Document:

Exhibit

EXHIBIT 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE 
SECURITIES EXCHANGE ACT OF 1934

United Fire Group, Inc. (“UFG” or the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): its common stock.
The rights of shareholders of the Company are generally governed by the Iowa Business Corporation Act (“IBCA”) and the Company’s Articles of Incorporation, as amended (the “Articles of Incorporation”) and Bylaws (the “Bylaws”). The general terms and provisions of the Company’s common stock are summarized below. This summary is not complete and is qualified by reference to the full texts of the Articles and Incorporation and Bylaws, each of which is an exhibit to the Annual Report on Form 10-K to which this description is an exhibit and are incorporated herein by reference.  Please also refer to the applicable provisions of the IBCA for additional information.
DESCRIPTION OF COMMON STOCK
Authorized Shares
The Company is authorized to issue up to 75,000,000 shares of common stock, par value $0.001 per share.
Listing
UFG common stock is listed on the NASDAQ Global Select Market under the trading symbol “UFCS.”
Dividends
Subject to preferences applicable to any shares of outstanding preferred stock, the Board of Directors may declare dividends upon the common stock of UFG, subject to the applicable provisions of the IBCA. The Company may pay dividends in cash, in property, or in shares of the capital stock, subject to the provisions of the IBCA. All shares of UFG common stock are entitled to participate ratably with respect to dividends or other distributions.
Liquidation Rights
If the Company is liquidated, dissolved or wound up, voluntarily or involuntarily, holders of UFG common stock are entitled to share ratably in all assets of the Company available for distribution to the shareholders after the payment in full of any preferential amounts to which holders of any preferred stock may be entitled.
Voting Rights
Holders of UFG common stock are entitled to one vote per share on all matters to be voted upon by shareholders. There are no cumulative voting rights. Directors are elected by the vote of a majority of shareholders entitled to vote; provided, however, directors are elected by a plurality of votes cast at any meeting at which a quorum is present and for which the number of nominees for director is greater than the number of directors to be elected.
Absence of Other Rights
There are no preemption, redemption, cumulative voting, sinking fund or conversion rights applicable to the UFG common stock. 

Anti-Takeover Provisions of the Articles of Incorporation and Bylaws
The Company’s Articles of Incorporation and Bylaws include a number of provisions that may have the effect of deterring or impeding hostile takeovers or changes in control or management. These provisions include:
		
	•
	the authority of the Board of Directors to issue up to 10,000,000 shares of undesignated preferred stock and to determine the rights, preferences and privileges of these shares, without shareholder approval;

		
	•
	a classified Board of Directors having three classes of directors, with the terms of the members of a different class of directors expiring each year and directors for that class being elected to three-year terms;

		
	•
	requiring the affirmative vote of holders of at least sixty percent (60%) of the outstanding shares of voting stock to approve any plan of merger, consolidation, or sale or exchange of all or substantially all of the assets of the Company;

		
	•
	requiring the affirmative vote of holders of at least sixty percent (60%) of the outstanding shares of voting stock to amend the Articles of Incorporation; and

		
	•
	permitting a holder or group of holders of UFG common stock who own not less than one-fifth (1/5) but less than a majority of the outstanding shares of common stock to nominate and elect that number of directors, ignoring fractions, which bears the same ratio to the number of directors to be elected as the number of shares of common stock held by such shareholders bears to the total shares of common stock outstanding, but the total number of directors so elected by minority stockholders may not exceed one less than a majority of the aggregate number of directors to be elected.

