Document:

The World Internet Security Company

 

 

 

WISeKey 

 

STOCK
OPTION PLAN 

 

 

 

 

Assumed
by WISeKey

International Holding Ltd from

WISeKey SA (version as in effect

since 1 January 2012) with effect

as of 24 March 2016,
amended on

29 September 2016

  

     

     

    

 

TABLE OF CONTENTS

 

	INTRODUCTION	3
	THE PLAN	3
	A. General Terms and Definitions	3
	Article 1 Purpose	3
	Article 2 Definitions - Interpretation	3
	Article 3 Shares subject to the Plan	5
	B. Administration	5
	Article 4 Board of Directors	5
	C. Grant of Options	6
	Article 5 Eligibility and Conditions of Participation	6
	Article 6 Procedure	6
	Article 7 Option Agreement	6
	Article 8 Vesting period	7
	Article 9 Exercise Period	7
	Article 10 Exercise of Options	7
	D. Limitations on transfer	8
	Article 11 Transferability of Options and Shares	8
	E. Forfeiture of Rights	8
	Article 12 Termination of Contractual Relationship/Breaches	8
	Article 13 Transfer / Leave of Absence	9
	F. General Provisions	9
	Article 14 No (Continued) Employment or Contractual Relationship	9
	Article 15 Adjustment due to Corporate Events	10
	Article 16 Amendment and Termination	10
	Article 17 Indemnification	10
	Article 18 Taxes Indemnification	11
	Article 19 U.S. Securities Law Provisions	11
	Article 20 Applicable law and Arbitration	11
	Article 21 Effective Date	12

 

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INTRODUCTION

 

WISeKey International Holding Ltd is a
corporation (société anonyme / Aktiengesellschaft) with its seat in Zug (Zug), Switzerland, and the
holding company of the WISeKey group of companies.

 

THE PLAN

 

A.       GENERAL TERMS
AND DEFINITIONS

 

Article 1

PURPOSE

 

		1.1	The purpose of the Plan is to provide Employees, Directors and Consultants with an opportunity
to obtain Options on Shares, thus providing an increased incentive for these Employees, Directors and Consultants to contribute
to the future success and long-term business value of the Group, enhancing the value of the Shares and increasing the ability of
the Company and its Subsidiaries to attract and retain individuals of exceptional skills.

 

		1.2	The Plan governs the conditions and modalities of the grant and exercise of such Options.

 

Article
2 

DEFINITIONS - INTERPRETATION

 

	2.1	In the Plan, the following terms shall have the meanings set forth below:

 

	"Articles of Association" 	shall mean the articles of association of the Company.
	 	 
	"Board of Directors"	shall mean the board of directors of the Company.
	 	 
	"Change of Control"	shall mean the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of the Company.
	 	 
	"Company"	shall mean WISeKey International Holding Ltd.
	 	 
	"Compensation Committee"	shall mean the compensation committee elected by the Company's general meeting of shareholders
	 	 
	"Consultant"	A person providing advisory, consulting or other services to the Company or one of its Subsidiaries. without being an Employee or a Director.
	 	 
	"Director"	shall mean a member of the Board of Directors or of the board of directors (or equivalent corporate body) of a Subsidiary.
	 	 
	"Employee"	shall mean an executive or senior officer or employee of the Company or of a Subsidiary.

 

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	"Exercise Period"	shall mean the period during which Options can be exercised, such period starting on the Vesting Date and ending on the Option Term.
	 	 
	"Grant Date"	shall mean the date on which Options are granted.
	 	 
	"Group"	shall mean the Company and its Subsidiaries.
	 	 
	"Option"	shall mean a right to acquire Shares pursuant to the Plan, in accordance with any Option Agreement and/or as the Board of Directors shall otherwise determine.
	 	 
	"Option Agreement"	shall mean the agreement specifying the terms and conditions at which Options are granted by the Company to a Participant in substantially the form attached as Schedule 1 or in such form as the Board of Directors shall from time to time determine.
	 	 
	"Option Exercise Notice"	shall mean the notice that needs to be given by a Participant when Options are exercised in substantially the form attached as Schedule 2 or any other form determined by the Board of Directors.
	 	 
	"Option Term"	shall mean the term of an Option.
	 	 
	"Options Grant"	shall mean the number of Options granted to a Participant pursuant to an Option Agreement.
	 	 
	"Participant"	shall mean an Employee, a Director or a Consultant to whom Options are granted under the Plan.
	 	 
	"Plan"	shall mean this stock option plan in its present form or as amended from time to time.
	 	 
	"Shareholders"	shall mean the holders of any Shares of the Company.
	 	 
	"Shares"	shall mean ordinary registered shares of the Company of a nominal value of CHF 0.05 each (Class B Shares).
	 	 
	"Stock Option Plan	 
	 	 
	Administrator"	shall mean the person or entity appointed by the Board of Directors responsible for giving, receiving and executing notices under the Plan, including, but not limited to, Option Exercise Notices.
	 	 
	"Strike Price"	shall mean the price at which Shares may be purchased by exercising Options.
	 	 
	"Subsidiary"	shall mean a subsidiary of the Company.
	 	 
	"U.S. Securities Act"	shall have the meaning set out in Article 19.
	 	 
	"Vested Option"	shall mean an Option that has vested in accordance with the rules set forth under the Plan.
	 	 
	"Vesting Date"	shall mean the date upon which an Option vests in accordance with the rules set forth under the Plan.

