termination shall be considered
with Good Reason.]

 

4.            
Expiration.

 

(a)               
In no event shall all or any portion of the Options be exercisable after the Expiration Date set forth in the Notice (such maximum
period following the Date of Grant, the “Option Period”).

 

(b)               
If, prior to the end of the Option Period, the Participant’s Continued Service is terminated without Cause or by the Participant
for any reason, then the Options shall expire on the earlier of the last day of the Option Period and the date that is 90 days after the
date of such termination, but shall be exercisable only to the extent that the Options were exercisable at the time of such termination.

 

(c)               
If (i) the Participant’s Continued Service is terminated prior to the end of the Option Period on account of the Participant’s
Disability, (ii) the Participant dies while still in Continued Service, or (iii) the Participant dies following a termination described
in subsection (b) above but prior to the expiration of an Option, the Options shall expire on the earlier of the last day of the Option
Period and the date that is one year after the date of death or termination on account of Disability of the Participant, as applicable,
but shall be exercisable by the Participant or Participant’s beneficiary, as applicable, only to the extent that the Options were
exercisable at the time of such termination.

 

(d)               
If the Participant’s Continued Service ceases due to a termination for Cause, the Options (whether vested or unvested) shall
expire immediately upon such termination.

 

5.             Method
of Exercise and Form of Payment. No Shares shall be delivered pursuant to any exercise of the Options until the Participant has
paid in full to the Company the exercise price and an amount equal to any U.S. federal, state, local and non-U.S. income and
employment taxes required to be withheld. The Options may be exercised by delivery of written or electronic notice of exercise to
the Company or its designee (including a third-party administrator) in accordance with the terms hereof. The exercise price and all
applicable required withholding taxes shall be payable (i) in cash, check, cash equivalent; or (ii) by such other method as the
Committee may permit, including without limitation: (A) in the form of other property (including previously owned Shares; provided
that such Shares are not subject to any pledge or other security interest and, except as otherwise determined by the Committee, have
been held for at least six months) having a Fair Market Value on the date of exercise equal to the exercise price and all applicable
required withholding taxes, (B) if there is a public market for the shares of Common Stock at such time, by means of a
broker-assisted “cashless exercise” pursuant to which the Company or its designee (including third-party administrators)
is delivered a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise deliverable upon the
exercise of the Options and to deliver promptly to the Company an amount equal to the exercise price and all applicable required
withholding taxes against delivery of the shares of Common Stock to settle the applicable trade, or (C) by means of a “net
exercise” procedure effected by withholding the minimum number of shares of Common Stock otherwise deliverable in respect of
Options having a Fair Market Value on the date of exercise equal to the exercise price and all applicable required withholding
taxes.

 

    I-2

     

    

 

6.           
No Rights as a Stockholder. The Participant shall not be deemed for any purpose (including without limitation any right to
vote or receive dividends or any other stockholder rights) be the owner of any shares of Common Stock hereunder unless, until and to the
extent that (i) the applicable of the Options shall have been exercised pursuant to its terms, (ii) the Company shall have issued
and delivered to the Participant the Shares and (iii) the Participant’s name shall have been entered as a stockholder of record
with respect to such Shares on the books of the Company. The Company shall cause the actions described in clauses (ii) and (iii) of the
preceding sentence to occur promptly following settlement as contemplated by this Award Agreement, subject to compliance with applicable
laws.

 

7.           
Compliance with Legal Requirements.

 

(a)               
Generally. The granting and exercising of the Option, and any other obligations of the Company under this Award Agreement,
shall be subject to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and
regulations and to such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps
that the Committee or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state
securities law and non-U.S. securities law in exercising the Participant’s rights under this Award Agreement.

 

(b)               
Tax Withholding. Any exercise of the Options shall be subject to the Participant’s satisfying any applicable U.S.
federal, state and local tax withholding obligations and non-U.S. tax withholding obligations. The Company shall have the right and is
hereby authorized to withhold from any amounts payable to the Participant in connection with the Options or otherwise the amount of any
required withholding taxes in respect of the Option, its exercise or any payment or transfer of the Options or under the Plan and to take
any such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes,
including the right to use a broker-assisted “cashless exercise” as described in Section 5(ii)(B) hereof. The Company may
permit the Participant, and may require the Participant, to satisfy, in whole or in part, the tax obligations by withholding shares of
Common Stock that would otherwise be received upon exercise of the Options with a Fair Market Value equal to such withholding liability,
subject to the terms of the Plan.

 

8.            
Clawback. To the extent required by applicable law or the rules and regulations of the NYSE or any other securities exchange
or inter-dealer quotation system on which the Shares are listed or quoted, or if so required pursuant to a written policy adopted by the
Company, the Options shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements
shall be deemed incorporated by reference into this Award Agreement). The Participant hereby acknowledges and agrees that the Options
shall be subject to any clawback policies approved by the Committee from time to time, the Committee retains the right at all times to
decrease or terminate all awards and payments under the Plan, and any and all amounts payable under the Plan, or paid under the Plan,
shall be subject to clawback, forfeiture and reduction to the extent determined necessary to comply with applicable law and/or policies
of the Company.

 

    I-3

     

    

 

9.
             Miscellaneous.

 

(a)               
Transferability. The Options may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered
(a “Transfer”) by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified
domestic relations order or as otherwise permitted under Section 15(b) of the Plan. Any attempted Transfer of the Options contrary to
the provisions hereof, and the levy of any execution, attachment or similar process upon the Option, shall be null and void and without
effect.

