Document:

Exhibit
10.6

 

GELESIS,
inc.

 

2016
STOCK OPTION AND GRANT PLAN

 

SECTION
1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS

 

The name of the plan is the Gelesis, Inc. 2016
Stock Option and Grant Plan (the “Plan”). The purpose of the Plan is to encourage and enable the officers, employees,
directors, Consultants and other key persons of Gelesis, Inc., a Delaware corporation (including any successor entity, the “Company”)
and its Subsidiaries, upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business,
to acquire a proprietary interest in the Company.

 

The following terms shall be defined as set forth
below:

 

“Affiliate” of any Person means
a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with
the first mentioned Person. A Person shall be deemed to control another Person if such first Person possesses directly or indirectly
the power to direct, or cause the direction of, the management and policies of the second Person, whether through the ownership of voting
securities, by contract or otherwise.

 

“Award” or “Awards,”
except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units or any combination of the foregoing.

 

“Award Agreement” means a written
or electronic agreement setting forth the terms and provisions applicable to an Award granted under the Plan. Each Award Agreement may
contain terms and conditions in addition to those set forth in the Plan; provided, however, in the event of any conflict in the
terms of the Plan and the Award Agreement, the terms of the Plan shall govern.

 

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

 

“Cause” shall have the meaning
as set forth in the Award Agreement(s). In the case that any Award Agreement does not contain a definition of “Cause,” it
shall mean (i) the grantee’s dishonest statements or acts with respect to the Company or any Affiliate of the Company, or any current
or prospective customers, suppliers vendors or other third parties with which such entity does business; (ii) the grantee’s commission
of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the grantee’s failure to perform
his assigned duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment
of the Company, after written notice given to the grantee by the Company; (iv) the grantee’s gross negligence, willful misconduct
or insubordination with respect to the Company or any Affiliate of the Company; or (v) the grantee’s material violation of any
provision of any agreement(s) between the grantee and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or assignment
of inventions.

 

     

     

    

 

“Chief Executive Officer” means
the Chief Executive Officer of the Company or, if there is no Chief Executive Officer, then the President of the Company.

 

“Code” means the Internal Revenue
Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

“Committee” means the Committee
of the Board referred to in Section 2.

 

“Consultant” means any natural
person that provides bona fide services to the Company (including a Subsidiary), and such services are not in connection with the offer
or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s
securities.

 

“Disability”
means “disability” as defined in Section 422(c) of the Code.

 

“Effective Date” means the
date on which the Plan is adopted as set forth on the final page of the Plan.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Fair Market Value” of the
Stock on any given date means the fair market value of the Stock determined in good faith by the Committee based on the reasonable application
of a reasonable valuation method not inconsistent with Section 409A of the Code. If the Stock is admitted to trade on a national securities
exchange, the determination shall be made by reference to the closing price reported on such exchange. If there is no closing price for
such date, the determination shall be made by reference to the last date preceding such date for which there is a closing price. If the
date for which Fair Market Value is determined is the first day when trading prices for the Stock are reported on a national securities
exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover page for the final
prospectus relating to the Company’s Initial Public Offering.

 

“Grant Date” means the date
that the Committee designates in its approval of an Award in accordance with applicable law as the date on which the Award is granted,
which date may not precede the date of such Committee approval.

 

“Holder” means, with respect
to an Award or any Shares, the Person holding such Award or Shares, including the initial recipient of the Award or any Permitted Transferee.

 

“Incentive Stock Option” means
any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the Code.

 

“Initial Public Offering” means
the consummation of the first firm commitment underwritten public offering pursuant to an effective registration statement under the
Securities Act covering the offer and sale by the Company of its equity securities, as a result of or following which the Stock shall
be publicly held.

 

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“Non-Qualified Stock Option”
means any Stock Option that is not an Incentive Stock Option.

 

“Option” or “Stock
Option” means any option to purchase shares of Stock granted pursuant to Section 5.

 

“Permitted Transferees” shall
mean any of the following to whom a Holder may transfer Shares hereunder (as set forth in Section 9(a)(ii)(A)): the Holder’s child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Holder’s
household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial interest,
a foundation in which these persons control the management of assets, and any other entity in which these persons own more than fifty
percent of the voting interests; provided, however, that any such trust does not require or permit distribution of any Shares
during the term of the Award Agreement unless subject to its terms. Upon the death of the Holder, the term Permitted Transferees shall
also include such deceased Holder’s estate, executors, administrators, personal representatives, heirs, legatees and distributees,
as the case may be.

 

“Person” shall mean any individual,
corporation, partnership (limited or general), limited liability company, limited liability partnership, association, trust, joint venture,
unincorporated organization or any similar entity.

 

“Restricted Stock Award” means
Awards granted pursuant to Section 6 and “Restricted Stock” means Shares issued pursuant to such Awards.

 

“Restricted Stock Unit” means
an Award of phantom stock units to a grantee, which may be settled in cash or Shares as determined by the Committee, pursuant to Section
8.

 

“Sale Event” means the consummation
of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially all of the assets of the Company on
a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation pursuant to which the holders
of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting
power of the surviving or resulting entity (or its ultimate parent, if applicable), (iv) the acquisition of all or a majority of the
outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person or group of Persons,
or (v) any other acquisition of the business of the Company, as determined by the Board; provided, however, that the Company’s
Initial Public Offering, any subsequent public offering or another capital raising event, or a merger effected solely to change the Company’s
domicile shall not constitute a “Sale Event.”

 

“Section 409A” means Section
409A of the Code and the regulations and other guidance promulgated thereunder.

 

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“Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Service Relationship” means
any relationship as a full-time employee, part-time employee, director or other key person (including Consultants) of the Company or
any Subsidiary or any successor entity (e.g., a Service Relationship shall be deemed to continue without interruption in the event an
individual’s status changes from full-time employee to part-time employee or Consultant).

 

“Shares” means shares of Stock.

 

“Stock” means the Common Stock,
par value $.0001 per share, of the Company.

 

“Stockholders Agreement” means
the Seventh Amended and Restated Stockholders Agreement, by and between the Company, the Stockholders and the Executives (each as defined
therein), dated as of December 17, 2015 (as may be further amended or amended and restated from time to time).

 

“Subsidiary” means any corporation
or other entity (other than the Company) in which the Company has more than a 50 percent interest, either directly or indirectly.

 

“Ten Percent Owner” means an
employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the
combined voting power of all classes of stock of the Company or any parent of the Company or any Subsidiary.

 

“Termination Event” means the
termination of the Award recipient’s Service Relationship with the Company and its Subsidiaries for any reason whatsoever, regardless
of the circumstances thereof, and including, without limitation, upon death, disability, retirement, discharge or resignation for any
reason, whether voluntarily or involuntarily. The following shall not constitute a Termination Event: (i) a transfer to the service of
the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another Subsidiary or (ii) an approved leave
of absence for military service or sickness, or for any other purpose approved by the Committee, if the individual’s right to re-employment
is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee
otherwise so provides in writing.

