Document:

Exhibit 10.8

 

FORWARD PURCHASE AGREEMENT 

 

This Forward Purchase Agreement (this “Agreement”)
is entered into as of , 2021, by and among Founder SPAC a Cayman Islands exempted company (the “Company”), and the
party listed as the purchaser on the signature page hereof (the “Purchaser”).

 

WHEREAS, the Company was incorporated for the purpose
of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or
more businesses (a “Business Combination”);

 
WHEREAS,
                                            the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”)
                                            a Registration Statement on Form S -1 (File No. 333-258158) (the “Registration Statement”)
                                            for its initial public offering (“IPO”) of units (the “Units”)
                                            at a price of $10.00 per Unit, where each Unit is comprised of one Class A ordinary share
                                            of the Company, par value $0.0001 per share (the “Class A Ordinary Shares”),
                                            and one-half of one redeemable warrant, where each whole redeemable warrant is exercisable
                                            to purchase one Class A Ordinary Share at an exercise price of $11.50 per share (each such
                                            whole redeemable warrant, a “Warrant”);

 

WHEREAS, following the closing of the IPO (the “IPO
Closing”), the Company will seek to identify and consummate a Business Combination; and

 

WHEREAS, the parties wish to enter into this Agreement,
pursuant to which immediately prior to the closing of the Company’s initial Business Combination (the “Business Combination
Closing”), the Company may issue and sell, and the Purchaser may purchase, on a private placement basis, an aggregate of up
to such number of Class A Ordinary Shares with an aggregate value of $20,000,000 as determined herein (the “Forward Purchase
Shares”) and on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises,
representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Sale and Purchase. 

 

(a) Forward Purchase Shares.

 

(i) Subject to the terms and conditions set forth
in this Agreement, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 2,000,000
Forward Purchase Shares, at a purchase price of $10.00 per Forward Purchase Share, or an aggregate purchase price of up to $20,000,000
(the “FPS Purchase Price”).

 

(ii) The Company shall have the option, exercisable
in its sole discretion, to request that the Purchaser purchase the Forward Purchase Shares pursuant to Section 1(a)(i) hereof
by delivering written notice of such election (the “Company Election Notice”) to the Purchaser, at least ten (10)
Business Days before the funding of the FPS Purchase Price to an account specified by the Company. The Company Election Notice shall
specify the anticipated date of the Business Combination Closing, the number of the Forward Purchase Shares it is requesting that the
Purchaser purchase, the aggregate FPS Purchase Price and instructions for wiring the FPS Purchase Price to an account designated by the
Company. Subject to the Purchaser first receiving internal investment committee approval to purchase such Forward Purchase Shares, the
Purchaser shall thereafter purchase such Forward Purchase Shares on the terms set forth in this Section 1(a)(ii). Except in the
event that Purchaser has not received internal investment committee approval to purchase such Forward Purchase Securities two (2) Business
Days before the anticipated date of the Business Combination Closing specified in such written notice (the “Purchase Deadline”),
the Purchaser shall deliver the FPS Purchase Price in cash via wire transfer to the account specified in such written notice on or before
the Purchase Deadline, to be held in escrow pending the Business Combination Closing. If the Business Combination Closing does not occur
within thirty (30) days after the Purchaser delivers the FPS Purchase Price to such account, the Company shall return to the Purchaser
the FPS Purchase Price; provided that the return of the FPS Purchase Price placed in escrow shall not terminate the Agreement
or otherwise relieve either party of any of its obligations hereunder. The Purchaser agrees that it shall cooperate in good faith and
use reasonable best efforts to effect the funding of the FPS Purchase Price on such notice as necessary to facilitate the consummation
of the proposed Business Combination, except in the event that Purchaser has not received internal investment committee approval to purchase
such Forward Purchase Securities on or before the Purchase Deadline, in which case it shall be under no such obligation. For the purposes
of this Agreement, “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday
nor a day on which banking institutions are generally authorized or required by law or regulation to close in the City of New York, New
York.

 

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(iii) The Purchaser shall have the option, exercisable
in its sole discretion, to request that the Company issue and sell to the Purchaser the Forward Purchase Shares pursuant to Section
1(a)(i) hereof by delivering written notice (the “Purchaser Election Notice”) at least fifteen (15) Business Days
before the funding of the FPS Purchase Price to an account specified by the Company. The Purchaser Election Notice shall specify the
anticipated date of the Business Combination Closing, the number of the Forward Purchase Shares it is requesting that the Company issue
and sell and the aggregate FPS Purchase Price for such Forward Purchase Shares. Subject to the Company first receiving internal board
approval to issue and sell such Forward Purchase Shares, the Company shall thereafter issue and sell such Forward Purchase Shares on
the terms set forth in this Section 1.(a)(iii). Except in the event that the Company has not received internal board approval
to issue and sell such Forward Purchase Shares two (2) Business Days before the anticipated date of the Business Combination Closing
specified in such written notice (the “Sale Deadline”), the Purchaser shall deliver the FPS Purchase Price in cash
via wire transfer to an account specified by the Company on or before the Sale Deadline, to be held in escrow pending the Business Combination
Closing. If the Business Combination Closing does not occur within thirty (30) days after the Purchaser delivers the FPS Purchase Price
to such account, the Company shall return to the Purchaser the FPS Purchase Price; provided that the return of the FPS Purchase
Price placed in escrow shall not terminate the Agreement or otherwise relieve either party of any of its obligations hereunder. The Company
agrees that it shall cooperate in good faith and use reasonable best efforts to effect the funding of the FPS Purchase Price on such
notice as necessary to facilitate the consummation of the proposed Business Combination, except in the event that the Company has not
received internal board approval to issue and sell such Forward Purchase Securities on or before the Sale Deadline, in which case it
shall be under no such obligation.

 

(iv) A closing of the sale of the Forward Purchase
Shares (the “FPS Closing”) shall be held on the same date as, and immediately prior to, the Business Combination Closing
(such date being referred to as the “Closing Date”). At the FPS Closing, the Company will issue to the Purchaser the
Forward Purchase Shares each registered in the name of the Purchaser.

 

(b) Delivery of Forward Purchase Shares.

 

(i) The Company shall register the Purchaser as the
owner of the Forward Purchase Shares purchased by the Purchaser hereunder with the Company’s transfer agent by book entry on or
promptly after (but in no event more than two (2) Business Days after) the date of the FPS Closing.

 

(ii) Each book entry for the Forward Purchase Shares
purchased by the Purchaser hereunder shall contain a notation, and each certificate (if any) evidencing the Forward Purchase Securities
shall be stamped or otherwise imprinted with a legend, in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY
NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

 

(c) Legend Removal. If the Forward Purchase
Shares are eligible to be sold without restriction under, and without the Company being in compliance with the current public information
requirements of, Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), then at the Purchaser’s
request, the Company will, at its sole expense, cause the Company’s transfer agent to remove the legend set forth in Section 1(b)(ii)
hereof. In connection therewith, if required by the Company’s transfer agent, the Company will promptly cause an opinion of counsel
to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required
by the transfer agent, that authorize and direct the transfer agent to transfer such Forward Purchase Shares without any such legend;
provided, however, that the Company shall not be required to deliver any such opinion, authorization or certificate or
direction if it reasonably believes that removal of the legend could reasonably be expected to result in or facilitate transfers of Forward
Purchase Shares in violation of applicable law.

 

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(d) Registration Rights. The Purchaser shall
have registration rights with respect to the Forward Purchase Shares as set forth on Exhibit A (the “Registration Rights”).

 

2. Representations and Warranties of the Purchaser.
The Purchaser represents and warrants to the Company as follows, as of the date hereof:

 

(a) Organization and Power. The Purchaser
is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation (if the concept of “good
standing” is a recognized concept in such jurisdiction) and has all requisite power and authority to carry on its business as presently
conducted and as proposed to be conducted.

 

(b) Authorization. The Purchaser has full
power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser, will constitute the valid
and legally binding obligation of the Purchaser, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable federal
or state securities laws.

 

(c) Governmental Consents and Filings. No
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state
or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions contemplated
by this Agreement.

 

(d) Compliance with Other Instruments. The
execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions contemplated
by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents, if applicable, (ii)
of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or
mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a
party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Purchaser, in
each case (other than clause (i)), which would have a material adverse effect on the Purchaser or its ability to consummate the transactions
contemplated by this Agreement.

 

(e) Purchase Entirely for Own Account. This
Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s
execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Shares to be acquired by the Purchaser will be
acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution
of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing
the same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have
any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any
third Person, with respect to any of the Forward Purchase Shares. If the Purchaser was formed for the specific purpose of acquiring the
Forward Purchase Shares, each of its equity owners is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act. For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any government or any department or agency
thereof.

 

(f) Disclosure of Information. The Purchaser
has had an opportunity to discuss the Company’s business, management, financial affairs and the terms and conditions of the offering
and sale of the Forward Purchase Shares, as well as the terms of the IPO, with the Company’s management.

 

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(g) Restricted Securities. The Purchaser understands
that the offer and sale of the Forward Purchase Shares to the Purchaser has not been, and will not be, registered under the Securities
Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser
understands that the Forward Purchase Shares are “restricted securities” under applicable U.S. federal and state securities
laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase Shares indefinitely unless they are registered with
the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser
acknowledges that the Company has no obligation to register or qualify the Forward Purchase Shares, except pursuant to the Registration
Rights. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned
on various requirements including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase Shares,
and requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation
and may not be able to satisfy. The Purchaser acknowledges that the Company filed the Registration Statement for the IPO with the SEC.
The Purchaser understands that the offering of the Forward Purchase Shares hereunder is not, and is not intended to be, part of the IPO,
and that the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act with respect to such offering of
the Forward Purchase Shares.

 

(h) No Public Market. The Purchaser understands
that no public market now exists for the Forward Purchase Shares, and that the Company has made no assurances that a public market will
ever exist for the Forward Purchase Shares.

 

(i) High Degree of Risk. The Purchaser understands
that its agreement to purchase the Forward Purchase Shares involves a high degree of risk which could cause the Purchaser to lose all
or part of its investment.

 

(j) Accredited Investor. The Purchaser is
an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

(k) Foreign Investors. If the Purchaser is
not a United States person (as defined by Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended), the Purchaser hereby
represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to
subscribe for the Forward Purchase Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction
for the purchase of the Forward Purchase Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental
or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the
purchase, holding, redemption, sale, or transfer of the Forward Purchase Shares. The Purchaser’s subscription and payment for and
continued beneficial ownership of the Forward Purchase Shares will not violate any applicable securities or other laws of the Purchaser’s
jurisdiction.

 

(l) No General Solicitation. Neither the Purchaser,
nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including through
a broker or finder, (i) to its knowledge, engaged in any general solicitation, or (ii) published any advertisement in connection with
the offer and sale of the Forward Purchase Shares.

 

(m) Residence. The principal place of business
of the Purchaser is the office located at the address of the Purchaser set forth on the signature page hereof.

 

(n) Non-Public Information. The Purchaser
acknowledges its obligations under applicable securities laws with respect to the treatment of material non-public information relating
to the Company.

 

(o) Adequacy of Financing. The Purchaser has
available to it sufficient funds to satisfy its obligations under this Agreement.

 

(p) Affiliation of Certain FINRA Members.
The Purchaser is neither a person associated nor affiliated with any underwriter of the IPO or, to its actual knowledge, any other member
of the Financial Industry Regulatory Authority (“FINRA”) that is participating in the IPO.

 

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(q) No Other Representations and Warranties; Non-Reliance.
Except for the specific representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant
hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser
Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to
the Purchaser and the offering, sale and purchase of the Forward Purchase Shares, and the Purchaser Parties disclaim any such representation
or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this Agreement and
in any certificate or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any
other representations or warranties that may have been made by the Company, any person on behalf of the Company or any of the Company’s
affiliates (collectively, the “Company Parties”).

 

3. Representations and Warranties of the Company.
The Company represents and warrants to the Purchaser as follows:

 

(a) Incorporation and Corporate Power. The
Company is a corporation duly incorporated and validly existing and in good standing under the laws of the Cayman Islands and has all
requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company
has no subsidiaries.

 

(b) Capitalization. The authorized share capital
of the Company consists, as of the date hereof, of:

 

(i) 479,000,000 Class A Ordinary Shares, none of
which are issued and outstanding;

 

(ii) 20,000,000 Class B ordinary shares of the Company,
par value $0.0001 per share (the “Class B Ordinary Shares”), 7,906,250 of which are issued and outstanding; and all
of the outstanding Class B Ordinary Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance
with all applicable laws; and

 

(iii) 1,000,000 preference shares, none of which
are issued and outstanding.

