Document:

EX-10.3

 Exhibit 10.3 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT
REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT. 
 WARRANT TO
PURCHASE COMMON STOCK 
  

 
  

			
	 Date of Issuance
	  	 Warrant No.:
2020-002

	 August 14, 2020
	  	 37,863 Shares of Common Stock

 FOR VALUE RECEIVED, this Warrant (this “Warrant”) is issued to STEVEN
MOSES (together with his, her, or its assigns, the “Holder”) by ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation (the “Company”), pursuant to the Note and Warrant Purchase Agreement
dated July 12, 2018, among the Company, the Lender, and certain other investors as amended on October 4, 2018, and as further amended on the date hereof (the “Purchase Agreement”). This Warrant is one of a series of
Warrants issued pursuant to the Purchase Agreement, and capitalized terms not defined herein shall have the meanings set forth in the Purchase Agreement. 

Section 1. Purchase of Shares. 

(a) Number of Conversion Shares. Subject to the terms and conditions set forth herein and set forth in the Purchase Agreement,
the Holder is entitled, upon surrender of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the Holder in writing), to purchase from the Company up to 37,863 Conversion Shares (as adjusted
pursuant to Section 4 hereof). 
 (b) Exercise Price. The purchase price for the Conversion Shares issuable pursuant to
this Section 1 shall be $4.67 per share, subject to adjustment pursuant to Section 4 hereof. Such purchase price, as adjusted from time to time, is herein referred to as the “Exercise Price.” 

Section 2. Exercise Period. This Warrant shall be exercisable, in whole or in part, during the period
commencing on the date the date hereof and ending at 5:00 p.m. Eastern Time on August 14, 2023 (the “Exercise Period”). 

Section 3. Method of Exercise. 

(a) While this Warrant remains outstanding and exercisable in accordance with Section 2 above, the Holder may exercise, in whole or in
part, the purchase rights evidenced hereby. Such exercise shall be effected by: 
  

	 	(i)	 the surrender of the Warrant, together with a duly executed copy of the Notice of Exercise attached hereto, to
the Secretary of the Company at its principal office (or at such other place as the Company shall notify the Holder in writing); and 

  

	 	(ii)	 the payment to the Company of an amount equal to the aggregate Exercise Price for the number of Conversion
Shares being purchased. 

 (b) Each exercise of this Warrant shall be deemed to have been effected immediately prior to
the close of business on the day on which this Warrant is surrendered to the Company as provided in Section 3(a) above. At such time, the person or persons in whose name or names any certificate for the Conversion Shares shall be issuable upon
such exercise as provided in Section 3(c) below shall be deemed to have become the holder or holders of record of the Conversion Shares represented by such certificate. 

(c) As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within twenty (20) days thereafter,
the Company at its expense will cause to be issued in the name of, and delivered to, the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct: 

 

	 	(i)	 a certificate or certificates for the number of Conversion Shares to which such Holder shall be entitled, and

  

	 	(ii)	 in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling
in the aggregate on the face or faces thereof for the number of Conversion Shares equal to the number of such Conversion Shares called for on the face of this Warrant minus the number of Conversion Shares purchased by the Holder upon all exercises
made in accordance with Section 3(a) above or Section 4 below. 

 Section 4.
Adjustment of Exercise Price and Number of Conversion Shares. The number and kind of Conversion Shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(a) Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the issuance but prior to the
expiration of this Warrant subdivide its Common Stock, by split-up or otherwise, or combine its Common Stock, or issue additional shares of its Common Stock as a dividend with respect to any shares of its
Common Stock, the number of Conversion Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination.
Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Conversion Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment
under this Section 4(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of
such dividend. 
 (b) Reclassification, Reorganization and Consolidation. In case of any reclassification, capital
reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 4(a) above), then, as a condition of such reclassification, reorganization or change,
lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall have the right at any time prior to the expiration of this Warrant to
purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities or property receivable in connection with such reclassification, reorganization or change by a holder of
the same number and type of securities as were purchasable as Conversion Shares by the Holder immediately prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and
interest of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price
per Conversion Share payable hereunder, provided the aggregate Exercise Price shall remain the same. 

