Document:

Exhibit 10.7

 

TENDER AND SUPPORT AGREEMENT

 

TENDER AND SUPPORT
AGREEMENT (this “Agreement”), dated as of August 24, 2022, by and among REE Automotive Ltd., a
public company incorporated under the laws of Israel under registration number 51-455733-9 (the “Company”),
and each of the persons listed on Schedule A hereto (collectively, the “Warrant Holders,” and each a “Warrant
Holder”).

 

W I T N E S S E T H:

 

WHEREAS,
as of the date hereof, each Warrant Holder is the beneficial owner of warrants (i) sold as part of the units in the initial public offering
(the “IPO”) (whether they were purchased in the IPO or thereafter in the open market) (the “public warrants”)
of 10X Capital Venture Acquisition Corp. (“10X Capital”), or (ii) issued in a private placement in connection with
the closing of the IPO that have not become public warrants as a result of being transferred to any person other than permitted transferees
(the “private placement warrants” and, together with the public warrants, the “Warrants”), in each
case governed by the Warrant Assignment, Assumption and Amended & Restated Agreement, dated as of July 22, 2021 (the “Warrant
Agreement”), by and between the Company, 10X Capital and Continental Stock Transfer & Trust Company, as warrant agent;

 

WHEREAS,
on July 22, 2021, the Company completed its business combination with 10X Capital, pursuant to which the Company acquired 10X Capital
as a wholly-owned subsidiary and assumed 10X Capital’s obligations under the Warrant Agreement and the Warrants;

 

WHEREAS,
as of the date hereof, there are a total of 15,562,500 Warrants outstanding;

 

WHEREAS,
each whole Warrant entitles its holder to purchase one Class A ordinary share, without par value (the “Ordinary Shares”),
of the Company, for a purchase price of $11.50, subject to certain adjustments under the Warrant Agreement;

 

WHEREAS,
the Company is initiating an exchange offer (the “Exchange Offer”) pursuant to a registration statement on Form F-4
to be filed with the Securities and Exchange Commission (as may be amended and supplemented, the “Registration Statement”),
to offer all Warrant holders the opportunity to exchange their Warrants for Ordinary Shares, based on an exchange ratio of 0.20 Ordinary
Shares per Warrant and subject to other terms and conditions to be disclosed in the Registration Statement;

 

WHEREAS,
concurrent with the Exchange Offer and as part of the Registration Statement, the Company is initiating a consent solicitation (the “Consent
Solicitation”) to solicit the consent of the holders of the Warrants to amend, effective upon the completion of the Exchange
Offer, the terms of the Warrant Agreement (the “Warrant Amendment”), to permit the Company to require that each Warrant
that is outstanding upon the closing of the Exchange Offer be converted into 0.18 Ordinary Shares, which is a ratio of 10% less than the
exchange ratio applicable to the Exchange Offer, as more fully described in the Registration Statement; and

 

WHEREAS,
as an inducement to the Company’s willingness to initiate the Exchange Offer and the Consent Solicitation, each Warrant Holder has
agreed to enter into this Agreement.

 

     

     

    

 

NOW, THEREFORE,
in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, do hereby agree as follows:

 

Section 1.01 Agreement
to Tender. Each Warrant Holder shall validly tender or cause to be tendered to the Company all Warrants set forth opposite such Warrant
Holder’s name on Schedule A (the “Subject Warrants”), free and clear of all liens, pursuant to and in
accordance with the terms of the Exchange Offer as described in the Registration Statement no later than the scheduled or extended expiration
time of the Exchange Offer at a ratio of 0.20 Ordinary Share per Warrant. For the avoidance of doubt, nothing in this Agreement shall
restrict the Warrant Holder from acquiring additional Warrants subsequent to the date hereof and such additional Warrants shall not be
subject to the terms of this Agreement.

 

Section 1.02
Agreement to Consent. Each Warrant Holder shall deliver to the Company its timely consent with respect to the Consent Solicitation
with respect to all of such Warrant Holder’s Subject Warrants set forth on Schedule A in accordance with the terms and conditions
of the Consent Solicitation as described in the Registration Statement.

