Document:

EX-10.23

 Exhibit 10.23 

INSTRUCTURE, INC. 

EXECUTIVE AGREEMENT 

THIS EXECUTIVE AGREEMENT (this “Agreement”) is
entered into as of June 25, 2021 by and between MELISSA LOBLE (“Executive”) and INSTRUCTURE, INC., a Delaware corporation (the
“Company”) and shall become effective upon (but only upon) the consummation of the IPO (as defined below) (the “Effective Date”). 

RECITALS 

A.    The Company’s indirect parent company, Instructure Intermediate Holdings, Inc., a Delaware corporation
(“Parent”) expects to make an initial public offering of its common stock (“IPO”) in the near future. 

B.    Parent’s Board of Directors (the “Board”) believes it is in the best interests
of the Company and its stockholders to retain Executive on and after the IPO and to provide Executive with certain protections in the event of Executive’s termination of employment under certain circumstances. 

C.    The Company and Executive entered into that certain Offer Letter, dated as of April 2, 2020 (the
“Prior Agreement”). 
 D.    The Company and Executive seek to document the terms and
conditions of Executive’s continuing employment relationship with the Company, with such terms and conditions to supersede and replace all existing terms (including, without limitation, those set forth in the Prior Agreement) in their entirety,
effective as of the consummation of the IPO. 
 NOW THEREFORE, in consideration of the
mutual promises, covenants and agreements contained herein, and in consideration of the continuing employment of Executive by the Company, the parties hereto agree as follows: 

1.    At-Will Employment. Executive’s employment is and shall
remain at-will, which means that the Company may terminate Executive’s employment at any time, with or without advance notice, and with or without Cause. Similarly, Executive may resign Executive’s
employment at any time, with or without advance notice. Executive shall not receive any compensation of any kind, including, without limitation, stock option or other equity award vesting acceleration and severance benefits, following
Executive’s termination of employment with the Company, except as expressly provided herein. Notwithstanding the foregoing, should the the IPO not be consummated for any reason, this Agreement shall not become effective and shall be null and
void ab initio. 
 2.    Severance Benefits. 

(a)    Severance Benefits upon a Termination in Connection with or Following a Change in Control. If
Executive’s employment is terminated by the Company without Cause (as defined below, and other than as a result of death or disability), or Executive 

  
 1. 

 
resigns his or her employment with the Company for Good Reason (as defined below), in either case within three (3) months prior to (and contingent upon the consummation of the Change in
Control), in connection with, or within twelve (12) months following the effective date of a Change in Control (a “CIC Termination”), and provided such termination constitutes a “separation from service”
(within the meaning of Treasury Regulation Section 1.409A-1(h), a “Separation from Service”), and further provided that Executive delivers an effective release of claims as
required under Section 3 below, then Executive shall be entitled to the following severance benefits (the “CIC Benefits”): 

(i)    The Company shall pay Executive an amount in cash equal to twelve (12) months of Executive’s then
current base salary, paid over the twelve (12) month period following Executive’s Separation from Service, in accordance with the Company’s regular payroll schedule, at the time specified in Section 3 below. 

(ii)    The Company shall pay Executive a lump sum amount in cash equal to 80% of Executive’s then current
target bonus, pro-rated based on the number of full months in the year in which the Separation from Service occurs prior to Executive’s Separation from Service, at the time specified in Section 3
below, provided that the CIC Termination occurs on or after March 31 in a calendar year. 

(iii)    Subject to Section 9(c), the Company shall pay Executive’s expenses for continuing his or her
health care coverage and that of any dependents who are covered at the time of the Executive’s Separation from Service (the “COBRA Premiums”) under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”) for a period ending on the earlier of the twelve (12) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer
(the “CIC COBRA Period”), so long as Executive timely elects such COBRA continuation coverage. 

(iv)    All outstanding stock awards then held by Executive shall become fully vested with respect to all of the
shares subject thereto, effective immediately prior to Executive’s Separation from Service under this Section 2(a). 

(b)    Severance Benefits upon a Termination that is not a CIC Termination. If Executive’s employment
is terminated by the Company without Cause (other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason, and such termination is not a CIC Termination, and provided such termination
constitutes a Separation from Service and that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the “Severance
Benefits”): 
 (i)    The Company shall pay Executive an amount in cash equal to six
(6) months of Executive’s then current base salary, paid over the (6) month period following Executive’s Separation from Service, in accordance with the Company’s regular payroll schedule, at the time specified in
Section 3 below; and 

  
 2. 

 (ii)    Subject to Section 9(c), the Company shall pay
Executive’s COBRA Premiums for a period ending on the earlier of the six (6) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the
“Severance COBRA Period”), so long as Executive timely elects such COBRA continuation coverage. 

(c)    Accrued Wages, Bonus and Vacation, Expenses. Without regard to the reason for, or the timing of,
Executive’s termination of employment, the Company shall pay (or provide reimbursement to) Executive for (i) any unpaid base salary due for periods prior to and including the date of Separation from Service; (ii) all accrued and
unused vacation through the date of Separation from Service, if applicable; (iii) any earned (as determined and approved by the Board prior to the Separation from Service) but not yet paid incentive bonus from the prior fiscal year, which bonus
shall be paid in accordance with the Company’s regular bonus payment process and in any event by no later than two and one-half months after the end of such subsequent year; and (iv) following
submission of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Separation from Service. These payments shall be made promptly upon or
following termination and within the period of time mandated by law (or in the case of an earned bonus, within the time period set forth in the Company’s bonus plan and in any event by no later than two and
one-half months after the end of the fiscal year following the year in which the bonus was earned). 

3.    Release Required; Timing of Payments. 

(a)    Requirement of Release. Prior to the payment of any CIC Benefits or Severance Benefits (including the
acceleration of equity, if applicable), Executive shall execute and allow to become effective a standard employment release agreement releasing the Company (and its successor and affiliates) from any and all claims Executive (or Executive’s
estate or beneficiaries) may have against such entities related to or arising in connection with his or her employment and the terms of such employment and termination thereof (the “Release”) within the time frame set forth
therein, but not later than 60 days following Executive’s Separation from Service (the “Release Effective Date”). No CIC or Severance Benefits shall be paid or provided prior to the Release Effective Date. 

(b)    Form of Release. The Release shall in substantially the form attached hereto as Exhibit A,
Exhibit B, or Exhibit C, as applicable, and shall specifically relate to all of Executive’s rights and claims in existence at the time of such execution and shall confirm Executive’s continuing obligations to the Company
(including but not limited to obligations under any confidentiality and/or non-solicitation agreement with the Company). Unless a Change in Control has occurred, the Board, in its sole discretion, may modify
the form of the required Release to comply with applicable law and shall determine the form of the required Release, which may be incorporated into a termination agreement or other agreement with Executive. 