Such provisions may have the effect of delaying or preventing a change in control.
Anti-Takeover Effects of State Law 
Certain provisions of Iowa law could make it more difficult to acquire us by means of a merger, tender offer, proxy contest or otherwise or to remove our incumbent officers and directors. These provisions may discourage coercive takeover practices and inadequate takeover bids. These provisions are designed to encourage persons seeking to acquire control of us to first negotiate with our Board of Directors.
We are subject to Section 1110 of the IBCA, which prohibits persons deemed “interested stockholders” from engaging in a business combination with an Iowa corporation for three years following the date these persons become interested stockholders. Generally, an interested stockholder is a person who, together with affiliates and associates, owns, or within the previous three years did own, 10.0 percent or more of our common stock. Generally, a business combination includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by our Board of Directors.
Section 624A of the IBCA permits us to issue stock rights or options having terms and conditions that preclude or limit the exercise, transfer, or receipt of such rights or options by a person, or group of persons, owning or offering to acquire a specified number or percentage of the outstanding common shares or other securities of the corporation, or a transferee of the offeror, or that invalidate or void such stock rights or options held by an offeror or a transferee of the offeror.
     Section 502.321E of the Iowa Uniform Securities Act sets forth the following limitations on offers and offerors: (i) a takeover offer shall contain substantially the same terms for shareholders residing within and outside this state; (ii) an offeror shall provide that any equity securities of a target company deposited or tendered pursuant to a takeover offer may be withdrawn by or on behalf of an offeree within seven days after the date the offer has become effective and after sixty days from the date the offer has become effective, or as otherwise determined by the administrator pursuant to a rule or order issued for the protection of the shareholders; (iii) if an offeror makes a takeover offer for less than all the outstanding equity securities of any class and, within ten days after the offer has become effective and copies of the offer, or notice of any increase in the consideration offered, are first published or sent or given to equity security holders, the number of securities deposited or tendered pursuant to the offer is greater than the number of securities that the offeror has offered to accept and pay for, the securities shall be accepted pro rata, disregarding fractions, according to the number of securities deposited or tendered for each 

offeree; (iv) if an offeror varies the terms of a takeover offer before the offer’s expiration date by increasing the consideration offered to equity security holders, the offeror shall pay the increased consideration for all equity securities accepted, whether the securities have been accepted by the offeror before or after the variation in the terms of the offer; (v) an offeror shall not make a takeover offer or acquire any equity securities in this state pursuant to a takeover offer during the period of time that an administrator’s proceeding alleging a violation of this chapter is pending against the offeror; (vi) an offeror shall not acquire, remove, or exercise control, directly or indirectly, over any target company assets located in this state pursuant to a takeover offer during the period of time that an administrator’s proceeding alleging a violation of this chapter is pending against the offeror; and (vii) an offeror shall not acquire from a resident of this state an equity security of any class of a target company at any time within two years following the last purchase of securities pursuant to a takeover offer with respect to that class, including, but not limited to, acquisitions made by purchase, exchange, merger, consolidation, partial or complete liquidation, redemption, reverse stock split, recapitalization, reorganization, or any other similar transaction, unless the holders of the equity securities are afforded, at the time of the acquisition, a reasonable opportunity to dispose of the securities to the offeror upon substantially equivalent terms as those provided in the earlier takeover offer.
State Insurance Laws 
Before a person can acquire control of an insurance company domiciled in a U.S. state, prior written approval must generally be obtained from the insurance regulator of the state where the insurance company is domiciled. Prior to granting approval of an application to acquire control of an insurance company, the state insurance regulator will consider such factors as the financial strength of the applicant, the integrity of the applicant’s board of directors and executive officers, the acquirer’s plans for the management of the applicant’s board of directors and executive officers, the acquirer’s plans for the future operations of the insurer and any anti-competitive effects that may arise from the consummation of the acquisition of control. Generally, state insurance laws provide that control over an insurer is presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, 10.0 percent or more of the voting securities of the insurance company. In addition, certain state insurance laws contain provisions that require pre-acquisition notification to the state insurance regulator of a change in control with respect to a non-domestic insurance company licensed to do business in that state. While such pre-acquisition notification statutes do not authorize the state insurance regulator to disapprove the change of control, such statutes do authorize certain remedies, including the issuance of a cease and desist order with respect to the non-domestic insurance company if certain conditions exist, such as undue market concentration. These approval requirements may deter, delay or prevent transactions that stockholders may otherwise deem to be in their best interests.Exhibit 4.7

 

GLOBANT
S.A.