 

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		2.2	References to any statutory provision are to that provision as amended or re-enacted from time
to time and, unless the context otherwise requires, words and expressions denoting the singular shall include the plural (and vice
versa) and words and expressions denoting the masculine shall include the feminine (and vice versa).

 

		2.3	The Plan is valid for the Participants in its entirety only. No statement made in any part of the
Plan shall be construed without reference to the Plan as a whole.

 

Article
3

SHARES SUBJECT TO THE PLAN

 

Shares shall be made available from the
Company's existing conditional share capital or on any future conditional share capital as approved by the Shareholders.

 

B. ADMINISTRATION

 

Article
4

BOARD OF DIRECTORS

 

		4.1	Unless otherwise provided in the Plan, the Board of Directors
administers the Plan and has full power to construe and interpret the Plan, establish and amend rules and regulations for the administration
of the Plan, and perform all other actions relating to the Plan, including the delegation of administrative responsibilities. The
Board of Directors may in particular delegate the administration of the Plan to the Compensation Committee or any other duly authorized
committee of the Board of Directors, in which case references to the Board of Directors in the Plan shall be construed as referring
to the Compensation Committee or to the relevant committee of the Board of Directors respectively. The Board of Directors may also
appoint a Stock Option Plan Administrator who shall be responsible for giving, receiving and executing the notices set forth in
the Plan.

 

		4.2	All resolutions taken by the Board of Directors pursuant to the provisions of the Plan and related
orders or resolutions of the Board of Directors shall be final, conclusive and binding on all persons, including the Company, the
Shareholders, the Participants, the Directors, the Employees and the Consultants.

 

		4.3	A member of the Board of Directors shall not vote on any decision regarding any Options granted
or to be granted to him or her.

 

4.4         The costs of introducing
and administrating the Plan shall be borne by the Company.

 

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C.       GRANT
OF OPTIONS

 

Article 5

ELIGIBILITY AND CONDITIONS OF PARTICIPATION

 

		5.1	Employees, Directors and Consultants are eligible to be granted Options under the Plan.

 

		5.2	The Board of Directors shall, at its absolute discretion, select from Employees, Directors and
Consultants those eligible to be granted Options, and determine the Options Grant, the Strike Price, the Grant Date and any other
conditions and/or constraints related to the Options.

 

		5.3	Options shall be granted to the Participants free of charge; all individual taxes, such as income
taxes, and the Participants part, if any, of any social security contributions, shall be borne by the Participant.

 

		5.4	Neither the establishment of the Plan, nor the granting of Options nor any action of the Company
or of the Board of Directors shall be held or construed to confer upon any Employee, Director or Consultant any legal right to
further receive Options. Participation to the Plan in any given year gives no right to participate in any subsequent year.

 

Article 6

PROCEDURE

 

		6.1	The Board of Directors may adopt any procedures as it thinks fit for the granting of Options.

 

		6.2	The Board of Directors may, among others: (i) require a Participant to make such declarations or
take such other action as may be required for the purpose of any securities, exchange control, taxation or other laws, regulations
(including stock exchange regulations) or practice that may be applicable to the Company, any of its Subsidiaries and/or the Participant
at any time under the Plan; (ii) determine that any Option under the Plan shall be subject to additional and/or modified terms
and conditions with respect to the granting and terms of exercise as may be necessary to comply with or take account of any securities,
exchange control, taxation or other laws, regulations (including stock exchange regulations) or practice that may have application
to the relevant Participant; or (iii) adopt any supplemental rules or procedures governing the grant or exercise of Options as
may be required for the purpose of any securities, exchange control, taxation or other laws or regulations (including stock exchange
regulations) that may be applicable to the Company or a Participant.

 

Article 7

OPTION AGREEMENT

 

		7.1	The granting of Options under the Plan and the terms thereof shall be subject to the execution
of an Option Agreement.

 

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		7.2	Each Option shall entitle the Participant to purchase one Share at the Strike Price subject to
the conditions specified in the Option Agreement and this Plan.

 

		7.3	The Option Agreement shall include details of the Options Grant, the Strike Price, the Grant Date
and any other conditions.

 

Article 8

VESTING PERIOD

 

		8.1	Subject in particular to the limitations which may be determined from time to time by the Board
of Directors, an Options Grant shall vest gradually on a straight line basis over a period of three years from the Grant Date until
exhaustion of such Options Grant, provided however that the Participant may not exercise any Options of such Options Grant during
the first year starting from the Grant Date where the Grant Date falls within the first year of employment or contractual relationship
of the Participant with the Company or any of its Subsidiaries.

 

		8.2	As an exception to the normal vesting set out in Article 8.1, the Board of Directors may set a
shorter vesting period for any relevant Participant.

 

		8.3	Notwithstanding the above, in the event of a Change of Control, all Options held by the Participants
shall vest immediately.

 

Article 9

EXERCISE PERIOD

 

		9.1	Without prejudice to Article 8.3, Vested Options may be exercised at any time within the Exercise
Period subject to limitations of applicable securities laws and regulations and subject to the limitations which may be determined
by the Board of Directors from time to time.

 

		9.2	Subject to Article 12, the Option Term shall be the seventh anniversary of the Grant Date of such
Option.

 

9.3           After the Option
Term, all unexercised Options shall expire without value.

 

Article 10

EXERCISE OF OPTIONS

 

		10.1	During the Exercise Period and subject to the provisions of the Plan, notably Article 12, and of
any Option Agreement, the Participant may exercise Vested Options in whole or in part, and at one or more times.