(c)    Timing of Payments. Within five days following the Release Effective Date, the Company will pay (or
commence payment of) the CIC Benefits or Severance Benefits Executive would otherwise have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of benefits being paid as
scheduled. Notwithstanding the foregoing, if the Company (or, if applicable, the successor entity thereto) 

  
 3. 

 
determines that any of the CIC Benefits or Severance Benefits constitute “deferred compensation” under Section 409A (defined below), then, solely to the extent necessary to avoid
the incurrence of the adverse personal tax consequences under Section 409A, no CIC Benefits or Severance Benefits will be paid prior to the 60th day following Executive’s Separation from Service. On the 60th day following the date of
Separation from Service, the Company will pay to Executive in a lump sum the CIC Benefits or Severance Benefits, as applicable, that Executive would otherwise have received on or prior to such date, with the balance of the CIC Benefits or Severance
Benefits being paid as originally scheduled. 
 4.    Limitation on Payments. 

(a)    If any payment or benefit (including payments and benefits pursuant to this Agreement) that Executive would
receive in connection with a Change in Control from the Company or otherwise (“Transaction Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and
(ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any amounts of the Transaction Payment are paid
to Executive, which of the following two alternative forms of payment would result in Executive’s receipt, on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding that all
or some portion of the Transaction Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Transaction Payment (a “Full Payment”), or (2) payment of only a part of the Transaction
Payment so that Executive receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”) . For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company
shall cause to be taken into account all applicable federal, state and local income and employment taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be
obtained from a deduction of such state and local taxes). If a Reduced Payment is made, (x) Executive shall have no rights to any additional payments and/or benefits constituting the Transaction Payment, and (y) reduction in payments
and/or benefits will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and
(4) reduction of other benefits paid to Executive. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of
Executive’s equity awards. In no event will the Company, Parent or any stockholder be liable to Executive for any amounts not paid as a result of the operation of this Section 4. 

(b)    The professional firm engaged by the Company for general tax purposes as of the day prior to the effective
date of the Change in Control shall make all determinations required to be made under this Section 4. If the professional firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the
Change in Control, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such
professional firm required to be made hereunder. 
 (c)    The professional firm engaged to make the
determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and 

  
 4. 

 
Executive within 15 calendar days after the date on which Executive’s right to a Transaction Payment is triggered or such other time as reasonably requested by the Company or Executive. If
the professional firm determines that no Excise Tax is payable with respect to the Transaction Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and Executive with detailed supporting calculations of
its determinations that no Excise Tax will be imposed with respect to such Transaction Payment. Any good faith determinations of the professional firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 

5.    Successors. 

(a)    Company’s Successors. Any successor to the Company (whether direct or indirect and whether by
purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the Company’s, or ensure that the Company fully performs its, obligations under this
Agreement and shall perform the Company’s, or ensure that the Company performs its, obligations, under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a
succession. For all purposes under this Agreement, the term “Company” shall include any such successor. 

(b)    Executive’s Successors. Without the written consent of the Company, Executive shall not assign
or transfer any right or obligation under this Agreement to any other person or entity. Notwithstanding the foregoing, the terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by,
Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

6.    Notices. 

(a)    General. Notices and all other communications contemplated by this Agreement shall be in writing and
shall be deemed to have been duly given when personally delivered, when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid, or when e-mailed with confirmation of receipt.
In the case of Executive, mailed notices shall be addressed to him at the home address or e-mail address which he most recently communicated to the Company in writing. In the case of the Company, mailed
notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 

(b)    Notice of Termination. Any termination by the Company with or without Cause or by Executive as a
result of a voluntary resignation for any reason shall be communicated by a notice of termination to the other party hereto given in accordance with this Agreement. 

7.    Arbitration. The Company and Executive shall attempt to settle any disputes arising in connection with
this Agreement through good faith consultation. In the event that Executive and the Company are not able to resolve any such disputes within 15 days after notification in writing to the other, any dispute or claim arising out of or in connection
with this Agreement will be finally settled by binding arbitration in Salt Lake City, Utah in accordance with 

  
 5. 

 
the rules of the American Arbitration Association by one arbitrator mutually agreed upon by the parties. The arbitrator will apply Utah law, without reference to rules of conflicts of law or
rules of statutory arbitration, to the resolution of any dispute. Except as set forth in Section 9(i) below, the arbitrator shall not have authority to modify the terms of this Agreement. The Company shall pay the costs of the arbitration
proceeding. Each party shall, unless otherwise determined by the arbitrator, bear its or his or her own attorneys’ fees and expenses, provided however that if Executive prevails in an arbitration proceeding, the Company shall reimburse
Executive for his or her reasonable attorneys’ fees and costs. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the Company and Executive may apply to any
court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this paragraph, without breach of this arbitration provision. 

8.    Definition of Terms. The following terms referred to in this Agreement shall have the following
meanings: 
 (a)    Cause. “Cause” for termination of Executive’s employment
will exist if Executive is terminated by the Company for any of the following reasons: (i) Executive’s commission of any material act of dishonesty; (ii) Executive’s conviction of a felony or any crime involving moral turpitude;
(iii) Executive’s commission of any action that that has caused or is reasonably expected to result in material harm to the business or the reputation of the Company (excluding any action taken in good faith); (iv) Executive’s
material violation of any duty or obligation owed by Executive to the Company which causes or is reasonably expected to cause material injury to the Company; (v) Executive’s material breach of any of his or her obligations under any
written agreement or covenant with the Company, including but not limited to Executive’s Confidentiality and Intellectual Property Agreement; or (vi) Executive’s repeated refusal to substantially perform his or her assigned duties.
The determination as to whether Executive is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on Executive. The term “Company” will be interpreted to include any subsidiary, parent or
affiliate of the Company, as appropriate. 
 (b)    Change in Control. “Change in
Control” shall have the meaning set forth in Parent’s 2021 Omnibus Incentive Plan, as it may be amended from time to time; provided that to the extent required for compliance with Section 409A of the Code, in no event will a
Change in Control be deemed to have occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as
determined under Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). 

(c)    Good Reason. “Good Reason” for Executive’s resignation of his or her
employment shall exist following the occurrence of any of the following without Executive’s written consent: (i) a material reduction in job duties, responsibilities, title or authority inconsistent with the Executive’s position with
the Company; provided, however, that any such reduction or change (including a change in title) after a Change in Control will not constitute Good Reason if Executive retains reasonably comparable duties, position and
responsibilities with respect to the Company’s business within the successor entity following a Change of Control; (ii) a material reduction of Executive’s then current base salary, representing a reduction of more than

  
 6. 

 
10% of the Executive’s then current base salary; provided, that an across-the-board reduction in the
salary level of all executive officers of the Company by the same percentage amount as part of a general salary level reduction implemented prior to a Change in Control shall not constitute such a material salary reduction; or (iii) the
relocation of Executive’s principal place of employment to a place that increases Executive’s one-way commute by more than 35 miles as compared to Executive’s then current principal place of
employment immediately prior to such relocation; provided, that the Executive gives written notice to the Company of the event forming the basis of the termination for Good Reason within 60 days after the date on which the Company gives
written notice to the Executive of the Company’s affirmative decision to take an action set forth in clause (i), (ii), or (iii) above, the Company fails to cure such basis for the Good Reason resignation within 30 days after receipt of
Executive’s written notice and Executive terminates his or her employment within 30 days following the expiration of the cure period. 