 

Section 1.03
Ownership of Warrants. Each Warrant Holder represents and warrants to the Company, as of the date hereof and as of the date of
tender of such Warrant Holder’s Subject Warrants in accordance with this Agreement, that such Warrant Holder is the sole beneficial
owner of the number of Warrants set forth opposite such Warrant Holder’s name on Schedule A, and has good and marketable
title to such Warrants free and clear of any liens, options, rights, or any other encumbrances, limitations or restrictions whatsoever
(other than liens imposed under typical prime brokerage agreements and those restrictions imposed by applicable securities laws, this
Agreement and the Warrant Agreement). Each Warrant Holder shall not transfer any Subject Warrants to any person (other than the Company
in connection with the Exchange Offer) unless such person acquiring such Warrants signs a joinder to this Agreement agreeing to be bound
by all terms and conditions of this Agreement.

 

Section 1.04
Company Covenants. The Company agrees that it shall take all steps reasonably necessary or desirable to commence the Exchange Offer
and Consent Solicitation as soon as practicable consistent with this Agreement, and agrees to take all steps necessary to update the Registration
Statement as required by applicable laws and regulation, and that the Registration Statement, when declared effective, will comply with
all applicable Securities and Exchange Commission requirements.

 

Section 1.05 Specific
Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in
accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement
or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled
at law or in equity.

 

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Section 1.06
Termination. This Agreement shall terminate as to all Warrant Holders (a) upon written notice to all the Warrant Holders by the
Company, or upon the earlier of (i) the date the Company’s board of directors or a committee thereof determines to no longer pursue
the Exchange Offer and the Consent Solicitation, and (ii) October 24, 2022; or (b) if the Company fails to commence the Exchange Offer
and Solicitation by September 7, 2022.

 

Section 1.07 Warrant
Holder Obligations Several and Not Joint. The obligations of each Warrant Holder hereunder shall be several and not joint, and no
Warrant Holder shall be liable for any breach of the terms of this Agreement by any other Warrant Holder.

 

Section 1.08 Governing
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for
the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

Section 1.09
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but
all such counterparts shall together constitute one and the same Agreement. Electronic signatures complying with the New York Electronic
Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed
original signatures for purposes of this Agreement. Transmission by telecopy, electronic mail or other transmission method of an executed
counterpart of this Agreement will constitute due and sufficient delivery of such counterpart.

 

[Signature Pages Follow]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	COMPANY:
	 	 
	 	REE AUTOMOTIVE LTD.

 

	 	By:	/s/ David Goldberg
	 	Name:	David Goldberg
	 	Title:	Chief Financial Officer

 

[Signature Page – REE Tender and Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	HOLDER:
	 	 
	 	KIM, LLC

 

	 	By:	/s/ Matthew Orr
	 	Name:	Matthew Orr
	 	Title:	Vice President

 

[Signature Page – REE Tender and Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	HOLDER:
	 	 
	 	LMR Master Fund Limited

 

	 	By:	/s/ Shane Cullinane
	 	Name:	Shane Cullinane
	 	Title:	Chief Operating Officer, LMR Partners LLP, acting in its capacity as investment manager of LMR Master Fund Limited

 

[Signature Page – REE Tender and Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	HOLDER:
	 	 
	 	LMR CCSA Master Fund Limited

 

	 	By:	/s/ Shane Cullinane
	 	Name:	Shane Cullinane
	 	Title:	Chief Operating Officer, LMR Partners LLP, acting in its capacity as investment manager of LMR CCSA Master Fund Limited

 

[Signature Page – REE Tender and Support Agreement]

 

     

     

    

   

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	HOLDER:
	 	 
	 	RIVERVIEW GROUP LLC
	 	 
	 	By: Integrated Holding Group LP, its Managing Member
	 	By: Millennium Management LLC, its General Partner

 

	 	By:	/s/ Mark Meskin
	 	Name:	Mark Meskin
	 	Title:	Chief Trading Officer

 

	 	HOLDER:
	 	 
	 	ICS OPPORTUNITIES II LLC
	 	 
	 	By: Millennium International Management LP, its Investment Manager
	 	 	 
	 	By:	/s/ Mark Meskin
	 	Name:	Mark Meskin
	 	Title:	Chief Trading Officer
	 	 
	 	HOLDER:
	 	 
	 	ICS OPPORTUNITIES, LTD.
	 	 