 (c) Notice of Adjustment. When any adjustment is required to be made in the
number or kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Conversion Shares or other securities or property thereafter purchasable
upon exercise of this Warrant. 
 Section 5. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect. 

Section 6. No Stockholder Rights. Prior to exercise of this Warrant, the Holder shall not be entitled to any
rights of a stockholder with respect to the Conversion Shares, including (without limitation) the right to vote such Conversion Shares, receive dividends or other distributions thereon, exercise preemptive rights or be notified of stockholder
meetings, and except as otherwise provided in this Warrant or the Purchase Agreement, such Holder shall not be entitled to any stockholder notice or other communication concerning the business or affairs of the Company. 

Section 7. Transfer of Warrant. Subject to compliance with applicable federal and state securities laws and any
other contractual restrictions between the Company and the Holder contained in the Purchase Agreement, this Warrant and all rights hereunder are transferable in whole or in part by the Holder to any person or entity upon written notice to the
Company. Within a reasonable time after the Company’s receipt of an executed Assignment Form in the form attached hereto, the transfer shall be recorded on the books of the Company upon the surrender of this Warrant, properly endorsed, to the
Company at its principal offices, and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. In the event of a partial transfer, the Company shall issue to the new holders one or more appropriate
new warrants. 
 Section 8. Governing Law. This Warrant shall be governed by and construed under the laws of the
State of Florida as applied to agreements among Florida residents, made and to be performed entirely within the State of Florida. 

Section 9. Successors and Assigns. The terms and provisions of this Warrant and the Purchase Agreement shall inure
to the benefit of, and be binding upon, the Company and the holders hereof and their respective successors and assigns. 

Section 10. Titles and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and
are not to be considered in construing or interpreting this Warrant. 

 Section 11. Notices. All notices and other communications given or
made pursuant hereto shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the
recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the following addresses (or at such other addresses as shall be specified by notice given
in accordance with this Section 11): 
  

			
	If to the Company:	 	 Odyssey Marine Exploration, Inc.

		 	 205 S. Hoover Blvd.

		 	 Suite 210

		 	 Tampa, Florida 33609

		 	 Attention: Chief Executive Officer

		
	If to the Holder:	 	 At the address set forth on the signature page hereto.

 Section 12. Amendments and Waivers; Resolutions of Dispute; Notice. The
amendment or waiver of any term of this Warrant, the resolution of any controversy or claim arising out of or relating to this Warrant and the provision of notice shall be conducted pursuant to the terms of the Purchase Agreement. 

Section 13. Severability. If any provision of this Warrant is held to be unenforceable under applicable law,
such provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

Section 14. Counterparts; Facsimile Signatures. This Warrant may be executed in one or more counterparts,
each of which will be deemed to be an original copy of this Warrant and all of which, when taken together, will be deemed to constitute one and the same Warrant. The exchange of copies of this Warrant and of signature pages by facsimile or
electronic transmission shall constitute effective execution and delivery of this Warrant as to the parties and may be used in lieu of the original Warrant for all purposes. Signatures of the parties transmitted by facsimile or electronic
transmission shall be deemed to be their original signatures for all purposes. 
 [Signature page follows.] 

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

			
	ODYSSEY MARINE EXPLORATION, INC.
		
	 By:
	 	/s/ Mark D. Gordon
		 	Mark D. Gordon
		 	Chief Executive Officer

  

	
	Acknowledged and Agreed:
	
	Lender:
	
	STEVEN MOSES
	
	 /s/ Steven Moses

	 (Signature)

  
 [Signature Page to
Warrant] 

 NOTICE OF EXERCISE 

Odyssey Marine Exploration, Inc. 
 Attention: Corporate Secretary

 The undersigned hereby elects to purchase, pursuant to the provisions of the Warrant,
[                ] shares of Common Stock pursuant to the terms of the attached Warrant, and tenders herewith payment in cash of the Exercise Price of such Conversion
Shares in full, together with all applicable transfer taxes, if any. 
 The undersigned hereby represents and warrants that Representations
and Warranties in Section 6 of the Purchase Agreement are true and correct as of the date hereof. 
  

