Document:

Exhibit 10.17.1

 

Shapeways, Inc.

 

2010
Stock Plan

 

Adopted
on August 23, 2010

 

     

     

    

 

TABLE OF CONTENTS

 

		 	Page
	 	 	 
	SECTION 1.	ESTABLISHMENT AND PURPOSE	1
	 	 	 
	SECTION 2.	ADMINISTRATION	1
	(a)	Committees of the Board of Directors	1
	(b)	Authority of the Board of Directors	1
	 	 	 
	SECTION 3.	ELIGIBILITY	1
	(a)	General Rule	1
	(b)	Ten-Percent Stockholders	1
	 	 	 
	SECTION 4.	STOCK SUBJECT TO PLAN	2
	(a)	Basic Limitation	2
	(b)	Additional Shares	2
	 	 	 
	SECTION 5.	TERMS AND CONDITIONS OF AWARDS
    OR SALES	2
	(a)	Stock Grant or Purchase Agreement	2
	(b)	Duration of Offers and Nontransferability of Rights	2
	(c)	Purchase Price	2
	(d)	Withholding Taxes	2
	(e)	Transfer Restrictions and Forfeiture Conditions	3
	 	 	 
	SECTION 6.	TERMS AND CONDITIONS OF OPTIONS	3
	(a)	Stock Option Agreement	3
	(b)	Number of Shares	3
	(c)	Exercise Price	3
	(d)	Exercisability	3
	(e)	Basic Term	3
	(f)	Termination of Service (Except by Death)	4
	(g)	Leaves of Absence	4
	(h)	Death of Optionee	4
	(i)	Post-Exercise Restrictions on Transfer of Shares	5
	(j)	Pre-Exercise Restrictions on Transfer of Options or Shares	5
	(k)	Withholding Taxes	5
	(l)	No Rights as a Stockholder	5
	(m)	Modification, Extension and Assumption of Options	6
	(n)	Company’s Right to Cancel Certain Options	6
	 	 	 
	SECTION 7.	PAYMENT FOR SHARES	6
	(a)	General Rule	6
	(b)	Services Rendered	6
	(c)	Promissory Note	6
	(d)	Surrender of Stock	6
	(e)	Exercise/Sale	6
	(f)	Other Forms of Payment	7

 

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	SECTION 8.	ADJUSTMENT OF SHARES	7
	(a)	General	7
	(b)	Corporate Transactions	7
	(c)	Reservation of Rights	8
	 	 	 
	SECTION 9.	PRE-EXERCISE INFORMATION REQUIREMENT	8
	(a)	Application of Requirement	8
	(b)	Scope of Requirement	8
	 	 	 
	SECTION 10.	MISCELLANEOUS PROVISIONS	9
	(a)	Securities Law Requirements	9
	(b)	No Retention Rights	9
	(c)	Treatment as Compensation	9
	(d)	Governing Law	9
	 	 	 
	SECTION 11.	DURATION AND AMENDMENTS	9
	(a)	Term of the Plan	9
	(b)	Right to Amend or Terminate the Plan	9
	(c)	Effect of Amendment or Termination	9
	 	 	 
	SECTION 12.	DEFINITIONS	10

 

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Shapeways, Inc.
2010 Stock Plan

 

SECTION 1.     ESTABLISHMENT
AND PURPOSE.

 

The purpose of the Plan is
to offer selected persons an opportunity to acquire a proprietary interest in the success of the Company, or to increase such interest,
by acquiring Shares of the Company’s Stock. The Plan provides both for the direct award or sale of Shares and for the grant of
Options to purchase Shares. Options granted under the Plan may include Nonstatutory Options as well as ISOs intended to qualify under
Section 422 of the Code.

 

Capitalized terms are defined
in Section 12.

 

SECTION 2.     ADMINISTRATION.

 

(a)             Committees
of the Board of Directors. The Plan may be administered by one or more Committees. Each Committee
shall consist of one or more members of the Board of Directors who have been appointed by the Board of Directors. Each Committee shall
have such authority and be responsible for such functions as the Board of Directors has assigned to it. If no Committee has been appointed,
the entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan shall be construed as a
reference to the Committee (if any) to whom the Board of Directors has assigned a particular function.

 

(b)            Authority
of the Board of Directors. Subject to the provisions of the Plan, the Board of Directors shall
have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan. All decisions,
interpretations and other actions of the Board of Directors shall be final and binding on all Purchasers, all Optionees and all persons
deriving their rights from a Purchaser or Optionee.

 

SECTION 3.     ELIGIBILITY.

 

(a)            General
Rule. Only Employees, Outside Directors and Consultants shall be eligible for the grant of Nonstatutory
Options or the direct award or sale of Shares. Only Employees shall be eligible for the grant of ISOs.

 

(b)            Ten-Percent
Stockholders. A person who owns more than 10% of the total combined voting power of all classes
of outstanding stock of the Company, its Parent or any of its Subsidiaries shall not be eligible for the grant of an ISO unless (i) the
Exercise Price is at least 110% of the Fair Market Value of a Share on the Date of Grant and (ii) such ISO by its terms is not exercisable
after the expiration of five years from the Date of Grant. For purposes of this Subsection (b), in determining stock ownership,
the attribution rules of Section 424(d) of the Code shall be applied.

 

     

     

    

 

SECTION 4.     STOCK
SUBJECT TO PLAN.

 

(a)          Basic
Limitation. Not more than 5,000,000 Shares may be issued under the Plan, subject to Subsection (b) below
and Section 8(a).1 All of these Shares may be issued
upon the exercise of ISOs. The number of Shares that are subject to Options or other rights outstanding at any time under the Plan shall
not exceed the number of Shares that then remain available for issuance under the Plan. The Company, during the term of the Plan, shall
at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the Plan may
be authorized but unissued Shares or treasury Shares.

 

(b)            Additional
Shares. In the event that Shares previously issued under the Plan are reacquired by the Company,
such Shares shall be added to the number of Shares then available for issuance under the Plan. In the event that Shares that otherwise
would have been issuable under the Plan are withheld by the Company in payment of the Purchase Price, Exercise Price or withholding taxes,
such Shares shall remain available for issuance under the Plan. In the event that an outstanding Option or other right for any reason
expires or is canceled, the Shares allocable to the unexercised portion of such Option or other right shall be added to the number of
Shares then available for issuance under the Plan.

 

SECTION 5.     TERMS
AND CONDITIONS OF AWARDS OR SALES.

 

(a)           Stock
Grant or Purchase Agreement. Each award of Shares under the Plan shall be evidenced by a Stock
Grant Agreement between the Grantee and the Company. Each sale of Shares under the Plan (other than upon exercise of an Option) shall
be evidenced by a Stock Purchase Agreement between the Purchaser and the Company. Such award or sale shall be subject to all applicable
terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which
the Board of Directors deems appropriate for inclusion in a Stock Grant Agreement or Stock Purchase Agreement. The provisions of the
various Stock Grant Agreements and Stock Purchase Agreements entered into under the Plan need not be identical.

 

(b)            Duration
of Offers and Nontransferability of Rights. Any right to purchase Shares under the Plan (other
than an Option) shall automatically expire if not exercised by the Purchaser within 30 days after the grant of such right was communicated
to the Purchaser by the Company. Such right shall not be transferable and shall be exercisable only by the Purchaser to whom such right
was granted.

 

(c)           Purchase
Price. The Board of Directors shall determine the Purchase Price of Shares to be offered under
the Plan at its sole discretion. The Purchase Price shall be payable in a form described in Section 7.

