Document:

Exhibit 10.9

 

GLOBAL BUSINESS
TRAVEL GROUP, INC.

 

EMPLOYEE STOCK
PURCHASE PLAN

 

Adopted by the Board
of Directors May 27, 2022

 

Approved by the
Stockholders May 25, 2022

 

    

     

    

 

GLOBAL BUSINESS TRAVEL GROUP, INC.

EMPLOYEE STOCK PURCHASE PLAN

 

SECTION
1.     PURPOSE OF THE PLAN.

 

The Global Business Travel
Group, Inc. Employee Stock Purchase Plan (the “Plan”) is intended to provide Eligible Employees (as defined below)
the opportunity to increase their proprietary interest in Global Business Travel Group, Inc. (the “Company”) by
conveniently purchasing shares of the Company’s Class A common stock (the “Stock”).

 

The Plan is composed of two
components: a 423 Component and a Non-423 Component. The 423 Component is intended to qualify under Section 423 of the Internal Revenue
Code of 1986, as amended (the “Code”). Accordingly, the provisions of the 423 Component will be construed in a manner
consistent with the requirements of Section 423 of the Code. The Plan also authorizes participation in the Plan under the Non-423
Component under terms that do not meet the requirements of Section 423 of the Code.

 

The Company shall be permitted
to grant rights to purchase Stock under separate offerings not having identical terms (provided that such terms are not inconsistent with
the terms of the Plan and, with respect to an offering under the 423 Component, the requirements of Section 423 of the Code), and
offerings may run concurrently (in whole or in part) with each other.

 

Each offering under the Non-423
Component shall be separate and distinct from (and shall not be included in or be part of) any offering under the 423 Component, and each
offering to a Participating Company shall be treated as an offering that is separate from any other offering made to another Participating
Company, in each case, even if such offerings are running concurrently (in whole or in part) and/or have common terms and conditions.

 

The Plan and any offering
under the Plan shall be deemed to be a separate opportunity provided by the Company to Eligible Employees under the terms of the Plan
and not part of any employment agreement with the Company or any of its Subsidiaries, Qualifying Subsidiaries or Affiliates.

 

SECTION 2.    DEFINITIONS.

 

(a)          “423
Component” means the portion of the Plan under which any right to purchase Stock shall be granted in a manner that is intended
to satisfy the requirements of Section 423 of the Code.

 

(b)           “Affiliate”
means any branch or representative office or other disregarded entity of the Company or a Qualifying Subsidiary or Subsidiary, as determined
by the Committee, whether now or hereafter existing.

 

(c)            “Board”
means the Board of Directors of the Company, as constituted from time to time.

 

    

     

    

 

(d)            “Change
in Control” shall have the meaning set forth in the Company’s most recently adopted equity incentive plan as of the date
of determination, as in effect from time to time.

 

(e)            “Committee”
means the duly constituted committee appointed by the Board to administer the Plan, as described in Section 3 of the Plan.
If no such committee is appointed, the Compensation Committee of the Board shall be the Committee.

 

(f)             “Compensation”
means all of an Eligible Employee’s base salary or hourly wages. “Compensation” shall exclude (i) commissions,
bonuses and special incentive payments (such as, without limitation, those under the annual incentive plan, sales incentive plan and the
long-term incentive award plan), (ii) equity compensation and income attributable to equity-based awards (including, without limitation,
amounts realized from the exercise of any stock option and any dividends paid with respect to equity awards), (iii) all non-cash
items, (iv) pre-tax contributions made by the Participant under Sections 401(k) or 125 of the Code or under any similar arrangements
available under laws outside the United States and (v) allowances and other miscellaneous payments, including, without limitation,
moving or relocation allowances, cost-of-living equalization payments, car allowances, tuition reimbursements, imputed income attributable
to cars or life insurance, severance pay, fringe benefits and benefits received under employee benefit plans. The Committee shall determine
whether a particular item not listed in this Section 2(f) is included in Compensation. In addition, and notwithstanding
the foregoing, with respect to any Offering Period, the Committee may modify the definition of Compensation for such Offering Period,
provided that (i) such definition satisfies the requirements of Section 423 of the Code with respect to the 423 Component, (ii) such
definition is established in writing and made available to Eligible Employees prior to the commencement of such Offering Period and (iii) such
modified definition shall apply only for that Offering Period unless otherwise specified in writing by the Committee.

 

(g)            “Effective
Date” means May 27, 2022.

 

(h)            “Eligible
Employee” means any individual who (i) is an Employee of a Participating Company and (ii) does not own 5% or more
of the total combined voting power or value of all classes of stock of the Company or any Parent or Qualifying Subsidiary, including,
for purposes of this provision, through application of the rules of Section 424(d) of the Code. The foregoing notwithstanding,
an individual who is a citizen or resident of a jurisdiction other than the United States (even if he or she is also a citizen of the
United States or a resident alien) shall not be considered an Eligible Employee if, as determined in the sole discretion of the Committee,
(i) his or her participation in the Plan is prohibited by the laws or regulations of any country which has jurisdiction over him
or her or (ii) compliance with the laws and regulations of the foreign country that has jurisdiction over him or her would cause
the Plan or an offering under the 423 Component to violate Section 423 of the Code. In addition, and notwithstanding the foregoing,
with respect to any Offering Period, the Committee may modify the definition of Eligible Employee for such Offering Period by excluding
the following class or classes of Employees: (i) Employees who have been employed for less than two (2) years (or such lesser
period of time as may be determined by the Committee in its discretion); (ii) Employees whose customary employment is for twenty
(20) hours or less per week (or such lesser period of time as may be determined by the Committee in its discretion); (iii) Employees
who are customarily employed for five (5) months or less in any calendar year (or such lesser period of time as may be determined
by the Committee in its discretion), (iv) Employees who are “highly compensated employees” (within the meaning of Section 414(q) of
the Code) of a Participating Company and (v) Employees who are “highly compensated employees” (within the meaning of
Section 414(q) of the Code) of a Participating Company with compensation above a certain level; provided that (i) such
definition satisfies the requirements of Section 423 of the Code with respect to the 423 Component, (ii) such definition is
established in writing and made available to Employees prior to the commencement of such Offering Period, (iii) such modified definition
shall apply only for that Offering Period unless otherwise specified in writing by the Committee and (iv) such definition shall be
applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e).

 

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(i)            “Employee”
means an individual who is a common-law employee of a Participating Company and, if such employee is employed in the United States, whose
earnings are reported on a Form W-2. For the avoidance of doubt, the term “Employee” shall not include any consultant,
independent contractor or non-employee director of a Participating Company.

 

(j)            “Fair
Market Value” means, on any given date (i) if the Stock is listed on any established U.S. stock exchange or a U.S. national
market system, the closing sales price for such Stock as quoted on such exchange or system on the day of determination, as reported in
The Wall Street Journal or such other source as the Committee deems reliable (or, if no closing sales price was reported on that
date, as applicable, on the last preceding trading date such closing sales price was reported); (ii) if the foregoing clause (i) does
not apply, then if the Stock is regularly quoted by a recognized U.S. securities dealer but selling prices are not reported, the mean
between the high bid and low asked prices for the Stock on the day of determination (or, if no bids and asks were reported on that date,
as applicable, on the last preceding trading date such bids and asks were reported); or (iii) if the foregoing clauses (i) and
(ii) do not apply, such value as the Committee in its discretion may in good faith determine in accordance with Section 423
of the Code.

 

(k)           “Non-423
Component” means the portion of the Plan under which the right to purchase Stock may be granted in a manner that is not intended
to satisfy the requirements of Section 423 of the Code.

 

(l)            “Offering
Period” means a period with respect to which the right to purchase Stock may be granted under the Plan, as determined pursuant
to Section 4(a) of the Plan, which shall not exceed twenty-seven (27) months.

 

(m)          “Parent”
has the meaning given to such term under U.S. Treasury Regulation Section 1.424-1(f). As used in the Plan, “Parent” shall
mean a Parent of the Company.

 

(n)           “Participant”
means an Eligible Employee who elects to participate in the Plan, as provided in Section 4(b) of the Plan.

 

(o)           “Participating
423 Company” means any of the following that is designated by the Committee as participating in the 423 Component: (i) the
Company, (ii) any present or future Parent and/or (iii) any present or future Qualifying Subsidiary.

 

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(p)            “Participating
Company” means each Participating 423 Company and Participating Non-423 Company.

 

(q)           “Participating
Non-423 Company” means any of the following that is designated by the Committee as participating in the Non-423 Component: (i) the
Company, (ii) any present or future Parent, (iii) any present or future Subsidiary and/or (iv) any present or future Affiliate.
Unless determined otherwise by the Committee, only entities incorporated or formed outside of the United States shall be Participating
Non-423 Companies.

 

(r)             “Plan
Account” means the account established for each Participant pursuant to Section 8(a) of the Plan.

 

(s)           “Purchase
Price” means the price at which Participants may purchase Stock under the Plan, as determined pursuant to Section 8(b) of
the Plan.

 

(t)            "Qualifying
Subsidiary" means a "subsidiary," as defined under U.S. Treasury Regulation Section 1.424-1(f). As used in the
Plan, “Qualifying Subsidiary” shall mean a Qualifying Subsidiary of the Company.

 

(u)           “Subsidiary”
means any corporation, partnership, joint venture, company or other business entity of which 50% or more of the outstanding voting power
is beneficially owned, directly or indirectly, by the Company.

 

SECTION 3.     ADMINISTRATION
OF THE PLAN.

 

(a)           General.
The Plan shall be administered by the Committee. To the extent permitted by applicable law, the Committee may delegate some or all of
its authority with respect to the Plan to any executive officer of the Company or any other person or persons (or entity or entities)
designated by the Committee, in each case, acting individually or as a committee.