 

Restricted
Stock Units Notice

under the

Globant S.A.

2014 Equity Incentive Plan

 

	Name of Grantee:	 	 

 

This Notice evidences the award of restricted
stock units (each, an “RSU,” and collectively, the “RSUs”) of GLOBANT S.A.,
a société anonyme incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 37A,
avenue J.F. Kennedy, L-1855, registered with the Luxembourg trade and companies register under number B 173 727 (the “Company”),
that have been granted to you pursuant to the GLOBANT S.A. 2014 Stock Incentive Plan (the “Plan”) and
conditioned upon your agreement to the terms of the attached Restricted Stock Units Agreement (the “Agreement”).
This Notice constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated
by reference herein. Each RSU is equivalent in value to one share of the Company’s Common Stock and represents the Company’s
commitment to issue one share of the Company’s Common Stock at a future date, subject to the terms of the Agreement and the
Plan. The RSUs are credited to a separate account maintained for you on the books and records of the Company (the "Account").
All amounts credited to the Account will continue for all purposes to be part of the general assets of the Company.

 

	Grant Date:		 	 

 

	Number of RSUs:	 	 	 

 

Vesting Schedule: All of the RSUs
are nonvested and forfeitable as of the Grant Date. So long as your Service (as defined in the Agreement) is continuous from the
Grant Date through the applicable date upon which vesting is scheduled to occur:

 

		o	____% of the RSUs will vest and become nonforfeitable on ______; and

		o	____% of the RSUs will vest and become nonforfeitable on ______.

 

	GLOBANT S.A.	 	Date

 

I acknowledge that I have carefully read
the Agreement and the Plan. I agree to be bound by all of the provisions set forth in those documents. I also consent to electronic
delivery of all notices or other information with respect to the RSUs or the Company.

 

 

	Signature of Grantee	 	Date

 

    

     

    

 

GLOBANT
S.A.

 

Restricted
Stock Units Agreement

under the

Globant S.A.

2014 Equity Incentive Plan

 

1.       Terminology.
Unless otherwise provided in this Agreement, capitalized terms used herein are defined in the Glossary at the end of this Agreement.

 

2.       Vesting.
All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as your Service is continuous from the Grant Date through
the applicable date upon which vesting is scheduled to occur, the RSUs will become vested and nonforfeitable in accordance with
the vesting schedule set forth in the Notice.

 

3.       Termination
of Employment or Service. Unless otherwise provided in the Notice, if your Service with the Company ceases for any reason,
all RSUs that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically upon such cessation
without payment of any consideration therefor and you will have no further right, title or interest in or to such RSUs or the underlying
shares of Common Stock.

 

4.       Restrictions
on Transfer. Neither this Agreement nor any of the RSUs may be assigned, transferred, pledged, hypothecated or disposed of
in any way, whether by operation of law or otherwise, and the RSUs shall not be subject to execution, attachment or similar process.
All rights with respect to this Agreement and the RSUs shall be exercisable during your lifetime only by you or your guardian or
legal representative.

 

5.       Settlement
of RSUs.

 

(a)       Manner
of Settlement. You are not required to make any monetary payment (other than applicable tax withholding, if required) as a
condition to settlement of the RSUs. The Company will issue to you, in settlement of your RSUs and subject to the provisions of
Section 6 below, the number of whole shares of Common Stock that equals the number of whole RSUs that become vested, and such vested
RSUs will terminate and cease to be outstanding upon such issuance of the shares. Upon issuance of such shares, the Company will
determine the form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) and may deliver such shares
on your behalf electronically to the Company’s designated stock plan administrator or such other broker-dealer as the Company
may choose at its sole discretion, within reason.