	 	By: Millennium International Management LP, its Investment Manager
	 	 	 
	 	By:	/s/ Mark Meskin
	 	Name:	Mark Meskin
	 	Title:	Chief Trading Officer
	 	 
	 	HOLDER:
	 	 
	 	INTEGRATED CORE STRATEGIES (US) LLC
	 	 
	 	By: Integrated Holding Group LP, its Managing Member
	 	By: Millennium Management LLC, its General Partner
	 	 	 
	 	By: 	/s/ Mark Meskin
	 	Name: 	Mark Meskin
	 	Title:	Chief Trading Officer

 

[Signature Page – REE Tender and Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	HOLDER:
	 	 
	 	Castle Creek Strategies, LLC on behalf of the entities listed in Schedule A

 

	 	By:	/s/ Allan Weine
	 	Name:	Allan Weine
	 	Title:	Authorized person

 

[Signature Page – REE Tender and Support Agreement]

 

     

     

    

 

Schedule A

 

	Name of Warrant Holder	Number of Warrants
	KIM, LLC	400,000
	LMR Master Fund Limited	192,444
	LMR CCSA Master Fund Limited	192,444
	RIVERVIEW GROUP LLC	1,004,765
	ICS OPPORTUNITIES II LLC	93,456
	ICS OPPORTUNITIES, LTD.	78,750
	INTEGRATED CORE STRATEGIES (US) LLC	12,149
	CC Arbitrage, LTD	13,637
	CC ARB West, LLC	72,674Exhibit 10.9

 

FOXO TECHNOLOGIES INC.

 

MANAGEMENT CONTINGENT SHARE PLAN

 

WHEREAS, pursuant to
the Company’s Merger Agreement with Delwinds Insurance Acquisition Corp. (“Delwinds”), the Company is required to establish
the Plan and allocate a specified amount of merger consideration to accomplish the purpose of the Plan;

 

NOW, THEREFORE, the
Company hereby adopts the Plan effective as of the Effective Date, as follows:

 

1. Purpose.
The Company desires to establish the Plan to secure and retain the services of certain key employees and service providers and incent
such key employees and service providers to exert maximum efforts for the success of the Company and its Affiliates.

 

2. Eligibility
and Participation in this Plan. The Persons eligible to receive Awards are the selected Employees, Consultants and Directors of the
Company and its Affiliates, who will be selected to be Participants by the compensation committee of the Company’s board of directors
as in effect prior to the Merger Closing (the “Pre-Merger Compensation Committee”) in its sole discretion. Upon designating
a Person as a Participant, the Pre-Merger Compensation Committee will grant to such individual a Restricted Share Award.

 

3. Awards
and Shares Issuable under the Plan. The Company agrees to make available for transfer to Participants
a total of 9,200,000 Shares, all of which are eligible to be issued pursuant to Restricted Share Awards (the “Restricted Share
Pool”) upon the Merger Closing. 

 

4. Grant
of Awards; Notice of Grant. Each Award shall be evidenced by a Notice of Grant in the form attached hereto as Exhibit 1. Each Notice
of Grant shall set forth any additional and applicable vesting terms, distribution terms, and forfeiture terms not otherwise addressed
in this Plan and such other conditions not inconsistent with the Plan as may be reflected in the applicable Notice of Grant.

 

5. Restricted
Share Awards.

 

(a) Issuance
of Restricted Share Awards. In connection with the Merger Closing, the Participants shall be issued a Restricted Share Award with
that number of Restricted Shares that has previously been approved by the Pre-Closing Compensation Committee. Each Restricted Share Award
will be subject to both a time-based vesting component and a performance-based vesting component as described below in Section 5(b).

 

(b) Vesting
of Restricted Share Awards. Subject to satisfaction of the Service-Based Conditions set forth in Section 5(b)(i) and the Performance-Based
Conditions set forth in Section 5(b)(ii) below, respectively, Restricted Share Awards will become vested under the Plan, if at
all, upon the third (3rd) anniversary of the Merger Closing, the fourth (4th) anniversary of the Merger Closing,
or the fifth (5th) anniversary of the Merger Closing (each date a “Vesting Date” and collectively, the “Vesting
Dates”). Restricted Share Awards may also vest upon a Change in Control as provided in Section 5(d) below.

 

(i) Service-Based
Conditions.

 

(A) Subject
to Section 5(d) below, 60% of a Participant’s Restricted Share Award will satisfy the Service-Based Condition vesting requirement
on the third anniversary of the Merger Closing if the Participant is Employed by the Company (or one of its Affiliates) on such date and
has been continuously from the Date of Grant through such Vesting Date.