 

(b)           Committee
Authorities. The Committee shall have the exclusive power and authority to administer the Plan, including, without limitation, the
right and power to interpret the provisions of the Plan and make all determinations deemed necessary or advisable for the administration
of the Plan (including, without limitation, a determination as to whether a Change in Control has occurred, whether to designate the Company,
a Parent, a Qualifying Subsidiary or a Subsidiary as a Participating 423 Company or as a Participating Non-423 Company (as applicable)
and whether to establish separate offerings). All such actions, interpretations and determinations that are done or made by the Committee
shall be final, conclusive and binding on the Company, the Participating Companies, the Participants and all other persons and entities,
and shall not subject the Committee (or its members) to any liability.

 

SECTION 4.     ENROLLMENT
AND PARTICIPATION.

 

(a)           Offering
Periods. Two Offering Periods shall commence in each calendar year, which shall be the periods commencing on January 1 and ending
on June 30 and commencing on July 1 and ending on December 31; provided, however, that the first Offering Period may commence
on a different date as determined by the Committee, but shall end on June 30 of the year commenced if commenced prior to June 30
or on December 31 of the year commenced if commenced after June 30. Notwithstanding the foregoing, the Committee may establish
different beginning and ending dates for Offering Periods in its discretion.

 

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(b)            Enrollment.
Any individual who, on the day preceding the first day of an Offering Period, qualifies as an Eligible Employee may elect to become a
Participant in the Plan for such Offering Period by executing the enrollment form prescribed for this purpose by the Committee. The enrollment
form shall be filed with the Company or its designee according to procedures established by the Committee.

 

(c)            Duration
of Participation. Once enrolled in the Plan, a Participant shall continue to participate in the Plan (according to the elections made
on the Participant’s most recently-filed enrollment form) until he or she ceases to be an Eligible Employee, withdraws from the
Plan under Section 6(a) of the Plan or reaches the end of the Offering Period in which his or her contributions were
discontinued under Section 5(c) or Section 9(b) of the Plan. A Participant who discontinued his or her
contributions under Section 5(c) of the Plan or withdrew from the Plan under Section 6(a) of the Plan
may again become a Participant, if he or she then is an Eligible Employee, by following the procedure described in Section 4(b) of
the Plan. A Participant whose employee contributions were discontinued automatically under Section 9(b) of the Plan shall
automatically resume participation at the beginning of the next Offering Period in which such Participant’s participation would
not be limited by Section 9(b) of the Plan, if he or she then is an Eligible Employee.

 

SECTION 5.       EMPLOYEE
CONTRIBUTIONS.

 

(a)            Frequency
of Employee Contributions. A Participant may make contributions to the Plan for purchasing shares of Stock by means of payroll deductions
(unless payroll deductions are not permitted under applicable laws or regulations or unless the Company determines that another means
of making employee contributions is necessary or appropriate for legal or administrative reasons).

 

(b)            Amount
of Employee Contributions. An Eligible Employee shall designate on the enrollment form the portion of his or her Compensation that
he or she elects to contribute to the Plan with respect to the applicable Offering Period. Such portion shall be a whole percentage of
the Eligible Employee’s Compensation but not less than 1% nor more than 15% of the Eligible Employee’s Compensation with respect
to the applicable Offering Period. A Participant may not change the rate of his or her contributions during an Offering Period unless
the Participant seeks (i) to discontinue contributions under Section 5(c) of the Plan or (ii) to withdraw from
the Plan under Section 6(a) of the Plan, and, in either such case, the Company will cease contributions on behalf of
the Participant as soon as reasonably practicable (which may not be until the payroll period following receipt of the applicable form
or later). In addition, and notwithstanding the foregoing, with respect to any Offering Period, the Committee may modify the contribution
limits for such Offering Period, provided that (i) such modification satisfies the requirements of Section 423 of the Code with
respect to the 423 Component, (ii) such new contribution limits are established in writing and provided to Eligible Employees prior
to the commencement of such Offering Period and (iii) such new contribution limits shall apply only for that Offering Period unless
otherwise specified in writing by the Committee.

 

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(c)            Discontinuing
Employee Contributions. A Participant may discontinue contributions by filing a new enrollment form. Any contributions made from payroll
shall cease as soon as reasonably practicable (which may not be until the payroll period following receipt or later). A Participant who
has discontinued employee contributions may not resume such contributions until the next Offering Period. If a Participant discontinues
contributions, previously made contributions shall remain in the Participant’s Plan Account (and will be used to purchase Stock)
unless and until the Participant withdraws from the Plan in accordance with the provisions of Section 6 of the Plan.

 

SECTION 6.     WITHDRAWAL
FROM THE PLAN.

 

(a)            Withdrawal.
A Participant may elect to withdraw from the Plan by filing the prescribed form with the Company or its designee at any time before the
last day of an Offering Period. As soon as reasonably practicable thereafter, contributions shall cease and all employee contributions
made by the Participant for the then current Offering Period shall be refunded to the Participant in cash, without interest. No partial
withdrawals shall be permitted.

 

(b)            Re-enrollment
After Withdrawal. A former Participant who has withdrawn from the Plan shall not be a Participant until he or she re-enrolls in the
Plan under Section 4(b) of the Plan. Re-enrollment shall be effective only at the commencement of an Offering Period.

 

SECTION 7.     CHANGE
IN EMPLOYMENT STATUS.

 

(a)           Termination
of Employment. Termination of employment with a Participating Company, or otherwise ceasing to be an Eligible Employee, for any reason,
including death, shall be treated as an automatic withdrawal from the Plan under Section 6(a) of the Plan, unless, with
respect to an offering under the Non-423 Component, otherwise required by applicable laws or regulations. A transfer from one Participating
Company to another shall not be treated as a termination of employment unless required to comply with Section 423 of the Code with
respect to the 423 Component.

 

(b)           Leave
of Absence. For purposes of the Plan, employment shall not be deemed to terminate when the Participant goes on a military leave, a
sick leave or another bona fide leave of absence, if the leave was approved by a Participating Company in writing or if such leave
of absence is protected under applicable laws or regulations. Employment shall be deemed to terminate in any event when the approved leave
ends, unless the Participant immediately returns to work.

 

(c)            Death.
In the event of the Participant’s death, any amounts then held in the Participant’s Plan Account and any shares of Stock then
held in the Participant’s name by the Company or the broker designated by the Company shall be paid or transferred to the Participant’s
estate or as otherwise required by applicable laws of descent and distribution, or as may be otherwise provided pursuant to Section 8(e) of
the Plan.

 

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SECTION 8.     PLAN
ACCOUNTS AND PURCHASE OF SHARES.

 

(a)            Plan
Accounts. The Company shall maintain a Plan Account on its books in the name of each Participant. Whenever an amount is contributed
to the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts shall not be trust
funds and may be commingled with the general assets of the Company or any Parent, Qualifying Subsidiary, Subsidiary or Affiliate and applied
to general corporate purposes, unless otherwise required by applicable law or regulation. Unless required by applicable law or regulation,
no interest will be paid or credited with respect to any amounts held in a Participant’s Plan Account.

 

(b)            Purchase
Price. The Purchase Price for each share of Stock purchased at the close of an Offering Period shall be not less than the lesser of
(i) 85% of the Fair Market Value of such share on the last day of such Offering Period and (ii) 85% of the Fair Market Value
of such share on the first day of such Offering Period, as determined by the Committee prior to the commencement of the applicable Offering
Period.

 

The Committee may
round the Purchase Price up (but not down) to a whole cent, and in no event shall the Purchase Price be less than the par value of the
shares of Stock being purchased.

 

(c)            Number
of Shares Purchased. As of the last day of each Offering Period, each Participant shall be deemed to have elected to purchase the
number of shares of Stock calculated in accordance with this Section 8(c), unless the Participant has withdrawn from the Plan
under Section 6(a) or Section 7 of the Plan. The amount then in the Participant’s Plan Account shall
be divided by the Purchase Price, and the number of shares that results shall be purchased with the funds in the Participant’s Plan
Account. The foregoing notwithstanding, no Participant shall purchase more than 10,000 shares of Stock (subject to adjustment pursuant
to Section 14(b) of the Plan) with respect to any Offering Period (or, if the Board determines that a different number
of Offering Periods shall commence in each calendar year in accordance with Section 4(a) of the Plan, a proportionate
number of shares of Stock (subject to adjustment pursuant to Section 14(b) of the Plan) with respect to any Offering
Period) nor more than the amounts of Stock set forth in Sections 9(b) and 14(a) of the Plan. Any fractional share,
as calculated under this Section 8(c), shall be rounded down to the next lower whole share (with the Purchase Price for such
fractional share to be carried over to the next Offering Period). To the extent permitted by law, the Committee may adjust the individual
share limit set forth in this Section 8(c) from time to time without stockholder or Participant approval, provided that
any such change shall not apply until the Offering Period commencing after such change is made (and such change shall automatically adjust
the share number set forth in Section 9(a)(iii) of the Plan to the same amount).

 

(d)           Available
Shares Insufficient. In the event that the aggregate number of shares of Stock that all Participants elect to purchase during an Offering
Period exceeds the maximum number of shares of Stock remaining available for issuance under Section 14(a) of the Plan,
then the number of shares of Stock a Participant shall purchase shall be determined by multiplying the number of shares of Stock available
for issuance by a fraction, the numerator of which is the number of shares of Stock that such Participant has elected to purchase and
the denominator of which is the number of shares of Stock that all Participants have elected to purchase.

 

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(e)           Issuance
of Shares. Shares of Stock shall be issued either in book entry form or in certificates. Certificates, if any, representing the shares
of Stock purchased by a Participant under the Plan shall be issued to the Participant, or book entry in the Participant’s name shall
be made, as soon as reasonably practicable after the close of the applicable Offering Period, except that the Committee may determine
that such certificates shall be held for each Participant’s benefit by a broker designated by the Committee. Shares may be registered
in the name of the Participant or jointly in the name of the Participant and his or her spouse as joint tenants with right of survivorship
or as community property or in such other manner of taking title as may be permitted under applicable law or regulation; provided, however,
that unless otherwise required by applicable law or specified by the Participant in writing, shares of Stock purchased under the Plan
will be registered in the name of the Participant.

