Document:

Exhibit 10.9

 

DIRECTOR AND OFFICER

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is entered into as of the second day of December, 2021 (the “Effective Date”), by and between Hagerty, Inc., a
Delaware corporation (the “Company”), and ____________________ (“Indemnitee”).

 

RECITALS

 

A.            The
Company is aware that competent and experienced persons are increasingly reluctant to serve or continue serving as directors or officers
of companies unless they are protected by comprehensive liability insurance and adequate indemnification due to the increased exposure
to litigation costs and risks resulting from service to such companies that often bear no relationship to the compensation of such directors
or officers.

 

B.            The
statutes and judicial decisions regarding the duties of directors and officers are often insufficient to provide directors and officers
with adequate, reliable knowledge of the legal risks to which they are exposed or the manner in which they are expected to execute their
fiduciary duties and responsibilities.

 

C.            The
Company and the Indemnitee recognize that plaintiffs often seek damages in such large amounts, and the costs of litigation may be so great
(whether or not the claims are meritorious), that the defense and/or settlement of such litigation can create an extraordinary burden
on the personal resources of directors and officers.

 

D.            The
board of directors of the Company has concluded that, to attract and retain competent and experienced persons to serve as directors and
officers of the Company, it is not only reasonable and prudent but necessary to promote the best interests of the Company and its stockholders
for the Company to contractually indemnify its directors and certain of its officers in the manner set forth herein, and to assume for
itself liability for expenses and damages in connection with claims against such directors and officers in connection with their service
to the Company as provided herein.

 

E.             Section 145
of the General Corporation Law of Delaware (the “DGCL”) permits the Company to indemnify and advance defense costs
to its officers and directors and to indemnify and advance expenses to persons who serve at the request of the Company as directors, officers,
employees, or agents of other corporations or enterprises.

 

F.             The
Company desires and has requested the Indemnitee to serve or continue to serve as a director and/or officer of the Company, and the Indemnitee
is willing to serve, or to continue to serve, as a director and/or officer of the Company if the Indemnitee is furnished the indemnity
provided for herein by the Company.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements set forth below, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

1.              Definitions.
For purposes of this Agreement, the following terms shall have the corresponding meanings set forth below.

 

“Change
in Control” means each of the following, occurring after the Effective Date:

 

(i) The date any Person or any
group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Securities
and Exchange Act of 1934, or any successor provisions thereto, other than a Qualified Stockholder (as defined in the Company’s Third
Amended and Restated Certificate of Incorporation) becomes the “Beneficial Owner,” as such term is defined in Rule 13d-3
promulgated under the Exchange Act, of more than 50% of the combined voting power of the Company’s outstanding shares, other than
beneficial ownership by (A) the Company or any subsidiary of the Company, (B) any employee benefit plan of the Company or any
subsidiary of the Company or (C) any entity of the Company for or pursuant to the terms of any such plan. Notwithstanding the foregoing,
a Change in Control shall not occur as the result of an acquisition of outstanding shares of the Company by the Company which, by reducing
the number of shares outstanding, increases the proportionate number of shares beneficially owned by a Person to more than 50% of the
shares of the Company then outstanding; or

 

(ii)  The date the Company consummates
a merger or consolidation with another entity, or engages in a reorganization with or a statutory share exchange or an exchange offer
for the Company’s outstanding voting stock of any class with another entity or acquires another entity by means of a statutory share
exchange or an exchange offer, or engages in a similar transaction; provided that no Change in Control shall have occurred by reason of
this paragraph unless either:

 

(A)  the stockholders of the Company
immediately prior to the consummation of the transaction would not, immediately after such consummation, as a result of their beneficial
ownership of voting stock of the Company immediately prior to such consummation (I) be the Beneficial Owners, directly or indirectly,
of securities of the resulting or acquiring entity entitled to elect a majority of the members of the board of directors or other governing
body of the resulting or acquiring entity; and (II) be the Beneficial Owners of the resulting or acquiring entity in substantially
the same proportion as their beneficial ownership of the voting stock of the Company immediately prior to such transaction; or

 

(B) those persons who were directors
of the Company immediately prior to the consummation of the proposed transaction would not, immediately after such consummation, constitute
a majority of the directors of the resulting entity.

 

    2

     

    

 

(iii) The date of the sale or disposition,
in one or a series of related transactions, of all or substantially all of the assets of the Company to any Person (as defined in paragraph
(i) above) other than an affiliate of the Company (meaning any corporation that is part of a controlled group within the meaning
of Section 414(b) or (c) of the Internal Revenue Code of 1986, as amended); or

 

(iv) The date the number of duly
elected and qualified directors of the Company who were not either elected by the Company’s board of directors or nominated by the
Company’s board of directors or its nominating/governance committee for election by the stockholders shall constitute a majority
of the total number of directors of the Company as fixed by its bylaws.

 

The Reviewing Party (as defined below)
shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control
of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and any incidental
matters relating thereto.

 

“Claim”
means a claim or action asserted by a Person in a Proceeding or any other written demand for relief in connection with or arising from
an Indemnification Event.

 

“Covered
Entity” means (i) the Company, (ii) any subsidiary of the Company or (iii) any other Person for which Indemnitee
is or was or may be deemed to be serving, at the request of the Company or any subsidiary of the Company, as a director, officer, employee,
controlling person, agent or fiduciary.

 

“Disinterested
Director” means, with respect to any determination contemplated by this Agreement, any Person who, as of the time of such determination,
is a member of the Company’s board of directors but is not a party to any Proceeding then pending with respect to any Indemnification
Event.

 

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

 

    3

     

    

 

“Expenses”
means any and all out-of-pocket fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing costs, binding costs, telephone charges, postage and delivery service fees and all other disbursements or
expenses of any type or nature whatsoever reasonably incurred by Indemnitee (including, subject to the limitations set forth in Section 3(c) below,
reasonable attorneys’ fees) in connection with or arising from an Indemnification Event, including, without limitation: (i) the
investigation or defense of a Claim; (ii) being, or preparing to be, a witness or otherwise participating, or preparing to participate,
in any Proceeding; (iii) furnishing, or preparing to furnish, documents in response to a subpoena or otherwise in connection with
any Proceeding; (iv) any appeal of any judgment, outcome or determination in any Proceeding (including, without limitation, any premium,
security for and other costs relating to any cost bond, supersedeas bond or any other appeal bond or its equivalent); (v) establishing
or enforcing any right to indemnification under this Agreement (including, without limitation, pursuant to Section 2(c) below),
the DGCL or otherwise, regardless of whether Indemnitee is ultimately successful in such action, unless as a part of such action, a court
of competent jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such action
was not made in good faith or was frivolous; (vi) Indemnitee’s defense of any Proceeding instituted by or in the name of the
Company under this Agreement to enforce or interpret any of the terms of this Agreement (including, without limitation, costs and expenses
incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action); (vii) in connection with recovery
under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee
is ultimately determined to be entitled to such indemnification, advancement or Expenses or insurance recovery, as the case may be, and
(viii) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, including all interest, assessments and other charges paid or payable with respect to such payments. For purposes
of clarification, Expenses shall not include Losses.

 

An “Indemnification
Event” shall be deemed to have occurred if Indemnitee was or is or becomes, or is threatened to be made, a party to or witness
or other participant in, or was or is or becomes obligated to furnish or furnishes documents in response to a subpoena or otherwise in
connection with, any Proceeding by reason of the fact that Indemnitee is or was or may be deemed a director, officer, employee, controlling
person, agent or fiduciary of any Covered Entity, or by reason of any action or inaction on the part of Indemnitee while serving in any
such capacity.

 

“Independent
Legal Counsel” means an attorney or firm of attorneys that is experienced, knowledgeable and qualified in matters of corporate
law, or such other specialty as required by the matter in question, and neither presently is, nor in the thirty-six (36) months prior
to such designation has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or
(ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.

 

“Losses”
means any and all losses, claims, damages, liabilities, judgments, fines, penalties, settlement payments, awards and amounts of any type
whatsoever incurred by Indemnitee in connection with or arising from an Indemnification Event. For purposes of clarification, Losses shall
not include Expenses.

 

“Organizational
Documents” means any and all organizational documents, charters or similar agreements or governing documents, including, without
limitation, (i) with respect to a corporation, its certificate of incorporation and bylaws, (ii) with respect to a limited liability
company, its operating agreement, and (iii) with respect to a limited partnership, its partnership agreement.

 

    4

     

    

 

“Proceeding”
means any threatened, pending or completed claim, demand, action, suit, proceeding, arbitration or alternative dispute resolution mechanism,
investigation (whether formal or informal), inquiry, administrative hearing or appeal or any other actual, threatened or completed proceeding,
whether brought in the right of a Covered Entity or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative, internal or investigative nature.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization or other entity or government or agency or political subdivision thereof.

 

“Reviewing
Party” means, with respect to any determination contemplated by this Agreement, any one of the following: (i) a majority
of the Disinterested Directors, even if such Persons would not constitute a quorum of the Company’s board of directors; (ii) a
committee consisting solely of Disinterested Directors, even if such Persons would not constitute a quorum of the Company’s board
of directors, so long as such committee was designated by a majority of the Disinterested Directors; (iii) Independent Legal Counsel
designated by the Disinterested Directors (or, if there are no Disinterested Directors, the Company’s board of directors) (in which
case, any determination shall be evidenced by the rendering of a written opinion); or (iv) in the absence of any Disinterested Directors,
the Company’s stockholders; provided, that, in the event that a Change in Control has occurred, the Reviewing Party shall be Independent
Legal Counsel (selected by Indemnitee) in a written opinion to the board of directors of the Company, a copy of which shall be delivered
to the Indemnitee.

