Document:

Exhibit 10.3

 

DIRECT DIGITAL HOLDINGS, INC.

 

2022 OMNIBUS INCENTIVE PLAN

 

		1.	Purpose

 

The purpose of the Plan is
to provide a means through which the Company and its Affiliates may attract able persons to enter and remain in the employ of the Company
and its Affiliates and to provide a means whereby employees, directors and consultants of the Company and its Affiliates can acquire and
maintain Common Stock ownership, or be paid incentive compensation measured by reference to the value of Common Stock, thereby strengthening
their commitment to the welfare of the Company and its Affiliates and promoting an identity of interest between stockholders and these
persons.

 

This Plan document is an omnibus
document which may include, in addition to the Plan, separate sub-plans (“Sub Plans”) that permit offerings of grants
to employees of certain Designated Foreign Subsidiaries. Offerings under the Sub Plans may be made in particular locations outside the
United States of America and shall comply with local laws applicable to offerings in such foreign jurisdictions. The Plan shall be a separate
and independent plan from the Sub Plans, but the total number of shares of Stock authorized to be issued under the Plan applies in the
aggregate to both the Plan and the Sub Plans.

 

So that the appropriate incentive
can be provided, the Plan provides for granting Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Phantom Stock Awards, Stock Bonuses and Cash Bonus Awards, or any combination or variation of the foregoing.

 

The Plan is effective upon
(a) the approval by the Company’s stockholders of this Plan and (b) the date of consummation of the Company’s initial public
offering.

 

		2.	Definitions

 

The following definitions
shall be applicable throughout the Plan.

 

(a)                
“Affiliate” means (i) any entity that directly or indirectly is controlled by, controls or is under common control
with the Company and (ii) to the extent provided by the Committee, any entity in which the Company has a significant equity interest.

 

(b)               
“Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Phantom Stock Award, Stock Bonus or Cash Bonus Award granted under the Plan.

 

(c)                
“Award Agreement” means an agreement, contract or other instrument, document or other type or form of writing pursuant
to which an Award is granted, whether in writing or through an electronic medium.

 

(d)               
“Board” means the Board of Directors of the Company.

 

(e)                
“Cash Bonus Award” means an Award of a cash bonus pursuant to Section 11 of the Plan.

 

(f)                 “Cause”
shall mean, unless in the case of a particular Award the applicable Award Agreement states otherwise, the Company or an Affiliate
having “cause” to terminate a Participant’s employment or service, as defined in any existing employment,
consulting or any other agreement between the Participant and the Company or an Affiliate in effect at the time of such termination
or, in the absence of such an employment, consulting or other agreement, upon (i) the good faith determination by the Committee that
the Participant has ceased to perform his duties to the Company or an Affiliate (other than as a result of his incapacity due to
physical or mental illness or injury), which failure amounts to an intentional and extended neglect of his duties to such party,
provided that no such failure shall constitute Cause unless the Participant has been given notice of such failure (if cure is
reasonably possible) and has not cured such act or omission within 15 days following receipt of such notice, (ii) the
Committee’s good faith determination that the Participant has engaged or is about to engage in conduct materially injurious
(financially, reputationally, or otherwise) to the Company or an Affiliate, (iii) the Participant having been convicted of, or plead
guilty or no contest to, a felony or any crime involving as a material element fraud or dishonesty, (iv) the consistent failure of
the Participant to follow the lawful instructions of the Board or his direct superiors, which failure amounts to an intentional and
extended neglect of his duties to such party, or (v) in the case of a Participant who is a non-employee director, the Participant
ceasing to be a member of the Board in connection with the Participant engaging in any of the activities described in clauses (i)
through (iv) above.

 

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(g)               
“Change in Control” shall, unless in the case of a particular Award the applicable Award Agreement states otherwise
or contains a different definition of “Change in Control,” be deemed to occur upon:

 

(i)                 
the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (an
 “Entity”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than
50% (on a fully diluted basis) of either (A) the then outstanding shares of Common Stock of the Company, taking into account as outstanding
for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and
the exercise of any similar right to acquire such Common Stock or (B) the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (I) any acquisition
by the Company or any Affiliate, (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate,
(III) any acquisition which complies with clauses (A), (B) and (C) of subsection (v) of this Section 2(g), or (IV) in respect of an Award
held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity
controlled by the Participant or any group of persons including the Participant);

 

(ii)               
individuals who, on the date hereof, 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 date hereof, whose election
or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific
vote or by approval of a registration statement of the Company describing such person’s inclusion on the Board, or a 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 or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

 

(iii)             
the dissolution or liquidation of the Company;

 

(iv)              
the sale, transfer or other disposition of all or substantially all of the business or assets of the Company; or

 

(v)                the
consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form of corporate
transaction involving the Company that requires the approval of the Company’s stockholders, whether for such transaction or
the issuance of securities in the transaction (a “Business Combination”), unless immediately following such
Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the
 “Surviving Company”), or (y) if applicable, the ultimate parent entity that directly or indirectly has beneficial
ownership of sufficient voting securities eligible to elect a majority of the members of the Board of Directors (or the analogous
governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting
Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into
which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among
the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among
the holders thereof immediately prior to the Business Combination, (B) no Entity (other than any employee benefit plan sponsored or
maintained by the Surviving Company or the Parent Company), is or becomes the beneficial owner, directly or indirectly, of more than
50% of the total voting power of the outstanding voting securities eligible to elect members of the Board of Directors of the Parent
Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company) and (C) at least a majority of
the members of the Board of Directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company,
the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board’s
approval of the execution of the initial agreement providing for such Business Combination.

 

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(h)               
“Code” means the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of the Code shall
be deemed to include any amendments or successor provisions to such section and any regulations under such section.

 

(i)                 
“Committee” means the Compensation Committee of the Board, or if the Board is acting as the Committee, the individuals
constituting Eligible Directors of the Board. Notwithstanding the foregoing, “Committee” means the Board for purposes of granting
Awards to members of the Board who are not employees, and administering the Plan with respect to those Awards, unless the Board determines
otherwise.

 

(j)                 
“Common Stock” means the common stock, par value $0.001 per share, of the Company and any stock into which such common
stock may be converted or into which it may be exchanged.

 

(k)               
“Company” means Direct Digital Holdings, Inc., and any successor thereto.

 

(l)                 
“Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified
in such authorization or, if there is no such date, the date indicated on the applicable Award Agreement.

 

(m)              
“Designated Foreign Subsidiaries” means all Affiliates organized under the laws of any jurisdiction or country other
than the United States of America that may be designated by the Board or the Committee from time to time.

 

(n)               
“Disability” means, unless in the case of a particular Award the applicable Award Agreement states otherwise, the Company
or an Affiliate having cause to terminate a Participant’s employment or service on account of “disability,” as defined
in any existing employment, consulting or other similar agreement between the Participant and the Company or an Affiliate or, in the absence
of such an employment, consulting or other agreement, a condition entitling the Participant to receive benefits under a long-term disability
plan of the Company or an Affiliate, or, in the absence of such a plan, the complete and permanent inability by reason of illness or accident
to perform the duties of the occupation at which a Participant was employed or served when such disability commenced, as determined by
the Committee based upon medical evidence acceptable to it.

 

(o)               
“Effective Date” means the earlier of (i) the date on which this Plan is approved by the Company’s stockholders,
or (ii) the date on which this Plan is adopted by the Company’s Board.

 

(p)               
“Eligible Director” means a person who is (i) a “non-employee director” within the meaning of Rule 16b-3
under the Exchange Act, or a person meeting any similar requirement under any successor rule or regulation, and (ii) an “independent
director” under the rules of the stock exchange on which the Stock is listed or the National Association of Securities Dealers Automated
Quotation System (the “Nasdaq”), as applicable.

 

(q)               
“Eligible Person” means any (i) individual regularly employed by the Company or Affiliate who satisfies all of the
requirements of Section 6; provided, however, that no such employee covered by a collective bargaining agreement shall be
an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement
or instrument relating thereto; (ii) director of the Company or an Affiliate or (iii) consultant or advisor to the Company or an Affiliate
who may be offered securities pursuant to Form S-8.

 

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

 

(s)                 “Fair
Market Value” on a given date, means (i) if the Stock is listed on a national securities exchange, the closing price reported
as having occurred on the primary exchange with which the Stock is listed and traded on the date prior to such date, or, if there is
no such sale on that date, then on the last preceding date on which such a sale was reported; (ii) if the Stock is not listed on any
national securities exchange but is quoted in the Nasdaq National Market on a last sale basis, the last sale price on such date, or,
if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Stock is not
listed on a national securities exchange nor quoted in the Nasdaq on a last sale basis, the amount determined by the Committee to be
the fair market value based upon a good faith attempt to value the Stock accurately and computed in accordance with applicable
regulations of the Internal Revenue Service.

 

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(t)                 
“Good Reason” shall mean, unless in the case of a particular Award the applicable Award Agreement states otherwise,
the Participant having “good reason” to terminate the Participant’s employment or service, as defined in any existing
employment, consulting or any other agreement between the Participant and the Company or an Affiliate in effect at the time of such termination
or, in the absence of such an employment, consulting or other agreement, upon (i) a material diminution in the Participant’s base
compensation or target bonus below the amount as of the date of the award, totaling more than 20% in the aggregate; (ii) a material diminution
in the Participant’s authority, duties or responsibilities; (iii) a material change in the geographic location at which the Participant
must perform services; or (iv) any action or inaction that constitutes a material breach by the Company of the Plan or an Award Agreement
entered into with the Participant; provided, however, that for the Participant to be able to terminate his or her employment with the
Company on account of “Good Reason” the Participant must provide notice of the occurrence of the event constituting Good Reason
and his or her desire to terminate his or her employment with the Company on account of such Good Reason, and the Company must have a
period of thirty (30) days following receipt of such notice to cure the condition. If the Company does not cure the event constituting
Good Reason within such thirty (30) day period, the Participant’s employment will terminate the day immediately following the end
of such thirty (30) day period, unless the Company provides for an earlier employment termination date.

 

(u)               
“Incentive Stock Option” means an Option granted by the Committee to a Participant under the Plan which is designated
by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth herein.

 

(v)               
“Nonqualified Stock Option” means an Option granted by the Committee to a Participant under the Plan which is not designated
by the Committee as an Incentive Stock Option.

 

(w)              
“Option” means an Award granted under Section 7 of the Plan.

 

(x)               
“Option Price” means the exercise price for an Option as described in Section 7(a) of the Plan.

 

(y)               
“Parent” means any parent of the Company, as defined in Section 424(e) of the Code.

 

(z)                
“Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive
an Award pursuant to Section 6 of the Plan.

 

(aa)             
“Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of establishing
the Performance Goal(s) for a Performance Period with respect to any Award under the Plan. The Performance Criteria that may be used to
establish the Performance Goal(s) may be based on the achievement of specific levels of performance of the Company (or Affiliate, division
or operational unit of the Company). Performance Criteria, may include, without limitation, any of the following: (i) net earnings or
net income (before or after taxes); (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or net revenue
growth; (iv) gross revenue; (v) new client revenue; (vi) gross profit or gross profit growth; (vii) net operating profit (before or after
taxes); (viii) return measures (including, but not limited to, return on assets, capital, invested capital, equity or sales); (ix) cash
flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital); (x) earnings before or after
taxes, interest, depreciation and/or amortization; (xi) share price (included, but not limited to, growth measures and total stockholder
return); and (xii) any other objective or subjective criterion or criteria that the Committee may select from time to time.