									
		 		 		  	HOLDER:
					
	 Date:
	 	
                   
                     
	 		  	By:	  	
                   
                             

				
		 		 		  	 Address:

				
		 		 		  	 
				
		 		 		  	 
	 Name in which shares should be registered:
	 		  		  	
				
	 	 		  		  	

 Appendix A 

Outstanding Warrants 

ASSIGNMENT FORM 
 (To
assign the foregoing Warrant, execute 
 this form and supply required information. 

Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to: 

 

					
			
	 Name:
	 	 	 	
			
	 Address:
	 	 	 	
			
		 	 	 	
			
	 Dated:
	 	 	 	
		
	 	 	
	 (Holder’s Signature)
	 	
			
	Holders Address:	 	 	 	
			
		 	 	 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant.
Officers of corporations and those acting in a fiduciary or other representative capacity should provide proper evidence of authority to assign the foregoing Warrant.Exhibit 10.5

 

Ucommune International Ltd

 

2020 SHARE INCENTIVE PLAN

 

Section 1 Purpose. 

 

The purpose of the Ucommune International
Ltd 2020 Share Incentive Plan (as amended from time to time, “2020 Plan”) is to enhance the ability of Company
to attract and retain exceptionally qualified individuals and to encourage them to acquire a proprietary interest in the growth
and performance of the Company.

 

This 2020 Plan is adopted by the Company
in connection with the anticipated consummation of the Business Combination and the assumption by the Company pursuant to the Business
Combination of outstanding awards (“Assumed Awards”) previously granted to the Participants under the Ucommune
Group Holdings Limited 2019 Share Incentive Plan (“Prior Plan”).

 

This 2020 Plan is intended to constitute
an amendment and restatement and continuation of the Prior Plan, such that from and after the assumption of the Assumed Awards
by the Company in the Business Combination, the Assumed Awards shall be deemed granted under and governed by this 2020 Plan, it
being understood that the adoption of this 2020 Plan is not intended to modify the terms and conditions of any Assumed Awards.
In connection with the Business Combination, the Assumed Awards are being adjusted as required under the terms of the Prior Plan,
as set forth in a written notice provided or to be provided to each applicable Participant, and the terms and conditions of such
Assumed Awards shall otherwise continue to be as set forth in the applicable Award Agreements covering each of the Assumed Awards.

 

In addition to the Assumed Awards, from
and after the time of the Business Combination, the Company intends to use this 2020 Plan to grant new Awards to eligible Participants
from time to time, subject to and in accordance with the terms and conditions described herein.

 

Section 2. Structure.

 

Each Award (as defined below) granted by
the Company pursuant to the terms of this 2020 Plan, shall be granted to each participant, and the corresponding Shares issuable
upon the exercise of such Award (the “Award Shares”) shall be issued to the participants or an entity designated
by the participants.

 

Section 3. Definitions. 

 

As used in this 2020 Plan and any Award
Agreement (as defined below), the following terms shall have the meanings set forth below:

 

(a) “2020
Plan” shall have the meaning set forth in Section 1.

 

     

     

    

 

(b) “Affiliate”
shall mean (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in which the Company has
a significant equity interest, in either case as determined by the Administrator.

 

(c) “Applicable
Laws” shall mean all laws, statutes, regulations, ordinances, rules or governmental requirements that are applicable
to this 2020 Plan or any Award granted pursuant to this 2020 Plan, including but not limited to applicable laws of the People’s
Republic of China (“PRC”), the United States and the Cayman Islands, and the rules and requirements of any applicable
securities exchange.

 

(d) “Assumed
Awards” shall have the meaning set forth in Section 1.

 

(e) “Award”
shall mean any Option, award of Restricted Share, Restricted Share Unit or Other Share-Based Award granted under this 2020 Plan.

 

(f) “Award
Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted under
this 2020 Plan. For the avoidance of doubt, award agreements previously entered into with respect to Assumed Awards shall constitute
Award Agreements for all purposes hereunder.