 

“Unrestricted
Stock Award” means any Award granted pursuant to Section 7 and “Unrestricted Stock” means Shares issued
pursuant to such Awards.

 

	SECTION 2.	ADMINISTRATION
                                            OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 

(a)           Administration
of Plan. The Plan shall be administered by the Board, or at the discretion of the Board, by a committee of the Board, comprised of
not less than two directors. All references herein to the “Committee” shall be deemed to refer to the group then responsible
for administration of the Plan at the relevant time (i.e., either the Board of Directors or a committee or committees of the Board, as
applicable).

 

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(b)           Delegation
of Authority to Grant Options. Subject to applicable law, the Committee, in its discretion, may delegate to one or more executive
officers of the Company the power to designate non-officer employees to be recipients of Options, and to determine the number of such
Options to be received by such employees; provided, however, that the resolution so authorizing the executive officer or officers,
as applicable, shall specify the total number of Options the executive officer or officers, as applicable, may so award and may not delegate
to the executive officer or officers, as applicable, the authority to set the exercise price or the vesting terms of such Options. Any
such delegation by the Committee shall also provide that the executive officer or officers, as applicable, may not grant Awards to himself
or herself (or other officers) without the approval of the Committee. The Committee may revoke or amend the terms of a delegation at
any time but such action shall not invalidate any prior actions of the Committee’s delegate or delegates that were consistent with
the terms of the Plan.

 

(c)           Powers
of Committee. The Committee shall have the power and authority to grant Awards consistent with the terms of the Plan, including the
power and authority:

 

(i)           
to select the individuals to whom Awards may from time to time be granted;

 

(ii)          
to determine the time or times of grant, and the amount, if any, of Incentive Stock Options, Non-Qualified Stock Options,
Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units, or any combination of the foregoing, granted to any one or
more grantees;

 

(iii)         
to determine the number of Shares to be covered by any Award and, subject to the provisions of the Plan, the price, exercise price,
conversion ratio or other price relating thereto;

 

(iv)         
to determine and, subject to Section 12, to modify from time to time the terms and conditions, including restrictions, not inconsistent
with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve
the form of Award Agreements;

 

(v)          
to accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

(vi)         
to impose any limitations on Awards, including limitations on transfers, repurchase provisions and the like, and to exercise repurchase
rights or obligations;

 

(vii)        
subject to Section 5(a)(ii) and any restrictions imposed by Section 409A, to extend at any time the period in which Stock Options
may be exercised; and

 

(viii)       
at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts
and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including Award Agreements);
to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection with the
Plan; and to otherwise supervise the administration of the Plan.

 

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All decisions and interpretations of the Committee
shall be binding on all persons, including the Company and all Holders.

 

(d)           Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for
each Award.

 

(e)           Indemnification.
Neither the Board nor the Committee, nor any member of either or any delegate thereof, shall be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any
delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage
or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted
by law and/or under the Company’s governing documents, including its certificate of incorporation or bylaws, or any directors’
and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between
such individual and the Company.

 

(f)            Foreign
Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries
in which the Company and any Subsidiary operate or have employees or other individuals eligible for Awards, the Committee, in its sole
discretion, shall have the power and authority to: (i) determine which Subsidiaries, if any, shall be covered by the Plan; (ii) determine
which individuals, if any, outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of
any Award granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify
exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or advisable
(and such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans
and/or modifications shall increase the share limitation contained in Section 3(a) hereof; and (v) take any action, before or after an
Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory
exemptions or approvals.

 

	SECTION 3.	STOCK ISSUABLE
                                            UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION

 

(a)           
Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 964,639 Shares,
subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited,
canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by
exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding
shall be added back to the Shares available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up
to such maximum number pursuant to any type or types of Award, and no more than 9,646,390 Shares may be issued pursuant to Incentive
Stock Options. The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company.
Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 964,639 Shares
shall be granted to any one individual in any calendar year period.

 

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(b)          
Changes in Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding Shares
are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional
Shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such Shares
or other securities, in each case, without the receipt of consideration by the Company, or, if, as a result of any merger or consolidation,
or sale of all or substantially all of the assets of the Company, the outstanding Shares are converted into or exchanged for other securities
of the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate and proportionate
adjustment in (i) the maximum number of Shares reserved for issuance under the Plan, (ii) the number and kind of Shares or other securities
subject to any then outstanding Awards under the Plan, (iii) the repurchase price, if any, per Share subject to each outstanding Award,
and (iv) the exercise price for each Share subject to any then outstanding Stock Options under the Plan, without changing the aggregate
exercise price (i.e., the exercise price multiplied by the number of Stock Options) as to which such Stock Options remain exercisable.
The Committee shall in any event make such adjustments as may be required by Section 25102(o) of the California Corporation Code and
the rules and regulations promulgated thereunder. The adjustment by the Committee shall be final, binding and conclusive. No fractional
Shares shall be issued under the Plan resulting from any such adjustment, but the Committee in its discretion may make a cash payment
in lieu of fractional shares.

 

(c)          
Sale Events.

 

(i)            Options.

 

(A)            
In the case of and subject to the consummation of a Sale Event, the Plan and all outstanding Options issued hereunder shall terminate
upon the effective time of any such Sale Event unless assumed or continued by the successor entity, or new stock options or other awards
of the successor entity or parent thereof are substituted therefor, with an equitable or proportionate adjustment as to the number and
kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking into account any acceleration
hereunder and/or pursuant to the terms of any Award Agreement).

 

(B)             
In the event of the termination of the Plan and all outstanding Options issued hereunder pursuant to Section 3(c), each Holder
of Options shall be permitted, within a period of time prior to the consummation of the Sale Event as specified by the Committee, to
exercise all such Options which are then exercisable or will become exercisable as of the effective time of the Sale Event; provided,
however, that the exercise of Options not exercisable prior to the Sale Event shall be subject to the consummation of the Sale Event.

 

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(C)             
 Notwithstanding anything to the contrary in Section 3(c)(i)(A), in the event of a Sale Event, the Company shall have the
right, but not the obligation, to make or provide for a cash payment to the Holders of Options, without any consent of the Holders, in
exchange for the cancellation thereof, in an amount equal to the difference between (A) the value as determined by the Committee of the
consideration payable per share of Stock pursuant to the Sale Event (the “Sale Price”) times the number of Shares
subject to outstanding Options being cancelled (to the extent then vested and exercisable, including by reason of acceleration in connection
with such Sale Event, at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding vested
and exercisable Options.

 

(ii)          
Restricted Stock and Restricted Stock Unit Awards.

 

(A)            
In the case of and subject to the consummation of a Sale Event, all unvested Restricted Stock and unvested Restricted Stock Unit
Awards (other than those becoming vested as a result of the Sale Event) issued hereunder shall be forfeited immediately prior to the
effective time of any such Sale Event unless assumed or continued by the successor entity, or awards of the successor entity or parent
thereof are substituted therefor, with an equitable or proportionate adjustment as to the number and kind of shares subject to such awards
as such parties shall agree (after taking into account any acceleration hereunder and/or pursuant to the terms of any Award Agreement).