 

Without limiting the
Committee’s authority to select any Performance Criteria as it determines appropriate, any Performance Criteria may be used on
an absolute or relative basis to measure the performance of the Company and/or an Affiliate as a whole or any business unit of the
Company and/or an Affiliate or any combination thereof, as the Committee may deem appropriate, or any Performance Criteria as
compared to the performance of a group of comparable companies, or published or special index that the Committee, in its sole
discretion, deems appropriate, or the Company may select Performance Criterion as compared to a selected peer group or published
index. Performance Goals may also be based on individual performance goals. The Committee also has the authority to provide for
accelerated vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria.

 

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(bb)            
“Performance Goals” shall mean, for a Performance Period, the one or more goals established by the Committee for the
Performance Period based upon the Performance Criteria. The Committee is authorized at any time during a Performance Period, or during
the performance review period following the Performance Period, in its sole and absolute discretion, to adjust or modify the calculation
of a Performance Goal for such Performance Period based on the occurrence of any of following events: (i) asset write downs; (ii) litigation
or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting
reported result; (iv) any reorganization or restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Principles
Board Opinion No. 30 (or any successor pronouncement thereto) or unusual or infrequently occurring items pursuant to Accounting Standards
Update 2015-01 (or any successor pronouncement thereto) and/or in management’s discussion and analysis of financial conditions and
results of operations appearing in the Company’s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures;
(vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains or
losses; (ix) a change in the Company’s fiscal year; or (x) any other event or circumstance the Committee deems appropriate.

 

(cc)             
“Performance Period” shall mean the one or more periods of time, as the Committee may select, over which the attainment
of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of an
Award.

 

(dd)            
“Phantom Stock Award” shall mean a cash award whose value is determined based on the change in the value of the Company
Common Stock from the Effective Date.

 

(ee)             
“Plan” means this Direct Digital Holdings, Inc., 2021 Omnibus Incentive Plan, as may be amended from time to time.

 

(ff)              
“Restricted Period” means, with respect to any Award of Restricted Stock or any Restricted Stock Unit, the period of
time determined by the Committee during which such Award is subject to the restrictions set forth in Section 9 or, as applicable, the
period of time within which performance is measured for purposes of determining whether an Award has been earned.

 

(gg)            
“Restricted Stock” means shares of Stock issued or transferred to a Participant subject to a substantial risk of forfeiture,
as defined in Section 83 of the Code, and the other restrictions set forth in Section 9 of the Plan.

 

(hh)            
“Restricted Stock Unit” means a hypothetical investment equivalent to one share of Stock granted in connection with
an Award made under Section 9.

 

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

 

(jj)               
“Stock” means the Common Stock or such other authorized shares of stock of the Company as the Committee may from time
to time authorize for use under the Plan.

 

(kk)            
“Stock Appreciation Right” or “SAR” means an Award granted under Section 8 of the Plan.

 

(ll)               
“Stock Bonus” means an Award granted under Section 10 of the Plan.

 

(mm)        
“Stock Option Agreement” means any agreement between the Company and a Participant who has been granted an Option pursuant
to Section 7 which defines the rights and obligations of the parties thereto.

 

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(nn)            
 “Strike Price” means (i) in the case of a SAR granted in tandem with an Option, the Option Price of the related Option,
or (ii) except with respect to a SAR that is a Substitute Award, in the case of a SAR granted independent of an Option, the Fair Market
Value on the Date of Grant.

 

(oo)            
“Subsidiary” means any subsidiary of the Company.

 

(pp)            
“Substitute Award” means an Award granted or issued to a Participant in assumption or substitution of outstanding awards
by an entity acquired by the Company or any Affiliate or Subsidiary or with which the Company, an Affiliate or a Subsidiary combines.

 

(qq)            
“Vested Unit” shall have the meaning ascribed thereto in Section 9(d).

 

		3.	Effective Date, Duration and Stockholder Approval

 

The Plan is effective as of
the Effective Date. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the
Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(i) of the Code; provided, that any
Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval,
but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained.

 

The expiration date of the
Plan, on and after which no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however,
that the administration of the Plan shall continue in effect until all matters relating to Awards previously granted have been settled.

 

		4.	Administration

 

(a)                
The Committee shall administer the Plan. The majority of the members of the Committee shall constitute a quorum. The acts of a
majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee
shall be deemed the acts of the Committee.

 

(b)               
Subject to the provisions of the Plan and applicable law, the Committee shall have the power, and in addition to other express
powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of
Awards to be granted to a Participant; (iii) determine the number of shares of Stock to be covered by, or with respect to which payments,
rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine
whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Stock, other securities, other
Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled,
forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Stock, other securities,
other Options, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election
of the holder thereof or of the Committee; (vii) accelerate the exercisability of any option or SAR and to remove any restriction on any
Award; (viii) interpret, administer, reconcile any inconsistency, correct any defect and/or supply any omission in the Plan and any instrument
or agreement relating to, or Award granted under, the Plan; (ix) establish, amend, suspend, or waive such rules and regulations; (x) appoint
such agents as it shall deem appropriate for the proper administration of the Plan; and (xi) make any other determination and take any
other action that the Committee deems necessary or desirable for the administration of the Plan.

 

(c)                
Notwithstanding the foregoing, the Committee may delegate to any officer or officers of the Company or any Affiliate the authority
to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of or which is
allocated to the Committee herein, and which may be so delegated as a matter of law, except for grants of Awards to persons subject to
Section 16 of the 1934 Act.

 

(d)                Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with
respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and binding upon all parties, including, without
limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder.

 

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(e)                
No member of the Board, Committee or any officer or employee to whom authority has been delegated administrative authority shall
be liable for any action or determination made in good faith with respect to the Plan or any Award hereunder.

 

		5.	Grant of Awards; Shares Subject to the Plan

 

The Committee may, from time
to time, grant Awards of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Phantom Stock Awards, Stock Bonuses
and/or Cash Bonus Awards to one or more Eligible Persons; provided, however, that:

 

(a)                
Subject to Section 15, the aggregate number of shares of Stock in respect of which Awards may be granted under the Plan as of the
Effective Date is 1,500,000 shares of Stock, all of which may be granted pursuant to Incentive Stock Options.

 

(b)               
Shares of Stock shall not be deemed to have been used in settlement of Awards in the event the Award is settled in cash. Shares
of Stock delivered (either directly or by means of attestation) in full or partial satisfaction of applicable tax withholding obligations
or withheld by the Company in full or partial satisfaction of applicable tax withholding obligations for any Award, or that are withheld
or delivered in satisfaction of any Option Price with respect to any Option, do not result in an
issuance of shares under the Plan and accordingly do not reduce the number of shares of Stock in respect of which Awards may be
granted under the Plan. If and to the extent an Award under the Plan expires, terminates or is canceled for any reason whatsoever without
the Participant having received any benefit therefrom, the shares covered by such Award shall again become available for future Awards
under the Plan. For purposes of the foregoing sentence, a Participant shall not be deemed to have received any “benefit” (i)
in the case of forfeited Restricted Stock Awards by reason of having enjoyed voting rights and dividend rights prior to the date of forfeiture
or (ii) in the case of an Award canceled pursuant to Section 5(d) by reason of a new Award being granted in substitution therefor.

 

(c)                
Stock delivered by the Company in settlement of Awards may be authorized and unissued Stock, Stock held in the treasury of the
Company, Stock purchased on the open market or by private purchase, or a combination of the foregoing.

 

(d)               
Without limiting the generality of the preceding provisions of this Section 5 and subject to Section 17(b), the Committee may,
but solely with the Participant’s consent, agree to cancel any Award under the Plan and issue a new Award in substitution therefor
upon such terms as the Committee may in its sole discretion determine, provided that the substituted Award satisfies all applicable Plan
requirements as of the date such new Award is granted.

 

(e)                
Substitute Awards shall not be counted against the shares of Stock available for granting Awards under the Plan.

 

(f)                 
In the event the Company or any Subsidiary or Affiliate acquires or combines with a company that has shares available under a pre-existing
plan, such shares shall be available for grant of Awards under this Plan, subject to applicable listing exchange requirements and shall
not be counted against the shares of Stock available for granting Awards under the Plan.

 

(g)                Notwithstanding
any other provision in the Plan to the contrary, the maximum number of shares of Stock subject to Awards granted during a single
calendar year to any Eligible Director, taken together with any cash fees paid during the calendar year to the Eligible Director in
respect of the Eligible Director’s service as a member of the Board during such year (including service as a member or chair
of any committees of the Board), shall not have an aggregate Fair Market Value on the Date of Grant (computed as of the Date of
Grant in accordance with applicable financial accounting rules) in excess of an amount to be set by the independent members of the
Board. The independent members of the Board may make exceptions to this limit for a non-executive chair of the Board, provided that
the Eligible Director receiving such additional compensation may not participate in the decision to award such compensation.

 

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		6.	Eligibility

 

Participation shall be limited
to Eligible Persons who have entered into an Award Agreement or who have received written notification (which may be electronic) from
the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan.

 

		7.	Options

 

The Committee is authorized
to grant one or more Incentive Stock Options or Nonqualified Stock Options to any Eligible Person; provided, however, that
no Incentive Stock Option shall be granted to any Eligible Person who is not an employee of the Company or a Parent or Subsidiary. Each
Option so granted shall be subject to the conditions set forth in this Section 7, or to such other conditions as may be reflected in the
applicable Stock Option Agreement.

 

(a)                
Option Price. Except with respect to an Option that is a Substitute Award, the Option Price per share of Stock for each
Option shall be set by the Committee at the time of grant but shall not be less than the Fair Market Value of a share of Stock on the
Date of Grant.

 

(b)               
Manner of Exercise and Form of Payment. No shares of Stock shall be delivered pursuant to any exercise of an Option until
payment in full of the Option Price therefor is received by the Company. Options which have become exercisable may be exercised by delivery
of written notice of exercise to the Committee accompanied by payment of the Option Price. The Option Price shall be payable (i) in cash,
check, cash equivalent and/or shares of Stock valued at the Fair Market Value at the time the Option is exercised (including by means
of attestation of ownership of a sufficient number of shares of Stock in lieu of actual delivery of such shares to the Company), (ii)
in the discretion of the Committee, either (A) in other property having a fair market value on the date of exercise equal to the Option
Price or (B) by delivering to the Committee a copy of irrevocable instructions to a stockbroker to deliver promptly to the Company an
amount of loan proceeds, or proceeds from the sale of the Stock subject to the Option, sufficient to pay the Option Price or (iii) by
such other method as the Committee may allow. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise
an Option in the manner described in clause (ii) or (iii) of the preceding sentence if the Committee determines that exercising an Option
in such manner would violate the Sarbanes-Oxley Act of 2002, any other applicable law or the applicable rules and regulations of the Securities
and Exchange Commission or the applicable rules and regulations of any securities exchange or inter dealer quotation system on which the
securities of the Company or any Affiliates are listed or traded. Options may be exercised only with respect to whole shares of Stock
or their equivalents.