 

		10.2	The exercising Participant shall receive within 5 business days after receipt by the Company or
the person acting on its behalf of an Option Exercise Notice, the number of Shares for which Options are exercised.

 

		10.3	The Company shall not deliver any Shares until full payment of the Strike Price by the Participant.

 

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D.          
LIMITATIONS ON TRANSFER

 

Article
11

TRANSFERABILITY
OF OPTIONS AND SHARES

 

		11.1	Except in accordance with applicable inheritance or matrimonial property law, the Options may not
be sold, encumbered, assigned or otherwise transferred.

 

		11.2	Any purported sale, assignment or transfer of Options in violation of this Article 11 shall be
null and void.

 

		11.3	Shares purchased upon exercise of Options may be subject to
sales restrictions according to applicable securities laws and regulations and according to the limitations which may be determined
by the Board of Directors from time to time.

 

E.           
FORFEITURE OF RIGHTS

 

Article
12 

TERMINATION
OF CONTRACTUAL RELATIONSHIP/BREACHES

 

12.1 Unless otherwise agreed
upon by the Board of Directors and the Participant:

 

		-	Upon termination of the employment or contractual relationship between the Company or any of the
Subsidiaries and the Participant by the Company or any of its Subsidiaries for cause (e.g., in the case of employment, according
to Article 337 of the Swiss Code of Obligations or similar grounds) or upon termination by the Participant at an improper time
or without good reason; or

 

		-	Upon breach by the Participant of any material obligations set out in any agreement dealing with
the Participant's contractual relationship with the Company or any of its Subsidiaries, as entered into or amended from time to
time, and/or any provisions of applicable laws and regulations as a consequence of which the Company may not be expected in good
faith to continue the existing contractual relationship with the Participant,

 

all Options (including, for the
avoidance of doubt, Vested Options) held by the Participant shall be immediately forfeited without value.

 

		12.2	Upon termination of the employment or contractual relationship between the Company or any of
                                                            its Subsidiaries and the Participant as a result of a Participant's disability, all Options that are not Vested Options held
                                                            by such Participant shall be immediately forfeited without value, while Vested Options may be exercised by the Participant pursuant to the Plan during
a period of six months after the end of the employment or contractual relationship, after which they shall be forfeited without
value. For the purpose of this provision, "disability" means the inability to engage in any substantial gainful activity
by reason of a medically determinable physical or mental impairment which constitutes a permanent and total disability; the determination
whether a Participant has suffered a disability shall be made by the Board of Directors or Compensation Committee, as the case
may be, based upon such evidence as it deems necessary and appropriate.

  

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		12.3	Upon the death of a Participant, all Options that are not Vested
Options held by such Participant shall be immediately forfeited without value, while Vested Options may be exercised by the Participant's
estate, or by the person(s) who acquired the right to exercise the Option(s) by bequest or inheritance or otherwise by applicable
inheritance laws, pursuant to the Plan during a period of twelve months after the date of death, after which they shall be forfeited
without value.

 

		12.4	Upon termination of the employment or contractual relationship between the Company or any of its
Subsidiaries and the Participant by the Company or any of its Subsidiaries or by a Participant for any reason other than as aforesaid,
all Options that are not Vested Options held by the Participant shall be immediately forfeited without value, while Vested Options
may be exercised by the Participant pursuant to the Plan during a period of thirty days after the end of the employment or contractual
relationship, after which they shall be forfeited without value.

 

Article
13

TRANSFER
/ LEAVE OF ABSENCE

 

		13.1	A transfer of an Employee between the Company and a Subsidiary or a leave of absence, duly authorized
in writing by the Company, for military service, sickness, pregnancy, confinement or for any other purpose approved by the Board
of Directors, provided that the Employee’s right to reemployment is guaranteed either by a statute or by contract, shall
not be deemed a termination of employment.

 

		13.2	If employment is terminated prior to the reemployment of the Employee, the provisions of Article
12 shall be applicable.

 

F.       GENERAL PROVISIONS

 

Article
14

NO
(CONTINUED) EMPLOYMENT OR CONTRACTUAL RELATIONSHIP

 

		14.1	Neither the establishment of the Plan, nor the granting of
Options, nor any action of the Company, the Board of Directors, the Stock Option Plan Administrator or a Subsidiary shall be held
or construed to confer upon any Participant any legal right to continue to be employed by the Company or any of its Subsidiaries
or to remain in a contractual relationship with said, each of which expressly reserves the right to discharge any Employee, Director
or Consultant whenever the interest of any such company in its sole discretion may so require without liability to such company
or to the Board of Directors, except as to any rights which may be expressly conferred upon such Participant under the Plan.

  

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		14.2	The mere fact of participating in the Plan shall in no circumstances whatsoever be construed as
an employment agreement, or any similar agreement, between the Participant and the Company.

 

Article 15

ADJUSTMENT DUE TO CORPORATE EVENTS

 

The number of Options, the Strike Price
or any of them shall be subject to adjustment by the Company to reflect any split or combination of the Shares, and such readjustment
shall be final and binding.

 

Article 16

AMENDMENT AND TERMINATION

 

16.1       The
Board of Directors may amend, suspend or discontinue the Plan at any time.

 

		16.2	The Options granted under the Plan shall be subject to such
further rules and regulations as the Company may adopt with respect to its equity incentive plans from time to time, and each Participant
agrees to enter into such further documents, as the Company may require. The Company may also require the Participant to enter
into such further documents with respect to the holding and transfer of any Shares subject to the Options described herein as may
be necessary or appropriate at the sole discretion of the Company to ensure compliance with applicable laws and regulations with
respect to such holding and transfer.