 

(B)             
In the event of the forfeiture of Restricted Stock pursuant to Section 3(c)(ii)(A), such Restricted Stock shall be repurchased
from the Holder thereof at a price per share equal to the original per share purchase price paid by the Holder (subject to adjustment
as provided in Section 3(b)) for such Shares.

 

(C)             
Notwithstanding anything to the contrary in Section 3(c)(ii)(A), in the event of a Sale Event, the Company shall have the
right, but not the obligation, to make or provide for a cash payment to the Holders of Restricted Stock or Restricted Stock Unit Awards,
without consent of the Holders, in exchange for the cancellation thereof, in an amount equal to the Sale Price times the number of Shares
subject to such Awards, to be paid at the time of such Sale Event or upon the later vesting of such Awards.

 

	SECTION 4.	ELIGIBILITY

 

Grantees under the Plan will be such full or part-time
officers and other employees, directors, Consultants and key persons of the Company and any Subsidiary who are selected from time to
time by the Committee in its sole discretion; provided, however, that Awards shall be granted only to those individuals described
in Rule 701(c) of the Securities Act.

 

	SECTION 5.	STOCK OPTIONS

 

Upon the grant of a Stock Option, the Company
and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the
Committee, and such terms and conditions may differ among individual Awards and grantees.

 

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Stock Options granted under the Plan may be either
Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the Company or any
Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any
Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

 

(a)          
Terms of Stock Options. The Committee in its discretion may grant Stock Options to those individuals who meet the eligibility
requirements of Section 4. Stock Options shall be subject to the following terms and conditions and shall contain such additional terms
and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable.

 

(i)           
Exercise Price. The exercise price per share for the Shares covered by a Stock Option shall be determined by the Committee
at the time of grant but shall not be less than 100 percent of the Fair Market Value on the Grant Date. In the case of an Incentive Stock
Option that is granted to a Ten Percent Owner, the exercise price per share for the Shares covered by such Incentive Stock Option shall
not be less than 110 percent of the Fair Market Value on the Grant Date.

 

(ii)          
Option Term. The term of each Stock Option shall be fixed by the Committee, but no Stock Option shall be exercisable more
than ten years from the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such
Stock Option shall be no more than five years from the Grant Date.

 

(iii)         
Exercisability; Rights of a Stockholder. Stock Options shall become exercisable and/or vested at such time or times, whether
or not in installments, as shall be determined by the Committee at or after the Grant Date. The Award Agreement may permit a grantee
to exercise all or a portion of a Stock Option immediately at grant; provided that the Shares issued upon such exercise shall be subject
to restrictions and a vesting schedule identical to the vesting schedule of the related Stock Option, such Shares shall be deemed to
be Restricted Stock for purposes of the Plan, and the optionee may be required to enter into an additional or new Award Agreement as
a condition to exercise of such Stock Option. An optionee shall have the rights of a stockholder only as to Shares acquired upon the
exercise of a Stock Option and not as to unexercised Stock Options. An optionee shall not be deemed to have acquired any Shares unless
and until a Stock Option shall have been exercised pursuant to the terms of the Award Agreement and this Plan and the optionee’s
name has been entered on the books of the Company as a stockholder. As a condition precedent to the exercise of any Stock Option (or
portion thereof), an optionee shall be required to sign a joinder to, and become bound by, the Stockholders Agreement.

 

(iv)         
Method of Exercise. Stock Options may be exercised by an optionee in whole or in part, by the optionee giving written or
electronic notice of exercise to the Company, specifying the number of Shares to be purchased. Payment of the purchase price may be made
by one or more of the following methods (or any combination thereof) to the extent provided in the Award Agreement:

 

(A)            
In cash, by certified or bank check, by wire transfer of immediately available funds, or other instrument acceptable to the Committee;

 

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(B)             
 If permitted by the Committee, by the optionee delivering to the Company a promissory note, if the Board has expressly authorized
the loan of funds to the optionee for the purpose of enabling or assisting the optionee to effect the exercise of his or her Stock Option;
provided, that at least so much of the exercise price as represents the par value of the Stock shall be paid in cash if required
by state law;

 

(C)             
If permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), through
the delivery (or attestation to the ownership) of Shares that have been purchased by the optionee on the open market or that are beneficially
owned by the optionee and are not then subject to restrictions under any Company plan. To the extent required to avoid variable accounting
treatment under ASC 718 or other applicable accounting rules, such surrendered Shares if originally purchased from the Company shall
have been owned by the optionee for at least six months. Such surrendered Shares shall be valued at Fair Market Value on the exercise
date;

 

(D)             
If permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), by
the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event
the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter
into such agreements of indemnity and other agreements as the Committee shall prescribe as a condition of such payment procedure; or

 

(E)             
If permitted by the Committee, and only with respect to Stock Options that are not Incentive Stock Options, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of Shares issuable upon exercise by the largest whole number of Shares
with a Fair Market Value that does not exceed the aggregate exercise price.

 

Payment instruments will be received subject to
collection. No certificates for Shares so purchased will be issued to the optionee or, with respect to uncertificated Stock, no transfer
to the optionee on the records of the Company will take place, until the Company has completed all steps it has deemed necessary to satisfy
legal requirements relating to the issuance and sale of the Shares, which steps may include, without limitation, (i) receipt of a representation
from the optionee at the time of exercise of the Option that the optionee is purchasing the Shares for the optionee’s own account
and not with a view to any sale or distribution of the Shares or other representations relating to compliance with applicable law governing
the issuance of securities, (ii) the legending of the certificate (or notation on any book entry) representing the Shares to evidence
the foregoing restrictions, and (iii) obtaining from optionee payment or provision for all withholding taxes due as a result of the exercise
of the Option. The delivery of certificates representing the shares of Stock (or the transfer to the optionee on the records of the Company
with respect to uncertificated Stock) to be purchased pursuant to the exercise of a Stock Option will be contingent upon (A) receipt
from the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by the Company of
the full purchase price for such Shares and the fulfillment of any other requirements contained in the Award Agreement or applicable
provisions of laws and (B) if required by the Company, the optionee shall have entered into any stockholders agreements or other agreements
with the Company and/or certain other of the Company’s stockholders relating to the Stock. In the event an optionee chooses to
pay the purchase price by previously-owned Shares through the attestation method, the number of Shares transferred to the optionee upon
the exercise of the Stock Option shall be net of the number of Shares attested to.

 

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(b)           Annual
Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment under Section 422
of the Code, the aggregate Fair Market Value (determined as of the Grant Date) of the Shares with respect to which Incentive Stock Options
granted under the Plan and any other plan of the Company or its parent and any Subsidiary that become exercisable for the first time
by an optionee during any calendar year shall not exceed $100,000 or such other limit as may be in effect from time to time under Section
422 of the Code. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option.