 

(c)                
Vesting, Option Period and Expiration. Options shall vest and become exercisable in such manner and on such date or dates
determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option
Period”); provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may, in
its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such
Option other than with respect to exercisability. If an Option is exercisable in installments, such installments or portions thereof which
become exercisable shall remain exercisable until the Option expires.

 

(d)               
Stock Option Agreement - Other Terms and Conditions. Each Option granted under the Plan shall be evidenced by a Stock Option
Agreement. Except as specifically provided otherwise in such Stock Option Agreement, each Option granted under the Plan shall be subject
to the following terms and conditions:

 

(i)                 
Each Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof.

 

(ii)               
Each share of Stock purchased through the exercise of an Option shall be paid for in full at the time of the exercise. Each Option
shall cease to be exercisable, as to any share of Stock, when the Participant purchases the share or exercises a related SAR or when the
Option expires.

 

    8

     

    

 

(iii)             
 Subject to Section 13(l), Options shall not be transferable by the Participant except by will or the laws of descent and distribution
and shall be exercisable during the Participant’s lifetime only by him.

 

(iv)              
Each Option shall vest and become exercisable by the Participant in accordance with the vesting schedule established by the Committee
and set forth in the Stock Option Agreement.

 

(v)               
At the time of any exercise of an Option, the Committee may, in its sole discretion, require a Participant to deliver to the Committee
a written representation that the shares of Stock to be acquired upon such exercise are to be acquired for investment and not for resale
or with a view to the distribution thereof and any other representation deemed necessary by the Committee to ensure compliance with all
applicable federal and state securities laws. Upon such a request by the Committee, delivery of such representation prior to the delivery
of any shares issued upon exercise of an Option shall be a condition precedent to the right of the Participant or such other person to
purchase any shares. In the event certificates for Stock are delivered under the Plan with respect to which such investment representation
has been obtained, the Committee may cause a legend or legends to be placed on such certificates to make appropriate reference to such
representation and to restrict transfer in the absence of compliance with applicable federal or state securities laws.

 

(vi)              
Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date
he or she makes a disqualifying disposition of any Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying
disposition is any disposition (including any sale) of such Stock before the later of (A) two years after the Date of Grant of the Incentive
Stock Option or (B) one year after the date the Participant acquired the Stock by exercising the Incentive Stock Option. The Company may,
if determined by the Committee and in accordance with procedures established by it, retain possession of any Stock acquired pursuant to
the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding
sentence, subject to complying with any instructions from such Participant as to the sale of such Stock.

 

(vii)            
An Option Agreement may, but need not, include a provision whereby a Participant may elect, at any time before the termination
of the Participant’s employment with the Company, to exercise the Option as to any part or all of the shares of Stock subject to
the Option prior to the full vesting of the Option. Any unvested shares of Stock so purchased may be subject to a share repurchase option
in favor of the Company or to any other restriction the Committee determines to be appropriate. The Company shall not exercise its repurchase
option until at least six (6) months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting
purposes) have elapsed following the exercise of the Option unless the Committee otherwise specifically provides in an Stock Option Agreement.

 

(e)                
Incentive Stock Option Grants to 10% Stockholders. Notwithstanding anything to the contrary in this Section 7, if an Incentive
Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock
of the Company or of a Subsidiary or Parent, the Option Period shall not exceed five years from the Date of Grant of such Option and the
Option Price shall be at least 110 percent of the Fair Market Value (on the Date of Grant) of the Stock subject to the Option.

 

(f)                 
$100,000 Per Year Limitation for Incentive Stock Options. To the extent the aggregate Fair Market Value (determined as of
the Date of Grant) of Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar
year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified Stock Options.

 

		8.	Stock Appreciation Rights

 

Any Option granted under the
Plan may include SARs, either at the Date of Grant or, except in the case of an Incentive Stock Option, by subsequent amendment. The Committee
also may award SARs to Eligible Persons independent of any Option. A SAR shall be subject to such terms and conditions not inconsistent
with the Plan as the Committee shall impose, including, but not limited to, the following:

 

    9

     

    

 

(a)                
 Vesting, Transferability and Expiration. A SAR granted in connection with an Option shall become exercisable, be transferable
and shall expire according to the same vesting schedule, transferability rules and expiration provisions as the corresponding Option.
A SAR granted independent of an Option shall become exercisable, be transferable and shall expire in accordance with a vesting schedule,
transferability rules and expiration provisions as established by the Committee and reflected in an Award Agreement.

 

(b)               
Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject
to the SAR multiplied by the excess, if any, of the Fair Market Value of one share of Stock on the exercise date over the Strike Price.
The Company shall pay such excess in cash in shares of Stock valued at Fair Market Value, or any combination thereof, as determined by
the Committee. Fractional shares shall be settled in cash.

 

(c)                
Method of Exercise. A Participant may exercise a SAR at such time or times as may be determined by the Committee at the
time of grant by filing an irrevocable written notice with the Committee or its designee, specifying the number of SARs to be exercised,
and the date on which such SARs were awarded.

 

(d)               
Expiration. Except as otherwise provided in the case of SARs granted in connection with Options, a SAR shall expire on a
date designated by the Committee which is not later than ten years after the Date of Grant of the SAR.

 

(e)                
Tax Considerations. The Committee shall take into account Section 409A of the Code and applicable regulatory guidance thereunder
before granting a SAR.

 

		9.	Restricted Stock and Restricted Stock Units

 

(a)                
Award of Restricted Stock and Restricted Stock Units.

 

(i)                 
The Committee shall have the authority (A) to grant Restricted Stock and Restricted Stock Units to Eligible Persons, (B) to issue
or transfer Restricted Stock to Participants, and (C) to establish terms, conditions and restrictions applicable to such Restricted Stock
and Restricted Stock Units, including the Restricted Period and any applicable Performance Goals, as applicable, which may differ with
respect to each grantee, the time or times at which Restricted Stock or Restricted Stock Units shall be granted or become vested and the
number of shares or units to be covered by each grant.

 

(ii)               
Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted
Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that
the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory
to the Committee, if applicable, and (B) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement.
If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and
stock power, the Award shall be null and void. Subject to the restrictions set forth in Section 9(b) and subject to Section 13(b), the
Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such
Restricted Stock.

 

(iii)             
Upon the grant of Restricted Stock, the Committee shall either (i) cause a stock certificate registered in the name of the Participant
to be issued and, if it so determines, deposited together with the stock powers with an escrow agent designated by the Committee, or (ii)
issue the Restricted Stock on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange
or automated dealer quotation system on which the Shares are traded. If an escrow arrangement is used, the Committee may cause the escrow
agent to issue to the Participant a receipt evidencing any stock certificate held by it, registered in the name of the Participant.

 

(iv)               The
terms and conditions of a grant of Restricted Stock Units shall be reflected in a written Award Agreement. No shares of Stock shall
be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside a fund for the payment
of any such Award. At the discretion of the Committee and subject to Section 14(b), each Restricted Stock Unit (representing one
share of Stock) may be credited with cash and stock dividends paid by the Company in respect of one share of Stock
(“Dividend Equivalents”).

 

    10

     

    

 

(b)               
Restrictions.

 

(i)                 
Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted
Period, and to such other terms and conditions, including and without limitation, the satisfaction of any applicable Performance Goals
during such period, as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant shall
not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability set forth
in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in Section 9(c) and the applicable Award
Agreement; and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of
the Participant to such shares and as a stockholder with respect to such shares shall terminate without further obligation on the part
of the Company.

 

(ii)               
Restricted Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period,
and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement, and
to the extent such Restricted Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units shall terminate
without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award
Agreement.

 

(c)                
Restricted Period. With respect to Restricted Stock and Restricted Stock Units, the Restricted Period shall commence on
the Date of Grant and end at the time or times set forth on a schedule established by the Committee in the applicable Award Agreement.

 

(d)               
Delivery of Restricted Stock and Settlement of Restricted Stock Units. Upon the expiration of the Restricted Period with
respect to any shares of Restricted Stock, the restrictions set forth in Section 9(b) and the applicable Award Agreement shall be of no
further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is
used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the stock certificate evidencing
the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired (to the
nearest full share) and any cash dividends or stock dividends credited to the Participant’s account with respect to such Restricted
Stock and the interest thereon, if any.

 

Subject to the applicable
Award Agreement, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall
deliver to the Participant, or his beneficiary, without charge, one share of Stock for each such outstanding Restricted Stock Unit (“Vested
Unit”) and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section
9(a)(iv) hereof and the interest thereon or, at the discretion of the Committee, in shares of Stock having a Fair Market Value equal to
such Dividend Equivalents and interest thereon, if any; provided, however, that, the Committee may, in its sole discretion, elect to (i) pay
cash or part cash and part Stock in lieu of delivering only shares of Stock for Vested Units or (ii) delay the delivery of Stock (or cash
or part Stock and part cash, as the case may be) beyond the expiration of the Restricted Period. If a cash payment is made in lieu of
delivering shares of Stock, the amount of such payment shall be equal to the Fair Market Value of the Stock as of the date on which the
Restricted Period lapsed with respect to such Vested Unit.

 

(e)                
Stock Restrictions. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend substantially
in the form of the following until the lapse of all restrictions with respect to such Stock as well as any other information the Company
deems appropriate:

 

Transfer of this certificate
and the shares represented hereby is restricted pursuant to the terms of the Direct Digital Holdings, Inc., 2021 Omnibus Incentive Plan
and a Restricted Stock Award Agreement, dated as of _____________, between Direct Digital Holdings, Inc., and __________________. A copy
of such Plan and Agreement is on file at the offices of Direct Digital Holdings, Inc..

 

Stop transfer orders shall be entered with the
Company’s transfer agent and registrar against the transfer of legend securities.

 

    11

     

    

 

		10.	Stock Bonus Awards

 

The Committee may issue unrestricted
Stock, or other Awards denominated in Stock, including and without limitation, fully-vested deferred stock units, under the Plan to Eligible
Persons, alone or in tandem with other Awards, in such amounts and subject to such terms and conditions as the Committee shall from time
to time in its sole discretion determine. A Stock Bonus Award under the Plan shall be granted as, or in payment of, a bonus, or to provide
incentives or recognize special achievements or contributions.

 

		11.	Cash Bonus Awards

 

The Committee shall have the
authority to make an Award of a cash bonus to any Participant. Any such Award may be subject to a Performance Period, Performance Goals
or such other terms and conditions as the Committee may designate in the applicable Award Agreement.

 

		12.	Forfeiture of Awards

 

(a)                
Forfeiture Events. Unless the Committee shall have determined otherwise in an Award Agreement, the recipient of any Award
pursuant to the Plan shall forfeit the Award, to the extent not then payable or exercisable, upon the occurrence of any of the following
events, subject to compliance with any applicable local laws:

 

(i)                 
The recipient is terminated for Cause.

 

(ii)               
The recipient engages in competition with the Company or any Affiliate.

