Document:

EX-4.1

 Exhibit 4.1 

Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as Amended 

The following description sets forth certain material terms and provisions of the securities of Primavera Capital Acquisition Corporation
(“we,” “us” or “our”) that are registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The following description of our securities is not complete and may not
contain all the information you should consider before investing in our securities. This description is summarized from, and qualified in its entirety by reference to, our amended and restated memorandum and articles of association, which are
incorporated herein by reference. The summary below is also qualified by reference to the Companies Act and common law of the Cayman Islands. 

As of December 31, 2021, we had three types of securities registered under the Exchange Act: our Class A ordinary shares, $0.0001
par value per share; warrants to purchase shares of our Class A ordinary shares; and units consisting of one Class A ordinary share and one-half of one redeemable warrant to purchase one Class A
ordinary share. In addition, this description of securities also contains a description of our Class B ordinary shares, par value $0.0001 per share (“founder shares”), which are not registered pursuant to Section 12 of the
Exchange Act but are convertible into shares of the Class A ordinary shares. The description of the founder shares is necessary to understand the material terms of the Class A ordinary shares. 

Units 
 Each unit consists of one
Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to
adjustment as discussed below. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given
time by a warrant holder. 
 The Class A ordinary shares and warrants began separate trading on March 12, 2021 and holders have
the option to continue to hold units or separate their units into the component pieces. 
 Ordinary Shares 

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of
Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our amended and restated memorandum
and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by
our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, which requires the affirmative vote of a majority of at least two-thirds of the shareholders who attend
and vote at a general meeting of the company, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory
merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being appointed in each year. There is no cumulative
voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. However, only holders of Class B ordinary shares will
have the right to appoint directors in any general meeting held prior to or in connection with the completion of our initial business combination, meaning that holders of Class A ordinary shares will not have the right to appoint any directors
until after the completion of our initial business combination. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. 

Prior to our initial business combination, only holders of our Class B ordinary shares will have the right to vote on the appointment of
directors and to vote to continue our company in a jurisdiction outside the Cayman Islands. Holders of Class A ordinary shares will not be entitled to vote on the appointment of directors or to vote to continue our company in a jurisdiction
outside the Cayman Islands during such time. In addition, prior to the completion of an initial business combination, holders of a majority of Class B ordinary shares may remove a member of the board of directors for any reason. The provisions
of our amended and restated memorandum and articles of association governing the appointment or removal of directors or the continuation of our company in a jurisdiction outside the Cayman Islands prior to our initial business combination may only
be amended by a special resolution passed by holders representing at least two-thirds of our issued and outstanding Class B ordinary shares. 

Because our amended and restated memorandum and articles of association authorize the issuance of up to 400,000,000 Class A ordinary
shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our
shareholders vote on the business combination, to the extent we seek shareholder approval in connection with our initial business combination. Our board of directors is divided into three classes with only one class of directors being appointed in
each year and each class (except for those directors appointed prior to our first annual general meeting) serving a three-year term. 

  
 1 

 In accordance with NYSE’s corporate governance requirements, we are not required to
hold an annual general meeting until one year after our first fiscal year-end following our listing on NYSE. There is no requirement under the Companies Act for us to hold annual or extraordinary general
meetings or appoint directors. We may not hold an annual general meeting to appoint new directors prior to the consummation of our initial business combination. 

We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our
initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then-outstanding public shares, subject to the limitations and on the
conditions described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will
not be reduced by the deferred underwriting commissions we will pay to the underwriters of our initial public offering. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive
their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business combination. Unlike many special purpose acquisition companies that hold shareholder votes and conduct proxy
solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a shareholder vote
is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer
rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of association require these tender offer documents to contain substantially the
same financial and other information about our initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by law, or we decide to obtain
shareholder approval for business or other reasons, we will, like many special purpose acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If
we seek shareholder approval, we will complete our initial business combination only if we receive an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a
general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately negotiated transactions, if any, could result in the approval of our initial business combination even if a
majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of an ordinary resolution, non-votes will have no
effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five days’ notice will be given of any general meeting. 

If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is
acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the ordinary shares sold in our initial public
offering, which we refer to as the “Excess Shares,” without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business
combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell
such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such shareholders will continue to
hold that number of shares exceeding 15% and, in order to dispose such shares, would be required to sell their shares in open market transactions, potentially at a loss. 

If we seek shareholder approval in connection with our initial business combination, our sponsor, officers and directors have agreed to vote
their founder shares and any public shares purchased during or after our initial public offering (including in open market and privately negotiated transactions) in favor of our initial business combination. As a result, in addition to our initial
shareholders’ founder shares, we would need 14,525,001, or 35.1%, of the 41,400,000 public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business combination
approved (assuming all outstanding shares are voted). Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or whether they were a public shareholder
on the record date for the general meeting held to approve the proposed transaction. 

  
 2 

 Pursuant to our amended and restated memorandum and articles of association, if we have not
completed our initial business combination by January 26, 2023 (as such deadline may be extended pursuant to a shareholder vote), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but no more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account (less taxes payable and up to $100,000 of interest income to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption will completely extinguish public
shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we do not complete
our initial business combination by January 26, 2023 (as such deadline may be extended pursuant to a shareholder vote). However, to the extent our sponsor or management team acquire public shares after our initial public offering, they will be
entitled to liquidating distributions from the trust account with respect to such public shares if we do not complete our initial business combination within the prescribed time period. 

In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders are entitled to share
ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other
subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a
per-share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided
by the number of then-outstanding public shares, upon the completion of our initial business combination, subject to the limitations and on the conditions described herein. 

Founder Shares 
 The founder shares are
designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units sold in our initial public offering, and holders of founder shares have the same shareholder rights as
public shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below; (ii) the founder shares are entitled to registration rights; (iii) our sponsor, officers and
directors have entered into a letter agreement with us, pursuant to which they have agreed to (A) waive their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business
combination, (B) waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (x) to
modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination by January 26, 2023 (as
such deadline may be extended pursuant to a shareholder vote) or (y) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity,
(C) waive their rights to liquidating distributions from the trust account with respect to their founder shares if we do not complete our initial business combination by January 26, 2023 (as such deadline may be extended pursuant to a
shareholder vote), although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we do not complete our initial business combination within such time period and (D) vote any
founder shares held by them and any public shares purchased during or after our initial public offering (including in open market and privately negotiated transactions) in favor of our initial business combination; (iv) the founder shares will
automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of our initial business combination on a one-for-one
basis, subject to adjustment as described herein and in our amended and restated memorandum and articles of association; and (v) prior to our initial business combination, only holders of Class B ordinary shares will have the right 

to vote on the appointment of directors and to continue our company in a jurisdiction outside the Cayman Islands. 

The founder shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of
our initial business combination on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations,
reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with our initial
business combination, the number of Class A ordinary shares issuable upon conversion of all founder shares, which includes the 2,000,000 Class B ordinary shares issued in connection with the forward purchase agreements, will equal, in the
aggregate, 20% of the sum of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders) plus 8,000,000 Class A ordinary
shares to be sold pursuant to the forward purchase agreement, including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed
issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares
issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, officers or directors upon conversion of working capital loans; provided that such conversion of founder shares will
never occur on a less than one-for-one basis. In connection with the forward purchase agreements, our sponsor transferred to the anchor investors 1,000,000 founder
shares. The founder shares transferred to the anchor investors are subject to similar contractual conditions and restrictions as the founder shares issued to our sponsor. The anchor investors have redemption rights with respect to any public shares
they own. 

  
 3 

 With certain limited exceptions, the founder shares are not transferable, assignable or
salable (except to our officers and directors and other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial
business combination or earlier if, subsequent to our initial business combination, the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
recapitalizations and the like ) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, and (B) the date following the completion of
our initial business combination on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our shareholders having the right to exchange their Class A ordinary shares for cash, securities or
other property. 
 Register of Members 

Under Cayman Islands law, we must keep a register of members and there will be entered therein: 

 

	 	•	 	 the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or
agreed to be considered as paid, on the shares of each member and the voting rights of shares of each member; 

  

	 	•	 	 whether voting rights are attached to the share in issue; 

 

	 	•	 	 the date on which the name of any person was entered on the register as a member; and 

 

	 	•	 	 the date on which any person ceased to be a member. 

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register of
members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name
in the register of members. Upon the closing of this public offering, the register of members will be immediately updated to reflect the issue of shares by us. Once our register of members has been updated, the shareholders recorded in the register
of members will be deemed to have legal title to the shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members
reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal
position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman
Islands court. 
 Preferred Shares 
 Our
amended and restated memorandum and articles of association authorize 1,000,000 preferred shares and provide that preferred shares may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting
rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be
able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our
board of directors to issue preferred shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preferred shares outstanding at the date
hereof. Although we do not currently intend to issue any preferred shares, we cannot assure you that we will not do so in the future. No preferred shares are being issued or registered in our initial public offering. 

Warrants 
 Public Shareholders’ Warrants and
Forward Purchase Warrants 
 Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price
of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of one year from the closing of our initial public offering or 30 days after the completion of our initial business combination, provided that we have
an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on
a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the
warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants were issued upon
separation of the units and only whole warrants trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business
combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 

  
 4 

 We will not be obligated to deliver any Class A ordinary shares pursuant to the
exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless
the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required
to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A
ordinary share underlying such unit. 
 We have agreed that as soon as practicable, but in no event later than fifteen (15) business
days after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC post-effective amendment to the registration statement filed in connection with our initial public offering or a new
registration statement registering, under the Securities Act, the issuance of the Class A ordinary shares upon exercise of the warrants. We will use our commercially reasonable efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the
Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective
registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another
exemption. Notwithstanding the above, if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the
event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering each such warrant for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing
(x) the product of the number of Class A ordinary shares underlying the warrants, multiplied the excess of the “fair market value” less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The
“fair market value” shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. 

Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 

Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement
warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

  

	 	•	 	 if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within
a 30-trading day period ending three business days before we send to the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for
adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “—Anti-dilution Adjustments” below). 

If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the
underlying securities for sale under all applicable state securities laws. However, we will not redeem the warrants unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise
of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. 

  
 5 

 We have established the last of the redemption criteria discussed above to prevent a
redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to
exercise his, her or its warrant prior to the scheduled redemption date. Any such exercise would not be done on a “cashless” basis and would require the exercising warrant holder to pay the exercise price for each warrant being exercised.
However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading
“—Anti-dilution Adjustments” below) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 

Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 

Once the warrants become exercisable, we may redeem the outstanding warrants: 

 

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders
will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of our Class A
ordinary shares (as defined below); 

  

	 	•	 	 if, and only if, the Reference Value (as defined above under “Redemption of Warrants When the Price per
Class A Ordinary Share Equals or Exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading
“—Anti-dilution Adjustments” below); and 

  

	 	•	 	 if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares
issuable upon exercise or the exercise price of a warrant as described under the heading “—Anti-dilution Adjustments” below), the private placement warrants must also be concurrently called for redemption on the same terms as the
outstanding public warrants, as described above. 

 The numbers in the table below represent the number of Class A
ordinary shares that a warrant holder will receive upon exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding
redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined based on volume-weighted average price of our Class A ordinary shares as reported during the 10 trading
days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table
below. We will provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. 

