Document:

Exhibit 10.11

 

AgileThought, Inc. Indemnification
Agreement

 

This
Indemnification Agreement (the “Agreement”) is made and entered into as of ______________, between AgileThought,
Inc. (the “Company”), and ___________ (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly competent
persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they are provided with
adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board of Directors
of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals to serve on
its Board, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving
the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread
practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions
and trends, such insurance may not be available to it on terms that the Company considers to be commercially reasonable or, if available
to it on commercially reasonable terms during some period of time, may be available to it in the future only at higher premiums and with
more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have
been brought only against the Company or business enterprise itself. The Bylaws and Certificate of Incorporation of the Company, as amended
from time to time (the “Certificate”), require indemnification of the executive officers and directors of the Company
and permit indemnification of other officers and certain other persons. Indemnitee may also be entitled to indemnification pursuant to
the General Corporation Law of the State of Delaware (“DGCL”). The DGCL expressly provides that the indemnification
provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members
of the board of directors, officers and other persons with respect to indemnification;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's stockholders,
and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that
they will not be so indemnified;

 

WHEREAS, this Agreement is
a supplement to and in furtherance of the Company’s Bylaws and Certificate and any resolutions adopted pursuant thereto, and shall
not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

     

     

    

 

WHEREAS, Indemnitee does not
regard the protection available under the Company’s Bylaws and Certificate and insurance, if any, as adequate in the present circumstances,
and may not be willing to serve as an officer or a director without adequate protection, and the Company desires Indemnitee to serve in
such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on
the condition that he or she be so indemnified; and

 

[WHEREAS, Indemnitee has certain
rights to indemnification and/or insurance provided by ___________ or its affiliates (collectively, the “Fund”) which
Indemnitee and the Fund intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with
the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve
on the Board.][include for directors affiliated with VC/equity fund investors]

 

WHEREAS, this Agreement supersedes
and replaces in its entirety any previous indemnification agreement entered into between the Company and the Indemnitee.

 

NOW, THEREFORE, in consideration
of Indemnitee’s agreement to serve as an officer or a director after the date hereof, the parties hereto agree as follows:

 

1. Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such
may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

 

(a) Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in
this Section 1(a) if, by reason of his or her Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened to
be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company.
Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection with such
Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to
believe the Indemnitee’s conduct was unlawful.

 

(b) Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b)
if, by reason of his or her Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding
brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided,
however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter
in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court
of Chancery of the State of Delaware shall determine that such indemnification may be made.

 

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(c) Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding,
he or she shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses
actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her
behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

 

(d) [If the Fund is threatened
to be made, a party to or a participant in any Proceeding relating to or arising by reason of the Fund's position as a stockholder of,
or lender to, the Company, or the Fund's appointment of or affiliation with Indemnitee or any other director with respect to any claim
for which a director would otherwise be entitled to indemnification hereunder, then the Fund will be entitled to indemnification hereunder
for Expenses to the same extent as Indemnitee, and the terms of this Agreement as they relate to procedures for indemnification of Indemnitee
and advancement of Expenses shall apply to any such indemnification of the Fund.

 

(e) The
rights provided to the Fund under this Section 1(d) shall (i) be suspended during any period during which the Fund does not have a representative
on the Board and (ii) terminate on an initial public offering of the Company’s Common Stock; provided, however, that in the event
of any such suspension or termination, the Fund’s rights to indemnification will not be suspended or terminated with respect to
any Proceeding based in whole or in part on facts and circumstances occurring at any time prior to such suspension or termination regardless
of whether the Proceeding arises before or after such suspension or termination. The Company and Indemnitee agree that the Fund is an
express third party beneficiary of the terms of this Section 1(d).] [include for directors affiliated with VC/equity fund investors]

 

2. Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this
Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines
and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf if, by reason of his or her Corporate
Status, he or she is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right
of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.
The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not
be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set
forth in Sections 6 and 7 hereof) to be unlawful.

 

3. Contribution.

 

(a) Whether
or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without
requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have
against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final
release of all claims asserted against Indemnitee.

 

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(b) Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall
elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute
to the amount of expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees
of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action, suit or proceeding arose; provided,
however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted
by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are
jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other
hand, in connection with the transaction or events that resulted in such expenses, judgments, fines or settlement amounts, as well as
any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all officers,
directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the
degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary
or secondary and the degree to which their conduct is active or passive.

 

(c) The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers,
directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d) To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim
relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or
transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees
and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

4. Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his
or her Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not
a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in
connection therewith.

 

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5. Advancement
of Expenses. Notwithstanding any other provision of this Agreement (other than the final sentence of this Section 5 and Section 9
hereof), the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of
Indemnitee’s Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee
requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement
or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written
undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled
to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and
interest free. This Section 5 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9.

 

6. Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is
entitled to indemnification under this Agreement:

 

(a) To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to
provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability
that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

 

(b) Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect
to Indemnitee’s entitlement thereto shall be made in the specific case:

 

(1)
by one of the following four methods, which shall be at the election of the Board, unless a Change in Control has occurred:

 

(i) by a majority
vote of the Disinterested Directors, even though less than a quorum;

 

(ii) by a committee
of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum;

 

(iii) if there are
no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy
of which will be delivered to the Indemnitee; or

 

(iv) if so directed
by the Board, by the stockholders of the Company; or

 

(2) if a Change in Control
has occurred, by Independent Counsel in a written opinion to the Board, a copy of which will be delivered to the Indemnitee.

 

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(c) If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent
Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by the Board. Indemnitee
may, within 10 days after such written notice of selection shall have been given, deliver to the Company, as the case may be, a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so
selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement,
and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit.
If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no
Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery
of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee
to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the
court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the
person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any and all reasonable fees
and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof,
and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner
in which such Independent Counsel was selected or appointed.

 

(d) In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its
directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that
indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination
by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall
be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e) Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in
the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to
the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.
In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not
be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions
of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and
in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

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(f) If
the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i)
a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if
the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional
time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the foregoing provisions of
this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant
to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination,
the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration
at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B)
a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination,
such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.

 

(g) Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons 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 Indemnitee and reasonably necessary to such determination.
Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination
regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’
fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be
borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby
indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h) The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,
delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved
in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise
in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion
by clear and convincing evidence.

 

(i) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the
right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that his or her conduct was unlawful.

 

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7. Remedies
of Indemnitee.

 

(a) In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination
of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within 90 days after receipt by the Company
of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 1(c), 4 or the last sentence of Section
6(g) of this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment of indemnification
is not made pursuant to Sections 1(a), 1(b) and 2 of this Agreement within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee
shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction,
of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within 180
days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The
Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b) In
the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo
trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c) If
a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not
materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable
law.

 

(d) In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his or her rights under, or to recover
damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained
by the Company, the Company shall pay on his or her behalf, in advance, any and all expenses (of the types described in the definition
of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him or her in such judicial adjudication, regardless
of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e) The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and
presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound
by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee,
shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law,
such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification
or advance of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained
by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses
or insurance recovery, as the case may be.

 

(f) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required
to be made prior to the final disposition of the Proceeding.

 

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8. Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a) The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any
time be entitled under applicable law, the Certificate, the Bylaws, any agreement, a vote of stockholders, a resolution of directors of
the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any
right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior
to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater
indemnification than would be afforded currently under the Certificate, Bylaws and this Agreement, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under
such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable actions
to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the
terms of such policies.

 

(c) The
Company hereby acknowledges that Indemnitee has or may in the future have certain rights to indemnification, advancement of expenses and/or
insurance provided by other entities or organizations [(including the Fund)] (collectively, the “Secondary Indemnitors”).
The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation
of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee
are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the
full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required
by the terms of this Agreement and the Certificate or Bylaws of the Company (or any other agreement between the Company and Indemnitee),
without regard to any rights Indemnitee may have against the Secondary Indemnitors, and, (iii) that it irrevocably waives, relinquishes
and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution, subrogation or any
other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Secondary Indemnitors
on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing
and the Secondary Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to
all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Secondary Indemnitors are express
third party beneficiaries of the terms of this Section 8(c). [include bracketed language if there is a specific fund to be named]

 

    9

     

    

 

(d) Except
as provided in paragraph (c) above, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of Indemnitee (other than against the Secondary Indemnitors), who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company
to bring suit to enforce such rights.

 

(e) Except
as provided in paragraph (c) above, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement
or otherwise.

 

(f) Except
as provided in paragraph (c) above, the Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9. Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement
to make any indemnity in connection with any claim made against Indemnitee:

 

(a) for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall
not affect the rights of Indemnitee or the Secondary Indemnitors set forth in Section 8(c) above; or

 

(b) for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Exchange Act, or similar provisions of state statutory law or common law;

 

(c) in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion,
pursuant to the powers vested in the Company under applicable law;

 

(d) with respect to remuneration
paid to Indemnitee if it is determined by final judgment or other final adjudication that such remuneration was in violation of law (and,
in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification
for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for
indemnification should be submitted to appropriate courts for adjudication, as indicated in the last paragraph of this Section 9);

 

    10

     

    

 

(e)  a
final judgment or other final adjudication is made that Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately
dishonest or constituted willful misconduct (but only to the extent of such specific determination);

 

(f)  for
any reimbursement of the Company by Indemnitee (or any recovery by the Company from Indemnity) of (i) any bonus or other incentive-based
or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each
case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section
304 of the Sarbanes-Oxley Act or Section 954 of the Dodd-Frank Act, or the payment to the Company of profits arising from the purchase
and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act)), or (ii) any compensation pursuant to any
compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited
to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; or

 

(g)  on
account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company
or resulting in any personal profit or advantage to which Indemnitee is not legally entitled.