 

(d)            Withholding
Taxes. As a condition to the award, purchase, vesting or transfer of Shares, the Grantee or
Purchaser shall make such arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign
withholding tax obligations that may arise in connection with such event.

 

 

1  Please
refer to Exhibit A for a schedule of the initial share reserve and any subsequent increases or decreases in the reserve.

 

    2

     

    

 

(e)            Transfer
Restrictions and Forfeiture Conditions. Any Shares awarded or sold under the Plan shall be subject
to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of
Directors may determine. Such restrictions shall be set forth in the applicable Stock Grant Agreement or Stock Purchase Agreement and
shall apply in addition to any restrictions that may apply to holders of Shares generally.

 

SECTION 6.     TERMS
AND CONDITIONS OF OPTIONS.

 

(a)            Stock
Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option
Agreement between the Optionee and the Company. The Option shall be subject to all applicable terms and conditions of the Plan and may
be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate
for inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need not
be identical.

 

(b)           Number
of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to
the Option and shall provide for the adjustment of such number in accordance with Section 8. The Stock Option Agreement shall also
specify whether the Option is an ISO or a Nonstatutory Option.

 

(c)            Exercise
Price. Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price of an
Option shall not be less than 100% of the Fair Market Value of a Share on the Date of Grant, and in the case of an ISO a higher percentage
may be required by Section 3(b). Subject to the preceding sentence, the Exercise Price shall be determined by the Board of Directors
at its sole discretion. The Exercise Price shall be payable in a form described in Section 7. This Subsection (c) shall
not apply to an Option granted pursuant to an assumption of, or substitution for, another option in a manner that complies with Section 424(a) of
the Code (whether or not the Option is an ISO).

 

(d)           Exercisability.
Each Stock Option Agreement shall specify the date when all or any installment of the Option is to become exercisable. No Option shall
be exercisable unless the Optionee (i) has delivered an executed copy of the Stock Option Agreement to the Company or (ii) otherwise
agrees to be bound by the terms of the Stock Option Agreement. The Board of Directors shall determine the exercisability provisions of
the Stock Option Agreement at its sole discretion. All of an Optionee’s Options shall become exercisable in full if Section 8(b)(iv) applies.

 

(e)            Basic
Term. The Stock Option Agreement shall specify the term of the Option. The term shall not exceed
10 years from the Date of Grant, and in the case of an ISO a shorter term may be required by Section 3(b). Subject to the preceding
sentence, the Board of Directors at its sole discretion shall determine when an Option is to expire.

 

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(f)          Termination
of Service (Except by Death). If an Optionee’s Service terminates for any reason other
than the Optionee’s death, then the Optionee’s Options shall expire on the earliest of the following dates:

 

(i)            The
expiration date determined pursuant to Subsection (e) above;

 

(ii)           The
date three months after the termination of the Optionee’s Service for any reason other than Disability, or such earlier or later
date as the Board of Directors may determine (but in no event earlier than 30 days after the termination of the Optionee’s Service);
or

 

(iii)         The
date six months after the termination of the Optionee’s Service by reason of Disability, or such later date as the Board of Directors
may determine.

 

The Optionee may exercise all or part of the
Optionee’s Options at any time before the expiration of such Options under the preceding sentence, but only to the extent that
such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as a result of the termination)
and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination). The balance
of such Options shall lapse when the Optionee’s Service terminates. In the event that the Optionee dies after the termination of
the Optionee’s Service but before the expiration of the Optionee’s Options, all or part of such Options may be exercised
(prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options
directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable
before the Optionee’s Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested
before the Optionee’s Service terminated (or vested as a result of the termination).

 

(g)          Leaves
of Absence. For purposes of Subsection (f) above, Service shall be deemed to continue
while the Optionee is on a bona fide leave of absence, if such leave was approved by the Company in writing and if continued crediting
of Service for this purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company).

 

(h)          Death
of Optionee. If an Optionee dies while the Optionee is in Service, then the Optionee’s
Options shall expire on the earlier of the following dates:

 

(i)            The
expiration date determined pursuant to Subsection (e) above; or

 

(ii)          The
date 12 months after the Optionee’s death, or such earlier or later date as the Board of Directors may determine (but in no event
earlier than six months after the Optionee’s death).

 

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All or part of the Optionee’s Options may
be exercised at any time before the expiration of such Options under the preceding sentence by the executors or administrators of the
Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest
or inheritance, but only to the extent that such Options had become exercisable before the Optionee’s death (or became exercisable
as a result of the death) and the underlying Shares had vested before the Optionee’s death (or vested as a result of the Optionee’s
death). The balance of such Options shall lapse when the Optionee dies.

 

(i)            Post-Exercise
Restrictions on Transfer of Shares. Any Shares issued upon exercise of an Option shall be subject
to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of
Directors may determine. Such restrictions shall be set forth in the applicable Stock Option Agreement and shall apply in addition to
any restrictions that may apply to holders of Shares generally.

 

(j)          Pre-Exercise
Restrictions on Transfer of Options or Shares. An Option shall be transferable by the Optionee
only by (i) a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in
the next sentence. If the applicable Stock Option Agreement so provides, a Nonstatutory Option shall also be transferable by gift or
domestic relations order to a Family Member of the Optionee. An ISO may be exercised during the lifetime of the Optionee only by the
Optionee or by the Optionee’s guardian or legal representative. In addition, an Option shall comply with all conditions of Rule 12h-1(f)(1) under
the Exchange Act until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act. Such conditions include, without limitation, the transferability restrictions set forth in Rule 12h-1(f)(1)(iv) and (v) under
the Exchange Act, which shall apply to an Option and, prior to exercise, to the Shares to be issued upon exercise of such Option during
the period commencing on the Date of Grant and ending on the earlier of (i) the date when the Company becomes subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act or (ii) the date when the Company makes a determination that
it will cease to rely on the exemption afforded by Rule 12h-1(f)(1) under the Exchange Act. During such period, an Option and,
prior to exercise, the Shares to be issued upon exercise of such Option shall be restricted as to any pledge, hypothecation or other
transfer by the Optionee, including any short position, any “put equivalent position” (as defined in Rule 16a-1(h) under
the Exchange Act) or any “call equivalent position” (as defined in Rule 16a-1(b) under the Exchange Act).

 

(k)            Withholding
Taxes. As a condition to the grant or exercise of an Option, the Optionee shall make such arrangements
as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may
arise in connection with such grant or exercise. The Optionee shall also make such arrangements as the Board of Directors may require
for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with the vesting
or transfer of Shares acquired by exercising an Option or any similar event.

 

(l)            No
Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as
a stockholder with respect to any Shares covered by the Optionee’s Option until such person becomes entitled to receive such Shares
by filing a notice of exercise and paying the Exercise Price pursuant to the terms of such Option.

 

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(m)          Modification,
Extension and Assumption of Options. Within the limitations of the Plan, the Board of Directors
may modify, extend or assume outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company
or another issuer) in return for the grant of new Options for the same or a different number of Shares and at the same or a different
Exercise Price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee’s
rights or increase the Optionee’s obligations under such Option.

 

(n)            Company’s
Right to Cancel Certain Options. Any other provision of the Plan or a Stock Option Agreement
notwithstanding, the Company shall have the right at any time to cancel an Option that was not granted in compliance with Rule 701
under the Securities Act. Prior to canceling such Option, the Company shall give the Optionee not less than 30 days’ notice in
writing. If the Company elects to cancel such Option, it shall deliver to the Optionee consideration with an aggregate Fair Market Value
equal to the excess of (i) the Fair Market Value of the Shares subject to such Option as of the time of the cancellation over (ii) the
Exercise Price of such Option. The consideration may be delivered in the form of cash or cash equivalents, in the form of Shares, or
a combination of both. If the consideration would be a negative amount, such Option may be cancelled without the delivery of any consideration.