 

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

 

2.               Indemnification.

 

(a)            Indemnification
of Losses and Expenses. If an Indemnification Event has occurred, then, subject to Section 8 below, the Company shall
indemnify and hold harmless Indemnitee, to the fullest extent permitted by the DGCL, as such law may be amended from time to time (but
in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights
than were permitted prior thereto), against any and all Losses and Expenses; provided that the Company’s commitment set forth in
this Section 2(a) to indemnify the Indemnitee shall be subject to the limitations and procedural requirements set forth
in this Agreement. Notwithstanding the foregoing, except for proceedings to enforce any director’s or officer’s rights to
indemnification or any director’s rights to advancement of expenses, the Corporation shall not be obligated to indemnify any director
or officer, or advance expenses of any director, (or such director’s or officer’s heirs, executors or personal or legal representatives)
in connection with any proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized by
the Company’s board of directors.

 

(b)            Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of Losses or Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion
thereof to which Indemnitee is entitled.

 

    5

     

    

 

(c)            Advancement
of Expenses. The Company shall advance Expenses to or on behalf of Indemnitee to the fullest extent permitted by the DGCL, as such
law may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company
to provide broader indemnification rights than were permitted prior thereto), as soon as practicable, but in any event not later than
30 days after written request therefor by Indemnitee, which request shall be accompanied by vouchers, invoices or similar evidence documenting
in reasonable detail the Expenses incurred or to be incurred by Indemnitee; provided, however, that Indemnitee need not submit to the
Company any information that counsel for Indemnitee reasonably deems is privileged and exempt from compulsory disclosure in any Proceeding.
Advances shall be made without regard to Indemnitee’s ability to repay the expenses, without regard to Indemnitee’s ultimate
entitlement to indemnification under the other provisions of this Agreement, and Indemnitee’s right to such advancement is not subject
to the satisfaction of any standard of conduct. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding
to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances
claimed. Without limiting the generality or effect of the foregoing, within thirty (30) days after any request by Indemnitee, the Company
shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance
to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. Execution and delivery
of this Agreement by the Indemnitee constitutes a written undertaking to repay such amounts advanced only if, and to the extent that,
it shall ultimately be determined by a court of competent jurisdiction in a final adjudication that Indemnitee is not entitled to be indemnified
by the Company as authorized by this Agreement. No other form of undertaking shall be required other than the execution of this Agreement.

 

(d)            Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
for Losses or Expenses, in connection with any Proceeding relating to an Indemnification Event under this Agreement, in such proportion
as is deemed fair and reasonable by the Reviewing Party in light of all of the circumstances of such Proceeding in order to reflect (1) the
relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such
Proceeding; and (2) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection
with such event(s) and/or transaction(s). The Company hereby agrees to fully indemnify and hold harmless Indemnitee from any claims
for contribution which may be brought by officers, directors or employees of the Company (other than Indemnitee) who may be jointly liable
with Indemnitee.

 

3.               Indemnification
Procedures.

 

(a)            Notice
of Indemnification Event. Indemnitee shall give the Company notice as soon as practicable of any Indemnification Event of which Indemnitee
becomes aware and of any request for indemnification hereunder, provided that any failure to so notify the Company shall not relieve the
Company of any of its obligations under this Agreement, except if, and then only to the extent that, such failure increases the liability
of the Company under this Agreement.

 

    6

     

    

 

(b)            Notice
to Insurers. The Company shall give prompt written notice of any Indemnification Event which may be covered by the Company’s
liability insurance to the insurers in accordance with the procedures set forth in each of the applicable policies of insurance. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as
a result of such Indemnification Event in accordance with the terms of such policies; provided that nothing in this Section 3(b) shall
affect the Company’s obligations under this Agreement or the Company’s obligations to comply with the provisions of this Agreement
in a timely manner as provided.

 

(c)            Selection
of Counsel. If the Company shall be obligated hereunder to pay or advance Expenses or indemnify Indemnitee with respect to any Losses,
the Company shall be entitled to assume the defense of any related Claims, with counsel selected by the Company. After the retention of
such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred
by Indemnitee with respect to the defense of such Claims; provided that: (i) Indemnitee shall have the right to employ counsel in
connection with any such Claim at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been
previously authorized by the Company, (B) counsel for Indemnitee shall have provided the Company with written advice that there may
be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, (C) the fees and expenses are non-duplicative
and reasonably incurred in connection with Indemnitee’s role in the Proceeding despite the Company’s assumption of the defense,
(D) after a Change in Control, the employment of counsel by Indemnitee has been approved by the Independent Legal Counsel, or (E) the
Company shall not in fact have employed counsel to assume the defense of such Proceeding or the Company shall not continue to retain such
counsel to defend such Claim, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. The Company
shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company, or as to which Indemnitee shall
have made the determination provided for in (B) above. Indemnitee agrees that any such separate counsel retained by indemnitee will
be a member of any approved list of panel counsel under the Company’s applicable directors and officers liability insurance policy,
should the applicable policy provide for a panel of approved counsel and should such approved panel list comprise law firms with well-established
reputations in the type of litigation at issue. (For clarity, the fact of a firm’s being part of a panel shall not be evidence of
a firm’s having a well-established national reputation for the type of litigation at issue).

 

4.               Determination
of Right to Indemnification.

 

(a)            Successful
Proceeding. To the extent Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding that is the subject
of any Indemnification Event referred to in Section 2(a), the Company shall indemnify Indemnitee against Losses and Expenses
incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits
or otherwise, as to one or more but less than all Claims in such Proceeding, the Company shall indemnify Indemnitee against all Losses
and Expenses actually or reasonably incurred by Indemnitee in connection with each successfully resolved Claim. For these purposes and
without limitation, Indemnitee will be deemed to have been “successful on the merits” in circumstances including but
not limited to the termination of any Proceeding or of any Claim, issue or matter therein, by the winning of a dismissal (with or without
prejudice), motion for summary judgment, settlement (with or without court approval), or upon a plea of nolo contendere or its
equivalent.

 

    7

     

    

 

(b)            Other
Proceedings. In the event that Section 4(a) is inapplicable, the Company shall nevertheless indemnify Indemnitee
as provided in Section 2(a) or 2(b), as applicable, or provide a contribution payment to the Indemnitee as provided
in Section 2(d), to the extent determined by the Reviewing Party.

 

(c)            Reviewing
Party Determination. A Reviewing Party chosen by the Company’s board of directors shall determine whether Indemnitee is entitled
to indemnification, subject to the following:

 

(i)             A
Reviewing Party so chosen shall act in the utmost good faith to assure Indemnitee a complete opportunity to present to such Reviewing
Party Indemnitee’s case that Indemnitee has met the applicable standard of conduct.

 

(ii)            Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of a Covered Entity,
including, without limitation, its financial statements, or on information supplied to Indemnitee by the officers or employees of a Covered
Entity in the course of their duties, or on the advice of legal counsel for a Covered Entity or on information or records given, or reports
made, to a Covered Entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care
by a Covered Entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of a Covered
Entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not
the foregoing provisions of this Section 4(c)(ii) are satisfied, it shall in any event be presumed that Indemnitee has
at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
Any Person seeking to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence.

 

(iii)            If
a Reviewing Party chosen pursuant to this Section 4(c) shall not have made a determination whether Indemnitee is entitled
to indemnification within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement
to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (A) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (B) a prohibition of such indemnification under applicable law; provided,
however, that such 30 day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the Reviewing
Party in good faith requires such additional time for obtaining or evaluating documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 4(c)(iii) shall not apply if (I) the determination of entitlement
to indemnification is to be made by the stockholders of the Company, (II) a special meeting of stockholders is called by the board
of directors of the Company for such purpose within thirty (30) days after the stockholders are chosen as the Reviewing Party, (III) such
meeting is held for such purpose within sixty (60) days after having been so called, and (IV) such determination is made thereat.

 

    8

     

    

 

(d)            Appeal
to Court. Notwithstanding a determination by a Reviewing Party chosen pursuant to Section 4(c) that Indemnitee is
not entitled to indemnification with respect to a specific Claim or Proceeding (an “Adverse Determination”), Indemnitee
shall have the right to apply to the court in which that Claim or Proceeding is or was pending or any other court of competent jurisdiction
for the purpose of enforcing Indemnitee’s right to indemnification pursuant to this Agreement, provided that Indemnitee shall commence
any such Proceeding seeking to enforce Indemnitee’s right to indemnification within one (1) year following the date upon which
Indemnitee is notified in writing by the Company of the Adverse Determination. In the event of any dispute between the parties concerning
their respective rights and obligations hereunder, the Company shall have the burden of proving that the Company is not obligated to make
the payment or advance claimed by Indemnitee.

 

(e)            Presumption
of Success. The Company acknowledges that a settlement or other disposition short of final judgment shall be deemed a successful resolution
for purposes of Section 4(a) if it permits a party to avoid expense, delay, distraction, disruption or uncertainty. In
the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee
(including, without limitation, settlement of such Proceeding with or without payment of money or other consideration), it shall be presumed
that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion, by clear and convincing evidence.