 

For purposes of this Section
9, a final judgment or other adjudication may be reached in either the underlying proceeding or action in connection with which indemnification
is sought or a separate proceeding or action to establish rights and liabilities under this Agreement.

 

Any provision herein to the
contrary notwithstanding, the Company will not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise
act in violation of any undertaking appearing in and required by the rules and regulations promulgated under the Securities Act, or in
any registration statement filed with the SEC under the Securities Act. Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation
S-K promulgated under the Securities Act currently generally requires the Company to undertake, in connection with any registration statement
filed under the Securities Act, to submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection
with any liability under the Securities Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any
final adjudication of such issue. Indemnitee specifically agrees that any such undertaking will supersede the provisions of this Agreement
and to be bound by any such undertaking.

 

10. Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer
or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding
(or any proceeding commenced under Section 7 hereof) by reason of his or her Corporate Status, whether or not he or she is acting
or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this
Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of
the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

11. Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to
Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

    11

     

    

 

12. Enforcement.

 

(a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order
to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as an officer or director of the Company.

 

(b) This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c)The Company shall not
seek from a court, or agree to, a "bar order" which would have the effect of prohibiting or limiting the Indemnitee's rights
to receive advancement of expenses which Indemnitee is entitled to receive under Section 5 of this Agreement.

 

13. Definitions.
For purposes of this Agreement:

 

(a)  “Beneficial
Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner will
exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company
with another entity.

 

(b)
 “Change in Control” means the earliest to occur after the date of
this Agreement of any of the following events:

 

(i) Acquisition
of Stock by Third Party. Any Person is or becomes the Beneficial Owner (as defined above), directly or indirectly, of securities of
the Company representing twenty five percent (25%) or more of the combined voting power of the Company's then outstanding securities unless
the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate
number of outstanding shares of securities entitled to vote generally in the election of directors;

 

(ii) Change
in Board. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals
who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered
into an agreement with the Company to effect a transaction described in clause (i), (iii) or (iv) of this definition of Change in Control)
whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of
the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election
was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

    12

     

    

 

(iii) Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the
combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and
with the power to elect at least a majority of the Board or other governing body of such surviving entity;

 

(iv) Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by
the Company of all or substantially all of the Company's assets; and

 

(v) Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not
the Company is then subject to such reporting requirement.

 

(c)
 “Corporate Status” describes the status of
a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

 

(d)  
“Disinterested Director” means a non-executive director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee.

 

(e)  “Dodd-Frank
Act” means the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

 

(g) “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee
is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

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

 

(i) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses
of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating,
or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding.
Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local
or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including
without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its
equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

 

    13

     

    

 

(j) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

 

(k)  “Person”
for purposes of the definition of Beneficial Owner and Change in Control set forth above, will have the meaning as set forth in Sections
13(d) and 14(d) of the Exchange Act; provided, however, that Person will exclude (i) the Company, (ii) any trustee or other fiduciary
holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(l) “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise
and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise,
by reason of such Indemnitee’s Corporate Status, by reason of any action taken by such Indemnitee or of any inaction on such Indemnitee’s
part while acting in such Indemnitee’s Corporate Status, or by reason of the fact that he or she is or was serving at the request
of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other
Enterprise; in each case whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred
for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding
one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his or her rights under this Agreement.

 

(m)  “Sarbanes-Oxley
Act” will mean the Sarbanes-Oxley Act of 2002, as amended.

 

(n)  “SEC”
will mean the Securities and Exchange Commission.

 

(o)  “Securities
Act” will mean the Securities Act of 1933, as amended.

 

14. Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Further, the invalidity or unenforceability of any provision hereof as to [either] Indemnitee [or the Fund] shall in no way affect the
validity or enforceability of any provision hereof as to the other. Without limiting the generality of the foregoing, this Agreement is
intended to confer upon Indemnitee [and the Fund] indemnification rights to the fullest extent permitted by applicable laws. In the event
any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent,
to the extent necessary to resolve such conflict. [include
bracketed provisions for directors affiliated with VC/equity fund investors]

 

    14

     

    

 

15. Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by
both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16. Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to
indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have
to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

 

17. Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal
business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent:

 

		(a)	To
Indemnitee at the address on the books and records of the Company.

 

		(b)	To the Company at:

 

222 W. Las Colinas Blvd.

Suite 1650E

Irving, Texas 75039

Attention: Chief Legal Officer

 

or to such other address as
may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable
law) or other transmission method and in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument and be deemed to have been duly and validly delivered and be valid and effective for all
purposes.

 

19. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

 

20. Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall
be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or
federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction
of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection
to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

SIGNATURE PAGE TO FOLLOW

 

    15

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Indemnification Agreement on and as of the day and year first above written.

 

	AgileThought, Inc.	 
	 	 	 	 
	By:		 	 
	 	Name:	Manuel Senderos	 
	 	Title:	Chief Executive Officer	 
	 	 	 	 
	INDEMNITEE	 
	 	 
			 	 
	Name:	 	 	 
	Title:	 	 	 

 

 

16Exhibit 10.12

 

AgileThought,
Inc.

2021
Equity Incentive Plan

 

Adopted
by the Board of Directors: August 18, 2021

Approved by the Stockholders: August 18, 2021

 

1. General.

 

(a) Plan
Purpose. The Company, by means of the Plan, seeks to secure and retain the services of Employees, Directors and Consultants, to provide
incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and to provide a means by which
such persons may be given an opportunity to benefit from increases in value of the Common Stock through the granting of Awards.

 

(b) Available
Awards. The Plan provides for the grant of the following Awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options;
(iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards.

 

(c) Adoption
Date; Effective Date.  The Plan will come into existence on the Adoption Date, but no Award may be granted prior to the Effective
Date.

 

2. Shares
Subject to the Plan.

 

(a) Share
Reserve. Subject to adjustment in accordance with Section 2(c) and any adjustments as necessary to implement any Capitalization Adjustments,
the aggregate number of shares of Common Stock that may be issued pursuant to Awards will not exceed 5,283,216 shares of Common Stock
(equal to ten percent (10%) of the sum of (i) the number of shares of Common Stock outstanding as of the consummation of the transactions
contemplated by the Merger Agreement and (ii) the number of shares of Common Stock underlying securities convertible into Common
Stock). In addition, subject to any adjustments as necessary to implement any Capitalization Adjustments, such aggregate number of shares
of Common Stock will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending
on (and including) January 1, 2031, in an amount equal to five percent (5%) of the total number of shares of the Company’s Capital
Stock outstanding on December 31 of the preceding year; provided, however that the Board may act prior to January 1st
of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock.

 

(b) Aggregate
Incentive Stock Option Limit. Notwithstanding anything to the contrary in Section 2(a) and subject to any adjustments as necessary
to implement any Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the
exercise of Incentive Stock Options is 15,849,648 shares (equal to three hundred percent (300%) of the total number of shares of Common
Stock initially reserved for issuance under Section 2(a)).

 

     

     

    

 

(c) Share
Reserve Operation.

 

(i) Limit
Applies to Common Stock Issued Pursuant to Awards. For clarity, the Share Reserve is a limit on the number of shares of Common Stock
that may be issued pursuant to Awards and does not limit the granting of Awards, except that the Company will keep available at all times
the number of shares of Common Stock reasonably required to satisfy its obligations to issue shares pursuant to such Awards. Shares may
be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq Listing Rule 5635(c), NYSE Listed Company
Manual Section 303A.08, NYSE American Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number
of shares available for issuance under the Plan.

 

(ii) Actions
that Do Not Constitute Issuance of Common Stock and Do Not Reduce Share Reserve. The following actions do not result in an issuance
of shares under the Plan and accordingly do not reduce the number of shares subject to the Share Reserve and available for issuance under
the Plan: (1) the expiration or termination of any portion of an Award without the shares covered by such portion of the Award having
been issued; (2) the settlement of any portion of an Award in cash (i.e., the Participant receives cash rather than Common Stock);
(3) the withholding of shares that would otherwise be issued by the Company to satisfy the exercise, strike or purchase price of an Award;
or (4) the withholding of shares that would otherwise be issued by the Company to satisfy a tax withholding obligation in connection with
an Award.

 

(iii) Reversion
of Previously Issued Shares of Common Stock to Share Reserve. The following shares of Common Stock previously issued pursuant to an
Award and accordingly initially deducted from the Share Reserve will be added back to the Share Reserve and again become available for
issuance under the Plan: (1) any shares that are forfeited back to or repurchased by the Company because of a failure to meet a contingency
or condition required for the vesting of such shares, (2) any shares that are reacquired by the Company to satisfy the exercise, strike
or purchase price of an Award, and (3) any shares that are reacquired by the Company to satisfy a tax withholding obligation in connection
with an Award..

 

3. Eligibility
and Limitations.

 

(a) Eligible
Award Recipients. Subject to the terms of the Plan, Employees, Directors and Consultants are eligible to receive Awards.

 

(b) Specific
Award Limitations.

 

(i) Limitations
on Incentive Stock Option Recipients. Incentive Stock Options may be granted only to Employees of the Company or a “parent corporation”
or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the Code).

 

(ii) Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock
with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all
plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with
the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they
were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision
of the applicable Option Agreement(s).