Pursuant to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary
shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our initial business combination. 

The numbers in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of
the warrants if we are not the surviving entity following our initial business combination. 
 The share prices set forth in the column
headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of the warrant is adjusted as set forth under the heading “—Anti-dilution Adjustments”
below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is
the exercise price of the warrant after such adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such
share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so
adjusted. If the exercise price of the warrant is adjusted as a result of raising capital in connection with the initial business combination, the adjusted share prices in the column headings will by multiplied by a fraction, the numerator of which
is the higher of the Market Value and the Newly Issued Price as set forth under the heading “—Anti-dilution Adjustments” and the denominator of which is $10.00. 

  
 6 

																																					
	 	  	Fair Market Value of Class A Ordinary Shares	 
	Redemption Date (period to expiration of warrants)	  	≤$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	≥$18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the
fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365- or
366-day year, as applicable. For example, if the volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of
redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277
Class A ordinary shares for each whole warrant. 
 For an example where the exact fair market value and redemption date are not as set
forth in the table above, if the volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is
$13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In
no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are out of the money
and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Class A ordinary shares. 

This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are
trading at or above $10.00 per share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to
redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “—Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00.” Holders choosing to
exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of January 21, 2021. This
redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or
redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best
interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders. As stated above, we can
redeem the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while
providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise
price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such
Class A ordinary shares were trading at a price higher than the exercise price of $11.50. 

  
 7 

 No fractional Class A ordinary shares will be issued upon exercise. If, upon exercise,
a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are
exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At
such time as the warrants become exercisable for a security other than the Class A ordinary shares, the company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon
the exercise of the warrants. 
 Redemption Procedures. A holder of a warrant may notify us in writing in the event it elects to be
subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual
knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Class A ordinary shares outstanding immediately after giving effect to such exercise. 

Anti-Dilution Adjustments. If the number of outstanding Class A ordinary shares is increased by a share capitalization payable in
Class A ordinary shares, or by a split-up of ordinary shares or other similar event, then, on the effective date of such share capitalization, split-up or similar
event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights offering to holders of ordinary shares entitling holders to purchase
Class A ordinary shares at a price less than the “historical fair market value” (as defined below) will be deemed a share capitalization of a number of Class A ordinary shares equal to the product of (i) the number of
Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) one minus the
quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for
Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and
(ii) “historical fair market value” means the volume weighted average price of Class A ordinary shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class A ordinary
shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 
 In addition,
if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of such Class A ordinary shares (or other
securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the
Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and
excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash
dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the
redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow
redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our initial public offering or (B) with respect to
any other material provisions relating to shareholders’ rights or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete
our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
Class A ordinary share in respect of such event. 
 If the number of outstanding Class A ordinary shares is decreased by a
consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the
number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares. 

Whenever the number of Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant
exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction, (x) the numerator of which will be the number of Class A ordinary shares purchasable upon the exercise of the
warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter. 

  
 8 

 In addition, if (x) we issue additional Class A ordinary shares or equity-linked
securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price
to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our initial shareholders or such affiliates, as applicable, prior
to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on
the date of the completion of our initial business combination (net of redemptions), and (z) the volume-weighted average trading price of our Class A ordinary shares during the 20-trading-day period starting on the trading day prior to the day on which we complete our initial business combination (such price, the “Market Value”) is below $9.20 per share, then the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described under “—Redemption of
Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00” and “—Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00” will be adjusted (to the nearest cent) to be
equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively. 
 In case of any reclassification or
reorganization of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another
corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued and outstanding Class A ordinary shares), or in the case of any sale
or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and
receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and
amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the
warrants would have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of
Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price
will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when
an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants. 

The warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as
warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50%
of the then-outstanding public warrants and forward purchase warrants to make any change that adversely affects the interests of the registered holders. You should review a copy of the warrant agreement, which was filed as an exhibit to the
registration statement, for a complete description of the terms and conditions applicable to the warrants. The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the
issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders. 

Private Placement Warrants 
 The private
placement warrants (including the Class A ordinary shares issuable upon exercise of such warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other
limited exceptions, to our officers and directors and other persons or entities affiliated with our sponsor) and they will not be redeemable by us (except as described under “Warrants—Public Warrants—Redemption of Warrants When the
Price per Class A Ordinary Share Equals or Exceeds $10.00”) so long as they are held by our sponsor, members of our sponsor or their permitted transferees. The sponsor or its permitted transferees, have the option to exercise the private
placement warrants on a cashless basis. Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in our initial public offering. If the private
placement warrants are held by holders other than the sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in
our initial public offering. 

  
 9 

 Except as described under “Warrants—Public Warrants—Redemption of Warrants
When the Price per Class A Ordinary Share Equals or Exceeds $10.00,” if holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for
that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “historical fair market
value” of our Class A ordinary shares (defined below) over the exercise price of the warrants by (y) the fair market value. For these purposes, the “historical fair market value” will mean the average reported closing price
of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be
exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us,
their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time
when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public shareholders who
could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities.
As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate. 
 Dividends 

We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of a
business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment of any
cash dividends subsequent to a business combination will be within the discretion of our board of directors at such time. If we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in
connection therewith. 
 Our Transfer Agent and Warrant Agent 

The transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have
agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of
acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence or intentional misconduct of the indemnified person or entity. Continental Stock Transfer & Trust Company has agreed that it
has no right of set-off or any right, title, interest or claim of any kind to, or to any monies in, the trust account, and has irrevocably waived any right, title, interest or claim of any kind to, or to any
monies in, the trust account that it may have now or in the future. Accordingly, any indemnification provided will only be able to be satisfied, or a claim will only be able to be pursued, solely against us and our assets outside the trust account
and not against the any monies in the trust account or interest earned thereon. 
 Certain Differences in Corporate Law 

Cayman Islands companies are governed by the Companies Act. The Companies Act is modeled on English law but does not follow recent English law
statutory enactments and differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws applicable to
companies incorporated in the United States and their shareholders. 
 Mergers and Similar Arrangements. In certain circumstances,
the Companies Act allows for mergers or consolidations between two Cayman Islands companies or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that it is facilitated by the laws of that other
jurisdiction). 
 Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a
written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 662/3% in value of the voting shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company’s
articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each
holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes
certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation. 
 Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made
due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the
jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and
remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is
acting in respect of the foreign company, its affairs or its property or any part thereof; (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of
the foreign company are and continue to be suspended or restricted. 

  
 10 

 Where the surviving company is the Cayman Islands exempted company, the directors of the
Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its
debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the
surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company;
and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be
incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation. 

Where the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair
value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows (a) the shareholder must give his written objection to the merger or consolidation to the
constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the
date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice
from the constituent company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment of the fair value of his shares; (d) within seven days following the date of the
expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must
make a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the date on which the offer was made,
the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting
shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of
their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined
to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not
available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the
consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company. 

Moreover, Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
circumstances, schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme of arrangement” which may be tantamount
to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the
arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or
creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand
Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that: 

 

	 	•	 	 we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions
as to majority vote have been complied with; 

  

	 	•	 	 the shareholders have been fairly represented at the meeting in question; 

 

	 	•	 	 the arrangement is such as a businessman would reasonably approve; and 

 

	 	•	 	 the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act
or that would amount to a “fraud on the minority.” 

  
 11 

 If a scheme of arrangement or takeover offer (as described below) is approved, any
dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders of
U.S. corporations. 
 Squeeze-out Provisions. When a takeover offer is made and accepted by
holders of 90% of the shares to whom the offer relates is made within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms
of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders. 

Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other
than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements, of an operating business. 

Shareholders’ Suits. Our Cayman Islands legal counsel is not aware of any reported class action having been brought in a Cayman
Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty
owed to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive
authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which: 
  

	 	•	 	 a company is acting, or proposing to act, illegally or beyond the scope of its authority; 

 

	 	•	 	 the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by
more than the number of votes which have actually been obtained; or 

  

	 	•	 	 those who control the company are perpetrating a “fraud on the minority.” 

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to
be infringed. 
 Enforcement of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to the
United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the federal courts of the United States. 

We have been advised by Maples and Calder (Cayman) LLP, our Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely
(i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the
Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those
circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent
jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a
foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same
matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to
be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. 

Special Considerations for Exempted Companies. We are an exempted company with limited liability under the Companies Act. The Companies
Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The
requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below: 

  
 12 

	 	•	 	 an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

  

	 	•	 	 an exempted company’s register of members is not open to inspection; 

 

	 	•	 	 an exempted company does not have to hold an annual general meeting; 

 

	 	•	 	 an exempted company may issue shares with no par value; 

 

	 	•	 	 an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings
are usually given for 20 years in the first instance); 

  

	 	•	 	 an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman
Islands; 

  

	 	•	 	 an exempted company may register as a limited duration company; and 

 

	 	•	 	 an exempted company may register as a segregated portfolio company. 

“Limited liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of
the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

 Our Amended and Restated Memorandum and Articles of Association 

The Business Combination Article of our amended and restated memorandum and articles of association contains provisions designed to provide
certain rights and protections relating to our initial public offering that will apply to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution. As a matter of Cayman Islands
law, a resolution is deemed to be a special resolution where it has been approved by either (i) at least two-thirds (or any higher threshold specified in a company’s articles of association) of a
company’s shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association, by a unanimous
written resolution of all of the company’s shareholders. Our amended and restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of
our shareholders (i.e., the lowest threshold permissible under Cayman Islands law) or by a unanimous written resolution of all of our shareholders. 

Our initial shareholders, who collectively beneficially own 20% of our ordinary shares, will participate in any vote to amend our amended and
restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provide, among other things, that: 

 

	 	•	 	 If we have not completed our initial business combination by January 26, 2023 (as such deadline may be
extended pursuant to a shareholder vote), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account (less taxes payable and up to $100,000 of
interest income to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation
distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each
case to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law; 

  

	 	•	 	 Prior to our initial business combination, we may not issue additional securities that would entitle the holders
thereof to (i) receive funds from the trust account or (ii) vote on our initial business combination; 

  

	 	•	 	 Although we do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a
member of FINRA or a valuation or appraisal firm that such a business combination is fair to our company from a financial point of view; 

  

	 	•	 	 If a shareholder vote on our initial business combination is not required by law and we do not decide to hold a
shareholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC
prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

  

	 	•	 	 We must complete one or more business combinations having an aggregate fair market value of at least 80% of the
assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination; 

  
 13 

	 	•	 	 If our shareholders approve an amendment to our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by January 26,
2023 (as such deadline may be extended pursuant to a shareholder vote) or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination
activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon such approval at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then-outstanding public shares, subject to the
limitations and on the conditions described herein; and 

  

	 	•	 	 We will not effectuate our initial business combination with another blank check company or a similar company
with nominal operations. 