 

(f)            Transfer
of Shares. If certificates representing shares of Stock are not otherwise issued to the Participant in connection with the purchase
of such shares at the end of an Offering Period, a Participant may elect to transfer any number of shares of Stock previously purchased
under the Plan by providing notification and transfer instructions to Company or the broker designated by the Company, in accordance with
procedures established under the Plan. As soon as administratively practicable following receipt of a Participant’s election to
transfer shares of Stock, the Company or the designated broker shall cause a transfer of the shares or a certificate representing the
number of shares to be transferred to be delivered to the Participant or a broker designated by the Participant.

 

(g)           Unused
Cash Balances. Any amount remaining in the Participant’s Plan Account that represents the Purchase Price for shares that could
not be purchased by reason of Section 9(b) or Section 14(a) of the Plan or otherwise shall be refunded
to the Participant in cash, without interest, promptly after the end of the applicable Offering Period (unless otherwise required by Section 8(c) with
respect to fractional shares).

 

SECTION 9.     LIMITATIONS
ON STOCK OWNERSHIP.

 

(a)            Five
Percent Limit. Any other provision of the Plan notwithstanding, no Participant shall be granted a right to purchase Stock under the
Plan if such Participant, immediately after his or her election to purchase such Stock, would own stock possessing 5% or more of the total
combined voting power or value of all classes of stock of the Company or any Parent or Qualifying Subsidiary. For purposes of this Section 9(a),
the following rules shall apply:

 

(i)            the
attribution rules of Section 424(d) of the Code shall be applied in determining ownership of Stock;

 

(ii)           each
Participant shall be deemed to own any stock that he or she has a right or option to purchase under this Plan or any other plan or arrangement;
and

 

(iii)        each
Participant shall be deemed to have the right to purchase under this Plan with respect to each Offering Period 10,000 shares of Stock
(as adjusted pursuant to Section 8(c) of the Plan), subject to adjustment pursuant to Section 14(b) of
the Plan.

 

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(b)            Dollar
Limit. Any other provision of the Plan notwithstanding, consistent with Treasury Regulation Section 1.423-2(i), no Participant
shall purchase Stock under this Plan and all other employee stock purchase plans of the Company or any Parent or Qualifying Subsidiary
at a rate that exceeds $25,000 in fair market value of the Stock (determined at the time the option is granted) for each calendar year
in which any option granted to the Participant is outstanding at any time.

 

For purposes of this Section 9(b),
the Fair Market Value of Stock shall be determined as of the first day of the Offering Period in which such Stock is purchased. Employee
stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Section 9(b) from
purchasing additional Stock under the Plan, then his or her employee contributions shall automatically be discontinued, and shall resume
(in accordance with the Participant’s most recently-filed enrollment form) on the first day of the earliest Offering Period in which
this Section 9(b) would not prohibit such participation, provided that he or she then is an Eligible Employee.

 

SECTION 10.    RIGHTS
NOT TRANSFERABLE.

 

The rights of any Participant
under the Plan, or the interest in any Stock or moneys to which any Participant may be entitled under the Plan, shall not be transferable
by voluntary or involuntary assignment or by operation of law, or in any manner other than by beneficiary designation or the laws of descent
and distribution. If a Participant attempts to transfer, assign or otherwise encumber his or her rights or interest under the Plan, other
than as permitted by this Section 10, such act shall be treated as an election by the Participant to withdraw from the Plan
under Section 6(a) of the Plan.

 

SECTION 11.    NO
RIGHTS AS AN EMPLOYEE.

 

Nothing in the Plan or in
any right granted under the Plan shall confer upon the Participant any right to continue in the employ of a Participating Company for
any period or interfere with or otherwise restrict in any way the rights of the Participating Companies or of the Participant, which rights
are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without cause, to the
fullest extent permitted by applicable laws or regulations.

 

SECTION 12.    NO
RIGHTS AS A STOCKHOLDER.

 

A Participant shall have no
rights as a stockholder with respect to any shares of Stock that he or she may have a right to purchase under the Plan until such shares
have been purchased and transferred or credited to the Participant.

 

SECTION 13.    SECURITIES
LAW REQUIREMENTS.

 

Shares of Stock shall not
be issued under the Plan unless the issuance and delivery of such shares comply with (or are exempt from) all applicable requirements
of law, including, without limitation, the U.S. Securities Act of 1933, as amended, the rules and regulations promulgated thereunder,
all state securities laws and regulations, any applicable non-U.S. securities laws and regulations, and the regulations of any stock exchange
or other securities market on which the Company’s securities are then traded or listed.

 

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SECTION 14.   STOCK
OFFERED UNDER THE PLAN.

 

(a)           Authorized
Shares. The aggregate number of shares of Stock available for purchase under the Plan as of the Effective Date shall be 11,068,989
and on January 1 of each year during which the Plan is in effect, commencing on January 1, 2023, the number of shares of Stock
available for purchase under the Plan shall be increased by the lesser of (x) 11,068,989 shares of Stock, (y) 1% of the number
of shares of all classes of common stock of the Company outstanding as of the immediately preceding December 31 (calculated on a
fully diluted basis, including derivative securities of the Company and securities of GBT JerseyCo Limited that may become convertible
for equity securities of the Company), and (z) such lesser number of shares of Stock as the Board may determine, in each case, as
subject to adjustment as provided in this Section 14. Shares of Stock issued under the Plan may be shares already outstanding or
newly issued or treasury shares. Notwithstanding the foregoing or anything contained in the Plan to the contrary, not more than 65,085,654
shares of Stock may be issued under the 423 Component, and not more than 65,085,654 shares of Stock may be issued under the Non-423 Component.

 

(b)           Changes
in Capitalization. In the event of a reorganization, recapitalization, stock split, spin-off, split-off, split-up, stock or extraordinary
cash dividend or other distribution, combination of shares, merger, amalgamation, consolidation or any other change in the corporate structure
of the Company, or a sale by the Company of all or part of its assets, in any case, that occurs on or after the date the Plan is approved
by the Board (even if such date is prior to the Effective Date), the Committee shall make such adjustments to the aggregate number of
shares of Stock offered under the Plan, the number of shares set forth in clause (x) of Section 14(a) of the Plan,
the share limitation described in Section 8(c) of the Plan (and the corresponding number of shares specified in clause
(iii) of Section 9(a) of the Plan) and/or the price of shares that any Participant may elect to purchase under the
Plan as may be necessary to prevent the dilution or enlargement of Participants’ rights. The Plan shall in no event be construed
to restrict in any way the Company’s right to undertake a dissolution, liquidation, merger, amalgamation, consolidation or other
reorganization or corporate transaction of any kind or type.

 

(c)            Change
in Control. Any other provision of the Plan notwithstanding, immediately prior to the effective time of a Change in Control, the Plan
shall terminate and shares shall be purchased pursuant to Section 8 of the Plan as if the Offering Period during which such
Change in Control occurs was scheduled to end on the day immediately preceding such Change in Control, unless the Plan is expressly assumed
by the surviving corporation, the buyer or an affiliate of the foregoing. In addition, in anticipation of a Change in Control, the Committee
may take any action under the Plan as it deems necessary or appropriate, including, without limitation, terminating the Plan and preventing
Participants from continuing their contributions to the Plan.

 

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SECTION 15.   WITHHOLDING

 

To the extent any payments,
exercises, purchases or distributions under the Plan, or at the time a Participant disposes of some or all of the shares of Stock he or
she acquired under the Plan, are determined by any Participating Company to be subject to U.S. Federal, state or local taxes, or the taxes
of a jurisdiction other than the United States, the Participating Company (and each affiliate thereof) is authorized (but not obligated)
to withhold any required taxes. The withholding obligation may be satisfied by (i) withholding shares of Stock purchased under the
Plan; (ii) withholding from the proceeds from the sale of shares of Stock purchased under the Plan, either through a voluntary sale
or through a mandatory sale arranged by the Company; (iii) deducting cash from a Participant’s Plan Account; (iv) deducting
cash from a Participant’s other cash compensation payable to him or her by any Participating Company (or any affiliate thereof)
or (v) any other method deemed appropriate by the Participating Company (or any affiliate thereof), in each case, as approved by
the Committee. A Participant’s election to participate in the Plan authorizes any Participating Company (and any affiliate thereof)
to take any of the actions described in the preceding sentence. Withholding in shares of Stock shall occur at a rate that is less than
the rate that would result in liability or variable accounting treatment. Participants who are subject to Section 16 of the Securities
Exchange Act of 1934, as amended, with respect to the Company, any Parent or any Subsidiary may elect to have withholding occur by reducing
the number of shares of Stock otherwise to be received by them upon the purchase of shares of Stock under the Plan (or by using shares
of Stock otherwise credited to their Plan Account that have been held for more than six months).

 

SECTION 16.    GOVERNING
LAW; DISPUTE RESOLUTION; WAIVER OF JURY TRIAL

 

Except where U.S. Federal
law is applicable to or controls any part of this Plan, the validity, construction and effect of this Plan shall be construed and enforced
in accordance exclusively under the laws of the State of Delaware, without giving effect to the choice of law principles thereof. Any
dispute not amicably resolved between the Company or any of its Subsidiaries, Qualifying Subsidiaries or Affiliates on the one hand and
a Participant on the other shall be subject to the exclusive jurisdiction of the Federal courts located in the borough of Manhattan, New
York City, New York (or if Federal jurisdiction does not exist, then the state courts located in the borough of Manhattan, New York City,
New York). BY PARTICIPATING IN THIS PLAN, THE COMPANY, EACH SUBSIDIARY, QUALIFYING SUBSIDIARY AND AFFILIATE AND EACH PARTICIPANT
HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION
WITH, OR ARISING OUT OF, THIS PLAN, OR THE VALIDITY, PROTECTION, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF (WHETHER ARISING
IN CONTRACT, EQUITY, TORT OR OTHERWISE).