 

(f)             Settlement
of Claims. The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement
of any Proceeding effected without the Company’s written consent. The Company shall not settle any Proceeding in any manner that
would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Company nor the Indemnitee
will unreasonably withhold their consent to any proposed settlement. The Company shall not be liable to indemnify the Indemnitee under
this Agreement with regard to any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to
participate in the defense of such action; the Company’s liability hereunder shall not be excused if participation in the Proceeding
by the Company was barred by this Agreement. The Company shall not, on its own behalf, settle any part of any Proceeding to which Indemnitee
is party with respect to other parties (including the Company) if any portion of such settlement is to be funded from corporate insurance
proceeds unless approved by (i) the written consent of Indemnitee or (ii) a majority of the independent directors of the board
of directors of the Company; provided, however, that the right to constrain the Company’s use of corporate insurance as described
in this section shall terminate at the time the Company concludes (per the terms of this Agreement) that (i) Indemnitee is not entitled
to indemnification pursuant to this agreement, or (ii) such indemnification obligation to Indemnitee has been fully discharged by
the Company.

 

    9

     

    

 

5.               Additional
Indemnification Rights; Non-exclusivity.

 

(a)             Scope.
The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, even if such indemnification is not specifically
authorized by the other provisions of this Agreement or any other agreement, the Organizational Documents of any Covered Entity or by
applicable law. In the event of any change after the Effective Date in any applicable law, statute or rule that expands the right
of a Delaware corporation to indemnify a member of its board of directors or an officer, employee, controlling person, agent or fiduciary,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In
the event of any change in any applicable law, statute or rule that narrows the right of a Delaware corporation to indemnify a member
of its board of directors or an officer, employee, controlling person, agent or fiduciary, such change, to the extent not otherwise required
by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights
and obligations hereunder except as set forth in Section 8(a) hereof.

 

(b)             Non-exclusivity.

 

(i)            The
rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall not be deemed exclusive of, but shall
be in addition to, any other rights to which Indemnitee may at any time be entitled under the Organizational Documents of any Covered
Entity, any other agreement, any vote of stockholders or Disinterested Directors, the laws of the State of Delaware or otherwise. Furthermore,
no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion of any other right or remedy. The
rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall continue as to Indemnitee for any
action Indemnitee took or did not take while serving in an indemnified capacity even though Indemnitee may have ceased to serve in such
capacity.

 

(ii)            The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided
by one or more other Persons, other than a Covered Entity, with whom or which Indemnitee may be associated. The Company hereby acknowledges
and agrees:

 

		(A)	the Company is the indemnitor of first resort with respect to any request for indemnification or advancement
of Expenses made pursuant to this Agreement concerning any Proceeding;

 

		(B)	the Company is primarily liable for all indemnification or advancement of Expenses obligations for any
Proceeding, whether created by law, organizational or constituent documents, contract (including this Agreement) or otherwise;

 

    10

     

    

 

		(C)	any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee
and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s obligations;
and

 

		(D)	the Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent
provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated
or insurer of any such Person.

 

(iii)           The
Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated from any claim
of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid
by the Company to Indemnitee pursuant to this Agreement, whether or not such claim, remedy or right arises in equity or under contract,
statute or common law, including, without limitation, the right to take or receive from such other Person, directly or indirectly, in
cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right.

 

(iv)           In
the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability or
loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise
be payable by the Company or its insurers under this Agreement. In no event will payment by any other Person with whom or which Indemnitee
may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company’s
obligation to indemnify or advance Expenses to any other Person with whom or which Indemnitee may be associated.

 

(v)            Any
indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated is specifically
in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including but
not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

 

6.              No
Duplication of Payments. The Company shall not be liable under this Agreement to make any
payment of any amount otherwise indemnifiable hereunder, or for which advancement is provided hereunder, if and to the extent Indemnitee
has otherwise actually received such payment, whether pursuant to any insurance policy, the Organizational Documents of any Covered Entity
or otherwise; provided, however, that payment made to Indemnitee pursuant to an insurance policy purchased and maintained
by Indemnitee at his or her own expense of any amounts otherwise indemnifiable or obligated to be made pursuant to this Agreement shall
not reduce the Company’s obligations to Indemnitee pursuant to this Agreement.

 

    11

     

    

 

7.               Liability
Insurance.

 

(a)            The
Company shall maintain liability insurance applicable to directors and officers of the Company and shall cause Indemnitee to be named
as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of
the Company’s officers and directors (other than in the case of an independent director liability insurance policy if Indemnitee
is not an independent or outside director). The Company shall advise Indemnitee as to the general terms of, and the amounts of coverage
provided by, any liability insurance policy described in this Section 7 and shall promptly notify Indemnitee if, at any time,
any such insurance policy is terminated or expired without renewal or if the amount of coverage under any such insurance policy will be
decreased.

 

(b)            If,
at the time of the receipt of a notice of a Claim pursuant to the terms hereof, the Company has directors’ and officers’ liability
insurance coverage in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance
with the procedures set forth in the respective directors’ and officers’ liability insurance policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies. The Company will instruct the insurers and their insurance brokers that they
may communicate directly with Indemnitee regarding such Claim.

 

(c)            In
the event of a Change in Control or the Company’s becoming insolvent, the Company shall maintain in force any and all insurance
policies then maintained by the Company in providing insurance—directors’ and officers’ liability, fiduciary, employment
practices or otherwise—in respect of the individual directors and officers of the Company, for a fixed period of six years thereafter
(a “Tail Policy”). Such coverage shall be non-cancellable and shall be placed and serviced for the duration of its
term by the Company’s incumbent insurance broker. Such broker shall place the Tail Policy with the incumbent insurance carriers
using the policies that were in place at the time of the Change in Control event (unless the incumbent carriers will not offer such policies,
in which case the Tail Policy placed by the Company’s insurance broker shall be substantially comparable in scope and amount as
the expiring policies, and the insurance carriers for the Tail Policy shall have an AM Best rating that is the same or better than the
AM Best ratings of the expiring policies).

 

8.               Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated
pursuant to the terms of this Agreement to indemnify Indemnitee:

 

(a)            against
any Losses or Expenses, or advance Expenses to Indemnitee, with respect to Claims initiated or brought voluntarily by Indemnitee, and
not by way of defense (including, without limitation, affirmative defenses and counter-claims), except (i) Claims to establish or
enforce a right to indemnification, contribution or advancement with respect to an Indemnification Event, whether under this Agreement,
any other agreement or insurance policy, the Organizational Documents of any Covered Entity, the laws of the State of Delaware or otherwise,
or (ii) if the Company’s board of directors has approved specifically the initiation or bringing of such Claim;

 

    12

     

    

 

(b)            against
any Losses or Expenses, or advance of Expenses to Indemnitee, with respect to Claims arising (i) with respect to an accounting of
profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of
the Exchange Act or (ii) pursuant to Section 304 or 306 of the Sarbanes-Oxley Act of 2002, as amended, or any rule or regulation
promulgated pursuant thereto; or

 

(c)            if,
and to the extent, that a court of competent jurisdiction renders a final, unappealable decision that such indemnification is not lawful.

 

9.               Monetary
Damages Insufficient/Specific Performance. The Company and Indemnitee agree that a monetary
remedy for breach of this Agreement may be inadequate, impracticable and difficult to prove, and further agree that such breach may cause
Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief
and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm (having agreed that actual and
irreparable harm will result in not forcing the Company to specifically perform its obligations pursuant to this Agreement) and that by
seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief
to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance
and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity
of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking
may be required of Indemnitee by the Court, and the Company hereby waives any such requirement of a bond or undertaking. If Indemnitee
seeks mandatory injunctive relief, it shall not be a defense to enforcement of the Company’s obligations set forth in this Agreement
that Indemnitee has an adequate remedy at law for damages.

 

10.            No
Offsets. The Company’s obligation to indemnify, hold harmless, exonerate or advance
Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, managing
member, fiduciary, employee or agent of any other entity shall be reduced by any amount Indemnitee has actually received as indemnification,
hold harmless or exoneration payments or advancement of expenses from such entity. Notwithstanding any other provision of this Agreement
to the contrary, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold
harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior
to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform
fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification,
advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

    13

     

    

 

11.            Miscellaneous.

 

(a)            Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

(b)            Binding
Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors and assigns (including with respect to the Company, any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company) and with respect to Indemnitee,
such person’s heirs, executors and personal and legal representatives. The Company shall require and cause any successor or assign
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all, substantially all of the business and/or assets
of the Company, to assume and agree to perform this Agreement to the fullest extent permitted by law. This Agreement shall continue in
effect with respect to Claims relating to Indemnification Events regardless of whether Indemnitee continues to serve as a director or
officer any Covered Entity.

 

(c)            Notice.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in
any event be deemed to be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service,
if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business day after
the business day of deposit with Federal Express or similar, nationally recognized overnight courier, freight prepaid, or (d) one
(1) business day after the business day of delivery by confirmed facsimile transmission, if deliverable by facsimile transmission,
with copy by other means permitted hereunder, and addressed, if to Indemnitee, to the Indemnitee’s address or facsimile number (as
applicable) as set forth in the records of the Company, or, if to the Company, at the address or facsimile number (as applicable) of its
principal corporate offices (attention: Secretary), or at such other address or facsimile number (as applicable) as such party may designate
to the other parties hereto.