 

(b)       Timing
of Settlement. Your RSUs will be settled by the Company, via the issuance of Common Stock as described herein, on the date
that the RSUs become vested and nonforfeitable. However, if a scheduled issuance date falls on a Saturday, Sunday or federal holiday,
such issuance date shall instead fall on the next following day that the principal executive offices of the Company are open for
business. In all cases, the issuance and delivery of shares under this Agreement is intended to comply with Treasury Regulation
1.409A-1(b)(4) and shall be construed and administered in such a manner.

 

    

     

    

 

6.       Tax
Withholding. On or before the time you receive a distribution of the shares subject to your RSUs, or at any time thereafter
as requested by the Company, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise
agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or any Affiliate which arise in connection with your RSUs (the “Withholding Taxes”).
Additionally, the Company may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating
to your RSUs by any of the following means or by a combination of such means and may request from you reasonable evidence that
you have secured the completion of any such means prior to delivering the associated shares under the Agreement: (i) withholding
from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting
you to enter into a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory
Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered
under the Agreement to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary
to satisfy the Withholding Taxes directly to the Company; or (iv) withholding shares of Common Stock from the shares of Common
Stock issued or otherwise issuable to you in connection with the RSUs with a Fair Market Value (measured as of the date shares
of Common Stock are issued to you pursuant to Section 5) equal to the amount of such Withholding Taxes; provided, however, that
the number of such shares of Common Stock so withheld shall not exceed the amount necessary to satisfy the Company’s required
tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including
payroll taxes, that are applicable to supplemental taxable income. Unless the tax withholding obligations of the Company and/or
any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock. In the event the Company’s
obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock
to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, you agree
to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

7.       Adjustments
for Corporate Transactions and Other Events.

 

(a)       Stock
Dividend, Stock Split and Reverse Stock Split. Upon a stock dividend of, or stock split or reverse stock split affecting, the
Common Stock, the number of outstanding RSUs shall, without further action of the Administrator, be adjusted to reflect such event;
provided, however, that any fractional RSUs resulting from any such adjustment shall be eliminated. Adjustments under this paragraph
will be made by the Administrator, whose determination as to what adjustments, if any, will be made and the extent thereof will
be final, binding and conclusive.

 

(b)       Merger,
Consolidation and Other Events. If the Company shall be the surviving or resulting corporation in any merger or consolidation
and the Common Stock shall be converted into other securities, the RSUs shall pertain to and apply to the securities to which a
holder of the number of shares of Common Stock subject to the RSUs would have been entitled. If the stockholders of the Company
receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of
its assets, securities of another entity or other property (including cash), then the rights of the Company under this Agreement
shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other property
(including cash) to which a holder of the number of shares of Common Stock subject to the RSUs would have been entitled, in the
same manner and to the same extent as the RSUs.

 

8.       Non-Guarantee
of Employment or Service Relationship. Nothing in the Plan or this Agreement shall alter your at-will or other employment status
or other service relationship with the Company, nor be construed as a contract of employment or service relationship between the
Company and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company
for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without cause or notice
and whether or not such discharge results in the forfeiture of any nonvested and forfeitable RSUs or any other adverse effect on
your interests under the Plan.

 

9.       Rights
as Stockholder. You shall not have any of the rights of a stockholder with respect to any shares of Common Stock that may be
issued in settlement of the RSUs until such shares of Common Stock have been issued to you.

 

10.     The
Company’s Rights. The existence of the RSUs shall not affect in any way the right or power of the Company or its stockholders
to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure
or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with
preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

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11.       Restrictions
on Issuance of Shares. The issuance of shares of Common Stock upon settlement of the RSUs shall be subject to and in compliance
with all applicable requirements of federal, state, or foreign law with respect to such securities. No shares of Common Stock may
be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state, or foreign securities
laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then
be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by
the Company’s legal counsel to be necessary to the lawful issuance of any shares subject to the RSUs shall relieve the Company
of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained.
As a condition to the settlement of the RSUs, the Company may require you to satisfy any qualifications that may be necessary or
appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect
thereto as may be requested by the Company.