9.    Miscellaneous Provisions. 

(a)    Executive Obligations. Notwithstanding anything to the contrary contained herein, payment of any of
the CIC Benefits or Severance Benefits will be conditioned upon (i) Executive continuing to comply with his or her obligations under the Confidentiality and Intellectual Property Agreement (or such similar form that Executive previously
executed in connection with his or her employment) during the period of time in which Executive is receiving the CIC Benefits or Severance Benefits; and (ii) Executive’s resignation from all positions with the Company, any subsidiaries and
affiliates, and the Board (as applicable), to be effective no later than the date of Separation from Service (or such other date as determined by the Board). 

(b)    Income and Employment Taxes. All amounts paid or provided under this Agreement shall be net of
required withholdings, and Executive shall be responsible for any additional taxes of any nature (including any penalties or interest that may apply to such taxes) that the Company reasonably determines apply to any payment made hereunder.
Executive’s receipt of any benefit hereunder is conditioned on his or her satisfaction of any applicable withholding or similar obligations that apply to such benefit and any cash payment owed hereunder will be reduced to satisfy any such
withholding or similar obligations that may apply. 
 (c)    Alternative Method of Providing COBRA
Benefit. If the Company determines, in its sole discretion, that the Company cannot pay COBRA Premiums as provided in Section 2(a) or 2(b) without potentially incurring financial costs or penalties under applicable law (including, without
limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether Executive or Executive’s eligible family members elect
health care continuation coverage (the “Health Care Benefit Payment”). The Health Care Benefit Payment shall be paid in monthly installments on the same schedule and over the same time period that the COBRA Premiums would
otherwise have been paid on behalf of the Executive. The Health Care Benefit Payment shall be equal to the amount that the Company would have otherwise paid for COBRA Premiums (which amount shall be calculated based on the premium for the first
month of coverage), and shall be paid until the expiration of the CIC COBRA Period or the Severance COBRA Period, as applicable. 

  
 7. 

 (d)    No Duty to Mitigate. Executive shall not be
required to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that Executive may receive from any other source. 

(e)    Interaction with Other CIC Benefits. In the event that Executive would be entitled to a greater level
of CIC Benefits under the terms and conditions of an individual stock option agreement or restricted stock unit agreement with the Company or Parent or a severance plan or policy provided by the Company or Parent or their respective successors to
other Company employees being terminated within three (3) months prior to (and contingent upon the consummation of the Change in Control), in connection with, or within twelve (12) months following a Change in Control but for the existence
of this Agreement, Executive shall be entitled to receive the greater of the CIC Benefits or the benefits under such other agreement, plan or policy subject to the applicable terms and conditions thereof. 

(f)    Waiver. No provision of this Agreement may be waived or discharged unless the waiver or discharge is
agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party
shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(g)    Integration. This Agreement supersedes all prior or contemporaneous agreements, whether written or
oral, with respect to this Agreement (including, without limitation, the Prior Agreement and any incentive equity grant agreement or similar agreement by and between Executive and Instructure Parent, L.P., a Delaware limited partnership); provided
that, for clarification purposes, this Agreement shall not affect any agreements between the Company and Executive regarding intellectual property matters, non-solicitation or
non-competition restrictions or confidential information of the Company. 

(h)    Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be
governed by the internal substantive laws, but not the conflicts of law rules, of the State of Utah. 

(i)    Severability. The invalidity or unenforceability of any provision or provisions of this Agreement
shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

(j)    Code Section 409A. It is intended that each installment of the payments and
benefits provided for in this Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, it is intended that payments of the
amounts set forth in this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (Section 409A of the Code,
together, with any state law of similar effect, “Section 409A”) provided under Treasury Regulations 1.409A-1(b)(4),
1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company (or, if applicable, the successor entity thereto) determines that the severance payments and benefits provided
under this Agreement (the “Agreement Payments”) constitute “deferred compensation” under Section 409A and Executive is, on the date of his or her 

  
 8. 

 
Separation from Service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code (a
“Specified Employee”), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Severance Benefits described in Section 4(b) shall
be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after Executive’s Separation from Service or (ii) the date of Executive’s death (such earlier date, the “Delayed Initial
Payment Date”), the Company (or the successor entity thereto, as applicable) shall pay to Executive a lump sum amount equal to the applicable benefit that Executive would otherwise have received through the Delayed Initial Payment Date
if the commencement of the payment of the benefit had not been so delayed pursuant to this Section 9(j). 

(k)    Legal Fees and Expenses. The parties shall each bear their own expenses, legal fees and other fees
incurred in connection with the execution of this Agreement. 
 (l)    Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

[SIGNATURE PAGE FOLLOWS] 

  
 9. 

 IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first set forth above. 
  

	
	EXECUTIVE
	
	 /s/ Melissa Loble

	MELISSA LOBLE
	Date: June 25, 2021
	
	INSTRUCTURE, INC.
	
	 /s/ Matt Kaminer

	Name: Matt Kaminer
	Title: Chief Legal Officer
	Date: July 9, 2021

 SIGNATURE PAGE TO EXECUTIVE
AGREEMENT 

 For Executive Age 40 or Older 

Group Termination 
  

 EXHIBIT A 

RELEASE AGREEMENT 
 In
consideration of receiving certain benefits under my Executive Agreement with Instructure, Inc. (the “Company”) dated [__________], 2021 (the “Agreement”), I have agreed to sign this Release. I
understand that I am not entitled to benefits under the Agreement unless I sign this Release. 
 I understand that this Release, together
with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by
the Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Agreement. 
 I hereby
confirm my obligations under my Confidentiality and Intellectual Property Agreement (or such similar form that I previously executed in connection with my employment) with the Company, including but not limited to the nonsolicitation of employees
covenant set forth in such agreement. 
 Except as otherwise set forth in this Release, I hereby generally and completely release the
Company and its current and former directors, officers, executives, stockholders, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the
“Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release
(collectively, the “Released Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to my employment with the Company or its affiliates, or the termination of
that employment; (2) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the
Company or its affiliates; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of
1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended),
the Utah Antidiscrimination Act of 1965 (as amended), and the Utah Payment of Wages Act. Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (1) any rights or
claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities of the
Company that were granted to me during the course of my employment with the Company or any shares of capital stock or other securities of the Company that I purchased other than pursuant to a Company

  
 A-1. 