 

SECTION 7.     PAYMENT
FOR SHARES.

 

(a)          General
Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable
in cash or cash equivalents at the time when such Shares are purchased, except as otherwise provided in this Section 7.

 

(b)            Services
Rendered. At the discretion of the Board of Directors, Shares may be awarded under the Plan
in consideration of services rendered to the Company, a Parent or a Subsidiary prior to the award.

 

(c)            Promissory
Note. At the discretion of the Board of Directors, all or a portion of the Purchase Price or
Exercise Price (as the case may be) of Shares issued under the Plan may be paid with a full-recourse promissory note. The Shares shall
be pledged as security for payment of the principal amount of the promissory note and interest thereon. The interest rate payable under
the terms of the promissory note shall not be less than the minimum rate (if any) required to avoid the imputation of additional interest
under the Code. Subject to the foregoing, the Board of Directors (at its sole discretion) shall specify the term, interest rate, amortization
requirements (if any) and other provisions of such note.

 

(d)            Surrender
of Stock. At the discretion of the Board of Directors, all or any part of the Exercise Price
may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered
to the Company in good form for transfer and shall be valued at their Fair Market Value as of the date when the Option is exercised.

 

(e)            Exercise/Sale.
To the extent that a Stock Option Agreement so provides, and if Stock is publicly traded, all or part of the Exercise Price and any withholding
taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by
the Company to sell Shares and to deliver all or part of the sales proceeds to the Company.

 

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(f)          Other
Forms of Payment. To the extent that a Stock Purchase Agreement or Stock Option Agreement so
provides, the Purchase Price or Exercise Price of Shares issued under the Plan may be paid in any other form permitted by the Delaware
General Corporation Law, as amended.

 

SECTION 8.     ADJUSTMENT
OF SHARES.

 

(a)          General.
In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a combination or consolidation
of the outstanding Stock into a lesser number of Shares, a reclassification, or any other increase or decrease in the number of issued
shares of Stock effected without receipt of consideration by the Company, proportionate adjustments shall automatically be made in each
of (i) the number of Shares available for future grants under Section 4, (ii) the number of Shares covered by each outstanding
Option and (iii) the Exercise Price under each outstanding Option. In the event of a declaration of an extraordinary dividend payable
in a form other than Shares in an amount that has a material effect on the Fair Market Value of the Stock, a recapitalization, a spin-off,
or a similar occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or more of (i) the
number of Shares available for future grants under Section 4, (ii) the number of Shares covered by each outstanding Option
or (iii) the Exercise Price under each outstanding Option; provided, however, that the Board of Directors shall in any event make
such adjustments as may be required by Section 25102(o) of the California Corporations Code.

 

(b)          Corporate
Transactions. In the event that the Company is a party to a merger or consolidation or in the
event of a sale of all or substantially all of the Company’s stock or assets, all Shares acquired under the Plan and all Options
shall be subject to the definitive agreement evidencing such transaction. Such agreement, without the Optionees’ consent, may dispose
of Options that are not vested as of the effective date of such transaction in any manner permitted by applicable law, including (without
limitation) the cancellation of such Options without the payment of any consideration. Such agreement, without the Optionees’ consent,
shall provide for one or more of the following with respect to each Option that is vested as of the effective date of such transaction:

 

(i)            The
continuation of the Option by the Company (if the Company is the surviving corporation).

 

(ii)           The
assumption of the Option by the surviving corporation or its parent in a manner that complies with Section 424(a) of the Code
(whether or not the Option is an ISO).

 

(iii)           The
substitution by the surviving corporation or its parent of a new option for the Option in a manner that complies with Section 424(a) of
the Code (whether or not the Option is an ISO).

 

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(iv)            The
cancellation of the Option and a payment to the Optionee equal to the excess of (A) the Fair Market Value of the Shares subject
to the Option as of the effective date of such transaction over (B) the Exercise Price of the Option. Such payment shall be made
in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal to the
required amount. Any escrow, holdback, earnout or similar provisions in the transaction agreement may apply to such payment to the same
extent and in the same manner as such provisions apply to the holders of Shares. If the Exercise Price of the Shares subject to the Option
exceeds the Fair Market Value of such Shares, then the Option may be cancelled without making a payment to the Optionee.

 

(v)            The
cancellation of such Option. Any exercise of such Option prior to the closing date of the transaction may be contingent upon the closing
of such transaction.

 

(c)          Reservation
of Rights. Except as provided in this Section 8, a Grantee, Purchaser or Optionee shall
have no rights by reason of (i) any subdivision or consolidation of shares of stock of any class, (ii) the payment of any dividend
or (iii) any other increase or decrease in the number of shares of stock of any class. Any issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof
shall be made with respect to, the number or Exercise Price of Shares subject to an Option. The grant of an Option pursuant to the Plan
shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or
assets.

 

SECTION 9.     PRE-EXERCISE
INFORMATION REQUIREMENT.

 

(a)          Application
of Requirement. This Section 9 shall apply only during a period that (i) commences
when the Company begins to rely on the exemption described in Rule 12h-1(f)(1) under the Exchange Act, as determined by the
Company in its sole discretion, and (ii) ends on the earlier of (A) the date when the Company ceases to rely on such exemption,
as determined by the Company in its sole discretion, or (B) the date when the Company becomes subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act. In addition, this Section 9 shall in no event apply to an Optionee after
he or she has fully exercised all of his or her Options.

 

(b)         Scope
of Requirement. The Company shall provide to each Optionee the information described in Rule 701(e)(3),
(4) and (5) under the Securities Act. Such information shall be provided at six-month intervals, and the financial statements
included in such information shall not be more than 180 days old. The foregoing notwithstanding, the Company shall not be required to
provide such information unless the Optionee has agreed in writing, on a form prescribed by the Company, to keep such information confidential.

 

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SECTION 10.     MISCELLANEOUS
PROVISIONS.

 

(a)            Securities
Law Requirements. Shares shall not be issued under the Plan unless the issuance and delivery
of such Shares comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act,
the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange
or other securities market on which the Company’s securities may then be traded. The Company shall not be liable for a failure
to issue Shares that is attributable to such requirements.

 

(b)          No
Retention Rights. Nothing in the Plan or in any right or Option granted under the Plan shall
confer upon the Grantee, Purchaser or Optionee any right to continue in Service for any period of specific duration or interfere with
or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Grantee, Purchaser
or Optionee) or of the Grantee, Purchaser or Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service
at any time and for any reason, with or without cause.

 

(c)          Treatment
as Compensation. Any compensation that an individual earns or is deemed to earn under this Plan
shall not be considered a part of his or her compensation for purposes of calculating contributions, accruals or benefits under any other
plan or program that is maintained or funded by the Company, a Parent or a Subsidiary.

 

(d)            Governing
Law. The Plan and all awards, sales and grants under the Plan shall be governed by, and construed
in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State.

 

SECTION 11.     DURATION
AND AMENDMENTS.

 

(a)           Term
of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption
by the Board of Directors, subject to the approval of the Company’s stockholders. If the stockholders fail to approve the Plan
within 12 months after its adoption by the Board of Directors, then any grants, exercises or sales that have already occurred under the
Plan shall be rescinded and no additional grants, exercises or sales shall thereafter be made under the Plan. The Plan shall terminate
automatically 10 years after the later of (i) the date when the Board of Directors adopted the Plan or (ii) the date when the
Board of Directors approved the most recent increase in the number of Shares reserved under Section 4 that was also approved by
the Company’s stockholders. The Plan may be terminated on any earlier date pursuant to Subsection (b) below.