 

		16.3	Amendment, suspension or discontinuity of the Plan shall be communicated by the Board of Directors
to all Participants.

 

Article 17

INDEMNIFICATION

 

In addition to other rights of indemnification
available to them, the members of the Board of Directors shall, to the greatest extent permissible under applicable law, be indemnified
by the Company against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to
which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan or
any Options granted under the Plan, and against all amounts paid by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or
proceeding, except a judgment based upon the finding of intentional or grossly negligent misconduct, provided that upon the institution
of any such action, suit or proceeding, members of the Board of Directors shall, in writing, give the Company notice thereof and
an opportunity, at its own expense, to handle and defend the same before such member of the Board of Directors undertakes to handle
and defend it on such member’s own behalf.

 

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Article 18

TAXES INDEMNIFICATION

 

		18.1	The Participant shall indemnify the Company against any tax, including employment and social security
taxes, arising in respect of the granting or the exercise of Options which is a liability of the Participant but for which the
Company is required to account under the laws of any relevant territory.

 

		18.2	The Company may recover the tax from the Participant in such manner as the Board of Directors thinks
fit including, but not limited to: (i) withholding portion of the Options and selling the same; (ii) deducting the necessary amount
from the Participant's remuneration; or (iii) requiring the Participant to account directly to the Company for such tax.

 

Article 19

U.S. SECURITIES LAW PROVISIONS

 

The Shares to be received upon exercise
of the Options have not been, and will not be, registered under the U.S. Securities Act of 1993 (the "U.S. Securities Act")
or the laws of any state of the United States and may not be offered or sold within the United States. Accordingly, Options are
being granted to Participants resident in the United States only pursuant to exemptions from registration under the U.S. Securities
Act. As a result, certain Participants resident in the United States may be required to make representations to the Company at
the time of grant and at the time of exercise of their Options to ensure compliance with the U.S. Securities Act. In addition,
the Shares to be received upon exercise of the Options may constitute “restricted securities” under the U.S. Securities
Act and may not be pledged, reoffered or resold in the United States or to, or for the account or benefit of U.S. persons except
in transactions exempts from, or not subject to, the registration requirements of the U.S. Securities Act. Neither the US Securities
and Exchange Commission nor any state securities commission in the United States has approved or disapproved this Plan or determined
if this Plan is truthful or complete.

 

Article 20

APPLICABLE LAW AND ARBITRATION

 

		20.1	The Plan and any related document shall be governed by and construed in accordance with the substantive
laws of Switzerland.

 

		20.2	Any dispute, controversy or claim arising out of or in relation with the Plan including the validity,
invalidity, breach or termination thereof, shall be finally decided by three arbitrators in accordance with the Swiss Rules of
International Arbitration of the Swiss Chambers of Commerce in force on the date when the notice of arbitration is submitted in
accordance with said rules. The seat of the arbitration shall be Geneva, Switzerland. The language of arbitration shall be English.

 

		20.3	The acceptance of any Option or any related right implies the consent to the choice of law and
jurisdiction set in this Article 20.

 

		20.4	By executing an Option Agreement, the Participant expressly acknowledges and accepts the terms
and conditions of the Plan and all its related documents, as well as the powers of the Board of Directors to complete, interpret
and implement it through further documents which it may from time to time determine necessary or relevant.

 

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Article
21 

EFFECTIVE DATE

 

This Plan has first become
effective on 01st of January 2012 and has last been amended on 29th of September 2016.

 

IN WITNESS THEREOF, the parties
have read and agreed on the Employee Stock Option Plan in duplicate as of the time and place first above written.

 

	_____________________________	_____________________________
	WISeKey International Holding Ltd	Participant 
	 	 
	Date: __________________	 

 

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SCHEDULE
1

 

FORM OF OPTION AGREEMENT

 

WISEKEY INTERNATIONAL
HOLDING LTD STOCK OPTION PLAN

 

This OPTION AGREEMENT is made on [date], by and between WISeKey
International Holding Ltd, a Swiss corporation, with its seat in Zug (Zug), Switzerland (the "Company") and [name] (the
"Participant").

 

In consideration of the mutual covenants and agreements herein
contained and pursuant to the Company’s Stock Option Plan dated 1st January 2012, as amended, (the "Plan"),
the Company and the Participant agree as follows:

 

The Company grants to the Participant the
following number of Options according to the terms and conditions contained in the Plan and in this Option Agreement:

 

	Number of Options:	[number]
	 	 
	Strike Price:	[strike price]
	 	 
	Grant Date:	[grant date]
	 	 
	Vesting Date:	In accordance with Article [8] of the Plan and the table below
	 	 
	Exercise Period:	From the Vesting Start Date until the Option Term as detailed below:

 

	No. of Options	Vesting Date / Exercise Start Date	Option Term
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

The signature of this Option Agreement
by the Participant implies his or her express and complete acceptance of the terms set forth in the Plan, in this Option Agreement
or in any other document related hereto, including any tax ruling obtained by the Company in connection with the Plan. Furthermore
the Participant hereby accepts the powers of the Board of Directors to administer the Plan at its absolute discretion, to complete,
interpret and implement the documents herein referred through further documentation to the extent necessary or relevant and to
decide on all issues in absolute discretion. The Participant agrees to be bound by the decisions of the Board of Directors.