 

12.       Notices.
All notices and other communications made or given pursuant to this Agreement shall be given in writing and shall be deemed effectively
given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States
mail, postage prepaid, addressed to you at the last address you provided to the Company, or in the case of notices delivered to
the Company by you, addressed to the Administrator, care of the Company for the attention of its Secretary at its principal executive
office or, in either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other
electronic transmission mechanism as may be available to the parties. Notwithstanding the foregoing, the Company may, in its sole
discretion, decide to deliver any documents related to participation in the Plan and this award of RSUs by electronic means or
to request your consent to participate in the Plan or accept this award of RSUs by electronic means. You hereby consent to receive
such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system
established and maintained by the Company or another third party designated by the Company.

 

13.       Entire
Agreement. This Agreement, together with the relevant Notice and the Plan, contain the entire agreement between the parties
with respect to the RSUs granted hereunder. Any oral or written agreements, representations, warranties, written inducements, or
other communications made prior to the execution of this Agreement with respect to the RSUs granted hereunder shall be void and
ineffective for all purposes.

 

14.       Amendment.
This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that this
Agreement may not be modified in a manner that would have a materially adverse effect on the RSUs as determined in the discretion
of the Administrator, except as provided in the Plan or in a written document signed by each of the parties hereto.

 

15.       409A
Savings Clause. This Agreement and the RSUs granted hereunder are intended to fit within the “short-term deferral”
exemption from Section 409A of the Code as set forth in Treasury Regulation Section 1.409A-1(b)(4). In administering this
Agreement, the Company shall interpret this Agreement in a manner consistent with such exemption. Notwithstanding the foregoing,
if it is determined that the RSUs fail to satisfy the requirements of the short-term deferral rule and are otherwise deferred compensation
subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth Section 409A(a)(2)(B)(i)
of the Code) as of the date of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)),
then the issuance of any shares that would otherwise be made upon the date of the separation from service or within the first six
(6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the
date that is six (6) months and one day after the date of the separation from service, but if and only if such delay in the
issuance of the shares is necessary to avoid the imposition of additional taxation on you in respect of the shares under Section 409A
of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Section
409A of the Code and Treasury Regulation Section 1.409A-2(b)(2).

 

16.       No
Obligation to Minimize Taxes. The Company has no duty or obligation to minimize the tax consequences to you of this award of
RSUs and shall not be liable to you for any adverse tax consequences to you arising in connection with this award. You are hereby
advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this award and
by signing the Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.

 

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17.       Conformity
with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the
Plan. Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event
of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan
is available upon request to the Administrator.

 

18.       No
Funding. This Agreement constitutes an unfunded and unsecured promise by the Company to issue shares of Common Stock in the
future in accordance with its terms. You have the status of a general unsecured creditor of the Company as a result of receiving
the grant of RSUs.

 

19.       Effect
on Other Employee Benefit Plans. The value of the RSUs subject to this Agreement shall not be included as compensation, earnings,
salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or
any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or
terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

20.       Governing
Law. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator
relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement,
shall be determined exclusively in accordance with the laws of the State of Delaware, without regard to its provisions concerning
the applicability of laws of other jurisdictions.

 

21.       Resolution
of Disputes. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement
shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination
or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator
of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you
may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your
administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve any
dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal
action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator’s
decision.

 

22.       Headings.
The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

 

23.       Electronic
Delivery of Documents. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information
with respect to the Plan and the RSUs, and any reports of the Company provided generally to the Company’s stockholders; (ii)
acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting
the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of
documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv)
further acknowledge that you understand that you are not required to consent to electronic delivery of documents.