 In addition, our amended and restated memorandum and articles of association provide we will
not redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. We may, however, raise funds through the issuance of equity-linked securities or through loans, advances or other indebtedness in
connection with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter into following our initial public offering, in order to, among other reasons, satisfy such net tangible assets
requirement. 
 The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association
with the approval of a special resolution. A company’s articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company
may amend its memorandum and articles of association regardless of whether its memorandum and articles of association provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and
business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to
amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares. 
 Certain
Anti-takeover Provisions of our Amended and Restated Memorandum and Articles of Association 
 Our amended and restated memorandum and
articles of association will provide that our board of directors will be classified into three classes of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two
or more annual general meetings. 
 Our authorized but unissued Class A ordinary shares and preference shares will be available for
future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and
unreserved Class A ordinary shares and preference shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Registration Rights 
 The holders of the
founder shares, private placement warrants and any warrants that may be issued on conversion of working capital loans (and any ordinary shares issuable upon the exercise of the private placement warrants or warrants issued upon conversion of the
working capital loans and upon conversion of the founder shares) are be entitled to registration rights pursuant to a registration rights agreement requiring us to register such securities for resale. The holders of these securities are entitled to
make up to three demands, excluding short form registration demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our
completion of our initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that we will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (1) in the case of the founder shares, on the earlier of
(A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the last reported sale price of Class A ordinary shares equals or exceeds $12.00 per share (as
adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments” above) for any 20
trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date following the completion of our initial business combination on which we
complete a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other
property, and (2) in the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, 15 business days after the completion of our initial business combination. We will bear the expenses
incurred in connection with the filing of any such registration statements. 

  
 14 

 Pursuant to the forward purchase agreements, we have agreed that we will use our reasonable
best efforts (i) to file within 30 days after the closing of the initial business combination (and, with respect to clause (ii)(B) below, within 30 days following announcement of the results of the shareholder vote relating to our initial
business combination or the results of our offer to shareholders to redeem their Class A ordinary shares in connection with our initial business combination (whichever is later), which we refer to as the “disclosure date”) a
registration statement with the SEC for a secondary offering of  (A) the anchor investors’ forward purchase securities and Class A ordinary shares underlying their forward purchase warrants and the anchor investors’ founder
shares, and (B) any other Class A ordinary shares or warrants acquired by the anchor investors, including any time after we complete our initial business combination, (ii) to cause such registration statement to be declared effective
promptly thereafter, but in no event later than 60 days after the closing of the initial business combination or the disclosure date, as the case may be and (iii) to maintain the effectiveness of such registration statement until the earliest
of  (A) the date on which the anchor investor ceases to hold the securities covered thereby and (B) the date all of the securities covered thereby can be sold publicly without restriction or limitation under Rule 144 under the Securities
Act, and without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act, subject to certain conditions and limitations set forth in the forward purchase agreements. We will bear the cost of registering these securities.

 Listing of Securities 
 Our units,
Class A ordinary shares and warrants are trading on NYSE under the symbols “PV.U,” “PV” and “PV WS,” respectively. 
  

  
 15Exhibit 4.2

 

TODOS
MEDICAL LTD.

 

2021
EQUITY INCENTIVE PLAN

 

	1. PURPOSE

 

The
purpose of this Equity Incentive Plan is to secure for Todos Medical Ltd. and its shareholders the benefits arising from ownership of
share capital by employees, officers, directors, service providers and consultants of the Company and its Affiliates (as defined below),
who are expected to contribute to the Company’s future growth and success, by providing them with opportunities to acquire a proprietary
interest in the Company by the issuance of Shares or restricted Shares (“Restricted Shares”) of the Company, by the
grant of options to purchase Shares and Restricted Share Units (“RSUs”) .

 

Awards
Granted under the Plan to service providers in various jurisdictions may be subject to specific terms and conditions for such Grants
as may be set forth in one or more separate appendices to the Plan, as may be approved by the Board from time to time.

 

	2. DEFINITIONS

 

	 	2.1.
    Defined Terms. Initially capitalized terms, as used in this Plan, shall have the meaning ascribed
    thereto as set forth below:

 

	“Administrator”	means
    the Board, or a committee to which the Board shall have delegated power to act on its behalf with respect to the Plan. Subject to
    the Articles of Association of the Company, the Administrator, if it is a committee, shall consist of such number of members (but
    not less than two) as may be determined by the Board (the “Committee”). The Board will cause the Committee to
    satisfy the applicable requirements of any securities exchange on which the Shares may then be listed. For purposes of Awards to
    Participants who are subject to Section 16 of the U.S. Securities Exchange Act of 1934, Committee means all of the members of the
    Committee who are “non- employee directors” within the meaning of Rule 16b-3 adopted under the U.S. Securities Exchange
    Act of 1934.
	 	 
	“Affiliate(s)”	means
    with respect to any Person, (i) any other Person, directly or indirectly, controlling, controlled by or under common control with
    such Person, and (ii) any other Person determined by the Administrator. With respect to Awards under Section 102, an Affiliate shall
    mean any “employing company” within the meaning of Section 102 of the Tax Ordinance.
	“Award”	shall
    mean any Option (including Incentive Stock Options and Non-Qualified Stock Options, as such terms are defined in the US Sub-Plan),
    Share, Restricted Share, RSUs or any Other Share-based Award (including, but not limited to, Share Appreciation Rights (“SARs”)).
	 	 
	“Award
    Letter”	means
    a letter from the Company or Affiliate to a Participant in which the Participant is notified of the decision to Grant to the Participant
    Awards according to the terms of the Plan. The Award Letter shall specify (i) the type of Award (ii) the Tax Provision under which
    the Award is Granted; (iii) the Tax Track that the Company chose according to Section 11 of the Plan (if applicable); (iv) the Exercise
    Price; (v) the number of Awards Granted to the Participant; (vi) the Vesting Schedule; and (vii) any other terms the Company deems
    fit.
	 	 
	“Board”	means
    the board of directors of the Company.

 

    	1

     

    

 

	“Cause”	shall,
    with respect to each Participant, have the same meaning ascribed to such term or a similar term in the Participant’s employment
    or other engagement agreement or other documents to which the Company or any of its parents, subsidiaries, affiliates or related
    entities and the Participant are a party concerning the provision of services by the Participant to the Company or any such entities,
    or, in the absence of such an agreement or definition: (i) any breach of Participant’s obligations towards the Company (or
    any of its Affiliates) in accordance with such Participant’s employment agreement, services agreement, non-disclosure agreement,
    assignment of invention agreement, non-compete agreement, or any other instrument or agreement to which the Participant is bound;
    (ii) any dishonest act on the part of the Participant including without limitation - fraud, theft, breach of fiduciary duty, embezzlement;
    (iii) any criminal offense by Participant; (iv) any act by Participant that may adversely affect the reputation, business, or business
    relationship of the Company (or its Affiliates); (v) any failure by Participant to abide by the Company’s policies or code
    of conduct; or (vi) any circumstances that constitute grounds for termination for cause under the Participant’s employment
    or service agreement with the Company or its Affiliates.

 

	“Commencement
    Date”	means
    the date of commencement of the vesting schedule with respect to a Grant of Awards which, unless otherwise determined by the Administrator,
    shall be the date of the decision of the Grant of the Awards by the Administrator.
	 	 
	“Company”	means
    Todos Medical Ltd., a company incorporated under the laws of the State of Israel.
	 	 
	“Consideration”	means
    with respect to outstanding Awards, the right to receive, for each Share subject to the Award immediately prior to the M&A Transaction,
    the consideration (whether shares, cash, or other securities or property) received in the M&A Transaction by holders of Shares
    of the Company for each Share held on the effective date of the Transaction, or any type of consideration determined by the Administrator,
    at its sole discretion, including a cashless exercise method.
	 	 
	“Consultant”	means
    any third party who is not entitled to receive Awards under Section 102, on behalf of whom an Award is Granted under Section 3(i).
	 	 
	“Control,”
    “Controlled,” and Correlative Terms	mean
    the ability to direct the activity of a Person, and a Person shall be presumed to control another Person if he holds 10% or more
    of (1) the voting rights at a general meeting (or the equivalent governing body) of a Person; or (2) the right to appoint directors
    (or the equivalent governing body) of a Person.
	 	 
	“Disability”	means
    total and permanent physical or mental impairment or sickness of a Participant, that is potentially permanent in character or that
    can be expected to last for a continuous period of not less than 12 months, making it impossible for the Participant to continue
    such Participant’s employment with or service to the Company or Affiliate.

 

	“Exercise,”
    “Exercised,” and Correlative Terms	mean,
    when referring to an Award that does not require exercise or that is settled upon vesting (such as may be the case with RSUs or Restricted
    Shares, if so determined in their terms), the vesting of such an Award (regardless of whether or not the wording included reference
    to vesting of such an Award explicitly).

 

    	2

     

    

 

	“Exercise
    Price”	means,
    the price determined by the Administrator in accordance with Section 7.1 below which is to be paid to the Company in order to exercise
    a Granted Option and convert such into an Underlying Share, the per Share exercise price of a SAR granted to a Participant, or the
    purchase price for each Share covered by any other Award.
	 	 
	“Fair
    Market Value”	means,
    as of any date, the value of a Share determined as follows:
	 	 
	 	(i)
    If the Shares are listed on any established stock exchange or a national market system, the Fair Market Value shall be the closing
    sales price for such Shares (or the closing bid, if no sales were reported), as quoted on such exchange or system for the last market
    trading day prior to time of determination, as reported in the Wall Street Journal, or such other source as the Board deems reliable.
    Without derogating from the above, solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Tax
    Ordinance, if at the Date of Grant the Company’s shares are listed on any established stock exchange or a national market system
    or if the Company’s shares will be registered for trading within 90 days following the Date of Grant, the Fair Market Value
    of a Share at the Date of Grant shall be determined in accordance with the average value of the Company’s shares on the 30
    trading days preceding the Date of Grant or on the 30 trading days following the date of registration for trading, as the case may
    be;
	 	 
	 	(ii)
    If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall
    be the mean between the high bid and low asked prices for the Shares on the last market trading day prior to the day of determination;
    or
	 	 
	 	(iii)
    In the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the Board.
	 	 
	“Grant,”
    “Granted,” and Correlative Terms	means
    the grant of Awards by the Company to a Participant pursuant to an Award Letter issued to the Participant.

 

	“Holding
    Period”	means
    with regard to Awards Granted under Section 102, the period in which the Awards Granted to a Qualified Participant or, upon exercise
    thereof the Underlying Shares, are to be held by the Trustee on behalf of the Qualified Participant, in accordance with Section 102,
    and pursuant to the Tax Track which the Company selects.
	 	 
	“Law”	means
    the laws of the State of Israel as are in effect from time to time.
	 	 
	“M&A
    Transaction”	means
    a “Deemed Liquidation Event” or other similar terms defined in the Articles of Association of the Company, and in the
    absence of such definition each of the following events: (i) any merger, reorganization or consolidation of the Company with or into
    another incorporated Person, or the acquisition of the Company by another Person by means of any transaction or series of related
    transactions, except any such merger, reorganization or consolidation in which the issued shares of the Company as of immediately
    prior to such transaction continue to represent, or are converted into or exchanged for shares that represent, immediately following
    such merger, reorganization, or consolidation, at least a majority, by voting power, of the outstanding shares of the surviving or
    acquiring incorporated Person; or (ii) a sale or other disposition of all or substantially all of the shares or assets of the Company
    (including, for this purpose, a conveyance, sale or disposition, or a license of all or substantially all of the intellectual property
    rights of the Company, which has the effect or economic impact similar to a sale of all or substantially all of the intellectual
    property rights of the Company), in a single transaction or a series of related transactions.