 

(b)               
Waiver. Any right of the Company contained in this Award Agreement may be waived in writing by the Committee. No waiver
of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any
subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Award Agreement
shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.

 

(c)               
Section 409A. The Options are not intended to be subject to Section 409A of the Code. Notwithstanding the foregoing or any
provision of the Plan or this Award Agreement, if any provision of the Plan or this Award Agreement contravenes Section 409A of the Code
or could cause the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Committee may, in its sole
discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A
of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (ii) maintain, to the
maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially
increasing the cost to the Company or contravening the provisions of Section 409A of the Code. This Section 9(c) does not create an obligation
on the part of the Company to modify the Plan or this Award Agreement and does not guarantee that the Options or the Shares will not be
subject to interest and penalties under Section 409A.

 

(d)               
General Assets. This Award Agreement creates only a contractual obligation on the part of the Company as to amounts payable
and may not be construed as creating a trust. Neither the Plan nor any underlying Award, in and of itself, has any assets. The Participant
will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any,
with respect to the Options, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to
the Options, as and when exercise pursuant to the terms of this Agreement.

 

(e)               
Notices. Any notices provided for in this Award Agreement or the Plan shall be in writing and shall be deemed sufficiently
given if either hand delivered or if sent by fax, pdf/email or overnight courier, or by postage-paid first-class mail. Notices sent by
mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be
directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to
the attention of the General Counsel at the Company’s principal executive office.

 

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

 

(g)               
No Rights to Employment, Directorship or Service. Nothing contained in this Award Agreement shall be construed as giving
the Participant any right to be retained, in any position, as an employee, consultant or director of the Company or any of its Affiliates
or shall interfere with or restrict in any way the rights of the Company or any of its Affiliates, which are hereby expressly reserved,
to remove, terminate or discharge the Participant at any time for any reason whatsoever.

 

    I-4

     

    

 

(h)               
Fractional Shares. The Company shall be under no obligation to issue a fraction of a share of Common Stock resulting from
any exercise of the Options or an adjustment of the Options pursuant to Section 11 of the Plan or otherwise.

 

(i)                
Beneficiary. The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed
by the Committee and may, from time to time, amend or revoke such designation.

 

(j)                
Successors. The terms of this Award Agreement shall be binding upon and inure to the benefit of the Company and its successors
and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.

 

(k)               
Entire Agreement. This Award Agreement and the Plan contain the entire agreement and understanding of the parties hereto
with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect
thereto. No change, modification or waiver of any provision of this Award Agreement shall be valid unless the same be in writing and signed
by the parties hereto, except for any changes permitted without consent under Sections 11, 12 or 14 of the Plan.

 

(l)                
Governing Law. This Award Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware,
without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause
the application of the laws of any jurisdiction other than the State of Delaware.

 

(m)             
Dispute Resolution; Consent to Jurisdiction. All disputes between or among any Persons arising out of or in any way connected
with the Plan, this Award Agreement or the Options shall be solely and finally settled by the Committee, acting in good faith, the determination
of which shall be final. Any matters not covered by the preceding sentence shall be solely and finally settled in accordance with the
Plan, and the Participant and the Company consent to the personal jurisdiction of the United States federal and state courts sitting in
Wilmington, Delaware, as the exclusive jurisdiction with respect to matters arising out of or related to the enforcement of the Committee’s
determinations and resolution of matters, if any, related to the Plan or this Award Agreement not required to be resolved by the Committee.
Each such Person hereby irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or
proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the last known address of such Person,
such service to become effective ten days after such mailing.

 

(n)               
Waiver of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may
have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Award Agreement or the transactions
contemplated (whether based on contract, tort or any other theory). Each party hereto (A) certifies that no representative, agent or attorney
of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce
the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into this Award Agreement by,
among other things, the mutual waivers and certifications in this section.

 

    I-5

     

    

 

(o)                International
Participants. To the extent the Participant resides or works outside of the United States or is subject to non-U.S. legal
restrictions or regulations, the Committee may amend the terms of this Award Agreement in order to conform the terms hereunder or
accommodate the requirements of local laws, procedures or practices or to obtain more favorable tax or other treatment for the
Participant, the Company or its Affiliates. Without limiting the generality of this Section, the Committee is specifically
authorized to adopt rules and procedures with provisions that limit or modify rights on death, disability, retirement or other
terminations of employment, available methods of exercise of the Options granted hereunder, payment of income, social insurance
contributions or payroll taxes, withholding procedures and handling of any stock certificates or other indicia of ownership that
vary with local requirements. The Committee may also adopt rules or procedures applicable to particular Subsidiaries, Affiliates or
locations.

 

(p)               
Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation
or construction, and shall not constitute a part, of this Award Agreement.

 

(q)               
Counterparts. The Notice may be executed in one or more counterparts (including via facsimile and electronic image scan
(pdf)), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument, or may
be accepted by any electronic means.

 

(r)                
Electronic Signature and Delivery. The Participant consents to the electronic delivery of prospectuses, annual reports and
other information required to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by
the Participant at any time upon three business days’ notice to the Company, in which case subsequent prospectuses, annual reports
and other information will be delivered in hard copy to the Participant).

 

(s)               
Electronic Participation in Plan. The Company may, in its sole discretion, decide to deliver any documents related to current
or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or a third party
designated by the Company.

 

    I-6

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