 

    2

     

    

 

(iii) Limitations
on Incentive Stock Options Granted to Ten Percent Stockholders. A Ten Percent Stockholder may not be granted an Incentive Stock Option
unless (1) the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant of such Option and (2) the
Option is not exercisable after the expiration of five years from the date of grant of such Option.

 

(iv) Limitations
on Nonstatutory Stock Options and SARs. Nonstatutory Stock Options and SARs may not be granted to Employees, Directors and Consultants
unless the stock underlying such Awards is treated as “service recipient stock” under Section 409A or unless such Awards
otherwise comply with the requirements of Section 409A.

 

(c) Aggregate
Incentive Stock Option Limit. The aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of
Incentive Stock Options is the number of shares specified in Section 2(b).

 

(d) Non-Employee
Director Compensation Limit.  The aggregate value of all compensation granted or paid, as applicable, to any individual for service
as a Non-Employee Director with respect to any period commencing on the date of the Company’s Annual Meeting of Stockholders for
a particular year and ending on the day immediately prior to the date of the Company’s Annual Meeting of Stockholders for the next
subsequent year (the “Annual Period”), including Awards granted and cash fees paid by the Company to such Non-Employee
Director, will not exceed (1) $1,000,000 in total value or (2) in the event such Non-Employee Director is first appointed or elected
to the Board during such Annual Period, $1,000,000 in total value, in each case, calculating the value of any equity awards based on the
grant date fair value of such equity awards for financial reporting purposes. The limitations in this Section 3(d) shall apply commencing
with the Annual Period that begins on the Company’s first Annual Meeting of Stockholders following the Effective Date.

 

4. Options
and Stock Appreciation Rights.

 

Each Option and SAR will have
such terms and conditions as determined by the Board. Each Option will be designated in writing as an Incentive Stock Option or Nonstatutory
Stock Option at the time of grant; provided, however, that if an Option is not so designated or if an Option designated as an Incentive
Stock Option fails to qualify as an Incentive Stock Option, then such Option will be a Nonstatutory Stock Option, and the shares purchased
upon exercise of each type of Option will be separately accounted for. Each SAR will be denominated in shares of Common Stock equivalents.
The terms and conditions of separate Options and SARs need not be identical; provided, however, that each Option Agreement and SAR Agreement
will conform (through incorporation of provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of
the following provisions:

 

(a) Term.
Subject to Section 3(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten years from
the date of grant of such Award or such shorter period specified in the Award Agreement.

 

    3 

     

    

 

(b) Exercise
or Strike Price. Subject to Section 3(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will
not be less than 100% of the Fair Market Value on the date of grant of such Award. Notwithstanding the foregoing, an Option or SAR may
be granted with an exercise or strike price lower than 100% of the Fair Market Value on the date of grant of such Award if such Award
is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction
and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the Code.

 

(c) Exercise
Procedure and Payment of Exercise Price for Options. In order to exercise an Option, the Participant must provide notice of exercise
to the Plan Administrator in accordance with the procedures specified in the Option Agreement or otherwise provided by the Company. The
Board has the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability
to use certain methods) and to grant Options that require the consent of the Company to utilize a particular method of payment. The exercise
price of an Option may be paid, to the extent permitted by Applicable Law and as determined by the Board, by one or more of the following
methods of payment to the extent set forth in the Option Agreement:

 

(i) by
cash or check, bank draft or money order payable to the Company;

 

(ii) pursuant
to a “cashless exercise” program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the
issuance of the Common Stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of
irrevocable instructions to pay the exercise price to the Company from the sales proceeds;

 

(iii) by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock that are already owned by the Participant
free and clear of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date of exercise that does not
exceed the exercise price, provided that (1) at the time of exercise the Common Stock is publicly traded, (2) any remaining balance of
the exercise price not satisfied by such delivery is paid by the Participant in cash or other permitted form of payment, (3) such delivery
would not violate any Applicable Law or agreement restricting the redemption of the Common Stock, (4) any certificated shares are endorsed
or accompanied by an executed assignment separate from certificate, and (5) such shares have been held by the Participant for any minimum
period necessary to avoid adverse accounting treatment as a result of such delivery;

 

(iv) if
the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number
of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value on the date of exercise
that does not exceed the exercise price, provided that (1) such shares used to pay the exercise price will not be exercisable thereafter
and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid by the Participant in cash or other permitted
form of payment; or

 

    4 

     

    

 

(v) in
any other form of consideration that may be acceptable to the Board and permissible under Applicable Law.

 

(d) Exercise
Procedure and Payment of Appreciation Distribution for SARs. In order to exercise any SAR, the Participant must provide notice of
exercise to the Plan Administrator in accordance with the SAR Agreement. The appreciation distribution payable to a Participant upon the
exercise of a SAR will not be greater than an amount equal to the excess of (i) the aggregate Fair Market Value on the date of exercise
of a number of shares of Common Stock equal to the number of Common Stock equivalents that are vested and being exercised under such SAR,
over (ii) the strike price of such SAR. Such appreciation distribution may be paid to the Participant in the form of Common Stock or cash
(or any combination of Common Stock and cash) or in any other form of payment, as determined by the Board and specified in the SAR Agreement.

 

(e) Transferability.
Options and SARs may not be transferred to third party financial institutions for value. The Board may impose such additional limitations
on the transferability of an Option or SAR as it determines. In the absence of any such determination by the Board, the following restrictions
on the transferability of Options and SARs will apply, provided that except as explicitly provided herein, neither an Option nor a SAR
may be transferred for consideration and provided, further, that if an Option is an Incentive Stock Option, such Option may be
deemed to be a Nonstatutory Stock Option as a result of such transfer:

 

(i) Restrictions
on Transfer. An Option or SAR will not be transferable, except by will or by the laws of descent and distribution, and will be exercisable
during the lifetime of the Participant only by the Participant; provided, however, that the Board may permit transfer of an Option or
SAR in a manner that is not prohibited by applicable tax and securities laws upon the Participant’s request, including to a trust
if the Participant is considered to be the sole beneficial owner of such trust (as determined under Section 671 of the Code and applicable
state law) while such Option or SAR is held in such trust, provided that the Participant and the trustee enter into a transfer and other
agreements required by the Company.

 

(ii) Domestic
Relations Orders. Notwithstanding the foregoing, subject to the execution of transfer documentation in a format acceptable to the
Company and subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to a domestic
relations order.

 

(f) Vesting.
The Board may impose such restrictions on or conditions to the vesting and/or exercisability of an Option or SAR as determined by the
Board. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate,
vesting of Options and SARs will cease upon termination of the Participant’s Continuous Service.

 

    5 

     

    

 

(g) Termination
of Continuous Service for Cause. Except as explicitly otherwise provided in the Award Agreement or other written agreement between
a Participant and the Company or an Affiliate, if a Participant’s Continuous Service is terminated for Cause, the Participant’s
Options and SARs will terminate and be forfeited immediately upon such termination of Continuous Service, and the Participant will be
prohibited from exercising any portion (including any vested portion) of such Awards on and after the date of such termination of Continuous
Service and the Participant will have no further right, title or interest in such forfeited Award, the shares of Common Stock subject
to the forfeited Award, or any consideration in respect of the forfeited Award.

 

(h) Post-Termination
Exercise Period Following Termination of Continuous Service for Reasons Other than Cause. Subject to Section 4(i), if a Participant’s
Continuous Service terminates for any reason other than for Cause, the Participant may exercise his or her Option or SAR to the extent
vested, but only within the following period of time or, if applicable, such other period of time provided in the Award Agreement or other
written agreement between a Participant and the Company or an Affiliate; provided, however, that in no event may such Award be exercised
after the expiration of its maximum term (as set forth in Section 4(a)):

 

(i) three
months following the date of such termination if such termination is a termination without Cause (other than any termination due to the
Participant’s Disability or death);

 

(ii) 12
months following the date of such termination if such termination is due to the Participant’s Disability;

 

(iii) 18
months following the date of such termination if such termination is due to the Participant’s death; or

 

(iv) 18
months following the date of the Participant’s death if such death occurs following the date of such termination but during the
period such Award is otherwise exercisable (as provided in (i) or (ii) above).

 

Following the date of such termination,
to the extent the Participant does not exercise such Award within the applicable Post-Termination Exercise Period (or, if earlier, prior
to the expiration of the maximum term of such Award), such unexercised portion of the Award will terminate, and the Participant will have
no further right, title or interest in the terminated Award, the shares of Common Stock subject to the terminated Award, or any consideration
in respect of the terminated Award.

 

(i) Restrictions
on Exercise; Extension of Exercisability. A Participant may not exercise an Option or SAR at any time that the issuance of shares
of Common Stock upon such exercise would violate Applicable Law. Except as otherwise provided in the Award Agreement or other written
agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates for any reason
other than for Cause and, at any time during the last thirty days of the applicable Post-Termination Exercise Period: (i) the exercise
of the Participant’s Option or SAR would be prohibited solely because the issuance of shares of Common Stock upon such exercise
would violate Applicable Law, or (ii) the immediate sale of any shares of Common Stock issued upon such exercise would violate the Company’s
Trading Policy, then the applicable Post-Termination Exercise Period will be extended to the last day of the calendar month that commences
following the date the Award would otherwise expire, with an additional extension of the exercise period to the last day of the next calendar
month to apply if any of the foregoing restrictions apply at any time during such extended exercise period, generally without limitation
as to the maximum permitted number of extensions); provided, however, that in no event may such Award be exercised after the expiration
of its maximum term (as set forth in Section 4(a)).