 

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All notices to the Company shall be delivered
to WISeKey International Holding Ltd, General-Guisan-Strasse 6, 6300 Zug, Switzerland, attn Stock Option Plan Administrator, and
all notices to the Participant may be given to the Participant personally or may be mailed to the Participant c/o WISeKey International
Holding Ltd or at such other address as the Participant may designate by written notice to the Company.

 

This Option Agreement and any related
document shall be governed by the substantive laws of Switzerland.

 

Any dispute, controversy or claim arising
out of or in relation with the Plan including the validity, invalidity, breach or termination thereof, shall be finally decided
by three arbitrators in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers of Commerce in force
on the date when the notice of arbitration is submitted in accordance with said rules. The seat of the arbitration shall be Geneva,
Switzerland. The language of arbitration shall be English.

 

IN WITNESS THEREOF, the parties have executed
this Option Agreement in duplicate as of the time and place first above written.

 

	_________________________________	_________________________________
	WISeKey International Holding SA	Participant
	 	 
	_________________________________	_________________________________
	Date	Date

 

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SCHEDULE II

 

FORM OF OPTION EXERCISE NOTICE

 

WISEKEY INTERNATIONAL HOLDING LTD STOCK
OPTION PLAN

 

__________________________

[date
of notice]

 

Stock Option Plan Administrator

WISeKey International Holding Ltd

FAO: Peter Ward, CFO

exercise_notice@wisekey.com

 

Reference: [Name of Participant]: Stock Option Plan. 

 

Capitalized terms shall have the meaning set forth in the WISeKey
International Ltd Stock Option Plan dated as of 1st January 2012, as amended on 29th
September 2016.

 

I hereby refer to the conditional share capital of the Company
pursuant to article 4b para. 1(b) of the Articles of Association of the Company and hereby exercise my Option(s) according to and
under the terms and conditions of the WISeKey International Ltd Stock Option Plan dated 1st January 2012, as amended,
(the "Plan") and the Option Agreement dated [date], as follows:

 

	Grant Date of the Options: 	___________________;	 
	Strike Price:	___________________;	 
	 	 	 
	Number of Options exercised:	___________________.	 

 

Such Options represent my right to purchase and receive from
the Company and the obligation of the Company to issue to me a number of _________________ registered shares, par value CHF 0.05
each ("Class B Shares") at the above mentioned issue price.

 

I declare that the issue price of CHF ________________ per Class
B Share (i.e., a total issue price of CHF ________________ for the Class B Shares to be issued to me) will be paid by me to
the following bank account of the Company: ZKB, IBAN CH50 0070 0110 0060 2632 1.

The newly issued Shares shall be delivered to: [Name of account holder + Bank name + Account number + Name and email of person
of contact at the receiving bank]

 

___________________________________________________________________________.

 

___________________________________________________________________________.

 

___________________________________________________________________________.

 

___________________________________________________________________________.

 

___________________________

[Participant Name]

 

Page  15 of
15DIRECTOR INDEMNIFICATION AGREEMENT

 

This Director Indemnification
Agreement, dated as of , 2019 (this “Agreement”), is made by and between WISeKey International
Holding AG, a corporation incorporated under the laws of Switzerland (the Company) and (the Indemnitee), the director
of the Company .

 

RECITALS

 

A.       The
Indemnitee has agreed to serve or is currently serving as a director of the Company, and the Company desires that the Indemnitee
serves or to continue serving in such capacity. The Indemnitee is willing, subject to certain conditions, including the execution
and performance of this Agreement by the Company, to continue serving in such capacity.

 

B.       The
Company has obtained, at its sole expense, insurance protecting the Company and its officers and directors, including the Indemnitee,
against certain losses arising out of certain threatened, pending or completed action, suit, or proceeding to which such persons
may be made or are threatened to be made parties.

 

NOW, THEREFORE, the
Company and the Indemnitee agree for good and valuable consideration as follows:

 

1.                 
INDEMNIFICATION

 

(a)               
To the fullest extent permitted by the Swiss Code of Obligations (the CO), the Articles of Association of the Company,
as may be amended (the Articles), and other applicable laws and regulations, the Company shall indemnify and hold harmless
the Indemnitee if or when he is a party or is threatened to be made a party to any threatened, pending or completed action, suit,
proceeding or claim, whether civil, criminal, administrative or investigative (irrespective of whether such action, suit, proceeding
or claim has been brought by or in the right of the Company or otherwise) , by reason of the fact that the Indemnitee was performing
services as a director of the Company or is or was serving at the request of the Company as a director, trustee, officer, employee,
member, manager or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or
a partnership, joint venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in any
such capacity, against any and all losses, damages, liabilities, costs, charges, expenses (including reasonable fees and expenses
of attorneys or others; all such costs, charges and expenses being herein jointly referred to as Expenses), judgments, fines,
penalties, and amounts paid in settlement, or other cases, actually incurred by the Indemnitee in connection therewith, including
any appeal of or from any judgment or decision (altogether herein referred as Losses), if the Indemnitee acted in good faith
and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company. In addition, with respect
to any criminal action or proceeding, indemnification hereunder shall be made only if the Indemnitee had no reasonable cause to
believe his conduct was unlawful. The termination of any action, suit, proceeding or claim by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Indemnitee did not satisfy
the foregoing applicable standard of conduct.