 

(c) Authorization. All corporate action required
to be taken by the Company’s Board of Directors and shareholders in order to authorize the Company to enter into this Agreement,
and to issue the Forward Purchase Shares at the FPS Closing, has been taken or will be taken prior to the FPS Closing, as applicable.
All action on the part of the shareholders, directors and officers of the Company necessary for the execution and delivery of this Agreement,
the performance of all obligations of the Company under this Agreement to be performed as of the FPS Closing, and the issuance and delivery
of the Forward Purchase Shares has been taken or will be taken prior to the FPS Closing, as applicable. This Agreement, when executed
and delivered by the Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company
in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance,
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the
indemnification provisions contained in the Registration Rights may be limited by applicable federal or state securities laws.

 

(d) Valid Issuance of Forward Purchase Shares.

 

(i) The Forward Purchase Shares, when issued, sold
and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid
and nonassessable and free of all preemptive or similar rights, liens, encumbrances and charges with respect to the issue thereof and
restrictions on transfer other than restrictions on transfer specified under this Agreement, applicable state and federal securities
laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser
in this Agreement and subject to the filings described in Section 3(e) below, the Forward Purchase Shares will be issued in compliance
with all applicable federal and state securities laws.

 

(ii) No “bad actor” disqualifying event
described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company
or, to the Company’s knowledge, any Company Covered Person (as defined below), except for a Disqualification Event as to which
Rule 506(d)(2)(ii)—(iv) or (d)(3), is applicable. “Company Covered Person” means, with respect to the Company
as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of
Rule 506(d)(1).

 

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(e) Governmental Consents and Filings. Assuming
the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval, order or authorization
of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required
on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for any filings
pursuant to Regulation D of the Securities Act, applicable state securities laws, and pursuant to the Registration Rights.

 

(f) Compliance with Other Instruments. The
execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement by the
Company will not result in any violation or default (i) of any provisions of the Company’s certificate of incorporation, as it
may be amended from time to time (the “Charter”) or its other governing documents, (ii) of any instrument, judgment,
order, writ or decree to which the Company is a party or by which the Company is bound, (iii) under any note, indenture or mortgage to
which the Company is a party or by which the Company is bound, (iv) under any lease, agreement, contract or purchase order to which the
Company is a party or by which the Company is bound or (v) of any provision of federal or state statute, rule or regulation applicable
to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate
the transactions contemplated by this Agreement.

 

(g) Operations. As of the date hereof, the
Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations other than organizational activities
and activities in connection with the IPO and offerings of the Forward Purchase Shares.

 

(h) Foreign Corrupt Practices. Neither the
Company, nor, to the knowledge of the Company, any director, officer, agent, employee or other Person acting on behalf of the Company
has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign
Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful
payment to any foreign or domestic government official or employee.

 

(i) Compliance with Anti-Money Laundering Laws.
The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting
requirements and all applicable U.S. and non-U.S. anti-money laundering laws, rules and regulations, including those of the Currency
and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of 2001 and the applicable money laundering statutes
of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect
to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(j) Absence of Litigation. There is no action,
suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body
pending or, to the knowledge of the Company, threatened against or affecting the Company or any of the Company’s officers or directors,
whether of a civil or criminal nature or otherwise, in their capacities as such.

 

(k) No General Solicitation. Neither the Company,
nor any of its officers, directors, employees, agents or shareholders has either directly or indirectly, including through a broker or
finder, (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the offer and sale of the Forward
Purchase Shares.

 

(l) No Other Representations and Warranties; Non-Reliance.
Except for the specific representations and warranties contained in this Section 3 and in any certificate or agreement delivered pursuant
hereto, none of the Company Parties has made, makes or shall be deemed to make any other express or implied representation or warranty
with respect to the Company, the offering, sale and purchase of the Forward Purchase Shares, the IPO or a potential Business Combination,
and the Company Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly
made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties
specifically disclaim that they are relying upon any other representations or warranties that may have been made by any of the Purchaser
Parties.

 

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4. Additional Agreements, Acknowledgements and
Waivers of the Purchaser. 

 

(a) Trust Account.

 

(i) The Purchaser hereby acknowledges that it is
aware that the Company will establish a trust account (the “Trust Account”) for the benefit of its public shareholders
upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any
kind in or to any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company,
except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Class A Ordinary Shares issued in the
IPO (the “Public Shares”) held by it.

 

(ii) The Purchaser hereby agrees that it shall have
no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust
Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except
for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In the event the Purchaser
has any Claim against the Company under this Agreement, the Purchaser shall not pursue such Claim against the Trust Account or against
the property or any monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect
of any Public Shares held by it.

 

(b) Redemption and Liquidation. The Purchaser
hereby waives, with respect to any Forward Purchase Shares held by it, any redemption rights it may have in connection with (i) the consummation
of a Business Combination, including any such rights available in the context of a shareholder vote to approve such Business Combination
and (ii) any shareholder vote to approve an amendment to the Charter (A) to modify the substance or timing of the Company’s obligation
to redeem 100% of the Company’s Class A Ordinary Shares if the Company does not complete its Business Combination within 15 months
(or up to 18 months if the Company extends the period of time to consummate a Business Combination in accordance with the Charter) after
the closing of the IPO or (B) with respect to any other provisions relating to the rights of the Company’s Class A Ordinary Shares,
it being understood that the Purchaser shall be entitled to redemption and liquidation rights with respect to any Class A Ordinary Shares
held by it other than the Forward Purchase Shares.

 

(c) Voting. The Purchaser hereby agrees that
if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination,
the Purchaser shall vote any Class A Ordinary Shares owned by it in favor of any proposed Business Combination. If the Purchaser fails
to vote any Class A Ordinary Shares it is required to vote hereunder in favor of a Proposed Business Combination, the Purchaser hereby
grants to the Company and any representative designated by the Company without further action by the Purchaser a limited irrevocable
power of attorney to effect such vote on behalf of the Purchaser, which power of attorney shall be deemed to be coupled with an interest.

 

5. Additional Agreements of the Company. 

 

(a) No Material Non-Public Information. The
Company agrees that no information provided to the Purchaser in connection with this Agreement will, upon the IPO Closing, constitute
material non-public information of the Company.

 

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(b) Nasdaq Listing. The Company will use commercially
reasonable efforts to effect and maintain the listing of the Class A Ordinary Shares on the Nasdaq (or another national securities exchange).

 

(c) No Amendments to Charter. The amended
and restated certificate of incorporation of the Company will be in substantially the same form of Exhibit B hereto and will not
be amended in any material respect prior to the IPO Closing without the Purchaser’s prior written consent.

 

6. Lock-up.
The Purchaser agrees not to transfer, assign or sell any of the Forward Purchase Shares during
the period commencing on the date of the IPO Closing and ending on the earlier of (A) one year after the completion
of the Initial Business Combination and (B) subsequent to the Initial Business Combination, (x) if the closing price of the Class A ordinary
shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Initial Business Combination,
or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that
results in all of the Company’s public shareholders having the right to exchange their Ordinary Shares for cash, securities or
other property.

 

7. FPS Closing Conditions. 

 

(a) The obligation of the Purchaser to purchase the
Forward Purchase Shares at the FPS Closing under this Agreement shall be subject to the fulfillment, at or prior to the FPS Closing of
each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Purchaser:

 

(i) The Business Combination shall be consummated
substantially concurrently with, and immediately following, the purchase of the Forward Purchase Shares;

 

(ii) The Company shall have delivered to such Purchaser
a certificate evidencing the Company’s good standing as a Delaware corporation, as of a date within ten (10) Business Days of the
Closing Date;

 

(iii) The representations and warranties of the Company
set forth in Section 3 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the
FPS Closing, as applicable, with the same effect as though such representations and warranties had been made on and as of such date (other
than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such
specified date), except where the failure to be so true and correct would not have a material adverse effect on the Company or its ability
to consummate the transactions contemplated by this Agreement;

 

(iv) The
Purchaser shall have obtained investment committee approval to purchase the Forward Purchase Shares at or before the FPS Closing;

 

(v) The Company shall have performed, satisfied and complied in all material respects with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the FPS
Closing; and

 

(vi) No order, writ, judgment, injunction, decree,
determination, or award shall have been entered or threatened by or with any governmental, regulatory, or administrative authority or
any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect or threatened, preventing
the purchase by the Purchaser of the Forward Purchase Shares.

 

(b) The obligation of the Company to sell the Forward
Purchase Shares at the FPS Closing under this Agreement shall be subject to the fulfillment, at or prior to the FPS Closing of each of
the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Company:

 

(i) The Business Combination shall be consummated
substantially concurrently with, and immediately following, the purchase of the Forward Purchase Shares;

 

(ii) The representations and warranties of the Purchaser
set forth in Section 2 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the
FPS Closing, as applicable, with the same effect as though such representations and warranties had been made on and as of such date (other
than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such
specified date), except where the failure to be so true and correct would not have a material adverse effect on the Purchaser or its
ability to consummate the transactions contemplated by this Agreement;

 

(iii) The Purchaser shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied
or complied with by the Purchaser at or prior to the FPS Closing; and

 

(iv) No order, writ, judgment, injunction, decree,
determination, or award shall have been entered or threatened by or with any governmental, regulatory, or administrative authority or
any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect or threatened, preventing
the purchase by the Purchaser of the Forward Purchase Shares.

 

    8

     

    

 

8. Termination. This Agreement may be terminated
at any time prior to the FPS Closing:

 

(a) by mutual written consent of the Company and
the Purchaser

 

(b) should
the Purchaser not be able to obtain investment committee approval to purchase the Forward Purchase Shares; or

 

(c) automatically

 

(i) if the IPO is not consummated on or prior to
two months from the date of this Agreement; or

 

(ii) if the Business Combination is not consummated
within 15 months (or up to 18 months the Company extends the period of time to consummate a Business Combination in accordance with the
Charter) from the IPO Closing, or such later date as may be approved by the Company’s shareholders in accordance with the Charter.

 
In the event of any termination of this Agreement
pursuant to this Section 8, the FPS Purchase Price (and interest thereon, if any), if previously paid, and all Purchaser’s funds
paid in connection herewith shall be promptly returned to the Purchaser in accordance with written instructions provided by the Purchaser
to the Company, and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part
of the Purchaser or the Company and their respective directors, officers, employees, partners, managers, members, or shareholders and
all rights and obligations of each party shall cease; provided, however, that nothing contained in this Section 8 shall
relieve either party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations,
warranties, covenants or agreements contained in this Agreement. Section 4(a) shall survive termination of this Agreement.

 

9. General Provisions. 

 

(a) Notices. All notices and other communications
given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt,
and (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile (if any) during normal
business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next Business Day, (c) five
(5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) Business
Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written
verification of receipt. All communications sent to the Company shall be sent to: Founder SPAC, 11752 Potomac Drive, Potomac Maryland
20854, Attn: Osman Ahmed, with a copy to the Company’s counsel at: Winston & Strawn LLP, 800 Capitol St., Suite 2400, Attn:
Mike Blankenship, email: mblankenship@winston.com.

 

All communications to the Purchaser shall be sent
to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if any) or address
as subsequently modified by written notice given in accordance with this Section 8(a).

 

(b) No Finder’s Fees. Other than fees
payable to the underwriters of the IPO or any other investment bank or financial advisor who assists the Company in sourcing targets
for a Business Combination, which fees shall be the responsibility of the Company, each party represents that it neither is nor will
be obligated for any finder’s fee or commission in connection with this transaction. The Purchaser agrees to indemnify and to hold
harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising
out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser
or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and hold harmless the Purchaser
from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction
(and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers,
employees or representatives is responsible.

 

(c) Survival of Representations and Warranties.
All of the representations and warranties contained herein shall survive the FPS Closing.

 

    9

     

    

 

(d) Entire Agreement. This Agreement, together
with any documents, instruments and writings that are delivered pursuant hereto or referenced herein, constitutes the entire agreement
and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements,
or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof
or the transactions contemplated hereby.

 

(e) Successors. All of the terms, agreements,
covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable
by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under
or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f) Assignments. Except as otherwise specifically
provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other party. Notwithstanding the foregoing, the Purchaser may assign and delegate all or a portion of its
rights and obligations to purchase the Forward Purchase Shares to one or more other persons upon the consent of the Company (which consent
shall not be unreasonably conditioned, withheld or delayed); provided, however, that no consent of the Company shall be
required if such assignment or delegation is to an affiliate of Purchaser; provided, further, that no such assignment or
delegation shall relieve the Purchaser of its obligations hereunder (including its obligation to purchase the Forward Purchase Shares
hereunder) and the Company shall be entitled to pursue all rights and remedies against the Purchaser subject to the terms and conditions
hereof.