 

(c)           Termination.
Any portion of a Stock Option that is not vested and exercisable on the date of termination of an optionee’s Service Relationship
shall immediately expire and be null and void. Once any portion of the Stock Option becomes vested and exercisable, the optionee’s
right to exercise such portion of the Stock Option (or the optionee’s representatives and legatees as applicable) in the event
of a termination of the optionee’s Service Relationship shall continue until the earliest of: (i) the date which is: (A) 12 months
following the date on which the optionee’s Service Relationship terminates due to death or Disability (or such longer period of
time as determined by the Committee and set forth in the applicable Award Agreement), or (B) three months following the date on which
the optionee’s Service Relationship terminates if the termination is due to any reason other than death or Disability (or such
longer period of time as determined by the Committee and set forth in the applicable Award Agreement), or (ii) the Expiration Date set
forth in the Award Agreement; provided that notwithstanding the foregoing, an Award Agreement may provide that if the optionee’s
Service Relationship is terminated for Cause, the Stock Option shall terminate immediately and be null and void upon the date of the
optionee’s termination and shall not thereafter be exercisable.

 

	SECTION 6.	RESTRICTED
                                            STOCK AWARDS

 

(a)           Nature
of Restricted Stock Awards. The Committee may, in its sole discretion, grant (or sell at par value or such other purchase price determined
by the Committee) to an eligible individual under Section 4 hereof a Restricted Stock Award under the Plan. The Committee shall determine
the restrictions and conditions applicable to each Restricted Stock Award at the time of grant. Conditions may be based on continuing
employment (or other Service Relationship), achievement of pre-established performance goals and objectives and/or such other criteria
as the Committee may determine. Upon the grant of a Restricted Stock Award, the Company and the grantee shall enter into an Award Agreement.
The terms and conditions of each such Award Agreement shall be determined by the Committee, and such terms and conditions may differ
among individual Awards and grantees.

 

    11

     

    

 

(b)           Rights
as a Stockholder. Upon the grant of the Restricted Stock Award and payment of any applicable purchase price, a grantee of Restricted
Stock shall be considered the record owner of and shall be entitled to vote the Restricted Stock if, and to the extent, such Shares are
entitled to voting rights, subject to such conditions contained in the Award Agreement. The grantee shall be entitled to receive all
dividends and any other distributions declared on the Shares; provided, however, that the Company is under no duty to declare
any such dividends or to make any such distribution. Unless the Committee shall otherwise determine, certificates evidencing the Restricted
Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in subsection (d) below of
this Section, and the grantee shall be required, as a condition of the grant, to deliver to the Company a stock power endorsed in blank
and such other instruments of transfer as the Committee may prescribe.

 

(c)          
Restrictions. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except
as specifically provided herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the Award Agreement
or, subject to Section 12 below, in writing after the Award Agreement is issued, if a grantee’s Service Relationship with the Company
and any Subsidiary terminates, the Company or its assigns shall have the right, as may be specified in the relevant instrument, to repurchase
some or all of the Shares subject to the Award at such purchase price as is set forth in the Award Agreement.

 

(d)          
Vesting of Restricted Stock. The Committee at the time of grant shall specify in the Award Agreement the date or dates
and/or the attainment of pre-established performance goals, objectives and other conditions on which the substantial risk of forfeiture
imposed shall lapse and the Restricted Stock shall become vested, subject to such further rights of the Company or its assigns as may
be specified in the Award Agreement.

 

	SECTION 7.	UNRESTRICTED
                                            STOCK AWARDS

 

The Committee may, in its sole discretion, grant
(or sell at par value or such other purchase price determined by the Committee) to an eligible person under Section 4 hereof an Unrestricted
Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in
lieu of cash compensation due to such grantee.

 

	SECTION 8.	RESTRICTED
                                            STOCK UNITS

 

(a)           
Nature of Restricted Stock Units. The Committee may, in its sole discretion, grant to an eligible person under Section
4 hereof Restricted Stock Units under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted
Stock Unit at the time of grant. Vesting conditions may be based on continuing employment (or other Service Relationship), achievement
of pre-established performance goals and objectives and/or other such criteria as the Committee may determine. Upon the grant of Restricted
Stock Units, the grantee and the Company shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall
be determined by the Committee and may differ among individual Awards and grantees. On or promptly following the vesting date or dates
applicable to any Restricted Stock Unit, but in no event later than March 15 of the year following the year in which such vesting
occurs, such Restricted Stock Unit(s) shall be settled in the form of cash or shares of Stock, as specified in the Award agreement.
Restricted Stock Units may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of.

 

    12

     

    

 

(b)          
Rights as a Stockholder. A grantee shall have the rights of a stockholder only as to Shares, if any, acquired upon settlement
of Restricted Stock Units. A grantee shall not be deemed to have acquired any such Shares unless and until the Restricted Stock Units
shall have been settled in Shares pursuant to the terms of the Plan and the Award Agreement, the Company shall have issued and delivered
a certificate representing the Shares to the grantee (or transferred on the records of the Company with respect to uncertificated stock),
and the grantee’s name has been entered in the books of the Company as a stockholder.

 

(c)          
Termination. Except as may otherwise be provided by the Committee either in the Award Agreement or in writing after the
Award Agreement is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically terminate upon
the grantee’s cessation of Service Relationship with the Company and any Subsidiary for any reason.

 

	SECTION 9.	transfer
                                            restrictions; company RIGHT OF FIRST REFUSAL; COMPANY repurchase rights

 

(a)           Restrictions
on Transfer.

 

(i)             Non-Transferability
of Stock Options. Stock Options and, prior to exercise, the Shares issuable upon exercise of such Stock Option, shall not be transferable
by the optionee otherwise than by will, or by the laws of descent and distribution, and all Stock Options shall be exercisable, during
the optionee’s lifetime, only by the optionee, or by the optionee’s legal representative or guardian in the event of the
optionee’s incapacity. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide in the Award Agreement
regarding a given Stock Option that the optionee may transfer by gift, without consideration for the transfer, his or her Non-Qualified
Stock Options to his or her family members (as defined in Rule 701 of the Securities Act), to trusts for the benefit of such family members,
or to partnerships in which such family members are the only partners (to the extent such trusts or partnerships are considered “family
members” for purposes of Rule 701 of the Securities Act), provided that the transferee agrees in writing with the Company to be
bound by all of the terms and conditions of this Plan and the applicable Award Agreement, including the execution of a stock power upon
the issuance of Shares. Stock Options, and the Shares issuable upon exercise of such Stock Options, shall be restricted as to any pledge,
hypothecation, or other transfer, including any short position, any “put equivalent position” (as defined in the Exchange
Act) or any “call equivalent position” (as defined in the Exchange Act) prior to exercise.