 

SECTION 17.    NON-423
COMPONENT AND SUB-PLANS

 

The Board and/or the Committee
may adopt procedures and sub-plans to this Plan that are necessary or appropriate to permit or facilitate participation in the Plan by
Eligible Employees who are employed or located in a jurisdiction other than the United States or to generally operate the Plan in jurisdictions
outside the United States (provided that such procedures or sub-plans would not result in (i) the Plan failing to be eligible to
qualify under Section 423 of the Code or (ii) any offering under the 423 Component not complying with Section 423 of the
Code). Without limiting the generality of, but consistent with, the foregoing, the Board and/or the Committee are expressly authorized
to adopt rules, procedures, and sub-plans, which, for purposes of the Non-423 Component, may be beyond the scope of Section 423 of
the Code, regarding, without limitation, eligibility to participate in the Plan, excluding Employees in certain countries under the Non-423
Component (even if employed by a Participating Company), handling and making of employee contributions under the Plan, satisfying payroll
taxes, determining beneficiaries, withholding procedures and issuances of Stock, any of which may vary from time to time and between jurisdictions,
as determined by the Board and/or the Committee.

 

    12 

     

    

 

SECTION 18.   TAX
QUALIFICATION.

 

The 423 Component is intended
to be exempt from the application of Section 409A of the Code under Section 1.409A-1(b)(5)(ii) of the U.S. Treasury Regulations.
Purchases of Stock by Participants who are U.S. taxpayers participating in the Non-423 Component are intended to be exempt from the application
of Section 409A of the Code under the short-term deferral exception and any ambiguities will be construed and interpreted in accordance
with such intent. Subject to the provisions of this Section 18, Participants who are U.S. taxpayers participating in the Non-423
Component shall be subject to such terms and conditions as shall permit his or her participation in the Plan to satisfy the requirements
of the short-term deferral exception to Section 409A of the Code, including the requirement that the shares subject to the right
to purchase Stock under the Plan be delivered within the short-term deferral period. Notwithstanding the foregoing or any other provision
of the Plan to the contrary, neither the Company nor any Parent, Qualifying Subsidiary or Subsidiary shall have any liability to a Participant
or any other person or entity if the right to purchase Stock under the Plan that is intended to be exempt from or compliant with Section 409A
of the Code is not so exempt or compliant or for any action taken by the Committee, the Board, the Company or any Parent, Qualifying Subsidiary
or Subsidiary in relation thereto. Notwithstanding the foregoing or any other provision of the Plan to the contrary, although the Company
may endeavor to (i) qualify the 423 Component or Non-423 Component for special tax treatment under the laws and regulations of the
United States or of a jurisdiction other than the United States or (ii) avoid adverse tax treatment (e.g., under Section 409A
of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain special, or to avoid
unfavorable, tax treatment. The Company and each Parent, Qualifying Subsidiary, Subsidiary and Affiliate shall be unconstrained in their
activities without regard to any potentially negative tax impact on any one or more Participants.

 

SECTION 19.   SEVERABILITY.

 

If any particular provision
of the Plan is found to be invalid or otherwise unenforceable, such provision shall not affect the other provisions of the Plan, and the
Plan shall be construed in all respects as if such invalid provision were omitted. Any provision of the Plan that would cause an offering
under the 423 Component to violate Section 423 of the Code shall be null and void ab initio.

 

SECTION 20.   AMENDMENT
AND TERMINATION.

 

The Board shall have the right
to amend, suspend or terminate the Plan, and to shorten an Offering Period (and refund Participant contributions in the event of any such
shortening, suspension or termination) at any time and without notice. Any increase in the aggregate number of shares of Stock to be issued
under the Plan shall be subject to approval by a vote of the stockholders of the Company. In addition, any other amendment of the Plan
shall be subject to approval by a vote of the stockholders of the Company to the extent required by applicable law, rule or regulation,
including, without limitation, Section 423 of the Code, or by the rules of any applicable stock exchange. No amendment, termination
or suspension of the Plan shall require the consent of any Participant unless otherwise required by applicable law or the rules of
any applicable stock exchange. The Plan shall terminate on the earlier to occur of (i) a termination of the Plan by the Board (pursuant
to this Section 20), (ii) the tenth anniversary of the date the Plan is approved by the Board or (iii) the tenth
anniversary of the date the Plan is approved by the stockholders of the Company.

 

[End of Plan]

 

    13Exhibit 10.16 

 

GLOBAL
BUSINESS TRAVEL GROUP, INC.

MANAGEMENT INCENTIVE PLAN

 

Originally Adopted June 30, 2014 (the
 “Effective Date”)

Amended and Restated December 10, 2019

Amended and Restated December 2, 2021

Assumed and Restated as of May 27, 2022

 

1              Background;
Purpose of the Plan

 

On December 10, 2019, GBT III B.V., a private
company with limited liability organized under the laws of the Netherlands (“GBT III”), completed a restructuring whereby
GBT JerseyCo Limited, a company limited by shares incorporated under the laws of Jersey (“GBT JerseyCo”), became the
parent company of the GBT group (the “2019 Restructuring”). In connection with the 2019 Restructuring, the GBT III
B.V. Management Incentive Plan (the “Original Plan”) was assumed by GBT JerseyCo, amended to reflect the 2019 Restructuring
and renamed the GBT JerseyCo Limited Management Incentive Plan (the “Prior Plan”). Pursuant to Section 4.14 of
the Original Plan, all of the options granted under the Original Plan that were outstanding at the closing of the 2019 Restructuring were
converted into options to purchase shares of Common Stock of GBT JerseyCo and were treated as if they were originally granted under the
Prior Plan.

 

On May 27, 2022, GBT JerseyCo completed a
transaction whereby Global Business Travel Group, Inc. (the “Company”), acquired GBT JerseyCo and became the parent
company of the GBT group (the “Transaction”). In connection with the Transaction, the Prior Plan was assumed by the
Company, was amended to reflect the Transaction as set forth herein and renamed the Global Business Travel Group, Inc. Management
Incentive Plan (the “Plan”). Pursuant to Section 4.14 of the Prior Plan, all of the options treated as granted
under the Prior Plan that were outstanding at the closing (the “Closing”) of the Transaction (“Converted Options”)
were converted into options to purchase shares of Common Stock (as defined below) and were treated as if they were originally granted
under this Plan. Following the Closing, no new Options (as defined below) shall be granted under this Plan. References in this Plan to
 “the Company” in relation to events that occurred prior to the Transaction shall be deemed to refer to GBT JerseyCo or GBT
III, as and where applicable. For purposes of the Options and the Option Grant Agreements (as defined below), the Transaction is, and
will be treated as, an Initial Public Offering (as defined in the Prior Plan).

 

The purpose of the Plan is to promote the interests
of the Company and its shareholders by providing the key employees, service providers and consultants of the Company and its subsidiaries
with an appropriate incentive to encourage them to continue in the employ of the Company or its subsidiaries and to improve the growth,
profitability and financial success of the Company and its subsidiaries.

 

2              Definitions

 

As used in this Plan and in any Option Grant Agreement,
the following capitalized terms shall have the following meanings:

 

     

     

    

 

(a)             “Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under direct or indirect
common control with such Person; provided, that no shareholder of the Company shall be deemed an Affiliate of any other shareholder
solely by reason of any investment in the Company except that solely for purposes of the Plan, Amex and its subsidiaries shall be deemed
to be Affiliates. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms
 “controlling,” “controlled by” and “under common control with”), as used with respect to any Person,
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise. For the avoidance of doubt, no Juweel Investor shall
be considered an Affiliate of the Company unless expressly noted herein.

 

(b)             “Amex”
shall mean American Express Company.

 

(c)             “Board”
shall mean the Board of Directors of the Company.

 

(d)             “Business
Travel Entities” shall mean business entities with annual revenue of at least $10,000,000 (whether or not for profit) and governmental
agencies.

 

(e)             “Business
Travel Services” shall mean business travel agency services provided to Business Travel Entities pursuant to a stand-alone contract
to arrange for the business and commercial travel of their employees, excluding Travel Supplier Services, covering an entire enterprise
or one or more business units, geographies or divisions thereof.

 

(f)             “Cause”
shall mean, when used in connection with the termination of a Participant’s Employment, unless otherwise provided in the Participant’s
Option Grant Agreement or the Participant’s effective, written contract of Employment or severance agreement with the Company or
any of its direct and indirect subsidiaries, the Participant’s (i) willful and continued failure to adequately perform substantially
all of the Participant’s duties; (ii) failure to devote substantially all of the Participant’s business time to the performance
of the Participant’s duties for the Company and its subsidiaries (subject to the ability to engage in activities in accordance with
applicable Company policy); (iii) willful misconduct; (iv) unlawful use of a controlled substance; (v) conviction of, or
entry of a plea of guilty or no contest to any felony or any crime involving, dishonesty, theft, moral turpitude, breach of trust or breach
of a fiduciary duty or their equivalent under local law; (vi) engagement in an act or omission that is detrimental to the business
or reputational interests of the Company or its subsidiaries, including but not limited to an act of fraud, embezzlement, disparagement,
theft or dishonesty, whether in the past or future (including any such acts occurring prior to the commencement of employment); (vii) habitual
or gross negligence in the performance of the Participant’s duties; (viii) material or repeated violation of any policy or
practice adopted by the Company or its subsidiaries applicable to the Participant; (ix) breach of any material term of any written
employment, service or consulting agreement between the Participant and the Company or its subsidiaries; and (x) violation of any
Company or subsidiary detrimental conduct provision. If, subsequent to the termination of a Participant’s Employment, it is discovered
that Participant engaged in conduct which the Committee determines in good faith could have resulted in Participant’s Employment
being terminated for Cause, as such term is defined above, or if the Participant Competes, the Participant’s Employment shall, at
the election of the Committee, in its sole discretion, be deemed to have been terminated for Cause (regardless of how such termination
was previously classified).

 

     

     

    

 

(g)             “Change
in Control” shall mean the occurrence of any of the following events after the Effective Date: (i) any sale, lease, exchange
or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company and
its subsidiaries (determined on a consolidated basis) to any Good Faith Independent Purchaser or group of related Good Faith Independent
Purchasers for purposes of Section 13(d) of the Exchange Act (a “Group”); (ii) the approval by the holders
of the outstanding voting power of the Company of any plan or proposal for the liquidation or dissolution of the Company; or (iii) any
Good Faith Independent Purchaser or related Group thereof becoming the beneficial owner (within the meaning of Section 13(d) of
the Exchange Act), directly or indirectly, of securities representing more than 50% of the aggregate outstanding voting power of the Company
and such Person or Group actually has the power to vote such securities in any such election of members of the Board. Notwithstanding
the foregoing, the Transaction shall not be treated as a Change in Control.