 

     

     

    

 

(B) Subject
to Section 5(d) below, an additional 20% of a Participant’s Restricted Share Award will satisfy the Service-Based Condition
vesting requirement on the fourth anniversary of the Merger Closing if the Participant is Employed by the Company (or one of its Affiliates)
on such date and has been continuously from the Date of Grant through such Vesting Date.

 

(C) Subject
to Section 5(d) below, an additional 20% of a Participant’s Restricted Share Award will satisfy the Service-Based Condition
vesting requirement on the fifth anniversary of the Merger Closing if the Participant is Employed by the Company (or one of its Affiliates)
on such date and has been continuously from the Date of Grant through such Vesting Date.

 

(ii) Performance-Based
Conditions.

 

		A.	A Participant’s Restricted Share Award will incrementally become vested upon satisfaction of one
or more of the following three Performance-Based Conditions:

 

1. The
operational launch of digital online insurance products by the FOXO Life Insurance Company (or its functional equivalent under a managing
general agency relationship with a life insurance company), with at least 100 policies sold, within one year following the Merger Closing;

 

2.  The
signing of a commercial research collaboration agreement with an insurance company or reinsurance company for saliva-based epigenetic
biomarkers in life insurance underwriting within two years following the Merger Closing; and

 

3. The
implementation of saliva-based epigenetic biomarkers in life insurance underwriting by the Company, with at least 250 policies sold using
such underwriting, within two years following the Merger Closing.

 

		B.	Subject to Section 5(d) below, one-third of a Participant’s Restricted Share Award will be
eligible to become vested and no longer subject to a risk of forfeiture with respect to the satisfaction of each Performance-Based Condition
(and any other performance condition that may be memorialized in the Notice of Grant). Accordingly, for the avoidance of doubt, if two
out of three of the Performance-Based Conditions are satisfied, two-thirds of a Restricted Share Award will have satisfied the Performance-Based
Condition and, if all three of the Performance-Based Conditions are satisfied, 100% of a Restricted Share Award will have satisfied the
Performance-Based Condition.

 

		C.	Determination of Satisfaction of Performance-Based Conditions. The Administrator shall be solely
responsible for monitoring and determining whether or not any Performance-Based Condition is achieved and any such determination shall
be final and conclusive. The Administrator may utilize whatever rules and processes it believes are appropriate in this determinative
process.

 

(c) Forfeiture
of Restricted Share Awards.

 

(i) For
each Performance-Based Condition that is not achieved within the time period allotted, one-third of each Restricted Share Award will be
permanently forfeited as of the applicable measuring date for determination of whether the Performance-Based Condition has been met.

 

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(ii) If
a Participant’s Employment ends for any reason (including voluntary resignation, death, disability or termination by the Company
without or without Cause) before the third anniversary of the Merger Closing, the Participant shall forfeit 100% of his/her Restricted
Share Award (whether or not any portion of such Awards have satisfied one or more of the Performance-Based Conditions).

 

(iii) If
a Participant’s Employment ends for any reason (including voluntary resignation, death, disability or termination by the Company
without or without Cause) after the third anniversary but before the fourth anniversary of the Merger Closing, the Participant shall forfeit
40% of his/her Restricted Share Award that became vested under the Performance-Based Conditions. (100% of the Restricted Share Award that
did not become vested due to the failure to satisfy one or more of the Performance-Based Conditions will have already been forfeited.)

 

(iv) If
a Participant’s Employment ends for any reason (including voluntary resignation, death, disability or termination by the Company
without or without Cause) after the fourth anniversary but before the fifth anniversary of the Merger Closing, the Participant shall forfeit
20% of his/her Restricted Share Award that became vested under the Performance-Based Conditions. (100% of the Restricted Share Award that
did not become vested due to the failure to satisfy one or more of the Performance-Based Conditions will have already been forfeited.)

 

(v) If
a Participant’s Employment ends due to having been terminated by the Company or any Affiliate for Cause (or Participant resigning
immediately before having been terminated by the Company or an Affiliate for Cause), 100% of such Participant’s Restricted Share Award
whether vested or unvested shall immediately be forfeited.