 

    13

     

    

 

(ii)           Shares.
To the extent any Awards are granted to an Executive (as defined in the Stockholders Agreement), the Executive Shares (as defined in
the Stockholders Agreement) issued hereunder, including any such shares underlying an Award, shall be governed by the Stockholders Agreement.
Except as provided in the preceding sentence, no Shares shall be sold, assigned, transferred, pledged, hypothecated, given away or in
any other manner disposed of or encumbered, whether voluntarily or by operation of law, unless (i) the transfer is in compliance with
the terms of the applicable Award Agreement, all applicable securities laws (including, without limitation, the Securities Act), and
with the terms and conditions of this Section 9, (ii) the transfer does not cause the Company to become subject to the reporting requirements
of the Exchange Act, and (iii) the transferee consents in writing to be bound by the provisions of the Plan and the Award Agreement,
including this Section 9. In connection with any proposed transfer, the Committee may require the transferor to provide at the transferor’s
own expense an opinion of counsel to the transferor, satisfactory to the Committee, that such transfer is in compliance with all foreign,
federal and state securities laws (including, without limitation, the Securities Act). Any attempted transfer of Shares not in accordance
with the terms and conditions of this Section 9 shall be null and void, and the Company shall not reflect on its records any change in
record ownership of any Shares as a result of any such transfer, shall otherwise refuse to recognize any such transfer and shall not
in any way give effect to any such transfer of Shares. The Company shall be entitled to seek protective orders, injunctive relief and
other remedies available at law or in equity including, without limitation, seeking specific performance or the rescission of any transfer
not made in strict compliance with the provisions of this Section 9. Subject to the foregoing general provisions, and unless otherwise
provided in the applicable Award Agreement, Shares may be transferred pursuant to the following specific terms and conditions (provided
that with respect to any transfer of Restricted Stock, all vesting and forfeiture provisions shall continue to apply with respect to
the original recipient):

 

(A)            
Transfers to Permitted Transferees. The Holder may transfer any or all of the Shares to one or more Permitted Transferees;
provided, however, that following such transfer, such Shares shall continue to be subject to the terms of this Plan (including
this Section 9) and such Permitted Transferee(s) shall, as a condition to any such transfer, deliver a written acknowledgment to that
effect to the Company and shall deliver a stock power to the Company with respect to the Shares. Notwithstanding the foregoing, the Holder
may not transfer any of the Shares to a Person whom the Company reasonably determines is a direct competitor or a potential competitor
of the Company or any of its Subsidiaries.

 

(B)             
Transfers Upon Death. Upon the death of the Holder, any Shares then held by the Holder at the time of such death and any
Shares acquired after the Holder’s death by the Holder’s legal representative shall be subject to the provisions of this
Plan, and the Holder’s estate, executors, administrators, personal representatives, heirs, legatees and distributees shall be obligated
to convey such Shares to the Company or its assigns under the terms contemplated by the Plan and the Award Agreement.

 

    14

     

    

 

(b)           Right
of First Refusal. To the extent any Awards are granted to an Executive (as defined in the Stockholders Agreement), the Executive
Shares (as defined in the Stockholders Agreement) issued hereunder, including any such shares underlying an Award, shall be governed
by the Stockholders Agreement. Except as provided in the preceding sentence, in the event that a Holder desires at any time to sell or
otherwise transfer all or any part of his or her Shares (other than shares of Restricted Stock which by their terms are not transferrable),
the Holder first shall give written notice to the Company of the Holder’s intention to make such transfer. Such notice shall state
the number of Shares that the Holder proposes to sell (the “Offered Shares”), the price and the terms at which the
proposed sale is to be made and the name and address of the proposed transferee. At any time within 30 days after the receipt of such
notice by the Company, the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on
the terms offered by the proposed transferee and specified in the notice. The Company or its assigns shall exercise this right by mailing
or delivering written notice to the Holder within the foregoing 30-day period. If the Company or its assigns elect to exercise its purchase
rights under this Section 9(b), the closing for such purchase shall, in any event, take place within 45 days after the receipt by the
Company of the initial notice from the Holder. In the event that the Company or its assigns do not elect to exercise such purchase right,
or in the event that the Company or its assigns do not pay the full purchase price within such 45-day period, the Holder shall be required
to pay a transaction processing fee of $10,000 to the Company (unless waived by the Committee) and then may, within 60 days thereafter,
sell the Offered Shares to the proposed transferee and at the same price and on the same terms as specified in the Holder’s notice.
Any Shares not sold to the proposed transferee shall remain subject to the Plan. If the Holder is a party to any stockholders agreements
or other agreements with the Company and/or certain other of the Company’s stockholders relating to the Shares, (i) the transferring
Holder shall comply with the requirements of such stockholders agreements or other agreements relating to any proposed transfer of the
Offered Shares, and (ii) any proposed transferee that purchases Offered Shares shall enter into such stockholders agreements or other
agreements with the Company and/or certain of the Company’s stockholders relating to the Offered Shares on the same terms and in
the same capacity as the transferring Holder.

 

(c)           Company’s
Right of Repurchase.

 

(i)            Right
of Repurchase for Unvested Shares Issued Upon the Exercise of an Option. Upon a Termination Event, the Company or its assigns shall
have the right and option to repurchase from a Holder of Shares acquired upon exercise of a Stock Option which are still subject to a
risk of forfeiture as of the Termination Event. Such repurchase rights may be exercised by the Company within the later of (A) six (6)
months following the date of such Termination Event or (B) seven (7) months after the acquisition of Shares upon exercise of a Stock
Option. The repurchase price shall be equal to the lower of the original per share price paid by the Holder, subject to adjustment as
provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its
repurchase rights.

 

(ii)           Right
of Repurchase With Respect to Restricted Stock. Upon a Termination Event, the Company or its assigns shall have the right and option
to repurchase from a Holder of Shares received pursuant to a Restricted Stock Award any Shares that are still subject to a risk of forfeiture
as of the Termination Event. Such repurchase right may be exercised by the Company within six months following the date of such Termination
Event. The repurchase price shall be the lower of the original per share purchase price paid by the Holder, subject to adjustment as
provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its
repurchase rights.

 

(iii)          Procedure.
Any repurchase right of the Company shall be exercised by the Company or its assigns by giving the Holder written notice on or before
the last day of the repurchase period of its intention to exercise such repurchase right. Upon such notification, the Holder shall promptly
surrender to the Company, free and clear of any liens or encumbrances, any certificates representing the Shares being purchased, together
with a duly executed stock power for the transfer of such Shares to the Company or the Company’s assignee or assignees. Upon the
Company’s or its assignee’s receipt of the certificates from the Holder, the Company or its assignee or assignees shall deliver
to him, her or them a check for the applicable repurchase price; provided, however, that the Company may pay the repurchase price
by offsetting and canceling any indebtedness then owed by the Holder to the Company.

 

    15

     

    

 

(d)           Escrow
Arrangement.