 

(iii)             
The recipient engages in any activity or conduct contrary to the best interests of the Company or any Affiliate, including, but
not limited to, conduct that breaches the recipient’s duty of loyalty to the Company or an Affiliate or that is materially injurious
to the Company or an Affiliate, monetarily or otherwise. Such activity or conduct may include, without limitation: (i) disclosing or misusing
any confidential information pertaining to the Company or an Affiliate, (ii) any attempt, directly or indirectly, to induce any employee
of the Company or any Affiliate to be employed or perform services elsewhere, or (iii) any direct or indirect attempt to solicit, or assist
another employer in soliciting, the trade of any customer or supplier or prospective customer of the Company or any Affiliate. Notwithstanding
the foregoing, nothing herein prohibits a recipient from (A) reporting possible violations of federal law or regulations, including any
possible securities laws violations, to any governmental agency or entity, (B) making any other disclosures that are protected under the
whistleblower provisions of federal law or regulations, or (C) otherwise fully participating in any federal whistleblower programs, including
but not limited to any such programs managed by the U.S. Securities and Exchange.

 

(b)               
Additional/Waiver of Conditions. The Committee or the Board, as the case may be, may include in any Award Agreement any
additional or different conditions of forfeiture it may deem appropriate, and may waive any condition of forfeiture stated above or in
the Award Agreement.

 

(c)                
Effect of Forfeiture. In the event of forfeiture, the recipient shall lose all rights in and to portions of any Award then
outstanding. Except in the case of an Award of Restricted Stock as to which restrictions have not lapsed and subject to the clawback provisions
in Section 19, this provision, however, shall not be invoked to require any recipient to transfer to the Company any Common Stock or cash
already received under an Award.

 

(d)               
Committee/Board Discretion. Such determinations as may be necessary for application of this Section, including any grant
of authority to others to make determinations under this Section, shall be at the sole discretion of the Committee, or in the case of
Awards granted to directors, of the Board, and such determinations shall be conclusive and binding.

 

    12

     

    

 

		13.	General

 

(a)                
Additional Provisions of an Award. Awards to a Participant under the Plan also may be subject to such other provisions (whether
or not applicable to Awards granted to any other Participant) as the Committee determines appropriate, including, without limitation,
provisions to assist the Participant in financing the purchase of Stock upon the exercise of Options (provided, that the Committee determines
that providing such financing does not violate the Sarbanes-Oxley Act of 2002), adding Dividend Equivalent rights or other protections
to Participants in respect of dividends paid on Stock underlying any Award (in addition to and subject to those provisions of Section
9 and Section 13(b), including the prohibition on currently paying dividends or Dividend Equivalents prior to the release of restrictions
or settlement of the corresponding Restricted Stock or Restricted Stock Units), provisions for the forfeiture of or restrictions on resale
or other disposition of shares of Stock acquired under any Award, provisions giving the Company the right to repurchase shares of Stock
acquired under any Award in the event the Participant elects to dispose of such shares, provisions allowing the Participant to elect to
defer the receipt of payment in respect of Awards for a specified period or until a specified event, and provisions to comply with Federal
and state securities laws and Federal and state tax withholding requirements; provided, however, that any such deferral
does not result in acceleration of taxability of an Award prior to receipt, or tax penalties, under Section 409A of the Code. Any such
provisions shall be reflected in the applicable Award Agreement.

 

(b)               
Treatment of Dividends and Dividend Equivalents on Unvested Awards. In no event shall dividends or Dividend Equivalents
(whether paid in cash or shares of Stock) be paid with respect to Options or Stock Appreciation Rights. Notwithstanding any other provision
of the Plan to the contrary, with respect to any Award that provides for or includes a right to dividends or Dividend Equivalents, if
dividends are declared during the period that an Award is outstanding, such dividends (or Dividend Equivalents) shall either (i) not be
paid or credited with respect to such Award or (ii) be accumulated but remain subject to vesting requirement(s) to the same extent as
the applicable Award and shall only be paid at the time or times such vesting requirement(s) are satisfied and the Award is settled (as
applicable).

 

(c)                
Privileges of Stock Ownership. Except as otherwise specifically provided in the Plan, no person shall be entitled to the
privileges of ownership in respect of shares of Stock which are subject to Awards hereunder until such shares have been issued to that
person.

 

(d)               
Government and Other Regulations. The obligation of the Company to settle Awards in Stock shall be subject to all applicable
laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions
of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering
to sell or selling, any shares of Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the
Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the
Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms
and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the
Securities Act any of the shares of Stock to be offered or sold under the Plan. If the shares of Stock offered for sale or sold under
the Plan are offered or sold pursuant to an exemption from registration under the Securities Act, the Company may restrict the transfer
of such shares and may legend the Stock certificates representing such shares in such manner as it deems advisable to ensure the availability
of any such exemption.

 

(e)                
Tax Withholding.

 

(i)                 
A Participant may be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and
is hereby authorized to withhold from any shares of Stock or other property deliverable under any Award or from any compensation or other
amounts owing to a Participant, the amount (in cash, Stock or other property) of any required income tax withholding and payroll taxes
in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may
be necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding and taxes.

 

(ii)                Without
limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or
in part, the foregoing withholding (at a tax withholding rate that will not result in adverse accounting implications for the
Company) by (A) the delivery of shares of Stock owned by the Participant having a Fair Market Value equal to such withholding
liability, (B) having the Company withhold from the number of shares of Stock otherwise issuable pursuant to the exercise or
settlement of the Award a number of shares with a Fair Market Value equal to such withholding liability, (C) by delivering to the
Committee a copy of irrevocable instructions to a stockbroker to deliver promptly to the Company an amount of loan proceeds, or
proceeds from the sale of the Stock subject to the Option, sufficient to pay the withholding liability or (D) by such other method
as the Committee may allow.

 

    13

     

    

 

(f)                 
Claim to Awards and Employment Rights. No employee of the Company or an Affiliate, or other person, shall have any claim
or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other
Award. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ
or service of the Company or an Affiliate.

 

(g)               
Designation and Change of Beneficiary. If permitted by the Committee in its sole discretion, each Participant may file with
the Committee a written designation of one or more persons as the beneficiary who shall be entitled to receive the amounts payable with
respect to an Award, if any, due under the Plan upon his death. A Participant may, from time to time, revoke or change his beneficiary
designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received
by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be
effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date
prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse
or, if the Participant is unmarried at the time of death, his or her estate.

 

(h)               
Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under
the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person
or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs
the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other person
deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete
discharge of the liability of the Committee and the Company therefor.

 

(i)                 
No Liability of Committee Members. No member of the Committee shall be personally liable by reason of any contract or other
instrument executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made
in good faith, and the Company shall indemnify and hold harmless each member of the Committee and each other employee, officer or director
of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against
any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim) arising out of any act or
omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided,
however, that approval of the Board shall be required for the payment of any amount in settlement of a claim against any such person.
The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled
under the Company’s Articles of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have
to indemnify them or hold them harmless.

 

(j)                 
Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware
applicable to contracts made and performed wholly within the State of Delaware.

 

(k)               
Funding. No provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan,
to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets,
nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately
maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors
of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services,
they shall have the same rights as other employees under general law.

 

    14

     

    

 

(l)                 
Nontransferability.

 

(i)                 
 Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable
law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided
that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.
Notwithstanding the foregoing, subject to the execution of transfer documentation in a format acceptable to the Company and subject to
the approval of the Committee or a duly authorized officer of the Company, an Option may be transferred pursuant to a domestic relations
order.

 

(ii)               
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards other than Incentive Stock Options to be
transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award
Agreement to preserve the purposes of the Plan, to:

 

A.                 
any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 (collectively,
the “Immediate Family Members”);

 

B.                 
a trust solely for the benefit of the Participant and his or her Immediate Family Members;

 

C.                 
a partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate Family
Members; or

 

D.                 
other transferee as may be approved either (a) by the Board or the Committee in its sole discretion, or (b) as provided in the
applicable Award Agreement;

 

(each transferee described in clauses (A), (B),
(C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided that the Participant gives the
Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant
in writing that such a transfer would comply with the requirements of the Plan.

 

(iii)             
The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee
and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution;
(B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement
on an appropriate form covering the shares of Stock to be acquired pursuant to the exercise of such Option if the Committee determines,
consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate, (C) the Committee or the
Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been
required to be given to the Participant under the Plan or otherwise, and (D) the consequences of the termination of the Participant’s
employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award Agreement shall continue
to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee
only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement.

 

(m)              
Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing
to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made
by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan
by any person or persons other than himself.

 

(n)               
Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under
any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided
in such other plan.

 

(o)               
Expenses. The expenses of administering the Plan shall be borne by the Company and Affiliates.

 

    15

     

    

 

(p)               
 Pronouns. Masculine pronouns and other words of masculine gender shall refer to both men and women.

 

(q)               
Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and in the
event of any conflict, the text of the Plan, rather than such titles or headings shall control.

 

(r)                 
Termination of Employment. Unless an applicable Award Agreement provides otherwise, for purposes of the Plan, a person who
transfers from employment or service with the Company to employment or service with an Affiliate or vice versa shall not be deemed to
have terminated employment or service with the Company or an Affiliate. Unless required by Code Section 409A, a transfer from employment
to service, or vice versa, within or between the Company or an Affiliate, shall not be deemed a termination of employment or services
with the Company or an Affiliate.

 

(s)                
Severability. If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable
by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision
shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force
and effect.

 

(t)                 
Compliance with Applicable Law. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right
to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable
in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

 

		14.	Changes in Capital Structure

 

Awards granted under the Plan
and any agreements evidencing such Awards, the maximum number of shares of Stock subject to all Awards stated in Section 5(a) shall be
subject to adjustment or substitution, as determined by the Committee in its sole discretion, as to the number, price or kind of a share
of Stock or other consideration subject to such Awards or as otherwise determined by the Committee to be equitable (i) in the event of
changes in the outstanding Stock or in the capital structure of the Company by reason of stock or extraordinary cash dividends, stock
splits, reverse stock splits, recapitalization, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes
in capitalization occurring after the Date of Grant of any such Award or (ii) in the event of any change in applicable laws or any change
in circumstances which results in or would result in any substantial dilution or enlargement of the rights granted to, or available for,
Participants, or which otherwise warrants equitable adjustment because it interferes with the intended operation of the Plan. Any adjustment
in Incentive Stock Options under this Section 15 shall be made only to the extent not constituting a “modification” within
the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 15 shall be made in a manner which does not adversely
affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act.

 

Notwithstanding the above,
if the Company is merged or consolidated with another corporation or entity and, in connection therewith, consideration is received by
stockholders of the Company in a form other than stock or other equity interests of the surviving entity then the Committee may, in its
discretion, cancel any outstanding Awards and cause the holders thereof to be paid, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per share of Stock received or to be received by other stockholders of the Company in the event.

 

The terms of this Section
15 may be varied by the Committee in any particular Award Agreement.