 

(b)            Right
to Amend or Terminate the Plan. The Board of Directors may amend, suspend or terminate the Plan
at any time and for any reason; provided, however, that any amendment of the Plan shall be subject to the approval of the Company’s
stockholders if it (i) increases the number of Shares available for issuance under the Plan (except as provided in Section 8)
or (ii) materially changes the class of persons who are eligible for the grant of ISOs. Stockholder approval shall not be required
for any other amendment of the Plan. If the stockholders fail to approve an increase in the number of Shares reserved under Section 4
within 12 months after its adoption by the Board of Directors, then any grants, exercises or sales that have already occurred in reliance
on such increase shall be rescinded and no additional grants, exercises or sales shall thereafter be made in reliance on such increase.

 

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(c)            Effect
of Amendment or Termination. No Shares shall be issued or sold under the Plan after the termination
thereof, except upon exercise of an Option (or any other right to purchase Shares) granted under the Plan prior to such termination.
The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Option previously granted
under the Plan.

 

SECTION 12.     DEFINITIONS.

 

(a)            “Board
of Directors” shall mean the Board of Directors of the Company, as constituted from time to time.

 

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

 

(c)            “Committee”
shall mean a committee of the Board of Directors, as described in Section 2(a).

 

(d)            “Company”
shall mean Shapeways, Inc., a Delaware corporation.

 

(e)            “Consultant”
shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees
and Outside Directors.

 

(f)            “Date
of Grant” shall mean the date of grant specified in the applicable Stock Option Agreement, which date shall be the later of
(i) the date on which the Board of Directors resolved to grant the Option or (ii) the first day of the Optionee’s Service.

 

(g)          “Disability”
shall mean that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment.

 

(h)            “Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary.

 

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

 

(j)          “Exercise
Price” shall mean the amount for which one Share may be purchased upon exercise of an Option, as specified by the Board of
Directors in the applicable Stock Option Agreement.

 

(k)          “Fair
Market Value” shall mean the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination
shall be conclusive and binding on all persons.

 

    10

     

    

 

(l)            “Family
Member” shall mean (i) any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships,
(ii) any person sharing the Optionee’s household (other than a tenant or employee), (iii) a trust in which persons described
in Clause (i) or (ii) have more than 50% of the beneficial interest, (iv) a foundation in which persons described
in Clause (i) or (ii) or the Optionee control the management of assets and (v) any other entity in which persons
described in Clause (i) or (ii) or the Optionee own more than 50% of the voting interests.

 

(m)            “Grantee”
shall mean a person to whom the Board of Directors has awarded Shares under the Plan.

 

(n)            “ISO”
shall mean an employee incentive stock option described in Section 422(b) of the Code.

 

(o)            “Nonstatutory
Option” shall mean a stock option not described in Sections 422(b) or 423(b) of the Code.

 

(p)            “Option”
shall mean an ISO or Nonstatutory Option granted under the Plan and entitling the holder to purchase Shares.

 

(q)            “Optionee”
shall mean a person who holds an Option.

 

(r)            “Outside
Director” shall mean a member of the Board of Directors who is not an Employee.

 

(s)            “Parent”
shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered
a Parent commencing as of such date.

 

(t)            “Plan”
shall mean this Shapeways, Inc. 2010 Stock Plan.

 

(u)            “Purchase
Price” shall mean the consideration for which one Share may be acquired under the Plan (other than upon exercise of an Option),
as specified by the Board of Directors.

 

(v)           “Purchaser”
shall mean a person to whom the Board of Directors has offered the right to purchase Shares under the Plan (other than upon exercise
of an Option).

 

(w)            “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(x)            “Service”
shall mean service as an Employee, Outside Director or Consultant.

 

    11

     

    

 

(y)            “Share”
shall mean one share of Stock, as adjusted in accordance with Section 8 (if applicable).

 

(z)            “Stock”
shall mean the Common Stock of the Company.

 

(aa)        “Stock
Grant Agreement” shall mean the agreement between the Company and a Grantee who is awarded Shares under the Plan that contains
the terms, conditions and restrictions pertaining to the award of such Shares.

 

(bb)        “Stock
Option Agreement” shall mean the agreement between the Company and an Optionee that contains the terms, conditions and restrictions
pertaining to the Optionee’s Option.

 

(cc)       “Stock
Purchase Agreement” shall mean the agreement between the Company and a Purchaser who purchases Shares under the Plan that contains
the terms, conditions and restrictions pertaining to the purchase of such Shares.

 

(dd)     “Subsidiary”
shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations
other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption
of the Plan shall be considered a Subsidiary commencing as of such date.

 

    12

     

    

 

Exhibit A

 

Schedule
of Shares Reserved for Issuance under the Plan

 

	Date of Board

    Approval	 	Date of Stockholder

    Approval	 	Number of

    Shares Added	 	Cumulative Number 

    of Shares	 
	August 23, 2010	 	Not Applicable	 	Not Applicable	 	5,000,000	 
	May 15, 2012	 	May 15, 2012	 	(70,000)	 	4,930,000	 
	April 22, 2013	 	April 22, 2013	 	1,437,733	 	6,367,733	 
	July 22, 2015	 	July 31, 2015	 	1,331,099	 	7,698,832	 
	February 27, 2018	 	February 27, 2018	 	1,904,571	 	9,603,403	 
	April 20, 2018	 	April 20, 2018	 	7,339,143	 	16,942,546	 

 

	September 29, 2021	PLAN TERMINATED	 	 
	 	 	 	 
	 	Shares reserved: 4,901,207 *	 	 

 

*            Pursuant
to that certain Agreement and Plan of Merger and Reorganization dated as of April 28, 2021 by and among the Company, Galileo Acquisition
Corp. (“Galileo” and together with its successors, the “Purchaser”) and the other parties thereto
(the “Merger Agreement”), outstanding options originally granted pursuant to this 2010 Stock Plan (whether vested
or unvested, exercisable or unexercisable) were assumed by Purchaser (now known as Shapeways Holdings, Inc.) and converted into
Purchaser Options. Each Purchaser Option will continue to be subject to the same terms and conditions set forth in this 2010 Stock Plan
and the applicable award agreement as in effect immediately prior to the Effective Time (including, without limitation, the vesting and
acceleration provisions therein), except any references therein to the Company or Company Common Stock will instead mean the Purchaser
and Purchaser Common Stock, respectively. Each Purchaser Option shall (i) represent the right to acquire a number of shares of Purchaser
Common Stock equal to (as rounded down to the nearest whole number) the product of (A) the number of shares of Company Common Stock
that were subject to the corresponding Company Option immediately prior to the Effective Time, multiplied by (B) ninety percent
(90%) of the Conversion Ratio (as defined in the Merger Agreement); and (ii) have a per share exercise price equal to (as rounded
up to the nearest whole cent) the quotient of (A) the per share exercise price of the corresponding Company Option, divided by (B) ninety
percent (90%) of the Conversion Ratio.