 For Executive Age 40 or Older 

Group Termination 
  

 
stock option or stock plan; or (3) any rights which are not waivable as a matter of law. In addition, nothing in this Release prevents me from filing, cooperating with, or participating in
any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment,
against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or
might have against any of the Released Parties that are not included in the Released Claims. 
 I acknowledge that I am knowingly and
voluntarily waiving and releasing any rights I may have under the ADEA. I also acknowledge that the consideration given for the Released Claims is in addition to anything of value to which I was already entitled. I further acknowledge that I have
been advised by this writing, as required by the ADEA, that: (a) the Released Claims do not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release
(although I may choose voluntarily not to do so); (c) I have forty-five (45) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke
the Release by providing written notice to an officer of the Company; and (e) the Release will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release
(“Effective Date”). 
 I have received with this Release all of the information required by the ADEA, including
without limitation a detailed list of the job titles and ages of all employees who were terminated in this group termination and the ages of all employees of the Company in the same job classification or organizational unit who were not terminated,
along with information on the eligibility factors used to select employees for the group termination and any time limits applicable to this group termination program. 

I hereby represent that I have been paid all compensation owed and for all hours worked, I have received all the leave and leave benefits and
protections for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. 

I hereby agree not to disparage the Company, or its officers, directors, executives, stockholders or agents, in any manner likely to be
harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process. 

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than forty-five
(45) days following the date it is provided to me, and I must not revoke it thereafter. 

  
 A-2. 

 For Executive Age 40 or Older 

Group Termination 
  

 I UNDERSTAND THAT THIS RELEASE AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN
CLAIMS, EVEN THOSE UNKNOWN CLAIMS THAT, IF KNOWN BY ME, WOULD AFFECT MY DECISION TO ACCEPT THIS RELEASE AGREEMENT. 
  

			
	[EXECUTIVE NAME]
	
	  

			
		
	Date:	 	  

  
 A-3. 

 For Executive Age 40 or Older 

Individual Termination 
  

 EXHIBIT B 

RELEASE AGREEMENT 
 In
consideration of receiving certain benefits under my Executive Agreement with Instructure, Inc. (the “Company”) dated [                ],
2021 (the “Agreement”), I have agreed to sign this Release. I understand that I am not entitled to benefits under the Agreement unless I sign this Release. 

I understand that this Release, together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement
between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated therein. Certain capitalized terms used in this Release are
defined in the Agreement. 
 I hereby confirm my obligations under my Confidentiality and Intellectual Property Agreement (or such similar
form that I previously executed in connection with my employment) with the Company, including but not limited to the nonsolicitation of employees covenant set forth in such agreement. 

Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its current and former directors,
officers, executives, stockholders, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and
all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release (collectively, the “Released
Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to my employment with the Company or its affiliates, or the termination of that employment; (2) all claims
related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company or its affiliates;
(3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of
public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the
federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Executive Retirement Income Security Act of 1974 (as amended), the Utah
Antidiscrimination Act of 1965 (as amended), and the Utah Payment of Wages Act. Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (1) any rights or claims for
indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities of the Company that
were granted to me during the course of my employment with the Company or any shares of capital stock or other securities of the Company that I purchased other than pursuant to a Company 

  
 B-1. 

 For Executive Age 40 or Older 

Individual Termination 
  

 
stock option or stock plan; or (3) any rights which are not waivable as a matter of law. In addition, nothing in this Release prevents me from filing, cooperating with, or participating in
any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment,
against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or
might have against any of the Released Parties that are not included in the Released Claims. 
 I acknowledge that I am knowingly and
voluntarily waiving and releasing any rights I may have under the ADEA. I also acknowledge that the consideration given for the Released Claims is in addition to anything of value to which I was already entitled. I further acknowledge that I have
been advised by this writing, as required by the ADEA, that: (a) the Released Claims do not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release
(although I may choose voluntarily not to do so); (c) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following
the date I sign this Release to revoke the Release by providing written notice to an officer of the Company; and (e) the Release will not be effective until the date upon which the revocation period has expired unexercised, which will be the
eighth day after I sign this Release (“Effective Date”). 
 I hereby represent that I have been paid all
compensation owed and for all hours worked, I have received all the leave and leave benefits and protections for which I am eligible, and I have not suffered any
on-the-job injury for which I have not already filed a workers’ compensation claim. 

I hereby agree not to disparage the Company, or its officers, directors, executives, stockholders or agents, in any manner likely to be
harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process. 

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than twenty-one (21) days following the date it is provided to me, and I must not revoke it thereafter. 

I UNDERSTAND THAT THIS RELEASE AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, EVEN THOSE UNKNOWN CLAIMS THAT, IF KNOWN BY
ME, WOULD AFFECT MY DECISION TO ACCEPT THIS RELEASE AGREEMENT. 
  

			
	[EXECUTIVE NAME]
	
	  

			
		
	Date:	 	  

  
 B-2. 

 For Executive Under 40 

Individual or Group Termination 
  

 EXHIBIT C 

RELEASE AGREEMENT 
 In
consideration of receiving certain benefits under my Executive Agreement with Instructure, Inc. (the “Company”) dated [                ],
2021 (the “Agreement”), I have agreed to sign this Release. I understand that I am not entitled to benefits under the Agreement unless I sign this Release. 

I understand that this Release, together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement
between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated therein. Certain capitalized terms used in this Release are
defined in the Agreement. 
 I hereby confirm my obligations under my Confidentiality and Intellectual Property Agreement (or such similar
form that I previously executed in connection with my employment) with the Company. 
 Except as otherwise set forth in this Release, I
hereby generally and completely release the Company and its current and former directors, officers, executives, shareholders, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates,
and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring
prior to my signing this Release (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to my employment with the Company or its
affiliates, or the termination of that employment; (2) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any
other ownership interests in the Company or its affiliates; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud,
defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising
under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Executive Retirement Income Security Act of 1974 (as amended), the Utah Antidiscrimination Act of 1965 (as amended), and the
Utah Payment of Wages Act. Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (1) any rights or claims for indemnification I may have pursuant to any written
indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities of the Company that were granted to me during the course of my
employment with the Company or any shares of capital stock or other securities of the Company that I purchased other than pursuant to a Company stock option or stock plan; or (3) any rights which are not waivable as a matter of law. In
addition, nothing in this Release prevents me from filing, cooperating with, or participating in any 

  
 C-1. 

 For Executive Under 40 

Individual or Group Termination 
  

 
proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other local, state, or federal administrative body or government agency that is authorized to
enforce or administer laws related to employment, against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded
Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims. 

I hereby represent that I have been paid all compensation owed and for all hours worked, I have received all the leave and leave benefits and
protections for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. 

I hereby agree not to disparage the Company, or its officers, directors, executives, shareholders or agents, in any manner likely to be
harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process. 

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than fourteen
(14) days following the date it is provided to me, and I must not revoke it thereafter. 
 I UNDERSTAND THAT THIS RELEASE AGREEMENT
INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, EVEN THOSE UNKNOWN CLAIMS THAT, IF KNOWN BY ME, WOULD AFFECT MY DECISION TO ACCEPT THIS RELEASE AGREEMENT. 

 

			
	[EXECUTIVE NAME]
	
	  

			
		
	Date:	 	  

  
 C-2.Exhibit 10.1

 

POWERBRIDGE TECHNOLOGIES CO., LTD.