 

(g) “Board”
shall mean the board of directors of the Company.

 

(h) “Business
Combination” shall mean the transactions contemplated by that certain Merger Agreement (“Merger Agreement”)
dated as of June 29, 2020, by and among the Company, Ucommune Group Holdings Limited, and certain parties thereto, as amended from
time to time.

 

(i) “Committee”
shall mean a compensation committee of the Board or another board committee designated by the Board to administer this 2020 Plan.

 

(j) “Company”
shall mean Ucommune International Ltd, a company incorporated under the laws of the Cayman Islands, together with any successor
thereto.

 

(k) “Consultant”
means any individual, including an advisor, who is engaged by the Company or an Affiliate to render services and is compensated
for such services, and any director of the Company whether or not compensated for such services.

 

(l) “Discharge”
shall mean that the relationship between the Participant and the Company or an Affiliate, whether it is employment or consultancy,
is terminated due to economic layoffs or restructuring of the Company or an Affiliate, as the case may be.

 

    2

     

    

 

(m) “Fair
Market Value” shall mean, with respect to any property (including, without limitation, any Shares or other securities)
the fair market value of such property determined by such methods or procedures as shall be established from time to time by the
Administrator.

 

(n) “Option”
shall mean an option granted under Section 7 hereof.

 

(o) “Other
Share-Based Award” shall mean a right granted under Section 9 hereof.

 

(p) “Participant”
shall mean an individual granted an Award under this 2020 Plan.

 

(q) “Prior
Plan” shall have the meaning set forth in Section 1.

 

(r) “Restricted
Share” shall mean any Share granted under Section 8 hereof.

 

(s) “Restricted
Share Unit” shall mean a contractual right granted under Section 8 hereof that is denominated in Shares, each of which
represents a right to receive the value of a Share (or a percentage of such value, which percentage may be higher than 100%) upon
the terms and conditions set forth in this 2020 Plan and the applicable Award Agreement.

 

(t) “Shares”
shall mean Class A Ordinary Shares of the Company, par value US$0.0001 per share.

 

(u) “Substitute
Awards” shall mean Awards granted in assumption of, or in substitution for, outstanding awards previously granted by,
or held by the employees of, a company or other entity or business acquired (directly or indirectly) by the Company or with which
the Company combines, which shall not include the Assumed Awards.

 

Section 4. Eligibility. 

 

(a) Employees
(each, an “Employee”) and Consultants of the Company or an Affiliate are eligible to participate in this 2020
Plan. An Employee or Consultant who has been granted an Award may, if he or she is otherwise eligible, be granted additional Awards.

 

(b) An
individual who has agreed to accept employment by, or to provide services to, the Company or an Affiliate shall be deemed to be
eligible for Awards hereunder.

 

Section 5. Administration. 

 

(a) This 2020 Plan shall be
administered by the Administrator formed in accordance with applicable laws and stock exchange rules, unless otherwise
determined by the Board. The term “Administrator” shall refer to the Board or the Committee, as applicable. The
Administrator may delegate its duties and powers under this 2020 Plan in whole or in part to a person or a board committee
designated by it.

 

    3

     

    

 

(b) Subject
to the terms of this 2020 Plan and Applicable Laws, the Administrator shall have full power and authority to: (i) designate Participants;
(ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under this 2020 Plan;
(iii) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated
in connection with) Awards; (iv) determine the terms and conditions of any Award including, but not limited to, any restrictions
or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award,
and accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on an Award, based in each
case on such considerations as the Administrator in its sole discretion determines; (v) determine whether, to what extent, and
under what circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards, or other property,
or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or
suspended; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, other
property, and other amounts payable with respect to an Award under this 2020 Plan shall be deferred either automatically or at
the election of the holder thereof or of the Administrator; (vii) interpret and administer this 2020 Plan and any instrument or
agreement relating to, or Award made under, this 2020 Plan; (viii) establish, amend, suspend or waive such rules and regulations
and appoint such agents as it shall deem appropriate for the proper administration of this 2020 Plan; (ix) determine whether and
to what extent Awards should comply or continue to comply with any requirement of statute or regulation; and (x) make any other
determination and take any other action that the Administrator deems necessary or desirable for the administration of this 2020
Plan.