 

    6 

     

    

 

(j) Non-Exempt
Employees. No Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee for purposes of the Fair Labor
Standards Act of 1938, as amended, will be first exercisable for any shares of Common Stock until at least six months following the date
of grant of such Award. Notwithstanding the foregoing, in accordance with the provisions of the Worker Economic Opportunity Act, any vested
portion of such Award may be exercised earlier than six months following the date of grant of such Award in the event of (i) such Participant’s
death or Disability, (ii) a Corporate Transaction in which such Award is not assumed, continued or substituted, (iii) a Change in Control,
or (iv) such Participant’s retirement (as such term may be defined in the Award Agreement or another applicable agreement or, in
the absence of any such definition, in accordance with the Company’s then current employment policies and guidelines). This Section
4(j) is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option
or SAR will be exempt from his or her regular rate of pay.

 

(k) Whole
Shares. Options and SARs may be exercised only with respect to whole shares of Common Stock or their equivalents.

 

5. Awards
Other Than Options and Stock Appreciation Rights.

 

(a) Restricted
Stock Awards and RSU Awards. Each Restricted Stock Award and RSU Award will have such terms and conditions as determined by the Board;
provided, however, that each Restricted Stock Award Agreement and RSU Award Agreement will conform (through incorporation of the provisions
hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

 

(i) Form
of Award.

 

(1) Restricted
Stock Awards: To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of Common Stock subject
to a Restricted Stock Award may be (A) held in book entry form subject to the Company’s instructions until such shares become vested
or any other restrictions lapse, or (B) evidenced by a certificate, which certificate will be held in such form and manner as determined
by the Board. Unless otherwise determined by the Board, a Participant will have voting and other rights as a stockholder of the Company
with respect to any shares subject to a Restricted Stock Award.

 

(2) RSU
Awards: An RSU Award represents a Participant’s right to be issued on a future date the number of shares of Common Stock that is
equal to the number of restricted stock units subject to the RSU Award. As a holder of an RSU Award, a Participant is an unsecured creditor
of the Company with respect to the Company's unfunded obligation, if any, to issue shares of Common Stock in settlement of such Award
and nothing contained in the Plan or any RSU Agreement, and no action taken pursuant to its provisions, will create or be construed to
create a trust of any kind or a fiduciary relationship between a Participant and the Company or an Affiliate or any other person. A Participant
will not have voting or any other rights as a stockholder of the Company with respect to any RSU Award (unless and until shares are actually
issued in settlement of a vested RSU Award).

 

    7 

     

    

 

(ii) Consideration.

 

(1) Restricted
Stock Awards: A Restricted Stock Award may be granted in consideration for (A) cash or check, bank draft or money order payable to the
Company, (B) past services to the Company or an Affiliate, or (C) any other form of consideration (including future services) as the Board
may determine and permissible under Applicable Law.

 

(2) RSU
Awards: Unless otherwise determined by the Board at the time of grant, an RSU Award will be granted in consideration for the Participant’s
services to the Company or an Affiliate, such that the Participant will not be required to make any payment to the Company (other than
such services) with respect to the grant or vesting of the RSU Award, or the issuance of any shares of Common Stock pursuant to the RSU
Award. If, at the time of grant, the Board determines that any consideration must be paid by the Participant (in a form other than the
Participant’s services to the Company or an Affiliate) upon the issuance of any shares of Common Stock in settlement of the RSU
Award, such consideration may be paid in any form of consideration as the Board may determine and permissible under Applicable Law.

 

(iii) Vesting.
The Board may impose such restrictions on or conditions to the vesting of a Restricted Stock Award or RSU Award as determined by the
Board. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate,
vesting of Restricted Stock Awards and RSU Awards will cease upon termination of the Participant’s Continuous Service.

 

(iv) Termination
of Continuous Service. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the
Company or an Affiliate, if a Participant’s Continuous Service terminates for any reason, (1) the Company may receive through a
forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant under his or her Restricted
Stock Award that have not vested as of the date of such termination as set forth in the Restricted Stock Award Agreement and the Participant
will have no further right, title or interest in the Restricted Stock Award, the shares of Common Stock subject to the Restricted Stock
Award, or any consideration in respect of the Restricted Stock Award and (2) any portion of his or her RSU Award that has not vested will
be forfeited upon such termination and the Participant will have no further right, title or interest in the RSU Award, the shares of Common
Stock issuable pursuant to the RSU Award, or any consideration in respect of the RSU Award.

 

(v) Dividends
and Dividend Equivalents. Dividends or dividend equivalents may be paid or credited, as applicable, with respect to any shares of
Common Stock subject to a Restricted Stock Award or RSU Award, as determined by the Board and specified in the Award Agreement.

 

    8 

     

    

 

(vi) Settlement
of RSU Awards. An RSU Award may be settled by the issuance of shares of Common Stock or cash (or any combination thereof) or in any
other form of payment, as determined by the Board and specified in the RSU Award Agreement. At the time of grant, the Board may determine
to impose such restrictions or conditions that delay such delivery to a date following the vesting of the RSU Award.

 

(b) Performance
Awards. With respect to any Performance Award, the length of any Performance Period, the Performance Goals to be achieved during the
Performance Period, the other terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals
have been attained will be determined by the Board.

 

(c) Other
Awards. Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation
in value thereof may be granted either alone or in addition to Awards provided for under Section 4 and the preceding provisions of this
Section 5. Subject to the provisions of the Plan, the Board will have sole and complete discretion to determine the persons to whom and
the time or times at which such Other Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to
be granted pursuant to such Other Awards and all other terms and conditions of such Other Awards.

 

6. Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a) Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es)
and maximum number of shares of Common Stock subject to the Plan, and the maximum number of shares by which the Share Reserve may annually
increase pursuant to Section 2(a); (ii) the class(es) and maximum number of shares that may be issued pursuant to the exercise of Incentive
Stock Options pursuant to Section 2(a); and (iii) the class(es) and number of securities and exercise price, strike price or purchase
price of Common Stock subject to outstanding Awards. The Board shall make such adjustments, and its determination shall be final, binding
and conclusive. Notwithstanding the foregoing, no fractional shares or rights for fractional shares of Common Stock shall be created in
order to implement any Capitalization Adjustment. The Board shall determine an appropriate equivalent benefit, if any, for any fractional
shares or rights to fractional shares that might be created by the adjustments referred to in the preceding provisions of this Section.

 

(b) Dissolution
or Liquidation. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company,
all outstanding Awards (other than Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition
or the Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and
the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or
reacquired by the Company notwithstanding the fact that the holder of such Award is providing Continuous Service, provided, however, that
the Board may determine to cause some or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture
(to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent
on its completion.

 

    9 

     

    

 

(c) Corporate
Transaction. The following provisions will apply to Awards in the event of a Corporate Transaction except as set forth in Section
11 unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate
and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award.

 

(i) Awards
May Be Assumed. In the event of a Corporate Transaction, any surviving corporation or acquiring corporation (or the surviving or acquiring
corporation’s parent company) may assume or continue any or all Awards outstanding under the Plan or may substitute similar awards
for Awards outstanding under the Plan (including but not limited to, awards to acquire the same consideration paid to the stockholders
of the Company pursuant to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Common
Stock issued pursuant to Awards may be assigned by the Company to the successor of the Company (or the successor’s parent company,
if any), in connection with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to
assume or continue only a portion of an Award or substitute a similar award for only a portion of an Award, or may choose to assume or
continue the Awards held by some, but not all Participants. The terms of any assumption, continuation or substitution will be set by the
Board.

 

(ii) Awards
Held by Current Participants. In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation
(or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards,
then with respect to Awards that have not been assumed, continued or substituted and that are held by Participants whose Continuous Service
has not terminated prior to the effective time of the Corporate Transaction (referred to as the “Current Participants”),
the vesting of such Awards (and, with respect to Options and Stock Appreciation Rights, the time when such Awards may be exercised) will
be accelerated in full to a date prior to the effective time of such Corporate Transaction (contingent upon the effectiveness of the Corporate
Transaction) as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior to the effective
time of the Corporate Transaction), and such Awards will terminate if not exercised (if applicable) at or prior to the effective time
of the Corporate Transaction, and any reacquisition or repurchase rights held by the Company with respect to such Awards will lapse (contingent
upon the effectiveness of the Corporate Transaction). With respect to the vesting of Performance Awards that will accelerate upon the
occurrence of a Corporate Transaction pursuant to this subsection (ii) and that have multiple vesting levels depending on the level of
performance, unless otherwise provided in the Award Agreement, the vesting of such Performance Awards will accelerate at 100% of the target
level upon the occurrence of the Corporate Transaction in which the Awards are not assumed in accordance with Section 6(c)(i). With respect
to the vesting of Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant to this subsection (ii) and are
settled in the form of a cash payment, such cash payment will be made no later than 30 days following the occurrence of the Corporate
Transaction or such later date as required to comply with Section 409A of the Code.

 

(iii) Awards
Held by Persons other than Current Participants. In the event of a Corporate Transaction in which the surviving corporation or acquiring
corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding
Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held by persons other than Current
Participants, such Awards will terminate if not exercised (if applicable) prior to the occurrence of the Corporate Transaction; provided,
however, that any reacquisition or repurchase rights held by the Company with respect to such Awards will not terminate and may continue
to be exercised notwithstanding the Corporate Transaction.