 

(vi) Notwithstanding
the foregoing provisions of Section 5(b)(i) or Sections 5(c)(ii), (iii) and (iv), if the CEO Participant’s Employment ends
due to having been terminated by the Company without Cause or due to such Participant’s death or Disability, no Service-Based Conditions
under Section 5(b)(i) (or service-based forfeiture conditions under Sections 5(c)(ii), (iii) or (iv)) shall apply. For the
avoidance of doubt, following the CEO Participant’s termination of Employment without Cause by the Company or due to death or Disability,
the Restricted Share Award remains subject to the Performance-Based Conditions such that if and when a Performance-Based Condition has
been met for a portion of the Restricted Share Award, such portion of the CEO Participant’s Restricted Shares shall become fully
vested and no longer subject to any risk of forfeiture under Section 5(c).

 

(d) Acceleration
and Waiver of Vesting on a Change in Control. In the event of a Change in Control, all vesting conditions set forth in above in Section
5(b) shall be waived and all restrictions on any then outstanding Restricted Share Awards shall lapse; provided, however, that any
Restricted Share Award that was already forfeited prior to such Change in Control shall remain forfeited and shall not be affected by
the acceleration provided for under this Section 5(d).

 

(e) Rights
as Shareholder with Respect to Restricted Share Award. Prior to any Restricted Share Award becoming vested in accordance with this
Plan, any shares, securities or property, including cash dividends, payable on the Restricted Share Award shall be subject to the same
restrictions, terms and conditions as are imposed upon the Restricted Share Award under this Section 5 and the Notice of Grant
and shall be deposited immediately in escrow with the Company until such time, if any, as the Restricted Shares become vested. No interest
or other earnings shall be paid or accrue on any amounts while in escrow or pending vesting. A Participant shall have all other rights
of as a Company shareholder (e.g., full voting rights).

 

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6. Cancellation
of Forfeited Shares. Any Shares from the Restricted Share Pool that did not become vested in accordance
with Section 5(b)(i) by the fifth (5th) anniversary of the Merger Closing or were forfeited under Section 5(c) shall be cancelled and
permanently forfeited.

 

7. Administration.

 

(a) Administration.
The Plan shall be administered by the Administrator.

 

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

 

(i) To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Notice of Grant,
in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective; and

 

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

 

(c) Effect
of Administrator’s Decision. All determinations, interpretations and constructions made by the Administrator in good faith and
consistent with the terms of the Plan shall not be subject to review by any Person and shall be final, binding and conclusive on all Persons.
Any Person or Persons serving in the role of Administrator (including, without limitation, any Person on the Board) and any officer or
employee of the Company or any Affiliate acting at the direction of the Administrator shall not be personally liable for any action or
determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified by
the Company with respect to any such action or determination.

 

8. Transfer
Restrictions. Except with respect to transfers without consideration (other than nominal consideration) to certain persons or entities
related to a Participant, including members of the Participant’s family or trusts whose beneficiaries or beneficial owners are members
of the Participant’s family, no Participant shall, directly or indirectly, sell, give, assign, hypothecate, pledge, transfer, encumber,
grant a security interest in or otherwise dispose of (whether by operation of law or otherwise) any Award or any right, title or interest
therein or thereto.

 

9. Restricted
Securities. Any Shares that are issued will be “restricted securities” as that term is defined in Rule 144 under the Securities
Act, and will bear an appropriate restrictive legend, unless they are registered under the Securities Act. The Company is under no obligation
to register any Restricted Shares.

 

10. Amendment
of the Plan and Awards. The Board at any time, and from time to time, may amend, supplement, modify or restate the Plan, any Notice
of Grant or any Award provided that any such amendment applicable to a previously outstanding Award shall not have an adverse effect on
Participant or diminish the value of any previously outstanding Award under the Plan without Participant’s prior written consent.

 

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11. Termination
or Suspension of the Plan. Unless sooner terminated, the Plan shall terminate on the first to occur of (a) the date that 100% of the
Restricted Shares have become vested; (b) the first business day following the fifth (5th) anniversary of the Merger Closing; or (c) the
date that all unpaid Restricted Shares have been forfeited. The Board may suspend or terminate the Plan with the written consent of all
remaining Participants in the Plan (at the time of the proposed suspension or termination of the Plan).

 

12. Choice
of Law. The law of the State of Delaware shall govern all questions concerning the construction, validity
and interpretation of this Plan, without regard to such state’s conflict of law rules. 

 

13. No
Employment or other Service Rights. Nothing in the Plan, Notice of Grant or any instrument executed or Award granted pursuant thereto
shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the
Award was granted or shall affect the right of the Company or an Affiliate to terminate the employment or service of an Employee, Consultant
or Director with or without Cause.