 

    E-1Exhibit 10.17.2

 

Shapeways, Inc.
2010 Stock Plan

 

Notice
of Stock Option Grant (Early Exercise)

 

The Optionee has been granted the following option
to purchase shares of the Common Stock of Shapeways, Inc.:

 

	Name of Optionee:	 	Greg Kress
	 	 	 
	Total Number of Shares:	 	                                             
	 	 	 
	Type of Option:	 	Incentive Stock Option1
	 	 	 
	Exercise Price per Share:	 	$                              
	 	 	 
	Date of Grant:	 	                                             
	 	 	 
	Date Exercisable:	 	This option may be exercised at any time after the Date of Grant for all or any part of the Shares subject to this option.
	 	 	 
	Vesting Commencement Date:	 	                                             
	 	 	 
	Vesting Schedule:	 	[Insert vesting schedule.] The Right of Repurchase
    may lapse on an accelerated basis under Section 7(b) of the Stock Option Agreement.
	 	 	 
	Expiration Date:	 	                                             .
    This option expires earlier if the Optionee’s Service terminates earlier, as provided in Section 6 of the Stock Option
    Agreement.

 

By signing below, the Optionee and the Company
agree that this option is granted under, and governed by the terms and conditions of, the 2010 Stock Plan and the Stock Option Agreement.
Both of these documents are attached to, and made a part of, this Notice of Stock Option Grant. Section 14 of the Stock Option
Agreement includes important acknowledgements of the Optionee.

 

	Optionee:	 	Shapeways, Inc.

 

	 	 	By:	 

	 	 	Name:	 
	 	 	Title:	 

 

 

1
The option shall be deemed to be an NSO as required by the $100,000 annual limitation under Section 422(d) of the Code.

 

    

     

    

 

THE OPTION GRANTED PURSUANT TO THIS AGREEMENT
AND THE SHARES ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT
BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY
TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Shapeways, Inc.
2010 Stock Plan:

Stock
Option Agreement (Early Exercise)

 

SECTION 1.
Grant Of Option.

 

(a)            Option.
On the terms and conditions set forth in the Notice of Stock Option Grant and this Agreement, the Company grants to the Optionee on the
Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock Option Grant. The Exercise
Price is agreed to be at least 100% of the Fair Market Value per Share on the Date of Grant (110% of Fair Market Value if this option
is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of the Plan applies). This option is intended to
be an ISO or an NSO, as provided in the Notice of Stock Option Grant.

 

(b)           $100,000
Limitation. Even if this option is designated as an ISO in the Notice of Stock Option Grant, it shall be deemed to be an NSO to the
extent (and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code.

 

(c)            Stock
Plan and Defined Terms. This option is granted pursuant to the Plan, a copy of which the Optionee acknowledges having received. The
provisions of the Plan are incorporated into this Agreement by this reference. Capitalized terms are defined in Section 15 of this
Agreement.

 

SECTION 2.
Right To Exercise.

 

(a)            Exercisability.
Subject to Subsection (b) below and the other conditions set forth in this Agreement, all or part of this option may be exercised
prior to its expiration at the time or times set forth in the Notice of Stock Option Grant. In addition, to the extent that the Notice
of Stock Option Grant provides for deferred exercisability and vesting is accelerated pursuant to Section 7(b) below or otherwise,
then as of the date such acceleration occurs, the Optionee’s right to exercise this option shall no longer be deferred to the extent
necessary to give the Optionee the right to exercise this option as to all shares that are then vested and, as a result of this accelerated
exercisability, a portion of this option may become a Nonstatutory Option. Shares purchased by exercising this option may be subject to
the Right of Repurchase under Section 7.

 

    

     

    

 

(b)           Stockholder
Approval. Any other provision of this Agreement notwithstanding, no portion of this option shall be exercisable at any time prior
to the approval of the Plan by the Company’s stockholders.

 

SECTION 3.
No Transfer Or Assignment Of Option.

 

Except as otherwise provided
in this Agreement, this option and the rights and privileges conferred hereby shall not be sold, pledged or otherwise transferred (whether
by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process.

 

SECTION 4.
Exercise Procedures.

 

(a)            Notice
of Exercise. The Optionee or the Optionee’s representative may exercise this option by (i) giving written notice to the
Company pursuant to Section 13(c) and (ii) if the Optionee is, as of the time of exercise, a 1% Stockholder, Executing
the Co-Sale Agreement and the Voting Agreement. The notice shall specify the election to exercise this option, the number of Shares for
which it is being exercised and the form of payment. The person exercising this option shall sign the notice and, if applicable, Execute
the Co-Sale Agreement and the Voting Agreement. In the event that this option is being exercised by the representative of the Optionee,
the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s right to exercise this option. The
Optionee or the Optionee’s representative shall deliver to the Company, at the time of giving the notice, payment in a form permissible
under Section 5 for the full amount of the Purchase Price. In the event of a partial exercise of this option, Shares shall be deemed
to have been purchased in the order in which they vest in accordance with the Notice of Stock Option Grant.

 

(b)           Issuance
of Shares. After receiving a proper notice of exercise and, if applicable, Executed Co-Sale Agreement and Voting Agreement, the Company
shall cause to be issued one or more certificates evidencing the Shares for which this option has been exercised. Such Shares shall be
registered (i) in the name of the person exercising this option, (ii) in the names of such person and his or her spouse as community
property or as joint tenants with the right of survivorship or (iii) with the Company’s consent, in the name of a revocable
trust. In the case of Restricted Shares, the Company shall cause such certificates to be deposited in escrow under Section 7(c).
In the case of other Shares, the Company shall cause such certificates to be delivered to or upon the order of the person exercising this
option.

 

(c)            Withholding
Taxes. In the event that the Company determines that it is required to withhold any tax as a result of the exercise of this option,
the Optionee, as a condition to the exercise of this option, shall make arrangements satisfactory to the Company to enable it to satisfy
all withholding requirements. The Optionee shall also make arrangements satisfactory to the Company to enable it to satisfy any withholding
requirements that may arise in connection with the vesting or disposition of Shares purchased by exercising this option.

 

SECTION 5.
Payment For Stock.

 

(a)            Cash.
All or part of the Purchase Price may be paid in cash or cash equivalents.

 

    2

     

    

 

(b)           Surrender
of Stock. At the discretion of the Board of Directors, all or any part of the Purchase Price may be paid by surrendering, or attesting
to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer
and shall be valued at their Fair Market Value as of the date when this option is exercised.

 

(c)            Exercise/Sale.
All or part of the Purchase Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable
direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company.
However, payment pursuant to this Subsection (c) shall be permitted only if (i) Stock then is publicly traded and (ii) such
payment does not violate applicable law.

 

SECTION 6.
Term And Expiration.

 

(a)           Basic
Term. This option shall in any event expire on the expiration date set forth in the Notice of Stock Option Grant, which date is 10
years after the Date of Grant (five years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option
Grant and Section 3(b) of the Plan applies).

 

(b)           Termination
of Service (Except by Death). If the Optionee’s Service terminates for any reason other than death, then this option shall expire
on the earliest of the following occasions:

 

 (i)            The
expiration date determined pursuant to Subsection (a) above;

 

 (ii)           The
date six months after the termination of the Optionee’s Service for any reason other than Disability; or

 

 (iii)          The
date six months after the termination of the Optionee’s Service by reason of Disability.

 

The Optionee may exercise all or part of this
option at any time before its expiration under the preceding sentence, but only to the extent that this option is exercisable for vested
Shares on or before the date when the Optionee’s Service terminates. When the Optionee’s Service terminates, this option shall
expire immediately with respect to the number of Shares for which this option is not yet exercisable and with respect to any Restricted
Shares. In the event that the Optionee dies after termination of Service but before the expiration of this option, all or part of this
option may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has
acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option
was exercisable for vested Shares on or before the date when the Optionee’s Service terminated.