 

(h)             “Closing”
has the meaning set forth in Section 1 above.

 

(i)              “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(j)              “Commission”
shall mean the U.S. Securities and Exchange Commission.

 

(k)             “Committee”
shall mean the Compensation Committee of the Board of Directors of the Company.

 

(l)              “Common
Stock” shall mean the Class A common stock of the Company, par value $0.0001 per share.

 

(m)            “Compete”
shall mean with respect to any Participant, unless otherwise provided in the Participant’s Option Grant Agreement, (i) during
Employment and for the Restricted Period, (A) being an employee, director, or independent contractor of, or a consultant to, or performing
any services for or on behalf of, or being an owner or investor in (other than the ownership of not more than 1% of the publicly traded
voting securities of any company listed on a national securities exchange), any Person engaging in any Competing Business, or (B) directly
or indirectly, whether on behalf of the Participant or another Person, soliciting (including any communication of any kind, regardless
of by whom it is initiated) or hiring or attempting to solicit or hire (x) any actual or prospective customer or supplier of the
Company or any of its subsidiaries in connection with any Competing Business or to terminate or alter in a manner adverse to the Company
or its subsidiaries such customer’s or supplier’s relationship with the Company or its subsidiaries, or (y) any Employee
or individual who was an Employee within the six-month period immediately prior thereto to terminate or otherwise alter his or her Employment
with the Company or its subsidiaries or to provide services to another Person (whether as an employee, director, consultant or otherwise),
provided that Participant’s employer’s or business organization’s conducting general advertising for employees
not directed at any specific Person shall not in and of itself be a violation of this clause (B), or (ii) at any time during or following
Employment, disclosing or using any Confidential Information, except as required by legal process or, during Employment, in good faith
in furtherance of his or her job responsibilities to the Company and its subsidiaries (provided that if the Participant receives
legal process with regard to disclosure of such Confidential Information, he/she shall promptly notify the Company and cooperate with
the Company in seeking a protective order with respect to such Confidential Information or to otherwise limit its disclosure). “Competed”
and “Competing” shall have correlative meanings. Further, in accordance with the Defend Trade Secrets Act of 2016,
(I) the Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is
made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, and (II) if the
Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Participant may disclose a
trade secret to the Participant’s attorney and use the trade secret information in the court proceeding, if the Participant files
any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.

 

     

     

    

 

(n)            “Competing
Business” shall mean (i) the provision of Business Travel Services and (ii) any other business in which the Company
or any of its subsidiaries was engaged, or is considering engaging in, during the Participant’s Employment or within the twenty-four
(24) month period immediately following the Participant’s termination of Employment and of which the Participant was aware or reasonably
should have been aware prior to his or her termination of Employment.

 

(o)            “Confidential
Information” shall mean all information regarding the Company, Juweel, the Juweel Investors, any Affiliates of the Company,
Juweel or the Juweel Investors or any of the employees, officers and directors of any of the foregoing Persons, including, without limitation,
any activity, business, product, customer, client or supplier of any of the foregoing Persons, in any case, that is not generally known
by the public or to Persons not employed by the Company, Juweel, the Juweel Investors or their respective Affiliates, including, without
limiting the foregoing, information that would not be known to the public but for the actions of or disclosure by, directly or indirectly,
the Participant.

 

(p)            “Disability”
shall mean with respect to any Participant, unless otherwise provided in the Participant’s Option Grant Agreement, a permanent
disability as defined in the Company’s or its subsidiaries’ long-term disability plans covering such Participant (if any),
or as defined from time to time by the Company, in its sole discretion.

 

(q)            “Effective
Date Chairman” means the chairman of the Board of Directors of GBT JerseyCo as of December 10, 2019.

 

(r)             “Employment”
shall mean employment or other service relationship with the Company or any of its subsidiaries and shall include the provision of
services as a director, service provider or consultant for the Company or any of its subsidiaries. “Employee” and “Employed”
shall have correlative meanings. Employment will be deemed to continue, unless the Committee expressly determines otherwise in its
sole discretion, so long as the Participant is employed by, or otherwise is providing services to the Company or one of its subsidiaries.
If a Participant’s Employment is with a subsidiary and that entity ceases to be a subsidiary of the Company, the Participant’s
Employment will be deemed to have terminated when the entity ceases to be a subsidiary of the Company unless the Participant transfers
Employment to the Company or one of its remaining subsidiaries. All determinations regarding Employment and terminations thereof shall
be made by the Committee in its sole discretion.

 

     

     

    

 

(s)             “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(t)             “Exercise
Date” shall have the meaning set forth in Section 4.11 herein.

 

(u)             “Exercise
Notice” shall have the meaning set forth in Section 4.11 herein.

 

(v)            “Exercise
Price” shall mean the price that the Participant must pay under the Option for each share of Common Stock, as determined by
the Committee for each grant and initially specified in the Option Grant Agreement, which shall be no less than the Fair Market Value
of a share of Common Stock on the Grant Date, subject to any increase or other adjustment that may be made following the Grant Date in
accordance with the Plan. For the avoidance of doubt, with respect to any Premium Strike Option, the Exercise Price of such Option may,
in the Committee’s sole discretion, be set at a price that is higher than the applicable Fair Market Value as of the Grant Date
of such Option.

 

(w)            “Fair
Market Value” shall mean, as of any date (i) prior to the date on which the Common Stock is first publicly traded on a
recognized exchange, the value per share of Common Stock as determined by the Board; or (ii) on which the Common Stock is then publicly
traded on a recognized exchange, (A) the closing price on such day of the shares of Common Stock as reported on the principal securities
exchange on which the shares of Common Stock are then listed or admitted to trading or (B) if not so reported, the average of the
closing bid and ask prices on such day as reported on the National Association of Securities Dealers Automated Quotation System or (C) if
not so reported, as furnished by any member of the National Association of Securities Dealers, Inc. (“NASD”) selected
by the Board. The Fair Market Value of the shares of Common Stock as of any such date on which the applicable exchange or inter-dealer
quotation system through which trading in the shares of Common Stock regularly occurs is closed shall be the Fair Market Value determined
pursuant to the preceding sentence as of the immediately preceding date on which the shares of Common Stock are traded, a bid and ask
price is reported or a trading price is reported by any member of NASD selected by the Board (as applicable). In the event that the price
of a share of Common Stock shall not be so reported or furnished, the Fair Market Value shall be determined by the Board. In any case,
the Fair Market Value shall be determined in accordance with the requirements of Section 409A of the Code, to the extent applicable.

 

(x)              “Good
Faith Independent Purchaser” shall mean an independent third party, as determined by the Board, and expressly excludes each
Majority Stockholder, the Juweel Investors, the Amex Permitted Transferees, Juweel Permitted Transferee and the Juweel Investors Permitted
Transferees, in each case as defined in the Shareholders Agreement.

 

     

     

    

 

(y)            “Good
Reason” shall mean with respect to any Participant who is an Employee of the Company or one of its subsidiaries, unless otherwise
provided in the Participant’s Option Grant Agreement or an effective employment or severance agreement with the Company or any of
its direct or indirect subsidiaries, following a Change in Control, (i) a material decrease in a Participant’s annual base
salary (other than as part of an across-the-board reduction applicable to all similarly situated employees of the Company and/or its subsidiaries),
or (ii) a relocation of a Participant’s primary work location more than 60 miles from the Participant’s primary work
location in effect immediately prior to the Grant Date (provided that such relocation materially increases the Participant’s daily
one-way commute to his or her primary work location), each such event occurring following a Change in Control without the Participant’s
prior written consent; provided that, within thirty days following the occurrence of any of the events set forth herein, the Participant
shall have delivered written notice to the Company of his or her intention to terminate his or her Employment for Good Reason, which notice
specifies in reasonable detail the circumstances claimed to give rise to the Participant’s right to terminate Employment for Good
Reason, and the Company shall not have cured such circumstances within thirty days following the Company’s receipt of such notice.

 

(z)             “Grant
Date” shall mean the grant date designated by the Committee and specified in the Option Grant Agreement as of the date the Option
is granted. The Grant Date of Converted Options shall be the date on which they were originally issued under the Original Plan or the
Prior Plan (as applicable).

 

(aa)           “Juweel
Investors” shall mean, for so long as such entities remain invested (directly or indirectly) in the Company, Certares GBT Holdings
Ltd., QH Travel, L.P., PecosCo Limited Partnership, HMC Juweel Holdings, LP, Macquarie Juweel Investor LP and BR Investors Juweel, L.P.

 

(bb)          “Majority
Stockholder” shall mean, collectively or individually as the context requires, American Express Travel Holdings Netherlands
Coöperatief U.A., Juweel Investors Coöperatief U.A. and/or their respective Affiliates (disregarding the Company and its subsidiaries),
successors and assigns.

 

(cc)          “Option”
shall mean the option to purchase shares of Common Stock treated as granted to any Participant under the Plan. Any references in the
Plan to an “Option” will be deemed to include “Time-Based Options”, “Performance-Based Options” and
 “Premium Strike Options” unless specifically noted to the contrary. No Option is intended to be (or shall be treated as) an
 “incentive stock option” under Section 422 of the Code.

 

(dd)          “Option
Grant Agreement” shall mean an agreement entered into by each Participant and the Company evidencing the grant of each Option.

 

(ee)           “Participant”
shall mean a Person to whom a grant of an Option has been made and, where applicable, shall include Permitted Transferees.

 

(ff)            “Performance-Based
Option” shall have the meaning set forth in Section 4.5(b).

 

(gg)          “Permitted
Transferee” shall have the meaning set forth in Section 4.7.

 

     

     

    

 

(hh)           “Person”
means an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or
a governmental agency or political subdivision thereof.

 

(ii)             “Premium
Strike Option” shall have the meaning set forth in Section 4.5(c).