 

(i)            Escrow.
In order to carry out the provisions of this Section 9 of this Plan more effectively, the Company shall hold any Shares issued pursuant
to Awards granted under the Plan in escrow together with separate stock powers executed by the Holder in blank for transfer. The Company
shall not dispose of the Shares except as otherwise provided in this Plan. In the event of any repurchase by the Company (or any of its
assigns), the Company is hereby authorized by the Holder, as the Holder’s attorney-in-fact, to date and complete the stock powers
necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time
as any Shares are no longer subject to the Company’s repurchase and first refusal rights, the Company shall, at the written request
of the Holder, deliver to the Holder a certificate representing such Shares with the balance of the Shares to be held in escrow pursuant
to this Section.

 

(ii)           Remedy.
Without limitation of any other provision of this Plan or other rights, in the event that a Holder or any other Person is required to
sell a Holder’s Shares pursuant to the provisions of Sections 9(b) or (c) hereof and in the further event that he or she refuses
or for any reason fails to deliver to the Company or its designated purchaser of such Shares the certificate or certificates evidencing
such Shares together with a related stock power, the Company or such designated purchaser may deposit the applicable purchase price for
such Shares with a bank designated by the Company, or with the Company’s independent public accounting firm, as agent or trustee,
or in escrow, for such Holder or other Person, to be held by such bank or accounting firm for the benefit of and for delivery to him,
her, them or it, and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by such Holder as provided
above. Upon any such deposit and/or offset by the Company or its designated purchaser of such amount and upon notice to the Person who
was required to sell the Shares to be sold pursuant to the provisions of Sections 9(b) or (c), such Shares shall at such time be deemed
to have been sold, assigned, transferred and conveyed to such purchaser, such Holder shall have no further rights thereto (other than
the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer in its stock transfer
book or in any appropriate manner.

 

(e)           Lockup
Provision. If requested by the Company, a Holder shall not sell or otherwise transfer or dispose of any Shares (including, without
limitation, pursuant to Rule 144 under the Securities Act) held by him or her for such period following the effective date of a public
offering by the Company of Shares as the Company shall specify reasonably and in good faith. If requested by the underwriter engaged
by the Company, each Holder shall execute a separate letter confirming his or her agreement to comply with this Section.

 

    16

     

    

 

(f)            Adjustments
for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reclassification, stock dividend, stock
split, reverse stock split or other similar change in the Common Stock, the outstanding Shares are increased or decreased or are exchanged
for a different number or kind of securities of the Company, the restrictions contained in this Section 9 shall apply with equal
force to additional and/or substitute securities, if any, received by Holder in exchange for, or by virtue of his or her ownership of,
Shares.

 

(g)          
Termination. The terms and provisions of Section 9(b) and Section 9(c) (except for the Company’s right to repurchase
Shares still subject to a risk of forfeiture upon a Termination Event) shall terminate upon the closing of the Company’s Initial
Public Offering or upon consummation of any Sale Event, in either case as a result of which Shares are registered under Section 12
of the Exchange Act and publicly-traded on any national security exchange.

 

SECTION 10. TAX WITHHOLDING

 

(a)           
Payment by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Shares or other
amounts received thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to the Company,
or make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or local taxes of any kind required by law
to be withheld by the Company with respect to such income. The Company and any Subsidiary shall, to the extent permitted by law, have
the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver
stock certificates (or evidence of book entry) to any grantee is subject to and conditioned on any such tax withholding obligations being
satisfied by the grantee.

 

(b)          
Payment in Stock. The Company’s minimum required tax withholding obligation may be satisfied, in whole or in part,
by the Company withholding from Shares to be issued pursuant to an Award a number of Shares having an aggregate Fair Market Value (as
of the date the withholding is effected) that would satisfy the minimum withholding amount due.

 

SECTION 11. Section 409A AWARDS.

 

To the extent that any Award is determined to
constitute “nonqualified deferred compensation” within the meaning of Section 409A (a “409A Award”), the
Award shall be subject to such additional rules and requirements as may be specified by the Committee from time to time. In this regard,
if any amount under a 409A Award is payable upon a “separation from service” (within the meaning of Section 409A) to a grantee
who is considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to
the date that is the earlier of (i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s
death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional
tax imposed pursuant to Section 409A. The Company makes no representation or warranty and shall have no liability to any grantee under
the Plan or any other Person with respect to any penalties or taxes under Section 409A that are, or may be, imposed with respect to any
Award.

 

    17

     

    

 

SECTION 12. AMENDMENTS AND TERMINATION

 

The Board may, at any time, amend or discontinue
the Plan and the Committee may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or for
any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the consent of the holder
of the Award. The Committee may exercise its discretion to reduce the exercise price of outstanding Stock Options or effect repricing
through cancellation of outstanding Stock Options and by granting such holders new Awards in replacement of the cancelled Stock Options.
To the extent determined by the Committee to be required either by the Code to ensure that Incentive Stock Options granted under the
Plan are qualified under Section 422 of the Code or otherwise, Plan amendments shall be subject to approval by the Company stockholders
entitled to vote at a meeting of stockholders. Nothing in this Section 12 shall limit the Board’s or Committee’s authority
to take any action permitted pursuant to Section 3(c). The Board reserves the right to amend the Plan and/or the terms of any outstanding
Stock Options to the extent reasonably necessary to comply with the requirements of the exemption pursuant to paragraph (f)(4) of Rule
12h-1 of the Exchange Act.

 

SECTION 13. STATUS OF
PLAN

 

With respect to the portion of any Award that
has not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have no rights
greater than those of a general creditor of the Company unless the Committee shall otherwise expressly so determine in connection with
any Award.

 

SECTION 14. GENERAL PROVISIONS

 

(a)           
No Distribution; Compliance with Legal Requirements. The Committee may require each person acquiring Shares pursuant to
an Award to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution
thereof. No Shares shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange or similar
requirements have been satisfied. The Committee may require the placing of such stop-orders and restrictive legends on certificates for
Stock and Awards as it deems appropriate.

 

(b)          
Delivery of Stock Certificates. Stock certificates to grantees under the Plan shall be deemed delivered for all purposes
when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to
the grantee, at the grantee’s last known address on file with the Company; provided that stock certificates to be held in
escrow pursuant to Section 9 of the Plan shall be deemed delivered when the Company shall have recorded the issuance in its records.
Uncertificated Stock shall be deemed delivered for all purposes when the Company or a stock transfer agent of the Company shall have
given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s
last known address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic
 “book entry” records).

 

(c)           
No Employment Rights. The adoption of the Plan and the grant of Awards do not confer upon any Person any right to
continued employment or Service Relationship with the Company or any Subsidiary. The Company expressly reserves the right at any time
to dismiss or otherwise terminate its relationship with a Holder free from any liability or claim under the Plan, except as expressly
provided in the applicable Award.

 

    18

     

    

 

(d)           Trading
Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s insider trading policy-related
restrictions, terms and conditions as may be established by the Committee, or in accordance with policies set by the Committee, from
time to time.

 

(e)          
Designation of Beneficiary. Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries
to exercise any Award on or after the grantee’s death or receive any payment under any Award payable on or after the grantee’s
death. Any such designation shall be on a form provided for that purpose by the Committee and shall not be effective until received by
the Committee. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee,
the beneficiary shall be the grantee’s estate.