 

(g) Counterparts. This Agreement may be executed
in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.

 

(h) Headings. The section headings contained
in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement.

 

(i) Governing Law. This Agreement, the entire
relationship of the parties hereto, and any dispute between the parties (whether grounded in contract, tort, statute, law or equity)
shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York.

 

(j) Jurisdiction. The parties (i) hereby irrevocably
and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District
Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this
Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in state
courts of New York or the United States District Court for the Southern District of New York, and (iii) hereby waive, and agree not to
assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action
or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement
or the subject matter hereof may not be enforced in or by such court.

 

(k) WAIVER OF JURY TRIAL. THE PARTIES HERETO
HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY. 

 

(l) Amendments. This Agreement may not be
amended, modified or waived as to any particular provision, except with the prior written consent of the Company and the Purchaser.

 

(m) Severability. The provisions of this Agreement
will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the
other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance,
is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto
agree that the governmental authority, arbitrator, or mediator making such determination will have the power to modify the provision
in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced
form, such provision will then be enforceable and will be enforced.

 

    10

     

    

 

(n) Expenses. Each of the Company and the
Purchaser will be responsible for payment of its own costs and expenses incurred in connection with the preparation, execution and performance
of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives,
financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of its transfer agent; stamp taxes and
all of The Depository Trust Company’s fees associated with the issuance and resale of the Forward Purchase Shares.

 

(o) Construction. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises,
this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring
or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local,
or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the context
requires otherwise. The words “include,” “includes,” and “including” will be
deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed
to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context
otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first
representation, warranty, or covenant.

 

(p) Waiver. No waiver by any party hereto
of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to
any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising
because of any prior or subsequent occurrence.

 

(q) Confidentiality. Except as may be required
by law, regulation or applicable stock exchange listing requirements, unless and until the transactions contemplated hereby and the terms
hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto shall keep confidential and shall not
publicly disclose the existence or terms of this Agreement.

 

(r) Specific Performance. The Purchaser agrees
that irreparable damage may occur in the event any provision of this Agreement was not performed by the Purchaser in accordance with
the terms hereof and that the Company shall be entitled to specific performance of the terms hereof, in addition to any other remedy
at law or equity.

 

    11

     

    

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement to be effective as
of the date first set forth above.

 

	 	FOUNDER
                                            SPAC

	 	 	 
	 	By:   	/s/ Osman
    Ahmed
	 	 	Name:  Osman
    Ahmed 
	 	 	Title:    Chief
    Executive Officer

   

	 	METEORA
                                            CAPITAL PARTNERS, LP

	 	 	 
	 	By:	/s/ Joseph Tonnos
	 	 	Name:
 Joseph Tonnos    
	 	 	Title:    Associate PM & Principal

 

    12

     

    

 

Exhibit
A

 

Registration
Rights

 

1.
Within thirty (30) days after the Business Combination Closing, the Company shall use reasonable best efforts (i) to file a registration
statement on Form S-3 for the resale (including any successor registration statement covering the resale of the Registrable Securities,
a “Resale Shelf”) of (x) the Forward Purchase Shares and (y) any other equity security of the Company issued or issuable
with respect to the securities referred to in clause (x) by way of a share capitalization or share split or in connection with a combination
of shares, recapitalization, merger, consolidation or reorganization (collectively, for so long as such securities are held by the Purchaser
or its assignees under the Agreement (each, a “Holder”), the “Registrable Securities”) pursuant
to Rule 415 under the Securities Act; provided that if Form S-3 is unavailable for such a registration, the Company shall cause
such Resale Shelf to be on Form S-1 or on another appropriate form and undertake to convert the Resale Shelf to or refile the Resale
Shelf on Form S-3 as soon as such form is available, (ii) to cause the Resale Shelf to be declared effective under the Securities Act
promptly thereafter, but in no event later than ninety (90) days after the initial filing of the Resale Shelf, and (iii) to maintain
the effectiveness of such Resale Shelf with respect to the Registrable Securities until the earlier of (A) the date on which such securities
are no longer Registrable Securities and (B) the date all of the Registrable Securities covered by the Resale Shelf can be sold publicly
without restriction or limitation under Rule 144 under the Securities Act and without the requirement to be in compliance with Rule 144(c)(1)
under the Securities Act.

 

2. The Holders may, after the Resale Shelf becomes
effective, deliver a written notice to the Company (the “Underwritten Offering Notice”) specifying that the sale of
some or all of the Registrable Securities subject to the Resale Shelf is intended to be conducted through a firm commitment underwritten
offering (an “Underwritten Offering”); provided, however, that the Holders of Registrable Securities
may not, without the Company’s prior written consent, (i) launch an Underwritten Offering the anticipated gross proceeds of which
shall be less than $25,000,000 (unless the Holders are proposing to sell all of their remaining Registrable Securities), (ii) launch
more than three Underwritten Offerings at the request of the Holders within any three-hundred sixty-five (365) day-period or (iii) launch
an Underwritten Offering within the period commencing fourteen (14) days prior to and ending two (2) days following the Company’s
scheduled earnings release date for any fiscal quarter or year. In the event of an Underwritten Offering, the Holders representing a
majority-in-interest of the Registrable Securities to be included in such Underwritten Offering shall select the managing underwriter(s)
for the Underwritten Offering; provided that the choice of such managing underwriter(s) shall be subject to the consent of the
Company, which is not to be unreasonably withheld, conditioned or delayed. If the underwriter(s) for any Underwritten Offering pursuant
to this paragraph 2 of this Exhibit A (each, a “Secondary Offering”) advise the Company and the Holders that, in their
good faith opinion, marketing factors require a limitation on the number of securities that may be included in such Secondary Offering,
the number of securities to be so included shall be allocated as follows: (i) first, to the Holders that have requested to participate
in such Secondary Offering, allocated pro rata among such Holders on the basis of the percentage of the Registrable Securities
requested to be included in such Secondary Offering by such Holders, and (ii) second, to the holders of any other securities of the Company
that have been requested to be so included.

 

3. Upon receipt of prior written notice by any Holder
that they intend to effect a sale of Registrable Securities held by them as are then registered pursuant to the Resale Shelf, the Company
shall use its reasonable best efforts to cooperate in such sale (whether or not such sale constitutes an Underwritten Offering), including
by amending or supplementing the prospectus related to such Resale Shelf as may be reasonably requested by such Holder for so long as
such Holder holds Registrable Securities.

 

4. In the event the Company is prohibited by applicable
rule, regulation or interpretation by the staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”)
from registering all of the Registrable Securities on the Resale Shelf or the Staff requires that any Holder be specifically identified
as an “underwriter” in order to permit such registration statement to become effective, and such Holder does not consent
in writing to being so named as an underwriter in such registration statement, the number of Registrable Securities to be registered
on the Resale Shelf will be reduced on a pro rata basis among all Holders to be so included, unless otherwise required by the Staff,
so that the number of Registrable Securities to be registered is permitted by the Staff and such Holder is not required to be named as
an “underwriter”; provided that any Registrable Securities not registered due to this paragraph 4 shall thereafter
as soon as allowed by the SEC guidance be registered to the extent the prohibition no longer is applicable.

 

    A-1

     

    

 

5. If at any time the Company proposes to file a
registration statement (a “Registration Statement”) on its own behalf, or on behalf of any Persons other than the
Holders who have registration rights (“Other Holders”), relating to an Underwritten Offering of Class A Ordinary Shares
(a “Company Offering”), then the Company will provide the Holders with notice in writing (an “Offer Notice”)
at least three (3) Business Days prior to such filing, which Offer Notice will offer to include in the Registration Statement the Registrable
Securities held by each Holder (the “Piggyback Securities”). Within three (3) Business Days after receiving the Offer
Notice, each Holder may make a written request (a “Piggyback Request”) to the Company to include some or all of such
Holder’s Registrable Securities in the Registration Statement. If the underwriter(s) for any Company Offering advise the Company
that, in their good faith opinion, marketing factors require a limitation on the number of securities that may be included in the Company
Offering, the number of securities to be so included shall be allocated as follows: (i) first, to the Company and the Other Holders,
if any; and (ii) second, to the Holders and any other holders of similar piggyback rights, based pro rata on the value of the securities
requested to be sold in such Company Offering by each requesting holder.

 

6. In connection with any Underwritten Offering,
the Company shall enter into such customary agreements and take all such other actions in connection therewith (including those reasonably
requested by Holders representing a majority-in-interest of the Registrable Securities to be included in such Underwritten Offering)
in order to facilitate the disposition of such Registrable Securities as are reasonably necessary or required, and in such connection
enter into a customary underwriting agreement that provides for customary opinions, comfort letters and officer’s certificates
and other customary deliverables.

 

7. The Company shall pay all fees and expenses incident
to the performance of or compliance with its obligation to prepare, file and maintain the Resale Shelf (including the fees of its counsel
and accountants). The Company shall also pay all Registration Expenses. For purposes of this paragraph 7, “Registration Expenses”
shall mean the out-of-pocket expenses of any Secondary Offering and any Company Offering, including, without limitation, the following:
(i) all registration and filing fees (including fees with respect to filings required to be made with FINRA and any securities exchange
on which the Registrable Securities are then listed); (ii) fees and expenses of compliance with securities or blue sky laws (including
reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities);
(iii) printing, messenger, telephone and delivery expenses; (iv) reasonable fees and disbursements of counsel for the Company; (v) reasonable
fees and disbursements of all independent registered public accountants of the Company; and (vi) reasonable fees and expenses of one
(1) legal counsel selected by Holders representing a majority-in-interest of the Registrable Securities participating in any such Secondary
Offering not to exceed $75,000 per Secondary Offering, but shall not include any incremental selling expenses relating to the sale of
Registrable Securities, such as underwriters’ commissions and discounts, brokerage fees, underwriter marketing costs and, other
than as set forth in clause (vi) of this paragraph 7, the fees and expenses of any legal counsel representing the Holders; and provided
that the Company shall only be responsible for expenses under clause (vi) with respect to two Secondary Offerings in any consecutive
three-hundred sixty-five (365) day-period.

 

8. The Company may suspend the use of a prospectus
included in the Resale Shelf by furnishing to the Holders a written notice (“Suspension Notice”) stating that in the
good faith judgment of the Company, it would be either (i) prohibited by the Company’s insider trading policy (as if the Holders
were covered by such policy) or (ii) materially detrimental to the Company and its shareholders for such prospectus to be used at such
time. The Company’s right to suspend the use of such prospectus under clause (ii) of the preceding sentence may be exercised for
a period of not more than ninety (90) days after the date of such notice to the Holders; provided that such period may be extended
for an additional thirty (30) days with the consent of Holders representing a majority-in-interest of the Registrable Securities, which
consent shall not be unreasonably withheld; provided, further, that such right to suspend the use of a prospectus shall
be exercised by the Company not more than once in any twelve (12) month period. The Holders shall not effect any sales of Registrable
Securities pursuant to the Resale Shelf at any time after they have received a Suspension Notice from the Company and prior to receipt
of an End of Suspension Notice (as defined below). The Holders may recommence effecting sales of the Registrable Securities pursuant
to the Resale Shelf following further written notice to such effect (an “End of Suspension Notice”) from the Company
to the Holders. The Company shall act in good faith to permit any suspension period contemplated by this paragraph to be concluded as
promptly as reasonably practicable.

 

    A-2

     

    

 

9. The Holders agree that, except as required by
applicable law, the Holders shall treat as confidential the receipt of any Suspension Notice (provided that in no event shall such notice
contain any material nonpublic information of the Company) hereunder and shall not disclose or use the information contained in such
Suspension Notice (including the existence of such Suspension Notice) without the prior written consent of the Company until such time
as the information contained therein is or becomes public, other than as a result of disclosure by a Holder of Registrable Securities
in breach of the terms of this Agreement.

 

10. The Company shall indemnify and hold harmless
the Holders, their respective directors and officers, partners, members, managers, employees, agents, and representatives and each person,
if any, who controls a Holder within the meaning of the Securities Act and the Exchange Act and any agent thereof (collectively, “Indemnified
Persons”), to the fullest extent permitted by applicable law, from and against any losses, claims, damages, liabilities, joint
or several, costs (including reasonable costs of preparation and reasonable attorneys’ fees) and expenses, judgments, fines, penalties,
interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal,
administrative or investigative, in which any Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise,
under the Securities Act or otherwise (collectively, “Losses”), promptly as incurred, arising out of, based upon or
resulting from any untrue statement or alleged untrue statement of any material fact contained in the Resale Shelf (or any amendment
or supplement thereto), the related prospectus, or any amendment or supplement thereto, or arise out of, are based upon or resulting
from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading; provided, however, that the Company shall
not be liable in any such case or to any Indemnified Person to the extent that any such Loss arises out of, is based upon or results
from an untrue statement or alleged untrue statement or omission or alleged omission or so made in reliance upon or in conformity with
information furnished by or on behalf of such Indemnified Person in writing specifically for use in the preparation of the Resale Shelf,
the related prospectus, or any amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Indemnified Person, and shall survive the transfer of such securities by the Purchaser.