 

(jj)             “Qualifying
CIC Termination” shall mean, unless otherwise provided in the Participant’s Option Grant Agreement, with respect to a
Participant, a termination of such Participant’s Employment by the Company or a subsidiary thereof without Cause or by the Participant
for Good Reason, in each case within the one-year period following a Change in Control (other than a Change in Control that is also a
SPAC Transaction).

 

(kk)           “Restricted
Period” shall mean, unless otherwise provided in the Participant’s Option Grant Agreement, the twenty-four month period
following the termination of the Participant’s Employment.

 

(ll)             “Restrictive
Covenants” means the covenants contained in an Option Grant Agreement under the section titled “Restrictive Covenants.”

 

(mm)          “Shareholders
Agreement” shall mean the Shareholders Agreement by and among the Company, American Express Travel Holdings Netherlands Coöperatief
U.A. and Juweel Investors Coöperatief U.A., as amended and/or restated from time to time.

 

(nn)          “Shares”
shall mean the shares of capital stock of the Company.

 

(oo)          “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(pp)          “Time-Based
Option” shall have the meaning set forth in Section 4.5(a).

 

(qq)          “Transfer”
shall mean any transfer, sale, assignment, hedge, gift, testamentary transfer, pledge, hypothecation or other disposition of any interest.
“Transferee” and “Transferor” shall have correlative meanings.

 

(rr)             “Travel
Supplier Services” means the ownership or operation of hotels, resorts, other lodging providers, airlines, rail, car rental
and other transportation providers.

 

(ss)           “Vesting
Commencement Date” shall mean, with respect to a Time-Based Option, the date specified in the applicable Option Grant Agreement
on which the vesting period of such Time-Based Option commences.

 

3              Administration
of the Plan

 

The Committee shall administer the Plan.

 

     

     

    

 

3.1           Powers
of the Committee. In addition to the other powers granted to the Committee under the Plan,
the Committee shall have the power: (a) to determine, modify or waive the terms and conditions of any Option; (b) to prescribe
the form of and terms and conditions of any instrument evidencing a grant of Options, so long as such terms and conditions are not otherwise
inconsistent with the terms of the Plan; (c) to adopt, amend and rescind such rules and regulations as, in its opinion, may
be advisable for the administration of the Plan; (d) to construe and interpret the Plan, such rules and regulations and the
instruments evidencing grants of Options; (e) to reconcile any inconsistency, correct any defect and/or supply any omission in the
Plan or any instrument evidencing any grant of Options; (f) to establish any black-out or exercise restrictions on Options as it
deems appropriate in connection with the Closing or other events; (g) to make all other determinations necessary or advisable for
the administration of the Plan and Options and otherwise do all things necessary to carry out the purposes of the Plan and Options.

 

3.2           Determinations
of the Committee. Any grant, determination, prescription or other act of the Committee shall
be final and conclusively binding upon all Persons.

 

3.3           Indemnification
of the Committee. No member of the Committee nor the Effective Date Chairman, the Majority
Stockholders, any Juweel Investor, nor their employees, partners, directors or associates shall be liable for any action or determination
made in good faith with respect to the Plan or any grant of Options thereunder. To the full extent permitted by law, the Company shall
indemnify and hold harmless each Person made or threatened to be made a party to any civil or criminal action or proceeding by reason
of the fact that such Person, or such Person’s testator or intestate, is or was a member of the Committee, is or was the Effective
Date Chairman or is or was a Majority Stockholder, a Juweel Investor or an employee, partner, director or associate thereof, to the extent
such criminal or civil action or proceeding relates to the Plan or any grant made (or treated as made) pursuant to the Plan (provided
that such Person acted in good faith and in a manner such Person reasonably believed to be in the best interests of, or not opposed to
the best interests of, the Company).

 

3.4           Compliance
with Applicable Law; Securities Matters; Effectiveness of Option Exercise. The Company shall
be under no obligation to effect the registration pursuant to the Securities Act of the issuance of any shares of Common Stock to be issued
hereunder or to effect similar compliance or registration under any state or non-U.S. laws. Notwithstanding anything herein to the contrary,
the Company shall not be required to issue or deliver any certificates evidencing the shares of Common Stock pursuant to the exercise
of any Options, which shares of Common Stock shall be evidenced by book-entry in the books and records of the Company, and may only issue
such certificates or make such book entry in the event the Committee has determined, with advice of counsel, that the issuance and delivery
of such certificates or making of such book entry is in compliance with all applicable laws, regulations of governmental authorities and,
if applicable, the requirements of any exchange on which the shares of Common Stock are listed or traded. In addition to the terms and
conditions provided herein, the Committee may require that a Participant make such reasonable covenants, agreements and representations
as the Committee, in its sole discretion, deems advisable in order to comply with any such laws, regulations or requirements. The Company
may, in its sole discretion, delay the exercisability of an Option hereunder to help ensure compliance under federal, state or non-U.S.
securities laws and any exemptions therefrom on which the Company may be relying. The Company shall inform the Participant in writing
of its decision to delay the exercise of an Option. During the period that the effectiveness of the exercise of an Option has been delayed,
the Participant may, by written notice, withdraw such exercise.

 

     

     

    

 

3.5           Inconsistent
Terms. In the event of a conflict between the terms of the Plan and the terms of any Option
Grant Agreement, the terms of the Plan shall govern except as otherwise expressly provided herein.

 

3.6           No
Additional Grants. The Committee shall not grant any new Options under this Plan after the
Closing. All Options which remain outstanding after the Closing shall continue to be governed by the Plan and the applicable Option Grant
Agreement.

 

3.7           Acceptance
of Terms. By accepting (or, under such rules as the Committee may prescribe, being deemed
to have accepted) an Option, the Participant shall be deemed to have agreed to the terms of the Option Grant Agreement and the Plan.

 

4              Options

 

4.1           Fractional
Shares. Unless the Committee determines otherwise, no fractional shares of Common Stock will
be delivered under the Plan.

 

4.2           Option
Repricing. No underwater Option may be repriced, exchanged for another award or cancelled
for a cash payment, in each case, unless approved by the Company’s shareholders; provided, however, that notwithstanding the foregoing
or anything contained in the Plan or an Option Grant Agreement to the contrary, the Committee may take any of the actions provided for
in Section 4.14 hereof, including with respect to an underwater Option, without the consent of the Company’s shareholders or
any other Person.

 

4.3           Intentionally
Omitted.

 

4.4           Intentionally
Omitted.

 

4.5           Vesting
of Options. The Committee shall specify in the Option Grant Agreement the conditions upon
which the Option shall become vested.

 

(a)           Time-Based
Option.

 

(i)           Generally.
The Committee may provide in the Option Grant Agreement that some or all of an Option is a Time-Based Option. For purposes of the Plan,
except as otherwise provided in the applicable Option Grant Agreement, a “Time-Based Option” shall mean an Option that
vests in equal 20% installments on each of the first five anniversaries of the Vesting Commencement Date, subject in all cases to the
Participant’s continued Employment through the applicable vesting date. Unless the Committee provides otherwise, the vesting of
the Time-Based Option may be suspended during any leave of absence.

 

(ii)           Accelerated
Vesting on a Qualifying CIC Termination. In the event that a Participant’s Employment is terminated as the result of a Qualifying
CIC Termination, 100% of the then outstanding Time-Based Options held by the Participant shall immediately vest and become exercisable
as of such Qualifying CIC Termination.

 

     

     

    

 

(b)           Performance-Based
Option. The Committee may provide in the Option Grant Agreement that some or all of an Option is a Performance- Based Option. For
purposes of the Plan, a “Performance-Based Option” shall mean an Option that vests in accordance with the performance-based
targets set forth in the applicable Option Grant Agreement.

 

(c)           Premium
Strike Options. The Committee may provide in the Option Grant Agreement that some or all of an Option (whether a Performance-Based
Option or a Time-Based Option) is a Premium Strike Option. For purposes of the Plan, a “Premium Strike Option” shall
mean an Option that has an Exercise Price that is greater than the Fair Market Value of a share of Common Stock on the Grant Date of such
Option.

 

4.6           Expiration
of Options. All Options, whether vested or unvested, shall expire on the tenth anniversary
of their Grant Date unless such Options expire earlier as provided below or in the applicable Option Grant Agreement.

 

(a)           Effect
of Termination of Employment on Unvested Options. With respect to each Participant, such Participant’s Option(s), or portion
thereof, which have not become vested shall expire on the date such Participant’s Employment is terminated for any reason unless
otherwise specified in the Option Grant Agreement or as specified below, or unless such termination is a Qualifying CIC Termination.

 

(i)           Death &
Disability. Except as otherwise provided in an Option Grant Agreement, in the event the Participant’s Employment terminates
due to the Participant’s death or Disability, the Participant’s unvested Options will remain outstanding and continue to vest
or be eligible to vest during the twelve month period following such termination of Employment, and each such unvested Option that vests
following such termination of Employment will remain outstanding and be exercisable until the earlier of (i) twelve months following
the date on which such Option vested following the Participant’s death or Disability or (ii) the earlier of the tenth anniversary
of the Grant Date for such Option(s) or such different expiration period (not to exceed ten years from the Grant Date) specified
in the Option Grant Agreement, which expiration date or period shall supersede the foregoing expiration period.

 

(ii)           Termination
of Employment by the Company or a Subsidiary without Cause. Except as otherwise provided in an Option Grant Agreement, in the event
the Participant’s Employment is terminated by the Company or a subsidiary without Cause, the Participant’s unvested Options
will remain outstanding and continue to vest or be eligible to vest during the six month period following such termination of Employment
and each such unvested Option that vests following such termination of Employment will remain outstanding and be exercisable until the
earlier of (i) 90 days following the date on which such Option vested following the Participant’s termination of Employment
or (ii) the earlier of the tenth anniversary of the Grant Date for such Option(s) or such different expiration period specified
in the Option Grant Agreement, which expiration date or period shall supersede the foregoing expiration period.