 

    	3

     

    

 

	“Non-Qualified
    Participant”	means
    any person who is not qualified to receive Awards under the provisions of Section 102, on behalf of whom an Award is Granted pursuant
    to Section 3(i).
	 	 
	“Notice
    of Exercise”	shall
    have the meaning set forth in Section 7.4 below.
	 	 
	“Option”	means
    an option to purchase one Share of the Company.
	 	 
	“Other
    Share-based Award”	means
    Awards, other than Options, consisting of Share units, or other Awards, valued in whole or in part by reference to, or otherwise
    based on, Shares.

 

	“Participant”	means
    a Qualified Participant, or a Non-Qualified Participant.
	 	 
	“Person”	means
    any individual, corporation, partnership, company, estate, trust, association or other organization or entity.
	 	 
	“Plan”
    or “Incentive Plan”	means
    this 2019 Equity Incentive Plan, as may be amended from time to time, and any applicable Sub-Plan.
	 	 
	“Qualified
    Participant”	means
    an Israeli who is employed by the Company or its Affiliates, including an individual who is serving as a director or an office holder,
    but excluding any controlling stockholder according to the meaning ascribed to it in Section 32(9) of the Tax Ordinance, all in accordance
    with and subject to the provisions of Section 102 of the Tax Ordinance.
	 	 
	 	 
	“Retirement”	means
    the termination of a Participant’s employment as a result of his or her reaching the earlier of (i) the age of retirement as
    defined by Law; or (ii) the age of retirement specified in the Participant’s employment agreement.
	 	 
	“Section
    102”	means
    Section 102 of the Tax Ordinance.
	 	 
	“Section
    102 Rules”	means
    the Income Tax Rules (Tax Relief for Issuance of Shares to Employees), 2003.
	 	 
	“Section
    3(i)” or “Section 3(i) Rules”	means
    Section 3(i) of the Tax Ordinance and the applicable rules thereto or under applicable regulations.
	 	 
	“Share(s)”	means
    an ordinary share(s) of the Company with par value of NIS 0.01 (or of such other class as determined by the Board).
	 	 
	“Sub-Plan”	means
    any supplements or sub-plans to this Plan adopted by the Board, applicable to Participants employed or otherwise engaged in a certain
    country or region or subject to the laws of a certain country or region, as deemed by the Board to be necessary or desirable to comply
    with the laws of such country or region, or to accommodate the tax policy or custom thereof, which, if and to the extent applicable
    to any particular Participant, shall constitute an integral part of this Plan.

 

    	4

     

    

 

	“Tax
    Ordinance”	means
    the Israeli Income Tax Ordinance [New Version], 1961, as amended, and any regulations, rules, orders, or procedures promulgated thereunder.
	 	 
	“Tax
    Track”	means
    one of the tax tracks described under Section 102.
	 	 
	“Tax
    Provision”	means,
    with respect to the Grant of Awards, the provisions of one of the three Tax Tracks in Section 102, or the provisions of Section 3(i).
	 	 
	 	 
	“Term
    of the Awards”	means,
    with respect to Granted but unexercised Awards, the time period set forth in Section 9 below.
	 	 
	“Trustee”	means
    a Trustee appointed by the Company to hold in trust, Options and the Underlying Shares issued upon exercise of such Options, Restricted
    Shares, Other Share-based Awards, Performance Awards or RSU’s on behalf of Participants.
	 	 
	“Underlying
    Shares”	means
    Shares issued or to be issued upon exercise of Granted Awards, all in accordance with the Plan.

 

		2.2.
    General. Without derogating from the meanings ascribed to the capitalized terms above, all singular
    references in this Plan shall include the plural and vice versa, and reference to one gender shall include the other, unless otherwise
    required by the context.

 

	3.	SHARES
    AVAILABLE FOR AWARDS

 

The
total number of Underlying Shares reserved for issuance under the Plan and any modification thereof, shall be determined from time to
time by the Board. Such number of Shares shall be subject to adjustment as required for the implementation of the provisions of the Plan,
in accordance with Section 4 below.

 

In
the event that Awards Granted under the Plan expire or otherwise terminate in accordance with the provisions of the Plan, such expired
or terminated Awards shall become available for future Grants under the Plan.

 

The
grant of any Award may be contingent upon the Participant executing the appropriate Award Agreement. The Company may retain the right
in an Award Agreement, other than an Award Agreement with a Qualified Participant, to cause a forfeiture of the gain realized by a Participant
on account of actions taken by the Participant in violation or breach of or in conflict with any employment agreement, non- competition
agreement, any agreement prohibiting solicitation of employees or clients of the Company or any Affiliate thereof or any confidentiality
obligation with respect to the Company or any Affiliate thereof, or otherwise in competition with the Company or any Affiliate thereof,
to the extent specified in such Award Agreement applicable to the Participant. Furthermore, the Company may annul an Award if the Participant
is terminated for Cause.

 

	4. ADJUSTMENTS;
    REPRICING

 

In
the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the
Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under
the Plan, may (in its sole discretion) adjust the number and class of Shares that may be delivered under the Plan and/or the number,
class, and price of Shares covered by each outstanding Award. Upon the occurrence of any such adjustment, references in this Plan to
Shares and Underlying Shares shall be construed to mean the Shares of the Company subject to the Plan as so determined by the Administrator,
following such adjustment.

 

    	5

     

    

 

In
case of distribution of a cash dividend, so long as Shares deposited with the Trustee on behalf of a Participant are held in trust, the
Company shall transfer to the Trustee the amount of dividend resulting from the Underlying Shares held by the Trustee for the benefit
of Participants in accordance with the provisions of this Plan. The Trustee shall deduct all applicable taxes from the dividend amount
and transfer the remaining dividend amount to such Participants in accordance with Section 102 and the Section 102 Rules.

 

Notwithstanding
any provision herein to the contrary, the repricing of Options or any Other Share-based Award is prohibited without prior approval of
the Company’s shareholders. For this purpose, a “repricing” means any of the following (or any other action that has
the same effect as any of the following): (i) changing the terms of an Option or Other Share-based Award to lower its Exercise Price;
(ii) any other action that is treated as a “repricing” under generally accepted accounting principles; and (iii) repurchasing
for cash or cancelling an Option or Other Share-based Award at a time when its Exercise Price is greater than the Fair Market Value of
the underlying Shares in exchange for another award, unless the cancellation and exchange occurs in connection with a change in capitalization
or similar change hereunder. A cancellation and exchange under clause (iii) would be considered a “repricing” regardless
of whether it is treated as a “repricing” under generally accepted accounting principles and regardless of whether it is
voluntary on the part of the Participant.

 

	5. ADMINISTRATION
    OF THE PLAN

 

		5.1.
    Power. Subject to the Law, the Articles of Association of the Company, and any resolution to
    the contrary by the Board, the Administrator is authorized, in its sole and absolute discretion, to exercise all powers and authorities
    either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without
    limitation, to do the following:

 

	 	(a)	Determine
    the identity of the Participants in the Plan;

 

	 	(b)	Determine
    the number of Awards to be Granted for each Participant’s benefit and the Exercise Price (subject to the approval of the Board
    if such approval is required by Law);

 

	 	(c)	Determine
    the time or times at which Awards shall be Granted;

 

	 	(d)	Determine
    whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered;

 

	 	(e)	Determine
    any terms and conditions in addition to those specified in the Plan under which an Award may be Granted;

 

	 	(f)	Determine
    any measures, and to take actions, necessary or advisable for the administration and implementation of the Plan;

 

	 	(g)	Interpret
    the provisions of the Plan and to take all actions resulting therefrom including without limitation;

 

	 	●	Subject
    to Section 7, accelerate the date on which any Award under the Plan becomes exercisable;

 

	 	●	Waive
    or amend Plan provisions relating to exercise of Awards, including exercise of Awards after termination of employment, for any reason;

 

	 	●	Amend
    any of the terms of the Plan, or any prior determinations of the Administrator; and

 

	 	●	Adopt
    supplements to the Plan, including without limitations in order to accommodate tax regime of foreign jurisdictions.

 

All
decisions made by the Administrator with respect to the Plan, and the interpretation thereof, shall be final and binding upon all Participants.

 

    	6

     

    

 

	 	5.2.	Limitations.

 

	 	(a)	With
    respect to any action necessary for the administration of the Plan, which is under any applicable Law or the Company’s Articles
    of Association, required to be taken by the Board, without any right of delegation, notwithstanding anything to the contrary herein,
    such action shall be taken by the Board.

 

	 	(b)	Notwithstanding
    the provisions of Section 5.1 above, no interpretations, determinations or actions of the Administrator shall contradict the
    provisions of applicable Law.

 

	 	(c)	Notwithstanding
    any other provisions herein to the contrary and unless otherwise decided by the Administrator, no Award of Options or SARs shall
    be granted with an Exercise Price of less than the Fair Market Value as of the date of such Grant.

 

	6. GRANT
    AND ALLOCATION OF AWARDS

 

		6.1.
    Timing of Initial Grant of Awards. Initial Awards may be Granted pursuant to the Ordinance
    at any time following 30 days after a request for approval of the Plan has been submitted for approval to the Israeli Income Tax
    Authorities pursuant to the requirements of the Tax Ordinance.

 

		6.2. Conditions
    for Grant of Awards.

 

The
Grant of Awards shall be subject to the following conditions:

 

	 	(a)	The
    Grant has been approved by the necessary corporate bodies of the Company; and

 

	 	(b)	All
    other approvals, consents or requirements necessary by Law have been received or met.

 

		6.3.
    Date of Grant. The date on which Awards shall be deemed Granted under the Plan shall be the
    date the Administrator resolves to Grant such Award or any future date determined to be the effective date of a Grant of an Award,
    if so expressly stated by the Administrator in its determination relating to the Grant of an Award, subject to the execution by the
    Participant of all such instruments required by the Company with respect to the Grant, and (with respect to all Awards issued to
    the Trustee) the timely delivery of all such instruments required by the Trustee with respect to such Grant, in accordance with the
    provisions of the Tax Ordinance (“Date of Grant”).

 

		6.4.
    Clawbacks. Any Award, amount, or benefit received under the Plan shall be subject to potential
    cancellation, recoupment, rescission, payback, or other action in accordance with the terms of any applicable Company clawback policy
    or any applicable law, as may be in effect from time to time, including the requirements of (i) Section 304 of the U.S. Sarbanes
    Oxley Act and Section 954 of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act and any implementing rules and regulations
    thereunder; (ii) similar rules under the laws of any other jurisdiction; and (iii) any policies adopted by the Company to implement
    such requirements, all to the extent determined by the Board to be applicable to the Participant, provided that the Clawback provisions
    under this Section shall not apply to Qualified Participants. By accepting an Award, the Participant shall be deemed to have acknowledged
    and consented to the Company’s application, implementation, and enforcement of any applicable Company clawback policy that
    may apply to the Participant, whether adopted prior to or following the date of the Award, and any provision of applicable law relating
    to cancellation, recoupment, rescission, or payback of compensation, and to have agreed that the Company may take such actions as
    may be necessary to effectuate any such policy or applicable law, without further consideration or action.