 

    3

     

    

 

(c)            Death
of the Optionee. If the Optionee dies while in Service, then this option shall expire on the earlier of the following dates:

 

 (i)            The
expiration date determined pursuant to Subsection (a) above; or

 

 (ii)           The
date 12 months after the Optionee’s death.

 

All or part of this option may be exercised at
any time before its expiration under the preceding sentence by the executors or administrators of the Optionee’s estate or by any
person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent
that this option is exercisable for vested Shares on or before the date of the Optionee’s death. When the Optionee dies, this option
shall expire immediately with respect to the number of Shares for which this option is not yet exercisable and with respect to any Restricted
Shares.

 

(d)           Part-Time
Employment and Leaves of Absence. If the Optionee commences working on a part-time basis, then the Company may adjust the vesting
schedule set forth in the Notice of Stock Option Grant. If the Optionee goes on a leave of absence, then the Company may adjust the vesting
schedule set forth in the Notice of Stock Option Grant in accordance with the Company’s leave of absence policy or the terms of
such leave. Except as provided in the preceding sentence, Service shall be deemed to continue for any purpose under this Agreement while
the Optionee is on a bona fide leave of absence, if (i) such leave was approved by the Company in writing and (ii) continued
crediting of Service for such purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company).
Service shall be deemed to terminate when such leave ends, unless the Optionee immediately returns to active work.

 

(e)            Notice
Concerning ISO Treatment. Even if this option is designated as an ISO in the Notice of Stock Option Grant, it ceases to qualify for
favorable tax treatment as an ISO to the extent that it is exercised:

 

 (i)            More
than three months after the date when the Optionee ceases to be an Employee for any reason other than death or permanent and total disability
(as defined in Section 22(e)(3) of the Code);

 

 (ii)           More
than 12 months after the date when the Optionee ceases to be an Employee by reason of permanent and total disability (as defined in Section 22(e)(3) of
the Code); or

 

 (iii)          More
than three months after the date when the Optionee has been on a leave of absence for 90 days, unless the Optionee’s reemployment
rights following such leave were guaranteed by statute or by contract.

 

    4

     

    

 

SECTION 7.
Right Of Repurchase.

 

(a)            Scope
of Repurchase Right. Until they vest in accordance with the Notice of Stock Option Grant and Subsection (b) below, the Shares
acquired under this Agreement shall be Restricted Shares and shall be subject to the Company’s Right of Repurchase. The Company,
however, may decline to exercise its Right of Repurchase or may exercise its Right of Repurchase only with respect to a portion of the
Restricted Shares. The Company may exercise its Right of Repurchase only during the Repurchase Period following the termination of the
Optionee’s Service, but the Right of Repurchase may be exercised automatically under Subsection (d) below. If the Right
of Repurchase is exercised, the Company shall pay the Optionee an amount equal to the lower of (i) the Exercise Price of each Restricted
Share being repurchased or (ii) the Fair Market Value of such Restricted Share at the time the Right of Repurchase is exercised.

 

(b)           Lapse
of Repurchase Right. The Right of Repurchase shall lapse with respect to the Restricted Shares in accordance with the vesting schedule
set forth in the Notice of Stock Option Grant. In addition, if the Company is subject to a Change in Control before the Optionee’s
Service terminates and if the Optionee is subject to an Involuntary Termination within 12 months after the Change in Control, then the
Right of Repurchase shall lapse with respect to 100% of the Restricted Shares.

 

(c)            Escrow.
Upon issuance, the certificate(s) for Restricted Shares shall be deposited in escrow with the Company to be held in accordance with
the provisions of this Agreement. Any additional or exchanged securities or other property described in Subsection (f) below
shall immediately be delivered to the Company to be held in escrow. All ordinary cash dividends on Restricted Shares (or on other securities
held in escrow) shall be paid directly to the Optionee and shall not be held in escrow. Restricted Shares, together with any other assets
held in escrow under this Agreement, shall be (i) surrendered to the Company for repurchase upon exercise of the Right of Repurchase
or the Right of First Refusal or (ii) released to the Optionee upon his or her request to the extent that the Shares have ceased
to be Restricted Shares (but not more frequently than once every six months). In any event, all Shares that have ceased to be Restricted
Shares, together with any other vested assets held in escrow under this Agreement, shall be released within 90 days after the earlier
of (i) the termination of the Optionee’s Service or (ii) the lapse of the Right of First Refusal.

 

(d)           Exercise
of Repurchase Right. The Company shall be deemed to have exercised its Right of Repurchase automatically for all Restricted Shares
as of the commencement of the Repurchase Period, unless the Company during the Repurchase Period notifies the holder of the Restricted
Shares pursuant to Section 13(c) that it will not exercise its Right of Repurchase for some or all of the Restricted Shares.
The Company shall pay to the holder of the Restricted Shares the purchase price determined under Subsection (a) above for the
Restricted Shares being repurchased. Payment shall be made in cash or cash equivalents and/or by canceling indebtedness to the Company
incurred by the Optionee in the purchase of the Restricted Shares. The certificate(s) representing the Restricted Shares being repurchased
shall be delivered to the Company.

 

(e)           Termination
of Rights as Stockholder. If the Right of Repurchase is exercised in accordance with this Section 7 and the Company makes available
the consideration for the Restricted Shares being repurchased, then the person from whom the Restricted Shares are repurchased shall no
longer have any rights as a holder of the Restricted Shares (other than the right to receive payment of such consideration). Such Restricted
Shares shall be deemed to have been repurchased pursuant to this Section 7, whether or not the certificate(s) for such Restricted
Shares have been delivered to the Company or the consideration for such Restricted Shares has been accepted.

 

    5

     

    

 

(f)            Additional
or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity, any other
corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in
a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s
outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged
for, or distributed with respect to, any Restricted Shares shall immediately be subject to the Right of Repurchase. Appropriate adjustments
to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Restricted Shares.
Appropriate adjustments shall also be made to the price per share to be paid upon the exercise of the Right of Repurchase, provided that
the aggregate purchase price payable for the Restricted Shares shall remain the same. In the event of a merger or consolidation of the
Company with or into another entity or any other corporate reorganization, the Right of Repurchase may be exercised by the Company’s
successor.

 

(g)           Transfer
of Restricted Shares. The Optionee shall not transfer, assign, encumber or otherwise dispose of any Restricted Shares without the
Company’s written consent, except as provided in the following sentence. The Optionee may transfer Restricted Shares to one or more
members of the Optionee’s Immediate Family or to a trust established by the Optionee for the benefit of the Optionee and/or one
or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed
by the Company to be bound by all provisions of this Agreement. If the Optionee transfers any Restricted Shares, then this Agreement shall
apply to the Transferee to the same extent as to the Optionee.

 

(h)           Assignment
of Repurchase Right. The Board of Directors may freely assign the Company’s Right of Repurchase, in whole or in part. Any person
who accepts an assignment of the Right of Repurchase from the Company shall assume all of the Company’s rights and obligations under
this Section 7.

 

SECTION 8.
Right Of First Refusal.

 

(a)           Right
of First Refusal. In the event that the Optionee proposes to sell, pledge or otherwise transfer to a third party any Shares acquired
under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less
than all) of such Shares. If the Optionee desires to transfer Shares acquired under this Agreement, the Optionee shall give a written
Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the
proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company that the proposed sale
or transfer will not violate any applicable federal, State or foreign securities laws. The Transfer Notice shall be signed both by the
Optionee and by the proposed Transferee and must constitute a binding commitment of both parties to the transfer of the Shares. The Company
shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice
(subject, however, to any change in such terms permitted under Subsection (b) below) by delivery of a notice of exercise of
the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company.