 

    10 

     

    

 

(iv) Payment
for Awards in Lieu of Exercise. Notwithstanding the foregoing, in the event an Award will terminate if not exercised prior to the
effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder of such Award may not exercise
such Award but will receive a payment, in such form as may be determined by the Board, equal in value, at the effective time, to the excess,
if any, of (1) the value of the property the Participant would have received upon the exercise of the Award (including, at the discretion
of the Board, any unvested portion of such Award), over (2) any exercise price payable by such holder in connection with such exercise.

 

(d) Appointment
of Stockholder Representative. As a condition to the receipt of an Award under this Plan, a Participant will be deemed to have agreed
that the Award will be subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without
limitation, a provision for the appointment of a stockholder representative that is authorized to act on the Participant’s behalf
with respect to any escrow, indemnities and any contingent consideration.

 

(e) No
Restriction on Right to Undertake Transactions. The grant of any Award under the Plan and the issuance of shares pursuant to any Award
does not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation
of the Company, any issue of stock or of options, rights or options to purchase stock or of bonds, debentures, preferred or prior preference
stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for
Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business,
or any other corporate act or proceeding, whether of a similar character or otherwise.

 

7. Administration.

 

(a) Administration by Board.
The Board will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees,
as provided in subsection (c) below.

 

    11 

     

    

 

(b) Powers
of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To
determine from time to time (1) which of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will
be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award granted (which need not be
identical), including the time or times when a person will be permitted to receive an issuance of Common Stock or other payment pursuant
to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which an Award will be granted to each such person;
(6) the Fair Market Value applicable to an Award; and (7) the terms of any Performance Award that is not valued in whole or in part by
reference to, or otherwise based on, the Common Stock, including the amount of cash payment or other property that may be earned and the
timing of payment.

 

(ii) To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in
a manner and to the extent it deems necessary or expedient to make the Plan or Award fully effective.

 

(iii) To
settle all controversies regarding the Plan and Awards granted under it.

 

(iv) To
accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest, notwithstanding
the provisions in the Award Agreement stating the time at which it may first be exercised or the time during which it will vest.

 

(v) To
prohibit the exercise of any Option, SAR or other exercisable Award during a period of up to 30 days prior to the consummation of any
pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal
cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock or the share price of the
Common Stock including any Corporate Transaction, for reasons of administrative convenience.

 

(vi) To
suspend or terminate the Plan at any time. Suspension or termination of the Plan will not Materially Impair rights and obligations under
any Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vii) To
amend the Plan in any respect the Board deems necessary or advisable; provided, however, that stockholder approval will be required
for any amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted before amendment
of the Plan will not be Materially Impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant,
and (2) such Participant consents in writing.

 

(viii) To
submit any amendment to the Plan for stockholder approval.

 

(ix) To
approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited
to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified
limits in the Plan that are not subject to Board discretion; provided however, that, a Participant’s rights under any Award
will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2)
such Participant consents in writing.

 

    12 

     

    

 

(x) Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company
and that are not in conflict with the provisions of the Plan or Awards.

 

(xi) To
adopt such procedures and sub-plans as are necessary or appropriate to permit and facilitate participation in the Plan by, or take advantage
of specific tax treatment for Awards granted to, Employees, Directors or Consultants who are foreign nationals or employed outside the
United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement to ensure
or facilitate compliance with the laws of the relevant foreign jurisdiction).

 

(xii) To
effect, at any time and from time to time, subject to the consent of any Participant whose Award is Materially Impaired by such action,
(1) the reduction of the exercise price (or strike price) of any outstanding Option or SAR; (2) the cancellation of any outstanding Option
or SAR and the grant in substitution therefor of (A) a new Option, SAR, Restricted Stock Award, RSU Award or Other Award, under the Plan
or another equity plan of the Company, covering the same or a different number of shares of Common Stock, (B) cash and/or (C) other valuable
consideration (as determined by the Board); or (3) any other action that is treated as a repricing under generally accepted accounting
principles.

 

(c) Delegation
to Committee.

 

(i) General.
The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated
to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board
that have been delegated to the Committee, including the power to delegate to another Committee or a subcommittee of the Committee any
of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the
Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted
from time to time by the Board. Each Committee may retain the authority to concurrently administer the Plan with Committee or subcommittee
to which it has delegated its authority hereunder and may, at any time, revest in such Committee some or all of the powers previously
delegated. The Board may retain the authority to concurrently administer the Plan with any Committee and may, at any time, revest in the
Board some or all of the powers previously delegated.

 

(ii) Rule
16b-3 Compliance. To the extent an Award is intended to qualify for the exemption from Section 16(b) of the Exchange Act that is available
under Rule 16b-3 of the Exchange Act, the Award will be granted by the Board or a Committee that consists solely of two or more Non-Employee
Directors, as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter any action establishing or modifying the terms of the
Award will be approved by the Board or a Committee meeting such requirements to the extent necessary for such exemption to remain available.

 

    13 

     

    

 

(d) Effect
of Board’s Decision. All determinations, interpretations and constructions made by the Board or any Committee in good faith
will not be subject to review by any person and will be final, binding and conclusive on all persons.

 

(e) Delegation
to an Officer. The Board or any Committee may delegate to one or more Officers the authority to do one or both of the following (i)
designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by Applicable Law, other types
of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and (ii) determine the number of shares of Common Stock
to be subject to such Awards granted to such Employees; provided, however, that the resolutions or charter adopted by the Board or any
Committee evidencing such delegation will specify the total number of shares of Common Stock that may be subject to the Awards granted
by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted on the applicable
form of Award Agreement most recently approved for use by the Board or the Committee, unless otherwise provided in the resolutions approving
the delegation authority. Notwithstanding anything to the contrary herein, neither the Board nor any Committee may delegate to an Officer
who is acting solely in the capacity of an Officer (and not also as a Director) the authority to determine the Fair Market Value.

 

8. Tax
Withholding

 

(a) Withholding
Authorization. As a condition to acceptance of any Award under the Plan, a Participant authorizes withholding from payroll and any
other amounts payable to such Participant, and otherwise agrees to make adequate provision for (including), any sums required to satisfy
any U.S. federal, state, local and/or foreign tax or social insurance contribution withholding obligations of the Company or an Affiliate,
if any, which arise in connection with the exercise, vesting or settlement of such Award, as applicable. Accordingly, a Participant may
not be able to exercise an Award even though the Award is vested, and the Company shall have no obligation to issue shares of Common Stock
subject to an Award, unless and until such obligations are satisfied.

 

(b) Satisfaction
of Withholding Obligation. To the extent permitted by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy
any U.S. federal, state, local and/or foreign tax or social insurance withholding obligation relating to an Award by any of the following
means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock
from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; (iii) withholding cash from
an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; (v) by allowing a Participant
to effectuate a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve
Board; or (vi) by such other method as may be set forth in the Award Agreement.

 

    14 

     

    

 

(c) No
Obligation to Notify or Minimize Taxes; No Liability to Claims. Except as required by Applicable Law the Company has no duty or obligation
to any Participant to advise such holder as to the time or manner of exercising such Award. Furthermore, the Company has no duty or obligation
to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may
not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award and will
not be liable to any holder of an Award for any adverse tax consequences to such holder in connection with an Award. As a condition to
accepting an Award under the Plan, each Participant (i) agrees to not make any claim against the Company, or any of its Officers, Directors,
Employees or Affiliates related to tax liabilities arising from such Award or other Company compensation and (ii) acknowledges that such
Participant was advised to consult with his or her own personal tax, financial and other legal advisors regarding the tax consequences
of the Award and has either done so or knowingly and voluntarily declined to do so. Additionally, each Participant acknowledges any Option
or SAR granted under the Plan is exempt from Section 409A only if the exercise or strike price is at least equal to the “fair market
value” of the Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible
deferral of compensation associated with the Award. Additionally, as a condition to accepting an Option or SAR granted under the Plan,
each Participant agrees not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event
that the Internal Revenue Service asserts that such exercise price or strike price is less than the “fair market value” of
the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.

 

(d) Withholding
Indemnification.  As a condition to accepting an Award under the Plan, in the event that the amount of the Company’s and/or
its Affiliate’s withholding obligation in connection with such Award was greater than the amount actually withheld by the Company
and/or its Affiliates, each Participant agrees to indemnify and hold the Company and/or its Affiliates harmless from any failure by the
Company and/or its Affiliates to withhold the proper amount.

 

9. Miscellaneous.

 

(a) Source
of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares
repurchased by the Company on the open market or otherwise.

 

(b) Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Awards will constitute general
funds of the Company.

 

(c) Corporate
Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant will be deemed
completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate,
or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate
records (e.g., Board consents, resolutions or minutes) documenting the corporate action approving the grant contain terms (e.g., exercise
price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result
of a clerical error in the Award Agreement or related grant documents, the corporate records will control and the Participant will have
no legally binding right to the incorrect term in the Award Agreement or related grant documents.

 

    15 

     

    

 

(d) Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of
Common Stock subject to such Award unless and until (i) such Participant has satisfied all requirements for exercise of the Award pursuant
to its terms, if applicable, and (ii) the issuance of the Common Stock subject to such Award is reflected in the records of the Company.

 

(e) No
Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection
with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in
the capacity in effect at the time the Award was granted or affect the right of the Company or an Affiliate to terminate at will and without
regard to any future vesting opportunity that a Participant may have with respect to any Award (i) the employment of an Employee with
or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement
with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable
provisions of the corporate law of the state or foreign jurisdiction in which the Company or the Affiliate is incorporated, as the case
may be. Further, nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award
will constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work
assignments, future compensation or any other term or condition of employment or service or confer any right or benefit under the Award
or the Plan unless such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.