 

		6.5.
    Breach of Agreements. If the Participant breaches a non-competition, non-solicitation,
    non-disclosure, non-disparagement, or other restrictive covenant set forth in an Award Agreement or any other agreement between the
    Participant and the Company or any Affiliate, whether while the Participant is an employee, director, officer or Consultant of the
    Company or Affiliate or after the Participant’s Termination of Engagement (as defined in Section 10.1), in addition
    to any other penalties or restrictions that may apply under any such agreement, state law, or otherwise, the Participant, other than
    a Qualified Participant, shall forfeit or pay to the Company:

 

	 	(a)	any
    and all outstanding Awards Granted to the Participant, including Awards that have become earned or vested;

 

    	7

     

    

 

	 	(b)	any
    Shares held by the Participant in connection with the Plan that were acquired by the Participant after the Participant’s Termination
    of Engagement and within the 12-month period immediately preceding the Participant’s Termination of Engagement; and

 

	 	(c)	the
    profit realized by the Participant from the sale, or other disposition for consideration, of any Shares received by the Participant
    in connection with the Plan after the Participant’s Termination of Engagement, and within the 12-month period immediately preceding
    the Participant’s Termination of Engagement where such sale or disposition occurs in such similar time period.

 

	7. EXERCISE
    OF AWARDS

 

		7.1.
    Exercise Price. The Exercise Price per Underlying Share deliverable upon the exercise of an Award shall be determined by the
    Administrator as of the Date of Grant of the Award. The Exercise Price shall be set forth in the Award Letter.

 

		7.2.
    Vesting Schedule. Unless otherwise determined by the Administrator (at its sole discretion),
    all Awards Granted on a certain date shall, subject to continued employment with or service to the Company or Affiliate by the Participant,
    and shall vest and become exercisable in accordance with the vesting schedule determined by the Administrator and specified in the
    Award Agreement.

 

		7.3.
    Exercise of a portion of the Awards. The exercise of a portion of the Awards Granted shall not
    cause the expiration, termination or cancellation of the remaining unexercised Awards held by the Trustee on behalf of the Participant.

 

		7.4. Manner
    of Exercise. An Award may be exercised by and upon the fulfilment of the following:

 

	 	(a)	Notice
    of Exercise

 

The
signing by the Participant, and delivery to both the Company (at its principal office) and the Trustee (if the Awards are held by a Trustee),
of an exercise notice form as prescribed by the Administrator, including but not limited to: (i) the identity of the Participant, (ii)
the number of Awards to be exercised, and (iii) the Exercise Price to be paid (the “Notice of Exercise”).

 

	 	(b)	Exercise
    Price

 

The
payment by the Participant to the Company, in such manner as shall be determined by the Administrator, of the Exercise Price with respect
to all the Awards exercised, as set forth in the Notice of Exercise.

 

Notwithstanding
the aforementioned, in the event the following payment method is included in the Award Letter or otherwise approved by the Administrator
, the Exercise Price of each Award may be payable upon the exercise of part or all of vested Awards through a “Net Exercise”
method so that the Participant will be entitled to receive pursuant to the exercise of the Awards only the number of Shares representing
the benefit component in the Awards, based on the following formula, in exchange for paying only the par value of the Share. For the
avoidance of doubt, according to this exercise method, the Participant will not actually pay the Exercise Price which is used only for
calculating the benefit component.

 

 

 

X
= the number of Exercised Shares to be issued to the Participant;

 

Y
= the number of vested exercisable Awards that the Participant wishes to exercise into Shares; A = the Fair Market Value (as defined
below) of the Share at the date of exercise;

 

B
= the Exercise Price;

 

N
= the par value of the Share.

 

    	8

     

    

 

	 	(c)	Allocation
    of Shares

 

Upon
the delivery of a duly signed Notice of Exercise and the payment to the Company of the Exercise Price with respect to all the Awards
specified therein, the Company shall issue the Underlying Shares to the Trustee or to the Participant, as the case may be.

 

	 	(d)	Expenses

 

Unless
otherwise agreed in writing by the Company, all costs and expenses including broker fees and bank commissions, derived from the exercise
of Awards or Underlying Shares, shall be borne solely by the Participant.

 

	8. WAIVER
    OF AWARD RIGHTS

 

At
any time prior to the expiration of any Granted (but unexercised) Awards, a Participant may waive his rights to such Award by a written
notice to the Company’s principal office. Such notice shall specify the number of Awards Granted, which the Participant waives,
and shall be signed by the Participant.

 

Upon
receipt by the Company of a notice of waiver of such rights, such Awards shall expire and shall become available for future Grants under
the Plan.

 

	9. TERM
    OF THE AWARDS

 

Unless
earlier terminated pursuant to the provisions of this Plan, all Granted but unexercised Awards shall expire and cease to be exercisable
at 5:00 p.m. Israel time on the 10th anniversary of the Date of Grant.

 

	10.
    TERMINATION OF ENGAGEMENT

 

	 	10.1.	Termination
    of Engagement. If a Participant ceases to be an employee, director, officer or Consultant of the Company or Affiliate
    for any reason (“Termination of Engagement”) other than death, Retirement, Disability or Cause, then unless otherwise
    determined in a Participant’s Award Agreement or by the Administrator prior to the Termination of Engagement, any vested but
    unexercised Awards on the date of Termination of Engagement (as shall be determined by the Company or Affiliate, in its sole discretion),
    Granted to Participant may be exercised, if not previously expired, not later than the earlier of (i) 90 days after the date of Termination
    of Engagement, or (ii) the Term of the Awards.
	 	 	 
	 	 	Unless
    otherwise determined in a Participant’s Award Agreement, all other Awards Granted for the benefit of Participant shall expire
    upon the date of Termination of Engagement unless modified by the Administrator prior to the Termination of Engagement.

 

	 	10.2.	Termination
    for Cause. If subsequent to the Participant’s Termination of Engagement, but prior to the exercise of Awards Granted to
    such Participant, the Administrator determines that either prior or subsequent to the Participant’s Termination of Engagement,
    the Participant engaged in conduct which would constitute Cause, then the Participant’s right to exercise the Awards Granted
    to such Participant shall immediately cease upon such determination, and the Awards shall thereupon expire.
	 	 	 
	 	 	If
                                            at any time, the Administrator determines that the Participant engaged in conduct which would
                                            constitute Cause, then any Underlying Shares issued to the Participant, whether held by the
                                            Participant or the Trustee, shall be subject to repurchase by the Company (or anyone designated
                                            by the Company), for no consideration, or for the exercise price actually paid to the Company
                                            with respect to such Underlying Shares, all subject to applicable Law. In any case whereby
                                            the Participant fails to transfer such Underlying Shares to the Company, the Company may
                                            take any action the Company deems fit in order to affect such transfer (by virtue of forfeit,
                                            transfer, redemption or any other action), including without limitations authorize any party
                                            to execute any instrument so required on behalf of the Participant, in order to effect such
                                            transfer.

 

	 	 	The
    determination by the Administrator as to the occurrence of Cause shall be final and conclusive for all purposes of this Plan.

 

	 	10.3.	Termination
    by Reason of Death, Retirement, or Disability. Unless otherwise determined in a Participant’s Award Agreement, in
    the event of Termination of Engagement of a Participant by reason of death, Retirement, or Disability, any vested but unexercised
    Awards shall be exercisable in the case of death, by his or her estate, personal representative or beneficiary, or in the case of
    Retirement or Disability, by the Participant or his or her personal representative (as the case may be), until the earlier of (i)
    360 days after the date of Termination of Engagement; or (ii) the Term of the Awards.

 

    	9

     

    

 

	 	10.4.	Exceptions.
    In special circumstances, pertaining to the Termination of Engagement of a certain Participant, the Administrator may in its
    sole discretion decide to extend any of the periods stated above in Sections 10.1-10.3.

 

	 	10.5.	Transfer
    of Employment or Service. A Participant’s right to Awards or the exercise thereof that were Granted to him or her under
    this Plan, shall not be terminated or expire solely as a result of the fact that the Participant’s employment or service as
    an employee, officer, director or Consultant changes from the Company to an Affiliate or vice versa. Furthermore, the Administrator
    may determine that the transfer of a Participant from a status of an employee, officer or director to a status of a Consultant or
    from a status of a Consultant to a status of an employee, officer or director, shall not be deemed a Termination of Engagement for
    purposes hereof.

 

	11. AWARDS
    AND TAX PROVISIONS

 

All
Awards under this Plan shall be Granted in accordance with one of the Tax Provisions as follows:

 

	 	●	The
    Company may Grant Awards to Qualified Participants in accordance with the provisions of Section 102 and the Rules.
	 	 	 
	 	●	The
    Company may Grant Awards to Non-Qualified Participants in accordance with the provisions of Section 3(i).

 

	 	11.1.	Tax
    Provision Selection. The Company shall elect under which Tax Provision each Award is Granted in accordance with any applicable
    Law and its sole discretion – i.e., the Company shall elect whether to Grant Awards to Participants under one of the three
    Section 102 Tax Tracks, or under the provisions of Section 3(i). The Company shall notify each Participant in the Award Letter, under
    which Tax Provision the Awards are Granted and, if applicable, under which Section 102 Tax Track, each Award is Granted.
	 	 	 
	 	 	Awards
                                            Granted according to Section 102 through a Trustee may either be classified as Capital Gains
                                            Track Through a Trustee or as Income Tax Track Through a Trustee.

    

	 	 	 
	 	 	For
                                            the avoidance of doubt, such Election shall not prevent the Company from Granting Awards
                                            according to Section 102 without a Trustee simultaneously.

    

	 	 	 
	 	 	In
    the event the Administrator determines that the Company shall elect one of the Tax Tracks for Grants of Section 102 Awards, all Grants
    of Section 102 Awards made following such election, shall be subject to the elected Tax Track and the Company shall be entitled to
    change such election only following the lapse of one year from the end of the tax year in which Section 102 Awards are first Granted
    under the then prevailing Tax Track or following the lapse of any shorter or longer period, if provided by law.

 

	 	11.2.	Section
    102 Trustee Tax Tracks. If the Company elects to Grant Awards to Qualified Participants through (i) the Capital Gains Track Through
    a Trustee, or (ii) the Income Tax Track Through a Trustee, then, in accordance with the requirements of Section 102, the Company
    shall appoint a Trustee who will hold in trust on behalf of each Qualified Participant the Granted Awards and the Underlying Shares
    issued upon exercise of such Awards in trust on behalf of each Qualified Participant. In addition, the following terms shall apply:
    (i) the Trustee shall hold other shares received subsequently following any realization of rights, including without limitation bonus
    shares; (ii) in the event the requirements for Section 102 Trustee Tax Tracks are not met, Section 102 awards may be regarded as
    grants without a Trustee, all in accordance with the provisions of Section 102; (iii) a Qualified Participant shall not sell or release
    from trust any award/share received upon the exercise of an award and/or any share received subsequently following any realization
    of rights, including without limitation, bonus shares, until the lapse of the Holding Period required under Section 102 of the Tax
    Ordinance; (iv) if any such sale or release occurs during the Holding Period, the sanctions under Section 102 of the Ordinance and
    under any rules, regulations, orders or procedures promulgated thereunder shall apply to and shall be borne by such Qualified Participant.
    The Participant shall be bound by the trust agreement executed between the Company and any such trustee, including any amendment
    thereof.