 

     

     

    

 

(b)              
Notwithstanding the foregoing, the Company shall not indemnify the Indemnitee in respect of any claim, issue or matter as
to which the Indemnitee shall have been adjudged in a final and non-appealable judgment or decree of a court, arbitral tribunal
or governmental or administrative authority of competent jurisdiction to have committed an intentional (vorsätzlich)
or grossly negligent (grobfahrlässig) breach of his duties as a director under applicable law; provided, however,
that to the extent applicable law changes after the date of this Agreement so that the Company may, under such law, at the applicable
time, indemnify the Indemnitee to an extent greater than provided in this Section 1(b) (as a result of the restrictions contained
in this Section 1(b)), the Company shall indemnify the Indemnitee without regard to the restrictions contained in this Section
1(b) to the fullest extent permitted under applicable law at such time.

 

(c)               
To the fullest extent permitted under applicable law, the Company waives, and undertakes to cause its subsidiaries to waive,
any claims it may have against the Indemnitee for loss, damage or costs howsoever caused to the Company and/or any of its subsidiaries
by reason of his corporate status, unless any such loss, damage or cost is attributable to conduct (including omissions) constituting
an intentional (vorsätzlich) or grossly negligent (grobfahrlässig) breach of his duties as a director under
applicable law; provided, however, that to the extent applicable law changes after the date of this Agreement so that the
Company may, under such law, at the applicable time, waive, or cause its Subsidiaries to waive, such claims against the Indemnitee
to an extent greater than provided in this Section 1(c) (as a result of the restrictions contained in this Section 1(c)), the Company
shall waive, or cause its Subsidiaries to waive, such claims against the Indemnitee without regard to the restrictions contained
in this Section 1(c) to the fullest extent permitted under applicable law at such time.

 

(d)              
Any indemnification under Section 1(a) hereof (unless ordered by a court or arbitral tribunal) shall be made by the Company
only upon a determination relating to a specific case that indemnification of the Indemnitee is proper in the circumstances because
he has met the applicable standard of conduct set forth in Section 1(a) and is not subject to the limitations set forth in Section 1(b)
hereof. In order to pursue his rights to indemnification under this Agreement and for purposes of such determination, the Indemnitee
shall present to the Company evidence in reasonable detail of all amounts for which indemnification is requested. The determination
with respect to whether the Indemnitee is entitled to indemnification under this Agreement shall be made (i) on the basis
of a presumption that the Indemnitee is entitled to such indemnification, and the Company shall have the burden of proof in seeking
to overcome this presumption and (ii) by the Board of Directors of the Company (the Board) has resolved according to
the quorum for board resolution as specified in the Company's Organizational Regulations of the directors who were not and are
not parties to or threatened with such action, suit, proceeding or claim (the Disinterested Directors), or (ii) if such
a quorum of Disinterested Directors is not available or if a majority of such quorum so directs, in a written opinion by independent
legal counsel (designated for such purpose by the Board) who shall not be an attorney, or a firm having associated with it an attorney,
who has been retained by or who has performed services for the Company, or any person to be indemnified, within the five years
preceding such determination (the Independent Legal Counsel). The Company shall pay any and all reasonable fees and expenses
of Independent Legal Counsel incurred acting pursuant to this Section and in any proceeding to which it is a party or witness in
respect of its investigation and written report and shall pay all reasonable fees and expenses incident to the procedures in which
such Independent Legal Counsel was selected or appointed.

 

    2 

     

    

 

(e)               
To the extent that the Indemnitee has been successful on the merits or otherwise, including the dismissal of an action without
prejudice, in defense of any action, suit, proceeding or claim referred to in Section 1(a) hereof, or in defense of any claim,
issue or matter therein, he shall be indemnified against Expenses actually incurred by him in connection therewith.

 

(f)               
Expenses actually incurred by the Indemnitee in defending any action, suit, proceeding or claim referred to in Section 1(a)
hereof, or in defense of any claim, issue or matter therein, shall be paid by the Company as they are incurred in advance of the
final disposition of such action, suit, proceeding or claim within 30 (thirty) calendar days after the receipt by the Company of
a statement or statements from the Indemnitee requesting such advance or advances from time to time, whether prior to or after
the final disposition of such action, suit, proceeding or claim; provided, however, that the person or persons making the
determination of the Indemnitee's entitlement to an advance of Expenses under this Section 1(f) have not determined that the
Indemnitee would not be permitted to be indemnified under applicable law or under the terms and conditions of this Agreement. The
Indemnitee's statement or statements shall include evidence of the Expenses incurred by or on behalf of the Indemnitee and shall
include or be preceded or accompanied by an undertaking by or on behalf of the Indemnitee to repay any Expenses advanced if it
shall ultimately be determined that the Indemnitee is not entitled to be indemnified against such Expenses.

 

(g)              
For purposes of this Agreement, references to other enterprises shall include employee benefit plans; references to fines
shall include any excise taxes assessed on the Indemnitee with respect to any employee benefit plan; references to serving at the
request of the Company shall include any service as a director, officer, employee, member, manager or agent of the Company which
imposes duties on, or involves services by, the Indemnitee with respect to an employee benefit plan, its participants or beneficiaries;
references to the masculine shall include the feminine; references to the singular shall include the plural and vice versa; and
the word including is used by way of illustration only and not by way of limitation.

 

2.                 
ADDITIONAL RIGHTS

 

The rights to indemnification
provided by this Agreement shall not be exclusive of any other rights of indemnification to which the Indemnitee may be entitled
under the Articles, applicable law, any insurance policy, other agreement or vote of shareholders or directors or otherwise, as
to any actions or failures to act by the Indemnitee, and shall continue after he has ceased to be a director, officer, employee
or agent of the Company or other entity for which his service gives rise to a right hereunder, and shall inure to the benefit of
his heirs, executors and administrators. For the avoidance of doubt, limitations on indemnification under any such other agreement
or right will not affect the parties’ relative rights hereunder.