Amended 2018 Stock Option Plan

 

		1.	Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel,
to provide additional incentives to Employees, Directors and Consultants and to promote the success of the Company’s business.

 

		2.	Definitions. The following definitions shall apply as used herein and in the individual Stock Option
Agreements except as defined otherwise in an individual Stock Option Agreement. In the event a term is separately defined in an individual
Stock Option Agreement, such definition shall supersede the definition contained in this Section.

 

		(a)	“Administrator” means the Board or any of the Committees appointed to administer the
Plan or such Officer or Officers as authorized by the Board or any of the Committees appointed to administer the Plan.

 

		(b)	“Affiliate” and “Associate” shall have the respective meanings ascribed
to such terms in Rule 12b-2 promulgated under the Exchange Act.

 

		(c)	“Applicable Laws” means the legal requirements relating to the Plan and the Options
under applicable provisions of the corporate and securities laws of any jurisdiction, the Code, the rules of any applicable stock exchange
or national market system, and the rules of any jurisdiction applicable to Option granted to residents therein.

 

		(d)	“Appointment Letter” refers to documentation that describes the terms and conditions
in which each Employee, Director, or Consultant is employed, appointed, or enlisted to service the Company and/or its subsidiaries and
affiliated companies.

 

		(e)	“Articles” refers to the Company’s Memorandum of Articles of Association (Approved
at the general meeting dated August 18, 2018).

 

		(f)	“Board” means the Board of Directors of the Company.

 

		(g)	“Change in Control” means a change in ownership or control of the Company effected
through either of the following transactions:

 

		i.	the direct or indirect acquisition by any person or related group of persons (other than an acquisition
from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled
by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule13d-3 of the Exchange Act) of securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to
a tender or exchange offer made directly to the Company’s shareholders which a majority of the Continuing Directors who are not
Affiliates or Associates of the offeror do not recommend such shareholders accept, or

 

		ii.	a change in the composition of the Board over a period of thirty-six (36) months or less such that a majority
of the Board members (rounded up to the next whole number) ceases, by reason of one or more contested elections for Board membership,
to be comprised of individuals who are Continuing Directors.

 

     

     

    

 

		(h)	“Code” means the Internal Revenue Code of 1986, as amended.

 

		(i)	“Committee” means any committee composed of members of the Board appointed by the Board
to administer the Plan, including but not limited to the Compensation Committee as appointed by the Board.

 

		(j)	“Company” means Powerbridge Technologies Co., Ltd., an exempt company incorporated in Cayman Islands.

 

		(k)	“Consultant” means any person (other than an Employee or a Director, solely with respect
to rendering services in such person’s capacity as a Consultant) who is engaged by the Company or any Related Entity to render consulting
or advisory services to the Company or such Related Entity.

 

		(l)	“Continuing Directors” means members of the Board who either (i) have been Board members
continuously for a period of at least thirty-six (36) months or (ii) have been Board members for less than thirty-six (36) months and
were elected or nominated for election as Board members by at least a majority of the Board members described in clause (i) who were still
in office at the time such election or nomination was approved by the Board.

 

		(m)	“Continuous Service” means that the provision of services to the Company or a Related
Entity in any capacity of Employee, Director or Consultant (collectively, “Service Provider”) is not interrupted or terminated.
In jurisdictions requiring notice in advance of an effective termination as an Employee, Director or Consultant, Continuous Service shall
be deemed terminated upon the actual cessation of providing services to the Company or a Related Entity notwithstanding any required notice
period that must be fulfilled before a termination as an Employee, Director or Consultant can be effective under Applicable Laws. An Optionee’s
Continuous Service shall be deemed to have terminated either upon an actual termination of Continuous Service or upon the entity for which
the Optionee provides services ceasing to be a Related Entity. Continuous Service shall not be considered interrupted in the case of (i)
any approved leave of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of Employee, Director
or Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any
capacity of Employee, Director or Consultant (except as otherwise provided in the Option Agreement). An approved leave of absence shall
include sick leave, military leave, or any other authorized personal leave.

 

		(n)	“Corporate Transaction” means any of the following transactions, provided, however,
that the Administrator shall determine under parts (iv) and (v) whether multiple transactions are related, and its determination shall
be final, binding and conclusive:

 

		i.	a merger or consolidation in which the Company is not the surviving entity, except for a transaction the
principal purpose of which is to change the jurisdiction in which the Company is incorporated;

 

		ii.	the sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

    2

     

    

 

		iii.	the complete liquidation or dissolution of the Company;

 

		iv.	any reverse merger or series of related transactions culminating in a reverse merger (including, but not
limited to, a tender offer followed by a reverse merger) in which the Company is the surviving entity but (A) the Ordinary Shares outstanding
immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities,
cash or otherwise, or (B) in which securities possessing more than forty percent (40%) of the total combined voting power of the Company’s
outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such
merger or the initial transaction culminating in such merger, but excluding any such transaction or series of related transactions that
the Administrator determines shall not be a Corporate Transaction; or

 

		v.	acquisition in a single or series of related transactions by any person or related group of persons (other
than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange
Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities
but excluding any such transaction or series of related transactions that the Administrator determines shall not be a Corporate Transaction.

 

		(o)	“Director” means a member of the Board or the board of directors of any Related Entity.

 

		(p)	“Disability” means as defined under the long-term disability policy of the Company
or the Related Entity to which the Optionee provides services regardless of whether the Optionee is covered by such policy. If the Company
or the Related Entity to which the Optionee provides service does not have a long-term disability plan in place, “Disability”
means that an Optionee is unable to carry out the responsibilities and functions of the position held by the Optionee by reason of any
medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. An Optionee will not
be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator
in its discretion.

 

		(q)	“Effective Date” means the date the Plan is adopted and approved by the shareholders
of the Company, whether it be the first time the Plan is approved, or each date the Plan is renewed pursuant to shareholder approval in
subsequent terms.

 

		(r)	“Employee” means any person, including an Officer or Director, who is in the employment
of the Company or any Related Entity, subject to the control and direction of the Company or any Related Entity as to both the work to
be performed and the manner and method of performance. The payment of a director’s fee by the Company or a Related Entity shall
not be sufficient to constitute “employment” by the Company.

 

    3

     

    

 

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

 

		(t)	“Fair Market Value” means, as of any date, the value of the subject Shares determined
as follows:

 

		i.	If the Shares at issue are listed on one or more established stock exchanges or national market systems,
including without limitation the American Stock Exchange or The Nasdaq Global Market, its Fair Market Value shall be the closing sales
price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the subject
Shares are listed (as determined by the Administrator) on the date of determination (or, if no closing sales price or closing bid was
reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The
Wall Street Journal or such other source as the Administrator deems reliable;

 

		ii.	If the subject Shares are regularly quoted on an automated quotation system (including the OTC Bulletin
Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted on such
system on the date of determination, but if selling prices are not reported, the Fair Market Value of the subject Shares shall be the
mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that
date, on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; or

 

		iii.	In the absence of an established market for the subject Shares of the type described in (i) and (ii),
above, the Fair Market Value thereof shall be determined by the Administrator in good faith.