 

    	10

     

    

 

	 	11.3.	Income
    Tax Track Without a Trustee. If the Company elects to Grant Awards to Israeli Participants according to the provisions of this
    track, then the Awards will not be subject to a Holding Period of this Plan.

 

	 	11.4.	Concurrent
    Conditions. The Holding Period of Section 102, if any, is in addition to the vesting period as specified in Section 7.2
    of the Plan. The Holding Period and vesting period may run concurrently, but neither is a substitute for the other, and each are
    independent terms and conditions for Awards Granted.

 

	 	11.5.	Trust
    Agreement. The terms and conditions applicable to the trust relating to the Tax Track selected by the Company, as appropriate,
    shall be set forth in an agreement signed by the Company and the Trustee (the “Trust Agreement”).

 

	12. RIGHTS
    AS A SHAREHOLDER

 

A
Participant shall not have any rights as a shareholder with respect to Underlying Shares issued under this Plan, until such time as the
Shares shall be registered in the name of the Participant in the Company’s register of shareholders.

 

	13. NO
    SPECIAL EMPLOYMENT RIGHTS

 

Nothing
contained in this Plan shall confer upon any Participant any right with respect to the continuation of employment by or service to the
Company or Affiliate or to interfere in any way with the right of the Company or Affiliate, to terminate such employment or service or
to increase or decrease the compensation of the Israeli Participant.

 

	14. RESTRICTIONS
    ON SALE OF AWARDS

 

	 	14.1.	Options.
    Options may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent.

 

	 	14.2.	Shares.
    No transfer of Underlying Shares shall be effective unless made in compliance with the Articles of Association of the Company (as
    may be amended from time to time).

 

	 	14.3.	Restricted
    Shares. As stated in Section 26 below.

 

	 	14.4.	Restricted
    Share units. As stated in Section 27 below.

 

	 	14.5.	M&A
    Transaction. In the event of an M&A Transaction, the outstanding (including the unexercised, vested, unvested or restricted)
    portion of each outstanding Award shall be assumed or substituted with an equivalent Award or the right to receive Consideration
    by the acquiring or successor corporation or an affiliate thereof, as shall be determined by such entity and/or the Administrator,
    subject to the terms hereof. In the event that the successor corporation or any affiliate thereof does not provide for such an assumption,
    and/or substitution of outstanding Awards and/or the provision of Consideration for outstanding Awards, then unless determined otherwise
    with respect to a specific outstanding Award, the Administrator shall have sole and absolute discretion to determine the effect of
    the M&A Transaction on the portion of Awards outstanding immediately prior to the effective time of the M&A Transaction,
    which may include any one or more of the following, whether in a manner equitable or not among individual Participants or groups
    of Participants: (i) all or a portion of the outstanding Awards shall become exercisable in full on a date no later than two days
    prior to the date of consummation of the M&A Transaction, or on another date and/or dates or at an event and/or events as the
    Administrator shall determine at its sole and absolute discretion, provided that unless otherwise determined by the Administrator,
    the exercise and/or vesting of all Awards that otherwise would not have been exercisable and/or vested in the absence of an M&A
    Transaction, shall be contingent upon the actual consummation of the M&A Transaction; and/or (ii) that all or a portion or certain
    categories of the outstanding Awards shall be cancelled upon the actual consummation of the M&A Transaction, and instead the
    holders thereof will receive Consideration, or no Consideration, in the amount and under the terms determined by the Administrator
    at it sole and absolute discretion; and/or (iii) that an adjustment or interpretation of the terms of the Awards shall be made in
    order to facilitate the M&A Transaction and/or otherwise as required in context of the M&A Transaction.

 

    	11

     

    

 

	 	14.6.	Acceleration
    Provision. The Administrator, in its sole discretion, may decide to add a provision in certain Award Letters, according to which
    in case of an M&A Transaction, all or some of the unvested Awards, shall automatically accelerate.

 

	15. TAX
    MATTERS

 

This
Plan shall be governed by, shall conform with and be interpreted so as to comply with, the requirements of the Tax Ordinance and any
written approval from any relevant Tax Authorities. All tax consequences under any applicable Law (other than stamp duty) which may arise
from the Grant or Allocation of Awards, from the exercise thereof or from the holding or sale of Underlying Shares (or other securities
issued under the Plan) by or on behalf of the Participant, shall be borne solely by the Participant. The Participant shall indemnify
the Company and/or any of its Affiliates, as the case may be, and hold them harmless, against and from any liability for any such tax
or any penalty, interest or indexing.

 

If
the Company elects to Grant Awards according to the provisions of the Income Tax Track Without a Trustee (Section 11.3 of this
Plan), and if prior to the exercise of any and/or all of these Awards, such Qualified Participant ceases to be an employee, director,
or officer of the Company or Affiliate, the Qualified Participant shall deposit with the Company a guarantee or other security as required
by law, in order to ensure the payment of applicable taxes upon the Exercise of such Awards.

 

	16. WITHHOLDING
    TAXES

 

Whenever
an amount with respect to withholding tax relating to Awards Granted to a Participant and/or Underlying Shares issued upon the exercise
thereof is due from the Participant and/or the Company and/or an Affiliate, the Company and/or an Affiliate shall have the right to demand
from a Participant such amount sufficient to satisfy any applicable withholding tax requirements related thereto, and whenever Shares
or any other non-cash assets are to be delivered pursuant to the exercise of an Award, or transferred thereafter, the Company and/or
an Affiliate shall have the right to require the Participant to remit to the Company and/or to the Affiliate, or to the Trustee an amount
in cash sufficient to satisfy any applicable withholding tax requirements related thereto. If such amount is not timely remitted, the
Company and/or the Affiliate shall have the right to withhold or set-off (subject to Law) such Shares or any other non-cash assets pending
payment by the Participant of such amounts.

 

With
regard to Awards Granted to Qualified Participants, until all taxes have been paid in accordance with Rule 7 of the Section 102 Rules,
Awards and/or Underlying Shares may not be sold, transferred, assigned, pledged, encumbered, or otherwise willfully hypothecated or disposed
of, and no power of attorney (other than pursuant to Section 15 above) or deed of transfer, whether for immediate or future use may be
validly given. Notwithstanding the foregoing, the Awards and/or Underlying Shares may be validly transferred in accordance with Section
19 below, provided that the transferee thereof shall be subject to the provisions of Section 102 and the Section 102 Rules as would
have been applicable to the deceased Israeli Participant were he or she to have survived.

 

	17. NO
    TRANSFER OF AWARDS

 

The
Trustee shall not transfer Awards to any third party, including a Participant, except in accordance with instructions received from the
Administrator.

 

	18.	TRANSFER
    OF RIGHTS UPON DEATH

 

No
transfer of any right to an Award or Underlying Share issued upon the exercise thereof by will or by the laws of descent shall be effective
to bind the Company unless the Company has been furnished with the following signed and notarized documents:

 

	 	(a)	A
    written request for such transfer and a copy of the legal documents creating and confirming the right of the person acting with respect
    to the Participant’s estate and of the transferee;

 

	 	(b)	A
    written consent by the transferee to pay any amounts in connection with the Awards and Underlying Shares any payment due according
    to the provisions of the Plan and otherwise abide by all the terms of the Plan; and

 

	 	(c)	Any
    other such evidence as the Administrator may deem necessary to establish the right to the transfer of the Award or Underlying Share
    issued upon the exercise thereof and the validity of the transfer.

 

    	12

     

    

 

	19. NO
    RIGHT OF OTHERS TO AWARDS

 

Subject
to the provisions of the Plan, no person other than the Participant shall have any right with respect to Awards Granted to the Participant
under the Plan.

 

	20.	EXPENSES AND RECEIPTS

 

The
expenses incurred in connection with the administration and implementation of the Plan (including any applicable stamp duty) shall be
borne by the Company. Any proceeds received by the Company in connection with the exercise of any Award may be used for general corporate
purposes.

 

	21. REQUIRED
    APPROVALS

 

The
Plan is subject to the receipt of all approvals required under the Tax Ordinance and the Law.

 

	22. APPLICABLE
    LAW

 

This
Plan and all documents delivered or executed by the Company or Affiliate in connection herewith shall be governed by, and construed and
administered in accordance with the Law.

 

	23. TREATMENT
    OF PARTICIPANTS

 

There
is no obligation for uniformity of treatment of Participants.

 

	24. NO
    CONFLICTS

 

In
the event of any conflict between the terms of the Plan and the Award Letter, the Plan shall prevail, unless the Award Letter stated
specifically that the conflicting provision in the Award Letter shall prevail.

 

	25. PARTICIPANT
    UNDERTAKINGS

 

By
entering into this Plan, the Participant shall (1) agree and acknowledge that he or she has received and read the Plan and the Award
Letter; (2) undertake all the provisions set forth in: Section 3(i) or Section 102 as applicable (including provisions regarding the
applicable Tax Track that the Company has selected), the Plan, the Award Letter and the Trust Agreement (if applicable); and (3) if the
Options are Granted under Section 102, the Israeli Participant shall undertake that subject to the provisions of Section 102 and the
Rules, he or she shall not sell or release the Underlying Shares from trust before the end of the Holding Period (if any). Any and all
rights underlying an Award Granted under Section 102 shall be issued to the Trustee and held thereby until the lapse of the Holding Period,
and such rights shall be subject to the Tax Track which is applicable to such Exercised Shares.

 

		26. RESTRICTED
    SHARES

 

The
Board may award Restricted Shares to any Participant, including under Section 102. Each Award of Restricted Shares under this Plan shall
be evidenced by an Award Letter, in such form as the Board shall from time to time approve. The Restricted Shares shall be subject to
all applicable terms of this Plan, which in the case of Restricted Shares granted under Section 102 shall include Section 11 hereof,
and may be subject to any other terms that are not inconsistent with this Plan. The provisions of the various Restricted Shares Award
Letters under this Plan need not be identical. The Restricted Shares Award Letters shall comply with and be subject to the Plan unless
otherwise specifically provided in such Award Letter and not inconsistent with this Plan, or applicable Law:

 

	 	 26.1.	Purchase
    Price. Each Restricted Share Award Letter shall state an amount of Exercise Price to be paid by the Participant, if any, in consideration
    for the issuance of the Restricted Shares and the terms of payment thereof, which may include, payment in cash or other evidence
    of indebtedness on such terms and conditions as determined by the Board.