 

(d)            Notice
by Company. If the Indemnitee is the subject of, or is, to the knowledge of the Company, implicated in any way during an investigation,
whether formal or informal, that is related to Indemnitee’s status as a director or officer of one or more Covered Entities and
that reasonably could lead to a Proceeding for which indemnification can be provided under this Agreement, the Company shall notify the
Indemnitee of such investigation and shall share (to the extent legally permissible) with Indemnitee any information it has provided to
any third parties concerning the investigation (“Shared Information”). By executing this Agreement, Indemnitee
agrees that such Shared Information is material non-public information that Indemnitee is obligated to hold in confidence and may not
disclose publicly; provided, however, that Indemnitee may use the Shared Information and disclose such Shared Information to Indemnitee’s
legal counsel and third parties, in each case solely in connection with defending Indemnitee from legal liability.

 

(e)            Enforceability.
This Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

    14

     

    

 

(f)            Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the courts of the State
of Delaware for all purposes in connection with any Proceeding which arises out of or relates to this Agreement and agree that any Proceeding
instituted under this Agreement shall be commenced, prosecuted and continued only in the courts of the State of Delaware.

 

(g)            Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single
section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the
remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid,
void or otherwise unenforceable that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the extent
manifested by the provision held invalid, illegal or unenforceable.

 

(h)            Choice
of Law. This Agreement shall be governed by and its provisions shall be construed and enforced in accordance with, the laws of the
State of Delaware, without regard to the conflict of laws principles thereof.

 

(i)             Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable
the Company effectively to bring suit to enforce such rights.

 

(j)             Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in a writing
signed by the parties to be bound thereby. Notice of the same shall be provided to all parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

 

(k)            No
Construction as Employment Agreement. This Agreement is not an employment agreement between the Company and the Indemnitee and nothing
contained in this Agreement shall be construed as giving Indemnitee any right to be retained or continue in the employ or service of any
Covered Entity.

 

(l)             Supersedes
Previous Agreements. This Agreement supersedes all prior agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof. All such prior agreements and understandings are hereby terminated and deemed of no
further force or effect.

 

[remainder of page intentionally left blank;
signature page follows]

 

    15

     

    

 

In Witness
Whereof, the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	HAGERTY, INC.,
	 	a Delaware corporation
	 	 

 

	 	By: 	 

	 	Name: 	 

	 	Title: 	 

 

	 	INDEMNITEE:
	 	 
	 	 

 

Signature
Page to Indemnification AgreementExhibit 10.10

 

PRIVILEGED AND CONFIDENTIAL

 

HAGERTY, INC.

 

2021 STOCK INCENTIVE PLAN

 

I. INTRODUCTION

 

1.1           Purposes.
The purposes of the Hagerty, Inc. 2021 Stock Incentive Plan (this “Plan”) are (i) to align the interests of the Company’s
stockholders and the recipients of awards under this Plan by increasing the proprietary interest of such recipients in the Company’s
growth and success, (ii) to advance the interests of the Company by attracting and retaining Non-Employee Directors, officers, other
employees, consultants, independent contractors and agents and (iii) to motivate such persons to act in the long-term best interests
of the Company and its stockholders.

 

1.2           Certain
Definitions.

 

“Agreement”
shall mean the written or electronic agreement evidencing an award hereunder between the Company and the recipient of such award.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Change in Control”
shall have the meaning set forth in Section 5.8(b).

 

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

 

“Committee”
shall mean the Compensation Committee of the Board, or a subcommittee thereof, or such other committee designated by the Board, in each
case, consisting of two or more members of the Board, each of whom is intended to be (i) a “Non-Employee Director” within
the meaning of Rule 16b-3 under the Exchange Act and (ii) “independent” within the meaning of the rules of the New York Stock
Exchange or, if the Common Stock is not listed on the New York Stock Exchange, within the meaning of the rules of the principal stock
exchange on which the Common Stock is then traded.

 

“Common Stock”
shall mean the Class A common stock, par value $0.0001 per share, of the Company, and all rights appurtenant thereto.

 

“Company”
shall mean Hagerty, Inc., a corporation organized under the laws of the State of Delaware, or any successor thereto.

 

“Company Voting
Securities” shall have the meaning set forth in Section 5.8(b)(1).

 

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

 

     

     

    

 

“Fair Market Value”
shall mean the closing transaction price of a share of Common Stock as reported on the New York Stock Exchange on the date as of which
such value is being determined or, if the Common Stock is not listed on the New York Stock Exchange, the closing transaction price of
a share of Common Stock on the principal national stock exchange on which the Common Stock is traded on the date as of which such value
is being determined or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were
reported; provided, however, that if the Common Stock is not listed on a national stock exchange or if Fair Market Value
for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means or method as the Committee,
in the good faith exercise of its discretion, shall at such time deem appropriate and in compliance with Section 409A of the Code.

 

“Free-Standing
SAR” shall mean an SAR which is not granted in tandem with, or by reference to, an option, which entitles the holder thereof
to receive, upon exercise, shares of Common Stock (which may be Restricted Stock) or, to the extent set forth in the applicable Agreement,
cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value of one share of Common Stock on the
date of exercise over the base price of such SAR, multiplied by the number of such SARs which are exercised.

 

“Hagerty Holders”
shall mean McKeel O. Hagerty, his siblings, their respective lineal descendants (whether natural or adopted), any of their spouses,
former spouses, domestic partners or former domestic partners (collectively, the “Hagerty Family Members”) and any estate,
trust, guardianship, custodianship, or other fiduciary organization for the primary benefit of one or more Hagerty Family Members (including
any charitable organization or trust gifts that qualify for federal tax charitable deductions under the Code) and any business entity
owned or controlled by one or more Hagerty Family Members.

 

“Incentive Stock
Option” shall mean an option to purchase shares of Common Stock that meets the requirements of Section 422 of the Code,
or any successor provision, which is intended by the Committee to constitute an Incentive Stock Option.

 

“Incumbent Directors”
shall have the meaning set forth in Section 5.8(b)(4).

 

“Non-Employee
Director” shall mean any director of the Company who is not an officer or employee of the Company or any Subsidiary.

 

“Nonqualified
Stock Option” shall mean an option to purchase shares of Common Stock which is not an Incentive Stock Option.

 

“Other Stock Award”
shall mean an award granted pursuant to Section 3.4 of the Plan.

 

“Performance Award”
shall mean a right to receive an amount of cash, Common Stock, or a combination of both, contingent upon the attainment of specified Performance
Measures within a specified Performance Period.

 

    2

     

    

 

“Performance Measures”
shall mean the criteria and objectives, established by the Committee, which shall be satisfied or met (i) as a condition to the grant
or exercisability of all or a portion of an option or SAR or (ii) during the applicable Restriction Period or Performance Period as a
condition to the vesting of the holder’s interest, in the case of a Restricted Stock Award, of the shares of Common Stock subject
to such award, or, in the case of a Restricted Stock Unit Award, Other Stock Award or Performance Award, to the holder’s receipt
of the shares of Common Stock subject to such award or of payment with respect to such award. One or more of the following business criteria
for the Company, on a consolidated basis, and/or for specified subsidiaries, business or geographical units or operating areas of the
Company (except with respect to the total shareholder return and earnings per share criteria) or individual basis, may be used by the
Committee in establishing Performance Measures under this Plan: the attainment by a share of Common Stock of a specified Fair Market Value
for a specified period of time; increase in stockholder value; earnings per share; return on or net assets; return on equity; return on
investments; return on capital or invested capital; total stockholder return; earnings or income of the Company before or after taxes
and/or interest; earnings before interest, taxes, depreciation and amortization (“EBITDA”); EBITDA margin; operating
income; revenues; operating expenses, attainment of expense levels or cost reduction goals; market share; cash flow, cash flow per share,
cash flow margin or free cash flow; interest expense; economic value created; gross profit or margin; operating profit or margin; net
cash provided by operations; price-to-earnings growth; and strategic business criteria, consisting of one or more objectives based on
meeting specified goals relating to market penetration, customer acquisition, business expansion, cost targets, customer satisfaction,
reductions in errors and omissions, reductions in lost business, management of employment practices and employee benefits, supervision
of litigation, supervision of information technology, quality and quality audit scores, efficiency, and acquisitions or divestitures,
or such other goals as the Committee may determine whether or not listed herein. Each such goal may be determined on a pre-tax or post-tax
basis or on an absolute or relative basis, and may include comparisons based on current internal targets, the past performance of the
Company (including the performance of one or more subsidiaries, divisions, or operating units) or the past or current performance of other
companies or market indices (or a combination of such past and current performance). In addition to the ratios specifically enumerated
above, performance goals may include comparisons relating to capital (including, but not limited to, the cost of capital), shareholders’
equity, shares outstanding, assets or net assets, sales, or any combination thereof. In establishing a Performance Measure or determining
the achievement of a Performance Measure, the Committee may provide that achievement of the applicable Performance Measures may be amended
or adjusted to include or exclude components of any Performance Measure, including, without limitation, foreign exchange gains and losses,
asset write-downs, acquisitions and divestitures, change in fiscal year, unbudgeted capital expenditures, special charges such as restructuring
or impairment charges, debt refinancing costs, extraordinary or noncash items, unusual, infrequently occurring, nonrecurring or one-time
events affecting the Company or its financial statements or changes in law or accounting principles. Performance Measures shall be subject
to such other special rules and conditions as the Committee may establish at any time.

 

    3

     

    

 

“Performance Period”
shall mean any period designated by the Committee during which (i) the Performance Measures applicable to an award shall be measured and
(ii) the conditions to vesting applicable to an award shall remain in effect.

 

“Restricted Stock”
shall mean shares of Common Stock which are subject to a Restriction Period and which may, in addition thereto, be subject to the attainment
of specified Performance Measures within a specified Performance Period.

 

“Restricted Stock
Award” shall mean an award of Restricted Stock under this Plan.