 

14. Powers
of Company Not Affected. The existence of any Award shall not affect in any way the rights or powers of the Company or any of its
directors or shareholders to make or authorize any combination, subdivision or reclassification of shares or any reorganization, merger,
consolidation, arrangement, business combination, exchange of shares, or other change in the Company’s capital structure or its
business, or any issue of bonds, debentures or shares having rights or preferences equal, superior or affecting the shares or the rights
thereof, or any dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or otherwise.

 

15. Withholding.
The Company shall have the right to withhold from any payments, issuance or release of Shares made under the Plan or to collect as a condition
of payment, any taxes required by law to be withheld. At any time when a Participant is required to pay to the Company an amount required
to be withheld under applicable income tax laws in connection with a distribution of Shares under an Award, the Participant may satisfy
this obligation in whole or in part by electing (the “Election”) to have the Company withhold and redeem from the distribution
Shares a number of Shares having a value up to the amount of withholding taxes required to be collected on the transaction. The value
of the shares to be withheld and redeemed shall be based on the value received by the Company on sale of Shares on the date that the amount
of tax to be withheld shall be determined (“Tax Date”). Each Election must be made prior to the Tax Date in accordance
with procedures established by the Company. The Board may disapprove of any Election, may suspend or terminate the right to make Elections,
or may provide with respect to any Award that the right to make Elections shall not apply to such Award.

 

16. Section 409A
of the Code. This Plan and any Notice of Grant or Award entered into or granted hereunder are intended
to comply with, or be exempt from, the requirements of Section 409A of the Code so that Participants are not subject to any tax or
interest imposed under Section 409A of the Code and shall be administered, construed and interpreted in accordance with such intent;
provided, that, neither the Company, any Affiliates, the Board, the Administrator, nor any other party guarantees that Participants
are not subject to any tax or interest imposed under Section 409A of the Code and none of the foregoing shall have any liability
to any Participant for any tax or interest imposed under Section 409A of the Code. Each Participant agrees to take any action, or
refrain from any action, reasonably requested by the Company to obtain the benefit of any correction procedure promulgated under Section 409A
of the Code.

 

17. Definitions.
Capitalized terms not otherwise defined in the body of this Plan shall have the meaning assigned to each, as follows

 

“Administrator”
shall mean the Compensation Committee of the Board on and after the Merger Closing, provided such committee is composed of independent
directors, or such other committee of the Board, composed of independent directors, as is designated by the Board to administer this Plan
on and after the Merger Closing.

 

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“Affiliate”
means any parent or subsidiary of the Company.

 

“Award”
means any Restricted Share Award granted under the Plan.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such
Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
means (1) conviction of a Participant for having committed a felony, (2) acts of dishonesty or moral turpitude by a Participant which
are materially detrimental and adverse to the Company or any of its Affiliates, (3) material breach of a Participant’s duty of loyalty
or other fiduciary duties to the Company or any of its Affiliates, (4) material failure by a Participant to obey the lawful orders of
the CEO or the Board of Directors (or any committee thereof) or (5) gross negligence or intentional misconduct by a Participant in the
performance of the Participant’s obligations hereunder.

 

“CEO”
means the Chief Executive Officer of the Company.

 

“CEO Participant”
means the CEO at the time of the Merger Closing.

 

“Change in Control”
means the first to occur of any of the following:

 

(a) The
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole,
to any Person that is not a subsidiary of the Company, provided, however, such sale, transfer, conveyance or other disposition shall not
constitute a Change in Control if it does not result in a material change in the CEO and Board of Directors;

 

(b) The
date which is 10 business days prior to the consummation of a complete liquidation or dissolution of the Company;

 

(c) The
acquisition by any Person of Beneficial Ownership of 50% or more (on a fully diluted basis) of either (i) the then outstanding shares
of common stock of the Company, taking into account as outstanding for this purpose such common stock issuable upon the exercise of options
or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such common stock (the “Outstanding
Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to
vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that
the following shall not constitute a Change in Control if such acquisition does not result in a material change in the CEO and Board of
Directors); or

 

(d)  The
consummation of a transaction involving the Company that requires the approval of the Company’s shareholders, whether for such transaction
or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business
Combination such reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction does not result
in a material change in the CEO and Board of Directors.

 

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

 

“Company”
means FOXO Technologies Inc. (and its successors and assigns).