 

(f)           
Legend. Any certificate(s) representing the Shares shall carry substantially the following legend (and with respect to
uncertificated Stock, the book entries evidencing such shares shall contain the following notation):

 

The transferability of this certificate and the shares of stock
represented hereby are subject to the restrictions, terms and conditions (including repurchase and restrictions against transfers) contained
in the Gelesis, Inc. 2016 Stock Option and Grant Plan and any agreements entered into thereunder by and between the company and the holder
of this certificate (a copy of which is available at the offices of the company for examination).

 

(g)          
Information to Holders of Options. In the event the Company is relying on the exemption from the registration requirements
of Section 12(g) of the Exchange Act contained in paragraph (f)(1) of Rule 12h-1 of the Exchange Act, the Company shall provide the information
described in Rule 701(e)(3), (4) and (5) of the Securities Act to all holders of Options in accordance with the requirements thereunder.
The foregoing notwithstanding, the Company shall not be required to provide such information unless the optionholder has agreed in writing,
on a form prescribed by the Company, to keep such information confidential.

 

SECTION 15.  EFFECTIVE DATE OF PLAN

 

The Plan shall become effective upon adoption
by the Board and shall be approved by stockholders in accordance with applicable state law and the Company’s articles of incorporation
and bylaws within 12 months thereafter. If the stockholders fail to approve the Plan within 12 months after its adoption by the Board
of Directors, then any Awards granted or sold under the Plan shall be rescinded and no additional grants or sales shall thereafter be
made under the Plan. Subject to such approval by stockholders and to the requirement that no Shares may be issued hereunder prior to
such approval, Stock Options and other Awards may be granted hereunder on and after adoption of the Plan by the Board. No grants of Stock
Options and other Awards may be made hereunder after the tenth (10) anniversary of the date the Plan is adopted by the Board or the date
the Plan is approved by the Company’s stockholders, whichever is earlier.

 

    19

     

    

 

SECTION
16. GOVERNING LAW

 

This Plan, all Awards and any controversy arising
out of or relating to this Plan and all Awards shall be governed by and construed in accordance with the General Corporation Law of the
State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance
with the internal laws of Massachusetts, without regard to conflict of law principles that would result in the application of any law
other than the law of the State of Massachusetts.

 

    20a101ianleeofferletter

May 1, 2021       Personal and Confidential     Ian Lee   Re: Offer Letter   Dear Ian:   I am very pleased to provide you with an offer of employment with Skillz Inc. (the “Company”). This offer and the terms and conditions of the offer are contingent upon, and subject to, the approval of the Board of Directors of Company (the “Board”) and, as applicable, the Compensation Committee of the Board.   1. Position. Your initial position will be Chief Financial Officer and you will work at our San Francisco office reporting directly to the Company’s Chief Executive Officer. However, consistent with applicable shelter-in-place orders, all employees will continue to work remotely until we announce otherwise. As you progress with the Company, your position and assignments are, of course, subject to change. We are a dynamic organization with ever-changing needs, and we will work over the course of your employment to determine where your talents and abilities can be best utilized. As our employee, we expect that you will devote your full working time to the performance of your duties to the Company, and that you will perform any and all duties and responsibilities normally associated with your position in a satisfactory manner and to the best of your abilities at all times.    2. Start Date/At-Will Nature of Relationship. If you accept this offer, your employment with the Company will begin June 21, 2021 (the “Commencement Date”). No provision of this letter will be construed to create an express or implied employment contract, or a promise of employment for any specific period of time. Your employment with the Company is at-will employment which may be terminated by you or the Company at any time for any reason with or without advance notice. 3. Compensation and Equity.    (a)  You will be paid salary of $400,000.00 per year, payable on the Company’s regular payroll dates.   (b) You will also receive a one-time signing bonus in the amount of $500,000.00 (the “Signing Bonus”) less applicable withholding, which will be paid ninety (90) days following your Commencement Date with the Company. If you voluntarily leave the Company prior to completing twenty-four (24) months' work following the Commencement Date or you are terminated for Cause (as defined below), you agree to repay the full gross amount  of the Signing Bonus within 30 days of your departure.   (c)  Your initial annual target incentive compensation opportunity with the Company will be $200,000.00 , paid out on an annual basis if you achieve established goals and 1-6 DocuSign Envelope ID: 9BF4E37F-E1E9-4BC3-A832-D1CBFE7118D3A13AB2AE-CE68-4A56-BF06-132331EB8F 1 

 

objectives. Target incentives do not constitute a promise of payment and the actual amount of your incentive compensation may be lower or higher than your target based on factors such as the Company’s overall performance, your individual job performance and your ability to meet your established goals and objectives. In order to be eligible for incentive compensation you must be employed by the Company and not under termination notice on or prior to the date when an incentive might have otherwise been payable. Target incentive compensation shall be pro-rated, based on your Commencement Date.   (d) As soon as reasonably practicable following your Commencement Date (and subject to approval of the Compensation Committee of the Board), the Company will grant you a Restricted Stock Unit award covering shares of the Company’s Class A common stock having a grant date value equal to $ 24,000,000.00 calculated based on the average closing price of the Company’s Class A common stock for the 15 calendar days immediately prior to the date of grant or on such other basis as the Compensation Committee of the Company’s Board may determine (the “Incentive Award”). The Incentive Award will be subject to the Skillz Inc. 2020 Omnibus Incentive Plan (as it may be amended from time to time, the “2020 Plan”) and an award agreement setting forth the specific terms and conditions of the Incentive Award. Twenty-five percent (25%) of the Incentive Award will cliff-vest on the first anniversary of your Commencement Date, and the remaining amount will thereafter vest in twelve (12) substantially equal quarterly installments (such that the Incentive Award will be fully vested after four (4) years of service), in each case subject to your continuous service with the Company through each applicable vesting date and the additional terms and conditions of the 2020 Plan and the applicable award agreement. (e) With respect to the Incentive Award: if at any time following a “Change of Control” (as defined below), the Company or its successor terminates your employment without Cause (and other than as a result of your death or Disability), to the extent not previously vested, the Incentive Award shall vest as to 100% of the total number of units then subject to the Incentive Award (such acceleration to be effective immediately upon the date your employment terminates).  “Cause” shall mean any of the following: (i) a breach by you of your fiduciary trust or duty to the Company, or act of fraud or willful dishonesty in the performance of your duties to the Company; (ii) a material breach by you of any agreement entered into between you and the Company (including, without limitation, any confidentiality, non-competition, or assignment of inventions agreement) or your violation of any Company policy or code of conduct; (iii) intentional engagement by you in acts any of which, in the opinion of the Company, is harmful to the business or reputation of the Company; (iv) an act by you which constitutes gross misconduct or any act which is injurious to the Company (including, but not limited to, its business or reputation); (v) your conviction of or a plea of nolo contendere to a felony or any crime involving moral turpitude; or (vi) your failure, refusal or neglect to perform and discharge your duties and responsibilities on behalf of the Company.  The foregoing definition of Cause shall supersede the definition of Cause set forth in the Plan for purposes of this letter. For the purposes of this Agreement, a “Change of Control” means the occurrence of any of the following events: 2-6 DocuSign Envelope ID: 9BF4E37F-E1E9-4BC3-A832-D1CBFE7118D3A13AB2AE-CE68-4A56-BF06-132331EB8F 1 