 

		15.	Effect of Change in Control

 

(a)                 If
(i) within 12 months following a Change in Control or (ii) in contemplation of a Change in Control at the acquiror’s request
or suggestion, a Participant’s employment or service with the Company or any Affiliate is terminated by the Company or an
Affiliate without Cause or by the Participant for Good Reason, all Awards held by such Participant, irrespective of the vesting
schedule, shall become fully vested and immediately exercisable and, if applicable, the restricted period shall end at the time of
such termination.

 

    16

     

    

 

(b)               
In the event of a Change in Control, all incomplete Performance Periods in respect of such Award in effect on the date the Change
in Control occurs shall end on the date of such change, and the Committee shall (A) determine the extent to which performance goals with
respect to each such Award have been met based upon such audited or unaudited financial information then available as it deems relevant,
(B) cause to be paid to the applicable Participant partial or full Awards with respect to Performance Goals for each such Award based
upon the Committee’s determination of the degree of attainment of performance goals, and (C) cause the Award, if previously deferred,
to be settled in full as soon as possible.

 

(c)                
In the event of a Change in Control, the Committee may in its discretion cancel any outstanding vested Awards and pay to the holders
thereof, in cash or stock, or any combination thereof, the value of such vested Awards based upon the price per share of Common Stock
received or to be received by other stockholders of the Company in the event.

 

(d)               
In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or other business entity or
parent thereof, as the case may be (the “Acquiror”), may, without the consent of any Participant, assume or continue
the Company’s rights and obligations under each or any Award or portion thereof outstanding immediately prior to the Change in Control
or substitute for each or any such outstanding Award or portion thereof a substantially equivalent award with respect to the Acquiror’s
stock, as applicable. For purposes of this Section, if so determined by the Committee in its discretion, an Award denominated in shares
of Common Stock shall be deemed assumed if, following the Change in Control, the Award confers the right to receive, subject to the terms
and conditions of the Plan and the applicable Award Agreement, for each share of Common Stock subject to the Award immediately prior to
the Change in Control, the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder
of a share of Common Stock on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if such
consideration is not solely common stock of the Acquiror, the Committee may, with the consent of the Acquiror, provide for the consideration
to be received upon the exercise or settlement of the Award, for each share of Common Stock subject to the Award, to consist solely of
common stock of the Acquiror equal in Fair Market Value to the per share consideration received by holders of Common Stock pursuant to
the Change in Control. Any Award or portion thereof which is not assumed, continued or substituted as provided herein by the Acquiror
in connection with the Change in Control, irrespective of the vesting schedule, shall become fully vested and immediately exercisable
and, if applicable, the Restricted Period shall end as of the time of consummation of the Change in Control.

 

(e)                
In the event any payment(s) or the value of any benefit(s) received or to be received by a Participant in connection with or contingent
upon a Change in Control (whether received or to be received pursuant to the terms of the Plan or any Award Agreement or of any other
plan, arrangement or agreement of the Company, its successors, any person whose actions result in a Change in Control, or any person affiliated
with any of them (or which, as a result of the completion of the transaction(s) causing a Change in Control, will become affiliated with
any of them) (collectively, the “Payments”)), are determined, under the provisions of this subsection to be subject
to an excise tax imposed by Code Section 4999 (any such excise tax, together with any interest and penalties, are hereinafter collectively
referred to as the “Excise Tax”), as determined in this subsection, then the Company shall reduce the aggregate amount
of the Payments payable to the Participant such that no Excise Tax shall be payable by the Participant and the Payments shall not cease
to be deductible by the Company by reason of Code Section 280G (or any successor provision thereto). Notwithstanding the foregoing, the
Company shall not reduce the aggregate amount of the Payments payable to the Participant pursuant to the foregoing sentence if the After-Tax
Amount (as defined below) of the unreduced Payments is greater than the After-Tax Amount that would have been paid had the Payments been
reduced pursuant to the foregoing sentence. For purposes of this Agreement, “After-Tax Amount” means the portion of
a specified amount that would remain after payment of all Excise Taxes (if any), income taxes, payroll and withholding taxes, and other
applicable taxes paid or payable by Participant in respect of such specified amount.

 

    17

     

    

 

If there is a
determination that the Payments payable to Participant must be reduced pursuant to the immediately preceding paragraph, the Company
shall promptly give Participant notice to that effect and a copy of the detailed calculation thereof and of the amount to be
reduced. The Participant may then elect which and how much the Payments shall be eliminated or reduced as long as (i) the first such
Payments to be reduced are not considered “deferred compensation” within the meaning of Code Section 409A (if any), (ii)
if Payments described in clause (i) are exhausted and additional reductions are necessary, any cash Payments are reduced next, and
(iii) after such election the aggregate present value of the Payments equals the largest amount that would both (A) not cause any
Excise Tax to be payable by the Participant, and (B) not cause any Payments to become nondeductible by the Company by reason of Code
Section 280G (or any successor provision thereto). The Participant shall advice the Company in writing of the Participant’s
election within ten (10) days of the Participant’s receipt of such notice from the Company. Notwithstanding the foregoing, if
no election is made by the Participant within the ten-day period, the Company may elect which and how much of the Payments shall be
eliminated or reduced as long (1) the first such payments to be reduced are not considered “deferred compensation”
within the meaning of Code Section 409A (if any), (2) if Payments described in clause (1) are exhausted and additional reductions
are necessary, any cash Payments are reduced next, and (3) after such election the aggregate present value of the Payments equals
the largest amount that would both (A) not cause any Excise Tax to be payable by the Participant, and (B) not cause any Payments to
become nondeductible by the Company by reason of Code Section 280G (or any successor provision thereto). For purposes of this
paragraph, present value shall be determined in accordance with Code Section 280G(d)(4).

  

All determinations required
to be made under this subsection, including whether the aggregate amount of Payments shall be reduced, and the assumptions to be utilized
in arriving at such determinations, shall be made by the certified public accountants regularly employed by the Company immediately prior
to the Change in Control transaction (“Accounting Firm”). Any determination by the Accounting Firm shall be binding
upon the Company and Participant and shall be made within sixty (60) days immediately following the event constituting the Change in Control
transaction. As promptly as practicable following such determination, the Company shall pay to or distribute for the benefit of the Participant
such Payments as are then due to the Participant under this Plan and applicable Award Agreement.

 

At the time of the initial
determination by the Accounting Firm, it is possible that amounts will have been paid or distributed by the Company to or for the benefit
of the Participant pursuant to this Plan which should not have been so paid or distributed (“Overpayment”) or that
additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Participant pursuant to this
Plan could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation hereunder.
In the event that the Accounting Firm, based either upon the assertion of a deficiency by the Internal Revenue Service against the Company
or the Participant which the Accounting Firm believes has a high probability of success or controlling precedent or other substantial
authority, determines that an Overpayment has been made, any such Overpayment paid or distributed by the Company to or for the benefit
of the Participant shall be treated for all purposes as a loan ab initio to the Participant which the Participant shall repay to the Company
together with interest at the applicable Federal rate provided for in Code Section 7872(f)(2); provided, however, that no such loan shall
be deemed to have been made and no amount shall be payable by the Participant to the Company if and to the extent (i) such deemed loan
and payment would not either reduce the amount on which the Participant is subject to tax under Code Section 1 and Code Section 4999 or
generate a refund of such taxes or (ii) the Participant is subject to the prohibition on personal loans under Section 402 of the Sarbanes-Oxley
Act of 2002. In the event that the Accounting Firm, based upon controlling precedent or other substantial authority, determines that an
Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Participant together
with interest at the applicable Federal rate provided for in Code Section 7872(f)(2).

 

(f)                 
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially
all of the assets and business of the Company. The Company agrees that it will make appropriate provisions for the preservation of Participants’
rights under the Plan in any agreement or plan which it may enter into or adopt to effect any such merger, consolidation, reorganization
or transfer of assets.

 

    18

     

    

 

		16.	Nonexclusivity of the Plan

 

Neither the adoption of this
Plan by the Board nor the submission of this Plan to the stockholders of the Company for approval shall be construed as creating any limitations
on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting
of stock options otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases.

 

		17.	Amendments and Termination

 

(a)                
Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion
thereof at any time; provided, that no such amendment, alteration, suspension, discontinuation or termination shall be made without
stockholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including
as necessary to comply with any applicable stock exchange listing requirement); and provided, further that any such amendment,
alteration, suspension, discontinuance or termination that would impair the rights of any Participant or any holder or beneficiary of
any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary.
The termination date of the Plan, following which no Awards may be granted hereunder, shall be the tenth anniversary of the Effective
Date; provided, that such termination shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue
to apply to such Awards.

 

(b)               
Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award Agreement,
waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted
or the associated Award Agreement, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance,
cancellation or termination that would impair the rights of any Participant or any holder or beneficiary of any Award theretofore granted
shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary; and provided further that,
other than in connection with an equitable adjustment under Section 15 or a Change in Control, without stockholder approval, (i) no amendment
or modification may reduce the Option Price of any Option or the Strike Price of any SAR, (ii) the Committee may not cancel any outstanding
Option or SAR and replace it with a new Option or SAR (with a lower Option Price or Strike Price, as the case may be) in a manner which
would either (A) (if the Company is subject to the reporting requirement of the Exchange Act) be reportable on the Company’s proxy
statement as Options which have been “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the
Exchange Act), or (B) result in any Option being accounted for under the “variable” method for financial statement reporting
purposes and (iii) the Committee may not take any other action which is considered a “repricing” for purposes of the stockholder
approval rules of the applicable stock exchange on which the Stock is listed, if any. In no event may the Company buyout for cash any
Option or SAR whose Option Price or Strike Price (as applicable) on the date of purchase exceeds the Fair Market Value of the Company’s
Stock.

 

		18.	Compliance with Section 409A.

 

(a)                
It is intended that any amounts payable under this Plan shall either be exempt from or comply with Section 409A of the Code (including
the Treasury regulations and other published guidance relating thereto) so as not to subject a Participant to payment of any interest
or additional tax imposed under Section 409A of the Code. To the extent that any amount payable under this Agreement would trigger the
additional tax, penalty or interest imposed by Section 409A of the Code, this Plan shall be modified to avoid such additional tax, penalty
or interest yet preserve (to the nearest extent reasonably possible) the intended benefit payable to the Participant. In no event shall
the Company, any member of the Board of Directors, or any employee, agent or other service provider have any liability to any Participant
for any tax, fine or penalty associated with any failure to comply with the requirements of Section 409A of the Code.

 

(b)                To
the extent a payment or benefit is nonqualified deferred compensation subject to Section 409A of the Code, a termination of
employment shall not be deemed to have occurred for purposes of any provision of this Plan or any Award Agreement providing for the
payment of any amounts upon or following a termination of employment unless such termination is also a “separation from
service” within the meaning of Section 409A of the Code and, for purposes of any such provision of this Plan and any Award
Agreement, references to a “termination,” “termination of employment” or like terms shall mean
 “separation from service.” If a Participant is deemed on the date of a separation from service (within the meaning of
Section 409A of the Code) to be a “specified employee” (within the meaning of that term under Section 409A(a)(2)(B) of
the Code and determined using any identification methodology and procedure selected by the Company from time to time, or, if none,
the default methodology and procedure specified under Section 409A of the Code), then with regard to any payment or the provision of
any benefit that is “nonqualified deferred compensation” within the meaning of Code Section 409A and which is paid as a
result of the Participant’s “separation from service,” to the extent necessary to avoid the imposition of taxes
under Section 409A of the Code, such payment or benefit shall not be made or provided prior to the date which is the earlier of (A)
the expiration of the six-month period measured from the date of such “separation from service” of the Participant, and
(B) the date of the Participant’s death (the “Delay Period”). Upon the expiration of the Delay Period, all
payments and benefits delayed pursuant to this clause (whether they would have otherwise been payable in a single sum or in
installments in the absence of such delay) shall be paid or reimbursed to the Participant in a lump sum, and any remaining payments
and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them
herein.