 

11. The Company’s obligation under paragraph
1 of this Exhibit A is subject to each Holder’s furnishing to the Company in writing such information as the Company reasonably
requests for use in connection with the Resale Shelf, the related prospectus, or any amendment or supplement thereto. Each Holder shall
indemnify the Company, its officers, directors, managers, employees, agents and representatives, and each person who controls the Company
(within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue statement
or alleged untrue statement of material fact contained in the Resale Shelf, the related prospectus, or any amendment or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or omission is contained in any information so furnished in writing by
such Holder expressly for inclusion in such Resale Shelf, related prospectus or amendment or supplement thereto, as applicable; provided
that the obligation to indemnify shall be individual, not joint and several, and shall be limited to the net amount of proceeds received
by the applicable Holder from the sale of Registrable Securities pursuant to the Resale Shelf.

 

12. The Company shall cooperate with the Holders,
to the extent the Registrable Securities become freely tradable, to facilitate the timely preparation and delivery of certificates (not
bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Resale Shelf and enable such certificates
to be in such denominations or amounts, as the case may be, as the Holders may reasonably request and registered in such names as each
Holder may request.

 

13. If requested by Holders representing a majority-in-interest
of the Registrable Securities, the Company shall as soon as practicable, subject to any Suspension Notice, (i) incorporate in a prospectus
supplement or post-effective amendment such information as each Holder reasonably requests to be included therein relating to the sale
and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities
being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be
sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified
of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments
to any Registration Statement if reasonably requested by Holders representing a majority-in-interest of the Registrable Securities.

 

    A-3

     

    

 

14. As long as Registrable Securities are outstanding,
the Company, at all times while it shall be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect
thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to
Sections 13(a) or 15(d) of the Exchange Act, and to promptly furnish the Holders with true and complete copies of all such filings, unless
filed through the SEC’s EDGAR system. The Company further covenants that it shall take such further action as the Holders may reasonably
request, all to the extent required from time to time, to enable the Holders to sell the Class A Shares and Warrants held by the Holders
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities
Act, including providing any legal opinions, to the extent such exemption is available to the Purchaser at such time. Upon the request
of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied
with such requirements.

 

    A-4

     

    

 

Exhibit B

 

Form of Amended and Restated Charter of the Company

 

See attached. 

 

    B-1EXHIBIT 4.1

 

ARCTURUS THERAPEUTICS
HOLDINGS INC.

2021 INDUCEMENT EQUITY
INCENTIVE PLAN

 

ARTICLE 1.

EFFECTIVE DATE, OBJECTIVES AND DURATION

 

1.1 Effective Date of the Plan. The
Board of Directors of Arcturus Therapeutics Holdings Inc., a Delaware corporation (the “Company”), has adopted the 2021 Inducement
Equity Incentive Plan (the “Plan”) effective as of October 15, 2021 (the “Effective Date”). It is expressly intended
that approval of the Company’s stockholders not be required as a condition to the effectiveness of the Plan, and the Plan’s
provisions shall be interpreted in a manner consistent with such intent for all purposes.

 

1.2 Objectives of the Plan. The purpose
of the Plan is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain
and motivate persons who are expected to make important contributions to the Company with an inducement material for such persons to enter
into employment with the Company and by providing such persons with equity ownership opportunities and performance-based incentives that
are intended to better align the interests of such persons with those of the Company’s stockholders. Except where the context otherwise
requires, the term “Company” shall include any of the Company’s present or future parent or subsidiary corporations
as defined in Sections 424(e) or (f) of the United States Internal Revenue Code of 1986, as amended, and any regulations thereunder (the
“Code”) and any other business venture (including, without limitation, joint venture or limited liability company) in which
the Company has a controlling interest, as determined by the Board of Directors of the Company (the “Board”).

 

1.3 Duration of the Plan. The Plan
shall commence on the Effective Date and shall remain in effect, subject to the right of the Board to amend or terminate the Plan at any
time pursuant to Article 15 hereof, until the earlier of (i)the tenth anniversary of the Effective Date, or the date all Shares subject
to the Plan shall have been purchased or acquired and the restrictions on all Restricted Shares granted under the Plan shall have lapsed,
according to the Plan’s provisions.

 

ARTICLE 2.

DEFINITIONS

 

Whenever used in the Plan, the following terms
shall have the meanings set forth below:

 

2.1 “Affiliate” means any corporation
or other entity, including but not limited to partnerships, limited liability companies and joint ventures, with respect to which the
Company, directly or indirectly, owns as applicable (a) stock possessing more than fifty percent (50%) of the total combined voting
power of all classes of stock entitled to vote, or more than fifty percent (50%) of the total value of all shares of all classes of stock
of such corporation, or (b) an aggregate of more than fifty percent (50%) of the profits interest or capital interest of a non-corporate entity.

 

2.2 “Award” means Options,
SARs, Restricted Shares, Performance Units (which may be paid in cash), Performance Shares, Deferred Stock, Restricted Stock Units, Dividend
Equivalents, Bonus Shares or Other Stock-Based Awards granted under the Plan.

 

2.3 “Award Agreement” means
either (a) a written agreement entered into by the Company and a Grantee setting forth the terms and provisions applicable to an
Award granted under this Plan, or (b) a written statement issued by the Company to a Grantee describing the terms and provisions
of such Award, including any amendment or modification thereof. The Committee may provide for the use of electronic, internet or other non-paper Award
Agreements and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by
the Grantee.

 

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

 

    1

    

    

 

2.5 “Bonus Shares” means Shares
that are awarded to a Grantee with or without cost and without restrictions either in recognition of past performance (whether determined
by reference to another employee benefit plan of the Company or otherwise), as an inducement to become an Eligible Person or, with the
consent of the Grantee, as payment in lieu of any cash remuneration otherwise payable to the Grantee.

 

2.6 “Cause” means, except as
otherwise defined in an Award Agreement:

 

(a) the commission of any act by a Grantee constituting
a felony or crime of moral turpitude (or their equivalent in a non-United States jurisdiction);

 

(b) an act of dishonesty, fraud, intentional
misrepresentation, or harassment which, as determined in good faith by the Committee, would: (i) materially adversely affect the
business or the reputation of the Company or any of its Affiliates with their respective current or prospective customers, suppliers,
lenders and/or other third parties with whom such entity does or might do business; or (ii) expose the Company or any of its Affiliates
to a risk of civil or criminal legal damages, liabilities or penalties;

 

(c) any material misconduct in violation of the
Company’s or an Affiliate’s written policies; or

 

(d) willful and deliberate non-performance of
the Grantee’s duties in connection with the business affairs of the Company or its Affiliates;

 

provided, however, that if the Grantee
has a written employment or consulting agreement with the Company or any of its Affiliates or participates in any severance plan established
by the Company that includes a definition of “cause,” Cause shall have the meaning set forth in such employment or consulting
agreement or severance plan.

 

2.7 Intentionally Omitted.

 

2.8 “Change in Control” shall
have the meaning set forth in Section 16.4(e).

 

2.9 “Code” means the Internal
Revenue Code of 1986, as amended from time to time. References to a particular section of the Code include references to regulations and
rulings thereunder and to successor provisions.

 

2.10 “Committee” has the meaning
set forth in Section 3.1(a).

 

2.11 “Compensation Committee”
means the compensation committee of the Board.

 

2.12 “Common Stock” means the
common stock, $0.001 par value, of the Company.

 

2.13 “Corporate Transaction”
shall have the meaning set forth in Section 4.2(b).

 

2.14 “Deferred Stock” means
a right, granted under Article 10, to receive Shares at the end of a specified deferral period.

 

2.15 “Disability” or “Disabled”
means, unless otherwise defined in an Award Agreement, or as otherwise determined under procedures established by the Committee for purposes
of the Plan:

 

(a) Except as provided in (b) below, a disability
within the meaning of Section 22(e)(3) of the Code; and

 

(b) In the case of any Award that constitutes
deferred compensation within the meaning of Section 409A of the Code, a disability as defined in regulations under Code Section 409A.
For purpose of Code Section 409A, a Grantee will be considered Disabled if:

 

(i) the Grantee 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 twelve (12) months, or

 

(ii) the Grantee is, 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 twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the Grantee’s employer.

 

2.16 “Dividend Equivalent”
means a right to receive payments equal to dividends or property, if and when paid or distributed, on a specified number of Shares.

 

2.17 “Effective Date” has the
meaning set forth in Section 1.1.

 

    2

    

    

 

2.18 “Eligible Person” means
any individual who (a) was not previously an employee or director of the Company or (b) is commencing employment with the Company following
a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with
the and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). For the avoidance of doubt, neither consultants nor
advisors shall be eligible to participate in the Plan. Notwithstanding the foregoing, an Eligible Person shall also include an individual
who is expected to become an employee of the Company or any Affiliate within a reasonable period of time after the grant of an Award;
provided that any Award granted to any such individual shall be automatically terminated and cancelled without consideration if the individual
does not begin performing services for the Company or any Affiliate within twelve (12) months after the Grant Date.

 

2.19 “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time. References to a particular section of the Exchange Act include references
to successor provisions.

 

2.20 “Exercise Price” means
(a) with respect to an Option, the price at which a Share may be purchased by a Grantee pursuant to such Option or (b) with
respect to an SAR, the price established at the time an SAR is granted pursuant to Article 7, which is used to determine the amount, if
any, of the payment due to a Grantee upon exercise of the SAR.

 

2.21 “Fair Market Value” of
a Share means a price that is based on the opening, closing, actual, high, low, or the arithmetic mean of selling prices of a Share reported
on an established stock exchange which is the principal exchange upon which the Shares are traded on the applicable date or the preceding
trading day. Unless the Committee determines otherwise, if the Shares are traded over the counter at the time a determination of its Fair
Market Value is required to be made hereunder, Fair Market Value shall be deemed to be equal to the arithmetic mean between the reported
high and low or closing bid and asked prices of a Share on the applicable date, or if no such trades were made that day then the most
recent date on which Shares were publicly traded. In the event Shares are not publicly traded at the time a determination of their value
is required to be made hereunder, the determination of their Fair Market Value shall be made by the Committee in such manner as it deems
appropriate provided such manner is consistent with Treasury Regulation Section 1.409A-1(b)(5)(iv)(B).

 

2.22 “Grant Date” means the
date on which an Award is granted or such later date as specified in advance by the Committee.

 

2.23 “Grantee” or “Participant”
means a person who has been granted an Award.

 

2.24 Intentionally Omitted

 

2.25 “Including” or “includes”
means “including, without limitation,” or “includes, without limitation,” respectively.

 

2.26 Intentionally Omitted.

 

2.27 Intentionally Omitted

 

2.28 “Option” means an option
granted under Article 6 of the Plan.

 

2.29 “Other Stock-Based Award”
means a right, granted under Article 13 hereof, that relates to or is valued by reference to Shares or other Awards relating to Shares.

 

2.30 “Performance Period” means,
with respect to an Award of Performance Shares or Performance Units, the period of time during which the performance vesting conditions
applicable to such Award must be satisfied.

 

2.31 “Performance Share” and
“Performance Unit” have the respective meanings set forth in Article 9.

 

2.32 “Period of Restriction”
means the period during which Restricted Shares are subject to forfeiture if the conditions specified in the Award Agreement are not satisfied.

 

2.33 “Person” means any individual,
sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization, association, corporation,
institution, public benefit corporation, entity or government instrumentality, division, agency, body or department.

 

2.34 “Restricted Shares” means
Shares, granted under Article 8, that are both subject to forfeiture and are nontransferable if the Grantee does not satisfy the conditions
specified in the Award Agreement applicable to such Shares.

 

    3

    

    

 

2.35 “Restricted Stock Units”
are rights, granted under Article 10, to receive Shares (or cash in lieu thereof) if the Grantee satisfies the conditions specified in
the Award Agreement applicable to such rights.

 

2.36 “Rule 16b-3” means
Rule 16b-3 promulgated by the SEC under the Exchange Act, as amended from time to time, together with any successor rule.

 

2.37 “SEC” means the United
States Securities and Exchange Commission, or any successor thereto.

 

2.38 Intentionally Omitted.

 

2.39 “Section 16 Person”
means a person who is subject to potential liability under Section 16(b) of the Exchange Act with respect to transactions involving
equity securities of the Company.