 

(f) Change
in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or her services
for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and
the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the
date of grant of any Award to the Participant, the Board may determine, to the extent permitted by Applicable Law, to (i) make a corresponding
reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after
the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment
schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion
of the Award that is so reduced or extended.

 

(g) Execution
of Additional Documents. As a condition to accepting an Award under the Plan, the Participant agrees to execute any additional documents
or instruments necessary or desirable, as determined in the Plan Administrator’s sole discretion, to carry out the purposes or intent
of the Award, or facilitate compliance with securities and/or other regulatory requirements, in each case at the Plan Administrator’s
request.

 

(h) Electronic
Delivery and Participation. Any reference herein or in an Award Agreement to a “written” agreement or document will include
any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the
Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). By accepting
any Award the Participant consents to receive documents by electronic delivery and to participate in the Plan through any on-line electronic
system established and maintained by the Plan Administrator or another third party selected by the Plan Administrator. The form of delivery
of any Common Stock (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company.

 

    16 

     

    

 

(i) Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to
adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are
listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law and any clawback
policy that the Company otherwise adopts, to the extent applicable and permissible under Applicable Law. In addition, the Board may impose
such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including
but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence
of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a Participant’s right to voluntarily
terminate employment upon a “resignation for good reason,” or for a “constructive termination” or any similar
term under any plan of or agreement with the Company.

 

(j) Securities
Law Compliance. A Participant will not be issued any shares in respect of an Award unless either (i) the shares are registered under
the Securities Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities
Act. Each Award also must comply with other Applicable Law governing the Award, and a Participant will not receive such shares if the
Company determines that such receipt would not be in material compliance with Applicable Law.

 

(k) Transfer
or Assignment of Awards; Issued Shares. Except as expressly provided in the Plan or the form of Award Agreement, Awards granted under
the Plan may not be transferred or assigned by the Participant. After the vested shares subject to an Award have been issued, or in the
case of Restricted Stock and similar awards, after the issued shares have vested, the holder of such shares is free to assign, hypothecate,
donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in compliance with the provisions
herein, the terms of the Trading Policy and Applicable Law.

 

(l) Effect
on Other Employee Benefit Plans.  The value of any Award granted under the Plan, as determined upon grant, vesting or settlement,
shall not be included as compensation, earnings, salaries, or other similar terms used when calculating any Participant’s benefits
under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company
expressly reserves its rights to amend, modify, or terminate any of the Company's or any Affiliate's employee benefit plans.

 

(m) Deferrals.
To the extent permitted by Applicable Law, the Board, in its sole discretion, may determine that the delivery of Common Stock or the payment
of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may also establish programs and
procedures for deferral elections to be made by Participants. Deferrals will be made in accordance with the requirements of Section 409A.

 

    17 

     

    

 

(n) Section
409A. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest
extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A, and, to the extent not so exempt,
in compliance with the requirements of Section 409A. If the Board determines that any Award granted hereunder is not exempt from and is
therefore subject to Section 409A, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid
the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance,
such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless
the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding
an Award that constitutes “deferred compensation” under Section 409A is a “specified employee” for purposes of
Section 409A, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section
409A without regard to alternative definitions thereunder) will be issued or paid before the date that is six months and one day following
the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s death,
unless such distribution or payment can be made in a manner that complies with Section 409A, and any amounts so deferred will be paid
in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

 

(o) Choice
of Law. This Plan and any controversy arising out of or relating to this Plan shall be governed by, and construed in accordance
with, the internal laws of the State of Delaware, without regard to conflict of law principles that would result in any application of
any law other than the law of the State of Delaware.

 

10. Covenants
of the Company.

 

(a) Compliance
with Law. The Company will seek to obtain from each regulatory commission or agency, as may be deemed to be necessary, having jurisdiction
over the Plan such authority as may be required to grant Awards and to issue and sell shares of Common Stock upon exercise or vesting
of the Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act the Plan, any
Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Company
is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary or advisable
for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue
and sell Common Stock upon exercise or vesting of such Awards unless and until such authority is obtained. A Participant is not eligible
for the grant of an Award or the subsequent issuance of Common Stock pursuant to the Award if such grant or issuance would be in violation
of any Applicable Law.

 

    18 

     

    

 

11. Additional
Rules for Awards Subject to Section 409A.

 

(a) Application.
 Unless the provisions of this Section of the Plan are expressly superseded by the provisions in the form of Award Agreement, the
provisions of this Section shall apply and shall supersede anything to the contrary set forth in the Award Agreement for a Non-Exempt
Award.

 

(b) Non-Exempt
Awards Subject to Non-Exempt Severance Arrangements. To the extent a Non-Exempt Award is subject to Section 409A due to application
of a Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply.

 

(i) If
the Non-Exempt Award vests in the ordinary course during the Participant’s Continuous Service in accordance with the vesting schedule
set forth in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement, in no event will
the shares be issued in respect of such Non-Exempt Award any later than the later of: (i) December 31st of the calendar year
that includes the applicable vesting date, or (ii) the 60th day that follows the applicable vesting date.

 

(ii) If
vesting of the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the Participant’s
Separation from Service, and such vesting acceleration provisions were in effect as of the date of grant of the Non-Exempt Award and,
therefore, are part of the terms of such Non-Exempt Award as of the date of grant, then the shares will be earlier issued in settlement
of such Non-Exempt Award upon the Participant’s Separation from Service in accordance with the terms of the Non-Exempt Severance
Arrangement, but in no event later than the 60th day that follows the date of the Participant’s Separation from Service.
However, if at the time the shares would otherwise be issued the Participant is subject to the distribution limitations contained in Section
409A applicable to “specified employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued
before the date that is six months following the date of such Participant’s Separation from Service, or, if earlier, the date of
the Participant’s death that occurs within such six month period.

 

(iii) If
vesting of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant’s
Separation from Service, and such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt Award and,
therefore, are not a part of the terms of such Non-Exempt Award on the date of grant, then such acceleration of vesting of the Non-Exempt
Award shall not accelerate the issuance date of the shares, but the shares shall instead be issued on the same schedule as set forth in
the Grant Notice as if they had vested in the ordinary course during the Participant’s Continuous Service, notwithstanding the vesting
acceleration of the Non-Exempt Award. Such issuance schedule is intended to satisfy the requirements of payment on a specified date or
pursuant to a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4).

 

(c) Treatment
of Non-Exempt Awards Upon a Corporate Transaction for Employees and Consultants. The provisions of this subsection (c) shall apply
and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment of any Non-Exempt Award in
connection with a Corporate Transaction if the Participant was either an Employee or Consultant upon the applicable date of grant of the
Non-Exempt Award.

 

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(i) Vested
Non-Exempt Awards. The following provisions shall apply to any Vested Non-Exempt Award in connection with a Corporate Transaction:

 

(1) If
the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the
Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the Vested Non-Exempt Award will automatically be accelerated
and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company may instead provide that
the Participant will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
upon the Section 409A Change in Control.

 

(2) If
the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute
each Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the Participant by
the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not
occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a
cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
on such issuance dates, with the determination of the Fair Market Value of the shares made on the date of the Corporate Transaction.

 

(ii) Unvested
Non-Exempt Awards. The following provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined by the Board
pursuant to subsection (e) of this Section.

 

(1) In
the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt Award. Unless
otherwise determined by the Board, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture restrictions that
were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested Non-Exempt Award shall
be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if
the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring
Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would
otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market Value of the shares made on the date
of the Corporate Transaction.

 

(2) If
the Acquiring Entity will not assume, substitute or continue any Unvested Non-Exempt Award in connection with a Corporate Transaction,
then such Award shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration payable to any Participant
in respect of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and in compliance with
the requirements of Section 409A, the Board may in its discretion determine to elect to accelerate the vesting and settlement of the Unvested
Non-Exempt Award upon the Corporate Transaction, or instead substitute a cash payment equal to the Fair Market Value of such shares that
would otherwise be issued to the Participant, as further provided in subsection (e)(ii) below. In the absence of such discretionary election
by the Board, any Unvested Non-Exempt Award shall be forfeited without payment of any consideration to the affected Participants if the
Acquiring Entity will not assume, substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.

 

    20 

     

    

 

(3) The
foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and regardless of whether
or not such Corporate Transaction is also a Section 409A Change in Control.

 

(d) Treatment
of Non-Exempt Awards Upon a Corporate Transaction for Non-Employee Directors. The following provisions of this subsection (d) shall
apply and shall supersede anything to the contrary that may be set forth in the Plan with respect to the permitted treatment of a Non-Exempt
Director Award in connection with a Corporate Transaction.

 

(i) If
the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the
Non-Exempt Director Award. Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt Director Award will automatically
be accelerated and the shares will be immediately issued to the Participant in respect of the Non-Exempt Director Award. Alternatively,
the Company may provide that the Participant will instead receive a cash settlement equal to the Fair Market Value of the shares that
would otherwise be issued to the Participant upon the Section 409A Change in Control pursuant to the preceding provision.

 

(ii) If
the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute
the Non-Exempt Director Award. Unless otherwise determined by the Board, the Non-Exempt Director Award will remain subject to the same
vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect
of the Non-Exempt Director Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would
have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu
of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair
Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market
Value made on the date of the Corporate Transaction.

 

(e) If
the RSU Award is a Non-Exempt Award, then the provisions in this Section 11(e) shall apply and supersede anything to the contrary that
may be set forth in the Plan or the Award Agreement with respect to the permitted treatment of such Non-Exempt Award:

 

(i) Any
exercise by the Board of discretion to accelerate the vesting of a Non-Exempt Award shall not result in any acceleration of the scheduled
issuance dates for the shares in respect of the Non-Exempt Award unless earlier issuance of the shares upon the applicable vesting dates
would be in compliance with the requirements of Section 409A.