 

(c) All
decisions of the Administrator shall be final, conclusive and binding upon all persons, including the Company, the shareholders
of the Company and the Participants and their beneficiaries.

 

(d) The
Administrator may impose restrictions on any Award with respect to non-competition, confidentiality, lock-up and any other events
that it considers to be detrimental to the Company, and impose other restrictive covenants as it deems necessary or appropriate
in its sole discretion. In the event that these restrictions are breached, the Administrator may request the Participants to return
all benefits made available to them under this 2020 Plan and such Participants shall cease to be entitled to potential benefits
intended to be made available to them under this 2020 Plan.

 

    4

     

    

 

Section 6. Shares Available
for Awards. 

 

(a) Subject
to adjustment as provided below, the maximum aggregate number of Shares that may be issued pursuant to all Awards shall initially
not exceed [7,188,661] Shares (including [•] 1underlying
the Assumed Awards). For the avoidance of doubt, pursuant to the Merger Agreement the number of Shares underlying the Assumed Awards
shall be equal to the product of: (i) the number of shares of Ucommune Group Holdings Limited subject to Prior Plan multiplied
by (ii) 0.478333.

 

(b) If,
after the effective date of this 2020 Plan, any Shares covered by an Award, or to which such an Award relates, are forfeited, cancelled
or if such an Award otherwise terminates without the delivery of Shares or of other consideration, then the Shares covered by such
Award, or to which such Award relates, to the extent of any such forfeiture or termination, shall again be, or shall become, available
for issuance under this 2020 Plan.

 

(c) In
the event that any Option or other Award granted hereunder (other than a Substitute Award) is exercised through the delivery of
Shares, or in the event that withholding tax liabilities arising from such Option or Award are satisfied by the withholding of
Shares by the Company, the number of Shares available for Awards under this 2020 Plan shall be increased by the number of Shares
so surrendered or withheld.

 

(d) Any
Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares or Shares
purchased on the open market.

 

(e) In
the event that the Administrator shall determine 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, issuance
of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or
event affects the Shares such that an adjustment is determined, in its absolute discretion, by the Administrator to be
appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under this 2020 Plan, then the Administrator shall, in such manner as it may deem appropriate, adjust any or all of (i) the
number and type of Shares (or other securities or property) which thereafter may be made the subject of Awards, including the
aggregate limit specified in Section 6(a) hereof, (ii) the number and type of Shares (or other securities or property)
subject to outstanding Awards, (iii) the grant price, purchase price, or exercise price with respect to any Award or, if
deemed appropriate, make provision for a cash payment to the holder of an outstanding Award, and (iv) the minimum number of
Shares which may be acquired by the holder of an outstanding Award at any one time; provided, however, that the number
of Shares subject to any Award denominated in Shares shall always be a whole number.

 

 

		1	Note to Draft: Company to insert.

 

    5

     

    

 

(f) Shares
underlying Substitute Awards shall not reduce the number of Shares remaining available for issuance under this 2020 Plan.

 

(g) Except
as expressly provided in this 2020 Plan, no Participant shall have any rights by reason of any subdivision or consolidation of
Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in this 2020 Plan or
pursuant to action of the Administrator under this 2020 Plan, 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 thereof shall be made with respect to, the number
of shares subject to an Award or the grant or exercise price of any Award.

 

Section 7. Options.

 

The Administrator is hereby authorized to
grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either
case not inconsistent with the provisions of this 2020 Plan, as the Administrator shall determine and set forth in the Award Agreement:

 

(a) The
purchase price per Share under an Option shall be determined by the Administrator.

 

(b) The
term of each Option shall be fixed by the Administrator.

 

(c) The
Administrator shall determine the time or times at which an Option may be exercised in whole or in part, and the method or methods
by which, and the form or forms, including, without limitation, cash, Shares, other Awards, or other property, or any combination
thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise
price with respect thereto may be made or deemed to have been made.