 

    19

     

    

 

(c)                
For purposes of Section 409A of the Code, the Participant’s right to receive any installment payments pursuant to this Plan
or any Award Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under the
Plan or any Award Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty
days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion
of the Company.

 

(d)               
With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted
by Section 409A of the Code, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided, that the foregoing clause
(ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because
such expenses are subject to a limit related to the period the arrangement is in effect; and (iii) such payments shall be made on or before
the last day of the Participant’s taxable year following the taxable year in which the expense was incurred.

 

		19.	Forfeiture and Recoupment.

 

Without limiting in any way
the generality of the Committee’s power to specify any terms and conditions of an Award consistent with law, and for greater clarity,
the Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award, including
any payment of Common Stock received upon exercise or in satisfaction of an Award under the Plan shall be subject to reduction, cancellation,
forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance
conditions, without limit as to time. Such events shall include, but not be limited to, failure to accept the terms of the Award Agreement,
termination of service under certain or all circumstances, violation of material Company policies, misstatement of financial or other
material information about the Company, fraud, misconduct, breach of noncompetition, confidentiality, nonsolicitation, noninterference,
corporate property protection, or other agreements that may apply to the Participant, or other conduct by the Participant that the Committee
determines is detrimental to the business or reputation of the Company and its Affiliates, including facts and circumstances discovered
after termination of service. Awards granted under the Plan shall be subject to any clawback, compensation recovery policy or minimum
stock holding period requirement as may be adopted or amended by the Company from time to time.

 

		21.	Hedging and Pledging.

 

Notwithstanding any other
provisions of this Plan, an Award will be subject to any Company policy that the Company may adopt and/or amend from time to time regarding
the hedging or pledging (or any similar transaction) of Company securities.

 

    20

     

    

 

		22.	Whistleblower Provisions.

 

Nothing
contained herein prohibits the Participant from: (1) reporting possible violations of federal law or regulations, including any possible
securities laws violations, to any governmental agency or entity; (2) making any other disclosures that are protected under the whistleblower
provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs, including but not
limited to any such programs managed by the U.S. Securities and Exchange.

 

		23.	Broker-Assisted Sales.

 

In the event of a broker-assisted
sale of Stock in connection with the payment of amounts owed by a Participant under or with respect to the Plan or Awards: (a) any Stock
to be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable;
(b) such Stock may be sold as part of a block trade with other Participants in the Plan in which all Participants receive an average price;
(c) the applicable Participant will be responsible for all broker’s fees and other costs of sale, and by accepting an Award, each
Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale;
(d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess
in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under no obligation to
arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant’s
applicable obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash
sufficient to satisfy any remaining portion of the Participant’s obligation.

 

		24.	Data Privacy

 

As a condition for receiving
any Award, each Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of
personal data as described in this Section by and among the Company and its Subsidiaries and Affiliates exclusively for implementing,
administering and managing the Participant’s participation in the Plan. The Company and its Subsidiaries and Affiliates may hold
certain personal information about a Participant, including the Participant’s name, address and telephone number; birthdate; social
security, insurance number or other identification number; salary; nationality; job title(s); any Stock held in the Company or its Subsidiaries
and Affiliates; and Award details, to implement, manage and administer the Plan and Awards (the “Data”). The Company
and its Subsidiaries and Affiliates may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant’s
participation in the Plan, and the Company and its Subsidiaries and Affiliates may transfer the Data to third parties assisting the Company
with Plan implementation, administration and management. These recipients may be located in the Participant’s country, or elsewhere,
and the Participant’s country may have different data privacy laws and protections than the recipients’ country. By accepting
an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form,
to implement, administer and manage the Participant’s participation in the Plan, including any required Data transfer to a broker
or other third party with whom the Company or the Participant may elect to deposit any Stock. The Data related to a Participant will be
held only as long as necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may,
at any time, view the Data that the Company holds regarding such Participant, request additional information about the storage and processing
of the Data regarding such Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw
the consents in this Section 24 in writing, without cost, by contacting the local human resources representative. The Company may cancel
Participant’s ability to participate in the Plan and, in the Committee’s discretion, the Participant may forfeit any outstanding
Awards if the Participant refuses or withdraws the consents in this Section 24. For more information on the consequences of refusing or
withdrawing consent, Participants may contact their local human resources representative.

 

* * *

 

As adopted by the Board of Directors of

Direct Digital Holdings, Inc., as of January 17,
2022.

 

    21Exhibit 10.15

 

Executive
Employment Agreement

 

This EXECUTIVE
EMPLOYMENT AGREEMENT (“Agreement”) is made as of January  [●], 2022 by and between Direct Digital
Holdings, Inc., a Delaware corporation (together with its successors and assigns, the “Company”), and [●]
(“Executive”). This Agreement shall be effective upon the consummation of the Company’s initial public offering
(the “Effective Date”).

 

RECITALS

 

WHEREAS,
the Company desires to employ Executive pursuant to the terms in this Agreement, and Executive desires to be employed by the Company pursuant
to the terms in this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing recitals, the mutual covenants and conditions herein, and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows:

 

AGREEMENT

 

		1.	Term. The Company hereby agrees to employ Executive, and Executive hereby accepts employment by the Company, on the terms and
conditions hereinafter set forth. Executive’s term of employment by the Company under this Agreement (the “Term”)
shall commence on the Effective Date and end on the date on which the term of employment is terminated in accordance with Section 5.
Executive’s employment with the Company shall be on an employment “at-will” basis.

 

		2.	Position.

 

		(a)	Duties. During the Term, the Company shall employ Executive
as its [●]. Executive shall report directly to [the Company’s Chief Executive Officer, subject to the specific direction
of] the Company’s Board of Directors (the “Board”).
Executive shall have such duties, powers, and authority as are commensurate with Executive’s position and such other duties and
responsibilities that are commensurate with Executive’s position as specifically delegated to Executive from time to time by the
[Company’s Chief Executive Officer or the] Board. Executive shall have a primary office location as designated by
the Company or the Board from time to time and agrees to travel as is reasonably necessary for business. To the extent requested by the
Board, Executive shall serve during the Term as an officer and/or director for the Company or any of its affiliates without further compensation.

 

    1 

     

    

 

		(b)	Efforts. Executive agrees to devote Executive’s reasonable
best efforts, energies, and skill to the discharge of the duties and responsibilities attributable to Executive’s position and,
except as set forth herein, agrees to devote all of Executive’s professional time and attention to the business and affairs of the
Company and its affiliates. Executive shall be entitled to engage in service on the board of directors of one (1) not-for-profit
organization to the extent such service does not interfere with the performance of Executive’s duties and responsibilities to the
Company, as determined by the Company in its sole reasonable discretion. Executive shall be subject to the Bylaws, policies, practices,
procedures and rules of the Company, including those policies and procedures set forth in the Company’s Code of Conduct and
Ethics. Executive’s violation of the terms of such documents shall be considered a breach of the terms of this Agreement.

 

		3.	Compensation.

 

		(a)	Base Salary. During the Term, the Company shall pay to Executive
an annual salary of $[●] (“Base Salary”).
The Compensation Committee of the Board (the “Committee”) may increase or decrease the Base Salary, in its sole discretion,
taking into account Company and individual performance objectives.

 

		(b)	Annual Cash Bonus. During the Term, Executive shall be eligible
to receive an annual cash bonus, on terms and conditions as determined by the Committee in its sole discretion taking into account Company
and individual performance objectives.

 

		(c)	Long-Term Incentive Award. During the Term, Executive shall
be eligible to participate in the Company’s long-term incentive plan, the Direct Digital Holdings, LLC 2022 Omnibus Incentive Plan
adopted by the Board as of January 17, 2022 (the “Omnibus Incentive Plan”), subject to the terms and conditions
set forth in the plan document as amended from time to time and the corresponding award agreements, as determined by the Committee in
its sole discretion taking into account Company and individual performance objectives.

 

		4.	Employee Benefits.

 

		(a)	Benefits. Executive shall be entitled to participate in such
health, group insurance, welfare, pension, and other employee benefit plans, programs, and arrangements as are made generally available
from time to time to other employees of the Company, subject to Executive’s satisfaction of all applicable eligibility conditions
of such plans, programs, and arrangements. Nothing herein shall be construed to limit the Company’s ability to amend or terminate
any employee benefit plan or program in its sole discretion.

 

    2 

     

    

 

		(b)	Perquisites. During the Term, Executive shall be entitled to
participate in all fringe benefits and perquisites made available to other employees of the Company, subject to Executive’s satisfaction
of all applicable eligibility conditions to receive such fringe benefits and perquisites. In addition, Executive shall be eligible for
paid time off (“PTO”) in accordance with the Company’s vacation and PTO policy, inclusive of vacation days and
sick days and excluding standard paid Company holidays, in the same manner as PTO days for employees of the Company generally accrue.

 

		(c)	Expenses. The Company shall reimburse Executive for all reasonable
business and travel expenses incurred in the performance of Executive’s job duties, promptly upon presentation of appropriate supporting
documentation and otherwise in accordance with and subject to the expense reimbursement policy of the Company.

 

		5.	Termination.

 

		(a)	General. The Company may terminate Executive’s employment
for any reason or no reason, and Executive may terminate Executive’s employment for any reason or no reason, in either case subject
only to the terms of this Agreement; provided, however, that Executive is required to provide to the Company at least sixty days’
written notice of intent to terminate employment for any reason unless the Company specifies an earlier date of termination. For purposes
of this Agreement, the following terms have the following meanings:

 

		(i)	“Accrued Benefits” shall mean: (i) accrued but unpaid Base Salary through the Termination Date, payable within
thirty days following the Termination Date; (ii) reimbursement for any unreimbursed and reasonable business expenses incurred through
the Termination Date consistent with the expense reimbursement policy of the Company, payable within thirty days following the Termination
Date; (iii) accrued but unused PTO days but only if payment for accrued but unused PTO days is required by applicable law; and (iv) all
other payments, benefits, or fringe benefits to which Executive shall be entitled as of the Termination Date under the terms of any applicable
compensation arrangement or benefit, equity, or fringe benefit plan or program or grant.