 

2.40 “Separation from Service”
means, with respect to any Award that constitutes deferred compensation within the meaning of Code Section 409A, a “separation
from service” as defined in Treasury Regulation Section 1.409A-1(h). For this purpose, a “separation from service”
is deemed to occur on the date that the Company and the Grantee reasonably anticipate that the level of bona fide services the Grantee
would perform for the Company and/or any Affiliates after that date would permanently decrease to a level that, based on the facts and
circumstances, would constitute a separation from service; provided that a decrease to a level that is 50% or more of the average level
of bona fide services provided over the prior 36 months shall not be a separation from service, and a decrease to a level that is 20%
or less of the average level of such bona fide services shall be a separation from service. The Committee retains the right and discretion
to specify, and may specify, whether a separation from service occurs with respect to those individuals who are performing services for
the Company or an Affiliate immediately prior to an asset purchase transaction in which the Company or an Affiliate is the seller and
who continue to perform services for the buyer (or an affiliate thereof) immediately following such asset purchase transaction; provided,
such specification is made in accordance with the requirements of Treasury Regulation Section 1.409A-1(h)(4).

 

2.41 “Share” means a share
of Common Stock, and such other securities of the Company, as may be substituted or resubstituted for Shares pursuant to Section 4.2
hereof.

 

2.42 “Stock Appreciation Right”
or “SAR” means an Award granted under Article 7 of the Plan.

 

2.43 “Subsidiary Corporation”
means a corporation other than the Company in an unbroken chain of corporations beginning with the Company if, at the time of granting
the Option, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain.

 

2.44 “Surviving Company” means
(a) the surviving corporation in any merger, consolidation or similar transaction, involving the Company (including the Company if
the Company is the surviving corporation), (b) or the direct or indirect parent company of such surviving corporation or (c) the
direct or indirect parent company of the Company following a sale of substantially all of the outstanding stock of the Company.

 

2.45 “Term” of any Option or
SAR means the period beginning on the Grant Date of an Option or SAR and ending on the date such Option or SAR expires, terminates or
is cancelled. No Option or SAR granted under this Plan shall have a Term exceeding 10 years.

 

2.46 “Termination of Affiliation”
occurs on the first day on which an individual is for any reason no longer performing services for the Company or any Affiliate in the
capacity of an employee of the Company or any Affiliate or with respect to an individual who is an employee of Affiliate, the first day
on which such entity ceases to be an Affiliate of the Company unless such individual continues serve as an employee for the Company or
another Affiliate without interruption after such entity ceases to be an Affiliate. Notwithstanding the foregoing, if an Award constitutes
deferred compensation within the meaning of Code Section 409A, Termination of Affiliation with respect to such Award shall mean the
Grantee’s Separation from Service.

 

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ARTICLE 3.

ADMINISTRATION

 

3.1 Committee.

 

(a) Subject to Article 14, and to Section 3.2,
the Plan shall be administered by a Committee (the “Committee”) of directors of the Company appointed by the Board from time
to time. Notwithstanding the foregoing, either the Board or the Compensation Committee may at any time and in one or more instances reserve
administrative powers to itself as the Committee or exercise any of the administrative powers of the Committee. The number of members
of the Committee may from time to time be increased or decreased as the Board or Compensation Committee deems appropriate.

 

(b) Intentionally Omitted

 

(c) Unless the context requires otherwise, any
references herein to “Committee” include references to the Board or the Compensation Committee to the extent the Board or
the Compensation Committee, as applicable, has assumed or exercises administrative powers itself as the Committee pursuant to subsection.

 

(d) ) Notwithstanding the foregoing or anything
in the Plan to the contrary, the grant of any Award under the Plan must be approved by the Company’s independent compensation committee
or a majority of the Company’s independent directors (as defined in Nasdaq Stock Market Rule 5605(a)(2)) in order to comply with
the exemption from the stockholder approval requirement for “inducement grants” provided under Nasdaq Stock Market Rule 5635(c)(4).

 

3.2 Powers of Committee. Subject to
and consistent with the provisions of the Plan, the Committee has full and final authority and sole discretion as follows:

 

(a) to determine when, to whom and in what types
and amounts Awards should be granted;

 

(b) to grant Awards to Eligible Persons in any
number and to determine the terms and conditions applicable to each Award (including the number of Shares or the amount of cash or other
property to which an Award will relate, any Exercise Price or purchase price, any limitation or restriction, any schedule for or performance
conditions relating to the earning of the Award or the lapse of limitations, forfeiture restrictions, restrictions on exercisability or
transferability, any performance goals including those relating to the Company and/or an Affiliate and/or any division thereof and/or
an individual, and/or vesting based on the passage of time, based in each case on such considerations as the Committee shall determine);

 

(c) to determine the benefit payable under any
Performance Unit, Performance Share, Dividend Equivalent, Other Stock-Based Award or Cash Incentive Award and to determine whether any
performance or vesting conditions have been satisfied;

 

(d) to determine whether or not specific Awards
shall be granted in connection with other specific Awards, and if so, whether they shall be exercisable cumulatively with, or alternatively
to, such other specific Awards and all other matters to be determined in connection with an Award;

 

(e) to determine the Term of any Option or SAR;

 

(f) to determine the amount, if any, that a Grantee
shall pay for Restricted Shares, whether to permit or require the payment of cash dividends thereon to be deferred and the terms related
thereto, when Restricted Shares (including Restricted Shares acquired upon the exercise of an Option) shall be forfeited and whether such
shares shall be held in escrow;

 

(g) to determine whether, to what extent and
under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards or other
property, or an Award may be accelerated, vested, canceled, forfeited or surrendered or any terms of the Award may be waived, and to accelerate
the exercisability of, and to accelerate or waive any or all of the terms and conditions applicable to, any Award or any group of Awards
for any reason and at any time;

 

(h) to determine with respect to Awards granted
to Eligible Persons whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts
payable with respect to an Award will be deferred, either at the election of the Grantee or automatically pursuant to the terms of the
Award Agreement;

 

    5

    

    

 

(i) to offer to exchange or buy out any previously
granted Award for a payment in cash, Shares or other Award;

 

(j) to construe and interpret the Plan and to
make all determinations, including factual determinations, necessary or advisable for the administration of the Plan;

 

(k) to make, amend, suspend, waive and rescind
rules and regulations relating to the Plan;

 

(l) to appoint such agents as the Committee may
deem necessary or advisable to administer the Plan;

 

(m) to determine the terms and conditions of
all Award Agreements applicable to Eligible Persons (which need not be identical) and, with the consent of the Grantee, to amend any such
Award Agreement at any time, among other things, to permit transfers of such Awards to the extent permitted by the Plan; provided that
the consent of the Grantee shall not be required for any amendment (i) which does not adversely affect the rights of the Grantee,
or (ii) which is necessary or advisable (as determined by the Committee) to carry out the purpose of the Award as a result of any
new applicable law or change in an existing applicable law, or (iii) to the extent the Award Agreement specifically permits amendment
without consent;

 

(n) to cancel, with the consent of the Grantee,
outstanding Awards and to grant new Awards in substitution therefor;

 

(o) to impose such additional terms and conditions
upon the grant, exercise or retention of Awards as the Committee may, before or concurrently with the grant thereof, deem appropriate,
including limiting the percentage of Awards which may from time to time be exercised by a Grantee;

 

(p) to make adjustments in the terms and conditions
of, and the criteria in, Awards in recognition of unusual or nonrecurring events (including events described in Section 4.2) affecting
the Company or an Affiliate or the financial statements of the Company or an Affiliate, or in response to changes in applicable laws,
regulations or accounting principles;

 

(q) to correct any defect or supply any omission
or reconcile any inconsistency, and to construe and interpret the Plan, the rules and regulations, and Award Agreement or any other instrument
entered into or relating to an Award under the Plan; and

 

(r) to take any other action with respect to
any matters relating to the Plan for which it is responsible and to make all other decisions and determinations as may be required under
the terms of the Plan or as the Committee may deem necessary or advisable for the administration of the Plan.

 

Any action of the Committee with respect to the
Plan shall be final, conclusive and binding on all persons, including the Company, its Affiliates, any Grantee, any person claiming any
rights under the Plan from or through any Grantee, and stockholders, except to the extent the Committee may subsequently modify, or take
further action not consistent with, its prior action. If not specified in the Plan, the time at which the Committee must or may make any
determination shall be determined by the Committee, and any such determination may thereafter be modified by the Committee. The express
grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power
or authority of the Committee. Subject to Section 3.1(b), the Committee may delegate to officers of the Company or any Affiliate
the authority, subject to such terms as the Committee shall determine, to perform specified functions under the Plan.

 

3.3 No Repricings. Notwithstanding
any provision in Section 3.2 to the contrary, the terms of any outstanding Option or SAR may not be amended: (i) to reduce the Exercise
Price of such Option or SAR, (ii) cancel any outstanding Option or SAR in exchange for other Options or SARs with an Exercise Price that
is less than the Exercise Price of the cancelled Option or SAR or for any cash payment (or Shares having with a Fair Market Value) in
an amount that exceeds the excess of the Fair Market Value of the Shares underlying such cancelled Option or SAR over the aggregate Exercise
Price of such Option or SAR or for any other Award, or (iii) take any other action with respect to an Option or SAR that would be treated
as a repricing under the rules and regulations on the principal securities exchange on which the Shares are traded, in each case without
stockholder approval; provided, however, that the restrictions set forth in this Section 3.3, shall not apply (i) unless the
Company has a class of stock that is registered under Section 12 of the Exchange Act or (ii) to any adjustment allowed under
Section 4.2.

 

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ARTICLE 4.

SHARES SUBJECT TO THE PLAN

 

4.1 Number of Shares Available for Grants.
Subject to adjustment as provided in Section 4.2 and the share counting provisions in this Section 4.1, and except as provided in
Section 5.6(b), as of the Effective Date, the maximum number of Shares hereby reserved for delivery pursuant to Awards granted under
the Plan shall be 1,000,000 Shares.

 

If any Shares subject to an Award granted hereunder
(other than a Substitute Award granted pursuant to Section 5.6(b)) are forfeited or such Award otherwise terminates without payment
or delivery of all or a portion of such Shares (including on payment in Shares on exercise of a SAR), the Shares subject to such Award,
to the extent of any such forfeiture or termination, shall again be available for grant under the Plan. In the event that any Shares subject
to an Award granted hereunder are withheld or applied as payment (either actually or by attestation) in connection with the exercise of
an Award or the withholding or payment of taxes related thereto (“Returned Shares”), such Returned Shares will not be treated
as having been delivered for purposes of determining the maximum number of Shares available for grant under the Plan and shall again be
treated as available for grant under the Plan.

 

Shares delivered pursuant to the Plan may be,
in whole or in part, authorized and unissued Shares, or treasury Shares, including Shares repurchased by the Company for purposes of the
Plan.

 

4.2 Adjustments in Authorized Shares and
Awards; Corporate Transaction, Liquidation or Dissolution.

 

(a) Adjustment in Authorized Shares and
Awards. In the event that the Committee determines that any dividend or other distribution (whether in the form of cash, Shares, or
other property), recapitalization, forward or reverse stock split, subdivision, consolidation or reduction of capital, reorganization,
merger, consolidation, scheme of arrangement, split-up, spin-off or combination involving the Company or repurchase or
exchange of Shares or other securities of the Company or other rights to purchase Shares or other securities of the Company, or other
similar corporate transaction or event affects the Shares such that any adjustment is determined by the Committee to be appropriate in
order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the
Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities
or property) with respect to which Awards may be granted, (ii) the number and type of Shares (or other securities or property) subject
to outstanding Awards, (iii) the Exercise Price with respect to any Option or SAR or, if deemed appropriate, make provision for a
cash payment to the holder of an outstanding Award, and (iv) the number and kind of Shares of outstanding Restricted Shares, or the
Shares underlying any other form of Award. Notwithstanding the foregoing, no such adjustment shall be authorized with respect to any Options
or SARs to the extent that such adjustment would cause the Option or SAR to violate Section 424(a) of the Code or otherwise subject
any Grantee to taxation under Section 409A of the Code; and provided further that the number of Shares subject to
any Award denominated in Shares shall always be a whole number.