 

Section 8. Restricted Shares
and Restricted Share Units. 

 

(a) The
Administrator is hereby authorized to grant Awards of Restricted Shares and Restricted Share Units to Participants.

 

(b)
Restricted Shares and Restricted Share Units shall be subject to such restrictions as the Administrator may impose
(including, without limitation, any limitation on the right to vote a Restricted Share or the right to receive any dividend
or other right or property), which restrictions may lapse separately or in combination at such time or times, in such
installments or otherwise, as the Administrator may deem appropriate.

 

    6

     

    

 

(c) Any
Restricted Share granted under this 2020 Plan may be evidenced in such manner as the Administrator may deem appropriate including,
without limitation, book-entry registration or issuance of a share certificate or certificates, creation of a new class of shares
or amendment of the Memorandum and/or Articles of Association of the Company. In the event any share certificate is issued in respect
of Restricted Shares granted under this 2020 Plan, such certificate shall be registered in the name of the Participant and shall
bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Share.

 

Section 9. Other Share-Based
Awards. 

 

The Administrator is hereby authorized to
grant to Participants such other Awards (including, without limitation, share appreciation rights and rights to dividends and dividend
equivalents) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to,
Shares (including, without limitation, securities convertible into Shares) as are deemed by the Administrator to be consistent
with the purposes of this 2020 Plan. Subject to the terms of this 2020 Plan, the Administrator shall determine the terms and conditions
of such Awards. Shares or other securities delivered pursuant to a purchase right granted under this Section 9 shall be purchased
for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash,
Shares, other securities, other Awards, or other property, or any combination thereof, as the Administrator shall determine.

 

Section 10. General Provisions
Applicable to Awards. 

 

(a) All
Awards shall be evidenced by an Award Agreement between the Company and each Participant.

 

(b) Awards
shall be granted for no cash consideration or for such minimal cash consideration as may be required by Applicable Laws.

 

(c) Awards
may, in the discretion of the Administrator, be granted either alone or in addition to or in tandem with any other Award or any
award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition
to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at a different
time from the grant of such other Awards or awards.

 

(d)
Subject to the terms of this 2020 Plan, payments or transfers to be made by the Company upon the grant, exercise or payment
of an Award may be made in such form or forms as the Administrator shall determine including, without limitation, cash,
Shares, other securities, other Awards, or other property, or any combination thereof, and may be made in a single payment or
transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the
Administrator. Such rules and procedures may include, without limitation, provisions for the payment or crediting of
reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of
installment or deferred payments.

 

    7

     

    

 

(e) Unless
the Board or the Administrator shall otherwise determine, no Award and no right under any such Award, shall be assignable, alienable,
saleable or transferable by a Participant otherwise than by will or by the laws of descent and distribution; provided, however,
that, if so determined by the Administrator or the Board, a Participant may, in the manner established by the Administrator, designate
a beneficiary or beneficiaries to exercise the rights of the Participant, and to receive any property distributable, with respect
to any Award upon the death of the Participant. Each Award, and each right under any Award, shall be exercisable during the Participant’s
lifetime only by the Participant or, if permissible under Applicable Laws and the applicable Award Agreement, by the Participant’s
guardian or legal representative. No Award and no right under any such Award, may be pledged, charged, mortgaged, alienated, attached,
or otherwise encumbered, and any purported pledge, charge, mortgage, alienation, attachment or encumbrance thereof shall be void
and unenforceable against the Company. The provisions of this paragraph shall not apply to any Award which has been fully exercised,
earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms hereof and of the
applicable Award Agreement.

 

(f) All
certificates for Shares or other securities delivered under this 2020 Plan pursuant to any Award or the exercise thereof shall
be subject to such stop transfer orders and other restrictions as the Administrator may deem advisable under this 2020 Plan or
the rules, regulations, and other requirements of the United States Securities and Exchange Commission, any stock exchange upon
which such Shares or other securities are then listed, and any Applicable Laws, and the Administrator may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions.