 

(ii) The
Company explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance with the requirements
of Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).

 

    21 

     

    

 

(iii) To
the extent the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate Transaction, to the
extent it is required for compliance with the requirements of Section 409A, the Change in Control or Corporate Transaction event triggering
settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt Award provides that it will
be settled upon a termination of employment or termination of Continuous Service, to the extent it is required for compliance with the
requirements of Section 409A, the termination event triggering settlement must also constitute a Separation From Service. However, if
at the time the shares would otherwise be issued to a Participant in connection with a “separation from service” such Participant
is subject to the distribution limitations contained in Section 409A applicable to “specified employees,” as defined in Section
409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of the Participant’s
Separation From Service, or, if earlier, the date of the Participant’s death that occurs within such six month period.

 

(iv) The
provisions in this subsection (e) for delivery of the shares in respect of the settlement of an RSU Award that is a Non-Exempt Award are
intended to comply with the requirements of Section 409A so that the delivery of the shares to the Participant in respect of such Non-Exempt
Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.

 

12. Severability.

 

If all or any part of the
Plan or any Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity
shall not invalidate any portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any Section of the Plan or
any Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which
will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

13. Termination
of the Plan.

 

The Board may suspend or terminate
the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier of: (i) the Adoption Date,
or (ii) the date the Plan is approved by the Company’s stockholders. No Awards may be granted under the Plan while the Plan is
suspended or after it is terminated.

 

    22 

     

    

 

14. Definitions.

 

As used in the Plan, the following
definitions apply to the capitalized terms indicated below:

 

(a) “Acquiring
Entity” means the surviving or acquiring corporation (or its parent company) in connection with a Corporate Transaction.

 

(b) “Adoption
Date” means the date the Plan is first approved by the Board or Compensation Committee.

 

(c) “Affiliate”
means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in
Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which “parent” or “subsidiary”
status is determined within the foregoing definition.

 

(d) “Applicable
Law” means any applicable securities, federal, state, foreign, material local or municipal or other law, statute, constitution,
principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement
issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body (including
under the authority of any applicable self-regulating organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial
Industry Regulatory Authority).

 

(e) “Award”
means any right to receive Common Stock, cash or other property granted under the Plan (including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, an RSU Award, a SAR, a Performance Award or any Other Award).

 

(f) “Award
Agreement” means a written or electronic agreement between the Company and a Participant evidencing the terms and conditions
of an Award. The Award Agreement generally consists of the Grant Notice and the agreement containing the written summary of the general
terms and conditions applicable to the Award and which is provided, including through electronic means, to a Participant along with the
Grant Notice.

 

(g) “Board”
means the Board of Directors of the Company (or its designee). Any decision or determination made by the Board shall be a decision or
determination that is made in the sole discretion of the Board (or its designee), and such decision or determination shall be final and
binding on all Participants.

 

(h) “Capital
Stock” means each and every class of common stock of the Company, regardless of the number of votes per share.

 

(i) “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the
Plan or subject to any Award after the date the Plan is adopted by the Board without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large
nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change
in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards
Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible
securities of the Company will not be treated as a Capitalization Adjustment.

 

    23 

     

    

 

(j) “Cause”
has the meaning ascribed to such term in any written agreement between a Participant and the Company defining such term and, in the absence
of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) the Participant’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 Participant’s commission of (A) a felony or (B) any
misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the Participant’s failure to perform the Participant’s
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 Participant by the Company; (iv) the Participant’s gross negligence, willful misconduct
or insubordination with respect to the Company or any Affiliate of the Company; or (v) the Participant’s material violation of any
provision of any agreement(s) between the Participant and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or
assignment of inventions. The determination that a termination of the Participant’s Continuous Service is either for Cause or without
Cause will be made by the Board with respect to Participants who are executive officers of the Company and by the Company’s Chief
Executive Officer with respect to Participants who are not executive officers of the Company. Any determination by the Company that the
Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant
will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

 

(k) “Change
in Control” or “Change of Control” means the occurrence, in a single transaction or in a series
of related transactions, of any one or more of the following events:

 

(i) any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined
voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction.
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition of securities of the
Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof
or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary
purpose of which is to obtain financing for the Company through the issuance of equity securities, or (C) solely because the level of
Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold
of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the
number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of
the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional
voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding
voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur;

 

    24 

     

    

 

(ii) there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the
consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own,
directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of
the Acquiring Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power
of the parent of the Acquiring Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions
as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction;

 

(iii) there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company
and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned
by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such sale, lease, license or other disposition; or

 

(iv) individuals
who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination
for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still
in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

 

Notwithstanding the foregoing
or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other transaction effected
exclusively for the purpose of changing the domicile of the Company, (B) the definition of Change in Control (or any analogous term) in
an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with
respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set
forth in such an individual written agreement, the foregoing definition shall apply, and (C) with respect to any nonqualified deferred
compensation that becomes payable on account of the Change in Control, the transaction or event described in clause (i), (ii), (iii),
or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A of the Code.

 

(l) “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(m) “Committee”
means the Compensation Committee and any other committee of one or more Directors to whom authority has been delegated by the Board or
Compensation Committee in accordance with the Plan.

 

    25 

     

    

 

(n) “Common
Stock” means the Class A common stock of the Company.

 

(o) “Company”
means AgileThought, Inc., a Delaware corporation.

 

(p) “Compensation
Committee” means the Compensation Committee of the Board.

 

(q) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and
is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services.
However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant”
for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration
Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.

 

(r) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or
Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate
as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is
no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s
Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an
Affiliate, as determined by the Board, such Participant’s Continuous Service will be considered to have terminated on the date such
Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate
or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive
officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted
in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any
other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave
of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s
leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise
required by law. In addition, to the extent required for exemption from or compliance with Section 409A, the determination of whether
there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with
the definition of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any
alternative definition thereunder).

 

(s) “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i) a
sale or other disposition of all or substantially all, as determined by the Board, of the consolidated assets of the Company and its Subsidiaries;

 

    26 

     

    

 

(ii) a
sale or other disposition of at least 50% of the outstanding securities of the Company;

 

(iii) a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv) a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding
immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation
or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

Notwithstanding the foregoing
or any other provision of this Plan, (A) the term Corporate Transaction shall not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Corporate Transaction (or any analogous
term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition
with respect to Awards subject to such agreement; provided, however, that if no definition of Corporate Transaction or any analogous
term is set forth in such an individual written agreement, the foregoing definition shall apply, and (C) with respect to any nonqualified
deferred compensation that becomes payable on account of the Corporate Transaction, the transaction or event described in clause (i),
(ii), (iii), or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A
of the Code.

 

(t) “Director”
means a member of the Board.

 

(u) “determine”
or “determined” means as determined by the Board or the Committee (or its designee) in its sole
discretion.

 

(v) “Disability”
means, with respect to a Participant, such Participant is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for
a continuous period of not less than 12 months, as provided in Section 22(e)(3) of the Code, and will be determined by the Board on the
basis of such medical evidence as the Board deems warranted under the circumstances.

 

(w) “Effective
Date” means the effective date of this Plan, which is the date of the closing of the transactions contemplated by the Merger
Agreement, provided that this Plan is approved by the Company’s stockholders prior to such date.

 

(x) “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(y) “Employer”
means the Company or the Affiliate of the Company that employs the Participant.

 

    27 

     

    

 

(z) “Entity”
means a corporation, partnership, limited liability company or other entity.

 

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

 

(bb) “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of
the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company,
(ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities
pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or
“group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner,
directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s
then outstanding securities.

 

(cc) “Fair
Market Value” means, as of any date, unless otherwise determined by the Board, the value of the Common Stock (as
determined on a per share or aggregate basis, as applicable) determined as follows:

 

(i) If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value will be the closing
sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the
Common Stock) on the date of determination, as reported in a source the Board deems reliable.

 

(ii) If
there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling
price on the last preceding date for which such quotation exists.

 

(iii) In
the absence of such markets for the Common Stock, or if otherwise determined by the Board, the Fair Market Value will be determined by
the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

 

(dd) “Governmental
Body” means any: (i) nation, state, commonwealth, province, territory, county, municipality, district or other
jurisdiction of any nature; (ii) federal, state, local, municipal, foreign or other government; (iii) governmental or
regulatory body, or quasi-governmental body of any nature (including any governmental division, department, administrative agency or
bureau, commission, authority, instrumentality, official, ministry, fund, foundation, center, organization, unit, body or Entity and
any court or other tribunal, and for the avoidance of doubt, any Tax authority) or other body exercising similar powers or
authority; or (iv) self-regulatory organization (including the Nasdaq Stock Market, New York Stock Exchange, and the
Financial Industry Regulatory Authority).

 

    28 

     

    

 

(ee) “Grant
Notice” means the notice provided to a Participant that he or she has been granted an Award under the Plan and which
includes the name of the Participant, the type of Award, the date of grant of the Award, number of shares of Common Stock subject to
the Award or potential cash payment right, (if any), the vesting schedule for the Award (if any) and other key terms applicable to
the Award.

 

(ff) “Incentive
Stock Option” means an option granted pursuant to Section 4 of the Plan that is intended to be, and qualifies as, an
“incentive stock option” within the meaning of Section 422 of the Code.