 

(b) Merger, Consolidation or Similar
Corporate Transaction. In the event of a merger or consolidation of the Company with or into another corporation or a sale of substantially
all of the stock of the Company (a “Corporate Transaction”), unless an outstanding Award is assumed by the Surviving Company
or replaced with an equivalent Award granted by the Surviving Company in substitution for such outstanding Award, the Committee shall
cancel any outstanding Awards that are not vested and nonforfeitable as of the consummation of such Corporate Transaction (unless the
Committee accelerates the vesting of any such Awards) and with respect to any vested and nonforfeitable Awards, the Committee may either
(i) allow all Grantees to exercise such Awards of Options and SARs within a reasonable period prior to the consummation of the Corporate
Transaction and cancel any outstanding Options or SARs that remain unexercised upon consummation of the Corporate Transaction, or (ii) cancel
any or all of such outstanding Awards in exchange for a payment (in cash, or in securities or other property) in an amount equal to the
amount that the Grantee would have received (net of the Exercise Price with respect to any Options or SARs) if such vested Awards were
settled or distributed or such vested Options and SARs were exercised immediately prior to the consummation of the Corporate Transaction.
Notwithstanding the foregoing, if an Option or SAR is not assumed by the Surviving Company or replaced with an equivalent Award issued
by the Surviving Company and the Exercise Price with respect to any outstanding Option or SAR exceeds the Fair Market Value of the Shares
immediately prior to the consummation of the Corporation Transaction, such Awards shall be cancelled without any payment to the Grantee.

 

    7

    

    

 

(c) Liquidation or Dissolution of the
Company. In the event of the proposed dissolution or liquidation of the Company, each Award will terminate immediately prior to the
consummation of such proposed action, unless otherwise provided by the Committee. Additionally, the Committee may, in the exercise of
its sole discretion, cause Awards to be vested and non-forfeitable and cause any conditions on any such Award to lapse, as to
all or any part of such Award, including Shares as to which the Award would not otherwise be exercisable or non-forfeitable and
allow all Grantees to exercise such Awards of Options and SARs within a reasonable period prior to the consummation of such proposed action.
Any Awards that remain unexercised upon consummation of such proposed action shall be cancelled.

 

(d) Deferred Compensation. Notwithstanding
the forgoing provisions of this Section 4.2, if an Award constitutes deferred compensation within the meaning of Code Section 409A,
no payment or settlement of such Award shall be made pursuant to Section 4.2(b) or (c), unless the Corporate Transaction or the dissolution
or liquidation of the Company, as applicable, constitutes a Change in Control.

 

ARTICLE 5.

ELIGIBILITY AND GENERAL CONDITIONS OF AWARDS

 

5.1 Eligibility. The Committee may
in its discretion grant Awards to any Eligible Person.

 

5.2 Award Agreement. To the extent
not set forth in the Plan, the terms and conditions of each Award shall be set forth in an Award Agreement.

 

5.3 General Terms and Termination of Affiliation;
Press Release.

 

(a) The Committee may impose on any Award or the
exercise or settlement thereof, at the date of grant or, subject to the provisions of Section 15, thereafter, such additional terms
and conditions not inconsistent with the provisions of the Plan as the Committee shall determine, including terms requiring forfeiture,
acceleration or pro-rata acceleration of Awards in the event of a Termination of Affiliation by the Grantee. Except as may be
required under the Delaware General Corporation Law, Awards may be granted for no consideration other than future services. Except as
set forth in an Award Agreement or as otherwise determined by the Committee, (a) all Options and SARs that are not vested and exercisable
at the time of a Grantee’s Termination of Affiliation, and any other Awards that remain subject to a risk of forfeiture or which
are not otherwise vested at the time of the Grantee’s Termination of Affiliation shall be forfeited to the Company and (b) all
outstanding Options and SARs not previously exercised shall expire three months after the Grantee’s Termination of Affiliation.

 

(b) Each Award shall be evidenced in such form
(written, electronic or otherwise) as the Board shall determine. Each Award may contain terms and conditions in addition to those set
forth in the Plan. Promptly following the grant of an Award hereunder, the Company must disclose in a press release the material terms
of the grant, the number of shares involved, and, if required by law or Nasdaq listing rules, the identity of the Participant and each
Participant, by accepting the Award, consents to the foregoing.

 

5.4 Nontransferability of Awards.

 

(a) Each Award and each right under any Award
shall be exercisable only by the Grantee during the Grantee’s lifetime, or, if permissible under applicable law, by the Grantee’s
guardian or legal representative or by a transferee receiving such Award pursuant to a qualified domestic relations order (a “QDRO”)
as defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder.

 

(b) No Award (prior to the time, if applicable,
Shares are delivered in respect of such Award), and no right under any Award, may be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by a Grantee otherwise than by will or by the laws of descent and distribution (or in the case of Restricted
Shares, to the Company) or pursuant to a QDRO, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance
shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary to receive benefits
in the event of the Grantee’s death shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

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(c) Notwithstanding subsections (a) and
(b) above, to the extent provided in the Award Agreement or as otherwise approved by the Committee, Options and Restricted Shares, may
be transferred, without consideration, to a Permitted Transferee. For this purpose, a “Permitted Transferee” in respect of
any Grantee means any member of the Immediate Family of such Grantee, any trust of which all of the primary beneficiaries are such Grantee
or members of his or her Immediate Family, or any partnership (including limited liability companies and similar entities) of which all
of the partners or members are such Grantee or members of his or her Immediate Family; and the “Immediate Family” of a Grantee
means the Grantee’s spouse, children, stepchildren, grandchildren, parents, stepparents, siblings, grandparents, nieces and nephews.
Such Option may be exercised by such transferee in accordance with the terms of the Award Agreement. If so determined by the Committee,
a Grantee may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Grantee,
and to receive any distribution with respect to any Award upon the death of the Grantee. A transferee, beneficiary, guardian, legal representative
or other person claiming any rights under the Plan from or through any Grantee shall be subject to and consistent with the provisions
of the Plan and any applicable Award Agreement, except to the extent the Plan and Award Agreement otherwise provide with respect to such
persons, and to any additional restrictions or limitations deemed necessary or appropriate by the Committee.

 

(d) Nothing herein shall be construed as requiring
the Committee to honor a QDRO except to the extent required under applicable law.

 

5.5 Cancellation and Rescission of Awards.
Unless the Award Agreement specifies otherwise, the Committee may cancel, rescind, suspend, withhold, or otherwise limit or restrict any
unexercised Award at any time if the Grantee is not in compliance with all applicable provisions of the Award Agreement and the Plan or
if the Grantee has a Termination of Affiliation.

 

5.6 Stand-Alone, Tandem and Substitute
Awards.

 

(a) Awards granted under the Plan may, in the
discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for, any other Award granted
under the Plan unless such tandem or substitution Award would subject the Grantee to tax penalties imposed under Section 409A of
the Code. If an Award is granted in substitution for another Award or any non-Plan award or benefit, the Committee shall require
the surrender of such other Award or non-Plan award or benefit in consideration for the grant of the new Award. Awards granted
in addition to or in tandem with other Awards or non-Plan awards or benefits may be granted either at the same time as or at
a different time from the grant of such other Awards or non-Plan awards or benefits.

 

(b) To the extent approval of the stockholders
of the Company would not be required therefor under the rules of the Nasdaq, the Committee may, in its discretion and on such terms and
conditions as the Committee considers appropriate in the circumstances, grant Awards under the Plan (“Substitute Awards”)
in substitution for stock and stock-based awards (“Acquired Entity Awards”) held by current or former employees or non-employee directors
of, or consultants to, another corporation or entity who become Eligible Persons as the result of a merger or consolidation of the employing
corporation or other entity (the “Acquired Entity”) with the Company or an Affiliate or the acquisition by the Company or
an Affiliate of property or stock of the Acquired Entity immediately prior to such merger, consolidation or acquisition in order to preserve
for the Grantee the economic value of all or a portion of such Acquired Entity Award at such price as the Committee determines necessary
to achieve preservation of economic value. The limitations in Section 4.1 on the number of Shares reserved or available for grants
shall not apply to Substitute Awards granted under this Section 5.6(b).

 

5.7 Compliance with Rule 16b-3.

 

(a) Six-Month Holding Period Advice.
Unless a Grantee could otherwise dispose of or exercise a derivative security or dispose of Shares delivered under the Plan without incurring
liability under Section 16(b) of the Exchange Act, the Committee may advise or require a Grantee to comply with the following in
order to avoid incurring liability under Section 16(b) of the Exchange Act: (i) at least six months must elapse from the date
of acquisition of a derivative security under the Plan to the date of disposition of the derivative security (other than upon exercise
or conversion) or its underlying equity security, and (ii) Shares granted or awarded under the Plan other than upon exercise or conversion
of a derivative security must be held for at least six months from the date of grant of an Award.

 

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(b) Reformation to Comply with Exchange
Act Rules. To the extent the Committee determines that a grant or other transaction by a Section 16 Person should comply with
applicable provisions of Rule 16b-3 (except for transactions exempted under alternative Exchange Act rules), the Committee shall
take such actions as necessary to make such grant or other transaction so comply, and if any provision of this Plan or any Award Agreement
relating to a given Award does not comply with the requirements of Rule 16b-3 as then applicable to any such grant or transaction,
such provision will be construed or deemed amended, if the Committee so determines, to the extent necessary to conform to the then applicable
requirements of Rule 16b-3.

 

(c) Rule 16b-3 Administration.
Any function relating to a Section 16 Person shall be performed solely by the Committee or the Board if necessary to ensure compliance
with applicable requirements of Rule 16b-3, to the extent the Committee determines that such compliance is desired. Each member
of the Committee or person acting on behalf of the Committee shall be entitled to, in good faith, rely or act upon any report or other
information furnished to him by any officer, manager or other employee of the Company or any Affiliate, the Company’s independent
certified public accountants or any executive compensation consultant or attorney or other professional retained by the Company to assist
in the administration of the Plan.

 

5.8 Deferral of Award Payouts. The
Committee may permit a Grantee to defer, or if and to the extent specified in an Award Agreement require the Grantee to defer, receipt
of the payment of cash or the delivery of Shares that would otherwise be due by virtue of the lapse or waiver of restrictions with respect
to Restricted Stock Units, the satisfaction of any requirements or goals with respect to Performance Units or Performance Shares, the
lapse or waiver of the deferral period for Deferred Stock, or the lapse or waiver of restrictions with respect to Other Stock-Based Awards
or Cash Incentive Awards. If the Committee permits such deferrals, the Committee shall establish rules and procedures for making such
deferral elections and for the payment of such deferrals, which shall conform in form and substance with applicable regulations promulgated
under Section 409A of the Code and Article 16 to ensure that the Grantee is not subjected to tax penalties under Section 409A
of the Code with respect to such deferrals. Except as otherwise provided in an Award Agreement, any payment or any Shares that are subject
to such deferral shall be made or delivered to the Grantee as specified in the Award Agreement or pursuant to the Grantee’s deferral
election.

 

ARTICLE 6.

STOCK OPTIONS

 

6.1 Grant of Options. Subject to and
consistent with the provisions of the Plan, Options may be granted to any Eligible Person in such number, and upon such terms, and at
any time and from time to time as shall be determined by the Committee. For avoidance of doubt, no Option granted under this Plan shall
constitute an incentive stock option, as defined in Section 422 of the Code.

 

6.2 Award Agreement. Each Option grant
shall be evidenced by an Award Agreement that shall specify the Exercise Price, the Term of the Option, the number of Shares to which
the Option pertains, the time or times at which such Option shall be exercisable and such other provisions as the Committee shall determine.

 

6.3 Option Exercise Price. The Exercise
Price of an Option under this Plan shall be determined in the sole discretion of the Committee but may not be less than 100% of the Fair
Market Value of a Share on the Grant Date.

 

6.4 Option Term. The term of an Option
under this Plan shall not exceed ten (10) years from the Grant Date.

 

6.5 Payment of Exercise Price. Except
as otherwise provided in an Award Agreement, Options shall be exercised by the delivery of a written notice of exercise to the Company,
setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares made
by any one or more of the following means:

 

(a) cash, personal check or wire transfer;

 

(b) with the approval of the Committee, delivery
of Common Stock owned by the Grantee prior to exercise, valued at Fair Market Value on the date of exercise;

 

(c) with the approval of the Committee, Shares
acquired upon the exercise of such Option, such Shares valued at Fair Market Value on the date of exercise;

 

(d) with the approval of the Committee, Restricted
Shares held by the Grantee prior to the exercise of the Option, valued at Fair Market Value on the date of exercise; or

 

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(e) subject to applicable law (including the
prohibited loan provisions of Section 402 of the Sarbanes Oxley Act of 2002), through the sale of the Shares acquired on exercise
of the Option through a broker-dealer to whom the Grantee has submitted an irrevocable notice of exercise and irrevocable instructions
to deliver promptly to the Company the amount of sale proceeds sufficient to pay for such Shares, together with, if requested by the Company,
the amount of federal, state, local or foreign withholding taxes payable by Grantee by reason of such exercise.