 

    3 

     

    

 

3.                 
PARTIAL INDEMNITY

 

If Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses actually or reasonably
incurred by him in the investigation, defense, appeal or settlement of any proceeding, but not for all of the total amount thereof,
the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which Indemnitee is entitled.

 

4.                 
CERTAIN PROCEDURES RELATING TO INDEMNIFICATION

 

(a)               
If the Disinterested Directors or, as the case may be, the Independent Legal Counsel determine(s) that the Indemnitee is
entitled to indemnification and/or advance of Expenses under this Agreement, payment to the Indemnitee shall be made within 10
(ten) calendar days after such determination. The Indemnitee shall cooperate with the persons making such determination with respect
to the Indemnitee's entitlement to indemnification or advance of Expenses under this Agreement, including providing to such person(s)
or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Subject to the provisions
of Section 4(b), (c) and (d), any costs or expenses (including reasonable attorneys' fees and disbursements) incurred by the Indemnitee
in so cooperating with the person(s) making such determination shall be borne by the Company, and the Company hereby agrees to
indemnify and hold the Indemnitee harmless from such costs and expenses. In the event the Indemnitee is determined not entitled
to indemnification, the Company shall give, or cause to be given to, the Indemnitee written notice thereof specifying the reason
therefor, including any determination of fact or conclusion of law relied upon in reaching such determination.

 

(b)              
In the event that a determination is made pursuant to Section 1(f) hereof that the Indemnitee is not entitled to indemnification
of Losses or advance of Expenses under this Agreement, the Indemnitee shall be entitled to an adjudication of such indemnification
of Losses or advancement of Expenses by an arbitral tribunal appointed in accordance with Section 15 hereof.

 

(c)               
In the event that a determination is made pursuant to Section 1(f) hereof that the Indemnitee is not entitled to indemnification
of Losses or advance of Expenses under this Agreement, any arbitration commenced pursuant to this Agreement shall not be prejudiced
by reason of that adverse determination. In any arbitral proceeding commenced pursuant to this Agreement, the Company shall have
the burden of proving that the Indemnitee is not entitled to indemnification of Losses or advance of Expenses under this Agreement,
as the case may be. If the Indemnitee commences an arbitral proceeding pursuant to this Agreement, the Indemnitee shall not be
required to reimburse the Company for any advances pursuant to Section 1(f) unless and until a final and non-appealable award
or judgment of a competent arbitral tribunal is rendered that the Indemnitee is not entitled to indemnification.

 

    4 

     

    

 

(d)              
In the event that the Indemnitee, pursuant to this Agreement, seeks an arbitral adjudication to enforce his rights under,
or to recover damages for breach of, this Agreement, the Indemnitee shall be entitled to recover from the Company, and shall be
indemnified by the Company against, any and all Expenses actually and reasonably incurred by him in such arbitral adjudication;
provided, however, that if the arbitral tribunal confirms the decision that the Indemnitee is not entitled to recover from
the Company, then the Expenses incurred by the Indemnitee in connection with the arbitral adjudication shall be borne by the Indemnitee.
If it shall be determined in such arbitral adjudication that Indemnitee is entitled to receive part but not all of the indemnification
of Losses or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such arbitral adjudication shall
be appropriately prorated.

 

5.                 
SUBROGATION; DUPLICATION OF PAYMENTS

 

(a)               
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all documents required and shall do everything that may be necessary to secure
such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such
rights; provided, however, that such subrogation shall be subject to the Company executing an instrument in writing satisfactory
to the Indemnitee in his discretion under which the Company agrees to fully indemnify, defend and hold harmless the Indemnitee
from any Expense or other liability that may arise therein or therefrom.

 

(b)              
The Company shall not be liable under this Agreement to make any payment in connection with any claim made against Indemnitee
to the extent Indemnitee has actually received payment (under any insurance policy, the Regulations or otherwise) of the amounts
otherwise payable hereunder without any reservation of rights or other claim for potential disgorgement thereof, as determined
by the Indemnitee in good faith.

 

6.                 
DEFENSE OF CLAIMS; NOTICE

 

(a)       The
Company shall be entitled to participate in the defense of any threatened or pending action, suit, proceeding or claim in respect
of which the Indemnitee requests indemnification hereunder or to assume the defense thereof, with counsel reasonably satisfactory
to the Indemnitee; provided, however, that if the Indemnitee believes, after consultation with counsel selected by the Indemnitee,
that (i) the use of counsel chosen by the Company to represent the Indemnitee would present such counsel with an actual or potential
conflict, (ii) the named parties in any such action, suit, proceeding or claim (including any impleaded parties) include both the
Company and the Indemnitee and the Indemnitee shall conclude that there may be one or more legal defenses available to him that
are different from or in addition to those available to the Company, (iii) any such representation by such counsel would be precluded
under the applicable standards of professional conduct then prevailing or (iv) any such representation could be reasonably expected
to increase Indemnitee's risk of liability, then the Indemnitee shall be entitled to retain separate counsel (but not more than
one law firm plus, if applicable, local counsel in respect of any particular action, suit, proceeding or claim) at the Company’s
expense. The Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any threatened or
pending action, suit, proceeding or claim to which the Indemnitee is, or could have been, a party unless such settlement solely
involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on any claims
that are the subject matter of such action, suit, proceeding or claim. The Indemnitee shall not unreasonably withhold its consent
to any proposed settlement; provided that the Indemnitee may withhold consent to any settlement that does not provide a
complete and unconditional release of the Indemnitee. Indemnitee shall not make any admission or effect any settlement without
the Company’s written consent unless Indemnitee shall have determined to undertake his/her own defense in such matter and
has waived the benefits of this Agreement.