 

“Restricted Stock
Unit” shall mean a right to receive one share of Common Stock or, in lieu thereof and to the extent set forth in the applicable
Agreement, the Fair Market Value of such share of Common Stock in cash, which shall be contingent upon the expiration of a specified Restriction
Period and which may, in addition thereto, be contingent upon the attainment of specified Performance Measures within a specified Performance
Period.

 

“Restricted Stock
Unit Award” shall mean an award of Restricted Stock Units under this Plan.

 

“Restriction Period”
shall mean any period designated by the Committee during which (i) the Common Stock subject to a Restricted Stock Award may not be sold,
transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, except as provided in this Plan or the Agreement
relating to such award, or (ii) the conditions to vesting applicable to a Restricted Stock Unit Award or Other Stock Award shall remain
in effect.

 

“SAR”
shall mean a stock appreciation right which may be a Free-Standing SAR or a Tandem SAR.

 

“Stock Award”
shall mean a Restricted Stock Award, Restricted Stock Unit Award or Other Stock Award.

 

“Subsidiary”
shall mean any corporation, limited liability company, partnership, joint venture or similar entity in which the Company owns, directly
or indirectly, an equity interest possessing more than 50% of the combined voting power of the total outstanding equity interests of such
entity.

 

“Substitute Award”
shall mean an award granted under this Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted
by a company or other entity in connection with a corporate transaction, including a merger, combination, consolidation or acquisition
of property or stock; provided, however, that in no event shall the term “Substitute Award” be construed to
refer to an award made in connection with the cancellation and repricing of an option or SAR.

 

“Tandem SAR”
shall mean an SAR which is granted in tandem with, or by reference to, an option (including a Nonqualified Stock Option granted prior
to the date of grant of the SAR), which entitles the holder thereof to receive, upon exercise of such SAR and surrender for cancellation
of all or a portion of such option, shares of Common Stock (which may be Restricted Stock) or, to the extent set forth in the applicable
Agreement, cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value of one share of Common
Stock on the date of exercise over the base price of such SAR, multiplied by the number of shares of Common Stock subject to such option,
or portion thereof, which is surrendered.

 

    4

     

    

 

“Tax Date”
shall have the meaning set forth in Section 5.5.

 

“Ten Percent Holder”
shall have the meaning set forth in Section 2.1(a).

 

1.3           Administration. This Plan shall be administered by the Committee. Any one or a combination of the following awards may
be made under this Plan to eligible persons: (i) options to purchase shares of Common Stock in the form of Incentive Stock Options or
Nonqualified Stock Options; (ii) SARs in the form of Tandem SARs or Free-Standing SARs; (iii) Stock Awards in the form of Restricted Stock,
Restricted Stock Units or Other Stock Awards; and (iv) Performance Awards. The Committee shall, subject to the terms of this Plan, select
eligible persons for participation in this Plan and determine the form, amount and timing of each award to such persons and, if applicable,
the number of shares of Common Stock subject to an award, the number of SARs, the number of Restricted Stock Units, the dollar value subject
to a Performance Award, the purchase price or base price associated with the award, the time and conditions of exercise or settlement
of the award and all other terms and conditions of the award, including, without limitation, the form of the Agreement evidencing the
award. The Committee may, in its sole discretion and for any reason at any time, take action such that (i) any or all outstanding options
and SARs shall become exercisable in part or in full, (ii) all or a portion of the Restriction Period applicable to any outstanding awards
shall lapse, (iii) all or a portion of the Performance Period applicable to any outstanding awards shall lapse and (iv) the Performance
Measures (if any) applicable to any outstanding awards shall be deemed to be satisfied at the target, maximum or any other level. The
Committee shall, subject to the terms of this Plan, interpret this Plan and the application thereof, establish rules and regulations it
deems necessary or desirable for the administration of this Plan and may impose, incidental to the grant of an award, conditions with
respect to the award, such as limiting competitive employment or other activities. All such interpretations, rules, regulations and conditions
shall be conclusive and binding on all parties.

 

The Committee may delegate
some or all of its power and authority hereunder to the Board (or any members thereof) or, subject to applicable law, to a subcommittee
of the Board, a member of the Board, the Chief Executive Officer or other executive officer of the Company as the Committee deems appropriate;
provided, however, that the Committee may not delegate its power and authority to a member of the Board, the Chief Executive
Officer or other executive officer of the Company with regard to the selection for participation in this Plan of an officer, director
or other person subject to Section 16 of the Exchange Act or decisions concerning the timing, pricing or amount of an award to such an
officer, director or other person.

 

    5

     

    

 

No member of the Board or
Committee, and neither the Chief Executive Officer nor any other executive officer to whom the Committee delegates any of its power and
authority hereunder, shall be liable for any act, omission, interpretation, construction or determination made in connection with this
Plan in good faith, and the members of the Board and the Committee and the Chief Executive Officer or other executive officer shall be
entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including attorneys’
fees) arising therefrom to the full extent permitted by law (except as otherwise may be provided in the Company’s Certificate of
Incorporation and/or By-laws) and under any directors’ and officers’ liability insurance that may be in effect from time to
time.

 

1.4           Eligibility.
Participants in this Plan shall consist of such officers, other employees, Non-Employee Directors, consultants, independent contractors,
agents, and persons expected to become officers, other employees, Non-Employee Directors, consultants, independent contractors and agents
of the Company and its Subsidiaries as the Committee in its sole discretion may select from time to time. The Committee’s selection
of a person to participate in this Plan at any time shall not require the Committee to select such person to participate in this Plan
at any other time. Except as otherwise provided for in an Agreement, for purposes of this Plan, references to employment by the Company
shall also mean employment by a Subsidiary, and references to employment shall include service as a Non-Employee Director, consultant,
independent contractor or agent. The Committee shall determine, in its sole discretion, the extent to which a participant shall be considered
employed during an approved leave of absence.

 

1.5           Shares Available. Subject to adjustment as provided in Section 5.7 and to all other limits set forth in this
Plan, 38,317,399 shares of Common Stock shall initially be available for all awards under this Plan, other than Substitute Awards. Subject
to adjustment as provided in Section 5.7, no more than 38,317,399 shares of Common Stock in the aggregate may be issued under the
Plan in connection with Incentive Stock Options. The number of shares of Common Stock available under the Plan shall increase annually
on the first day of each calendar year, beginning with the calendar year ending December 31, 2022, and continuing until (and including)
the calendar year ending December 31, 2031, with such annual increase equal to the lesser of (i) 5% of the number of shares of Common
Stock issued and outstanding on December 31 of the immediately preceding fiscal year and (ii) an amount determined by the Board. The number
of shares of Common Stock that remain available for future grants under the Plan shall be reduced by the sum of the aggregate number of
shares of Common Stock that become subject to outstanding options, outstanding Free-Standing SARs, outstanding Stock Awards and outstanding
Performance Awards denominated in shares of Common Stock, other than Substitute Awards. 

 

To the extent that shares
of Common Stock subject to an outstanding option, SAR, Stock Award or Performance Award granted under the Plan, other than Substitute
Awards, are not issued or delivered by reason of (i) the expiration, termination, cancellation or forfeiture of such award (excluding
shares subject to an option cancelled upon settlement in shares of a related Tandem SAR or shares subject to a Tandem SAR cancelled upon
exercise of a related option) or (ii) the settlement of such award in cash, then such shares of Common Stock shall again be available
under this Plan. In addition, shares of Common Stock subject to an award under this Plan shall again be available for issuance under this
Plan if such shares are (x) shares that were subject to an option or stock-settled SAR and were not issued or delivered upon the net settlement
or net exercise of such option or SAR or (y) shares delivered to or withheld by the Company to pay the purchase price or the withholding
taxes related to an outstanding award. Notwithstanding the foregoing, shares repurchased by the Company on the open market with the proceeds
of an option exercise shall not again be available for issuance under this Plan.

 

    6

     

    

 

The number of shares of Common
Stock available for awards under this Plan shall not be reduced by (i) the number of shares of Common Stock subject to Substitute Awards
or (ii) available shares under a stockholder approved plan of a company or other entity which was a party to a corporate transaction with
the Company (as appropriately adjusted to reflect such corporate transaction) which become subject to awards granted under this Plan (subject
to applicable stock exchange requirements).

 

Shares of Common Stock to
be delivered under this Plan shall be made available from authorized and unissued shares of Common Stock, or authorized and issued shares
of Common Stock reacquired and held as treasury shares or otherwise or a combination thereof.

 

II. STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

 

2.1           Stock Options. The Committee may, in its discretion, grant options to purchase shares of Common Stock to such eligible
persons as may be selected by the Committee. Each option, or portion thereof, that is not an Incentive Stock Option, shall be a Nonqualified
Stock Option. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of shares of Common Stock with respect
to which options designated as Incentive Stock Options are exercisable for the first time by a participant during any calendar year (under
this Plan or any other plan of the Company, or any parent or Subsidiary) exceeds the amount (currently $100,000) established by the Code,
such options shall constitute Nonqualified Stock Options.

 

Options shall be subject to
the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan,
as the Committee shall deem advisable:

 

(a)            Number of Shares and Purchase Price. The number of shares of Common Stock subject to an option and the purchase price per
share of Common Stock purchasable upon exercise of the option shall be determined by the Committee; provided, however, that
the purchase price per share of Common Stock purchasable upon exercise of an option shall not be less than 100% of the Fair Market Value
of a share of Common Stock on the date of grant of such option; provided further, that if an Incentive Stock Option shall be granted
to any person who, at the time such option is granted, owns capital stock possessing more than 10 percent of the total combined voting
power of all classes of capital stock of the Company (or of any parent or Subsidiary) (a “Ten Percent Holder”), the
purchase price per share of Common Stock shall not be less than the price (currently 110% of Fair Market Value) required by the Code in
order to constitute an Incentive Stock Option.