 

24.       No
Future Entitlement. By your signing the Notice, you acknowledge and agree that: (i) the grant of a restricted stock unit
award is a one-time benefit which does not create any contractual or other right to receive future grants of restricted stock units,
or compensation in lieu of restricted stock units, even if restricted stock units have been granted repeatedly in the past; (ii) all
determinations with respect to any such future grants and the terms thereof will be at the sole discretion of the Committee; (iii) the
value of the restricted stock units is an extraordinary item of compensation which is outside the scope of your employment contract,
if any; (iv) the value of the restricted stock units is not part of normal or expected compensation or salary for any purpose,
including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar
payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of the restricted stock units ceases
upon termination of Service with the Company or transfer of employment from the Company, or other cessation of eligibility for
any reason, except as may otherwise be explicitly provided in this Agreement; (vi) the Company does not guarantee any future
value of the restricted stock units; and (vii) no claim or entitlement to compensation or damages arises if the restricted
stock units decrease or do not increase in value and you irrevocably release the Company from any such claim that does arise.

 

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25.       Personal
Data. For purposes of the implementation, administration and management of the restricted stock units or the effectuation of
any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business combination,
liquidation, dissolution, share exchange, sale of stock, sale of material assets or other similar corporate transaction involving
the Company (a “Corporate Transaction”), you consent, by execution of the Notice, to the collection,
receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third
party vendors or any potential party to a potential Corporate Transaction. You understand that personal data (including but not
limited to, name, home address, telephone number, employee number, employment status, social security number, tax identification
number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled,
vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of the
restricted stock units or the effectuation of a Corporate Transaction and you expressly authorize such transfer as well as the
retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located
in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than
your country. You understand that data will be held only as long as is necessary to implement, administer and manage the restricted
stock units or effect a Corporate Transaction. You understand that you may, at any time, request a list with the names and addresses
of any potential recipients of the personal data, view data, request additional information about the storage and processing of
data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting
in writing the Company’s Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability
to accept a restricted stock unit award.

 

{Glossary begins on next page}

 

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GLOSSARY

 

(a)       “Administrator”
has the meaning set forth in the Plan.

 

(b)       “Affiliate”
has the meaning set forth in the Plan.

 

(c)       “Agreement”
means this document, as amended from time to time, together with the Plan which is incorporated herein by reference.

 

(d)       “Code”
means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance promulgated thereunder.

 

(e)       “Common
Stock” has the meaning set forth in the Plan.

 

(g)       “Company”
means GLOBANT S.A. and its Affiliates, except where the context otherwise requires.

 

(g)       “Fair
Market Value” has the meaning set forth in the Plan.

 

(h)       “Grant
Date” means the effective date of a grant of RSUs made to you as set forth in the relevant Notice.

 

(i)       “Notice”
means the statement, letter or other written notification provided to you by the Company setting forth the terms of a grant of
RSUs made to you.

 

(j)       “Plan”
means the GLOBANT S.A. 2014 Equity Incentive Plan, as amended from time to time.

 

(k)       “RSU”
means the Company’s commitment to issue one share of Common Stock at a future date, subject to the terms of the Agreement
and the Plan.

 

(l)       “Service”
means your employment, service as a director or advisor, or other service relationship with the Company and its Affiliates. Your
Service will be considered to have ceased with the Company and its Affiliates if, immediately after a sale, merger, or other corporate
transaction, the trade, business, or entity with which you are employed or otherwise have a service relationship is not GLOBANT
S.A. or its successor or an Affiliate of GLOBANT S.A. or its successor.

 

(m)       “You”
or “Your” means the recipient of the RSUs as reflected on the applicable Notice. Whenever the word “you”
or “your” is used in any provision of this Agreement under circumstances where the provision should logically be construed,
as determined by the Administrator, to apply to the estate, personal representative, or beneficiary to whom the RSUs may be transferred
by will or by the laws of descent and distribution, the words “you” and “your” shall be deemed to include
such person.

 

{End of Agreement}

 

    7

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