 

(g) No
Shares shall be delivered under the 2020 Plan to any Participant until such Participant has made arrangements acceptable to
the Administrator for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The
Company or any of its subsidiaries shall have the authority and the right to deduct or withhold, or require a Participant to
remit to the Company or its subsidiaries, an amount sufficient to satisfy all applicable taxes (including the
Participant’s payroll tax obligations) required or permitted by Applicable Laws to be withheld with respect to any
taxable event concerning a Participant arising as a result of the 2020 Plan. The Administrator may in its discretion and in
satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable
under an Award (or allow the return of Shares) having a Fair Market Value equal to the sum required to be withheld.
Notwithstanding any other provision of the 2020 Plan, the number of Shares which may be withheld with respect to the
issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after
such Shares were acquired by the Participant from the Company) in order to satisfy any income and payroll tax liabilities
applicable to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless
specifically approved by the Administrator, be limited to the number of Shares which have a Fair Market Value on the date of
withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates
for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income.

 

    8

     

    

 

Section 11. Amendment and Termination.

 

(a) Except
to the extent prohibited by Applicable Laws and unless otherwise expressly provided in an Award Agreement or in this 2020 Plan,
the Administrator may amend, alter, suspend, discontinue or terminate this 2020 Plan, or any Award Agreement hereunder or any portion
hereof or thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination
shall be made without (i) shareholder approval with such legally mandated threshold for a resolution of the shareholders of the
Company, if such approval is necessary to comply with any tax or regulatory requirement for which or with which the Administrator
deems it necessary or desirable to qualify or comply, (ii) shareholder approval with such threshold for a resolution of the shareholders
of the Company in respect of such amendment, alteration, suspension, discontinuation or termination as provided in the Company’s
Memorandum and Articles of Association for any amendment to this 2020 Plan that increases the total number of Shares reserved for
the purposes of this 2020 Plan, and (iii) with respect to any Award Agreement, the consent of the affected Participant, if such
action would materially and adversely affect the rights of such Participant under any outstanding Award.

 

(b) The
Administrator may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate,
any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary
of an Award; provided, however, that no such action shall materially and adversely affect the rights of any affected Participant
or holder or beneficiary under any Award theretofore granted under this 2020 Plan; and provided further that, except as
provided in Section 6(e) hereof, no such action shall reduce the exercise price of any Option established at the time of grant
thereof.

 

(c) The
Administrator shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 6(e) hereof
affecting the Company, or the financial statements of the Company, or of changes in Applicable Laws or accounting
principles); whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under this 2020 Plan.

 

    9

     

    

 

(d) Any
provision of this 2020 Plan or any Award Agreement to the contrary notwithstanding, with the affected Participant’s consent,
the Administrator may cause any Award granted hereunder to be canceled in consideration of a cash payment or alternative Award
made to the holder of such canceled Award equal in value to the Fair Market Value of such canceled Award as of the time of the
cancellation.

 

(e) The
Administrator may correct any defect, supply any omission, or reconcile any inconsistency in this 2020 Plan or any Award in the
manner and to the extent it shall deem desirable to carry this 2020 Plan into effect.

 

Section 12. Withholding Taxes. 
The exercise of each Award granted under this 2020 Plan shall be subject to the condition that, if at any time, the Administrator
shall determine that the satisfaction of withholding tax is necessary or desirable in respect of such exercise, such exercise shall
not be effective unless such withholding has been effected to the satisfaction of the Administrator. In such circumstances, the
Administrator may require the exercising Participant to pay to the Company, in addition to and in the same manner as the exercise
price for the Award Shares, such amount as the Company or any Affiliate is obliged to remit to the relevant taxing authority in
respect of the exercise of the Awards. Alternatively, the Administrator may direct the Company or an Affiliate thereof to withhold
the appropriate amount of tax from the applicable Participant’s salary in connection with a requested exercise.  Any
such additional payment shall be due no later than the date as of which any amount with respect to the Award exercised first becomes
includable in the gross income of the exercising Participant for tax purposes.

 

Section 13. Miscellaneous. 