 

    7

     

    

 

Notwithstanding the foregoing,
in the case of an option that is a Substitute Award, the purchase price per share of the shares subject to such option may be less than
100% of the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of
the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate purchase price thereof
does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to
the Substitute Award, such fair market value to be determined by the Committee) of the shares of the predecessor company or other entity
that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate purchase price of such shares.

 

(b)           Option Period and Exercisability. The period during which an option may be exercised shall be determined by the Committee;
provided, however, that no option shall be exercised later than ten years after its date of grant; provided further,
that if an Incentive Stock Option shall be granted to a Ten Percent Holder, such option shall not be exercised later than five years after
its date of grant. The Committee may, in its discretion, establish Performance Measures which shall be satisfied or met as a condition
to the grant of an option or to the exercisability of all or a portion of an option. The Committee shall determine whether an option shall
become exercisable in cumulative or non-cumulative installments and in part or in full at any time. An exercisable option, or portion
thereof, may be exercised only with respect to whole shares of Common Stock.

 

(c)            Method
of Exercise. An option may be exercised (i) by giving written notice to the Company specifying the number of whole shares of Common
Stock to be purchased and accompanying such notice with payment therefor in full (or arrangement made for such payment to the Company’s
satisfaction) either (A) in cash, (B) by delivery (either actual delivery or by attestation procedures established by the Company) of
shares of Common Stock having a Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase price payable
by reason of such exercise, (C) authorizing the Company to withhold whole shares of Common Stock which would otherwise be delivered having
an aggregate Fair Market Value, determined as of the date of exercise, equal to the amount necessary to satisfy such obligation, (D)
in cash by a broker-dealer acceptable to the Company to whom the participant has submitted an irrevocable notice of exercise or (E) a
combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the option, (ii) if applicable, by
surrendering to the Company any Tandem SARs which are cancelled by reason of the exercise of the option and (iii) by executing such documents
as the Company may reasonably request. Any fraction of a share of Common Stock which would be required to pay such purchase price shall
be disregarded and the remaining amount due shall be paid in cash by the participant. No shares of Common Stock shall be issued and no
certificate representing Common Stock shall be delivered until the full purchase price therefor and any withholding taxes thereon, as
described in Section 5.5, have been paid (or arrangement made for such payment to the Company’s satisfaction).

 

2.2           Stock Appreciation Rights. The Committee may, in its discretion, grant SARs to such eligible persons as may be selected
by the Committee. The Agreement relating to an SAR shall specify whether the SAR is a Tandem SAR or a Free-Standing SAR.

 

    8

     

    

 

SARs shall be subject to the
following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as
the Committee shall deem advisable:

 

(a)            Number of SARs and Base Price. The number of SARs subject to an award shall be determined by the Committee. Any Tandem SAR
related to an Incentive Stock Option shall be granted at the same time that such Incentive Stock Option is granted. The base price of
a Tandem SAR shall be the purchase price per share of Common Stock of the related option. The base price of a Free-Standing SAR shall
be determined by the Committee; provided, however, that such base price shall not be less than 100% of the Fair Market Value
of a share of Common Stock on the date of grant of such SAR (or, if earlier, the date of grant of the option for which the SAR is exchanged
or substituted).

 

Notwithstanding the foregoing,
in the case of an SAR that is a Substitute Award, the base price per share of the shares subject to such SAR may be less than 100% of
the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of the date
such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate base price thereof does not exceed
the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute
Award, such fair market value to be determined by the Committee) of the shares of the predecessor company or other entity that were subject
to the grant assumed or substituted for by the Company, over (y) the aggregate base price of such shares.

 

(b)           Exercise
Period and Exercisability. The period for the exercise of an SAR shall be determined by the Committee; provided, however,
that (i) no Tandem SAR shall be exercised later than the expiration, cancellation, forfeiture or other termination of the related option
and (ii) no Free-Standing SAR shall be exercised later than ten years after its date of grant. The Committee may, in its discretion,
establish Performance Measures which shall be satisfied or met as a condition to the grant of an SAR or to the exercisability of all
or a portion of an SAR. The Committee shall determine whether an SAR may be exercised in cumulative or non-cumulative installments and
in part or in full at any time. An exercisable SAR, or portion thereof, may be exercised, in the case of a Tandem SAR, only with respect
to whole shares of Common Stock and, in the case of a Free-Standing SAR, only with respect to a whole number of SARs. If an SAR is exercised
for shares of Restricted Stock, a certificate or certificates representing such Restricted Stock shall be issued in accordance with Section
3.2(c), or such shares shall be transferred to the holder in book entry form with restrictions on the shares duly noted, and the
holder of such Restricted Stock shall have such rights of a stockholder of the Company as determined pursuant to Section 3.2(d).
Prior to the exercise of a stock-settled SAR, the holder of such SAR shall have no rights as a stockholder of the Company with respect
to the shares of Common Stock subject to such SAR.

 

    9

     

    

 

(c)            Method
of Exercise. A Tandem SAR may be exercised (i) by giving written notice to the Company specifying the number of whole SARs which
are being exercised, (ii) by surrendering to the Company any options which are cancelled by reason of the exercise of the Tandem SAR
and (iii) by executing such documents as the Company may reasonably request. A Free-Standing SAR may be exercised (A) by giving written
notice to the Company specifying the whole number of SARs which are being exercised and (B) by executing such documents as the Company
may reasonably request. No shares of Common Stock shall be issued and no certificate representing Common Stock shall be delivered until
any withholding taxes thereon, as described in Section 5.5, have been paid (or arrangement made for such payment to the Company’s
satisfaction).

 

2.3           Termination of Employment or Service. All of the terms relating to the exercise, cancellation or other disposition of
an option or SAR (i) upon a termination of employment with or service to the Company of the holder of such option or SAR, as the case
may be, whether by reason of disability, retirement, death or any other reason, or (ii) during a paid or unpaid leave of absence, shall
be determined by the Committee and set forth in the applicable award Agreement.

 

2.4           Repricing. The Committee shall not, without the approval of the stockholders of the Company, (i) reduce the purchase
price or base price of any previously granted option or SAR, (ii) cancel any previously granted option or SAR in exchange for another
option or SAR with a lower purchase price or base price or (iii) cancel any previously granted option or SAR in exchange for cash or another
award if the purchase price of such option or the base price of such SAR exceeds the Fair Market Value of a share of Common Stock on the
date of such cancellation.

 

2.5           No Dividend Equivalents.Notwithstanding anything in an Agreement to the contrary, the holder of an option or SAR
shall not be entitled to receive dividend equivalents with respect to the number of shares of Common Stock subject to such option or SAR.

 

III. STOCK AWARDS

 

3.1           Stock Awards. The Committee may, in its discretion, grant Stock Awards to such eligible persons as may be selected by
the Committee. The Agreement relating to a Stock Award shall specify whether the Stock Award is a Restricted Stock Award, a Restricted
Stock Unit Award or, in the case of an Other Stock Award, the type of award being granted.

 

3.2           Terms
of Restricted Stock Awards. Restricted Stock Awards shall be subject to the following terms and conditions and shall contain
such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

(a)            Number of Shares and Other Terms. The number of shares of Common Stock subject to a Restricted Stock Award and the Restriction
Period, Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Stock Award shall be determined by the
Committee.

 

(b)           Vesting
and Forfeiture. The Agreement relating to a Restricted Stock Award shall provide, in the manner determined by the Committee, in its
discretion, and subject to the provisions of this Plan, for the vesting of the shares of Common Stock subject to such award (i) if the
holder of such award remains continuously in the employment of the Company during the specified Restriction Period and (ii) if specified
Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares of Common
Stock subject to such award (x) if the holder of such award does not remain continuously in the employment of the Company during the
specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied or met during a specified Performance
Period.

 

    10

     

    

 

(c)            Stock
Issuance. During the Restriction Period, the shares of Restricted Stock shall be held by a custodian in book entry form with restrictions
on such shares duly noted or, alternatively, a certificate or certificates representing a Restricted Stock Award shall be registered
in the holder’s name and may bear a legend, in addition to any legend which may be required pursuant to Section 5.6, indicating
that the ownership of the shares of Common Stock represented by such certificate is subject to the restrictions, terms and conditions
of this Plan and the Agreement relating to the Restricted Stock Award. All such certificates shall be deposited with the Company, together
with stock powers or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature
if deemed necessary or appropriate, which would permit transfer to the Company of all or a portion of the shares of Common Stock subject
to the Restricted Stock Award in the event such award is forfeited in whole or in part. Upon termination of any applicable Restriction
Period (and the satisfaction or attainment of applicable Performance Measures), subject to the Company’s right to require payment
of any taxes in accordance with Section 5.5, the restrictions shall be removed from the requisite number of any shares of Common
Stock that are held in book entry form, and all certificates evidencing ownership of the requisite number of shares of Common Stock shall
be delivered to the holder of such award.