 

     

     

    

 

(b)           Effect
of Termination of Employment on Vested Options. With respect to each Participant, such Participant’s Option(s), or any portion
thereof, which have become vested on or before the date such Participant’s Employment is terminated shall, unless otherwise provided
in the Participant’s Option Grant Agreement, expire on the earliest of (i) the commencement of business on the date the Participant’s
Employment is terminated for Cause, or, following the Participant’s termination of Employment, the date on which the Committee in
good faith determines that during his or her Employment, the Participant engaged in conduct which constitutes Cause; (ii) 90 days
after the date the Participant’s Employment is terminated by the Company or a subsidiary or by the Participant for any reason other
than (1) Cause (unless the Participant engaged in conduct which the Committee determined in good faith constitutes Cause), (2) a
Qualifying CIC Termination or (3) the Participant’s death or Disability; (iii) one year after the date the Participant’s
Employment is terminated by reason of death or Disability; or (iv) the earlier of the tenth anniversary of the Grant Date for such
Option(s) or such different expiration date or period (not to exceed ten years from the Grant Date) specified in the Option Grant
Agreement, which expiration date or period shall supersede the foregoing expiration period.

 

(c)           Permitted
Transferees. Any Option, or portion thereof, that is vested and is held by a Permitted Transferee on account of the death of a Participant
shall expire (i) in the event that such Participant terminated Employment prior to his or her death, on the date on which such Option
would have expired had the Participant not died and had such Participant continued to hold such Option (unless otherwise provided in the
Participant’s Option Grant Agreement) or (ii) in the event that such Participant died while Employed, unless otherwise provided
in the Participant’s Option Grant Agreement, on the earlier of (x) one year after the date on which such deceased Participant’s
Employment terminated by reason of death or (y) the earlier of the tenth anniversary of the Grant Date for such Option(s) or
such different expiration period (not to exceed ten years from the Grant Date) specified in the Option Grant Agreement, which expiration
date or period shall supersede the foregoing expiration period. Any Option or portion thereof that has been transferred to a Permitted
Transferee during the lifetime of a Participant shall expire in connection with the Participant’s termination of Employment at the
time set forth under this Section 4.6 as if the Option were held directly by the Participant, unless otherwise provided in the Participant’s
Option Grant Agreement.

 

4.7           Limitation
on Transfer. Each Option granted to a Participant shall be exercisable only by such Participant,
except that a Participant may assign or transfer his or her rights with respect to any or all of the Options held by such Participant
to: (i) such Participant’s beneficiaries or estate upon the death of the Participant (by will, by the laws of descent and distribution
or otherwise) and (ii) subject to the prior written approval by the Committee and compliance with all applicable tax, securities
and other laws and the rules of any applicable securities exchange on which the Common Stock is then listed or quoted, as may be
necessary to fulfill a domestic relations order (each of (i) and (ii), a “Permitted Transferee”). Notwithstanding
the foregoing, in no event will transfers to a Person that the Administrator determines provides services or financial or other support,
directly or indirectly, to a competitor of the Company be permitted, even if such Person is otherwise a Permitted Transferee hereunder.

 

4.8           Condition
Precedent to Transfer of Any Option. It shall be a condition precedent to any Transfer of
any Option by any Participant that the Transferee shall agree prior to the Transfer in writing with the Company to be bound by the terms
of the Plan and the Option Grant Agreement as if he, she or it had been an original signatory thereto, except that any provisions of the
Plan or an Option Grant Agreement based on the Employment (or termination thereof) shall continue to be based on the Employment (or termination
thereof) of the original Participant (and all other forfeiture and vesting conditions shall apply as if no such Transfer had occurred,
unless otherwise determined by the Committee).

 

     

     

    

 

4.9           Effect
of Void Transfers. In the event of any purported Transfer of any Options in violation of
the provisions of the Plan, such purported Transfer shall, to the extent permitted by applicable law, be void and of no effect.

 

4.10         Exercise
of Options. Following the Closing, a Participant (or his or her Permitted Transferee, guardian
or legal representative, if applicable) may exercise vested Options subject to Section 3.4 hereof and otherwise in compliance with
other applicable law, the rules of any applicable stock exchange and Company policy. Such exercises shall be in accordance with the
rules, regulations and procedures established by the Committee from time to time. No unvested Options may be exercised.

 

4.11         Method
of Exercise. Vested Options shall be exercised in accordance with procedures established
by the Committee from time to time, which may include through the use of a third-party stock plan administrator’s online portal.
Payment of the exercise price of the Option shall be in cash, by check, with previously acquired shares of Common Stock that have been
held for at least six months and one day prior to exercise (or such longer period as is necessary to avoid adverse accounting treatment
or liability accounting treatment) or in such other form of consideration as the Committee may accept in is sole discretion.

 

The partial exercise of an Option, alone, shall
not cause the expiration, termination or cancellation of the remaining portion of such Option.

 

4.12         Intentionally
Omitted.

 

4.13         Amendment
of Terms of Options. The Committee may, in its sole discretion, amend the Plan or
terms of any Option, provided, however, that any such amendment shall not materially impair or adversely affect the Participant’s
existing rights under the Plan or such Option without such Participant’s written consent, unless the Committee expressly reserved
the right to make such amendment at the time the Option was granted (which shall include, without limitation, the right to adjust or modify
the Plan and outstanding Options pursuant to Section 4.14).

 

4.14         Effect
of Certain Transactions. Subject to any action by the shareholders of the Company required
by law, applicable tax rules or the rules of any exchange on which Shares are listed for trading:

 

(a)           Increase
or Decrease in Issued Shares Without Consideration. In the event of any increase or decrease in the number of issued Shares resulting
from a subdivision or consolidation of Shares or the payment on Shares of a stock dividend in Shares or any recapitalization, merger,
combination or exchange of Shares or similar corporate change, the Committee shall, to the extent deemed appropriate by the Committee,
adjust the type and/or number of shares of Common Stock subject to each outstanding Option and/or the exercise price per share of Common
Stock of each such Option.

 

     

     

    

 

(b)           Certain
Mergers and Other Transactions. In the event of any merger, consolidation or similar transaction as a result of which the holders
of shares of Common Stock receive consideration consisting exclusively of securities of the surviving corporation in such transaction,
the Committee shall, to the extent deemed appropriate by the Committee, adjust each Option outstanding on the date of such merger or consolidation
so that it pertains and applies to the securities which a holder of the number of shares of Common Stock subject to such Option would
have received in such merger or consolidation.

 

In the event of (i) a dissolution or liquidation
of the Company, (ii) a sale of all or substantially all of the Company’s and its subsidiaries’ assets (on a consolidated
basis), (iii) a merger, consolidation or similar transaction involving the Company in which the holders of shares of Common Stock
receive securities and/or other property, including cash or (iv) a Change in Control, the Committee shall, to the extent deemed appropriate
by the Committee, have the power to:

 

(i)           cancel,
effective immediately prior to the occurrence of such event, each Option (whether or not then exercisable or vested), and, in full consideration
of such cancellation, pay to the Participant in respect of each share of Common Stock underlying the portion of such Option being so cancelled
the excess, if any, of (A) the value, as determined by the Committee in its sole discretion, of the property (including cash) received
(or that would be received) in respect of one share of Common Stock as a result of such event over (B) the Exercise Price of such
Option (provided that if the amount under clause (B) equals or exceeds the amount under clause (A), then such Option may be cancelled
with no payment due to the holder thereof);

 

(ii)           provide
for the exchange of each Option (whether or not then exercisable or vested) for an option with respect to (A) some or all of the
property which a holder of the number of shares of Common Stock subject to such Option would have received in such transaction or (B) securities
of the acquiror or surviving entity (or an Affiliate thereof) and, incident thereto, make an equitable adjustment as determined by the
Committee in the exercise price of the Option and/or the number of securities or amount of property subject to the option or provide for
a payment (in cash or other property) to the Participant to whom such Option was granted in partial consideration for the exchange of
the Option; or

 

(iii)           take
such other action as the Committee deems appropriate.

 

(c)           Other
Changes. In the event of any change in the capitalization of the Company or corporate change other than those specifically referred
to in this Section 4.14 above, or in the event of an extraordinary cash dividend, the Committee shall, to the extent deemed appropriate
by the Committee, make such adjustments in the number and/or class of shares subject to Options outstanding on the date on which such
change occurs, in the exercise price of outstanding Options and/or in such other terms of the Plan and such Options as the Committee may
consider appropriate to prevent the enlargement or dilution of rights.

 

     

     

    

 

(d)           No
Other Rights. Except as expressly provided in the Plan or any Option Grant Agreement or as otherwise determined by the Committee at
or after the date of grant of an Option, no Participant shall have any rights by reason of any subdivision or consolidation of shares
of stock of any class, the payment of any dividends or dividend equivalents, any increase or decrease in the number of shares of stock
of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided
in the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into or exercisable for shares of stock
of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares or amount of other
property subject to, or the terms related to, any Option.

 

(e)           Savings
Clause. No provision of this Section 4.14 shall be given effect to the extent that such provision would cause any tax to become
due under Section 409A of the Code.

 

4.15         Lock-Up
Period. Each Participant agrees that, notwithstanding any provision in this Plan or any Option
Grant Agreement to the contrary, he or she will not, without the prior written consent of the Board, during the period following the Closing
and ending on the date that is 180 days following the Closing (the “Lock-Up Period”), (A) offer, pledge, announce
the intention to sell, sell, contract to sell, sell any option or contract to purchase, or contract to sell, grant any option, right or
warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock acquired upon the exercise
of an Option or otherwise (including without limitation, Shares which may be deemed to be beneficially owned by such Participant in accordance
with the rules and regulations of the Securities and Exchange Commission), or (B) enter into any swap or other agreement that
transfers, in whole or in part, any of the economic consequences of ownership of shares of Common Stock acquired upon the exercise of
an Option or otherwise, whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Shares
or such other securities, in cash or otherwise.

 

5              Miscellaneous

 

5.1           Rights
as Option Holders. The Participants shall not have any rights as stockholders with respect
to any shares of Common Stock covered by or relating to the Options granted (or treated as granted) pursuant to the Plan until the date
the Participants become the registered owners of such shares of Common Stock issued in accordance with and subject to the governing documents
of the Company. Except as otherwise expressly provided in Section 4.14 hereof, no adjustment to the Options shall be made for dividends.