 

(a) No
employee, independent contractor, Participant or other person shall have any claim to be granted any Award under this 2020 Plan,
and there is no obligation for uniformity of treatment of employees, independent contractors, Participants, or holders or beneficiaries
of Awards under this 2020 Plan. The terms and conditions of Awards need not be the same with respect to each recipient.

 

(b) Nothing
contained in this 2020 Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements,
and such arrangements may be either generally applicable or applicable only in specific cases.

 

(c) The
grant of an Award shall not be construed as giving a Participant the right to be retained in the employ or service of the
Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant from
employment or terminate the services of an independent contractor, free from any liability, or any claim under this 2020
Plan, unless otherwise expressly provided in this 2020 Plan or in any Award Agreement or in any other agreement binding upon
the parties.

 

    10

     

    

 

(d) If
any provision of this 2020 Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction,
or as to any person or Award, or would disqualify this 2020 Plan or any Award under any Applicable Laws, such provision shall (to
the fullest extent permitted by Applicable Laws) be construed or deemed amended to conform to Applicable Laws, or if it cannot
be so construed or deemed amended without, in the determination of the Administrator, materially altering the intent of this 2020
Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of this 2020 Plan
and any such Award shall remain in full force and effect.

 

(e) Awards
payable under this 2020 Plan shall be payable in Shares or from the general assets of the Company, and no special or separate reserve,
fund or deposit shall be made to assure payment of such awards. No Participant, beneficiary or other person shall have any right,
title or interest in any fund or in any specific asset (including Shares, except as expressly otherwise provided) of the Company
or one of its subsidiaries by reason of any award hereunder.

 

(f) Neither
this 2020 Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company and a Participant. To the extent that any person acquires a right to receive payments from the Company pursuant
to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

 

(g) No
fractional Shares shall be issued or delivered pursuant to this 2020 Plan or any Award, and the Administrator shall determine whether
cash, other securities or other property shall be paid or transferred in lieu of any fractional Shares, or whether such fractional
Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

 

(h) This
2020 Plan shall be submitted to the competent foreign exchange regulatory authority and tax authority of the PRC for registration
if Applicable Laws require, and shall be implemented in accordance with the applicable rules of these authorities with respect
to Participants who are PRC residents.

 

    11

     

    

 

(i) In
order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Administrator may, in
its sole discretion, provide for such special terms as it may consider necessary or appropriate to accommodate differences in
local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides or is employed. Moreover,
the Administrator may approve such supplements to, amendments, restatements or alternative versions of this 2020 Plan as it
may consider necessary or appropriate for such purposes without thereby affecting the terms of this 2020 Plan as in effect
for any other purpose; provided, however, that no such supplements, restatements or alternative versions shall
increase the share limitations contained in Section 6 hereof. Notwithstanding the foregoing, the Administrator may not take
any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

 

(j) The
Company shall not be obligated to grant any Awards, permit the exercise of any Awards, issue any Award Shares upon the exercise
of any Awards, make any payments or take any other action pursuant to this 2020 Plan if, in the opinion of the Administrator, such
action would conflict or be inconsistent with any Applicable Law or the Company’s trading policies, and the Administrator
reserves the right to refuse to take such action for so long as such conflict or inconsistency or issue remains outstanding.

 

(k) The
Company shall maintain a register of Awards granted to the Participants and Award Shares issued to the Participants or an entity
designated by the Participants, including the dates of grant of such Awards and the exercise of such Awards and any other details
as the Administrator may deem appropriate.

 

(l) The
2020 Plan and all Award Agreements shall be governed by and construed in accordance with the laws of the Cayman Islands.

 

Section 14. Effective Date of
2020 Plan. 

 

The 2020 Plan shall be effective upon the
closing the Business Combination with its approval by the Board of the Company (the “Effective Date”).

 

Section 15. Term of 2020 Plan.

 

No Award shall be granted under this 2020
Plan after the tenth anniversary of the Effective Date. However, unless otherwise expressly provided in this 2020 Plan or in an
applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Administrator to
amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award,
and the authority of the Board to amend this 2020 Plan, shall extend beyond such date.

 

 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]