 

(gg) “Materially
Impair” means any amendment to the terms of the Award that materially adversely affects the Participant’s rights
under the Award. A Participant's rights under an Award will not be deemed to have been Materially Impaired by any such amendment if
the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's
rights. For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant’s
rights under the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option or SAR
that may be exercised, (ii) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the
Code, (iii) to change the terms of an Incentive Stock Option in a manner that disqualifies, impairs or otherwise affects the
qualified status of the Award as an Incentive Stock Option under Section 422 of the Code, (iv) to clarify the manner of exemption
from, or to bring the Award into compliance with or qualify it for an exemption from, Section 409A,or (v) to comply with other
Applicable Laws.

 

(a) “Merger
Agreement” means that certain Agreement and Plan of Merger, dated as of May 9, 2021, by and among LIV Capital Acquisition
Corp., a Cayman Islands exempted company, and AgileThought, Inc., a Delaware corporation.

 

(hh) “Non-Employee
Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does
not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or
in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of
Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an
interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in
a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise
considered a “non-employee director” for purposes of Rule 16b-3.

 

(ii) “Non-Exempt
Award” means any Award that is subject to, and not exempt from, Section 409A, including as the result of (i) a deferral
of the issuance of the shares subject to the Award which is elected by the Participant or imposed by the Company, or (ii) the terms of
any Non-Exempt Severance Agreement.

 

(jj) “Non-Exempt
Director Award” means a Non-Exempt Award granted to a Participant who was a Director but not an Employee on the
applicable grant date.

 

    29 

     

    

 

(kk) “Non-Exempt
Severance Arrangement” means a severance arrangement or other agreement between the Participant and the Company that
provides for acceleration of vesting of an Award and issuance of the shares in respect of such Award upon the Participant’s
termination of employment or separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without
regard to any alternative definition thereunder) (“Separation from Service”) and such severance benefit
does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury Regulations Section
1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise.

 

(ll) “Nonstatutory
Stock Option” means any option granted pursuant to Section 4 of the Plan that does not qualify as an Incentive Stock
Option.

 

(mm)
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of
the Exchange Act.

 

(nn) “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(oo) “Option
Agreement” means a written or electronic agreement between the Company and the Optionholder evidencing the terms and conditions
of the Option grant. The Option Agreement includes the Grant Notice for the Option and the agreement containing the written summary of
the general terms and conditions applicable to the Option and which is provided, including through electronic means, to a Participant
along with the Grant Notice. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

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

 

(qq) “Other
Award” means an award valued in whole or in part by reference
to, or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise
price or strike price less than 100% of the Fair Market Value at the time of grant) that is not an Incentive Stock Option,
Nonstatutory Stock Option, SAR, Restricted Stock Award, RSU Award or Performance Award.

 

(rr) “Other
Award Agreement” means a written or electronic agreement between the Company and a holder of an Other Award evidencing
the terms and conditions of an Other Award grant. Each Other Award Agreement will be subject to the terms and conditions of the
Plan.

 

(ss) “Own,”
“Owned,” “Owner,” “Ownership” means that a person or
Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired
“Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with
respect to such securities.

 

    30 

     

    

 

(tt) “Participant”
means an Employee, Director or Consultant to whom an Award is granted pursuant to the Plan or, if applicable, such other person who
holds an outstanding Award.

 

(uu) “Performance
Award” means an Award that may vest or may be exercised or a cash award that may vest or become earned and paid
contingent upon the attainment during a Performance Period of certain Performance Goals and which is granted under the terms and
conditions of Section 5(b) pursuant to such terms as are approved by the Board. In addition, to the extent permitted by Applicable
Law and set forth in the applicable Award Agreement, the Board may determine that cash or other property may be used in payment of
Performance Awards. Performance Awards that are settled in cash or other property are not required to be valued in whole or in part
by reference to, or otherwise based on, the Common Stock.

 

(vv)“Performance
Criteria” means the one or more criteria that the Board will select for purposes of establishing the Performance Goals for
a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination
of, the following as determined by the Board: earnings (including earnings per share and net earnings); earnings before interest, taxes
and depreciation; earnings before interest, taxes, depreciation and amortization; total stockholder return; return on equity or average
stockholder’s equity; return on assets, investment, or capital employed; stock price; margin (including gross margin); income (before
or after taxes); operating income; operating income after taxes; pre-tax profit; operating cash flow; sales or revenue targets; increases
in revenue or product revenue; expenses and cost reduction goals; improvement in or attainment of working capital levels; economic value
added (or an equivalent metric); market share; cash flow; cash flow per share; share price performance; debt reduction; customer satisfaction;
stockholders’ equity; capital expenditures; debt levels; operating profit or net operating profit; workforce diversity; growth of
net income or operating income; billings; financing; regulatory milestones; stockholder liquidity; corporate governance and compliance;
intellectual property; personnel matters; progress of internal research; progress of partnered programs; partner satisfaction; budget
management; partner or collaborator achievements; internal controls, including those related to the Sarbanes-Oxley Act of 2002; investor
relations, analysts and communication; implementation or completion of projects or processes; employee retention; number of users, including
unique users; strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property); establishing
relationships with respect to the marketing, distribution and sale of the Company’s products; supply chain achievements; co-development,
co-marketing, profit sharing, joint venture or other similar arrangements; individual performance goals; corporate development and planning
goals; and other measures of performance selected by the Board or Committee whether or not listed herein.

 

(ww)“Performance
Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period based
upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions,
Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the
performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award
is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Board
will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows:
(1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes
to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; (5) to exclude
the effects of items that are “unusual” in nature or occur “infrequently” as determined under generally accepted
accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested
by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture;
(8) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split,
stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar
corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the effects of stock based
compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs incurred in connection with potential
acquisitions or divestitures that are required to be expensed under generally accepted accounting principles; and (11) to exclude the
goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting principles. In addition,
the Board may establish or provide for other adjustment items in the Award Agreement at the time the Award is granted or in such other
document setting forth the Performance Goals at the time the Performance Goals are established. In addition, the Board retains the discretion
to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating
the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the
payment or vesting corresponding to the degree of achievement as specified in the Award Agreement or the written terms of a Performance
Cash Award.

 

    31 

     

    

 

(xx) “Performance
Period” means the period of time selected by the Board over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant’s right to vesting or exercise of an Award. Performance Periods may be of
varying and overlapping duration, at the sole discretion of the Board.

 

(yy) “Plan”
means this AgileThought, Inc. 2021 Equity Incentive Plan, as amended from time to time.

 

(zz) “Plan
Administrator” means the person, persons, and/or third-party administrator designated by the Company to administer the
day to day operations of the Plan and the Company’s other equity incentive programs.

 

(aaa) “Post-Termination
Exercise Period” means the period following termination of a Participant’s Continuous Service within which an
Option or SAR is exercisable, as specified in Section 4(h).

 

(bbb) “Restricted
Stock Award” or “RSA” means an Award of shares of Common Stock which is granted pursuant to
the terms and conditions of Section 5(a).

 

(ccc) “Restricted
Stock Award Agreement” means a written or electronic agreement between the Company and a holder of a Restricted Stock
Award evidencing the terms and conditions of a Restricted Stock Award grant. The Restricted Stock Award Agreement includes the Grant
Notice for the Restricted Stock Award and the agreement containing the written summary of the general terms and conditions
applicable to the Restricted Stock Award and which is provided, including by electronic means, to a Participant along with the Grant
Notice. Each Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

(ddd) “RSU
Award” or “RSU” means an Award of restricted stock units representing the right to receive
an issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

 

(eee) “RSU
Award Agreement” means a written or electronic agreement between the Company and a holder of an RSU Award evidencing
the terms and conditions of an RSU Award. The RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement
containing the written summary of the general terms and conditions applicable to the RSU Award and which is provided, including by
electronic means, to a Participant along with the Grant Notice. Each RSU Award Agreement will be subject to the terms and conditions
of the Plan.

 

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

 

(ggg) “Rule
405” means Rule 405 promulgated under the Securities Act.

 

    32 

     

    

 

(hhh) “Section
409A” means Section 409A of the Code and the regulations and other guidance thereunder.

 

(iii) “Section
409A Change in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial
portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder).

 

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

 

(kkk) “Share
Reserve” means the number of shares available for issuance under the Plan as set forth in Section 2(a).

 

(lll) “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that
is granted pursuant to the terms and conditions of Section 4.

 

(mmm) “SAR
Agreement” means a written or electronic agreement between the Company and a holder of a SAR evidencing the terms and
conditions of a SAR grant. The SAR Agreement includes the Grant Notice for the SAR and the agreement containing the written summary
of the general terms and conditions applicable to the SAR and which is provided, including by electronic means, to a Participant
along with the Grant Notice. Each SAR Agreement will be subject to the terms and conditions of the Plan.

 

(nnn) “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary
voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any
other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at
the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which
the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of
more than 50%.

 

(ooo) “Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

(ppp) “Trading
Policy” means the Company’s policy permitting certain individuals to sell Company shares only during certain
"window" periods and/or otherwise restricts the ability of certain individuals to transfer or encumber Company shares, as
in effect from time to time.

 

(qqq) “Unvested
Non-Exempt Award” means the portion of any Non-Exempt Award that had not vested in accordance with its terms upon or
prior to the date of any Corporate Transaction.

 

(rrr) “Vested
Non-Exempt Award” means the portion of any Non-Exempt Award that had vested in accordance with its terms upon or prior
to the date of a Corporate Transaction.

 

 

33

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