 

		(u)	“Listing” refers to a successful initial public offering in the Company’s Ordinary
Shares to be traded on a globally accredited stock exchange.

 

		(v)	“Incentive Share Option” means an Option that is to qualify as an Incentive Share Option
as such term is defined in Section 422 of the Code.

 

		(w)	“Officer” means a person who is an officer of the Company or a Related Entity within
the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

 

		(x)	“Option” means an option to purchase Ordinary Shares pursuant to an Option Agreement
granted under the Plan.

 

		(y)	“Optionee” means an Employee, Director or Consultant who receives an Option under the
Plan.

 

		(z)	“Ordinary Shares” means the Ordinary Shares in the capital of the Company having a
par value of USD0.00166667 each having rights, and subject to the restrictions provided in the Company’s Articles. One Ordinary
Share shall equate to one vote per share for each share held by the shareholder and cannot be converted to any other class of share at
any time.

 

    4

     

    

 

		(aa)	“Plan” means this Powerbridge Technologies Co., Ltd. 2018 Stock Option Plan, as amended
from time to time.

 

		(bb)	“Related Entity” means any Parent or Subsidiary of the Company and any business, corporation,
partnership, limited liability company or other entity in which the Company or a Parent or a Subsidiary of the Company holds a substantial
ownership interest, directly or indirectly.

 

		(cc)	“Replaced” means that pursuant to a Corporate Transaction the Option is replaced with
a comparable share Option or a cash incentive program of the Company, the successor entity (if applicable) or Parent of either of them
which preserves the compensation element of such Option existing at the time of the Corporate Transaction and provides for subsequent
payout in accordance with the same (or a more favorable) vesting schedule applicable to such Option. The determination of Option comparability
shall be made by the Administrator and its determination shall be final, binding and conclusive.

 

		(dd)	“Share” or “Shares” means Ordinary Shares of the Company.

 

		(ee)	“Stock Option Agreement” or “Option Agreement” means the written
agreement evidencing the grant of an Option executed by the Company and the Optionee, including any amendments thereto.

 

		(ff)	“Subsidiary” means a “subsidiary corporation”, whether now or hereafter
existing, as defined in Section 424(f) of the Code.

 

		(gg)	“Trading Market Approval” means the pre-approval required from the globally accredited
stock exchange or other stock exchange on which the Company’s Shares are then listed for trading for certain Share issuances.

 

		3.	Shares Subject to the Plan.

 

		(a)	Subject to the provisions of Section 10 below, the total number of Ordinary Shares in the capital of the
Company issuable upon the exercise of all outstanding Options granted under this Plan shall not at any time exceed 20% of the total number
of outstanding Ordinary Shares, from time to time.

 

		(b)	Further, if, after the Effective Date of the Plan, any Shares underlying an Option are forfeited, or if
an Option otherwise terminates without the delivery of Shares or of other consideration, then the Shares underlying such Option, or the
number of Shares otherwise counted against the aggregate number of Shares available under the Plan with respect to the Option, to the
extent of any such forfeiture or termination, shall again be, or shall become, available for granting options under the Plan.

 

    5

     

    

 

		4.	Administration of the Plan.

 

		(a)	Plan Administrator.

 

		i.	Administration with Respect to Directors and Officers. With respect to grants of Options to Directors
or Employees who are also Officers or Directors of the Company, the Plan shall be administered by (A) the Board or (B) the Compensation
Committee designated by the Board, which Compensation Committee shall be constituted in such a manner as to satisfy the Applicable Laws.
Once appointed, such Compensation Committee shall continue to serve in its designated capacity contingent to its members’ ongoing
fulfillment of obligations, the terms of termination of Committee members as stipulated by their Appointment Letters, or until otherwise
directed by the Board. In the case of Options for Employees or Consultants who are neither Directors nor Officers of the Company, the
Board may authorize one or more Officers to grant such Options and may limit such authority as the Board determines from time to time.

 

		ii.	Administration Errors. In the event an Option is granted in a manner inconsistent with the
provisions of this subsection (a), such Option shall be presumptively valid as of its grant date to the extent permitted by the Applicable
Laws.

 

		(b)	Powers of the Administrator. Subject to Applicable Laws, especially but not limited to those regarding
shareholders approval, and the provisions of the Plan (including any other powers given to the Administrator hereunder), and except as
otherwise provided by the Board, the Administrator shall have the authority, in its discretion:

 

		i.	To select the Employees, Directors and Consultants to whom Options may be granted;

 

		ii.	To determine whether and to what extent Options are granted hereunder;

 

		iii.	To determine the number of Shares or the amount of other consideration to be covered by each Option granted
hereunder;

 

		iv.	To approve forms of Option Agreements for use under the Plan;

 

		v.	To determine the terms and conditions of any Option subject to the terms and conditions contained herein

 

		vi.	To amend the terms of any outstanding Option granted under the Plan, provided that (A) any amendment that
would adversely affect the Optionee’s rights under an outstanding Option shall not be made without the Optionee’s written
consent, (B) the reduction of the exercise price of any Option shall be subject to the Optionee’s written consent and (C) canceling
an Option at a time when its exercise price exceeds the Fair Market Value of the underlying Shares, in exchange for another Option shall
be subject to the Optionee’s approval, unless the cancellation and exchange occurs in connection with a Corporate Transaction. Notwithstanding
the foregoing, canceling an Option in exchange for another Option with an exercise price, purchase price that is equal to or greater than
the exercise price of the original Option shall not be subject to the Optionee’s approval;

 

    6

     

    

 

		vii.	To construe and interpret the terms of the Plan and Options, including without limitation, any notice
of Option or Option Agreement, granted pursuant to the Plan;

 

		viii.	To take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate.

 

		(c)	Indemnification. In addition to such other rights of indemnification as they may have as members
of the Board or as Officers or Employees of the Company or a Related Entity, members of the Board and any Officers or Employees of the
Company or a Related Entity to whom authority to act for the Board, the Administrator or the Company is delegated shall be defended and
indemnified by the Company to the extent permitted by law on an after-tax basis against all reasonable expenses, including attorneys’
fees, actually and necessarily incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in
connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under
or in connection with the Plan, or any Option granted hereunder, and against all amounts paid by them in settlement thereof (provided
such settlement is approved by the Company) or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit
or proceeding, except in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or proceeding
that such person is liable for gross negligence, bad faith or intentional misconduct; provided, however, that within thirty (30)
days after the institution of such claim, investigation, action, suit or proceeding, such person shall offer to the Company, in writing,
the opportunity at the Company’s expense to defend the same.

 

For the purpose of this clause “gross
negligence” means in relation to a person a standard of conduct constituting extreme carelessness, beyond ordinary negligence, whereby
that person’s actions or inactions demonstrate reckless disregards for the duty of care owed to another.

 

		5.	Eligibility. The Optionees shall be such persons as the Administrator may select from among the
Employees, Directors, and Consultants.