 

i.Ownership.  Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company or its affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions other than a financing of the Company; or ii.Merger/Sale of Assets.  (A) A merger or consolidation of the Company whether or not approved by the Board, other than a merger or consolidation which would result in the holders of the voting securities of the Company outstanding immediately prior thereto continuing to hold more than 50% of the total voting power represented by the voting securities of the Company or the surviving entity or parent of such entity in such merger or consolidation, as the case may be, outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring approval of the Company’s stockholders other than a sale or disposition to an affiliate of the Company.  (f) In the event that your current employer terminates your employment prior to May 25, 2021, and to the extent you do not otherwise vest in your equity awards with your current employer that are scheduled to vest on May 25, 2021, you will also receive a one-time bonus in an amount, not to exceed $900,000.00, equal to the value of such equity awards that are forfeited by you without payment to you, less applicable withholding. Such bonus will be paid to you on the next regularly scheduled pay date following your Commencement Date. For purposes of this paragraph, the value of any such forfeited equity awards shall be equal to number of shares covered by the forfeited equity awards (determined at target for any performance-based awards) multiplied by the per share closing price of the shares underlying such equity awards on the date of forfeiture (or if such date is not a trading day, the most recent trading date), less the aggregate exercise price of any such equity awards (if applicable). 4. Your Certifications to the Company.   (a) As a condition of your employment, you certify to the Company that you are free to enter into and fully perform the duties of your position and that you are not subject to any employment, confidentiality, non-competition or other agreement that would restrict your performance for the Company. You further certify that your signing this letter of employment does not violate any order, judgment or injunction applicable to you, or conflict with or breach any agreement to which you are a party or by which you are bound. If you are subject to any such agreement or order, please forward it to me, along with a copy of this letter.  3-6 DocuSign Envelope ID: 9BF4E37F-E1E9-4BC3-A832-D1CBFE7118D3A13AB2AE-CE68-4A56-BF06-132331EB8F 1 

 

  (b) Additionally, as a condition of your employment, you also certify that all facts you have presented to the Company are accurate and true. This includes, but is not limited to, all oral and written statements you have made (including those pertaining to your education, training, qualifications, licensing and prior work experience) on any job application, resume or c.v., or in any interview or discussion with the Company.   5. Confidential Information and Invention Assignment Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard Confidential Information and Invention Assignment Agreement.   6. Taxes, Withholding and Required Deductions. All forms of compensation referred to in this letter are subject to all applicable taxes, withholding and any other deductions required by applicable law. 7.     Background Verification.  Your employment with the Company is conditioned on a satisfactory Consumer Report and/or an Investigative Consumer Report, in compliance with local law. 8. Before You Start. Your employment with the Company is conditioned on your providing legal proof of your identity and eligibility to work in the United States. On your first day, you must complete an I-9 Form and provide us with any of the accepted forms of identification specified on the I-9 Form. 9. Miscellaneous.    (a)  Governing Law. The validity, interpretation, construction and performance of this letter, and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto will be governed, construed and interpreted in accordance with the laws of the state in which you work, without giving effect to principles of conflicts of law.   (b)  Arbitration. You and the Company agree that to the fullest extent permitted by law, any and all claims relating to, arising from or regarding your employment, will be resolved by final and binding arbitration by a single arbitrator. You and the Company further agree that such claims be resolved on an individual basis only, not on a class, collective, representative, or private attorney general act representative basis on behalf of other employees (“Class Waiver”), to the fullest extent permitted by applicable law.  Any claim that all of part of the Class Waiver is invalid, enforceable, unconscionable, void or voidable may be determined only by a court. In no case may class, collective or representative claims proceed in arbitration. You and the Company agree to bring any claim in arbitration before JAMS, pursuant to the JAMS Employment Rules & Procedures (which can be reviewed at https://www.jamsadr.com/rules-employment-arbitration/).   You on the one hand, and the Company on the other, waive any rights to a jury trial or a bench trial in connection with the resolution of any claim under this agreement (although both parties may seek interim emergency relief from a court to prevent irreparable harm to their confidential information or trade secrets pending the conclusion of any arbitration). This agreement will be construed and interpreted in accordance with the laws of the state in which you work and the Federal Arbitration 4-6 DocuSign Envelope ID: 9BF4E37F-E1E9-4BC3-A832-D1CBFE7118D3A13AB2AE-CE68-4A56-BF06-132331EB8F 1 

 

Act (“FAA”). In the case of a conflict, the FAA will control. Claims will be governed by applicable statutes of limitations. Except as to the Class Waiver, the arbitrator, and not a court, will determine whether the arbitration agreement applies to a dispute, controversy, or claim. In the event that any portion of this arbitration clause is deemed illegal or unenforceable, such provision will be severed and the remainder of this clause will be given full force and effect. Arbitration is not a mandatory condition of your employment. If you wish to opt out of this arbitration clause, you must notify the Company in writing by sending an email to hr@skillz.com stating your intent to opt out within 30 days of signing this offer letter.   (c)  Entire Agreement. This letter sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written, between them relating to the subject matter hereof.   (d) Counterparts. This letter may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together will constitute one and the same agreement.  Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.   (e) Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this agreement, securities of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to you by applicable securities law or any other law or the Company’s Certificate of Incorporation or Bylaws by email or any other electronic means. You hereby consent to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.   You may accept this offer of employment and the terms and conditions hereof by signing and dating this letter. This offer will expire at 5 p.m. (Pacific Time) on May 2, 2021, unless accepted by you prior to such date by directing the signed offer letter to me. In addition, it is understood and agreed that this letter shall not be effective or binding on either party until the approvals noted in the first paragraph hereof have been obtained and that this letter shall expire and be of no force or effect if such approvals are not obtained on or before May 5, 2021. 5-6 DocuSign Envelope ID: 9BF4E37F-E1E9-4BC3-A832-D1CBFE7118D3A13AB2AE-CE68-4A56-BF06-132331EB8F 1 

 

We are pleased to offer you the opportunity to join Skillz Inc. and we look forward to having you aboard. We are confident that you will make an important contribution to our unique and exciting enterprise.                                                                                       Sincerely,                                                                            SKILLZ INC.                                                                                                  By:                                                                                    Name: Andrew Paradise                                                                                  Title: Chief Executive Officer Date:                                                                                                                                   ACCEPTED AND AGREED: (Signature) Name:  Ian Lee Date: 6-6 DocuSign Envelope ID: 9BF4E37F-E1E9-4BC3-A832-D1CBFE7118D3 5/1/2021 A13AB2AE-CE68-4A56-BF06-132331EB8F 1 5/4/2021

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