 

The Committee may in its discretion specify that,
if any Restricted Shares (“Tendered Restricted Shares”) are used to pay the Exercise Price, (x) all the Shares acquired
on exercise of the Option shall be subject to the same restrictions as the Tendered Restricted Shares, determined as of the date of exercise
of the Option, or (y) a number of Shares acquired on exercise of the Option equal to the number of Tendered Restricted Shares shall
be subject to the same restrictions as the Tendered Restricted Shares, determined as of the date of exercise of the Option.

 

ARTICLE 7.

STOCK APPRECIATION RIGHTS

 

7.1 Issuance. Subject to and consistent
with the provisions of the Plan, the Committee, at any time and from time to time, may grant SARs to any Eligible Person either alone
or in addition to other Awards granted under the Plan. Such SARs may, but need not, be granted in connection with a specific Option granted
under Article 6. The Committee may impose such conditions or restrictions on the exercise of any SAR as it shall deem appropriate.

 

7.2 Award Agreements. Each SAR grant
shall be evidenced by an Award Agreement in such form as the Committee may approve and shall contain such terms and conditions not inconsistent
with other provisions of the Plan as shall be determined from time to time by the Committee.

 

7.3 SAR Exercise Price. The Exercise
Price of a SAR shall be determined by the Committee in its sole discretion; provided that the Exercise Price shall not be less than 100%
of the Fair Market Value of a Share on the date of the grant of the SAR (other than in the case of Substitute Awards).

 

7.4 Exercise and Payment. Upon the
exercise of an SAR, a Grantee shall be entitled to receive payment from the Company in an amount determined by multiplying:

 

(a) The excess of the Fair Market Value of a
Share on the date of exercise over the Exercise Price; by

 

(b) The number of Shares with respect to which
the SAR is exercised.

 

SARs shall be deemed exercised on the date written
notice of exercise in a form acceptable to the Committee is received by the Secretary of the Company. The Company shall make payment in
respect of any SAR within five (5) days of the date the SAR is exercised. Any payment by the Company in respect of a SAR may be made
in cash, Shares, other property, or any combination thereof, as the Committee, in its sole discretion, shall determine or, to the extent
permitted under the terms of the applicable Award Agreement, at the election of the Grantee.

 

ARTICLE 8.

RESTRICTED SHARES

 

8.1 Grant of Restricted Shares. Subject
to and consistent with the provisions of the Plan, the Committee, at any time and from time to time, may grant Restricted Shares to any
Eligible Person in such amounts as the Committee shall determine.

 

8.2 Award Agreement. Each grant of
Restricted Shares shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction, the number of Restricted Shares
granted, and such other provisions as the Committee shall determine. The Committee may impose such conditions and/or restrictions on any
Restricted Shares granted pursuant to the Plan as it may deem advisable, including restrictions based upon the achievement of specific
performance goals, time-based restrictions on vesting following the attainment of the performance goals, and/or restrictions under applicable
securities laws; provided that such conditions and/or restrictions may lapse, if so determined by the Committee, in the event of the Grantee’s
Termination of Affiliation due to death, Disability, or involuntary termination by the Company or an Affiliate without Cause.

 

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8.3 Consideration for Restricted Shares.
The Committee shall determine the amount, if any, that a Grantee shall pay for Restricted Shares.

 

8.4 Effect of Forfeiture. If Restricted
Shares are forfeited, and if the Grantee was required to pay for such shares or acquired such Restricted Shares upon the exercise of an
Option, the Grantee shall be deemed to have resold such Restricted Shares to the Company at a price equal to the lesser of (x) the
amount paid by the Grantee for such Restricted Shares, or (y) the Fair Market Value of a Share on the date of such forfeiture. The
Company shall pay to the Grantee the deemed sale price as soon as is administratively practical. Such Restricted Shares shall cease to
be outstanding and shall no longer confer on the Grantee thereof any rights as a stockholder of the Company, from and after the date of
the event causing the forfeiture, whether or not the Grantee accepts the Company’s tender of payment for such Restricted Shares.

 

8.5 Escrow; Legends. The Committee
may provide that the certificates for any Restricted Shares (x) shall be held (together with a stock power executed in blank by the
Grantee) in escrow by the Secretary of the Company until such Restricted Shares become nonforfeitable or are forfeited and/or (y) shall
bear an appropriate legend restricting the transfer of such Restricted Shares under the Plan. If any Restricted Shares become nonforfeitable,
the Company shall cause certificates for such shares to be delivered without such legend.

 

ARTICLE 9.

PERFORMANCE UNITS AND PERFORMANCE SHARES

 

9.1 Grant of Performance Units and Performance
Shares. Subject to and consistent with the provisions of the Plan, Performance Units or Performance Shares may be granted to any Eligible
Person in such amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee.

 

9.2 Value/Performance Goals. The Committee
shall set performance goals in its discretion which, depending on the extent to which they are met, will determine the number or value
of Performance Units or Performance Shares that will be paid to the Grantee.

 

(a) Performance Unit. Each Performance
Unit shall have an initial value that is established by the Committee at the time of grant.

 

(b) Performance Share. Each Performance
Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant.

 

9.3 Earning of Performance Units and Performance
Shares. After the applicable Performance Period has ended, the holder of Performance Units or Performance Shares shall be entitled
to payment based on the level of achievement of performance goals set by the Committee. At the discretion of the Committee, the settlement
of Performance Units or Performance Shares may be in cash, Shares of equivalent value, or in some combination thereof, as set forth in
the Award Agreement.

 

If a Grantee is promoted, demoted or transferred
to a different business unit of the Company during a Performance Period, then, to the extent the Committee determines that the Award,
the performance goals, or the Performance Period are no longer appropriate, the Committee may adjust, change, eliminate or cancel the
Award, the performance goals, or the applicable Performance Period, as it deems appropriate in order to make them appropriate and comparable
to the initial Award, the performance goals, or the Performance Period.

 

Subject to Article 11 and Section 18.6, at the
discretion of the Committee, a Grantee may be entitled to receive any dividends or Dividend Equivalents declared with respect to Shares
deliverable in connection with vested Performance Shares which have been earned, but not yet delivered to the Grantee.

 

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ARTICLE 10.

DEFERRED STOCK AND RESTRICTED STOCK UNITS

 

10.1 Grant of Deferred Stock and Restricted
Stock Units. Subject to and consistent with the provisions of the Plan, the Committee, at any time and from time to time, may grant
Deferred Stock and/or Restricted Stock Units to any Eligible Person, in such amount and upon such terms as the Committee shall determine.
Deferred Stock must conform in form and substance with applicable regulations promulgated under Section 409A of the Code and with
Article 16 to ensure that the Grantee is not subjected to tax penalties under Section 409A of the Code with respect to such Deferred
Stock.

 

10.2 Vesting and Delivery.

 

(a) Delivery with Respect to Deferred
Stock. Delivery of Shares subject to a Deferred Stock grant will occur upon expiration of the deferral period or upon the occurrence
of one or more of the distribution events described in Section 409A(a)(2) of the Code as specified by the Committee in the Grantee’s
Award Agreement for the Award of Deferred Stock. An Award of Deferred Stock may be subject to such substantial risk of forfeiture conditions
as the Committee may impose, which conditions may lapse at such times or upon the achievement of such objectives as the Committee shall
determine at the time of grant or thereafter. Unless otherwise determined by the Committee, to the extent that the Grantee has a Termination
of Affiliation while the Deferred Stock remains subject to a substantial risk of forfeiture, such Deferred Shares shall be forfeited,
unless the Committee determines that such substantial risk of forfeiture shall lapse in the event of the Grantee’s Termination of
Affiliation due to death, Disability, or involuntary termination by the Company or an Affiliate without “cause.”

 

(b) Delivery with Respect to Restricted
Stock Units. Delivery of Shares subject to a grant of Restricted Stock Units shall occur no later than the 15th day
of the third month following the end of the taxable year of the Grantee or the fiscal year of the Company in which the Grantee’s
rights under such Restricted Stock Units are no longer subject to a substantial risk of forfeiture as defined in final regulations under
Section 409A of the Code. Unless otherwise determined by the Committee, to the extent that the Grantee has a Termination of Affiliation
while the Restricted Stock Units remains subject to a substantial risk of forfeiture, such Restricted Stock Units shall be forfeited,
unless the Committee determines that such substantial risk of forfeiture shall lapse in the event of the Grantee’s Termination of
Affiliation due to death, Disability, or involuntary termination by the Company or an Affiliate without “cause.”

 

10.3 Voting and Dividend Equivalent Rights
Attributable to Deferred Stock and Restricted Stock Units. A Grantee awarded Deferred Stock or Restricted Stock Units will have no
voting rights with respect to such Deferred Stock or Restricted Stock Units prior to the delivery of Shares in settlement of such Deferred
Stock and/or Restricted Stock Units. Unless otherwise determined by the Committee, a Grantee will have the rights to receive Dividend
Equivalents in respect of Deferred Stock and/or Restricted Stock Units, which Dividend Equivalents shall be deemed reinvested in additional
Shares of Deferred Stock or Restricted Stock Units, as applicable, which shall remain subject to the same forfeiture conditions applicable
to the Deferred Stock or Restricted Stock Units to which such Dividend Equivalents relate.

 

ARTICLE 11.

DIVIDEND EQUIVALENTS

 

The Committee is authorized to grant Awards of
Dividend Equivalents alone or in conjunction with other Awards. The Committee may provide that Dividend Equivalents shall be paid or distributed
when accrued or shall be deemed to have been reinvested in additional Shares or additional Awards or otherwise reinvested subject to distribution
at the same time and subject to the same conditions as the Award to which it relates; provided, however, that any Dividend Equivalents
granted in conjunction with any Award that is subject to forfeiture conditions shall remain subject to the same forfeiture conditions
applicable to the Award to which such Dividend Equivalents relate and no Dividend Equivalents shall be granted in conjunction with any
Options or SARs. The timing of payment or distribution of Dividend Equivalents must comply with the requirements of Section 409A
of the Code.

 

ARTICLE 12.

BONUS SHARES

 

Subject to the terms of the Plan, the Committee
may grant Bonus Shares to any Eligible Person, in such amount and upon such terms and at any time and from time to time as shall be determined
by the Committee.

 

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ARTICLE 13.

OTHER STOCK-BASED AWARDS

 

The Committee is authorized, subject to limitations
under applicable law, to grant such other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise
based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including Shares awarded which
are not subject to any restrictions or conditions, convertible or exchangeable debt securities or other rights convertible or exchangeable
into Shares, and Awards valued by reference to the value of securities of or the performance of specified Affiliates. Subject to and consistent
with the provisions of the Plan, the Committee shall determine the terms and conditions of such Awards. Except as provided by the Committee,
Shares delivered pursuant to a purchase right granted under this Article 13 shall be purchased for such consideration, paid for by such
methods and in such forms, including cash, Shares, outstanding Awards or other property, as the Committee shall determine.

 

ARTICLE 14.

 

Intentionally Omitted

 

ARTICLE 15.

AMENDMENT, MODIFICATION, AND TERMINATION

 

Except as otherwise provided in Section 3.3 with
respect to repricings, the Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor
another Award of the same or a different type and changing the date of exercise or realization; provided that no amendment that would
require stockholder approval under the rules of Nasdaq may be made effective unless and until the Company’s stockholders approve
such amendment. The Participant’s consent to such action shall be required unless (i) the Board determines that the action, taking
into account any related action, does not materially and adversely affect the Participant’s rights under the Plan or (ii) the change
is permitted under Section 4.2.

 

ARTICLE 16.

COMPLIANCE WITH CODE SECTION 409A

 

16.1 Awards Subject to Code Section 409A.
The provisions of this Article 16 shall apply to any Award or portion thereof that is or becomes deferred compensation subject to Code
Section 409A (a “409A Award”), notwithstanding any provision to the contrary contained in the Plan or the Award Agreement
applicable to such Award.

 

16.2 Deferral and/or Distribution Elections.
Except as otherwise permitted or required by Code Section 409A, the following rules shall apply to any deferral and/or elections
as to the form or timing of distributions (each, an “Election”) that may be permitted or required by the Committee with respect
to a 409A Award:

 

(a) Any Election must be in writing and specify
the amount being deferred, and the time and form of distribution (i.e., lump sum or installments) as permitted by this Plan. An Election
may but need not specify whether payment will be made in cash, Shares or other property.

 

(b) Any Election shall become irrevocable as
of the deadline specified by the Committee, which shall not be later than December 31 of the year preceding the year in which services
relating to the Award commence; provided, however, that if the Award qualifies as “performance-based compensation” for purposes
of Code Section 409A and is based on services performed over a period of at least twelve (12) months, then the deadline may
be no later than six (6) months prior to the end of such Performance Period.