 

(d)            Rights
with Respect to Restricted Stock Awards. Unless otherwise set forth in the Agreement relating to a Restricted Stock Award, and subject
to the terms and conditions of a Restricted Stock Award, the holder of such award shall have all rights as a stockholder of the Company,
including, but not limited to, voting rights, the right to receive dividends and the right to participate in any capital adjustment applicable
to all holders of Common Stock; provided, however, that any dividends or distributions payable with respect to the shares
of Common Stock subject to a Restricted Stock Award shall be deposited with the Company and shall be subject to the same restrictions
as the shares of Common Stock with respect to which such distribution was made.

 

3.3           Terms of Restricted Stock Unit Awards. Restricted Stock Unit Awards shall be subject to the following terms and conditions
and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

(a)            Number
of Shares and Other Terms. The number of shares of Common Stock subject to a Restricted Stock Unit Award, including the number of
shares that are earned upon the attainment of any specified Performance Measures, and the Restriction Period, Performance Period (if
any) and Performance Measures (if any) applicable to a Restricted Stock Unit Award shall be determined by the Committee.

 

    11

     

    

 

(b)           Vesting
and Forfeiture. The Agreement relating to a Restricted Stock Unit Award shall provide, in the manner determined by the Committee,
in its discretion, and subject to the provisions of this Plan, for the vesting of such Restricted Stock Unit Award (i) if the holder
of such award remains continuously in the employment of the Company during the specified Restriction Period and (ii) if specified Performance
Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares of Common Stock subject
to such award (x) if the holder of such award does not remain continuously in the employment of the Company during the specified Restriction
Period or (y) if specified Performance Measures (if any) are not satisfied or met during a specified Performance Period.

 

(c)           
Settlement of Vested Restricted Stock Unit Awards. The Agreement relating to a Restricted Stock Unit Award shall specify
(i) whether such award may be settled in shares of Common Stock or cash or a combination thereof and (ii) whether the holder thereof shall
be entitled to receive, on a current or deferred basis, dividend equivalents, and, if determined by the Committee, interest on, or the
deemed reinvestment of, any deferred dividend equivalents, with respect to the number of shares of Common Stock subject to such award.
Any dividend equivalents with respect to Restricted Stock Units shall be subject to the same vesting conditions as the underlying awards.
Prior to the settlement of a Restricted Stock Unit Award, the holder of such award shall have no rights as a stockholder of the Company
with respect to the shares of Common Stock subject to such award.

 

3.4           Other Stock Awards.  Subject to the limitations set forth in the Plan, the Committee is authorized to grant other
awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares
of Common Stock, including without limitation shares of Common Stock granted as a bonus and not subject to any vesting conditions, dividend
equivalents, deferred stock units, stock purchase rights and shares of Common Stock issued in lieu of obligations of the Company to pay
cash under any compensatory plan or arrangement, subject to such terms as shall be determined by the Committee.  The Committee shall
determine the terms and conditions of such awards, which may include the right to elective deferral thereof, subject to such terms and
conditions as the Committee may specify in its discretion. Any distribution, dividend or dividend equivalents with respect to Other
Stock Awards shall be subject to the same vesting conditions as the underlying awards.

 

3.5           Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the
termination of the Restriction Period or Performance Period relating to a Stock Award, or any forfeiture and cancellation of such award
(i) upon a termination of employment with or service to the Company of the holder of such award, whether by reason of disability, retirement,
death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and set forth in the
applicable award Agreement.

 

IV. PERFORMANCE AWARDS

 

4.1           Performance Awards. The Committee may, in its discretion, grant Performance Awards to such eligible persons as may be
selected by the Committee.

 

    12

     

    

 

4.2           Terms of Performance Awards. Performance Awards shall be subject to the following terms and conditions and shall contain
such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

(a)            Value
of Performance Awards and Performance Measures. The method of determining the value of the Performance Award and the Performance
Measures and Performance Period applicable to a Performance Award shall be determined by the Committee.

 

(b)            Vesting
and Forfeiture. The Agreement relating to a Performance Award shall provide, in the manner determined by the Committee, in its discretion,
and subject to the provisions of this Plan, for the vesting of such Performance Award if the specified Performance Measures are satisfied
or met during the specified Performance Period and for the forfeiture of such award if the specified Performance Measures are not satisfied
or met during the specified Performance Period.

 

(c)            Settlement
of Vested Performance Awards. The Agreement relating to a Performance Award shall specify whether such award may be settled in shares
of Common Stock (including shares of Restricted Stock) or cash or a combination thereof. If a Performance Award is settled in shares
of Restricted Stock, such shares of Restricted Stock shall be issued to the holder in book entry form or a certificate or certificates
representing such Restricted Stock shall be issued in accordance with Section 3.2(c) and the holder of such Restricted Stock shall
have such rights as a stockholder of the Company as determined pursuant to Section 3.2(d). Any dividends or dividend equivalents
with respect to a Performance Award shall be subject to the same performance-based vesting restrictions as such Performance Award. Prior
to the settlement of a Performance Award in shares of Common Stock, including Restricted Stock, the holder of such award shall have no
rights as a stockholder of the Company.

 

4.3           Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the
termination of the Performance Period relating to a Performance Award, or any forfeiture and cancellation of such award (i) upon a termination
of employment with or service to the Company of the holder of such award, whether by reason of disability, retirement, death or any other
reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and set forth in the applicable award Agreement.

 

V. GENERAL

 

5.1           Effective Date and Term of Plan. This Plan shall be submitted to the stockholders of the Company for approval at a special
meeting of stockholders in 2021 and shall become effective as of the date on which the Plan was approved by stockholders. This Plan shall
terminate on the tenth anniversary of its effective date, unless terminated earlier by the Board. Termination of this Plan shall not affect
the terms or conditions of any award granted prior to termination.

 

    13

     

    

 

Awards hereunder may be made
at any time prior to the termination of this Plan, provided that no Incentive Stock Option may be granted later than ten years after the
date on which the Plan was approved by the Board. In the event that this Plan is not approved by the stockholders of the Company, this
Plan and any awards hereunder shall be void and of no force or effect.

 

5.2           Amendments.
The Board may amend this Plan as it shall deem advisable; provided, however, that no amendment to the Plan shall be effective
without the approval of the Company’s stockholders if (i) stockholder approval is required by applicable law, rule or regulation,
including any rule of the New York Stock Exchange, or any other stock exchange on which the Common Stock is then traded, or (ii) such
amendment seeks to modify the Non-Employee Director compensation limit set forth in Section 1.4; provided further, that
no amendment may materially impair the rights of a holder of an outstanding award without the consent of such holder.

 

5.3           Agreement.
Each award under this Plan shall be evidenced by an Agreement setting forth the terms and conditions applicable to such award. No award
shall be valid until an Agreement is executed by the Company and, to the extent required by the Company, executed or electronically accepted
by the recipient of such award. Upon such execution or acceptance and delivery of the Agreement to the Company within the time period
specified by the Company, such award shall be effective as of the effective date set forth in the Agreement.

 

5.4           Non-Transferability. No award shall be transferable other than by will, the laws of descent and distribution or pursuant
to beneficiary designation procedures approved by the Company or, to the extent expressly permitted in the Agreement relating to such
award, to the holder’s family members, a trust or entity established by the holder for estate planning purposes, a charitable organization
designated by the holder or pursuant to a domestic relations order, in each case, without consideration. Except to the extent permitted
by the foregoing sentence or the Agreement relating to an award, each award may be exercised or settled during the holder’s lifetime
only by the holder or the holder’s legal representative or similar person. Except as permitted by the second preceding sentence,
no award may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or
otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate,
encumber or otherwise dispose of any award, such award and all rights thereunder shall immediately become null and void.

 

5.5           Tax
Withholding. The Company shall have the right to require, prior to the issuance or delivery of any shares of Common Stock or
the payment of any cash pursuant to an award made hereunder, payment by the holder of such award of any federal, state, local or other
taxes which may be required to be withheld or paid in connection with such award. An Agreement may provide that (i) the Company shall
withhold whole shares of Common Stock which would otherwise be delivered to a holder, having an aggregate Fair Market Value determined
as of the date the obligation to withhold or pay taxes arises in connection with an award (the “Tax Date”), or withhold
an amount of cash which would otherwise be payable to a holder, in the amount necessary to satisfy any such obligation or (ii) the holder
may satisfy any such obligation by any of the following means: (A) a cash payment to the Company; (B) delivery (either actual delivery
or by attestation procedures established by the Company) to the Company of previously owned whole shares of Common Stock having an aggregate
Fair Market Value, determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation; (C) authorizing the Company
to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate Fair Market Value, determined as of the
Tax Date, or withhold an amount of cash which would otherwise be payable to a holder, in either case equal to the amount necessary to
satisfy any such obligation; (D) in the case of the exercise of an option, a cash payment by a broker-dealer acceptable to the Company
to whom the participant has submitted an irrevocable notice of exercise or (E) any combination of (A), (B) and (C), in each case to the
extent set forth in the Agreement relating to the award. Shares of Common Stock to be delivered or withheld may not have an aggregate
Fair Market Value in excess of the amount determined by applying the applicable statutory withholding rate. Any fraction of a share of
Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in
cash by the holder.

 

    14

     

    

 

5.6           Restrictions on Shares. Each award made hereunder shall be subject to the requirement that if at any time the Company
determines that the listing, registration or qualification of the shares of Common Stock subject to such award upon any securities exchange
or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as
a condition of, or in connection with, the delivery of shares thereunder, such shares shall not be delivered unless such listing, registration,
qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company.
The Company may require that certificates evidencing shares of Common Stock delivered pursuant to any award made hereunder bear a legend
indicating that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act
of 1933, as amended, and the rules and regulations thereunder.