 

    	13

     

    

 

	 	 26.2.	Restrictions.
    Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of, except by will or the
    laws of descent and distribution (in which case they shall be transferred subject to all restrictions then or thereafter applicable
    thereto), until such Restricted Shares shall have vested (the period from the date on which the Award is Granted until the date of
    vesting of the Restricted Share thereunder being referred to herein as the “Restricted Period”). The Board may
    also impose such additional or alternative restrictions and conditions on the Restricted Shares, as it deems appropriate, including
    the satisfaction of performance criteria. Such performance criteria may include, but are not limited to, sales, earnings before interest
    and taxes, return on investment, earnings per share, any combination of the foregoing or rate of growth of any of the foregoing,
    as determined by the Committee or pursuant to the provisions of any Company policy required under mandatory provisions of applicable
    Law. Certificates for shares issued pursuant to Restricted Share Awards shall bear an appropriate legend referring to such restrictions,
    and any attempt to dispose of any such shares in contravention of such restrictions shall be null and void and without effect. Such
    certificates may, if so determined by the Board, be held in escrow by an escrow agent appointed by the Board, or, if a Restricted
    Share Award is made pursuant to Section 102, by the Trustee. In determining the Restricted Period of an Award, the Board may provide
    that the foregoing restrictions shall lapse with respect to specified percentages of the awarded Restricted Shares on successive
    anniversaries of the date of such Award. To the extent required by the Tax Ordinance, the Restricted Shares issued pursuant to Section
    102 shall be issued to the Trustee in accordance with the provisions of the Tax Ordinance and the Restricted Shares shall be held
    for the benefit of the Participant for such period as may be required by the Tax Ordinance.

 

	 	 26.3.	Forfeiture;
    Repurchase. Subject to such exceptions as may be determined by the Board, if the Participant’s continuous employment with
    or service to the Company or any Affiliate thereof shall terminate for any reason prior to the expiration of the Restricted Period
    of an Award or prior to the timely payment in full of the Exercise Price of any Restricted Shares, any Shares remaining subject to
    vesting or with respect to which the purchase price has not been paid in full, shall thereupon be forfeited, transferred to, and
    redeemed, repurchased or cancelled by the Company, as the case may be, in any manner as set forth in this Plan, subject to applicable
    Laws and the Participant shall have no further rights with respect to such Restricted Shares.

 

	 	 26.4.	Ownership.
    During the Restricted Period, the Participant shall possess all incidents of ownership of such Restricted Shares, subject to
    Section 26.2, including the right to vote and receive dividends with respect to such Shares. All securities, if any, received
    by a Participant with respect to Restricted Shares as a result of any stock split, stock dividend, combination of shares, or other
    similar transaction shall be subject to the restrictions applicable to the original Award.

 

		27. RESTRICTED
    SHARE UNITS

 

An
RSU is an Award covering a number of Shares that is settled, if vested and (if applicable) exercised, by issuance of those Shares. An
RSU may be awarded to any Participant, including under Section 102, provided that, to the extent required by applicable Law, a specific
ruling is obtained from the Israeli Income Tax Authority to grant RSUs as 102 Trustee Awards. An Award Letter relating to the grant of
RSUs under this Plan, shall be in such form as the Board shall from time to time approve. The RSUs shall be subject to all applicable
terms of this Plan, mutatis mutandis, which in the case of RSUs granted under Section 102 shall include Section 11 hereof,
and may be subject to any other terms that are not inconsistent with this Plan. The provisions of the various Award Letters need not
be identical. RSUs may be granted in consideration of a reduction in the Participant’s other compensation.

 

	 	 27.1.	Exercise
    Price. No payment of Exercise Price shall be required as consideration for RSUs, unless included in the Award Letter or as required
    by applicable Law.
	 	 27.2.	Shareholders’
    Rights. The Participant shall not possess or own any ownership rights in the Shares underlying the RSUs and no rights
    as a shareholder shall exist prior to the actual issuance of Shares in the name of the Participant.
	 	 27.3.	Vesting
    of RSUs. Shares shall be issued to or for the benefit of Participant promptly following each vesting date determined by the
    Administrator, provided that Participant is still engaged by the Company on the applicable vesting date. After each such vesting
    date the Company shall promptly cause to be issued for the benefit of Participant Shares with respect to RSUs that became vested
    on such vesting date. It is clarified that no Shares shall be issued pursuant to the RSUs to Participant until the vesting criteria
    determined by the Administrator is met.

 

    	14

     

    

 

	 	 27.4.	Settlements
    of Awards. Settlement of vested RSUs shall be made in the form of Shares. Distribution to a Participant of an amount (or amounts)
    from settlement of vested RSUs can be deferred to a date after settlement as determined by the Board. The amount of a deferred distribution
    may be increased by an interest factor or by dividend equivalents. Until the grant of RSUs is settled, the number of Shares underlying
    such RSUs shall be subject to adjustment pursuant hereto, mutatis mutandis.

 

	28. OTHER
    SHARE-BASED AWARDS

 

	 	 28.1.	Grant
    of Other Share-based Awards. Other Share-based Awards may be granted either alone or in addition to or in conjunction with other
    Awards under the Plan. Other Share-based Awards may be granted in lieu of other cash or other compensation to which a Participant
    is entitled from the Company or may be used in the settlement of amounts payable in Shares under any other compensation plan or arrangement
    of the Company. Subject to the provisions of the Plan, the Administrator shall have the sole and complete authority to determine
    the persons to whom and the time or times at which such Awards shall be made, the number of Shares to be granted pursuant to such
    Awards, and all other conditions of such Awards. Unless the Administrator determines otherwise, any such Award shall be confirmed
    by an Award Letter, which shall contain such provisions as the Board determines to be necessary or appropriate to carry out the intent
    of this Plan with respect to such Award.

 

	 	 28.2.	Terms
    of Other Share-based Awards. Any Share subject to Awards made under this Section 28 may not be sold, assigned, transferred, pledged
    or otherwise encumbered prior to the date on which the Shares are issued, or, if later, the date on which any applicable restriction,
    performance or deferral period lapses.

 

	29.	RULES
    PARTICULAR TO SPECIFIC COUNTRIES

 

Notwithstanding
anything to the contrary herein, the terms and conditions of this Plan may be adjusted with respect to a particular country by means
of a Sub-Plan in the form of an addendum to this Plan, and to the extent that the terms and conditions set forth in the Sub-Plan conflict
with any provisions of this Plan, the provisions of the applicable Sub-Plan shall govern. Terms and conditions set forth in a Sub-Plan
shall apply only to Awards issued to Participants under the jurisdiction of the specific country that is subject of the Sub-Plan and
shall not apply to Awards issued to any other Participants. The adoption of any such Sub-Plan shall be subject to the approval of the
Board, and, if required, the approval of the shareholders of the Company.

 

    	15

     

    

 

TODOS
MEDICAL LTD.

 

(the
“Company”)

 

2021
EQUITY INCENTIVE PLAN

 

US
Sub-Plan

 

This
US Sub-Plan, as amended from time to time, shall be known as the “US Sub-Plan to the Todos Medical Ltd. 2021 Equity Incentive Plan”
(the “US Sub-Plan”). This US Sub-Plan is effective as of the date that the Plan becomes effective (the “Effective
Date”), subject to the timely approval of the Company’s shareholders as set forth in Section 6.1 of the US Sub-Plan.
The provisions specified hereunder apply only to Participants who are subject to U.S. federal income tax. The purpose of this US Sub-Plan
is to establish certain rules and limitations applicable to Awards that may be granted or issued under the Plan from time to time, in
compliance with applicable U.S. tax, securities and other applicable laws currently in force. Except as otherwise provided by this US
Sub-Plan, all grants made pursuant to this US Sub-Plan shall be governed by the terms of the Plan. This US Sub-Plan is applicable only
to grants made after the Effective Date.

 

	1. Definitions.

 

Capitalized
terms not otherwise defined herein shall have the meaning assigned to them in the Plan. Notwithstanding anything to the contrary in the
Plan, the following definitions will apply to grants made pursuant to the Plan and this US Sub-Plan:

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor
or amended section of the Code.

 

“Disability”
means, with respect to Incentive Stock Options, a “permanent and total disability” within the meaning of Section 22(e)(3)
of the Code.

 

“Fair
Market Value” shall have the meaning set forth in the Plan; provided that, notwithstanding any provision in the Plan to the
contrary, (a) with respect to Non-Qualified Stock Options, Fair Market Value shall be determined in a manner that satisfies the applicable
requirements of Section 409A of the Code, and (b) with respect to Incentive Stock Options, Fair Market Value shall be determined in a
manner that satisfies the applicable requirements of Section 422 of the Code, and subject to Section 422(c)(7) of the Code.

 

“Family
Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person
sharing the employee’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial
interest, a foundation in which these persons (or the employee) control the management of assets, and any other entity in which these
persons (or the employee) own more than 50% of the voting interests.

 

“Incentive
Stock Option” means any Award awarded to an eligible Participant under the Plan and this US Sub-Plan intended to be, and designated
in the Award Letter as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

“Non-Qualified
Stock Option” means any Award awarded under this Plan that is not an Incentive Stock Option.

 

“Parent”
means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

 

“Performance
Award” means an Award made subject to the attainment of performance goals (as described in Section 5) over a performance period
of at least one year.

 

“Subsidiary”
means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

 

“Ten
Percent Shareholder” means a person owning stock possessing more than 10% of the total combined voting power of all classes
of shares of the Company, its Subsidiaries or its Parent.

 

    	16

     

    

 

	2.
    Shares Reserved under US Sub-Plan for Incentive Stock Options.

 

The
maximum aggregate number of Shares that may be issued pursuant to Incentive Stock Options is 750,000,000 (seven hundred and fifty million)
Shares, and such reserve of Shares for grants of Incentive Stock Options shall not be increased without the approval of the shareholders
of the Company as required pursuant to Section 421 et seq. of the Code. The number of Shares stated in this Section 2 shall be
subject to adjustment as provided in Section 4 of the Plan (to the extent such adjustments are in accordance with Sections 409A
and 424 of the Code, unless otherwise determined by the Board in its discretion). To the extent that an Incentive Stock Option terminates,
expires, or lapses for any reason, any Shares subject to the Awards shall again be available for the grant of an Incentive Stock Option
pursuant to the Plan and this US Sub-Plan. Additionally, any Shares tendered or withheld to satisfy the exercise price or tax withholding
obligation pursuant to any Incentive Stock Option shall again be available for the grant of an Incentive Stock Option pursuant to the
Plan and this US Sub-Plan. Notwithstanding the provisions of this Section 2, no Shares may again be granted or awarded if such action
would cause an Incentive Stock Option to fail to qualify as an incentive stock option under Section 422 of the Code.

 

	3. Grants
    of Awards.

 

All
employees and Consultants are eligible to be granted Non-Qualified Stock Options under this US Sub-Plan, and only employees of the Company,
a Subsidiary or a Parent are eligible to be granted Incentive Stock Options under this US Sub-Plan, if so employed on the grant date
of such Incentive Stock Option. Eligibility for the grant of an Award and actual participation in this US Sub-Plan and the Plan shall
be determined by the Board in its sole discretion. Notwithstanding anything in this Section 3 to the contrary, Consultants who
(a) are not natural persons, (b) do not provide bona fide services to the Company, a Subsidiary or a Parent, or (c) provide services
in connection with the offer or sale of securities in a capital raising transaction shall not be eligible to be granted Awards under
this US Sub-Plan.

 

	4.
    Special Terms for Incentive Stock Options.

 

	 	4.1	Disqualification.
    To the extent that any Award does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner
    of its exercise or otherwise), such Award or the portion thereof that does not qualify shall constitute a separate Non-Qualified
    Stock Option.