 

(c) Unless otherwise provided by the Committee,
an Election shall continue in effect until a written election to revoke or change such Election is received by the Committee, prior to
the last day for making an Election for the subsequent year.

 

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16.3 Subsequent Elections. Except
as otherwise permitted or required by Code Section 409A, any 409A Award which permits a subsequent Election to further defer the
distribution or change the form of distribution shall comply with the following requirements:

 

(a) No subsequent Election may take effect until
at least twelve (12) months after the date on which the subsequent Election is made;

 

(b) Each subsequent Election related to a distribution
upon separation from service, a specified time, or a Change in Control must result in a delay of the distribution for a period of not
less than five (5) years from the date such distribution would otherwise have been made; and

 

(c) No subsequent Election related to a distribution
to be made at a specified time or pursuant to a fixed schedule shall be made less than twelve (12) months prior to the date the first
scheduled payment would otherwise be made.

 

16.4 Distributions Pursuant to Deferral
Elections. Except as otherwise permitted or required by Code Section 409A, no distribution in settlement of a 409A Award may
commence earlier than:

 

(a) Separation from Service;

 

(b) The date the Participant becomes Disabled
(as defined in Section 2.15(b);

 

(c) The Participant’s death;

 

(d) A specified time (or pursuant to a fixed
schedule) that is either (i) specified by the Committee upon the grant of the Award and set forth in the Award Agreement or (ii) specified
by the Grantee in an Election complying with the requirements of Section 16.2 and/or 16.3, as applicable; or

 

(e) A change in ownership of the Company or a
substantial portion of its assets within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(v) or (vii) or
a change in effective control of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vi) (a “Change
in Control”).

 

16.5 Six Month Delay. Notwithstanding
anything herein or in any Award Agreement or Election to the contrary, to the extent that distribution of a 409A Award is triggered by
a Grantee’s Separation from Service, if the Grantee is then a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)), no
distribution may be made before the date which is six (6) months after such Grantee’s Separation from Service, or, if earlier,
the date of the Grantee’s death.

 

16.6 Death or Disability. Unless the
Award Agreement otherwise provides, if a Grantee dies or becomes Disabled before complete distribution of amounts payable upon settlement
of a 409A Award, such undistributed amounts, to the extent vested, shall be distributed as provided in the Participants Election. If the
Participant has made no Election with respect to distributions upon death or Disability, all such distributions shall be paid in a lump
sum within 90 days following the date of the Participant’s death or Disability.

 

16.7 No Acceleration of Distributions.
This Plan does not permit the acceleration of the time or schedule of any distribution under a 409A Award, except as provided by Code
Section 409A and/or applicable regulations or rulings issued thereunder.

 

ARTICLE 17.

WITHHOLDING

 

17.1 Required Withholding.

 

(a) The Committee in its sole discretion may
provide that when taxes are to be withheld in connection with the exercise of an Option or SAR, or upon the lapse of restrictions on Restricted
Shares, or upon the transfer of Shares, or upon payment of any other benefit or right under this Plan (the date on which such exercise
occurs or such restrictions lapse or such payment of any other benefit or right occurs hereinafter referred to as the “Tax Date”),
the Grantee may elect to make payment for the withholding of federal, state and local taxes, including Social Security and Medicare (“FICA”)
taxes by one or a combination of the following methods:

 

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(i) payment of an amount in cash equal
to the amount to be withheld (including cash obtained through the sale of the Shares acquired on exercise of an Option or SAR, upon the
lapse of restrictions on Restricted Shares, or upon the transfer of Shares, through a broker-dealer to whom the Grantee has submitted
an irrevocable instructions to deliver promptly to the Company, the amount to be withheld);

 

(ii) delivering part or all of the
amount to be withheld in the form of Common Stock valued at its Fair Market Value on the Tax Date;

 

(iii) requesting the Company to withhold
from those Shares that would otherwise be received upon exercise of the Option or SAR, upon the lapse of restrictions on Restricted Stock,
or upon the transfer of Shares, a number of Shares having a Fair Market Value on the Tax Date equal to the amount to be withheld; or

 

(iv) withholding from any compensation
otherwise due to the Grantee.

 

The Committee in its sole discretion
may provide that the maximum amount of tax withholding upon exercise of an Option or SARs, upon the lapse of restrictions on Restricted
Shares, or upon the transfer of Shares, to be satisfied by withholding Shares upon exercise of such Option or SAR, upon the lapse of restrictions
on Restricted Shares, or upon the transfer of Shares, pursuant to clause (iii) above shall not exceed the minimum amount of taxes,
including FICA taxes, required to be withheld under federal, state and local law. An election by Grantee under this subsection is irrevocable.
Any fractional share amount and any additional withholding not paid by the withholding or surrender of Shares must be paid in cash. If
no timely election is made, the Grantee must deliver cash to satisfy all tax withholding requirements.

 

(b) Any Grantee who makes an election under Section 83(b)
of the Code shall remit to the Company an amount sufficient to satisfy all resulting tax withholding requirements in the same manner as
set forth in subsection (a).

 

17.2 Notification under Code Section 83(b).
If the Grantee, in connection with the exercise of any Option, or the grant of Restricted Shares, makes the election permitted under Section 83(b)
of the Code to include in such Grantee’s gross income in the year of transfer the amounts specified in Section 83(b) of the
Code, then such Grantee shall notify the Company of such election within 10 days of filing the notice of the election with the Internal
Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.
The Committee may, in connection with the grant of an Award or at any time thereafter, prohibit a Grantee from making the election described
above.

 

ARTICLE 18.

ADDITIONAL PROVISIONS

 

18.1 Successors. Subject to Section 4.2(b),
all obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise of all or
substantially all of the business and/or assets of the Company.

 

18.2 Severability. If any part of
the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate
any other part of the Plan. Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be construed in
a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful
and valid.

 

18.3 Requirements of Law. The granting
of Awards and the delivery of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. Notwithstanding any provision of the Plan or any Award,
Grantees shall not be entitled to exercise, or receive benefits under, any Award, and the Company (and any Affiliate) shall not be obligated
to deliver any Shares or deliver benefits to a Grantee, if such exercise or delivery would constitute a violation by the Grantee or the
Company of any applicable law or regulation.

 

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18.4 Securities Law Compliance.

 

(a) If the Committee deems it necessary to comply
with any applicable securities law, or the requirements of any stock exchange upon which Shares may be listed, the Committee may impose
any restriction on Awards or Shares acquired pursuant to Awards under the Plan as it may deem advisable. In addition, if requested by
the Company and any underwriter engaged by the Company, Shares acquired pursuant to Awards may not be sold or otherwise transferred or
disposed of for such period following the effective date of any registration statement of the Company filed under the Securities Act as
the Company or such underwriter shall specify reasonably and in good faith, not to exceed 180 days in the case of the Company’s
initial public offering or 90 days in the case of any other public offering. All certificates for Shares delivered under the Plan pursuant
to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable
under the rules, regulations and other requirements of the SEC, any stock exchange upon which Shares are then listed, any applicable securities
law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
If so requested by the Company, the Grantee shall make a written representation to the Company that he or she will not sell or offer to
sell any Shares unless a registration statement shall be in effect with respect to such Shares under the Securities Act of 1933, as amended,
and any applicable state securities law or unless he or she shall have furnished to the Company, in form and substance satisfactory to
the Company, that such registration is not required.

 

(b) If the Committee determines that the exercise
or nonforfeitability of, or delivery of benefits pursuant to, any Award would violate any applicable provision of securities laws or the
listing requirements of any national securities exchange or national market system on which are listed any of the Company’s equity
securities, then the Committee may postpone any such exercise, nonforfeitability or delivery, as applicable, but the Company shall use
all reasonable efforts to cause such exercise, nonforfeitability or delivery to comply with all such provisions at the earliest practicable
date.

 

18.5 Forfeiture Events. Notwithstanding
any provisions herein to the contrary, the Committee shall have the authority to determine (and may so provide in any Award Agreement)
that a Grantee’s (including his or her estate’s, beneficiary’s or transferee’s) rights (including the right to
exercise any Option or SAR), payments and benefits with respect to any Award shall be subject to reduction, cancellation, forfeiture or
recoupment (to the extent permitted by applicable law) in the event of the Participant’s termination for Cause; serious misconduct;
violation of the Company’s or an Affiliate’s policies; breach of fiduciary duty; unauthorized disclosure of any trade secret
or confidential information of the Company or an Affiliate; breach of applicable noncompetition, nonsolicitation, confidentiality or other
restrictive covenants; or other conduct or activity that is in competition with the business of the Company or an Affiliate, or otherwise
detrimental to the business, reputation or interests of the Company and/or an Affiliate; or upon the occurrence of certain events specified
in the applicable Award Agreement. The determination of whether a Grantee’s conduct, activities or circumstances are described in
the immediately preceding sentence shall be made by the Committee in its discretion, and pending any such determination, the Committee
shall have the authority to suspend the exercise, payment, delivery or settlement of all or any portion of such Grantee’s outstanding
Awards pending any investigation of the matter.

 

18.6 No Rights as a Stockholder. No
Grantee shall have any rights as a stockholder of the Company with respect to the Shares (other than Restricted Shares) which may be deliverable
upon exercise or payment of such Award until such Shares have been delivered to him or her. Restricted Shares, whether held by a Grantee
or in escrow by the Secretary of the Company, shall confer on the Grantee all rights of a stockholder of the Company, except as otherwise
provided in the Plan or Award Agreement. At the time of a grant of Restricted Shares, the Committee may require the payment of cash dividends
thereon to be deferred and, if the Committee so determines, reinvested in additional Restricted Shares. Stock dividends and deferred cash
dividends issued with respect to Restricted Shares shall be subject to the same restrictions and other terms as apply to the Restricted
Shares with respect to which such dividends are issued. The Committee may in its discretion provide for payment of interest on deferred
cash dividends.

 

18.7 Nature of Payments. Unless otherwise
specified in the Award Agreement, Awards shall be special incentive payments to the Grantee and shall not be taken into account in computing
the amount of salary or compensation of the Grantee for purposes of determining any pension, retirement, death or other benefit under
(a) any pension, retirement, profit sharing, bonus, insurance or other employee benefit plan of the Company or any Affiliate, except
as such plan shall otherwise expressly provide, or (b) any agreement between (i) the Company or any Affiliate and (ii) the
Grantee, except as such agreement shall otherwise expressly provide.

 

18.8 Non-Exclusivity of Plan.
The adoption of the Plan by the Board shall not be construed as creating any limitations on the power of the Board to adopt such other
compensatory arrangements for employees as it may deem desirable.

 

    17

    

    

 

18.9 Governing Law. The Plan, and
all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Delaware, other than its laws
respecting choice or conflicts of law rule or principles that might otherwise refer construction or interpretation of the Plan to the
substantive law of another jurisdiction. Unless otherwise provided in the Award Agreement, Participants are deemed to submit to the exclusive
jurisdiction and venue of the federal or state courts of the State of Delaware, to resolve any and all issues that may arise out of or
relate to the Plan or any related Award Agreement.

 

18.10 Unfunded Status of Awards; Creation
of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect
to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give any such
Grantee any rights that are greater than those of a general creditor of the Company; provided, however, that the Committee may authorize
the creation of trusts or make other arrangements to meet the Company’s obligations under the Plan to deliver cash, Shares or other
property pursuant to any Award which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan
unless the Committee otherwise determines.

 

18.11 Affiliation. Nothing in the
Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Grantee’s
employment or consulting contract at any time, nor confer upon any Grantee the right to continue in the employ of or as an officer of
the Company or any Affiliate.

 

18.12 Participation. No employee or
officer shall have the right to be selected to receive an Award under this Plan or, having been so selected, to be selected to receive
a future Award.

 

18.13 Military Service. Awards shall
be administered in accordance with Section 414(u) of the Code and the Uniformed Services Employment and Reemployment Rights Act of
1994.

 

18.14 Construction. The following
rules of construction will apply to the Plan: (a) the word “or” is disjunctive but not necessarily exclusive, and (b) words
in the singular include the plural, words in the plural include the singular, and words in the neuter gender include the masculine and
feminine genders and words in the masculine or feminine gender include the other neuter genders.

 

18.15 Headings. The headings of articles
and sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of this
Plan, the text shall control.

 

18.16 Obligations. Unless otherwise
specified in the Award Agreement, the obligation to deliver, pay or transfer any amount of money or other property pursuant to Awards
under this Plan shall be the sole obligation of a Grantee’s employer; provided that the obligation to deliver or transfer any Shares
pursuant to Awards under this Plan shall be the sole obligation of the Company.

 

 

18

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