 

5.7           Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting
Standards Codification Topic 718, Compensation—Stock Compensation or any successor or replacement accounting standard) that causes
the per share value of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization
through an extraordinary cash dividend, the number and class of securities available under this Plan, the terms of each outstanding option
and SAR (including the number and class of securities subject to each outstanding option or SAR and the purchase price or base price per
share), the terms of each outstanding Stock Award (including the number and class of securities subject thereto), the terms of each outstanding
Performance Award (including the number and class of securities subject thereto, if applicable), the maximum number of securities with
respect to which options or SARs may be granted during any fiscal year of the Company to any one grantee, the maximum number of shares
of Common Stock that may be awarded during any fiscal year of the Company to any one grantee pursuant to a Stock Award that is subject
to Performance Measures or a Performance Award, as set forth in Section 1.6, shall be appropriately adjusted by the Committee,
such adjustments to be made in the case of outstanding options and SARs in accordance with Section 409A of the Code. In the event of any
other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the
Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the
Committee to prevent dilution or enlargement of rights of participants. In either case, the decision of the Committee regarding any such
adjustment shall be final, binding and conclusive.

 

    15

     

    

 

5.8           Change in Control. 

 

(a)            Subject to the terms of the applicable award Agreements, in the event of a “Change in Control,” the Board, as constituted
prior to the Change in Control, may, in its discretion:

 

		(1)	require that (i) some or all outstanding options and SARs shall become exercisable in full or in part,
either immediately or upon a subsequent termination of employment, (ii) the Restriction Period applicable to some or all outstanding Stock
Awards shall lapse in full or in part, either immediately or upon a subsequent termination of employment, (iii) the Performance Period
applicable to some or all outstanding awards shall lapse in full or in part, and (iv) the Performance Measures applicable to some or all
outstanding awards shall be deemed to be satisfied at the target, maximum or any other level;

 

		(2)	require that shares of capital stock of the corporation resulting from or succeeding to the business of
the Company pursuant to such Change in Control (or a parent corporation thereof) or other property be substituted for some or all of the
shares of Common Stock subject to an outstanding award, with an appropriate and equitable adjustment to such award as determined by the
Board in accordance with Section 5.7; and/or

 

		(3)	require outstanding awards, in whole or in part, to be surrendered to the Company by the holder, and to
be immediately cancelled by the Company, and to provide for the holder to receive (i) a cash payment in an amount equal to (A) in the
case of an option or an SAR, the aggregate number of shares of Common Stock then subject to the portion of such option or SAR surrendered,
whether or not vested or exercisable, multiplied by the excess, if any, of the Fair Market Value of a share of Common Stock as of the
date of the Change in Control, over the purchase price or base price per share of Common Stock subject to such option or SAR, (B) in the
case of a Stock Award or a Performance Award denominated in shares of Common Stock, the number of shares of Common Stock then subject
to the portion of such award surrendered to the extent the Performance Measures applicable to such award have been satisfied or are deemed
satisfied pursuant to Section 5.8(a)(i), whether or not vested, multiplied by the Fair Market Value of a share of Common Stock
as of the date of the Change in Control, and (C) in the case of a Performance Award denominated in cash, the value of the Performance
Award then subject to the portion of such award surrendered to the extent the Performance Measures applicable to such award have been
satisfied or are deemed satisfied pursuant to Section 5.8(a)(i); (ii) shares of capital stock of the corporation resulting from
or succeeding to the business of the Company pursuant to such Change in Control (or a parent corporation thereof) or other property, having
a fair market value not less than the amount determined under clause (i) above; or (iii) a combination of the payment of cash pursuant
to clause (i) above and the issuance of shares or other property pursuant to clause (ii) above.

 

    16

     

    

 

(b)           For purposes of this Plan, a “Change in Control” shall be deemed to have occurred if:

 

		(1)	any transaction or series of transactions in which any Person becomes the direct or indirect Beneficial
Owner, by way of a stock issuance, tender offer, merger, consolidation, other business combination or otherwise, of greater than 35% of
the total voting power (on a fully diluted basis as if all convertible securities had been converted and all warrants and options had
been exercised) entitled to vote in the election of directors of the Company (“Company Voting Securities”) (including
any transaction in which the Company becomes a wholly-owned or majority-owned subsidiary of another corporation); provided, however,
that the following acquisitions shall not be deemed to be a Change of Control: (i) acquisitions by the Company or any Subsidiary;
(ii) acquisitions by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary; (iii) acquisitions
by any underwriter temporarily holding securities pursuant to an offering of such securities; (iv) an acquisition by any combination of
Hagerty Holders; or (v) any acquisition pursuant to a transaction described in subparagraph (2) of this definition;

 

		(2)	any merger or consolidation or reorganization of the Company other than a
merger, consolidation or reorganization (i) immediately following which those individuals who, immediately prior to the consummation
of such merger, consolidation or reorganization, constituted the Board, constitute a majority of the board of directors of the Company
or the surviving or resulting entity or any parent thereof, (ii) which results in the Company Voting Securities outstanding immediately
prior to such merger, consolidation or reorganization continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any Subsidiary, greater than 50% of the combined voting power of the
securities of the Company (or such surviving entity or any parent thereof) outstanding immediately after such merger or consolidation,
and (iii) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including
in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing
50% or more of the then outstanding Company Voting Securities;

 

    17

     

    

 

		(3)	any transaction or series of transactions in which all or substantially all of the Company's assets are
sold;

 

		(4)	during any twenty-four (24) month period, individuals who,
as of the beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute
at least a majority of the Board; provided that any Person becoming a director subsequent to the beginning of such period
whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either
by a specific vote or by approval of the proxy statement of the Company in which such Person is named as a nominee for director, without
written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially
elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or
as a result of any other actual or threatened solicitation of proxies by or on behalf of any Person other than the Board shall be deemed
to be an Incumbent Director.

 

provided, that with respect to any nonqualified
deferred compensation that becomes payable on account of the Change in Control, the transaction or event described in clause (1), (2),
(3) or (4) also constitutes a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5) if required
in order for the payment not to violate Section 409A of the Code.

 

Solely for
purposes of this definition, the following terms shall have the meaning specified: (A) “Affiliate” shall have the meaning
set forth in Rule 12b-2 under Section 12 of the Exchange Act; (B) “Beneficial Owner” shall have the meaning
set forth in Rule 13d-3 under the Exchange Act, except that a Person shall not be deemed to be the Beneficial Owner of
any securities which are reflected on a Schedule 13G; and (C) ”Person” shall have the meaning given in Section 3(a)(9) of
the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (w) the
Company or any of its Affiliates; (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company
or any of its Subsidiaries; (y) an underwriter temporarily holding securities pursuant to an offering of such securities; or (z) a
corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership
of stock of the Company.

 

5.9           Deferrals. The Committee may determine that the delivery of shares of Common Stock or the payment of cash, or a combination
thereof, upon the settlement of all or a portion of any award made hereunder shall be deferred, or the Committee may, in its sole discretion,
approve deferral elections made by holders of awards. Deferrals shall be for such periods and upon such terms as the Committee may determine
in its sole discretion, subject to the requirements of Section 409A of the Code.

 

5.10         No Right of Participation, Employment or Service. Unless otherwise set forth in an employment agreement, no person shall
have any right to participate in this Plan. Neither this Plan nor any award made hereunder shall confer upon any person any right to continued
employment by or service with the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company,
any Subsidiary or any affiliate of the Company to terminate the employment or service of any person at any time without liability hereunder.

 

    18

     

    

 

5.11        Rights as Stockholder. No person shall have any right as a stockholder of the Company with respect to any shares of
Common Stock or other equity security of the Company which is subject to an award hereunder unless and until such person becomes a stockholder
of record with respect to such shares of Common Stock or equity security.

 

5.12        Designation
of Beneficiary. To the extent permitted by the Company, a holder of an award may file with the Company a written designation
of one or more persons as such holder’s beneficiary or beneficiaries (both primary and contingent) in the event of the holder’s
death or incapacity. To the extent an outstanding option or SAR granted hereunder is exercisable, such beneficiary or beneficiaries shall
be entitled to exercise such option or SAR pursuant to procedures prescribed by the Company. Each beneficiary designation shall become
effective only when filed in writing with the Company during the holder’s lifetime on a form prescribed by the Company. The spouse
of a married holder domiciled in a community property jurisdiction shall join in any designation of a beneficiary other than such spouse.
The filing with the Company of a new beneficiary designation shall cancel all previously filed beneficiary designations. If a holder
fails to designate a beneficiary, or if all designated beneficiaries of a holder predecease the holder, then each outstanding award held
by such holder, to the extent vested or exercisable, shall be payable to or may be exercised by such holder’s executor, administrator,
legal representative or similar person.

 

5.13        Awards
Subject to Clawback. The awards granted under this Plan and any cash payment or shares of Common Stock delivered pursuant to
such an award are subject to forfeiture, recovery by the Company or other action pursuant to the applicable award Agreement or any clawback
or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may
be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder,
or as otherwise required by law.

 

5.14        Governing
Law.  This Plan, each award hereunder and the related Agreement, and all determinations made and actions taken pursuant
thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State
of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.

 

5.15        Foreign
Employees. Without amending this Plan, the Committee may grant awards to eligible persons who are foreign nationals and/or reside
outside of the United States on such terms and conditions different from those specified in this Plan as may in the judgment of the Committee
be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such purposes the Committee
may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply with provisions
of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees.

 

    19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]