 

		(ii)	“Cause” shall mean the Board’s or the Company’s good-faith determination that: (i) Executive has
ceased to perform Executives duties for the Company, which failure amounts to an intentional and extended neglect of Executive’s
duties, provided that no such failure shall constitute Cause unless the Executive has been given notice of such failure (if cure is reasonably
possible) and has not cured such act or omission within 15 days following receipt of such notice, (ii) Executive has engaged or is
about to engage in conduct materially injurious (financially, reputationally, or otherwise) to the Company or any affiliate, (iii) Executive
has been indicted, convicted of, or plead guilty or no contest to, a felony or any crime involving as a material element fraud or dishonesty,
(iv) Executive has failed to follow the lawful instructions of the Board or Executive’s direct superiors, which failure amounts
to an intentional and extended neglect of Executive’s duties; or (v) Executive has materially breached a provision in this
Agreement.

 

    3 

     

    

 

		(iii)	“Good Reason” shall mean a material breach by the Company of its obligations under this Agreement, upon which Executive
notifies the Board in writing of such material breach within thirty days of such occurrence and such material breach shall have not been
cured within thirty days after the Board’s receipt of written notice thereof from Executive.

 

		(iv)	“Termination Date” shall mean the date on which Executive’s employment hereunder terminates in accordance
with this Agreement.

 

		(b)	Severance Pay Prior to a Change in Control. In the event that
Executive’s employment hereunder is terminated by the Company without Cause or by Executive for Good Reason, in either case prior
to a Change in Control (as defined in the Omnibus Incentive Plan), Executive shall be entitled to receive the Accrued Benefits. In addition,
commencing on the first payroll date following the date that is sixty days following the Termination Date, the Company shall continue
to pay Executive Executive’s Base Salary, in accordance with customary payroll practices and subject to applicable withholding and
payroll taxes (the “Severance Payments”), for a period of twelve months; provided, however, that the Severance Payments
shall be conditioned upon the execution, non-revocation, and delivery of a general release of claims by Executive, in a form reasonably
satisfactory to the Company, within sixty days following the Termination Date. In the event that Executive fails to timely execute and
deliver such a release, the Company shall have no obligation to pay Severance Payments under this Agreement.

 

		(c)	Severance Pay Following a Change in Control. In the event that
Executive’s employment hereunder is terminated by the Company without Cause or by Executive for Good Reason, in either case upon
or following a Change in Control (as defined in the Omnibus Incentive Plan), Executive shall be entitled to receive the Accrued Benefits.
In addition, (i) commencing on the first payroll date following the date that is sixty days following the Termination Date, the Company
shall continue to pay Executive Executive’s Base Salary, in accordance with customary payroll practices and subject to applicable
withholding and payroll taxes, for a period of twenty-four months, and (ii) on the first payroll date following the date that is
sixty days following the Termination Date, the Company shall pay Executive an annual bonus for the year in which such separation occurs
equal to Executive’s target bonus opportunity for such year, subject to applicable withholding and payroll taxes (collectively,
the “Severance Payments”); provided, however, that the Severance Payments shall be conditioned upon the execution,
non-revocation, and delivery of a general release of claims by Executive, in a form reasonably satisfactory to the Company, within sixty
days following the Termination Date. In the event that Executive fails to timely execute and deliver such a release, the Company shall
have no obligation to pay Severance Payments under this Agreement.

 

		(d)	All Other Terminations. In the event that Executive’s
employment hereunder is terminated by the Company for Cause, by Executive without Good Reason, or due to Executive’s death or disability,
Executive shall be entitled to receive the Accrued Benefits.

 

    4 

     

    

 

		(e)	Return of Company Property. Upon termination of Executive’s
employment for any reason or under any circumstances, Executive shall promptly return any and all of the property of the Company and any
affiliates (including, without limitation, all computers, keys, credit cards, identification tags, documents, data, confidential information,
work product, and other proprietary materials), and other materials.

 

		(f)	Post-Termination Cooperation. Executive agrees and covenants
that, following the Term, Executive shall, to the extent requested by the Company, cooperate in good faith with the Company to assist
the Company in the pursuit or defense of (except if Executive is adverse with respect to) any claim, administrative charge, or cause of
action by or against the Company as to which Executive, by virtue of Executive’s employment with the Company or any other position
that Executive holds that is affiliated with or was held at the request of the Company, has relevant knowledge or information, including
by acting as the Company’s representative in any such proceeding and, without the necessity of a subpoena, providing truthful testimony
in any jurisdiction or forum. The Company shall reimburse Executive for Executive’s reasonable out-of-pocket expenses incurred in
compliance with this Section.

 

		6.	Tax Matters.

 

		(a)	The Company shall withhold all applicable federal, state, and local taxes, social security and workers’ compensation contributions
and other amounts as may be required by law with respect to compensation payable to Executive pursuant to this Agreement.

 

		(b)	Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payment of the
benefits set forth herein shall either be exempt from, or in the alternative, comply with, the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and the published guidance thereunder (“Section 409A”).
A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation”
under Section 409A unless such termination is also a “separation from service” within the meaning of Section 409A
and, for purposes of any such provision of this Agreement, references to a “termination,” “Termination Date,”
or like terms shall mean “separation from service.” Notwithstanding any provision of this Agreement to the contrary, if Executive
is a “specified employee” within the meaning of Section 409A, any payments or arrangements due upon a termination of
Executive’s employment under any arrangement that constitutes a “nonqualified deferral of compensation” within the meaning
of Section 409A and which do not otherwise qualify under the exemptions under Treas. Regs. Section 1.409A-1 (including without
limitation, the short-term deferral exemption or the permitted payments under Treas. Regs. Section 1.409A-1(b)(9)(iii)(A)), shall
be delayed and paid or provided on the earlier of (a) the date which is six months after Executive’s “separation from
service” for any reason other than death, or (b) the date of Executive’s death. This Agreement may be amended without
requiring Executive’s consent to the extent necessary (including retroactively) by the Company in order to preserve compliance with
Section 409A. The preceding shall not be construed as a guarantee of any particular tax effect for Executive’s compensation
and benefits and the Company does not guarantee that any compensation or benefits provided under this Agreement will satisfy the provisions
of Section 409A.

 

    5 

     

    

 

		(c)	After any Termination Date, Executive shall have no duties or responsibilities that are inconsistent with having a “separation
from service” within the meaning of Section 409A as of the Termination Date and, notwithstanding anything in the Agreement
to the contrary, distributions upon termination of employment of nonqualified deferred compensation may only be made upon a “separation
from service” as determined under Section 409A and such date shall be the Termination Date for purposes of this Agreement.
Each payment under this Agreement or otherwise shall be treated as a separate payment for purposes of Section 409A. In no event may
Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement which constitutes a “nonqualified
deferral of compensation” within the meaning of Section 409A and to the extent an amount is payable within a time period, the
time during which such amount is paid shall be in the discretion of the Company.

 

		(d)	All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A. To the extent that any reimbursements are taxable to Executive, such reimbursements shall be paid to Executive on
or before the last day of Executive’s taxable year following the taxable year in which the related expense was incurred. Reimbursements
shall not be subject to liquidation or exchange for another benefit and the amount of such reimbursements that Executive receives in one
taxable year shall not affect the amount of such reimbursements that Executive receives in any other taxable year.

 

		(e)	If any payment, benefit, or distribution of any type to or for the benefit of Executive, whether paid or payable, provided or to be
provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Parachute
Payments”) would (as determined by the Company) subject Executive to the excise tax imposed under Section 4999 of the Code
(the “Excise Tax”), the Parachute Payments shall be reduced so that the maximum amount of the Parachute Payments (after
reduction) shall be one dollar less than the amount which would cause the Parachute Payments to be subject to the Excise Tax; provided
that the Parachute Payments shall only be reduced to the extent the after-tax value of amounts received by Executive after application
of the above reduction would exceed the after-tax value of the amounts received without application of such reduction. For this purpose,
the after-tax value of an amount shall be determined taking into account all federal, state, and local income, employment and excise taxes
applicable to such amount. The Company shall reduce or eliminate the Parachute Payments by first reducing or eliminating any cash Parachute
Payments that do not constitute deferred compensation within the meaning of Section 409A, then by reducing or eliminating any other
Parachute Payments that do not constitute deferred compensation within the meaning of Section 409A, then by reducing or eliminating
all other Parachute Payments that do constitute deferred compensation within the meaning of Section 409A, beginning with those payments
last to be paid, subject to and in accordance with all applicable requirements of Section 409A

 

    6 

     

    

 

		7.	Clawback. The compensation awarded to the Executive under this Agreement shall be subject, including on a retroactive basis,
to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Agreement)
to the extent required or permitted by applicable law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954
of the Dodd-Frank Wall Street Reform and Consumer Protection Act); provided that such requirement is in effect at the relevant
time, and/or the rules and regulations of any applicable securities exchange or inter-dealer quotation system on which the shares
of Company stock may be listed or quoted or if so required pursuant to a written policy adopted by the Company.

 

		8.	Non-Compete, Non-Solicitation.

 

		(a)	Non-Competition. Beginning on the date hereof and through the
date that is 12 months following the Termination Date (the “Restricted Period”), Executive shall not, and shall cause
Executive’s affiliates not to, directly or indirectly, through or in association with any third party, in any territory which the
Company or any of its subsidiaries operates as of the Termination Date: (i) market, sell, or provide any products or services which
are the same as or substantially similar to or otherwise competitive with the products and services sold or provided by the Company or
any of its subsidiaries as of the Termination Date; or (ii) own, acquire, or control any interest, financial or otherwise, in a third
party or business or manage, participate in, consult with, render services for or otherwise assist, any business, that in any case is
engaged in selling or providing any products or services which are the same as or substantially similar to or otherwise competitive with
the products and services sold or provided by the Company or any of its subsidiaries as of the Termination Date. However, it shall not
be a breach of this section to own one percent or less of the equity of a publicly traded company.

 

		(b)	Non-Solicitation. During the Restricted Period, Executive shall not, and shall cause Executive’s affiliates not to, directly
or indirectly, through or in association with any third party: (i) call on, solicit, or service, engage or contract with, or take
any action which may interfere with, impair, subvert, disrupt, or negatively alter the relationship, contractual or otherwise, between
the Company or any of its subsidiaries and any customer, supplier, distributor, developer, service provider, licensor, or licensee or
other material business relation of the Company or any of its subsidiaries as of the Termination Date; (ii) divert or take away the
business or patronage (with respect to products or services of the kind or type developed, produced, marketed, furnished, or sold by the
Company or any of its subsidiaries as of the Termination Date) of any of the clients, customers, or accounts of the Company or any of
its subsidiaries as of the Termination Date; or (iii) attempt to do any of the foregoing, either for Executive’s own purposes
or for any other third party.

 

    7 

     

    

 

		(c)	Non-Raiding. During the Restricted Period, Executive shall not, and shall cause Executive’s affiliates not to, directly
or indirectly, through or in association with any third party: (i) solicit, induce, recruit, or encourage any employees or independent
contractors of or consultants to the Company or any of its subsidiaries to terminate their relationship with the Company or any of its
subsidiaries or take away or hire such employees, independent contractors, or consultants; or (ii) attempt to do any of the foregoing,
either for Executive’s own purposes or for any other third party.