 

    5 

     

    

 

(b)        Indemnitee
shall provide to the Company prompt written notice of any proceeding brought, threatened, asserted or commenced against Indemnitee
with respect to which Indemnitee may assert a right to indemnification hereunder; provided that failure to provide such notice
shall not, in any way, limit Indemnitee’s rights under this Agreement

 

7.                 
LIABILITY INSURANCE

 

For the duration of
the Indemnitee’s service as a director of the Company, and thereafter for so long as the Indemnitee shall be subject to any
pending or possible action, suit, proceeding or claim of the type described in Section 1 hereof, the Company shall cause to be
maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or
officers of the Company that is at least substantially comparable in scope and amount to that provided by the Company’s current
policies of directors’ and officers’ liability insurance. The Company shall provide, upon request, the Indemnitee with
a copy of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements
and other related materials, and shall provide the Indemnitee with a reasonable opportunity to review and comment on the same.
In all policies of directors’ and officers’ liability insurance obtained by the Company, the Indemnitee shall be named
as an insured in such a manner as to provide the Indemnitee the same rights and benefits, subject to the same limitations, as are
accorded to the Company’s directors and officers most favorably insured by such policy.

 

8.                 
MERGER OR OTHER FORM OF COMBINATION OR CONSOLIDATION

 

In the event that the
Company shall be a constituent corporation in a consolidation, combination, merger, or other reorganization, the Company, if it
shall not be the surviving, resulting, or acquiring corporation therein, shall procure that the surviving, resulting, or acquiring
corporation agree to assume all of the obligations of the Company hereunder and to indemnify the Indemnitee to the full extent
provided herein. Whether or not the Company is the resulting, surviving, or acquiring corporation in any such transaction, the
Indemnitee shall stand in the same position under this Agreement with respect to the resulting, surviving, or acquiring corporation
as he would have with respect to the Company if its separate existence had continued.

 

    6 

     

    

 

9.                 
DURATION 

 

This Agreement shall continue for so long
as the Indemnitee may have any liability or potential liability by virtue of serving as a director of the Company, including, without
limitation, the final termination of all pending actions, suits, proceedings or claims in respect of which the Indemnitee is granted
rights of indemnification or advance of Expenses pursuant to this Agreement and of any action, suit, proceeding or claim commenced
by the Indemnitee pursuant to this Agreement relating thereto and shall continue regardless of any change in the corporate status
of the Indemnitee.

 

10.             
SEVERABILITY

 

If any provision of
this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise
illegal, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected,
and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the extent)
necessary to make it enforceable, valid and legal.

 

11.             
NON-TRANSFERABILITY; SUCCESSORS

 

Except as provided
in Section 5 hereof, the rights to indemnification provided by this Agreement are personal to Indemnitee and are non-transferable
by Indemnitee, and no party other than the Indemnitee is entitled to indemnification under this Agreement.

 

12.             
SECURITY

 

To ensure that the
Company’s obligations pursuant to this Agreement can be enforced by Indemnitee, the Company may, at its option, establish
a trust or similar scheme pursuant to which the Company’s obligations pursuant to this Agreement and other similar agreements
can be funded.

 

    7 

     

    

 

13.             
NOTICES

 

All notices and other
communications hereunder shall be in writing and shall be personally delivered or sent by recognized overnight courier service
(a) if to the Company, to the then-current principal executive offices of the Company (Attention: General Counsel) or (b) if to
the Indemnitee, to the last known address of Indemnitee as reflected in the Company’s records. Either party may change its
address for the delivery of notices or other communications hereunder by providing notice to the other party as provided in this
Section 14. All notices shall be effective upon actual delivery by the methods specified in this Section 14.

 

14.             
GOVERNING LAW

 

This Agreement shall
be governed by and construed in accordance with the laws of the Switzerland.

 

15.             
ARBITRATION

 

Any dispute, controversy or claim arising
out of, in connection with or relating to this Agreement, or the breach thereof, shall be settled, to the exclusion of the ordinary
courts, by arbitration administered by the Swiss Chamber of Commerce in accordance with the Swiss Rules of International Arbitration
in force on the date when the notice of arbitration is submitted in accordance with the aforementioned Rules. The number of arbitrators
shall be three. The seat of the arbitration shall be Geneva. The arbitral proceedings shall be conducted in the English language.

 

16.             
MODIFICATION

 

This Agreement and
the rights and duties of the Indemnitee and the Company hereunder may be modified only by an instrument in writing signed by both
parties hereto.

 

17.             
COUNTERPARTS

 

This Agreement may
be executed in any number of counterparts and each of such counterparts will for all purposes be deemed to be an original, and
all counterparts together will constitute but one and the same instrument.

 

[Signature Page Follows]

 

    8 

     

    

 

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

 

	WISeKey International Holding AG	 
	 	 
	By: ____________________________	By: ____________________________
	 	 
	Name: __________________________	Name: __________________________
	 	 
	Title: ___________________________	Title: ___________________________
	 	 
	______________________________	 
	[Signature of Indemnitee]	 

 

 

9

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