 

		6.	Terms and Conditions of Options.

 

		a.	Designation of Option. Each Option shall be designated in the Option Agreement.

 

		b.	Conditions of Option. Subject to the terms of the Plan, the Administrator shall determine the provisions,
terms, and conditions of each Option including, but not limited to, the Option vesting schedule, repurchase provisions, rights of first
refusal, forfeiture provisions, form of payment (cash, Shares, cashless settlement, or other consideration) upon settlement of the Option,
payment contingencies and the exercise price.

 

    7

     

    

 

		c.	Deferral of Option Payment. The Administrator may establish one or more programs under the Plan
to permit selected Optionees the opportunity to elect to defer receipt of consideration upon exercise of an Option, or other event that
absent the election would entitle the Optionee to payment or receipt of Shares or other consideration under an Option. The Administrator
may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other
earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the
Administrator deems advisable for the administration of any such deferral program.

 

		d.	Early Exercise. The Option Agreement may, but need not, include a provision whereby the Optionee
may elect at any time while an Employee, Director or Consultant to exercise any part or all of the Option prior to full vesting of the
Option. Any unvested Shares received pursuant to such exercise may be subject to a repurchase right in favor of the Company or a Related
Entity or to any other restriction the Administrator determines to be appropriate.

 

		e.	Term of Option. The term of each Option shall be the term stated in the Option Agreement, provided,
however that in the case of an option that is to qualify as an Incentive Share Option, the term shall not exceed ten (10) years.

 

		f.	Transferability of Options. Options shall be transferable (i) at will and by the laws of succession
and distribution; (ii) during the lifetime of the Optionee, to the extent and in the manner authorized by the Administrator; and (iii)
upon delivery of a written assignment of the Options duly executed by the Optionee at the principal office of the Company, along with
the Options and funds sufficient to pay any transfer taxes payable upon the making of such transfer. The Optionee shall surrender its
Options to the Company within seven (7) calendar days of the date on which the Optionee delivers the assignment form to the Company assigning
its Options. Upon such surrender and, if required, such payment, the Company shall execute and deliver new Options in the name of the
assignee and shall promptly cancel the surrendered Options. Notwithstanding the foregoing, the Optionee may designate one or more beneficiaries
of the Optionee’s Option in the event of the Optionee’s death on a beneficiary designation form provided by the Administrator

 

		g.	Termination of Employment Other than by Death or Disability.

 

		i.	If an Optionee ceases to be an Employee for any reason other than his or her death or disability, the
Optionee shall have the right, subject to the provisions of this Section 6, to exercise any Option held by the Optionee at any time within
sixty (60) days after his or her termination of employment, but not beyond the otherwise applicable term of the Option and only to the
extent that on such date of termination of employment the Optionee’s right to exercise such Option has vested.

 

		ii.	For purposes of this Section 6(j), the employment relationship shall be treated as continuing intact while
the Optionee is an active Employee of the Company or any Affiliate, or is on military leave, sick leave, or other bona fide leave of absence
to be determined in the sole discretion of the Administrator.

 

    8

     

    

 

		h.	Death of Optionee. If an Optionee dies while an Employee, or after ceasing to be an Employee but
during the period while he or she could have exercised an Option under Section 6(j), any Option granted to the Optionee may be exercised,
to the extent it had vested at the time of death and subject to the Plan, at any time within six (6) months after the Optionee’s
death, by the executors or administrators of his or her estate or by any person or persons who acquire the Option by will or the laws
of succession and distribution, but not beyond the otherwise applicable term of the Option.

 

		i.	Disability of Optionee. If an Optionee ceases to be an Employee due to becoming totally and permanently
disabled within the meaning of Section 22(e)(3) of the Code, any Option granted to the Optionee may be exercised to the extent it had
vested at the time of cessation and, subject to the Plan, at any time within three (3) months after the Optionee’s termination of
employment, but not beyond the otherwise applicable term of the Option.

 

		j.	Time of Granting Options. The date of grant of an Option shall for all purposes be on the date
which the Administrator makes the determination to grant such Option, or such other date as is determined by the Administrator.

 

		7.	Option Exercise or Purchase Price, Consideration and Taxes.

 

		(a)	Exercise or Purchase Price. The Administrator shall determine the exercise or purchase price in
accordance with the Applicable Laws and/or pursuant to the Option Agreement to be executed between the Company and Optionee, if applicable
or other relevant agreement between such parties.

 

		(b)	Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued
upon exercise or purchase of an Option including the method of payment shall be determined by the Administrator. In addition to any other
types of consideration the Administrator may determine, the Administrator is authorized to accept as consideration for Shares issued under
the Plan the following:

 

		i.	cash;

 

		ii.	cheque;

 

		iii.	with respect to Options, payment through a broker-dealer sale and remittance procedure pursuant to which
the Optionee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all
of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares
and (B) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage
firm in order to complete the sale transaction;

 

		iv.	cashless election; or

 

		v.	any combination of the foregoing methods of payment.

 

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		(c)	Taxes. No Shares shall be delivered under the Plan to any Optionee or other person until such Optionee
or other person has made arrangements acceptable to the Administrator for the satisfaction of any national, provincial or local income
and employment tax withholding obligations. Upon exercise of an Option the Company shall have the right, but not the obligation (except
as required by applicable law), to withhold or collect from Optionee an amount sufficient to satisfy such tax obligations. The Optionee
will be solely responsible for his/her own tax obligations.

 

		8.	Exercise of Option.

 

		(a)	Procedure for Exercise; Rights as a Shareholder.

 

		i.	Any Option granted hereunder shall be exercisable at such times and under such conditions as determined
by the Administrator under the terms of the Plan and specified in the Option Agreement.

 

		ii.	An Option shall be deemed to be exercised when written notice of such exercise has been given to the Company
in accordance with the terms of the Option by the person entitled to exercise the Option and when the Company receives full payment for
the Shares with respect to which the Option is exercised, including, to the extent selected, use of the broker-dealer sale and remittance
procedure to pay the purchase price as provided in Section 7(b)(iii).

 

		9.	Conditions Upon Issuance of Shares.

 

		(a)	Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and
the issuance and delivery of such Shares pursuant thereto shall comply with all Applicable Laws, and shall be further subject to the approval
of counsel for the Company with respect to such compliance.

 

		(b)	As a condition to the exercise of an Option, the Company may require the person exercising such Option
to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any Applicable
Laws.