 

    6

     

    

 

(b)           Transfer
of Shares. If the Company fails to exercise its Right of First Refusal within 30 days after the date when it received the Transfer
Notice, the Optionee may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of
the Shares subject to the Transfer Notice on the terms and conditions described in the Transfer Notice, provided that any such sale is
made in compliance with applicable federal, State and foreign securities laws and not in violation of any other contractual restrictions
to which the Optionee is bound. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as
well as any subsequent proposed transfer by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance
with the procedure described in Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall
consummate the sale of the Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received
the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event
the Transfer Notice provided that payment for the Shares was to be made in a form other than cash or cash equivalents paid at the time
of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present value of the
consideration described in the Transfer Notice.

 

(c)           Additional
or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity, any other
corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in
a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s
outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged
for, or distributed with respect to, any Shares subject to this Section 8 shall immediately be subject to the Right of First Refusal.
Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class
of the Shares subject to this Section 8.

 

(d)           Termination
of Right of First Refusal. Any other provision of this Section 8 notwithstanding, in the event that the Stock is readily tradable
on an established securities market when the Optionee desires to transfer Shares, the Company shall have no Right of First Refusal, and
the Optionee shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above.

 

(e)            Permitted
Transfers. This Section 8 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or
(ii) a transfer to one or more members of the Optionee’s Immediate Family or to a trust established by the Optionee for the
benefit of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee
agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the Optionee transfers any Shares
acquired under this Agreement, either under this Subsection (e) or after the Company has failed to exercise the Right of First
Refusal, then this Agreement shall apply to the Transferee to the same extent as to the Optionee.

 

    7

     

    

 

(f)            Termination
of Rights as Stockholder. If the Company makes available, at the time and place and in the amount and form provided in this Agreement,
the consideration for the Shares to be purchased in accordance with this Section 8, then after such time the person from whom such
Shares are to be purchased shall no longer have any rights as a holder of such Shares (other than the right to receive payment of such
consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable
provisions hereof, whether or not the certificate(s) therefor have been delivered as required by this Agreement.

 

(g)           Assignment
of Right of First Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part.
Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights and
obligations under this Section 8.

 

SECTION 9.
Legality Of Initial Issuance.

 

No Shares shall be issued upon
the exercise of this option unless and until the Company has determined that:

 

 (a)           It
and the Optionee have taken any actions required to register the Shares under the Securities Act or to perfect an exemption from the registration
requirements thereof;

 

 (b)          Any
applicable listing requirement of any stock exchange or other securities market on which Stock is listed has been satisfied; and

 

 (c)           Any
other applicable provision of federal, State or foreign law has been satisfied.

 

SECTION 10.
No Registration Rights.

 

The Company may, but shall not
be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law. The Company shall not be
obligated to take any affirmative action in order to cause the sale of Shares under this Agreement to comply with any law.

 

SECTION 11.
Restrictions On Transfer of shares.

 

(a)            Securities
Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act
or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose restrictions upon
the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or the imposition
of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance
with the Securities Act, the securities laws of any State or any other law.

 

    8

     

    

 

(b)           Market
Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration
statement filed under the Securities Act, including the Company’s initial public offering, the Optionee or a Transferee shall not
directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for
the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any
of the foregoing transactions with respect to, any Shares acquired under this Agreement without the prior written consent of the Company
or its managing underwriter. Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following
the date of the final prospectus for the offering as may be requested by the Company or such underwriter. In no event, however, shall
such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate
regulatory restrictions on (i) the publication or other distribution of research reports or (ii) analyst recommendations and
opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities
Dealers and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules. The Market Stand-Off
shall in any event terminate two years after the date of the Company’s initial public offering. In the event of the declaration
of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting
the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities which are by
reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become
convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer
instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period. The Company’s
underwriters shall be beneficiaries of the agreement set forth in this Subsection (b). This Subsection (b) shall not apply
to Shares registered in the public offering under the Securities Act.

 

(c)            Investment
Intent at Grant. The Optionee represents and agrees that the Shares to be acquired upon exercising this option will be acquired for
investment, and not with a view to the sale or distribution thereof.

 

(d)           Investment
Intent at Exercise. In the event that the sale of Shares under the Plan is not registered under the Securities Act but an exemption
is available that requires an investment representation or other representation, the Optionee shall represent and agree at the time of
exercise that the Shares being acquired upon exercising this option are being acquired for investment, and not with a view to the sale
or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel.

 

(e)            Legends.
All certificates evidencing Shares purchased under this Agreement shall bear the following legend:

 

“THE SHARES REPRESENTED HEREBY
MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS
TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES AND CERTAIN REPURCHASE RIGHTS UPON TERMINATION
OF SERVICE WITH THE COMPANY. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF
WITHOUT CHARGE.”

 

    9

     

    

 

All certificates evidencing Shares purchased under
this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are required or deemed
advisable under the provisions of any applicable law):

 

“THE SHARES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT
AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION
IS NOT REQUIRED.”

 

(f)            Removal
of Legends. If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares sold under
this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate
representing the same number of Shares but without such legend.

 

(g)           Administration.
Any determination by the Company and its counsel in connection with any of the matters set forth in this Section 11 shall be conclusive
and binding on the Optionee and all other persons.

 

SECTION 12.
Adjustment Of Shares.

 

In the event of any transaction
described in Section 8(a) of the Plan, the terms of this option (including, without limitation, the number and kind of Shares
subject to this option and the Exercise Price) shall be adjusted as set forth in Section 8(a) of the Plan. In the event that
the Company is a party to a merger or consolidation, this option shall be subject to the agreement of merger or consolidation, as provided
in Section 8(b) of the Plan.

 

SECTION 13.
Miscellaneous Provisions.

 

(a)            Rights
as a Stockholder. Neither the Optionee nor the Optionee’s representative shall have any rights as a stockholder with respect
to any Shares subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares
by filing a notice of exercise and paying the Purchase Price pursuant to Sections 4 and 5.

 

(b)           No
Retention Rights. Nothing in this option or in the Plan shall confer upon the Optionee any right to continue in Service for any period
of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing
or retaining the Optionee) or of the Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service at
any time and for any reason, with or without cause.

 

(c)            Notice.
Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery,
(ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit
with Federal Express Corporation, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office
and to the Optionee at the address that he or she most recently provided to the Company in accordance with this Subsection (c).

 

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(d)           Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by the Optionee and by an authorized officer of the Company (other than the Optionee). No waiver by either
party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver
of any other condition or provision or of the same condition or provision at another time.

 

(e)            Entire
Agreement. The Notice of Stock Option Grant, this Agreement and the Plan constitute the entire contract between the parties hereto
with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written
and whether express or implied) that relate to the subject matter hereof.

 

(f)            Choice
of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are
applied to contracts entered into and performed in such State.

 

SECTION 14.
acknowledgements of the optionee.

 

(a)           Tax
Consequences. The Optionee agrees that the Company does not have a duty to design or administer the Plan or its other compensation
programs in a manner that minimizes the Optionee’s tax liabilities. The Optionee shall not make any claim against the Company or
its Board of Directors, officers or employees related to tax liabilities arising from this option or the Optionee’s other compensation.
In particular, the Optionee acknowledges that this option is exempt from Section 409A of the Code only if the Exercise Price is at
least equal to the Fair Market Value per Share on the Date of Grant. Since Shares are not traded on an established securities market,
the determination of their Fair Market Value is made by the Board of Directors or by an independent valuation firm retained by the Company.
The Optionee acknowledges that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and
the Optionee shall not make any claim against the Company or its Board of Directors, officers or employees in the event that the Internal
Revenue Service asserts that the valuation was too low.