 

	 	4.2	Exercise
    Price. The exercise price per Share subject to an Incentive Stock Option shall be determined by the Board at the time of grant
    of such Incentive Stock Option; provided that the per share exercise price of an Award shall not be less than 100% of the Fair Market
    Value of the Share at the time of grant of such Incentive Stock Option; and provided, further, that if an Incentive Stock
    Option is granted to a Ten Percent Shareholder, the exercise price per Share shall be no less than 110% of the Fair Market Value
    of the Share at the time of the grant of such Incentive Stock Option.

 

	 	4.3	Award
    Term. The term of each Incentive Stock Option shall be fixed by the Board; provided, however, that no Incentive Stock
    Option shall be exercisable more than 10 years after the date such Incentive Stock Option is granted; and provided, further,
    that the term of an Incentive Stock Option granted to a Ten Percent Shareholder shall not exceed five years.

 

	 	4.4	Incentive
    Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of Shares with
    respect to which Incentive Stock Options are exercisable for the first time by an employee during any calendar year under this Plan
    and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Incentive Stock Options shall
    be treated as Non-Qualified Stock Options. In addition, if an employee does not remain employed by the Company, any Subsidiary or
    any Parent at all times from the time an Incentive Stock Option is granted until three months prior to the date of exercise thereof
    (or such other period as required by Section 422 of the Code), such Incentive Stock Option shall be treated as a Non-Qualified Stock
    Option.

 

    	17

     

    

 

	 	4.5	Effect
    of Termination. Notwithstanding anything to the contrary in the Plan or this US Sub-Plan, and in the absence of a provision specifying
    otherwise in the relevant Award Letter, then with respect to Incentive Stock Options, the following provisions must be met in order
    for the Award to qualify as an Incentive Stock Option under the Code:

 

	 	(a)	in
    the event that the Participant ceases to be an employee of the Company or any Subsidiary or Parent for any reason other than the
    Participant’s death or Disability, the Vested Awards must be exercised within 3 months from the Participant’s Termination
    Date;

 

	 	(b)	in
    the event that the Participant’s employment with the Company, a Subsidiary or Parent terminates as a result of the Participant’s
    death or Disability, the Vested Award must be exercised within 12 months following the Participant’s Termination Date.

 

For
the avoidance of doubt, the provisions of Sections 9 and 10 of the Plan shall remain in full force and effect and apply
to Awards granted as Incentive Stock Options. The restrictions set forth above represent special additional limitations that apply to
qualify as Incentive Stock Options under the provisions of the Code. To avoid doubt, a Participant may choose to exercise Awards in accordance
with the terms of Sections 9 and 10 of the Plan and the relevant Award Letter, and not in compliance with the provisions
of the Code relating to “incentive stock options”. In that case such Award will not qualify as an Incentive Stock Option
and will be treated as a Non-Qualified Stock Option.

 

	 	4.6	Notice
    of Disposition. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an
    Incentive Stock Option within (i) two years from the date of grant of such Incentive Stock Option or (ii) one year after the transfer
    of such Shares to the Participant.

 

	 	4.7	Right
    to Exercise. During a Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant.

 

	5.
    Terms and Conditions of Performance Awards

 

	 	5.1	Performance
    Conditions. The right of a Participant to exercise or receive a grant or settlement of any Award, and the timing thereof, may
    be subject to such performance conditions as may be specified by the Board. The Board may use such business criteria and other measures
    of performance as it may deem appropriate in establishing any performance conditions, including but not limited to the Business Criteria
    listed below in Section 5.3.

 

	 	5.2	Performance
    Goals Generally. The performance goals for such Performance Awards shall consist of one or more business criteria and a targeted
    level or levels of performance with respect to each of such criteria, as specified by the Board consistent with this Section 5.2.
    The Board may determine that such Performance Awards shall be granted, exercised and/or settled upon achievement of any one performance
    goal or that two or more of the performance goals must be achieved as a condition for the grant, exercise and/or settlement of such
    Performance Awards. Performance goals may, in the discretion of the Board, be established on a Company-wide basis, or with respect
    to one or more business units, divisions, subsidiaries or business segments, as applicable. Performance goals may be absolute or
    relative (to the performance of one or more comparable companies or indices). Measurement of performance goals may exclude (in the
    discretion of the Board) the impact of charges for restructuring, discontinued operations, extraordinary items, and other unusual
    non-recurring items, and the cumulative effects of tax or accounting changes (each as defined by generally accepted accounting principles
    and as identified in the Company’s financial statements or other SEC filings). Performance goals may differ for Performance
    Awards granted to any one Participant or to different Participants.

 

	 	5.3	Business
    Criteria. One or more of the following business criteria for the Company, on a consolidated basis, and/or specified subsidiaries
    or business units of the Company (except with respect to the total stockholder return and earnings per share criteria), may be used
    by the Board in establishing performance goals for such Performance Awards: (i) cash flow; (ii) earnings per share, as adjusted for
    any stock split, stock dividend or other recapitalization; (iii) earnings measures; (iv) return on equity; (v) total shareholder
    return; (vi) share price performance, as adjusted for any stock split, stock dividend or other recapitalization; (vii) return on
    capital; (viii) revenue; (ix) income; (x) profit margin; (xi) return on operating revenue; (xii) brand recognition/acceptance; (xiii)
    customer satisfaction; (xiv) productivity; (xv) expense targets; (xvi) market share; (xvii) cost control measures; (xviii) balance
    sheet metrics; (xix) strategic initiatives; (xx) implementation, completion or attainment of measurable objectives with respect to
    recruitment or retention of personnel or employee satisfaction; or (xxi) any other business criteria established by the Board; provided,
    however, that such business criteria shall include any derivations of business criteria listed above (e.g., income shall include
    pre-tax income, net income, operating income, etc.).

 

    	18

     

    

 

	 	5.4	Settlement
    of Performance Awards; Other Terms. Settlement of Performance Awards shall be in cash, Shares, other Awards or other property,
    in the discretion of the Board. The Board may, in its discretion make adjustments, including to reduce the amount of a settlement
    otherwise to be made, in connection with such Performance Awards.

 

	6. Shareholder
    Approval; Amendment of US Sub-Plan and Individual Awards.

 

	 	6.1	Shareholder
    Approval. The Plan and this US Sub-Plan shall be submitted to the Company’s shareholders for approval within twelve (12)
    months after the Effective Date. If the shareholders fail to approve this US Sub-Plan within such period, then any grants, or exercises
    that have already occurred under this US Sub-Plan will be rescinded and no additional grants or exercises of Awards granted hereunder
    will thereafter be made under this US Sub-Plan.

 

	 	6.2	Amendment.

 

	 	(a)	This
    US Sub-Plan may be amended or terminated in accordance with Section 5.1 of the Plan; provided, however, that no amendment
    may be made without the approval of the shareholders of the Company entitled to vote in accordance with applicable law if such amendment
    would: (i) increase the aggregate number of Shares that may be issued under this US Sub-Plan as Incentive Stock Options; (ii) change
    the classification of individuals eligible to receive Incentive Stock Options under this US Sub-Plan; (iii) decrease the minimum
    exercise price of any Award below the amounts specified herein; (iv) extend the term of the Plan under Section 9 of the Plan;
    or (v) require shareholder approval in order for the US Sub-Plan to continue to comply with Section 422 of the Code to the extent
    applicable to Incentive Stock Options or otherwise require shareholder approval to comply with applicable law.

 

	 	(b)	Notwithstanding
    any other provisions of the Plan or this US Sub-Plan to the contrary, (i) the Board may amend this US Sub-Plan or any Award granted
    hereunder without the consent of the Participant if the Board determines that such amendment is required or advisable for the Company,
    the Plan, this US Sub-Plan or any Award to satisfy, comply with or meet the requirements of any law, regulation, rule or accounting
    standard, and (ii) neither the Company nor the Board shall take any action pursuant to Section 5 of this US Sub-Plan or Section
    5 of the Plan, or otherwise, that would cause an Award that is otherwise exempt under Section 409A of the Code to become subject
    to Section 409A of the Code, or that would cause an Award that is subject to Section 409A of the Code to fail to satisfy the requirements
    of Section 409A of the Code.

 

	7. Limits
    on Transfer.

 

No
Award shall be assigned, transferred or otherwise disposed of by a Participant otherwise than by will or by the laws of descent and distribution.
Notwithstanding the foregoing, the Board may determine, in its sole discretion, at the time of grant or thereafter that an Award (other
than an Incentive Stock Option) granted under this US Sub-Plan that is otherwise not transferable pursuant to this Section 7 and/or
the transfer limitations as set forth in the Plan is transferable to a Family Member in whole or in part and in such circumstances, and
under such conditions, as specified by the Board. An Award that is transferred to a Family Member pursuant to the preceding sentence
(a) may not be subsequently transferred otherwise than by will or by the laws of descent and distribution and (b) remains subject to
the terms of the Plan, the US Sub-Plan and the applicable Award Letter. Any Shares acquired upon the exercise of an Award by a permissible
transferee of an Award or a permissible transferee pursuant to a transfer after the exercise of, or issuance of Shares under, an Award
shall be subject to the terms of the Plan, the US Sub-Plan and the applicable Award Letter.

 

    	19

     

    

 

	8. Deferred
    Compensation.

 

To
the extent that the Board determines that any Award granted under the Plan and this US Sub-Plan is subject to Section 409A of the Code,
the Award Letter evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent
applicable, the Plan, this US Sub-Plan and the Award Letters shall be interpreted in accordance with Section 409A of the Code and Department
of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other
guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan or this US Sub-Plan to the contrary,
in the event that following the Effective Date the Board determines that any Award may be subject to Section 409A of the Code and related
Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Board
may adopt such amendments to the Plan or the US Sub-Plan and the applicable Award Letter or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate
to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect
to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance. No provision
of the Plan or the US Sub-Plan shall be interpreted or construed to transfer any liability for failure to comply with the requirements
of Section 409A of the Code from a Participant or any other individual to the Company or any of its affiliates, employees or agents.

 

	9. Section
    25102(o) of the California Corporations Code.

 

The
Plan is intended to comply with Section 25102(o) of the California Corporations Code. In that regard, to the extent required by Section
25102(o), (i) the terms of any Options or Other Share-based Awards (to the extent applicable), to the extent vested and exercisable upon
a Participant’s Termination of Engagement, shall include any minimum exercise periods following Termination of Engagement specified
by Section 25102(o), and (ii) any repurchase right of the Company with respect to Shares issued under the Plan shall include a minimum
90- day notice requirement. Any provision of the Plan that is inconsistent with Section 25102(o) shall, without further act or amendment
by the Company, be reformed to comply with the requirements of Section 25102(o).

 

	10. Rule
    16b-3.

 

During
any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company
that Awards, and the exercise of Options granted hereunder will qualify for the exemption provided by Rule 16b-3 under the Securities
Exchange Act. To the extent that any provision of the Plan or action by the Board or Committee does not comply with the requirements
of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Committee, and shall not affect
the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Committee may modify the Plan in any respect necessary
to satisfy the requirements of, or to take advantage of any features of, the revised exemption or its replacement.

 

*
* * * *

 

    	20

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