 

		9.	Confidential Information.

 

		(a)	Executive acknowledges that: (i) the Confidential Information (as hereinafter defined) is a valuable, special, and unique asset
of the Company, the unauthorized disclosure or use of which could cause substantial injury and loss of profits and goodwill to the Company;
(ii) Executive is in a position of trust and subject to a duty of loyalty to the Company, and (iii) by reason of Executive’s
employment and service to the Company, Executive will have access to the Confidential Information. Executive, therefore, acknowledges
that it is in the Company’s legitimate business interest to restrict Executive’s disclosure or use of Confidential Information
for any purpose other than in connection with Executive’s performance of Executive’s duties for the Company, and to limit
any potential misappropriation of such Confidential Information by Executive.

 

		(b)	Executive will not disclose or use at any time, either during the Term or thereafter, any Confidential Information of which Executive
is or becomes aware, whether or not such information is developed by Executive, except to the extent that such disclosure or use is directly
related to and required by Executive’s performance in good faith of duties assigned to Executive by the Company or has been expressly
authorized by the Board; provided, however, that this sentence shall not be deemed to prohibit Executive from complying with any subpoena,
order, judgment, or decree of a court or governmental or regulatory agency of competent jurisdiction (an “Order”);
provided, further, however, that (i) Executive agrees to provide the Company with prompt written notice of any such Order and to
assist the Company, at the Company’s expense, in asserting any legal challenges to or appeals of such Order that the Company in
its sole discretion pursues, and (ii) in complying with any such Order, Executive shall limit Executive’s disclosure only to
the Confidential Information that is expressly required to be disclosed by such Order. Executive will take all appropriate steps to safeguard
Confidential Information and to protect it against disclosure, misuse, espionage, loss, and theft. Executive shall deliver to the Company
at the Termination Date, or at any time the Company may request, all memoranda, notes, plans, records, reports, electronic information,
files and software, and other documents and data (and copies thereof) relating to the Confidential Information of the business of the
Company which Executive may then possess or have under Executive’s control.

 

    8 

     

    

 

		(c)	As used in this Agreement, the term “Confidential Information” means information that is not generally known to
the public and that is used, developed, or obtained by the Company or any of its subsidiaries in connection with their business, including,
but not limited to, information, observations, and data obtained by Executive while employed by the Company or any predecessors thereof
(including those obtained prior to the date of this Agreement) concerning (i) the business or affairs of the Company or any of its
subsidiaries (or such predecessors), (ii) products or services, (iii) fees, costs and pricing structures, (iv) designs,
(v) analyses, (vi) drawings, photographs and reports, (vii) computer software and hardware, including operating systems,
applications and program listings, (viii) flow charts, manuals and documentation, (ix) databases and data, (x) accounting
and business methods, (xi) inventions, devices, new developments, methods, and processes, whether patentable or unpatentable and
whether or not reduced to practice, (xii) customers and clients (and all information with respect to such persons) and customer or
client lists, (xiii) suppliers (and all information with respect to such persons) or supplier lists, (xiv) other copyrightable
works, (xv) all production methods, processes, technology, and trade secrets, and (xvi) all similar and related information
in whatever form. Confidential Information will not include any information that has been published in a form generally available to the
public prior to the date Executive proposes to disclose or use such information. Confidential Information will not be deemed to have been
published merely because individual portions of the information have been separately published, but only if all material features comprising
such information have been published in combination.

 

		(d)	For the avoidance of doubt, this provision in no way limits Executive’s obligations or the Company’s rights under state
or federal trade secrets statutes. Executive is advised and understands that the federal Defend Trade Secrets Act of 2016 provides that
an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that: (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly,
or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made
in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

		10.	Intellectual Property.

 

		(a)	Executive hereby assigns and agrees in the future to assign to the Company Executive’s full right, title and interest in all
Developments (as defined below), including all Intellectual Property Rights (as defined below) associated therewith or embodied thereby.
In addition, all copyrightable works that Executive has created or creates in the course of or related to Executive’s employment
with the Company shall be considered “work made for hire” and shall be owned exclusively by the Company.

 

		(b)	“Developments” means any invention, formula, process, development, design, work of authorship, discovery, computer
program, innovation or improvement made, conceived or first reduced to practice by Executive, solely or jointly with others, during Executive’s
employment with the Company and that was developed using the equipment, supplies, facilities or trade secret information of the Company
or any of its subsidiaries or that relates at the time of conception or reduction to practice to: (a) the business of the Company
or any of its subsidiaries, or (b) any work performed by Executive for the Company or any of its subsidiaries. The term “Intellectual
Property Rights” means all patent rights, trademarks, copyrights, trade secret rights, and any other intellectual property or
industrial rights in all countries and territories worldwide. Executive acknowledges and agrees that any copyrightable works included
in the Developments shall be considered “works made for hire” under the Copyright Act (17 U.S.C. §§ 101 et seq.)
and that Company will be considered the author and owner of such copyrightable works.

 

    9 

     

    

 

		(c)	To the extent that any copyrightable Development is not recognized as a “work made for hire” as a matter of law, Executive
hereby assigns to Company any and all copyrights in and to such Development. To the extent any of the right, title and interest in and
to any Development cannot be assigned by Executive to Company, Executive hereby grants to Company an exclusive, royalty-free, fully paid-up,
transferable, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to practice
such non-assignable rights, title and interest. Executive agrees to perform, during and after the Term, all acts deemed necessary or desirable
by Company to permit and assist Company, at Company’s expense, in obtaining and enforcing the full benefits, enjoyment, rights and
title throughout the world in the Developments assigned or licensed to Company under this Agreement.

 

		11.	Non-Disparagement. Executive agrees that, during the Term and at any time thereafter, Executive will not make, or cause to
be made, any statement, observation, or opinion, or communicate any information (whether oral or written), to any person other than a
member of the Board, that disparages the Company or is likely in any way to harm the business or the reputation of the Company, or any
of its former, present, or future managers, directors, officers, members, stockholders, or employees.

 

		12.	Enforcement. Because Executive’s services are special, unique, and extraordinary and because Executive has access to
Confidential Information and Developments, the parties hereto agree that money damages would be an inadequate remedy for any breach of
this Agreement. Therefore, in the event of a breach or threatened breach of this Agreement, the Company, or any of its successors or assigns
may, in addition to other rights and remedies existing in their favor at law or in equity, apply to any court of competent jurisdiction
for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without
posting a bond or other security).

 

		13.	Breach.  In addition to the foregoing, and not in any way in limitation thereof, or in limitation of any right or remedy otherwise
available to the Company, if Executive violates any provision of this Agreement, any obligation of the Company to pay Severance Payments
shall be terminated and of no further force or effect, and Executive shall promptly repay to the Company any Severance Payments previously
made to Executive, in each case, without limiting or affecting Executive’s obligations under this Agreement the Company’s
other rights and remedies available at law or equity.

 

		14.	Government Agencies. Notwithstanding any provision in this Agreement to the contrary, nothing in this Agreement limits your
right to file a charge with, to participate in a proceeding by, to give testimony to, or to communicate with a court, legislative body,
administrative agency, government agency or government official. In addition, nothing in this Agreement limits your right to make truthful
statements or disclosures about alleged unlawful discrimination, harassment or retaliation.

 

    10 

     

    

 

		15.	Assurances by Executive. Executive represents and warrants to the Company that Executive may enter into and fully perform all
of Executive’s obligations under this Agreement and as an employee of the Company without breaching, violating, or conflicting with
(a) any judgment, order, writ, decree, or injunction of any court, arbitrator, government agency, or other tribunal that applies
to Executive or (b) any agreement, contract, obligation, or understanding to which Executive is a party or may be bound.

 

		16.	Notices. Except as otherwise specifically provided herein, any notice, consent, demand, or other communication to be given
under or in connection with this Agreement shall be in writing and shall be deemed duly given when delivered personally, when transmitted
by facsimile transmission, one day after being deposited with Federal Express or other nationally recognized overnight delivery service,
or three days after being mailed by first class mail, charges or postage prepaid, properly addressed, if to the Company, at its principal
office, and, if to Executive, at Executive’s home or office address. Either party may change such address from time to time by notice
to the other.

 

		17.	Governing Law; Venue. This Agreement shall be governed by and construed and interpreted in accordance with the laws of Delaware,
without giving effect to any choice of law rules or other conflicting provision or rule that would cause the laws of any jurisdiction
to be applied. Any litigation under this Agreement shall be brought by either of the parties exclusively in the state or federal courts
located in Delaware. As such, the parties irrevocably consent to the jurisdiction of and venue with the courts in Delaware for all disputes
related to this Agreement and irrevocably consent to service via nationally recognized overnight carrier, without limiting other service
methods allowed by applicable law. Each of the parties irrevocably waives any right to a trial by jury in any action related to this Agreement.
The parties acknowledge and agree that the Company is a Delaware entity and that the terms in this Section are material to this Agreement.

 

		18.	Amendments; Waivers. This Agreement may not be modified or amended or terminated except by an instrument in writing, signed
by Executive and a duly authorized representative of the Company (other than Executive). By an instrument in writing similarly executed
(and not by any other means), either party may waive compliance by the other party with any provision of this Agreement that such other
party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel
with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, or power hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, or power provided herein or by law or in equity. To be effective,
any written waiver must specifically refer to the condition(s) or provision(s) of this Agreement being waived.

 

		19.	Assignment. This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable
by Executive. The obligations of Executive hereunder shall be binding upon Executive’s heirs, administrators, executors, assigns,
and other legal representatives. This Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the Company’s
successors and assigns.

 

    11 

     

    

 

		20.	Voluntary Execution. Executive acknowledges that (a) Executive has consulted with or has had the opportunity to consult
with independent counsel of Executive’s own choosing concerning this Agreement and has been advised to do so by the Company, and
(b) Executive has read and understands this Agreement, is competent and of sound mind to execute this Agreement, is fully aware of
the legal effect of this Agreement, and has entered into it freely based on Executive’s own judgment and without duress.

 

		21.	Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their
mutual intent, and no rule of strict construction shall be applied against any party.

 

		22.	Survivorship. Except as otherwise set forth in this Agreement, the respective rights and obligations of the parties shall survive
any termination of Executive’s employment.

 

		23.	Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest
extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any
particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction or arbitrator to be invalid, prohibited,
or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions
of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing,
if such provision could be more narrowly drawn so as not to be invalid, prohibited, or unenforceable in such jurisdiction, it shall, as
to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity
or enforceability of such provision in any other jurisdiction.

 

		24.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but
all such counterparts shall together constitute one and the same instrument. Signatures delivered by facsimile or PDF shall be effective
for all purposes.

 

		25.	Entire Agreement; Prior Agreements. This Agreement contains the entire agreement of the parties and supersedes all prior or
contemporaneous negotiations, correspondence, understandings and agreements between the parties, regarding the subject matter of this
Agreement. Executive agrees that this agreement terminates any prior employment, consulting, board services, or similar agreement with
the Company, Direct Digital Holdings, LLC, or any of their predecessors or affiliates.

 

    12 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the Effective Date:

 

	 	Executive:
	 	 
	 	 
	 	[●]
	 	 
	 	 
	 	The Company:
	 	 
	 	Direct Digital Holdings, Inc.
	 	 
	 	By:	
	 	Name:	 
	 	Title:	 

 

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