 

(b)           Electronic
Delivery of Documents. The Optionee agrees to accept by email all documents relating to the Company, the Plan or this option and all
other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be
required by the Securities and Exchange Commission). The Optionee also agrees that the Company may deliver these documents by posting
them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents
on a website, it shall notify the Optionee by email of their availability. The Optionee acknowledges that he or she may incur costs in
connection with electronic delivery, including the cost of accessing the internet and printing fees, and that an interruption of internet
access may interfere with his or her ability to access the documents. This consent shall remain in effect until this option expires or
until the Optionee gives the Company written notice that it should deliver paper documents.

 

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(c)            No
Notice of Expiration Date. The Optionee agrees that the Company and its officers, employees, attorneys and agents do not have any
obligation to notify him or her prior to the expiration of this option pursuant to Section 6, regardless of whether this option will
expire at the end of its full term or on an earlier date related to the termination of the Optionee’s Service. The Optionee further
agrees that he or she has the sole responsibility for monitoring the expiration of this option and for exercising this option, if at all,
before it expires. This Subsection (c) shall supersede any contrary representation that may have been made, orally or in writing,
by the Company or by an officer, employee, attorney or agent of the Company.

 

SECTION 15.
Definitions.

 

(a)            “1%
Stockholder” shall mean any individual who owns more than 1% of the total combined voting power of all classes of outstanding
stock (calculated on an as-converted, fully-diluted basis) of the Company, its Parent or any of its Subsidiaries. For this purpose, stock
that an individual may purchase under outstanding options (whether or not vested or exercisable) shall be treated as stock owned by the
individual. In determining stock ownership, the attribution rules of Section 424(d) of the Code shall be applied.

 

(b)            “Agreement”
shall mean this Stock Option Agreement.

 

(c)            “Board
of Directors” shall mean the Board of Directors of the Company, as constituted from time to time or, if a Committee has been
appointed, such Committee.

 

(d)            “Cause”
shall mean (i) fraud, embezzlement, willful misconduct or a material violation of law that is materially detrimental to the Company
or any of its current or future affiliates; (ii) gross negligence with respect to the Company or any of its current or future affiliates
that causes material harm to the Company or any current or future affiliate; (iii) conviction or plea of guilty or nolo contendere
for a felony or a crime of moral turpitude that causes material harm to the Company’s reputation or (iv) a material breach
of any provision of the Optionee’s Offer Letter or any provision of the Company’s policies; provided, however, that if a cure
is reasonably possible in the circumstances, that at least 15 days’ advance written notice of such breach has been provided (which
notice shall specifically set forth the nature of such breach), and the Optionee has failed to cure such breach within such 15-day period.

 

(e)            “Change
in Control” shall mean (i) the consummation of a merger or consolidation of the Company with or into another entity or
(ii) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation of the Company
does not constitute a “Change in Control” if immediately after the merger or consolidation a majority of the voting power
of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of the continuing or surviving
entity, will be owned by the persons who were the Company’s stockholders immediately prior to the merger or consolidation in substantially
the same proportions as their ownership of the voting power of the Company’s capital stock immediately prior to the merger or consolidation.

 

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

 

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(g)            “Committee”
shall mean a committee of the Board of Directors, as described in Section 2 of the Plan.

 

(h)            “Company”
shall mean Shapeways, Inc., a Delaware corporation.

 

(i)             “Consultant”
shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees
and Outside Directors.

 

(j)             “Co-Sale
Agreement” shall mean that certain First Refusal and Co-Sale Agreement by and among the parties thereto (including, but not
limited to, those parties listed on Schedule A and Schedule B thereto), dated as of June 12, 2015, as may be amended from time to
time.

 

(k)            “Date
of Grant” shall mean the date of grant specified in the Notice of Stock Option Grant, which date shall be the later of (i) the
date on which the Board of Directors resolved to grant this option or (ii) the first day of the Optionee’s Service.

 

(l)             “Disability”
shall mean that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment.

 

(m)           “Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary.

 

(n)            “Execute,”
 “Executed” and “Executing” shall mean (i) with respect to the Co-Sale Agreement, executing
a counterpart signature page as a Key Holder to the Co-Sale Agreement and (ii) with respect to the Voting Agreement, executing
an Adoption Agreement to the Voting Agreement, in the form attached thereto as Exhibit A.

 

(o)            “Exercise
Price” shall mean the amount for which one Share may be purchased upon exercise of this option, as specified in the Notice of
Stock Option Grant.

 

(p)            “Fair
Market Value” shall mean the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination
shall be conclusive and binding on all persons.

 

(q)            “Good
Reason” shall mean a relocation by the Company of the Optionee’s principal office more than forty (40) miles from New
York, NY that occurs without the Optionee’s prior written consent by the Company.

 

(r)             “Immediate
Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.

 

(s)            “Involuntary
Termination” shall mean a Separation resulting from either (i) Optionee’s involuntary discharge by the Company for
reasons other than Cause or (ii) Optionee’s voluntary resignation for Good Reason.

 

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(t)             “ISO”
shall mean an employee incentive stock option described in Section 422(b) of the Code.

 

(u)            “Notice
of Stock Option Grant” shall mean the document so entitled to which this Agreement is attached.

 

(v)            “NSO”
shall mean a stock option not described in Section 422(b) or 423(b) of the Code.

 

(w)           “Optionee”
shall mean the person named in the Notice of Stock Option Grant.

 

(x)            “Outside
Director” shall mean a member of the Board of Directors who is not an Employee.

 

(y)            “Parent”
shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain.

 

(z)            “Plan”
shall mean the Shapeways, Inc. 2010 Stock Plan, as in effect on the Date of Grant.

 

(aa)          “Purchase
Price” shall mean the Exercise Price multiplied by the number of Shares with respect to which this option is being exercised.

 

(bb)         “Repurchase
Period” shall mean a period of 90 consecutive days commencing on the date when the Optionee’s Service terminates for any
reason, including (without limitation) death or disability.

 

(cc)          “Restricted
Share” shall mean a Share that is subject to the Right of Repurchase.

 

(dd)         “Right
of First Refusal” shall mean the Company’s right of first refusal described in Section 8.

 

(ee)          “Right
of Repurchase” shall mean the Company’s right of repurchase described in Section 7.

 

(ff)           “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(gg)         “Separation”
shall mean a “separation from service,” as defined in the regulations under Section 409A of the Code.

 

(hh)         “Service”
shall mean service as an Employee, Outside Director or Consultant.

 

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(ii)            “Share”
shall mean one share of Stock, as adjusted in accordance with Section 8 of the Plan (if applicable).

 

(jj)            “Stock”
shall mean the Common Stock of the Company.

 

(kk)          “Subsidiary”
shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations
other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.

 

(ll)            “Transferee”
shall mean any person to whom the Optionee has directly or indirectly transferred any Share acquired under this Agreement.

 

(mm)        “Transfer
Notice” shall mean the notice of a proposed transfer of Shares described in Section 8.

 

(nn)         “Voting
Agreement” shall mean that certain Voting Agreement by and among the Company and the parties thereto (including, but not limited
to, those parties listed on Schedule A and Schedule B thereto), dated as of June 12, 2015, as may be amended from time to time.

 

    15

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