 

		10.	Adjustments upon Changes in Capitalization.

 

Subject to any required action by the
shareholders of the Company, the number of Shares covered by each outstanding Option, and the number of Shares which have been authorized
for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the Plan, the exercise or
purchase price of each such outstanding Option, the maximum number of Shares with respect to which Options may be granted to any Optionee
in any fiscal year of the Company, as well as any other terms that the Administrator determines require adjustment shall be proportionately
adjusted for (i) any increase or decrease in the number of issued Ordinary Shares resulting from a share split, reverse share split, share
dividend, combination or reclassification of the Ordinary Shares, or similar transaction affecting the Shares, (ii) any other increase
or decrease in the number of issued Ordinary

 

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Shares effected without receipt of consideration by the Company, or (iii) as the Administrator
may determine in its discretion, any other transaction with respect to Ordinary Shares including a corporate merger, consolidation, acquisition
of property or equity, separation (including a spin-off or other distribution of shares or property), reorganization, liquidation (whether
partial or complete) or any similar transaction; provided, however that conversion of any convertible securities of the Company shall
not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator
and its determination shall be final, binding and conclusive. Except as the Administrator determines, no issuance by the Company of shares
of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason hereof shall be made with
respect to, the number or price of Shares subject to an Option. In the event of a spin-off transaction, the Administrator may in its discretion
make such adjustments and take such other action as it deems appropriate with respect to outstanding Options under the Plan, including
but not limited to: (i) adjustments to the number and kind of shares, the exercise or purchase price per share and the vesting periods
of outstanding Options, (ii) prohibit the exercise of Options during certain periods of time prior to the consummation of the spin-off
transaction, or (iii) the substitution, exchange or grant of Options to purchase securities of the Subsidiary; provided that the
Administrator shall not be obligated to make any such adjustments or take any such action hereunder.

 

		11.	Corporate Transactions and Changes in Control.

 

		(a)	Termination of Option to Extent Not Assumed in Corporate Transaction. Effective upon the consummation
of a Corporate Transaction, all outstanding Options under the Plan shall terminate; provided, however, that to extent any Options are
assumed in connection with the Corporate Transaction (“Assumed”), such Options shall not terminate.

 

		(b)	Acceleration of Option Upon Corporate Transaction or Change in Control.

 

		i.	Corporate Transaction. The Administrator may determine, in the event of a Corporate Transaction,
for the portion of each Option that is neither Assumed nor Replaced, such portion of the Option shall automatically become fully vested
and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market Value)
for all of the Shares (or other consideration) at the time represented by such portion of the Option, immediately prior to the specified
effective date of such Corporate Transaction, provided that the Optionee’s Continuous Service has not terminated prior to such date.

 

		ii.	Change in Control. The Administrator may determine, in the event of a Change in Control (other
than a Change in Control which also is a Corporate Transaction), each Option which is at the time outstanding under the Plan automatically
shall become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable
at Fair Market Value), immediately prior to the specified effective date of such Change in Control, for all of the Shares (or other consideration)
at the time represented by such Option, provided that the Optionee’s Continuous Service has not terminated prior to such date.

 

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		12.	Effective Date and Term of Plan. 

 

The Plan shall become effective on
the date of the Company’s contemplated initial public offering is completed (“IPO”). It shall continue in effect for
a term of ten (10) years unless sooner terminated or unless renewed for another period not to exceed ten (10) years pursuant to shareholder
approval. Subject to Section 17, below, and Applicable Laws, Options may be granted under the Plan upon its becoming effective.

 

		13.	Amendment, Suspension or Termination of the Plan.

 

		(a)	The Board may at any time amend, suspend or terminate the Plan; provided, however, that no such amendment
shall be made without the approval of the Company’s shareholders to the extent such approval is required by Applicable Laws, or
if such amendment would change any of the provisions of Section 3(a), Section 4(b)(vi) or this Section 13(a).

 

		(b)	No Option may be granted during any suspension of the Plan or after termination of the Plan.

 

		(c)	No suspension or termination of the Plan (including termination of the Plan under Section 12 above) shall
adversely affect any rights under Options already granted to an Optionee.

 

		14.	Reservation of Shares.

 

		(a)	The Company, during the term of the Plan, will at all times reserve and keep available out of its authorized
but unissued Shares, such number of Shares as shall be sufficient to satisfy the requirements of the Plan.

 

		(b)	The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company
of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

 

		15.	No Effect on Terms of Employment/Consulting Relationship. 

 

The Plan shall not confer upon any
Optionee any right with respect to the Optionee’s Continuous Service, nor shall it interfere in any way with his or her right or
the right of the Company or any Related Entity to terminate the Optionee’s Continuous Service at any time, with or without Cause,
and with or without notice. The ability of the Company or any Related Entity to terminate the employment of an Optionee who is employed
at will is in no way affected by its determination that the Optionee’s Continuous Service has been terminated for Cause for the
purposes of this Plan. For Cause shall have the meaning and conditions set forth under Termination clauses, where applicable, in each
such Optionee’s Appointment Letter with the Company.

 

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		16.	No Effect on Retirement and Other Benefit Plans. 

 

Except as specifically provided in
a retirement or other benefit plan of the Company or a Related Entity, Options shall not be deemed compensation for purposes of computing
benefits or contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other
benefit plan of any kind or any benefit plan subsequently instituted under which the availability or amount of benefits is related to
level of compensation. The Plan is not a “Retirement Plan” or “Welfare Plan” under the Employee Retirement Income
Security Act of 1974, as amended.

 

		17.	Shareholder and Trading Market Approval. 

 

		(a)	Subject to the Applicable Laws, including but not limited to Nasdaq Rule 5635(c), once this Plan is approved
by the shareholders of the Company, the granting of individual Options hereunder will not require any further shareholder approvals, unless
such approval is required under Applicable Laws.

		(b)	If required by the Applicable Laws, no Options shall be granted unless and until the Company received
Trading Market Approval of such Options and the Shares underlying such Options.

 

		18.	Unfunded Obligation. 

 

Optionees shall have the status of
general unsecured creditors of the Company. Any amounts payable to Optionees pursuant to the Plan shall be unfunded and unsecured obligations
for all purposes. Neither the Company nor any Related Entity shall be required to segregate any monies from its general funds, or to create
any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership
of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments
or the creation or maintenance of any trust or any Optionee account shall not create or constitute a trust or fiduciary relationship between
the Administrator, the Company or any Related Entity and an Optionee, or otherwise create any vested or beneficial interest in any Optionee
or the Optionee’s creditors in any assets of the Company or a Related Entity. The Optionees shall have no claim against the Company
or any Related Entity for any changes in the value of any assets that may be invested or reinvested by the Company with respect to the
Plan.

 

		19.	Shareholder Rights

 

Except as otherwise
provided in this Plan an Optionee shall have none of the rights of a shareholder of the Company with respect to the Shares covered by
any Option until the Optionee becomes the recorded owner of such Shares.

 

		20.	Construction. 

 

Captions and titles contained herein
are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated
by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not
intended to be exclusive, unless the context clearly requires otherwise.

 

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		21.	Information to Optionees. 

 

Each Optionee shall be provided with
such information regarding the Company as the Board or the Committee from time to time deems necessary or appropriate; provided,
however, that each Optionee shall at all times be provided with such information as is required to be provided from time to time pursuant
to applicable regulatory requirements.

 

		22.	Governing Law

 

The Plan and any Agreements under the
Plan hereunder shall be administered, interpreted and enforced under the laws of the Cayman Islands without regard to conflicts of laws
thereof.

 

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