 

“Consultant”
means a person, excluding Employees and Directors, who performs bona fide services for the Company as a consultant or advisor and who
qualifies as a consultant or advisor under Rule 701(c)(1) of the Securities Act or under Instruction A.1.(a)(1) of Form S-8 under the
Securities Act.

 

    - 6 -

     

    

 

“Date of
Grant” means the date of grant of an Award under the Plan.

 

“Director”
means a Person serving as a member of the Board.

 

“Disability”
means that the CEO Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

 

“Effective
Date” shall mean the date as of which this Plan is adopted by the Board, as in effect prior to the Merger Closing.

 

“Employee”
means any Person employed by the Company or an Affiliate.

 

“Employed”
or “Employment” means: (1) in the case of an Employee, the continued status as a common law employee of the Company
or an Affiliate; (2) in the case of a Consultant, the continued retention of Consultant either under contract to provide services to the
Company or an Affiliate or, if at the end of an existing contract, under circumstances where there is expected continuation of services
and an anticipated renewal of the contract; or (3) in the case of a Director, the continuation of services as a Director.

 

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

 

“Merger Agreement”
means that Agreement and Plan of Merger dated as of February 24, 2022 by and among (i) Delwinds Insurance Acquisition Corp., (ii) DWIN
Merger Sub Inc., (iii) DIAC Sponsor LLC, and (iv) the Company, as amended from time to time.

 

“Merger Closing”
means the closing of the merger of the Company and DWIN Merger Sub Inc. under the Merger Agreement.

 

“Notice of
Grant” means a written agreement between the Company and the Participant evidencing the terms and conditions of an individual
Award in a form approved by the Administrator. Each Notice of Grant shall be subject to the terms and conditions of the Plan and need
not be identical.

 

“Participant”
means a Person holding an Award granted pursuant to the Plan.

 

“Performance-Based
Conditions” means those performance-based vesting conditions applicable to a Restricted Share Award set forth in Section
5(b)(ii).

 

“Person”
means any individual, corporation, company, voluntary association, partnership, joint venture, limited liability company, trust, estate,
unincorporated organization, governmental authority or other entity and shall include any “group” within the meaning of the
regulations promulgated by the United States Securities and Exchange Commission under Section 13(d) of the Exchange Act.

 

“Plan”
means this FOXO Technologies Inc. Management Contingent Share Plan.

 

“Restricted
Share Award” means any Award granted to a Participant under Section 4 from the Restricted Share Pool.

 

“Restricted
Share Pool” means the total number of Shares available for Restricted Share Awards, which number shall be 9,200,000 Shares subject
to equitable adjustment for share splits, share dividends, combinations, recapitalizations and the
like after the Merger Closing, including to account for any equity securities into which such shares are exchanged or converted.

 

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

 

“Service-Based
Conditions” means those service-based vesting conditions applicable to a Restricted Share Award set forth in Section 5(b)(i).

 

“Shares”
means shares of Class A common stock of the Company.

 

    - 7 -

     

    

 

EXHIBIT
1

 

FOXO
Technologies Inc. Management CONTINGENT SHARE Plan 

 

Notice
of Grant

 

____________, 2022

 

 

Dear _______:

 

Congratulations on your selection as a participant
in the FOXO Technologies, Inc. Management Contingent Share Plan (the “Plan”).

 

This Notice of Grant, together with the Plan,
sets forth your rights (your Award) under the Plan. The Plan provides additional details of your rights under the Plan and this Notice
of Grant, as well as all of the conditions and limitations affecting such rights. All capitalized terms appearing in this Notice of Grant,
and not defined in this Notice of Grant, shall have the defined meaning provided in the Plan. If any inconsistencies arise between the
terms of this Notice of Grant and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms
of this Notice of Grant.

 

Grant
of Your Award

 

	Award of Restricted Shares:	You are entitled to receive ________ Restricted Shares, the terms of which (including vesting and forfeiture) are set forth in the Plan.

 

AGREEMENT TO PARTICIPATE

 

Please acknowledge your agreement to participate
in the Plan and this Notice of Grant, and to abide by all of the governing terms and provisions, by signing the following representation:

 

By signing a copy of this Notice of Grant and
returning it to the Company, I acknowledge that I have read the Plan, and that I fully understand all of my rights under the Plan,
as well as all of the terms and conditions which may limit my rights under the Plan.

 

______________________________ FOXO
Technologies Inc.

Participant

 

By ____________________________

 

Its ____________________________

 

 

 

- 8 -

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