 

5.2           No
Special Employment Rights. Nothing contained in the Plan shall confer upon the Participants
any right with respect to the continuation of their Employment or interfere in any way with the right of the Company or any of its subsidiaries,
subject to the terms of any separate employment agreements to the contrary, at any time to terminate such Employment or to increase or
decrease the compensation of the Participants from the rate in existence at the time of the grant of any Option.

 

5.3           No
Obligation to Exercise; No Compensation. The grant to the Participants of the Options shall
impose no obligation upon the Participants to exercise such Options. Furthermore, the expiration of an Option prior to the exercise thereof
shall not entitle the Participant or any Permitted Transferee or other Person to any compensation or payment in respect thereof. Any Option
granted to a Participant shall be treated as a one-time special grant and shall not be pensionable or treated as the regular part of the
Participant’s employment or compensation.

 

     

     

    

 

5.4           Intentionally
Omitted.

 

5.5           Intentionally
Omitted.

 

5.6           Notices.
Each notice and other communication hereunder shall be in writing and shall be given and
shall be deemed to have been duly given on the date it is delivered in person or by electronic mail, on the next business day if delivered
by overnight mail or other reputable overnight courier, or the third business day if sent by registered mail, return receipt requested,
to the parties as follows:

 

If
to the Company:

 

Global Business Travel Group, Inc.

666 Third Avenue

New York, New York 10017

Attention: General Counsel

 

If
to the Participant, to its most recent address shown on records of the Company or its subsidiary;

 

or in each case to such other address as any party may have furnished
to the others in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

 

5.7           Descriptive
Headings. The headings in the Plan are for convenience of reference only and shall not limit
or otherwise affect the meaning of the terms contained herein.

 

5.8           Severability.
In the event that any one or more of the provisions, subdivisions, words, clauses, phrases
or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect
for any reason, the validity, legality and enforceability of any such provision, subdivision, word, clause, phrase or sentence in every
other respect and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired,
it being intended that all rights, powers and privileges of the Company and Participants shall be enforceable to the fullest extent permitted
by law; provided, however, that if any restrictive covenant contained herein is determined to be too broad in duration, scope or in any
other respect, it shall be reformed to be enforceable to the maximum extent permitted by applicable law.

 

     

     

    

 

5.9          Governing
Law; Venue. The provisions of the Plan and any Option Grant Agreement and all claims or disputes
arising out of or based upon the Plan, any Option Grant Agreement and any Option or relating to the subject matter hereof or thereof shall
be governed by, and construed and enforced in accordance with, the domestic substantive laws of the State of New York, without regard
to the provisions governing choice or conflict of laws or rules that would cause the application of the domestic substantive laws
of any other jurisdiction. The Company and each Participant hereby agree and consent to be subject to the exclusive jurisdiction of the
courts of the State of New York sitting in New York County and the United States District Court for the Southern District of New York
in any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, the
Plan, any Option or any Option Grant Agreement. The Company and each Participant hereby irrevocably waive, to the fullest extent permitted
by law, (i) any objection that it may now or hereafter have to laying venue of any suit, action or proceeding brought in such courts,
and (ii) any claim that any suit, action or proceeding brought in such courts has been brought in an inconvenient forum.

 

5.10        Exchange
Act Exemption. Notwithstanding anything to the contrary in the Plan or any Option Grant Agreement,
until such time as the Company becomes subject to the reporting requirements of Sections 12 or 15(d) of the Exchange Act or is otherwise
no longer relying on the exemption from registration under the Exchange Act set forth in Rule 12h-1(f) under the Exchange Act
(the “Employee Options Exemption”) in connection with the issuance of Common Stock upon the exercise of Options, the
Plan, the Options and the Option Grant Agreements are intended to comply with the Employee Options Exemption and, accordingly, to the
maximum extent permitted, the Plan, such Options and such Option Grant Agreements shall be interpreted to be in compliance therewith.

 

5.11         Waiver
of Jury Trial. By accepting an Option under the Plan, each Participant waives any right to a trial by jury in any action, proceeding
or counterclaim concerning any rights under the Plan and any Option Grant Agreements, or under any amendment, waiver, consent, instrument,
document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees that any such action,
proceedings or counterclaim shall be tried before a court and not before a jury. By accepting an Option, each Participant certifies that
no officer, representative, or attorney of the Company or any of its Affiliates has represented, expressly or otherwise, that the Company
or any of its Affiliates would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers.

 

5.12         Limitation
of Liability. Notwithstanding anything to the contrary in the Plan, neither the Company,
any Majority Stockholder or Juweel Investor, nor any Affiliate of the Company or any Juweel Investor, nor the Committee, nor the Effective
Date Chairman, nor any Person acting on behalf of the Company, any Majority Stockholder, Juweel Investor or Affiliate of the Company or
any Juweel Investor, or the Committee or Effective Date Chairman, will be liable to any Participant or to the estate or beneficiary of
any Participant or to any other holder of an Option by reason of any acceleration of income, or any additional tax (including any interest
and penalties), asserted by reason of the failure of an Option to satisfy the requirements of Section 422 or Section 409A of
the Code or by reason of Section 4999 of the Code, or otherwise asserted with respect to the Option.

 

     

     

    

 

5.13         Applicable
Regulatory Guidance and Clawback/Adjustment. Notwithstanding any provision contained herein
to the contrary, except as expressly provided in any Option Grant Agreement, the Committee and/or management of the Company may in its
discretion clawback Options, reduce or eliminate the amount of the Option that would otherwise be earned, clawback dividend equivalents
paid in respect of Options, clawback shares of Common Stock acquired upon the exercise of an Option and/or clawback proceeds received
from the sale of shares of Common Stock acquired upon the exercise of an Option if, in the Committee’s or management’s sole
judgment, such reduction or elimination is appropriate. Circumstances where such negative discretion may be appropriate include instances
where the Participant participated (which could include, depending on the circumstances, participation in a supervisory capacity by act
or omission) in an activity without appropriate consideration of the risk to the Company or its Affiliates, such as the failure to provide
any certifications pursuant to Section 3.6(h) of the Shareholders Agreement. Examples include but are not limited to the Participant’s
failure to raise, identify and/or assess in a timely manner and as reasonably expected risks, such as a material compliance, legal, regulatory
or reputational risk. Similarly, any Performance-Based Options are also subject to a clawback if such Options vest as a result of misstated
financial results. Additionally, in the event that any Performance-Based Options vest as a result of misstated financial results, the
Committee may, in its discretion, adjust the Options to reflect the corrected financial results.

 

5.14         Parachute
Payments. If there is a change in ownership or effective control, or of a substantial portion
of the assets, of the Company within the meaning of Section 280G of the Code (a “280G CIC”) and as of the effective
time of such 280G CIC, (a) Section 280G of the Code applies to the Company or any of its subsidiaries at such time and (b) the
Company is eligible to rely on the exemption available under Section 280G(b)(5)(B) to corporations no stock of which is readily
tradeable on an established securities market, then, unless otherwise determined by the Committee or as otherwise provided below, if the
Company determines that any right to receive any payment or other benefit under this Plan or the Option Grant Agreement (including, without
limitation, the acceleration of the vesting and/or exercisability of the Option and taking into account the effect of this Section) to
or for the benefit of the Participant (the “Payments”), would, in whole or part when aggregated with any other right,
payment or benefit to or for the Participant under all other agreements, arrangements or benefit plans cause any such Payments or other
rights, payments or benefits to be nondeductible by the Company or its subsidiaries (or other person making such payment or providing
such benefit) as a result of Section 280G of the Code and/or would subject the Participant to the excise tax imposed by Section 4999
of the Code (the “Excise Tax”) then, to the extent necessary (whether or not sufficient) to make the Payments and all
such rights, payments and benefits deductible and to exempt the Payments and all such rights, payments and benefits from the Excise Tax
(but only to such extent and after taking into account any reduction in the Payments relating to Section 280G of the Code under any
other plan, arrangement or agreement), the Option and any other right, payment or benefit under this Plan, any Option Grant Agreement
or otherwise shall not become exercisable, vested or paid. Notwithstanding any other provision of this Plan, the foregoing provisions
shall not apply to reduce such amounts if the amounts that would otherwise be nondeductible under Section 280G of the Code and/or
would subject the Participant to the Excise Tax are waived by the applicable Participant in writing and disclosed to and approved by the
Company’s stockholders in accordance with Section 280G(b)(5)(B) of the Code and the Department of Treasury regulations
thereunder.

 

     

     

    

 

If there is a 280G CIC and as of the effective
time of such 280G CIC, (a) Section 280G of the Code applies to the Company or its subsidiaries, and (b) the Company is
not eligible to rely on the exemption available under Section 280G of the Code to corporations no stock of which is readily tradeable
on an established securities market, then in the event that it shall be (or is subsequently) determined that any Payment would, in whole
or part when aggregated with any other right, payment or benefit to or for the Participant under all other agreements, arrangements or
benefit plans, cause any such Payments or other rights, payments or benefits to be subject to the Excise Tax, then the Payments and all
such rights, payments and benefits shall be reduced (or appropriately adjusted) to an amount that is one dollar less than the smallest
amount that would give rise to the Excise Tax (the “Reduced Amount”) if such Reduced Amount would be greater than the
net after-tax proceeds (taking into account both the Excise Tax and any interest or penalties payable with respect to the Excise Tax)
of the unreduced Payments and all such other rights, payments and benefits. If the Payments and such other rights, payments or benefits
are required to be reduced hereunder, there shall be no discretion in the ordering of the Payments and such other rights, payments or
benefits so reduced, and such reductions shall be applied in the order which results in the best economic benefit to the Participant;
and to the extent such ordering of reductions is economically equivalent, such Payments and such other rights, payments or benefits shall
be reduced on a pro rata basis.

 

5.15        Code
Section 409A. This Plan, all Options and all Option Grant Agreements are intended to
be exempt from, or compliant with, Code Section 409A and shall be construed and interpreted accordingly.

 

[End of Plan]

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